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
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(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: October 1, 2003 - March 31, 2004
ITEM 1. REPORTS TO STOCKHOLDERS.
STATEMENT OF INVESTMENTS MARCH 31, 2004 / UNAUDITED
- --------------------------------------------------------------------------------
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
COMMON STOCKS--97.5%
- --------------------------------------------------------------------------
CONSUMER DISCRETIONARY--17.1%
- --------------------------------------------------------------------------
AUTOMOBILES--1.0%
Porsche AG,
Preferred 174,122 $ 104,849,460
- --------------------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE--1.2%
Greek Organization
of Football
Prognostics SA 15,400 261,544
- --------------------------------------------------------------------------
International Game
Technology 1,313,800 59,068,448
- --------------------------------------------------------------------------
Intralot SA
Integrated Lottery 12,000 202,621
- --------------------------------------------------------------------------
Panera Bread
Co., Cl. A 1 500,600 19,483,352
- --------------------------------------------------------------------------
Starbucks Corp. 1 1,375,300 51,917,575
--------------
130,933,540
- --------------------------------------------------------------------------
HOUSEHOLD DURABLES--0.8%
Sharp Corp. 5,164,000 92,275,446
- --------------------------------------------------------------------------
Waterford
Wedgwood plc 1 5,286 1,494
--------------
92,276,940
- --------------------------------------------------------------------------
INTERNET & CATALOG RETAIL--0.4%
Amazon.com, Inc. 1 1,156,600 50,057,648
- --------------------------------------------------------------------------
MEDIA--9.0%
Grupo Televisa SA,
Sponsored GDR 1 1,687,590 79,890,511
- --------------------------------------------------------------------------
JC Decaux SA 1 2,040,712 45,617,438
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Pearson plc 1 7,993,592 90,863,985
- --------------------------------------------------------------------------
Reed Elsevier plc 1 5,868,264 51,929,726
- --------------------------------------------------------------------------
Singapore Press
Holdings Ltd. 5,665,785 63,882,677
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Sirius Satellite
Radio, Inc. 1,2 99,350,110 337,790,374
- --------------------------------------------------------------------------
Societe Television
Francaise 1 1 1,447,690 45,971,064
- --------------------------------------------------------------------------
Television
Broadcasts Ltd. 19,376,486 91,521,696
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Wolters Kluwer
NV 1 3,006,264 51,389,065
- --------------------------------------------------------------------------
WPP Group plc 4,464,540 45,169,381
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
MEDIA Continued
Zee Telefilms Ltd. 19,807,207 $ 61,218,959
--------------
965,244,876
- --------------------------------------------------------------------------
SPECIALTY RETAIL--4.4%
Circuit City Stores,
Inc./Circuit City
Group 5,202,615 58,789,550
- --------------------------------------------------------------------------
Gap, Inc. (The) 2,155,900 47,257,328
- --------------------------------------------------------------------------
Hennes & Mauritz
AB, B Shares 1 8,017,800 215,826,635
- --------------------------------------------------------------------------
New Dixons
Group plc 36,855,224 104,310,944
- --------------------------------------------------------------------------
RadioShack Corp. 1,319,000 43,738,040
--------------
469,922,497
- --------------------------------------------------------------------------
TEXTILES, APPAREL & LUXURY GOODS--0.3%
Coach, Inc. 1 699,500 28,672,505
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CONSUMER STAPLES--7.4%
- --------------------------------------------------------------------------
BEVERAGES--1.6%
Companhia de
Bebidas das
Americas, ADR 2,294,900 45,898,000
- --------------------------------------------------------------------------
Diageo plc 1,674,330 21,817,119
- --------------------------------------------------------------------------
Fomento
Economico
Mexicano SA
de CV, UBD 1 11,742,100 57,711,843
- --------------------------------------------------------------------------
Grupo Modelo
SA de CV, Series C 1 15,788,200 42,968,781
--------------
168,395,743
- --------------------------------------------------------------------------
FOOD & STAPLES RETAILING--1.2%
Boots Group plc 4,169,128 47,467,531
- --------------------------------------------------------------------------
Carrefour SA 1 742,840 36,642,839
- --------------------------------------------------------------------------
Seven-Eleven
Japan Co. Ltd. 1,321,000 48,251,069
--------------
132,361,439
- --------------------------------------------------------------------------
FOOD PRODUCTS--1.0%
Cadbury
Schweppes plc 13,427,517 105,867,609
- --------------------------------------------------------------------------
Nestle SA 1 1,014 258,533
--------------
106,126,142
11 | OPPENHEIMER GLOBAL FUND
STATEMENT OF INVESTMENTS UNAUDITED / CONTINUED
- --------------------------------------------------------------------------------
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
HOUSEHOLD PRODUCTS--2.5%
Hindustan
Lever Ltd. 1 17,684,700 $ 62,825,080
- --------------------------------------------------------------------------
Reckitt
Benckiser plc 1 8,130,514 200,978,863
--------------
263,803,943
- --------------------------------------------------------------------------
PERSONAL PRODUCTS--1.1%
Gillette Co. 2,112,400 82,594,840
- --------------------------------------------------------------------------
Shiseido Co. Ltd. 2,966,000 38,659,067
--------------
121,253,907
- --------------------------------------------------------------------------
ENERGY--7.4%
- --------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES--2.8%
GlobalSantaFe
Corp. 3,661,700 101,685,409
- --------------------------------------------------------------------------
Technip-Coflexip
SA 1 712,070 96,256,894
- --------------------------------------------------------------------------
Transocean, Inc. 1 3,713,500 103,569,515
--------------
301,511,818
- --------------------------------------------------------------------------
OIL & GAS--4.6%
BP plc, ADR 1,663,756 85,184,307
- --------------------------------------------------------------------------
Burlington
Resources, Inc. 671,600 42,733,908
- --------------------------------------------------------------------------
ChevronTexaco
Corp. 957,517 84,050,842
- --------------------------------------------------------------------------
Encana Corp. 1,450,656 62,573,855
- --------------------------------------------------------------------------
ENI SpA 1 2,215,000 44,532,133
- --------------------------------------------------------------------------
Gail India Ltd. 1,337,130 6,562,469
- --------------------------------------------------------------------------
Husky Energy, Inc. 5,472,565 109,097,358
- --------------------------------------------------------------------------
Oil & Natural
Gas Corp. Ltd. 784,530 15,185,588
- --------------------------------------------------------------------------
Total SA, B Shares 1 237,040 43,519,982
--------------
493,440,442
- --------------------------------------------------------------------------
FINANCIALS--16.7%
- --------------------------------------------------------------------------
CAPITAL MARKETS--0.4%
Northern Trust
Corp. 817,100 38,068,689
- --------------------------------------------------------------------------
COMMERCIAL BANKS--8.2%
ABN Amro
Holding NV 1 4,638,368 103,456,624
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
COMMERCIAL BANKS Continued
Anglo Irish Bank
Corp. 3,059,887 $ 48,883,828
- --------------------------------------------------------------------------
Australia & New
Zealand Banking
Group Ltd. 3,413,125 49,405,043
- --------------------------------------------------------------------------
Bank One Corp. 3,846,303 209,700,440
- --------------------------------------------------------------------------
