<PAGE>
<PAGE>
Dear Shareholder:
As you know, the Oppenheimer Quest Global Value Fund, Inc. became part of the
OppenheimerFunds family of mutual funds in late 1995, and I am extremely pleased
to welcome you to OppenheimerFunds.
Let me also remind you that even though your Fund's name has changed as a result
of the acquisition, it continues to be managed by the same portfolio managers
in the same investment style.
As you may know, your Fund has the ability to invest in both U.S. and foreign
securities. Having the flexibility to change the portfolio's weighting is a
major advantage because most stock markets around the world generally move
independently of one another. With 1995 being a year of significant differences
in the performance of world stock markets, investing in a global fund proved to
be an especially powerful diversification tool to lower risk.
During 1995, the Fund's managers continued to allocate a relatively large
percentage of the Fund's portfolio to the U.S. stock market, as well as add
selectively in countries with improving fundamentals. Specifically, 1995 turned
out to be an outstanding year for the domestic stock market while performance
overseas generally lagged. Driven by moderate growth with low inflation, falling
interest rates and surging corporate profitability, the U.S. stock market
performed exceptionally well and finished ahead of most international stock
markets. Moreover, by engineering a 'soft landing' for the U.S. economy, the
Federal Reserve created an excellent environment for stock performance.
One of the reasons most foreign markets have continued to fall behind the U.S.
market is that earnings of foreign companies have been, until recently,
negatively affected by a weak dollar, especially in Europe and Japan.
Additionally, the devaluation of the Mexican peso in late 1994 jolted investor
confidence in Latin America, which undermined confidence in emerging markets
throughout the world. Thus, many of the markets that performed well in the early
1990s performed relatively poorly in 1995. Adverse currency fluctuation is an
example of the greater risks and expenses of foreign investing.
As time goes by, however, we expect that true investment values around the world
will be recognized by investors, and we expect many overseas markets to rebound.
Our portfolio managers are preparing for this occurrence by adding companies
that we believe have a strong cash flow, high return on equity, and stock prices
below their intrinsic valuation.
If you have any questions regarding your investment or about OppenheimerFunds,
please don't hesitate to call your financial advisor, or call one of our
Customer Service Representatives at 1-800-525-7048.
All of us at OppenheimerFunds look forward to serving you and to helping you
meet your investment goals in the years to come.
Sincerely,
BRIDGET A. MACASKILL
Bridget A. Macaskill
President
Oppenheimer Quest Global Value Fund, Inc.
December 21,1995
<PAGE>
<PAGE>
SCHEDULE OF INVESTMENTS November 30, 1995
Oppenheimer Quest Global Value Fund, Inc.
<TABLE>
<CAPTION>
Shares Value
------------ -------------
<S> <C> <C>
COMMON STOCKS -- 90.0%
ARGENTINA -- 0.3%
Tobacco/Beverages/Food Products
Quilmes Industrial SA ADR.................................................. 30,000 $ 495,000
------------
AUSTRALIA -- 2.6%
Metals/Mining -- 1.0%
Western Mining Corp. Holdings Ltd.......................................... 280,000 1,876,503
------------
Oil/Gas -- 0.6%
Novus Petroleum Ltd........................................................ 1,075,000 1,116,966
------------
Retail -- 0.5%
David Jones Ltd............................................................ 620,000 920,291
------------
Tobacco/Beverages/Food Products -- 0.5%
Foster's Brewing Group Ltd................................................. 477,000 782,373
------------
Total Australian Common Stocks............................................. 4,696,133
------------
AUSTRIA -- 1.0%
Electronics -- 0.6%
Austria Mikro Systeme International AG..................................... 6,000 1,054,887
------------
Transportation -- 0.4%
Flughafen Wien AG.......................................................... 10,000 688,910
------------
Total Austrian Common Stocks............................................... 1,743,797
------------
BELGIUM -- 0.6%
Conglomerates
Colruyt SA................................................................. 4,400 1,132,190
------------
BRAZIL -- 0.7%
Metals/Mining -- 0.3%
CIA Acos Especiais Itabira -- Acesita.................................... 100,000 558,948
------------
Paper Products -- 0.4%
Aracruz Celulose SA ADR.................................................... 77,800 700,200
------------
Total Brazilian Common Stocks.............................................. 1,259,148
------------
DENMARK -- 0.4%
Telecommunications
Tele Danmark AS (Class B).................................................. 15,000 816,673
------------
</TABLE>
2
<PAGE>
<PAGE>
SCHEDULE OF INVESTMENTS (Continued)
Oppenheimer Quest Global Value Fund, Inc.
<TABLE>
<CAPTION>
Shares Value
------------ -------------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
FINLAND -- 2.5%
Drugs & Medical Products -- 0.4%
Oy Tamro AB................................................................ 156,000 $ 707,244
------------
Retail -- 0.9%
Oy Stockmann AB............................................................ 30,700 1,641,635
------------
Telecommunications -- 1.2%
Oy Nokia AB................................................................ 41,000 2,259,137
------------
Total Finnish Common Stocks................................................ 4,608,016
------------
FRANCE -- 1.4%
Electronics -- 0.3%
Schneider SA............................................................... 16,400 603,354
------------
Oil/Gas -- 0.4%
Total SA................................................................... 11,766 723,808
------------
Rubber Products -- 0.3%
Michelin (CGDE)............................................................ 14,990 609,152
------------
Utilities -- 0.4%
Compagnie Generale des Eaux................................................ 6,600 642,212
------------
Total French Common Stocks................................................. 2,578,526
------------
GERMANY -- 3.1%
Computer Services -- 1.2%
SAP AG..................................................................... 13,750 2,196,121
------------
Consumer Products -- 0.6%
Adidas AG.................................................................. 19,000 1,012,860
------------
Drugs & Medical Products -- 1.3%
Gehe AG.................................................................... 2,800 1,239,024
Schering AG................................................................ 17,250 1,171,826
------------
2,410,850
------------
Total German Common Stocks................................................. 5,619,831
------------
HONG KONG -- 1.1%
Agriculture -- 0.4%
Pokphand (CP) Co........................................................... 2,000,000 814,490
------------
</TABLE>
3
<PAGE>
<PAGE>
SCHEDULE OF INVESTMENTS (Continued)
Oppenheimer Quest Global Value Fund, Inc.
