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
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Date of fiscal year end: SEPTEMBER 30
------------
Date of reporting period: 03/31/2007
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ITEM 1. REPORTS TO STOCKHOLDERS.
TOP HOLDINGS AND ALLOCATIONS
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TOP TEN COMMON STOCK HOLDINGS
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Telefonaktiebolaget LM Ericsson, B Shares 3.7%
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H&M Hennes & Mauritz AB, B Shares 2.1
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Vodafone Group plc 1.9
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Siemens AG 1.7
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Microsoft Corp. 1.7
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Reckitt Benckiser plc 1.7
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Royal Bank of Scotland Group plc (The) 1.6
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eBay, Inc. 1.6
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Credit Suisse Group 1.5
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Sanofi-Aventis SA 1.5
Portfolio holdings and allocations are subject to change. Percentages are
as of March 31, 2007, and are based on net assets.
For up-to-date Top 10 Fund holdings, please visit www.oppenheimerfunds.com.
TOP TEN GEOGRAPHICAL HOLDINGS
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United States 36.3%
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United Kingdom 12.4
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Japan 11.0
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Sweden 6.3
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Germany 5.7
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France 5.4
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Switzerland 3.4
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India 2.7
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Mexico 2.3
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The Netherlands 2.1
Portfolio holdings and allocations are subject to change. Percentages are as of
March 31, 2007, and are based on the total market value of investments.
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9 | OPPENHEIMER GLOBAL FUND
TOP HOLDINGS AND ALLOCATIONS
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- --------------------------------------------------------------------------------
REGIONAL ALLOCATION
[THE FOLLOWING TABLE WAS REPRESENTED AS A PIE CHART IN THE PRINTED METERIAL.]
Europe 38.7%
United States/Canada 37.9
Asia 17.7
Latin America 5.7
Portfolio holdings and allocations are subject to change. Percentages are as of
March 31, 2007, and are based on the total market value of investments.
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10 | OPPENHEIMER GLOBAL FUND
NOTES
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Total returns include changes in share price and reinvestment of dividends and
capital gains distributions in a hypothetical investment for the periods shown.
Cumulative total returns are not annualized. The Fund's total returns shown do
not reflect the deduction of income taxes on an individual's investment. Taxes
may reduce your actual investment returns on income or gains paid by the Fund or
any gains you may realize if you sell your shares. INVESTORS SHOULD CONSIDER THE
FUND'S INVESTMENT OBJECTIVES, RISKS AND OTHER CHARGES AND EXPENSES CAREFULLY
BEFORE INVESTING. THE FUND'S PROSPECTUS CONTAINS THIS AND OTHER INFORMATION
ABOUT THE FUND, AND MAY BE OBTAINED BY ASKING YOUR FINANCIAL ADVISOR, CALLING US
AT 1.800.525.7048 OR VISITING OUR WEBSITE AT WWW.OPPENHEIMERFUNDS.COM. READ THE
PROSPECTUS CAREFULLY BEFORE INVESTING.
The Fund's investment strategy and focus can change over time. The mention of
specific fund holdings does not constitute a recommendation by OppenheimerFunds,
Inc.
CLASS A shares of the Fund were first publicly offered on 12/22/69. Unless
otherwise noted, Class A returns include the current maximum initial sales
charge of 5.75%.
CLASS B shares of the Fund were first publicly offered on 8/17/93. Unless
otherwise noted, Class B returns include the applicable contingent deferred
sales charge of 5% (1-year) and 2% (5-year). Because Class B shares convert to
Class A shares 72 months after purchase, the 10-year return for Class B uses
Class A performance for the period after conversion. Class B shares are subject
to an annual 0.75% asset-based sales charge.
CLASS C shares of the Fund were first publicly offered on 10/2/95. Unless
otherwise noted, Class C returns include the contingent deferred sales charge of
1% for the 1-year period. Class C shares are subject to an annual 0.75%
asset-based sales charge.
CLASS N shares of the Fund were first publicly offered on 3/1/01. Class N shares
are offered only through retirement plans. Unless otherwise noted, Class N
returns include the contingent deferred sales charge of 1% for the 1-year
period. Class N shares are subject to an annual 0.25% asset-based sales charge.
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.
11 | 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 March 31, 2007.
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 exceptions
12 | OPPENHEIMER GLOBAL FUND
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.
- --------------------------------------------------------------------------------
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
(10/1/06) (3/31/07) MARCH 31, 2007
- ----------------------------------------------------------------------------
Class A Actual $ 1,000.00 $ 1,095.90 $ 5.61
- ----------------------------------------------------------------------------
Class A Hypothetical 1,000.00 1,019.60 5.40
- ----------------------------------------------------------------------------
Class B Actual 1,000.00 1,091.40 9.69
- ----------------------------------------------------------------------------
Class B Hypothetical 1,000.00 1,015.71 9.34
- ----------------------------------------------------------------------------
Class C Actual 1,000.00 1,091.70 9.48
- ----------------------------------------------------------------------------
Class C Hypothetical 1,000.00 1,015.91 9.14
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Class N Actual 1,000.00 1,093.70 7.70
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Class N Hypothetical 1,000.00 1,017.60 7.42
- ----------------------------------------------------------------------------
Class Y Actual 1,000.00 1,097.70 3.61
- ----------------------------------------------------------------------------
Class Y Hypothetical 1,000.00 1,021.49 3.48
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 182/365
(to reflect the one-half year period). Those annualized expense ratios,
excluding indirect expenses from affiliated fund, based on the 6-month period
ended March 31, 2007 are as follows:
CLASS EXPENSE RATIOS
- -----------------------------
Class A 1.07%
- -----------------------------
Class B 1.85
- -----------------------------
Class C 1.81
- -----------------------------
Class N 1.47
- -----------------------------
Class Y 0.69
The expense ratios reflect voluntary waivers or reimbursements of expenses by
the Fund's Manager and Transfer Agent that can be terminated at any time,
without advance notice. The "Financial Highlights" tables in the Fund's
financial statements, included in this report, also show the gross expense
ratios, without such waivers or reimbursements.
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13 | OPPENHEIMER GLOBAL FUND
STATEMENT OF INVESTMENTS March 31, 2007 / Unaudited
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VALUE
SHARES SEE NOTE 1
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COMMON STOCKS--99.1%
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CONSUMER DISCRETIONARY--20.5%
- --------------------------------------------------------------------------------
AUTOMOBILES--2.7%
Bayerische Motoren
Werke AG 2,840,850 $ 167,849,952
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Porsche AG,
Preference 89,019 135,864,596
- --------------------------------------------------------------------------------
Toyota Motor Corp. 2,601,812 166,697,901
-----------------
470,412,449
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HOTELS, RESTAURANTS & LEISURE--2.5%
Carnival Corp. 4,464,332 209,198,598
- --------------------------------------------------------------------------------
International Game
Technology 2,377,582 96,006,761
- --------------------------------------------------------------------------------
McDonald's Corp. 2,501,800 112,706,090
- --------------------------------------------------------------------------------
Scientific Games
Corp., Cl. A 1 569,030 18,681,255
-----------------
436,592,704
- --------------------------------------------------------------------------------
HOUSEHOLD DURABLES--2.6%
Koninklijke
(Royal) Philips
Electronics NV 2 5,330,846 203,594,607
- --------------------------------------------------------------------------------
Sony Corp. 4,618,428 233,314,238
-----------------
436,908,845
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LEISURE EQUIPMENT & PRODUCTS--0.3%
Sega Sammy
Holdings, Inc. 2 2,342,200 54,659,284
- --------------------------------------------------------------------------------
MEDIA--5.5%
Getty Images, Inc. 1 1,063,000 51,693,690
- --------------------------------------------------------------------------------
Grupo Televisa SA,
Sponsored GDR 6,943,888 206,927,862
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Pearson plc 4,870,247 83,571,549
- --------------------------------------------------------------------------------
Singapore Press
Holdings Ltd. 14,000,000 40,419,042
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Sirius Satellite
Radio, Inc. 1 42,077,323 134,647,434
- --------------------------------------------------------------------------------
Walt Disney
Co. (The) 4,870,200 167,680,986
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Wire & Wireless
