<PAGE> 1
SEMIANNUAL REPORT MAY 31, 1997
OPPENHEIMER
QUEST GLOBAL
VALUE FUND, INC.
[PHOTO]
[OPPENHEIMERFUNDS LOGO]
OPPENHEIMERFUNDS
THE RIGHT WAY TO INVEST
<PAGE> 2
CONTENTS
3 President's Letter
4 Fund Performance
6 An Interview With the Fund's Managers
11 Statement of Investments
18 Statement of Assets & Liabilities
20 Statement of Operations
21 Statements of Changes in Net Assets
22 Financial Highlights
25 Notes to Financial Statements
33 Officers & Directors
36 Information & Services
Report HIGHLIGHTS
- - OPPENHEIMER QUEST GLOBAL VALUE FUND, INC. IN THE NEWS.
Oppenheimer Quest Global Value Fund, Inc. was listed in Money magazine as the
top foreign stock fund for achieving outstanding total returns while minimizing
portfolio risk.(1)
- - THE U.S. ECONOMIC ENVIRONMENT over the past six months has truly benefited
American investors. In this country, we've continued to enjoy a strong dollar,
robust corporate earnings and a healthy economy.
- - ACROSS EUROPE, a wave of corporate restructuring has presented some very
exciting opportunities, as these companies strive to emulate the successful
reorganizations which occurred in the United States ten years ago.
- - INVESTORS SHOULD CONSIDER long-term performance that is derived from
owning the right companies, rather than being invested in the right countries
at the right time. This is where in-depth research and analysis can make the
difference.
<TABLE>
<CAPTION>
TOTAL RETURNS
For the Period Ended 5/31/97(2)
<S> <C> <C>
CLASS A
6 months 1 year
10.52% 17.58%
CLASS B
6 months 1 year
10.19% 16.96%
CLASS C
6 months 1 year
10.28% 17.06%
</TABLE>
Total returns include change in share price and reinvestment of dividends and
capital gains distributions in a hypothetical investment for the periods shown.
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
investment adviser is OppenheimerFunds, Inc. and its Sub-adviser is OpCap
Advisors (formerly Quest for Value Advisors, the Fund's adviser until
11/22/95).
1. Money, March 1997, pp. 49-52. Article name: "Top Funds: Where to Earn
Without Getting Burned."
2. Includes change in net asset value per share without deducting any sales
charges. Such performance would have been lower if sales charges were taken
into account. Total returns for the 6-month period are cumulative and are not
annualized.
2 Oppenheimer Quest Global Value Fund, Inc.
<PAGE> 3
[PHOTO]
BRIDGET A. MACASKILL
President
Oppenheimer Quest
Global Value Fund, Inc.
Dear SHAREHOLDER,
I'd like to welcome you to the premier issue of our newly redesigned
shareholder reports. As you can see, we've changed the format to allow easier
access to the information you need to monitor your investments. Some notable
additions are "at-a-glance" report highlights and charts that let you quickly
assess how your Fund has performed. On the following pages, your portfolio team
discuss their current investment thinking, your Fund's strategies, and
performance. Before these commentaries, I'd like to share a few global
observations.
As we consider the world's financial markets over the past six months, some
global trends emerge. For example, inflation has hit its lowest level in three
decades worldwide, which has helped spur many bullish financial markets. The
United States has been a beneficiary of this low inflation environment, as well
as of a strong dollar, robust corporate earnings and a healthy economy.
However, many financial analysts are now concerned that the United States has
reached a point in the business cycle where earnings could decline because
companies are unable to further reduce costs.
On the other hand, a wave of corporate restructuring throughout Europe has
resulted in some exciting changes and opportunities. Because a similar
restructuring took place in the United States ten years ago, European companies
have been able to enjoy the benefit of hindsight by following our footsteps.
Latin America, too, has begun to shift its economies more toward the U.S.
capitalist model and has reported positive earnings growth along the way.
With major changes occurring in today's economies around the globe, it's
more important than ever to maintain a diversified portfolio across different
countries and market sectors. Now is the time to speak to your financial
adviser to ensure that your assets are allocated properly, so you have the
opportunity to benefit from investments in both domestic and international
funds. It's important to remember that investing abroad can involve greater
risk and expenses -- including political and economic uncertainties -- and
should be undertaken with a long-term approach in mind.
To keep in touch with our views on the markets, visit our website,
WWW.OPPENHEIMERFUNDS.COM, where you can access your account information and
fund performance data 24 hours a day. The site also features prospectuses,
timely market updates and insightful commentaries. Our new shareholder reports
and presence on the Internet are just two examples of our commitment to keeping
you well informed.
Thank you for your confidence in OppenheimerFunds, The Right Way to Invest.
We look forward to helping you reach your investment goals in the future.
Sincerely,
Bridget A. Macaskill June 20, 1997
3 Oppenheimer Quest Global Value Fund, Inc.
<PAGE> 4
<TABLE>
<CAPTION>
AVG ANNUAL TOTAL RETURNS
For the Period Ended 6/30/97(1)
<S> <C> <C>
CLASS A
Since
1 year 5 year Inception
15.86% 14.34% 10.72%
CLASS B
Since
1 year 5 year Inception
17.31% N/A 14.11%
CLASS C
Since
1 year 5 year Inception
21.36% N/A 14.58%
</TABLE>
PERFORMANCE update
Oppenheimer Quest Global Value Fund, Inc. performed very well over the past six
months. As of June 30, 1997 the Fund's Class A shares ranked in the top
quartile of all global funds rated by Lipper Analytical Services for the 1-, 3-
and 5-year periods.(2) In addition, the Fund's Class A shares were ranked *****
among 508 (3-year) and 227 (5-year) international equity funds for the combined
3- and 5-year periods ended June 30, 1997 by Morningstar Mutual Funds.(3)
GROWTH OF $10,000
Over five years(4)
<TABLE>
<CAPTION>
Oppenheimer Quest
Global Value
Fund, Inc.
Class A shares
MSCI World Index (at net asset value)
---------------- --------------------
<S> <C> <C>
6/30/92 10000 10000
10165.3 9936
10138.6 9941
11007.7 10688
6/30/93 11675.3 11261
12222.8 12034
12420.1 12362
12496.1 12443
6/30/94 12870.9 12677
13146.7 12983
13050.5 12754
13660.9 13079
6/30/95 14244 14281
15039.6 15246
15754.7 15436
16395.8 16148
6/30/96 16870.7 16720
17095.6 17033
17878.2 17950
17929.7 18375
6/30/97 20628.1 20554
</TABLE>
1. Total returns include change in share price and reinvestment of dividends
and capital gains distributions in a hypothetical investment for the periods
shown. Class A returns include the current maximum initial sales charge of
5.75%. Class A shares were first publicly offered on 7/2/90. The Fund's maximum
sales charge for Class A shares was lower prior to 11/22/95, so actual
performance may have been greater. Class B returns include the applicable
contingent deferred sales charge of 5% (1-year) and 3% (since inception on
9/1/93). Class C returns include the contingent deferred sales charge of 1% for
the 1-year result. An explanation of the different performance calculations is
in the Fund's prospectus. Class B and C shares are subject to an annual 0.75%
asset-based sales charge and Class A shares are subject to an annual 0.25%
asset-based sales charge.
2. Source: Lipper Analytical Services, Inc., 6/30/97. Based on the comparisons
between changes in net asset value without considering sales charges, with
dividends and capital gains distributions of the Fund's Class A shares
reinvested. The Fund's Class A shares were ranked 44 of 175 (1-year), 21 of 104
(3-year) and 10 of 45 (5-year) among global funds for the period ended 6/30/97.
Past performance does not guarantee future results.
4 Oppenheimer Quest Global Value Fund, Inc.
<PAGE> 5
Portfolio REVIEW
Oppenheimer Quest Global Value Fund, Inc. is for investors looking for
long-term growth from a portfolio of U.S. and foreign stocks.
WHAT WE LOOK FOR:
- - Companies with HIGH RETURN on invested capital.
- - Businesses with STRONG INDUSTRY POSITIONS and UNIQUE products or services.
- - Companies with OUTSTANDING BALANCE SHEETS.
- - Management COMMITTED TO SHAREHOLDER INTERESTS.
TOP 10 STOCK HOLDINGS(5)
<TABLE>
<S> <C>
- --------------------------------------
Federal Home Loan
Mortgage Corp. 4.5%
- --------------------------------------
Citicorp 4.0
- --------------------------------------
McDonnell Douglas Corp. 3.9
- --------------------------------------
Intel Corp. 2.9
- --------------------------------------
Wells Fargo & Co. 2.9
- --------------------------------------
DuPont (E.I.)