Commerce
Bancorp, Inc. 381,900 25,159,572
- --------------------------------------------------------------------------
Credit Agricole SA 1 19,616 512,255
- --------------------------------------------------------------------------
ICICI Bank Ltd.,
Sponsored ADR 1 4,881,150 77,854,343
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Resona Holdings,
Inc. 1 25,076,000 41,939,963
- --------------------------------------------------------------------------
Royal Bank of
Scotland Group
plc (The) 3,748,762 114,230,610
- --------------------------------------------------------------------------
Societe Generale,
Cl. A 1 1,159,159 99,002,073
- --------------------------------------------------------------------------
Wachovia Corp. 2,449,738 115,137,686
--------------
885,282,437
- --------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES--3.8%
3i Group plc 3,731,702 43,138,764
- --------------------------------------------------------------------------
American
Express Co. 1,713,800 88,860,530
- --------------------------------------------------------------------------
Citigroup, Inc. 832,633 43,047,126
- --------------------------------------------------------------------------
Credit Saison
Co. Ltd. 1 1,969,300 59,248,416
- --------------------------------------------------------------------------
MBNA Corp. 3,933,700 108,688,131
- --------------------------------------------------------------------------
MLP AG 1 1,444,995 26,369,948
- --------------------------------------------------------------------------
Schwab (Charles)
Corp. 3,636,500 42,219,765
--------------
411,572,680
- --------------------------------------------------------------------------
INSURANCE--4.3%
ACE Ltd. 2,016,571 86,026,919
- --------------------------------------------------------------------------
Aegon NV 1 6,747,347 86,234,858
- --------------------------------------------------------------------------
Allianz AG 1 905,626 98,838,745
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Berkshire
Hathaway, Inc.,
Cl. B 1 29,620 92,148,116
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Converium
Holding AG 1 5,184 253,706
12 | OPPENHEIMER GLOBAL FUND
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
INSURANCE Continued
Everest Re
Group Ltd. 517,600 $ 44,223,744
- --------------------------------------------------------------------------
Manulife Financial
Corp. 1,529,239 56,503,592
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Royal & Sun
Alliance Insurance
Group plc 48,230 72,684
--------------
464,302,364
- --------------------------------------------------------------------------
REAL ESTATE--0.0%
JM AB 1 17,000 284,036
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HEALTH CARE--15.4%
- --------------------------------------------------------------------------
BIOTECHNOLOGY--3.6%
Affymetrix, Inc. 1 1,703,200 57,483,000
- --------------------------------------------------------------------------
Amgen, Inc. 1 1,107,400 64,417,458
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Genentech, Inc. 1 533,700 56,476,134
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Genzyme Corp.
(General Division) 1 1,012,300 47,618,592
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Gilead Sciences,
Inc. 1 1,433,300 79,935,141
- --------------------------------------------------------------------------
Human Genome
Sciences, Inc. 1 1,253,000 15,700,090
- --------------------------------------------------------------------------
Millennium
Pharmaceuticals,
Inc. 1 1,190,500 20,119,450
- --------------------------------------------------------------------------
Qiagen NV 1 3,416,458 44,713,860
--------------
386,463,725
- --------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES--1.6%
Applera Corp./
Applied Biosystems
Group 2,031,800 40,189,004
- --------------------------------------------------------------------------
Essilor
International SA 1 725,140 44,101,746
- --------------------------------------------------------------------------
Nektar
Therapeutics 1,3 1,260,528 21,761,755
- --------------------------------------------------------------------------
Smith &
Nephew plc 1 5,491,360 54,044,250
- --------------------------------------------------------------------------
Swiss Medical
SA 1,2,3 960,000 6,620,352
--------------
166,717,107
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES--2.2%
Express Scripts,
Inc. 1 669,000 $ 49,900,710
- --------------------------------------------------------------------------
Fresenius AG,
Preference 1 621,629 43,658,014
- --------------------------------------------------------------------------
IMS Health, Inc. 2,165,400 50,367,204
- --------------------------------------------------------------------------
Quest
Diagnostics, Inc. 1,118,700 92,661,921
--------------
236,587,849
- --------------------------------------------------------------------------
PHARMACEUTICALS--8.0%
AstraZeneca plc 1,093,040 50,683,127
- --------------------------------------------------------------------------
Aventis SA 1 703,814 54,100,551
- --------------------------------------------------------------------------
Chugai
Pharmaceutical
Co. Ltd. 3,114,700 49,578,922
- --------------------------------------------------------------------------
Eli Lilly & Co. 654,800 43,806,120
- --------------------------------------------------------------------------
GlaxoSmithKline
plc 10,988 215,675
- --------------------------------------------------------------------------
Mylan
Laboratories, Inc. 1,779,750 40,453,718
- --------------------------------------------------------------------------
Novartis AG 1,643,621 69,800,537
- --------------------------------------------------------------------------
Pfizer, Inc. 2,703,590 94,760,830
- --------------------------------------------------------------------------
Roche Holdings
AG 1 1,269,117 123,971,448
- --------------------------------------------------------------------------
Sanofi-Synthelabo
SA 1 2,246,117 146,707,432
- --------------------------------------------------------------------------
Schering-Plough
Corp. 3,212,700 52,109,994
- --------------------------------------------------------------------------
Shionogi & Co.
Ltd. 5,165,000 91,250,733
- --------------------------------------------------------------------------
Teva
Pharmaceutical
Industries Ltd.,
Sponsored ADR 722,700 45,826,407
--------------
863,265,494
- --------------------------------------------------------------------------
INDUSTRIALS--4.9%
- --------------------------------------------------------------------------
AEROSPACE & DEFENSE--3.3%
Boeing Co. 1,150,200 47,238,714
- --------------------------------------------------------------------------
Bombardier, Inc.,
Cl. B 6,423,500 28,690,086
13 | OPPENHEIMER GLOBAL FUND
STATEMENT OF INVESTMENTS UNAUDITED / CONTINUED
- --------------------------------------------------------------------------------
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
AEROSPACE & DEFENSE Continued
Empresa Brasileira
de Aeronautica
SA, ADR 3,288,100 $ 105,548,010
- --------------------------------------------------------------------------
Lockheed Martin
Corp. 968,200 44,188,648
- --------------------------------------------------------------------------
Northrop
Grumman Corp. 515,300 50,715,826
- --------------------------------------------------------------------------
Raytheon Co. 2,376,400 74,476,376
--------------
350,857,660
- --------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES--0.6%
Rentokil Initial plc 11,961,173 40,063,733
- --------------------------------------------------------------------------
Societe BIC SA 1 542,037 22,980,766
--------------
63,044,499
- --------------------------------------------------------------------------
CONSTRUCTION & ENGINEERING--0.3%
JGC Corp. 1 2,009,000 22,149,498
- --------------------------------------------------------------------------
Leighton
Holdings Ltd. 872,798 6,929,914
--------------
29,079,412
- --------------------------------------------------------------------------
INDUSTRIAL CONGLOMERATES--0.4%
Hutchison
Whampoa Ltd. 5,806,000 41,731,720
- --------------------------------------------------------------------------
MACHINERY--0.3%
Hyundai Heavy
Industries Co. Ltd. 1 1,400,000 38,588,687
