<PAGE> 1
[PHOTO]
SEMIANNUAL REPORT MARCH 31, 2000
Oppenheimer
GLOBAL FUND
[OPPENHEIMERFUNDS LOGO]
THE RIGHT WAY TO INVEST
<PAGE> 2
CONTENTS
1 President's Letter
3 An Interview
with Your Fund's
Manager
8 Financial
Statements
32 Officers and Trustees
REPORT HIGHLIGHTS
-------------------------------------------------------------------------------
OPPENHEIMER GLOBAL FUND MAINTAINED ITS EXCEPTIONAL PERFORMANCE during the
six-month reporting period that ended March 31, 2000.
OUR "NEW TECHNOLOGY" THEME RECENTLY LED US TO SOME NEW INVESTMENTS IN JAPAN,
where there's a growing demand for wireless mobile data, such as voice-activated
Internet access.
In Europe, THE TREND TOWARD RESTRUCTURING AND ENHANCING SHAREHOLDER VALUE that
began with the formation of the European Monetary Union (EMU) HAS PICKED UP
SPEED.
CUMULATIVE
TOTAL RETURNS
For the 6-Month Period
Ended 3/31/00 *
CLASS A
Without With
Sales Chg. Sales Chg.
-----------------------
54.72% 45.82%
CLASS B
Without With
Sales Chg. Sales Chg.
-----------------------
54.11% 49.11%
CLASS C
Without With
Sales Chg. Sales Chg.
-----------------------
54.12% 53.12%
CLASS Y
Without With
Sales Chg. Sales Chg.
-----------------------
54.99% 54.99%
*See Notes, page 7, for further details.
<PAGE> 3
[PHOTO]
BRIDGET A. MACASKILL
President
Oppenheimer
Global Fund
PRESIDENT'S LETTER
-------------------------------------------------------------------------------
DEAR SHAREHOLDER,
For many years, we have encouraged investors to consider whether they could
tolerate more risk in their long-term investments by participating in the stock
market, which has historically provided higher long-term returns than any other
asset class. Today, however, we have a very different concern: some investors
may be assuming too much risk by concentrating their investments in just a
handful of stocks or sectors or by "chasing performance."
Alan Greenspan, the Chairman of the Federal Reserve Board, has stated his
view that the recent spectacular returns of some sectors of the market are
partly responsible for pushing our economy to growth rates that could lead to
higher inflation. The dramatic rise in the prices of a narrow segment of the
market has created enormous wealth for some investors. In turn, those investors
are spending at a rate that the Fed believes may threaten the healthy growth of
our economy.
That's why the Fed has been raising interest rates steadily and decisively
over the past year. By making borrowing more expensive, the Fed is attempting to
slow economic growth. It is a precarious balancing act: too much tightening
creates the risk of recession, while too little opens the door to inflation.
The implications are clear: investors must be prepared for near-term
market volatility. In the bond market, higher interest rates usually lead to
lower bond prices. In the stock market, slower economic growth could reduce
corporate earnings and put downward pressure on stock prices. Highly valued
stocks may be particularly vulnerable to a correction. The Securities and
Exchange Commission Chairman, Arthur Levitt, has cautioned investors against the
expectation that the types of returns seen in the recent bull market will last
forever. We agree.
1 OPPENHEIMER GLOBAL FUND
<PAGE> 4
PRESIDENT'S LETTER
-------------------------------------------------------------------------------
Because of the prospect of continued market volatility, we encourage you
to consider diversifying your investments. Indeed, diversification may help you
mitigate the effects of sharp declines in any one area. It may also help you
better position your portfolio to seek greater returns over the long run.
While "new economy" stocks have risen since our last report to you, many
"old economy" stocks are selling at unusually low prices. In the bond market,
higher interest rates over the short term may reduce inflation concerns, which
should be beneficial over the long term. By buying out-of-favor investments, you
may be able to profit when and if they return to favor in the future. Of course,
there is no assurance that value investing will return to favor in the market,
but it may be a diversification strategy to consider for part of your portfolio.
What specific investments should you consider today so that you are
prepared for tomorrow? The answer depends on your individual investing goals,
risk tolerance and financial circumstances. We urge you to talk with your
financial advisor about ways to diversify your portfolio. This may include
considering global diversification as part of your strategy. While investing
abroad has special risks, such as the effects of foreign currency fluctuation,
it also offers opportunities to participate in global economic growth and to
hedge against the volatility in U.S. markets.
We thank you for your continued confidence in OppenheimerFunds, The Right
Way to Invest.
Sincerely,
/s/ BRIDGET A. MACASKILL
Bridget A. Macaskill
April 24, 2000
2 OPPENHEIMER GLOBAL FUND
<PAGE> 5
[PHOTO]
PORTFOLIO MANAGEMENT
TEAM (L TO R)
Frank Jennings
William Wilby
(Portfolio Manager)
George Evans
AN INTERVIEW WITH YOUR FUND'S MANAGER
-------------------------------------------------------------------------------
Q. HOW DID THE FUND PERFORM DURING THE SIX MONTHS THAT ENDED MARCH 31, 2000?
A. It's a pleasure to tell you that Oppenheimer Global Fund once again performed
exceptionally well during the reporting period. We maintain that the primary
reason for this is our focus on growth companies that we believe may benefit
from one or more major, worldwide trends: mass affluence, aging populations, new
technologies and restructuring.
HOW MUCH OF THE FUND'S PROGRESS CAN BE ATTRIBUTED TO MOVEMENT IN THE
INTERNATIONAL MARKETS?
The final three months of 1999 were very positive for U.S. and foreign markets.
In the United States, markets bounced back from a mid-summer decline triggered
by rising interest rates. Overseas, Japan rebounded as institutional investors
directed capital to its market, which had become a relative bargain. The
remainder of Asia was slowly recovering from the financial crisis of mid-1997.
And Europe received a boost from currency unification (i.e., the introduction of
the euro), the removal of trade barriers and a movement to reduce capital-gain
taxes.
As 2000 began, however, many markets around the globe retrenched. Both the
Standard & Poor's 500 Index and the Morgan Stanley Capital International (MSCI)
Europe, Australia and Far East (EAFE) Index lost ground during the first quarter
of the calendar year. There were individual pockets of strength, such as in
France and Sweden, but the Fund's investments in those countries represent only
a small portion of total assets--too small to explain the Fund's superior
performance.
3 OPPENHEIMER GLOBAL FUND
<PAGE> 6
"In short, we're looking for stocks with the potential to deliver earnings
growth and share-price growth in any type of market."
AN INTERVIEW WITH YOUR FUND'S MANAGER
-------------------------------------------------------------------------------
TO WHAT, THEN, DO YOU ATTRIBUTE THE FUND'S PERFORMANCE?
We continued to manage the Fund with a very disciplined, bottom-up approach,
choosing our investments one company at a time based on their fundamental
strengths and their growth prospects in light of our four long-term global
themes. In short, we're looking for stocks with the potential to deliver
earnings growth and share-price growth in any type of market. And we've found
quite a few.
CAN YOU PROVIDE AN EXAMPLE OF HOW A STOCK WOULD FIT INTO YOUR THEMES?
One of the largest and best-performing positions in the Fund is QUALCOMM, Inc.
It's also one of our core "new technology" holdings. QUALCOMM is a U.S.
telecommunications business that has set the standard for software that runs
cellular communications. Many cellular phone manufacturers quickly embraced the
new software, so the stock price has appreciated considerably in the past year.
More importantly, QUALCOMM retained growth potential, because the United States
is actually behind the rest of the developed world when it comes to wireless
technologies and their application.
The "new technology" theme recently led us to some new investments in
Japan, where there's a growing demand for wireless mobile data, such as
voice-activated Internet access. We see the potential for a "new economy" to
emerge in Japan, spurred on by the Internet and government policies designed to
encourage restructuring of Japanese companies. To take advantage of this trend
and the burgeoning demand for cellular equipment, we've invested in several
component manufacturers.
Another example of a successful theme-based investment is Porsche AG, the
German automobile manufacturer. As segments of the population in Europe and the
United States age and become more affluent, Porsche has benefited. Its brand is
considered one of the most valuable in the world, and people are willing and
able to pay a premium for its cars.
4 OPPENHEIMER GLOBAL FUND
<PAGE> 7
AVERAGE ANNUAL
TOTAL RETURNS
For the Periods Ended 3/31/00(1)
CLASS A
1-Year 5-Year 10-Year
-------------------------------
63.35% 25.62% 16.42%
CLASS B Since
1-Year 5-Year Inception
-------------------------------
66.96% 25.94% 22.19%
CLASS C Since
1-Year 5-Year Inception
-------------------------------
70.99% N/A 26.09%
CLASS Y Since
1-Year 5-Year Inception
-------------------------------
73.92% N/A 63.91%
The Fund's returns at 3/31/00 include results for periods of exceptional market
performance that are not typical of historical results. You should not expect
those growth rates to continue. Because of ongoing market volatility, the
Fund's performance since 3/31/00 has been subject to substantial short-term
fluctuation and current performance may be less than the results shown.
As always, please keep in mind that investing in foreign securities entails
additional expenses and risks including foreign currency fluctuations.