India Ltd. 1 9,508,121 19,458,124
- --------------------------------------------------------------------------------
WPP Group plc 6,241,370 94,571,795
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
MEDIA Continued
Zee Entertainment
Enterprises Ltd. 1 19,016,242 $ 129,176,739
- --------------------------------------------------------------------------------
Zee News Ltd. 1 8,597,243 7,674,520
-----------------
935,821,741
- --------------------------------------------------------------------------------
SPECIALTY RETAIL--4.1%
H&M Hennes &
Mauritz AB, B Shares 6,179,406 355,748,584
- --------------------------------------------------------------------------------
Industria de
Diseno Textil SA 3,000,200 186,482,996
- --------------------------------------------------------------------------------
Tiffany & Co. 3,498,978 159,133,519
-----------------
701,365,099
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TEXTILES, APPAREL & LUXURY GOODS--2.8%
Bulgari SpA 5,978,800 86,336,750
- --------------------------------------------------------------------------------
Burberry Group plc 6,030,519 77,492,353
- --------------------------------------------------------------------------------
Coach, Inc. 1 1,662,400 83,203,120
- --------------------------------------------------------------------------------
LVMH Moet
Hennessey Louis
Vuitton 2,130,510 236,362,836
-----------------
483,395,059
- --------------------------------------------------------------------------------
CONSUMER STAPLES--8.8%
- --------------------------------------------------------------------------------
BEVERAGES--2.5%
Companhia de
Bebidas das
Americas, ADR,
Preference 2,180,210 119,824,342
- --------------------------------------------------------------------------------
Diageo plc 4,925,099 99,777,425
- --------------------------------------------------------------------------------
Fomento
Economico
Mexicano SA de
CV, UBD 11,155,146 123,069,660
- --------------------------------------------------------------------------------
Grupo Modelo
SA de CV, Series C 15,408,976 78,941,643
-----------------
421,613,070
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FOOD & STAPLES RETAILING--2.2%
Seven & I Holdings
Co. Ltd. 1,937,863 58,702,506
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Tesco plc 17,738,508 155,072,755
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Wal-Mart
Stores, Inc. 3,363,500 157,916,325
-----------------
371,691,586
14 | OPPENHEIMER GLOBAL FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
FOOD PRODUCTS--1.2%
Cadbury
Schweppes plc 16,748,615 $ 214,890,627
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HOUSEHOLD PRODUCTS--2.8%
Colgate-Palmolive
Co. 1,711,200 114,291,048
- --------------------------------------------------------------------------------
Hindustan Lever Ltd. 18,225,796 85,775,821
- --------------------------------------------------------------------------------
Reckitt Benckiser plc 5,472,309 284,938,694
-----------------
485,005,563
- --------------------------------------------------------------------------------
PERSONAL PRODUCTS--0.1%
Avon Products, Inc. 486,277 18,118,681
- --------------------------------------------------------------------------------
ENERGY--5.8%
- --------------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES--2.6%
GlobalSantaFe Corp. 763,716 47,106,003
- --------------------------------------------------------------------------------
Technip SA 2,705,910 197,488,271
- --------------------------------------------------------------------------------
Transocean, Inc. 1 2,356,432 192,520,494
-----------------
437,114,768
- --------------------------------------------------------------------------------
OIL & GAS--3.2%
BP plc, ADR 1,980,458 128,234,656
- --------------------------------------------------------------------------------
Chevron Corp. 1,603,116 118,566,459
- --------------------------------------------------------------------------------
Husky Energy, Inc. 2,817,083 196,817,596
- --------------------------------------------------------------------------------
Neste Oil Oyj 2 423,700 14,602,733
- --------------------------------------------------------------------------------
Total SA 1,288,222 90,259,346
-----------------
548,480,790
- --------------------------------------------------------------------------------
FINANCIALS--14.2%
- --------------------------------------------------------------------------------
CAPITAL MARKETS--3.4%
Credit Suisse Group 3,481,681 249,847,824
- --------------------------------------------------------------------------------
Morgan Stanley 2,303,502 181,423,818
- --------------------------------------------------------------------------------
Northern
Trust Corp. 2,702,644 162,537,010
-----------------
593,808,652
- --------------------------------------------------------------------------------
COMMERCIAL BANKS--4.4%
HSBC Holdings plc 9,272,583 161,159,118
- --------------------------------------------------------------------------------
ICICI Bank Ltd.,
Sponsored ADR 1,078,400 39,631,200
- --------------------------------------------------------------------------------
Resona
Holdings, Inc. 23,822 63,652,322
- --------------------------------------------------------------------------------
Royal Bank of
Scotland Group
plc (The) 7,203,378 281,234,665
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL BANKS Continued
Societe
Generale, Cl. A 907,205 $ 156,781,564
- --------------------------------------------------------------------------------
Sumitomo Mitsui
Financial Group, Inc. 5,204 47,252,885
-----------------
749,711,754
- --------------------------------------------------------------------------------
CONSUMER FINANCE--0.6%
Credit Saison
Co. Ltd. 3,133,156 103,162,299
- --------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES--1.1%
Investor AB,
B Shares 2 4,293,594 102,070,316
- --------------------------------------------------------------------------------
JPMorgan
Chase & Co. 1,760,240 85,160,411
-----------------
187,230,727
- --------------------------------------------------------------------------------
INSURANCE--4.7%
ACE Ltd. 1,799,251 102,665,262
- --------------------------------------------------------------------------------
Allianz SE 1,059,411 217,942,123
- --------------------------------------------------------------------------------
Berkshire Hathaway,
Inc., Cl. B 1 28,150 102,466,000
- --------------------------------------------------------------------------------
Everest Re
Group Ltd. 491,818 47,298,137
- --------------------------------------------------------------------------------
Manulife
Financial Corp. 2,600,000 89,406,670
- --------------------------------------------------------------------------------
Prudential plc 11,154,969 157,500,251
- --------------------------------------------------------------------------------
XL Capital Ltd., Cl. A 1,193,400 83,490,264
-----------------
800,768,707
- --------------------------------------------------------------------------------
HEALTH CARE--9.1%
- --------------------------------------------------------------------------------
BIOTECHNOLOGY--2.4%
3SBio, Inc., ADS 1 326,400 3,596,928
- --------------------------------------------------------------------------------
Amgen, Inc. 1 1,165,966 65,154,180
- --------------------------------------------------------------------------------
Genentech, Inc. 1 863,952 70,947,738
- --------------------------------------------------------------------------------
Gilead Sciences, Inc. 1 1,973,602 150,980,553
- --------------------------------------------------------------------------------
InterMune, Inc. 1 1,214,900 29,959,434
- --------------------------------------------------------------------------------
NicOx SA 1 939,842 24,881,681
- --------------------------------------------------------------------------------
Nuvelo, Inc. 1 894,180 3,290,582
- --------------------------------------------------------------------------------
Regeneron
Pharmaceuticals,
Inc. 1 801,562 17,329,770
- --------------------------------------------------------------------------------
Theravance, Inc. 1 1,258,800 37,134,600
-----------------
403,275,466
15 | OPPENHEIMER GLOBAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES--1.6%
Boston
Scientific Corp. 1 6,630,857 $ 96,412,661
- --------------------------------------------------------------------------------
Medtronic, Inc. 1,188,750 58,320,075
- --------------------------------------------------------------------------------
Smith & Nephew plc 8,660,247 110,091,496
- --------------------------------------------------------------------------------
Swiss Medical SA 1,3,4 960,000 15,812,312
-----------------
280,636,544
- --------------------------------------------------------------------------------
LIFE SCIENCES TOOLS & SERVICES--0.4%
Affymetrix, Inc. 1 1,500,000 45,105,000
- --------------------------------------------------------------------------------
Nektar
Therapeutics 1 1,260,528 16,462,496
-----------------
61,567,496
- --------------------------------------------------------------------------------
PHARMACEUTICALS--4.7%
AtheroGenics, Inc. 1,4 3,311,300 9,304,753
- --------------------------------------------------------------------------------
Chugai Pharmaceutical
Co. Ltd. 2,959,082 74,830,825
- --------------------------------------------------------------------------------
Johnson & Johnson 653,400 39,373,884
- --------------------------------------------------------------------------------
Novartis AG 1,561,448 88,202,810
- --------------------------------------------------------------------------------
Novo Nordisk
AS, Cl. B 647,000 59,042,266
- --------------------------------------------------------------------------------
Roche Holdings AG 1,205,648 213,318,784
- --------------------------------------------------------------------------------
Sanofi-Aventis SA 2,856,803 248,437,563
- --------------------------------------------------------------------------------
Shionogi & Co. Ltd. 4,470,380 80,424,352
-----------------
812,935,237