DeNemours & Co. 2.5
- --------------------------------------
EXEL Ltd. 2.2
- --------------------------------------
Tele-Communications, Inc. 2.1
- --------------------------------------
Champion International Corp. 1.9
- --------------------------------------
Tenneco, Inc. 1.9
- --------------------------------------
</TABLE>
3. Source: Morningstar Mutual Funds, 6/30/97. Morningstar, Inc. ranks 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.
Current star rankings are based on the weighted average of 3-, 5- and 10-year
(if applicable) rankings 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 is ranked 4 stars (3-year) and 5 stars
(5-year), weighted 40%/60%, respectively.
4. Results of a hypothetical $10,000 investment in Class A shares on June 30,
1992. The Morgan Stanley Capital International World Index is a broad-based,
unmanaged index of foreign and domestic stock including reinvestment of net
dividends, and cannot be purchased by investors. Past performance does not
guarantee future results.
5. The Fund's portfolio is subject to change. Percentages are based on total
market value of stock holdings.
5 Oppenheimer Quest Global Value Fund, Inc.
<PAGE> 6
"Oppenheimer Quest Global Value Fund, Inc. was listed by Money magazine as the
TOP foreign stock fund for achieving outstanding total returns while minimizing
portfolio risk."
An INTERVIEW with your Fund's managers
HOW HAS THE FUND PERFORMED?
Over the past six months, Oppenheimer Quest Global Value Fund, Inc. performed
very well. In fact, the Fund was listed in Money magazine as the top foreign
stock fund for achieving outstanding total returns while minimizing portfolio
risk.(1) Cumulative total return for the Fund's Class A shares, without
deducting sales charges, for the six-month period ended May 31, 1997 was
10.52%.(2)
WHAT INVESTMENTS MADE POSITIVE CONTRIBUTIONS TO PERFORMANCE?
Many of our best-performing stocks attained their high returns by corporate
restructuring. As European corporations streamline their operations and focus
on their core businesses, they simultaneously enhance their productivity and
efficiency. By improving their businesses they are also preparing themselves to
compete in the broader potential economic environment of the European Monetary
Union. Of course, it's important to keep in mind that while foreign investments
offer attractive opportunities, they are subject to greater expenses and risks
than U.S. investments, such as adverse currency fluctuations.
One holding, a Swiss pharmaceutical firm, has continued to perform well
for a long time. Through the process of a merger, the company was forced to
eliminate its non-core assets, a move that resulted in strengthened cost
savings. Another example of a company that benefited from a merger is a
German-based producer of software programs for businesses. This company designs
internal accounting software programs for large-sized companies such as IBM,
Microsoft and DuPont.(3)
1. Money, March 1997, pp. 49-52. Article name: "Top Funds: Where to Earn
Without Getting Burned."
2. Includes change in net asset value per share without deducting any sales
charges. Such performance would have been lower if sales charges were taken
into account.
6 Oppenheimer Quest Global Value Fund, Inc.
<PAGE> 7
[PHOTO]
PORTFOLIO MANAGEMENT TEAM (L TO R)
Richard Glasebrook
Pierre Daviron (Fund Manager)
We've also had success with our holdings in a Czech machinery and
engineering company. This was one of the original manufacturing plants that
built tramways in Russia, under the former Soviet regime. Because trams are
still the primary transport systems in Russia today, many of these trams are
old and badly in need of refurbishment. By quickly recognizing this
opportunity, this company has become one of the sole suppliers of spare parts
and new equipment to tramway systems in Russia, as well as throughout India and
Indonesia.
HOW DID OUR U.S. HOLDINGS PERFORM?
Very well. With approximately 46% of the Fund's net assets invested in the
United States, the strong performance of these holdings helped to enhance the
Fund's overall performance. Generally speaking, our best returns came from
within the financial services industry. Two of our strongest holdings were in
the banking industry. Wells Fargo & Co., headquartered in California, grew
through acquisition and was able to dramatically reduce its operating expenses.
Wells Fargo has also instituted a distribution channel for small full-service
banking by setting up branches in local supermarket chains. Another bank
holding, Citicorp, while profitable in the United States, also enjoyed a
successful franchise operation in the Pacific Rim's emerging markets.
3. The Fund's portfolio is subject to change.
7 Oppenheimer Quest Global Value Fund, Inc.
<PAGE> 8
"The weakening yen fueled overseas demand for Japanese products and
RE-ESTABLISHED COMPETITION among exporters."
An INTERVIEW with your Fund's managers
In addition, the Fund benefited from our holdings in Federal Home Loan Mortgage
Corp., commonly referred to as "Freddie Mac." As a complement to the mortgage
business, Freddie Mac also insures the homes it mortgages, which generates
large amounts of cash flow. Another strong performer was McDonnell Douglas, an
aerospace firm, reporting impressive gains during the period due to its merger
with Boeing International.
WHAT ABOUT JAPAN? HOW DID WE DO THERE?
For the most part, Japan showed mixed results. The Japanese market was down
during much of the period; however, we did have several Japanese holdings that
continued to report profitable gains. Overseas demand for products, fueled in
part by the weakening of the yen, helped re-establish competition among
exporters. Another positive area in Japan was the non-bank finance industry.
Because of the many difficulties within the current Japanese banking system, an
environment now exists which favors lending institutions. By borrowing money at
low rates and then lending it to customers at much higher rates, these
companies are able to enjoy very profitable returns. What's more, operating
costs for lending institutions are low, and most of the loans are
collateralized, further reducing their risks. This is a very profitable
business in Japan right now, and the Fund was able to benefit from these
non-bank financial holdings.
8 Oppenheimer Quest Global Value Fund, Inc.
<PAGE> 9
"...long-term performance relates more directly to owning the RIGHT COMPANIES."
DID ANY INVESTMENTS OR MARKET FACTORS HURT THE FUND?
Our holdings in a British automotive component manufacturer were a
disappointment. This company is currently in the final stages of a merger,
which has caused the stock's price to fall. We remain confident that the
combined company will be able to significantly increase profit margins. Another
weak performer was Tele-Communications, Inc., a U.S. cable-television
distribution firm. The company experienced operating shortfalls, which resulted
in productivity problems and compounded an already high level of debt. However,
new management is currently in place, and we expect to see a turnaround in the
near future.
WHAT IS YOUR OUTLOOK FOR THE FUND?
Our outlook is very positive. We believe we've assembled a portfolio that's
made up of many strong companies across a wide range of industries and
countries. While it's important to be invested in the right countries, we
believe long-term performance relates more directly to owning the right
companies. To that end, we plan to maintain our investment style of seeking
undervalued companies with high cash flows and strong niche business positions
that can reward shareholders with positive returns.
9 Oppenheimer Quest Global Value Fund, Inc.
<PAGE> 10
FINANCIALS
10 Oppenheimer Quest Global Value Fund, Inc.
<PAGE> 11
STATEMENT OF INVESTMENTS May 31, 1997 (Unaudited)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
=============================================================================================================
<S> <C> <C>
COMMON STOCKS--88.3%
- --------------------------------------------------------------------------------------------------------------
BASIC MATERIALS--11.8%
- --------------------------------------------------------------------------------------------------------------
CHEMICALS--8.0%
Dainippon Ink & Chemicals, Inc. 320,000 $ 1,180,812
- --------------------------------------------------------------------------------------------------------------
Du Pont (E.I.) De Nemours & Co. 65,000 7,076,875
- --------------------------------------------------------------------------------------------------------------
Hercules, Inc. 80,000 3,750,000
- --------------------------------------------------------------------------------------------------------------
Monsanto Co. 90,000 3,960,000
- --------------------------------------------------------------------------------------------------------------
PT Tigaraksa Satria 508,000 689,167
- --------------------------------------------------------------------------------------------------------------
Sekisui Chemical Co.(1) 218,900 2,272,968
- --------------------------------------------------------------------------------------------------------------
SGL Carbon AG 18,400 2,740,211
- --------------------------------------------------------------------------------------------------------------
Shin-Etsu Chemical Co.(2) 82,000 2,054,750
- --------------------------------------------------------------------------------------------------------------
Showa Denko K.K.(1)(2) 750,000 1,898,652
------------
25,623,435
- --------------------------------------------------------------------------------------------------------------
METALS--1.1%
Noble Group Ltd.(1) 998,000 873,250
- --------------------------------------------------------------------------------------------------------------
Toho Titanium Co.(2) 60,000 870,162
- --------------------------------------------------------------------------------------------------------------
Western Mining Corp. Holdings Ltd. 268,043 1,732,364
------------
3,475,776
- --------------------------------------------------------------------------------------------------------------
PAPER--2.7%
Aracruz Celulose SA, Sponsored ADR 78,850 1,606,569
- --------------------------------------------------------------------------------------------------------------
AssiDoman AB 59,000 1,580,321
- --------------------------------------------------------------------------------------------------------------
Champion International Corp. 110,000 5,431,250
------------
8,618,140
- --------------------------------------------------------------------------------------------------------------
CONSUMER CYCLICALS--13.7%
- --------------------------------------------------------------------------------------------------------------
AUTOS & HOUSING--2.4%
Calsonic Corp. 142,000 785,978
- --------------------------------------------------------------------------------------------------------------
Corporacion GEO, SA de CV, Series B(1) 205,000 982,786
- --------------------------------------------------------------------------------------------------------------
Honda Motor Co. 72,000 2,113,104
- --------------------------------------------------------------------------------------------------------------
LucasVarity plc 544,886 1,722,832
- --------------------------------------------------------------------------------------------------------------
Michelin (CGDE), B Shares(1)(2) 21,143 1,157,059
- --------------------------------------------------------------------------------------------------------------
Murakami Corp. 86,000 959,409
------------
7,721,168
- --------------------------------------------------------------------------------------------------------------
LEISURE & ENTERTAINMENT--3.2%
Amstrad plc 510,000 2,204,988
- --------------------------------------------------------------------------------------------------------------
Hagemeyer NV 21,600 1,061,558
- --------------------------------------------------------------------------------------------------------------
McDonald's Corp. 100,000 5,025,000
- --------------------------------------------------------------------------------------------------------------
