-------------------------------------
Annual Report November 30, 1998
-------------------------------------
OPPENHEIMER
Quest Global
Value Fund, Inc.
[GRAPHIC OMITTED]
[LOGO]
OppenheimerFunds(R)
THE RIGHT WAY TO INVEST
<PAGE>
Contents
3 President's Letter
4 An Interview
with Your Fund's
Managers
10 Fund Performance
- ----------------------------
15 Financial
Statements
37 Report of
Independent
Accountants
- ----------------------------
38 Federal
Income Tax
Information
39 Officers and
Directors
40 Information and
Services
Report highlights
- --------------------------------------------------------------------------------
o The Fund focuses on high-quality companies in global markets whose true
business worth, in our opinion, is not reflected in their stock prices.
o The stock market correction has created opportunities to buy sound businesses
at attractive prices.
o We have favored companies that demonstrate a commitment to creating
shareholder value through productivity improvements and other measures.
Avg Annual Total Returns
For the 1-Year Period
Ended 11/30/98
Class A
Without With
Sales Chg.(1) Sales Chg.(2)
- ------------------------------
9.38% 3.09%
- ------------------------------
Class B
Without With
Sales Chg.(1) Sales Chg.(2)
- ------------------------------
8.89% 3.89%
- ------------------------------
Class C
Without With
Sales Chg.(1) Sales Chg.(2)
- ------------------------------
8.90% 7.90%
- ------------------------------
Total returns include changes 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. Because the stock
market can be volatile, the Fund's performance may be subject to substantial
short-term changes. For updates on the Fund's performance, please contact your
financial advisor, call us at 1-800-525-7048 or visit our website,
www.oppenheimerfunds.com. OppenheimerFunds, Inc. became the Fund's advisor on
11/22/95. The Fund's subadvisor is OpCap Advisors, which was the Fund's advisor
prior to 11/22/95. The portfolio managers are employed by the Fund's subadvisor.
1. Includes changes in net asset value per share without deducting any sales
charges. Such performance would have been lower if sales charges were taken into
account.
2. Class A return includes the current 5.75% maximum initial sales charge. Class
B return includes the applicable contingent deferred sales charge of 5%. Class C
return includes the contingent deferred sales charge of 1%. Class A shares are
subject to an annual 0.25% asset-based sales charge. Class B and C shares are
subject to an annual 0.75% asset-based sales charge. An explanation of the
different performance calculations is in the Fund's prospectus.
2 Oppenheimer Quest Global Value Fund, Inc.
<PAGE>
Dear shareholder,
- --------------------------------------------------------------------------------
[PHOTO]
Bridget A. Macaskill
President
Oppenheimer Quest
Global Value Fund, Inc.
In retrospect, 1998 has been an unsettling year for the financial markets.
Around the world, stock and bond markets experienced considerable instability,
with particular tumult being felt in Southeast Asia, Russia and Latin America.
The U.S. stock market was not immune from the extreme volatility, as it climbed
to record levels through July before correcting sharply in the third quarter and
rebounding to new highs in the fourth quarter. In the bond market, yields on
U.S. Treasury securities declined to record lows before rising modestly late in
the year.
Does the swift recovery of the U.S. stock market and the favorable
economic environment for the bond market mean that domestic stocks and bonds
will continue to prosper? We are optimistic over the long term, but we do expect
that concerns about corporate earnings growth in a slow-growth economy will
contribute to more stock market volatility in 1999. In the bond market, the
Federal Reserve Board's decisions to reduce short-term interest rates should
help create a positive climate for fixed income securities. While lower interest
rates are generally good for bond prices, it will become more difficult for bond
funds to maintain their dividends at current levels if yields decline further.
As an Oppenheimer fund shareholder, you may wonder how this potential
volatility will affect you. If you maintain a long-term perspective, as we do,
short-term volatility over the coming months should have little bearing on your
ability to achieve your future financial goals. That's why we continue to
suggest that you adhere to your long-term investment plan. In fact, we are very
encouraged that most of our shareholders stayed the course during last summer's
stock market correction, avoiding the temptation of selling into a temporarily
declining market.
Finally, I would like to thank those shareholders who contacted us about
our revised account statement. Response has been very positive, and we are
pleased that many of you find the new format easier to read and more
informative. If you have any questions about the new statement or any other
matter, please don't hesitate to call us at 1-800-525-7048. In the meantime,
thank you for choosing OppenheimerFunds, The Right Way to Invest.
Sincerely,
/s/ Bridget A. Macaskill
Bridget A. Macaskill
December 21, 1998
3 Oppenheimer Quest Global Value Fund, Inc.
<PAGE>
An interview with your Fund's managers
- --------------------------------------------------------------------------------
How did the Fund perform over the past 12 months?
The Fund's Class A shares provided an average annual return, without sales
charges, of 9.38% for the 12-month period that ended November 30, 1998.1 The
Fund's per formance reflects the difficulties of investing in extremely volatile
global markets. The Fund benefited from its selection of European stocks, which
did particularly well relative to broader market indexes. On the other hand, our
holdings of U.S. stocks suffered during the summer cor rection, offsetting some
of the gains in our European positions. Fortunately, many of our U.S. stocks
rebounded during the market rally in October and November.
Why have the global stock markets been so volatile recently?
This past summer's stock market corrections in the United States, Europe and
Latin America were largely a response to the spread of the global financial
crisis that began in Asia in late 1997. When it became apparent during the third
quarter of 1998 that the crisis had spread to Latin America and Russia, many
investors shifted assets away from investments they perceived as risky.
Instead, they preferred the relatively safe haven of U.S. government bonds.
This "flight to quality" contributed to a scarcity of capital in many
markets when banks and other lenders became reluctant to extend credit to
businesses. The resulting credit crunch led to a slowdown in the economies of
countries that had been growing, especially nations in Latin America with high
budget deficits. Large exporters in the United States and Europe experienced a
reduction in overseas demand, and investors became concerned that these
companies' earnings growth rates would slow. As a result, stock prices fell.
- --------------------------------------------------------------------------------
"In continental Europe, many companies are restructuring to enhance their
productivity..."
1. Includes changes in net asset value without deducting any sales charge. Such
performance would have been lower if sales charges were taken into account.
4 Oppenheimer Quest Global Value Fund, Inc.
<PAGE>
[PHOTO]
Portfolio Management
Team (l to r)
Richard J. Glasebrook, II
James Sheldon(2)
In October, the International Monetary Fund, the U.S. Federal Reserve Board and
other nations' central banks took steps to stop the spreading financial crisis.
Perhaps most significant, the Japanese government announced a plan to
restructure its ailing banking system and stimulate its economy. With a possible
end the financial crisis in sight, investors became more comfortable assuming
the risks inherent in the global equity markets and many stocks began to
rebound.
How did you manage the Fund in this environment?
We continued to employ a disciplined, value-oriented investment approach. We
focus on the fundamentals of individual companies that we believe are priced
inexpensively, not on broad economic trends. Nonetheless, our company-by-company
analysis led us to opportunities concentrated in certain parts of the world.
We found a number of attractively valued stocks in continental Europe,
where many companies are restructuring to become more productive in the highly
competitive marketplace formed by the advent of European Monetary Union (EMU).
We also found good values in the United States, where many fundamentally sound
stocks were punished during the flight to quality. On the other hand, we have
found few opportunities in Japan, where persistent economic weakness is expected
to constrain corporate earnings.
2. James Sheldon became a Portfolio Manager of the Fund on September 9, 1998.
5 Oppenheimer Quest Global Value Fund, Inc.
<PAGE>
An interview with your Fund's managers
- --------------------------------------------------------------------------------
In what industries have you found the most attractive values?