- --------------------------------------------------------------------------------
INDUSTRIALS--9.8%
- --------------------------------------------------------------------------------
AEROSPACE & DEFENSE--4.4%
Boeing Co. 1,296,884 115,305,956
- --------------------------------------------------------------------------------
Empresa Brasileira
de Aeronautica
SA, ADR 3,724,596 170,809,973
- --------------------------------------------------------------------------------
European Aeronautic
Defence & Space Co. 5,574,650 172,916,247
- --------------------------------------------------------------------------------
Lockheed
Martin Corp. 1,038,810 100,785,346
- --------------------------------------------------------------------------------
Northrop
Grumman Corp. 1,157,100 85,879,962
- --------------------------------------------------------------------------------
Raytheon Co. 1,910,684 100,234,483
-----------------
745,931,967
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES--0.7%
Experian Group Ltd. 3,003,185 $ 34,601,901
- --------------------------------------------------------------------------------
Secom Co. Ltd. 1,701,000 78,624,193
-----------------
113,226,094
- --------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT--1.0%
Emerson Electric Co. 3,874,620 166,957,376
- --------------------------------------------------------------------------------
INDUSTRIAL CONGLOMERATES--3.0%
3M Co. 2,087,000 159,509,410
- --------------------------------------------------------------------------------
Hutchison
Whampoa Ltd. 6,369,920 61,265,692
- --------------------------------------------------------------------------------
Siemens AG 2,786,387 297,811,651
-----------------
518,586,753
- --------------------------------------------------------------------------------
MACHINERY--0.7%
Fanuc Ltd. 486,100 44,909,260
- --------------------------------------------------------------------------------
Hyundai Heavy
Industries Co. Ltd. 413,807 82,691,025
-----------------
127,600,285
- --------------------------------------------------------------------------------
INFORMATION TECHNOLOGY--26.2%
- --------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT--6.9%
Cisco Systems, Inc. 1 2,859,399 73,000,456
- --------------------------------------------------------------------------------
Corning, Inc. 1 7,883,298 179,266,197
- --------------------------------------------------------------------------------
Juniper
Networks, Inc. 1 9,723,392 191,356,355
- --------------------------------------------------------------------------------
Tandberg ASA 1 4,959,162 103,207,859
- --------------------------------------------------------------------------------
Telefonaktiebolaget
LM Ericsson,
B Shares 172,772,636 641,198,944
-----------------
1,188,029,811
- --------------------------------------------------------------------------------
COMPUTERS & PERIPHERALS--0.1%
Benq Corp. 1 53,409,000 21,304,206
- --------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS--3.0%
Hoya Corp. 3,827,716 126,240,260
- --------------------------------------------------------------------------------
Keyence Corp. 377,551 85,192,474
- --------------------------------------------------------------------------------
Kyocera Corp. 929,300 87,043,597
- --------------------------------------------------------------------------------
Murata
Manufacturing
Co. Ltd. 2,319,204 168,098,689
- --------------------------------------------------------------------------------
Nidec Corp. 642,308 41,181,083
-----------------
507,756,103
16 | OPPENHEIMER GLOBAL FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES--1.8%
eBay, Inc. 1 8,264,808 $ 273,978,385
- --------------------------------------------------------------------------------
Yahoo!, Inc. 1 1,156,600 36,190,014
-----------------
310,168,399
- --------------------------------------------------------------------------------
IT SERVICES--2.2%
Automatic Data
Processing, Inc. 4,034,200 195,255,280
- --------------------------------------------------------------------------------
Infosys
Technologies Ltd. 4,032,293 186,666,797
-----------------
381,922,077
- --------------------------------------------------------------------------------
OFFICE ELECTRONICS--0.4%
Canon, Inc. 1,231,182 66,135,286
- --------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--5.9%
Advanced Micro
Devices, Inc. 1 10,723,842 140,053,377
- --------------------------------------------------------------------------------
Altera Corp. 1 5,381,718 107,580,543
- --------------------------------------------------------------------------------
Cree, Inc. 1 3,708,468 61,041,383
- --------------------------------------------------------------------------------
International
Rectifier Corp. 1 1,635,000 62,473,350
- --------------------------------------------------------------------------------
Linear
Technology Corp. 2,225,030 70,288,698
- --------------------------------------------------------------------------------
Maxim Integrated
Products, Inc. 4,350,655 127,909,257
- --------------------------------------------------------------------------------
MediaTek, Inc. 11,826,300 135,179,970
- --------------------------------------------------------------------------------
Samsung
Electronics Co. 174,424 104,380,009
- --------------------------------------------------------------------------------
Taiwan
Semiconductor
Manufacturing
Co. Ltd. 51,499,518 105,669,566
- --------------------------------------------------------------------------------
Xilinx, Inc. 3,595,800 92,519,934
-----------------
1,007,096,087
- --------------------------------------------------------------------------------
SOFTWARE--5.9%
Adobe Systems, Inc. 1 5,312,800 221,543,760
- --------------------------------------------------------------------------------
Enix Corp. 2,500,000 64,151,185
- --------------------------------------------------------------------------------
Intuit, Inc. 1 5,527,700 151,237,872
- --------------------------------------------------------------------------------
Microsoft Corp. 10,373,102 289,098,353
- --------------------------------------------------------------------------------
Nintendo Co. Ltd. 320,300 93,094,662
- --------------------------------------------------------------------------------
SAP AG 4,090,629 182,567,113
-----------------
1,001,692,945
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
MATERIALS--0.3%
- --------------------------------------------------------------------------------
CHEMICALS--0.3%
Syngenta AG 1 218,195 $ 41,614,115
- --------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES--3.8%
- --------------------------------------------------------------------------------
WIRELESS TELECOMMUNICATION SERVICES--3.8%
KDDI Corp. 24,477 194,548,872
- --------------------------------------------------------------------------------
SK Telecom Co.
Ltd., ADR 6,113,336 143,174,326
- --------------------------------------------------------------------------------
Vodafone Group plc 119,862,879 319,606,039
-----------------
657,329,237
- --------------------------------------------------------------------------------
UTILITIES--0.6%
- --------------------------------------------------------------------------------
ELECTRIC UTILITIES--0.6%
Fortum Oyj 2 3,753,300 109,451,821
-----------------
Total Common Stocks
(Cost $11,332,967,926) 16,973,969,710
- --------------------------------------------------------------------------------
INVESTMENTS IN AFFILIATED COMPANIES--0.5%
- --------------------------------------------------------------------------------
Oppenheimer
Institutional Money
Market Fund, Cl. E,
5.23% 4,5
(Cost $78,263,168) 78,263,168 78,263,168
- --------------------------------------------------------------------------------
Total Investments,
at Value (excluding
Investments Purchased
with Cash Collateral
from Securities Loaned)
(Cost $11,411,231,094) 17,052,232,878
PRINCIPAL
VALUE
- --------------------------------------------------------------------------------
INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM
SECURITIES LOANED--2.7% 6
- --------------------------------------------------------------------------------
COMMERCIAL PAPER--0.1%
Lexington Parker Capital
Co. LLC, 5.29%,
4/5/07 $ 19,909,239 19,909,239
17 | OPPENHEIMER GLOBAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
JOINT REPURCHASE AGREEMENTS--2.6%
Undivided interest of 11.72% in joint repurchase
agreement (Principal Amount/Value
$3,500,000,000, with a maturity
value of $3,501,591,771) with
Bank of America NA, 5.4575%,
dated 3/30/07, to be repurchased
at $410,402,849 on 4/2/07,
collateralized by U.S.
Agency Mortgages,
5%-5.50%, 9/1/33-6/1/35,
with a value of
$3,570,000,000 $ 410,216,286 $ 410,216,286
- --------------------------------------------------------------------------------
Undivided interest of 5.33% in joint repurchase
agreement (Principal Amount/Value
$750,000,000 with a maturity value
of $750,342,344) with Barclays Capital,
5.4775%, dated 3/30/07, to be
repurchased at $40,018,258 on
4/2/07, collateralized by AAA
Asset-Backed Securities, 0.00%,
9/15/10-11/25/46,
with a value
of $772,500,000 40,000,000 40,000,000
-----------------
450,216,286
VALUE
SEE NOTE 1
- --------------------------------------------------------------------------------
Total Investments Purchased
with Cash Collateral from
Securities Loaned
(Cost $470,125,525) $ 470,125,525
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS,
AT VALUE
(COST $11,881,356,619) 102.3% 17,522,358,403
- --------------------------------------------------------------------------------
LIABILITIES IN
EXCESS OF
OTHER ASSETS (2.3) (390,060,962)
---------------------------------
NET ASSETS 100.0% $ 17,132,297,441
=================================
FOOTNOTES TO STATEMENT OF INVESTMENTS
1. Non-income producing security.
2. Partial or fully-loaned security. See Note 7 of accompanying Notes.
3. Illiquid or restricted security. The aggregate value of illiquid or
restricted securities as of March 31, 2007 was $15,812,312, which represents
0.09% of the Fund's net assets, all of which is considered restricted. See Note
6 of accompanying Notes.
