[photo of globe]
Annual Report September 30, 2000
Oppenheimer
Global Growth & Income
[logo] OppenheimerFunds(R)
The Right Way to Invest
<PAGE>
REPORT HIGHLIGHTS
Our disciplined, theme-based investment approach enabled the Fund to skillfully
navigate a volatile market, resulting in strong performance.
We reduced our bond exposure to take advantage of stocks of solid companies that
have been paying high dividends and fundamentally sound, reasonably priced
growth equities.
A slower growth "soft landing" scenario in the United States fuels our optimism
for international markets.
CONTENTS
1 President's Letter
3 An Interview
with Your Fund's
Manager
8 Fund Performance
14 Financial
Statements
34 Independent
Auditors' Report
35 Federal
Income Tax
Information
36 Officers and
Trustees
Average Annual
Total Returns*
For the 1-Year Period
Ended 9/30/00
Class A
Without With
Sales Chg. Sales Chg.
------------------------
36.54% 28.69%
Class B
Without With
Sales Chg. Sales Chg.
------------------------
35.48% 30.48%
Class C
Without With
Sales Chg. Sales Chg.
------------------------
35.49% 34.49%
*See Notes on page 12 for further details.
<PAGE>
PRESIDENT'S LETTER
[photo]
Bridget A. Macaskill
President
Oppenheimer
Global Growth &
Income Fund
Dear Shareholder,
Over the past several decades, our investment teams have learned the importance
of avoiding complacency when it comes to navigating the financial markets--
especially when times are good. Right now, times appear particularly good. The
U.S. economy is in its tenth year of expansion. In the bond market, U.S.
Treasury issues have been performing favorably over the past year. In addition,
despite volatility in the second quarter, the stock market has been providing
attractive returns from a wide spectrum of industry sectors, capitalization
ranges and investment styles.
We have arrived at this juncture after months of monitoring the rapid pace of
global economic growth and its implications for inflation, as well as the
Federal Reserve Board's evolving monetary policy. At this point, economic
indicators suggest a dampening of short-term inflationary pressures. While
recent increases in oil prices are certainly taking their toll, we don't believe
this signals a return to 1970's-style inflation. Accordingly, if the Fed
continues in its diligence, the economy could maintain its healthy rate of
growth.
In the bond market, the achievement of a federal budget surplus has prompted
the Treasury to buy back many of its long-term securities. The resulting supply
shortage boosted these securities' returns, causing an inversion of the yield
curve--an unusual situation in which shorter term Treasuries yield more than
their longer term counterparts. Other bond sectors are offering many
opportunities in the form of attractive valuations.
Perhaps most important is that we have begun to see encouraging signs in the
stock market. Formerly high-flying Internet stocks have generally come down to
earth, and investors have begun to refocus on companies with strong business
fundamentals and justifiable valuations. Investors have also returned to
long-neglected, value-oriented companies.
1 | OPPENHEIMER GLOBAL GROWTH & INCOME FUND
<PAGE>
PRESIDENT'S LETTER
What else do these various trends tell us? They tell us that the ability to
discriminate between long-term potential and short-lived fads has become more
critical than ever. Trying to generate good long-term performance requires
tracking the best companies through intensive research, combined with
hard-earned experience.
At OppenheimerFunds, our seasoned portfolio management teams fight
complacency by remaining constantly aware of the risks that face the economy and
financial markets. Virtually anything could affect the overall markets--a surge
in inflation, a decline in productivity, deteriorating corporate earnings, or
even the new Administration's proposals regarding tax reform, healthcare and
Social Security. However, by remaining vigilant in our quest for fundamentally
sound businesses, we believe we can find good investments that can weather
market volatility.
In this environment, we encourage you to consult your financial
advisor and to stay on track with your long-term financial plan. For our part,
we will continue to monitor the opportunities and risks ever present in the
financial markets. Thank you for your confidence in OppenheimerFunds, The Right
Way to Invest.
Sincerely,
/s/ Bridget A. Macaskill
Bridget A. Macaskill
October 20, 2000
These general market views represent opinions of OppenheimerFunds, Inc. and are
not intended to predict or depict performance of the securities markets or any
particular fund. Specific discussion, as it applies to your Fund, is contained
in the pages that follow. Stocks and bonds have different types of investment
risks; stocks are subject to market volatility and bonds are subject to credit
and interest rate risks.
2 | OPPENHEIMER GLOBAL GROWTH & INCOME FUND
<PAGE>
AN INTERVIEW WITH YOUR FUND'S MANAGER
[PHOTO]
Portfolio Management
Team (l to r)
Frank Jennings
(Portfolio Manager)
William Wilby
George Evans
Q How did Oppenheimer Global Growth & Income Fund perform during the 12 months
that ended September 30, 2000?
A. We're exceptionally pleased with the performance of Oppenheimer Global Growth
& Income Fund over the past year. The Fund's Class A shares were rated 5 stars
(*****) overall by Morningstar for the combined 3- and 5-year periods ended
September 30, 2000, among 1,175 and 730 international equity funds,
respectively.(1)
What was behind the Fund's strong performance?
First and foremost, our investment approach. In a nutshell, we've identified
four far-reaching global themes that define key areas of investment opportunity
and provide research focus. These long-term trends--new technologies, mass
affluence, restructuring and aging populations--are so powerful that, in our
view, they will propel growth for years to come. By identifying reasonably
priced companies that should sustain this growth, together with income-producing
securities, we aim to deliver solid performance across a wide variety of market
conditions.
1. Morningstar, Inc. rates mutual funds in broad investment classes, based on
risk adjusted returns after considering sales charges and expenses. Return and
risk are measured as performance above and below 90-day U.S. Treasury bill
returns, respectively. Overall star rating is based on the weighted average of
3-, 5- and 10-year ratings for a fund or class and are subject to change
monthly. Top 10%: 5 stars. Next 22.5%: 4 stars. Middle 35%: 3 stars. Next 22.5%:
2 stars. Bottom 10%: 1 star. The Fund's Class A shares are rated 5 stars
(3-year) and 5 stars (5-year) among 1,175 and 730 international equity funds,
respectively, for the periods ended 9/30/00.
3 | OPPENHEIMER GLOBAL GROWTH & INCOME FUND
<PAGE>
AN INTERVIEW WITH YOUR FUND'S MANAGER
How did market conditions affect the Fund during the period?
In twelve short months we probably experienced just about every type of
conceivable market condition. However, our disciplined approach allowed us to
skillfully navigate the ups as well as the downs during the period. In essence,
we dealt with two very distinct environments. Initially, U.S. and foreign
markets were in a state of "dot-com" euphoria, during which a narrow group of
"new economy" stocks lifted a host of market indices, most notably the Nasdaq,
to all-time highs. Then reality set in, as inflation fears, valuation concerns
and profit warnings produced several major downturns.
Currency fluctuations also came into play during the period as the U.S.
dollar moved dramatically higher against most foreign currencies, particularly
the euro--the currency of the European Monetary Union. This development ran
counter to the healthy economic picture evident throughout much of Europe. As a
net result, massive amounts of capital flowed from Europe into the U.S., which,
because of its higher growth rate, was thought to offer better return potential.
Japan, still mired in recession, fared no better. Nonetheless, we were able to
uncover attractive individual opportunities in all three regions, focusing
primarily on mid- and small-sized companies.
[callout]
"Our four global themes are so far-reaching that, in our view, they should
propel growth for years to come."
4 | OPPENHEIMER GLOBAL GROWTH & INCOME FUND
<PAGE>
Which stocks contributed most to the Fund's performance?
A number of our top holdings withstood the turbulence to deliver strong
performance for the period. Porsche AG, Preference, the German automobile
manufacturer, benefited from the rise in affluence worldwide. Furthermore, its
brand is considered one of the most valuable in the world, commanding premium
prices for its cars.
U.S.-based Three-Five Systems, Inc., a maker of liquid-crystal displays for
cellular phones, has capitalized on the phenomenal growth of wireless
communications. Although a strong performer overall, the stock was badly hurt
during sell-offs in July. We remain optimistic about this company's long-term
prospects, and have used the dip in stock price to add to our holdings.
Millennium Pharmaceuticals Inc., a biotechnology company also based in the
United States, has a strong product pipeline and turned in robust performance
for the period.
Toshiba Corp., one of Japan's leading makers of laptop computers and
electronic components, also contributed outstanding performance for the period.
Tremendous growth in miniature high-tech products, such as web-enabled phones
and personal digital assistants (PDAs) caused severe component shortages around
the world. Toshiba stepped up production to capitalize on these shortages, which
proved favorable for its stock.
As always, please keep in mind that investing in foreign securities entails
additional expenses and risks, such as foreign currency fluctuations and foreign
taxes.
Average Annual
Total Returns
For the Periods Ended 9/30/00(2)
Class A Since
1-Year 5-Year Inception
------------------------
28.69% 25.71% 17.83%
Class B Since
1-Year 5-Year Inception
------------------------
30.48% N/A 26.68%
Class C Since
1-Year 5-Year Inception
------------------------
34.49% 26.26% 20.98%
2. See page 12 for further details.
5 | OPPENHEIMER GLOBAL GROWTH & INCOME FUND
<PAGE>
AN INTERVIEW WITH YOUR FUND'S MANAGER
Why did you reduce your investment in bonds?