Our company-by-company investment process led us to opportunities grouped within
certain market sectors worldwide. We found compelling values in the financial
services industry after the correction, when the stocks of banks, brokerage
firms and insurance companies declined amid earnings concerns. In addition, we
found attractive opportunities in other service businesses, including software
companies benefiting from the corporate restructuring process and media
companies engaged in the development of new digital television technology and
programming.
On the other hand, we found relatively few oppor tunities in the energy
industry, where low oil prices have contributed to lower earnings. Similarly,
because the stocks of retailers, restaurants and other consumer services
companies appeared expensive relative to their revenue and profit expectations,
we held few of these kinds of stocks in the portfolio.
What companies contributed most to the Fund's performance?
One of our strongest performers was a Finnish company that is the world leader
in cellular telephone equipment. When we initially bought shares of this
business several years ago, we expected worldwide demand for cellular telephone
service to grow significantly. Demand has been stronger than we originally
expected, and this company has led the industry in product development,
technology advances and brand name awareness.
6 Oppenheimer Quest Global Value Fund, Inc.
<PAGE>
Time Warner, Inc. was another major contributor to performance. This media
conglomerate has made several major acquisitions and has restructured its cable
business, improving overall profitability. As a result, after several years in
which the stock languished, we have seen healthy increases in Time Warner's
share price.
In the United States, Freddie Mac has benefited from a housing boom
created by low mortgage rates. Sales and refinancings of existing homes are at
historical highs, and Freddie Mac's share of the mortgage market is among the
highest in the country. As a result, Freddie Mac has enjoyed higher volumes,
lower credit costs and higher earnings.
Have any companies been disappointments over the past year?
Boeing Co. in the United States was the single greatest disappointment. We owned
the stock of competitor McDonnell Douglas Corp. when it was acquired by Boeing
Co. two years ago, and we expected the combined companies to be able to increase
production to meet rising demand for commercial aircraft. However, Boeing Co.
has been unable to increase production rapidly enough to meet its production
commitments. Boeing Co. recently replaced the management of its commercial
aircraft business, and the new team has proposed a plan to solve its production
problems.
7 Oppenheimer Quest Global Value Fund, Inc.
<PAGE>
Avg Annual Total Returns
For the Periods Ended 12/31/98(3)
Class A
Since
1 year 5 year Inception
- ----------------------------
5.85% 11.99% 10.25%
- ----------------------------
Class B
Since
1 year 5 year Inception
- ----------------------------
6.70% 12.49% 12.49%
- ----------------------------
Class C
Since
1 year 5 year Inception
- ----------------------------
10.71% 12.69% 12.56%
- ----------------------------
An interview with your Fund's managers
- --------------------------------------------------------------------------------
Another disappointment was Citigroup, Inc., the company created by the merger of
Travelers Group, Inc. and Citicorp, Inc. Citigroup, Inc. saw its stock price
fall sharply in the second half of the year after providing good performance
during the first half. The stock's weakness was primarily a result of Citibank's
exposure to emerging markets in Asia and Latin America. The company's earnings
were also hurt by its brokerage subsidiary's trading losses in Russia and hedge
funds. We believe that these setbacks are temporary, and that the company should
remain well positioned to grow globally.
What is your outlook for the future?
In our view, the immediate future of the global markets depends on the
resolution of Japan's economic problems and the financial crisis in Latin
America. We are encouraged by recent progress on both fronts, including the
efforts of governments and central banks worldwide to stimulate global economic
growth.
Regardless of the state of the global markets, however, we expect to
continue to find attractively priced stocks of individual companies with good
prospects.
3. Total returns include changes 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 11/24/95, so actual
performance may have been higher. Class B returns include the applicable
contingent deferred sales charge of 5% (1-year), 2% (5-year) and 1% (since
inception on 9/1/93). Class C returns for the one-year result include the
contingent deferred sales charge of 1%. Class C shares have an inception date of
9/1/93. Class A shares are subject to an annual 0.25% asset-based sales charge.
Class B and C shares are subject to an annual 0.75% asset-based sales charge. An
explanation of the different performance calculations is in the Fund's
prospectus.
4. Portfolio is subject to change. Percentages are as of November 30, 1998, and
are based on total market value of investments.
8 Oppenheimer Quest Global Value Fund, Inc.
<PAGE>
Sector Weightings(4)
[PIE CHART OMITTED]
o Financial 36.2%
o Consumer
Cyclicals 18.3
o Technology 12.4
o Industrial 10.3
o Basic Materials 8.5
o Consumer
Non-Cyclicals 6.6
o Utilities 5.5
o Energy 2.2
We anticipate an increase in mergers and acquisitions among European and
Japanese companies as both regions strive to achieve the productivity gains
already realized in the United States. Accordingly, we are looking for com
panies that are in a position to create shareholder value regardless of
conditions in the global economy. In our view, this value-oriented approach is
an important part of The Right Way to Invest.
- -----------------------------------------------------------
Top 10 Country Holdings(4)
- -----------------------------------------------------------
United States 53.0%
- -----------------------------------------------------------
Germany 7.2
- -----------------------------------------------------------
Japan 6.3
- -----------------------------------------------------------
France 5.8
- -----------------------------------------------------------
Sweden 4.6
- -----------------------------------------------------------
Great Britain 4.6
- -----------------------------------------------------------
The Netherlands 3.0
- -----------------------------------------------------------
Spain 2.8
- -----------------------------------------------------------
Brazil 2.7
- -----------------------------------------------------------
Switzerland 2.5
- -----------------------------------------------------------
- -----------------------------------------------------------
Top 10 Stock Holdings(4)
- -----------------------------------------------------------
Freddie Mac 5.6%
- -----------------------------------------------------------
Time Warner, Inc. 5.1
- -----------------------------------------------------------
Boeing Co. 4.6
- -----------------------------------------------------------
McDonald's Corp. 4.0
- -----------------------------------------------------------
Wells Fargo Co. 4.0
- -----------------------------------------------------------
Citigroup, Inc. 3.3
- -----------------------------------------------------------
Du Pont (E.I.) De Nemours & Co. 3.1
- -----------------------------------------------------------
Sprint Corp. 2.5
- -----------------------------------------------------------
Exel Ltd., Cl. A 2.2
- -----------------------------------------------------------
UAL Corp. 1.9
- -----------------------------------------------------------
9 Oppenheimer Quest Global Value Fund, Inc.
<PAGE>
Fund performance
- --------------------------------------------------------------------------------
How Has the Fund Performed? Below is a discussion, by the Manager, of the Fund's
performance during its fiscal year ended November 30, 1998, followed by a
graphical comparison of the Fund's performance to an appropriate broad-based
market index.
o Management's Discussion of Performance. During the fiscal year that
ended November 30, 1998, Oppenheimer Quest Global Value Fund, Inc.'s performance
reflected the difficulties of investing in extremely volatile global markets.
The Fund's investment approach focuses on the fundamental prospects of
individual companies that the Manager believes to be priced inexpensively, and
not on broad economics. Nonetheless, this company-by-company analysis led to
opportunities concentrated in certain parts of the world. In particular, the
Fund benefited from its selection of European stocks, which did particularly
well relative to broader market indexes. However, holdings of U.S. stocks
suffered during the summer correction, offsetting some of the gains of the
Fund's European positions. Later in the year, many of the U.S. stocks in the
portfolio rebounded during October and November's market rally. The Fund also
benefited from a relative lack of exposure to Japanese companies, as well as the
virtual absence of Southeast Asian companies in the portfolio. The Fund's
portfolio holdings, allocations and manage ment strategies are subject to
change.
