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: September 30, 2005
ITEM 1. REPORTS TO STOCKHOLDERS.
TOP HOLDINGS AND ALLOCATIONS
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TOP TEN COMMON STOCK HOLDINGS
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Vodafone Group plc 3.1%
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Telefonaktiebolaget LM Ericsson, B Shares 3.0
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Hennes & Mauritz AB, B Shares 1.8
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Reckitt Benckiser plc 1.7
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Husky Energy, Inc. 1.7
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Advanced Micro Devices, Inc. 1.7
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Sanofi-Aventis SA 1.6
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Royal Bank of Scotland Group plc (The) 1.5
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Microsoft Corp. 1.4
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Transocean, Inc. 1.4
Portfolio holdings and allocations are subject to change. Percentages are as of
September 30, 2005, and are based on net assets. For more current Fund holdings,
please visit www.oppenheimerfunds.com.
TOP TEN GEOGRAPHICAL HOLDINGS
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United States 37.0%
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United Kingdom 13.1
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Japan 10.3
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France 7.9
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Sweden 5.2
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Germany 3.4
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India 3.0
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Switzerland 2.8
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Korea, Republic of South 2.6
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Brazil 2.3
Portfolio holdings and allocations are subject to change. Percentages are as of
September 30, 2005, and are based on total market value of investments.
8 | OPPENHEIMER GLOBAL FUND
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REGIONAL ALLOCATION
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
United States/Canada 39.2%
Europe 36.4
Asia 19.0
Latin America 5.4
Portfolio holdings and allocations are subject to change. Percentages are as of
September 30, 2005, and are based on total market value of investments.
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9 | OPPENHEIMER GLOBAL FUND
FUND PERFORMANCE DISCUSSION
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HOW HAS THE FUND PERFORMED? BELOW IS A DISCUSSION BY OPPENHEIMERFUNDS, INC., OF
THE FUND'S PERFORMANCE DURING ITS FISCAL YEAR ENDED SEPTEMBER 30, 2005, FOLLOWED
BY A GRAPHICAL COMPARISON OF THE FUND'S PERFORMANCE TO AN APPROPRIATE
BROAD-BASED MARKET INDEX.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE. We are pleased with the Fund's
performance during the reporting period and attribute our higher return compared
to that of the MSCI World Index to the success of our individual stock selection
strategy.
It is important to bear in mind that a discussion of the stocks that added
to or detracted from performance is merely meant to illustrate our investment
approach rather than suggest any attempt to make a country, sector or thematic
bet. With that logic in mind, the Fund actually benefited from quite a few of
its holdings, mostly for company-specific reasons. Some of the Fund's largest
gains stemmed from our holdings in Sirius Satellite Radio, one of the two
satellite radio companies in the U.S. This was a long term holding where a
significant portion of the payoff we expected in our initial investment came in
the past year as the rollout of satellite radio accelerated and the potentially
unique content available on it, grew.
Another clear winner for the Fund was AMD, whose new dual core processor
chip achieved significant traction in the server market ahead of Intel's
competitive offering. The market's skepticism of AMD's competitive position
turned to acceptance over the period helping the stock's rise.
Hyundai Heavy Industries, the world's largest shipbuilder, is another of
the Fund's best performing stocks. A long-term holding for us, we bought the
stock on the belief that the average tanker age was high and the move toward
double-hulled tankers would create a demand for new ship construction. The stock
was very reasonably priced due to some concerns over their ownership of non-core
businesses, among other things. Those issues have now been resolved and the
stock almost tripled during the reporting period.
Otherwise, two of the Fund's energy stocks - Husky Energy, Inc. and
Transocean, Inc.-- an oil reserves company and driller, respectively, helped
fuel performance due to the rising cost of oil and natural gas. On balance, a
few of the Fund's stocks hindered returns during the reporting period, including
JDS Uniphase Corp., an optical components company. We had bought this stock in
previous years believing that there was a significant opportunity for a
turnaround and that the risk was reflected in its stock price. However, the
turnaround never really materialized and we have since sold the stock. Another
negative contributor was Symantec Corp., the software company. After a long run
of stellar performance, the stock price fell back upon its merger with Veritas
Software Corp., and we sold our position there. Our holdings in International
Game Technology, the world's largest manufacturer of casino gaming machines,
also disappointed. The company's earnings
10 | OPPENHEIMER GLOBAL FUND
growth did not meet investors' expectations and consequently, its stock price
fell. However, we believe the long-term prospects remain strong, the company is
a leader in its industry and its stock is reasonably priced. Therefore, we added
modestly to the stock on its weakness.
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, 2005. In the case of Class A and Class B shares,
performance is measured over a ten fiscal year period; in the case of Class C
shares, from the inception of the class on October 2, 1995. 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 20 foreign countries and the United States. It
is widely recognized as a measure of global stock market performance. Index
performance reflects the reinvestment of 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.
11 | OPPENHEIMER GLOBAL FUND
FUND PERFORMANCE DISCUSSION
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CLASS A SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer Global Fund (Class A)
MSCI World Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Oppenheimer Global MSCI World
Fund (Class A) Index
09/30/1995 9,425 10,000
12/31/1995 9,527 10,488
03/31/1996 9,993 10,927
06/30/1996 10,395 11,257
09/30/1996 10,649 11,420
12/31/1996 11,196 11,956
03/31/1997 11,678 12,003
06/30/1997 13,051 13,824
09/30/1997 14,147 14,233
12/31/1997 13,638 13,896
03/31/1998 15,169 15,900
06/30/1998 15,388 16,238
09/30/1998 12,754 14,305
12/31/1998 15,371 17,341
03/31/1999 15,945 17,975
06/30/1999 17,518 18,849
09/30/1999 17,861 18,584
12/31/1999 24,360 21,736
03/31/2000 27,635 21,974
06/30/2000 26,736 21,211
09/30/2000 26,280 20,160
12/31/2000 25,349 18,928
03/31/2001 21,703 16,510
06/30/2001 23,297 16,968
09/30/2001 19,158 14,541
12/31/2001 22,359 15,801
03/31/2002 22,699 15,899
06/30/2002 20,613 14,441
09/30/2002 16,866 11,799
12/31/2002 17,340 12,713
03/31/2003 15,971 12,085
06/30/2003 19,340 14,169
09/30/2003 21,206 14,869
12/31/2003 24,809 17,005
03/31/2004 25,878 17,468
06/30/2004 25,604 17,650
09/30/2004 25,358 17,490
12/31/2004 29,441 19,598
03/31/2005 28,433 19,402
06/30/2005 29,262 19,519
09/30/2005 32,052 20,902
AVERAGE ANNUAL TOTAL RETURNS OF CLASS A SHARES WITH SALES CHARGE OF THE FUND AT
9/30/05
1-Year 19.13% 5-Year 2.83% 10-Year 12.35%
12 | OPPENHEIMER GLOBAL FUND
CLASS B SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer Global Fund (Class B)
MSCI World Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Oppenheimer Global MSCI World
Fund (Class B) Index
09/30/1995 10,000 10,000
12/31/1995 10,089 10,488
03/31/1996 10,562 10,927
06/30/1996 10,964 11,257
09/30/1996 11,207 11,420
12/31/1996 11,758 11,956
03/31/1997 12,239 12,003
06/30/1997 13,652 13,824
09/30/1997 14,767 14,233
12/31/1997 14,206 13,896
03/31/1998 15,767 15,900
06/30/1998 15,972 16,238
09/30/1998 13,208 14,305
12/31/1998 15,887 17,341
03/31/1999 16,452 17,975
06/30/1999 18,038 18,849
09/30/1999 18,359 18,584
12/31/1999 24,985 21,736
03/31/2000 28,292 21,974
06/30/2000 27,318 21,211
09/30/2000 26,805 20,160
12/31/2000 25,802 18,928
03/31/2001 22,048 16,510
06/30/2001 23,625 16,968
09/30/2001 19,402 14,541
12/31/2001 22,644 15,801
03/31/2002 22,988 15,899
06/30/2002 20,875 14,441
09/30/2002 17,081 11,799
12/31/2002 17,561 12,713
03/31/2003 16,175 12,085
06/30/2003 19,586 14,169
09/30/2003 21,476 14,869
12/31/2003 25,125 17,005
03/31/2004 26,208 17,468
06/30/2004 25,930 17,650
09/30/2004 25,681 17,490
12/31/2004 29,816 19,598
03/31/2005 28,795 19,402
06/30/2005 29,634 19,519
09/30/2005 32,460 20,902
AVERAGE ANNUAL TOTAL RETURNS OF CLASS B SHARES WITH SALES CHARGE OF THE FUND AT
9/30/05
1-Year 20.35% 5-Year 2.88% 10-Year 12.50%
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, 10-YEAR RETURN FOR CLASS B SHARES USES
CLASS A PERFORMANCE FOR THE PERIOD AFTER CONVERSION. SEE PAGE 17 FOR FURTHER
INFORMATION.