4. Is or was an affiliate, as defined in the Investment Company Act of 1940, at
or during the period ended March 31, 2007 by virtue of the Fund owning at least
5% of the voting securities of the issuer or as a result of the Fund and the
issuer having the same investment advisor. Transactions during the period in
which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES
SEPTEMBER 30, 2006 ADDITIONS REDUCTIONS MARCH 31, 2007
- ---------------------------------------------------------------------------------------------------------
AtheroGenics, Inc. 2,500,000 1,000,000 188,700 3,311,300
Oppenheimer Institutional
Money Market Fund, Cl. E, 5.23% -- 950,882,754 872,619,586 78,263,168
Swiss Medical SA 960,000 -- -- 960,000
VALUE DIVIDEND REALIZED
SEE NOTE 1 INCOME LOSS
- ---------------------------------------------------------------------------------------------------------
AtheroGenics, Inc. $ 9,304,753 $ -- $ 837,235
Oppenheimer Institutional
Money Market Fund, Cl. E, 5.23% 78,263,168 2,850,404 --
Swiss Medical SA 15,812,312 -- --
-----------------------------------------------
$ 103,380,233 $ 2,850,404 $ 837,235
===============================================
18 | OPPENHEIMER GLOBAL FUND
5. Rate shown is the 7-day yield as of March 31, 2007.
6. The security/securities have been segregated to satisfy the forward
commitment to return the cash collateral received in securities lending
transactions upon the borrower's return of the securities loaned. See Note 7 of
accompanying Notes.
DISTRIBUTION OF INVESTMENTS REPRESENTING GEOGRAPHIC HOLDINGS, AS A PERCENTAGE OF
TOTAL INVESTMENTS AT VALUE, IS AS FOLLOWS:
GEOGRAPHIC HOLDINGS VALUE PERCENT
- --------------------------------------------------------------------------------
United States $ 6,355,581,865 36.3%
United Kingdom 2,168,141,423 12.4
Japan 1,931,916,173 11.0
Sweden 1,099,017,844 6.3
Germany 1,002,035,435 5.7
France 954,211,261 5.4
Switzerland 592,983,533 3.4
India 468,383,201 2.7
Mexico 408,939,165 2.3
The Netherlands 376,510,854 2.1
Korea, Republic of South 330,245,360 1.9
Brazil 290,634,315 1.7
Canada 286,224,266 1.6
Taiwan 262,153,742 1.5
Cayman Islands 233,261,529 1.3
Spain 186,482,996 1.1
Finland 124,054,554 0.7
Norway 103,207,859 0.6
Italy 86,336,750 0.5
Hong Kong 61,265,692 0.4
Denmark 59,042,266 0.3
Bermuda 47,298,137 0.3
Singapore 40,419,042 0.2
Jersey, Channel Islands 34,601,901 0.2
Argentina 15,812,312 0.1
China 3,596,928 0.0
---------------------------
Total $ 17,522,358,403 100.0%
===========================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
19 | OPPENHEIMER GLOBAL FUND
STATEMENT OF ASSETS AND LIABILITIES Unaudited
- --------------------------------------------------------------------------------
March 31, 2007
- --------------------------------------------------------------------------------------------------
ASSETS
- --------------------------------------------------------------------------------------------------
Investments, at value--see accompanying statement of investments:
Unaffiliated companies (cost $11,726,911,407) $ 17,418,978,170
Affiliated companies (cost $154,445,212) 103,380,233
-----------------
17,522,358,403
- --------------------------------------------------------------------------------------------------
Cash 5,064,893
- --------------------------------------------------------------------------------------------------
Cash-foreign currencies (cost $16,524,873) 16,498,360
- --------------------------------------------------------------------------------------------------
Receivables and other assets:
Interest and dividends 50,824,711
Investments sold 42,036,199
Shares of beneficial interest sold 7,284,855
Other 746,380
-----------------
Total assets 17,644,813,801
- --------------------------------------------------------------------------------------------------
LIABILITIES
- --------------------------------------------------------------------------------------------------
Return of collateral for securities loaned 470,125,525
- --------------------------------------------------------------------------------------------------
Unrealized depreciation on foreign currency contracts 11,573
- --------------------------------------------------------------------------------------------------
Payables and other liabilities:
Shares of beneficial interest redeemed 25,686,439
Distribution and service plan fees 9,824,760
Trustees' compensation 2,600,033
Transfer and shareholder servicing agent fees 2,379,218
Shareholder communications 946,550
Investments purchased 174,665
Other 767,597
-----------------
Total liabilities 512,516,360
- --------------------------------------------------------------------------------------------------
NET ASSETS $ 17,132,297,441
=================
- --------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- --------------------------------------------------------------------------------------------------
Paid-in capital $ 11,130,249,994
- --------------------------------------------------------------------------------------------------
Accumulated net investment loss (53,876,451)
- --------------------------------------------------------------------------------------------------
Accumulated net realized gain on investments
and foreign currency transactions 414,607,972
- --------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments and translation of assets
and liabilities denominated in foreign currencies 5,641,315,926
-----------------
NET ASSETS $ 17,132,297,441
=================
20 | OPPENHEIMER GLOBAL FUND
- -----------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- -----------------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share (based on net assets
of $13,125,694,138 and 176,757,846 shares of beneficial interest outstanding) $ 74.26
Maximum offering price per share (net asset value plus sales charge
of 5.75% of offering price) $ 78.79
- -----------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent
deferred sales charge) and offering price per share (based on net assets
of $1,284,376,137 and 18,627,785 shares of beneficial interest outstanding) $ 68.95
- -----------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent
deferred sales charge) and offering price per share (based on net assets
of $1,464,180,894 and 20,865,494 shares of beneficial interest outstanding) $ 70.17
- -----------------------------------------------------------------------------------------
Class N Shares:
Net asset value, redemption price (excludes applicable contingent
deferred sales charge) and offering price per share (based on net assets
of $453,264,019 and 6,159,548 shares of beneficial interest outstanding) $ 73.59
- -----------------------------------------------------------------------------------------
Class Y Shares:
Net asset value, redemption price and offering price per share
(based on net assets of $804,782,253 and 10,765,902 shares of beneficial
interest outstanding) $ 74.75
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
21 | OPPENHEIMER GLOBAL FUND
STATEMENT OF OPERATIONS Unaudited
- --------------------------------------------------------------------------------
For the Six Months Ended March 31, 2007
- --------------------------------------------------------------------------------
INVESTMENT INCOME
- --------------------------------------------------------------------------------
Dividends:
Unaffiliated companies (net of foreign
withholding taxes of $1,553,480) $ 109,064,891
Affiliated companies 2,850,404
- --------------------------------------------------------------------------------
Interest 324,121
- --------------------------------------------------------------------------------
Portfolio lending fees 1,980,426
--------------
Total investment income 114,219,842
- --------------------------------------------------------------------------------
EXPENSES
- --------------------------------------------------------------------------------
Management fees 52,491,118
- --------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 15,553,804
Class B 6,692,268
Class C 7,171,079
Class N 1,107,882
- --------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 10,768,697
Class B 1,202,384
Class C 1,085,121
Class N 712,621
Class Y 145,652
- --------------------------------------------------------------------------------
Shareholder communications:
Class A 445,374
Class B 167,901
Class C 74,584
Class N 9,522
Class Y 10,222
- --------------------------------------------------------------------------------
Custodian fees and expenses 1,206,863
- --------------------------------------------------------------------------------
Trustees' compensation 801,068
- --------------------------------------------------------------------------------
Other 284,911
--------------
Total expenses 99,931,071
Less reduction to custodian expenses (2,086)
Less waivers and reimbursements of expenses (54,157)
--------------
Net expenses 99,874,828
- --------------------------------------------------------------------------------
NET INVESTMENT INCOME 14,345,014
22 | OPPENHEIMER GLOBAL FUND
- -------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
- -------------------------------------------------------------------------------------------------------
Net realized gain (loss) on:
Investments:
Unaffiliated companies (net of foreign capital gains tax of $2,962,851) $ 494,262,767
Affiliated companies (837,235)
Foreign currency transactions 15,729,124
Net increase from payments by affiliate 117,389
----------------
Net realized gain 509,272,045
- -------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation on:
Investments (net of foreign capital gains tax of $348,570) 781,317,303
Translation of assets and liabilities denominated in foreign currencies 201,839,692
----------------
Net change in unrealized appreciation 983,156,995
- -------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 1,506,774,054
================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
23 | OPPENHEIMER GLOBAL FUND
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
MARCH 31, 2007 SEPTEMBER 30,
(UNAUDITED) 2006
- --------------------------------------------------------------------------------------------------------
OPERATIONS
- --------------------------------------------------------------------------------------------------------
Net investment income $ 14,345,014 $ 69,709,110
- --------------------------------------------------------------------------------------------------------
Net realized gain 509,272,045 1,045,788,263
- --------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation 983,156,995 667,119,903
--------------------------------------
Net increase in net assets resulting from operations 1,506,774,054 1,782,617,276
- --------------------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- --------------------------------------------------------------------------------------------------------
Dividends from net investment income:
Class A (90,292,361) (68,537,063)
Class B -- --
Class C (899,040) --
Class N (1,590,707) (910,564)
Class Y (7,189,797) (2,848,372)
--------------------------------------
(99,971,905) (72,295,999)
- --------------------------------------------------------------------------------------------------------
Distributions from net realized gain:
Class A (708,484,465) (320,948,026)
Class B (80,082,937) (47,068,929)
Class C (83,248,351) (36,978,219)
Class N (24,861,072) (10,192,572)
Class Y (37,610,062) (8,652,855)
--------------------------------------
(934,286,887) (423,840,601)
- --------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- --------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
beneficial interest transactions:
Class A 632,004,707 722,673,118
Class B (119,311,354) (245,316,856)