10 Oppenheimer Quest Global Value Fund, Inc.
<PAGE>
o Comparing the Fund's Performance to the Market. The graphs that follow
show the performance of a hypothetical $10,000 investment in Class A, Class B
and Class C shares of the Fund held until November 30, 1998. In the case of
Class A shares, performance is measured since the inception of the class on July
2, 1990. In the case of Class B and Class C shares, performance is measured from
inception of those classes on September 1, 1993. The Fund's performance reflects
the deduction of the 5.75% maximum initial sales charge on Class A shares and
the applicable contingent deferred sales charge for Class B and Class C shares.
The graphs assume that all dividends and capital gains distributions were
reinvested in additional shares.
The Fund's performance is compared to the performance of the Morgan
Stanley Capital International (MSCI) World Index, an unmanaged index of issuers
listed on the stock exchanges of 20 foreign countries and the United States. The
Index is widely recognized as a measure of global stock market performance.
Index performance reflects the reinvestment of dividends but does not consider
the effect of capital gains or transaction costs, and none of the data in the
graphs that follow shows the effect of taxes. The Fund's performance reflects
the effects of Fund business and operating expenses. While index com parisons
may be useful to provide a benchmark for the Fund's performance, it must be
noted that the Fund's investments are not limited to the investments in the
index.
11 Oppenheimer Quest Global Value Fund, Inc.
<PAGE>
Fund performance
- --------------------------------------------------------------------------------
Class A Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:
Oppenheimer Quest Global Value Fund, Inc. (Class A) and
Morgan Stanley Capital International (MSCI) World Index
[The following table was represented as a mountain graph in the printed
materials.]
Oppenheimer Quest Global MSCI
Date Value Fund, Inc. Class A World Index
---- ------------------------ -----------
07/02/90 9,425 10,000
11/30/90 8,267 8,807
11/30/91 8,905 9,972
11/30/92 9,737 10,117
11/30/93 11,656 11,972
11/30/94 12,632 13,131
11/30/95 15,128 15,628
11/30/96 17,640 18,635
11/30/97 20,504 21,056
11/30/98 22,425 25,364
Average Annual Total Return of Class AShares of the Fund at 11/30/98(1)
1 Year 3.09% 5 Year 12.64% Life 10.08%
Class B Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:
Oppenheimer Quest Global Value Fund, Inc. (Class B) and
Morgan Stanley Capital International (MSCI) World Index
[The following table was represented as a mountain graph in the printed
materials.]
Oppenheimer Quest Global MSCI
Date Value Fund, Inc. Class B World Index
---- ------------------------ -----------
09/01/93 10,000 10,000
11/30/93 9,833 9,520
11/30/94 10,604 10,442
11/30/95 12,631 12,427
11/30/96 14,657 14,818
11/30/97 16,945 16,743
11/30/98 18,351 20,169
Average Annual Total Return of Class BShares of the Fund at 11/30/98(2)
1 Year 3.89% 5 Year 13.17% Life 12.27%
12 Oppenheimer Quest Global Value Fund, Inc.
<PAGE>
Class C Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:
Oppenheimer Quest Global Value Fund, Inc. (Class C) and
Morgan Stanley Capital International (MSCI) World Index
[The following table was represented as a mountain graph in the printed
materials.]
Oppenheimer Quest Global MSCI
Date Value Fund, Inc. Class C World Index
---- ------------------------ -----------
09/01/93 10,000 10,000
11/30/93 9,833 9,520
11/30/94 10,596 10,442
11/30/95 12,599 12,427
11/30/96 14,620 14,818
11/30/97 16,907 16,743
11/30/98 18,411 20,169
Average Annual Total Return of Class CShares of the Fund at 11/30/98(3)
1 Year 7.90% 5 Year 13.37% Life 12.34%
The returns and the ending account values in the graphs show change in share
value and include reinvestment of all dividends and capital gains distributions.
The performance information for the MSCI World Index in the graphs begins on
6/29/90 for Class A and 8/31/93 for both Class B and Class C.
1. The inception of the Fund (Class A shares) was 7/2/90. The average annual
total returns are shown net of the applicable 5.75% maximum initial sales
charge.
2. Class B shares of the Fund were first publicly offered on 9/1/93. The average
annual total returns are shown net of the applicable 5% (1-year), 2% (5-year)
and 1% (since inception) contingent deferred sales charges. The ending account
value in the graph is net of the applicable 1% contingent deferred sales charge.
3. Class C shares of the Fund were first publicly offered on 9/1/93. The average
annual total returns are shown net of the applicable 1% contingent deferred
sales charge for the one-year period.
Past performance is not predictive of future performance. Graphs are not drawn
to the same scale.
13 Oppenheimer Quest Global Value Fund, Inc.
<PAGE>
Financials
- --------------------------------------------------------------------------------
14 Oppenheimer Quest Global Value Fund, Inc.
<PAGE>
- --------------------------------------------------------------------------------
Statement of Investments November 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market Value
Shares See Note 1
===========================================================================================
<S> <C> <C>
Common Stocks--95.6%
- -------------------------------------------------------------------------------------------
Basic Materials--8.5%
- -------------------------------------------------------------------------------------------
Chemicals--6.4%
Du Pont (E.I.) De Nemours & Co. 249,000 $ 14,628,750
- -------------------------------------------------------------------------------------------
Hoechst AG 185,000 7,931,849
- -------------------------------------------------------------------------------------------
Monsanto Co. 128,600 5,827,187
- -------------------------------------------------------------------------------------------
Solutia, Inc. 100,000 2,237,500
-------------
30,625,286
- -------------------------------------------------------------------------------------------
Metals--0.0%
Toho Titanium Co. 36,000 222,584
- -------------------------------------------------------------------------------------------
Paper--2.1%
AssiDoman AB 186,400 3,250,697
- -------------------------------------------------------------------------------------------
Champion International Corp. 110,000 4,571,875
- -------------------------------------------------------------------------------------------
Enso Oyj, R Shares 227,000 2,008,746
-------------
9,831,318
- -------------------------------------------------------------------------------------------
Consumer Cyclicals--18.3%
- -------------------------------------------------------------------------------------------
Autos & Housing--1.2%
Electrolux AB, Series B Free 230,000 3,502,610
- -------------------------------------------------------------------------------------------
Honda Motor Co. 56,000 2,013,667
- -------------------------------------------------------------------------------------------
Unione Immobiliare SPA(1) 670,000 336,171
-------------
5,852,448
- -------------------------------------------------------------------------------------------
Leisure & Entertainment--12.8%
EMI Group plc 740,000 4,421,629
- -------------------------------------------------------------------------------------------
Imax Corp.(1) 72,200 1,944,932
- -------------------------------------------------------------------------------------------
McDonald's Corp. 275,000 19,267,187
- -------------------------------------------------------------------------------------------
Scandic Hotels AB(1) 66,400 2,315,947
- -------------------------------------------------------------------------------------------
Time Warner, Inc. 228,900 24,206,175
- -------------------------------------------------------------------------------------------
UAL Corp.(1) 140,000 8,916,250
-------------
61,072,120
- -------------------------------------------------------------------------------------------
Media--1.6%
Canal Plus 16,900 3,889,470
- -------------------------------------------------------------------------------------------
VNU-Verenigde Nederlandse Uitgeverbedrijven Verenigd Bezit 52,900 1,822,914
- -------------------------------------------------------------------------------------------