13 | OPPENHEIMER GLOBAL FUND
FUND PERFORMANCE DISCUSSION
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CLASS C SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer Global Fund (Class C)
MSCI World Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Oppenheimer Global MSCI World
Fund (Class C) Index
10/02/1995 10,000 10,000
12/31/1995 10,117 10,488
03/31/1996 10,587 10,927
06/30/1996 10,990 11,257
09/30/1996 11,234 11,420
12/31/1996 11,785 11,956
03/31/1997 12,267 12,003
06/30/1997 13,685 13,824
09/30/1997 14,801 14,233
12/31/1997 14,241 13,896
03/31/1998 15,807 15,900
06/30/1998 16,007 16,238
09/30/1998 13,242 14,305
12/31/1998 15,927 17,341
03/31/1999 16,491 17,975
06/30/1999 18,080 18,849
09/30/1999 18,402 18,584
12/31/1999 25,049 21,736
03/31/2000 28,363 21,974
06/30/2000 27,383 21,211
09/30/2000 26,870 20,160
12/31/2000 25,866 18,928
03/31/2001 22,100 16,510
06/30/2001 23,677 16,968
09/30/2001 19,434 14,541
12/31/2001 22,637 15,801
03/31/2002 22,939 15,899
06/30/2002 20,790 14,441
09/30/2002 16,979 11,799
12/31/2002 17,421 12,713
03/31/2003 16,015 12,085
06/30/2003 19,359 14,169
09/30/2003 21,181 14,869
12/31/2003 24,732 17,005
03/31/2004 25,748 17,468
06/30/2004 25,426 17,650
09/30/2004 25,134 17,490
12/31/2004 29,126 19,598
03/31/2005 28,075 19,402
06/30/2005 28,839 19,519
09/30/2005 31,529 20,902
AVERAGE ANNUAL TOTAL RETURNS OF CLASS C SHARES WITH SALES CHARGE OF THE FUND AT
9/30/05
1-Year 24.44% 5-Year 3.25% Since Inception (10/2/95) 12.18%
14 | OPPENHEIMER GLOBAL FUND
CLASS N SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer Global Fund (Class N)
MSCI World Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Oppenheimer Global MSCI World
Fund (Class N) Index
03/01/2001 10,000 10,000
03/31/2001 9,044 9,345
06/30/2001 9,699 9,604
09/30/2001 7,975 8,231
12/31/2001 9,304 8,944
03/31/2002 9,439 8,999
06/30/2002 8,566 8,174
09/30/2002 7,008 6,678
12/31/2002 7,199 7,196
03/31/2003 6,631 6,840
06/30/2003 8,021 8,020
09/30/2003 8,785 8,416
12/31/2003 10,269 9,625
03/31/2004 10,700 9,887
06/30/2004 10,576 9,990
09/30/2004 10,466 9,900
12/31/2004 12,137 11,093
03/31/2005 11,709 10,982
06/30/2005 12,039 11,048
09/30/2005 13,175 11,831
AVERAGE ANNUAL TOTAL RETURNS OF CLASS N SHARES WITH SALES CHARGE OF THE FUND AT
9/30/05
1-Year 24.88% 5-Year N/A Since Inception (3/1/01) 6.20%
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, 10-YEAR RETURN FOR CLASS B SHARES USES
CLASS A PERFORMANCE FOR THE PERIOD AFTER CONVERSION. SEE PAGE 17 FOR FURTHER
INFORMATION.
15 | OPPENHEIMER GLOBAL FUND
FUND PERFORMANCE DISCUSSION
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CLASS Y SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer Global Fund (Class Y)
MSCI World Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Oppenheimer Global MSCI World
Fund (Class Y) Index
11/17/1998 10,000 10,000
12/31/1998 10,907 10,490
03/31/1999 11,328 10,874
06/30/1999 12,454 11,402
09/30/1999 12,710 11,242
12/31/1999 17,353 13,148
03/31/2000 19,701 13,293
06/30/2000 19,075 12,831
09/30/2000 18,764 12,195
12/31/2000 18,098 11,450
03/31/2001 15,497 9,987
06/30/2001 16,651 10,264
09/30/2001 13,691 8,796
12/31/2001 15,989 9,558
03/31/2002 16,241 9,617
06/30/2002 14,753 8,736
09/30/2002 12,077 7,137
12/31/2002 12,422 7,690
03/31/2003 11,449 7,310
06/30/2003 13,872 8,571
09/30/2003 15,214 8,994
12/31/2003 17,812 10,287
03/31/2004 18,590 10,566
06/30/2004 18,404 10,677
09/30/2004 18,239 10,580
12/31/2004 21,189 11,855
03/31/2005 20,474 11,737
06/30/2005 21,092 11,807
09/30/2005 23,121 12,644
AVERAGE ANNUAL TOTAL RETURNS OF CLASS Y SHARES OF THE FUND AT 9/30/05
1-Year 26.76% 5-Year 4.26% Since Inception (11/17/98) 12.98%
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, 10-YEAR RETURN FOR CLASS B SHARES USES
CLASS A PERFORMANCE FOR THE PERIOD AFTER CONVERSION. SEE PAGE 17 FOR FURTHER
INFORMATION.
16 | OPPENHEIMER GLOBAL FUND
NOTES
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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 "since inception" 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.
17 | OPPENHEIMER GLOBAL FUND
NOTES
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CLASS Y shares of the Fund were first publicly offered on 11/17/98. Class Y
shares are offered to certain institutional investors under special agreement
with the Distributor.
An explanation of the calculation of performance is in the Fund's Statement of
Additional Information.
18 | OPPENHEIMER GLOBAL FUND
FUND EXPENSES
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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 any;
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, 2005.
ACTUAL EXPENSES. The "actual" lines of the table provide information about
actual account values and actual expenses. You may use the information on this
line 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 "actual" line 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 "hypothetical" lines of the
table provide 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 before expenses, which is not the
Fund's 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
19 | OPPENHEIMER GLOBAL FUND
FUND EXPENSES
- --------------------------------------------------------------------------------
exceptions described in the Statement of Additional Information). Therefore, the
"hypothetical" lines of the table are 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.
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BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
(4/1/05) (9/30/05) SEPTEMBER 30, 2005
- --------------------------------------------------------------------------------
Class A Actual $1,000.00 $1,127.30 $ 5.99
- --------------------------------------------------------------------------------
Class A Hypothetical 1,000.00 1,019.45 5.69
- --------------------------------------------------------------------------------
Class B Actual 1,000.00 1,122.60 10.26
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Class B Hypothetical 1,000.00 1,015.44 9.75
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Class C Actual 1,000.00 1,123.00 10.00
- --------------------------------------------------------------------------------
Class C Hypothetical 1,000.00 1,015.69 9.49
- --------------------------------------------------------------------------------
Class N Actual 1,000.00 1,125.20 8.07
- --------------------------------------------------------------------------------
Class N Hypothetical 1,000.00 1,017.50 7.67
- --------------------------------------------------------------------------------
Class Y Actual 1,000.00 1,129.30 4.01
- --------------------------------------------------------------------------------
Class Y Hypothetical 1,000.00 1,021.31 3.81
Hypothetical assumes 5% annual return before expenses.
Expenses are equal to the Fund's annualized expense ratio for that class,
multiplied by the average account value over the period, multiplied by 183/365
(to reflect the one-half year period). Those annualized expense ratios based on
the 6-month period ended September 30, 2005 are as follows:
CLASS EXPENSE RATIOS
- -------------------------------------
Class A 1.12%
- -------------------------------------
Class B 1.92
- -------------------------------------
Class C 1.87
- -------------------------------------
Class N 1.51
- -------------------------------------
Class Y 0.75
The expense ratios reflect voluntary waivers or reimbursements of expenses by
the Fund's 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.
- --------------------------------------------------------------------------------
20 | OPPENHEIMER GLOBAL FUND
STATEMENT OF INVESTMENTS September 30, 2005
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMON STOCKS--99.8%
- --------------------------------------------------------------------------------
CONSUMER DISCRETIONARY--17.0%
- --------------------------------------------------------------------------------
AUTOMOBILES--1.4%
Porsche AG,
Preference 89,019 $ 68,354,353
- --------------------------------------------------------------------------------
Toyota Motor Corp. 2,601,812 120,060,037
----------------
188,414,390
- --------------------------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE--1.6%
Carnival Corp. 1,589,032 79,419,819
- --------------------------------------------------------------------------------
International Game
Technology 2,947,682 79,587,414
- --------------------------------------------------------------------------------
Starbucks Corp. 1 1,306,606 65,460,961
----------------
224,468,194
- --------------------------------------------------------------------------------
HOUSEHOLD DURABLES--2.0%
Koninklijke (Royal)
Philips Electronics
NV 5,782,646 153,661,803
- --------------------------------------------------------------------------------
Sony Corp. 3,803,528 125,728,702
----------------
279,390,505
- --------------------------------------------------------------------------------
INTERNET & CATALOG RETAIL--2.1%
Amazon.com, Inc. 1 1,098,784 49,774,915
- --------------------------------------------------------------------------------
eBay, Inc. 1 4,472,310 184,259,172
- --------------------------------------------------------------------------------
GUS plc 3,109,003 46,857,681
----------------
280,891,768
- --------------------------------------------------------------------------------
MEDIA--4.8%
Grupo Televisa SA,
Sponsored GDR 1,678,572 120,370,398
- --------------------------------------------------------------------------------
JC Decaux SA 1 1,938,699 42,779,296
- --------------------------------------------------------------------------------
Pearson plc 6,618,437 76,928,707
- --------------------------------------------------------------------------------
Singapore Press
Holdings Ltd. 22,875,786 62,669,960
- --------------------------------------------------------------------------------
Sirius Satellite
Radio, Inc. 1,2 24,884,532 162,993,685
- --------------------------------------------------------------------------------
Television
Broadcasts Ltd. 11,601,266 70,962,387
- --------------------------------------------------------------------------------
WPP Group plc 4,241,370 43,164,782
- --------------------------------------------------------------------------------
Zee Telefilms Ltd. 19,685,229 77,366,018
----------------
657,235,233
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SPECIALTY RETAIL--3.4%
Circuit City Stores,
Inc./Circuit City
Group 547,500 $ 9,395,100
- --------------------------------------------------------------------------------
DSG International
plc 23,155,635 61,466,824
- --------------------------------------------------------------------------------
Gap, Inc. (The) 2,048,162 35,699,464
- --------------------------------------------------------------------------------
Hennes & Mauritz
AB, B Shares 7,028,706 250,631,882
- --------------------------------------------------------------------------------
Industria de
Diseno Textil SA 2,430,548 71,334,634
- --------------------------------------------------------------------------------
Tiffany & Co. 935,178 37,192,029
----------------
465,719,933
- --------------------------------------------------------------------------------
TEXTILES, APPAREL & LUXURY GOODS--1.7%
Coach, Inc. 1 2,290,600 71,833,216
- --------------------------------------------------------------------------------
LVMH Moet
Hennessey Louis
Vuitton 1,874,304 154,530,683
----------------
226,363,899
- --------------------------------------------------------------------------------
CONSUMER STAPLES--6.4%
- --------------------------------------------------------------------------------
BEVERAGES--1.5%
Companhia
de Bebidas das
Americas, ADR,
Preference 2,180,210 81,060,208
- --------------------------------------------------------------------------------
Fomento Economico
