Oppenheimer International Growth Fund N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-07489

Oppenheimer International Growth Fund

(Exact name of registrant as specified in charter)

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

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

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

Date of fiscal year end: November 30

Date of reporting period: 05/28/2010

Item 1. Reports to Stockholders.

TOP HOLDINGS AND ALLOCATIONS

Top Ten Geographical Holdings
United Kingdom	22.8	%
Switzerland	13.3
Japan	12.7
France	8.8
Australia	6.5
The Netherlands	5.1
Germany	4.2
Italy	4.2
United States	4.1
India	3.4

Portfolio holdings and allocations are subject to change. Percentages are as of May 28, 2010, and are based on the total market value of investments.

Top Ten Common Stock Holdings
Autonomy Corp. plc	3.1	%
Nidec Corp.	2.5
Telefonaktiebolaget LM Ericsson, B Shares	2.4
Capita Group plc	2.3
Infosys Technologies Ltd.	2.1
Aggreko plc	1.9
DiaSorin SpA	1.6
Vale SA, Sponsored ADR, Preference	1.5
Roche Holding AG	1.5
BG Group plc	1.5

Portfolio holdings and allocations are subject to change. Percentages are as of May 28, 2010, and are based on net assets. For more current Top 10 Fund holdings, please visit www.oppenheimerfunds.com.

7 | OPPENHEIMER INTERNATIONAL GROWTH FUND

TOP HOLDINGS AND ALLOCATIONS

Regional Allocation

Portfolio holdings and allocations are subject to change. Percentages are as of May 28, 2010, and are based on the total market value of investments.

8 | OPPENHEIMER INTERNATIONAL GROWTH FUND

NOTES

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

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

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

Class A shares of the Fund were first publicly offered on 3/25/96. Unless otherwise noted, Class A returns include the maximum initial sales charge of 5.75%.

Class B shares of the Fund were first publicly offered on 3/25/96. Unless otherwise noted, Class B returns include the applicable contingent deferred sales charge of 5% (1-year) and 2% (5-year). Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B shares 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 3/25/96. Unless otherwise noted, Class C returns include the contingent deferred sales charge of 1% for the 1-year period. Class C shares are subject to an annual 0.75% asset-based sales charge.

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

Class Y shares of the Fund were first publicly offered on 9/7/05. Class Y shares are offered only to certain institutional investors under a special agreement with the Distributor, and to present or former officers, directors, trustees or employees (and their eligible family members) of the Fund, the Manager, its affiliates, its parent company and the subsidiaries of its parent company, and retirement plans established for the benefit of such individuals.

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

9 | OPPENHEIMER INTERNATIONAL GROWTH FUND

FUND EXPENSES

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

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended May 28, 2010.

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads), or a $12.00 fee imposed annually on accounts valued at less than $500.00 (subject to exceptions described in the Statement of Additional Information). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

10 | OPPENHEIMER INTERNATIONAL GROWTH FUND

	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
	December 1, 2009		May 28, 2010		May 28, 2010
Actual
Class A	$	1,000.00	$	934.50	$	6.33
Class B		1,000.00		930.80		10.14
Class C		1,000.00		930.80		9.95
Class N		1,000.00		933.60		7.52
Class Y		1,000.00		936.90		3.95
Hypothetical (5% return before expenses)
Class A		1,000.00		1,018.00		6.60
Class B		1,000.00		1,014.07		10.57
Class C		1,000.00		1,014.27		10.38
Class N		1,000.00		1,016.77		7.84
Class Y		1,000.00		1,020.45		4.12

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 179/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated fund, based on the 6-month period ended May 28, 2010 are as follows:

Class	Expense Ratios
Class A		1.33	%
Class B		2.13
Class C		2.09
Class N		1.58
Class Y		0.83

The expense ratios reflect voluntary waivers or reimbursements of expenses by the Fund’s Manager and Transfer Agent. Some of these undertakings may be modified or terminated at any time; some may not be modified or terminated until after one year from the date of the current prospectus, as indicated therein. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