Wolters Kluwer NV 10,130 1,936,655
-------------
7,649,039
</TABLE>
15 Oppenheimer Quest Global Value Fund, Inc.
<PAGE>
- --------------------------------------------------------------------------------
Statement of Investments (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market Value
Shares See Note 1
- -------------------------------------------------------------------------------------------
<S> <C> <C>
Retail: General--1.0%
Cia Tecidos Norte de Minas, Preference 3,650,000 $ 486,279
- -------------------------------------------------------------------------------------------
Circle K Japan Co. Ltd. 43,900 1,792,857
- -------------------------------------------------------------------------------------------
Yue Yuen Industrial Holdings Ltd. 1,227,500 2,393,807
-------------
4,672,943
- -------------------------------------------------------------------------------------------
Retail: Specialty--1.7%
Aldeasa SA 60,400 2,250,097
- -------------------------------------------------------------------------------------------
Metro AG 68,000 4,264,808
- -------------------------------------------------------------------------------------------
Minolta Co. Ltd. 270,000 1,546,371
-------------
8,061,276
- -------------------------------------------------------------------------------------------
Consumer Non-Cyclicals--6.5%
- -------------------------------------------------------------------------------------------
Beverages--1.3%
Diageo plc 460,000 5,189,654
- -------------------------------------------------------------------------------------------
Mikuni Coca-Cola Bottling Ltd. 67,000 1,237,308
-------------
6,426,962
- -------------------------------------------------------------------------------------------
Food--0.7%
Groupe Danone 11,500 3,361,507
- -------------------------------------------------------------------------------------------
Healthcare/Drugs--3.0%
Astra AB Free, Series A 204,000 3,733,006
- -------------------------------------------------------------------------------------------
Gedeon Richter Rt., GDR, Registered S Shares 21,500 827,750
- -------------------------------------------------------------------------------------------
Novartis AG 2,250 4,236,454
- -------------------------------------------------------------------------------------------
Teva Pharmaceutical Industries Ltd., ADR 129,300 5,624,550
-------------
14,421,760
- -------------------------------------------------------------------------------------------
Healthcare/Supplies & Services--1.5%
Becton, Dickinson & Co. 40,000 1,700,000
- -------------------------------------------------------------------------------------------
Gehe AG 26,000 1,681,332
- -------------------------------------------------------------------------------------------
Smith & Nephew plc(1) 1,382,902 3,811,974
-------------
7,193,306
- -------------------------------------------------------------------------------------------
Energy--2.2%
- -------------------------------------------------------------------------------------------
Oil-Integrated--2.2%
Petroleo Brasileiro SA, ADR 195,000 2,776,527
- -------------------------------------------------------------------------------------------
Repsol SA 61,000 3,468,028
- -------------------------------------------------------------------------------------------
Suncor Energy, Inc. 57,361 1,741,383
- -------------------------------------------------------------------------------------------
Total SA, B Shares 19,500 2,420,761
-------------
10,406,699
</TABLE>
16 Oppenheimer Quest Global Value Fund, Inc.
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market Value
Shares See Note 1
- -------------------------------------------------------------------------------------------
<S> <C> <C>
Financial--31.7%(3)
- -------------------------------------------------------------------------------------------
Banks--11.4%
Argentaria SA 221,000 $ 5,160,966
- -------------------------------------------------------------------------------------------
Banca del Gottardo, Cl. B 3,300 2,743,885
- -------------------------------------------------------------------------------------------
Bank Austria AG 104,395 5,414,580
- -------------------------------------------------------------------------------------------
Banque Nationale de Paris 49,763 3,811,746
- -------------------------------------------------------------------------------------------
Bayerische Hypo-Und Vereinsbank 44,400 3,998,701
- -------------------------------------------------------------------------------------------
Credit Suisse Group 29,000 5,001,818
- -------------------------------------------------------------------------------------------
Empresa Nacional de Comercio Redito e Participacoes SA,
Preference 3,050,000 4,571
- -------------------------------------------------------------------------------------------
Macquarie Bank Ltd. 182,000 1,685,079
- -------------------------------------------------------------------------------------------
Skandinaviska Enskilda Banken Group 480,000 5,452,871
- -------------------------------------------------------------------------------------------
State Bank of India, GDR(1) 214,400 1,731,280
- -------------------------------------------------------------------------------------------
Wells Fargo Co. 530,000 19,080,000
-------------
54,085,497
- -------------------------------------------------------------------------------------------
Diversified Financial--12.7%
Aiful Corp. 40,000 2,277,904
- -------------------------------------------------------------------------------------------
Citigroup, Inc. 318,000 15,959,625
- -------------------------------------------------------------------------------------------
Freddie Mac 444,000 26,862,000
- -------------------------------------------------------------------------------------------
ING Groep NV 92,262 5,298,857
- -------------------------------------------------------------------------------------------
Orix Corp. 23,000 1,644,728
- -------------------------------------------------------------------------------------------
Shohkoh Fund & Co. 11,150 3,682,801
- -------------------------------------------------------------------------------------------
Takefuji Corp. 70,000 4,783,598
-------------
60,509,513
- -------------------------------------------------------------------------------------------
Insurance--7.6%
ACE Ltd. 173,500 5,552,000
- -------------------------------------------------------------------------------------------
AMP Ltd.(1) 175,650 2,273,384
- -------------------------------------------------------------------------------------------
AXA SA 44,800 5,798,204
- -------------------------------------------------------------------------------------------
Exel Ltd., Cl. A 140,000 10,517,500
- -------------------------------------------------------------------------------------------
Istituto Nazionale delle Assicurazioni 1,340,000 3,545,799
- -------------------------------------------------------------------------------------------
Koelnische Rueckversicherungs AG 1,700 2,419,536
- -------------------------------------------------------------------------------------------
Transamerica Corp. 55,000 5,843,750
-------------
35,950,173
</TABLE>
17 Oppenheimer Quest Global Value Fund, Inc.
<PAGE>
- --------------------------------------------------------------------------------
Statement of Investments (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market Value
Shares See Note 1
- -------------------------------------------------------------------------------------------
<S> <C> <C>
Industrial--10.3%
- -------------------------------------------------------------------------------------------
Electrical Equipment--3.0%
Carbone-Lorraine SA 70,550 $ 3,664,774
- -------------------------------------------------------------------------------------------
Siemens AG(1) 122,330 8,676,450
- -------------------------------------------------------------------------------------------
Unican Security Systems Ltd., Cl. B 81,000 1,746,645
-------------
14,087,869
- -------------------------------------------------------------------------------------------
Industrial Materials--1.2%
BPB plc(1) 602,000 2,034,522
- -------------------------------------------------------------------------------------------
Sho-Bond Corp. 105,200 2,529,010
- -------------------------------------------------------------------------------------------
Tarkett AG 99,600 1,299,923
-------------
5,863,455
- -------------------------------------------------------------------------------------------
Manufacturing--6.1%
BTR plc 2,269,919 4,645,945
- -------------------------------------------------------------------------------------------
ITT Industries, Inc. 215,000 7,740,000
- -------------------------------------------------------------------------------------------
Minnesota Mining & Manufacturing Co. 106,000 8,513,125
- -------------------------------------------------------------------------------------------
Sodick Co.(1) 418,000 1,016,775
- -------------------------------------------------------------------------------------------
Tenneco, Inc. (New) 159,900 5,696,437
- -------------------------------------------------------------------------------------------
Unilever plc 142,700 1,499,217
-------------
29,111,499
- -------------------------------------------------------------------------------------------
Technology--12.5%
- -------------------------------------------------------------------------------------------
Aerospace/Defense--5.0%
Boeing Co. 535,000 21,734,375
- -------------------------------------------------------------------------------------------
Embraer-Empresa Brasileira de Aeronautica SA, Preference 167,900,000 1,957,272
-------------
23,691,647
- -------------------------------------------------------------------------------------------
Computer Hardware--0.5%
Canon, Inc. 94,000 2,080,052
- -------------------------------------------------------------------------------------------
Viglen Technology plc 520,000 201,703
-------------
2,281,755
- -------------------------------------------------------------------------------------------
Computer Software/Services--1.9%
Computer Associates International, Inc. 106,000 4,690,500
- -------------------------------------------------------------------------------------------