<TABLE>
<CAPTION>
Shares Value
------------ -------------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
HONG KONG (CONTINUED)
Real Estate -- 0.7%
Hong Kong Land Holdings Ltd................................................ 675,000 $ 1,201,500
------------
Total Hong Kong Common Stocks.............................................. 2,015,990
------------
HUNGARY -- 0.2%
Drugs & Medical Products
Gedeon Richter Ltd. GDR.................................................... 20,000 335,000
------------
ITALY -- 1.8%
Jewelry -- 0.5%
Bulgari S.p.A.............................................................. 120,000 964,250
------------
Telecommunications -- 0.8%
Telecom Italia............................................................. 690,000 761,551
Telecom Italia Mobile...................................................... 690,000 673,099
------------
1,434,650
------------
Textiles -- 0.5%
Marzotto & Figli S.p.A..................................................... 170,000 967,377
------------
Total Italian Common Stocks................................................ 3,366,277
------------
JAPAN -- 15.4%
Aerospace -- 0.9%
Mitsubishi Heavy Industries, Inc........................................... 205,000 1,633,956
------------
Building & Construction -- 1.3%
Kinden Corp................................................................ 32,000 525,209
Kitano Construction Corp................................................... 76,000 478,781
Maeda Corp................................................................. 140,000 1,430,958
------------
2,434,948
------------
Casinos/Gaming -- 0.6%
Heiwa Corp................................................................. 44,000 1,141,622
------------
Chemicals -- 1.1%
Shin-Etsu Chemical Co...................................................... 95,000 1,960,688
------------
Drugs & Medical Products -- 1.1%
Sankyo Co. Ltd............................................................. 89,000 1,985,553
------------
</TABLE>
4
<PAGE>
<PAGE>
SCHEDULE OF INVESTMENTS (Continued)
Oppenheimer Quest Global Value Fund, Inc.
<TABLE>
<CAPTION>
Shares Value
------------ -------------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
JAPAN (CONTINUED)
Electronics -- 3.5%
Hitachi Koki............................................................... 200,000 $ 1,855,528
Kyocera Corp............................................................... 40,000 3,164,619
Rhom Co.................................................................... 24,000 1,464,767
------------
6,484,914
------------
Food Services -- 0.9%
Ito Yokado Co. Ltd......................................................... 29,000 1,601,769
------------
Healthcare Services -- 1.0%
SRL, Inc................................................................... 81,000 1,822,998
------------
Insurance -- 0.4%
Fuji Fire & Marine Insurance............................................... 160,000 801,966
------------
Jewelry -- 0.2%
Nagahori Corp.............................................................. 49,000 286,536
------------
Machinery & Engineering -- 0.7%
Aoki Marine Co. Ltd........................................................ 58,000 410,418
Kyudenko Co. Ltd........................................................... 64,000 830,270
------------
1,240,688
------------
Manufacturing -- 0.8%
Nippon Electric Glass Co. Ltd.............................................. 77,000 1,430,270
------------
Merchandising -- 0.4%
Mutow Co................................................................... 81,000 620,934
Simree Co. Ltd............................................................. 39,000 119,971
------------
740,905
------------
Photography -- 1.0%
Fuji Photo Film Co......................................................... 72,000 1,783,194
------------
Security/Investigation -- 0.4%
Toyo Tec Co. Ltd........................................................... 77,000 727,243
------------
Textiles -- 1.1%
Wacoal Corp................................................................ 160,000 2,044,226
------------
Total Japanese Common Stocks............................................... 28,121,476
------------
MALAYSIA -- 1.1%
Building & Construction -- 0.3%
Kim Hin Industry Bhd....................................................... 345,000 641,860
------------
</TABLE>
5
<PAGE>
<PAGE>
SCHEDULE OF INVESTMENTS (Continued)
Oppenheimer Quest Global Value Fund, Inc.
<TABLE>
<CAPTION>
Shares Value
------------ -------------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
MALAYSIA (CONTINUED)
Conglomerates -- 0.8%
Boustead Holdings Bhd...................................................... 570,000 $ 1,046,985
Technology Resources Industries Bhd........................................ 155,000 433,780
------------
1,480,765
------------
Total Malaysian Common Stocks.............................................. 2,122,625
------------
NETHERLANDS -- 2.8%
Building & Construction -- 0.9%
Kondor Wessels Groep NV.................................................... 29,500 910,887
NBM-Amstelland NV.......................................................... 47,916 704,255
------------
1,615,142
------------
Computer Services -- 0.3%
Getronics NV............................................................... 10,700 480,387
------------
Miscellaneous Financial Services -- 0.3%
International Nederlanden Groep NV......................................... 9,000 589,143
------------
Publishing -- 0.9%
Ver Ned Uitgevers.......................................................... 12,000 1,693,324
------------
Other -- 0.4%
Hagemeyer NV............................................................... 15,994 807,947
------------
Total Netherlands Common Stocks............................................ 5,185,943
------------
NORWAY -- 0.6%
Banking
Fokus Bank AS.............................................................. 220,000 1,112,263
------------
SOUTH KOREA -- 0.3%
Metals/Mining
Pohang Iron & Steel Co. Ltd. ADR........................................... 25,500 624,750
------------
SPAIN -- 1.9%
Building & Construction -- 0.6%
Fomento de Construcione Y Contratas SA..................................... 14,439 1,096,499
------------
Oil/Gas -- 0.5%
Repsol SA.................................................................. 30,000 945,601
------------
</TABLE>
6
<PAGE>
<PAGE>
SCHEDULE OF INVESTMENTS (Continued)
Oppenheimer Quest Global Value Fund, Inc.
<TABLE>
<CAPTION>
Shares Value
------------ -------------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
SPAIN (CONTINUED)
Utilities -- 0.8%
Compania Sevillana de Electric............................................. 200,000 $ 1,418,198
------------
Total Spanish Common Stocks................................................ 3,460,298
------------
SWEDEN -- 5.6%
Banking -- 1.1%
Nordbanken AB.............................................................. 120,000 2,050,187
------------
Drugs & Medical Products -- 0.6%
ASTRA AB................................................................... 30,000 1,118,908
------------
Machinery & Engineering -- 2.1%
Atlas Copco AB............................................................. 125,000 1,887,728
IRO AB..................................................................... 62,500 715,048
Kalmar Industries AB....................................................... 75,000 1,189,841
------------
3,792,617
------------
Paper Products -- 0.7%
AssiDoman AB............................................................... 59,000 1,341,011
------------
Utilities -- 1.1%
ASEA AB.................................................................... 20,000 1,940,355
------------
Total Swedish Common Stocks................................................ 10,243,078
------------
SWITZERLAND -- 2.1%
Banking -- 0.7%
Bil GT Gruppe AG........................................................... 2,400 1,357,720
------------
Building & Construction -- 1.0%
Holderbank Financiere Glaris AG............................................ 2,357 1,756,471
------------
Machinery & Engineering -- 0.4%
SIG Schweizerische Industrie-Gesellschaft Holding AG....................... 350 669,928
------------
Total Swiss Common Stocks.................................................. 3,784,119
------------
TAIWAN -- 1.0%
Telecommunications -- 0.5%
Total Access Communication Public Company Ltd.............................. 138,400 858,080
------------
Other -- 0.5%
Taipei Fund Units IDR...................................................... 15,000 1,035,000
------------
Total Taiwanese Common Stocks.............................................. 1,893,080
------------
</TABLE>
7
<PAGE>
<PAGE>
SCHEDULE OF INVESTMENTS (Continued)
Oppenheimer Quest Global Value Fund, Inc.