With the uncertain interest-rate environment in the United States--an
environment that may or may not stabilize before the November election--we
decided to liquidate our holdings in long-term U.S Treasury bonds. Although
these had performed very well, we were concerned that investor sentiment might
turn against bonds, which could quickly erase our gains. Consequently, we
reinvested those assets in what we believe are high-yielding stocks, and
reasonably priced in growth stocks.
What is your outlook for global markets going forward?
Market conditions aside, we believe there are always opportunities to buy great
companies. Currently, however, our optimism is skewed more toward international
markets. Although the United States appears to be settling into a slower growth
"soft landing" scenario, the upcoming election creates some uncertainty. On the
other hand, the signs overseas are somewhat more concrete. For example, in the
area of mobile Internet penetration, both Europe and Japan have close to a
two-year advantage over the United States. The luxury goods market as well
continues to grow, creating distinctive possibilities. Corporate restructuring
is taking hold in Europe, leading companies there to become more competitive and
shareholder-friendly. Finally, a burgeoning equity culture in Europe and Japan
is driving people to rethink their investment habits in search of more lucrative
long-term growth. Tapping into these worldwide growth trends is an important
reason why Oppenheimer Global Growth & Income Fund is part of The Right Way to
Invest.
6 | OPPENHEIMER GLOBAL GROWTH & INCOME FUND
<PAGE>
Top Ten Largest Country Holdings(3)
----------------------------------------------------------
United States 57.0%
----------------------------------------------------------
Great Britain 12.1
----------------------------------------------------------
Japan 8.6
----------------------------------------------------------
Germany 7.8
----------------------------------------------------------
France 7.0
----------------------------------------------------------
The Netherlands 3.5
----------------------------------------------------------
Spain 1.0
----------------------------------------------------------
Belgium 0.9
----------------------------------------------------------
Australia 0.7
----------------------------------------------------------
Lebanon 0.7
Top Ten Common Stock Holdings(4)
----------------------------------------------------------
Coherent, Inc. 5.7%
----------------------------------------------------------
Sybase, Inc. 5.2
----------------------------------------------------------
QUALCOMM, Inc. 4.6
----------------------------------------------------------
National Semiconductor Corp. 3.9
----------------------------------------------------------
Human Genome Sciences, Inc. 3.8
----------------------------------------------------------
Toshiba Corp. 3.4
----------------------------------------------------------
Porsche AG, Preference 2.9
----------------------------------------------------------
Three-Five Systems, Inc. 2.7
----------------------------------------------------------
Reed International plc 2.3
----------------------------------------------------------
Wella AG, Preference 2.3
Portfolio Allocation(3)
[pie chart]
Stocks 91.2%
Bonds 4.6
Cash
Equivalents 4.2
3. Portfolio is subject to change. Percentages are as of September 30, 2000, and
are based on total market value of investments.
4. Portfolio is subject to change. Percentages are as of September 30, 2000, and
are based on net assets.
7 | OPPENHEIMER GLOBAL GROWTH & INCOME FUND
<PAGE>
FUND PERFORMANCE
How has the Fund performed?
Below is a discussion by OppenheimerFunds, Inc. of the Fund's performance during
its fiscal year ended September 30, 2000, followed by a graphical comparison of
the Fund's performance to two broad-based market indices.
Management's discussion of performance. During the fiscal year that ended
September 30, 2000, Oppenheimer Global Growth & Income Fund delivered robust
performance, reflecting the strength of the Fund's theme-based research and
individual security selection. Overall, the period proved positive for U.S. and
foreign markets, although the latter half was characterized by extreme
volatility. Against this backdrop, the Manager emphasized mid- and small-sized
companies, which generally fared better than their larger counterparts across a
wide spectrum of sectors and industries. The Manager also used market declines
as an opportunity to add to the Fund's most attractive holdings at more
reasonable valuations. In an attempt to insulate the portfolio from uncertainty
surrounding the November elections, the Fund's bond allocation was significantly
reduced. Assets were redeployed into dividend-paying stocks and growth stocks
believed to be experiencing temporary declines. The Fund's portfolio holdings,
allocations and strategies are subject to change.
Comparing the Fund's performance to the market. The graphs that follow show the
performance of a hypothetical $10,000 investment in Class A, Class B and Class C
shares of the Fund held until September 30, 2000. In the case of Class A shares,
performance is measured from inception of the Class on October 22, 1990. In the
case of Class B shares, performance is measured from inception of the Class on
October 10, 1995. In the case of Class C shares, performance is measured from
inception of the Class on December 1, 1993.
8 | OPPENHEIMER GLOBAL GROWTH & INCOME FUND
<PAGE>
The Fund's performance reflects the deduction of the maximum initial sales
charge on Class A shares, the applicable contingent deferred sales charge on
Class B and Class C shares, and reinvestments of all dividends and capital gains
distributions.
The Fund's performance is compared to two indices because the Fund invests
its assets in both stocks and debt securities, and in the Manager's view, no one
index adequately combines both types of investments globally. Performance is
compared to the Morgan Stanley Capital International (MSCI) World Index, an
unmanaged index of issuers listed on the stock exchanges of 20 foreign countries
and the United States. It is widely recognized as a measure of global stock
market performance. Because the Fund also invests in income-producing
securities, the Fund's performance is also compared to the performance of the
Lehman Brothers Aggregate Bond Index, an unmanaged index of U.S. Treasury and
government agency issues, investment grade corporate bond issues and fixed-rate
mortgage-backed securities. That index is widely regarded as a measure of the
performance of the overall bond market.
Index performance reflects the reinvestment of dividends but does not
consider the effect of capital gains or transaction costs, and none of the data
in the graphs that follow shows the effect of taxes. The Fund's performance
reflects the effects of Fund business and operating expenses. While index
comparisons may be useful to provide a benchmark for the Fund's performance, it
must be noted that the Fund's investments are not limited to the securities or
countries in the indices, and its fixed-income investments are not limited to
investment grade issues.
9 | OPPENHEIMER GLOBAL GROWTH & INCOME FUND
<PAGE>
FUND PERFORMANCE
Class A Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:
<TABLE>
<CAPTION>
Oppenheimer Global Growth & Income Fund (Class A) MSCI World Index Lehman Brothers Aggregate Bond Index
<S> <C> <C> <C>
10/22/90 9,425 10,000 10,000
12/31/90 9,450 10,046 10,374
03/31/91 9,723 11,047 10,664
06/30/91 9,647 10,688 10,838
09/30/91 10,530 11,456 11,454
12/31/91 10,867 11,951 12,035
03/31/92 10,483 10,990 11,881
06/30/92 10,638 11,204 12,360
09/30/92 10,345 11,407 12,891
12/31/92 10,196 11,394 12,925
03/31/93 10,872 12,388 13,460
06/30/93 11,428 13,156 13,817
09/30/93 12,517 13,790 14,177
12/31/93 14,222 14,029 14,186
03/31/94 13,678 14,132 13,779
06/30/94 13,548 14,573 13,637
09/30/94 14,265 14,903 13,720
12/31/94 13,554 14,812 13,772
03/31/95 13,715 15,525 14,467
06/30/95 14,613 16,208 15,348
09/30/95 15,325 17,134 15,649
12/31/95 15,908 17,970 16,316
03/31/96 16,367 18,723 16,027
06/30/96 16,871 19,287 16,118
09/30/96 17,359 19,567 16,416
12/31/96 18,345 20,485 16,908
03/31/97 19,592 20,566 16,814
06/30/97 21,269 23,686 17,432
09/30/97 24,101 24,386 18,011
12/31/97 23,527 23,809 18,541
03/31/98 26,107 27,244 18,829
06/30/98 26,650 27,822 19,269
09/30/98 21,988 24,511 20,084
12/31/98 26,546 29,713 20,152
03/31/99 27,744 30,799 20,052
06/30/99 34,512 32,295 19,875
09/30/99 37,392 31,843 20,010
12/31/99 49,525 37,242 19,986
03/31/00 57,587 37,651 20,427
06/30/00 55,478 36,343 20,783
09/30/00 51,056 34,543 21,409
</TABLE>
Average Annual Total Return of Class A Shares of the Fund at 9/30/00(1)
1-Year 28.69% 5-Year 25.71% Life 17.83%
Class B Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:
<TABLE>
<CAPTION>
Oppenheimer Global Growth & Income Fund (Class B) MSCI World Index Lehman Brothers Aggregate Bond Index
<S> <C> <C> <C>
10/10/95 10,000 10,000 10,000
12/31/95 10,539 10,488 10,426
03/31/96 10,825 10,927 10,241
06/30/96 11,136 11,257 10,299
09/30/96 11,433 11,420 10,490
12/31/96 12,053 11,956 10,805
03/31/97 12,855 12,003 10,744
06/30/97 13,927 13,824 11,139
09/30/97 15,742 14,233 11,509
12/31/97 15,346 13,896 11,848
03/31/98 16,994 15,900 12,032
06/30/98 17,321 16,238 12,313
09/30/98 14,258 14,305 12,834
12/31/98 17,185 17,341 12,877
03/31/99 17,924 17,975 12,813
06/30/99 22,249 18,849 12,701
09/30/99 24,069 18,584 12,787
12/31/99 31,816 21,736 12,771
03/31/00 36,929 21,974 13,053
06/30/00 35,507 21,211 13,280
09/30/00 32,409 20,160 13,681
</TABLE>
Average Annual Total Return of Class B Shares of the Fund at 9/30/00)(1)
