File No. 33-54849
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549-1004
POST-EFFECTIVE
AMENDMENT NO. 2
TO
FORM S-6
For Registration Under the Securities Act of 1933 of Securities
of Unit Investment Trusts Registered on Form N-8B-2
OPPENHEIMER GLOBAL GROWTH & TREASURY SECURITIES TRUST, SERIES 1
(Exact Name of Trust)
NIKE SECURITIES L.P.
(Exact Name of Depositor)
1001 Warrenville Road
Lisle, Illinois 60532
(Complete address of Depositor's principal executive offices)
NIKE SECURITIES L.P. CHAPMAN AND CUTLER
Attn: James A. Bowen Attn: Eric F. Fess
1001 Warrenville Road 111 West Monroe Street
Lisle, Illinois 60532 Chicago, Illinois 60603
(Name and complete address of agents for service)
It is proposed that this filing will become effective (check
appropriate box)
: : immediately upon filing pursuant to paragraph (b)
: x : March 1, 1996
: : 60 days after filing pursuant to paragraph (a)
: : on (date) pursuant to paragraph (a) of rule (485 or 486)
Pursuant to Rule 24f-2 under the Investment Company Act of 1940,
the issuer has registered an indefinite amount of securities. A
24f-2 Notice for the offering was last filed on October 24, 1995.
<PAGE>
OPPENHEIMER GLOBAL GROWTH & TREASURY SECURITIES TRUST, SERIES 1
977,846 Units
PROSPECTUS
Part One
Dated December 20, 1995
Note: Part One of this Prospectus may not be distributed unless accompanied by
Part Two.
The Trust
The Oppenheimer Global Growth & Treasury Securities Trust (the "Trust") is a
unit investment trust consisting of a portfolio of "zero coupon" U.S. Treasury
bonds (Treasury Obligations) and shares of Oppenheimer Global Fund, Inc.
("Oppenheimer"). Oppenheimer is an open-end diversified management investment
company, commonly known as a mutual fund. At November 16, 1995, each Unit
represented a 1/977,846 undivided interest in the principal and net income of
the Trust (see "The Trust" in Part Two).
The Units being offered by this Prospectus are issued and outstanding Units
which have been purchased by the Sponsor in the secondary market or from the
Trustee after having been tendered for redemption. The profit or loss
resulting from the sale of Units will accrue to the Sponsor. No proceeds from
the sale of Units will be received by the Trust.
Public Offering Price
The Public Offering Price per Unit is equal to the aggregate value of the
Securities in the Portfolio of the Trust divided by the number of Units
outstanding, plus a sales charge of 5.5% of the Public Offering Price (5.820%
of the amount invested). At November 16, 1995, the Public Offering Price per
Unit was $10.7421 (see "Public Offering" in Part Two).
Please retain both parts of this Prospectus for future reference.
___________________________________________________________________________
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY
IS A CRIMINAL OFFENSE.
___________________________________________________________________________
NIKE SECURITIES L.P.
Sponsor
<PAGE>
OPPENHEIMER GLOBAL GROWTH & TREASURY SECURITIES TRUST, SERIES 1
SUMMARY OF ESSENTIAL INFORMATION AS OF NOVEMBER 16, 1995
Sponsor: Nike Securities L.P.
Evaluator: FT Evaluators, L.P.
Trustee: The Chase Manhattan Bank (National Association)
<TABLE>
<CAPTION>
GENERAL INFORMATION
<S> <C>
Aggregate Maturity Value of Treasury Obligations in the Trust $9,779,000
Aggregate Number of Shares of Oppenheimer in the Trust 122,216
Number of Units 977,846
Fractional Undivided Interest in the Trust per Unit 1/977,846
Public Offering Price per Unit:
Aggregate Value of Securities in the Portfolio $9,926,436
Aggregate Value of Securities per Unit $10.1513
Sales Charge 5.820% (5.5% of Public Offering Price) $.5908
Public Offering Price per Unit $10.7421
Redemption Price and Sponsor's Repurchase Price per
Unit ($.5908 less than the Public Offering Price
per Unit) $10.1513
</TABLE>
Date Trust Established September 22, 1994
Mandatory Termination Date May 15, 2005
Evaluator's Annual Fee: $.0020 per $10 principal amount of Treasury
Obligations outstanding. Evaluations for purposes of sale, purchase or
redemption of Units are made as of the close of trading (4:00 p.m. Eastern
time) on the New York Stock Exchange on each day on which it is open.
Supervisory fee payable to an affiliate Maximum of $.0015 per Unit
of the Sponsor outstanding annually
Bookkeeping and administrative expenses payable Maximum of $.0010 per Unit
to the Sponsor outstanding annually
Trustee's Annual Fee: $.009 per Unit outstanding.
Record Date: As soon as practicable after Oppenheimer's ex-dividend date.
Distribution Date: As soon as practicable after Oppenheimer's distribution
date.
<PAGE>
THIS PAGE INTENTIONALLY LEFT BLANK.
<PAGE>
REPORT OF INDEPENDENT AUDITORS
The Unit Holders of Oppenheimer Global
Growth & Treasury Securities Trust, Series 1
We have audited the accompanying statement of assets and liabilities,
including the portfolio, of Oppenheimer Global Growth & Treasury Securities
Trust, Series 1 as of August 31, 1995, and the related statements of
operations and changes in net assets for the period from the Initial Date of
Deposit, September 22, 1994, to August 31, 1995. These financial statements
are the responsibility of the Trust's Sponsor. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards 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. Our
procedures included confirmation of securities owned as of August 31, 1995, by
correspondence with the Trustee. An audit also includes assessing the
accounting principles used and significant estimates made by the Sponsor, as
well as evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Oppenheimer Global Growth &
Treasury Securities Trust, Series 1 at August 31, 1995, and the results of its
operations and changes in its net assets for the period from the Initial Date
of Deposit, September 22, 1994, to August 31, 1995, in conformity with
generally accepted accounting principles.
ERNST & YOUNG LLP
Chicago, Illinois
November 10, 1995
<PAGE>
OPPENHEIMER GLOBAL GROWTH & TREASURY SECURITIES TRUST, SERIES 1
STATEMENT OF ASSETS AND LIABILITIES
August 31, 1995
<TABLE>
<CAPTION>
ASSETS
<S> <C>
Securities, at market value (cost, including
accretion on the treasury obligations,
$9,137,546)(Note 1) $9,724,913
Cash 142
___________
9,725,055
</TABLE>
<TABLE>
<CAPTION>
LIABILITIES AND NET ASSETS
<S> <C> <C>
Accrued liabilities 6,245
___________
Net assets, applicable to 985,000 outstanding
units of fractional undivided interest:
Cost of Trust assets, including accretion
on the treasury obligations (Note 1) $9,137,546
Net unrealized appreciation (Note 2) 587,367
Distributable funds (deficit) (6,103)
___________
$9,718,810
===========
Net asset value per unit $9.8668
===========
</TABLE>
[FN]
See accompanying notes to financial statements.
<PAGE>
OPPENHEIMER GLOBAL GROWTH & TREASURY SECURITIES TRUST, SERIES 1
PORTFOLIO
August 31, 1995
<TABLE>
<CAPTION>
Maturity Market
value Name of Issuer and Title of Security (1) value
<C> <S> <C>
Zero Coupon U.S. Treasury bonds
$9,850,000 maturing May 15, 2005 $5,285,025
==========
</TABLE>
<TABLE>
<CAPTION>
Shares
<C> <S> <C>
123,125 Oppenheimer Global Fund 4,439,888
========== __________
Total investments $9,724,913
==========
</TABLE>
(1) The treasury obligations have been purchased at a discount from their
par value because there is no stated interest income thereon. Over the
life of the treasury obligations the value increases, so that upon
maturity the holders will receive 100% of the principal amount thereof.
[FN]
See accompanying notes to financial statements.
<PAGE>
OPPENHEIMER GLOBAL GROWTH & TREASURY SECURITIES TRUST, SERIES 1
STATEMENT OF OPERATIONS
Period from the Initial Date of Deposit,
September 22, 1994, to August 31, 1995
<TABLE>
<S> <C>
Interest income $239,515
Dividends:
Ordinary income 62,434
Capital gain 211,097
__________
Total investment income 513,046
Expenses:
Trustee's fees and related expenses (8,776)
Evaluator's fees (1,296)
Supervisory fees (1,044)
Administrative fees (726)
__________
Total expenses (11,842)
__________
Investment income - net 501,204
Net gain (loss) on investments:
Net realized gain (loss) -
Change in unrealized appreciation
or depreciation 587,367
__________
587,367
__________
Net increase (decrease) in net
assets resulting from operations $1,088,571
==========
</TABLE>
[FN]
See accompanying notes to financial statements.
<PAGE>
OPPENHEIMER GLOBAL GROWTH & TREASURY SECURITIES TRUST, SERIES 1
STATEMENT OF CHANGES IN NET ASSETS
Period from the Initial Date of Deposit,
September 22, 1994, to August 31, 1995
<TABLE>
<S> <C>
Net increase (decrease) in net assets
resulting from operations:
Investment income - net $501,204
Net realized gain (loss)
on investments -
Change in unrealized appreciation
or depreciation on investments 587,367
__________
1,088,571
Units issued (935,000) 8,440,156
Distributions to unit holders:
Investment income - net (267,792)
__________
Total increase (decrease) in net
assets 9,260,935
Net assets:
At the beginning of the period 457,875
__________
At the end of the period (including
distributable funds (deficit)
applicable to Trust units of $(6,103)) $9,718,810
==========
Trust units outstanding at the end
of the period 985,000
</TABLE>
[FN]
See accompanying notes to financial statements.
<PAGE>
OPPENHEIMER GLOBAL GROWTH & TREASURY SECURITIES TRUST, SERIES 1
NOTES TO FINANCIAL STATEMENTS
1. Significant accounting policies
Security valuation -
The treasury obligations are stated at values as determined by FT Evaluators
L.P., an affiliate of the Sponsor. The values are based on (1) current bid
prices for the securities obtained from dealers or brokers who customarily
deal in securities comparable to those held by the Trust, (2) current bid
prices for comparable securities, (3) appraisal or (4) any combination of the
above.
Shares of Oppenheimer Global Fund (Oppenheimer) are stated at Oppenheimer's
published net asset value as reported by the Evaluator. Net asset value is
determined by dividing the value of Oppenheimer's securities plus any cash and
other assets (including accrued interest and dividends receivable) less all
liabilities (including accrued expenses) by the number of shares outstanding,
adjusted to the nearest whole cent.
Investment income -
Dividends from the Oppenheimer shares are recorded on Oppenheimer's ex-
dividend date. Interest income consists of amortization of original issue
discount and market discount or premium on the treasury obligations. Such
amortization is included in the cost of the treasury obligations rather than
in distributable funds because it is not currently available for distribution
to unit holders.
Security cost -
Cost of the Trust's treasury obligations is based on the offering price of the
treasury obligations on the dates the treasury obligations were deposited in
the Trust, plus amortization of original issue discount and amortization of
market discount or premium. Cost of the Oppenheimer shares is based on the
net asset value of such shares on the dates the shares were deposited in the
Trust. The cost of securities sold is determined on the average cost method.
Sales of securities are recorded on the trade date.
Federal income taxes -
The Trust is not taxable for Federal income tax purposes. Each unit holder is
considered to be the owner of a pro rata portion of the Trust and,
accordingly, no provision has been made for Federal income taxes.
Expenses of the Trust -
The Trust pays a fee for Trustee services to United States Trust Company of
New York, which is based on $.009 per annum per unit outstanding based on the
largest aggregate number of units outstanding during the calendar year.
Effective September 1, 1995, The Chase Manhattan Bank (National Association)
will succeed United States Trust Company of New York as Trustee; the Trustee
fees will not be affected by the change. The Evaluator receives an annual fee
based on $0.002 per $10.00 principal amount of treasury obligations
outstanding. Additionally, the Trust pays recurring financial reporting
costs, an annual supervisory fee payable to an affiliate of the Sponsor and an
annual administrative fee payable to the Sponsor.
<PAGE>
2. Unrealized appreciation and depreciation
An analysis of net unrealized appreciation at August 31, 1995 follows:
<TABLE>
<CAPTION>
Treasury Oppenheimer
obligations shares Total
<S> <C> <C> <C>
Unrealized appreciation $536,923 50,444 587,367
Unrealized depreciation - - -
___________________________________
$536,923 50,444 587,367
===================================
</TABLE>
3. Other information
Cost to investors -
The cost to initial investors of units of the Trust was based on the aggregate
offering price of the treasury obligations and the net asset value of the
Oppenheimer shares on the date of an investor's purchase, plus a sales charge
of 5.5% of the public offering price which is equivalent to approximately
5.820% of the net amount invested.
Distributions to unit holders -
Distributions to unit holders are made as soon as practicable after
Oppenheimer's distribution date. During the period ended August 31, 1995, the
Trust made distributions totaling $.4463 as described below.
<PAGE>
Selected data per unit of the Trust outstanding
throughout the period -
<TABLE>
<CAPTION>
Period from the
Initial Date of Deposit
Sept. 22, 1994, to
Aug. 31, 1995
<S> <C>
Investment income - interest and dividends $.7097
Expenses (.0164)
_______
Investment income - net .6933
Distributions to unit holders:
Investment income - net (.4463)
Net gain (loss) on investments .4623
_______
Total increase (decrease) in net assets .7093
Net assets:
Beginning of the period 9.1575
_______
End of the period $9.8668
=======
</TABLE>
Investment income - interest and dividends, expenses and investment income -
net per unit have been calculated based on the weighted average number of
units outstanding during the period (772,892 units). Distributions to unit
holders of investment income - net per unit reflects the Trust's cash
distributions of approximately $.4463 per unit to 600,000 units on December
22, 1994. The net gain (loss) on investments per unit includes the effects of
changes arising from issuance of 935,000 additional units during the period at
net asset values which differed from the net asset value per unit of the
original 50,000 units ($9.1575 per unit) on September 22, 1994.
<PAGE>
OPPENHEIMER GLOBAL GROWTH & TREASURY SECURITIES TRUST, SERIES 1
PART ONE
Must be Accompanied by Part Two
___________________
P R O S P E C T U S
___________________
SPONSOR: Nike Securities L.P.
1001 Warrenville Road
Lisle, Illinois 60532
(800) 621-1675
TRUSTEE: The Chase Manhattan Bank
(National Association)
770 Broadway
New York, New York 10003
LEGAL COUNSEL Chapman and Cutler
TO SPONSOR: 111 West Monroe Street
Chicago, Illinois 60603
LEGAL COUNSEL Carter, Ledyard & Milburn
TO TRUSTEE: 2 Wall Street
New York, New York 10005
INDEPENDENT Ernst & Young, LLP
AUDITORS: Sears Tower
233 South Wacker Drive
Chicago, Illinois 60606
This Prospectus does not constitute an offer to sell, or a solicitation of an
offer to buy, securities in any jurisdiction to any person to whom it is not
lawful to make such offer in such jurisdiction.
This Prospectus does not contain all the information set forth in the
registration statement and exhibits relating thereto, which the Trust has
filed with the Securities and Exchange Commission, Washington, D.C., under the
Securities Act of 1933 and the Investment Company Act of 1940, and to which
reference is hereby made.
Oppenheimer Global Growth & Treasury Securities Trust
PROSPECTUS NOTE: THIS PART TWO PROSPECTUS MAY
Part Two ONLY BE USED WITH PART ONE
Dated January 31, 1996
The Trust. Oppenheimer Global Growth & Treasury Securities Trust
(the "Trust") is a unit investment trust consisting of a portfolio
of zero coupon U.S. Treasury bonds and shares of Oppenheimer Global
Fund (the "Fund"). The Fund is an open-end, diversified management
investment company, commonly known as a mutual fund.
