Oppenheimer Global Fund NCSR Certified annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-1810

Oppenheimer Global Fund

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924
(Address of principal executive offices) (Zip code)

Robert G. Zack, Esq.
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008
(Name and address of agent for service)

Registrant’s telephone number, including area code: (303) 768-3200

Date of fiscal year end: September 30

Date of reporting period: 09/30/2008

Item 1. Reports to Stockholders.

September 30, 2008 Management Oppenheimer Commentaries Global Fund and

Annual Report

MANAGEMENT COMMENTARIES Market Recap and Outlook Listing of Top Holdings ANNUAL REPORT Fund Performance Discussion Listing of Investments Financial Statements

TOP HOLDINGS AND ALLOCATIONS

Top Ten Common Stock Holdings


Telefonaktiebolaget LM Ericsson, B Shares	3.5	%
Siemens AG	2.4
Roche Holding AG	2.1
Microsoft Corp.	1.9
SAP AG	1.9
Intuit, Inc.	1.7
Credit Suisse Group AG	1.7
Adobe Systems, Inc.	1.7
Hennes & Mauritz AB, Cl. B	1.7
LVMH Moet Hennessey Louis Vuitton	1.7

Portfolio holdings and allocations are subject to change. Percentages are as of September 30, 2008, and are based on net assets. For up-to-date Top 10 Fund holdings, please visit www.oppenheimerfunds.com.

Top Ten Geographical Holdings


United States	32.7	%
Japan	11.4
United Kingdom	11.1
Germany	7.3
Sweden	7.2
France	6.4
Switzerland	4.0
Mexico	3.0
Cayman Islands	2.4
Taiwan	2.2

Portfolio holdings and allocations are subject to change. Percentages are as of September 30, 2008, and are based on total market value of investments.

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Regional Allocation

l Europe 42.0% l United States/Canada 34.1 l Asia 16.7 l Latin America 7.1 l Middle East/Africa 0.1 Portfolio holdings and allocations are subject to change. Percentages are as of September 30, 2008, and are based on the total market value of investments.

11 | OPPENHEIMER GLOBAL FUND

FUND PERFORMANCE DISCUSSION

How has the Fund performed? Below is a discussion by OppenheimerFunds, Inc., of the Fund’s performance during its fiscal year ended September 30, 2008, followed by a graphical comparison of the Fund’s performance to an appropriate broad-based market index.

Management Discussion of Fund Performance. In an especially volatile period for the financial markets, Oppenheimer Global Fund Class A shares (without sales charge) returned -27.90% for the twelve months ended September 30, 2008 and underperformed its benchmark, the MSCI World Index, which returned - -26.05% during the same time span. While we are disappointed with the achieved returns thus far, we believe that the appropriateness of our strategy is overwhelmed by the extreme chaos of the market environment. Currently, virtually every company, whether financially sound or not, is tarred with the same brush. There has been an equal destruction of value in good companies as well as bad ones as liquidity has dried up and often the only companies that people can sell are their best ones. We believe that as more normal times return, our focus on high-quality businesses will prove to have been the source of superior long-term performance. Several holdings which hindered performance during the reporting period included Telefonaktiebolaget LM Ericsson (Ericsson), American International Group (AIG), Technip SA, Hennes & Mauritz AB and Sony Corp. On the flip side, of our larger holdings, notable successes included Wal-Mart Stores, Inc., Gilead Sciences, Inc., Shionogi & Co. Ltd., McDonald’s Corp and Intuit, Inc. We exited our positions in AIG and Gilead Sciences by reporting period end.

Financial sector dislocations have rapidly spread across the world resulting in the evaporation of trust in the soundness of reported accounts leading to the freezing up of credit markets and further deterioration of company balance sheets and finally to dramatic outcomes such as the bankruptcy or near bankruptcy of even legendary financial companies. Subsequent government interventions in the banking systems worldwide have led to lottery outcomes, especially in the near term, for certain institutions as the system strives to forestall collapse. This has resulted in anomalous behavior in a variety of stocks as weak outperform strong. As the circumstance stabilizes, we should see a return to logic and a greater focus on sustainability and not just survival.

Our strategy during the reporting period resulted in the Fund being underweight financials and commodities, as it has been for some years. The rationale behind our underweight in financials was the belief that extreme leverage in financial institutions lending to leveraged asset bets at a period of high asset prices was a recipe for disaster—the risk of which was not well compensated for in stock prices.

As for our avoidance of materials stocks, we felt commodity prices were too high. With regards to large emerging markets, we did not believe that double-digit growth rates in industrial production and infrastructure development was sustainable or would continue to offset slowdowns in the developed world. Further, commodity companies,

12 | OPPENHEIMER GLOBAL FUND

even those in the worst quartile of costs of production, had returns that were a multiple of their costs of capital. This we believed to be unsustainable.

We are, however, slowly transitioning to owning more financial stocks. The risk—reward tradeoff is now better. Where credit spreads were virtually non-existent there are now wide margins. Where the yield curve was as flat as a pancake, it is now significantly upward sloping. Where competition was rife in virtually every market there are now only a few institutions that are able and willing to lend. Despite these banks having to reduce their leverage, it should be a good environment for them to earn a true, sustainable return on their capital for an extended period of time. And now prices too are much lower.

A sector in which we continue to find opportunity is technology. Technology deployment in companies allows them to become more efficient and grow faster as they can provide services at lower costs and hence increase demand for those services. Thus providers of technology and users of technology win as the overall pie expands. The technology companies we choose to invest in have sustainable business models where demand for their products or services become integral to their customers, where the cost of switching is high and the value added to the customer is many times the cost of the product or service. The companies in our Fund have excellent balance sheets in what is now a capital short world. This allows them to be self funding; they are able to grow without access to the capital market. This is an extremely important characteristic in the current environment and one that you would expect to be rewarded by the market. However, the economic downturn has hurt technology stocks, which has caused our Fund’s performance to suffer. We continue to maintain our belief in our current positions and have had very little turnover. The information technology sector currently accounts for nearly 28% of our Fund.

While we will not mention all of the year’s detractors, it is important to mention Ericsson, our largest holding. Ericsson is the world’s leading vendor of mobile telephony networks. It has leading market shares in both second and third generation networks and is in an excellent position to be a leader in the fourth generation too. As the internet goes mobile worldwide, the capacity required in these networks is growing many-fold. This will happen regardless of the rate of economic growth as the way in which people live evolves. Ericsson as the leading player is well positioned to take advantage of this rapid growth. Its competitive position is enhanced by the weak financial circumstances of many of the other players. Its market share remains about 40% and its margins are industry leading with most of its competitors making at best a low single digit margin in their networks business. While the stock has been a poor performer this year we are convinced that it will deliver excellent returns in the coming years.

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FUND PERFORMANCE DISCUSSION

We continue to be diversified across a number of geographies. Currently, we have about one-third of the Fund invested in the U.S. The U.S. remains the largest and most innovative economy in the world with very reasonable prices, in our opinion. The second largest country that we were invested in at the end of the reporting period was Japan. Japan has an economy with large and excellent companies with long track records of significant innovations. We are invested in the U.K. for the same reasons—it is one of the world’s most open economies, with extremely high quality companies. The next largest markets that the Fund had exposure to at period end were Germany, Sweden, France, Switzerland, and Mexico. While we tend to find more of these high margin businesses in advanced economies rather than in developing economies, we are expecting to increase our positioning in emerging market companies in the upcoming year as their prices are finally coming into an attractive zone.

Comparing the Fund’s Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each class of shares of the Fund held until September 30, 2008. In the case of Class A, Class B and Class C shares, performance is measured over a ten fiscal year period. In the case of Class N shares, performance is measured from inception of the Class on March 1, 2001. In the case of Class Y shares, performance is measured from inception of the Class on November 17, 1998. The Fund’s performance reflects the deduction of the maximum initial sales charge on Class A shares, the applicable contingent deferred sales charge on Class B, Class C and Class N shares, and reinvestments of all dividends and capital gains distributions. Past performance cannot guarantee future results.

The Fund’s performance is compared to the performance of the Morgan Stanley Capital International (MSCI) World Index, an unmanaged index of issuers listed on the stock exchanges of foreign countries and the United States. It is widely recognized as a measure of global stock market performance. Index performance reflects the reinvestment of income but does not consider the effect of transaction costs, and none of the data in the graphs shows the effect of taxes. The Fund’s performance reflects the effects of the Fund’s 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 investments in the index.

14 | OPPENHEIMER GLOBAL FUND

Class A Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, visit us at www.oppenheimerfunds.com, or call us at 1.800.525.7048. Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 5.75%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C and N shares, the contingent 1% deferred sales charge for the 1-year period. There is no sales charge for Class Y shares. Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B shares uses Class A performance for the period after conversion. See page 20 for further information.

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FUND PERFORMANCE DISCUSSION

Class B Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:

16 | OPPENHEIMER GLOBAL FUND

Class C Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:

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FUND PERFORMANCE DISCUSSION

Class N Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:

18 | OPPENHEIMER GLOBAL FUND

Class Y Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:

19 | OPPENHEIMER GLOBAL FUND

NOTES

Total returns and the ending account values in the graphs include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Fund’s total returns shown do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.

Investors should consider the Fund’s investment objectives, risks, and other charges and expenses carefully before investing. The Fund’s prospectus contains this and other information about the Fund, and may be obtained by asking your financial advisor, calling us at 1.800.525.7048 or visiting our website at www.oppenheimerfunds.com. Read the prospectus carefully before investing.

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc.

Class A shares of the Fund were first publicly offered on 12/22/69. Unless otherwise noted, Class A returns include the current maximum initial sales charge of 5.75%.

Class B shares of the Fund were first publicly offered on 8/17/93. Unless otherwise noted, Class B returns include the applicable contingent deferred sales charge of 5% (1-year) and 2% (5-year). Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B uses Class A performance for the period after conversion. Class B shares are subject to an annual 0.75% asset-based sales charge.

Class C shares of the Fund were first publicly offered on 10/2/95. Unless otherwise noted, Class C returns include the contingent deferred sales charge of 1% for the 1-year period. Class C shares are subject to an annual 0.75% asset-based sales charge.