1-Year 30.48% Life 26.68%
1. See page 12 for further details.
10 | OPPENHEIMER GLOBAL GROWTH & INCOME FUND
<PAGE>
Class C Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:
<TABLE>
<CAPTION>
Oppenheimer Global Growth & Income Fund (Class C) MSCI World Index Lehman Brothers Aggregate Bond Index
<S> <C> <C> <C>
12/01/93 10,000 10,000 10,000
12/31/93 10,766 10,491 10,054
03/31/94 10,341 10,568 9,766
06/30/94 10,221 10,898 9,665
09/30/94 10,741 11,144 9,724
12/31/94 10,189 11,077 9,761
03/31/95 10,287 11,610 10,253
06/30/95 10,936 12,120 10,878
09/30/95 11,451 12,813 11,092
12/31/95 11,865 13,438 11,564
03/31/96 12,189 14,001 11,359
06/30/96 12,536 14,423 11,424
09/30/96 12,877 14,632 11,635
12/31/96 13,570 15,319 11,984
03/31/97 14,480 15,379 11,917
06/30/97 15,688 17,712 12,355
09/30/97 17,736 18,236 12,765
12/31/97 17,286 17,804 13,141
03/31/98 19,140 20,373 13,345
06/30/98 19,506 20,805 13,657
09/30/98 16,064 18,329 14,235
12/31/98 19,360 22,219 14,283
03/31/99 20,191 23,031 14,212
06/30/99 25,064 24,150 14,087
09/30/99 27,113 23,812 14,183
12/31/99 35,842 27,849 14,165
03/31/00 41,611 28,155 14,478
06/30/00 39,998 27,177 14,730
09/30/00 36,735 25,831 15,174
</TABLE>
Average Annual Total Return of Class C Shares of the Fund at 9/30/00(1)
1-Year 34.49% 5-Year 26.26% Life 20.98%
The performance information for both indices in the graphs begins on 10/31/90
for Class A, 9/30/95 for Class B and 11/30/93 for Class C.
Past performance is not predictive of future performance. Graphs are not drawn
to the same scale.
11 | OPPENHEIMER GLOBAL GROWTH & INCOME FUND
<PAGE>
NOTES
In reviewing performance and rankings, please remember that past performance
does not guarantee future results. Investment return and principal value of an
investment in the Fund will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than the original cost. The Fund's returns
at 9/30/00 include results for periods of exceptional market performance that
are not typical of historical results. You should not expect those growth rates
to continue. Because of ongoing market volatility, the Fund's performance has
been subject to substantial short-term fluctuations and current performance may
be less than the results shown. For quarterly updates on the Fund's performance,
please contact your financial advisor, call us at 1.800.525.7048 or visit our
website at www.oppenheimerfunds.com.
Total returns and the ending account values in the graphs include changes in
share price and reinvestment of dividends and capital gains distributions in a
hypothetical investment for the periods shown. The Fund's total returns shown do
not show the effects of income taxes on an individual's investment. Taxes may
reduce your actual investment returns on income or gains paid by the Fund or any
gains you may realize if you sell your shares.
Class A shares were first publicly offered on 10/22/90. Unless otherwise noted,
Class A returns include the maximum initial sales charge of 5.75%.
Class B shares of the Fund were first publicly offered on 10/10/95. Unless
otherwise noted, Class B returns include the applicable contingent deferred
sales charge of 5% (1-year) and 2% (since inception). Class B shares are subject
to an annual 0.75% asset-based sales charge.
Class C shares of the Fund were first publicly offered on 12/1/93. Unless
otherwise noted, Class C returns include the contingent deferred sales charge of
1% for the 1-year period. Class C shares are subject to an annual 0.75%
asset-based sales charge.
An explanation of the calculation of performance is in the Fund's Statement of
Additional Information.
12 | OPPENHEIMER GLOBAL GROWTH & INCOME FUND
<PAGE>
Financials
13 | OPPENHEIMER GLOBAL GROWTH & INCOME FUND
<PAGE>
STATEMENT OF INVESTMENTS September 30, 2000
<TABLE>
<CAPTION>
Market Value
Shares See Note 1
======================================================================
<S> <C> <C>
Common Stocks--91.3%
----------------------------------------------------------------------
Basic Materials--2.3%
----------------------------------------------------------------------
Chemicals--2.3%
Bayer AG 700,000 $ 26,038,163
----------------------------------------------------------------------
Delta & Pine Land Co. 1,000,000 25,687,500
----------------------------------------------------------------------
International Flavors & Fragrances, Inc. 1,000,000 18,250,000
------------
69,975,663
----------------------------------------------------------------------
Capital Goods--21.0%
----------------------------------------------------------------------
Aerospace/Defense--3.5%
Lockheed Martin Corp. 2,000,000 65,920,000
----------------------------------------------------------------------
Raytheon Co., Cl. B 1,500,000 42,656,250
------------
108,576,250
----------------------------------------------------------------------
Electrical Equipment--5.3%
Halma plc(1) 20,000,000 33,118,400
----------------------------------------------------------------------
Toshiba Corp. 13,000,000 104,784,379
----------------------------------------------------------------------
Ushio, Inc. 1,200,000 25,874,514
------------
163,777,293
----------------------------------------------------------------------
Industrial Services--1.8%
Eurotunnel SA(2) 65,000,000 56,215,250
----------------------------------------------------------------------
Manufacturing--10.4%
Coherent, Inc.(1,2) 2,580,100 175,446,800
----------------------------------------------------------------------
HAMAMATSU PHOTONICS K.K 400,000 24,541,921
----------------------------------------------------------------------
Shiseido Co. Ltd. 3,000,000 37,257,079
----------------------------------------------------------------------
Three-Five Systems, Inc.(1,2) 2,800,000 81,900,000
------------
319,145,800
----------------------------------------------------------------------
Consumer Cyclicals--17.6%
----------------------------------------------------------------------
Autos & Housing--4.7%
Black & Decker Corp. 1,000,000 34,187,500
----------------------------------------------------------------------
Porsche AG, Preference 25,000 90,456,251
----------------------------------------------------------------------
Solidere, GDR(2,3) 3,000,000 21,000,000
------------
145,643,751
----------------------------------------------------------------------
Consumer Services--0.7%
Central Parking Corp. 1,000,000 19,812,500
----------------------------------------------------------------------
Leisure & Entertainment--2.2%
Carnival Corp. 500,000 12,312,500
----------------------------------------------------------------------
Hasbro, Inc. 1,770,000 20,244,375
----------------------------------------------------------------------
Host Marriott Corp. 3,000,000 33,750,000
------------
66,306,875
14 | OPPENHEIMER GLOBAL GROWTH & INCOME FUND
<PAGE>
Market Value
Shares See Note 1
----------------------------------------------------------------------
Media--7.4%
John Wiley & Sons, Inc., Cl. A(1) 2,800,000 $ 64,225,000
----------------------------------------------------------------------
Reed International plc 9,000,000 71,455,906
----------------------------------------------------------------------
True North Communications, Inc. 1,000,000 35,750,000
----------------------------------------------------------------------
Wolters Kluwer NV 2,800,000 56,833,000
------------
228,263,906
----------------------------------------------------------------------
Retail: Specialty--1.7%
Boots Co. plc 7,000,000 52,989,441
----------------------------------------------------------------------
Textile/Apparel & Home Furnishings--0.9%
Hermes International SA 200,000 28,593,000
----------------------------------------------------------------------
Consumer Staples--10.8%
----------------------------------------------------------------------
Beverages--3.7%
Allied Domecq plc 11,000,000 54,807,996
----------------------------------------------------------------------
Bass plc 6,000,000 58,992,151
------------
113,800,147
----------------------------------------------------------------------
Broadcasting--2.4%
ProSieben Media AG, Preference 194,400 22,216,761
----------------------------------------------------------------------
Sirius Satellite Radio, Inc.(2) 1,000,000 52,875,000
------------
75,091,761
----------------------------------------------------------------------
Food--0.3%
Thorntons plc(1) 6,265,000 8,614,407
----------------------------------------------------------------------
Food & Drug Retailers--0.5%
Whole Foods Market, Inc.(2) 300,000 16,106,250
----------------------------------------------------------------------
Household Goods--3.9%
Hindustan Lever Ltd. 380 1,722
----------------------------------------------------------------------
Reckitt Benckiser plc 3,999,800 48,876,767
----------------------------------------------------------------------
Wella AG, Preference 2,000,000 71,041,250
------------
119,919,739
----------------------------------------------------------------------
Financial--7.5%
----------------------------------------------------------------------
Banks--6.4%
AmSouth Bancorp 3,000,000 37,500,000
----------------------------------------------------------------------
Australia & New Zealand Banking Group Ltd. 3,000,000 21,577,344