11 | OPPENHEIMER INTERNATIONAL GROWTH FUND

STATEMENT OF INVESTMENTS May 28, 2010 / Unaudited¹

	Shares		Value
Common Stocks—95.8%
Consumer Discretionary—11.5%
Automobiles—1.1%
Bayerische Motoren Werke (BMW) AG		168,332	$	7,692,905
Honda Motor Co. Ltd. 1,039,046				31,560,186
				39,253,091
Diversified Consumer Services—0.6%
Benesse Holdings, Inc.		160,600		7,278,319
Dignity plc		1,733,272		15,639,037
				22,917,356
Hotels, Restaurants & Leisure—1.2%
Carnival Corp.		762,560		27,627,549
William Hill plc		6,095,285		15,540,337
				43,167,886
Household Durables—0.7%
SEB SA		362,103		24,103,812
Media—1.7%
British Sky Broadcasting Group plc		643,719		5,362,075
Grupo Televisa SA, Sponsored GDR		864,640		16,073,658
Vivendi SA		718,917		15,509,874
Zee Entertainment Enterprises Ltd.		3,482,299		21,034,611
				57,980,218
Multiline Retail—0.3%
Pinault-Printemps- Redoute SA		88,330		10,451,036
Specialty Retail—1.6%
Hennes & Mauritz AB, Cl. B		213,085		11,924,576
Industria de Diseno Textil SA		813,740		45,342,481
				57,267,057
Textiles, Apparel & Luxury Goods—4.3%
Burberry Group plc		4,269,021		42,629,091
Compagnie Financiere Richemont SA, Cl. A		630,025		20,495,563
Luxottica Group SpA		860,950		20,417,941
LVMH Moet Hennessy Louis Vuitton SA		360,610		37,861,372
Swatch Group AG (The), Cl. B		106,752		27,761,198
				149,165,165
Consumer Staples—7.4%
Beverages—2.3%
C&C Group plc		10,104,843		39,804,327
Heineken NV		364,095		15,582,051
Pernod-Ricard SA		324,592		24,341,474
				79,727,852
Food & Staples Retailing—0.7%
Shoppers Drug Mart Corp.		203,100		6,878,073
Woolworths Ltd.		825,694		18,414,588
				25,292,661
Food Products—3.5%
Aryzta AG		598,253		19,559,859
Barry Callebaut AG		72,974		43,657,237
Nestle SA		454,096		20,500,193
Unilever plc		1,370,247		36,900,354
				120,617,643
Household Products—0.6%
Reckitt Benckiser Group plc		443,294		20,802,745
Personal Products—0.3%
L’Oreal SA		123,663		11,519,758
Energy—3.3%
Energy Equipment & Services—1.6%
Saipem SpA		408,100		12,656,768
Schoeller-Bleckmann Oilfield Equipment AG		271,800		12,855,302
Technip SA		466,242		30,362,929
				55,874,999
Oil, Gas & Consumable Fuels—1.7%
BG Group plc		3,368,867		51,690,811

12 | OPPENHEIMER INTERNATIONAL GROWTH FUND

	Shares		Value
Oil, Gas & Consumable Fuels Continued
Tsakos Energy Navigation Ltd.		536,150	$	7,661,584
				59,352,395
Financials—10.0%
Capital Markets—6.4%
3i Group plc		4,197,431		17,293,787
BinckBank NV		2,947,025		36,019,141
Collins Stewart plc		12,150,758		13,706,042
Credit Suisse Group AG		865,118		33,537,720
Deutsche Bank AG		576,595		34,027,140
ICAP plc		8,737,570		48,816,290
Swissquote Group Holding SA		258,458		9,174,902
Tullett Prebon plc		6,585,207		30,693,318
				223,268,340
Commercial Banks—0.5%
ICICI Bank Ltd., Sponsored ADR		447,090		16,448,441
Insurance—2.5%
AMP Ltd.		2,568,305		12,223,064
Prudential plc		4,026,168		31,528,583
QBE Insurance Group Ltd.		2,772,802		45,765,212
				89,516,859
Real Estate Management & Development—0.4%
Solidere, GDR2,3		516,525		11,957,554
Solidere, GDR3		74,732		1,730,046
				13,687,600
Thrifts & Mortgage Finance—0.2%
Housing Development Finance Corp. Ltd.		137,900		8,271,218
Health Care—13.9%
Biotechnology—2.3%
CSL Ltd.		1,733,200		46,112,149
Grifols SA		2,576,000		29,357,359
Marshall Edwards, Inc.4,5,6		282,486		1,180,791
Marshall Edwards, Inc., Legend Shares4,5,6		156,543		654,350
NeuroSearch AS6		113,684		1,606,163
Santhera Pharmaceuticals6		92,660		798,545
				79,709,357
Health Care Equipment & Supplies—7.1%
DiaSorin SpA		1,561,834		57,621,026
Essilor International SA		460,736		26,256,694
Nobel Biocare Holding AG		192,078		3,655,734
Smith & Nephew plc		2,067,930		18,735,747
Sonova Holding AG		268,651		28,910,760
Straumann Holding AG		107,747		22,865,564
Synthes, Inc.		440,160		46,438,551
Terumo Corp.		515,080		24,021,689
William Demant Holding AS6		310,405		21,646,102
				250,151,867
Health Care Providers & Services—1.2%
Sonic Healthcare Ltd.		4,952,894		41,989,267
Health Care Technology—0.0%
Ortivus AB, Cl. B5,6		1,638,150		978,523
Life Sciences Tools & Services—0.3%
BTG plc6		3,957,380		10,035,843
Tyrian Diagnostics Ltd.5,6		59,749,268		549,844
				10,585,687
Pharmaceuticals—3.0%
Astellas Pharma, Inc.		181,905		5,738,344
Novogen Ltd.5,6		7,633,456		2,562,869
Oxagen Ltd.4,5,6		214,287		9,382
Roche Holding AG		380,149		52,240,973
Sanofi-Aventis SA		309,907		18,570,516