The objective of the Trust is to protect Unit holders' capital
by investing a portion of the Trust's portfolio in zero coupon
U.S. Treasury bonds ("Treasury Obligations") and to provide for
potential capital appreciation by investing a portion of the Trust's
portfolio in shares of Oppenheimer Global Fund. Collectively the
Treasury Obligations and the Fund shares are referred to herein
as the "Securities." The Fund's investment objective is capital
appreciation. Current income is not an objective. In seeking its
objective, the Fund will invest a substantial portion of its invested
assets in securities of foreign issuers, "growth-type" companies,
cyclical industries and special situations which are considered
to have appreciation possibilities. The Fund's techniques may
be considered speculative investment methods and increase risks
and costs to the Fund. See "What is Oppenheimer Global Fund?-Risk
Factors." The Treasury Obligations evidence the right to receive
a fixed payment at a future date from the U.S. Government and
are backed by the full faith and credit of the U.S. Government.
The guarantee of the U.S. Government does not apply to the market
value of the Treasury Obligations or the Units of the Trust, whose
net asset value will fluctuate and, prior to maturity, may be
worth more or less than a purchaser's acquisition cost. This Trust
is intended to achieve its objective over the life of the Trust
and as such is best suited for those investors capable of holding
Units to maturity. There is, of course, no guarantee that the
objective of the Trust will be achieved. See "Portfolio."
The Trust has a mandatory termination date ("Mandatory Termination
Date" or "Trust Ending Date") of May 15, 2005.
Each Unit of the Trust represents an undivided fractional interest
in all the Securities deposited in the Trust. The Trust has been
organized so that purchasers of Units should receive, at the termination
of the Trust, an amount per Unit at least equal to $10.00 (which
is equal to the per Unit value upon maturity of the Treasury Obligations),
even if the Trust never paid a dividend and the value of the underlying
Fund shares were to decrease to zero, which the Sponsor considers
highly unlikely. This feature of the Trust provides Unit holders
who purchase Units at a price of $10.00 or less per Unit with
total principal protection, including any sales charges paid,
although they might forego any earnings on the amount invested.
To the extent that Units are purchased at a price less than $10.00
per Unit, this feature may also provide a potential for capital
appreciation. As a result of the volatile nature of the market
for zero coupon U.S. Treasury bonds, Units sold or redeemed prior
to maturity will fluctuate in price and the underlying Treasury
Obligations may be valued at a price greater or less than their
value as of the Initial Date of Deposit. UNIT HOLDERS DISPOSING
OF THEIR UNITS PRIOR TO THE MATURITY OF THE TRUST MAY RECEIVE
MORE OR LESS THAN $10.00 PER UNIT, DEPENDING ON MARKET CONDITIONS
ON THE DATE UNITS ARE SOLD OR REDEEMED.
BOTH PARTS OF THE PROSPECTUS SHOULD BE RETAINED FOR FUTURE REFERENCE.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE
SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION
NOR HAS THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES
COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS.
ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
Page 1
The Fund shares deposited in the Trust's portfolio have no fixed
maturity date and the net asset value of the shares will fluctuate.
The Portfolio, essential information based thereon and financial
statements, including a report of independent auditors relating
to the Trust offered hereby, are contained in Part One for the
Trust to which reference should be made for such information.
Public Offering Price. The Public Offering Price per Unit of the
Trust will be based upon a pro rata share of the bid prices of
the Treasury Obligations and the net asset value of the Fund shares
in the Trust plus or minus a pro rata share of cash, if any, in
the Capital and Income Accounts of the Trust plus a maximum sales
charge of 5.5% (equivalent to 5.82% of the net amount invested).
The minimum purchase is $1,000. The sales charge is reduced on
a graduated scale for sales involving at least 10,000 Units. See
"How is the Public Offering Price Determined?"
Income and Capital Gains Distributions. Distributions of net income,
if any, other than amortized discount, will be made at least annually.
Distributions of realized capital gains, if any, received by the
Trust, will be made whenever the Fund makes such a distribution.
Any distribution of income and/or capital gains will be net of
the expenses of the Trust. INCOME WITH RESPECT TO THE ACCRUAL
OF ORIGINAL ISSUE DISCOUNT ON THE TREASURY OBLIGATIONS WILL NOT
BE DISTRIBUTED CURRENTLY, ALTHOUGH UNIT HOLDERS WILL BE SUBJECT
TO FEDERAL INCOME TAX AT ORDINARY INCOME RATES AS IF A DISTRIBUTION
HAD OCCURRED. See "What is the Federal Tax Status of Unit Holders?"
Additionally, upon termination of the Trust, the Trustee will
distribute, upon surrender of Units for redemption, to each Unit
holder his or her pro rata share of the Trust's assets, less expenses,
in the manner set forth under "Rights of Unit Holders-How are
Income and Capital Distributed?"
Reinvestment. Each Unit holder will, unless he or she elects to
receive cash payments, have distributions of principal (including,
if elected by Unit holders, the proceeds received upon the maturity
of the Treasury Obligations in the Trust at termination) and income
earned by the Trust, automatically invested in shares of the Fund
(if Fund shares are registered in the Unit holder's state of residence)
in the name of the Unit holder. Such distributions (including,
if elected by Unit holders, the proceeds received upon the maturity
of the Treasury Obligations in the Trust at termination) will
be reinvested without a sales charge to the Unit Holder on each
applicable distribution date. See "Rights of Unit Holders-How
Can Distributions to Unit Holders be Reinvested?"
Market for Units. While under no obligation to do so, the Sponsor
intends to maintain a market for Units of the Trust and offer
to resell such Units at prices which are based on the aggregate
bid side evaluation of the Treasury Obligations and the aggregate
net asset value of the Fund shares in the Trust plus or minus
a pro rata share of cash, if any, in the Capital and Income Accounts
of the Trust plus a maximum sales charge of 5.5% (equivalent to
5.82% of the net amount invested). In the absence of such a market,
a Unit holder may redeem Units through redemption at prices based
upon the aggregate bid price of the Treasury Obligations plus
the aggregate net asset value of the Fund shares in the Trust
plus or minus a pro rata share of cash, if any, in the Capital
and Income Accounts of the Trust. See "Rights of Unit Holders-How
May Units be Redeemed?"
Risk Factors. An investment in the Trust should be made with an
understanding of the risks associated therewith, including, among
other factors, the possible deterioration of either the Securities
which make up the Trust or the general condition of the stock
market, volatile interest rates, economic recession, currency
exchange fluctuations, foreign withholding, and differences between
domestic and foreign legal, auditing, brokerage and economic standards.
The Trust is not actively managed and Securities will not be sold
by the Trust to take advantage of market fluctuations or changes
in anticipated rates of appreciation. See "What are the Fund's
Investment Policies?-Risk Factors."
Page 2
Oppenheimer Global Growth & Treasury Securities Trust
What is Oppenheimer Global Growth & Treasury Securities Trust?
The Oppenheimer Global Growth & Treasury Securities Trust is one
of a series of investment companies created by the Sponsor under
the name of Oppenheimer Global Growth & Treasury Securities Trust,
all of which are generally similar but each of which is separate
and is designated by a different series number (the "Trust").
This series was created under the laws of the State of New York
pursuant to a Trust Agreement (the "Indenture"), dated the Initial
Date of Deposit, with Nike Securities L.P., as Sponsor, The Chase
Manhattan Bank (National Association), as Trustee, and First Trust
Advisors L.P., as Portfolio Supervisor and First Trust Advisors
L.P. as Evaluator.
The objective of the Trust is to protect Unit holders' capital
by investing a portion of the Trust's portfolio in zero coupon
U.S. Treasury bonds ("Treasury Obligations") and to provide for
potential capital appreciation by investing a portion of the Trust's
portfolio in shares of Oppenheimer Global Fund (the "Fund"). The
Fund is a mutual fund with the investment objective of capital
appreciation. Current income is not an objective. In seeking its
objective, the Fund will invest a substantial portion of its invested
assets in securities of foreign issuers, "growth-type" companies,
cyclical industries and special situations which are considered
to have appreciation possibilities. The Fund's techniques may
be considered speculative investment methods and increase risks
and costs to the Fund. See "What is Oppenheimer Global Fund?-Risk
Factors." In the Sponsor's opinion, the trend toward integration
and interdependence of certain of the world's economies as well
as the emergence of newly industrialized countries, with higher
standards of living and increasing consumer demands has translated
into more foreign investment opportunities. Foreign markets are
assuming a dominant role in the world economy. Over the past twenty
years, the major percentage of the world stock market capitalization
has shifted dramatically from the United States to foreign markets,
which now account for approximately 66% of the world's equities.
The Fund's international experts have identified nine significant
global trends which they currently believe offer the most promising
areas for long-term growth: Specialized Communications, Emerging
Consumer Markets, Infrastructure Worldwide, Capital Market Development,
Healthcare/Biotechnology, Energy Logistics, Corporate Restructuring,
Efficiency-Enhancing Technologies, and Environment. The Treasury
Obligations evidence the right to receive a fixed payment at a
future date from the U.S. Government and are backed by the full
faith and credit of the U.S. Government. The guarantee of the
U.S. Government does not apply to the market value of the Treasury
Obligations or the Units of the Trust, whose net asset value will
fluctuate and, prior to maturity, may be more or less than a Unit
holder's acquisition cost. Collectively, the Treasury Obligations
and Fund shares in the Trust are referred to herein as the "Securities."
There is, of course, no guarantee that the objective of the Trust
will be achieved. The Trust has been organized so that purchasers
of Units should receive, at the termination of the Trust, an amount
per Unit at least equal to $10.00 per Unit (which is equal to
the per Unit value upon maturity of the Treasury Obligations),
even if the Fund shares never paid a dividend and the value of
the Fund shares in the Trust were to decrease to zero, which the
Sponsor considers highly unlikely. To the extent that Units of
the Trust are redeemed, the aggregate value of the Securities
in the Trust will be reduced and the undivided fractional interest
represented by each outstanding Unit of the Trust will increase.
See "How May Units be Redeemed?" The Trust has a Mandatory Termination
Date as set forth in Part One of the Prospectus.
What are the Expenses and Charges?
At no cost to the Trust, the Sponsor has borne all the expenses
of creating and establishing the Trust, including the cost of
the initial preparation, printing and execution of the Indenture
for the Units, legal and accounting expenses, expenses of the
Trustee and other out-of-pocket expenses. With the exception of
bookkeeping and other administrative services provided to the
Trust, for which the Sponsor will be reimbursed in amounts as
set forth in Part One, the Sponsor will not receive any fees in
connection with its activities relating to the Trust. Such bookkeeping
and administrative charges may be increased without approval
Page 3
of the Unit holders by amounts not exceeding proportionate increases
under the category "All Services Less Rent of Shelter" in the
Consumer Price Index published by the United States Department
of Labor. The fees payable to the Sponsor for such services may
exceed the actual costs of providing such services for the Fund,
but at no time will the total amount received for such services
rendered to unit investment trusts of which Nike Securities L.P.
is the Sponsor in any calendar year exceed the actual cost to
the Sponsor of supplying such services in such year. First Trust
Advisors L.P., an affiliate of the Sponsor, will receive an annual
supervisory fee, which is not to exceed the amount set forth in
Part One for providing portfolio supervisory services for the
Trust. Such fee is based on the number of Units outstanding in
the Trust on January 1 of each year except during the year or
years in which an initial offering period occurs in which case
the fee for a month is based on the number of Units outstanding
at the end of such month. The fee may exceed the actual costs
of providing such supervisory services for the Trust, but at no
time will the total amount received for portfolio supervisory
services rendered to unit investment trusts of which Nike Securities
L.P. is the Sponsor in any calendar year exceed the aggregate
cost of First Trust Advisors L.P. of supplying such services in such year.
The Evaluator will receive a fee as indicated in Part One. No
fee is paid to the Evaluator with respect to the Fund shares in
the Trust. The Trustee pays certain expenses of the Trust for
which it is reimbursed by the Trust. The Trustee will receive
for its ordinary recurring services to the Trust and for all normal
expenses of the Trustee incurred by or in connection with its
responsibilities under the Indenture, an annual fee as set forth
in Part One per annum per Unit in the Trust outstanding based
upon the number of Units outstanding in the Trust on January 1
of each year except during the year or years in which an initial
offering period occurs in which case the fee for a month is based
on the number of Units outstanding at the end of such month. For
a discussion of the services performed by the Trustee pursuant
to its obligations under the Indenture, reference is made to the
material set forth under "Rights of Unit Holders." Rule 12b-1
fees imposed on shares of the Fund held in the Trust, are rebated
to the Trust, deposited in the Income Account and are used to
pay expenses of the Trust.
The Trustee's and Evaluator's fees are payable from the Income
Account of the Trust to the extent funds are available and then
from the Capital Account of the Trust. Since the Trustee has the
use of the funds being held in the Capital and Income Accounts
for payment of expenses and redemptions and since such Accounts
are non-interest bearing to Unit holders, the Trustee benefits
thereby. Part of the Trustee's compensation for its services to
the Trust is expected to result from the use of these funds. Both
fees may be increased without approval of the Unit holders by
amounts not exceeding proportionate increases under the category
"All Services Less Rent of Shelter" in the Consumer Price Index
published by the United States Department of Labor.
The following additional charges are or may be incurred by the
Trust: all legal and annual auditing expenses of the Trustee incurred
by or in connection with its responsibilities under the Indenture;
the expenses and costs of any action undertaken by the Trustee
to protect the Trust and the rights and interests of the Unit
holders; fees of the Trustee for any extraordinary services performed
under the Indenture; indemnification of the Trustee for any loss,
liability or expense incurred by it without negligence, bad faith
or willful misconduct on its part, arising out of or in connection
with its acceptance or administration of the Trust; indemnification
of the Sponsor for any loss, liability or expense incurred without
gross negligence, bad faith or willful misconduct in acting as
depositor of the Trust; all taxes and other government charges
imposed upon the Securities or any part of the Trust (no such
taxes or charges are being levied or made or, to the knowledge
of the Sponsor, contemplated). The above expenses and the Trustee's
annual fee, when paid or owing to the Trustee, are secured by
a lien on the Trust. In addition, the Trustee is empowered to
sell Securities in the Trust in order to make funds available
to pay all these amounts if funds are not otherwise available
in the Income and Capital Accounts of the Trust except that the
Trustee shall not sell Treasury Obligations to pay Trust expenses.
Since the Fund shares consist primarily of common stock and the
income stream produced by dividends is unpredictable, the Sponsor
cannot provide any assurance that dividends will be sufficient
to meet any or all expenses of the Trust. As discussed above,
if dividends are insufficient
Page 4
to cover expenses, it is likely that Fund shares will have to
be sold to meet Trust expenses. These sales may result in capital
gains or losses to Unit holders. See "What is the Federal Tax
Status of Unit Holders?"
The Indenture requires the Trust to be audited on an annual basis
at the expense of the Trust by independent auditors selected by
the Sponsor. So long as the Sponsor is making a secondary market
for the Units, the Sponsor is required to bear the cost of such
annual audits to the extent such cost exceeds $0.005 per Unit.
Unit holders of the Trust covered by an audit may obtain a copy
of the audited financial statements upon request.
What is the Federal Tax Status of Unit Holders?
The following is a general discussion of certain of the Federal
income tax consequences of the purchase, ownership and disposition
of the Units. The summary is limited to investors who hold the
Units as "capital assets" (generally, property held for investment)
within the meaning of Section 1221 of the Internal Revenue Code
of 1986, as amended (the "Code"). Unit holders should consult
their tax advisers in determining the Federal, state, local and
any other tax consequences of the purchase, ownership and disposition
of Units in the Trust.