WHAT DO YOU FORESEE FOR WORLD MARKETS IN THE COMING MONTHS?
We're confident about the outlook for markets in the United States, Europe,
Japan and Latin America.
While we expect the U.S. stock market to cool down as the effects of
tighter monetary policy take hold, we're not overly concerned about finding
compelling investments. We believe that good, solid companies can be found in
virtually any economic environment.
In Europe, the trend toward restructuring and enhancing shareholder value
that began with the formation of the European Monetary Union (EMU) is picking up
speed. For example, in January, Vodaphone Group plc (UK) and Mannesmann
(Germany) merged to create the world's largest telecommunications firm.
As we mentioned earlier, Japan is slowly moving toward a technology-based
economy, and we expect this may increasingly replace the old heavy-manufacturing
economy that has been in decline there for some years.
We're less enthusiastic about the remainder of Asia but see some very
encouraging developments in Latin America. For instance, in March, Standard &
Poor's Corporation raised Mexico's credit rating to investment grade, signaling
that perhaps the problems associated with the 1994 devaluation of the peso are
behind us.
Regardless of the economic prospects for individual markets, we still
believe there are investment opportunities globally. The Fund is well
diversified, which mitigates the risk
1. See notes on page 7 for further details.
5 OPPENHEIMER GLOBAL FUND
<PAGE> 8
REGIONAL
ALLOCATION(2)
[PIE CHART]
United States/
Canada 41.0%
Europe 40.2
Asia 13.1
Latin America 4.7
Emerging
Europe 1.0
AN INTERVIEW WITH YOUR FUND'S MANAGER
-------------------------------------------------------------------------------
of any single market or industry. Our bottom-up, "stock-pickers" approach and
our focus on long-term trends should continue to lead us to solid,
growth-oriented companies with strong competitive positions and high demand for
their products. We believe that these traits have and will continue to make
Oppenheimer Global Fund part of The Right Way to Invest for those who seek
global diversification and long-term capital appreciation.
<TABLE>
<CAPTION>
TOP TEN LARGEST COUNTRY HOLDINGS(2)
--------------------------------------------------------------
<S> <C>
United States 40.0%
--------------------------------------------------------------
Great Britain 13.0
--------------------------------------------------------------
France 8.7
--------------------------------------------------------------
Japan 7.9
--------------------------------------------------------------
Germany 7.8
--------------------------------------------------------------
The Netherlands 2.8
--------------------------------------------------------------
Brazil 2.7
--------------------------------------------------------------
Sweden 2.4
--------------------------------------------------------------
Italy 1.6
--------------------------------------------------------------
Ireland 1.5
<CAPTION>
TOP TEN STOCK HOLDINGS(2)
--------------------------------------------------------------
<S> <C>
National Semiconductor Corp. 3.4%
--------------------------------------------------------------
Cadence Design Systems, Inc. 2.9
--------------------------------------------------------------
Porsche AG, Preference 2.4
--------------------------------------------------------------
QUALCOMM, Inc. 2.3
--------------------------------------------------------------
Toshiba Corp. 2.3
--------------------------------------------------------------
Fresenius AG, Preference 2.0
--------------------------------------------------------------
Sun Microsystems, Inc. 2.0
--------------------------------------------------------------
L.M. Ericsson Telephone Co., ADR, Cl. B 2.0
--------------------------------------------------------------
WPP Group plc 2.0
--------------------------------------------------------------
Scientific-Atlanta, Inc. 1.9
</TABLE>
2. Portfolio is subject to change. Percentages are as of March 31, 2000, and are
based on total market value of investments.
6 OPPENHEIMER GLOBAL FUND
<PAGE> 9
NOTES
-------------------------------------------------------------------------------
IN REVIEWING PERFORMANCE AND RANKINGS, PLEASE REMEMBER THAT PAST PERFORMANCE
DOES NOT GUARANTEE FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. FOR QUARTERLY
UPDATES ON THE FUND'S PERFORMANCE, PLEASE CONTACT YOUR FINANCIAL ADVISOR, CALL
US AT 1.800.525.7048 OR VISIT OUR WEBSITE AT WWW.OPPENHEIMERFUNDS.COM.
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 show the effects 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.
CLASS A shares were first publicly offered on 12/22/69. Unless otherwise noted,
Class A returns include the current maximum initial sales charge of 5.75%.
CLASS B shares of the Fund were first publicly offered on 8/17/93. Unless
otherwise noted, Class B returns include the applicable contingent deferred
sales charge of 5% (1-year) and 2% (5-year). Because Class B shares convert to
Class A shares 72 months after purchase, the "since inception" return for Class
B uses Class A performance for the period after conversion. Class B shares are
subject to an annual 0.75% asset-based sales charge.
CLASS C shares of the Fund were first publicly offered on 10/2/95. Unless
otherwise noted, Class C returns include the contingent deferred sales charge of
1% for the 1-year period. Class C shares are subject to an annual 0.75%
asset-based sales charge.
CLASS Y shares of the Fund were first publicly offered on 11/17/98. Class Y
shares are offered only 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.
7 OPPENHEIMER GLOBAL FUND
<PAGE> 10
STATEMENT OF INVESTMENTS March 31, 2000 / Unaudited
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
==================================================================================================================
<S> <C> <C>
COMMON STOCKS--94.3%
------------------------------------------------------------------------------------------------------------------
BASIC MATERIALS--1.6%
------------------------------------------------------------------------------------------------------------------
CHEMICALS--1.6%
International Flavors & Fragrances, Inc.(1) 3,987,970 $139,828,198
------------------------------------------------------------------------------------------------------------------
CAPITAL GOODS--9.3%
------------------------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT--2.3%
Toshiba Corp.(2) 19,241,500 196,232,721
------------------------------------------------------------------------------------------------------------------
INDUSTRIAL SERVICES--4.6%
3i Group plc 1,794,256 37,726,124
------------------------------------------------------------------------------------------------------------------
Manpower, Inc.(2) 2,490,100 88,398,550
------------------------------------------------------------------------------------------------------------------
Rentokil Initial plc 40,845,100 106,536,909
------------------------------------------------------------------------------------------------------------------
WPP Group plc 9,665,600 169,923,241
---------------
402,584,824
------------------------------------------------------------------------------------------------------------------
MANUFACTURING--2.4%
Bombardier, Inc., Cl. B 3,303,300 82,935,174
------------------------------------------------------------------------------------------------------------------
Sidel SA 649,554 42,265,960
------------------------------------------------------------------------------------------------------------------
Societe BIC SA 2,122,065 86,300,671
---------------
211,501,805
------------------------------------------------------------------------------------------------------------------
COMMUNICATION SERVICES--7.4%
------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS: LONG DISTANCE--0.4%
MCI WorldCom, Inc.(3) 823,950 37,335,234
------------------------------------------------------------------------------------------------------------------
TELEPHONE UTILITIES--2.6%
DDI Corp.(1) 2,500 20,450,446
------------------------------------------------------------------------------------------------------------------
Portugal Telecom SA 3,031,500 38,871,288
------------------------------------------------------------------------------------------------------------------
Tele Norte Leste Participacoes SA (Telemar), Preference(3) 4,492,325,200 119,452,086
------------------------------------------------------------------------------------------------------------------
Telstra Corp. Ltd. 9,988,000 46,076,642
---------------
224,850,462
------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS: WIRELESS--4.4%
NTT Docomo, Inc. 2,658 109,103,300
------------------------------------------------------------------------------------------------------------------
Telecel-Comunicacoes Pessoais, SA 2,099,200 40,977,980
------------------------------------------------------------------------------------------------------------------
Telecom Italia Mobile SpA(1) 9,617,900 117,987,185
------------------------------------------------------------------------------------------------------------------
Telesp Celular Participacoes SA, ADR(1) 1,955,100 110,829,731
---------------
378,898,196
</TABLE>
8 OPPENHEIMER GLOBAL FUND
<PAGE> 11
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER CYCLICALS--8.0%
------------------------------------------------------------------------------------------------------------------
AUTOS & HOUSING--4.8%
Autoliv, Inc., SDR 1,246,000 $ 34,466,898
------------------------------------------------------------------------------------------------------------------
General Motors Corp. 865,100 71,641,094
------------------------------------------------------------------------------------------------------------------
Hanson plc 6,542,366 46,705,739
------------------------------------------------------------------------------------------------------------------
IRSA Inversiones y Representaciones SA 7,512,263 23,372,487
------------------------------------------------------------------------------------------------------------------
Porsche AG, Preference 70,436 205,570,637
------------------------------------------------------------------------------------------------------------------
Volkswagen AG 711,895 31,233,585
---------------
412,990,440
------------------------------------------------------------------------------------------------------------------
LEISURE & ENTERTAINMENT--1.3%
Hilton Group plc 12,457,400 57,980,325
------------------------------------------------------------------------------------------------------------------
International Game Technology(3) 2,350,500 50,976,469
---------------
108,956,794
------------------------------------------------------------------------------------------------------------------
MEDIA--1.1%
Reed International plc 9,946,795 72,636,329
------------------------------------------------------------------------------------------------------------------
Singapore Press Holdings Ltd. 1,511,000 24,115,931
---------------
96,752,260
------------------------------------------------------------------------------------------------------------------
RETAIL: SPECIALTY--0.8%
Circuit City Stores-Circuit City Group 1,125,800 68,533,075
------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES--11.1%
------------------------------------------------------------------------------------------------------------------
BEVERAGES--1.6%
Bass plc 3,356,000 42,241,694