----------------------------------------------------------------------
Banco Popular Espanol SA 1,000,000 30,666,875
----------------------------------------------------------------------
Bank of Ireland 2,000,000 15,973,250
----------------------------------------------------------------------
Dresdner Bank AG 700,000 30,751,595
----------------------------------------------------------------------
Lloyds TSB Group plc 3,000,000 27,988,005
----------------------------------------------------------------------
Union Planters Corp. 1,000,000 33,062,500
------------
197,519,569
15 | OPPENHEIMER GLOBAL GROWTH & INCOME FUND
<PAGE>
STATEMENT OF INVESTMENTS Continued
Market Value
Shares See Note 1
----------------------------------------------------------------------
Diversified Financial--1.1%
Edinburgh Fund Managers Group 1,000,000 $ 9,284,980
----------------------------------------------------------------------
Rodamco Continental Europe NV 700,000 24,401,125
--------------
33,686,105
----------------------------------------------------------------------
Healthcare--9.7%
----------------------------------------------------------------------
Healthcare/Drugs--9.7%
Banyu Pharmaceutical Co. 2,000,000 42,383,861
----------------------------------------------------------------------
Genset, Sponsored ADR(2) 1,000,000 27,500,000
----------------------------------------------------------------------
Human Genome Sciences, Inc.(2) 680,000 117,725,000
----------------------------------------------------------------------
Millennium Pharmaceuticals, Inc.(2) 400,000 58,425,000
----------------------------------------------------------------------
Neurogen Corp.(1,2) 1,475,000 45,909,375
----------------------------------------------------------------------
Neurogen Corp.(1,2,4) 200,000 5,913,750
--------------
297,856,986
----------------------------------------------------------------------
Technology--19.1%
----------------------------------------------------------------------
Computer Hardware--0.9%
Compaq Computer Corp. 1,000,000 27,580,000
----------------------------------------------------------------------
Computer Services--0.9%
Getronics NV 2,800,000 28,119,980
----------------------------------------------------------------------
Computer Software--6.9%
Computer Associates International, Inc. 1,000,000 25,187,500
----------------------------------------------------------------------
Lernout & Hauspie Speech Products NV(2) 2,000,000 26,250,000
----------------------------------------------------------------------
Sybase, Inc.(1,2) 7,000,000 161,000,000
--------------
212,437,500
----------------------------------------------------------------------
Communications Equipment--5.7%
QUALCOMM, Inc.(2) 2,000,000 142,500,000
----------------------------------------------------------------------
Toyo Communications Equipment Co. Ltd. 2,800,000 31,223,395
--------------
173,723,395
----------------------------------------------------------------------
Electronics--3.9%
National Semiconductor Corp.(2) 3,000,000 120,750,000
----------------------------------------------------------------------
Photography--0.8%
Polaroid Corp. 1,800,000 24,187,500
----------------------------------------------------------------------
Transportation--2.2%
----------------------------------------------------------------------
Railroads & Truckers--2.2%
Norfolk Southern Corp. 1,900,000 27,787,500
----------------------------------------------------------------------
Union Pacific Corp. 1,000,000 38,875,000
--------------
66,662,500
----------------------------------------------------------------------
Utilities--1.1%
----------------------------------------------------------------------
Electric Utilities--1.1%
GPU, Inc. 1,000,000 32,437,500
--------------
Total Common Stocks (Cost $2,513,960,018) 2,807,793,068
16 | OPPENHEIMER GLOBAL GROWTH & INCOME FUND
<PAGE>
Market Value
Shares See Note 1
=================================================================================================
Rights, Warrants and Certificates--0.1%
CD Radio, Inc. Wts., Exp. 5/15/09(3) (Cost $880,147) 18,000 $ 2,439,000
Principal
Amount
=================================================================================================
Foreign Government Obligations--3.3%
France (Government of) Obligations
Assimilables du Tresor Gtd. Principal Strips,
Series AP23, Zero Coupon, 5.96%, 4/25/23(5) [EUR] $200,000,000 48,488,080
-------------------------------------------------------------------------------------------------
France (Government of) Obligations
Assimilables du Tresor Principal Strips,
Series AP29, Zero Coupon, 5.78%, 4/25/29(5) [EUR] 300,000,000 53,995,763
------------
Total Foreign Government Obligations (Cost $111,763,131) 102,483,843
=================================================================================================
Non-Convertible Corporate Bonds and Notes--1.0%
Bangkok Bank Public Co. Ltd., 8.75% Sub. Nts., 3/15/07(3) 6,175,000 5,418,309
-------------------------------------------------------------------------------------------------
IBJ Preferred Capital Co. (The) LLC, 8.79% Bonds, 12/29/49(3,6) 10,000,000 9,021,430
-------------------------------------------------------------------------------------------------
Sirius Satellite Radio, Inc., 15.50% Sr. Sec. Nts., 5/15/09 16,500,000 14,726,250
------------
Total Non-Convertible Corporate Bonds and Notes (Cost $29,289,314) 29,165,989
=================================================================================================
Convertible Corporate Bonds and Notes--0.2%
Reckitt & Colman plc, 9.50% Cv. Capital Bonds, 3/31/05
(Cost $7,670,962) 2,800,000 7,286,048
=================================================================================================
Structured Instruments--0.0%
Credit Suisse First Boston Corp. (New York Branch),
Russian Obligatzii Federal'nogo Zaima Linked Nts.:
Series 25023, 14%, 9/12/01(4) [RUR] 29,490,000 891,536
Series 27003, 20.11%, 6/5/02(4,6) [RUR] 508,370 14,981
Series 27004, 20.11%, 9/18/02(4,6) [RUR] 1,800,760 52,288
Series 27005, 20.11%, 10/9/02(4,6) [RUR] 2,253,770 64,039
Series 27006, 20.11%, 1/22/03(4,6) [RUR] 5,329,810 148,315
Series 27007, 20.11%, 2/5/03(4,6) [RUR] 2,003,270 55,623
Series 27009, 20.11%, 6/4/03(4,6) [RUR] 78,300 2,133
Series 27011, 20.11%, 10/8/03(4,6) [RUR] 2,871,710 75,219
------------
Total Structured Instruments (Cost $2,646,874) 1,304,134
17 | OPPENHEIMER GLOBAL GROWTH & INCOME FUND
<PAGE>
STATEMENT OF INVESTMENTS Continued
Principal Market Value
Amount See Note 1
=================================================================================================
Repurchase Agreements--4.3%
Repurchase agreement with Banc One Capital Markets, Inc., 6.45%,
dated 9/29/00, to be repurchased at $130,980,364 on 10/2/00,
collateralized by U.S. Treasury Bonds, 5.25%-15.75%,
11/15/01-5/15/30, with a value of $55,812,830, U.S. Treasury
Nts., 4.25%-8.50%, 11/15/00-11/15/08, with a value of
$77,824,581 and U.S. Treasury Bills, 11/9/00, with a value of
$26,819 (Cost $130,910,000) $130,910,000 $ 130,910,000
-------------------------------------------------------------------------------------------------
Total Investments, at Value (Cost $2,797,120,446) 100.2% 3,081,382,082
-------------------------------------------------------------------------------------------------
Liabilities in Excess of Other Assets (0.2) (6,385,427)
-------------------------------
Net Assets 100.0% $3,074,996,655
===============================
</TABLE>
Footnotes to Statement of Investments
Principal amount is reported in U.S. Dollars, except for those denoted in the
following currencies:
EUR Euro
RUR Russian Ruble
1. 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 September 30,
2000. The aggregate fair value of securities of affiliated companies held by the
Fund as of September 30, 2000, amounts to $576,127,732. Transactions during the
period in which the issuer was an affiliate are as follows:
<TABLE>
<CAPTION>
Shares Shares
Sept. 30, Gross Gross Sept. 30, Dividend
1999 Additions Reductions 2000 Income
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Coherent, Inc. 1,900,000 680,100 -- 2,580,100 $ --
Halma plc 10,000,000 10,000,000 -- 20,000,000 981,640
John Wiley & Sons, Inc., Cl A -- 2,878,500 78,500 2,800,000 115,140
Neurogen Corp. 1,225,000 250,000 -- 1,475,000 --
Neurogen Corp. -- 200,000 -- 200,000 --
Piccadilly Cafeterias, Inc. 650,000 100,000 750,000 -- 168,000
Sybase, Inc. 3,300,000 3,700,000 -- 7,000,000 --
Thorntons plc 6,265,000 -- -- 6,265,000 675,112
Three-Five Systems, Inc. -- 2,800,000 -- 2,800,000 --
----------
$1,939,892
==========
</TABLE>
2. Non-income-producing security.
3. Represents securities sold under Rule 144A, which are exempt from
registration under the Securities Act of 1933, as amended. These securities have
been determined to be liquid under guidelines established by the Board of
Trustees. These securities amount to $37,878,739 or 1.23% of the Fund's net
assets as of September 30, 2000.
4. Identifies issues considered to be illiquid or restricted--See Note 6 of
Notes to Financial Statements.
5. For zero coupon bonds, the interest rate shown is the effective yield on the
date of purchase.
6. Represents the current interest rate for a variable or increasing rate
security.