Class N shares of the Fund were first publicly offered on 3/1/01. Class N shares are offered only through retirement plans. Unless otherwise noted, Class N returns include the contingent deferred sales charge of 1% for the 1-year period. Class N shares are subject to an annual 0.25% asset-based sales charge.

20 | OPPENHEIMER GLOBAL FUND

Class Y shares of the Fund were first publicly offered on 11/17/98. Class Y shares are offered only to certain institutional investors under a special agreement with the Distributor, and to present or former officers, directors, trustees or employees (and their eligible family members) of the Fund, the Manager, its affiliates, its parent company and the subsidiaries of its parent company, and retirement plans established for the benefit of such individuals.

An explanation of the calculation of performance is in the Fund’s Statement of Additional Information.

21 | OPPENHEIMER GLOBAL FUND

FUND EXPENSES

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions; and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended September 30, 2008.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads), redemption fees, or a $12.00 fee imposed annually on accounts valued at less than $500.00 (subject to exceptions

22 | OPPENHEIMER GLOBAL FUND

described in the Statement of Additional Information). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
	April 1, 2008		September 30, 2008		September 30, 2008

Actual
Class A	$	1,000.00	$	843.40	$	5.08
Class B		1,000.00		840.00		8.83
Class C		1,000.00		840.20		8.55
Class N		1,000.00		841.80		6.98
Class Y		1,000.00		845.00		3.23

Hypothetical (5% return before expenses)
Class A		1,000.00		1,019.50		5.57
Class B		1,000.00		1,015.45		9.67
Class C		1,000.00		1,015.75		9.37
Class N		1,000.00		1,017.45		7.64
Class Y		1,000.00		1,021.50		3.54

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated fund, based on the 6-month period ended September 30, 2008 are as follows:


Class	Expense Ratios

Class A		1.10	%
Class B		1.91
Class C		1.85
Class N		1.51
Class Y		0.70

The expense ratios reflect reduction to custodian expenses and voluntary waivers or reimbursements of expenses by the Fund’s Manager and Transfer Agent that can be terminated at any time, without advance notice. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

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24 | OPPENHEIMER GLOBAL FUND

STATEMENT OF INVESTMENTS September 30, 2008


	Shares		Value

Common Stocks—98.3%
Consumer Discretionary—17.5%
Automobiles—1.6%
Bayerische Motoren Werke (BMW) AG		2,413,298	$	94,576,939
Toyota Motor Corp.		2,048,812		86,986,721

				181,563,660

Hotels, Restaurants & Leisure—3.3%
Aristocrat Leisure Ltd.		1,845,743		9,760,702
Carnival Corp.		4,660,832		164,760,411
International Game Technology		1,842,161		31,648,326
McDonald’s Corp.		2,501,800		154,361,060
Shuffle Master, Inc.¹		2,338,200		11,901,438

				372,431,937

Household Durables—1.5%
Sony Corp.		5,354,428		165,589,774
Leisure Equipment & Products—0.2%
Sega Sammy Holdings, Inc.		2,342,200		20,937,191
Media—3.9%
Dish TV India Ltd.¹		10,934,339		6,489,179
Grupo Televisa SA, Sponsored GDR		6,943,888		151,862,831
Sirius XM Radio, Inc.¹		49,490,123		28,209,370
Walt Disney Co. (The)		4,983,200		152,934,408
Wire & Wireless India Ltd.¹		9,886,622		3,562,336
WPP Group plc		5,357,270		43,476,501
Zee Entertainment Enterprises Ltd.		11,679,184		49,850,638

				436,385,263

Specialty Retail—3.8%
Hennes & Mauritz AB, Cl. B		4,640,206		188,850,377
Industria de Diseno Textil SA		2,755,000		117,526,245
Tiffany & Co.		3,347,778		118,913,075

				425,289,697
Textiles, Apparel & Luxury Goods—3.2%
Bulgari SpA		7,237,700		64,411,118
Burberry Group plc		6,030,519		42,259,316
LVMH Moet Hennessey Louis Vuitton		2,130,510		188,117,339
Tod’s SpA		1,208,504		60,395,873

				355,183,646

Consumer Staples—9.1%
Beverages—2.6%
Diageo plc		4,217,529		71,393,960
Dr. Pepper Snapple Group, Inc.¹		1,323,397		35,043,553
Fomento Economico Mexicano SA de CV, UBD		32,070,938		122,665,143
Grupo Modelo SA de CV, Series C		14,222,376		60,470,944

				289,573,600

Food & Staples Retailing—3.0%
Seven & I Holdings Co. Ltd.		1,937,863		55,776,265
Tesco plc		17,677,470		122,936,514
Wal-Mart Stores, Inc.		2,579,900		154,510,211

				333,222,990

Food Products—0.8%
Cadbury plc		9,065,584		91,142,578
Household Products—2.7%
Colgate-Palmolive Co.		1,503,000		113,251,050
Hindustan Unilever Ltd.		9,039,896		49,012,884
Reckitt Benckiser Group plc		3,040,309		147,205,575

				309,469,509

F1 | OPPENHEIMER GLOBAL FUND

STATEMENT OF INVESTMENTS Continued


	Shares		Value

Energy—5.7%
Energy Equipment & Services—2.6%
Technip SA		2,209,140	$	124,101,277
Transocean, Inc.		1,530,558		168,116,491

				292,217,768

Oil, Gas & Consumable Fuels—3.1%
BP plc, ADR		1,980,458		99,359,578
Husky Energy, Inc.		3,866,566		160,584,653
Total SA		1,385,922		83,613,683

				343,557,914

Financials—13.5%
Capital Markets—2.2%
3i Group plc		4,050,510		50,984,232
Credit Suisse Group AG		4,101,598		195,282,823

				246,267,055

Commercial Banks—4.4%
HSBC Holdings plc		9,967,950		157,323,965
ICICI Bank Ltd., Sponsored ADR		38,800		912,576
Royal Bank of Scotland Group plc (The)		35,686,735		118,212,944
Societe Generale, Cl. A		969,973		88,048,679
Sumitomo Mitsui Financial Group, Inc.		20,208		126,600,560

				491,098,724

Consumer Finance—0.6%
SLM Corp.¹		5,287,300		65,245,282
Diversified Financial Services—1.8%
Citigroup, Inc.		4,470,700		91,694,057
Investor AB, B Shares		5,855,746		109,496,237

				201,190,294

Insurance—4.5%
AFLAC, Inc.		2,141,000		125,783,750
Allianz SE		1,059,411		146,429,447
Prudential plc		10,643,859		97,973,611
Sony Financial Holdings, Inc.		9,281		36,634,905
XL Capital Ltd., Cl. A		5,617,300		100,774,362

				507,596,075

Health Care—6.6%
Biotechnology—1.0%
Acadia Pharmaceuticals, Inc.¹		1,335,500		3,579,140
Basilea Pharmaceutica AG¹		96,437		14,154,159
InterMune, Inc.¹		1,214,900		20,786,939
NicOx SA¹		949,512		10,332,619
Regeneron Pharmaceuticals, Inc.¹		801,562		17,498,098
Seattle Genetics, Inc.¹		2,258,068		24,161,328
Theravance, Inc.¹		1,996,345		24,874,459

				115,386,742

Health Care Equipment & Supplies—0.8%
Smith & Nephew plc		6,182,377		65,164,593
Swiss Medical SA^1,2,3		960,000		23,620,871

				88,785,464

Health Care Providers & Services—0.9%
Aetna, Inc.		1,948,099		70,345,855
WellPoint, Inc.¹		741,365		34,673,641

				105,019,496

Pharmaceuticals—3.9%
Roche Holding AG		1,533,907		239,116,047
Sanofi-Aventis SA		1,790,693		117,704,442
Shionogi & Co. Ltd.		3,750,380		75,885,354

				432,705,843

F2 | OPPENHEIMER GLOBAL FUND


	Shares		Value

Industrials—13.7%
Aerospace & Defense—4.3%
Boeing Co.		938,584	$	53,827,792
Empresa Brasileira de Aeronautica SA, ADR		3,347,196		90,407,764
European Aeronautic Defense & Space Co.		5,747,128		99,439,384
Lockheed Martin Corp.		785,910		86,190,750
Northrop Grumman Corp.		917,500		55,545,450
Raytheon Co.		1,780,784		95,289,752

				480,700,892

Air Freight & Logistics—0.8%
TNT NV		3,377,200		94,454,146
Building Products—1.1%
Assa Abloy AB, Cl. B		9,653,371		117,360,474
Commercial Services & Supplies—0.8%
Experian plc		4,191,725		27,794,539
Secom Co. Ltd.		1,499,900		62,707,784

				90,502,323

Electrical Equipment—1.5%
Emerson Electric Co.		3,041,520		124,063,601
Mitsubishi Electric Corp.		6,538,000		44,054,672

				168,118,273

Industrial Conglomerates—4.9%
3M Co.		2,087,000		142,562,970
Koninklijke (Royal) Philips Electronics NV		5,266,921		144,213,685
Siemens AG		2,786,387		263,701,519

				550,478,174

Machinery—0.3%
Fanuc Ltd.		486,100		36,665,910
Information Technology—27.8%
Communications Equipment—6.7%
Corning, Inc.		7,294,898		114,092,205
Juniper Networks, Inc.¹		8,748,792		184,337,047
Tandberg ASA		4,205,162		56,693,083
Telefonaktiebolaget LM Ericsson, B Shares		41,585,207		392,034,854

				747,157,189

Electronic Equipment & Instruments—2.9%
Hoya Corp.		3,827,716		75,831,178
Keyence Corp.		377,551		75,097,501
Kyocera Corp.		597,800		45,320,747
Murata Manufacturing Co. Ltd.		2,319,204		93,057,611
Nidec Corp.		642,308		39,506,340

				328,813,377

Internet Software & Services—1.7%
eBay, Inc.¹		8,264,808		184,966,403
IT Services—2.5%
Automatic Data Processing, Inc.		3,484,800		148,975,200
Infosys Technologies Ltd.		4,480,393		135,366,790