Mexicano SA de
CV, UBD 11,155,146 77,952,247
- --------------------------------------------------------------------------------
Grupo Modelo SA
de CV, Series C 15,408,976 49,849,620
----------------
208,862,075
- --------------------------------------------------------------------------------
FOOD PRODUCTS--1.0%
Cadbury
Schweppes plc 12,956,915 130,720,957
- --------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS--2.4%
Hindustan Lever Ltd. 22,048,096 90,865,945
- --------------------------------------------------------------------------------
Reckitt Benckiser plc 7,796,170 237,476,817
----------------
328,342,762
- --------------------------------------------------------------------------------
PERSONAL PRODUCTS--1.2%
Gillette Co. 1,886,404 109,788,713
21 | OPPENHEIMER GLOBAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
PERSONAL PRODUCTS Continued
Shiseido Co. Ltd. 3,840,160 $ 55,622,222
----------------
165,410,935
- --------------------------------------------------------------------------------
TOBACCO--0.3%
Altria Group, Inc. 514,876 37,951,510
- --------------------------------------------------------------------------------
ENERGY--9.3%
- --------------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES--3.6%
GlobalSantaFe Corp. 2,898,716 132,239,424
- --------------------------------------------------------------------------------
Technip SA 2,705,910 160,739,360
- --------------------------------------------------------------------------------
Transocean, Inc. 1 3,076,332 188,609,915
----------------
481,588,699
- --------------------------------------------------------------------------------
OIL & GAS--5.7%
BP plc, ADR 1,980,458 140,315,449
- --------------------------------------------------------------------------------
Burlington
Resources, Inc. 1,685,248 137,044,367
- --------------------------------------------------------------------------------
Chevron Corp. 1,819,416 117,770,798
- --------------------------------------------------------------------------------
ENI SpA 2,299,836 68,299,919
- --------------------------------------------------------------------------------
Husky Energy, Inc. 4,158,883 231,001,355
- --------------------------------------------------------------------------------
Neste Oil Oyj 1 423,700 15,699,382
- --------------------------------------------------------------------------------
Total SA, B Shares 257,918 70,146,669
----------------
780,277,939
- --------------------------------------------------------------------------------
FINANCIALS--15.6%
- --------------------------------------------------------------------------------
CAPITAL MARKETS--2.5%
3i Group plc 4,328,974 59,861,641
- --------------------------------------------------------------------------------
Credit Suisse Group 3,076,586 136,177,342
- --------------------------------------------------------------------------------
Northern Trust
Corp. 2,702,644 136,618,654
----------------
332,657,637
- --------------------------------------------------------------------------------
COMMERCIAL BANKS--5.1%
Anglo Irish Bank
Corp. 5,000,000 67,904,573
- --------------------------------------------------------------------------------
Australia & New
Zealand Banking
Group Ltd. 1,835,465 33,593,503
- --------------------------------------------------------------------------------
HSBC Holdings plc 7,871,988 128,064,982
- --------------------------------------------------------------------------------
ICICI Bank Ltd.,
Sponsored ADR 2,679,500 75,695,875
- --------------------------------------------------------------------------------
Resona Holdings,
Inc. 1 23,822 61,975,708
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL BANKS Continued
Royal Bank of
Scotland Group
plc (The) 7,112,019 $ 201,835,025
- --------------------------------------------------------------------------------
Societe Generale,
Cl. A 1,101,243 125,669,158
----------------
694,738,824
- --------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES--4.0%
American
Express Co. 2,279,742 130,948,380
- --------------------------------------------------------------------------------
Citigroup, Inc. 790,963 36,004,636
- --------------------------------------------------------------------------------
Credit Saison
Co. Ltd. 1,870,856 82,072,436
- --------------------------------------------------------------------------------
Investor AB, B Shares 3,078,942 47,846,961
- --------------------------------------------------------------------------------
JPMorgan
Chase & Co. 2,981,540 101,163,652
- --------------------------------------------------------------------------------
Morgan Stanley 2,728,602 147,180,792
----------------
545,216,857
- --------------------------------------------------------------------------------
INSURANCE--4.0%
ACE Ltd. 2,515,451 118,402,279
- --------------------------------------------------------------------------------
Allianz AG 1,059,411 143,113,751
- --------------------------------------------------------------------------------
Berkshire Hathaway,
Inc., Cl. B 1 28,150 76,877,650
- --------------------------------------------------------------------------------
Everest Re
Group Ltd. 491,818 48,148,982
- --------------------------------------------------------------------------------
Manulife
Financial Corp. 1,300,000 69,333,333
- --------------------------------------------------------------------------------
Prudential plc 9,996,650 90,716,742
----------------
546,592,737
- --------------------------------------------------------------------------------
HEALTH CARE--13.2%
- --------------------------------------------------------------------------------
BIOTECHNOLOGY--4.6%
Affymetrix, Inc. 1 1,500,000 69,345,000
- --------------------------------------------------------------------------------
Amgen, Inc. 1 1,776,366 141,523,079
- --------------------------------------------------------------------------------
Amylin
Pharmaceuticals,
Inc. 1 609,900 21,218,421
- --------------------------------------------------------------------------------
Eyetech
Pharmaceuticals,
Inc. 1 2,021,204 36,300,824
- --------------------------------------------------------------------------------
Genentech, Inc. 1 1,014,052 85,393,319
22 | OPPENHEIMER GLOBAL FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
BIOTECHNOLOGY Continued
Genzyme Corp.
(General Division) 1 961,736 $ 68,898,767
- --------------------------------------------------------------------------------
Gilead Sciences, Inc. 1 2,723,302 132,788,206
- --------------------------------------------------------------------------------
Wyeth 1,424,096 65,892,922
----------------
621,360,538
- --------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES--1.9%
Boston Scientific
Corp. 1 2,650,600 61,944,522
- --------------------------------------------------------------------------------
Essilor
International SA 688,866 57,043,288
- --------------------------------------------------------------------------------
Medtronic, Inc. 566,450 30,373,049
- --------------------------------------------------------------------------------
Nektar
Therapeutics 1,2 1,260,528 17,092,760
- --------------------------------------------------------------------------------
Smith & Nephew plc 10,347,627 86,875,096
- --------------------------------------------------------------------------------
Swiss Medical SA 1,2,3 960,000 12,069,515
----------------
265,398,230
- --------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES--1.4%
Express Scripts, Inc. 1 1,271,190 79,068,018
- --------------------------------------------------------------------------------
Quest Diagnostics,
Inc. 2,125,594 107,427,521
----------------
186,495,539
- --------------------------------------------------------------------------------
PHARMACEUTICALS--5.3%
Chugai
Pharmaceutical
Co. Ltd. 2,959,082 56,663,850
- --------------------------------------------------------------------------------
Novartis AG 1,561,448 79,185,092
- --------------------------------------------------------------------------------
Pfizer, Inc. 2,568,486 64,135,095
- --------------------------------------------------------------------------------
Roche Holdings AG 1,205,648 167,452,405
- --------------------------------------------------------------------------------
Sanofi-Aventis SA 2,690,063 222,272,497
- --------------------------------------------------------------------------------
Shionogi & Co. Ltd. 7,354,380 100,412,541
- --------------------------------------------------------------------------------
Takeda
Pharmaceutical
Co. Ltd. 574,200 34,193,023
----------------
724,314,503
- --------------------------------------------------------------------------------
INDUSTRIALS--8.7%
- --------------------------------------------------------------------------------
AEROSPACE & DEFENSE--4.2%
Boeing Co. 1,092,684 74,247,878
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
AEROSPACE & DEFENSE Continued
Empresa Brasileira
de Aeronautica
SA, ADR 3,724,596 $ 143,769,406
- --------------------------------------------------------------------------------
European Aeronautic
Defence & Space Co. 4,069,050 144,266,540
- --------------------------------------------------------------------------------
Lockheed Martin
Corp. 1,038,810 63,408,962
- --------------------------------------------------------------------------------
Northrop
Grumman Corp. 1,157,100 62,888,385
- --------------------------------------------------------------------------------
Raytheon Co. 2,257,684 85,837,146
----------------
574,418,317
- --------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES--0.0%
Contax Participacoes
SA, Preference 1 5,000,000 3,093,893
- --------------------------------------------------------------------------------
CONSTRUCTION & ENGINEERING--0.3%
JGC Corp. 1,909,040 35,224,873
- --------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT--0.7%
Emerson Electric Co. 1,228,100 88,177,580
- --------------------------------------------------------------------------------
INDUSTRIAL CONGLOMERATES--1.9%
3M Co. 1,163,100 85,325,016
- --------------------------------------------------------------------------------
Hutchison
Whampoa Ltd. 5,515,920 57,062,345
- --------------------------------------------------------------------------------
Siemens AG 1,538,169 118,590,880
----------------
260,978,241
- --------------------------------------------------------------------------------
MACHINERY--0.9%
Fanuc Ltd. 486,100 39,309,355
- --------------------------------------------------------------------------------
Hyundai Heavy
Industries Co. Ltd. 1,200,000 89,238,141
----------------
128,547,496
- --------------------------------------------------------------------------------
MARINE--0.4%
Peninsular &
Oriental Steam
Navigation Co. 9,803,519 57,753,199
- --------------------------------------------------------------------------------
TRANSPORTATION INFRASTRUCTURE--0.3%
Macquarie Airports 17,836,205 44,614,316
- --------------------------------------------------------------------------------
INFORMATION TECHNOLOGY--21.8%
- --------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT--6.7%
Cisco Systems, Inc. 1 4,337,406 77,769,690
- --------------------------------------------------------------------------------
Corning, Inc. 1 8,728,398 168,719,933
- --------------------------------------------------------------------------------
Hoya Corp. 1 2,605,212 88,584,552
23 | OPPENHEIMER GLOBAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT Continued
Juniper Networks,
Inc. 1 1,678,134 $ 39,922,808
- --------------------------------------------------------------------------------
QUALCOMM, Inc. 2,684,986 120,153,124
- --------------------------------------------------------------------------------
Telefonaktiebolaget
LM Ericsson,
B Shares 112,124,236 412,453,300