------------------------------------------------------------------------------------------------------------------
Cadbury Schweppes plc 14,341,100 96,375,079
---------------
138,616,773
------------------------------------------------------------------------------------------------------------------
BROADCASTING--6.0%
Canal Plus(1) 307,280 67,628,334
------------------------------------------------------------------------------------------------------------------
Grupo Televisa SA, Sponsored GDR(1),(3) 1,793,700 121,971,600
------------------------------------------------------------------------------------------------------------------
ProSieben Media AG, Preference 1,015,165 122,397,836
------------------------------------------------------------------------------------------------------------------
Television Broadcasts Ltd. 5,845,000 51,983,080
------------------------------------------------------------------------------------------------------------------
Television Francaise(1) 153,232 112,903,331
------------------------------------------------------------------------------------------------------------------
Telewest Communications plc(3) 5,313,163 40,812,369
---------------
517,696,550
------------------------------------------------------------------------------------------------------------------
ENTERTAINMENT--0.8%
Disney (Walt) Co. 1,031,500 42,678,312
------------------------------------------------------------------------------------------------------------------
Nintendo Co. Ltd.(1) 172,000 30,269,585
---------------
72,947,897
</TABLE>
9 OPPENHEIMER GLOBAL FUND
<PAGE> 12
STATEMENT OF INVESTMENTS Unaudited / Continued
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
FOOD & DRUG RETAILERS--0.3%
Dairy Farm International Holdings Ltd. 44,918,910 $ 28,748,102
------------------------------------------------------------------------------------------------------------------
HOUSEHOLD GOODS--2.4%
Reckitt Benckiser plc 12,202,153 116,066,591
------------------------------------------------------------------------------------------------------------------
Wella AG, Preference 3,851,610 95,936,315
---------------
212,002,906
------------------------------------------------------------------------------------------------------------------
ENERGY--0.3%
------------------------------------------------------------------------------------------------------------------
OIL: INTERNATIONAL--0.3%
BP Amoco plc, ADR(1) 454,234 24,102,792
------------------------------------------------------------------------------------------------------------------
FINANCIAL--11.1%
------------------------------------------------------------------------------------------------------------------
BANKS--2.4%
Australia & New Zealand Banking Group Ltd. 8,203,900 51,789,580
------------------------------------------------------------------------------------------------------------------
DePfa Deutsche Pfandbriefbank AG (DePfa-Bank) 463,900 44,390,591
------------------------------------------------------------------------------------------------------------------
Royal Bank of Scotland Group plc (The) 5,947,900 87,580,562
------------------------------------------------------------------------------------------------------------------
UniCredito Italiano SpA(1) 5,454,900 21,714,342
---------------
205,475,075
------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL--7.1%
American Express Co. 400,000 59,575,000
------------------------------------------------------------------------------------------------------------------
Associates First Capital Corp., Cl. A 2,481,600 53,199,300
------------------------------------------------------------------------------------------------------------------
Citigroup, Inc. 1,212,700 71,928,269
------------------------------------------------------------------------------------------------------------------
Credit Saison Co. Ltd.(1) 2,622,000 43,459,270
------------------------------------------------------------------------------------------------------------------
Fannie Mae 1,038,200 58,593,412
------------------------------------------------------------------------------------------------------------------
Housing Development Finance Corp. Ltd. 1,189,100 10,400,705
------------------------------------------------------------------------------------------------------------------
ICICI Ltd. 50 157
------------------------------------------------------------------------------------------------------------------
ICICI Ltd., Sponsored ADR(1),(3) 5,139,400 116,921,350
------------------------------------------------------------------------------------------------------------------
Lehman Brothers Holdings, Inc. 946,500 91,810,500
------------------------------------------------------------------------------------------------------------------
MBNA Corp.(1) 4,188,700 106,811,850
---------------
612,699,813
------------------------------------------------------------------------------------------------------------------
INSURANCE--1.6%
Allied Zurich plc 5,251,500 57,680,589
------------------------------------------------------------------------------------------------------------------
American International Group, Inc.(1) 244,125 26,731,687
------------------------------------------------------------------------------------------------------------------
AXA SA 366,600 51,953,412
---------------
136,365,688
</TABLE>
10 OPPENHEIMER GLOBAL FUND
<PAGE> 13
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
REAL ESTATE INVESTMENT TRUSTS--0.0%
Unit Trust of India-Masterplus 91 1,900 $ 1,009
------------------------------------------------------------------------------------------------------------------
HEALTHCARE--13.3%
------------------------------------------------------------------------------------------------------------------
HEALTHCARE/DRUGS--11.3%
ALZA Corp., Cl. A(1),(3) 2,152,500 80,853,281
------------------------------------------------------------------------------------------------------------------
American Home Products Corp. 1,661,600 89,103,300
------------------------------------------------------------------------------------------------------------------
Amgen, Inc.(3) 1,210,000 74,263,750
------------------------------------------------------------------------------------------------------------------
Ares-Serono Group, Cl. B 7,270 27,371,264
------------------------------------------------------------------------------------------------------------------
Eisai Co. Ltd. 2,961,000 78,091,990
------------------------------------------------------------------------------------------------------------------
Elan Corp. plc, ADR(1),(3) 2,698,400 128,174,000
------------------------------------------------------------------------------------------------------------------
Fresenius AG, Preference 771,296 176,394,703
------------------------------------------------------------------------------------------------------------------
Genset, Sponsored ADR(1),(3) 1,426,000 46,322,719
------------------------------------------------------------------------------------------------------------------
Genzyme Corp. (General Division)(1),(3) 736,100 36,897,012
------------------------------------------------------------------------------------------------------------------
Gilead Sciences, Inc.(3) 798,700 50,617,612
------------------------------------------------------------------------------------------------------------------
Glaxo Wellcome plc, Sponsored ADR(1) 654,900 37,533,956
------------------------------------------------------------------------------------------------------------------
Human Genome Sciences, Inc. 342,600 28,457,212
------------------------------------------------------------------------------------------------------------------
Millennium Pharmaceuticals, Inc.(3) 333,600 43,326,300
------------------------------------------------------------------------------------------------------------------
Pfizer, Inc. 1,212,200 44,321,062
------------------------------------------------------------------------------------------------------------------
Pliva d.d., Sponsored GDR(3),(4) 658,550 10,207,525
------------------------------------------------------------------------------------------------------------------
Taisho Pharmaceutical Co. 865,000 29,855,214
---------------
981,790,900
------------------------------------------------------------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES--2.0%
Affymetrix, Inc.(1),(3) 291,900 43,328,906
------------------------------------------------------------------------------------------------------------------
Bard (C.R.), Inc. 1,708,600 66,101,462
------------------------------------------------------------------------------------------------------------------
Quintiles Transnational Corp.(3) 2,062,000 35,182,875
------------------------------------------------------------------------------------------------------------------
Swiss Medical SA(3),(5),(6) 300,000 26,190,000
---------------
170,803,243
------------------------------------------------------------------------------------------------------------------
TECHNOLOGY--31.4%
------------------------------------------------------------------------------------------------------------------
COMPUTER HARDWARE--2.5%
International Business Machines Corp. 380,800 44,934,400
------------------------------------------------------------------------------------------------------------------
Sun Microsystems, Inc.(3) 1,869,200 175,149,881
---------------
220,084,281
------------------------------------------------------------------------------------------------------------------
COMPUTER SERVICES--3.4%
Cap Gemini SA(1) 479,200 129,768,655
------------------------------------------------------------------------------------------------------------------
Getronics NV(1) 2,157,775 164,975,516
---------------
294,744,171
</TABLE>
11 OPPENHEIMER GLOBAL FUND
<PAGE> 14
STATEMENT OF INVESTMENTS Unaudited / Continued
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
COMPUTER SOFTWARE--6.2%
Cadence Design Systems, Inc.(3) 12,090,440 $ 250,876,630
------------------------------------------------------------------------------------------------------------------
Lernout & Hauspie Speech Products NV(1),(3) 829,300 91,637,650
------------------------------------------------------------------------------------------------------------------
Oracle Corp.(1),(3) 1,672,900 130,590,756
------------------------------------------------------------------------------------------------------------------
Sybase, Inc.(3) 3,009,900 61,138,594
---------------
534,243,630
------------------------------------------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT--10.2%
Alcatel 383,700 84,190,369
------------------------------------------------------------------------------------------------------------------
Cisco Systems, Inc.(3) 1,320,800 102,114,350
------------------------------------------------------------------------------------------------------------------
L.M. Ericsson Telephone Co., ADR, Cl. B(1),(3) 1,850,800 173,628,175
------------------------------------------------------------------------------------------------------------------
New Dixons Group plc 5,789,410 26,807,043
------------------------------------------------------------------------------------------------------------------
Nokia Corp., A Shares, Sponsored ADR(1) 393,150 85,411,838
------------------------------------------------------------------------------------------------------------------
QUALCOMM, Inc.(3) 1,349,600 201,512,150