				284,341,990

Semiconductors & Semiconductor Equipment—5.9%
Altera Corp.		5,076,218		104,976,188
Cree, Inc.¹		3,190,968		72,690,251
Linear Technology Corp.		2,027,030		62,148,740
Maxim Integrated Products, Inc.		4,964,155		89,851,206
MediaTek, Inc.		11,564,111		120,761,447
Taiwan Semiconductor Manufacturing Co. Ltd.		52,017,920		85,528,691

F3 | OPPENHEIMER GLOBAL FUND

STATEMENT OF INVESTMENTS Continued


	Shares		Value

Semiconductors & Semiconductor Equipment Continued
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		4,277,831	$	40,083,276
Xilinx, Inc.		3,595,800		84,321,510

				660,361,309

Software—8.1%
Adobe Systems, Inc.¹		4,813,154		189,975,188
Intuit, Inc.¹		6,183,400		195,457,274
Microsoft Corp.		8,136,702		217,168,576
Nintendo Co. Ltd.		174,500		72,641,729
SAP AG		3,968,356		212,922,576
Square Enix Holdings Co. Ltd.		770,800		22,505,146

				910,670,489

Telecommunication Services—3.4%
Wireless Telecommunication Services—3.4%
KDDI Corp.		24,477		137,096,405
SK Telecom Co. Ltd., ADR		5,023,636		94,544,830
Turkcell Iletisim Hizmetleri AS, ADR		856,800		12,843,432
Vodafone Group plc		60,225,789		133,049,976

				377,534,643

Utilities—1.0%
Electric Utilities—1.0%
Fortum Oyj		3,473,300		117,187,938


Total Common Stocks (Cost $10,240,069,935)				11,019,174,032

Preferred Stocks—1.6%
Bayerische Motoren Werke (BMW) AG, Preference		895,898		27,197,553
Companhia de Bebidas das Americas ADR, Preference		1,397,610		76,323,482
Porsche Automobil Holding, Preference		660,590		72,082,456

Total Preferred Stocks (Cost $66,715,547)				175,603,491


	Principal
	Amount

Convertible Corporate Bonds and Notes—0.1%
Theravance, Inc., 3% Cv. Sub. Nts., 1/15/15 (Cost $12,254,000)	$	12,254,000			8,884,150

Total Investments, at Value (Cost $10,319,039,482)		100.0	%		11,203,661,673
Other Assets
Net of Liabilities		0.0			5,186,486


Net Assets		100.0	%	$	11,208,848,159

Industry classifications are unaudited.

F4 | OPPENHEIMER GLOBAL FUND


Footnotes to Statement of Investments

1.		Non-income producing security.

2.		Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of September 30, 2008 was $23,620,871, which represents 0.21% of the Fund’s net assets, all of which is considered restricted. See Note 6 of accompanying Notes. Information concerning restricted securities is as follows:


	Acquisition					Unrealized
Security	Dates	Cost		Value		Depreciation

Swiss Medical SA	5/19/94-7/10/02	$	30,390,000	$	23,620,871	$	6,769,129


3.		Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended September 30, 2008, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:


	Shares		Gross		Gross		Shares
	September 30, 2007		Additions		Reductions		September 30, 2008

OFI Liquid Assets Fund, LLC		—		211,665,680		211,665,680		—
Oppenheimer Institutional Money Market Fund, Cl. E		34,066,752		1,133,555,980		1,167,622,732		—
Swiss Medical SA		960,000		—		—		960,000


	Value		Income

OFI Liquid Assets Fund, LLC	$	—	$	257,837	^a
Oppenheimer Institutional Money Market Fund, Cl. E		—		983,587
Swiss Medical SA		23,620,871		—

	$	23,620,871	$	1,241,424


a.		Net of compensation to counterparties.

Foreign Currency Exchange Contracts as of September 30, 2008 are as follows:

Contract

Amount

Expiration

Unrealized

Contract Description

Buy/Sell

(000s)

Dates

Value

Appreciation

British Pound Sterling (GBP)

Sell

12,870

GBP

10/1/08

22,880,914

305,780

Japanese Yen (JPY)

Sell

408,250

JPY

10/1/08-10/2/08

3,838,563

10,132

Total unrealized appreciation

315,912

F5 | OPPENHEIMER GLOBAL FUND

STATEMENT OF INVESTMENTS Continued

Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:


Geographic Holdings	Value		Percent

United States	$	3,659,499,704		32.7	%
Japan		1,272,895,793		11.4
United Kingdom		1,240,483,343		11.1
Germany		816,910,490		7.3
Sweden		807,741,942		7.2
France		711,357,423		6.4
Switzerland		448,553,029		4.0
Mexico		334,998,918		3.0
Cayman Islands		268,890,853		2.4
Taiwan		246,373,414		2.2
India		245,194,403		2.2
The Netherlands		238,667,831		2.1
Brazil		166,731,246		1.5
Canada		160,584,653		1.4
Italy		124,806,991		1.1
Spain		117,526,245		1.1
Finland		117,187,938		1.0
Korea, Republic of South		94,544,830		0.8
Norway		56,693,083		0.5
Jersey, Channel Islands		27,794,539		0.2
Argentina		23,620,871		0.2
Turkey		12,843,432		0.1
Australia		9,760,702		0.1

Total	$	11,203,661,673		100.0	%

See accompanying Notes to Financial Statements.

F6 | OPPENHEIMER GLOBAL FUND

STATEMENT OF ASSETS AND LIABILITIES September 30, 2008


Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $10,288,649,482)	$	11,180,040,802
Affiliated companies (cost $30,390,000)		23,620,871

		11,203,661,673
Cash—foreign currencies (cost $4,402,639)		4,402,639
Unrealized appreciation on foreign currency exchange contracts		315,912
Receivables and other assets:
Investments sold		44,312,597
Interest and dividends		23,129,375
Other		2,167,173

Total assets		11,277,989,369

Liabilities
Bank overdraft		18,166,802
Payables and other liabilities:
Shares of beneficial interest redeemed		25,791,857
Investments purchased		11,607,810
Distribution and service plan fees		7,272,982
Trustees’ compensation		2,590,388
Transfer and shareholder servicing agent fees		2,282,820
Shareholder communications		779,470
Other		649,081

Total liabilities		69,141,210

Net Assets	$	11,208,848,159


Composition of Net Assets
Paid-in capital	$	9,638,264,583
Accumulated net investment income		121,745,299
Accumulated net realized gain on investments and foreign currency transactions		563,358,053
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		885,480,224


Net Assets	$	11,208,848,159

F7 | OPPENHEIMER GLOBAL FUND

STATEMENT OF ASSETS AND LIABILITIES Continued


Net Asset Value Per Share

Class A Shares:
Net asset value and redemption price per share (based on net assets of $8,663,347,371 and 157,857,353 shares of beneficial interest outstanding)	$	54.88
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price)	$	58.23

Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $559,138,114 and 11,034,296 shares of beneficial interest outstanding)	$	50.67

Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $928,310,446 and 17,999,423 shares of beneficial interest outstanding)	$	51.57

Class N Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $269,219,171 and 4,950,236 shares of beneficial interest outstanding)	$	54.39

Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $788,833,057 and 14,276,556 shares of beneficial interest outstanding)	$	55.25

See accompanying Notes to Financial Statements.

F8 | OPPENHEIMER GLOBAL FUND

STATEMENT OF OPERATIONS For the Year Ended September 30, 2008


Investment Income

Dividends:
Unaffiliated companies (net of foreign withholding taxes of $14,650,436)	$	336,170,431
Affiliated companies		983,587
Income from investment of securities lending cash collateral, net:
Unaffiliated companies		9,081,661
Affiliated companies		257,837
Interest		479,672
Other income		143,107

Total investment income		347,116,295

Expenses

Management fees		95,194,051
Distribution and service plan fees:
Class A		27,912,230
Class B		8,575,329
Class C		12,742,921
Class N		1,899,598
Transfer and shareholder servicing agent fees:
Class A		21,795,544
Class B		1,633,402
Class C		2,128,703
Class N		1,325,089
Class Y		448,777
Shareholder communications:
Class A		1,291,876
Class B		363,899
Class C		235,412
Class N		25,260
Class Y		48,974
Custodian fees and expenses		1,579,691
Trustees’ compensation		635,645
Other		219,085

Total expenses		178,055,486
Less reduction to custodian expenses		(3,307	)
Less waivers and reimbursements of expenses		(70,806	)

Net expenses		177,981,373

Net Investment Income		169,134,922

F9 | OPPENHEIMER GLOBAL FUND

STATEMENT OF OPERATIONS Continued


Realized and Unrealized Gain (Loss)
Net realized gain on:
Investments from unaffiliated companies	$	758,396,089
Foreign currency transactions		118,729,989

Net realized gain		877,126,078
Net change in unrealized depreciation on:
Investments		(5,498,346,669	)
Translation of assets and liabilities denominated in foreign currencies		(267,522,175	)

Net change in unrealized appreciation		(5,765,868,844	)

Net Decrease in Net Assets Resulting from Operations	$	(4,719,607,844	)

See accompanying Notes to Financial Statements.