SAP AG 9,000 4,145,751
-------------
8,836,251
</TABLE>
18 Oppenheimer Quest Global Value Fund, Inc.
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market Value
Shares See Note 1
- -------------------------------------------------------------------------------------------
<S> <C> <C>
Electronics--4.3%
Intel Corp. 50,000 $ 5,381,250
- -------------------------------------------------------------------------------------------
Kyocera Corp. 22,500 1,063,496
- -------------------------------------------------------------------------------------------
Nokia Oyj, Cl. K(1) 47,625 4,677,503
- -------------------------------------------------------------------------------------------
Rohm Co. 18,900 1,599,088
- -------------------------------------------------------------------------------------------
Royal Philips Electronics NV 81,600 5,178,700
- -------------------------------------------------------------------------------------------
Sony Corp. 34,000 2,492,189
-------------
20,392,226
- -------------------------------------------------------------------------------------------
Telecommunications/Technology--0.8%
Ericsson LM, B Shares 136,000 3,774,762
- -------------------------------------------------------------------------------------------
Utilities--5.6%
- -------------------------------------------------------------------------------------------
Electric Utilities--1.7%
Cia Energetica de Minas Gerais 10,945,050 168,602
- -------------------------------------------------------------------------------------------
Eletropaulo Metropolitana SA(1) 12,240,000 624,762
- -------------------------------------------------------------------------------------------
Endesa SA 90,000 2,355,087
- -------------------------------------------------------------------------------------------
Vivendi (Ex-Generale des Eaux) 21,500 4,868,639
-------------
8,017,090
- -------------------------------------------------------------------------------------------
Telephone Utilities--3.9%
Embratel Participacoes SA, Sponsored ADR(1) 61,000 976,000
- -------------------------------------------------------------------------------------------
Sprint Corp.(1) 161,000 11,712,750
- -------------------------------------------------------------------------------------------
Tele Celular Sul Participacoes SA, Sponsored ADR(1) 6,100 138,775
- -------------------------------------------------------------------------------------------
Tele Centro Oeste Celular Participacoes SA, Sponsored ADR(1) 65,333 310,332
- -------------------------------------------------------------------------------------------
Tele Centro Sul Participacoes SA, Sponsored ADR(1) 12,200 696,162
- -------------------------------------------------------------------------------------------
Tele Leste Celular Participacoes SA, Sponsored ADR(1) 12,020 502,586
- -------------------------------------------------------------------------------------------
Tele Nordeste Celular Participacoes SA, Sponsored ADR(1) 3,050 79,872
- -------------------------------------------------------------------------------------------
Tele Norte Celular Participacoes SA, Sponsored ADR(1) 1,220 49,944
- -------------------------------------------------------------------------------------------
Tele Norte Leste Participacoes SA, Sponsored ADR(1) 76,050 1,292,850
- -------------------------------------------------------------------------------------------
Tele Sudeste Celular Participacoes SA, Sponsored ADR(1) 12,200 329,400
- -------------------------------------------------------------------------------------------
Telecomunicacoes Brasileiras SA, Sponsored ADR 61,000 10,484
- -------------------------------------------------------------------------------------------
Telemig Celular Participacoes SA, Sponsored ADR(1) 3,050 94,169
- -------------------------------------------------------------------------------------------
Telesp Celular Participacoes SA, Sponsored ADR(1) 24,400 640,500
- -------------------------------------------------------------------------------------------
Telesp Participacoes SA, Sponsored ADR(1) 61,000 1,631,750
-------------
18,465,574
-------------
Total Common Stocks (Cost $361,901,059) 454,864,559
</TABLE>
19 Oppenheimer Quest Global Value Fund, Inc.
<PAGE>
- --------------------------------------------------------------------------------
Statement of Investments (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market Value
Units See Note 1
===========================================================================================
<S> <C> <C>
Rights, Warrants and Certificates--0.0%
- -------------------------------------------------------------------------------------------
Metro AG Rts., Exp. 12/98 (Cost $0) 68,000 $ 145,774
Face
Amount
===========================================================================================
Short-Term Notes--4.7%(2)
- -------------------------------------------------------------------------------------------
Deere & Co., 4.87%, 12/2/98 $ 15,666,000 15,663,881
- -------------------------------------------------------------------------------------------
Federal Home Loan Bank, 5%, 12/4/98 6,600,000 6,597,250
-------------
Total Short-Term Notes (Cost $22,261,131) 22,261,131
- -------------------------------------------------------------------------------------------
Total Investments, at Value (Cost $384,162,190) 100.3% 477,271,464
- -------------------------------------------------------------------------------------------
Liabilities in Excess of Other Assets (0.3) (1,544,356)
------------- -------------
Net Assets 100.0% $ 475,727,108
============= =============
</TABLE>
20 Oppenheimer Quest Global Value Fund, Inc.
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Distribution of investments by country of issue, as a percentage of total
investments at value, is as follows:
Country Market Value Percent
- --------------------------------------------------------------------------------
United States $252,899,369 53.0%
- --------------------------------------------------------------------------------
Germany 34,564,125 7.2
- --------------------------------------------------------------------------------
Japan 29,982,429 6.3
- --------------------------------------------------------------------------------
France 27,815,100 5.8
- --------------------------------------------------------------------------------
Sweden 22,029,893 4.6
- --------------------------------------------------------------------------------
Great Britain 21,804,645 4.6
- --------------------------------------------------------------------------------
The Netherlands 14,237,125 3.0
- --------------------------------------------------------------------------------
Spain 13,234,177 2.8
- --------------------------------------------------------------------------------
Brazil 12,770,837 2.7
- --------------------------------------------------------------------------------
Switzerland 11,982,157 2.5
- --------------------------------------------------------------------------------
Finland 6,686,248 1.4
- --------------------------------------------------------------------------------
Israel 5,624,550 1.2
- --------------------------------------------------------------------------------
Canada 5,432,959 1.1
- --------------------------------------------------------------------------------
Austria 5,414,580 1.1
- --------------------------------------------------------------------------------
Australia 3,958,463 0.8
- --------------------------------------------------------------------------------
Italy 3,881,970 0.8
- --------------------------------------------------------------------------------
China 2,393,807 0.5
- --------------------------------------------------------------------------------
India 1,731,280 0.4
- --------------------------------------------------------------------------------
Hungary 827,750 0.2
------------ -----
Total $477,271,464 100.0%
============ =====
1. Non-income producing security.
2. 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.
3. The Fund may have elements of risk due to concentrated investments in
specific industries. Such concentrations may subject the Fund to additional
risks resulting from future political or economic conditions.
See accompanying Notes to Financial Statements.