----------------
907,603,407
- --------------------------------------------------------------------------------
COMPUTERS & PERIPHERALS--1.3%
International Business
Machines Corp. 1,312,187 105,263,641
- --------------------------------------------------------------------------------
Nidec Corp. 1 321,154 18,869,778
- --------------------------------------------------------------------------------
Sun Microsystems,
Inc. 1 13,523,420 53,011,806
----------------
177,145,225
- --------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS--2.2%
Hoya Corp. 868,404 29,005,272
- --------------------------------------------------------------------------------
Keyence Corp. 262,938 66,362,311
- --------------------------------------------------------------------------------
Murata
Manufacturing
Co. Ltd. 1,935,804 108,611,263
- --------------------------------------------------------------------------------
Nidec Corp. 321,154 19,096,102
- --------------------------------------------------------------------------------
Tandberg ASA 5,486,062 73,540,335
----------------
296,615,283
- --------------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES--0.2%
Yahoo Japan Corp. 12,323 14,533,229
- --------------------------------------------------------------------------------
Yahoo! Japan Corp. 1 12,323 14,654,730
----------------
29,187,959
- --------------------------------------------------------------------------------
IT SERVICES--1.2%
Infosys
Technologies Ltd. 2,981,873 170,751,322
- --------------------------------------------------------------------------------
OFFICE ELECTRONICS--0.3%
Canon, Inc. 820,788 44,499,527
- --------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT--4.6%
Advanced Micro
Devices, Inc. 1 9,136,642 230,243,378
- --------------------------------------------------------------------------------
Altera Corp. 1 1,638,018 31,302,524
- --------------------------------------------------------------------------------
Cree, Inc. 1 2,662,068 66,604,941
- --------------------------------------------------------------------------------
International
Rectifier Corp. 1 1,240,140 55,905,511
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT Continued
Samsung
Electronics Co. 244,440 $ 138,435,479
- --------------------------------------------------------------------------------
Silicon
Laboratories, Inc. 1 616,766 18,743,519
- --------------------------------------------------------------------------------
Taiwan
Semiconductor
Manufacturing
Co. Ltd. 50,000,000 80,306,158
----------------
621,541,510
- --------------------------------------------------------------------------------
SOFTWARE--5.3%
Adobe Systems, Inc. 2,443,400 72,935,490
- --------------------------------------------------------------------------------
Cadence Design
Systems, Inc. 1 3,463,196 55,965,247
- --------------------------------------------------------------------------------
Enix Corp. 1,509,168 41,744,076
- --------------------------------------------------------------------------------
Intuit, Inc. 1 1,365,400 61,183,574
- --------------------------------------------------------------------------------
Microsoft Corp. 7,412,102 190,713,380
- --------------------------------------------------------------------------------
Nintendo Co. Ltd. 296,100 34,677,885
- --------------------------------------------------------------------------------
Novell, Inc. 1 10,456,359 77,899,875
- --------------------------------------------------------------------------------
SAP AG 809,415 140,082,639
- --------------------------------------------------------------------------------
Trend Micro, Inc. 1,321,580 42,087,631
----------------
717,289,797
- --------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES--6.7%
- --------------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION SERVICES--1.4%
France Telecom SA 3,534,858 101,451,126
- --------------------------------------------------------------------------------
Tele Norte Leste
Participacoes SA,
Preference 5,000,000 82,257,197
----------------
183,708,323
- --------------------------------------------------------------------------------
WIRELESS TELECOMMUNICATION SERVICES--5.3%
KDDI Corp. 29,336 166,002,480
- --------------------------------------------------------------------------------
SK Telecom Co.
Ltd., ADR 6,113,336 133,515,258
- --------------------------------------------------------------------------------
Vodafone
Group plc 163,299,843 424,839,968
----------------
724,357,706
24 | OPPENHEIMER GLOBAL FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
UTILITIES--1.1%
- --------------------------------------------------------------------------------
ELECTRIC UTILITIES--0.6%
Energias de
Portugal SA 13,761,310 $ 38,370,578
- --------------------------------------------------------------------------------
Fortum Oyj 2,446,406 49,101,593
----------------
87,472,171
- --------------------------------------------------------------------------------
GAS UTILITIES--0.5%
Hong Kong &
China Gas Co. Ltd. 31,138,280 64,224,572
----------------
Total Common Stocks
(Cost $9,597,506,892) 13,589,618,381
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
JOINT REPURCHASE AGREEMENTS--0.4%
- --------------------------------------------------------------------------------
Undivided interest of 6.58% in joint
repurchase agreement (Principal Amount/Value
$951,774,000, with a maturity value of
$952,055,566) with UBS Warburg LLC, 3.55%,
dated 9/30/05, to be repurchased at
$62,660,532 on 10/3/05, collateralized by
Federal National Mortgage Assn., 5%,
10/1/35, with a value of $972,647,107
(Cost $62,642,000) $ 62,642,000 $ 62,642,000
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS,
AT VALUE
(COST $9,660,148,892) 100.2% 13,652,260,381
- --------------------------------------------------------------------------------
LIABILITIES
IN EXCESS OF
OTHER ASSETS (0.2) (33,665,567)
---------------------------------
NET ASSETS 100.0% $13,618,594,814
=================================
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, 2005 was $192,155,960, which
represents 1.41% of the Fund's net assets, all of which is considered
restricted. See Note 6 of Notes to Financial Statements.
3. 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 September 30,
2005. The aggregate fair value of securities of affiliated companies held by the
Fund as of September 30, 2005 amounts to $12,069,515. Transactions during the
period in which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES
SEPTEMBER 30, 2004 ADDITIONS REDUCTIONS SEPTEMBER 30, 2005
- ----------------------------------------------------------------------------------------
Swiss Medical SA 960,000 -- -- 960,000
VALUE DIVIDEND
SEE NOTE 1 INCOME
- ----------------------------------------------------------------------------------------
Swiss Medical SA $12,069,515 $ --
25 | 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 $ 5,058,081,177 37.0%
United Kingdom 1,786,877,870 13.1
Japan 1,399,991,583 10.3
France 1,078,898,617 7.9
Sweden 710,932,143 5.2
Germany 470,141,623 3.4
India 414,679,160 3.0
Switzerland 382,814,839 2.8
Korea, Republic of South 361,188,878 2.6
Brazil 310,180,704 2.3
Canada 300,334,688 2.2
Mexico 248,172,265 1.8
Hong Kong 192,249,304 1.4
The Netherlands 153,661,803 1.1
Cayman Islands 118,402,279 0.9
Taiwan 80,306,158 0.6
Australia 78,207,819 0.6
Norway 73,540,335 0.5
Spain 71,334,634 0.5
Italy 68,299,919 0.5
Ireland 67,904,573 0.5
Finland 64,800,975 0.5
Singapore 62,669,960 0.5
Bermuda 48,148,982 0.4
Portugal 38,370,578 0.3
Argentina 12,069,515 0.1
----------------------------
Total $13,652,260,381 100.0%
============================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
26 | OPPENHEIMER GLOBAL FUND
STATEMENT OF ASSETS AND LIABILITIES September 30, 2005
- --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
ASSETS
- ----------------------------------------------------------------------------------------------------------
Investments, at value--see accompanying statement of investments:
Unaffiliated companies (cost $9,629,758,892) $13,640,190,866
Affiliated companies (cost $30,390,000) 12,069,515
---------------
13,652,260,381
- ----------------------------------------------------------------------------------------------------------
Cash 6,616,051
- ----------------------------------------------------------------------------------------------------------
Cash--foreign currencies (cost $29,506,200) 28,423,098
- ----------------------------------------------------------------------------------------------------------
Receivables and other assets:
Investments sold 44,231,438
Interest and dividends 19,952,283
Shares of beneficial interest sold 5,789,993
Other 298,902
---------------
Total assets 13,757,572,146
- ----------------------------------------------------------------------------------------------------------
LIABILITIES
- ----------------------------------------------------------------------------------------------------------
Unrealized depreciation on foreign currency contracts 350,457
- ----------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased 113,279,224
Shares of beneficial interest redeemed 12,266,818
Distribution and service plan fees 7,832,457
Transfer and shareholder servicing agent fees 2,273,861
Trustees' compensation 1,838,532
Shareholder communications 434,257
Other 701,726
---------------
Total liabilities 138,977,332
- ----------------------------------------------------------------------------------------------------------
NET ASSETS $13,618,594,814
===============
- ----------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- ----------------------------------------------------------------------------------------------------------
Paid-in capital $ 9,284,534,008
- ----------------------------------------------------------------------------------------------------------
Accumulated net investment income 26,945,507
- ----------------------------------------------------------------------------------------------------------
Accumulated net realized gain on investments and foreign currency transactions 316,076,271
- ----------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments and translation of assets and liabilities
denominated in foreign currencies 3,991,039,028
---------------
NET ASSETS $13,618,594,814
===============
27 | 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 $10,418,176,423 and
157,472,991 shares of beneficial interest outstanding) $66.16
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) $70.20
- ------------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $1,488,389,873 and 24,114,055 shares
of beneficial interest outstanding) $61.72
- ------------------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $1,135,133,970 and 18,098,587 shares
of beneficial interest outstanding) $62.72
- ------------------------------------------------------------------------------------------------------------
Class N Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $324,646,661 and 4,954,449 shares
of beneficial interest outstanding) $65.53
- ------------------------------------------------------------------------------------------------------------
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets
of $252,247,887 and 3,784,529 shares of beneficial interest outstanding) $66.65
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
28 | OPPENHEIMER GLOBAL FUND
STATEMENT OF OPERATIONS For the Year Ended September 30, 2005
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
INVESTMENT INCOME
- --------------------------------------------------------------------------------
Dividends (net of foreign withholding taxes of $16,708,305) $ 213,316,175
- --------------------------------------------------------------------------------
Interest (net of foreign withholding taxes of $9,104) 6,230,366