F10 | OPPENHEIMER GLOBAL FUND

STATEMENTS OF CHANGES IN NET ASSETS


Year Ended September 30,	2008			2007

Operations

Net investment income	$	169,134,922		$	102,908,675
Net realized gain		877,126,078			1,094,289,542
Net change in unrealized appreciation		(5,765,868,844	)		1,993,190,137

Net increase (decrease) in net assets resulting from operations		(4,719,607,844	)		3,190,388,354

Dividends and/or Distributions to Shareholders

Dividends from net investment income:
Class A		(115,331,022	)		(119,953,361	)
Class B		(153,434	)		—
Class C		(2,667,392	)		(899,040	)
Class N		(1,954,347	)		(1,590,707	)
Class Y		(12,767,577	)		(11,329,948	)

		(132,873,772	)		(133,773,056	)
Distributions from net realized gain:
Class A		(780,584,788	)		(708,486,567	)
Class B		(66,677,451	)		(80,080,261	)
Class C		(91,625,249	)		(83,248,362	)
Class N		(26,175,101	)		(24,861,072	)
Class Y		(60,354,120	)		(37,610,062	)

		(1,025,416,709	)		(934,286,324	)

Beneficial Interest Transactions

Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(753,418,048	)		172,659,549
Class B		(289,500,127	)		(335,559,804	)
Class C		(120,074,435	)		17,959,793
Class N		(50,144,785	)		(10,584,304	)
Class Y		141,888,775			320,570,748

		(1,071,248,620	)		165,045,982

Net Assets

Total increase (decrease)		(6,949,146,945	)		2,287,374,956
Beginning of period		18,157,995,104			15,870,620,148

End of period (including accumulated net investment income of $121,745,299 and $65,285,834, respectively)	$	11,208,848,159		$	18,157,995,104

See accompanying Notes to Financial Statements.

F11 | OPPENHEIMER GLOBAL FUND

FINANCIAL HIGHLIGHTS


Class A Year Ended September 30,	2008			2007			2006			2005			2004

Per Share Operating Data

Net asset value, beginning of period	$	81.53		$	72.17		$	66.16		$	52.64		$	44.32

Income (loss) from investment operations:
Net investment income		.83	¹		.54	¹		.42	¹		.39	¹		.21
Net realized and unrealized gain (loss)		(22.19	)		13.74			8.04			13.47			8.45

Total from investment operations		(21.36	)		14.28			8.46			13.86			8.66

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.68	)		(.71	)		(.43	)		(.34	)		(.34	)
Distributions from net realized gain		(4.61	)		(4.21	)		(2.02	)		—			—

Total dividends and/or distributions to shareholders		(5.29	)		(4.92	)		(2.45	)		(.34	)		(.34	)


Net asset value, end of period	$	54.88		$	81.53		$	72.17		$	66.16		$	52.64


Total Return, at Net Asset Value²		(27.90	)%		20.58	%		13.13	%		26.40	%		19.58	%

Ratios/Supplemental Data

Net assets, end of period (in thousands)	$	8,663,347		$	13,935,013		$	12,130,083		$	10,418,176		$	8,232,135

Average net assets (in thousands)	$	11,573,269		$	13,298,893		$	11,451,054		$	9,449,471		$	7,542,447

Ratios to average net assets:³
Net investment income		1.22	%		0.71	%		0.61	%		0.66	%		0.48	%
Total expenses		1.09	%^4,5,6		1.05	%^4,5,6		1.08	%⁶		1.12	%⁶		1.15	%^6,7

Portfolio turnover rate		10	%		15	%		23	%		29	%		22	%


1.		Per share amounts calculated based on the average shares outstanding during the period.

2.		Assumes an 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 less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3.		Annualized for periods less than one full year.

4.		Total expenses including indirect expenses from affiliated fund were as follows:


Year Ended September 30, 2008	1.09	%
Year Ended September 30, 2007	1.05	%


5.		Waiver or reimbursement of indirect management fees less than 0.005%.

6.		Reduction to custodian expenses less than 0.005%.

7.		Voluntary waiver of transfer agent fees less than 0.005%.

See accompanying Notes to Financial Statements.

F12 | OPPENHEIMER GLOBAL FUND


Class B Year Ended September 30,	2008			2007			2006			2005			2004

Per Share Operating Data

Net asset value, beginning of period	$	75.58		$	67.09		$	61.72		$	49.24		$	41.52

Income (loss) from investment operations:
Net investment income (loss)		.23	¹		(.07	)¹		(.14	)¹		(.09	)¹		(.31	)
Net realized and unrealized gain (loss)		(20.52	)		12.77			7.53			12.57			8.03

Total from investment operations		(20.29	)		12.70			7.39			12.48			7.72

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.01	)		—			—			—			—	²
Distributions from net realized gain		(4.61	)		(4.21	)		(2.02	)		—			—

Total dividends and/or distributions to shareholders		(4.62	)		(4.21	)		(2.02	)		—			—


Net asset value, end of period	$	50.67		$	75.58		$	67.09		$	61.72		$	49.24


Total Return, at Net Asset Value³		(28.47	)%		19.64	%		12.26	%		25.35	%		18.60	%

Ratios/Supplemental Data

Net assets, end of period (in thousands)	$	559,138		$	1,182,184		$	1,365,386		$	1,488,390		$	1,329,910

Average net assets (in thousands)	$	856,275		$	1,285,702		$	1,447,546		$	1,430,704		$	1,361,457

Ratios to average net assets:⁴
Net investment income (loss)		0.37	%		(0.10	)%		(0.22	)%		(0.16	)%		(0.39	)%
Total expenses		1.88	%⁵		1.84	%⁵		1.89	%		1.93	%		1.98	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.88	%		1.84	%		1.89	%		1.93	%		1.97	%

Portfolio turnover rate		10	%		15	%		23	%		29	%		22	%


1.		Per share amounts calculated based on the average shares outstanding during the period.

2.		Less than $0.005 per share.

3.		Assumes an 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 less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4.		Annualized for periods less than one full year.

5.		Total expenses including indirect expenses from affiliated fund were as follows:


Year Ended September 30, 2008	1.88	%
Year Ended September 30, 2007	1.84	%

See accompanying Notes to Financial Statements.

F13 | OPPENHEIMER GLOBAL FUND

FINANCIAL HIGHLIGHTS Continued


Class C Year Ended September 30,	2008			2007			2006			2005			2004

Per Share Operating Data

Net asset value, beginning of period	$	76.93		$	68.23		$	62.72		$	50.00		$	42.19

Income (loss) from investment operations:
Net investment income (loss)		.30	¹		(.03	)¹		(.10	)¹		(.06	)¹		(.04	)
Net realized and unrealized gain (loss)		(20.92	)		12.99			7.63			12.78			7.91

Total from investment operations		(20.62	)		12.96			7.53			12.72			7.87

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.13	)		(.05	)		—			—			(.06	)
Distributions from net realized gain		(4.61	)		(4.21	)		(2.02	)		—			—

Total dividends and/or distributions to shareholders		(4.74	)		(4.26	)		(2.02	)		—			(.06	)


Net asset value, end of period	$	51.57		$	76.93		$	68.23		$	62.72		$	50.00


Total Return, at Net Asset Value²		(28.44	)%		19.69	%		12.29	%		25.44	%		18.66	%

Ratios/Supplemental Data

Net assets, end of period (in thousands)	$	928,311		$	1,549,182		$	1,352,705		$	1,135,134		$	846,382

Average net assets (in thousands)	$	1,273,124		$	1,481,391		$	1,264,053		$	998,745		$	778,637

Ratios to average net assets:³
Net investment income (loss)		0.47	%		(0.04	)%		(0.15	)%		(0.10	)%		(0.29	)%
Total expenses		1.83	%⁴		1.80	%⁴		1.84	%		1.88	%		1.91	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.83	%		1.80	%		1.84	%		1.87	%		1.91	%

Portfolio turnover rate		10	%		15	%		23	%		29	%		22	%


1.		Per share amounts calculated based on the average shares outstanding during the period.

2.		Assumes an 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 less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3.		Annualized for periods less than one full year.

4.		Total expenses including indirect expenses from affiliated fund were as follows:


Year Ended September 30, 2008	1.83	%
Year Ended September 30, 2007	1.80	%

See accompanying Notes to Financial Statements.

F14 | OPPENHEIMER GLOBAL FUND


Class N Year Ended September 30,	2008			2007			2006			2005			2004

Per Share Operating Data

Net asset value, beginning of period	$	80.81		$	71.45		$	65.53		$	52.21		$	44.04

Income (loss) from investment operations:
Net investment income		.55	¹		.24	¹		.16	¹		.16	¹		.09
Net realized and unrealized gain (loss)		(22.02	)		13.60			7.96			13.33			8.32

Total from investment operations		(21.47	)		13.84			8.12			13.49			8.41

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.34	)		(.27	)		(.18	)		(.17	)		(.24	)
Distributions from net realized gain		(4.61	)		(4.21	)		(2.02	)		—			—

Total dividends and/or distributions to shareholders		(4.95	)		(4.48	)		(2.20	)		(.17	)		(.24	)


Net asset value, end of period	$	54.39		$	80.81		$	71.45		$	65.53		$	52.21


Total Return, at Net Asset Value²		(28.18	)%		20.10	%		12.69	%		25.88	%		19.13	%

Ratios/Supplemental Data

Net assets, end of period (in thousands)	$	269,219		$	466,691		$	420,221		$	324,647		$	219,888

Average net assets (in thousands)	$	379,408		$	461,018		$	381,875		$	272,659		$	173,134

Ratios to average net assets:³
Net investment income		0.82	%		0.32	%		0.24	%		0.27	%		0.14	%
Total expenses		1.50	%⁴		1.46	%⁴		1.47	%		1.51	%		1.58	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.49	%		1.46	%		1.47	%		1.51	%		1.53	%

Portfolio turnover rate		10	%		15	%		23	%		29	%		22	%


1.		Per share amounts calculated based on the average shares outstanding during the period.

2.		Assumes an 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 less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3.		Annualized for periods less than one full year.

4.		Total expenses including indirect expenses from affiliated fund were as follows:


Year Ended September 30, 2008	1.50	%
Year Ended September 30, 2007	1.46	%

See accompanying Notes to Financial Statements.