In the opinion of Chapman and Cutler, counsel for the Sponsor,
under existing law:
1. The Trust is not an association taxable as a corporation for
Federal income tax purposes; each Unit holder will be treated
as the owner of a pro rata portion of each of the assets of the
Trust under the Code; the income of the Trust will be treated
as income of the Unit holders thereof under the Code; and each
Unit holder will be considered to have received his or her pro
rata share of income derived from each Trust asset when such income
is received by the Trust.
2. Each Unit holder will have a taxable event when the Trust
disposes of a Security (whether by sale, exchange, liquidation,
redemption, or otherwise) or upon the sale or redemption of Units
by such Unit holder. The price a Unit holder pays for his or her
Units is allocated among his or her pro rata portion of each Security
held by the Trust (in proportion to the fair market values thereof
on the date the Unit holder purchases his or her Units) in order
to determine his or her tax basis for his or her pro rata portion
of each Security held by the Trust. The Treasury Obligations held
by the Trust are treated as stripped bonds and are treated as
bonds issued at an original issue discount as of the date a Unit
holder purchases his or her Units. Because the Treasury Obligations
represent interests in "stripped" U.S. Treasury bonds, a Unit
holder's initial cost for his or her pro rata portion of each
Treasury Obligation held by the Trust (determined at the time
he acquires his Units, in the manner described above) shall be
treated as its "purchase price" by the Unit holder. Original issue
discount is effectively treated as interest for Federal income
tax purposes and the amount of original issue discount in this
case is generally the difference between the bond's purchase price
and its stated redemption price at maturity. A Unit holder will
be required to include in gross income for each taxable year the
sum of his or her daily portions of original issue discount attributable
to the Treasury Obligations held by the Trust as such original
issue discount accrues and will, in general, be subject to Federal
income tax with respect to the total amount of such original issue
discount that accrues for such year even though the income is
not distributed to the Unit holders during such year to the extent
it is not less than a "de minimis" amount as determined under
a Treasury Regulation issued on December 28, 1992 relating to
stripped bonds. To the extent the amount of such discount is less
than the respective "de minimis" amount, such discount shall be
treated as zero. In general, original issue discount accrues daily
under a constant interest rate method which takes into account
the semi-annual compounding of accrued interest. In the case of
the Treasury Obligations, this method will generally result in
an increasing amount of income to the Unit holders each year.
Unit holders should consult their tax advisers regarding the Federal
income tax consequences and accretion of original issue discount.
For Federal income tax purposes, a Unit holder's pro rata portion
of dividends, as defined by Section 316 of the Code, paid with
respect to a Fund share held by the Trust is taxable as ordinary
income to the extent of such Fund's current and accumulated "earnings
and profits." A Unit holder's pro
Page 5
rata portion of dividends paid on such Fund share which exceed
such current and accumulated earnings and profits will first reduce
a Unit holder's tax basis in such Fund share, and to the extent
that such dividends exceed a Unit holder's tax basis in such Fund
share shall generally be treated as capital gain. In general,
any such capital gain will be short term unless a Unit holder
has held his Units for more than one year.
3. A Unit holder's portion of gain, if any, upon the sale or
redemption of Units or the disposition of Securities held by the
Trust will generally be considered a capital gain except in the
case of a dealer or a financial institution and, in general, will
be long-term if the Unit holder has held his or her Units for
more than one year (the date on which the Units are acquired (i.e.,
the "trade date") is excluded for purposes of determining whether
the Units have been held for more than one year). A Unit holder's
portion of loss, if any, upon the sale or redemption of Units
or the disposition of Securities held by the Trust will generally
be considered a capital loss (except in the case of a dealer)
and, in general, will be long-term if the Unit holder has held
his or her Units for more than one year. Unit holders should consult
their tax advisers regarding the recognition of gains and losses
for Federal income tax purposes.
Because Unit holders are deemed to directly own a pro rata portion
of the Fund shares as discussed above, Unit holders are advised
to read the discussion of tax consequences for the Fund set forth
under "Who is the Management of Oppenheimer Global Fund?-Tax Status
of the Fund." Distributions declared by the Fund on the Fund shares
in October, November or December that are held by the Trust and
paid during the following January will be treated as having been
received by Unit holders on December 31 in the year such distributions
were declared. Distributions of the Fund's net capital gain which
the Fund properly designates as capital gain dividends will be
taxable to the Unit holders as long-term capital gains regardless
of how long a person has been a Unit holder. If a Unit holder
holds his or her Units for six months or less or if the Trust
holds shares of the Fund for six months or less, any loss incurred
by a Unit holder related to the disposition of the Fund shares
will be treated as a long-term capital loss to the extent of any
long-term capital gains distributions received (or deemed to have
been received) with respect to such shares. For taxpayers other
than corporations, net capital gains are subject to a maximum
marginal tax rate of 28 percent. However, it should be noted that
legislative proposals are introduced from time to time that affect
relative differences at which ordinary income and capital gains are taxed.
The Revenue Reconciliation Act of 1993 (the "Tax Act") raised
tax rates on ordinary income while capital gains remain subject
to a 28% maximum stated rate for taxpayers other than corporations.
Because some or all capital gains are taxed at a comparatively
lower rate under the Tax Act, the Tax Act includes a provision
that recharacterizes capital gains as ordinary income in the case
of certain financial transactions that are "conversion transactions"
effective for transactions entered into after April 30, 1993.
Unit holders and prospective investors should consult with their
tax advisers regarding the potential effect of this provision
on their investment in Units. If the Unit holder disposes of a
Unit, he is deemed thereby to have disposed of his entire pro
rata interest in all assets of the Trust involved including his
pro rata portion of all the Securities represented by the Unit.
Distributions on the Fund shares which are taxable as ordinary
income to the Unit holders will constitute dividends for federal
income tax purposes. To the extent dividends received by the Fund
are attributable to foreign corporations, a corporation that owns
Units will not be entitled to the dividends received deduction
with respect to the pro rata portion of such dividends, since
the dividends received deduction is generally available only with
respect to dividends paid by domestic corporations. However, to
the extent dividends received by the Fund are from United States
corporations (other than real estate investment trusts) and are
designated by the Fund as being eligible for the dividends received
deduction, distributions received by corporate Unit holders with
respect to Fund shares attributable to such dividends may qualify
for the 70% dividends received deduction, subject to limitations
otherwise applicable to the availability of the deduction.
Limitations on Deductibility of Trust Expenses by Unit holders.
Each Unit holder's pro rata share of each expense paid by the
Trust is deductible by the Unitholder to the same extent as though
the expense had been
Page 6
paid directly by him, subject to the following limitation. It
should be noted that as a result of the Tax Reform Act of 1986,
certain miscellaneous itemized deductions, such as investment
expenses, tax return preparation fees and employee business expenses
will be deductible by an individual only to the extent they exceed
2% of such individual's adjusted gross income. Unit holders may
be required to treat some or all of the expenses of the Trust
as miscellaneous itemized deductions subject to this limitation.
Special Tax Consequences of In-Kind Distributions Upon Termination
of the Trust. As discussed in "Rights of Unit Holders-How are
Income and Capital Distributed?," under certain circumstances
a Unit Holder will receive an In-Kind Distribution upon the termination
of the Trust. The Unit Holder requesting an In-Kind Distribution
will be liable for expenses related thereto (the "Distribution
Expenses") and the amount of such In-Kind Distribution will be
reduced by the amount of the Distribution Expenses. See "Rights
of Unit Holder-How are Income and Capital Distributed?" Treasury
Obligations held by the Trust will not be distributed to a Unit
holder as part of an In-Kind Distribution. The tax consequences
relating to the sale of Treasury Obligations are discussed above.
As previously discussed, prior to the termination of the Trust,
a Unit holder is considered as owning a pro rata portion of each
of the Trust assets for Federal income tax purposes. The receipt
of an In-Kind Distribution upon the termination of the Trust will
result in a Unit holder receiving an undivided interest in whole
shares of the Fund plus, possibly, cash.
The potential tax consequences that may occur under an In-Kind
Distribution will depend on whether or not a Unit holder receives
cash in addition to Securities. A "Security" for this purpose
is a particular class of stock issued by a particular corporation
(and does not include the Treasury Obligations in the Trust).
A Unit holder will not recognize gain or loss if a Unit holder
only receives shares of the Fund in exchange for his or her pro
rata portion in each share of the Fund held by the Trust. However,
if a Unit holder also receives cash in exchange for a fractional
share of a Security held by the Trust, such Unit holder will generally
recognize gain or loss based upon the difference between the amount
of cash received by the Unit holder and his tax basis in such
fractional share of a Security held by the Trust.
Because the Fund will own many securities, a Unit holder who requests
an In-Kind Distribution will have to analyze the tax consequences
with respect to each Security owned by the Trust. The amount of
taxable gain (or loss) recognized under the rules described above
by such Unit holder with respect to each Security owned by the
Trust. Unit holders who request an In-Kind Distribution are advised
to consult their tax advisers in this regard.
The Fund may elect to pass through to its shareholders the foreign
income and similar taxes paid by the Fund in order to enable such
shareholders to take a credit (or deduction) for foreign income
taxes paid by the Fund. If such an election is made, Unit holders
of the Trust, because they are deemed to own a pro rata portion
of the Fund shares held by the Trust, as described above, must
include in their gross income, for Federal income tax purposes,
both their portion of dividends received by the Trust from the
Fund, and also their portion of the amount which the Fund deems
to be the Trust's portion of foreign income taxes paid with respect
to, or withheld from, dividends, interest or other income of the
Fund from its foreign investments. Unit holders may then subtract
from their Federal income tax the amount of such taxes withheld,
or else treat such foreign taxes as deductions from gross income;
however, as in the case of investors receiving income directly
from foreign sources, the above described tax credit or deduction
is subject to certain limitations. Unit holders should consult
their tax advisers regarding this election and its consequences to them.
General. Each Unit holder will be requested to provide its taxpayer
identification number to the Trustee and to certify that the Unit
holder has not been notified that payments to the Unit holder
are subject to back-up withholding. If the proper taxpayer identification
number and appropriate certification are not provided when requested,
distributions by the Trust to such Unit holder (including amounts
received upon the redemption of Units) will be subject to back-up
withholding. Distributions by the Trust will generally be subject
to United States income taxation and withholding in the case of
Units held by non-resident alien individuals, foreign corporations
or other non-United States persons (accrual of original issue
discount on the Treasury Obligations may not be subject to Federal
taxation or withholding provided certain requirements are met).
Such persons should consult their tax advisers.
Page 7
Unit holders will be notified annually of the amounts of original
issue discount, income and long-term capital gains distributions
includable in the Unit holder's gross income and the amount of
Trust expenses which may be claimed as itemized deductions.
Distributions of income, long-term capital gains and accrual of
original issue discount may also be subject to state and local
taxes. Foreign investors may be subject to different Federal income
tax consequences than those described above. Investors should
consult their tax advisers for specific information on the tax
consequences of particular types of distributions.
Unit holders desiring to purchase Units for tax-deferred plans
and IRAs should consult their broker for details on establishing
such accounts. Units may also be purchased by persons who already
have self-directed plans established. See "Why are Investments
in the Trust Suitable for Retirement Plans?"
The foregoing discussion related only to United States Federal
Income taxes; Unit holders may be subject to state and local taxation
in other jurisdictions. Unit holders should consult their tax
advisers regarding potential state or local taxation with respect to the Units.
In the opinion of Carter, Ledyard & Milburn, Special Counsel to
the Trust for New York tax matters, under the existing income
tax laws of the State of New York, the Trust is not an association
taxable as a corporation and the income of the Trust will be treated
as the income of the Unit holders thereof.
Why are Investments in the Trust Suitable for Retirement Plans?
Units of the Trust may be well suited for purchase by Individual
Retirement Accounts, pension funds and other tax-deferred retirement
plans. Generally, the Federal income tax relating to capital gains
and income received in each of the foregoing plans is deferred
until distributions are received. Distributions from such plans
are generally treated as ordinary income but may, in some cases,
be eligible for special averaging or tax-deferred rollover treatment.
Investors considering participation in any such plan should review
specific tax laws related thereto and should consult their attorneys
or tax advisers with respect to the establishment and maintenance
of any such plan. Such plans are offered by brokerage firms and
other financial institutions. Fees and charges with respect to
such plans may vary.
PORTFOLIO
What are Treasury Obligations?
The Treasury Obligations deposited in the Trust consist of U.S.
Treasury bonds which have been stripped of their unmatured interest
coupons. The Treasury Obligations evidence the right to receive
a fixed payment at a future date from the U.S. Government, and
are backed by the full faith and credit of the U.S. Government.
Treasury Obligations are purchased at a deep discount because
the buyer obtains only the right to a fixed payment at a fixed
date in the future and does not receive any periodic interest
payments. The effect of owning deep discount bonds which do not
make current interest payments (such as the Treasury Obligations)
is that a fixed yield is earned not only on the original investment
but also, in effect, on all earnings during the life of the discount
obligation. This implicit reinvestment of earnings at the same
rate eliminates the risk of being unable to reinvest the income
on such obligations at a rate as high as the implicit yield on
the discount obligation, but at the same time eliminates the holder's
ability to reinvest at higher rates in the future. For this reason,
the Treasury Obligations are subject to substantially greater
price fluctuations during periods of changing interest rates than
are securities of comparable quality which make regular interest
payments. The effect of being able to acquire the Treasury Obligations
at a lower price is to permit more of the Trust's portfolio to
be invested in shares of the Fund.
What is Oppenheimer Global Fund?
The portfolio of the Trust also contains shares of Oppenheimer
Global Fund.
Oppenheimer Global Fund (the "Fund") is a mutual fund with the
investment objective of capital appreciation. Current income is
not an objective. In seeking its objective, the Fund will invest
a substantial portion of its invested assets in securities of
foreign issuers, "growth-type" companies, cyclical industries
and special situations which are considered to have appreciation
possibilities. THE FUND'S TECHNIQUES MAY BE CONSIDERED SPECULATIVE
INVESTMENT METHODS AND INCREASE RISKS AND COSTS TO THE FUND. See
"Special Investment Methods."
Page 8
The Fund offers two classes of shares ("Class A" and "Class B")
which may be purchased at a price equal to their respective net
asset value per share, plus a sales charge. The Trust has purchased
Class A shares for deposit in the Trust and any reference to Fund
shares in this prospectus shall refer to Class A shares.
This Prospectus sets forth concisely information about the Fund
that a prospective investor should know before investing. A Statement
of Additional Information about the Fund (the "Additional Statement")
has been filed with the Securities and Exchange Commission ("SEC")
and is available without charge upon written request to Oppenheimer
Shareholder Services (the "Transfer Agent"), P.O. Box 5270, Denver,
Colorado 80217, or by calling the Transfer Agent at 1-800-525-7048.
The Additional Statement (which is incorporated in its entirety
by reference in the Fund's Prospectus) contains more detailed
information about the Fund and its management, including more
complete information as to certain risk factors.
Fund Expenses
The following table sets forth the fees that an investor in the
Fund might pay and the expenses paid by the Fund during its fiscal
year ended September 30, 1994.
<TABLE>
<CAPTION>
Shareholder Transaction Expenses
Class A
Shares
_______
<S> <C>
Maximum Sales Charge on Purchases (as a percentage of offering
price) { 5.75%
Sales Charge on Reinvested Dividends None
Maximum Contingent Deferred Sales Charge on Redemptions* None
Redemption Fees None
Exchange Fee None
</TABLE>
<TABLE>
<CAPTION>
Annual Fund Operating Expenses
(as a percentage of average net assets)
Class A
Shares
_______
<S> <C>
Management Fees 0.73%
12b-1 (Distribution and/or Service Plan) Fees {{ 0.18%
Other Expenses 0.31%
_____
Total Fund Operating Expenses** 1.22%
</TABLE>
[FN]
__________________
{ There is no sales load payable upon the purchase of the Fund
shares deposited in the Trust. However, the maximum sales charge
on the Units, and therefore indirectly on the Fund shares is 5.5%
during the initial offering period and 5.5% in the secondary market.