<TABLE>
<CAPTION>
Shares Value
------------ -------------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
UNITED KINGDOM -- 5.6%
Building & Construction -- 1.6%
Bridon PLC................................................................. 524,856 $ 1,012,429
Wolseley PLC............................................................... 277,054 1,925,635
------------
2,938,064
------------
Computers -- 0.9%
Amstrad PLC................................................................ 410,000 1,660,211
------------
Food Services -- 1.6%
Argyll Group PLC........................................................... 363,658 1,731,440
Booker PLC................................................................. 242,000 1,304,103
------------
3,035,543
------------
Metals/Mining -- 0.4%
Antofagasta Holdings PLC................................................... 150,000 665,952
------------
Retail -- 0.8%
Dixons Group PLC........................................................... 230,000 1,452,465
------------
Textiles -- 0.3%
Readicut International PLC................................................. 450,000 478,797
------------
Total United Kingdom Common Stocks......................................... 10,231,032
------------
UNITED STATES -- 37.9%
Aerospace -- 6.1%
Lockheed Martin Corp....................................................... 25,000 1,834,375
McDonnell Douglas Corp..................................................... 105,000 9,358,125
------------
11,192,500
------------
Banking -- 5.4%
Citicorp................................................................... 45,000 3,183,750
Mellon Bank Corp........................................................... 35,000 1,872,500
Wells Fargo & Co........................................................... 23,000 4,835,750
------------
9,892,000
------------
Casinos/Gaming -- 0.6%
Harrahs Entertainment, Inc................................................. 40,000 995,000
------------
</TABLE>
8
<PAGE>
<PAGE>
SCHEDULE OF INVESTMENTS (Continued)
Oppenheimer Quest Global Value Fund, Inc.
<TABLE>
<CAPTION>
Shares Value
------------ -------------
COMMON STOCKS (CONTINUED)
UNITED STATES (CONTINUED)
<S> <C> <C>
Chemicals -- 2.1%
Hercules, Inc.............................................................. 40,000 $ 2,195,000
Monsanto Co................................................................ 15,000 1,717,500
------------
3,912,500
------------
Consumer Products -- 0.7%
Reebok International Ltd................................................... 50,000 1,300,000
------------
Drugs & Medical Products -- 1.7%
Becton Dickinson & Co...................................................... 45,000 3,138,750
------------
Electronics -- 2.3%
Intel Corp................................................................. 70,000 4,261,250
------------
Insurance -- 4.9%
Exel Ltd................................................................... 70,000 4,366,250
Transamerica Corp.......................................................... 61,000 4,674,125
------------
9,040,375
------------
Metals/Mining -- 1.8%
Freeport McMoRan Copper & Gold (Class B)................................... 100,000 2,712,500
Freeport McMoRan, Inc...................................................... 16,666 652,057
------------
3,364,557
------------
Miscellaneous Financial Services -- 6.0%
American Express Co........................................................ 100,000 4,250,000
Federal Home Loan Mortgage Corp............................................ 87,000 6,699,000
------------
10,949,000
------------
Oil/Gas -- 2.1%
MAPCO, Inc................................................................. 30,000 1,612,500
Tenneco, Inc............................................................... 45,000 2,160,000
------------
3,772,500
------------
Paper Products -- 2.2%
Champion International Corp................................................ 50,000 2,356,250
Scott Paper Co............................................................. 29,000 1,656,625
------------
4,012,875
------------
Telecommunications -- 0.9%
Sprint Corp................................................................ 40,000 1,600,000
------------
</TABLE>
9
<PAGE>
<PAGE>
SCHEDULE OF INVESTMENTS (Continued)
Oppenheimer Quest Global Value Fund, Inc.
<TABLE>
<CAPTION>
Shares Value
------------ -------------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
UNITED STATES (CONTINUED)
Textiles -- 1.1%
Shaw Industries, Inc....................................................... 125,000 $ 1,953,125
------------
Total United States Common Stocks.......................................... 69,384,432
------------
Total Common Stocks (cost -- $133,576,668)............................... 164,829,677
------------
PREFERRED STOCKS -- 1.8%
BRAZIL -- 0.4%
Textiles
CIA Tecidos Norte de Mina.................................................. 2,150 694,338
------------
SOUTH KOREA -- 1.4%
Building & Construction -- 0.2%
Sung Shin Cement Industrial Company, Ltd................................... 22,060 374,990
------------
Electronics -- 1.2%
Samsung Electronics Co..................................................... 19,000 2,169,597
------------
Total South Korean Preferred Stocks........................................ 2,544,587
------------
Total Preferred Stocks (cost -- $2,695,863).............................. 3,238,925
------------
</TABLE>
<TABLE>
<CAPTION>
Warrants
<S> <C> <C>
WARRANTS -- 0.0%
SWITZERLAND
Building & Construction
Holderbank Financiere Glaris AG 12/20/95, strike @ SWF 640 *
(cost -- $15,757)...................................................... 11,785 11,529
------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount
<S> <C> <C>
CONVERTIBLE BONDS -- 4.8%
HONG KONG -- 0.9%
Banking
Bangkok Bank Public Co. 3.25%, 3/3/04...................................... US$ 1,650,000 1,672,687
------------
JAPAN -- 3.9%
Drugs & Medical Products -- 0.7%
Yamanouchi Pharmaceutical 1.25%, 3/31/14................................... JPY 110,000,000 1,194,595
------------
</TABLE>
10
<PAGE>
<PAGE>
SCHEDULE OF INVESTMENTS (Continued)
Oppenheimer Quest Global Value Fund, Inc.