13 | OPPENHEIMER INTERNATIONAL GROWTH FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Pharmaceuticals Continued
Shionogi & Co. Ltd.		710,100	$	12,534,978
Takeda Pharmaceutical Co. Ltd.		320,050		13,135,300
				104,792,362
Industrials—22.8%
Aerospace & Defense—1.4%
Empresa Brasileira de Aeronautica SA		4,757,446		25,671,984
European Aeronautic Defense & Space Co.		1,295,483		25,407,902
				51,079,886
Air Freight & Logistics—0.2%
Toll Holdings Ltd.		1,055,087		5,534,356
Commercial Services & Supplies—3.5%
Aggreko plc		3,636,190		66,467,254
De La Rue plc		1,138,333		14,667,670
Prosegur Compania de Seguridad SA		939,555		40,757,479
				121,892,403
Construction & Engineering—3.3%
Koninklijke Boskalis Westminster NV		717,404		26,943,488
Leighton Holdings Ltd.		467,090		12,832,395
Maire Tecnimont SpA		6,913,240		24,326,342
Outotec OYJ		343,900		10,649,000
Trevi Finanziaria SpA		2,099,881		31,556,241
Vinci SA		176,256		7,917,859
				114,225,325
Electrical Equipment—5.2%
ABB Ltd.		2,815,090		48,020,909
Alstom		690,930		32,791,134
Ceres Power Holdings plc5,6		8,071,537		13,306,848
Nidec Corp.		959,985		87,291,999
				181,410,890
Industrial Conglomerates—1.6%
Koninklijke (Royal) Philips Electronics NV		919,410		27,416,921
Siemens AG		330,972		29,563,691
				56,980,612
Machinery—2.2%
Aalberts Industries NV		4,178,872		51,475,801
Demag Cranes AG6		256,598		8,029,512
Vallourec SA		103,940		19,225,051
				78,730,364
Professional Services—3.2%
Capita Group plc		7,081,546		79,930,970
Experian plc		3,698,000		33,076,588
				113,007,558
Trading Companies & Distributors—2.2%
Brenntag AG6		290,849		17,995,590
Bunzl plc		4,987,159		51,675,359
Wolseley plc6		338,290		8,035,780
				77,706,729
Information Technology—19.0%
Communications Equipment—2.4%
Telefonaktiebolaget LM Ericsson, B Shares		8,292,886		83,704,646
Computers & Peripherals—0.5%
Gemalto NV		527,310		19,478,804
Electronic Equipment & Instruments—4.0%
Hoya Corp.		1,517,510		36,058,290
Ibiden Co. Ltd.		480,083		14,518,127
Keyence Corp.		199,201		43,719,825
Nippon Electric Glass Co. Ltd.		1,405,475		18,065,750
Omron Corp.		626,818		12,985,296
Phoenix Mecano AG		34,945		15,886,831
				141,234,119
Internet Software & Services—1.8%
United Internet AG6		1,384,562		17,534,274
Yahoo! Japan Corp.		127,893		44,590,392
				62,124,666