Class C 71,705,695 112,068,876
Class N 20,248,103 64,093,278
Class Y 184,514,880 312,026,242
--------------------------------------
789,162,031 965,544,658
- --------------------------------------------------------------------------------------------------------
NET ASSETS
- --------------------------------------------------------------------------------------------------------
Total increase 1,261,677,293 2,252,025,334
- --------------------------------------------------------------------------------------------------------
Beginning of period 15,870,620,148 13,618,594,814
--------------------------------------
End of period (including accumulated net investment income
(loss) of $(53,876,451) and $31,750,440, respectively) $ 17,132,297,441 $ 15,870,620,148
======================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
24 | OPPENHEIMER GLOBAL FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
MARCH 31, 2007 SEPT. 30,
CLASS A (UNAUDITED) 2006 2005 2004 2003 2002
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of
period $ 72.17 $ 66.16 $ 52.64 $ 44.32 $ 35.25 $ 40.04
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment income .11 1 .42 1 .39 1 .21 .21 .07
Net realized and unrealized
gain (loss) 6.73 8.04 13.47 8.45 8.86 (4.86)
----------------------------------------------------------------------------------------------------
Total from investment
operations 6.84 8.46 13.86 8.66 9.07 (4.79)
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or
distributions to
shareholders:
Dividends from net investment
income (.54) (.43) (.34) (.34) -- --
Distributions from net
realized gain (4.21) (2.02) -- -- -- --
----------------------------------------------------------------------------------------------------
Total dividends and
distributions
to shareholders (4.75) (2.45) (.34) (.34) -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of
period $ 74.26 $ 72.17 $ 66.16 $ 52.64 $ 44.32 $ 35.25
====================================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET
VALUE 2 9.59% 13.13% 26.40% 19.58% 25.73% (11.96)%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period
(in thousands) $ 13,125,694 $ 12,130,083 $ 10,418,176 $ 8,232,135 $ 5,904,063 $ 4,559,330
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets
(in thousands) $ 12,931,031 $ 11,451,054 $ 9,449,471 $ 7,542,447 $ 4,950,791 $ 5,552,582
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net
assets: 3
Net investment income 0.29% 0.61% 0.66% 0.48% 0.59% 0.18%
Total expenses 1.07% 4,5,6 1.08% 6 1.12% 6 1.15% 6,7 1.23% 6 1.23% 6
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 7% 23% 29% 22% 46% 27%
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. Expenses including indirect expenses from affiliated fund were as follows:
Six Months Ended March 31, 2007 1.07%
5. Voluntary waiver or reimbursement of indirect mangement fees less than 0.01%.
6. Reduction to custodian expenses less than 0.01%.
7. Voluntary waiver of transfer agent fees less than 0.01%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
25 | OPPENHEIMER GLOBAL FUND
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
MARCH 31, 2007 SEPT. 30,
CLASS B (UNAUDITED) 2006 2005 2004 2003 2002
- -----------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning
of period $ 67.09 $ 61.72 $ 49.24 $ 41.52 $ 33.30 $ 38.11
- -----------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment loss (.18) 1 (.14) 1 (.09) 1 (.31) (.25) (.32)
Net realized and unrealized
gain (loss) 6.25 7.53 12.57 8.03 8.47 (4.49)
---------------------------------------------------------------------------------------------------
Total from investment
operations 6.07 7.39 12.48 7.72 8.22 (4.81)
- -----------------------------------------------------------------------------------------------------------------------------------
Dividends and/or
distributions to shareholders:
Dividends from net investment
income -- -- -- -- 2 -- --
Distributions from net
realized gain (4.21) (2.02) -- -- -- --
---------------------------------------------------------------------------------------------------
Total dividends and
distributions to shareholders (4.21) (2.02) -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 68.95 $ 67.09 $ 61.72 $ 49.24 $ 41.52 $ 33.30
===================================================================================================
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET
VALUE 3 9.14% 12.26% 25.35% 18.60% 24.69% (12.62)%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period
(in thousands) $ 1,284,376 $ 1,365,386 $ 1,488,390 $ 1,329,910 $ 1,224,725 $ 1,119,360
- -----------------------------------------------------------------------------------------------------------------------------------
Average net assets
(in thousands) $ 1,343,203 $ 1,447,546 $ 1,430,704 $ 1,361,457 $ 1,113,678 $ 1,456,440
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment loss (0.52)% (0.22)% (0.16)% (0.39)% (0.27)% (0.60)%
Total expenses 1.86% 5 1.89% 1.93% 1.98% 2.07% 2.00%
Expenses after payments and
waivers and reduction to
custodian expenses 1.85% 1.89% 1.93% 1.97% 2.07% 2.00%
- -----------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 7% 23% 29% 22% 46% 27%
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.
5. Expenses including indirect expenses from affiliated fund were as follows:
Six Months Ended March 31, 2007 1.86%
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
26 | OPPENHEIMER GLOBAL FUND
SIX MONTHS YEAR
ENDED ENDED
MARCH 31, 2007 SEPT. 30,
CLASS C (UNAUDITED) 2006 2005 2004 2003 2002
- ---------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 68.23 $ 62.72 $ 50.00 $ 42.19 $ 33.82 $ 38.71
- ---------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.16) 1 (.10) 1 (.06) 1 (.04) (.04) (.12)
Net realized and unrealized gain (loss) 6.36 7.63 12.78 7.91 8.41 (4.77)
-------------------------------------------------------------------------------------
Total from investment operations 6.20 7.53 12.72 7.87 8.37 (4.89)
- ---------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.05) -- -- (.06) -- --
Distributions from net realized gain (4.21) (2.02) -- -- -- --
-------------------------------------------------------------------------------------
Total dividends and distributions
to shareholders (4.26) (2.02) -- (.06) -- --
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 70.17 $ 68.23 $ 62.72 $ 50.00 $ 42.19 $ 33.82
=====================================================================================
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 9.17% 12.29% 25.44% 18.66% 24.75% (12.63)%
- ---------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $1,464,181 $1,352,705 $1,135,134 $846,382 $610,815 $463,949
- ---------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $1,439,331 $1,264,053 $ 998,745 $778,637 $508,597 $521,168
- ---------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (0.45)% (0.15)% (0.10)% (0.29)% (0.20)% (0.56)%
Total expenses 1.81% 4 1.84% 1.88% 1.91% 2.02% 1.99%
Expenses after payments and waivers
and reduction to custodian expenses 1.81% 1.84% 1.87% 1.91% 2.02% 1.99%
- ---------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 7% 23% 29% 22% 46% 27%
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. Expenses including indirect expenses from affiliated fund were as follows:
Six Months Ended March 31, 2007 1.81%
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
27 | OPPENHEIMER GLOBAL FUND
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
MARCH 31, 2007 SEPT. 30,
CLASS N (UNAUDITED) 2006 2005 2004 2003 2002
- ---------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 71.45 $ 65.53 $ 52.21 $ 44.04 $ 35.13 $ 39.98
- ---------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) (.04) 1 .16 1 .16 1 .09 .10 .07
Net realized and unrealized gain (loss) 6.66 7.96 13.33 8.32 8.81 (4.92)
-------------------------------------------------------------------------------------
Total from investment operations 6.62 8.12 13.49 8.41 8.91 (4.85)
- ---------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.27) (.18) (.17) (.24) -- --
Distributions from net realized gain (4.21) (2.02) -- -- -- --
-------------------------------------------------------------------------------------
Total dividends and distributions
to shareholders (4.48) (2.20) (.17) (.24) -- --
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 73.59 $ 71.45 $ 65.53 $ 52.21 $ 44.04 $ 35.13
=====================================================================================
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 9.37% 12.69% 25.88% 19.13% 25.36% (12.13)%
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 453,264 $ 420,221 $ 324,647 $219,888 $108,641 $ 51,077
- ---------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 445,781 $ 381,875 $ 272,659 $173,134 $ 77,891 $ 33,737
- ---------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income (loss) (0.12)% 0.24% 0.27% 0.14% 0.36% 0.14%
Total expenses 1.47% 4 1.47% 1.51% 1.58% 1.66% 1.45%
Expenses after payments and waivers
and reduction to custodian expenses 1.47% 1.47% 1.51% 1.53% 1.53% 1.45%
- ---------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 7% 23% 29% 22% 46% 27%
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. Expenses including indirect expenses from affiliated fund were as follows:
Six Months Ended March 31, 2007 1.47%
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
28 | OPPENHEIMER GLOBAL FUND
SIX MONTHS YEAR
ENDED ENDED
MARCH 31, 2007 SEPT. 30,
CLASS Y (UNAUDITED) 2006 2005 2004 2003 2002
- ---------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 72.75 $ 66.65 $ 52.99 $ 44.57 $ 35.38 $ 40.11
- ---------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .26 1 .72 1 .49 1 .28 .20 .12
Net realized and unrealized gain (loss) 6.75 8.06 13.64 8.55 8.99 (4.85)
-------------------------------------------------------------------------------------
Total from investment operations 7.01 8.78 14.13 8.83 9.19 (4.73)
- ---------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.80) (.66) (.47) (.41) -- --
Distributions from net realized gain (4.21) (2.02) -- -- -- --
-------------------------------------------------------------------------------------
Total dividends and distributions
to shareholders (5.01) (2.68) (.47) (.41) -- --
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 74.75 $ 72.75 $ 66.65 $ 52.99 $ 44.57 $ 35.38
=====================================================================================
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 9.77% 13.57% 26.76% 19.89% 25.98% (11.79)%
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 804,782 $ 602,225 $ 252,248 $403,736 $263,670 $164,363
- ---------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 712,817 $ 434,064 $ 252,837 $350,225 $207,637 $191,788
- ---------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 0.71% 1.03% 0.82% 0.73% 0.82% 0.37%
Total expenses 0.69% 4 0.72% 0.81% 0.91% 1.06% 1.15%
Expenses after payments and waivers
and reduction to custodian expenses 0.69% 0.72% 0.81% 0.91% 1.03% 1.05%
- ---------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 7% 23% 29% 22% 46% 27%
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. Expenses including indirect expenses from affiliated fund were as follows:
Six Months Ended March 31, 2007 0.69%
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
29 | OPPENHEIMER GLOBAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Oppenheimer Global Fund (the Fund) is registered under the Investment Company
Act of 1940, as amended, as an open-end management investment company. The
Fund's investment objective is to seek capital appreciation. The Fund's
investment advisor is OppenheimerFunds, Inc. (the Manager).