21 Oppenheimer Quest Global Value Fund, Inc.
<PAGE>
- --------------------------------------------------------------------------------
Statement of Assets and Liabilities November 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
=====================================================================================
Assets
Investments, at value (cost $384,162,190)--see accompanying statement $477,271,464
- -------------------------------------------------------------------------------------
Cash--foreign currencies 237,082
- -------------------------------------------------------------------------------------
Receivables and other assets:
Investments sold 2,085,664
Interest and dividends 950,366
Shares of capital stock sold 274,847
Other 3,285
-------------
Total assets 480,822,708
=====================================================================================
Liabilities
Bank overdraft 521,254
- -------------------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased 2,419,113
Shares of capital stock redeemed 1,759,383
Distribution and service plan fees 186,888
Transfer and shareholder servicing agent fees 49,288
Directors' fees--Note 1 12,473
Other 147,201
-------------
Total liabilities 5,095,600
=====================================================================================
Net Assets $475,727,108
=============
=====================================================================================
Composition of Net Assets
Par value of shares of capital stock $247,821
- -------------------------------------------------------------------------------------
Additional paid-in capital 356,273,411
- -------------------------------------------------------------------------------------
Overdistributed net investment income (849,705)
- -------------------------------------------------------------------------------------
Accumulated net realized gain on investments and
foreign currency transactions 26,932,046
- -------------------------------------------------------------------------------------
Net unrealized appreciation on investments and translation of
assets and liabilities denominated in foreign currencies 93,123,535
-------------
Net assets $475,727,108
=============
</TABLE>
22 Oppenheimer Quest Global Value Fund, Inc.
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
================================================================================
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$295,596,148 and 15,256,657 shares of capital stock outstanding) $19.37
Maximum offering price per share (net asset value plus sales charge
of 5.75% of offering price) $20.55
- --------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent
deferred sales charge) and offering price per share (based on net
assets of $129,070,503 and 6,822,099 shares of capital stock
outstanding) $18.92
- --------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent
deferred sales charge) and offering price per share (based on net
assets of $51,060,457 and 2,703,395 shares of capital stock
outstanding) $18.89
See accompanying Notes to Financial Statements.
23 Oppenheimer Quest Global Value Fund, Inc.
<PAGE>
- --------------------------------------------------------------------------------
Statement of Operations For the Year Ended November 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
======================================================================================
Investment Income
Dividends (net of foreign withholding taxes of $289,360) $ 6,027,536
- --------------------------------------------------------------------------------------
Interest 2,386,300
- --------------------------------------------------------------------------------------
Security lending fees--Note 6 86,771
------------
Total income 8,500,607
======================================================================================
Expenses
Management fees--Note 4 3,400,966
- --------------------------------------------------------------------------------------
Distribution and service plan fees--Note 4:
Class A 1,457,378
Class B 1,185,327
Class C 472,869
- --------------------------------------------------------------------------------------
Administrative fees--Note 4 1,143,238
- --------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees--Note 4 574,283
- --------------------------------------------------------------------------------------
Custodian fees and expenses 339,899
- --------------------------------------------------------------------------------------
Shareholder reports 129,148
- --------------------------------------------------------------------------------------
Registration and filing fees:
Class A 53,654
Class B 26,702
Class C 10,855
- --------------------------------------------------------------------------------------
Legal, auditing and other professional fees 43,458
- --------------------------------------------------------------------------------------
Directors' fees and expenses--Note 1 36,754
- --------------------------------------------------------------------------------------
Other 31,966
------------
Total expenses 8,906,497
======================================================================================
Net Investment Loss (405,890)
======================================================================================
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments 33,268,856
Foreign currency transactions (5,958,394)
------------
Net realized gain 27,310,462
- --------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on:
Investments 2,739,344
Translation of assets and liabilities denominated in foreign currencies 7,170,037
------------
Net change 9,909,381
------------
Net realized and unrealized gain 37,219,843
======================================================================================
Net Increase in Net Assets Resulting from Operations $36,813,953
============
</TABLE>
See accompanying Notes to Financial Statements.
24 Oppenheimer Quest Global Value Fund, Inc.
<PAGE>
- --------------------------------------------------------------------------------
Statements of Changes in Net Assets
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Year Ended November 30,
1998 1997
===============================================================================================
<S> <C> <C>
Operations
Net investment income (loss) $ (405,890) $ 79,629
- -----------------------------------------------------------------------------------------------
Net realized gain 27,310,462 16,527,219
- -----------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation 9,909,381 26,553,451
------------- -------------
Net increase in net assets resulting from operations 36,813,953 43,160,299
===============================================================================================
Dividends and Distributions to Shareholders
Dividends from net investment income:
Class A (373,535) (67,908)
- -----------------------------------------------------------------------------------------------
Distributions from net realized gain:
Class A (10,969,004) (6,430,679)
Class B (4,151,937) (1,344,536)
Class C (1,648,947) (546,226)
===============================================================================================
Capital Stock Transactions
Net increase in net assets resulting from
capital stock transactions--Note 2:
Class A 14,728,260 49,561,888
Class B 25,981,560 53,533,310
Class C 10,484,959 20,211,931
===============================================================================================
Net Assets
Total increase 70,865,309 158,078,079
- -----------------------------------------------------------------------------------------------
Beginning of period 404,861,799 246,783,720
------------- -------------
End of period (including overdistributed net investment income
of $849,705 and $165,139, respectively) $475,727,108 $404,861,799
============= =============
</TABLE>
See accompanying Notes to Financial Statements.
25 Oppenheimer Quest Global Value Fund, Inc.
<PAGE>
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Class A
-----------------------------------------
Year Ended November 30,
1998 1997 1996
================================================================================================
<S> <C> <C> <C>
Per Share Operating Data
Net asset value, beginning of period $18.50 $16.48 $15.49
- ------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) .03 .03 .03
Net realized and unrealized gain 1.63 2.55 2.33
------ ------ ------
Total income from investment operations 1.66 2.58 2.36
- ------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.03) (.01) (.13)
Distributions from net realized gain (.76) (.55) (1.24)
------ ------ ------
Total dividends and distributions to shareholders (.79) (.56) (1.37)
- ------------------------------------------------------------------------------------------------
Net asset value, end of period $19.37 $18.50 $16.48
====== ====== ======
================================================================================================
Total Return, at Net Asset Value(3) 9.38% 16.24% 16.60%
================================================================================================
Ratios/Supplemental Data
Net assets, end of period (in thousands) $295,596 $267,636 $192,000
- ------------------------------------------------------------------------------------------------
Average net assets (in thousands) $291,554 $233,020 $174,838
- ------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income (loss) 0.09% 0.17% 0.19%
Expenses 1.76% 1.73% 1.88%
- ------------------------------------------------------------------------------------------------
Portfolio turnover rate(5) 59.1% 32.0% 47.8%
</TABLE>
1. On November 22, 1995, OppenheimerFunds, Inc. became the investment advisor to
the Fund.
2. Based on average shares outstanding for the period.
3. 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.
4. During the period noted above, the former Advisor 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. 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.
26 Oppenheimer Quest Global Value Fund, Inc.
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Class B
-------------------------- --------------------------------
Year Ended November 30,
1995(1) 1994 1998 1997
================================================================================================================================
<S> <C> <C> <C> <C>
Per Share Operating Data
Net asset value, beginning of period $14.16 $13.54 $18.14 $16.25
- --------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) .11(2) .01(2) (.06) (.04)
Net realized and unrealized gain 2.45 1.10 1.60 2.48
------ ------ ------ ------
Total income from investment operations 2.56 1.11 1.54 2.44
- --------------------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income -- -- -- --
Distributions from net realized gain (1.23) (.49) (.76) (.55)
------ ------ ------ ------
Total dividends and distributions to shareholders (1.23) (.49) (.76) (.55)
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $15.49 $14.16 $18.92 $18.14
====== ====== ====== ======
================================================================================================================================
Total Return, at Net Asset Value(3) 19.75% 8.37% 8.89% 15.61%
================================================================================================================================
Ratios/Supplemental Data
Net assets, end of period (in thousands) $161,693 $148,044 $129,071 $98,457
- --------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $154,288 $148,461 $118,617 $67,317
- --------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income (loss) 0.77% 0.05%(4) (0.41)% (0.34)%
Expenses 1.88% 1.92%(4) 2.27% 2.24%
- --------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(5) 76.0% 70.0% 59.1% 32.0%
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------
1996 1995(1) 1994
==============================================================================================
<S> <C> <C> <C>
Per Share Operating Data
Net asset value, beginning of period $15.30 $14.07 $13.52
- ----------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) -- .02(2) (.06)(2)
Net realized and unrealized gain 2.26 2.44 1.10
------ ------ ------
Total income from investment operations 2.26 2.46 1.04
- ----------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.07) -- --
Distributions from net realized gain (1.24) (1.23) (.49)
------ ------ ------
Total dividends and distributions to shareholders (1.31) (1.23) (.49)
- ----------------------------------------------------------------------------------------------
Net asset value, end of period $16.25 $15.30 $14.07
====== ====== ======
==============================================================================================
Total Return, at Net Asset Value(3) 16.03% 19.12% 7.84%
==============================================================================================
Ratios/Supplemental Data
Net assets, end of period (in thousands) $38,634 $16,980 $10,268
- ----------------------------------------------------------------------------------------------
Average net assets (in thousands) $27,351 $13,908 $5,982
- ----------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income (loss) (0.03)% 0.16% (0.44)%(4)
Expenses 2.41% 2.47% 2.50%(4)
- ----------------------------------------------------------------------------------------------
Portfolio turnover rate(5) 47.8% 76.0% 70.0%
</TABLE>
5. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended November 30, 1998 were $315,627,939 and $249,636,450, respectively.