14 | OPPENHEIMER INTERNATIONAL GROWTH FUND

	Shares		Value
IT Services—2.1%
Infosys Technologies Ltd.		1,280,078	$	73,548,550
Office Electronics—1.1%
Canon, Inc.		910,260		37,287,970
Semiconductors & Semiconductor Equipment—0.3%
ARM Holdings plc		3,131,050		11,147,876
Software—6.8%
Autonomy Corp. plc6		4,247,579		107,290,827
Compugroup Holding AG		825,612		8,307,790
Nintendo Co. Ltd.		119,119		34,600,750
Sage Group plc (The)		3,566,100		12,258,485
SAP AG6		566,886		24,132,133
Square Enix Holdings Co. Ltd.		213,874		3,930,932
Temenos Group AG6		1,997,675		46,788,323
				237,309,240
Materials—6.1%
Chemicals—1.4%
Filtrona plc5		10,525,749		29,987,022
Sika AG		13,070		20,295,031
				50,282,053
Construction Materials—0.6%
James Hardie Industries SE, CDI6		3,432,400		21,294,374
Metals & Mining—4.1%
Impala Platinum Holdings Ltd.		1,927,020		48,504,953
Rio Tinto plc		871,731		40,202,319
Vale SA, Sponsored ADR, Preference		2,335,400		53,830,970
				142,538,242
Telecommunication Services—1.5%
Diversified Telecommunication Services—1.1%
BT Group plc		20,269,844		37,089,983
Wireless Telecommunication Services—0.4%
KDDI Corp.		3,338		15,238,402
Utilities—0.3%
Electric Utilities—0.3%
Fortum OYJ		384,380		8,688,526
Total Common Stocks (Cost $3,056,176,712)				3,358,428,769
Preferred Stocks—0.2%
Ceres, Inc.:
Cv., Series C4,5,6		600,000		1,200,000
Cv., Series C-14,5,6		64,547		129,094
Cv., Series D4,5,6		459,800		919,600
Cv., Series F4,5,6		1,900,000		3,800,000
Total Preferred Stocks (Cost $17,766,988)				6,048,694
	Units
Rights, Warrants and Certificates—0.0%
Ceres, Inc., Cv., Series F Wts., Strike Price $6.50, Exp. 9/6/154,5,6		380,000		—
Marshall Edwards, Inc., Legend Shares Wts., Strike Price $3.60, Exp. 8/6/124,5,6		55,000		52,780
Marshall Edwards, Inc., Legend Shares Wts., Strike Price $4.35, Exp. 7/11/104,5,6		355,403		—
Tyrian Diagnostics Ltd. Rts., Strike Price 0.03AUD, Exp. 12/31/105,6		7,468,659		5,316
Total Rights, Warrants and Certificates (Cost $0)				58,096
	Shares
Investment Companies—3.1%
JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00%7,8		425,166		425,166

15 | OPPENHEIMER INTERNATIONAL GROWTH FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares			Value
Investment Companies Continued
Oppenheimer Institutional Money Market Fund, Cl. E, 0.23%5,7		106,119,666		$	106,119,666
Total Investment Companies (Cost $106,544,832)					106,544,832
Total Investments, at Value (Cost $3,180,488,532)		99.1	%	$	3,471,080,391
Other Assets
Net of Liabilities		0.9			33,279,776
Net Assets		100.0	%	$	3,504,360,167

Footnotes to Statement of Investments

Strike price is reported in U.S. Dollars, except for those denoted in the following currency:

AUD	Australian Dollar
1.	May 28, 2010 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes to Financial Statements.
2.	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 $11,957,554 or 0.34% of the Fund’s net assets as of May 28, 2010.
3.	The Fund holds securities which have been issued by the same entity and that trade on separate exchanges.
4.	Restricted security. The aggregate value of restricted securities as of May 28, 2010 was $7,945,997, which represents 0.23% of the Fund’s net assets. See Note 6 of accompanying Notes. Information concerning restricted securities is as follows:

							Unrealized
	Acquisition						Appreciation
Security	Dates		Cost		Value		(Depreciation)
Ceres, Inc., Cv., Series C		1/6/99	$	2,400,000	$	1,200,000	$	(1,200,000	)
Ceres, Inc., Cv., Series C-1		2/6/01-3/21/06		258,188		129,094		(129,094	)
Ceres, Inc., Cv., Series D		3/15/01-3/9/06		2,758,800		919,600		(1,839,200	)
Ceres, Inc., Cv., Series F		9/5/07		12,350,000		3,800,000		(8,550,000	)
Ceres, Inc., Cv., Series F Wts., Strike Price $6.50, Exp. 9/6/15		9/5/07		—		—		—
Marshall Edwards, Inc.		5/6/02-9/26/08		9,269,925		1,180,791		(8,089,134	)
Marshall Edwards, Inc., Legend Shares		7/7/06-8/3/07		4,594,770		654,350		(3,940,420	)
Marshall Edwards, Inc., Legend Shares Wts., Strike Price $3.60, Exp. 8/6/12		8/3/07		—		52,780		52,780
Marshall Edwards, Inc., Legend Shares Wts., Strike Price $4.35, Exp. 7/11/10		7/7/06		—		—		—
Oxagen Ltd.		12/20/00		2,210,700		9,382		(2,201,318	)
			$	33,842,383	$	7,945,997	$	(25,896,386	)

5. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended May 28, 2010, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:

	Shares/Units		Gross		Gross		Shares/Units
	November 30, 2009		Additions		Reductions		May 28, 2010
Art Advanced Research Technologies, Inc.		1,901,125		—		1,901,125		—
Art Advanced Research Technologies, Inc.		1,721,500		—		1,721,500		—
Art Advanced Research Technologies, Inc., Legend Shares		6,078,506		—		6,078,506		—

16 | OPPENHEIMER INTERNATIONAL GROWTH FUND

	Shares/Units		Gross			Gross			Shares/Units
	November 30, 2009		Additions			Reductions			May 28, 2010
Art Advanced Research Technologies, Inc., Series 1		3,124,013		—			3,124,013			—
Art Advanced Research Technologies, Inc., Series 2		976,420		—			976,420			—
Art Advanced Research Technologies, Inc., Series 4, Legend Shares		8,304,084		—			8,304,084			—
Art Advanced Research Technologies, Inc., Series 5, Legend Shares		7,080,531		—			7,080,531			—
Ceres, Inc., Cv., Series C		600,000		—			—			600,000
Ceres, Inc., Cv., Series C-1		64,547		—			—			64,547
Ceres, Inc., Cv., Series D		459,800		—			—			459,800
Ceres, Inc., Cv., Series F		1,900,000		—			—			1,900,000
Ceres, Inc., Cv., Series F Wts., Strike Price $6.50, Exp. 9/6/15		380,000		—			—			380,000
Ceres Power Holdings plc		7,656,349		415,188			—			8,071,537
Filtrona plc		6,486,961		4,038,788			—			10,525,749
Marshall Edwards, Inc.		2,824,863		—			2,824,863	a		—
Marshall Edwards, Inc.		—		282,486	a		—			282,486
Marshall Edwards, Inc., Legend Shares		1,565,438		—			1,408,895	a		156,543
Marshall Edwards, Inc., Legend Shares Wts., Strike Price $3.60, Exp. 8/6/12		55,000		—			—			55,000
Marshall Edwards, Inc., Legend Shares Wts., Strike Price $4.35, Exp. 7/11/10		355,403		—			—			355,403
Novogen Ltd.		7,633,456		—			—			7,633,456
Oppenheimer Institutional Money Market Fund, Cl. E		156,382,561		515,764,955			566,027,850			106,119,666
Ortivus AB, Cl. B		1,638,150		—			—			1,638,150
Oxagen Ltd.		214,287		—			—			214,287
Tyrian Diagnostics Ltd.		59,749,268		—			—			59,749,268
Tyrian Diagnostics Ltd. Rts., Strike Price 0.03AUD, Exp. 12/31/10		7,468,659		—			—			7,468,659