Verenigd Bezit VNU 90,000 2,035,684
------------
10,327,230
</TABLE>
11 Oppenheimer Quest Global Value Fund, Inc.
<PAGE> 12
STATEMENT OF INVESTMENTS (Unaudited) (Continued)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
MEDIA--3.3%
Benpres Holdings Corp., Sponsored GDR(1) 241,600 $ 1,703,836
- --------------------------------------------------------------------------------------------------------------
Singapore Press Holdings Ltd. 87,000 1,734,495
- --------------------------------------------------------------------------------------------------------------
Tele-Communications, Inc. (New), TCI Group, Series A(1) 400,000 6,050,000
- --------------------------------------------------------------------------------------------------------------
Thomson Corp. 49,000 1,090,595
------------
10,578,926
- --------------------------------------------------------------------------------------------------------------
RETAIL: GENERAL--1.3%
adidas AG 19,000 2,005,204
- --------------------------------------------------------------------------------------------------------------
Cia Tecidos Norte de Minas, Preference 3,050,000 1,178,492
- --------------------------------------------------------------------------------------------------------------
Credit Saison Co. Ltd.(2) 4,350 95,190
- --------------------------------------------------------------------------------------------------------------
Siam Makro Public Co. Ltd. 404,000 1,013,240
------------
4,292,126
- --------------------------------------------------------------------------------------------------------------
RETAIL: SPECIALTY--3.5%
Dixons Group plc 230,098 1,755,583
- --------------------------------------------------------------------------------------------------------------
Lotte Confectionery Co. 5,010 685,608
- --------------------------------------------------------------------------------------------------------------
Metro AG(1)(2) 30,000 3,271,649
- --------------------------------------------------------------------------------------------------------------
Minolta Co. Ltd. 150,000 992,448
- --------------------------------------------------------------------------------------------------------------
Mycal Corp.(2) 75,000 1,081,267
- --------------------------------------------------------------------------------------------------------------
Ryohin Keikaku Co. Ltd.(2) 14,000 1,058,440
- --------------------------------------------------------------------------------------------------------------
Safeway plc 381,942 2,252,951
------------
11,097,946
- --------------------------------------------------------------------------------------------------------------
CONSUMER NON-CYCLICALS--8.0%
- --------------------------------------------------------------------------------------------------------------
BEVERAGES--0.3%
Mikuni Coca-Cola Bottling Ltd. 73,000 1,027,375
- --------------------------------------------------------------------------------------------------------------
FOOD--0.5%
Bompreco SA Supermercados do Nordeste, Sponsored GDR(3) 50,000 1,166,635
- --------------------------------------------------------------------------------------------------------------
Bompreco SA Supermercados do Nordeste, Sponsored GDR 22,000 513,319
------------
1,679,954
- --------------------------------------------------------------------------------------------------------------
HEALTHCARE/DRUGS--4.2%
Ares-Serono Group, Cl. B 2,000 2,721,485
- --------------------------------------------------------------------------------------------------------------
Astra AB Free, Series A 96,000 1,552,759
- --------------------------------------------------------------------------------------------------------------
Gedeon Richter Ltd., GDR, REG S 7,000 584,500
- --------------------------------------------------------------------------------------------------------------
Gedeon Richter, GDR 20,500 1,701,500
- --------------------------------------------------------------------------------------------------------------
Novartis AG 2,340 3,175,867
- --------------------------------------------------------------------------------------------------------------
OY Tamro AB 216,000 1,437,291
- --------------------------------------------------------------------------------------------------------------
Takeda Chemical Industries Ltd. 96,000 2,430,275
------------
13,603,677
</TABLE>
12 Oppenheimer Quest Global Value Fund, Inc.
<PAGE> 13
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
HEALTHCARE/SUPPLIES & SERVICES--2.5%
Becton, Dickinson & Co. 65,000 $ 3,201,250
- --------------------------------------------------------------------------------------------------------------
Gehe AG 23,000 1,646,554
- --------------------------------------------------------------------------------------------------------------
SmithKline Beecham plc 180,250 3,109,854
------------
7,957,658
- --------------------------------------------------------------------------------------------------------------
HOUSEHOLD GOODS--0.5%
Antofagasta Holdings plc 245,000 1,640,143
- --------------------------------------------------------------------------------------------------------------
ENERGY--3.5%
- --------------------------------------------------------------------------------------------------------------
OIL-INTEGRATED--3.5%
Novus Petroleum Ltd. 700,423 2,575,339
- --------------------------------------------------------------------------------------------------------------
PanCanadian Petroleum Ltd. 47,200 1,026,579
- --------------------------------------------------------------------------------------------------------------
Repsol SA(2) 49,000 2,054,471
- --------------------------------------------------------------------------------------------------------------
Saga Petroleum AS, Cl. A 78,700 1,587,552
- --------------------------------------------------------------------------------------------------------------
Suncor Energy, Inc. 50,000 1,241,537
- --------------------------------------------------------------------------------------------------------------
Total SA, B Shares(2) 28,868 2,645,549
------------
11,131,027
- --------------------------------------------------------------------------------------------------------------
FINANCIAL--23.3%
- --------------------------------------------------------------------------------------------------------------
BANKS--9.1%
Citicorp 100,000 11,437,500
- --------------------------------------------------------------------------------------------------------------
Credit Suisse Group(2) 17,000 2,136,012
- --------------------------------------------------------------------------------------------------------------
Daiwa Bank Ltd.(2) 317,000 1,243,190
- --------------------------------------------------------------------------------------------------------------
Liechtenstein Global Trust AG 2,400 1,387,745
- --------------------------------------------------------------------------------------------------------------
Lloyds TSB Group plc 275,779 2,781,732
- --------------------------------------------------------------------------------------------------------------
Wells Fargo & Co. 31,000 8,168,500
- --------------------------------------------------------------------------------------------------------------
Yasuda Trust & Banking Ltd. 665,000 1,997,340
------------
29,152,019
- --------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL--9.7%
American Express Co. 55,000 3,822,500
- --------------------------------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp. 388,000 12,804,000
- --------------------------------------------------------------------------------------------------------------
Fletcher Challenge Building(1) 272,000 760,815
- --------------------------------------------------------------------------------------------------------------
ING Groep NV 55,290 2,446,428
- --------------------------------------------------------------------------------------------------------------
Manhattan Card Co. Ltd. 2,440,000 889,588
- --------------------------------------------------------------------------------------------------------------
Nordbanken AB 46,000 1,428,539
- --------------------------------------------------------------------------------------------------------------
Orix Corp. 25,000 1,501,759
- --------------------------------------------------------------------------------------------------------------
Shohkoh Fund & Co. 9,000 2,394,233
- --------------------------------------------------------------------------------------------------------------