{{ Effectively, there are no 12b-1 fees on Fund shares held in
the Trust. However, Unit holders who acquire shares of the Fund
through reinvestment of dividends or other distributions or through
reinvestment at the Trust's termination will begin to incur 12b-1
fees at such time as shares are acquired.
* There is a $10.00 transaction fee for redemptions paid by FedFunds
wire, but not for redemptions paid by ACH transfer through AccountLink.
** Annual Fund Operating Expenses are less annual 12b-1 fees
rebated to the Sponsor of 0.25% on Fund shares deposited in the
Trust. See "Summary of Essential Information" for a description
of estimated fees and expenses charged per Unit.
The purpose of this table is to assist an investor in understanding
the various costs and expenses that an investor in shares of the
Fund will bear directly (Shareholder Transaction Expenses) or
indirectly (Annual Fund Operating Expenses). The sales charge
rate shown for Class A shares is the current maximum rate applicable
to purchases of Class A shares of the Fund. "Total Fund Operating
Expenses," similarly restated, would be 1.27% for Class A shares.
For further details, see "Purchase, Redemption and Pricing of
Shares-Dual Class Methodology" and the Fund's financial statements,
both included in the Additional Statement.
The following examples apply the above-stated expenses and the
current maximum sales charge to a hypothetical $1,000 investment
in shares of the Fund over the time period shown below, assuming
a 5% annual rate of return on the investment. The amounts shown
below are the cumulative costs of such hypothetical
Page 9
$1,000 investment for the periods shown and, except as indicated
in line 2, assumes that the shares are redeemed at the end of
each stated period.
<TABLE>
<CAPTION>
1 year 3 years 5 years 10 years
______ _______ _______ ________
<S> <C> <C> <C> <C>
1. Class A Shares $69 $94 $121 $197
2. Class A Shares, assuming no redemption $69 $94 $121 $197
</TABLE>
These examples should not be considered a representation of past
or future expenses or performance. Expenses are subject to change
and actual performance and expenses may be less or greater than
those illustrated above.
THE RULE 12B-1 FEES IMPOSED ON SHARES HELD IN THE TRUST ARE REBATED
TO THE TRUST AND ARE USED TO REDUCE EXPENSES OF THE TRUST RESULTING
IN INCREASED DISTRIBUTIONS TO UNIT HOLDERS. UNIT HOLDERS WHO ACQUIRE
SHARES OF SPECIAL SITUATIONS THROUGH REINVESTMENT OF DIVIDENDS
OR OTHER DISTRIBUTIONS OR THROUGH REINVESTMENT AT THE TRUST'S
TERMINATION WILL BEGIN TO INCUR RULE 12B-1 FEES AT SUCH TIME AS
SHARES ARE ACQUIRED.
Page 10
FINANCIAL HIGHLIGHTS
Selected data for a Class A share of the Fund outstanding throughout
each period
The information in the table below has been derived from financial
statements which are covered by another certified public accountant's
report appearing in the Additional Statement.
<TABLE>
<CAPTION>
Class A
Year Ended September 30,
Six Months
Ended
March 31, 1995
(Unaudited) 1994 1993 1992 1991
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Per Share Operating Data:
Net asset value, beginning of period $ 37.69 $ 35.04 $ 30.03 $ 32.05 $ 27.63
__________ __________ __________ __________ __________
Income (loss) from investment operations:
Net investment income .08 .17 0.26 0.17 0.05
Net realized and unrealized gain (loss) on
investments and translation of assets
and liabilities in foreign currencies (1.47) 6.10 4.99 (1.50) 6.14
__________ __________ __________ __________ __________
Total income (loss)
from investment operations 1.39 6.27 5.25 (1.33) 6.19
__________ __________ __________ __________ __________
Dividends and distributions to shareholders:
Dividends from net investment income - (.25) (0.12) (0.11) (0.08)
Distributions from net realized gains
on investments (3.75) (3.37) (0.12) (0.58) (1.69)
__________ __________ __________ __________ __________
Total dividends and distributions
to shareholders (3.75) (3.62) (0.24) (0.69) (1.77)
__________ __________ __________ __________ __________
Net asset value, end of period $ 32.55 $ 37.69 $ 35.04 $ 30.03 $ 32.05
========== ========== ========== ========== ==========
Total return, at Net Asset Value* (3.46)% 19.19% 17.67% (4.23)% 23.71%
Ratios/Supplemental Data:
Net assets, end of period (in thousands) $ 1,921 $ 1,921 $1,388,773 $1,214,615 $1,076,336
Average net assets (in thousands) $ 1,868 $ 1,711 $1,213,098 $1,193,870 $ 898,592
Number of shares outstanding at
end of period (in thousands) 59,006 50,955 39,632 40,441 33,585
Amount of debt outstanding at
end of period (in thousands) $ N/A N/A $ - $ 60,000 $ 60,000
Average amount of debt outstanding
throughout each period (in thousands){ $ N/A N/A $ 18,247 $ 60,000 $ 60,000
Average number of shares outstanding
throughout each period (in thousands){{ N/A N/A 39,853 37,435 30,607
Average amount of debt per share
outstanding throughout each period $ N/A N/A $ 0.46 $ 1.60 $ 1.96
Ratios to average net assets:
Net investment income .53% .38% 0.84% 0.55% 0.22%
Expenses 1.17% 1.15% 1.18% 1.36% 1.65%
Portfolio turnover rate** 43.4% 78.30% 86.9% 18.0% 19.9%
</TABLE>
<TABLE>
<CAPTION>
Class A
Year Ended September 30,
1990 1989 1988 1987 1986
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Per Share Operating Data:
Net asset value, beginning of period $ 30.43 $ 22.94 $ 38.29 $ 28.88 $ 17.36
__________ __________ __________ __________ __________
Income (loss) from investment operations:
Net investment income 0.02 0.20 0.04 0.05 0.12
Net realized and unrealized gain (loss) on
investments and translation of assets
and liabilities in foreign currencies 0.29 9.11 (9.70) 13.28 11.56
__________ __________ __________ __________ __________
Total income (loss)
from investment operations 0.31 9.31 (9.66) 13.33 11.68
__________ __________ __________ __________ __________
Dividends and distributions to shareholders:
Dividends from net investment income (0.11) (0.09) (0.07) (0.11) (0.10)
Distributions from net realized gains
on investments (3.00) (1.73) 5.62) (3.81) (0.06)
__________ __________ __________ __________ __________
Total dividends and distributions
to shareholders (3.11) (1.82) (5.69) (3.92) (0.16)
__________ __________ __________ __________ __________
Net asset value, end of period $ 27.63 $ 30.43 $ 22.94 $ 38.29 $ 28.88
========== ========== ========== ========== ==========
Total return, at Net Asset Value* 0.79% 42.87% (25.17)% 52.65% 67.63%
Ratios/Supplemental Data:
Net assets, end of period (in thousands) $719,893 $522,866 $371,438 $601,417 $372,243
Average net assets (in thousands) $672,246 $445,819 $398,220 $473,418 $330,827
Number of shares outstanding at
end of period (in thousands) 26,056 17,183 16,191 15,708 12,891
Amount of debt outstanding at
end of period (in thousands) $ 60,000 $ 30,000 $ 30,000 $ 35,000 $ 22,000
Average amount of debt outstanding
throughout each period (in thousands){ $ 42,877 $ 30,000 $ 31,052 $ 26,290 $ 19,058
Average number of shares outstanding
throughout each period (in thousands){{ 21,982 16,968 17,173 15,099 13,205
Average amount of debt per share
outstanding throughout each period $ 1.95 $ 1.77 $ 1.81 $ 1.74 $ 1.44
Ratios to average net assets:
Net investment income 0.16% 0.73% 0.15% 0.16% 0.47%
Expenses 1.68% 1.90% 1.89% 1.49% 1.60%
Portfolio turnover rate** 27.2% 62.6% 25.2% 37.0% 25.2%
</TABLE>
[FN]
* Assumes a hypothetical initial investment on the business day
before the first day of the fiscal period, 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.
** 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 year ended September 30, 1994 were $1,557,137,154 and
$1,318,260,043, respectively. Purchases and sales for the six
months ended March 31, 1995 were $946,610,899 and $816,913,633,
respectively.
{ Based upon daily outstanding borrowings.
{{ Based upon month-end balances.
Page 11
What are the Fund's Investment Policies?
Objective. The Fund invests its assets with the objective of capital
appreciation.
Investment Policies and Strategies. The Fund seeks capital appreciation
by emphasizing investments in common stocks or convertible securities
of "growth-type" companies. These may include securities of U.S.
companies or foreign companies, as discussed below. The Fund may
invest in securities of smaller, less well-known companies as
well as those of large, well-known companies (not generally included
in the definition of "growth-type" companies). The Fund may hold
warrants and rights. Current income is not a consideration in
the selection of portfolio securities. A portion of the Fund's
assets may be invested in securities for liquidity purposes.
As a matter of fundamental policy, under normal market conditions
(when the Manager believes that the securities markets are not
in a volatile or unstable period), the Fund invests in securities
of issuers traded in markets in at least three different countries
(which may include the United States). The Manager expects that
the Fund will normally invest a substantial portion of its assets
in foreign securities (discussed in "Foreign Securities," below).
The Fund's portfolio manager currently employs an investment strategy
in selecting foreign and domestic securities that considers the
effects of worldwide trends on the growth of various business
sectors. These trends or "global themes" currently include telecommunications
expansion, emerging consumer markets, infrastructure development,
natural resource use and development, corporate restructuring,
capital market development in foreign countries, health care expansion,
and global integration. These trends, which may affect the growth
of companies having businesses in these sectors or affected by
their development, may suggest opportunities for investing the
Fund's assets. The Manager does not invest a fixed or specific
amount of the Fund's assets in any one sector, and these themes
or this approach may change over time.
The Fund may also seek to take advantage of changes in the business
cycle by investing in companies that are sensitive to those changes
as well as in "special situations" the Manager believes present
opportunities for capital growth. For example, when a country's
economy is expanding, companies in the financial services and
consumer products industries may be in a position to benefit from
changes in the business cycle and may present long-term growth
opportunities.
When investing the Fund's assets, the Manager considers many factors,
including the global themes discussed above, general economic
conditions abroad relative to the U.S. and the trends in foreign
and domestic stock markets. The Fund may try to hedge against
losses in the value of its portfolio of securities by using hedging
strategies and derivative investments described below.
When market conditions are unstable, the Fund may invest in debt
securities, such as rated or unrated bonds and debentures, cash
equivalents and preferred stocks. It is expected that short-term
debt securities (which are securities maturing in one year or
less from date of purchase) will be emphasized for defensive or
liquidity purposes, since those securities usually may be disposed
of quickly and their prices tend not to be as volatile as the
prices of longer term debt securities. When circumstances warrant,
securities may be sold without regard to the length of time held,
although short-term trading may increase brokerage costs borne
by the Fund.
What are "Growth-Type" Companies? These tend to be newer companies
that may be developing new products or services, or expanding
into new markets for their products. While they may have what
the Manager believes to be favorable prospects for the long-term,
growth-type companies normally retain a large part of their earnings
for research, development and investment in capital assets. Therefore,
they tend not to emphasize the payment of dividends.
Can the Fund's Investment Objective and Policies Change? The Fund
has an investment objective, which is described above, as well
as investment policies it follows to try to achieve its objective.
Additionally, the Fund uses certain investment techniques and
strategies in carrying out those investment policies. The Fund's
investment policies and techniques are not "fundamental" unless
this Prospectus or the Statement of
Page 12
Additional Information says that a particular policy is "fundamental."
The Fund's investment objective is a fundamental policy.
Fundamental policies are those that cannot be changed without
the approval of a "majority" of the Fund's outstanding voting
shares. The term "majority" is defined in the Investment Company
Act to be a particular percentage of outstanding voting shares
(and this term is explained in the Statement of Additional Information).
The Fund's Board of Trustees may change non-fundamental policies
without shareholder approval, although significant changes will
be described in amendments to this Prospectus.
Stock Investment Risks. Because the Fund normally invests most,
or a substantial portion, of its assets in stocks, the value of
the Fund's portfolio will be affected by changes in the stock
markets. At times, the stock markets can be volatile, and stock
prices can change substantially. This market risk will affect
the Fund's net asset values per share, which will fluctuate as
the values of the Fund's portfolio securities change. Not all
stock prices change uniformly or at the same time, not all stock
markets move in the same direction at the same time, and other
factors can affect a particular stock's prices (for example, poor
earnings reports by an issuer, loss of major customers, major
litigation against an issuer, or changes in government regulations
affecting an industry). Not all of these factors can be predicted.
As discussed below, the Fund attempts to limit market risks by
diversifying its investments, that is, by not holding a substantial
amount of stock of any one company and by not investing too great
a percentage of the Fund's assets in any one company.
Because of the types of securities the Fund invests in and the
investment techniques the Fund uses, some of which may be speculative,
the Fund is designed for investors who are investing for the long-term
and who are willing to accept greater risks of loss of their investment
in the hope of achieving capital appreciation. It is not intended
for investors seeking assured income and preservation of capital.
Investing for capital appreciation entails the risk of loss of
all or part of your investment. Because changes in securities
market prices can occur at any time, there is no assurance that
the Fund will achieve its investment objective, and when you redeem
your shares, they may be worth more or less than what you paid for them.
Foreign Securities. Under normal circumstances, as a matter of
fundamental policy, the Fund will invest in the United States
and at least three foreign countries. Otherwise, the Fund may
invest its assets without limit in equity (and debt) securities
issued or guaranteed by foreign companies or foreign governments
or their agencies in any country, developed or underdeveloped.
Foreign securities are those that are traded primarily on a foreign
securities exchange or in the foreign over-the-counter markets.
As of September 30, 1994, approximately 71.2% of the Fund's net
assets were invested in foreign securities.
The Fund will hold foreign currency only in connection with the
purchase or sale of foreign securities. If the Fund's securities
are held abroad, the countries in which they are held and the
sub-custodians holding them must be approved by the Fund's Board
of Trustees.
Foreign securities have special risks. There are special risks
in investing in foreign securities. Because the Fund may purchase
securities denominated in foreign currencies or traded primarily
in foreign markets, a change in the value of a foreign currency
against the U.S. dollar will result in a change in the U.S. dollar
value of those foreign securities. Foreign issuers are not required
to use generally accepted accounting principals that apply to
U.S. issuers. If foreign securities are not registered for sale
in the U.S. under U.S. securities laws, the issuer does not have
to comply with disclosure requirements that U.S. companies are
subject to. The value of foreign investments may be affected by
other factors, including exchange control regulations, expropriation
or nationalization of a company's assets, foreign taxes, delays
in settlement of transactions, changes in governmental, economic
or monetary policy in the U.S. or abroad, or other political and
economic factors.
In addition, it is generally more difficult to obtain court judgments
outside the U.S. if the Fund were to sue a foreign issuer or broker.
Additional costs may be incurred because foreign brokerage commissions
are generally higher than U.S. rates, and there are additional
custodial costs associated with holding securities abroad. More
information about the risks and potential rewards of investing
in foreign securities is contained in the Fund's Statement of
Additional Information.
Page 13
Portfolio Turnover. A change in the securities held by the Fund
is known as "portfolio turnover." The Fund ordinarily does not
engage in short-term trading to try to achieve its objective.
As a result, the Fund's portfolio turnover is not expected to
be more than 100% each year. The "Financial Highlights," above,
show the Fund's portfolio turnover rate during past fiscal years.
Portfolio turnover affects brokerage costs, dealer markups and
other transaction costs, and results in the Fund's realization
of capital gains or losses for tax purposes. It may also affect
the Fund's ability to qualify as a "regulated investment company"
under the Internal Revenue Code for tax deductions for dividends
and capital gains distributions the Fund pays to shareholders.