					Realized
	Value		Income		Loss
Art Advanced Research Technologies, Inc.	$	—	$	—	$	7,500,000
Art Advanced Research Technologies, Inc.		—		—		1,479,967
Art Advanced Research Technologies, Inc., Legend Shares		—		—		984,672
Art Advanced Research Technologies, Inc., Series 1		—		—		2,923,359
Art Advanced Research Technologies, Inc., Series 2		—		—		979,944
Art Advanced Research Technologies, Inc., Series 4, Legend Shares		—		—		1,033,984
Art Advanced Research Technologies, Inc., Series 5, Legend Shares		—		—		881,633
Ceres, Inc., Cv., Series C		1,200,000		—		—
Ceres, Inc., Cv., Series C-1		129,094		—		—
Ceres, Inc., Cv., Series D		919,600		—		—
Ceres, Inc., Cv., Series F		3,800,000		—		—
Ceres, Inc., Cv., Series F Wts., Strike Price $6.50, Exp. 9/6/15		—		—		—
Ceres Power Holdings plc		13,306,848		—		—
Filtrona plc		29,987,022		788,554		—
Marshall Edwards, Inc.		—		—		—
Marshall Edwards, Inc.		1,180,791		5		—
Marshall Edwards, Inc., Legend Shares		654,350		—		—
Marshall Edwards, Inc., Legend Shares Wts., Strike Price $3.60, Exp. 8/6/12		52,780		—		—
Marshall Edwards, Inc., Legend Shares Wts., Strike Price $4.35, Exp. 7/11/10		—		—		—

17 | OPPENHEIMER INTERNATIONAL GROWTH FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

	Value		Income		Realized Loss
Novogen Ltd.	$	2,562,869	$	—	$	—
Oppenheimer Institutional Money Market Fund, Cl. E		106,119,666		154,564		—
Ortivus AB, Cl. B		978,523		—		—
Oxagen Ltd.		9,382		—		—
Tyrian Diagnostics Ltd.		549,844		—		—
Tyrian Diagnostics Ltd. Rts., Strike Price 0.03AUD, Exp. 12/31/10		5,316		—		—
	$	161,456,085	$	943,123	$	15,783,559

a.	All or a portion is the result of a corporate action.
6.	Non-income producing security.
7.	Rate shown is the 7-day yield as of May 28, 2010.
8.	Interest rate is less than 0.0005%.

Valuation Inputs

Various data inputs are used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

1)	Level 1—unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)
2)	Level 2—inputs other than unadjusted quoted prices that are observable for the asset (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)
3)	Level 3—significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset).

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of May 28, 2010 based on valuation input level:

					Level 3—
	Level 1—		Level 2—		Significant
	Unadjusted		Other Significant		Unobservable
	Quoted Prices		Observable Inputs		Inputs		Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	114,511,029	$	289,794,592	$	—	$	404,305,621
Consumer Staples		146,284,292		111,676,367		—		257,960,659
Energy		59,352,395		55,874,999		—		115,227,394
Financials		132,532,673		218,659,785		—		351,192,458
Health Care		266,610,998		221,586,683		9,382		488,207,063
Industrials		381,142,945		419,425,178		—		800,568,123
Information Technology		172,972,035		492,863,836		—		665,835,871
Materials		144,315,342		69,799,327		—		214,114,669
Telecommunication Services		—		52,328,385		—		52,328,385
Utilities		8,688,526		—		—		8,688,526
Preferred Stocks		—		—		6,048,694		6,048,694
Rights, Warrants and Certificates		—		58,096		—		58,096
Investment Companies		106,544,832		—		—		106,544,832
Total Investments, at Value		1,532,955,067		1,932,067,248		6,058,076		3,471,080,391
Other Financial Instruments:
Foreign currency exchange contracts		—		11,930		—		11,930
Total Assets	$	1,532,955,067	$	1,932,079,178	$	6,058,076	$	3,471,092,321

18 | OPPENHEIMER INTERNATIONAL GROWTH FUND

Currency contracts and forwards, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:

						Change in
						Unrealized
	Value as of					Appreciation/			Value as of
	November 30, 2009		Realized Loss			(Depreciation)			May 28, 2010
Investments in Securities
Common Stocks
Health Care	$	278,684	$	(15,783,559	)	$	15,514,257		$	9,382
Preferred Stocks		19,658,256		—			(13,609,562	)		6,048,694
Rights, Warrants and Certificates		—		—			—			—
Total Assets	$	19,936,940	$	(15,783,559	)	$	1,904,695		$	6,058,076

See the accompanying Notes for further discussion of the methods used in determining value of the Fund’s investments, and a summary of changes to the valuation methodologies, if any, during the reporting period.