Transamerica Corp. 55,000 4,998,125
------------
31,045,987
</TABLE>
13 Oppenheimer Quest Global Value Fund, Inc.
<PAGE> 14
STATEMENT OF INVESTMENTS (Unaudited) (Continued)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INSURANCE--4.5%
ACE Ltd. 42,500 $ 2,720,000
- --------------------------------------------------------------------------------------------------------------
AXA SA 42,000 2,518,619
- --------------------------------------------------------------------------------------------------------------
EXEL Ltd. 140,000 6,195,000
- --------------------------------------------------------------------------------------------------------------
Fuji Fire & Marine Insurance Co. Ltd. 160,000 557,453
- --------------------------------------------------------------------------------------------------------------
Koelnische Rueckversicherungs AG 2,675 2,289,861
------------
14,280,933
- --------------------------------------------------------------------------------------------------------------
INDUSTRIAL--8.9%
- --------------------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT--2.2%
Inaba Denkisangyo Co. 70,000 1,261,478
- --------------------------------------------------------------------------------------------------------------
Le Carbone-Lorraine 8,000 1,860,629
- --------------------------------------------------------------------------------------------------------------
Mitsubishi Electric Corp. 195,000 1,104,437
- --------------------------------------------------------------------------------------------------------------
Schneider SA(2) 21,690 1,043,938
- --------------------------------------------------------------------------------------------------------------
Siebe plc 120,574 1,903,199
------------
7,173,681
- --------------------------------------------------------------------------------------------------------------
INDUSTRIAL MATERIALS--1.2%
Bridon plc 524,856 826,736
- --------------------------------------------------------------------------------------------------------------
Holderbank Financiere Glarus AG(2) 2,100 1,843,682
- --------------------------------------------------------------------------------------------------------------
Kinden Corp. 200 2,660
- --------------------------------------------------------------------------------------------------------------
Sho-Bond Corp. 40,000 1,146,486
------------
3,819,564
- --------------------------------------------------------------------------------------------------------------
INDUSTRIAL SERVICES--0.4%
CKD Praha Holding AS(1) 30,200 693,419
- --------------------------------------------------------------------------------------------------------------
Toyo Corp. 53,000 445,722
------------
1,139,141
- --------------------------------------------------------------------------------------------------------------
MANUFACTURING--4.7%
Alfa SA, Cl. A 280,000 1,653,610
- --------------------------------------------------------------------------------------------------------------
Atlas Copco AB, A Shares 115,000 3,095,167
- --------------------------------------------------------------------------------------------------------------
Kalmar Industries 67,000 1,170,396
- --------------------------------------------------------------------------------------------------------------
Schweizerische Industrie Gesellschaft Holding AG 350 1,051,483
- --------------------------------------------------------------------------------------------------------------
Sodick Co.(1)(2) 100,000 986,870
- --------------------------------------------------------------------------------------------------------------
Tenneco, Inc. 120,000 5,370,000
- --------------------------------------------------------------------------------------------------------------
Vidrala SA 38,000 1,601,164
------------
14,928,690
- --------------------------------------------------------------------------------------------------------------
TRANSPORTATION--0.4%
Canadian Pacific Ltd. 42,750 1,137,447
</TABLE>
14 Oppenheimer Quest Global Value Fund, Inc.
<PAGE> 15
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
TECHNOLOGY--16.4%
- --------------------------------------------------------------------------------------------------------------
AEROSPACE/DEFENSE--4.4%
Lockheed Martin Corp. 35,000 $ 3,276,875
- --------------------------------------------------------------------------------------------------------------
McDonnell Douglas Corp. 170,000 10,943,750
------------
14,220,625
- --------------------------------------------------------------------------------------------------------------
COMPUTER HARDWARE--0.9%
Canon, Inc. 116,000 2,936,583
- --------------------------------------------------------------------------------------------------------------
COMPUTER SOFTWARE--1.6%
Konami Co. Ltd.(2) 36,200 1,289,196
- --------------------------------------------------------------------------------------------------------------
SAP AG 21,000 3,752,898
------------
5,042,094
- --------------------------------------------------------------------------------------------------------------
ELECTRONICS--7.9%
ABB AB, A Shares 140,000 1,893,072
- --------------------------------------------------------------------------------------------------------------
CAE, Inc. 179,870 1,414,873
- --------------------------------------------------------------------------------------------------------------
Intel Corp. 55,000 8,332,500
- --------------------------------------------------------------------------------------------------------------
Nokia AB 71,000 4,648,451
- --------------------------------------------------------------------------------------------------------------
Omron Corp. 65,000 1,305,243
- --------------------------------------------------------------------------------------------------------------
Rohm Co. 11,000 1,142,195
- --------------------------------------------------------------------------------------------------------------
SGS-Thomson Microelectronics NV(1) 28,300 2,304,674
- --------------------------------------------------------------------------------------------------------------
Sony Corp. 35,000 2,946,451
- --------------------------------------------------------------------------------------------------------------
Unican Security Systems Ltd., Cl. B 62,000 1,292,286
------------
25,279,745
- --------------------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY--1.6%
Ericsson Telecomunicacoes SA 33,000,000 1,847,956
- --------------------------------------------------------------------------------------------------------------
Fujitsu Ltd. 135,000 1,645,070
- --------------------------------------------------------------------------------------------------------------
SK Telecom Co. Ltd. 130 80,996
- --------------------------------------------------------------------------------------------------------------
SK Telecommunications Co. Ltd., ADR 97,130 898,452
- --------------------------------------------------------------------------------------------------------------
SPT Telecom AS(1) 7,300 673,828
------------
5,146,302
- --------------------------------------------------------------------------------------------------------------
UTILITIES--2.7%
- --------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES--0.9%
Cie Generale des Eaux 13,308 1,639,971
- --------------------------------------------------------------------------------------------------------------
Kyushu Electric Power Co. 78,000 1,372,179
------------
3,012,150
- --------------------------------------------------------------------------------------------------------------
GAS UTILITIES--1.0%
Precision Drilling Corp.(1) 51,050 2,270,593
- --------------------------------------------------------------------------------------------------------------
Seoul City Gas Co. Ltd.(1) 16,110 840,285
------------
3,110,878
</TABLE>
15 Oppenheimer Quest Global Value Fund, Inc.
<PAGE> 16
STATEMENT OF INVESTMENTS (Unaudited) (Continued)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
TELEPHONE UTILITIES--0.8%
Telecom Italia Mobile SpA 830,000 $ 1,452,181
- --------------------------------------------------------------------------------------------------------------
Telecom Italia SpA(2) 550,000 1,209,363
------------
2,661,544
------------
Total Common Stocks (Cost $203,636,265) 282,861,964
</TABLE>
<TABLE>
<CAPTION>
UNITS
==============================================================================================================
RIGHTS, WARRANTS AND CERTIFICATES--0.0%
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Cie Generale des Eaux Wts., Exp. 5/01 (Cost $0) 13,308 9,124
</TABLE>
<TABLE>
<CAPTION>
FACE
AMOUNT
==============================================================================================================
SHORT-TERM NOTES--11.7%
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Federal Home Loan Bank, 5.45%, 6/2/97 (Cost $37,584,309)(4) $37,590,000 37,584,309
- --------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $241,220,574) 100.0% 320,455,397
- --------------------------------------------------------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 0.0 33,743
----------- ------------
NET ASSETS 100.0% $320,489,140
=========== ============
</TABLE>
16 Oppenheimer Quest Global Value Fund, Inc.
<PAGE> 17
- -------------------------------------------------------------------------------
Distribution of investments by country of issue, as a percentage of total
investments at value, is as follows:
<TABLE>
<CAPTION>
COUNTRY MARKET VALUE PERCENT
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
United States $150,147,435 47.0%
- --------------------------------------------------------------------------------------------------------------
Japan 44,099,373 13.9
- --------------------------------------------------------------------------------------------------------------
Great Britain 18,198,019 5.7
- --------------------------------------------------------------------------------------------------------------
Germany 15,706,377 4.9
- --------------------------------------------------------------------------------------------------------------
France 13,179,563 4.1
- --------------------------------------------------------------------------------------------------------------
Switzerland 12,316,273 3.8
- --------------------------------------------------------------------------------------------------------------
Sweden 10,720,250 3.3
- --------------------------------------------------------------------------------------------------------------
Canada 9,473,909 3.0
- --------------------------------------------------------------------------------------------------------------
Brazil 6,312,972 2.0
- --------------------------------------------------------------------------------------------------------------
Finland 6,085,742 1.9
- --------------------------------------------------------------------------------------------------------------
The Netherlands 5,543,671 1.7
- --------------------------------------------------------------------------------------------------------------
Australia 4,307,703 1.3
- --------------------------------------------------------------------------------------------------------------
Spain 3,655,635 1.1
- --------------------------------------------------------------------------------------------------------------
Italy 2,661,544 0.8
- --------------------------------------------------------------------------------------------------------------
Mexico 2,636,396 0.8
- --------------------------------------------------------------------------------------------------------------
Korea, Republic of (South) 2,505,342 0.8
- --------------------------------------------------------------------------------------------------------------
Hungary 2,286,000 0.7
- --------------------------------------------------------------------------------------------------------------
Hong Kong 1,762,838 0.6
- --------------------------------------------------------------------------------------------------------------
Singapore 1,734,498 0.5
- --------------------------------------------------------------------------------------------------------------
Ecuador 1,703,836 0.5
- --------------------------------------------------------------------------------------------------------------
Norway 1,587,552 0.5
- --------------------------------------------------------------------------------------------------------------
Czech Republic 1,367,247 0.4
- --------------------------------------------------------------------------------------------------------------
Thailand 1,013,240 0.3
- --------------------------------------------------------------------------------------------------------------
New Zealand 760,815 0.2
- --------------------------------------------------------------------------------------------------------------
Indonesia 689,167 0.2
------------ -----
Total $320,455,397 100.0%
============ =====
</TABLE>
1. Non-income producing security.
2. Loaned security--See Note 6 of Notes to Financial Statements.
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
Directors. These securities amount to $1,166,635, or 0.36% of the Fund's net
assets, at May 31, 1997.