The Fund offers Class A, Class B, Class C, Class N and Class Y shares.
Class A shares are sold at their offering price, which is normally net asset
value plus a front-end sales charge. Class B, Class C and Class N shares are
sold without a front-end sales charge but may be subject to a contingent
deferred sales charge (CDSC). Class N shares are sold only through retirement
plans. Retirement plans that offer Class N shares may impose charges on those
accounts. Class Y shares are sold to certain institutional investors without
either a front-end sales charge or a CDSC, 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(R) 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, as identified by the portfolio pricing
service, prior to the time when the Fund's assets are valued. In the absence of
a sale, the security is valued at the official closing price on the principal
exchange. Corporate, government and municipal debt instruments having a
remaining maturity in excess of sixty days and all mortgage-backed securities
30 | OPPENHEIMER GLOBAL FUND
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. Options are
valued daily based upon the last sale price on the principal exchange on which
the option is traded. 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. Investments in
open-end registered investment companies (including affiliated funds) are valued
at that fund's net asset value. 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.
- --------------------------------------------------------------------------------
INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted
to invest daily available cash balances in an affiliated money market fund. The
Fund may invest the available cash in Class E shares of Oppenheimer
Institutional Money Market Fund ("IMMF") which seeks current income and
stability of principal. IMMF is a registered open-end management investment
company, regulated as a money market fund under the Investment Company Act of
1940, as amended. The Manager is also the investment advisor of IMMF. The Fund's
investment in IMMF is included in the Statement of Investments. As a
shareholder, the Fund is subject to its proportional share of IMMF's
31 | OPPENHEIMER GLOBAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
Class E expenses, including its management fee. The Manager will waive fees
and/or reimburse Fund expenses in an amount equal to the indirect management
fees incurred through the Fund's investment in IMMF.
- --------------------------------------------------------------------------------
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.
- --------------------------------------------------------------------------------
ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than
those attributable to a specific class), gains and losses are allocated on a
daily basis to each class of shares based upon the relative proportion of net
assets represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.
- --------------------------------------------------------------------------------
FEDERAL TAXES. The Fund intends to comply with provisions of the Internal
Revenue Code applicable to regulated investment companies and to distribute
substantially all of its investment company taxable income, including any net
realized gain on investments not offset by capital loss carryforwards, if any,
to shareholders, therefore, no federal income or excise tax provision is
required.
Net investment income (loss) and net realized gain (loss) may differ for
financial statement and tax purposes. The character of dividends and
distributions made during the fiscal year from net investment income or net
realized gains may differ from their ultimate characterization for federal
income tax purposes. Also, due to timing of dividends and distributions, the
fiscal year in which amounts are distributed may differ from the fiscal year in
which the income or net realized gain was recorded by the Fund.
As of March 31, 2007, the Fund had available for federal income tax
purposes an estimated capital loss carryforward of zero. This estimated capital
loss carryforward represents carryforward as of the end of the last fiscal year,
increased for losses deferred under tax accounting rules to the current fiscal
year and is increased or decreased by capital losses or gains realized in the
first six months of the current fiscal year. As of March 31, 2007, it is
estimated that the Fund will utilize $176,191 of capital loss carryforward to
offset realized capital gains. During the fiscal year ended September 30, 2006,
the Fund utilized $643,527 of capital loss carryforward to offset capital gains
realized in that fiscal year.
As of September 30, 2006, the Fund had available for federal income tax
purposes post-October foreign currency losses of $176,191.
32 | OPPENHEIMER GLOBAL FUND
- --------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. The Fund has adopted an unfunded retirement plan (the
"Plan") for the Fund's independent trustees. Benefits are based on years of
service and fees paid to each trustee during their period of service. The Plan
was frozen with respect to adding new participants effective December 31, 2006
(the "Freeze Date") and existing Plan Participants as of the Freeze Date will
continue to receive accrued benefits under the Plan. Active independent trustees
as of the Freeze Date have each elected a distribution method with respect to
their benefits under the Plan. During the six months ended March 31, 2007, the
Fund's projected benefit obligations were increased by $618,135 and payments of
$353,265 were made to retired trustees, resulting in an accumulated liability of
$1,781,920 as of March 31, 2007.
The Board of Trustees has adopted a compensation deferral plan for
independent trustees that enables trustees to elect to defer receipt of all or a
portion of the annual compensation they are entitled to receive from the Fund.
For purposes of determining the amount owed to the Trustee under the plan,
deferred amounts are treated as though equal dollar amounts had been invested in
shares of the Fund or in other Oppenheimer funds selected by the Trustee. The
Fund purchases shares of the funds selected for deferral by the Trustee in
amounts equal to his or her deemed investment, resulting in a Fund asset equal
to the deferred compensation liability. Such assets are included as a component
of "Other" within the asset section of the Statement of Assets and Liabilities.
Deferral of trustees' fees under the plan will not affect the net assets of the
Fund, and will not materially affect the Fund's assets, liabilities or net
investment income per share. Amounts will be deferred until distributed in
accordance to the compensation deferral plan.
- --------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations,
are recorded on the ex-dividend date. Income and capital gain distributions, if
any, are declared and paid annually.
- --------------------------------------------------------------------------------
INVESTMENT INCOME. Dividend income is recorded on the ex-dividend date or upon
ex-dividend notification in the case of certain foreign dividends where the
ex-dividend date may have passed. Non-cash dividends included in dividend
income, if any, are recorded at the fair market value of the securities
received. Interest income, which includes accretion of discount and amortization
of premium, is accrued as earned.
- --------------------------------------------------------------------------------
CUSTODIAN FEES. "Custodian fees and expenses" in the Statement of Operations may
include interest expense incurred by the Fund on any cash overdrafts of its
custodian account during the period. Such cash overdrafts may result from the
effects of failed trades in portfolio securities and from cash outflows
resulting from unanticipated shareholder redemption activity. The Fund pays
interest to its custodian on such cash overdrafts, to the extent they are not
offset by positive cash balances maintained by the Fund, at a rate equal to the
Federal Funds Rate plus 0.50%. The "Reduction to custodian expenses" line item,
if applicable, represents earnings on cash balances maintained by the Fund
during the period. Such interest expense and other custodian fees may be paid
with these earnings.
33 | OPPENHEIMER GLOBAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
SECURITY TRANSACTIONS. Security transactions are recorded on the trade date.
Realized gains and losses on securities sold are determined on the basis of
identified cost.
- --------------------------------------------------------------------------------
INDEMNIFICATIONS. The Fund's organizational documents provide current and former
trustees and officers with a limited indemnification against liabilities arising
in connection with the performance of their duties to the Fund. In the normal
course of business, the Fund may also enter into contracts that provide general
indemnifications. The Fund's maximum exposure under these arrangements is
unknown as this would be dependent on future claims that may be made against the
Fund. The risk of material loss from such claims is considered remote.