F15 | OPPENHEIMER GLOBAL FUND

FINANCIAL HIGHLIGHTS continued


Class Y Year Ended September 30,	2008			2007			2006			2005			2004

Per Share Operating Data

Net asset value, beginning of period	$	82.04		$	72.75		$	66.65		$	52.99		$	44.57

Income (loss) from investment operations:
Net investment income		1.13	¹		.86	¹		.72	¹		.49	¹		.28
Net realized and unrealized gain (loss)		(22.34	)		13.79			8.06			13.64			8.55

Total from investment operations		(21.21	)		14.65			8.78			14.13			8.83

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.97	)		(1.15	)		(.66	)		(.47	)		(.41	)
Distributions from net realized gain		(4.61	)		(4.21	)		(2.02	)		—			—

Total dividends and/or distributions to shareholders		(5.58	)		(5.36	)		(2.68	)		(.47	)		(.41	)


Net asset value, end of period	$	55.25		$	82.04		$	72.75		$	66.65		$	52.99


Total Return, at Net Asset Value²		(27.61	)%		21.00	%		13.57	%		26.76	%		19.89	%

Ratios/Supplemental Data

Net assets, end of period (in thousands)	$	788,833		$	1,024,925		$	602,225		$	252,248		$	403,736

Average net assets (in thousands)	$	975,493		$	818,654		$	434,064		$	252,837		$	350,225

Ratios to average net assets:³
Net investment income		1.65	%		1.11	%		1.03	%		0.82	%		0.73	%
Total expenses		0.70	%^4,5,6		0.68	%^4,5,6		0.72	%⁶		0.81	%⁶		0.91	%^6,7
Portfolio turnover rate		10	%		15	%		23	%		29	%		22	%


1.		Per share amounts calculated based on the average shares outstanding during the period.

2.		Assumes an 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 less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3.		Annualized for periods less than one full year.

4.		Total expenses including indirect expenses from affiliated fund were as follows:


Year Ended September 30, 2008	0.70	%
Year Ended September 30, 2007	0.68	%


5.		Waiver or reimbursement of indirect management fees less than 0.005%.

6.		Reduction to custodian expenses less than 0.005%.

7.		Voluntary waiver of transfer agent fees less than 0.005%.

See accompanying Notes to Financial Statements.

F16 | OPPENHEIMER GLOBAL FUND

NOTES TO FINANCIAL STATEMENTS

1. Significant Accounting Policies

Oppenheimer Global Fund (the “Fund”) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Fund’s investment objective is to seek capital appreciation. The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”).

The Fund offers Class A, Class B, Class C, Class N and Class Y shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class B, Class C and Class N shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class N shares are sold only through retirement plans. Retirement plans that offer Class N shares may impose charges on those accounts. Class Y shares are sold to certain institutional investors without either a front-end sales charge or a CDSC, however, the institutional investor may impose charges on those accounts. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B, C and N have separate distribution and/or service plans. No such plan has been adopted for Class Y shares. Class B shares will automatically convert to Class A shares 72 months after the date of purchase. The Fund assesses a 2% fee on the proceeds of fund shares that are redeemed (either by selling or exchanging to another Oppenheimer fund) within 30 days of their purchase. The fee, which is retained by the Fund, is accounted for as an addition to paid-in capital. This fee will be discontinued effective January 1, 2009.

The following is a summary of significant accounting policies consistently followed by the Fund.

Securities Valuation. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the “Exchange”), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Securities may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security traded on that exchange prior to the time when the Fund’s assets are valued. Securities whose principal exchange is NASDAQ^® are valued based on the closing price reported by NASDAQ prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the closing “bid” and “asked” prices, and if not, at the closing bid price. Securities traded on foreign exchanges are valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the official closing price on the principal exchange. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities will be valued at the mean between the

F17 | OPPENHEIMER GLOBAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

“bid” and “asked” prices. Securities for which market quotations are not readily available are valued at their fair value. Securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund’s assets are valued but after the close of their respective exchanges will be fair valued. Fair value is determined in good faith using consistently applied procedures under the supervision of the Board of Trustees. Shares of a registered investment company that are not traded on an exchange are valued at the acquired investment company’s net asset value per share. “Money market-type” debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value.

Foreign Currency Translation. The Fund’s accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the close of the Exchange, normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees.

Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates.

The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund’s Statement of Operations.

Investment in Oppenheimer Institutional Money Market Fund. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund (“IMMF”) to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment adviser of IMMF. The Fund’s investment in IMMF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of IMMF’s Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in IMMF.

F18 | OPPENHEIMER GLOBAL FUND

Investments in OFI Liquid Assets Fund, LLC. The Fund is permitted to invest cash collateral received in connection with its securities lending activities. Pursuant to the Fund’s Securities Lending Procedures, the Fund may invest cash collateral in, among other investments, an affiliated money market fund. OFI Liquid Assets Fund, LLC (“LAF”) is a limited liability company whose investment objective is to seek current income and stability of principal. The Manager is also the investment adviser of LAF. LAF is not registered under the Investment Company Act of 1940. However, LAF does comply with the investment restrictions applicable to registered money market funds set forth in Rule 2a-7 adopted under the Investment Company Act. The Fund’s investment in LAF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of LAF’s expenses, including its management fee of 0.08%.

Investments With Off-Balance Sheet Market Risk. The Fund enters into financial instrument transactions (such as swaps, futures, options and other derivatives) that may have off-balance sheet market risk. Off-balance sheet market risk exists when the maximum potential loss on a particular financial instrument is greater than the value of such financial instrument, as reflected in the Fund’s Statement of Assets and Liabilities.

Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remain open for the three preceding fiscal reporting period ends.

The tax components of capital shown in the following table represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.

Net Unrealized

Appreciation

Based on Cost of

Securities and

Undistributed

Accumulated

Other Investments

Net Investment

Long-Term

Loss

for Federal Income

Income

Gain

Carryforward^1,2,3,4

Tax Purposes

$169,624,516

599,243,266

26,415,148

830,639,960


1.		The Fund had $47,057 of post-October foreign currency losses which were deferred.

2.		The Fund had $ 26,368,091 of post-October passive foreign investment company losses which were deferred.

3.		During the fiscal year ended September 30, 2008, the Fund utilized $643,527 of capital loss carryforward to offset capital gains realized in that fiscal year.

4.		During the fiscal year ended September 30, 2007, the Fund utilized $643,527 of capital loss carryforward to offset capital gains realized in that fiscal year.

F19 | OPPENHEIMER GLOBAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

Accordingly, the following amounts have been reclassified for September 30, 2008. Net assets of the Fund were unaffected by the reclassifications.


	Increase		Reduction
	to Accumulated		to Accumulated
Increase to	Net Investment		Net Realized Gain
Paid-in Capital	Income		on Investments⁵

$114,392,995	$	20,198,315	$	134,591,310

5. $92,430,223, all of which was long-term capital gain, was distributed in connection with Fund share redemptions.

The tax character of distributions paid during the years ended September 30, 2008 and September 30, 2007 was as follows:


	Year Ended		Year Ended
	September 30, 2008		September 30, 2007

Distributions paid from:
Ordinary income	$	171,371,818	$	209,577,935
Long-term capital gain		986,918,663		858,481,445

Total	$	1,158,290,481	$	1,068,059,380

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of September 30, 2008 are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.


Federal tax cost of securities	$	10,373,563,834
Federal tax cost of other investments		(27,660,104	)

Total federal tax cost	$	10,345,903,730


Gross unrealized appreciation	$	2,241,228,640
Gross unrealized depreciation		(1,410,588,680	)

Net unrealized appreciation	$	830,639,960

Certain foreign countries impose a tax on capital gains which is accrued by the Fund based on unrealized appreciation, if any, on affected securities. The tax is paid when the gain is realized.

F20 | OPPENHEIMER GLOBAL FUND

Trustees’ Compensation. The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s independent trustees. Benefits are based on years of service and fees paid to each trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active independent trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan. During the year ended September 30, 2008, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:


Projected Benefit Obligations Increased	$	281,882
Payments Made to Retired Trustees		172,394
Accumulated Liability as of September 30, 2008		1,719,123

The Board of Trustees has adopted a compensation deferral plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of trustees’ fees under the plan will not affect the net assets of the Fund, and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance to the compensation deferral plan.

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles, are recorded on the ex-dividend date. Income and capital gain distributions, if any, are declared and paid annually or at other times as deemed necessary by the Manager.

Investment Income. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily.

F21 | OPPENHEIMER GLOBAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

Custodian Fees. “Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdrafts, to the extent they are not offset by positive cash balances maintained by the Fund, at a rate equal to the Federal Funds Rate plus 0.50%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

Indemnifications. The Fund’s organizational documents provide current and former trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Other. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

2. Shares of Beneficial Interest

The Fund has authorized an unlimited number of no par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:


	Year Ended September 30, 2008						Year Ended September 30, 2007
	Shares			Amount			Shares			Amount

Class A
Sold		21,205,622		$	1,484,500,487			27,788,177		$	2,105,039,981
Dividends and/or distributions reinvested		11,267,508			836,837,755			10,615,743			775,732,066
Redeemed		(45,534,879	)		(3,074,756,290	)¹		(35,550,270	)		(2,708,112,498	)²

Net increase (decrease)		(13,061,749	)	$	(753,418,048	)		2,853,650		$	172,659,549

F22 | OPPENHEIMER GLOBAL FUND


	Year Ended September 30, 2008						Year Ended September 30, 2007
	Shares			Amount			Shares			Amount

Class B
Sold		1,144,868		$	73,577,094			1,839,005		$	129,449,888
Dividends and/or distributions reinvested		901,017			62,197,244			1,087,652			73,808,035
Redeemed		(6,653,901	)		(425,274,465	)¹		(7,637,370	)		(538,817,727	)²

Net decrease		(4,608,016	)	$	(289,500,127	)		(4,710,713	)	$	(335,559,804	)


Class C
Sold		2,046,891		$	134,186,672			3,044,449		$	218,036,715
Dividends and/or distributions reinvested		1,159,016			81,386,059			1,047,656			72,340,640
Redeemed		(5,345,064	)		(335,647,166	)¹		(3,777,962	)		(272,417,562	)²

Net increase (decrease)		(2,139,157	)	$	(120,074,435	)		314,143		$	17,959,793


Class N
Sold		1,508,576		$	103,693,320			2,291,029		$	173,018,948
Dividends and/or distributions reinvested		369,077			27,256,192			355,209			25,695,841
Redeemed		(2,702,813	)		(181,094,297	)¹		(2,751,825	)		(209,299,093	)²

Net decrease		(825,160	)	$	(50,144,785	)		(105,587	)	$	(10,584,304	)


Class Y
Sold		4,819,439		$	334,138,760			4,767,347		$	364,993,046
Dividends and/or distributions reinvested		963,847			71,835,513			653,762			48,193,961
Redeemed		(3,999,059	)		(264,085,498	)¹		(1,207,225	)		(92,616,259	)²

Net increase		1,784,227		$	141,888,775			4,213,884		$	320,570,748


1.		Net of redemption fees of $132,114, $9,775, $14,533, $4,331 and $11,136 for Class A, Class B, Class C, Class N and Class Y, respectively.