- --------------------------------------------------------------------------
INFORMATION TECHNOLOGY--21.6%
- --------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT--7.0%
Alcatel SA 1 4,261,220 67,238,103
- --------------------------------------------------------------------------
Cisco Systems, Inc. 1 3,776,400 88,820,928
- --------------------------------------------------------------------------
JDS Uniphase
Corp. 1 18,480,800 75,216,856
- --------------------------------------------------------------------------
Juniper
Networks, Inc. 1 1,766,400 45,944,064
- --------------------------------------------------------------------------
QUALCOMM, Inc. 4,285,200 284,622,984
- --------------------------------------------------------------------------
Scientific-Atlanta,
Inc. 1,284,100 41,527,794
- --------------------------------------------------------------------------
Telefonaktiebolaget
LM Ericsson AB,
B Shares 1 52,822,200 146,391,734
--------------
749,762,463
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
COMPUTERS & PERIPHERALS--0.8%
International Business
Machines
Corp. 446,281 $ 40,986,447
- --------------------------------------------------------------------------
Sun Microsystems,
Inc. 1 11,846,800 49,282,688
--------------
90,269,135
- --------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS--1.9%
Keyence Corp. 207,100 50,483,549
- --------------------------------------------------------------------------
Murata
Manufacturing
Co. Ltd. 911,200 57,894,286
- --------------------------------------------------------------------------
Tandberg ASA 1,2 10,578,700 101,305,669
--------------
209,683,504
- --------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES--0.4%
Yahoo Japan Corp. 1 1,026 12,524,823
- --------------------------------------------------------------------------
Yahoo Japan Corp. 1 2,224 26,294,228
--------------
38,819,051
- --------------------------------------------------------------------------
IT SERVICES--1.1%
Amadeus Global
Travel Distribution
SA 1 5,872,722 33,270,309
- --------------------------------------------------------------------------
Infosys
Technologies Ltd. 756,663 86,055,168
--------------
119,325,477
- --------------------------------------------------------------------------
OFFICE ELECTRONICS--0.4%
Canon, Inc. 864,000 44,763,397
- --------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--4.3%
Advanced Micro
Devices, Inc. 1 7,853,100 127,455,813
- --------------------------------------------------------------------------
National
Semiconductor
Corp. 1 2,299,700 102,175,671
- --------------------------------------------------------------------------
Samsung
Electronics Co. 257,390 128,419,975
- --------------------------------------------------------------------------
Taiwan
Semiconductor
Manufacturing
Co. 1,3 55,378,000 100,840,061
--------------
458,891,520
14 | OPPENHEIMER GLOBAL FUND
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
SOFTWARE--5.7%
Amdocs Ltd. 1 1,680,800 $ 46,709,432
- --------------------------------------------------------------------------
BEA Systems, Inc. 1 3,523,000 44,953,480
- --------------------------------------------------------------------------
Cadence Design
Systems, Inc. 1 11,021,238 162,453,048
- --------------------------------------------------------------------------
Electronic
Arts, Inc. 1 345,378 18,636,597
- --------------------------------------------------------------------------
Novell, Inc. 1 5,406,274 61,523,398
- --------------------------------------------------------------------------
Red Hat, Inc. 1 2,566,700 58,674,762
- --------------------------------------------------------------------------
Sybase, Inc. 1 2,337,555 49,065,279
- --------------------------------------------------------------------------
Symantec Corp. 1 1,289,500 59,703,850
- --------------------------------------------------------------------------
Trend Micro, Inc. 2,146,500 74,276,926
- --------------------------------------------------------------------------
Veritas Software
Corp. 1 1,301,300 35,017,983
---------------
611,014,755
- --------------------------------------------------------------------------
MATERIALS--0.4%
- --------------------------------------------------------------------------
CHEMICALS--0.4%
International
Flavors &
Fragrances, Inc. 1,284,625 45,604,188
- --------------------------------------------------------------------------
TELECOMMUNICATION SERVICES--6.1%
- --------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION SERVICES--1.6%
France Telecom
SA 1 3,720,854 95,200,631
- --------------------------------------------------------------------------
Tele Norte Leste
Participacoes SA,
Preference 5,620,042,297 72,009,804
---------------
167,210,435
- --------------------------------------------------------------------------
WIRELESS TELECOMMUNICATION SERVICES--4.5%
KDDI Corp. 35,263 198,965,550
- --------------------------------------------------------------------------
NTT Docomo, Inc. 50,701 112,089,489
- --------------------------------------------------------------------------
SK Telecom Co.
Ltd., ADR 1 3,118,350 66,420,855
- --------------------------------------------------------------------------
Tele Norte Leste
Participacoes SA 1 62,970,290 806,841
- --------------------------------------------------------------------------
Tele Norte Leste
Participacoes SA 1 304,137 3,527
- --------------------------------------------------------------------------
Vodafone
Group plc 44,631,224 105,607,834
---------------
483,894,096
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------
UTILITIES--0.5%
- --------------------------------------------------------------------------
GAS UTILITIES--0.5%
Hong Kong &
China Gas Co. Ltd. 32,776,700 $ 56,583,353
---------------
Total Common Stocks
(Cost $7,796,757,996) 10,480,518,633
PRINCIPAL
AMOUNT
- --------------------------------------------------------------------------
NON-CONVERTIBLE CORPORATE BONDS AND NOTES--0.0%
- --------------------------------------------------------------------------
Hindustan Lever Ltd.,
9% Sec. Debs., 1/1/05 [INR]
(Cost $2,496,845) 112,010,400 2,833,365
- --------------------------------------------------------------------------
SHORT-TERM NOTES--1.1%
- --------------------------------------------------------------------------
Amsterdam
Funding Corp.,
1.02%, 4/22/04 4 30,000,000 29,982,150
- --------------------------------------------------------------------------
Neptune
Funding Corp.,
1.06%, 4/20/04 4 18,977,000 18,966,383
- --------------------------------------------------------------------------
Victory
Receivables Corp.:
1.05%, 4/20/04 4 44,679,000 44,654,240
1.05%, 4/23/04 4 20,770,000 20,756,673
---------------
Total Short-Term Notes
(Cost $114,359,446) 114,359,446
- --------------------------------------------------------------------------
JOINT REPURCHASE AGREEMENTS--1.8%
- --------------------------------------------------------------------------
Undivided interest of 62.20% in joint
repurchase agreement (Principal
Amount/Market Value $300,766,000, with a
maturity value of $300,774,271) with DB Alex
Brown LLC, 0.99%, dated 3/31/04, to be
repurchased at $187,094,145 on 4/1/04,
collateralized by U.S. Treasury Nts.,
2%--3%, 7/15/12--1/15/14, with a value of
$307,444,869
(Cost $187,089,000) 187,089,000 187,089,000
- --------------------------------------------------------------------------
TOTAL INVESTMENTS,
AT VALUE
(COST $8,100,703,287) 100.4% 10,784,800,444
- --------------------------------------------------------------------------
LIABILITIES
IN EXCESS OF
OTHER ASSETS (0.4) (39,053,182)
---------------------------------------
NET ASSETS 100.0%$ 10,745,747,262
=======================================
15 | OPPENHEIMER GLOBAL FUND
STATEMENT OF INVESTMENTS UNAUDITED / CONTINUED
- --------------------------------------------------------------------------------
FOOTNOTES TO STATEMENT OF INVESTMENTS
Principal amount is reported in U.S. Dollars, except for those denoted in the
following currency:
INR Indian Rupee
1. Non-income producing security.
2. Affiliated company. Represents ownership of at least 5% of the voting
securities of the issuer, and is or was an affiliate, as defined in the
Investment Company Act of 1940, at or during the period ended March 31, 2004.