- --------------------------------------------------------------------------------
Other income 170,979
--------------
Total investment income 219,717,520
- --------------------------------------------------------------------------------
EXPENSES
- --------------------------------------------------------------------------------
Management fees 79,724,568
- --------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 22,516,747
Class B 14,278,670
Class C 9,969,198
Class N 1,353,870
- --------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 18,963,623
Class B 3,291,729
Class C 1,888,925
Class N 926,880
Class Y 351,378
- --------------------------------------------------------------------------------
Shareholder communications:
Class A 836,891
Class B 505,116
Class C 181,700
Class N 21,202
- --------------------------------------------------------------------------------
Custodian fees and expenses 2,667,722
- --------------------------------------------------------------------------------
Trustees' compensation 465,763
- --------------------------------------------------------------------------------
Other 239,521
--------------
Total expenses 158,183,503
Less reduction to custodian expenses (59,950)
Less waivers and reimbursements of expenses (3,082)
--------------
Net expenses 158,120,471
- --------------------------------------------------------------------------------
NET INVESTMENT INCOME 61,597,049
29 | OPPENHEIMER GLOBAL FUND
STATEMENT OF OPERATIONS For the Year Ended September 30, 2005
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
- -------------------------------------------------------------------------------------------
Net realized gain on:
Investments $ 948,848,786
Foreign currency transactions 149,861,186
----------------
Net realized gain 1,098,709,972
- -------------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) on:
Investments 1,984,111,892
Translation of assets and liabilities denominated in foreign currencies (260,442,539)
----------------
Net change in unrealized appreciation 1,723,669,353
- -------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 2,883,976,374
================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
30 | OPPENHEIMER GLOBAL FUND
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------
YEAR ENDED SEPTEMBER 30, 2005 2004
- -----------------------------------------------------------------------------------------------------
OPERATIONS
- -----------------------------------------------------------------------------------------------------
Net investment income $ 61,597,049 $ 31,051,548
- -----------------------------------------------------------------------------------------------------
Net realized gain 1,098,709,972 423,432,005
- -----------------------------------------------------------------------------------------------------
Net change in unrealized appreciation 1,723,669,353 1,140,650,984
------------------------------------
Net increase in net assets resulting from operations 2,883,976,374 1,595,134,537
- -----------------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- -----------------------------------------------------------------------------------------------------
Dividends from net investment income:
Class A (53,439,395) (45,971,142)
Class B -- (103,670)
Class C -- (905,176)
Class N (747,836) (659,860)
Class Y (3,744,450) (2,540,733)
- -----------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- -----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
beneficial interest transactions:
Class A 48,893,746 1,198,420,216
Class B (162,051,963) (120,869,542)
Class C 66,000,503 119,596,640
Class N 43,621,630 89,288,298
Class Y (235,964,750) 88,747,022
- -----------------------------------------------------------------------------------------------------
NET ASSETS
- -----------------------------------------------------------------------------------------------------
Total increase 2,586,543,859 2,920,136,590
- -----------------------------------------------------------------------------------------------------
Beginning of period 11,032,050,955 8,111,914,365
------------------------------------
End of period (including accumulated net investment income of
$26,945,507 and $6,868,275, respectively) $13,618,594,814 $11,032,050,955
====================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
31 | OPPENHEIMER GLOBAL FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
CLASS A YEAR ENDED SEPTEMBER 30, 2005 2004 2003 2002 2001
- -----------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 52.64 $ 44.32 $ 35.25 $ 40.04 $ 67.48
- -----------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .39 1 .21 .21 .07 .20
Net realized and unrealized gain (loss) 13.47 8.45 8.86 (4.86) (15.68)
-------------------------------------------------------------------------------------
Total from investment operations 13.86 8.66 9.07 (4.79) (15.48)
- -----------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to
shareholders:
Dividends from net investment income (.34) (.34) -- -- --
Distributions from net realized gain -- -- -- -- (11.96)
-------------------------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.34) (.34) -- -- (11.96)
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 66.16 $ 52.64 $ 44.32 $ 35.25 $ 40.04
=====================================================================================
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 26.40% 19.58% 25.73% (11.96)% (27.10)%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $10,418,176 $ 8,232,135 $ 5,904,063 $ 4,559,330 $ 4,876,120
- -----------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 9,449,471 $ 7,542,447 $ 4,950,791 $ 5,552,582 $ 5,851,970
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 0.66% 0.48% 0.59% 0.18% 0.42%
Total expenses 1.12% 4 1.15% 4,5 1.23% 4 1.23% 4 1.12% 4
- -----------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 29% 22% 46% 27% 36%
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 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%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
32 | OPPENHEIMER GLOBAL FUND
CLASS B YEAR ENDED SEPTEMBER 30, 2005 2004 2003 2002 2001
- -----------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 49.24 $ 41.52 $ 33.30 $ 38.11 $ 65.26
- -----------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.09) 1 (.31) (.25) (.32) (.06)
Net realized and unrealized gain (loss) 12.57 8.03 8.47 (4.49) (15.13)
-------------------------------------------------------------------------------------
Total from investment operations 12.48 7.72 8.22 (4.81) (15.19)
- -----------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to
shareholders:
Dividends from net investment income -- -- 2 -- -- --
Distributions from net realized gain -- -- -- -- (11.96)
-------------------------------------------------------------------------------------
Total dividends and/or distributions
to shareholders -- -- -- -- (11.96)
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 61.72 $ 49.24 $ 41.52 $ 33.30 $ 38.11
=====================================================================================
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 3 25.35% 18.60% 24.69% (12.62)% (27.68)%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 1,488,390 $ 1,329,910 $ 1,224,725 $ 1,119,360 $ 1,386,315
- -----------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 1,430,704 $ 1,361,457 $ 1,113,678 $ 1,456,440 $ 1,731,624
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment loss (0.16)% (0.39)% (0.27)% (0.60)% (0.35)%
Total expenses 1.93% 1.98% 2.07% 2.00% 1.89%
Expenses after payments and waivers and
reduction to custodian expenses 1.93% 1.97% 2.07% 2.00% 1.89%
- -----------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 29% 22% 46% 27% 36%
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 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.
4. Annualized for periods of less than one full year.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
33 | OPPENHEIMER GLOBAL FUND
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
CLASS C YEAR ENDED SEPTEMBER 30, 2005 2004 2003 2002 2001
- -----------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
Net asset value, beginning of period $ 50.00 $ 42.19 $ 33.82 $ 38.71 $ 66.09
- -----------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) (.06) 1 (.04) (.04) (.12) .07
Net realized and unrealized gain (loss) 12.78 7.91 8.41 (4.77) (15.49)
-------------------------------------------------------------------------------------
Total from investment operations 12.72 7.87 8.37 (4.89) (15.42)
- -----------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to
shareholders:
Dividends from net investment income -- (.06) -- -- --
Distributions from net realized gain -- -- -- -- (11.96)
-------------------------------------------------------------------------------------
Total dividends and/or distributions
to shareholders -- (.06) -- -- (11.96)
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 62.72 $ 50.00 $ 42.19 $ 33.82 $ 38.71
=====================================================================================
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 25.44% 18.66% 24.75% (12.63)% (27.67)%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 1,135,134 $ 846,382 $ 610,815 $ 463,949 $ 418,525
- -----------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 998,745 $ 778,637 $ 508,597 $ 521,168 $ 448,751
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (0.10)% (0.29)% (0.20)% (0.56)% (0.33)%
Total expenses 1.88% 1.91% 2.02% 1.99% 1.89%
Expenses after payments and waivers and
reduction to custodian expenses 1.87% 1.91% 2.02% 1.99% 1.89%
- -----------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 29% 22% 46% 27% 36%
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 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.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
34 | OPPENHEIMER GLOBAL FUND
CLASS N YEAR ENDED SEPTEMBER 30, 2005 2004 2003 2002 2001 1
- -----------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 52.21 $ 44.04 $ 35.13 $ 39.98 $ 50.13
- -----------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .16 2 .09 .10 .07 .01
Net realized and unrealized gain (loss) 13.33 8.32 8.81 (4.92) (10.16)
-------------------------------------------------------------------------------------
Total from investment operations 13.49 8.41 8.91 (4.85) (10.15)
- -----------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to
shareholders:
Dividends from net investment income (.17) (.24) -- -- --
Distributions from net realized gain -- -- -- -- --
-------------------------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.17) (.24) -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 65.53 $ 52.21 $ 44.04 $ 35.13 $ 39.98
=====================================================================================
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 3 25.88% 19.13% 25.36% (12.13)% (20.25)%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 324,647 $ 219,888 $ 108,641 $ 51,077 $ 5,971
- -----------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 272,659 $ 173,134 $ 77,891 $ 33,737 $ 1,717
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment income 0.27% 0.14% 0.36% 0.14% 0.13%
Total expenses 1.51% 1.58% 1.66% 1.45% 1.41%
Expenses after payments and waivers and
reduction to custodian expenses 1.51% 1.53% 1.53% 1.45% 1.41%
- -----------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 29% 22% 46% 27% 36%
1 For the period from March 1, 2001 (inception of offering) to September 30,
2001.
2. Per share amounts calculated based on the average shares outstanding during
the period.
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 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.