------------------------------------------------------------------------------------------------------------------
Scientific-Atlanta, Inc. 2,644,200 167,741,438
------------------------------------------------------------------------------------------------------------------
Vodafone Group plc 7,754,400 43,111,522
---------------
884,516,885
------------------------------------------------------------------------------------------------------------------
ELECTRONICS--9.1%
Hoya Corp. 342,000 32,344,367
------------------------------------------------------------------------------------------------------------------
Koninklijke (Royal) Philips Electronics NV 476,400 80,050,274
------------------------------------------------------------------------------------------------------------------
Kyocera Corp. 131,000 21,917,418
------------------------------------------------------------------------------------------------------------------
National Semiconductor Corp.(3) 4,800,000 291,000,000
------------------------------------------------------------------------------------------------------------------
Samsung Electronics Co. 387,656 117,498,086
------------------------------------------------------------------------------------------------------------------
Sharp Corp. 4,673,000 100,007,166
------------------------------------------------------------------------------------------------------------------
Sony Corp., New(3) 79,000 11,245,552
------------------------------------------------------------------------------------------------------------------
Sony Corp.(1) 79,000 11,168,527
------------------------------------------------------------------------------------------------------------------
STMicroelectronics NV, NY Registered Shares(1) 683,600 127,961,375
---------------
793,192,765
------------------------------------------------------------------------------------------------------------------
TRANSPORTATION--0.8%
------------------------------------------------------------------------------------------------------------------
SHIPPING--0.8%
Peninsular & Oriental Steam Navigation Co. 6,337,524 65,868,293
---------------
Total Common Stocks (Cost $5,255,022,720) 8,172,364,782
</TABLE>
12 OPPENHEIMER GLOBAL FUND
<PAGE> 15
<TABLE>
<CAPTION>
PRINCIPAL MARKET VALUE
AMOUNT SEE NOTE 1
------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM NOTES--4.9%
Alcoa, Inc., 5.90%, 4/13/00 $30,807,000 $ 30,746,413
------------------------------------------------------------------------------------------------------------------
Associates Corp. of North America, 6.24%, 4/3/00 88,000,000 87,969,493
------------------------------------------------------------------------------------------------------------------
Banc One Financial Corp., 5.84%, 4/6/00 25,000,000 24,979,722
------------------------------------------------------------------------------------------------------------------
CIT Group, Inc., 6.04%, 5/16/00 50,000,000 49,622,500
------------------------------------------------------------------------------------------------------------------
FINOVA Capital Corp., 5.87%, 4/20/00 25,000,000 24,922,549
------------------------------------------------------------------------------------------------------------------
FINOVA Capital Corp., 5.95%, 4/28/00 20,000,000 19,910,750
------------------------------------------------------------------------------------------------------------------
General Electric Capital Corp., 6.18%, 4/3/00 50,000,000 49,982,833
------------------------------------------------------------------------------------------------------------------
General Electric Capital International Funding, Inc., 6.05%, 5/15/00 50,000,000 49,630,278
------------------------------------------------------------------------------------------------------------------
SBC Communications, Inc., 5.89%, 4/19/00 25,000,000 24,926,375
------------------------------------------------------------------------------------------------------------------
Wal-Mart Stores, Inc., 5.81%, 4/11/00 20,000,000 19,967,722
------------------------------------------------------------------------------------------------------------------
Wal-Mart Stores, Inc., 5.97%, 4/7/00 43,943,000 43,899,277
---------------
Total Short-Term Notes (Cost $426,557,912) 426,557,912
------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS--0.6%
Repurchase agreement with Banc One Capital Markets, Inc., 6.05%,
dated 3/31/00, to be repurchased at $55,728,082 on 4/3/00,
collateralized by U.S. Treasury Nts., 5%-7.50%, 5/31/00-2/15/07,
with a value of $37,262,299 and U.S. Treasury Bonds, 5.25%-12%,
11/15/09-2/15/29, with a value of $19,600,462 (Cost $55,700,000) 55,700,000 55,700,000
------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $5,737,280,632) 99.8% 8,654,622,694
------------------------------------------------------------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 0.2 15,727,332
-----------------------------------
NET ASSETS 100.0% $8,670,350,026
===================================
</TABLE>
13 OPPENHEIMER GLOBAL FUND
<PAGE> 16
STATEMENT OF INVESTMENTS Unaudited / Continued
-------------------------------------------------------------------------------
FOOTNOTES TO STATEMENT OF INVESTMENTS
1. Loaned security--See Note 8 of Notes to Financial Statements.
2. A sufficient amount of securities has been designated to cover outstanding
foreign currency exchange contracts. See Note 5 of Notes to Financial
Statements.
3. Non-income-producing security.
4. Represents securities sold under Rule 144A, which are exempt from
registration under the Securities Act of 1933, as amended. These securities have
been determined to be liquid under guidelines established by the Board of
Trustees. These securities amount to $10,207,525 or 0.12% of the Fund's net
assets as of March 31, 2000.
5. Affiliated company. Represents ownership of at least 5% of the voting
securities of the issuer, and is or was an affiliate, as defined in the
Investment Company Act of 1940, at or during the period ended March 31, 2000.
The aggregate fair value of securities of affiliated companies held by the Fund
as of March 31, 2000 amounts to $26,190,000. Transactions during the period in
which the issuer was an affiliate are as follows:
<TABLE>
<CAPTION>
SHARES SHARES
SEPTEMBER 30, GROSS GROSS MARCH 31,
1999 ADDITIONS REDUCTIONS 2000
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Swiss Medical SA 300,000 -- -- 300,000
</TABLE>
14 OPPENHEIMER GLOBAL FUND
<PAGE> 17
FOOTNOTES TO STATEMENT OF INVESTMENTS Continued
6. Identifies issues considered to be illiquid or restricted--See Note 6 of
Notes to Financial Statements.
DISTRIBUTION OF INVESTMENTS REPRESENTING GEOGRAPHIC DIVERSIFICATION, AS A
PERCENTAGE OF TOTAL INVESTMENTS AT VALUE, IS AS FOLLOWS:
<TABLE>
<CAPTION>
GEOGRAPHIC DIVERSIFICATION MARKET VALUE PERCENT
------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
United States $3,467,809,837 40.0%
Great Britain 1,129,689,155 13.0
France 749,294,825 8.7
Japan 684,145,556 7.9
Germany 675,923,668 7.8
The Netherlands 245,025,790 2.8
Brazil 230,281,817 2.7
Sweden 208,095,073 2.4
Italy 139,701,525 1.6
Ireland 128,174,000 1.5
India 127,323,221 1.5
Mexico 121,971,600 1.4
Korea, Republic of (South) 117,498,086 1.4
Australia 97,866,222 1.1
Belgium 91,637,650 1.1
Finland 85,411,838 1.0
Canada 82,935,174 1.0
Portugal 79,849,268 0.9
Singapore 52,864,033 0.6
Hong Kong 51,983,080 0.6
Argentina 49,562,487 0.6
Switzerland 27,371,264 0.3
Croatia 10,207,525 0.1
------------------------------------
Total $8,654,622,694 100.0%
====================================
</TABLE>
See accompanying Notes to Financial Statements.
15 OPPENHEIMER GLOBAL FUND
<PAGE> 18
STATEMENT OF ASSETS AND LIABILITIES Unaudited
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
March 31, 2000
===================================================================================================================
<S> <C>
ASSETS
Investments, at value--see accompanying statement:
Unaffiliated companies (cost $5,723,990,632) $ 8,628,432,694
Affiliated companies (cost $13,290,000) 26,190,000
-------------------------------------------------------------------------------------------------------------------
Cash 433,032
-------------------------------------------------------------------------------------------------------------------
Collateral for securities loaned 816,924,495
-------------------------------------------------------------------------------------------------------------------
Unrealized appreciation on foreign currency exchange contracts 66,118
-------------------------------------------------------------------------------------------------------------------
Receivables and other assets:
Shares of beneficial interest sold 66,101,327
Investments sold 58,540,521
Interest and dividends 16,730,938
Other 187,057
---------------------
Total assets 9,613,606,182
===================================================================================================================
LIABILITIES
Return of collateral for securities loaned 816,924,495
-------------------------------------------------------------------------------------------------------------------
Unrealized depreciation on foreign currency exchange contracts 29,781
-------------------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased 109,826,977
Shares of beneficial interest redeemed 9,097,470
Distribution and service plan fees 4,602,377
Transfer and shareholder servicing agent fees 1,119,964
Trustees' compensation 392,726
Other 1,262,366
---------------------
Total liabilities 943,256,156
===================================================================================================================
NET ASSETS $8,670,350,026
=====================
===================================================================================================================
COMPOSITION OF NET ASSETS
Paid-in capital $ 4,479,194,787
-------------------------------------------------------------------------------------------------------------------
Overdistributed net investment income (24,565,179)
-------------------------------------------------------------------------------------------------------------------
Accumulated net realized gain on investments and foreign currency transactions 1,297,420,298
-------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments and translation of
assets and liabilities denominated in foreign currencies 2,918,300,120
---------------------
Net assets $8,670,350,026
=====================
</TABLE>
16 OPPENHEIMER GLOBAL FUND
<PAGE> 19
<TABLE>
<CAPTION>
===================================================================================================================
<S> <C>
NET ASSET VALUE PER SHARE
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$6,195,661,718 and 87,312,049 shares of beneficial interest outstanding) $70.96
Maximum offering price per share (net asset value plus sales charge
of 5.75% of offering price) $75.29
-------------------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of
$1,996,389,866 and 28,982,079 shares of beneficial interest outstanding) $68.88
-------------------------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $318,172,402
and 4,561,009 shares of beneficial interest outstanding) $69.76
-------------------------------------------------------------------------------------------------------------------
Class Y Shares:
Net asset value, redemption price and offering price per share (based on
net assets of $160,126,040 and 2,258,419 shares of beneficial interest outstanding) $70.90
</TABLE>
See accompanying Notes to Financial Statements.