The aggregate fair value of securities of affiliated companies held by the Fund
as of March 31, 2004 amounts to $445,716,395. Transactions during the period in
which the issuer was an affiliate are as follows:
SHARES SHARES
SEPTEMBER 30, GROSS GROSS MARCH 31,
2003 ADDITIONS REDUCTIONS 2004
- -----------------------------------------------------------------------------------
STOCKS AND/OR WARRANTS
Cadence Design Systems, Inc.* 16,913,838 -- 5,892,600 11,021,238
Sirius Satellite Radio, Inc. 102,852,610 -- 3,502,500 99,350,110
Swiss Medical SA 960,000 -- -- 960,000
Tandberg ASA 10,538,350 40,350 -- 10,578,700
UNREALIZED
APPRECIATION REALIZED
(DEPRECIATION) LOSS
- -----------------------------------------------------------------------------------
STOCKS AND/OR WARRANTS
Cadence Design Systems, Inc.* $ -- $43,540,513
Sirius Satellite Radio, Inc. 246,704,675 43,170,378
Swiss Medical SA (23,769,648) --
Tandberg ASA 12,360,749 --
--------------------------
$ 235,295,776 $86,710,891
==========================
*No longer an affiliate at March 31, 2004.
3. Identifies issues considered to be illiquid or restricted. See Note 6 of
Notes to Financial Statements.
4. Security issued in an exempt transaction without registration under the
Securities Act of 1933. Such securities amount to $114,359,446 or 1.06% of the
Fund's net assets, and have been determined to be liquid pursuant to guidelines
adopted by the Board of Trustees.
16 | OPPENHEIMER GLOBAL FUND
DISTRIBUTION OF INVESTMENTS REPRESENTING GEOGRAPHIC HOLDINGS, AS A PERCENTAGE
OF TOTAL INVESTMENTS AT VALUE, IS AS FOLLOWS:
GEOGRAPHIC HOLDINGS MARKET VALUE PERCENT
- -------------------------------------------------------------------------
United States $ 4,658,643,782 43.2%
Great Britain 1,161,646,142 10.8
Japan 1,020,645,362 9.5
France 797,851,774 7.4
Sweden 362,502,405 3.4
India 312,534,972 2.9
The Netherlands 285,794,407 2.6
Germany 273,716,167 2.5
Canada 256,864,891 2.4
Korea, Republic of South 233,429,517 2.2
Brazil 224,266,182 2.1
Switzerland 194,284,224 1.8
Hong Kong 189,836,769 1.8
Mexico 180,571,135 1.7
Bermuda 130,250,663 1.2
Norway 101,305,669 0.9
Taiwan 100,840,061 0.9
Singapore 63,882,677 0.6
Australia 56,334,957 0.5
Ireland 48,885,322 0.4
Israel 45,826,407 0.4
Italy 44,532,133 0.4
Spain 33,270,309 0.3
Argentina 6,620,352 0.1
Greece 464,165 --
--------------------------------
Total $10,784,800,444 100.0%
================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
17 | OPPENHEIMER GLOBAL FUND
STATEMENT OF ASSETS AND LIABILITIES UNAUDITED
- --------------------------------------------------------------------------------
March 31, 2004
- -----------------------------------------------------------------------------------
ASSETS
- -----------------------------------------------------------------------------------
Investments, at value--see accompanying statement of investments:
Unaffiliated companies (cost $7,890,282,668) $10,339,084,049
Affiliated companies (cost $210,420,619) 445,716,395
----------------
10,784,800,444
- -----------------------------------------------------------------------------------
Cash 15,449,555
- -----------------------------------------------------------------------------------
Cash--foreign currencies (cost $17,889) 18,097
- -----------------------------------------------------------------------------------
Unrealized appreciation on foreign currency contracts 725,275
- -----------------------------------------------------------------------------------
Receivables and other assets:
Investments sold 82,859,793
Interest and dividends 15,956,742
Shares of beneficial interest sold 13,799,460
Other 155,202
----------------
Total assets 10,913,764,568
- -----------------------------------------------------------------------------------
LIABILITIES
- -----------------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased 140,322,923
Shares of beneficial interest redeemed 15,440,404
Distribution and service plan fees 6,065,195
Transfer and shareholder servicing agent fees 2,122,127
Trustees' compensation 1,508,693
Foreign capital gains tax 1,239,773
Shareholder communications 921,505
Other 396,686
----------------
Total liabilities 168,017,306
- -----------------------------------------------------------------------------------
NET ASSETS $10,745,747,262
================
- -----------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- -----------------------------------------------------------------------------------
Paid-in capital $ 8,974,955,430
- -----------------------------------------------------------------------------------
Accumulated net investment loss (52,854,089)
- -----------------------------------------------------------------------------------
Accumulated net realized loss on investments and foreign
currency transactions (859,276,748)
- -----------------------------------------------------------------------------------
Net unrealized appreciation on investments and translation
of assets and liabilities denominated in foreign currencies 2,682,922,669
----------------
NET ASSETS $10,745,747,262
================
18 | OPPENHEIMER GLOBAL FUND
- ----------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- ----------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$7,933,405,618 and 147,669,920 shares of beneficial interest outstanding) $53.72
Maximum offering price per share (net asset value plus sales charge of
5.75% of offering price) $57.00
- ----------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of
$1,441,097,214 and 28,562,729 shares of beneficial interest outstanding) $50.45
- ----------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of
$822,193,988 and 16,050,786 shares of beneficial interest outstanding) $51.22
- ----------------------------------------------------------------------------------
Class N Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of
$180,846,738 and 3,387,986 shares of beneficial interest outstanding) $53.38
- ----------------------------------------------------------------------------------
Class Y Shares:
Net asset value, redemption price and offering price per share (based on
net assets of $368,203,704 and 6,817,719 shares of beneficial interest
outstanding) $54.01
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
19 | OPPENHEIMER GLOBAL FUND
STATEMENT OF OPERATIONS UNAUDITED
- --------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED MARCH 31, 2004
- -----------------------------------------------------------------------------------
INVESTMENT INCOME
- -----------------------------------------------------------------------------------
Dividends (net of foreign withholding taxes of $3,320,229) $ 45,937,251
- -----------------------------------------------------------------------------------
Interest 1,445,550
--------------
Total investment income 47,382,801
- -----------------------------------------------------------------------------------
EXPENSES
- -----------------------------------------------------------------------------------
Management fees 32,091,525
- -----------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 8,508,807
Class B 6,907,281
Class C 3,704,558
Class N 370,840
- -----------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 7,827,520
Class B 1,889,441
Class C 836,924
Class N 298,313
Class Y 392,581
- -----------------------------------------------------------------------------------
Shareholder communications:
Class A 269,648
Class B 131,221
Class C 32,267
Class N 4,588
- -----------------------------------------------------------------------------------
Custodian fees and expenses 681,558
- -----------------------------------------------------------------------------------
Trustees' compensation 202,359
- -----------------------------------------------------------------------------------
Other 321,951
--------------
Total expenses 64,471,382
Less reduction to custodian expenses (1,546)
Less voluntary waiver of transfer and shareholder servicing agent fees:
Class A (82,779)
Class B (3,708)
Class C (8,190)
Class N (34,092)
Class Y (4,092)
--------------
Net expenses 64,336,975
- -----------------------------------------------------------------------------------
NET INVESTMENT LOSS (16,954,174)
20 | OPPENHEIMER GLOBAL FUND
- -----------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
- -----------------------------------------------------------------------------------
Net realized gain (loss) on:
Investments:
Unaffiliated companies $ 316,405,455
Affiliated companies (86,710,891)
Foreign currency transactions 49,577,652
---------------
Net realized gain 279,272,216
- -----------------------------------------------------------------------------------
Net change in unrealized appreciation on:
Investments (net of foreign capital gains tax of $1,239,773) 1,376,661,834
Translation of assets and liabilities denominated in
foreign currencies 179,542,144
---------------
Net change in unrealized appreciation 1,556,203,978
- -----------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $1,818,522,020
===============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
21 | OPPENHEIMER GLOBAL FUND
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
MARCH 31, 2004 SEPTEMBER 30,
(UNAUDITED) 2003
- ------------------------------------------------------------------------------------
OPERATIONS
- ------------------------------------------------------------------------------------
Net investment income (loss) $ (16,954,174) $ 27,163,487
- ------------------------------------------------------------------------------------
Net realized gain (loss) 279,272,216 (510,678,082)
- ------------------------------------------------------------------------------------
Net change in unrealized appreciation
(depreciation) 1,556,203,978 2,095,179,606
--------------------------------
Net increase in net assets resulting from
operations 1,818,522,020 1,611,665,011
- ------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- ------------------------------------------------------------------------------------
Dividends from net investment income:
Class A (45,969,361) --
Class B (103,671) --
Class C (905,465) --
Class N (659,826) --
Class Y (2,540,733) --
- ------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- ------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from beneficial interest transactions:
Class A 740,550,945 166,425,014
Class B (44,382,260) (141,392,791)
Class C 76,161,395 30,323,215
Class N 46,677,857 37,889,062
Class Y 46,481,996 48,926,591
- ------------------------------------------------------------------------------------
NET ASSETS
- ------------------------------------------------------------------------------------
Total increase 2,633,832,897 1,753,836,102
- ------------------------------------------------------------------------------------
Beginning of period 8,111,914,365 6,358,078,263
--------------------------------
End of period (including accumulated net
investment income (loss) of $(52,854,089) and
$14,279,141, respectively) $10,745,747,262 $8,111,914,365
================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
22 | OPPENHEIMER GLOBAL FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
MARCH 31, 2004 SEPT. 30,
CLASS A (UNAUDITED) 2003 2002 2001 2000 1999
- --------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- --------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $44.32 $35.25 $40.04 $67.48 $49.50 $38.34
- --------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) (.06) .21 .07 .20 .26 .17
Net realized and unrealized gain (loss) 9.80 8.86 (4.86) (15.68) 22.20 14.37
---------------------------------------------------------------------
Total from investment operations 9.74 9.07 (4.79) (15.48) 22.46 14.54
- --------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to
shareholders:
Dividends from net investment income (.34) -- -- -- (.32) (.39)
Dividends in excess of net
investment income -- -- -- -- (.04) --
Distributions from net realized gain -- -- -- (11.96) (4.12) (2.99)
---------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.34) -- -- (11.96) (4.48) (3.38)
- --------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $53.72 $44.32 $35.25 $40.04 $67.48 $49.50
=====================================================================
- --------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 1 22.03% 25.73% (11.96)% (27.10)% 47.13% 40.05%
- --------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $7,933,406 $5,904,063 $4,559,330 $4,876,120 $6,225,967 $3,780,168
- --------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $7,149,036 $4,950,791 $5,552,582 $5,851,970 $5,555,437 $3,475,038
- --------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 2
Net investment income (loss) (0.17)% 0.59% 0.18% 0.42% 0.41% 0.37%
Total expenses 1.15% 3,4 1.23% 3 1.23% 3 1.12% 3 1.08% 3 1.16% 3
- --------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 13% 46% 27% 36% 62% 68%
<FN>
1. 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 of 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.
2. Annualized for periods of less than one full year.
3. Reduction to custodian expenses less than 0.01%.
4. Voluntary waiver of transfer agent fees less than 0.01%.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
23 | OPPENHEIMER GLOBAL FUND
FINANCIAL HIGHLIGHTS CONTINUED
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
MARCH 31, 2004 SEPT. 30,
CLASS B (UNAUDITED) 2003 2002 2001 2000 1999
- --------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- --------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $41.52 $33.30 $38.11 $65.26 $48.05 $37.32
- --------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.29) (.25) (.32) (.06) (.19) (.16)
Net realized and unrealized gain (loss) 9.22 8.47 (4.49) (15.13) 21.52 13.99
---------------------------------------------------------------------
Total from investment operations 8.93 8.22 (4.81) (15.19) 21.33 13.83
- --------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to
shareholders:
Dividends from net investment income -- 1 -- -- -- -- (.11)
Dividends in excess of net
investment income -- -- -- -- -- --
Distributions from net realized gain -- -- -- (11.96) (4.12) (2.99)
---------------------------------------------------------------------
Total dividends and/or distributions
to shareholders -- 1 -- -- (11.96) (4.12) (3.10)
- --------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $50.45 $41.52 $33.30 $38.11 $65.26 $48.05
=====================================================================
- --------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 21.52% 24.69% (12.62)% (27.68)% 46.01% 38.99%
- --------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $1,441,097 $1,224,725 $1,119,360 $1,386,315 $1,948,901 $1,250,245
- --------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $1,381,260 $1,113,678 $1,456,440 $1,731,624 $1,779,871 $1,121,639
- --------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (1.01)% (0.27)% (0.60)% (0.35)% (0.38)% (0.40)%
Total expenses 1.97% 4,5 2.07% 4,5 2.00% 4 1.89% 4 1.85% 4 1.94% 4
- --------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 13% 46% 27% 36% 62% 68%
<FN>
1. Less than $0.005 per share.
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 of 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 of less than one full year.
4. Reduction to custodian expenses less than 0.01%.
5. Voluntary waiver of transfer agent fees less than 0.01%.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
24 | OPPENHEIMER GLOBAL FUND
SIX MONTHS YEAR
ENDED ENDED
MARCH 31, 2004 SEPT. 30,
CLASS C (UNAUDITED) 2003 2002 2001 2000 1999
- --------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- --------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $42.19 $33.82 $38.71 $66.09 $48.63 $37.79
- --------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) (.15) (.04) (.12) .07 .06 (.08)
Net realized and unrealized gain (loss) 9.24 8.41 (4.77) (15.49) 21.54 14.07
---------------------------------------------------------------------
Total from investment operations 9.09 8.37 (4.89) (15.42) 21.60 13.99
- --------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to
shareholders:
Dividends from net investment income (.06) -- -- -- (.02) (.16)
Dividends in excess of net
investment income -- -- -- -- -- 1 --
Distributions from net realized gain -- -- -- (11.96) (4.12) (2.99)
---------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.06) -- -- (11.96) (4.14) (3.15)
- --------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $51.22 $42.19 $33.82 $38.71 $66.09 $48.63
=====================================================================
- --------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 21.56% 24.75% (12.63)% (27.67)% 46.01% 38.97%
- --------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $822,194 $610,815 $463,949 $418,525 $404,312 $152,620
- --------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $741,223 $508,597 $521,168 $448,751 $287,843 $125,334
- --------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (0.94)% (0.20)% (0.56)% (0.33)% (0.29)% (0.38)%
Total expenses 1.92% 4,5 2.02% 4 1.99% 4 1.89% 4 1.85% 4 1.94% 4
- --------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 13% 46% 27% 36% 62% 68%
<FN>
1. Less than $0.005 per share.
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 of 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 of less than one full year.