- --------------------------------------------------------------------------------
OTHER. The preparation of financial statements in conformity with 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:
SIX MONTHS ENDED MARCH 31, 2007 YEAR ENDED SEPTEMBER 30, 2006
SHARES AMOUNT SHARES AMOUNT
- -------------------------------------------------------------------------------------------------------
CLASS A
Sold 16,065,346 $ 1,187,272,393 34,238,188 $ 2,363,625,634
Dividends and/or
distributions reinvested 10,261,015 748,027,964 5,556,427 366,224,073
Redeemed (17,633,967) (1,303,295,650) 1 (29,202,154) (2,007,176,589) 2
-----------------------------------------------------------------------
Net increase 8,692,394 $ 632,004,707 10,592,461 $ 722,673,118
=======================================================================
- -------------------------------------------------------------------------------------------------------
CLASS B
Sold 1,080,330 $ 74,268,609 2,897,644 $ 186,627,181
Dividends and/or
distributions reinvested 1,087,691 73,810,711 696,236 42,929,917
Redeemed (3,893,261) (267,390,674) 1 (7,354,910) (474,873,954) 2
-----------------------------------------------------------------------
Net decrease (1,725,240) $ (119,311,354) (3,761,030) $ (245,316,856)
=======================================================================
- -------------------------------------------------------------------------------------------------------
CLASS C
Sold 1,769,074 $ 123,663,148 4,405,230 $ 288,285,208
Dividends and/or
distributions reinvested 1,047,656 72,340,627 505,615 31,696,986
Redeemed (1,775,673) (124,298,080) 1 (3,184,995) (207,913,318) 2
-----------------------------------------------------------------------
Net increase 1,041,057 $ 71,705,695 1,725,850 $ 112,068,876
=======================================================================
34 | OPPENHEIMER GLOBAL FUND
SIX MONTHS ENDED MARCH 31, 2007 YEAR ENDED SEPTEMBER 30, 2006
SHARES AMOUNT SHARES AMOUNT
- -------------------------------------------------------------------------------------------------------
CLASS N
Sold 1,116,830 $ 81,920,380 2,676,259 $ 183,604,093
Dividends and/or
distributions reinvested 355,209 25,695,841 164,841 10,788,852
Redeemed (1,193,474) (87,368,118) 1 (1,914,566) (130,299,667) 2
-----------------------------------------------------------------------
Net increase 278,565 $ 20,248,103 926,534 $ 64,093,278
=======================================================================
- -------------------------------------------------------------------------------------------------------
CLASS Y
Sold 2,439,985 $ 181,671,523 5,414,025 $ 377,116,117
Dividends and/or
distributions reinvested 601,721 44,106,175 166,020 10,995,532
Redeemed (554,249) (41,262,818) 1 (1,086,129) (76,085,407) 2
-----------------------------------------------------------------------
Net increase 2,487,457 $ 184,514,880 4,493,916 $ 312,026,242
=======================================================================
1. Net of redemption fees of $23,447, $2,435, $2,610, $808 and $1,292 for Class
A, Class B, Class C, Class N and Class Y, respectively.
2. Net of redemption fees of $57,810, $7,308, $6,382, $1,928 and $2,191 for
Class A, Class B, Class C, Class N and Class Y, respectively.
- --------------------------------------------------------------------------------
3. PURCHASES AND SALES OF SECURITIES
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations and money market funds, for the six months ended
March 31, 2007, were as follows:
PURCHASES SALES
--------------------------------------------------------------
Investment securities $1,222,974,903 $1,545,935,763
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Management fees paid to the Manager were in accordance with the
investment advisory agreement with the Fund which provides for a fee at an
annual rate of average net assets as shown in the following table:
FEE SCHEDULE
----------------------------------------
Up to $250 million 0.80%
Next $250 million 0.77
Next $500 million 0.75
Next $1 billion 0.69
Next $1.5 billion 0.67
Next $2.5 billion 0.65
Next $2.5 billion 0.63
Next $2.5 billion 0.60
Next $4 billion 0.58
Over $15 billion 0.56
- --------------------------------------------------------------------------------
TRANSFER AGENT FEES. OppenheimerFunds Services (OFS or the Transfer Agent), a
division of the Manager, acts as the transfer and shareholder servicing agent
for the Fund. The Fund pays OFS a per account fee. For the six months ended
March 31, 2007, the Fund paid $13,981,409 to OFS for services to the Fund.
35 | OPPENHEIMER GLOBAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
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
periodically at an annual rate of up to 0.25% of the average annual net assets
of Class A shares of the Fund. The Distributor currently uses all of those fees
to pay dealers, brokers, banks and other financial institutions periodically for
providing personal 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
periods. Fees incurred by the Fund under the plan are detailed in the Statement
of Operations.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLANS FOR CLASS B, CLASS C AND CLASS N SHARES. The Fund
has adopted Distribution and Service Plans 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 fee and/or asset-based sales charge in respect to shares sold prior
to the effective date of such termination. The Distributor determines its
uncompensated expenses under the plan at calendar quarter ends. The
Distributor's aggregate uncompensated expenses under the plan at March 31, 2007
for Class C and Class N shares were $15,599,587 and $3,539,440, respectively.
Fees incurred by the Fund under the plans are detailed in the Statement of
Operations.
- --------------------------------------------------------------------------------
SALES CHARGES. Front-end sales charges and contingent deferred sales charges
(CDSC) do not represent expenses of the Fund. They are deducted from the
proceeds of sales of Fund shares prior to investment or from redemption proceeds
prior to remittance, as applicable. The sales charges retained by the
Distributor from the sale of shares and the CDSC retained by the Distributor on
the redemption of shares is shown in the following table for the period
indicated.
36 | OPPENHEIMER GLOBAL FUND
CLASS A CLASS B CLASS C CLASS N
CLASS A CONTINGENT CONTINGENT CONTINGENT CONTINGENT
FRONT-END DEFERRED DEFERRED DEFERRED DEFERRED
SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES
SIX MONTHS RETAINED BY RETAINED BY RETAINED BY RETAINED BY RETAINED BY
ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
- ----------------------------------------------------------------------------------------------
March 31, 2007 $1,386,405 $19,978 $836,370 $44,480 $3,075
- --------------------------------------------------------------------------------
PAYMENTS, 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 six months ended March 31, 2007,
OFS waived $88 for Class N shares. This undertaking may be amended or withdrawn
at any time.
The Manager will waive fees and/or reimburse Fund expenses in an amount
equal to the indirect management fees incurred through the Fund's investment in
IMMF. During the six months ended March 31, 2007, the Manager waived $54,069 for
IMMF management fees.
The Distributor paid the Fund $117,389 in restitution as part of a
settlement with respect to an investigation of certain agreements between the
Distributor and various financial intermediaries that had selling agreements
with the Distributor. The payment increased the Fund's total returns by less
than 0.01%.
- --------------------------------------------------------------------------------
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.
As of March 31, 2007, the Fund had outstanding foreign currency contracts as
follows:
CONTRACT
EXPIRATION AMOUNT VALUATION AS OF UNREALIZED
CONTRACT DESCRIPTION DATE (000) MARCH 31, 2007 DEPRECIATION
- -------------------------------------------------------------------------------------
CONTRACTS TO SELL
Swedish Krone (SEK) 4/3/07 51,931(SEK) $7,438,170 $11,573
37 | OPPENHEIMER GLOBAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
6. ILLIQUID OR RESTRICTED SECURITIES
As of March 31, 2007, 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:
ACQUISITION VALUATION AS OF UNREALIZED
SECURITY DATES COST MARCH 31, 2007 DEPRECIATION
- ------------------------------------------------------------------------------------
CONTRACTS TO SELL
Swiss Medical SA 5/19/94-7/10/02 $30,390,000 $15,812,312 $14,577,688
- --------------------------------------------------------------------------------
7. SECURITIES LENDING
The Fund lends portfolio securities from time to time in order to earn
additional income. In return, the Fund receives collateral in the form of
securities, letters of credit or cash, against the loaned securities and
maintains collateral in an amount not less than 100% of the market value of the
loaned securities during the period of the loan. The market value of the loaned
securities is determined at the close of business each day. If the Fund is
undercollateralized at the close of business due to an increase in market value
of securities on loan, additional collateral is requested from the borrowing
counterparty and is delivered to the Fund on the next business day. Cash
collateral may be invested in approved investments and the Fund bears the risk
of any loss in value of these investments. The Fund retains a portion of the
interest earned from the collateral. If the borrower defaults on its obligation
to return the securities loaned because of insolvency or other reasons, the Fund
could experience delays and cost in recovering the securities loaned or in
gaining access to the collateral. The Fund continues to receive the economic
benefit of interest or dividends paid on the securities loaned in the form of a
substitute payment received from the borrower. As of March 31, 2007, the Fund
had on loan securities valued at $442,398,709, which are included in the
Statement of Assets and Liabilities as "Investments, at value" and, when
applicable, as "Receivable for Investments sold." Collateral of $470,125,525 was
received for the loans, all of which was received in cash and subsequently
invested in approved investments or held as cash.