2.		Net of redemption fees of $86,828, $8,394, $9,672, $3,010 and $5,345 for Class A, Class B, Class C, Class N and Class Y, respectively.

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the year ended September 30, 2008, were as follows:


	Purchases		Sales

Investment securities	$	1,486,363,612	$	3,454,743,281

F23 | OPPENHEIMER GLOBAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:


Fee Schedule

Up to $250 million	0.80	%
Next $250 million	0.77
Next $500 million	0.75
Next $1 billion	0.69
Next $1.5 billion	0.67
Next $2.5 billion	0.65
Next $2.5 billion	0.63
Next $2.5 billion	0.60
Next $4 billion	0.58
Next $8 billion	0.56
Over $23 billion	0.54

Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the year ended September 30, 2008, the Fund paid $27,457,323 to OFS for services to the Fund.

Additionally, Class Y shares are subject to minimum fees of $10,000 annually for assets of $10 million or more. The Class Y shares are subject to the minimum fees in the event that the per account fee does not equal or exceed the applicable minimum fees. OFS may voluntarily waive the minimum fees.

Distribution and Service Plan (12b-1) Fees. Under its General Distributor’s Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the “Distributor”) acts as the Fund’s principal underwriter in the continuous public offering of the Fund’s classes of shares.

Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) for Class A shares under Rule 12b-1 of the Investment Company Act of 1940. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.25% of the average annual net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

Distribution and Service Plans for Class B, Class C and Class N Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B, Class C and Class N shares under Rule 12b-1 of the Investment Company Act of 1940 to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts.

F24 | OPPENHEIMER GLOBAL FUND

Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and Class C shares and 0.25% on Class N shares. The Distributor also receives a service fee of 0.25% per year under each plan. If either the Class B, Class C or Class N plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. The Distributor’s aggregate uncompensated expenses under the Plans at September 30, 2008 for Class C and Class N shares were $17,540,761 and $4,451,944, respectively. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations.

Sales Charges. Front-end sales charges and contingent deferred sales charges (“CDSC”) do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the following table for the period indicated.

Class A

Class B

Class C

Class N

Class A

Contingent

Front-End

Deferred

Sales Charges

Retained by

Year Ended

Distributor

September 30, 2008

1,582,988

42,474

1,281,574

86,236

6,196

Waivers and Reimbursements of Expenses. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class. During the year ended September 30, 2008, OFS waived $49,902 for Class N shares. This undertaking may be amended or withdrawn at any time.

The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in IMMF. During the year ended September 30, 2008, the Manager waived $20,904 for IMMF management fees.

5. Foreign Currency Exchange Contracts

The Fund may enter into foreign currency exchange contracts (“forward contracts”) for the purchase or sale of a foreign currency at a negotiated rate at a future date.

Forward contracts are reported on a schedule following the Statement of Investments. Forward contracts will be valued daily based upon the closing prices of the forward currency rates determined at the close of the Exchange as provided by a bank, dealer or pricing service. The resulting unrealized appreciation (depreciation) is reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations within the change in unrealized appreciation (depreciation). At contract close, the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) in the Statement of Operations.

F25 | OPPENHEIMER GLOBAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

5. Foreign Currency Exchange Contracts Continued

Risks to the Fund include both market and credit risk. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. Credit risk arises from the possibility that the counterparty will default. If the counterparty defaults, the Fund’s loss will consist of the net amount of contractual payments that the Fund has not yet received.

6. Illiquid or Restricted Securities

As of September 30, 2008, investments in securities included issues that are illiquid or restricted. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. A restricted security may have a contractual restriction on its resale and is valued under methods approved by the Board of Trustees as reflecting fair value. The Fund will not invest more than 10% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid and restricted securities. Certain restricted securities, eligible for resale to qualified institutional purchasers, may not be subject to that limitation. Securities that are illiquid or restricted are marked with an applicable footnote on the Statement of Investments. Restricted securities are reported on a schedule following the Statement of Investments.

7. Securities Lending

The Fund lends portfolio securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The loans are secured by collateral (either securities, letters of credit, or cash) in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and cost in recovering the securities loaned or in gaining access to the collateral. The Fund continues to receive the economic benefit of interest or dividends paid on the securities loaned in the form of a substitute payment received from the borrower and recognizes the gain or loss in the fair value of the securities loaned that may occur during the term of the loan. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

As of September 30, 2008, the Fund had no securities on loan.

8. Recent Accounting Pronouncements

In September 2006, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards (“SFAS”) No. 157, Fair Value Measurements. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring

F26 | OPPENHEIMER GLOBAL FUND

fair value and expands disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. As of September 30, 2008, the Manager does not believe the adoption of SFAS No. 157 will materially impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

In March 2008, FASB issued SFAS No. 161, Disclosures about Derivative Instruments and Hedging Activities. This standard requires enhanced disclosures about derivative and hedging activities, including qualitative disclosures about how and why the Fund uses derivative instruments, how these activities are accounted for, and their effect on the Fund’s financial position, financial performance and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. At this time, management is evaluating the implications of SFAS No. 161 and its impact on the Fund’s financial statements and related disclosures.

F27 | OPPENHEIMER GLOBAL FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Trustees and Shareholders of Oppenheimer Global Fund:

We have audited the accompanying statement of assets and liabilities of Oppenheimer Global Fund, including the statement of investments, as of September 30, 2008, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights 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 September 30, 2008, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Global Fund as of September 30, 2008, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG llp

Denver, Colorado

November 13, 2008

F28 | OPPENHEIMER GLOBAL FUND

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2008, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2007. Regulations of the U.S. Treasury Department require the Fund to report this information to the Internal Revenue Service.

Capital gain distributions of $4.4334 per share were paid to Class A, Class B, Class C, Class N and Class Y shareholders, respectively, on December 7, 2007. Whether received in stock or in cash, the capital gain distribution should be treated by shareholders as a gain from the sale of the capital assets held for more than one year (long-term capital gains).

Dividends, if any, paid by the Fund during the fiscal year ended September 30, 2008 which are not designated as capital gain distributions should be multiplied by 39.81% to arrive at the amount eligible for the corporate dividend-received deduction.

A portion, if any, of the dividends paid by the Fund during the fiscal year ended September 30, 2008 which are not designated as capital gain distributions are eligible for lower individual income tax rates to the extent that the Fund has received qualified dividend income as stipulated by recent tax legislation. $322,893,089 of the Fund’s fiscal year taxable income may be eligible for the lower individual income tax rates. In early 2008, shareholders of record received information regarding the percentage of distributions that are eligible for lower individual income tax rates.

Recent tax legislation allows a regulated investment company to designate distributions not designated as capital gain distributions, as either interest related dividends or short-term capital gain dividends, both of which are exempt from the U.S. withholding tax applicable to non U.S. taxpayers. For the fiscal year ended September 30, 2008, $242,531 or 0.18% of the ordinary distributions paid by the Fund qualifies as an interest related dividend.

The Fund has elected the application of Section 853 of the Internal Revenue Code to permit shareholders to take a federal income tax credit or deduction, at their option, on a per share basis for an aggregate amount of $11,161,890 of foreign income taxes paid by the Fund during the fiscal year ended September 30, 2008. A separate notice will be mailed to each shareholder, which will reflect the proportionate share of such foreign taxes which must be treated by shareholders as gross income for federal income tax purposes.

Gross income of $151,919,580 was derived from sources within foreign countries or possessions of the United States.

The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.

25 | OPPENHEIMER GLOBAL FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AGREEMENT Unaudited

Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to renew the Fund’s investment advisory agreement (the “Agreement”). The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Manager provide, such information as may be reasonably necessary to evaluate the terms of the Agreement. The Board employs an independent consultant to prepare a report that provides information, including comparative information, the Board requests for that purpose. In addition, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.

The Manager and the independent consultant provided information to the Board on the following factors: (i) the nature, quality and extent of the Manager’s services, (ii) the investment performance of the Fund and the Manager, (iii) the fees and expenses of the Fund, including comparative expense information, (iv) the profitability of the Manager and its affiliates, including an analysis of the cost of providing services, (v) whether economies of scale are realized as the Fund grows and whether fee levels reflect these economies of scale for Fund investors and (vi) other benefits to the Manager from its relationship with the Fund. The Board was aware that there are alternatives to retaining the Manager.

Outlined below is a summary of the principal information considered by the Board as well as the Board’s conclusions.

Nature, Quality and Extent of Services. The Board considered information about the nature and extent of the services provided to the Fund and information regarding the Manager’s key personnel who provide such services. The Manager’s duties include providing the Fund with the services of the portfolio manager and the Manager’s investment team, who provide research, analysis and other advisory services in regard to the Fund’s investments; securities trading services; oversight of third party service providers; monitoring compliance with applicable Fund policies and procedures and adherence to the Fund’s investment restrictions. The Manager is responsible for providing certain administrative services to the Fund as well. Those services include providing and supervising all administrative and clerical personnel who are necessary in order to provide effective corporate administration for the Fund; compiling and maintaining records with respect to the Fund’s operations; preparing and filing reports required by the Securities and Exchange Commission; preparing periodic reports regarding the operations of the Fund for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by Federal and state securities laws for the sale of the Fund’s shares. The Manager also provides the Fund with office space, facilities and equipment.