17 OPPENHEIMER GLOBAL FUND
<PAGE> 20
STATEMENT OF OPERATIONS Unaudited
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the Six Months Ended March 31, 2000
===================================================================================================================
<S> <C>
INVESTMENT INCOME
Interest $ 13,633,142
-------------------------------------------------------------------------------------------------------------------
Dividends (net of foreign withholding taxes of $2,044,358) 24,521,154
-------------------------------------------------------------------------------------------------------------------
Lending fees 2,156,473
---------------------
Total income 40,310,769
===================================================================================================================
EXPENSES
Management fees 23,588,362
-------------------------------------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 5,807,336
Class B 8,215,584
Class C 1,142,532
-------------------------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 3,536,246
Class B 1,155,108
Class C 157,120
Class Y 4,065
-------------------------------------------------------------------------------------------------------------------
Custodian fees and expenses 553,698
-------------------------------------------------------------------------------------------------------------------
Trustees' compensation 64,884
-------------------------------------------------------------------------------------------------------------------
Other 1,631,104
---------------------
Total expenses 45,856,039
Less expenses paid indirectly (5,914)
---------------------
Net expenses 45,850,125
===================================================================================================================
NET INVESTMENT LOSS (5,539,356)
===================================================================================================================
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments 1,357,084,015
Foreign currency transactions (42,983,423)
---------------------
Net realized gain 1,314,100,592
-------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on:
Investments 1,670,491,033
Translation of assets and liabilities denominated in foreign currencies (72,046,361)
---------------------
Net change 1,598,444,672
---------------------
Net realized and unrealized gain 2,912,545,264
===================================================================================================================
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 2,907,005,908
=====================
</TABLE>
See accompanying Notes to Financial Statements.
18 OPPENHEIMER GLOBAL FUND
<PAGE> 21
STATEMENTS OF CHANGES IN NET ASSETS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
MARCH 31, 2000 YEAR ENDED
(UNAUDITED) SEPT. 30, 1999
------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
OPERATIONS
Net investment income (loss) $ (5,539,356) $ 8,088,099
------------------------------------------------------------------------------------------------------------------
Net realized gain 1,314,100,592 439,319,385
------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation 1,598,444,672 1,064,237,399
-------------------------------------
Net increase in net assets resulting from operations 2,907,005,908 1,511,644,883
==================================================================================================================
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income:
Class A (27,563,868) (29,230,334)
Class B -- (2,646,395)
Class C (65,249) (395,293)
Class Y (588,947) (48,417)
------------------------------------------------------------------------------------------------------------------
Distributions from net realized gain:
Class A (318,657,519) (224,656,064)
Class B (107,166,848) (72,313,989)
Class C (13,678,311) (7,421,523)
Class Y (4,368,380) (298,614)
==================================================================================================================
BENEFICIAL INTEREST TRANSACTIONS
Net increase in net assets resulting from beneficial interest transactions:
Class A 659,219,665 7,032,546
Class B 173,044,409 78,987,065
Class C 87,860,918 31,852,258
Class Y 95,681,640 34,177,957
==================================================================================================================
NET ASSETS
Total increase 3,450,723,418 1,326,684,080
------------------------------------------------------------------------------------------------------------------
Beginning of period 5,219,626,608 3,892,942,528
-------------------------------------
End of period [including undistributed (overdistributed)
net investment income of $(24,565,179) and $9,192,241, respectively] $8,670,350,026 $5,219,626,608
=====================================
</TABLE>
See accompanying Notes to Financial Statements.
19 OPPENHEIMER GLOBAL FUND
<PAGE> 22
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS YEAR
ENDED ENDED
MARCH 31, 2000 SEPT. 30,
CLASS A (UNAUDITED) 1999 1998 1997 1996 1995
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA
Net asset value, beginning of period $49.50 $38.34 $49.32 $39.00 $36.84 $37.69
---------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) .03 .17 1.08 .32 .23 .31
Net realized and unrealized gain (loss) 25.91 14.37 (5.49) 11.91 4.22 2.59
-----------------------------------------------------------------------
Total income (loss) from
investment operations 25.94 14.54 (4.41) 12.23 4.45 2.90
---------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.36) (.39) (.83) (.53) (.24) --
Distributions from net realized gain (4.12) (2.99) (5.74) (1.38) (2.05) (3.75)
-----------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (4.48) (3.38) (6.57) (1.91) (2.29) (3.75)
---------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $70.96 $49.50 $38.34 $49.32 $39.00 $36.84
=======================================================================
=====================================================================================================================
TOTAL RETURN, AT NET ASSET VALUE(1) 54.72% 40.05% (9.85)% 32.85% 12.98% 9.26%
=====================================================================================================================
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $6,196 $3,780 $2,905 $3,408 $2,499 $2,186
---------------------------------------------------------------------------------------------------------------------
Average net assets (in millions) $5,050 $3,475 $3,381 $2,869 $2,309 $1,979
---------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:(2)
Net investment income (loss) 0.05% 0.37% 0.96% 0.74% 0.62% 0.90%
Expenses 1.11% 1.16% 1.14%(3) 1.13%(3) 1.17%(3) 1.20%(3)
---------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(4) 34% 68% 65% 66% 103% 84%
</TABLE>
1. Assumes a $1,000 hypothetical initial investment on the business day before
the first day of the fiscal period (or inception of offering), 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.
2. Annualized for periods of less than one full year.
3. Expense ratio has not been grossed up to reflect the effect of expenses paid
indirectly.
4. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended March 31, 2000, were $2,704,524,295 and $2,186,274,151, respectively.
See accompanying Notes to Financial Statements.
20 OPPENHEIMER GLOBAL FUND
<PAGE> 23
<TABLE>
<CAPTION>
SIX-MONTHS YEAR
ENDED ENDED
MARCH 31, 2000 SEPT. 30,
CLASS B (UNAUDITED) 1999 1998 1997 1996 1995
==================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA
Net asset value, beginning of period $48.05 $37.32 $48.19 $38.19 $36.16 $37.36
-------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) (.18) (.16) .69 (.04) (.05) .06
Net realized and unrealized gain (loss) 25.13 13.99 (5.31) 11.68 4.13 2.49
------------------------------------------------------------------
Total income (loss) from
investment operations 24.95 13.83 (4.62) 11.64 4.08 2.55
-------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income -- (.11) (.51) (.26) -- --
Distributions from net realized gain (4.12) (2.99) (5.74) (1.38) (2.05) (3.75)
------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (4.12) (3.10) (6.25) (1.64) (2.05) (3.75)
-------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $68.88 $48.05 $37.32 $48.19 $38.19 $36.16
=================================================================
==================================================================================================================
TOTAL RETURN, AT NET ASSET VALUE(1) 54.11% 38.99% (10.56)% 31.77% 12.07% 8.34%
==================================================================================================================
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $1,996 $1,250 $897 $897 $541 $340
-------------------------------------------------------------------------------------------------------------------
Average net assets (in millions) $1,645 $1,122 $966 $692 $438 $258
-------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:(2)
Net investment income (loss) (0.72)% (0.40)% 0.20% (0.23)% (0.17)% 0.09%
Expenses 1.88% 1.94% 1.91%(3) 1.94%(3) 2.00%(3) 2.03%(3)
-------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(4) 34% 68% 65% 66% 103% 84%
</TABLE>
1. Assumes a $1,000 hypothetical initial investment on the business day before
the first day of the fiscal period (or inception of offering), 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.
2. Annualized for periods of less than one full year.
3. Expense ratio has not been grossed up to reflect the effect of expenses paid
indirectly.
4. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended March 31, 2000, were $2,704,524,295 and $2,186,274,151, respectively.
See accompanying Notes to Financial Statements.