38 | OPPENHEIMER GLOBAL FUND
- --------------------------------------------------------------------------------
8. RECENT ACCOUNTING PRONOUNCEMENTS
In June 2006, the Financial Accounting Standards Board ("FASB") issued FASB
Interpretation No. 48 ("FIN 48"), ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES.
FIN 48 clarifies the accounting for uncertainty in income taxes recognized in an
enterprise's financial statements in accordance with FASB Statement No. 109,
ACCOUNTING FOR INCOME TAXES. FIN 48 requires the evaluation of tax positions
taken in the course of preparing the Fund's tax returns to determine whether it
is "more-likely-than-not" that tax positions taken in the Fund's tax return will
be ultimately sustained. A tax liability and expense must be recorded in respect
of any tax position that, in Management's judgment, will not be fully realized.
FIN 48 is effective for fiscal years beginning after December 15, 2006. As of
March 31, 2007, the Manager has evaluated the implications of FIN 48 and does
not currently anticipate a material impact to the Fund's financial statements.
The Manager will continue to monitor the Fund's tax positions prospectively for
potential future impacts.
In September 2006, the FASB issued Statement of Financial Accounting
Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a
single authoritative definition of fair value, sets out a framework for
measuring fair value and expands disclosures about fair value measurements. SFAS
No. 157 applies to fair value measurements already required or permitted by
existing standards. SFAS No. 157 is effective for financial statements issued
for fiscal years beginning after November 15, 2007, and interim periods within
those fiscal years. As of March 31, 2007, the Manager does not believe the
adoption of SFAS No. 157 will materially impact the financial statement amounts;
however, additional disclosures may be required about the inputs used to develop
the measurements and the effect of certain of the measurements on changes in net
assets for the period.
39 | 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.
40 | OPPENHEIMER GLOBAL FUND
BOARD APPROVAL OF THE FUND'S INVESTMENT
ADVISORY AGREEMENT Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Each year, the Board of Trustees (the "Board"), including a majority of the
independent Trustees, is required to determine whether to renew the Fund's
investment advisory agreement (the "Agreement"). The Investment Company Act of
1940, as amended, requires that the Board request and evaluate, and that the
Manager provide, such information as may be reasonably necessary to evaluate the
terms of the Agreement. The Board employs an independent consultant to prepare a
report that provides information, including comparative information that the
Board requests for that purpose. In addition, the Board receives information
throughout the year regarding Fund services, fees, expenses and performance.
The Manager and the independent consultant provided information to the
Board on the following factors: (i) the nature, quality and extent of the
Manager's services, (ii) the investment performance of the Fund and the Manager,
(iii) the fees and expenses of the Fund, including comparative expense
information, (iv) the profitability of the Manager and its affiliates, including
an analysis of the cost of providing services by the Manager and its affiliates,
(v) the extent to which economies of scale are realized as the Fund grows and
whether fee levels reflect these economies of scale for Fund investors and (vi)
other benefits to the Manager from its relationship with the Fund. The Board was
aware that there are alternatives to retaining the Manager.
NATURE AND EXTENT OF SERVICES. The Board considered information about the
nature and extent of the services provided to the Fund and information regarding
the Manager's key personnel who provide such services. The Manager's duties
include providing the Fund with the services of the portfolio manager and the
Manager's investment team, who provide research, analysis and other advisory
services in regard to the Fund's investments; securities trading services;
oversight of third party service providers; monitoring compliance with
applicable Fund policies and procedures and adherence to the Fund's investment
restrictions. The Manager is responsible for providing certain administrative
services to the Fund as well. Those services include providing and supervising
all administrative and clerical personnel who are necessary in order to provide
effective corporate administration for the Fund; compiling and maintaining
records with respect to the Fund's operations; preparing and filing reports
required by the Securities and Exchange Commission; preparing periodic reports
regarding the operations of the Fund for its shareholders; preparing proxy
materials for shareholder meetings; and preparing the registration statements
required by Federal and state securities laws for the sale of the Fund's shares.
The Manager also provides the Fund with office space, facilities and equipment.
QUALITY OF SERVICES. The Board also considered the quality of the services
provided and the quality of the Manager's resources that are available to the
Fund. The Board took
41 | OPPENHEIMER GLOBAL FUND
BOARD APPROVAL OF THE FUND'S INVESTMENT
ADVISORY AGREEMENT Unaudited / Continued
- --------------------------------------------------------------------------------
account of the fact that the Manager has had over forty years of experience as
an investment adviser and that its assets under management rank it among the top
mutual fund managers in the United States. The Board evaluated the Manager's
administrative, accounting, legal and compliance services, and information the
Board has received regarding the experience and professional qualifications of
the Manager's personnel and the size and functions of its staff. In its
evaluation of the quality of the portfolio management services provided, the
Board considered the experience of Rajeev Bhaman and the Manager's Global
investment team and analysts. The Board members also considered their
experiences with the Manager and its officers and other personnel through their
service on the boards of the Fund and other funds advised by the Manager. The
Board considered information regarding the quality of services provided by
affiliates of the Manager, which its members have become knowledgeable about in
connection with the renewal of the Fund's service agreements. In light of the
foregoing, the Board concluded that the Fund benefits from the services provided
under the Agreement and from the Manager's experience, reputation, personnel,
operations, and resources.
INVESTMENT PERFORMANCE OF THE MANAGER AND THE FUND. During the year, the
Manager provided information on the investment performance of the Fund and the
Manager at each Board meeting, including comparative performance information.
The Board also reviewed information, prepared by the Manager and by the
independent consultant, comparing the Fund's historical performance to relevant
market indices and to the performance of all other retail front-end load and
no-load global multi-cap growth funds advised by the Manager and by other
investment advisers. The Board noted that the Fund's one-year, three-year,
five-year and ten-year performance were better than its peer group median.
MANAGEMENT FEES AND EXPENSES. The Board reviewed the fees paid to the
Manager and its affiliates and the other expenses borne by the Fund. The Board
also evaluated the comparability of the fees charged and the services provided
to the Fund to the fees and services for other clients or accounts advised by
the Manager. The independent consultant provided comparative data in regard to
the fees and expenses of the Fund, other global multi-cap growth funds, other
global large-cap growth funds, other global multi-cap value funds and other
funds with comparable asset levels and distribution features. The Board noted
that the Fund's contractual and actual management fees and total expenses are
lower than its peer group median.
ECONOMIES OF SCALE. The Board reviewed the extent to which the Manager may
realize economies of scale in managing and supporting the Fund, the extent to
which those economies of scale benefit the Fund's shareholders and the current
level of Fund assets in
42 | OPPENHEIMER GLOBAL FUND
relation to the Fund's breakpoint schedule for its management fees. The Board
also noted the Fund's breakpoints, which are intended to share economies of
scale that may exist as the Fund grows with its shareholders.
BENEFITS TO THE MANAGER. The Board considered information regarding the
Manager's costs in serving as the Fund's investment adviser, including the costs
associated with the personnel and systems necessary to manage the Fund, and
information regarding the Manager's profitability from its relationship with the
Fund. The Board considered that the Manager must be able to pay and retain
experienced professional personnel at competitive rates to provide services to
the Fund and that maintaining the financial viability of the Manager is
important in order for the Manager to continue to provide significant services
to the Fund and its shareholders. In addition to considering the profits
realized by the Manager, the Board considered information regarding the direct
and indirect benefits the Manager receives as a result of its relationship with
the Fund, including compensation paid to the Manager's affiliates for services
provided and research provided to the Manager in connection with permissible
brokerage arrangements (soft dollar arrangements).
CONCLUSIONS. These factors were also considered by the independent
Trustees meeting separately from the full Board, assisted by experienced counsel
to the Fund and the independent Trustees. Fund counsel is independent of the
Manager within the meaning and intent of the Securities and Exchange Commission
Rules.
Based on its review of the information it received and its evaluations
described above, the Board, including a majority of the independent Trustees,
concluded that the nature, extent and quality of the services provided to the
Fund by the Manager are a benefit to the Fund and in the best interest of the
Fund's shareholders and that the amount and structure of the compensation
received by the Manager and its affiliates are reasonable in relation to the
services provided. Accordingly, the Board elected to continue the Agreement for
another year. In arriving at this decision, the Board did not single out any
factor or factors as being more important than others, but considered all of the
factors together. The Board judged the terms and conditions of the Agreement,
including the management fee, in light of all of the surrounding circumstances.
43 | OPPENHEIMER GLOBAL FUND
ITEM 2. CODE OF ETHICS.
Not applicable to semiannual reports.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to semiannual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to semiannual reports.
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 03/31/2007, 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) Not applicable to semiannual reports.
(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: 05/14/2007
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: 05/14/2007
By: /s/ Brian W. Wixted
-------------------
Brian W. Wixted
Principal Financial Officer
Date: 05/14/2007