The Board also considered the quality of the services provided and the quality of the Manager’s resources that are available to the Fund. The Board took account of the fact that

26 | OPPENHEIMER GLOBAL FUND

the Manager has had over forty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Manager’s advisory, administrative, accounting, legal and compliance services, and information the Board has received regarding the experience and professional qualifications of the Manager’s key personnel and the size and functions of its staff. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Rajeev Bhaman, the portfolio manager for the Fund, and the Manager’s Global investment team and analysts. The Board members also considered the totality of their experiences with the Manager as directors or trustees of the Fund and other funds advised by the Manager. The Board considered information regarding the quality of services provided by affiliates of the Manager, which its members have become knowledgeable about in connection with the renewal of the Fund’s service agreements. The Board concluded, in light of the Manager’s experience, reputation, personnel, operations and resources, the Fund benefits from the services provided under the Agreement.

Investment Performance of the Manager and the Fund. Throughout the year, the Manager provided information on the investment performance of the Fund and the Manager, including comparative performance information. The Board also reviewed information, prepared by the Manager and by the independent consultant, comparing the Fund’s historical performance to relevant market indices and to the performance of other retail front-end load and no-load global large-cap growth funds (including both funds advised by the Manager and funds advised by other investment advisers). The Board noted that the Fund’s five-year and ten-year performance were better than its peer group median although its one-year and three-year performance were below its peer group median.

Costs of Services by the Manager. The Board reviewed the fees paid to the Manager and the other expenses borne by the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund to the fees and services for other clients or accounts advised by the Manager. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other global large-cap growth funds, global multi-cap core funds, global multi-cap growth funds with comparable asset levels and distribution features. The Board noted that the Fund’s contractual and actual management fees and total expenses were lower than its peer group median.

Economies of Scale and Profits Realized by the Manager. The Board considered information regarding the Manager’s costs in serving as the Fund’s investment adviser, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Manager’s profitability from its relationship with the Fund. The

27 | OPPENHEIMER GLOBAL FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AGREEMENT Unaudited / Continued

Board reviewed whether the Manager may realize economies of scale in managing and supporting the Fund. The Board noted that the Fund currently has management fee breakpoints, which are intended to share with Fund shareholders economies of scale that may exist as the Fund’s assets grow.

Other Benefits to the Manager. In addition to considering the profits realized by the Manager, the Board considered information that was provided regarding the direct and indirect benefits the Manager receives as a result of its relationship with the Fund, including compensation paid to the Manager’s affiliates and research provided to the Manager in connection with permissible brokerage arrangements (soft dollar arrangements). The Board also considered that the Manager must be able to pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund and that maintaining the financial viability of the Manager is important in order for the Manager to continue to provide significant services to the Fund and its shareholders.

Conclusions. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Fund and to the independent Trustees. Fund counsel and the independent Trustees’ counsel are independent of the Manager within the meaning and intent of the Securities and Exchange Commission Rules.

Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreement for another year. In arriving at this decision, the Board did not single out any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreement, including the management fee, in light of all of the surrounding circumstances.

28 | OPPENHEIMER GLOBAL FUND

PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, (ii) on the Fund’s website at www.oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at http://www.sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

29 | OPPENHEIMER GLOBAL FUND

TRUSTEES AND OFFICERS Unaudited


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen

INDEPENDENT TRUSTEES		The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.

Brian F. Wruble, Chairman of the Board of Trustees (since 2007), Trustee (since 2005) Age: 65		General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995- December 2007); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Manager’s parent company) (since September 2004); Chairman (since August 2007) and Trustee (since August 1991) of the Board of Trustees of The Jackson Laboratory (non-profit); Treasurer and Trustee of the Institute for Advanced Study (non-profit educational institute) (since May 1992); Member of Zurich Financial Investment Management Advisory Council (insurance) (2004-2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004). Oversees 64 portfolios in the OppenheimerFunds complex.

David K. Downes, Trustee (since 2007) Age: 68		Independent Chairman GSK Employee Benefit Trust (since April 2006); Director of Correctnet (since January 2006); Trustee of Employee Trusts (since January 2006); President, Chief Executive Officer and Board Member of CRAFund Advisors, Inc. (investment management company) (since January 2004); Director of Internet Capital Group (information technology company) (since October 2003); Independent Chairman of the Board of Trustees of Quaker Investment Trust (registered investment company) (2004-2007); President of The Community Reinvestment Act Qualified Investment Fund (investment manage- ment company) (2004-2007); Chief Operating Officer and Chief Financial Officer of Lincoln National Investment Companies, Inc. (subsidiary of Lincoln National Corporation, a publicly traded company) and Delaware Investments U.S., Inc. (investment management subsidiary of Lincoln National Corporation) (1993- 2003); President, Chief Executive Officer and Trustee of Delaware Investment Family of Funds (1993-2003); President and Board Member of Lincoln National Convertible Securities Funds, Inc. and the Lincoln National Income Funds, TDC (1993-2003); Chairman and Chief Executive Officer of Retirement Financial Services, Inc. (registered transfer agent and investment adviser and subsidiary of Delaware Investments U.S., Inc.) (1993-2003); President and Chief Executive Officer of Delaware Service Company, Inc. (1995-2003); Chief Administrative Officer, Chief Financial Officer, Vice Chairman and Director of Equitable Capital Management Corporation (investment subsidiary of Equitable Life Assurance Society) (1985-1992); Corporate Controller of Merrill Lynch & Company (financial services holding company) (1977-1985); held the following positions at the Colonial Penn Group, Inc. (insurance company): Corporate Budget Director (1974-1977), Assistant Treasurer (1972-1974) and Director of Corporate Taxes (1969-1972); held the following positions at Price Waterhouse & Company (financial services firm): Tax Manager (1967-1969), Tax Senior (1965-1967) and Staff Accountant (1963-1965); United States Marine Corps (1957-1959). Oversees 64 portfolios in the OppenheimerFunds complex.

Matthew P. Fink, Trustee (since 2005) Age: 67		Trustee of the Committee for Economic Development (policy research foundation) (since 2005); Director of ICI Education Foundation (education foundation) (October 1991-August 2006); President of the Investment Company Institute (trade association) (October 1991-June 2004); Director of ICI Mutual Insurance Company (insurance company) (October 1991-June 2004). Oversees 54 portfolios in the OppenheimerFunds complex.

30 | OPPENHEIMER GLOBAL FUND


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen

Robert G. Galli, Trustee (since 1993) Age: 75		A director or trustee of other Oppenheimer funds. Oversees 64 portfolios in the OppenheimerFunds complex.

Phillip A. Griffiths, Trustee (since 1999) Age: 70		Fellow of the Carnegie Corporation (since 2007); Distinguished Presidential Fellow for International Affairs (since 2002) and Member (since 1979) of the National Academy of Sciences; Council on Foreign Relations (since 2002); Director of GSI Lumonics Inc. (precision technology products company) (since 2001); Senior Advisor of The Andrew W. Mellon Foundation (since 2001); Chair of Science Initiative Group (since 1999); Member of the American Philosophical Society (since 1996); Trustee of Woodward Academy (since 1983); Foreign Associate of Third World Academy of Sciences; Director of the Institute for Advanced Study (1991-2004); Director of Bankers Trust New York Corporation (1994-1999); Provost at Duke University (1983-1991). Oversees 54 portfolios in the OppenheimerFunds complex.

Mary F. Miller, Trustee (since 2004) Age: 66		Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (since October 1998); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Oversees 54 portfolios in the OppenheimerFunds complex.

Joel W. Motley, Trustee (since 2002) Age: 56		Managing Director of Public Capital Advisors, LLC (privately held financial advisor) (since January 2006); Managing Director of Carmona Motley, Inc. (privately-held financial advisor) (since January 2002); Director of Columbia Equity Financial Corp. (privately-held financial advisor) (2002-2007); Managing Director of Carmona Motley Hoffman Inc. (privately-held financial advisor) (January 1998-December 2001); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee of the Episcopal Church of America, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee of Historic Hudson Valley. Oversees 54 portfolios in the OppenheimerFunds complex.

Russell S. Reynolds, Jr., Trustee (since 1989) Age: 76		Chairman of RSR Partners (formerly “The Directorship Search Group, Inc.”) (corporate governance consulting and executive recruiting) (since 1993); Retired CEO of Russell Reynolds Associates (executive recruiting) (October 1969 – March 1993); Life Trustee of International House (non-profit educational organization); Former Trustee of The Historical Society of the Town of Greenwich; Former Director of Greenwich Hospital Association. Oversees 54 portfolios in the OppenheimerFunds complex.

Joseph M. Wikler, Trustee (since 2005) Age: 67		Director of C-TASC (bio-statistics services) (since 2007); Director of the following medical device companies: Medintec (since 1992) and Cathco (since 1996); Director of Lakes Environmental Association (environmental protection organization) (since 1996); Member of the Investment Committee of the Associated Jewish Charities of Baltimore (since 1994); Director of Fortis/Hartford mutual funds (1994-December 2001). Oversees 54 portfolios in the OppenheimerFunds complex.

Peter I. Wold, Trustee (since 2005) Age: 60		President of Wold Oil Properties, Inc. (oil and gas exploration and production company) (since 1994); Vice President of American Talc Company, Inc. (talc mining and milling) (since 1999); Managing Member of Hole-in-the-Wall Ranch (cattle ranching) (since 1979); Vice President, Secretary and Treasurer of Wold Trona Company, Inc. (soda ash processing and production) (1996-2006); Director and Chairman of the Denver Branch of the Federal Reserve Bank of Kansas City (1993-1999); and Director of PacifiCorp. (electric utility) (1995-1999). Oversees 54 portfolios in the OppenheimerFunds complex.

31 | OPPENHEIMER GLOBAL FUND

TRUSTEES AND OFFICERS Unaudited / Continued


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen

INTERESTED TRUSTEE AND OFFICER		The address of Mr. Murphy is Two World Financial Center, 225 Liberty Street, 11th Floor, New York, New York 10281-1008. Mr. Murphy serves as a Trustee for an indefinite term, or until his resignation, retirement, death or removal and as an Officer for an indefinite term, or until his resignation, retirement, death or removal. Mr. Murphy is an interested Trustee due to his positions with OppenheimerFunds, Inc. and its affiliates.