4. Reduction to custodian expenses less than 0.01%.
5. Voluntary waiver of transfer agent fees less than 0.01%.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
25 | OPPENHEIMER GLOBAL FUND
FINANCIAL HIGHLIGHTS CONTINUED
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
MARCH 31, 2004 SEPT. 30,
CLASS N (UNAUDITED) 2003 2002 2001 1
- ------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------
Net asset value, beginning of period $44.04 $35.13 $39.98 $50.13
- ------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) (.11) .10 .07 .01
Net realized and unrealized gain (loss) 9.69 8.81 (4.92) (10.16)
-------------------------------------
Total from investment operations 9.58 8.91 (4.85) (10.15)
- ------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.24) -- -- --
Dividends in excess of net investment income -- -- -- --
Distributions from net realized gain -- -- -- --
-------------------------------------
Total dividends and/or distributions
to shareholders (.24) -- -- --
- ------------------------------------------------------------------------------------------
Net asset value, end of period $53.38 $44.04 $35.13 $39.98
=====================================
- ------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 21.80% 25.36% (12.13)% (20.25)%
- ------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $180,847 $108,641 $51,077 $5,971
- ------------------------------------------------------------------------------------------
Average net assets (in thousands) $148,989 $ 77,891 $33,737 $1,717
- ------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income (loss) (0.55)% 0.36% 0.14% 0.13%
Total expenses 1.59% 1.66% 1.45% 1.41%
Expenses after expense reimbursement or fee waiver
and reduction to custodian expenses 1.54% 1.53% N/A 4 N/A 4
- ------------------------------------------------------------------------------------------
Portfolio turnover rate 13% 46% 27% 36%
<FN>
1. For the period from March 1, 2001 (inception of offering) to September 30,
2001.
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 of 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 of less than one full year.
4. Reduction to custodian expenses less than 0.01%.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
26 | OPPENHEIMER GLOBAL FUND
SIX MONTHS YEAR
ENDED ENDED
MARCH 31, 2004 SEPT. 30,
CLASS Y (UNAUDITED) 2003 2002 2001 2000 1999 1
- --------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- --------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $44.57 $35.38 $40.11 $67.53 $49.54 $42.38
- --------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) (.02) .20 .12 .22 .64 .63
Net realized and unrealized gain (loss) 9.87 8.99 (4.85) (15.68) 22.03 10.00
---------------------------------------------------------------------
Total from investment operations 9.85 9.19 (4.73) (15.46) 22.67 10.63
- --------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to
shareholders:
Dividends from net investment income (.41) -- -- -- (.50) (.48)
Dividends in excess of net
investment income -- -- -- -- (.06) --
Distributions from net realized gain -- -- -- (11.96) (4.12) (2.99)
---------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.41) -- -- (11.96) (4.68) (3.47)
- --------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $54.01 $44.57 $35.38 $40.11 $67.53 $49.54
=====================================================================
- --------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 22.19% 25.98% (11.79)% (27.04)% 47.63% 27.11%
- --------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $368,204 $263,670 $164,363 $165,281 $203,252 $36,593
- --------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $327,579 $207,637 $191,788 $194,016 $136,515 $16,838
- --------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 0.06% 0.82% 0.37% 0.54% 0.90% 1.07%
Total expenses 0.92% 1.06% 1.15% 1.06% 0.82% 0.78%
Expenses after expense reimbursement or
fee waiver and reduction to custodian
expenses N/A 4,5 1.03% 1.05% 1.00% N/A 4 N/A 4
- --------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 13% 46% 27% 36% 62% 68%
<FN>
1. For the period from November 17, 1998 (inception of offering) to September
30, 1999.
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 of 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 of less than one full year.
4. Reduction to custodian expenses less than 0.01%.
5. Voluntary waiver of transfer agent fees less than 0.01%.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
27 | OPPENHEIMER GLOBAL FUND
NOTES TO FINANCIAL STATEMENTS UNAUDITED
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 advisor 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. 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 by minor amounts due to each class having
its own expenses directly attributable to that class. Classes 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
six years 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.
The following is a summary of significant accounting policies consistently
followed by the Fund.
- --------------------------------------------------------------------------------
SECURITIES VALUATION. Securities listed or traded on National Stock Exchanges
or other domestic or foreign exchanges 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 traded on NASDAQ are valued based on the closing
price provided 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 may be valued
primarily using dealer-supplied valuations or a portfolio pricing service
authorized by the Board of Trustees. Securities (including restricted
securities) for which market quotations are not readily available are valued at
their fair value. Foreign 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 foreign
exchanges will be fair valued. Fair value is determined in good faith using
consistently applied procedures under the supervision of the Board of Trustees.
Short-term "money market type" debt securities with remaining maturities of
sixty days or less are valued at amortized cost (which approximates market
value).
- --------------------------------------------------------------------------------
FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in
U.S. dollars. Prices of securities denominated in foreign currencies are
translated into U.S. dollars
28 | OPPENHEIMER GLOBAL FUND
- --------------------------------------------------------------------------------
at the closing rates of exchange. Amounts related to the purchase and sale of
foreign securities and investment income are translated at the rates of
exchange prevailing on the respective dates of such transactions.
The effect of changes in foreign currency exchange rates on investments is
separately identified from the fluctuations arising from changes in market
values of securities held and reported with all other foreign currency gains
and losses in the Fund's Statement of Operations.
- --------------------------------------------------------------------------------
JOINT REPURCHASE AGREEMENTS. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the Fund, along with other affiliated funds
advised by the Manager, may transfer uninvested cash balances into joint
trading accounts on a daily basis. Secured by U.S. government securities, these
balances are invested in one or more repurchase agreements. Securities pledged
as collateral, for repurchase agreements are held by a custodian bank until the
agreements mature. Each agreement requires that the market value of the
collateral be sufficient to cover payments of interest and principal. In the
event of default by the other party to the agreement, retention of the
collateral may be subject to legal proceedings.
- --------------------------------------------------------------------------------
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.
Net investment income (loss) and net realized gain (loss) may differ for
financial statement and tax purposes primarily because of the recognition of
certain foreign currency gains (losses) as ordinary income (loss) for tax
purposes. The character of 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.
As of March 31, 2004, the Fund had available for federal income tax purposes
an estimated unused capital loss carryforward of $844,072,557 expiring by 2011.
This estimated capital loss carryforward represents carryforward as of the end
of the last fiscal year, increased for losses deferred under tax accounting
rules to the current fiscal year and is increased or decreased by capital
losses or gains realized in the first six months of the current fiscal year.
During the six months ended March 31, 2004 and the year ended
29 | OPPENHEIMER GLOBAL FUND
NOTES TO FINANCIAL STATEMENTS UNAUDITED / CONTINUED
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
September 30, 2003, the Fund used $279,272,216 and $0, respectively, of
carryforward to offset capital gains realized.
As of September 30, 2003, the Fund had available for federal income tax
purposes post-October losses of $420,371,060 and unused capital loss
carryforwards as follows:
EXPIRING
----------------------
2004 $ 353,985
2010 156,747,145
2011 545,872,583
------------
Total $702,973,713
============
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.
- --------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. The Fund has adopted an unfunded retirement plan for
the Fund's independent trustees. Benefits are based on years of service and
fees paid to each trustee during the years of service. During the six months
ended March 31, 2004, the Fund's projected benefit obligations were increased
by $75,625 and payments of $93,258 were made to retired trustees, resulting in
an accumulated liability of $1,310,093 as of March 31, 2004.
The Board of Trustees has adopted a deferred compensation 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. Under the plan, deferred amounts are treated as though equal dollar
amounts had been invested in shares of the Fund or are invested in other
Oppenheimer funds selected by the Trustee. 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 Plan.
- --------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations,
are recorded on the ex-dividend date. Income and capital gain distributions, if
any, are declared and paid annually.
- --------------------------------------------------------------------------------
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, which includes accretion of discount and
amortization of premium, is accrued as earned.