<TABLE>
<CAPTION>
Principal
Amount Value
------------ -------------
<S> <C> <C>
CONVERTIBLE BONDS (CONTINUED)
JAPAN (CONTINUED)
Miscellaneous Financial Services -- 3.2%
MBL International Finance (Bermuda) Trust 3.00%, 11/30/02.................. US$ 5,315,000 $ 5,846,500
------------
Total Japanese Convertible Bonds........................................... 7,041,095
------------
Total Convertible Bonds (cost -- $8,347,857)............................. 8,713,782
------------
REPURCHASE AGREEMENT -- 4.4%
J.P. Morgan 5.875%, 12/01/95, (proceeds at maturity: $8,141,327
collateralized by $8,150,000 par, $8,302,813 value, U.S. Treasury Notes
6.50%, 4/30/97) (cost -- $8,140,000)................................... US$ 8,140,000 8,140,000
------------
</TABLE>
<TABLE>
<CAPTION>
Local
Currency
------------
<S> <C> <C>
FOREIGN CURRENCY CALL ACCOUNTS** -- 0.2%
State Street Bank & Trust Co.
Austrian Schilling 3.375%.................................................. 1,965,915 193,201
Australian Dollar 6.875%................................................... 62,313 46,247
Belgian Franc 3.00%........................................................ 434,579 14,618
Hong Kong Dollar 5.125%.................................................... 60,159 7,778
Deutsche Mark 3.375%....................................................... 9,030 6,243
Pound Sterling 6.25%....................................................... 1,880 2,879
French Franc 4.50%......................................................... 9,028 1,809
Spanish Peseta 8.625%...................................................... 175,461 1,424
Netherlands Guilder 3.125%................................................. 1,938 1,197
Italian Lira 9.50%......................................................... 757,659 474
Danish Krone 4.50%......................................................... 168 30
------------
Total Foreign Currency Call Accounts (cost -- $279,184).................. 275,900
------------
Total Investments (cost -- $153,055,329)................................. 101.2% 185,209,813
Liabilities in Excess of Other Assets...................................... (1.2) (2,163,815)
-------------- ------------
Total Net Assets........................................................... 100.0% $183,045,998
-------------- ------------
-------------- ------------
</TABLE>
- ------------
* Non-income producing security.
** Variable rate accounts have interest rates updated weekly.
JPY -- Japanese Yen
SWF -- Swiss Francs
See accompanying Notes to Financial Statements.
11
<PAGE>
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES November 30, 1995
Oppenheimer Quest Global Value Fund, Inc.
<TABLE>
<S> <C>
ASSETS:
Investments, at value (cost -- $153,055,329).................................................... $185,209,813
Receivable for fund shares sold................................................................... 663,785
Dividends receivable.............................................................................. 250,820
Withholding taxes reclaimable..................................................................... 137,546
Interest receivable............................................................................... 65,685
Deposits for securities loaned.................................................................... 7,052,374
Prepaid expenses and other assets................................................................. 48,940
------------
Total assets................................................................................. 193,428,963
------------
LIABILITIES:
Payable for investments purchased................................................................. 2,522,664
Payable for fund shares redeemed.................................................................. 546,045
Due to custodian.................................................................................. 50,217
Withholding taxes payable......................................................................... 28,385
Administration fee payable........................................................................ 10,055
Distribution fee payable.......................................................................... 10,055
Deposits for securities loaned.................................................................... 7,052,374
Other payables and accrued expenses............................................................... 163,170
------------
Total liabilities............................................................................ 10,382,965
------------
NET ASSETS:
Capital stock..................................................................................... 118,349
Paid-in-surplus................................................................................... 135,438,202
Accumulated undistributed net investment income................................................... 1,181,343
Accumulated undistributed net realized gain on investments........................................ 15,562,861
Accumulated net realized loss on foreign currency transactions.................................... (1,408,261)
Net unrealized appreciation on investments and translation of other assets and liabilities
denominated in foreign currencies............................................................... 32,153,504
------------
TOTAL NET ASSETS.................................................................................. $183,045,998
------------
------------
CLASS A
Fund shares outstanding........................................................................... 10,438,550
------------
Net asset value per share......................................................................... $15.49
------------
------------
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price)... $16.44
------------
------------
CLASS B
Fund shares outstanding........................................................................... 1,109,848
------------
Net asset value and offering price per share...................................................... $15.30
------------
------------
CLASS C
Fund shares outstanding........................................................................... 286,526
------------
Net asset value and offering price per share...................................................... $15.26
------------
------------
</TABLE>
See accompanying Notes to Financial Statements.
12
<PAGE>
<PAGE>
STATEMENT OF OPERATIONS For the Year Ended November 30, 1995
Oppenheimer Quest Global Value Fund, Inc.
<TABLE>
<S> <C>
INVESTMENT INCOME:
Dividends (net of foreign withholding taxes of $233,143)............................................ $ 3,120,713
Interest............................................................................................ 1,431,588
-----------
Total investment income................................................................... 4,552,301
-----------
EXPENSES:
Investment advisory fee -- Note 2a................................................................ 1,290,224
Distribution fee -- Note 2d....................................................................... 948,859
Administration fee -- Note 2e..................................................................... 430,075
Custodian fees...................................................................................... 233,256
Transfer and dividend disbursing agent fees -- Note 1j............................................ 226,899
Auditing, consulting and tax return preparation fees................................................ 56,730
Reports and notices to shareholders................................................................. 50,673
Registration fees................................................................................... 46,067
Amortization of deferred organization expenses -- Note 1c......................................... 22,859
Directors' fees and expenses........................................................................ 17,269
Legal fees.......................................................................................... 10,000
Miscellaneous....................................................................................... 14,328
-----------
Total operating expenses.................................................................. 3,347,239
-----------
NET INVESTMENT INCOME............................................................................... 1,205,062
-----------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS -- NET:
Net realized gain on investments.................................................................... 15,077,739
Net realized loss on foreign currency transactions.................................................. (74,974)
-----------
Net realized gain on investments and foreign currency transactions........................ 15,002,765
NET CHANGE IN UNREALIZED APPRECIATION OR DEPRECIATION ON INVESTMENTS AND TRANSLATION OF OTHER ASSETS
AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES................................................. 14,748,932
-----------
NET REALIZED GAIN AND CHANGE IN UNREALIZED APPRECIATION OR DEPRECIATION ON INVESTMENTS AND
TRANSLATION OF OTHER ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES..................... 29,751,697
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS................................................ $30,956,759
-----------
-----------
</TABLE>
See accompanying Notes to Financial Statements.
13
<PAGE>
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
Oppenheimer Quest Global Value Fund, Inc.