4. Short-term notes are generally traded on a discount basis; the interest rate
is the discount rate received by the Fund at the time of purchase.
See accompanying Notes to Financial Statements.
17 Oppenheimer Quest Global Value Fund, Inc.
<PAGE> 18
STATEMENT OF ASSETS AND LIABILITIES MAY 31, 1997 (Unaudited)
<TABLE>
===============================================================================================================
<S> <C>
ASSETS
Investments, at value (cost $241,220,574)--see accompanying statement $320,455,397
- ---------------------------------------------------------------------------------------------------------------
Collateral for securities loaned--Note 6 20,863,942
- ---------------------------------------------------------------------------------------------------------------
Unrealized appreciation on forward foreign currency
exchange contracts--Note 5 2,519
- ---------------------------------------------------------------------------------------------------------------
Receivables:
Shares of capital stock sold 1,890,160
Interest and dividends 623,875
Investments sold 317,997
- ---------------------------------------------------------------------------------------------------------------
Other 40,852
------------
Total assets 344,194,742
===============================================================================================================
LIABILITIES
Bank overdraft 678,489
- ---------------------------------------------------------------------------------------------------------------
Return of collateral for securities loaned--Note 6 20,863,942
- ---------------------------------------------------------------------------------------------------------------
Unrealized depreciation on forward foreign currency
exchange contracts--Note 5 12,562
- ---------------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased 1,562,351
Shares of capital stock redeemed 275,469
Distribution and service plan fees 124,036
Shareholder reports 113,992
Transfer and shareholder servicing agent fees 6,954
Directors' fees 1,537
Other 66,270
------------
Total liabilities 23,705,602
===============================================================================================================
NET ASSETS $320,489,140
============
===============================================================================================================
COMPOSITION OF NET ASSETS
Par value of shares of capital stock $ 183,092
- ---------------------------------------------------------------------------------------------------------------
Additional paid-in capital 235,929,384
- ---------------------------------------------------------------------------------------------------------------
Undistributed net investment income 135,035
- ---------------------------------------------------------------------------------------------------------------
Accumulated net realized gain on investments and
foreign currency transactions 5,000,074
- ---------------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments and translation
of assets and liabilities denominated in foreign currencies 79,241,555
------------
Net assets $320,489,140
============
</TABLE>
18 Oppenheimer Quest Global Value Fund, Inc.
<PAGE> 19
<TABLE>
===============================================================================================================
<S> <C>
NET ASSET VALUE PER SHARE
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$230,408,544 and 13,097,978 shares of capital stock outstanding) $17.59
Maximum offering price per share (net asset value plus sales charge of
5.75% of offering price) $18.66
- ---------------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price and offering price per share (based on net
assets of $64,581,248 and 3,734,357 shares of capital stock outstanding) $17.29
- ---------------------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price and offering price per share (based on net
assets of $25,499,348 and 1,476,907 shares of capital stock outstanding) $17.27
</TABLE>
See accompanying Notes to Financial Statements.
19 Oppenheimer Quest Global Value Fund, Inc.
<PAGE> 20
STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED MAY 31, 1997 (Unaudited)
<TABLE>
===============================================================================================================
<S> <C>
INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $169,807) $ 2,153,420
- ---------------------------------------------------------------------------------------------------------------
Interest 747,114
- ---------------------------------------------------------------------------------------------------------------
Lending fees--Note 6 27,403
-----------
Total income 2,927,937
===============================================================================================================
EXPENSES
Management fees--Note 4 1,026,250
- ---------------------------------------------------------------------------------------------------------------
Distribution and service plan fees--Note 4:
Class A 513,249
Class B 243,987
Class C 97,852
- ---------------------------------------------------------------------------------------------------------------
Administrative fees--Note 4 342,084
- ---------------------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees--Note 4 104,203
- ---------------------------------------------------------------------------------------------------------------
Custodian fees and expenses 80,662
- ---------------------------------------------------------------------------------------------------------------
Shareholder reports 63,488
- ---------------------------------------------------------------------------------------------------------------
Registration and filing fees:
Class A 28,537
Class B 16,813
Class C 7,418
- ---------------------------------------------------------------------------------------------------------------
Legal and auditing fees 29,965
- ---------------------------------------------------------------------------------------------------------------
Directors' fees and expenses 5,759
- ---------------------------------------------------------------------------------------------------------------
Other 17,411
- ---------------------------------------------------------------------------------------------------------------
Total expenses 2,577,678
===============================================================================================================
NET INVESTMENT INCOME 350,259
===============================================================================================================
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments 8,660,922
Foreign currency transactions (3,280,444)
------------
Net realized gain 5,380,478
- ---------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on:
Investments 24,678,972
Translation of assets and liabilities denominated in foreign currencies (2,098,120)
------------
Net change 22,580,852
------------
NET REALIZED AND UNREALIZED GAIN 27,961,330
===============================================================================================================
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $28,311,589
============
</TABLE>
See accompanying Notes to Financial Statements.
20 Oppenheimer Quest Global Value Fund, Inc.
<PAGE> 21
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
MAY 31, 1997 NOVEMBER 30,
(UNAUDITED) 1996
===============================================================================================================
<S> <C> <C>
OPERATIONS
Net investment income $ 350,259 $ 310,505
- ---------------------------------------------------------------------------------------------------------------
Net realized gain 5,380,478 7,971,101
- ---------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation 22,580,852 24,507,199
------------ ------------
Net increase in net assets resulting from operations 28,311,589 32,788,805
===============================================================================================================
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income:
Class A (68,106) (1,335,495)
Class B -- (79,285)
Class C -- (18,174)
- ---------------------------------------------------------------------------------------------------------------
Distributions from net realized gain:
Class A (6,430,678) (12,615,414)
Class B (1,344,531) (1,413,588)
Class C (546,222) (405,576)
===============================================================================================================
CAPITAL STOCK TRANSACTIONS
Net increase in net assets resulting from
capital stock transactions--Note 2:
Class A 23,707,415 17,211,738
Class B 22,151,833 18,976,456
Class C 7,924,120 10,628,255
===============================================================================================================
NET ASSETS
Total increase 73,705,420 63,737,722
- ---------------------------------------------------------------------------------------------------------------
Beginning of period 246,783,720 183,045,998
------------ ------------
End of period [including undistributed
(overdistributed) net investment income of $135,035
and $(147,118), respectively] $320,489,140 $246,783,720
============ ============
</TABLE>
See accompanying Notes to Financial Statements.
21 Oppenheimer Quest Global Value Fund, Inc.
<PAGE> 22
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CLASS A
------------------------------------------------------------
SIX MONTHS
ENDED MAY 31,
1997 YEAR ENDED NOVEMBER 30,
(UNAUDITED) 1996 1995(2) 1994
========================================================================================================
<S> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period $16.48 $15.49 $14.16 $13.54
- --------------------------------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment income (loss) .03 .03 .11(3) .01(3)
Net realized and unrealized gain (loss) 1.64 2.33 2.45 1.10
--------- --------- --------- ---------
Total income (loss) from investment
operations 1.67 2.36 2.56 1.11
- --------------------------------------------------------------------------------------------------------
Dividends and distributions to
shareholders:
Dividends from net investment income (.01) (.13) -- --
Distributions from net realized gain (.55) (1.24) (1.23) (.49)
--------- --------- --------- ---------
Total dividends and distributions
to shareholders (.56) (1.37) (1.23) (.49)
- --------------------------------------------------------------------------------------------------------
Net asset value, end of period $17.59 $16.48 $15.49 $14.16
========= ========= ========= =========
========================================================================================================
TOTAL RETURN, AT NET ASSET VALUE(4) 10.52% 16.60% 19.75% 8.37%
========================================================================================================
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(in thousands) $230,409 $192,000 $161,693 $148,044
- --------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $206,157 $174,838 $154,288 $148,461
- --------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income (loss) 0.37%(6) 0.19% 0.77% 0.05%(5)
Expenses 1.75%(6) 1.88% 1.88% 1.92%(5)
- --------------------------------------------------------------------------------------------------------
Portfolio turnover rate(7) 18.6% 47.8% 76.0% 70.0%
Average brokerage commission rate(8) $0.0057 $0.0045 -- --
</TABLE>
1. For the period from September 1, 1993 (inception of offering) to November
30, 1993.