- --------------------------------------------------------------------------------
EXPENSE OFFSET ARRANGEMENT. The reduction of custodian fees, if applicable,
represents earnings on cash balances maintained by the Fund.
30 | OPPENHEIMER GLOBAL FUND
- --------------------------------------------------------------------------------
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.
- --------------------------------------------------------------------------------
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 income and
expenses 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:
SIX MONTHS ENDED MARCH 31, 2004 YEAR ENDED SEPTEMBER 30, 2003
SHARES AMOUNT SHARES AMOUNT
- -----------------------------------------------------------------------------------------
CLASS A
Sold 25,834,134 $1,321,249,971 37,025,265 $ 1,413,120,615
Dividends and/or
distributions reinvested 875,243 43,140,800 -- --
Acquisition--Note 7 166,248 8,004,833 -- --
Redeemed (12,420,463) (631,844,659) (33,145,222) (1,246,695,601)
--------------------------------------------------------------
Net increase 14,455,162 $ 740,550,945 3,880,043 $ 166,425,014
==============================================================
- -----------------------------------------------------------------------------------------
CLASS B
Sold 2,583,186 $ 123,416,571 5,034,729 $ 179,364,058
Dividends and/or
distributions reinvested 2,038 94,560 -- --
Acquisition--Note 7 83,141 3,748,829 -- --
Redeemed (3,605,567) (171,642,220) (9,150,407) (320,756,849)
--------------------------------------------------------------
Net decrease (937,202) $ (44,382,260) (4,115,678) $ (141,392,791)
==============================================================
- -----------------------------------------------------------------------------------------
CLASS C
Sold 2,685,894 $ 130,416,929 3,641,801 $ 132,427,350
Dividends and/or
distributions reinvested 16,333 769,652 -- --
Acquisition--Note 7 37,334 1,710,663 -- --
Redeemed (1,167,015) (56,735,849) (2,880,073) (102,104,135)
--------------------------------------------------------------
Net increase 1,572,546 $ 76,161,395 761,728 $ 30,323,215
==============================================================
- -----------------------------------------------------------------------------------------
CLASS N
Sold 1,343,983 $ 67,937,076 1,651,481 $ 62,210,402
Dividends and/or
distributions reinvested 13,214 648,047 -- --
Acquisition--Note 7 1,891 90,471 -- --
Redeemed (438,090) (21,997,737) (638,588) (24,321,340)
--------------------------------------------------------------
Net increase 920,998 $ 46,677,857 1,012,893 $ 37,889,062
==============================================================
31 | OPPENHEIMER GLOBAL FUND
NOTES TO FINANCIAL STATEMENTS UNAUDITED / CONTINUED
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
2. SHARES OF BENEFICIAL INTEREST Continued
SIX MONTHS ENDED MARCH 31, 2004 YEAR ENDED SEPTEMBER 30, 2003
SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------------------------------------------------------
CLASS Y
Sold 2,038,699 $ 104,113,106 6,408,280 $ 251,613,751
Dividends and/or
distributions reinvested 50,924 2,521,267 -- --
Acquisition--Note 7 2,075 100,485 -- --
Redeemed (1,189,794) (60,252,862) (5,137,758) (202,687,160)
-------------------------------------------------------------
Net increase 901,904 $ 46,481,996 1,270,522 $ 48,926,591
=============================================================
- --------------------------------------------------------------------------------
3. PURCHASES AND SALES OF SECURITIES
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations, for the six months ended March 31, 2004, were
$1,836,970,283 and $1,210,633,009, respectively.
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Effective January 1, 2004, the management fees paid to the
Manager were in accordance with the investment advisory agreement with the Fund
which provides for a fee at an annual rate of 0.80% of the first $250 million
of average annual net assets of the Fund, 0.77% of the next $250 million, 0.75%
of the next $500 million, 0.69% of the next $1 billion, 0.67% on the next $1.5
billion, 0.65% on the next $2.5 billion, 0.63% of the next $2.5 billion and
0.60% of average annual net assets in excess of $8.5 billion. Prior to January
1, 2004, the annual advisory fee rate was 0.80% of the first $250 million of
average annual net assets of the Fund, 0.77% of the next $250 million, 0.75% of
the next $500 million, 0.69% of the next $1 billion, 0.67% on the next $1.5
billion, 0.65% on the next $2.5 billion, 0.63% of the next $4 billion and 0.61%
of average annual net assets in excess of $10 billion.
- --------------------------------------------------------------------------------
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 six months ended March 31, 2004, the
Fund paid $11,066,522 to OFS for services to the Fund.
Additionally, Class Y shares are subject to minimum fees of $5,000 for
assets of less than $10 million and $10,000 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.
OFS has voluntarily agreed to limit transfer and shareholder servicing agent
fees up to an annual rate of 0.35% of average annual net assets for all
classes. This undertaking may be amended or withdrawn at any time.
- --------------------------------------------------------------------------------
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.
32 | OPPENHEIMER GLOBAL FUND
- --------------------------------------------------------------------------------
SERVICE PLAN FOR CLASS A SHARES. The Fund has adopted a Service Plan for Class
A shares. It reimburses the Distributor for a portion of its costs incurred for
services provided to accounts that hold Class A shares. Reimbursement is made
quarterly 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 the fees it receives
from the Fund to pay brokers, dealers and other financial institutions for
personal services and account maintenance services they provide for their
customers who 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 years. 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 for Class B, Class C and Class
N shares to compensate the Distributor for its services in connection with the
distribution of these shares and servicing accounts. Under the plans, the Fund
pays the Distributor an annual asset-based sales charge of 0.75% per year on
Class B shares and on Class C shares and 0.25% per year on Class N shares. The
Distributor also receives a service fee of up to 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 plan
at March 31, 2004 for Class B, Class C and Class N shares were $20,103,687,
$9,937,926 and $1,807,168, 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 table below for the period indicated.
CLASS A CLASS B CLASS C CLASS N
CLASS A CONTINGENT CONTINGENT CONTINGENT CONTINGENT
FRONT-END DEFERRED DEFERRED DEFERRED DEFERRED
SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES
SIX MONTHS RETAINED BY RETAINED BY RETAINED BY RETAINED BY RETAINED BY
ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
- ------------------------------------------------------------------------------------------
March 31, 2004 $1,385,188 $56,999 $1,069,490 $39,754 $75,533
- --------------------------------------------------------------------------------
5. FOREIGN CURRENCY CONTRACTS
A foreign currency contract is a commitment to purchase or sell a foreign
currency at a future date, at a negotiated rate. The Fund may enter into
foreign currency contracts to settle specific purchases or sales of securities
denominated in a foreign currency and for
33 | OPPENHEIMER GLOBAL FUND
NOTES TO FINANCIAL STATEMENTS UNAUDITED / CONTINUED
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
5. FOREIGN CURRENCY CONTRACTS Continued
protection from adverse exchange rate fluctuation. Risks to the Fund include
the potential inability of the counterparty to meet the terms of the contract.
The net U.S. dollar value of foreign currency underlying all contractual
commitments held by the Fund and the resulting unrealized appreciation or
depreciation are determined using prevailing foreign currency exchange rates.
Unrealized appreciation and depreciation on foreign currency contracts are
reported in the Statement of Assets and Liabilities as a receivable or payable
and in the Statement of Operations with the change in unrealized appreciation
or depreciation.
The Fund may realize a gain or loss upon the closing or settlement of the
foreign transaction. Contracts closed or settled with the same broker are
recorded as net realized gains or losses. Such realized gains and losses are
reported with all other foreign currency gains and losses in the Statement of
Operations.