The Fund qualified in its last fiscal year and intends to do so
in the coming year, although it reserves the right not to qualify.
Derivative Investments. In general, a "derivative investment"
is a specially designed investment. Its performance is linked
to the performance of another investment or security, such as
an option, future, index, currency or commodity. The Fund can
invest in a number of different kinds of "derivative investments."
They are used in some cases for hedging purposes and in other
cases to seek to enhance total return. In the broadest sense,
exchange-traded options and futures contracts (discussed in "Hedging,"
below) may be considered "derivative investments."
There are special risks in investing in derivative investments.
The company issuing the instrument may fail to pay the amount
due on the maturity of the instrument. Also, the underlying investment
or security on which the derivative is based might not perform
the way the Manager expected it to perform. The performance of
derivative investments may also be influenced by interest rate
and stock market changes in the U.S. and abroad. All of this can
mean that the Fund may realize less principal or income from the
investment than expected. Certain derivative investments held
by the Fund may trade in the over-the-counter market and may be
illiquid. Please refer to "Restricted and Illiquid Securities"
for an explanation.
Special Situations. The Fund may invest in securities of companies
that are in "special situations" that the Manager believes may
present opportunities for capital growth. A "special situation"
may be an event such as a proposed merger, reorganization, or
other unusual development that is expected to occur and which
may result in an increase in the value of a company's securities,
regardless of general business conditions or the movement of prices
in the securities market as a whole. There is a risk that the
price of the security may decline if the anticipated development
fails to occur.
Small, Unseasoned Companies. The Fund may invest in securities
of small, unseasoned companies. These are companies that have
been in operation less than three years, including the operations
of any predecessors. Securities of these companies may have limited
liquidity (which means that the Fund may have difficulty selling
them at an acceptable price when it wants to) and the price of
these securities may be volatile. See "Investment Objective and
Policies-Small, Unseasoned Companies" in the Additional Statement
for a further discussion of the risks involved in such investments.
Restricted and Illiquid Securities. Under the policies and procedures
established by the Fund's Board of Trustees, the Manager determines
the liquidity of certain of the Fund's investments. Investments
may be illiquid because of the absence of an active trading market,
making it difficult to value them or dispose of them promptly
at an acceptable price. A restricted security is one that has
a contractual restriction on its resale or which cannot be sold
publicly until it is registered under the Securities Act of 1933.
The Fund will not invest more than 10% of its net assets in illiquid
or restricted securities (that limit may increase to 15% if certain
state laws are changed or the Fund's shares are no longer sold
in those states). The Fund's percentage limitation on these investments
does not apply to certain restricted securities that are eligible
for resale to qualified institutional purchasers. See "Investment
Objective and Policies-Restricted and Illiquid Securities" in
the Additional Statement for further details.
Warrants and Rights. Warrants basically are options to purchase
stock at set prices that are valid for a limited period of time.
Rights are similar to warrants but normally have a short duration
and are distributed directly by the issuer to its shareholders.
The Fund may invest up to 5% of its total assets in warrants or
rights. That 5% limitation does not apply to warrants the Fund
has acquired as part of units with other securities
Page 14
or that are attached to other securities. No more than 2% of the
Fund's total assets may be invested in warrants that are not listed
on either The New York Stock Exchange or The American Stock Exchange.
These percentage limitations are fundamental policies. For further
details, see "Investment Objective and Policies-Warrants and Rights"
in the Additional Statement.
Repurchase Agreements. The Fund may enter into repurchase agreements.
In a repurchase transaction, the Fund buys a security and simultaneously
sells it to the vendor for delivery at a future date. They are
used primarily for cash liquidity purposes.
Repurchase agreements must be fully collateralized. However, if
the vendor fails to pay the resale price on the delivery date,
the Fund may incur costs in disposing of the collateral and may
experience losses if there is any delay in its ability to do so.
The Fund will not enter into a repurchase agreement that causes
more than 10% of its net assets to be subject to repurchase agreements
having a maturity beyond seven days. There is no limit on the
amount of the Fund's net assets that may be subject to repurchase
agreements of seven days or less.
Loans of Portfolio Securities. The Fund has entered into a Securities
Lending Agreement and Guaranty with The Bank of New York. The
Securities Lending Agreement provides that loans must be adequately
collateralized and may be made only in conformity with the Fund's
Securities Lending Guidelines, adopted by the Fund's Board of
Trustees. The value of the securities loaned may not exceed 25%
of the value of the Fund's total assets. The Fund presently does
not intend that the value of the securities loaned in the current
fiscal year will exceed 5% of the value of the Fund's total assets.
In lending its securities, the Fund has certain risks, such as
a delay in receiving additional collateral, a delay in the return
of the loaned securities or loss of rights in the collateral if
the borrower fails financially. To try to reduce some of those
risks, the Fund is the beneficiary of a guaranty provided by The
Bank of New York. See "Loans of Portfolio Securities" in the Additional
Statement for further information.
Borrowing. The Fund may borrow up to 10% of the value of its net
assets from banks to buy Securities. That percentage limit is
a fundamental policy. This is a speculative investment method
known as "leverage." This investing technique may subject the
Fund to greater risks and costs than funds that do not borrow.
These risks may include the possibility that the Fund's net asset
value per share will fluctuate more than funds that don't borrow,
since the Fund pays interest on borrowings and interest expense
affects the Fund's share price. Borrowing for leverage is subject
to limits under the Investment Company Act, described in more
detail in "Borrowing for Leverage" in the fund's Statement of
Additional Information.
Hedging. As described below, the Fund may purchase and sell certain
kinds of futures contracts, put and call options, forward contracts,
and options on futures and broadly-based stock indices. These
are all referred to as "hedging instruments." The Fund does not
use hedging instruments for speculative purposes, and has limits
on the use of them, described below. The hedging instruments the
Fund may use are described below and in greater detail in "Other
Investment Techniques and Strategies" in the fund's Statement
of Additional Information.
The Fund may buy and sell options, futures and forward contracts
for a number of purposes. It may do so to try to manage its exposure
to the possibility that the prices of its portfolio securities
may decline, or to establish a position in the securities market
as a temporary substitute for purchasing individual securities.
Some of these strategies, such as selling futures, buying puts
and writing covered calls, hedge the Fund's portfolio against
price fluctuations.
Other hedging strategies, such as buying futures and call options,
tend to increase the Fund's exposure to the securities market.
Forward contracts are used to try to manage foreign currency risks
on the Fund's foreign investments. Foreign currency options are
used to try to protect against declines in the dollar value of
foreign securities the Fund owns, or to protect against an increase
in the dollar cost of buying foreign securities. Writing covered
call options may also provide income to the Fund for liquidity purposes.
Futures. The Fund may buy and sell futures contracts that relate
to (1) broadly-based stock indices (these are referred to as Stock
Index Futures) or (2) foreign currencies (these are called Forward
Contracts and are discussed below).
Page 15
Put and Call Options. The Fund may buy and sell certain kinds
of put options (puts) and call options (calls). A call or put
option may not be purchased if the value of all of the Fund's
put and call options would exceed 5% of the Fund's total assets.
Calls the Fund buys or sells must be listed on a domestic securities
or commodities exchange, or quoted on the Automated Quotation
System of the National Association of Securities Dealers, Inc.
In the case of puts and calls on foreign currency, they must be
traded on a securities or commodities exchange, or be quoted by
recognized dealers in those options.
The Fund may buy calls only on securities, broadly-based stock
indices, foreign currencies or Stock Index Futures, or to terminate
its obligation on a call the Fund previously wrote.
The Fund may write (that is, sell) call options. Each call the
Fund writes must be "covered" while it is outstanding. That means
the Fund must own the investment on which the call was written
or it must own other securities that are acceptable for the escrow
arrangements required for calls. The Fund may write calls on futures
contracts it owns, but these calls must be covered by securities
or other liquid assets the Fund owns and segregates to enable
it to satisfy its obligations if the call is exercised. When the
Fund writes a call, it receives cash (called a premium). The call
gives the buyer the ability to buy the investment on which the
call was written from the Fund at the call price during the period
in which the call may be exercised. If the value of the investment
does not rise above the call price, it is likely that the call
will lapse without being exercised, while the Fund keeps the cash
premium (and the investment). After the Fund writes a call, not
more than 25% of the Fund's total assets may be subject to calls.
The Fund may purchase put options. Buying a put on an investment
gives the Fund the right to sell the investment at a set price
to a seller of a put on that investment. The Fund can buy only
those puts that relate to securities that the Fund owns, broadly-based
stock indices, foreign currencies or Stock Index Futures. The
Fund can buy a put on a Stock Index Future whether or not the
Fund owns the particular Stock Index Future in its portfolio.
The Fund may write puts on securities, broadly-based stock indices,
foreign currencies or Stock Index Futures in an amount up to 50%
of its total assets but only if those puts are covered by segregated
liquid assets. In writing puts, there is a risk that the Fund
may be required to buy the underlying security at a disadvantageous price.
Forward Contracts. Forward contracts are foreign currency exchange
contracts. They are used to buy or sell foreign currency for future
delivery at a fixed price. The Fund uses them to try to "lock
in" the U.S. dollar price of a security denominated in a foreign
currency that the Fund has bought or sold, or to protect against
possible losses from changes in the relative values of the U.S.
dollar and foreign currency. The Fund limits its net exposure
under forward contracts in a particular foreign currency to the
amount of its assets denominated in that currency or denominated
in a closely-correlated currency.
Hedging Instruments can be volatile investments and may involve
special risks. The use of hedging instruments requires special
skills and knowledge of investment techniques that are different
from what is required for normal portfolio management. If the
Manager uses a hedging instrument at the wrong time or judges
market conditions incorrectly, hedging strategies may reduce the
Fund's return. The Fund could also experience losses if the prices
of its futures and options positions were not correlated with
its other investments or if it could not close out a position
because of an illiquid market for the future or option.
Options trading involves the payment of premiums and has special
tax effects on the Fund. There are also special risks in particular
hedging strategies. If a covered call written by the Fund is exercised
on a security that has increased in value, the Fund will be required
to sell the security at the call price and will not be able to
realize any profit if the security has increased in value above
the call price. The use of forward contracts may reduce the gain
that would otherwise result from a change in the relationship
between the U.S. dollar and a foreign currency. These risks and
the hedging strategies the Fund may use are described in greater
detail in the fund's Statement of Additional Information.
Short Sales Against-the-Box. In a short sale, the seller does
not own the security that is sold, but normally borrows the security
to fulfill its delivery obligation. The seller later buys the
security to repay the loan, in the expectation that the price
of the security will be lower when the purchase is made, resulting
in a gain.
Page 16
The Fund may not sell securities short except in collateralized
transactions referred to as "short sales against-the-box." As
a fundamental policy, no more than 15% of the Fund's net assets
will be held as collateral for such short sales at any one time.
Investment Restrictions. The Fund has certain investment restrictions
that are fundamental policies. Under these restrictions, the Fund
cannot do any of the following: (1) buy securities issued or guaranteed
by any one issuer (except the U.S. Government or any of its agencies
or instrumentalities) if with respect to 75% of its total assets,
more than 5% of the Fund's total assets would be invested in securities
of that issuer, or the Fund would then own more than 10% of that
issuer's voting securities; (2) concentrate investments in any
particular industry. Therefore the Fund will not purchase the
securities of companies in any one industry if, thereafter, more
than 25% of the value of the Fund's assets would consist of securities
of companies in that industry. All of the percentage limitations
described above and elsewhere in this Prospectus (other than the
percentage limits that apply to borrowing), apply only at the
time the Fund purchases a security, and the Fund need not dispose
of a security merely because the size of the Fund's assets has
changed or the security has increased in value relative to the
size of the Fund. There are other fundamental policies discussed
in the fund's Statement of Additional Information.
Who is the Management of Oppenheimer Global Fund?
THE RULE 12B-1 FEES IMPOSED ON SHARES HELD IN THE TRUST ARE REBATED
TO THE TRUST AND ARE USED TO REDUCE EXPENSES OF THE TRUST RESULTING
IN INCREASED DISTRIBUTIONS TO UNIT HOLDERS. UNIT HOLDERS WHO ACQUIRE
SHARES OF SPECIAL SITUATIONS THROUGH REINVESTMENT OF DIVIDENDS
OR OTHER DISTRIBUTIONS OR THROUGH REINVESTMENT AT THE TRUST'S
TERMINATION WILL BEGIN TO INCUR RULE 12B-1 FEES AT SUCH TIME AS
SHARES ARE ACQUIRED.
Organization and History. The Fund was originally incorporated
in Maryland in 1969 but was reorganized in 1986 as a Massachusetts
business trust. The Fund is an open-end, diversified management
investment company, with an unlimited number of authorized shares
of beneficial interest.
The Fund is governed by a Board of Trustees, which is responsible
for protecting the interests of shareholders under Massachusetts
law. The Trustees periodically meet throughout the year to oversee
the Fund's activities, review its performance, and review the
actions of the Manager. "Trustees and Officers of the Fund" in
the fund's Statement of Additional Information names the Trustees
and Officers of the Fund and provides more information about them.
Although the Fund is not required by law to hold annual meetings,
it may hold shareholder meetings from time to time on important
matters, and shareholders have the right to call a meeting to
remove a Trustee or to take other action described in the Fund's
Declaration of Trust.
The Board of Trustees has the power, without shareholder approval,
to divide unissued shares of the Fund into two or more classes.
The Board has done so, and the Fund currently has three classes
of shares, Class A, Class B and Class C. Each class invests in
the same investment portfolio. Each class has its own dividends
and distributions and pays certain expenses, which may be different
for the different classes. Each class may have a different net
asset value. Each share has one vote at shareholder meetings,
with fractional shares voting proportionally. Only shares of a
particular class vote as a class on matters that affect that class
alone. Shares are freely transferable.
The Manager and Its Affiliates. The Fund is managed by the Manager,
Oppenheimer Management Corporation, which is responsible for selecting
the Fund's investments and handles its day-to-day business. The
Manager carries out its duties, subject to the policies established
by the Board of Trustees, under an Investment Advisory Agreement
which states the Manager's responsibilities. The Agreement sets
forth the fees paid by the Fund to the Manager and describes the
expenses that the Fund is responsible to pay to conduct its business.
The Manager has operated as an investment adviser since 1959.
The Manager (including a subsidiary) currently manages investment
companies, including other Oppenheimer Funds, with assets of more
than $35 billion as of June 30, 1995, and with more than 2.6 million
shareholder accounts. The Manager is owned by Oppenheimer Acquisition
Corp., a holding company that is owned in part by senior officers
of the Manager and controlled by Massachusetts Mutual Life Insurance
Company.
Portfolio Manager. The Portfolio Manager of the Fund is William
L. Wilby. He is a Senior Vice President of the Manager. He has
been the person principally responsible for the day-to-day management
of the Fund's portfolio since December, 1992. During the past
five years, Mr. Wilby has also served as an officer and portfolio
manager for other Oppenheimer Funds, prior to which he was an
international investment strategist
Page 17
at Brown Brothers, Harriman & Co. and a Managing Director and
Portfolio Manager at AIG Global Investors.
Fees and Expenses. Under the Investment Advisory Agreement that
became effective June 27, 1994 the Fund pays the Manager the following
annual fees, which decline on additional assets as the Fund grows:
0.80% of the first $250 million of aggregate net assets, 0.77%
of the next $250 million, 0.75% of the next $500 million, 0.69%
of the next $1 billion, and 0.67% of aggregate net assets in excess
of $2 billion. The Manager has voluntarily agreed to reduce the
management fee to which it is entitled under the Agreement to
0.65% on assets in excess of $3.5 billion. The management fee
rates that were in effect prior to June 27, 1994 were: 0.75% of
the first $200 million of aggregate net assets, 0.72% of the next
$200 million, 0.69% of the next $200 million, 0.66% of the next
$200 million, 0.60% of the next $200 million and 0.57% of net
assets over $1 billion. The Fund's management fee for its last
fiscal year ended September 30, 1994, was 0.73% of average annual
net assets for both its Class A and Class B shares. These rates
have been restated in the "Annual Fund Operating Expenses" table
on page 9 to reflect the fact that the fee rates were reduced
effective June 27, 1994.