John V. Murphy, Trustee, President and Principal Executive Officer (since 2001) Age: 59		Chairman, Chief Executive Officer and Director of the Manager (since June 2001); President of the Manager (September 2000-February 2007); President and director or trustee of other Oppenheimer funds; President and Director of Oppenheimer Acquisition Corp. (“OAC”) (the Manager’s parent holding company) and of Oppenheimer Partnership Holdings, Inc. (holding company subsidiary of the Manager) (since July 2001); Director of OppenheimerFunds Distributor, Inc. (subsidiary of the Manager) (November 2001-December 2006); Chairman and Director of Shareholder Services, Inc. and of Shareholder Financial Services, Inc. (transfer agent subsidiaries of the Manager) (since July 2001); President and Director of OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since July 2001); Director of the following investment advisory subsidiaries of the Manager: OFI Institutional Asset Management, Inc., Centennial Asset Management Corporation, Trinity Investment Management Corporation and Tremont Capital Management, Inc. (since November 2001), HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since July 2001); President (since November 2001) and Director (since July 2001) of Oppenheimer Real Asset Management, Inc.; Executive Vice President of Massachusetts Mutual Life Insurance Company (OAC’s parent company) (since February 1997); Director of DLB Acquisition Corporation (holding company parent of Babson Capital Management LLC) (since June 1995); Chairman (since October 2007) and Member of the Investment Company Institute’s Board of Governors (since October 2003). Oversees 103 portfolios in the OppenheimerFunds complex.

OTHER OFFICERS OF THE FUND		The addresses of the Officers in the chart below are as follows: for Messrs. Bhaman, Zack and Ms. Bloomberg, Two World Financial Center, 225 Liberty Street, New York, New York 10281-1008, for Messrs. Vandehey, Wixted, Petersen, Szilagyi and Ms. Ives, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.

Rajeev Bhaman, Vice President and Portfolio Manager (since 2004) Age: 45		Vice President of the Manager (since January 1997); Assistant Vice President of the Manager (March 1996-January 1997). An officer of 2 portfolios in the OppenheimerFunds complex.

Mark S. Vandehey, Vice President and Chief Compliance Officer (since 2004) Age: 58		Senior Vice President and Chief Compliance Officer of the Manager (since March 2004); Chief Compliance Officer of OppenheimerFunds Distributor, Inc., Centennial Asset Management and Shareholder Services, Inc. (since March 2004); Vice President of OppenheimerFunds Distributor, Inc., Centennial Asset Management Corporation and Shareholder Services, Inc. (since June 1983); Former Vice President and Director of Internal Audit of the Manager (1997- February 2004). An officer of 103 portfolios in the OppenheimerFunds complex.

32 | OPPENHEIMER GLOBAL FUND


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen

Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 1999) Age: 49		Senior Vice President and Treasurer of the Manager (since March 1999); Treasurer of the following: HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management, Inc. and Oppenheimer Partnership Holdings, Inc. (since March 1999), OFI Private Investments, Inc. (since March 2000), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (since November 2000), and OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since June 2003); Treasurer and Chief Financial Officer of OFI Trust Company (trust company subsidiary of the Manager) (since May 2000); Assistant Treasurer of the following: OAC (since March 1999), Centennial Asset Management Corporation (March 1999-October 2003) and OppenheimerFunds Legacy Program (April 2000-June 2003). An officer of 103 portfolios in the OppenheimerFunds complex.

Brian S. Petersen, Assistant Treasurer (since 2004) Age: 38		Vice President of the Manager (since February 2007); Assistant Vice President of the Manager (August 2002-February 2007); Manager/Financial Product Accounting of the Manager (November 1998-July 2002). An officer of 103 portfolios in the OppenheimerFunds complex.

Brian C. Szilagyi, Assistant Treasurer (since 2005) Age: 38		Assistant Vice President of the Manager (since July 2004); Director of Financial Reporting and Compliance of First Data Corporation (April 2003-July 2004); Manager of Compliance of Berger Financial Group LLC (May 2001-March 2003). An officer of 103 portfolios in the OppenheimerFunds complex.

Robert G. Zack, Secretary (since 2001) Age: 60		Executive Vice President (since January 2004) and General Counsel (since March 2002) of the Manager; General Counsel and Director of the Distributor (since December 2001); General Counsel of Centennial Asset Management Corporation (since December 2001); Senior Vice President and General Counsel of HarbourView Asset Management Corporation (since December 2001); Secretary and General Counsel of OAC (since November 2001); Assistant Secretary (since September 1997) and Director (since November 2001) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc. (since December 2002); Director of Oppenheimer Real Asset Management, Inc. (since November 2001); Senior Vice President, General Counsel and Director of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since December 2001); Senior Vice President, General Counsel and Director of OFI Private Investments, Inc. and OFI Trust Company (since November 2001); Vice President of OppenheimerFunds Legacy Program (since June 2003); Senior Vice President and General Counsel of OFI Institutional Asset Management, Inc. (since November 2001); Director of OppenheimerFunds International Distributor Limited (since December 2003); Senior Vice President (May 1985-December 2003). An officer of 103 portfolios in the OppenheimerFunds complex.

33 | OPPENHEIMER GLOBAL FUND

TRUSTEES AND OFFICERS Unaudited / Continued


Name, Position(s) Held with the		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age		Held; Number of Portfolios in the Fund Complex Currently Overseen

Lisa I. Bloomberg, Assistant Secretary (since 2004) Age: 40		Vice President (since May 2004) and Deputy General Counsel (since May 2008) of the Manager; Associate Counsel of the Manager (May 2004-May 2008); First Vice President (April 2001-April 2004), Associate General Counsel (December 2000-April 2004) of UBS Financial Services, Inc. (formerly PaineWebber Incorporated). An officer of 103 portfolios in the OppenheimerFunds complex.

Kathleen T. Ives, Assistant Secretary (since 2001) Age: 43		Vice President (since June 1998), Deputy General Counsel (since May 2008) and Assistant Secretary (since October 2003) of the Manager; Vice President (since 1999) and Assistant Secretary (since October 2003) of the Distributor; Assistant Secretary of Centennial Asset Management Corporation (since October 2003); Vice President and Assistant Secretary of Shareholder Services, Inc. (since 1999); Assistant Secretary of OppenheimerFunds Legacy Program and Shareholder Financial Services, Inc. (since December 2001); Senior Counsel of the Manager (October 2003-May 2008). An officer of 103 portfolios in the OppenheimerFunds complex.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers and is available without charge upon request, by calling 1.800.525.7048.

34 | OPPENHEIMER GLOBAL FUND

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions.

Item 3. Audit Committee Financial Expert.

The Board of Trustees of the registrant has determined that David Downes, the Board’s Audit Committee Chairman, is an audit committee financial expert and that Mr. Downes is “independent” for purposes of this Item 3.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $37,000 in fiscal 2008 and $38,000 in fiscal 2007.

(b) Audit-Related Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees during the last two fiscal years.

The principal accountant for the audit of the registrant’s annual financial statements billed $195,000 in fiscal 2008 and $272,786 in fiscal 2007 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: internal control reviews, audit of capital accumulation plan and professional services relating to FAS 123R.

The principal accountant for the audit of the registrant’s annual financial statements billed $6,282 in fiscal 2008 and $201 in fiscal 2007.

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees to the registrant during the last two fiscal years to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: Indian and Venezuelan tax services.

(d) All Other Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees during the last two fiscal years.

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees during the last two fiscal years to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

(e)

(1) During its regularly scheduled periodic meetings, the registrant’s audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the registrant.

		The audit committee has delegated pre-approval authority to its Chairman for any subsequent new engagements that arise between regularly scheduled meeting dates provided that any fees such pre-approved are presented to the audit committee at its next regularly scheduled meeting.

		Under applicable laws, pre-approval of non-audit services maybe waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to it principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit.

		(2) 100%

(f)		Not applicable as less than 50%.

(g)		The principal accountant for the audit of the registrant’s annual financial statements billed $201,282 in fiscal 2008 and $272,987 in fiscal 2007 to the registrant and the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934.

(h)		The registrant’s audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. No such services were rendered.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

a) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The Fund’s Governance Committee Provisions with Respect to Nominations of Directors/Trustees to the Respective Boards

1.		The Fund’s Governance Committee (the “Committee”) will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds’ investment manager and its affiliates in making the selection.

2.		The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individual’s background, skills, and experience; whether the individual is an “interested person” as defined in the Investment Company Act of 1940; and whether the individual would be deemed an “audit committee financial expert” within the meaning of applicable SEC rules. The Committee also considers whether the individual’s background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder.

3.		The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The

Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following:

	•		the name, address, and business, educational, and/or other pertinent background of the person being recommended;

	•		a statement concerning whether the person is an “interested person” as defined in the Investment Company Act of 1940;

	•		any other information that the Funds would be required to include in a proxy statement concerning the person if he or she was nominated; and

	•		the name and address of the person submitting the recommendation and, if that person is a shareholder, the period for which that person held Fund shares.

		The recommendation also can include any additional information which the person submitting it believes would assist the Committee in evaluating the recommendation.

4.		Shareholders should note that a person who owns securities issued by Massachusetts Mutual Life Insurance Company (the parent company of the Funds’ investment adviser) would be deemed an “interested person” under the Investment Company Act of 1940. In addition, certain other relationships with Massachusetts Mutual Life Insurance Company or its subsidiaries, with registered broker-dealers, or with the Funds’ outside legal counsel may cause a person to be deemed an “interested person.”

5.		Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company.

Item 11. Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 09/30/2008, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

There have been no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a) (1) Exhibit attached hereto.

(2) Exhibits attached hereto.

(3) Not applicable.

(b) Exhibit attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Oppenheimer Global Fund


By:		/s/ John V. Murphy John V. Murphy
		Principal Executive Officer

Date:		11/11/2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ John V. Murphy John V. Murphy
		Principal Executive Officer

Date:		11/11/2008

By:		/s/ Brian W. Wixted

		Brian W. Wixted
		Principal Financial Officer

Date:		11/11/2008

Oppenheimer Global Fund (OGLBX) N-CSRCertified annual shareholder report (management investment company)