18 | OPPENHEIMER GLOBAL GROWTH & INCOME FUND
<PAGE>
Footnotes to Statement of Investments Continued
Distribution of investments representing geographic diversification, as a
percentage of total investments at value, is as follows:
<TABLE>
<CAPTION>
Geographical Diversification Market Value Percent
-------------------------------------------------------------------------------------
<S> <C> <C>
United States $1,755,060,981 57.0%
Great Britain 373,414,099 12.1
Japan 266,065,149 8.6
Germany 240,504,020 7.8
France 214,792,093 7.0
The Netherlands 109,354,106 3.5
Spain 30,666,875 1.0
Belgium 26,250,000 0.9
Australia 21,577,344 0.7
Lebanon 21,000,000 0.7
Ireland 15,973,250 0.5
Hong Kong 5,418,309 0.2
Russia 1,304,134 0.0
India 1,722 0.0
--------------------------------
Total $3,081,382,082 100.0%
================================
</TABLE>
See accompanying Notes to Financial Statements.
19 | OPPENHEIMER GLOBAL GROWTH & INCOME FUND
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES September 30, 2000
<TABLE>
================================================================================================
<S> <C>
Assets
Investments, at value--see accompanying statement:
Unaffiliated companies (cost $2,320,345,530) $2,505,254,350
Affiliated companies (cost $476,774,916) 576,127,732
--------------
3,081,382,082
------------------------------------------------------------------------------------------------
Unrealized appreciation on foreign currency contracts 108,218
------------------------------------------------------------------------------------------------
Receivables and other assets:
Shares of beneficial interest sold 19,573,641
Investments sold 6,416,217
Interest and dividends 4,969,204
Other 78,242
--------------
Total assets 3,112,527,604
================================================================================================
Liabilities
Bank overdraft 76,594
------------------------------------------------------------------------------------------------
Bank overdraft--foreign currencies 18,851
------------------------------------------------------------------------------------------------
Unrealized depreciation on foreign currency contracts 24,345
------------------------------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased 26,029,789
Shares of beneficial interest redeemed 7,832,828
Distribution and service plan fees 1,813,952
Transfer and shareholder servicing agent fees 485,581
Trustees' compensation 411,493
Other 837,516
--------------
Total liabilities 37,530,949
================================================================================================
Net Assets $3,074,996,655
==============
================================================================================================
Composition of Net Assets
Paid-in capital $2,707,854,397
------------------------------------------------------------------------------------------------
Undistributed net investment income 2,930,760
------------------------------------------------------------------------------------------------
Accumulated net realized gain on investments and
foreign currency transactions 79,976,986
------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments and translation of
assets and liabilities denominated in foreign currencies 284,234,512
--------------
Net Assets $3,074,996,655
==============
================================================================================================
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$1,566,609,229 and 52,188,778 shares of beneficial interest outstanding) $30.02
Maximum offering price per share (net asset value plus sales charge
of 5.75% of offering price) $31.85
------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of
$1,013,613,500 and 34,249,693 shares of beneficial interest outstanding) $29.59
------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $494,773,926
and 16,708,263 shares of beneficial interest outstanding) $29.61
</TABLE>
See accompanying Notes to Financial Statements.
20 | OPPENHEIMER GLOBAL GROWTH & INCOME FUND
<PAGE>
STATEMENT OF OPERATIONS For the Year Ended September 30, 2000
<TABLE>
==============================================================================================
<S> <C>
Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $1,425,074) $ 21,812,231
Affiliated companies (net of foreign withholding taxes of $183,959) 1,939,892
----------------------------------------------------------------------------------------------
Interest (net of foreign withholding taxes of $468) 19,411,303
------------
Total income 43,163,426
==============================================================================================
Expenses
Management fees 16,141,590
----------------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 2,704,750
Class B 7,093,913
Class C 3,784,605
----------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees 3,498,152
----------------------------------------------------------------------------------------------
Custodian fees and expenses 577,928
----------------------------------------------------------------------------------------------
Trustees' compensation 347,022
----------------------------------------------------------------------------------------------
Other 1,297,063
------------
Total expenses 35,445,023
Less expenses paid indirectly (31,667)
------------
Net expenses 35,413,356
==============================================================================================
Net Investment Income 7,750,070
==============================================================================================
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments:
Unaffiliated companies 115,641,171
Affiliated companies (5,967,430)
Foreign currency transactions (15,289,391)
------------
Net realized gain 94,384,350
----------------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) on:
Investments 227,271,116
Translation of assets and liabilities denominated in foreign currencies (89,416,074)
------------
Net change 137,855,042
------------
Net realized and unrealized gain 232,239,392
==============================================================================================
Net Increase in Net Assets Resulting from Operations $239,989,462
============
</TABLE>
See accompanying Notes to Financial Statements.
21 | OPPENHEIMER GLOBAL GROWTH & INCOME FUND
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Year Ended September 30, 2000 1999
==========================================================================================
<S> <C> <C>
Operations
Net investment income $ 7,750,070 $ 11,989,973
------------------------------------------------------------------------------------------
Net realized gain 94,384,350 57,344,608
------------------------------------------------------------------------------------------
Net change in unrealized appreciation 137,855,042 202,378,947
---------------------------------
Net increase in net assets resulting from operations 239,989,462 271,713,528
==========================================================================================
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A (7,835,342) (2,129,087)
Class B (3,084,311) (473,352)
Class C (1,772,302) (381,559)
------------------------------------------------------------------------------------------
Distributions from net realized gain:
Class A (31,271,081) (34,264,677)
Class B (16,981,850) (13,697,971)
Class C (10,491,491) (11,497,333)
==========================================================================================
Beneficial Interest Transactions
Net increase in net assets resulting from
beneficial interest transactions:
Class A 981,112,803 152,013,727
Class B 744,119,129 101,665,724
Class C 306,336,156 46,473,370
==========================================================================================
Net Assets
Total increase 2,200,121,173 509,422,370
------------------------------------------------------------------------------------------
Beginning of period 874,875,482 365,453,112
---------------------------------
End of period (including undistributed net investment
income of $2,930,760 and $12,010,868, respectively) $3,074,996,655 $874,875,482
=================================
</TABLE>
See accompanying Notes to Financial Statements.
22 | OPPENHEIMER GLOBAL GROWTH & INCOME FUND
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Class A Year Ended September 30, 2000 1999 1998 1997 1996
=====================================================================================================
<S> <C> <C> <C> <C> <C>
Per Share Operating Data
Net asset value, beginning of period $23.37 $16.03 $19.36 $15.62 $14.98
-----------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .11 .41 .29 .40 .47
Net realized and unrealized gain (loss) 8.19 9.64 (1.90) 5.12 1.40
--------------------------------------------------
Total income (loss) from investment operations 8.30 10.05 (1.61) 5.52 1.87
-----------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.33) (.15) (.63) (.40) (.40)
Dividends in excess of net investment income -- -- (.02) -- --
Distributions from net realized gain (1.32) (2.56) (1.07) (1.38) (.83)
--------------------------------------------------
Total dividends and/or distributions
to shareholders (1.65) (2.71) (1.72) (1.78) (1.23)
-----------------------------------------------------------------------------------------------------
Net asset value, end of period $30.02 $23.37 $16.03 $19.36 $15.62
==================================================
=====================================================================================================
Total Return, at Net Asset Value(1) 36.54% 70.06% (8.77)% 38.83% 13.28%
=====================================================================================================
Ratios/Supplemental Data
Net assets, end of period (in millions) $1,567 $482 $213 $182 $120
-----------------------------------------------------------------------------------------------------
Average net assets (in millions) $1,159 $310 $216 $142 $115
-----------------------------------------------------------------------------------------------------
Ratios to average net assets:(2)
Net investment income 0.72% 2.51% 1.62% 2.47% 2.65%
Expenses 1.20% 1.33% 1.36%(3) 1.43%(3) 1.52%(3)
-----------------------------------------------------------------------------------------------------
Portfolio turnover rate 48% 98% 117% 91% 208%
</TABLE>
1. Assumes a $1,000 hypothetical initial investment on the business day before
the first day of the fiscal period (or inception of offering), with all
dividends and distributions reinvested in additional shares on the reinvestment
date, and redemption at the net asset value calculated on the last business day
of the fiscal period. Sales charges are not reflected in the total returns.
Total returns are not annualized for periods of less than one full year.
2. Annualized for periods of less than one full year.
3. Expense ratio has not been grossed up to reflect the effect of expenses paid
indirectly.
See accompanying Notes to Financial Statements.