The Fund pays expenses related to its daily operations, such as
custodian fees, Trustees' fees, transfer agency fees, legal fees
and auditing costs. Those expenses are paid out of the Fund's
assets and are not paid directly by shareholders. However, those
expenses reduce the net asset value of shares, and therefore are
indirectly borne by shareholders through their investment. More
information about the Investment Advisory Agreement and the other
expenses paid by the Fund is contained in the fund's Statement
of Additional Information.
There is also information about the Fund's brokerage policies
and practices in "Brokerage Policies of the Fund" in the fund's
Statement of Additional Information. That section discusses how
brokers and dealers are selected for the Fund's portfolio transactions.
When deciding which brokers to use, the Manager is permitted by
the Investment Advisory Agreement to consider whether brokers
have sold shares of the Fund or any other funds for which the
Manager serves as investment advisor.
The Distributor. The Fund's shares are sold through dealers and
brokers that have a sales agreement with Oppenheimer Funds Distributor,
Inc., a subsidiary of the Manager that acts as the Fund's Distributor.
The Distributor also distributes the shares of other mutual funds
managed by the Manager (the "Oppenheimer Funds") and is sub-distributor
for funds managed by a subsidiary of the Manager.
The Transfer Agent. The Fund's transfer agent is Oppenheimer Shareholder
Services, a division of the Manager, which acts as the shareholder
servicing agent for the Fund and the other Oppenheimer Funds on
an "at-cost" basis. Fund shareholders should direct inquiries
about their accounts to the Transfer Agent at P.O. Box 5270, Denver,
Colorado 80217 (1-800-525-7048).
Fund Performance Information
Explanation of Performance Terminology. The Fund uses the terms
"total return" and "average annual total return" to illustrate
its performance. The performance of each class of shares is shown
separately, because the performance of each class will usually
be different as a result of the different kinds of expenses each
class bears. These returns measure the performance of a hypothetical
account in the Fund over various periods, and do not show the
performance of each shareholder's account (which will vary if
dividends are received in cash, or shares are sold or purchased).
The Fund's performance information may help you see how well your
Fund has done over time and to compare it to other funds or market indices.
It is important to understand that the Fund's total returns represent
past performance and should not be considered to be predictions
of future returns or performance. This performance data is described
below, but more detailed information about how total returns are
calculated is contained in the Statement of Additional Information,
which also contains information about other ways to measure and
compare the Fund's performance. The Fund's investment performance
will vary over time, depending on market conditions, the composition
of the portfolio, expenses and which class of shares you purchase.
Total Returns. There are different types of total returns used
to measure the Fund's performance. Total return is the change
in value of a hypothetical investment in the Fund over a given
period, assuming that all dividends
Page 18
and capital gains distributions are reinvested in additional shares.
The cumulative total return measures the change in value over
the entire period (for example, ten years). An average annual
total return shows the average rate of return for each year in
a period that would produce the cumulative total return over the
entire period. However, average annual total returns do not show
the Fund's actual year-by-year performance.
When total returns are quoted for Class A shares, they reflect
the payment of the current maximum initial sales charge. Total
returns may also be quoted "at net asset value," without considering
the effect of the sales charge, and those returns would be reduced
if sales charges were deducted.
How Has the Fund Performed? Below is a discussion by the Manager
of the Fund's performance during its last fiscal year ended September
30, 1994, followed by a graphical comparison of the Fund's performance
to an appropriate broad-based market index.
Management's Discussion of Performance. During the last fiscal
year ended September 30, 1994, global stock markets were volatile.
The Fund's performance benefited from the Manager's emphasis in
securities of companies located in Asia, Australia and in Latin
America during the fourth quarter of 1993. However, the Manager
reduced the Fund's investments in Asia and Australia in early
1994 and invested a larger portion of the Fund's assets defensively,
in short-term debt securities, because of concern that some global
stocks were over-priced. That strategy allowed the Fund to diminish
the impact of the market decline which occurred in Asia and Australia
in the first quarter of 1994. In the third quarter of 1994, the
Manager increased the Fund's investments in Asia and Australia
and the Fund again benefited from a rally in those markets. The
Fund also emphasized investments in companies with strong earnings
potential driven by strategic reorganizations, acquisitions, divestitures,
and the privatization of state-owned industries. The Manager also
emphasized investments in securities of U.S. companies in the
technology sector. The Fund's large investment in telecommunications
and bank securities of Mexican and Argentine companies during
1994 had a negative effect on the Fund's performance because of
downturns in those markets.
Comparing the Fund's Performance to the Market. The graphs below
show the performance of a hypothetical $10,000 investment in Class
A shares of the Fund held until September 30, 1994.Performance
is measured over a ten-year period.
The Fund's performance is compared to the performance of the Morgan
Stanley World Index, an unmanaged index of issuers listed on the
stock exchanges of 20 foreign countries and the United States.
It is widely recognized as a measure of global stock market performance.
Index performance reflects the reinvestment of dividends but does
not consider the effect of capital gains or transaction costs,
and none of the data below shows the effect of taxes. Also, the
Fund's performance reflects the deduction of the current maximum
sales charge of 5.75% for Class A shares and reinvestment of all
dividends and capital gains distributions, and the effect of Fund
business and operating expenses. While index comparisons may be
useful to provide a benchmark for the Fund's performance, it must
be noted that the Fund's investments are not limited to the securities
in the Morgan Stanley World Index. Moreover, the index performance
data does not reflect any assessment of the risk of the investments
included in the index.
Page 19
Please refer to the APPENDIX following the last page of this document
for details on the chart included at this point.
What are Some Additional Considerations for Investors?
Investors should be aware of certain other considerations before
making a decision to invest in the Trust described herein.
The Sponsor has obtained an exemptive order of the Securities
and Exchange Commission ("SEC") to enable it to deposit Oppenheimer
Global Fund shares purchased for deposit in the Trust. Under the
terms of the exemptive order, the Sponsor has agreed to take certain
steps to ensure that investment in the Fund shares is equitable
to all parties and particularly that the interests of the Unit
holders are protected. The Fund has agreed to waive any sales
charge on shares sold to the Trust. Furthermore, First Trust Advisors
L.P. has agreed to waive its usual fee for acting as Evaluator
of the Trust's portfolio with respect to that portion of the portfolio
comprised of Fund shares, since information with respect to the
price of the Fund's shares is readily available to it. In addition,
the Indenture requires the Trustee to vote all shares of the Fund
held in the Trust in the same manner and ratio on all proposals
as the vote of owners of Fund shares not held by the Trust.
The value of the Fund's shares, like the value of the Treasury
Obligations, will fluctuate over the life of the Trust and may
be more or less than the price at which they were deposited in
the Trust. The Fund's shares may appreciate or depreciate in value
(or pay dividends or other distributions) depending on the full
range of economic and market influences affecting the securities
in which it is invested and the success of the Fund's Adviser
in anticipating or taking advantage of such opportunities as they
may occur. However, the Sponsor believes that, upon termination
of the Trust, even if the Fund shares deposited in the Trust are
worthless, an event
Page 20
which the Sponsor considers highly unlikely, the Treasury Obligations
will provide sufficient principal to at least equal $10.00 per
Unit (which is equal to the per Unit value upon maturity of the
Treasury Obligations) for those individuals purchasing on the
Initial Date of Deposit (or any other Date when the value of the
Units is $10.00 or less). This feature of the Trust provides Unit
holders with principal protection, although they might forego
any earnings on the amount invested. To the extent that Units
are purchased at a price less than $10.00 per Unit, this feature
may also provide a potential for capital appreciation.
Unless a Unit holder purchases Units of the Trust on the Initial
Date of Deposit (or another date when the value of the Units is
$10.00 or less), total distributions, including distributions
made upon termination of the Trust, may be less than the amount
paid for a Unit.
The Sponsor, Adviser, Underwriter, Fund and the Trustee shall
not be liable in any way for any default, failure or defect in
any Security.
The Trust consists of the Securities listed in Part One as may
continue to be held from time to time in the Trust.
The Trustee has no power to vary the investments of the Trust,
i.e., the Trustee will have no managerial power to take advantage
of market variations to improve a Unit holder's investment but
may dispose of Securities only under limited circumstances. See
"How May Securities be Removed from the Trust?" Of course, the
portfolio of the Fund will be changing as the Adviser attempts
to achieve the Fund's objective.
To the best of the Sponsor's knowledge, there is no litigation
pending as of the date of this Prospectus in respect of any Security
which might reasonably be expected to have a material adverse
effect on the Trust. At any time after the date of this Prospectus,
litigation may be instituted on a variety of grounds with respect
to the Securities. The Sponsor is unable to predict whether any
such litigation will be instituted, or if instituted, whether
such litigation might have a material adverse effect on the Trust.
PUBLIC OFFERING
How is the Public Offering Price Determined?
Units are offered at the Public Offering Price as indicated in
Part One attached hereto. The Public Offering Price is based on
the aggregate bid side evaluation of the Treasury Obligations
and the net asset value of the Fund shares in the Trust, plus
or minus cash, if any, in the Capital and Income Accounts held
or owned by the Trust, plus a maximum sales charge of 5.5% of
the Public Offering Price (equivalent to 5.82% of the net amount
invested) divided by the number of outstanding Units of the Trust.
The minimum purchase in the Trust is $1,000. The applicable sales
charge is reduced by a discount as indicated below for volume purchases:
Percent of Percent of
Offering Net Amount
Number of Units Price Invested
_______________ _________ __________
10,000 but less than 50,000 0.60% 0.6036%
50,000 but less than 100,000 1.30% 1.3171%
100,000 or more 2.10% 2.1450%
Any such reduced sales charge shall be the responsibility of the
selling Underwriter or dealer. The reduced sales charge structure
will apply on all purchases of Units in the Trust by the same
person on any one day from any one underwriter or dealer. Additionally,
Units purchased in the name of the spouse of a purchaser or in
the name of a child of such purchaser under 21 years of age will
be deemed, for the purposes of calculating the applicable sales
charge, to be additional purchases by the purchaser. The reduced
sales charges will also be applicable to a trustee or other fiduciary
purchasing securities for a single trust estate or single fiduciary
account. The purchaser must inform the Underwriter or dealer of
any such combined purchase prior to the sale in order to obtain
the indicated discount. With respect to the employees, officers
and directors (including their immediate families and trustees,
custodians or a fiduciary for the benefit of such person) of the
Sponsor, Underwriters, dealers and their subsidiaries, the sales
charge is
Page 21
reduced by 2.0% of the Public Offering Price for purchases of
Units during the initial and secondary offering periods.
The Public Offering Price will be equal to the bid price per Unit
of the Treasury Obligations and the net asset value of the Fund
shares therein plus or minus a pro rata share of cash, if any,
in the Capital and Income Accounts of the Trust plus the applicable
sales charge.
The offering price of the Treasury Obligations in the Trust may
be expected to be greater than the bid price of the Treasury Obligations
by less than 2%.
Although payment is normally made three business days following
the order for purchase, payment may be made prior thereto. Cash,
if any, made available to the Sponsor prior to the date of settlement
for the purchase of Units may be used in the Sponsor's business
and may be deemed to be a benefit to the Sponsor, subject to the
limitations of the Securities Exchange Act of 1934. Delivery of
Units so ordered will be made five business days following such
order or shortly thereafter. See "Rights of Unit Holders-How May
Units be Redeemed?" for information regarding the ability to redeem
Units ordered for purchase.
How are Units Distributed?
It is the intention of the Sponsor to qualify Units of the Trust
for sale in a number of states. Sales will be made to dealers
and others at prices which represent a concession or agency commission
of 65% of the total sales charge for Units sold by such dealers.
Volume concessions or agency commissions of an additional 0.40%
of the Public Offering Price will be given to any broker/dealer
or bank, who purchase from the Sponsor at least $250,000 on any
day. The Sponsor reserves the right to change the amount of the
concession or agency commission from time to time. Certain commercial
banks are making Units of the Trust available to their customers
on an agency basis. A portion of the sales charge paid by these
customers is retained by or remitted to the banks in the amounts
indicated above. Under the Glass-Steagall Act, banks are prohibited
from underwriting Trust Units; however, the Glass-Steagall Act
does permit certain agency transactions and the banking regulators
have not indicated that these particular agency transactions are
not permitted under such Act. In Texas and in certain other states,
any banks making Units available must be registered as broker/dealers
under state law.
Underwriters, dealers and others who, in a single month, purchase
from the Sponsor Units of any Series of The First Trust GNMA,
The First Trust of Insured Municipal Bonds, The First Trust Combined
Series, The First Trust Special Situations Trust, Templeton Growth
and Treasury Trust, Templeton Foreign Fund & U.S. Treasury Securities
Trust, The Advantage Growth and Treasury Securities Trust or any
other unit investment trust of which Nike Securities L.P. is the
Sponsor (the "UIT Units"), which sale of UIT Units are in the
following aggregate dollar amounts, will receive additional concessions
from the Sponsor as indicated in the following table:
Aggregate Monthly Amount Additional Concession
of UIT Units Sold (per $1,000 sold)
________________________ _____________________
$ 1,000,000 - $2,499,999 $0.50
$ 2,500,000 - $4,999,999 $1.00
$ 5,000,000 - $7,499,999 $1.50
$ 7,500,000 - $9,999,999 $2.00
$10,000,000 or more $2.50
Aggregate Monthly Dollar Amount of UIT Units Sold is based on
settled trades for a month (including sales of UIT Units to the
Sponsor in the secondary market which are resold), net of redemptions.
From time to time the Sponsor may implement programs under which
dealers of the Trust may receive nominal awards from the Sponsor
for each of their registered representatives who have sold a minimum
number of UIT Units during a specified time period. In addition,
at various times the Sponsor may implement other programs under
which the sales force of a dealer may be eligible to win other
nominal awards for certain sales efforts, or under which the Sponsor
will reallow to any such dealer that sponsors sales contests or
recognition programs conforming to criteria established by the
Sponsor, or participates in sales programs sponsored by the Sponsor,
an amount not exceeding the total applicable sales charges on
the sales
Page 22
generated by such person at the public offering price during such
programs. Also, the Sponsor in its discretion may from time to
time pursuant to objective criteria established by the Sponsor
pay fees to qualifying dealers for certain services or activities
which are primarily intended to result in sales of Units of the
Trust. Such payments are made by the Sponsor out of its own assets,
and not out of the assets of the Trust. These programs will not
change the price Unit holders pay for their Units or the amount
that the Trust will receive from the Units sold.
The Sponsor may from time to time in its advertising and sales
materials compare the then current estimated returns on the Trust
and returns over specified periods on other similar Trusts sponsored
by Nike Securities L.P. with returns on other taxable investments
such as corporate or U.S. Government bonds, bank CDs and money
market accounts or money market funds, each of which has investment
characteristics that may differ from those of the Trust. U.S.
Government bonds, for example, are backed by the full faith and
credit of the U.S. Government and bank CDs and money market accounts
are insured by an agency of the federal government. Money market
accounts and money market funds provide stability of principal,
but pay interest at rates that vary with the condition of the
short-term debt market. The investment characteristics of the
Trust are described more fully elsewhere in this Prospectus.
Trust performance may be compared to performance on a total return
basis with the Dow Jones Industrial Average, the S&P 500 Composite
Price Stock Index, the Morgan Stanley World Index or other global
indices, or performance data from Lipper Analytical Services,
Inc. and Morningstar Publications, Inc. or from publications such
as Money Magazine, The New York Times, U.S. News and World Report,
Business Week, Forbes Magazine or Fortune Magazine. As with other
performance data, performance comparisons should not be considered
representative of the Trust's relative performance for any future period.