2. On November 22, 1995, OppenheimerFunds, Inc. became the Investment adviser
to the Fund.
3. Based on average shares outstanding for the period.
4. Assumes a 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.
22 Oppenheimer Quest Global Value Fund, Inc.
<PAGE> 23
<TABLE>
<CAPTION>
CLASS A CLASS B
- --------------------------- -----------------------------------------------------------------------------
SIX MONTHS
ENDED MAY 31,
1997 YEAR ENDED NOVEMBER 30,
1993 1992 (UNAUDITED) 1996 1995(2) 1994 1993(1)
================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
$12.30 $11.25 $16.25 $15.30 $14.07 $13.52 $13.75
- ----------------------------------------------------------------------------------------------------------------
--(3) .12(3) .01 -- .02(3) (.06)(3) (.02)(3)
2.26 .93 1.58 2.26 2.44 1.10 (.21)
- --------- --------- -------- -------- --------- -------- ---------
- ----------------------------------------------------------------------------------------------------------------
2.26 1.05 1.59 2.26 2.46 1.04 (.23)
- ----------------------------------------------------------------------------------------------------------------
(.12) -- -- (.07) -- -- --
(.90) -- (.55) (1.24) (1.23) (.49) --
- ---------- --------- --------- --------- --------- ---------- ---------
(1.02) -- (.55) (1.31) (1.23) (.49) --
- ----------------------------------------------------------------------------------------------------------------
$13.54 $12.30 $17.29 $16.25 $15.30 $14.07 $13.52
========= ========= ========= ========= ========= ========== =========
================================================================================================================
19.72% 9.33% 10.19% 16.03% 19.12% 7.84% (1.67)%
================================================================================================================
$135,616 $111,207 $64,581 $38,634 $16,980 $10,268 $1,676
- ----------------------------------------------------------------------------------------------------------------
$125,158 $125,786 $49,090 $27,351 $13,908 $ 5,982 $1,015
- ----------------------------------------------------------------------------------------------------------------
0.04%(5) 0.72%(5) (0.07)%(6) (0.03)% 0.16% (0.44)%(5) (0.76)%(5)(6)
1.76%(5) 1.76%(5) 2.29%(6) 2.41% 2.47% 2.50%(5) 2.26%(5)(6)
- ----------------------------------------------------------------------------------------------------------------
46.0% 62.0% 18.6% 47.8% 76.0% 70.0% 46.0%
-- -- $0.0057 $0.0045 -- -- --
</TABLE>
5. During the periods noted above, the former Adviser voluntarily waived a
portion of its fees. If such waivers had not been in effect, the ratios of net
investment income (loss) to average net assets and the ratios of expenses to
average net assets for Class A would have been 0.04% and 1.93%, respectively,
for the year ended November 30, 1994, (0.11)% and 1.91%, respectively, for the
year ended November 30, 1993 and 0.64% and 1.84%, respectively, for the year
ended November 30, 1992. The ratios of net investment income (loss) to average
net assets and the ratios of expenses to average net assets would have been
(0.45)% and 2.51%, respectively, for Class B and (0.59)% and 2.66%,
respectively, for Class C, for the year ended November 30, 1994 and (0.82)% and
2.32%, annualized, respectively, for Class B and (0.78)% and 2.35%, annualized,
respectively, for Class C, for the period September 1, 1993 (inception of
offering) to November 30, 1993.
6. Annualized.
23 Oppenheimer Quest Global Value Fund, Inc.
<PAGE> 24
FINANCIAL HIGHLIGHTS (Continued)
<TABLE>
<CAPTION>
CLASS C
---------------------------------------------------------------------------
SIX MONTHS ENDED MAY 31,
1997 YEAR ENDED NOVEMBER 30,
(UNAUDITED) 1996 1995(2) 1994 1993(1)
========================================================================================================================
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period $16.22 $15.26 $14.06 $13.52 $13.75
- ------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment income (loss) .05 (.04) --(3) (.08)(3) (.02)(3)
Net realized and
unrealized gain (loss) 1.55 2.29 2.43 1.11 (.21)
------- ------- ------- ------- -------
Total income (loss) from investment
operations 1.60 2.25 2.43 1.03 (.23)
- ------------------------------------------------------------------------------------------------------------------------
Dividends and distributions to
shareholders:
Dividends from net investment income -- (.05) -- -- --
Distributions from net realized gain (.55) (1.24) (1.23) (.49) --
------- ------- ------- ------- -------
Total dividends and distributions
to shareholders (.55) (1.29) (1.23) (.49) --
- ------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $17.27 $16.22 $15.26 $14.06 $13.52
======= ======= ======= ======= =======
========================================================================================================================
TOTAL RETURN, AT NET ASSET VALUE(4) 10.28% 16.04% 18.90% 7.77% (1.67)%
========================================================================================================================
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(in thousands) $25,499 $16,149 $4,373 $2,415 $244
- ------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $19,683 $10,152 $3,834 $1,150 $200
- ------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income (loss) (0.09)%(6) (0.07)% 0.03% (0.59)%(5) (0.69)%(5)(6)
Expenses 2.29%(6) 2.43% 2.60% 2.66%(5) 2.26%
Portfolio turnover rate(7) 18.6% 47.8% 76.0% 70.0% 46.0%
Average brokerage commission rate(8) $0.0057 $0.0045 -- -- --
</TABLE>
7. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at the
time of acquisition of one year or less are excluded from the calculation.
Purchases and sales of investment securities (excluding short-term securities)
for the period ended May 31, 1997 were $67,970,339 and $45,322,854,
respectively.
8. Total brokerage commissions paid on applicable purchases and sales of
portfolio securities for the period, divided by the total number of related
shares purchased and sold. See accompanying Notes to Financial Statements.
24 Oppenheimer Quest Global Value Fund, Inc.
<PAGE> 25
NOTES TO FINANCIAL STATEMENTS (Unaudited)
================================================================================
1. SIGNIFICANT ACCOUNTING POLICIES
Oppenheimer Quest Global Value Fund, Inc. (the Fund) is registered under the
Investment Company Act of 1940, as amended, as a diversified, open-end
management investment company. The Fund's investment objective is to seek
long-term capital appreciation through pursuit of a global investment strategy
primarily involving equity securities. The Fund offers Class A, Class B and
Class C shares. Class A shares are sold with a front-end sales charge. Class B
and Class C shares may be subject to a contingent deferred sales charge. All
classes of shares have identical rights to earnings, assets and voting
privileges, except that each class has its own distribution and/or service
plan, expenses directly attributable to a particular class and exclusive voting
rights with respect to matters affecting a single class. 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.
- --------------------------------------------------------------------------------
INVESTMENT VALUATION. Portfolio securities are valued at the close of the New
York Stock Exchange on each trading day. Listed and unlisted securities for
which such information is regularly reported are valued at the last sale price
of the day or, in the absence of sales, at values based on the closing bid or
the last sale price on the prior trading day. Long-term and short-term
non-money market debt securities are valued by a portfolio pricing service
approved by the Board of Directors. Such securities which cannot be valued by
the approved portfolio pricing service are valued using dealer-supplied
valuations provided the Manager is satisfied that the firm rendering the quotes
is reliable and that the quotes reflect current market value, or are valued
under consistently applied procedures established by the Board of Directors to
determine fair value in good faith. Short-term money market type debt
securities having a remaining maturity of 60 days or less are valued at cost
(or last determined market value) adjusted for amortization to maturity of any
premium or discount. Forward foreign currency exchange contracts are valued
based on the closing prices of the forward currency contract rates in the
London foreign exchange markets on a daily basis as provided by a reliable bank
or dealer.
- --------------------------------------------------------------------------------
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.
25 Oppenheimer Quest Global Value Fund, Inc.
<PAGE> 26
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
================================================================================
1. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
FOREIGN CURRENCY TRANSLATION. The accounting records of the Fund are maintained
in U.S. dollars. Prices of securities denominated in foreign currencies are
translated into U.S. dollars at the closing rates of exchange. Amounts related
to the purchase and sale of securities and investment income are translated at
the rates of exchange prevailing on the respective dates of such transactions.
The effect of changes in foreign currency exchange rates on
investments is separately identified from the fluctuations arising from changes
in market values of securities held and reported with all other foreign
currency gains and losses in the Fund's Statement of Operations.
- --------------------------------------------------------------------------------
ALLOCATION OF INCOME, EXPENSES, AND GAINS AND LOSSES. Income, expenses (other
than those attributable to a specific class) and gains and losses are allocated
daily to each class of shares based upon the relative proportion of net assets
represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.
- --------------------------------------------------------------------------------
FEDERAL TAXES. The Fund intends to continue to comply with provisions of the
Internal Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income, including any net realized gain on
investments not offset by loss carryovers, to shareholders. Therefore, no
federal income or excise tax provision is required.