27 Oppenheimer Quest Global Value Fund, Inc.
<PAGE>
- --------------------------------------------------------------------------------
Financial Highlights (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Class C
---------------------------------------------------------------------
Year Ended November 30,
1998 1997 1996 1995(1) 1994
=======================================================================================================================
<S> <C> <C> <C> <C> <C>
Per Share Operating Data
Net asset value, beginning of period $18.11 $16.22 $15.26 $14.06 $13.52
- -----------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) (.06) (.03) (.04) --(2) (.08)(2)
Net realized and unrealized gain 1.60 2.47 2.29 2.43 1.11
------ ------ ------ ------ ------
Total income from investment operations 1.54 2.44 2.25 2.43 1.03
- -----------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income -- -- (.05) -- --
Distributions from net realized gain (.76) (.55) (1.24) (1.23) (.49)
------ ------ ------ ------ ------
Total dividends and distributions
to shareholders (.76) (.55) (1.29) (1.23) (.49)
- -----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $18.89 $18.11 $16.22 $15.26 $14.06
====== ====== ====== ====== ======
=======================================================================================================================
Total Return, at Net Asset Value(3) 8.90% 15.64% 16.04% 18.90% 7.77%
=======================================================================================================================
Ratios/Supplemental Data
Net assets, end of period (in thousands) $51,060 $38,769 $16,149 $4,373 $2,415
- -----------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $47,322 $26,735 $10,152 $3,834 $1,150
- -----------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income (loss) (0.41)% (0.34)% (0.07)% 0.03% (0.59)%(4)
Expenses 2.27% 2.24% 2.43% 2.60% 2.66%(4)
- -----------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(5) 59.1% 32.0% 47.8% 76.0% 70.0%
</TABLE>
1. On November 22, 1995, OppenheimerFunds, Inc. became the investment advisor to
the Fund.
2. Based on average shares outstanding for the period.
3. 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.
4. During the period noted above, the former Advisor 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. 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.
5. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended November 30, 1998 were $315,627,939 and $249,636,450, respectively.
See accompanying Notes to Financial Statements.
28 Oppenheimer Quest Global Value Fund, Inc.
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements
- --------------------------------------------------------------------------------
================================================================================
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. The Fund seeks its investment objective through
pursuit of a global investment strategy primarily involving equity securities.
The Fund's investment advisor is OppenheimerFunds, Inc. (the Manager). The Fund
offers Class A, Class B and Class C shares. Class A shares are sold 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 that class
and exclusive voting rights with respect to matters affecting that 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 an
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.
29 Oppenheimer Quest Global Value Fund, Inc.
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (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 foreign 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, Gains and Losses. Income, expenses (other than
those attributable to a specific class), gains and losses are allocated daily to
each class of shares based upon the relative proportion of net assets
represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.
- --------------------------------------------------------------------------------
Federal Taxes. The Fund intends to continue to comply with provisions of the
Internal Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income, including any net realized gain on
investments not offset by loss carryovers, to shareholders. Therefore, no
federal income or excise tax provision is required.
- --------------------------------------------------------------------------------
Directors' Fees and Expenses. The Fund has adopted a nonfunded retirement plan
for the Fund's independent directors. Benefits are based on years of service and
fees paid to each director during the years of service. During the year ended
November 30, 1998, a provision of $12,437 was made for the Fund's projected
benefit obligations, resulting in an accumulated liability of $12,437 as of
November 30, 1998.
- --------------------------------------------------------------------------------
Distributions to Shareholders. Dividends and distributions to shareholders are
recorded on the ex-dividend date.
30 Oppenheimer Quest Global Value Fund, Inc.
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
================================================================================
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 its 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 fiscal year in which the income or realized gain
was recorded by the Fund.
The Fund adjusts the classification of distributions to
shareholders to reflect the differences between financial statement amounts and
distributions determined in accordance with income tax regulations. Accordingly,
during the year ended November 30, 1998, amounts have been reclassified to
reflect a decrease in overdistributed net investment income of $94,859.
Accumulated net realized gain on investments was decreased by the same amount.
- --------------------------------------------------------------------------------
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.
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.
31 Oppenheimer Quest Global Value Fund, Inc.
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (Continued)
- --------------------------------------------------------------------------------
================================================================================
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>
Year Ended November 30, 1998 Year Ended November 30, 1997
---------------------------- ----------------------------
Shares Amount Shares Amount
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A:
Sold 4,910,696 $ 93,437,975 5,472,340 $ 97,919,431
Dividends and
distributions reinvested 626,544 10,983,313 402,738 6,322,991
Redeemed (4,750,300) (89,693,028) (3,053,828) (54,680,534)
---------- ------------ ---------- ------------
Net increase 786,940 $ 14,728,260 2,821,250 $ 49,561,888
========== ============ ========== ============
- ---------------------------------------------------------------------------------------------
Class B:
Sold 2,090,654 $ 38,937,146 3,404,941 $ 59,914,611
Dividends and
distributions reinvested 227,806 3,918,313 80,637 1,247,453
Redeemed (923,753) (16,873,899) (435,710) (7,628,754)
---------- ------------ ---------- ------------
Net increase 1,394,707 $ 25,981,560 3,049,868 $ 53,533,310
========== ============ ========== ============
- ---------------------------------------------------------------------------------------------
Class C:
Sold 1,153,408 $ 21,397,342 1,522,007 $ 26,737,430
Dividends and
distributions reinvested 88,697 1,522,922 31,126 480,587
Redeemed (679,309) (12,435,305) (407,992) (7,006,086)
---------- ------------ ---------- ------------
Net increase 562,796 $ 10,484,959 1,145,141 $ 20,211,931
========== ============ ========== ============
</TABLE>
================================================================================
3. Unrealized Gains and Losses on Investments
As of November 30, 1998, net unrealized appreciation on investments of
$93,109,274 was composed of gross appreciation of $112,245,867, and gross
depreciation of $19,136,593.
32 Oppenheimer Quest Global Value Fund, Inc.
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
================================================================================
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 Fund's
management fee for the year ended November 30, 1998 was 0.74% of average annual
net assets for Class A, Class B and Class C shares.
The Manager pays OpCap Advisors (the Sub-Advisor) based on the
fee schedule set forth in the Prospectus. For the year ended November 30, 1998,
the Manager paid $1,546,843 to the Sub-Advisor.
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 year ended November 30, 1998, commissions (sales charges
paid by investors) on sales of Class A shares totaled $771,228, of which
$219,844 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 A, Class
B and Class C shares totaled $117,276, $1,297,914 and $167,136, respectively.