What are the Sponsor's Profits?
The Sponsor of the Trust will receive a gross sales commission
equal to 5.5% of the Public Offering Price of the Units (equivalent
to 5.82% of the net amount invested), less any reduced sales charge
for quantity purchases as described under "Public Offering-How
is the Public Offering Price Determined?" See "Public Offering-How
are Units Distributed?" for information regarding the receipt
of the excess gross sales commissions by the Sponsor from the
Underwriters and additional concessions available to the dealers
and others.
In maintaining a market for the Units, the Sponsor or Underwriters
will also realize profits or sustain losses in the amount of any
difference between the price at which Units are purchased and
the price at which Units are resold (which price includes a sales
charge of 5.5%) or redeemed. The secondary market public offering
price of Units may be greater or less than the cost of such Units
to the Sponsor or Underwriters.
Will There be a Secondary Market?
Although it is not obligated to do so, the Sponsor intends to,
and the Underwriters may, maintain a market for the Units and
continuously to offer to purchase Units at prices, subject to
change at any time, based upon the aggregate bid price of the
Treasury Obligations in the portfolio of the Trust and the net
asset value of the Fund shares in the Trust plus or minus cash,
if any, in the Capital and Income Accounts of the Trust. All expenses
incurred in maintaining a secondary market, other than the fees
of the Evaluator, the supervisory and audit expenses and the costs
of the Trustee in transferring and recording the ownership of
Units, will be borne by the Sponsor. If the supply of Units exceeds
demand, or for some other business reason, the Sponsor may discontinue
purchases of Units at such prices. IF A UNIT HOLDER WISHES TO
DISPOSE OF HIS OR HER UNITS, HE OR SHE SHOULD INQUIRE OF THE SPONSOR
AS TO CURRENT MARKET PRICES PRIOR TO MAKING A TENDER FOR REDEMPTION
TO THE TRUSTEE.
RIGHTS OF UNIT HOLDERS
How is Evidence of Ownership Issued and Transferred?
The Trustee is authorized to treat as the record owner of Units
that person who is registered as such owner on the books of the
Trustee. Ownership of Units may be evidenced by registered certificates
executed
Page 23
by the Trustee and the Sponsor. Delivery of certificates representing
Units ordered for purchase is normally made five business days
following such order or shortly thereafter. Certificates are transferable
by presentation and surrender to the Trustee properly endorsed
or accompanied by a written instrument or instruments of transfer.
Certificates to be redeemed must be properly endorsed or accompanied
by a written instrument or instruments of transfer. A Unit holder
must sign exactly as his name appears on the face of the certificate
with signature guaranteed by a participant in the Securities Transfer
Agents Medallion Program ("STAMP") or such other signature guaranty
program in addition to, or in substitution for, STAMP, as may
be accepted by the Trustee. In certain instances the Trustee may
require additional documents such as, but not limited to, trust
instruments, certificates of death, appointments as executor or
administrator or certificates of corporate authority. Record ownership
may occur before settlement.
Certificates will be issued in fully registered form, transferable
only on the books of the Trustee in denominations of one Unit
or any multiple thereof, numbered serially for purposes of identification.
Unit holders may elect to hold their Units in uncertificated form.
The Trustee will maintain an account for each such Unit holder
and will credit each such account with the number of Units purchased
by that Unit holder. Within two business days of the issuance
or transfer of Units held in uncertificated form, the Trustee
will send to the registered owner of Units a written initial transaction
statement containing a description of the Trust; the number of
Units issued or transferred; the name, address and taxpayer identification
number, if any, of the new registered owner; a notation of any
liens and restrictions of the issuer and any adverse claims to
which such Units are or may be subject or a statement that there
are no such liens, restrictions or adverse claims; and the date
the transfer was registered. Uncertificated Units are transferable
through the same procedures applicable to Units evidenced by certificates
(described above), except that no certificate need be presented
to the Trustee and no certificate will be issued upon the transfer
unless requested by the Unit holder. A Unit holder may at any
time request the Trustee to issue certificates for Units.
Although no such charge is now made or contemplated, a Unit holder
may be required to pay $2.00 to the Trustee per certificate reissued
or transferred and to pay any governmental charge that may be
imposed in connection with each such transfer or exchange. For
new certificates issued to replace destroyed, stolen or lost certificates,
the Unit holder may be required to furnish indemnity satisfactory
to the Trustee and pay such expenses as the Trustee may incur.
Mutilated certificates must be surrendered to the Trustee for replacement.
How are Income and Capital Distributed?
The Trustee will distribute any net income (other than accreted
interest) received with respect to any of the Securities in the
Trust on or about the Distribution Dates to Unit holders of record
on the preceding Record Date. See Part One of the Prospectus.
Proceeds received from rebated Rule 12b-1 fees or on the sale
of any Securities in the Trust, to the extent not used to meet
redemptions of Units or pay expenses, will be distributed at least
annually on each Distribution Date to Unit holders of record on
the preceding Record Date. Income with respect to the original
issue discount on the Treasury Obligations in the Trust, will
not be distributed currently, although Unit holders will be subject
to Federal income tax as if a distribution had occurred. See "What
is the Federal Tax Status of Unit Holders?"
The Record Date and Distribution Date were established so as to
occur shortly after the record date and the payment dates of the
Fund. The Fund normally pays dividends on its net investment income
annually. Net realized capital gains, if any, will be distributed
at least annually.
Within a reasonable time after the Trust is terminated, each Unit
holder will, upon surrender of his or her Units for redemption,
receive: (i) the number of shares of the Fund attributable to
his or her Units, which will be distributed "in-kind" directly
to his or her account, rather than redeemed, (ii) a pro rata share
of the amounts realized upon the disposition of the Treasury Obligations
and (iii) a pro rata share of any other assets of the Trust, less
expenses of the Trust, subject to the limitation that Treasury
Obligations may not be sold to pay for Trust expenses. Not less
than 60 days prior to the termination of the Trust, Unit holders
will be offered the option of having the proceeds from the disposition
of the Treasury Obligations in the Trust invested on the date
such proceeds become available to the Trust, in additional shares
of the Fund at net asset value. Such shares will not be subject
to a sales charge or a contingent deferred sales load but such shares
Page 24
will incur Rule 12b-1 fees as do all other shares held directly
by investors in the Fund. Unless a Unit holder indicates that
he or she wishes to reinvest such amounts, they will be paid in
cash, as indicated above. A Unit holder may, of course, at any
time after the Fund shares are distributed to his or her account,
instruct the Fund to redeem all or a portion of the shares in
his or her account. Shares of the Fund, as more fully described
in its prospectus, will be redeemed at the then current net asset
value. If within 180 days after the termination of the Trust a
registered owner of Units has not surrendered the Units, the Trustee
shall liquidate the shares of the Fund held for such Unit holder
and hold the funds to which such Unit holder is entitled until
such Units are surrendered.
The Trustee will credit to the Income Account of the Trust any
dividends, distributions or rebated Rule 12b-1 fees received on
the Fund shares therein. All other receipts (e.g., return of principal,
capital gains, etc.) are credited to the Capital Account of the Trust.
The Trustee may establish reserves (the "Reserve Account") within
the Trust for state and local taxes, if any, and any governmental
charges payable out of the Trust.
How Can Distributions to Unit Holders be Reinvested?
Each Unit holder of the Trust will have distributions of principal,
capital gains, if any, or income automatically invested in Fund
shares (if Fund shares are registered in the Unit holder's state
of residence) deposited at such share's net asset value next computed,
unless he or she indicates at the time of purchase, or subsequently
notifies the Trustee in writing, that he or she wishes to receive
cash payments. Shares of the Fund obtained through reinvestment
will not be subject to a sales charge, although such shares will
incur Rule 12b-1 fees as do all other shares held directly by
investors in the Fund. Reinvestment by the Trust in Fund shares
will normally be made as of the distribution date of the Trust
after the Trustee deducts therefrom the expenses of the Trust.
Additional information with respect to the investment objective
and policies of the Fund is contained in its Additional Statement,
which can be obtained from the Underwriter.
Unit holders who are receiving distributions in cash may elect
to participate in the automatic reinvestment feature by filing
with the Trustee an election to have such distributions reinvested
without a sales charge. Such election must be received by the
Trustee at least ten days prior to the Record Date applicable
to any distribution in order to be in effect for such Record Date.
Any such election shall remain in effect until a subsequent notice
is received by the Trustee.
Exchange Privilege. Shares of the Fund held in a Unit holder's
reinvestment account and of the Eligible Funds listed in "Right
of Accumulation" in the Fund's Prospectus may be exchanged at
net asset value per share at the time of exchange, without sales
charge, if all of the following conditions are met: (1) shares
of the fund selected for exchange are available for sale in the
shareholder's state of residence; (2) the respective prospectuses
of the funds the shares of which are to be exchanged and acquired
offer the Exchange Privilege to the investor; (3) newly-purchased
(by initial or subsequent investment) shares are held in an account
for at least seven days and all other shares at least one day
prior to the exchange; and (4) the aggregate net asset value of
shares surrendered for exchange is at least equal to the minimum
investment requirements of the fund the shares of which are to
be acquired. See "Exchange Privilege" in the Fund's prospectus
for additional information regarding the exchange procedure. THE
EXCHANGE PRIVILEGE DOES NOT APPLY TO OPPENHEIMER GLOBAL FUND SHARES
IN THE TRUST'S PORTFOLIO, ONLY TO A UNIT HOLDER'S REINVESTMENT ACCOUNT.
General Information on Exchanges. Shares to be exchanged are redeemed
on the regular business day the Transfer Agent receives an exchange
request in proper form (the "Redemption Date"). Normally, shares
of the fund to be acquired are purchased on the Redemption Date,
but such purchases may be delayed by either fund up to five business
days, if it determines that it would be disadvantaged by an immediate
transfer of the redemption proceeds. The Fund in its discretion
reserves the right to refuse any exchange requests that will disadvantage
it, for example, if the receipt of multiple exchange requests
from a dealer might require the disposition of securities at a
time or a price disadvantageous to the Fund.
Page 25
The Eligible Funds have different investment objectives and policies.
For complete information, including sales charges and expenses,
a prospectus of the fund into which the exchange is being made
should be read prior to an exchange. Dealers or brokers who process
exchange orders on behalf of their customers may charge for their
services. Those charges may be avoided by requesting the Fund
directly to exchange shares. For Federal tax purposes, an exchange
is treated as a redemption and purchase of shares. See "How to
Redeem Shares-Reinvestment Privilege" in the Fund's prospectus
for a discussion of certain tax effects of exchanges. No sales
commissions are paid by the Distributor on exchanges of shares
(unless a front-end sales charge is assessed on the exchange).
Pursuant to telephone exchange agreements with the Distributor,
certain dealers, brokers and investment advisors may exchange
their client's Fund shares by telephone, subject to the terms
of the agreements and the Distributor's right to reject or suspend
such telephone exchanges at any time. Because of the restrictions
and procedures under those agreements, such exchanges may be subject
to timing limitations and other restrictions that do not apply
to exchanges requested by shareholders directly, as described above.
What Reports Will Unit Holders Receive?
The Trustee shall furnish Unit holders in connection with each
distribution a statement of the amount of income, if any, and
the amount of other receipts, if any, which are being distributed,
expressed in each case as a dollar amount per Unit. Within a reasonable
time after the end of each calendar year, the Trustee will furnish
to each person who at any time during the calendar year was a
Unit holder of the Trust the following information in reasonable
detail: (1) a summary of transactions in the Trust for such year;
(2) any Securities sold during the year and the Securities held
at the end of such year by the Trust; (3) the redemption price
per Unit based upon a computation thereof on the 31st day of December
of such year (or the last business day prior thereto); and (4)
amounts of income and capital gains distributed during such year.
How May Units be Redeemed?
A Unit holder may redeem all or a portion of his or her Units
by tender to the Trustee at its corporate trust office in the
City of New York of the certificates representing the Units to
be redeemed, or in the case of uncertificated Units, delivery
of a request for redemption, duly endorsed or accompanied by proper
instruments of transfer with signature guaranteed as explained
above (or by providing satisfactory indemnity, as in connection
with lost, stolen or destroyed certificates), and payment of applicable
governmental charges, if any. No redemption fee will be charged.
On the third business day following such tender, the Unit holder
will be entitled to receive in cash an amount for each Unit equal
to the redemption price per Unit next computed after receipt by
the Trustee of such tender of Units. The day of tender is deemed
to be the date on which Units are received by the Trustee, except
that as regards Units received after 4:00 p.m. Eastern time, the
date of tender is the next day on which the NYSE is open for trading
and such Units will be deemed to have been tendered to the Trustee
on such day for redemption at the redemption price computed on
that day. Units so redeemed shall be cancelled.
Any amounts paid on redemption representing income shall be withdrawn
from the Income Account of the Trust to the extent that funds
are available for such purpose. All other amounts paid on redemption
shall be withdrawn from the Capital Account of the Trust.
The Trustee is empowered to sell Securities of the Trust in order
to make funds available for redemption. To the extent that Securities
are sold, the size and diversity of the Trust will be reduced.
Such sales may be required at a time when Securities would not
otherwise be sold and might result in lower prices than might
otherwise be realized. Shares of the Fund will be sold to meet
redemptions of Units before Treasury Obligations, although Treasury
Obligations may be sold if the Trust is assured of retaining a
sufficient principal amount of Treasury Obligations to provide
funds upon maturity of the Trust at least equal to $10.00 per Unit.
The redemption price per Unit (as well as the secondary market
Public Offering Price) will be determined on the basis of the
bid price of the Treasury Obligations and the net asset value
of the Fund shares in the Trust, plus or minus cash, if any, in
the Capital and Income Accounts of the Trust, as of the close of
Page 26
trading on the NYSE on the date any such determination is made.
The Redemption Price per Unit is the pro rata share of each Unit
determined by the Trustee by adding: (1) the cash on hand in the
Trust other than cash deposited in the Trust to purchase Securities
not applied to the purchase of such Securities; (2) the aggregate
value of the Securities (including "when issued" contracts, if
any) held in the Trust, as determined by the Evaluator on the
basis of bid prices of the Treasury Obligations and the net asset
value of the Fund shares next computed; and (3) dividends or other
distributions receivable on Fund shares trading ex-dividend as
of the date of computation and amounts accrued, if any, for rebated
Rule 12b-1 fees; and deducting therefrom: (1) amounts representing
any applicable taxes or governmental charges payable out of the
Trust; (2) an amount representing estimated accrued expenses of
the Trust, including but not limited to fees and expenses of the
Trustee (including legal and auditing fees), the Evaluator, the
Supervisor and counsel fees, if any; (3) cash held for distribution
to Unit holders of record of the Trust as of the business day
prior to the evaluation being made; and (4) other liabilities
incurred by the Trust; and finally dividing the results of such
computation by the number of Units of the Trust outstanding as
of the date thereof.
The right of redemption may be suspended and payment postponed
for any period during which the NYSE is closed (other than for
customary weekend and holiday closings) or during which the SEC
determines that trading on the NYSE is restricted or any emergency
exists, as a result of which disposal or evaluation of the Securities
is not reasonably practicable, or for such other periods as the
SEC may by order permit. Under certain extreme circumstances,
the Sponsor may apply to the SEC for an order permitting a full
or partial suspension of the right of Unit holders to redeem their
Units. The Trustee is not liable to any person in any way for
any loss or damage which may result from any such suspension or postponement.
How May Units be Purchased by the Sponsor?