4. Annualized for periods of less than one full year.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
35 | OPPENHEIMER GLOBAL FUND
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
CLASS Y YEAR ENDED SEPTEMBER 30, 2005 2004 2003 2002 2001
- -----------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 52.99 $ 44.57 $ 35.38 $ 40.11 $ 67.53
- -----------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .49 1 .28 .20 .12 .22
Net realized and unrealized gain (loss) 13.64 8.55 8.99 (4.85) (15.68)
-------------------------------------------------------------------------------------
Total from investment operations 14.13 8.83 9.19 (4.73) (15.46)
- -----------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to
shareholders:
Dividends from net investment income (.47) (.41) -- -- --
Distributions from net realized gain -- -- -- -- (11.96)
-------------------------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.47) (.41) -- -- (11.96)
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 66.65 $ 52.99 $ 44.57 $ 35.38 $ 40.11
=====================================================================================
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 26.76% 19.89% 25.98% (11.79)% (27.04)%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 252,248 $ 403,736 $ 263,670 $ 164,363 $ 165,281
- -----------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 252,837 $ 350,225 $ 207,637 $ 191,788 $ 194,016
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 0.82% 0.73% 0.82% 0.37% 0.54%
Total expenses 0.81% 0.91% 1.06% 1.15% 1.06%
Expenses after payments and waivers and
reduction to custodian expenses 0.81% 0.91% 1.03% 1.05% 1.00%
- -----------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 29% 22% 46% 27% 36%
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 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.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
36 | 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 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, 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 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. 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 business. Securities may be
valued primarily using dealer-supplied valuations or a portfolio pricing service
authorized by the Board of Trustees. Securities listed or traded on National
Stock Exchanges or other domestic 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 traded on foreign
exchanges are valued based on the last sale price on the principal exchange on
which the security is traded, in the country that is 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
37 | OPPENHEIMER GLOBAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
mortgage-backed securities will be valued at the mean between the "bid" and
"asked" prices. Futures contracts traded on a commodities or futures exchange
will be valued at the final settlement price or official closing price on the
principal exchange as reported by such principal exchange at its trading session
ending at, or most recently prior to, the time when the Fund's assets are
valued. Securities (including restricted securities) for which market quotations
are not readily available are valued at their fair value. Foreign and domestic
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. 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. 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 New
York Stock Exchange (the Exchange), normally 4:00 P.M. Eastern time, on each day
the Exchange is open for business. Foreign exchange rates may be valued
primarily using dealer supplied valuations or a portfolio pricing service
authorized by the Board of Trustees.
Reported net realized foreign exchange gains or losses arise from sales of
portfolio securities, sales and maturities of short-term securities, sales of
foreign currencies, currency gains or losses realized 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 foreign exchange gains and losses 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.
- --------------------------------------------------------------------------------
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. 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.
38 | OPPENHEIMER GLOBAL FUND
- --------------------------------------------------------------------------------
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 tax components of capital shown in the table below 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 UNDISTRIBUTED ACCUMULATED OTHER INVESTMENTS
NET INVESTMENT LONG-TERM LOSS FOR FEDERAL INCOME
INCOME GAIN CARRYFORWARD 1,2,3 TAX PURPOSES
-------------------------------------------------------------------------
$72,293,820 $ 323,547,766 $ 3,167,345 $ 3,943,146,945
1. The Fund had $3,167,345 of post-October foreign currency losses which were
deferred.
2. During the fiscal year ended September 30, 2005, the Fund utilized
$722,207,750 of capital loss carryforward to offset capital gains realized in
that fiscal year.
3. During the fiscal year ended September 30, 2004, the Fund did not utilize any
capital loss carryforward.
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,
2005. Net assets of the Fund were unaffected by the reclassifications.
INCREASE TO REDUCTION TO
ACCUMULATED ACCUMULATED NET
INCREASE TO NET INVESTMENT REALIZED GAIN
PAID-IN CAPITAL INCOME ON INVESTMENTS 4
------------------------------------------------------------------
$39,363,985 $ 16,411,864 $ 55,775,849
4. $38,723,572, all of which was long-term capital gain, was distributed in
connection with Fund share redemptions.
39 | OPPENHEIMER GLOBAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
The tax character of distributions paid during the years ended September 30,
2005 and September 30, 2004 was as follows:
YEAR ENDED YEAR ENDED
SEPT. 30, 2005 SEPT. 30, 2004
-------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 57,931,681 $50,180,581
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, 2005 are noted below. 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 $ 9,708,391,431
Federal tax cost of other investments 128,269,489
----------------
Total federal tax cost $ 9,836,660,920
================
Gross unrealized appreciation $ 4,115,875,173
Gross unrealized depreciation (172,728,228)
----------------
Net unrealized appreciation $ 3,943,146,945
================
- --------------------------------------------------------------------------------
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 year ended
September 30, 2005, the Fund's projected benefit obligations were increased by
$160,555 and payments of $82,138 were made to retired trustees, resulting in an
accumulated liability of $1,468,171 as of September 30, 2005.
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.
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 Plan.
- --------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations,
are recorded
40 | OPPENHEIMER GLOBAL FUND
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.
- --------------------------------------------------------------------------------
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 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.
- --------------------------------------------------------------------------------
OTHER. The preparation of financial statements in conformity with U.S. generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of income and expenses during the reporting
period. Actual results could differ from those estimates.
- --------------------------------------------------------------------------------
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, 2005 YEAR ENDED SEPTEMBER 30, 2004
SHARES AMOUNT SHARES AMOUNT
- -----------------------------------------------------------------------------------------------------------------------
CLASS A
Sold 35,961,963 $ 2,131,410,668 47,232,140 $ 2,434,011,628
Dividends and/or
distributions reinvested 841,709 50,266,867 875,280 43,142,565
Acquisition-Note 7 -- -- 166,248 8,004,833
Redeemed (35,702,882) (2,132,783,789) 1 (25,116,225) (1,286,738,810)
------------------------------------------------------------------------------
Net increase 1,100,790 $ 48,893,746 23,157,443 $ 1,198,420,216
==============================================================================
41 | OPPENHEIMER GLOBAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
2. SHARES OF BENEFICIAL INTEREST Continued
YEAR ENDED SEPTEMBER 30, 2005 YEAR ENDED SEPTEMBER 30, 2004
SHARES AMOUNT SHARES AMOUNT
- -----------------------------------------------------------------------------------------------------------------------
CLASS B
Sold 3,391,199 $ 187,952,048 4,707,264 $ 226,618,309
Dividends and/or
distributions reinvested -- -- 2,038 94,560
Acquisition-Note 7 -- -- 83,141 3,748,829
Redeemed (6,288,270) (350,004,011) 1 (7,281,248) (351,331,240)
------------------------------------------------------------------------------
Net decrease (2,897,071) $ (162,051,963) (2,488,805) $ (120,869,542)
==============================================================================
- -----------------------------------------------------------------------------------------------------------------------
CLASS C
Sold 4,062,463 $ 229,916,707 4,703,952 $ 230,083,697
Dividends and/or
distributions reinvested -- -- 16,328 769,364
Acquisition-Note 7 -- -- 37,334 1,710,663
Redeemed (2,890,444) (163,916,204) 1 (2,309,286) (112,967,084)
------------------------------------------------------------------------------
Net increase 1,172,019 $ 66,000,503 2,448,328 $ 119,596,640
==============================================================================
- -----------------------------------------------------------------------------------------------------------------------
CLASS N
Sold 2,249,401 $ 132,942,125 2,703,277 $ 137,977,645
Dividends and/or
distributions reinvested 12,325 731,377 13,215 648,081
Acquisition-Note 7 -- -- 1,891 90,471
Redeemed (1,519,197) (90,051,872) 1 (973,451) (49,427,899)
------------------------------------------------------------------------------
Net increase 742,529 $ 43,621,630 1,744,932 $ 89,288,298
==============================================================================
- -----------------------------------------------------------------------------------------------------------------------
CLASS Y
Sold 2,741,373 $ 164,137,908 3,679,907 $ 189,916,227
Dividends and/or
distributions reinvested 62,062 3,724,357 50,924 2,521,267
Acquisition-Note 7 -- -- 2,075 100,485
Redeemed (6,638,267) (403,827,015) 1 (2,029,360) (103,790,957)
------------------------------------------------------------------------------
Net increase (decrease) (3,834,832) $ (235,964,750) 1,703,546 $ 88,747,022
==============================================================================
1. Net of redemption fees of $67,936, $10,286, $7,180, $1,960 and $1,818 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, for the year ended September 30, 2005, were as
follows:
PURCHASES SALES
-------------------------------------------------------------------------
Investment securities $3,749,555,317 $3,491,266,135
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Effective January 1, 2005, the management fees paid to the
Manager were in accordance with the investment advisory agreement with the Fund
which
42 | OPPENHEIMER GLOBAL FUND
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, 0.60%
of the next $2.5 billion and 0.58% of average annual net assets in excess of $11
billion. Prior to January 1, 2005, the management fees paid to the Manager were
in accordance with the investment advisory agreement with the Fund which
provided 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.
- --------------------------------------------------------------------------------
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, 2005, the Fund paid
$25,206,404 to OFS for services to the Fund.
Additionally, Class Y shares are subject to minimum fees of $10,000 per
annum 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 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 all of those fees to
pay dealers, brokers, banks and other financial institutions quarterly for
providing personal services 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
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 those shares and servicing accounts. 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
43 | OPPENHEIMER GLOBAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
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 September 30, 2005 for Class B, Class C and Class N
shares were $10,537,147, $11,902,976 and $2,819,766, 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
RETAINED BY RETAINED BY RETAINED BY RETAINED BY RETAINED BY
YEAR ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
- --------------------------------------------------------------------------------------------------------------
September 30, 2005 $2,906,965 $36,381 $2,232,103 $143,656 $214,339
- --------------------------------------------------------------------------------
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, 2005,
OFS waived $3,082 for Class N shares. This undertaking may be amended or
withdrawn at any time.
- --------------------------------------------------------------------------------
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 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.
44 | OPPENHEIMER GLOBAL FUND
As of September 30, 2005, the Fund had outstanding foreign currency contracts as
follows:
CONTRACT VALUATION AS OF
EXPIRATION AMOUNT SEPTEMBER 30, UNREALIZED
CONTRACT DESCRIPTION DATES (000S) 2005 DEPRECIATION
- --------------------------------------------------------------------------------------------------------------
CONTRACTS TO PURCHASE
Japanese Yen [JPY] 10/3/05-10/4/05 11,269,399 JPY $ 99,310,955 $ 346,019
---------
CONTRACTS TO SELL
Canadian Dollar [CAD] 10/3/05 637 CAD 547,666 4,438
---------
Total unrealized depreciation $ 350,457
=========
- --------------------------------------------------------------------------------
6. ILLIQUID OR RESTRICTED SECURITIES
As of September 30, 2005, 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 will not invest 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.