As of March 31, 2004, the Fund had outstanding foreign currency contracts as
follows:
CONTRACT VALUATION
EXPIRATION AMOUNT AS OF UNREALIZED
CONTRACT DESCRIPTION DATE (000S) MARCH 31, 2004 APPRECIATION
- -----------------------------------------------------------------------------------
CONTRACTS TO PURCHASE
Japanese Yen [JPY] 4/1/04 5,709,450JPY $54,880,087 $725,275
- --------------------------------------------------------------------------------
6. ILLIQUID OR RESTRICTED SECURITIES
As of March 31, 2004, investments in securities included issues that are
illiquid or restricted. Restricted securities are purchased in private
placement transactions, are not registered under the Securities Act of 1933,
may have contractual restrictions on resale, and are valued under methods
approved by the Board of Trustees as reflecting fair value. A security may also
be considered illiquid if it lacks a readily available market or if its
valuation has not changed for a certain period of time. The Fund intends to
invest no more than 10% of its net assets (determined at the time of purchase
and reviewed periodically) in illiquid or restricted securities. Certain
restricted securities, eligible for resale to qualified institutional
investors, are not subject to that limitation. The aggregate value of illiquid
or restricted securities subject to this limitation as of March 31, 2004 was
$129,222,168, which represents 1.20% of the Fund's net assets, of which
$28,382,107 is considered restricted. Information concerning restricted
securities is as follows:
VALUATION UNREALIZED
ACQUISITION AS OF APPRECIATION
SECURITY DATES COST MARCH 31, 2004 (DEPRECIATION)
- ------------------------------------------------------------------------------------
STOCKS AND/OR WARRANTS
Nektar Therapeutics 6/25/03 $14,307,000 $21,761,755 $ 7,454,755
Swiss Medical SA 5/16/94-7/10/02 30,390,000 6,620,352 (23,769,648)
34 | OPPENHEIMER GLOBAL FUND
- --------------------------------------------------------------------------------
7. ACQUISITION OF OPPENHEIMER EUROPE FUND
On October 16, 2003, the Fund acquired all of the net assets of Oppenheimer
Europe Fund, pursuant to an Agreement and Plan of Reorganization approved by
the Oppenheimer Europe Fund shareholders on October 10, 2003. The Fund issued
(at an exchange ratio of 0.134092 for Class A, 0.138901 for Class B, 0.137266
for Class C, 0.133602 for Class N and 0.136217 for Class Y of the Fund to one
share of Oppenheimer Global Fund) 166,248; 83,141; 37,334; 1,891 and 2,075
shares of capital stock for Class A, Class B, Class C, Class N and Class Y,
respectively, valued at $8,004,833, $3,748,829, $1,710,663, $90,471 and
$100,485 in exchange for the net assets, resulting in combined Class A net
assets of $6,408,114,533, Class B net assets of $1,306,165,730, Class C net
assets of $663,476,264, Class N net assets of $123,310,171 and Class Y net
assets of $290,474,300 on October 16, 2003. The net assets acquired included
net unrealized appreciation of $941,452 and unused capital loss carryforward of
$9,550,246 potential utilization subject to tax limitation. The exchange
qualified as a tax-free reorganization for federal income tax purposes.
- --------------------------------------------------------------------------------
8. BORROWING AND LENDING ARRANGEMENTS
The Fund entered into an "interfund borrowing and lending arrangement" with
other funds in the Oppenheimer funds complex, to allow funds to borrow for
liquidity purposes. The arrangement was initiated pursuant to exemptive relief
granted by the Securities and Exchange Commission (the SEC) to allow these
affiliated funds to lend money to, and borrow money from, each other, in an
attempt to reduce borrowing costs below those of bank loan facilities. The
SEC's order requires the Fund's Board of Trustees to adopt operating policies
and procedures to administer interfund borrowing and lending. Under the
arrangement the Fund may lend money to other Oppenheimer funds and may borrow
from other Oppenheimer funds at a rate set by the Fund's Board of Trustees,
based upon a recommendation by the Manager. The Fund's borrowings, if any, are
subject to asset coverage requirements under the Investment Company Act and the
provisions of the SEC order and other applicable regulations. If the Fund
borrows money, there is a risk that the loan could be called on one day's
notice, in which case the Fund might have to borrow from a bank at higher rates
if a loan were not available from another Oppenheimer fund. If the Fund lends
money to another fund, it will be subject to the risk that the other fund might
not repay the loan in a timely manner, or at all.
The Fund had no interfund borrowings or loans outstanding during the six
months ended or at March 31, 2004.
35 | OPPENHEIMER GLOBAL FUND
PORTFOLIO PROXY VOTING
POLICIES AND PROCEDURES 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 1.800.225.5677, (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 will be required to file new 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 first such filing is due no later than August 31, 2004,
for the twelve months ended June 30, 2004. Once filed, the Fund's Form N-PX
filing will be available (i) without charge, upon request, by calling the Fund
toll-free at 1.800.225.5677, and (ii) on the SEC's website at www.sec.gov.
36 | 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 Edward V.
Regan, the Chairman of the Board's Audit Committee, possesses the technical
attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as
an "audit committee financial expert," and has designated Mr. Regan as the Audit
Committee's financial expert. Mr. Regan is an "independent" Trustee pursuant to
paragraph (a)(2) of Item 3 to Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not applicable to semiannual reports.
ITEM 5. NOT APPLICABLE
ITEM 6. SCHEDULE OF INVESTMENTS
Not applicable
ITEM 7. NOT APPLICABLE
ITEM 8. NOT APPLICABLE
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
At a meeting of the Board of Trustees of the registrant held on
February 18, 2004, the Board adopted (1) a policy that, should the Board
determine that a vacancy exists or is likely to exist on the Board, the
Governance Committee of the Board, which is comprised entirely of independent
trustees, shall consider any candidates for Board membership recommended by the
registrant's security holders and (2) a policy that security holders wishing to
submit a nominee for election to the Board may do so by mailing their submission
to the offices of OppenheimerFunds, Inc., Two World Financial Center, 225
Liberty Street - 11th Floor, New York, NY 10281-1008, to the attention of the
Chair of the Governance Committee. Prior to February 18, 2004, the Board did not
have a formalized policy with respect to consideration of security holder
nominees or a procedure by which security holders may make their submissions. In
addition to security holder nominees, the Governance Committee may also consider
nominees recommended by independent Board members or recommended by any other
Board members and is authorized under its Charter, upon Board approval, to
retain an executive search firm to assist in screening potential candidates.
Upon Board approval, the Governance Committee may also obtain legal, financial,
or other external counsel that may be necessary or desirable in the screening
process.
ITEM 10. CONTROLS AND PROCEDURES
(a) Based on their evaluation of registrant's disclosure controls and
procedures (as defined in rule 30a-2(c) under the Investment
Company Act of 1940 (17 CFR 270.30a-2(c)) as of March 31, 2004,
registrant's principal executive officer and principal financial
officer found registrant's disclosure controls and procedures to
provide reasonable assurances that information required to be
disclosed by 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.
(b) There have been no significant changes in registrant's internal
controls over financial reporting that occurred during the
registrant's last fiscal half-year that has materially affected,
or is reasonably likely to materially affect, the registrant's
internal control over financial reporting.
ITEM 11. EXHIBITS.
(A) EXHIBIT ATTACHED HERETO. (ATTACH CODE OF ETHICS AS EXHIBIT)
(B) EXHIBITS ATTACHED HERETO. (ATTACH CERTIFICATIONS AS EXHIBITS)