21 OPPENHEIMER GLOBAL FUND
<PAGE> 24
FINANCIAL HIGHLIGHTS Continued
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SIX-MONTHS YEAR
ENDED ENDED
MARCH 31, 2000 SEPT. 30,
CLASS C (UNAUDITED) 1999 1998 1997 1996(5)
=====================================================================================================================
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA
Net asset value, beginning of period $48.63 $37.79 $48.77 $38.73 $36.67
---------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) (.04) (.08) .75 (.08) .09
Net realized and unrealized gain (loss) 25.31 14.07 (5.42) 11.86 4.13
---------------------------------------------------------
Total income (loss) from
investment operations 25.27 13.99 (4.67) 11.78 4.22
---------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.02) (.16) (.57) (.36) (.11)
Distributions from net realized gain (4.12) (2.99) (5.74) (1.38) (2.05)
---------------------------------------------------------
Total dividends and/or distributions
to shareholders (4.14) (3.15) (6.31) (1.74) (2.16)
---------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $69.76 $48.63 $37.79 $48.77 $38.73
=========================================================
=====================================================================================================================
TOTAL RETURN, AT NET ASSET VALUE(1) 54.12% 38.97% (10.53)% 31.76% 12.34%
=====================================================================================================================
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $ 318 $ 153 $ 91 $ 60 $ 18
---------------------------------------------------------------------------------------------------------------------
Average net assets (in millions) $ 229 $ 125 $ 79 $ 35 $ 8
---------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:(2)
Net investment income (loss) (0.75)% (0.38)% 0.23% (0.86)%(6) 0.04%
Expenses 1.87% 1.94% 1.91%(3) 1.94%(3) 1.99%(3)
---------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(4) 34% 68% 65% 66% 103%
</TABLE>
1. Assumes a $1,000 hypothetical initial investment on the business day before
the first day of the fiscal period (or inception of offering), 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.
2. Annualized for periods of less than one full year.
3. Expense ratio has not been grossed up to reflect the effect of expenses paid
indirectly.
4. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended March 31, 2000, were $2,704,524,295 and $2,186,274,151, respectively.
5. For the period from October 2, 1995 (inception of offering) to September 30,
1996.
6. Due to the acquisition of the net assets of Oppenheimer Global Emerging
Growth Fund, the ratios for Class C shares are not necessarily comparable to
those of prior periods.
See accompanying Notes to Financial Statements.
22 OPPENHEIMER GLOBAL FUND
<PAGE> 25
<TABLE>
<CAPTION>
SIX MONTHS PERIOD
ENDED ENDED
MARCH 31, 2000 SEPT. 30,
CLASS Y (UNAUDITED) 1999(4)
=======================================================================================================================
<S> <C> <C>
PER SHARE OPERATING DATA
Net asset value, beginning of period $49.54 $42.38
-----------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) .48 .63
Net realized and unrealized gain (loss) 25.56 10.00
--------------------------------------
Total income (loss) from
investment operations 26.04 10.63
-----------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.56) (.48)
Distributions from net realized gain (4.12) (2.99)
--------------------------------------
Total dividends and/or distributions
to shareholders (4.68) (3.47)
-----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $70.90 $49.54
=======================================
=======================================================================================================================
TOTAL RETURN, AT NET ASSET VALUE(1) 54.99% 27.11%
=======================================================================================================================
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $160 $37
-----------------------------------------------------------------------------------------------------------------------
Average net assets (in millions) $ 90 $17
-----------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:(2)
Net investment income (loss) 0.24% 1.07%
Expenses 0.78% 0.78%
-----------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(3) 34% 68%
</TABLE>
1. Assumes a $1,000 hypothetical initial investment on the business day before
the first day of the fiscal period (or inception of offering), 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.
2. Annualized for periods of less than one full year.
3. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended March 31, 2000 were $2,704,524,295 and $2,186,274,151, respectively.
4. For the period from November 17, 1998 (inception of offering) to September
30, 1999.
See accompanying Notes to Financial Statements.
23 OPPENHEIMER GLOBAL FUND
<PAGE> 26
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 and Class Y shares. Class A
shares are sold at their offering price, which is normally net asset value plus
an initial sales charge. Class B and Class C shares are sold without an initial
sales charge but may be subject to a contingent deferred sales charge (CDSC).
Class Y shares are sold to certain institutional investors without either a
front-end sales charge or a CDSC. All classes of shares have identical rights
to earnings, assets and voting privileges, except that each class has its own
expenses directly attributable to that class and exclusive voting rights with
respect to matters affecting that class. Classes A, B and C shares 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 following is a summary of significant
accounting policies consistently followed by the Fund.
--------------------------------------------------------------------------------
SECURITIES VALUATION. Securities for which quotations are readily available are
valued at the last sale price, or if in the absence of a sale, 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 (including
restricted securities) for which quotations are not readily available are
valued primarily using dealer-supplied valuations, a portfolio pricing service
authorized by the Board of Trustees, or at their fair value. Fair value is
determined in good faith under consistently applied procedures under the
supervision of the Board of Trustees. Foreign currency contracts are valued
based on the closing prices of the forward currency contract rates in the
London foreign exchange markets on a daily basis as provided by a reliable
bank, dealer or pricing service. Short-term "money market type" debt securities
with remaining maturities of sixty days or less are valued at cost (or last
determined market value) and adjusted for amortization or accretion to maturity
of any premium or discount.
--------------------------------------------------------------------------------
FOREIGN CURRENCY TRANSLATION. The accounting records of the Fund are maintained
in U.S. dollars. Prices of securities denominated in foreign currencies are
translated into U.S. dollars at the closing rates of exchange. Amounts related
to the purchase and sale of foreign securities and investment income are
translated at the rates of exchange prevailing on the respective dates of such
transactions.
The effect of changes in foreign currency exchange rates on investments
is separately identified from the fluctuations arising from changes in market
values of securities held and reported with all other foreign currency gains
and losses in the Fund's Statement of Operations.
24 OPPENHEIMER GLOBAL FUND
<PAGE> 27
-------------------------------------------------------------------------------
REPURCHASE AGREEMENTS. The Fund requires the custodian to take possession, to
have legally segregated in the Federal Reserve Book Entry System or to have
segregated within the custodian's vault, all securities held as collateral for
repurchase agreements. The market value of the underlying securities is
required to be at least 102% of the resale price at the time of purchase. If
the seller of the agreement defaults and the value of the collateral declines,
or if the seller enters an insolvency proceeding, realization of the value of
the collateral by the Fund may be delayed or limited.
-------------------------------------------------------------------------------
ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than
those attributable to a specific class), gains and losses are allocated daily
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 continue to comply with provisions of the
Internal Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income, including any net realized gain on
investments not offset by loss carryovers, to shareholders. Therefore, no
federal income or excise tax provision is required. As of September 30, 1999,
the Fund had available for federal income tax purposes an unused capital loss
carryover of approximately $9,652,000, which expires between 2000 and 2004. The
capital loss carryover was acquired in connection with the Oppenheimer Global
Emerging Growth Fund merger. There are certain limitations to the amount that
may be used each year.
-------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. The Fund has adopted an unfunded retirement plan for
the Fund's independent Board of Trustees. Benefits are based on years of
service and fees paid to each trustee during the years of service. During the
six months ended March 31, 2000, a provision of $14,619 was made for the Fund's
projected benefit obligations and payments of $17,885 were made to retired
trustees, resulting in an accumulated liability of $350,884 as of March 31,
2000.
The Board of Trustees has adopted a deferred compensation plan for
independent trustees that enables trustees to elect to defer receipt of all or
a portion of annual compensation they are entitled to receive from the Fund.
Under the plan, the compensation deferred is periodically adjusted as though an
equivalent amount had been invested for the Board of Trustees in shares of one
or more Oppenheimer funds selected by the trustee. The amount paid to the Board
of Trustees under the plan will be determined based upon the performance of the
selected funds. 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.
-------------------------------------------------------------------------------
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.
25 OPPENHEIMER GLOBAL FUND
<PAGE> 28
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
--------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS. Net investment income (loss)
and net realized gain (loss) may differ for financial statement and tax
purposes primarily because of the recognition of certain foreign currency gains
(losses) as ordinary income (loss) for tax purposes. The character of
distributions made during the year from net investment income or net realized
gains may differ from its ultimate characterization for federal income tax
purposes. Also, due to timing of dividend distributions, the fiscal year in
which amounts are distributed may differ from the fiscal year in which the
income or realized gain was recorded by the Fund.
--------------------------------------------------------------------------------
EXPENSE OFFSET ARRANGEMENTS. Expenses paid indirectly represent a reduction of
custodian fees for earnings on cash balances maintained by the Fund.
--------------------------------------------------------------------------------
OTHER. Investment transactions are accounted for as of trade date and dividend
income is recorded on the ex-dividend date. Certain dividends from foreign
securities will be recorded as soon as the Fund is informed of the dividend if
such information is obtained subsequent to the ex-dividend date. Realized gains
and losses on investments and unrealized appreciation and depreciation are
determined on an identified cost basis, which is the same basis used for
federal income tax purposes.
The preparation of financial statements in conformity with 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.