Amounts paid to an affiliated broker/dealer for Class B and Class C shares were
$93,502 and $3,366, respectively. During the year ended November 30, 1998, OFDI
received contingent deferred sales charges of $216,314 and $16,670,
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
Oppenheimer funds. The Fund pays OFS an annual maintenance fee for each Fund
shareholder account and reimburses OFS for its out-of-pocket expenses. Effective
May 1, 1998, the Board of Directors approved an increase in the annual
maintenance fee from $14.85 to $18.00 for each shareholder account. During the
year ended November 30, 1998, the Fund paid OFS $538,536.
33 Oppenheimer Quest Global Value Fund, Inc.
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (Continued)
- --------------------------------------------------------------------------------
================================================================================
4. Management Fees and Other Transactions with Affiliates (continued)
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 shareholder 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. Each fee is 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
year ended November 30, 1998, OFDI paid $38,384 to an affiliated broker/dealer
as compensation for Class A personal service and maintenance expenses and
retained $541,198 as compensation for Class A sales commissions and service fee
advances, as well as financing costs.
The Fund has adopted Distribution and Service Plans for Class B
and Class C shares to compensate OFDI for its 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
for its services rendered in distributing Class B and Class C shares. OFDI also
receives a service fee of 0.25% per year to compensate dealers for providing
personal services for accounts that hold Class B and C shares. Each fee is
computed on the average annual net assets of Class B or Class C shares,
determined as of the close of each regular business day. During the year ended
November 30, 1998, OFDI paid $5,096 and $2,743, respectively, to an affiliated
broker/dealer as compensation for Class B and Class C personal service and
maintenance expenses and retained $1,016,022 and $320,991, respectively, as
compensation for Class B and Class C sales commissions and service fee advances,
as well as financing costs. If either Plan is terminated by the Fund, the Board
of Directors may allow the Fund to continue payments of the asset-based sales
charge to OFDI for distributing shares before the Plan was terminated. As of
November 30, 1998, OFDI had incurred excess distribution and servicing costs of
$2,920,010 for Class B and $501,543 for Class C.
34 Oppenheimer Quest Global Value Fund, Inc.
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
================================================================================
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. Gains and losses on outstanding contracts (unrealized appreciation
or depreciation on forward contracts) are reported in the Statement of Assets
and Liabilities. Realized gains and losses are reported with all other foreign
currency gains and losses in the Fund's Statement of Operations.
Risks include the potential inability of the counterparty to meet
the terms of the contract and unanticipated movements in the value of a foreign
currency relative to the U.S. dollar.
================================================================================
6. Securities Loaned
The Fund entered into a securities lending arrangement with the former
custodian. Under the terms of the agreement, the Fund paid State Street Bank and
Trust Company 35% of the net interest earned as a fee for administering the
security lending program. The former custodian was 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 the Manager. As of November 30,
1998, there were no securities on loan.
35 Oppenheimer Quest Global Value Fund, Inc.
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (Continued)
- --------------------------------------------------------------------------------
================================================================================
7. Bank Borrowings
The Fund may borrow from a bank for temporary or emergency purposes including,
without limitation, funding of shareholder redemptions provided asset coverage
for borrowings exceeds 300%. The Fund has entered into an agreement which
enables it to participate with other Oppenheimer funds in an unsecured line of
credit with a bank, which permits borrowings up to $400 million, collectively.
Interest is charged to each fund, based on its borrowings, at a rate equal to
the Federal Funds Rate plus 0.35%. Borrowings are payable 30 days after such
loan is executed. The Fund also pays a commitment fee equal to its pro rata
share of the average unutilized amount of the credit facility at a rate of
0.0575% per annum.
The Fund had no borrowings outstanding during the year ended
November 30, 1998.
================================================================================
8. Other Matters
Effective September 22, 1998, the Fund changed its custodian bank from State
Street Bank and Trust Company to Citibank, N.A.
36 Oppenheimer Quest Global Value Fund, Inc.
<PAGE>
- --------------------------------------------------------------------------------
Report of Independent Accountants
- --------------------------------------------------------------------------------
================================================================================
To the Board of Directors and Shareholders of
Oppenheimer Quest Global Value Fund, Inc.
In our opinion, the accompanying statement of assets and liabilities, including
the statement of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Oppenheimer Quest Global Value
Fund, Inc. (the Fund) at November 30, 1998, the results of its operations for
the year then ended, the changes in its net assets for each of the two years in
the period then ended and the financial highlights for each of the five years in
the period then ended, in conformity with generally accepted accounting
principles. These financial statements and financial highlights (hereafter
referred to as financial statements) are the responsibility of the Fund's
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these financial
statements in accordance with generally accepted auditing standards which
require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at November 30, 1998 by correspondence with
custodians, provide a reasonable basis for the opinion expressed above.
PricewaterhouseCoopers LLP
Denver, Colorado
December 21, 1998
37 Oppenheimer Quest Global Value Fund, Inc.
<PAGE>
- --------------------------------------------------------------------------------
Federal Income Tax Information (Unaudited)
- --------------------------------------------------------------------------------
================================================================================
In early 1999 shareholders will receive information regarding all dividends and
distributions paid to them by the Fund during calendar year 1998. Regulations of
the U.S. Treasury Department require the Fund to report this information to the
Internal Revenue Service.
Distributions of $0.7822, $0.7565 and $0.7565 per share were paid
to Class A, Class B and Class C shareholders, respectively, on December 17,
1997, of which, for each class of shares, $0.3020 was designated as a capital
gain distribution in the "28% Rate Group" and $0.3589 was designated as a
capital gain distribution in the "20% Rate Group" for federal income tax
purposes. Whether received in stock or cash, the capital gain distribution
should be treated by shareholders as a gain from the sale of capital assets.
Dividends paid by the Fund during the fiscal year ended November
30, 1998, which are not designated as capital gain distributions, should be
multiplied by 100% to arrive at the net amount eligible for the corporate
dividend-received deduction.
The foregoing information is presented to assist shareholders in
reporting distributions received from the Fund to the Internal Revenue Service.
Because of the complexity of the federal regulations which may affect your
individual tax return and the many variations in state and local tax
regulations, we recommend that you consult your tax advisor for specific
guidance.
38 Oppenheimer Quest Global Value Fund, Inc.
<PAGE>
- --------------------------------------------------------------------------------
Oppenheimer Quest Global Value Fund, Inc.
- --------------------------------------------------------------------------------
================================================================================
Officers and Bridget A. Macaskill, Chairman of the Board of Directors
Directors and President
Paul Y. Clinton, Director
Thomas W. Courtney, Director
Robert G. Galli, 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 Advisor OppenheimerFunds, Inc.
and Administrator
================================================================================
Sub-Advisor OpCap Advisors
================================================================================
Distributor OppenheimerFunds Distributor, Inc.
================================================================================
Transfer and OppenheimerFunds Services
Shareholder
Servicing Agent
================================================================================
Custodian of Citibank, N.A.
Portfolio
Securities
================================================================================
Independent PricewaterhouseCoopers LLP
Accountants
================================================================================
Legal Counsel Gordon Altman Butowsky Weitzen Shalov & Wein
This is a copy of a report to shareholders of
Oppenheimer Quest Global Value Fund, Inc. This report
must be preceded or accompanied by a Prospectus of
Oppenheimer Quest Global Value Fund, Inc. For material
information concerning the Fund, see the Prospectus.
Shares of Oppenheimer funds are not deposits or
obligations of any bank, are not guaranteed by any bank,
are not insured by the FDIC or any other agency, and
involve investment risks, including the possible loss of
the principal amount invested.
39 Oppenheimer Quest Global Value Fund, Inc.
<PAGE>
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trans actions now available
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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
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[LOGO] OppenheimerFunds(R)
Distributor, Inc.
RA0254.001.1198 January 29, 1999