23 | OPPENHEIMER GLOBAL GROWTH & INCOME FUND
<PAGE>
FINANCIAL HIGHLIGHTS Continued
<TABLE>
<CAPTION>
Class B Year Ended September 30, 2000 1999 1998 1997 1996(1)
=====================================================================================================
<S> <C> <C> <C> <C> <C>
Per Share Operating Data
Net asset value, beginning of period $23.15 $15.95 $19.27 $15.57 $14.72
-----------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) (.02) .29 .23 .30 .36
Net realized and unrealized gain (loss) 8.02 9.55 (1.96) 5.06 1.63
--------------------------------------------------
Total income (loss) from investment operations 8.00 9.84 (1.73) 5.36 1.99
-----------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.24) (.08) (.51) (.28) (.31)
Dividends in excess of net investment income -- -- (.01) -- --
Distributions from net realized gain (1.32) (2.56) (1.07) (1.38) (.83)
--------------------------------------------------
Total dividends and/or distributions
to shareholders (1.56) (2.64) (1.59) (1.66) (1.14)
-----------------------------------------------------------------------------------------------------
Net asset value, end of period $29.59 $23.15 $15.95 $19.27 $15.57
==================================================
=====================================================================================================
Total Return, at Net Asset Value(2) 35.48% 68.80% (9.42)% 37.69% 14.33%
=====================================================================================================
Ratios/Supplemental Data
Net assets, end of period (in millions) $1,014 $235 $82 $37 $8
-----------------------------------------------------------------------------------------------------
Average net assets (in millions) $ 711 $135 $63 $17 $4
-----------------------------------------------------------------------------------------------------
Ratios to average net assets:(3)
Net investment income (loss) (0.05)% 1.76% 1.42% 1.77% 1.64%
Expenses 1.97% 2.08% 2.11%(4) 2.15%(4) 2.28%(4)
-----------------------------------------------------------------------------------------------------
Portfolio turnover rate 48% 98% 117% 91% 208%
</TABLE>
1. For the period from October 10, 1995 (inception of offering) to September 30,
1996.
2. Assumes a $1,000 hypothetical initial investment on the business day before
the first day of the fiscal period (or inception of offering), with all
dividends and distributions reinvested in additional shares on the reinvestment
date, and redemption at the net asset value calculated on the last business day
of the fiscal period. Sales charges are not reflected in the total returns.
Total returns are not annualized for periods of less than one full year.
3. Annualized for periods of less than one full year.
4. Expense ratio has not been grossed up to reflect the effect of expenses paid
indirectly.
See accompanying Notes to Financial Statements.
24 | OPPENHEIMER GLOBAL GROWTH & INCOME FUND
<PAGE>
<TABLE>
<CAPTION>
Class C Year Ended September 30, 2000 1999 1998 1997 1996
================================================================================================================
<S> <C> <C> <C> <C> <C>
Per Share Operating Data
Net asset value, beginning of period $23.15 $15.95 $19.26 $15.55 $14.92
----------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) (.07) .29 .17 .28 .35
Net realized and unrealized gain (loss) 8.07 9.55 (1.91) 5.08 1.40
----------------------------------------------------------
Total income (loss) from investment operations 8.00 9.84 (1.74) 5.36 1.75
----------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.22) (.08) (.48) (.27) (.29)
Dividends in excess of net investment income -- -- (.02) -- --
Distributions from net realized gain (1.32) (2.56) (1.07) (1.38) (.83)
----------------------------------------------------------
Total dividends and/or distributions
to shareholders (1.54) (2.64) (1.57) (1.65) (1.12)
----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $29.61 $23.15 $15.95 $19.26 $15.55
==========================================================
================================================================================================================
Total Return, at Net Asset Value(1) 35.49% 68.79% (9.43)% 37.74% 12.45%
================================================================================================================
Ratios/Supplemental Data
Net assets, end of period (in millions) $495 $157 $71 $56 $36
----------------------------------------------------------------------------------------------------------------
Average net assets (in millions) $377 $105 $66 $43 $31
----------------------------------------------------------------------------------------------------------------
Ratios to average net assets:(2)
Net investment income (loss) (0.05)% 1.76% 0.86% 1.71% 1.87%
Expenses 1.98% 2.08% 2.12%(3) 2.18%(3) 2.28%(3)
----------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 48% 98% 117% 91% 208%
</TABLE>
1. Assumes a $1,000 hypothetical initial investment on the business day before
the first day of the fiscal period (or inception of offering), with all
dividends and distributions reinvested in additional shares on the reinvestment
date, and redemption at the net asset value calculated on the last business day
of the fiscal period. Sales charges are not reflected in the total returns.
Total returns are not annualized for periods of less than one full year.
2. Annualized for periods of less than one full year.
3. Expense ratio has not been grossed up to reflect the effect of expenses paid
indirectly.
See accompanying Notes to Financial Statements.
25 | OPPENHEIMER GLOBAL GROWTH & INCOME FUND
<PAGE>
NOTES TO FINANCIAL STATEMENTS
================================================================================
1. Significant Accounting Policies
Oppenheimer Global Growth & Income Fund (the Fund) is registered under the
Investment Company Act of 1940, as amended, as an open-end management investment
company. The Fund's investment objective is to seek capital appreciation
consistent with preservation of principal, while providing current income. The
Fund's investment advisor is OppenheimerFunds, Inc. (the Manager).
The Fund offers Class A, Class B and Class C shares. Class A shares are
sold at their offering price, which is normally net asset value plus a front-end
sales charge. Class B and Class C shares are sold without a front-end sales
charge but may be subject to a contingent deferred sales charge (CDSC). All
classes of shares have identical rights to earnings, assets and voting
privileges, except that each class has its own expenses directly attributable to
that class and exclusive voting rights with respect to matters affecting that
class. Classes A, B and C have separate distribution and/or service plans. Class
B shares will automatically convert to Class A shares six years after the date
of purchase. The following is a summary of significant accounting policies
consistently followed by the Fund.
--------------------------------------------------------------------------------
Securities Valuation. Securities listed or traded on National Stock Exchanges or
other domestic or foreign exchanges are valued based on the last sale price of
the security traded on that exchange prior to the time when the Fund's assets
are valued. In the absence of a sale, the security is valued at the last sale
price on the prior trading day, if it is within the spread of the closing bid
and asked prices, and if not, at the closing bid price. Securities (including
restricted securities) for which quotations are not readily available are valued
primarily using dealer-supplied valuations, a portfolio pricing service
authorized by the Board of Trustees, or at their fair value. Fair value is
determined in good faith under consistently applied procedures under the
supervision of the Board of Trustees. Short-term "money market type" debt
securities with remaining maturities of sixty days or less are valued at
amortized cost (which approximates market value).
--------------------------------------------------------------------------------
Structured Notes. The Fund invests in foreign-currency-linked structured notes
whose market value and redemption price are linked to foreign currency exchange
rates. The structured notes are leveraged, which increases the notes' volatility
relative to the principal of the security. Fluctuations in value of these
securities are recorded as unrealized gains and losses in the accompanying
financial statements. As of September 30, 2000, these securities resulted in
unrealized losses of $1,342,740. The Fund also hedges a portion of the foreign
currency exposure generated by these securities, as discussed in Note 5.
--------------------------------------------------------------------------------
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 foreign securities and investment income are
translated at the rates of exchange prevailing on the respective dates of such
transactions.
26 | OPPENHEIMER GLOBAL GROWTH & INCOME FUND
<PAGE>
The effect of changes in foreign currency exchange rates on investments is
separately identified from the fluctuations arising from changes in market
values of securities held and reported with all other foreign currency gains and
losses in the Fund's Statement of Operations.
--------------------------------------------------------------------------------
Repurchase Agreements. The Fund requires the custodian to take possession, to
have legally segregated in the Federal Reserve Book Entry System or to have
segregated within the custodian's vault, all securities held as collateral for
repurchase agreements. The market value of the underlying securities is required
to be at least 102% of the resale price at the time of purchase. If the seller
of the agreement defaults and the value of the collateral declines, or if the
seller enters an insolvency proceeding, realization of the value of the
collateral by the Fund may be delayed or limited.
--------------------------------------------------------------------------------
Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than
those attributable to a specific class), 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' Compensation. The Fund has adopted an unfunded retirement plan for the
Fund's independent Board of Trustees. Benefits are based on years of service and
fees paid to each trustee during the years of service. During the year ended
September 30, 2000, a provision of $252,666 was made for the Fund's projected
benefit obligations and payments of $4,006 were made to retired trustees,
resulting in an accumulated liability of $342,674 as of September 30, 2000.
The Board of Trustees has adopted a deferred compensation plan for
independent trustees that enables trustees to elect to defer receipt of all or a
portion of annual compensation they are entitled to receive from the Fund. Under
the plan, the compensation deferred is periodically adjusted as though an
equivalent amount had been invested for the Board of Trustees in shares of one
or more Oppenheimer funds selected by the trustee. The amount paid to the Board
of Trustees under the plan will be determined based upon the performance of the
selected funds. Deferral of trustees' fees under the plan will not affect the
net assets of the Fund, and will not materially affect the Fund's assets,
liabilities or net investment income per share.
27 | OPPENHEIMER GLOBAL GROWTH & INCOME FUND
<PAGE>
NOTES TO FINANCIAL STATEMENTS Continued
================================================================================
1. Significant Accounting Policies Continued
Dividends and Distributions to Shareholders. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations,
are recorded on the ex-dividend date.
--------------------------------------------------------------------------------
Classification of Dividends and 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 dividends and distributions made during the fiscal year from net
investment income or net realized gains may differ from its ultimate
characterization for federal income tax purposes. Also, due to timing of
dividends and distributions, the fiscal year in which amounts are distributed
may differ from the fiscal year in which the income or realized gain was
recorded by the Fund.