<TABLE>
<CAPTION>
Year Ended November 30,
----------------------------
1995 1994
------------ ------------
<S> <C> <C>
OPERATIONS:
Net investment income............................................................ $ 1,205,062 $ 44,024
Net realized gain on investments................................................. 15,077,739 14,611,225
Net realized loss on foreign currency transactions............................... (74,974) (1,391,636)
Net change in unrealized appreciation or depreciation on investments and
translation of other assets and liabilities denominated in foreign
currencies..................................................................... 14,748,932 (1,833,491)
------------ ------------
Net increase in net assets resulting from operations........................ 30,956,759 11,430,122
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net realized gain -- Class A ($1.228 and $0.494 per share, respectively)....... (12,831,716) (4,944,320)
Net realized gain -- Class B ($1.228 and $0.494 per share, respectively)....... (896,679) (66,298)
Net realized gain -- Class C ($1.228 and $0.494 per share, respectively)....... (212,761) (10,738)
------------ ------------
Total distributions to shareholders......................................... (13,941,156) (5,021,356)
------------ ------------
FUND SHARE TRANSACTIONS:
CLASS A
Net proceeds from sales.......................................................... 34,403,115 30,817,260
Reinvestment of distributions.................................................... 12,377,445 4,682,941
Cost of shares redeemed.......................................................... (48,138,429) (29,503,784)
------------ ------------
Net increase (decrease) -- Class A........................................ (1,357,869) 5,996,417
------------ ------------
CLASS B
Net proceeds from sales.......................................................... 7,279,837 9,192,969
Reinvestment of distributions.................................................... 832,752 64,143
Cost of shares redeemed.......................................................... (2,948,802) (659,275)
------------ ------------
Net increase -- Class B................................................... 5,163,787 8,597,837
------------ ------------
CLASS C
Net proceeds from sales.......................................................... 2,847,478 2,476,331
Reinvestment of distributions.................................................... 210,815 10,736
Cost of shares redeemed.......................................................... (1,560,431) (299,932)
------------ ------------
Net increase -- Class C................................................... 1,497,862 2,187,135
------------ ------------
Total increase in net assets from fund share transactions.............. 5,303,780 16,781,389
------------ ------------
Total increase in net assets..................................................... 22,319,383 23,190,155
------------ ------------
NET ASSETS:
Beginning of year................................................................ 160,726,615 137,536,460
------------ ------------
End of year (including undistributed net investment income of $1,181,343 and
$44,024, respectively)......................................................... $183,045,998 $160,726,615
------------ ------------
------------ ------------
</TABLE>
See accompanying Notes to Financial Statements.
14
<PAGE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS November 30, 1995
Oppenheimer Quest Global Value Fund, Inc.
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Oppenheimer Quest Global Value Fund, Inc. (the 'Fund'), formerly named Quest for
Value Global Equity Fund, Inc., is registered under the Investment Company Act
of 1940 as a diversified, open-end management investment company. The Fund
commenced investment operations on July 2, 1990.
On November 22, 1995, OCC Distributors (previously Quest for Value
Distributors), OpCap Advisors (previously Quest for Value Advisors) and their
parent Oppenheimer Capital consummated a transaction with OppenheimerFunds, Inc.
('OFI'), which resulted in the sale to OFI of certain mutual fund assets of OCC
Distributors and OpCap Advisors including the transfer of the management
agreements and other contracts relating to certain Quest for Value Funds and the
use of the name 'Quest for Value'. As part of the transaction, the Fund has
entered into an investment advisory agreement with OFI and OFI has entered into
a sub-advisory agreement with OpCap Advisors.
Prior to September 1, 1993, the Fund issued only one class of shares which were
redesignated Class A shares. Subsequent to that date, the Fund was authorized to
issue Class A, Class B and Class C shares. Shares of each Class represent an
identical interest in the investment portfolio and generally have the same
rights, but are offered under different sales charges and distribution fee
arrangements. Futhermore, Class B shares will automatically convert to Class A
shares of the same fund six years after their respective purchase.
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of the financial statements:
(a) Valuation of Investments -- Investment securities listed on a U.S. or
foreign stock exchange and securities traded in the over-the-counter National
Market System are valued at the last reported sale price on the valuation date;
if there are no such sales, the securities are valued at their last quoted bid
price. Other investments traded over-the-counter and not part of the National
Market System are valued at the last quoted bid price. Investment debt
securities (other than short-term obligations) are valued each day by an
independent pricing service (approved by the Board of Directors) using methods
which include current market quotations from major market makers in the
securities and trader reviewed 'matrix' prices. Short-term debt securities
having a remaining maturity of sixty days or less are valued at amortized cost
or amortized value, which approximates market value. Any security or other asset
for which market quotations are not readily available is valued at its fair
value as determined under procedures established by the Fund's Board of
Directors. Investments in countries in which the Fund may invest may involve
certain considerations and risks not typically associated with domestic
investments as a result of, among others, the possibility of future political
and economic developments and the level of governmental supervision and
regulation of foreign securities markets.
(b) Federal Income Taxes -- It is the Fund's policy to comply with the
requirements of the Internal Revenue Code applicable to
regu-
15
<PAGE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS November 30, 1995 (Continued)
Oppenheimer Quest Global Value Fund, Inc.
lated investment companies and to distribute substantially all of its taxable
income to its shareholders; accordingly, no Federal income tax provision is
required.
(c) Deferred Organization Expenses -- Costs incurred by the Fund in connection
with its organization approximated $194,000. These costs have been deferred and
expensed on a straight line basis over sixty months from commencement of the
Fund's operations.
(d) Investment Transactions and Other Income -- Investment transactions are
accounted for on the trade date. In determining the gain or loss from the sale
of investments, the cost of investments sold is determined on the basis of
identified cost. Dividend income and other distributions are recorded on the
ex-dividend date, except for certain dividends or other distributions from
foreign securities which are recorded as soon as the information is available
after the ex-dividend date. Interest income is accrued as earned. Discounts on
debt securities purchased are accreted to interest income over the lives of the
respective securities.
(e) Dividends and Distributions -- Dividends from net investment income and
distributions from net foreign currency gains and net realized capital gains, if
any, will be paid out at least annually. The Fund records dividends and
distributions to its shareholders on the ex-dividend date.