26 OPPENHEIMER GLOBAL FUND
<PAGE> 29
--------------------------------------------------------------------------------
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:
<TABLE>
<CAPTION>
SIX MONTHS ENDED MARCH 31, 2000 YEAR ENDED SEPTEMBER 30, 2000
SHARES AMOUNT SHARES AMOUNT
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS A
Sold 20,436,574 $1,292,812,838 21,868,208 $ 985,462,142
Dividends and/or
distributions reinvested 5,740,435 324,104,906 6,076,163 242,196,637
Redeemed (15,226,257) (957,698,079) (27,344,921) (1,220,626,233)
-------------------------------------------------------------------------
Net increase 10,950,752 $659,219,665 599,450 $ 7,032,546
=========================================================================
--------------------------------------------------------------------------------------------------------------------
CLASS B
Sold 4,988,963 $ 308,255,684 5,423,184 $ 237,546,597
Dividends and/or
distributions reinvested 1,862,529 102,327,073 1,838,492 71,590,602
Redeemed (3,891,051) (237,538,348) (5,285,928) (230,150,134)
-------------------------------------------------------------------------
Net increase 2,960,441 $173,044,409 1,975,748 $ 78,987,065
=========================================================================
--------------------------------------------------------------------------------------------------------------------
CLASS C
Sold 1,983,422 $ 124,349,716 2,142,998 $ 95,584,924
Dividends and/or
distributions reinvested 229,440 12,766,039 188,857 7,442,891
Redeemed (790,270) (49,254,837) (1,593,990) (71,175,557)
-------------------------------------------------------------------------
Net increase 1,422,592 $ 87,860,918 737,865 $ 31,852,258
=========================================================================
--------------------------------------------------------------------------------------------------------------------
CLASS Y
Sold 1,985,572 $ 126,317,919 855,756 $ 39,826,282
Dividends and/or
distributions reinvested 87,973 4,957,327 8,723 346,949
Redeemed (553,723) (35,593,606) (125,882) (5,995,274)
-------------------------------------------------------------------------
Net increase 1,519,822 $ 95,681,640 738,597 $ 34,177,957
=========================================================================
</TABLE>
--------------------------------------------------------------------------------
3. UNREALIZED GAINS AND LOSSES ON SECURITIES
As of March 31, 2000, net unrealized appreciation on securities of
$2,917,342,062 was composed of gross appreciation of $3,187,766,670, and gross
depreciation of $270,424,608.
27 OPPENHEIMER GLOBAL FUND
<PAGE> 30
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
--------------------------------------------------------------------------------
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 of
0.80% of the first $250 million of average annual net assets of the Fund, 0.77%
of the next $250 million, 0.75% of the next $500 million, 0.69% of the next
$1.0 billion, 0.67% of the next $1.5 billion, 0.65% on the next $2.5 billion
and 0.63% of average annual net assets in excess of $6.0 billion. The Fund's
management fee for the six months ended March 31, 2000, was 0.67% of average
annual net assets for each class of shares, annualized for periods of less than
one full year.
--------------------------------------------------------------------------------
TRANSFER AGENT FEES. OppenheimerFunds Services (OFS), a division of the
Manager, is the transfer and shareholder servicing agent for the Fund and for
other Oppenheimer funds. OFS's total costs of providing such services are
allocated ratably to these funds.
--------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLAN FEES. Under its General Distributor's Agreement
with the Manager, the Distributor acts as the Fund's principal underwriter in
the continuous public offering of the different classes of shares of the Fund.
The compensation paid to (or retained by) the Distributor from the sale of
shares or on the redemption of shares is shown in the table below for the period
indicated.
<TABLE>
<CAPTION>
AGGREGATE CLASS A COMMISSIONS COMMISSIONS COMMISSIONS
FRONT-END FRONT-END ON CLASS A ON CLASS B ON CLASS C
SALES CHARGES SALES CHARGES SHARES SHARES SHARES
ON CLASS A RETAINED BY ADVANCED BY ADVANCED BY ADVANCED BY
SIX MONTHS ENDED SHARES DISTRIBUTOR DISTRIBUTOR(1) DISTRIBUTOR(1) DISTRIBUTOR(1)
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
March 31, 2000 $4,352,348 $1,158,404 $949,844 $6,447,661 $699,941
</TABLE>
1. The Distributor advances commission payments to dealers for certain sales of
Class A shares and for sales of Class B and Class C shares from its own
resources at the time of sale.
<TABLE>
<CAPTION>
CLASS A CLASS B CLASS C
CONTINGENT DEFERRED CONTINGENT DEFERRED CONTINGENT DEFERRED
SALES CHARGES SALES CHARGES SALES CHARGES
SIX MONTHS ENDED RETAINED BY DISTRIBUTOR RETAINED BY DISTRIBUTOR RETAINED BY DISTRIBUTOR
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
March 31, 2000 $47,450 $774,005 $14,632
</TABLE>
The Fund has adopted a Service Plan for Class A shares and Distribution and
Service Plans for Class B and Class C shares under Rule 12b-1 of the Investment
Company Act. Under those plans the Fund pays the Distributor for all or a
portion of its costs incurred in connection with the distribution and/or
servicing of the shares of the particular class.
28 OPPENHEIMER GLOBAL FUND
<PAGE> 31
--------------------------------------------------------------------------------
CLASS A SERVICE PLAN FEES. Under the Class A service plan, the Distributor
currently uses the fees it receives from the Fund to pay brokers, dealers and
other financial institutions. The Class A service plan permits reimbursements
to the Distributor at a rate of up to 0.25% of average annual net assets of
Class A shares purchased. The Distributor makes payments to plan recipients
quarterly at an annual rate not to exceed 0.25% of the average annual net
assets consisting of Class A shares of the Fund. For the six months ended March
31, 2000, payments under the Class A plan totaled $5,807,336, all of which was
paid by the Distributor to recipients. That included $342,595 paid to an
affiliate of the Manager. Any unreimbursed expenses the Distributor incurs with
respect to Class A shares in any fiscal year cannot be recovered in subsequent
years.
--------------------------------------------------------------------------------
CLASS B AND CLASS C DISTRIBUTION AND SERVICE PLAN FEES. Under each plan,
service fees and distribution fees are computed on the average of the net asset
value of shares in the respective class, determined as of the close of each
regular business day during the period. The Class B and Class C plans provide
for the Distributor to be compensated at a flat rate, whether the Distributor's
distribution expenses are more or less than the amounts paid by the Fund under
the plan during the period for which the fee is paid.
The Distributor retains the asset-based sales charge on Class B shares.
The Distributor retains the asset-based sales charge on Class C shares during
the first year the shares are outstanding. The asset-based sales charges on
Class B and Class C shares allow investors to buy shares without a front-end
sales charge while allowing the Distributor to compensate dealers that sell
those shares.
The Distributor's actual expenses in selling Class B and Class C shares
may be more than the payments it receives from the contingent deferred sales
charges collected on redeemed shares and asset-based sales charges from the
Fund under the plans. If any plan is terminated by the Fund, the Board of
Trustees may allow the Fund to continue payments of the asset-based sales
charge to the Distributor for distributing shares before the plan was
terminated. The plans allow for the carry-forward of distribution expenses, to
be recovered from asset-based sales charges in subsequent fiscal periods.
Distribution fees paid to the Distributor for the six months ended March 31,
2000, were as follows:
<TABLE>
<CAPTION>
DISTRIBUTOR'S DISTRIBUTOR'S
AGGREGATE UNREIMBURSED
UNREIMBURSED EXPENSES AS %
TOTAL PAYMENTS AMOUNT RETAINED EXPENSES OF NET ASSETS
UNDER PLAN BY DISTRIBUTOR UNDER PLAN OF CLASS
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class B Plan $8,215,584 $6,537,361 $19,707,476 0.99%
Class C Plan 1,142,532 432,870 2,150,172 0.68
</TABLE>
29 OPPENHEIMER GLOBAL FUND
<PAGE> 32
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
--------------------------------------------------------------------------------
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 for operational purposes and to seek to protect
against adverse exchange rate fluctuations. 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 foreign currency exchange
rates as provided by a reliable bank, dealer or pricing service. Unrealized
appreciation and depreciation on foreign currency contracts are reported in the
Statement of Assets and Liabilities.
The Fund may realize a gain or loss upon the closing or settlement of
the foreign currency transactions. Realized gains and losses are reported with
all other foreign currency gains and losses in the Statement of Operations.
Securities denominated in foreign currency to cover net exposure on
outstanding foreign currency contracts are noted in the Statement of
Investments where applicable.