- --------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to shareholders are
recorded on the ex-dividend date.
- --------------------------------------------------------------------------------
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS. Net investment income (loss)
and net realized gain (loss) may differ for financial statement and tax
purposes primarily because of the recognition of certain foreign currency gains
(losses) as ordinary income (loss) for tax purposes. The character of the
distributions made during the year from net investment income or net realized
gains may differ from their ultimate characterization for federal income tax
purposes. Also, due to timing of dividend distributions, the fiscal year in
which amounts are distributed may differ from the year that the income or
realized gain was recorded by the Fund.
- --------------------------------------------------------------------------------
OTHER. Investment transactions are accounted for on the date the investments
are purchased or sold (trade date) and dividend income is recorded on the
ex-dividend date. 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.
26 Oppenheimer Quest Global Value Fund, Inc.
<PAGE> 27
================================================================================
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.
================================================================================
2. CAPITAL STOCK
The Fund has authorized 100 million shares of $.01 par value capital stock.
Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED MAY 31, 1997 YEAR ENDED NOVEMBER 30, 1996
-------------------------------- -----------------------------------
SHARES AMOUNT SHARES AMOUNT
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A:
Sold 2,298,903 $ 38,165,417 2,539,864 $ 38,385,735
Dividends and distributions
reinvested 402,738 6,322,991 950,833 13,558,877
Redeemed (1,252,130) (20,780,993) (2,280,780) (34,732,874)
----------- ------------ ----------- ------------
Net increase 1,449,511 $ 23,707,415 1,209,917 $ 17,211,738
=========== ============ =========== ============
- --------------------------------------------------------------------------------------------------------------
Class B:
Sold 1,478,852 $ 24,227,029 1,411,432 $21,229,261
Dividends and distributions
reinvested 80,638 1,247,448 99,401 1,404,541
Redeemed (202,657) (3,322,644) (243,157) (3,657,346)
---------- ------------ ---------- ------------
Net increase 1,356,833 $ 22,151,833 1,267,676 $ 18,976,456
========== ============ ========== ============
- --------------------------------------------------------------------------------------------------------------
Class C:
Sold 671,441 $ 11,003,913 807,869 $ 12,121,286
Dividends and distributions
reinvested 31,127 480,584 29,254 412,482
Redeemed (221,119) (3,560,377) (128,191) (1,905,513)
--------- ------------ ---------- ------------
Net increase 481,449 $ 7,924,120 708,932 $ 10,628,255
========= ============ ========== ============
</TABLE>
================================================================================
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At May 31, 1997, net unrealized appreciation on investments of $79,236,963 was
composed of gross appreciation of $84,975,766, and gross depreciation of
$5,738,803.
27 Oppenheimer Quest Global Value Fund, Inc.
<PAGE> 28
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
================================================================================
4. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Management fees paid to the Manager were in accordance with the investment
advisory agreement with the Fund which provides for a fee of 0.75% of the first
$400 million of average annual net assets, 0.70% of the next $400 million and
0.65% of average annual net assets in excess of $800 million.
The Manager pays OpCap Advisors (the Sub-Adviser) based on the
fee schedule set forth in the Prospectus. For the six months ended May 31,
1997, the Manager paid $502,294 to the Sub-Adviser. On February 13, 1997 PIMCO
Advisors L.P. signed a definitive agreement with Oppenheimer Group, Inc. and
its subsidiary Oppenheimer Financial Corp. for PIMCO Advisors L.P. and its
affiliate, Thomson Advisory Group, Inc., to acquire the one-third managing
general partner interest in Oppenheimer Capital (the parent of OpCap Advisors)
and the 1.0% general interest in Oppenheimer Capital L.P.
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
0.25%.
For the six months ended May 31, 1997, commissions (sales charges
paid by investors) on sales of Class A shares totaled $384,862, of which
$154,678 was retained by OppenheimerFunds Distributor, Inc. (OFDI), a
subsidiary of the Manager, as general distributor, and by affiliated
broker/dealers. Sales charges advanced to broker/dealers by OFDI on sales of
the Fund's Class B and Class C shares totaled $810,337 and $91,166, of which
$43,438 and $1,100, respectively, was paid to an affiliated broker/dealer.
During the six months ended May 31, 1997, OFDI received contingent deferred
sales charges of $51,362 and $8,648, respectively, upon redemption of Class B
and Class C shares as reimbursement for sales commissions advanced by OFDI at
the time of sale of such shares.
OppenheimerFunds Services (OFS), a division of the Manager, is
the transfer and shareholder servicing agent for the Fund and for other
registered investment companies. The Fund pays OFS an annual maintenance fee of
$14.85 for each Fund shareholder account and reimburses OFS for its
out-of-pocket expenses. During the six months ended May 31, 1997, the Fund paid
OFS $99,657.
28 Oppenheimer Quest Global Value Fund, Inc.
<PAGE> 29
================================================================================
The Fund has adopted a Distribution and Service Plan for Class A shares to
compensate OFDI for a portion of its costs incurred in connection with the
personal service and maintenance of accounts that hold Class A shares. Under
the Plan, the Fund pays an annual asset-based sales charge to OFDI of 0.25% per
year on Class A shares. The Fund also pays a service fee to OFDI of 0.25% per
year. Both fees are computed on the average annual net assets of Class A
shares of the Fund, determined as of the close of each regular business day.
OFDI uses all of the service fee and a portion of the asset-based sales charge
to compensate brokers, dealers, banks and other financial institutions
quarterly for providing personal service and maintenance of accounts of their
customers that hold Class A shares. OFDI retains the balance of the asset-based
sales charge to reimburse itself for its other expenditures under the Plan.
During the six months ended May 31, 1997, OFDI paid $5,689 to an affiliated
broker/dealer as compensation for Class A personal service and maintenance
expenses and retained $117,833 as compensation for Class A sales commissions
and service fee advances, as well as financing costs.
The Fund has adopted compensation type Distribution and Service
Plans for Class B and Class C shares to compensate OFDI for its services and
costs in distributing Class B and Class C shares and servicing accounts. Under
the Plans, the Fund pays OFDI an annual asset-based sales charge of 0.75% per
year on Class B and Class C shares, as compensation for sales commissions paid
from its own resources at the time of sale and associated financing costs. OFDI
also receives a service fee of 0.25% per year as compensation for costs
incurred in connection with the personal service and maintenance of accounts
that hold shares of the Fund, including amounts paid to brokers, dealers, banks
and other financial institutions. Both fees are computed on the average annual
net assets of Class B and Class C shares, determined as of the close of each
regular business day. During the six months ended May 31, 1997, OFDI retained
$209,449 and $60,134, respectively, as compensation for Class B and Class C
sales commissions and service fee advances, as well as financing costs. If the
Plans are terminated by the Fund, the Board of Directors may allow the Fund to
continue payments of the asset-based sales charge to OFDI for certain expenses
it incurred before the Plans were terminated. At May 31, 1997, OFDI had
incurred unreimbursed expenses of $1,201,026 for Class B and $215,404 for Class
C.
29 Oppenheimer Quest Global Value Fund, Inc.
<PAGE> 30
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
================================================================================
5. FORWARD CONTRACTS
A forward foreign currency exchange contract (forward contract) is a commitment
to purchase or sell a foreign currency at a future date, at a negotiated rate.
The Fund uses forward contracts to seek to manage foreign
currency risks. They may also be used to tactically shift portfolio currency
risk. The Fund generally enters into forward contracts as a hedge upon the
purchase or sale of a security denominated in a foreign currency. In addition,
the Fund may enter into such contracts as a hedge against changes in foreign
currency exchange rates on portfolio positions.
Forward contracts are valued based on the closing prices of the
forward currency contract rates in the London foreign exchange markets on a
daily basis as provided by a reliable bank or dealer. The Fund will realize a
gain or loss upon the closing or settlement of the forward transaction.
Securities held in segregated accounts to cover net exposure on
outstanding forward contracts are noted in the Statement of Investments where
applicable. Unrealized appreciation or depreciation on forward contracts is
reported in the Statement of Assets and Liabilities. Realized gains and losses
are reported with all other foreign currency gains and losses in the Fund's
Statement of Operations.
Risks include the potential inability of the counterparty to meet
the terms of the contract and unanticipated movements in the value of a foreign
currency relative to the U.S. dollar.
