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020 B000001 13-264778
020 C000001 87
020 A000002 CAPEL (JAMES), INC.
020 B000002 52-134822
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020 A000003 NIKKO SECURITIES CO. INTERNATIONAL, INC.
020 B000003 94-130212
020 C000003 36
020 A000004 OPPENHEIMER & CO., INC.
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020 A000005 GOLDMAN, SACHS & CO.
<PAGE> PAGE 2
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020 A000006 MORGAN STANLEY & CO., INC.
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020 C000006 24
020 A000007 DEUTSCHE BANK CAPITAL CORP.
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<PAGE> PAGE 3
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SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 863250
<NAME> Oppenheimer Quest Global Value Fund, Inc.-A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 320,094,623
<INVESTMENTS-AT-VALUE> 403,341,299
<RECEIVABLES> 2,108,589
<ASSETS-OTHER> 2,669
<OTHER-ITEMS-ASSETS> 11,983,820
<TOTAL-ASSETS> 417,436,377
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,574,578
<TOTAL-LIABILITIES> 12,574,578
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 305,326,453
<SHARES-COMMON-STOCK> 14,469,717
<SHARES-COMMON-PRIOR> 11,648,467
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 165,139
<ACCUMULATED-NET-GAINS> 16,486,331
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 83,214,154
<NET-ASSETS> 267,636,193
<DIVIDEND-INCOME> 4,077,642
<INTEREST-INCOME> 2,066,755
<OTHER-INCOME> 63,122
<EXPENSES-NET> 6,127,890
<NET-INVESTMENT-INCOME> 79,629
<REALIZED-GAINS-CURRENT> 16,527,219
<APPREC-INCREASE-CURRENT> 26,553,451
<NET-CHANGE-FROM-OPS> 43,160,299
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 67,908
<DISTRIBUTIONS-OF-GAINS> 6,430,679
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,472,340
<NUMBER-OF-SHARES-REDEEMED> 3,053,828
<SHARES-REINVESTED> 402,738
<NET-CHANGE-IN-ASSETS> 158,078,079
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 7,941,027
<OVERDISTRIB-NII-PRIOR> 147,118
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,448,836
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,127,890
<AVERAGE-NET-ASSETS> 233,020,000
<PER-SHARE-NAV-BEGIN> 16.48
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 2.55
<PER-SHARE-DIVIDEND> 0.01
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<PER-SHARE-NAV-END> 18.50
<EXPENSE-RATIO> 1.73
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> Oppenheimer Quest Global Value Fund, Inc.-B
<S> <C>
<PERIOD-TYPE> 12-MOS
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<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
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<INVESTMENTS-AT-VALUE> 403,341,299
<RECEIVABLES> 2,108,589
<ASSETS-OTHER> 2,669
<OTHER-ITEMS-ASSETS> 11,983,820
<TOTAL-ASSETS> 417,436,377
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,574,578
<TOTAL-LIABILITIES> 12,574,578
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 305,326,453
<SHARES-COMMON-STOCK> 5,427,392
<SHARES-COMMON-PRIOR> 2,377,524
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 165,139
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 83,214,154
<NET-ASSETS> 98,457,003
<DIVIDEND-INCOME> 4,077,642
<INTEREST-INCOME> 2,066,755
<OTHER-INCOME> 63,122
<EXPENSES-NET> 6,127,890
<NET-INVESTMENT-INCOME> 79,629
<REALIZED-GAINS-CURRENT> 16,527,219
<APPREC-INCREASE-CURRENT> 26,553,451
<NET-CHANGE-FROM-OPS> 43,160,299
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 1,344,536
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,404,941
<NUMBER-OF-SHARES-REDEEMED> 435,710
<SHARES-REINVESTED> 80,637
<NET-CHANGE-IN-ASSETS> 158,078,079
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 7,941,027
<OVERDISTRIB-NII-PRIOR> 147,118
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,448,836
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,127,890
<AVERAGE-NET-ASSETS> 67,317,000
<PER-SHARE-NAV-BEGIN> 16.25
<PER-SHARE-NII> (0.04)
<PER-SHARE-GAIN-APPREC> 2.48
<PER-SHARE-DIVIDEND> 0.00
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<PER-SHARE-NAV-END> 18.14
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<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
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<CIK> 863250
<NAME> Oppenheimer Quest Global Value Fund, Inc.-C
<S> <C>
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<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 320,094,623