Securities that are illiquid or restricted are marked with the applicable
footnote on the Statement of Investments. Information concerning restricted
securities is as follows:
VALUATION AS OF UNREALIZED
ACQUISITION SEPTEMBER 30, APPRECIATION
SECURITY DATES COST 2005 (DEPRECIATION)
- ----------------------------------------------------------------------------------------------------------------
Nektar Therapeutics 6/25/03 $ 14,307,000 $ 17,092,760 $ 2,785,760
Sirius Satellite Radio, Inc. 3/5/03 22,814,519 162,993,685 140,179,166
Swiss Medical SA 5/19/94-7/10/02 30,390,000 12,069,515 (18,320,485)
----------------------------------------------------------
$ 67,511,519 $192,155,960 $124,644,441
==========================================================
- --------------------------------------------------------------------------------
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
45 | OPPENHEIMER GLOBAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
7. ACQUISITION OF OPPENHEIMER EUROPE FUND Continued
to tax limitation. The exchange qualified as a tax-free reorganization for
federal income tax purposes.
- --------------------------------------------------------------------------------
8. LITIGATION
A consolidated amended complaint has been filed as putative derivative and class
actions against the Manager, OFS and the Distributor, as well as 51 of the
Oppenheimer funds (as "Nominal Defendants") including the Fund, 30 present and
former Directors or Trustees and 8 present and former officers of the funds.
This complaint, initially filed in the U.S. District Court for the Southern
District of New York on January 10, 2005 and amended on March 4, 2005,
consolidates into a single action and amends six individual previously-filed
putative derivative and class action complaints. Like those prior complaints,
the complaint alleges that the Manager charged excessive fees for distribution
and other costs, improperly used assets of the funds in the form of directed
brokerage commissions and 12b-1 fees to pay brokers to promote sales of the
funds, and failed to properly disclose the use of assets of the funds to make
those payments in violation of the Investment Company Act of 1940 and the
Investment Advisers Act of 1940. Also, like those prior complaints, the
complaint further alleges that by permitting and/or participating in those
actions, the Directors/Trustees and the Officers breached their fiduciary duties
to shareholders of the funds under the Investment Company Act of 1940 and at
common law. The complaint seeks unspecified compensatory and punitive damages,
rescission of the funds' investment advisory agreements, an accounting of all
fees paid, and an award of attorneys' fees and litigation expenses.
The defendants believe that the allegations contained in the Complaints are
without merit and that they have meritorious defenses against the claims
asserted. The defendants intend to defend these lawsuits vigorously and to
contest any claimed liability. The defendants believe that it is premature to
render any opinion as to the likelihood of an outcome unfavorable to them and
that no estimate can yet be made with any degree of certainty as to the amount
or range of any potential loss.
46 | 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, 2005, 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, 2005, 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, 2005, 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 16, 2005
47 | OPPENHEIMER GLOBAL FUND
FEDERAL INCOME TAX INFORMATION Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
In early 2006, if applicable, shareholders of record will receive information
regarding all dividends and distributions paid to them by the Fund during
calendar year 2005. Regulations of the U.S. Treasury Department require the Fund
to report this information to the Internal Revenue Service.
Dividends of $0.3396, $0.1749 and $0.4716 per share were paid to Class A,
Class N and Class Y shareholders, respectively, on December 7, 2004, none of
which was designated as a "capital gain distribution" for federal income tax
purposes.
Dividends, if any, paid by the Fund during the fiscal year ended September
30, 2005 which are not designated as capital gain distributions should be
multiplied by 42.72% 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, 2005 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. $197,292,070 of the Fund's fiscal year taxable income may be
eligible for the lower individual income tax rates. In early 2006, shareholders
of record will receive information regarding the percentage of distributions
that are eligible for lower individual income tax rates.
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
$15,202,761 of foreign income taxes paid by the Fund during the fiscal year
ended September 30, 2005. 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.
$83,555,102 of gross income 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.
48 | OPPENHEIMER GLOBAL FUND
REPORT OF SHAREHOLDER MEETING Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
On August 17, 2005, a joint special meeting of shareholders was held at which
the eleven Trustees identified below were elected (Proposal No. 1). The meeting
was adjourned until September 16, 2005 to allow the Fund to solicit additional
votes for the proposals to change, add or eliminate certain fundamental
investment policies (Proposal No. 2) as described in the Fund's proxy statement
for that meeting. On September 16, 2005, the meeting was reconvened and the
proposals regarding changes in, or the addition or elimination of, certain
fundamental investment policies were approved (Proposal No. 2). The following is
a report of the votes cast:
- --------------------------------------------------------------------------------
PROPOSAL NO. 1
NOMINEE FOR WITHHELD TOTAL
- --------------------------------------------------------------------------------
TRUSTEES
Matthew P. Fink 115,294,999.158 4,993,653.452 120,288,652.610
Robert G. Galli 115,309,408.689 4,979,243.921 120,288,652.610
Phillip A. Griffiths 115,504,871.587 4,783,781.023 120,288,652.610
Mary F. Miller 115,457,472.463 4,831,180.147 120,288,652.610
Joel W. Motley 115,553,269.740 4,735,382.870 120,288,652.610
John V. Murphy 115,513,868.113 4,774,784.497 120,288,652.610
Kenneth A. Randall 115,276,113.441 5,012,539.169 120,288,652.610
Russell S. Reynolds, Jr 115,275,287.507 5,013,365.103 120,288,652.610
Joseph M. Wikler 115,519,734.037 4,768,918.573 120,288,652.610
Peter I. Wold 115,483,775.201 4,804,877.409 120,288,652.610
Clayton K. Yeutter 115,263,857.394 5,024,795.216 120,288,652.610
- --------------------------------------------------------------------------------
PROPOSAL NO. 2 Proposal to change the policy on
FOR AGAINST ABSTAIN BROKER NON-VOTE TOTAL
- -------------------------------------------------------------------------------------------------------------------------
2A: Borrowing
75,759,962.434 9,019,068.288 4,845,744.601 21,669,483.000 111,294,258.323
2B: Concentration of Investments
77,764,593.745 7,071,770.720 4,788,410.858 21,669,483.000 111,294,258.323
2C: Diversification of Investments
78,659,333.646 6,402,990.522 4,562,451.155 21,669,483.000 111,294,258.323
2E: Investing to Exercise Control
77,808,431.764 6,990,257.502 4,826,086.057 21,669,483.000 111,294,258.323
2F: Investing in Issuers Whose Shares are
Owned by the Funds' Trustees and Officers
75,195,820.578 9,419,969.984 5,008,984.761 21,669,483.000 111,294,258.323
2G: Investing in Other Investment Companies
76,818,991.594 8,247,930.246 4,557,853.483 21,669,483.000 111,294,258.323
2H: Lending
76,212,650.787 8,819,033.495 4,593,091.041 21,669,483.000 111,294,258.323
2I: Margin and Short Sales (purchasing)
75,241,176.100 9,631,986.636 4,751,612.587 21,669,483.000 111,294,258.323
2J: Pledging, Mortgaging or Hypothecating of
Assets
74,909,391.151 9,717,503.560 4,997,880.612 21,669,483.000 111,294,258.323
2K: Real Estate and Commodities
78,092,182.825 7,126,786.603 4,405,805.895 21,669,483.000 111,294,258.323
2L: Senior Securities
78,449,371.802 6,453,084.617 4,722,318.904 21,669,483.000 111,294,258.323
2O: Investment Percentage Restrictions
77,819,839.609 6,907,640.010 4,897,295.704 21,669,483.000 111,294,258.323
49 | 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.
50 | 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 THE ADDRESS OF EACH TRUSTEE IN THE CHART BELOW IS 6803 S. TUCSON WAY, CENTENNIAL,
TRUSTEES CO 80112-3924. EACH TRUSTEE SERVES FOR AN INDEFINITE TERM, OR UNTIL HIS OR HER
RESIGNATION, RETIREMENT, DEATH OR REMOVAL.
CLAYTON K. YEUTTER, Director of American Commercial Lines (barge company) (since January 2005);
Chairman of the Board Attorney at Hogan & Hartson (law firm) (since June 1993); Director of Danielson
of Trustees (since 2003); Holding Corp. (waste-to-energy company) (since 2002); Director of Weyerhaeuser
Trustee (since 1993) Corp. (1999-April 2004); Director of Caterpillar, Inc. (1993-December
Age: 74 2002); Director of ConAgra Foods (1993-2001); Director of Texas Instruments
(1993-2001); Director of FMC Corporation (1993-2001). Oversees 38 portfolios
in the OppenheimerFunds complex.
MATTHEW P. FINK, Trustee of the Committee for Economic Development (policy research foundation)
Trustee (since 2005) (since 2005); Director of ICI Education Foundation (education foundation)
Age: 64 (since October 1991); President of the Investment Company Institute (trade
association) (1991-2004); Director of ICI Mutual Insurance Company (insurance
company) (1991-2004). Oversees 38 portfolios in the OppenheimerFunds
complex.
ROBERT G. GALLI, A trustee or director of other Oppenheimer funds. Oversees 48 portfolios in the
Trustee (since 1993) OppenheimerFunds complex.
Age: 72
PHILLIP A. GRIFFITHS, Director of GSI Lumonics Inc. (precision medical equipment supplier) (since
Trustee (since 1999) 2001); Trustee of Woodward Academy (since 1983); Senior Advisor of The
Age: 67 Andrew W. Mellon Foundation (since 2001); Member of the National Academy
of Sciences (since 1979); Member of the American Philosophical Society (since
1996); Council on Foreign Relations (since 2002); Director of the Institute for
Advanced Study (1991-2004); Director of Bankers Trust New York Corporation
(1994-1999). Oversees 38 portfolios in the OppenheimerFunds complex.
MARY F. MILLER, Trustee of the American Symphony Orchestra (not-for-profit) (since October
Trustee (since 2004) 1998); and Senior Vice President and General Auditor of American Express
Age: 63 Company (financial services company) (July 1998-February 2003). Oversees
38 portfolios in the OppenheimerFunds complex.