The Trustee shall notify the Sponsor of any tender of Units for
redemption. If the Sponsor's bid in the secondary market at that
time equals or exceeds the Redemption Price per Unit, it may purchase
such Units by notifying the Trustee before 1:00 p.m. Eastern time
on the same business day and by making payment therefor to the
Unit holder not later than the day on which the Units would otherwise
have been redeemed by the Trustee. Units held by the Sponsor may
be tendered to the Trustee for redemption as any other Units.
In the event the Sponsor does not purchase Units, the Trustee
may sell Units tendered for redemption in the over-the-counter
market, if any, as long as the amount to be received by the Unit
holder is equal to the amount he or she would have received on
redemption of the Units.
The offering price of any Units acquired by the Sponsor will be
in accord with the Public Offering Price described in the then
effective prospectus describing such Units. Any profit or loss
resulting from the resale or redemption of such Units will belong
to the Sponsor.
How May Securities be Removed from the Trust?
The portfolio of the Trust is not "managed" by the Sponsor or
the Trustee; their activities described herein are governed solely
by the provisions of the Indenture. The Indenture provides that
the Sponsor may (but need not) direct the Trustee to dispose of
a Security in the unlikely event that an issuer of a Security
defaults in the payment of dividends or interest or there exist
certain other materially adverse conditions described in the Indenture.
The Trustee may also sell Securities designated by the Sponsor,
or if not so directed, in its own discretion, for the purpose
of redeeming Units of the Trust tendered for redemption and the
payment of expenses; provided, however, that in the case of Securities
sold to meet redemption requests, Treasury Obligations may only
be sold if the Trust is assured of retaining a sufficient principal
amount of Treasury Obligations to provide funds upon maturity
of the Trust at least equal to $10.00 per Unit. Treasury Obligations
may not be sold to meet Trust expenses.
INFORMATION AS TO SPONSOR, TRUSTEE AND EVALUATOR
Who is the Sponsor?
Nike Securities L.P., the Sponsor, specializes in the underwriting,
trading and distribution of unit investment trusts and other securities.
Nike Securities L.P., an Illinois limited partnership formed in 1991, acts
Page 27
as Sponsor for successive series of The First Trust Combined Series,
The First Trust Special Situations Trust, The First Trust Insured
Corporate Trust, The First Trust of Insured Municipal Bonds and
The First Trust GNMA. First Trust introduced the first insured
unit investment trust in 1974 and to date more than $9 billion
in First Trust unit investment trusts have been deposited. The
Sponsor's employees include a team of professionals with many
years of experience in the unit investment trust industry. The
Sponsor is a member of the National Association of Securities
Dealers, Inc. and Securities Investor Protection Corporation and
has its principal offices at 1001 Warrenville Road, Lisle, Illinois
60532; telephone number (708) 241-4141. As of December 31, 1994,
the total partners' capital of Nike Securities L.P. was $10,863,058
(audited). (This paragraph relates only to the Sponsor and not
to the Trust or to any series thereof or to any other Underwriter.
The information is included herein only for the purpose of informing
investors as to the financial responsibility of the Sponsor and
its ability to carry out its contractual obligations. More detailed
financial information will be made available by the Sponsor upon request.)
Who is the Trustee?
The Trustee is The Chase Manhattan Bank (National Association),
a national banking association with its principal executive office
located at 1 Chase Manhattan Plaza, New York, New York 10081 and
its unit investment trust offices at 770 Broadway, New York, New
York 10003. Unit holders who have questions regarding this Trust,
may call Shareholder Financial Services, Inc. via the Customer
Service Help Line at 1-800-682-7520. The Trustee is subject to
supervision and examination by the Comptroller of the Currency,
the Federal Deposit Insurance Corporation and the Board of Governors
of the Federal Reserve System.
The Trustee, whose duties are ministerial in nature, has not participated
in the selection of the Securities. For information relating to
the responsibilities of the Trustee under the Indenture, reference
is made to the material set forth under "Rights of Unit Holders."
The Trustee and any successor Trustee may resign by executing
an instrument in writing and filing the same with the Sponsor
and mailing a copy of a notice of resignation to all Unit holders.
Upon receipt of such notice, the Sponsor is obligated to appoint
a successor Trustee promptly. If the Trustee becomes incapable
of acting or becomes bankrupt or its affairs are taken over by
public authorities, the Sponsor may remove the Trustee and appoint
a successor as provided in the Indenture. If upon resignation
of the Trustee no successor has accepted the appointment within
30 days after notification, the retiring Trustee may apply to
a court of competent jurisdiction for the appointment of a successor.
The resignation or removal of the Trustee becomes effective only
when the successor Trustee accepts its appointment as such or
when a court of competent jurisdiction appoints a successor Trustee.
Any corporation into which the Trustee may be merged or with which
it may be consolidated, or any corporation resulting from any
merger or consolidation to which a Trustee shall be a party, shall
be the successor Trustee. The Trustee must be a banking corporation
organized under the laws of the United States or any State and
having at all times an aggregate capital, surplus and undivided
profits of not less than $5,000,000.
Limitations on Liabilities of Sponsor and Trustee
The Sponsor and the Trustee shall be under no liability to Unit
holders for taking any action or for refraining from taking any
action in good faith pursuant to the Indenture, or for errors
in judgment, but shall be liable only for their own willful misfeasance,
bad faith, gross negligence (ordinary negligence in the case of
the Trustee) or reckless disregard of their obligations and duties.
The Trustee shall not be liable for depreciation or loss incurred
by reason of the sale by the Trustee of any of the Securities.
In the event of the failure of the Sponsor to act under the Indenture,
the Trustee may act thereunder and shall not be liable for any
action taken by it in good faith under the Indenture.
The Trustee shall not be liable for any taxes or other governmental
charges imposed upon or in respect of the Securities or upon the
interest thereon or upon it as Trustee under the Indenture or
upon or in respect of the Trust which the Trustee may be required
to pay under any present or future law of the United States of America
Page 28
or of any other taxing authority having jurisdiction. In addition,
the Indenture contains other customary provisions limiting the
liability of the Trustee.
If the Sponsor shall fail to perform any of its duties under the
Indenture or become incapable of acting or become bankrupt or
its affairs are taken over by public authorities, then the Trustee
may (a) appoint a successor Sponsor at rates of compensation deemed
by the Trustee to be reasonable and not exceeding amounts prescribed
by the SEC, or (b) terminate the Indenture and liquidate the Trust
as provided herein, or (c) continue to act as Trustee without
terminating the Indenture.
Who is the Evaluator?
The Evaluator is First Trust Advisors L.P., an Illinois limited
partnership formed in 1991 and an affiliate of the Sponsor. The
Evaluator's address is 1001 Warrenville Road, Lisle, Illinois
60532. The Evaluator may resign or may be removed by the Sponsor
and the Trustee, in which event the Sponsor and the Trustee are
to use their best efforts to appoint a satisfactory successor.
Such resignation or removal shall become effective upon the acceptance
of appointment by the successor Evaluator. If upon resignation
of the Evaluator no successor has accepted appointment within
30 days after notice of resignation, the Evaluator may apply to
a court of competent jurisdiction for the appointment of a successor.
The Trustee, Sponsor and Unit holders may rely on any evaluation
furnished by the Evaluator and shall have no responsibility for
the accuracy thereof. Determinations by the Evaluator under the
Indenture shall be made in good faith upon the basis of the best
information available to it, provided, however, that the Evaluator
shall be under no liability to the Trustee, Sponsor or Unit holders
for errors in judgment. This provision shall not protect the Evaluator
in any case of willful misfeasance, bad faith, gross negligence
or reckless disregard of its obligations and duties.
OTHER INFORMATION
How May the Indenture Be Amended or Terminated?
The Sponsor and the Trustee have the power to amend the Indenture
without the consent of any of the Unit holders when such an amendment
is (1) to cure any ambiguity or to correct or supplement any provision
of the Indenture which may be defective or inconsistent with any
other provision contained therein, or (2) to make such other provisions
as shall not adversely affect the interest of the Unit holders
(as determined in good faith by the Sponsor and the Trustee).
The Indenture provides that the Trust shall terminate upon the
maturity, redemption or other disposition of the last of the Treasury
Obligations held in the Trust but in no event beyond the Mandatory
Termination Date indicated herein under "Summary of Essential
Information." The Trust may be liquidated at any time by consent
of 100% of the Unit holders of the Trust or by the Trustee in
the event that Units of the Trust not yet sold aggregating more
than 60% of the Units of the Trust are tendered for redemption
by the Underwriter, including the Sponsor. If the Trust is liquidated
because of the redemption of unsold Units of the Trust by the
Underwriter, the Sponsor will refund to each purchaser of Units
of the Trust the entire sales charge paid by such purchaser. In
the event of termination, written notice thereof will be sent
by the Trustee to all Unit holders of the Trust. Within a reasonable
period after termination, the Trustee will follow the procedures
set forth under "How are Income and Principal Distributed?"
Legal Opinions
The legality of the Units offered hereby and certain matters relating
to Federal tax law have been passed upon by Chapman and Cutler,
111 West Monroe Street, Chicago, Illinois 60603, as counsel for
the Sponsor. Carter, Ledyard & Milburn will act as counsel for
the Trustee and as special New York tax counsel for the Trust.
Experts
The statement of net assets, including the portfolio, of the Trust
contained in Part One of this Prospectus has been audited by Ernst
& Young LLP, independent auditors, as set forth in their report
thereon appearing therein and is included in reliance upon such
report given upon the authority of such firm as experts in accounting
and auditing.
Page 29
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Page 30
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Page 31
CONTENTS:
Oppenheimer Global Growth & Treasury Securities Trust
What is Oppenheimer Global Growth & Treasury
Securities Trust? 3
What are the Expenses and Charges? 3
What is the Federal Tax Status of Unit Holders? 5
Why are Investments in the Trust Suitable for
Retirement Plans? 8
Portfolio:
What are Treasury Obligations? 8
What is Oppenheimer Global Fund? 8
Fund Expenses 9
What are the Fund's Investment Policies? 12
Who is the Management of Oppenheimer
Global Fund? 17
Fund Performance Information 18
What are Some Additional Considerations
for Investors? 20
Public Offering:
How is the Public Offering Price Determined? 21
How are Units Distributed? 22
What are the Sponsor's Profits? 23
Will There be a Secondary Market? 23
Rights of Unit Holders:
How is Evidence of Ownership Issued
and Transferred? 23
How are Income and Capital Distributed? 24
How Can Distributions to Unit Holders
be Reinvested? 25
What Reports Will Unit Holders Receive? 26
How May Units be Redeemed? 26
How May Units be Purchased by the Sponsor? 27
How May Securities be Removed
from the Trust? 27
Information as to Sponsor, Trustee and Evaluator:
Who is the Sponsor? 27
Who is the Trustee? 28
Limitations on Liabilities of Sponsor and Trustee 28
Who is the Evaluator? 29
Other Information:
How May the Indenture Be Amended
or Terminated? 29
Legal Opinions 29
Experts 29
___________
THIS PROSPECTUS DOES NOT CONSTITUTE AN OFFER TO SELL, OR A SOLICITATION
OF AN OFFER TO BUY, SECURITIES IN ANY JURISDICTION TO ANY PERSON
TO WHOM IT IS NOT LAWFUL TO MAKE SUCH OFFER IN SUCH JURISDICTION.
THIS PROSPECTUS DOES NOT CONTAIN ALL THE INFORMATION SET FORTH
IN THE REGISTRATION STATEMENTS AND EXHIBITS RELATING THERETO,
WHICH THE TRUST HAS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION,
WASHINGTON, D.C. UNDER THE SECURITIES ACT OF 1933 AND THE INVESTMENT
COMPANY ACT OF 1940, AND TO WHICH REFERENCE IS HEREBY MADE.
FIRST TRUST (registered trademark)
Oppenheimer Global
Growth & Treasury
Securities Trust
Prospectus
Part Two
January 31, 1996
First Trust (registered trademark)
1001 Warrenville Road, Suite 300
Lisle, Illinois 60532
1-708-241-4141
Trustee:
The Chase Manhattan Bank
(National Association)
770 Broadway
New York, New York 10003
THIS PART TWO MUST BE
ACCOMPANIED BY PART ONE.
PLEASE RETAIN THIS PROSPECTUS
FOR FUTURE REFERENCE
Page 32
-APPENDIX-
The graph which appears on page 20 of the prospectus represents
a comparison between a $10,000 investment made on September 30,
1984 in Class A shares of Oppenheimer Global Fund and the Morgan
Stanley World Index. The chart indicates that $10,000 invested
on September 30, 1984 in Class A shares of Oppenheimer Global
Fund would be worth $48,341 as of September 30, 1994 as opposed
to $41,273 had the $10,000 been invested in the Morgan Stanley
World Index.
CONTENTS OF POST-EFFECTIVE AMENDMENT
OF REGISTRATION STATEMENT
This Post-Effective Amendment of Registration Statement
comprises the following papers and documents:
The facing sheet
The prospectus
The signatures
The Consent of Independent Auditors
Financial Data Schedule
S-1
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933,
the Registrant, Oppenheimer Global Growth & Treasury Securities
Trust, Series 1, certifies that it meets all of the requirements
for effectiveness of this Registration Statement pursuant to Rule
485(b) under the Securities Act of 1933 and has duly caused this
Post-Effective Amendment of its Registration Statement to be
signed on its behalf by the undersigned thereunto duly authorized
in the Village of Lisle and State of Illinois on March 1, 1996.
OPPENHEIMER GLOBAL GROWTH & TREASURY
SECURITIES TRUST, SERIES 1
(Registrant)
By NIKE SECURITIES L.P.
(Depositor)
By Carlos E. Nardo
Senior Vice President
Pursuant to the requirements of the Securities Act of 1933,
this Post-Effective Amendment of Registration Statement has been
signed below by the following person in the capacity and on the
date indicated:
Signature Title* Date
Robert D. Van Kampen Sole Director of )
Nike Securities )
Corporation, ) March 1, 1996
the General Partner )
of Nike Securities L.P. )
)
) Carlos E. Nardo
) Attorney-in-Fact**
*The title of the person named herein represents his capacity in
and relationship to Nike Securities L.P., Depositor.
**An executed copy of the related power of attorney was filed wi
th the Securities and Exchange Commission in connection with
the Amendment No. 1 to Form S-6 of The First Trust Special
Situations Trust, Series 18 (File No. 33-42683) and the same
is hereby incorporated herein by this reference.
S-2
CONSENT OF INDEPENDENT AUDITORS
We consent to the reference to our firm under the caption
"Experts" and to the use of our report dated November 10, 1995 in
this Post-Effective Amendment to the Registration Statement and
related Prospectus of Oppenheimer Global Growth & Treasury
Securities Trust dated December 20, 1995.
ERNST & YOUNG
Chicago, Illinois
December 19, 1995
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from Post
Effective Amendment to form S-6 and is qualified in its entirety by reference to
such Post Effective Amendment to form S-6.
</LEGEND>
<SERIES>
<NUMBER> 001
<NAME> OPPENHEIMER GLOBAL G&T
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> AUG-31-1995
<PERIOD-START> SEP-22-1994
<PERIOD-END> AUG-31-1995
<INVESTMENTS-AT-COST> 9,137,546
<INVESTMENTS-AT-VALUE> 9,724,913
<RECEIVABLES> 0
<ASSETS-OTHER> 142
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,725,055
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,245
<TOTAL-LIABILITIES> 6,245
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,137,546
<SHARES-COMMON-STOCK> 985,000
<SHARES-COMMON-PRIOR> 50,000
<ACCUMULATED-NII-CURRENT> (6,103)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 587,367
<NET-ASSETS> 9,718,810
<DIVIDEND-INCOME> 273,531
<INTEREST-INCOME> 239,515
<OTHER-INCOME> 0
<EXPENSES-NET> 11,842
<NET-INVESTMENT-INCOME> 501,204
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 587,367
<NET-CHANGE-FROM-OPS> 1,088,571
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (267,792)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 935,000
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 9,260,935
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