The amount of dividends and distributions from net investment income, net
realized foreign currency gains and net realized capital gains are determined in
accordance with Federal income tax regulations, which may differ from generally
accepted accounting principles. These 'book-tax' differences are either
considered temporary or permanent in nature. To the extent these differences are
permanent in nature, such amounts are reclassified within the capital accounts
based on their Federal tax-basis treatment; temporary differences do not require
reclassification. To the extent distributions exceed current and accumulated
earnings and profits for Federal income tax purposes, they are reported as
distributions of paid-in-surplus or tax return of capital. Accordingly,
permanent book-tax differences relating to shareholder distributions have been
reclassified to paid-in-surplus. Net investment income (loss), net realized
foreign currency gain (loss), net realized gain (loss) on investments and net
assets were not affected. The following table discloses the current year's
reclassifications from accumulated net investment income (loss), accumulated net
realized foreign currency gain (loss) and accumulated net realized gain (loss)
on investments to paid-in-surplus:
<TABLE>
<CAPTION>
Accumulated Accumulated Net Accumulated Net Paid-
Net Investment Realized Foreign Realized Gain (Loss) In-
Income (Loss) Currency Gain (Loss) on Investments Surplus
--------------- -------------------- -------------------- -------
<S> <C> <C> <C>
$ (67,743) $ 58,349 $(74,798) $84,192
</TABLE>
(f) Foreign Currency Translation -- The books and records of the Fund are
maintained in U.S. dollars as follows: (1) the foreign currency market value of
investment
16
<PAGE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS November 30, 1995 (Continued)
Oppenheimer Quest Global Value Fund, Inc.
securities, other assets and liabilities, and forward contracts stated in
foreign currencies are translated at the exchange rates at the end of the
period; and (2) purchases, sales, income and expenses are translated at the rate
of exchange prevailing on the respective dates of such transactions. The
resultant exchange gains and losses are included in the Fund's Statement of
Operations. Since the net assets of the Fund are presented at the foreign
exchange rates and market prices at the close of the period, the Fund does not
isolate that portion of the results of operations arising as a result of changes
in the exchange rates from fluctuations arising from changes in the market
prices of securities.
(g) Forward Currency Contracts -- As part of its investment program, the Fund
utilizes forward currency contracts for hedging purposes. The use of these
contracts involves, to varying degrees, elements of market risk. Risks arise
from the possible movements in foreign exchange rates and security values
underlying these instruments. In addition, credit risk may arise from the
potential inability of counterparties to meet the terms of their contracts.
Forward currency contracts are recorded at market value. Realized gains and
losses arising from such transactions are included in net realized gain or loss
on foreign currency transactions in the Fund's Statement of Operations. At
November 30, 1995, there were no forward currency contracts outstanding for the
Fund.
(h) Repurchase Agreements -- The Fund's custodian takes possession of the
collateral pledged for investments in repurchase agreements. The underlying
collateral is valued daily on a mark-to-market basis to ensure that the value,
including accrued interest, is at least equal to the repurchase price. In the
event of default of the obligor to repurchase, the Fund has the right to
liquidate the collateral and apply the proceeds in satisfaction of the
obligation. Under certain circumstances, in the event of default or bankruptcy
by the other party to the agreement, realization and/or retention of the
collateral or proceeds may be subject to legal proceedings.
(i) Security Lending Procedures -- The Fund periodically lends securities
through a lending program run by its custodian, State Street Bank and Trust
Company, for its participating clients. Under the program, the bank makes
available to select qualified brokerage firms or other borrowing institutions
the use of the participants' securities for a period of time. Foreign security
loans are collateralized with U.S. Government securities or cash.
The Fund earns income from investing the cash received as collateral in money
market funds. The Fund pays State Street Bank and Trust Company 35% of the net
interest earned as a fee for administering the security lending program. For the
year ended November 30, 1995, the Fund earned $28,575 from security lending
which is included in interest income in the Fund's Statement of Operations. At
November 30, 1995, the Fund had the following securities on loan:
17
<PAGE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS November 30, 1995 (Continued)
Oppenheimer Quest Global Value Fund, Inc.
<TABLE>
<CAPTION>
Market Value
Market Value of
Security Shares of Shares Collateral Collateral
- ----------------------------------------------------- ------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
Schering AG
(Germany).......................................... 17,155 $1,165,373 U.S. Dollars $1,222,294
Maeda Corp. (Japan).................................. 137,000 1,400,291 U.S. Dollars 1,507,000
Nippon Electric Glass Co. Ltd. (Japan)............... 59,000 1,095,919 U.S. Dollars 1,165,250
SRL, Inc. (Japan).................................... 71,000 1,597,933 U.S. Dollars 1,704,000
Telecom Italia (Italy)............................... 676,200 746,322 U.S. Dollars 777,630
Telecom Italia Mobile (Italy)........................ 676,200 659,633 U.S. Dollars 676,200
------------ ------------
$6,665,471 $7,052,374
------------ ------------
------------ ------------
</TABLE>
(j) Allocation of Expenses -- Expenses specifically identifiable to a
particular class are borne by that class. Other expenses are allocated to each
class based on its net assets in relation to the total net assets of all classes
or on another reasonable basis. For the year ended November 30, 1995, the Fund
had transfer and dividend disbursing agent fees accrued to classes A, B and C of
$179,256, $32,779 and $14,864, respectively. These expenses have been
consolidated in the accompanying Statement of Operations.
2. INVESTMENT ADVISORY FEE, ADMINISTRATION FEE,
DISTRIBUTION FEE AND OTHER TRANSACTIONS WITH AFFILIATES
(a) The Fund pays OFI (the 'Manager') an investment advisory fee at an annual
rate based on the Fund's daily net assets: .75% of the first $400 million of net
assets, .70% of the next $400 million of net assets and .65% of net assets over
$800 million.
Prior to November 22, 1995, the investment advisory fee was paid monthly to
OpCap Advisors and was computed on the Fund's average daily net assets at the
annual rate of .75%.
(b) Effective November 22, 1995, the Manager pays OpCap Advisors (the
'Sub-Adviser') an annual fee based on the average daily net assets of the Fund
equal to 40% of the advisory fee (and the administration fee, described below)
collected by the Manager based on the total net assets of the Fund as of
November 22, 1995 (the 'Base Amount') plus 30% of the investment advisory fee
(and administration fee) collected by the Manager based on the total net assets
of the Fund that exceed the base amount.
(c) The administration fees are payable monthly to the Manager and are computed
on the Fund's average daily net assets at the annual rate of .25%.
Prior to November 22, 1995, administration fees were paid monthly to OpCap
Advisors and were computed on the Fund's average daily net assets at the annual
rate of .25%.