At May 31, 1997, the Fund had outstanding forward contracts to
purchase and sell foreign currencies as follows:
<TABLE>
<CAPTION>
EXPIRATION CONTRACT VALUATION AS OF UNREALIZED UNREALIZED
CONTRACTS TO PURCHASE DATE AMOUNT (000s) MAY 31, 1997 APPRECIATION DEPRECIATION
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Norwegian Krone (NOK) 6/2/97 6/3/97 11,114 NOK $1,568,936 $ -- $ 6,585
========== ------ -------
CONTRACTS TO SELL
- ---------------------------------------------------------------------------------------------------------------------------------
Czech Koruna (CZK) 6/4/97 9,766 CZK $ 303,101 $2,519 $ --
Thai Baht (THB) 8/18/97 23,344 THB 877,675 -- 5,977
---------- ------ -------
$1,180,776 2,519 5,977
========== ------ -------
Total Unrealized Appreciation and Depreciation $2,519 $12,562
====== =======
</TABLE>
30 Oppenheimer Quest Global Value Fund, Inc.
<PAGE> 31
================================================================================
6. SECURITIES LOANED
The Fund has entered into a securities lending arrangement with the custodian.
Under the terms of the agreement, the Fund pays State Street Bank and Trust
Company 35% of the net interest earned as a fee for administering the security
lending program. The custodian is authorized to loan securities on behalf of
the Fund, against receipt of cash collateral at least equal in value to the
value of the securities loaned. The collateral is invested by the custodian in
money market instruments approved by the Manager. As of May 31, 1997, the Fund
had on loan securities valued at $19,589,119. Cash of $20,855,642 was received
as collateral for the loans, and has been invested in the approved instruments
identified below. U.S. Treasury bonds valued at $8,300 were also received as
collateral. The Fund bears the risk of any deficiency in the amount of
collateral available for return to a borrower due to a loss in an approved
investment.
<TABLE>
<CAPTION>
VALUATION AS OF
SECURITY MAY 31, 1997
- -------------------------------------------------------------------------------------------------------
<S> <C>
Janus Money Market Fund $ 9,820,524
Provident: Temp Fund 6,062,795
Federated Securities Corp. 2,903,096
Seven Seas Prime Money Market Portfolio 2,069,227
U.S. Treasury Bonds, 6.875%-14%, 5/15/05-2/15/25 8,300
-----------
$20,863,942
===========
</TABLE>
31 Oppenheimer Quest Global Value Fund, Inc.
<PAGE> 32
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
================================================================================
7. SHAREHOLDER MEETING
On May 29, 1997, a special shareholder meeting was held at which the selection
of Price Waterhouse LLP as the independent certified public accountants and
auditors of the Fund for the fiscal year beginning December 1, 1996 was
ratified (Proposal No. 1), the proposed changes to certain of the Fund's
fundamental investment policies, including changes to the investment objective,
were approved (Proposal No. 2), the Investment Advisory Agreement between the
Fund and OppenheimerFunds, Inc. was approved (Proposal No. 3), the Subadvisory
Agreement between OppenheimerFunds, Inc. and OpCap Advisors was approved
(Proposal No. 4), the Fund's Class A 12b-1 Distribution and Service Plan was
approved by Class A shareholders (Proposal No. 5), the Fund's Class B 12b-1
Distribution and Service Plan was approved by Class B shareholders (Proposal
No. 6), the Fund's Class C 12b-1 Distribution and Service Plan was approved by
Class C shareholders (Proposal No. 7) and an Administrative Agreement between
the Fund and OppenheimerFunds, Inc. was approved (Proposal No. 8) as described
in the Fund's proxy statement for that meeting. The following is a report of
the votes cast:
<TABLE>
<CAPTION>
WITHHELD/ BROKER
NOMINEE/PROPOSAL FOR AGAINST ABSTAIN NON-VOTES TOTAL
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Proposal No. 1 7,696,691.277 295,174.800 438,834.311 6,752,254 8,430,700.388
Proposal No. 2 7,296,847.814 606,622.518 614,344.603 6,752,254 8,517,814.935
Proposal No. 3 7,426,790.926 481,323.949 604,384.513 6,752,254 8,512,499.388
Proposal No. 4 7,391,733.444 433,102.169 687,661.775 6,752,254 8,512,497.388
Proposal No. 5 5,373,832.775 399,798.166 487,644.867 4,997,280 6,261,295.808
Proposal No. 6 1,306,267.973 120,458.336 161,725.622 1,239,426 1,588,451.931
Proposal No. 7 634,438.134 18,794.161 14,829.901 515,548 668,062.196
Proposal No. 8 7,361,988.776 442,050.997 659,746.162 6,752,254 8,463,785.935
</TABLE>
32 Oppenheimer Quest Global Value Fund, Inc.
<PAGE> 33
OPPENHEIMER QUEST GLOBAL VALUE FUND, INC.
<TABLE>
====================================================================================================================================
<S> <C>
OFFICERS AND DIRECTORS Bridget A. Macaskill, Chairman of the Board of Directors and 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 T. Farrar, Assistant Treasurer
Andrew J. Donohue, Secretary
Robert G. Zack, Assistant Secretary
====================================================================================================================================
INVESTMENT ADVISER OppenheimerFunds, Inc.
AND ADMINISTRATOR
====================================================================================================================================
SUB-ADVISER OpCap Advisors
====================================================================================================================================
DISTRIBUTOR OppenheimerFunds Distributor, Inc.
====================================================================================================================================
TRANSFER AND SHAREHOLDER OppenheimerFunds Services
SERVICING AGENT
====================================================================================================================================
CUSTODIAN OF State Street Bank and Trust Company
PORTFOLIO SECURITIES
====================================================================================================================================
INDEPENDENT ACCOUNTANTS Price Waterhouse LLP
====================================================================================================================================
LEGAL COUNSEL Gordon Altman Butowsky Weitzen Shalov & Wein
The financial statements included herein have been taken from the records of the Fund without
examination by the independent accountants. This is a copy of a report for 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, are not insured by the FDIC or any other agency, and involve investment risks, including
possible loss of the principal amount invested.
</TABLE>
33 Oppenheimer Quest Global Value Fund, Inc.
<PAGE> 34
OPPENHEIMERFUNDS FAMILY
<TABLE>
==============================================================================================================
<S> <C> <C>
REAL ASSET FUNDS
- --------------------------------------------------------------------------------------------------------------
Real Asset Fund Gold & Special Minerals Fund
==============================================================================================================
STOCK FUNDS
- --------------------------------------------------------------------------------------------------------------
Developing Markets Fund Quest Small Cap Value Fund Global Fund
Enterprise Fund Capital Appreciation Fund(1) Quest Global Value Fund
International Growth Fund Quest Capital Value Fund Disciplined Value Fund
Discovery Fund Growth Fund Quest Value Fund
==============================================================================================================
STOCK & BOND FUNDS
- --------------------------------------------------------------------------------------------------------------
Main Street Income & Quest Growth & Income Disciplined Allocation Fund
Growth Fund Value Fund Multiple Strategies Fund(2)
Quest Opportunity Value Fund Global Growth & Income Fund Bond Fund for Growth
Total Return Fund Equity Income Fund
==============================================================================================================
BOND FUNDS
- --------------------------------------------------------------------------------------------------------------
International Bond Fund Champion Income Fund U.S. Government Trust
High Yield Fund Strategic Income Fund Limited-Term Government Fund
Bond Fund
==============================================================================================================
MUNICIPAL FUNDS
- --------------------------------------------------------------------------------------------------------------
California Municipal Fund(3) Pennsylvania Municipal Fund(3) Rochester Division
Florida Municipal Fund(3) Municipal Bond Fund Rochester Fund Municipals
New Jersey Municipal Fund(3) Insured Municipal Fund Limited Term New York
New York Municipal Fund(3) Intermediate Municipal Fund Municipal Fund
==============================================================================================================
MONEY MARKET FUNDS(4)
- --------------------------------------------------------------------------------------------------------------
Money Market Fund Cash Reserves
==============================================================================================================
LIFESPAN
- --------------------------------------------------------------------------------------------------------------
Growth Fund Balanced Fund Income Fund
</TABLE>
1. On 12/18/96, the Fund's name was changed from Target Fund.
2. On 3/16/97, the Fund's name was changed from Asset Allocation Fund.
3. Available only to investors in certain states.
4. An investment in money market funds is neither insured nor guaranteed by the
U.S. government and there can be no assurance that a money market fund will be
able to maintain a stable net asset value of $1.00 per share. Oppenheimer
funds are distributed by OppenheimerFunds Distributor, Inc., Two World Trade
Center, New York, NY 10048-0203.
(C) Copyright 1997 OppenheimerFunds, Inc. All rights reserved.
34 Oppenheimer Quest Global Value Fund, Inc.
<PAGE> 35
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As an Oppenheimer fund shareholder, you have some special privileges. Whether
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And when you need help, our Customer Service Representatives are only
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When you want to make a transaction, you can do it easily by calling
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For added convenience, you can get automated information with
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PhoneLink gives you access to a variety of fund, account, and market
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You can count on us whenever you need assistance. That's why the
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So call us today, or visit us at our website at
www.oppenheimerfunds.com--we're here to help.
[OPPENHEIMERFUNDS LOGO]
RS0254.001.0597 July 30, 1997