JOEL W. MOTLEY, Director of Columbia Equity Financial Corp. (privately-held financial adviser)
Trustee (since 2002) (since 2002); Managing Director of Carmona Motley, Inc. (privately-held financial
Age: 53 adviser) (since January 2002); Managing Director of Carmona Motley Hoffman
Inc. (privately-held financial adviser) (January 1998-December 2001). Oversees
38 portfolios in the OppenheimerFunds complex.
KENNETH A. RANDALL, Director of Dominion Resources, Inc. (electric utility holding company) (since
Trustee (since 1986) February 1972); Former Director of Prime Retail, Inc. (real estate investment
Age: 78 trust), Dominion Energy Inc. (electric power and oil & gas producer), Lumbermens
Mutual Casualty Company, American Motorists Insurance Company and
American Manufacturers Mutual Insurance Company; Former President and
Chief Executive Officer of The Conference Board, Inc. (international economic
and business research). Oversees 38 portfolios in the OppenheimerFunds
complex.
51 | OPPENHEIMER GLOBAL FUND
TRUSTEES AND OFFICERS Unaudited / Continued
- --------------------------------------------------------------------------------
RUSSELL S. REYNOLDS, JR., Chairman of The Directorship Search Group, Inc. (corporate governance consulting
Trustee (since 1989) and executive recruiting) (since 1993); Life Trustee of International House
Age: 73 (non-profit educational organization); Former Trustee of The Historical Society
of the Town of Greenwich. Oversees 38 portfolios in the OppenheimerFunds
complex.
JOSEPH M. WIKLER, Director of the following medical device companies: Medintec (since 1992)
Trustee (since 2005) and Cathco (since 1996); Director of Lakes Environmental Association (since
Age: 64 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 39 portfolios in the OppenheimerFunds complex.
PETER I. WOLD, President of Wold Oil Properties, Inc. (oil and gas exploration and production
Trustee (since 2005) company) (since 1994); Vice President, Secretary and Treasurer of Wold Trona
Age: 57 Company, Inc. (soda ash processing and production) (since 1996); Vice President
of Wold Talc Company, Inc. (talc mining) (since 1999); Managing Member of
Hole-in-the-Wall Ranch (cattle ranching) (since 1979); 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 39 portfolios
in the OppenheimerFunds complex.
BRIAN F. WRUBLE, General Partner of Odyssey Partners, L.P. (hedge fund) (since September 1996);
Trustee (since 2005) Director of Special Value Opportunities Fund, LLC (registered investment company)
Age: 62 (since September 2004); Director of Zurich Financial Investment Advisory
Board (affiliate of the Manager's parent company) (since October 2004); Board
of Governing Trustees of The Jackson Laboratory (non-profit) (since August
1990); Trustee of the Institute for Advanced Study (non-profit educational
institute) (since May 1992); Special Limited Partner of Odyssey Investment
Partners, LLC (private equity investment) (January 1999-September 2004); Trustee
of Research Foundation of AIMR (2000-2002) (investment research, non-profit);
Governor, Jerome Levy Economics Institute of Bard College (August 1990-
September 2001) (economics research); Director of Ray & Berendtson, Inc.
(May 2000-April 2002) (executive search firm). Oversees 48 portfolios in the
OppenheimerFunds complex.
- --------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEE THE ADDRESS OF MR. MURPHY IS TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET, 11TH
AND OFFICER FLOOR, NEW YORK, NY 10281-1008. MR. MURPHY SERVES AS A TRUSTEE FOR AN INDEFINITE
TERM AND AS AN OFFICER FOR AN ANNUAL 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, Chairman, Chief Executive Officer and Director (since June 2001) and President
President and (since September 2000) of the Manager; President and Director or Trustee of
Principal Executive Officer other Oppenheimer funds; President and Director of Oppenheimer Acquisition
(since 2001) Corp. ("OAC") (the Manager's parent holding company) and of Oppenheimer
and Trustee Partnership Holdings, Inc. (holding company subsidiary of the Manager) (since
(since 2001) July 2001); Director of OppenheimerFunds Distributor, Inc. (subsidiary of the
Age: 56 Manager) (since November 2001); 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
52 | OPPENHEIMER GLOBAL FUND
JOHN V. MURPHY, Management Corporation and OFI Private Investments, Inc. (since July 2001);
Continued President (since November 1, 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); Member of
the Investment Company Institute's Board of Governors (since October 3, 2003);
Chief Operating Officer of the Manager (September 2000-June 2001); President
and Trustee of MML Series Investment Fund and MassMutual Select Funds
(open-end investment companies) (November 1999-November 2001); Director
of C.M. Life Insurance Company (September 1999-August 2000); President,
Chief Executive Officer and Director of MML Bay State Life Insurance Company
(September 1999-August 2000); Director of Emerald Isle Bancorp and Hibernia
Savings Bank (wholly-owned subsidiary of Emerald Isle Bancorp) (June 1989-June
1998). Oversees 77 portfolios as a Director or Trustee and 10 additional
portfolios as officer in the OppenheimerFunds complex.
- --------------------------------------------------------------------------------------------------------------------
OTHER OFFICERS THE ADDRESS OF THE OFFICERS IN THE CHART BELOW ARE AS FOLLOWS: FOR MR. WILBY, MR.
OF THE FUND BHAMAN AND MR. ZACK, TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET, 11TH FLOOR,
NEW YORK, NY 10281-1008, AND FOR MR. WIXTED AND MR. VANDEHEY, 6803 S. TUCSON
WAY, CENTENNIAL, CO 80112-3924. EACH OFFICER SERVES FOR AN ANNUAL TERM OR UNTIL
HIS OR HER RESIGNATION, RETIREMENT, DEATH OR REMOVAL
WILLIAM L. WILBY, Senior Vice President (since July 1994) and Senior Investment Officer, Director
Vice President (since 2002) of Equities (since July 2004) of the Manager. Formerly, Senior Investment Officer,
Age: 60 Director of International Equities of the Manager (May 2000-July 2004) and
Senior Vice President of HarbourView Asset Management Corporation (May
1999-November 2001). An officer of 2 portfolios in the OppenheimerFunds
complex.
RAJEEV BHAMAN, Vice President of the Manager since January 1997; formerly Assistant Vice
Vice President (since 2004) President of the Manager (March 1996 - January 1997). An officer of 3
Age: 41 portfolios in the OppenheimerFunds complex.
MARK S. VANDEHEY, Senior Vice President and Chief Compliance Officer of the Manager (since
Vice President and March 2004); Vice President of OppenheimerFunds Distributor, Inc., Centennial
Chief Compliance Officer Asset Management Corporation and Shareholder Services, Inc. (since June 1983).
(since 2004) Former Vice President and Director of Internal Audit of the Manager (1997-
Age: 55 February 2004). An officer of 87 portfolios in the OppenheimerFunds complex.
BRIAN W. WIXTED, Senior Vice President and Treasurer of the Manager (since March 1999);
Treasurer and Treasurer of the following: HarbourView Asset Management Corporation,
Principal Financial and Shareholder Financial Services, Inc., Shareholder Services, Inc., Oppenheimer
Accounting Officer Real Asset Management Corporation, and Oppenheimer Partnership Holdings,
(since 1999) Inc. (since March 1999), OFI Private Investments, Inc. (since March 2000),
Age: 46 OppenheimerFunds International Ltd. (since May 2000), 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); Principal and Chief
Operating Officer of Bankers Trust Company-Mutual Fund Services Division
(March 1995-March 1999). An officer of 87 portfolios in the OppenheimerFunds
complex.
53 | OPPENHEIMER GLOBAL FUND
TRUSTEES AND OFFICERS Unaudited / Continued
- --------------------------------------------------------------------------------
ROBERT G. ZACK, Executive Vice President (since January 2004) and General Counsel (since
Secretary (since 2001) March 2002) of the Manager; General Counsel and Director of the Distributor
Age: 57 (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 (Asia) Limited (since
December 2003); Senior Vice President (May 1985-December 2003), Acting
General Counsel (November 2001-February 2002) and Associate General
Counsel (May 1981-October 2001) of the Manager; Assistant Secretary
of the following: Shareholder Services, Inc. (May 1985-November 2001),
Shareholder Financial Services, Inc. (November 1989-November 2001), and
OppenheimerFunds International Ltd. (September 1997-November 2001).
An officer of 87 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.
54 | 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 the registrant does
not have an audit committee financial expert serving on its Audit Committee. In
this regard, no member of the Audit Committee was identified as having all of
the technical attributes identified in Instruction 2(b) to Item 3 of Form N-CSR
to qualify as an "audit committee financial expert," whether
through the type of specialized education or experience described in that
Instruction. The Board has concluded that while the members of the Audit
Committee collectively have the necessary attributes and experience required to
serve effectively as an Audit Committee, no single member possesses all of the
required technical attributes through the particular methods of education or
experience set forth in the Instructions to be designated as an audit committee
financial expert.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Audit Fees
The principal accountant for the audit of the registrant's annual financial
statements billed $59,000 in fiscal 2005 and $54,000 in fiscal 2004.
(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 $156,805 in fiscal 2005 and $44,500 in fiscal 2004 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: internal control reviews.
(c) Tax Fees
The principal accountant for the audit of the registrant's annual financial
statements billed to the registrant no such fees in fiscal 2005 and $1,859 in
fiscal 2004.
The principal accountant for the audit of the registrant's annual financial
statements billed $5,000 in fiscal 2005 and $6,000 in fiscal 2004 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: Computations of capital gain tax liability, preparation of tax
returns, preparation of Form 5500 and tax consultations on pass through of
foreign withholding taxes and mortgage dollar roll transactions.
(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 $161,805 in fiscal 2005 and $52,359 in fiscal
2004 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.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
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:
o the name, address, and business, educational, and/or other pertinent
background of the person being recommended;
o a statement concerning whether the person is an "interested person"
as defined in the Investment Company Act of 1940;
o 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
o 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 September 30, 2005, 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: November 16, 2005
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: November 16, 2005
By: /s/ Brian W. Wixted
-------------------
Brian W. Wixted
Principal Financial Officer
Date: November 16, 2005