(d) The Fund has adopted a Plan and Agreement of Distribution (the 'Plan')
pursuant to which it is permitted to compensate OppenheimerFunds Distributor,
Inc. (the 'Distributor') in connection with the distribution of Fund shares.
Under the Plan, the Distributor has entered into agreements with securities
dealers and other financial institutions and organizations to obtain various
sales-related services in rendering distribution assistance. To compensate the
Distributor for the services it and other dealers under the Plan provide and for
the expenses they bear under the Plan, the Fund pays the Distributor
compensation, accrued daily and payable monthly, on the daily net assets for
Class A shares at the annual rate of .25%. The Fund's Class A shares also pay a
service fee
18
<PAGE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS November 30, 1995 (Continued)
Oppenheimer Quest Global Value Fund, Inc.
at an annual rate of .25% of average daily net assets. Compensation for Class B
and Class C shares of the Fund is at an annual rate of .75% of average daily net
assets. The Fund's Class B and Class C shares also pay a service fee at the
annual rate of .25% of average daily net assets. Distribution and service fees
may be paid by the Distributor to broker-dealers or others for providing
personal service, maintenance of accounts and ongoing sales or shareholder
support functions in connection with the distribution of Fund shares. While
payments under the Plan may not exceed the stated percentage of average daily
net assets on an annual basis, the payments are not limited to the amounts
actually paid or expenses actually incurred by the Distributor.
Prior to November 22, 1995, distribution and service fees were paid to OCC
Distributors.
For the year ended November 30, 1995, distribution and service fees charged to
Classes A, B and C were $771,439, $139,078 and $38,342, respectively. These
expenses have been consolidated in the accompanying Statement of Operations.
(e) Total brokerage commissions paid by the Fund during the year ended November
30, 1995 amounted to $644,312, of which $27,013 was paid to Oppenheimer & Co.,
Inc., an affiliate of the Sub-Adviser.
(f) Oppenheimer & Co., Inc. has informed the Fund that it received approximately
$198,000 in connection with the sale of Class A shares for the year ended
November 30, 1995.
OCC Distributors has informed the Fund that it received contingent deferred
sales charges on the redemption of Class B and Class C shares of approximately
$3,400 for the year ended November 30, 1995.
3. FUND SHARE TRANSACTIONS
The Fund has authorized 100 million shares of $.01 par value capital stock for
each class of shares. The following table summarizes the Fund's share activity
for the two years ended November 30, 1995:
<TABLE>
<CAPTION>
Year Ended November 30,
-------------------------
1995 1994
---------- ------------
<S> <C> <C>
CLASS A
Issued................. 2,425,486 2,167,814
Distributions
reinvested........... 954,313 344,081
Redeemed............... (3,393,068) (2,079,717)
---------- ------------
Net increase
(decrease)......... (13,269 ) 432,178
---------- ------------
CLASS B
Issued................. 516,524 647,583
Distributions
reinvested........... 64,705 4,716
Redeemed............... (201,052 ) (46,590)
---------- ------------
Net increase......... 380,177 605,709
---------- ------------
CLASS C
Issued................. 204,655 174,051
Distributions
reinvested........... 16,393 789
Redeemed............... (106,327 ) (21,072)
---------- ------------
Net increase......... 114,721 153,768
---------- ------------
Total net
increase......... 481,629 1,191,655
---------- ------------
---------- ------------
</TABLE>
4. PURCHASES AND SALES OF SECURITIES
For the year ended November 30, 1995, purchases and sales of investment
securities, other than short-term securities, were $120,040,265 and
$113,021,156, respectively.
5. UNREALIZED APPRECIATION (DEPRECIATION) AND COST OF INVESTMENTS FOR
FEDERAL INCOME TAX PURPOSES
At November 30, 1995, the cost of investments for Federal income tax purposes
was $153,142,786. Aggregate gross unrealized appreciation (all investments in
which there is an excess of value over tax cost) amounted to $37,507,938 and
aggregate unrealized depreciation (all investments in which there is an excess
of tax cost over value) amounted to $5,440,911 resulting in net unrealized
appreciation of $32,067,027.
19
<PAGE>
<PAGE>
FINANCIAL HIGHLIGHTS
Oppenheimer Quest Global Value Fund, Inc.
For a share outstanding throughout each period:
<TABLE>
<CAPTION>
Income from Investment Operations Dividends and Distributions
---------------------------------------------------- ---------------------------------------------
Net Distributions
Realized Dividends to
and to Shareholders
Net Asset Net Unrealized Shareholders from Net
Value, Investment Gain (Loss) Total from from Net Realized Total
Beginning Income on Investment Investment Gain on Dividends and
of Period (Loss) Investments Operations Income Investments Distributions
--------- ---------- ----------- ---------- ------------ ------------ -------------
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS A
Year Ended November 30,
1995*................... $ 14.16 $ 0.11 $ 2.45 $ 2.56 -- $(1.23) $ (1.23)
1994.................... $ 13.54 $ 0.01 $ 1.10 $ 1.11 -- $(0.49) $ (0.49)
1993.................... $ 12.30 -- $ 2.26 $ 2.26 $(0.12) $(0.90) $ (1.02)
1992.................... $ 11.25 $ 0.12 $ 0.93 $ 1.05 -- -- --
1991.................... $ 10.57 $(0.04) $ 0.85 $ 0.81 $(0.05) $(0.08) $ (0.13)
CLASS B
Year Ended November 30,
1995*................... $ 14.07 $ 0.02 $ 2.44 $ 2.46 -- $(1.23) $ (1.23)
1994.................... $ 13.52 $(0.06) $ 1.10 $ 1.04 -- $(0.49) $ (0.49)
September 2, 1993(4) to
November 30, 1993....... $ 13.75(3) $(0.02) $ (0.21) $(0.23) -- -- --
CLASS C
Year Ended November 30,
1995*................... $ 14.06 $ 0.00 $ 2.43 $ 2.43 -- $(1.23) $ (1.23)
1994.................... $ 13.52 $(0.08) $ 1.11 $ 1.03 -- $(0.49) $ (0.49)
September 2, 1993(4) to
November 30, 1993....... $ 13.75(3) $(0.02) $ (0.21) $(0.23) -- -- --
<FN>
(1) Average net assets for the year ended November 30, 1995 for Class A, Class B
and Class C were $154,287,854, $13,907,831 and $3,834,163, respectively.