<INVESTMENTS-AT-VALUE> 403,341,299
<RECEIVABLES> 2,108,589
<ASSETS-OTHER> 2,669
<OTHER-ITEMS-ASSETS> 11,983,820
<TOTAL-ASSETS> 417,436,377
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,574,578
<TOTAL-LIABILITIES> 12,574,578
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 305,326,453
<SHARES-COMMON-STOCK> 2,140,599
<SHARES-COMMON-PRIOR> 995,458
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 165,139
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 38,768,603
<DIVIDEND-INCOME> 4,077,642
<INTEREST-INCOME> 2,066,755
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<EXPENSES-NET> 6,127,890
<NET-INVESTMENT-INCOME> 79,629
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<APPREC-INCREASE-CURRENT> 26,553,451
<NET-CHANGE-FROM-OPS> 43,160,299
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 546,226
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,522,007
<NUMBER-OF-SHARES-REDEEMED> 407,992
<SHARES-REINVESTED> 31,126
<NET-CHANGE-IN-ASSETS> 158,078,079
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 7,941,027
<OVERDISTRIB-NII-PRIOR> 147,118
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,448,836
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,127,890
<AVERAGE-NET-ASSETS> 26,735,000
<PER-SHARE-NAV-BEGIN> 16.22
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 2.47
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.55
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 18.11
<EXPENSE-RATIO> 2.24
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<PAGE>
SHAREHOLDER MEETING (Unaudited)
On May 29, 1997, a special shareholder meeting was held at which the selection
of Price Waterhouse LLP as the independent accountants 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/
PROPOSAL FOR AGAINST ABSTAIN BROKER 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 6,261,275.808
Proposal No. 6 7,361,988.776 442,050.997 659,746.162 1,239,426 8,463,785.935
Proposal No. 7 1,306,267.973 120,458.336 161,725.622 515,548 1,588,451.931
Proposal No. 8 634,438.134 18,794.161 14,829.901 6,752,254 668,062.196
</TABLE>
950 Seventeenth Street Telephone 303 893 8100
Suite 2500
Denver, CO 80202
PRICE WATERHOUSE LLP [LOGO]
To the Board of Directors
and Shareholders of
Oppenheimer Quest Global Value Fund, Inc.
In planning and performing our audit of the financial statements of Oppenheimer
Quest Global Value Fund, Inc. for the year ended November 30, 1997, we con-
sidered its internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on internal control.
The management of Oppenheimer Quest Global Value Fund, Inc. is responsible for
establishing and maintaining internal control. In fulfilling this respon-
sibility, estimates and judgments by management are required to assess the
expected benefits and related costs of control activities. Generally, control
activities that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly presented
in conformity with generally accepted accounting principles. Those control
activities include the safeguarding of assets against unauthorized acquisition,
use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A mat-
erial weakness is a condition in which the design or operation of specific
internal control components does not reduce to a relatively low level the risk
that errors or irregularities in amounts that would be material in relation to
the financial statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their assigned
functions. However, we noted no matters involving internal control, including
control activities for safeguarding securities, that we consider to be material
weaknesses as defined above as of November 30, 1997.
This report is intended solely for the information and use of management and
the Board of Directors of Oppenheimer Quest Global Value Fund, Inc. and the
Securities and Exchange Commission.
/S/Price Waterhouse LLP
Price Waterhouse LLP
Denver, Colorado
December 19, 1997
<PAGE>
<PAGE>
The Fund adjusts the classification of distributions to shareholders to reflect
the differences between financial statement amounts and distributions
determined in accordance with income tax regulations. Accordingly, during the
year ended November 30, 1997, amounts have been reclassified to reflect an
increase in accumulated net realized gain on investments of $339,526, an
increase in overdistributed net investment income of $29,742, and a decrease
in paid-in capital of $309,784.