The Fund adjusts the classification of distributions to shareholders to
reflect the differences between financial statement amounts and distributions
determined in accordance with income tax regulations. Accordingly, during the
year ended September 30, 2000, amounts have been reclassified to reflect an
increase in paid-in capital of $13,564,776, a decrease in undistributed net
investment income of $4,138,223, and a decrease in accumulated net realized gain
on investments of $9,426,553. This reclassification includes $13,573,239
distributed in connection with Fund share redemptions which increased paid-in
capital and reduced accumulated net realized gain. Net assets of the Fund were
unaffected by the reclassifications.
--------------------------------------------------------------------------------
Expense Offset Arrangements. Expenses paid indirectly represent a reduction of
custodian fees for earnings on cash balances maintained by the Fund.
--------------------------------------------------------------------------------
Other. Investment transactions are accounted for as of trade date and dividend
income is recorded on the ex-dividend date. Certain dividends from foreign
securities will be recorded as soon as the Fund is informed of the dividend if
such information is obtained subsequent to the ex-dividend date. Realized gains
and losses on investments and unrealized appreciation and depreciation are
determined on an identified cost basis, which is the same basis used for federal
income tax purposes.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of income and expenses during the reporting
period. Actual results could differ from those estimates.
28 | OPPENHEIMER GLOBAL GROWTH & INCOME FUND
<PAGE>
================================================================================
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>
Year Ended September 30, 2000 Year Ended September 30, 1999
Shares Amount Shares Amount
-----------------------------------------------------------------------------------------------------
Class A
<S> <C> <C> <C> <C>
Sold 48,249,256 $1,508,567,020 12,286,834 $ 257,043,828
Dividends and/or
distributions reinvested 1,338,610 35,178,235 2,127,688 34,784,772
Redeemed (18,041,825) (562,632,452) (7,045,802) (139,814,873)
----------------------------------------------------------------------
Net increase 31,546,041 $ 981,112,803 7,368,720 $ 152,013,727
======================================================================
-----------------------------------------------------------------------------------------------------
Class B
Sold 27,033,503 $ 838,239,307 5,723,532 $ 117,423,335
Dividends and/or
distributions reinvested 726,294 18,934,489 827,997 13,450,551
Redeemed (3,662,042) (113,054,667) (1,531,721) (29,208,162)
----------------------------------------------------------------------
Net increase 24,097,755 $ 744,119,129 5,019,808 $ 101,665,724
======================================================================
-----------------------------------------------------------------------------------------------------
Class C
Sold 11,521,419 $ 358,605,578 2,812,202 $ 56,628,274
Dividends and/or
distributions reinvested 441,189 11,506,213 682,703 11,089,724
Redeemed (2,051,674) (63,775,635) (1,138,460) (21,244,628)
----------------------------------------------------------------------
Net increase 9,910,934 $ 306,336,156 2,356,445 $ 46,473,370
======================================================================
</TABLE>
================================================================================
3. Purchases and Sales of Securities
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations, for the year ended September 30, 2000, were
$2,874,762,205 and $1,031,928,767, respectively.
As of September 30, 2000, unrealized appreciation (depreciation) based on cost
of securities for federal income tax purposes of $2,798,184,007 was:
Gross unrealized appreciation $ 619,527,363
Gross unrealized depreciation (336,329,288)
-------------
Net unrealized appreciation $ 283,198,075
=============
29 | OPPENHEIMER GLOBAL GROWTH & INCOME FUND
<PAGE>
NOTES TO FINANCIAL STATEMENTS Continued
================================================================================
4. Fees and Other Transactions with Affiliates
Management Fees. Management fees paid to the Manager were in accordance with the
investment advisory agreement with the Fund which provides for a fee of 0.80% of
the first $250 million of average annual net assets of the Fund, 0.77% of the
next $250 million, 0.75% of the next $500 million, 0.69% of the next $1 billion
and 0.67% of average annual net assets in excess of $2 billion. The Fund's
management fee for the year ended September 30, 2000 was an annualized rate of
0.72%, before any waiver by the Manager if applicable.
--------------------------------------------------------------------------------
Transfer Agent Fees. OppenheimerFunds Services (OFS), a division of the Manager,
acts as the transfer and shareholder servicing agent for the Fund on an
"at-cost" basis. OFS also acts as the transfer and shareholder servicing agent
for the other Oppenheimer funds.
--------------------------------------------------------------------------------
Distribution and Service Plan Fees. Under its General Distributor's Agreement
with the Manager, the Distributor acts as the Fund's principal underwriter in
the continuous public offering of the different classes of shares of the Fund.
The compensation paid to (or retained by) the Distributor from the sale of
shares or on the redemption of shares is shown in the table below for the period
indicated.
<TABLE>
<CAPTION>
Aggregate Class A Commissions Commissions Commissions
Front-End Front-End on Class A on Class B on Class C
Sales Charges Sales Charges Shares Shares Shares
on Class A Retained by Advanced by Advanced by Advanced by
Year Ended Shares Distributor Distributor(1) Distributor(1) Distributor(1)
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
September 30, 2000 $9,517,783 $2,451,701 $826,132 $21,027,298 $2,595,948
</TABLE>
1. The Distributor advances commission payments to dealers for certain sales of
Class A shares and for sales of Class B and Class C shares from its own
resources at the time of sale.
<TABLE>
<CAPTION>
Class A Class B Class C
Contingent Deferred Contingent Deferred Contingent Deferred
Sales Charges Sales Charges Sales Charges
Year Ended Retained by Distributor Retained by Distributor Retained by Distributor
--------------------------------------------------------------------------------------
<S> <C> <C> <C>
September 30, 2000 $13,693 $833,869 $89,710
</TABLE>
The Fund has adopted a Service Plan for Class A shares and Distribution and
Service Plans for Class B and Class C shares under Rule 12b-1 of the Investment
Company Act. Under those plans the Fund pays the Distributor for all or a
portion of its costs incurred in connection with the distribution and/or
servicing of the shares of the particular class.
30 | OPPENHEIMER GLOBAL GROWTH & INCOME FUND
<PAGE>
--------------------------------------------------------------------------------
Class A Service Plan Fees. Under the Class A service plan, the Distributor
currently uses the fees it receives from the Fund to pay brokers, dealers and
other financial institutions. The Class A service plan permits reimbursements to
the Distributor at a rate of up to 0.25% of average annual net assets of Class A
shares purchased. The Distributor makes payments to plan recipients quarterly at
an annual rate not to exceed 0.25% of the average annual net assets consisting
of Class A shares of the Fund. For the year ended September 30, 2000, payments
under the Class A plan totaled $2,704,750 prior to Manager waiver if applicable,
all of which were paid by the Distributor to recipients, and included $169,538
paid to an affiliate of the Manager. Any unreimbursed expenses the Distributor
incurs with respect to Class A shares in any fiscal year cannot be recovered in
subsequent years.
--------------------------------------------------------------------------------
Class B and Class C Distribution and Service Plan Fees. Under each plan, service
fees and distribution fees are computed on the average of the net asset value of
shares in the respective class, determined as of the close of each regular
business day during the period. The Class B and Class C plans provide for the
Distributor to be compensated at a flat rate, whether the Distributor's
distribution expenses are more or less than the amounts paid by the Fund under
the plan during the period for which the fee is paid.
The Distributor retains the asset-based sales charge on Class B shares. The
Distributor retains the asset-based sales charge on Class C shares during the
first year the shares are outstanding. The asset-based sales charges on Class B
and Class C shares allow investors to buy shares without a front-end sales
charge while allowing the Distributor to compensate dealers that sell those
shares.
The Distributor's actual expenses in selling Class B and Class C shares may
be more than the payments it receives from the contingent deferred sales charges
collected on redeemed shares and asset-based sales charges from the Fund under
the plans. If any plan is terminated by the Fund, the Board of Trustees may
allow the Fund to continue payments of the asset-based sales charge to the
Distributor for distributing shares before the plan was terminated. The plans
allow for the carry-forward of distribution expenses, to be recovered from
asset-based sales charges in subsequent fiscal periods.
Distribution fees paid to the Distributor for the year ended September 30, 2000,
were as follows:
<TABLE>
<CAPTION>
Distributor's Distributor's
Aggregate Unreimbursed
Unreimbursed Expenses as %
Total Payments Amount Retained Expenses of Net Assets
Under Plan by Distributor Under Plan of Class
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class B Plan $7,093,913 $6,273,728 $23,557,541 2.32%
Class C Plan 3,784,605 1,818,631 3,969,451 0.80
</TABLE>
31 | OPPENHEIMER GLOBAL GROWTH & INCOME FUND
<PAGE>
NOTES TO FINANCIAL STATEMENTS Continued
================================================================================
5. Foreign Currency Contracts
A foreign currency contract is a commitment to purchase or sell a foreign
currency at a future date, at a negotiated rate. The Fund may enter into foreign
currency contracts for operational purposes and to seek to protect against
adverse exchange rate fluctuations. Risks to the Fund include the potential
inability of the counterparty to meet the terms of the contract.
The net U.S. dollar value of foreign currency underlying all contractual
commitments held by the Fund and the resulting unrealized appreciation or
depreciation are determined using foreign currency exchange rates as provided by
a reliable bank, dealer or pricing service. Unrealized appreciation and
depreciation on foreign currency contracts are reported in the Statement of
Assets and Liabilities.