(2) During the periods noted above, the Adviser voluntarily waived a portion of
its fees. If such waivers had not been in effect, the ratios of net
operating expenses to average net assets and the ratios of net investment
income (loss) to average net assets for Class A would have been 1.93% and
0.04%, respectively, for the year ended November 30, 1994, 1.91% and
(0.11)%, respectively, for the year ended November 30, 1993 and 1.84% and
0.64%, respectively, for the year ended November 30, 1992. The ratios of net
operating expenses to average net assets and the ratios of net investment
income (loss) to average net assets would have been 2.51% and (0.45)%,
respectively, for Class B and 2.66% and (0.59)%, respectively, for Class C,
for the year ended November 30, 1994 and 2.32% and (0.82)%, annualized,
respectively, for Class B and 2.35% and (0.78)%, annualized, respectively,
for Class C, for the period September 2, 1993 (initial offering) to November
30, 1993.
(3) Initial offering price.
(4) Initial offering of Class B and Class C shares, respectively.
(5) Annualized.
* Based on average shares outstanding for the period.
** Assumes reinvestment of all dividends and distributions, but does not
reflect deductions for sales charges. Aggregate (not annualized) total
return is shown for any period shorter than a year.
See accompanying Notes to Financial Statements.
</FN>
20
<PAGE>
<PAGE>
<CAPTION>
Ratios
------------------------------------------
Ratio of Ratio of Net
Net Investment
Net Asset Net Assets Operating Income
Value, End of Expenses (Loss) Portfolio
End of Total Period to Average to Average Turnover
Period Return** (000's) Net Assets Net Assets Rate
- --------- -------- ---------- ---------- ------------ --------
<S> <C> <C> <C> <C> <C>
$ 15.49 19.75% $161,693 1.88%(1) 0.77%(1) 76%
$ 14.16 8.37% $148,044 1.92%(2) 0.05%(2) 70%
$ 13.54 19.72% $135,616 1.76%(2) 0.04%(2) 46%
$ 12.30 9.33% $111,207 1.76%(2) 0.72%(2) 62%
$ 11.25 7.72% $ 46,937 2.09% (0.27)% 41%
$ 15.30 19.12% $ 16,980 2.47%(1) 0.16%(1) 76%
$ 14.07 7.84% $ 10,268 2.50%(2) (0.44)%(2) 70%
$ 13.52 (1.67)% $ 1,676 2.26%(2,5) (0.76)%(2,5) 46%
$ 15.26 18.90% $ 4,373 2.60%(1) 0.03%(1) 76%
$ 14.06 7.77% $ 2,415 2.66%(2) (0.59)%(2) 70%
$ 13.52 (1.67)% $ 244 2.26(2,5) (0.69)%(2,5) 46%
</TABLE>
21
<PAGE>
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
Oppenheimer Quest Global Value Fund, Inc.
To the Shareholders and Board of Directors of
Oppenheimer Quest Global Value Fund, Inc.
(formerly, Quest for Value Global Equity Fund, Inc.):
In our opinion, the accompanying statement of assets and liabilities, including
the schedule of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Oppenheimer Quest Global Value
Fund, Inc. (the 'Fund') at November 30, 1995, the results of its operations for
the year then ended, the changes in its net assets for each of the two years in
the period then ended and the financial highlights for each of the five years in
the period then ended, in conformity with generally accepted accounting
principles. These financial statements and financial highlights (hereafter
referred to as 'financial statements') are the responsibility of the Fund's
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these financial
statements in accordance with generally accepted auditing standards which
require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at November 30, 1995 by correspondence with the
custodian and brokers, provide a reasonable basis for the opinion expressed
above.
PRICE WATERHOUSE LLP
1177 Avenue of the Americas
New York, New York 10036
January 10, 1996
22
<PAGE>
<PAGE>
TAX INFORMATION (Unaudited)
Oppenheimer Quest Global Value Fund, Inc.
We are required by Subchapter M of the Internal Revenue Code of 1986, as
amended, to advise you within 60 days of the Fund's fiscal year end (November
30, 1995) as to the Federal tax status of dividends and distributions received
by shareholders during such fiscal year. Accordingly, we are advising you that
during the fiscal year ended November 30, 1995, the Fund paid per share
dividends and distributions to shareholders as follows:
<TABLE>
<CAPTION>
Taxable as Ordinary Income
-------------------------------
Net Investment Short-Term Long-Term
Income Capital Gains Capital Gains
-------------- ------------- -------------
<S> <C> <C> <C>
Class A.................................................. -- $0.3737 $0.8544
Class B.................................................. -- 0.3737 0.8544
Class C.................................................. -- 0.3737 0.8544
</TABLE>
Since the Fund's fiscal year is not the calendar year, another notification will
be sent with respect to calendar year 1995. In January 1996, you will be advised
on IRS Form 1099 DIV as to the Federal tax status of the dividends and
distributions received by you in calendar year 1995. The amounts that will be
reported will be the amounts to use on your 1995 Federal income tax return and
probably will differ from the amounts which we must report for the Fund's fiscal
year ended November 30, 1995.
Dividends paid by the Fund during the fiscal year ended November 30, 1995 which
are not designated as capital gain distributions should be multiplied by 29.7%
to arrive at the net amount eligible for the corporate dividend-received
deduction.
Shareholders are advised to consult with their own tax advisers as to the
Federal, state and local tax status of the Fund's income dividends and realized
gain distributions received.
23
<PAGE>
<PAGE>
OPPENHEIMER QUEST GLOBAL VALUE FUND, INC.
Directors and Officers
Bridget A. Macaskill, President
Paul Y. Clinton, Director
Thomas W. Courtney, Director
Lacy B. Herrmann, Director
George Loft, Director
Robert C. Doll, Jr., 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 Adviser
OppenheimerFunds, Inc.
Sub-Adviser
OpCap Advisors
Distributor
OppenheimerFunds Distributor, Inc.
Transfer and Shareholder Servicing Agent
OppenheimerFunds Services
Custodian
State Street Bank and Trust Company
This is a copy of a report to shareholders of Oppenheimer Quest Global Value
Fund, Inc. This report must be preceded or accompanied by a Prospectus of
Oppenheimer Quest Global Value Fund, Inc. For material information
concerning the Fund, see the Prospectus.
Shares of Oppenheimer funds are not deposits or obligations of any bank, are
not guaranteed by any bank, and are not insured by the FDIC or any other
agency, and involve investment risks, including possible loss of the
principal amount invested.
RA0254.001.0196 [Logo] Printed on recycled paper
1995 ANNUAL REPORT
-------------------------------------------------------------------------------
OPPENHEIMER
QUEST GLOBAL
VALUEFUND,INC.
NOVEMBER 30, 1995
[OPPENHEIMER FUNDS LOGO]