As of March 31, 2000, the Fund had outstanding foreign currency contracts as
follows:
<TABLE>
<CAPTION>
CONTRACT
EXPIRATION AMOUNT VALUATION AS OF UNREALIZED UNREALIZED
CONTRACT DESCRIPTION DATE (000S) MARCH 31, 2000 APPRECIATION DEPRECIATION
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CONTRACTS TO PURCHASE
British Pound Sterling (GBP) 4/3/00-4/6/00 GBP 50,100 $79,926,080 $66,118 $25,866
Euro (EUR) 4/4/00 EUR 8,486 8,122,056 -- 3,915
------- --------
Total Unrealized Appreciation and Depreciation $66,118 $29,781
======= ========
</TABLE>
30 OPPENHEIMER GLOBAL FUND
<PAGE> 33
--------------------------------------------------------------------------------
6. ILLIQUID OR RESTRICTED SECURITIES
As of March 31, 2000, investments in securities included issues that are
illiquid or restricted. Restricted securities are often purchased in private
placement transactions, are not registered under the Securities Act of 1933,
may have contractual restrictions on resale, and are valued under methods
approved by the Board of Trustees as reflecting fair value. A security may also
be considered illiquid if it lacks a readily available market or if its
valuation has not changed for a certain period of time. The Fund intends to
invest no more than 10% of its net assets (determined at the time of purchase
and reviewed periodically) in illiquid or restricted securities. Certain
restricted securities, eligible for resale to qualified institutional
investors, are not subject to that limitation. The aggregate value of illiquid
or restricted securities subject to this limitation as of March 31, 2000, was
$26,190,000, which represents 0.30% of the Fund's net assets, all of which is
considered restricted. Information concerning restricted securities is as
follows:
<TABLE>
<CAPTION>
VALUATION
ACQUISITION COST PER UNIT AS OF
SECURITY DATE PER UNIT MARCH 31, 2000
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
STOCKS AND WARRANTS
Swiss Medical SA 10/28/97 $44.30 $87.30
</TABLE>
--------------------------------------------------------------------------------
7. BANK BORROWINGS
The Fund may borrow from a bank for temporary or emergency purposes including,
without limitation, funding of shareholder redemptions provided asset coverage
for borrowings exceeds 300%. The Fund has entered into an agreement which
enables it to participate with other Oppenheimer funds in an unsecured line of
credit with a bank, which permits borrowings up to $400 million, collectively.
Interest is charged to each fund, based on its borrowings, at a rate equal to
the Federal Funds Rate plus 0.45%. Borrowings are payable 30 days after such
loan is executed. The Fund also pays a commitment fee equal to its pro rata
share of the average unutilized amount of the credit facility at a rate of
0.08% per annum.
The Fund had no borrowings outstanding during the six months ended
March 31, 2000.
--------------------------------------------------------------------------------
8. SECURITIES LOANED
The Fund has entered into a securities lending arrangement with the custodian.
Under the terms of the agreement, the Fund receives 60% of the annual fee
income from lending transactions. In exchange for such fees, the custodian is
authorized to loan securities on behalf of the Fund, against receipt of
collateral at least equal in value to the value of the securities loaned. Cash
collateral is invested by the custodian in money market instruments approved by
the Manager. As of March 31, 2000, the Fund had on loan securities valued at
$816,831,783. Cash of $816,924,495 was received as collateral for the loans,
and has been invested in approved instruments. The Fund bears the risk of any
deficiency in the amount of collateral available for return to a borrower due
to a loss in an approved investment.
31 OPPENHEIMER GLOBAL FUND
<PAGE> 34
OPPENHEIMER GLOBAL FUND
<TABLE>
<S> <C>
-----------------------------------------------------------------------------------------
OFFICERS AND TRUSTEES Leon Levy, Chairman of the Board of Trustees
Donald W. Spiro, Vice Chairman of the Board of Trustees
Bridget A. Macaskill, Trustee and President
Robert G. Galli, Trustee
Phillip A. Griffiths, Trustee
Benjamin Lipstein, Trustee
Elizabeth B. Moynihan, Trustee
Kenneth A. Randall, Trustee
Edward V. Regan, Trustee
Russell S. Reynolds, Jr., Trustee
Clayton K. Yeutter, Trustee
William L. Wilby, Vice President
Andrew J. Donohue, Secretary
Brian W. Wixted, Treasurer
Robert J. Bishop, Assistant Treasurer
Scott T. Farrar, Assistant Treasurer
Robert G. Zack, Assistant Secretary
-----------------------------------------------------------------------------------------
INVESTMENT ADVISOR OppenheimerFunds, Inc.
-----------------------------------------------------------------------------------------
DISTRIBUTOR OppenheimerFunds Distributor, Inc.
-----------------------------------------------------------------------------------------
TRANSFER AND SHAREHOLDER OppenheimerFunds Services
SERVICING AGENT
-----------------------------------------------------------------------------------------
CUSTODIAN OF The Bank of New York
PORTFOLIO SECURITIES
-----------------------------------------------------------------------------------------
INDEPENDENT AUDITORS KPMG LLP
-----------------------------------------------------------------------------------------
LEGAL COUNSEL Mayer, Brown & Platt
</TABLE>
The financial statements included herein have
been taken from the records of the Fund
without examination of those records by the
independent auditors.
This is a copy of a report to shareholders of
Oppenheimer Global Fund. This report must be
preceded or accompanied by a Prospectus of
Oppenheimer Global Fund. For more complete
information concerning the Fund, see the
Prospectus.
SHARES OF OPPENHEIMER FUNDS ARE NOT DEPOSITS
OR OBLIGATIONS OF ANY BANK, ARE NOT GUARANTEED
BY ANY BANK, ARE NOT INSURED BY THE FDIC OR
ANY OTHER AGENCY, AND INVOLVE INVESTMENT
RISKS, INCLUDING THE POSSIBLE LOSS OF THE
PRINCIPAL AMOUNT INVESTED.
32 OPPENHEIMER GLOBAL FUND
<PAGE> 35
OPPENHEIMERFUNDS FAMILY
<TABLE>
<S> <C>
-----------------------------------------------------------------------------------------------------------------
GLOBAL EQUITY
Developing Markets Fund Global Fund
International Small Company Fund Quest Global Value Fund
Europe Fund Global Growth & Income Fund
International Growth Fund
-----------------------------------------------------------------------------------------------------------------
EQUITY
STOCK STOCK & BOND
Enterprise Fund(1) Main Street(R)Growth & Income Fund
Discovery Fund Quest Opportunity Value Fund
Main Street(R)Small Cap Fund Total Return Fund
Quest Small Cap Value Fund Quest Balanced Value Fund
MidCap Fund Capital Income Fund(2)
Capital Appreciation Fund Multiple Strategies Fund
Growth Fund Disciplined Allocation Fund
Disciplined Value Fund Convertible Securities Fund
Quest Value Fund
Trinity Growth Fund SPECIALTY
Trinity Core Fund Real Asset Fund
Trinity Value Fund Gold & Special Minerals Fund
-----------------------------------------------------------------------------------------------------------------
FIXED INCOME
TAXABLE MUNICIPAL
International Bond Fund California Municipal Fund(3)
World Bond Fund Main Street California Municipal Fund(3)
High Yield Fund Florida Municipal Fund(3)
Champion Income Fund New Jersey Municipal Fund(3)
Strategic Income Fund New York Municipal Fund(3)
Bond Fund Pennsylvania Municipal Fund(3)
Senior Floating Rate Fund Municipal Bond Fund
U.S. Government Trust Insured Municipal Fund
Limited-Term Government Fund Intermediate Municipal Fund
ROCHESTER DIVISION
Rochester Fund Municipals
Limited Term New York Municipal Fund
-----------------------------------------------------------------------------------------------------------------
MONEY MARKET(4)
Money Market Fund Cash Reserves
</TABLE>
1. Effective July 1, 1999, this fund is closed to new investors. See prospectus
for details.
2. On 4/1/99, the Fund's name was changed from "Oppenheimer Equity Income Fund."
3. Available to investors only in certain states.
4. An investment in money market funds is neither insured nor guaranteed by the
Federal Deposit Insurance Corporation or any other government agency. Although
these funds may seek to preserve the value of your investment at $1.00 per
share, it is possible to lose money by investing in these funds.
Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc., Two
World Trade Center, New York, NY10048-0203.
(C) Copyright 2000 OppenheimerFunds, Inc. All rights reserved.
33 OPPENHEIMER GLOBAL FUND
<PAGE> 36
INFORMATION AND SERVICES
-------------------------------------------------------------------------------
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designed to make investing simple. Whether it's automatic investment plans,
timely market updates, or immediate account access, you can count on us whenever
you need assistance. So call us today, or visit our website--we're here to help.
INTERNET
24-hr access to account information and transactions
WWW.OPPENHEIMERFUNDS.COM
-------------------------------------------------------------------------------
GENERAL INFORMATION
Mon-Fri 8:30am-9pm ET, Sat 10am-4pm ET
1.800.525.7048
-------------------------------------------------------------------------------
TELEPHONE TRANSACTIONS
Mon-Fri 8:30am-9pm ET, Sat 10am-4pm ET
1.800.852.8457
-------------------------------------------------------------------------------
PHONELINK
24-hr automated information and automated transactions
1.800.533.3310
-------------------------------------------------------------------------------
TELECOMMUNICATIONS DEVICE FOR THE DEAF (TDD)
Mon-Fri 8:30am-7pm ET
1.800.843.4461
-------------------------------------------------------------------------------
OPPENHEIMERFUNDS INFORMATION HOTLINE
24 hours a day, timely and insightful messages on the economy and issues that
may affect your investments 1.800.835.3104
-------------------------------------------------------------------------------
TRANSFER AND SHAREHOLDER SERVICING AGENT
OppenheimerFunds Services
P.O. Box 5270, Denver, CO 80217-5270
-------------------------------------------------------------------------------
TICKER SYMBOLS
Class A: OPPAX Class B: OGLBX Class C: OGLCX Class Y: OGLYX
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