The Fund may realize a gain or loss upon the closing or settlement of the
foreign currency transactions. Realized gains and losses are reported with all
other foreign currency gains and losses in the Statement of Operations.
Securities denominated in foreign currency to cover net exposure on
outstanding foreign currency contracts are noted in the Statement of Investments
where applicable.
As of September 30, 2000, the Fund had outstanding foreign currency contracts as
follows:
<TABLE>
<CAPTION>
Expiration Contract Valuation as of Unrealized Unrealized
Contract Description Date Amounts (000s) Sept. 30, 2000 Appreciation Depreciation
-----------------------------------------------------------------------------------------------------------
Contracts to Purchase
<S> <C> <C> <C> <C> <C>
British Pound Sterling (GBP) 10/5/00 GBP6,681 $9,879,290 $ 47,919 $ --
Euro (EUR) 10/5/00 EUR9,948 8,781,299 59,887 --
-------------------------
107,806 --
-------------------------
Contracts to Sell
Euro (EUR) 10/2/00-
10/4/00 EUR6,065 5,353,181 412 24,345
-------------------------
Total Unrealized Appreciation and Depreciation $108,218 $24,345
=========================
</TABLE>
32 | OPPENHEIMER GLOBAL GROWTH & INCOME FUND
<PAGE>
================================================================================
6. Illiquid or Restricted Securities
As of September 30, 2000, investments in securities included issues that are
illiquid or restricted. Restricted securities are often purchased in private
placement transactions, are not registered under the Securities Act of 1933, may
have contractual restrictions on resale, and are valued under methods approved
by the Board of Trustees as reflecting fair value. A security may also be
considered illiquid if it lacks a readily available market or if its valuation
has not changed for a certain period of time. The Fund intends to invest no more
than 10% of its net assets (determined at the time of purchase and reviewed
periodically) in illiquid or restricted securities. Certain restricted
securities, eligible for resale to qualified institutional investors, are not
subject to that limitation. The aggregate value of illiquid or restricted
securities subject to this limitation as of September 30, 2000, was $7,217,884,
which represents 0.23% of the Fund's net assets, of which $5,913,750 is
considered restricted. Information concerning restricted securities is as
follows:
<TABLE>
<CAPTION>
Valuation
Per Unit as of
Security Acquisition Date Cost Per Unit Sept. 30, 2000
---------------------------------------------------------------------------
Stocks and Warrants
<S> <C> <C> <C>
Neurogen Corp. 6/26/00 $25.00 $29.57
</TABLE>
================================================================================
7. Bank Borrowings
The Fund may borrow from a bank for temporary or emergency purposes including,
without limitation, funding of shareholder redemptions provided asset coverage
for borrowings exceeds 300%. The Fund has entered into an agreement which
enables it to participate with other Oppenheimer funds in an unsecured line of
credit with a bank, which permits borrowings up to $400 million, collectively.
Interest is charged to each fund, based on its borrowings, at a rate equal to
the Federal Funds Rate plus 0.45%. Borrowings are payable 30 days after such
loan is executed. The Fund also pays a commitment fee equal to its pro rata
share of the average unutilized amount of the credit facility at a rate of 0.08%
per annum.
The Fund had no borrowings outstanding during the year ended September 30,
2000.
33 | OPPENHEIMER GLOBAL GROWTH & INCOME FUND
<PAGE>
INDEPENDENT AUDITORS' REPORT
================================================================================
The Board of Trustees and Shareholders of
Oppenheimer Global Growth & Income Fund:
We have audited the accompanying statement of assets and liabilities, including
the statement of investments, of Oppenheimer Global Growth & Income Fund as of
September 30, 2000, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the years in the
two-year period then ended and the financial highlights for each of the years in
the five-year period then ended. These financial statements and financial
highlights are the responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included confirmation of
securities owned as of September 30, 2000, by correspondence with the custodian
and brokers; and where confirmations were not received from brokers, we
performed other auditing procedures. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
Oppenheimer Global Growth & Income Fund as of September 30, 2000, the results of
its operations for the year then ended, the changes in its net assets for each
of the years in the two-year period then ended, and the financial highlights for
each of the years in the five-year period then ended, in conformity with
accounting principles generally accepted in the United States of America.
KPMG LLP
Denver, Colorado
October 20, 2000
34 | OPPENHEIMER GLOBAL GROWTH & INCOME FUND
<PAGE>
FEDERAL INCOME TAX INFORMATION Unaudited
================================================================================
In early 2001 shareholders will receive information regarding all dividends and
distributions paid to them by the Fund during calendar year 2000. Regulations of
the U.S. Treasury Department require the Fund to report this information to the
Internal Revenue Service.
Dividends and distributions of $1.6545, $1.5630 and $1.5466 per share were
paid to Class A, Class B and Class C shareholders, respectively, on December 6,
1999, of which $0.8173 was designated as a Ocapital gain distributionO for
federal income tax purposes. Whether received in stock or in cash, the capital
gain distribution should be treated by shareholders as a gain from the sale of
capital assets held for more than one year (long-term capital gains).
Dividends paid by the Fund during the fiscal year ended September 30, 2000,
which are not designated as capital gain distributions should be multiplied by
25.80% to arrive at the net amount eligible for the corporate dividend-received
deduction.
The foregoing information is presented to assist shareholders in reporting
distributions received from the Fund to the Internal Revenue Service. Because of
the complexity of the federal regulations which may affect your individual tax
return and the many variations in state and local tax regulations, we recommend
that you consult your tax advisor for specific guidance.
35 | OPPENHEIMER GLOBAL GROWTH & INCOME FUND
<PAGE>
OPPENHEIMER GLOBAL GROWTH & INCOME FUND
<TABLE>
==========================================================================================
<S> <C>
Officers and Trustees Leon Levy, Chairman of the Board of Trustees
Donald W. Spiro, Vice Chairman of the Board of Trustees
Bridget A. Macaskill, Trustee and President
Robert G. Galli, Trustee
Phillip A. Griffiths, Trustee
Benjamin Lipstein, Trustee
Elizabeth B. Moynihan, Trustee
Kenneth A. Randall, Trustee
Edward V. Regan, Trustee
Russell S. Reynolds, Jr., Trustee
Clayton K. Yeutter, Trustee
Frank Jennings, Vice President
Andrew J. Donohue, Secretary
Brian W. Wixted, Treasurer
Robert J. Bishop, Assistant Treasurer
Scott T. Farrar, Assistant Treasurer
Robert G. Zack, Assistant Secretary
==========================================================================================
Investment Advisor OppenheimerFunds, Inc.
==========================================================================================
Distributor OppenheimerFunds Distributor, Inc.
==========================================================================================
Transfer and Shareholder OppenheimerFunds Services
Servicing Agent
==========================================================================================
Custodian of The Bank of New York
Portfolio Securities
==========================================================================================
Independent Auditors KPMG LLP
==========================================================================================
Legal Counsel Mayer, Brown & Platt
For more complete information about Oppenheimer Global Growth
& Income Fund, please refer to the Prospectus. To obtain a
copy, call your financial advisor, or call OppenheimerFunds
Distributor, Inc. at 1.800.525.7048, or visit the
OppenheimerFunds Internet website, at
www.oppenheimerfunds.com.
Shares of Oppenheimer funds are not deposits or obligations
of any bank, are not guaranteed by any bank, are not insured
by the FDIC or any other agency, and involve investment
risks, including the possible loss of the principal amount
invested.
Oppenheimer funds are distributed by OppenheimerFunds
Distributor, Inc., Two World Trade Center, New York, NY
10048-0203.
(C)Copyright 2000 OppenheimerFunds, Inc. All rights
reserved.
</TABLE>
36 | OPPENHEIMER GLOBAL GROWTH & INCOME FUND
<PAGE>
INFORMATION AND SERVICES
As an Oppenheimer fund shareholder, you can benefit from special services
designed to make investing simple. Whether it's automatic investment plans,
timely market updates, or immediate account access, you can count on us whenever
you need assistance. So call us today, or visit our website--we're here to
help.
Internet
24-hr access to account information and transactions(1)
www.oppenheimerfunds.com
-------------------------------------------------------
General Information
Mon-Fri 8am-9pm ET, Sat 10am-4pm ET
1.800.525.7048
-------------------------------------------------------
Telephone Transactions
Mon-Fri 8am-9pm ET, Sat 10am-4pm ET
1.800.852.8457
-------------------------------------------------------
PhoneLink
24-hr automated information and automated transactions
1.800.533.3310
-------------------------------------------------------
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Mon-Fri 9am-6:30pm ET
1.800.843.4461
-------------------------------------------------------
OppenheimerFunds Market Hotline
24 hours a day, timely and insightful messages on the
economy and issues that may affect your investments
1.800.835.3104
-------------------------------------------------------
Transfer and Shareholder Servicing Agent
OppenheimerFunds Services
P.O. Box 5270, Denver, CO 80217-5270
-------------------------------------------------------
Ticker Symbols Class A: OPGIX Class B: OGGIX Class C: OGICX
1. At times this website may be inaccessible or its transaction feature may be
unavailable.
[logo] OppenheimerFunds(R)
Distributor, Inc.
RA0215.001.0900 November 29, 2000