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

Geographic Holdings	Value		Percent
United Kingdom	$	791,241,516		22.8	%
Switzerland		460,587,893		13.3
Japan		442,556,549		12.7
France		303,798,215		8.8
Australia		226,191,379		6.5
The Netherlands		178,731,776		5.1
Germany		147,283,035		4.2
Italy		146,578,318		4.2
United States		142,108,996		4.1
India		119,302,820		3.4
Spain		115,457,319		3.3
Sweden		96,607,745		2.8
Brazil		79,502,954		2.3
South Africa		48,504,953		1.4
Ireland		39,804,327		1.1
Jersey, Channel Islands		33,076,588		1.0
Denmark		23,252,265		0.7
Finland		19,337,526		0.6
Mexico		16,073,658		0.5
Lebanon		13,687,600		0.4
Austria		12,855,302		0.4
Bermuda		7,661,584		0.2
Canada		6,878,073		0.2
Total	$	3,471,080,391		100.0	%

19 | OPPENHEIMER INTERNATIONAL GROWTH FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Foreign Currency Exchange Contracts as of May 28, 2010 are as follows:

		Contract
Counterparty/		Amount		Expiration				Unrealized
Contract Description	Buy/Sell	(000’s)		Date		Value		Appreciation
Citigroup
Danish Krone (DKK)	Sell	1,493	DKK		6/1/10	$	246,232	$	83
Deutsche Bank Capital Corp.:
Danish Krone (DKK)	Sell	153	DKK		6/1/10		25,261		10
Swiss Franc (CHF)	Sell	38	CHF		6/1/10		32,840		1
									11
JP Morgan Chase
Swiss Franc (CHF)	Sell	36	CHF		6/1/10		31,350		248
UBS Investment Bank
Danish Krone (DKK)	Sell	8,225	DKK		6/1/10		1,356,620		11,588
Total unrealized appreciation								$	11,930

See accompanying Notes to Financial Statements.

20 | OPPENHEIMER INTERNATIONAL GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES Unaudited

May 28, 2010¹

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $2,951,474,796)	$	3,309,624,306
Affiliated companies (cost $229,013,736)		161,456,085
		3,471,080,391
Cash		1,611,000
Cash—foreign currencies (cost $304,332)		304,332
Unrealized appreciation on foreign currency exchange contracts		11,930
Receivables and other assets:
Shares of beneficial interest sold		28,498,674
Dividends		9,870,905
Investments sold		2,345,203
Other		137,224
Total assets		3,513,859,659
Liabilities
Payables and other liabilities:
Shares of beneficial interest redeemed		7,045,783
Distribution and service plan fees		771,263
Transfer and shareholder servicing agent fees		594,687
Foreign capital gains tax		334,783
Trustees’ compensation		315,911
Shareholder communications		251,200
Other		185,865
Total liabilities		9,499,492
Net Assets	$	3,504,360,167
Composition of Net Assets
Paid-in capital	$	3,635,591,468
Accumulated net investment income		16,880,751
Accumulated net realized loss on investments and foreign currency transactions		(438,206,493	)
Net unrealized appreciation on investments and translation of assets and liabilities
denominated in foreign currencies		290,094,441
Net Assets	$	3,504,360,167

1. May 28, 2010 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes to Financial Statements.

21 | OPPENHEIMER INTERNATIONAL GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES Unaudited / Continued

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $1,394,232,129 and 61,865,010 shares of beneficial interest outstanding)	$	22.54
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price)	$	23.92
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $63,679,824 and 2,956,337 shares of beneficial interest outstanding)	$	21.54
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $181,942,815 and 8,461,996 shares of beneficial interest outstanding)	$	21.50
Class N Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $84,682,145 and 3,815,161 shares of beneficial interest outstanding)	$	22.20
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $1,779,823,254 and 79,317,386 shares of beneficial interest outstanding)	$	22.44

See accompanying Notes to Financial Statements.

22 | OPPENHEIMER INTERNATIONAL GROWTH FUND

STATEMENT OF OPERATIONS Unaudited

For the Six Months Ended May 28, 2010¹

Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $3,918,512)	$	41,761,644
Affiliated companies		943,123
Interest		254
Total investment income		42,705,021
Expenses
Management fees		12,460,701
Distribution and service plan fees:
Class A		1,748,634
Class B		373,513
Class C		1,000,613
Class N		215,638
Transfer and shareholder servicing agent fees:
Class A		2,925,685
Class B		213,091
Class C		353,798
Class N		210,754
Class Y		902,264
Shareholder communications:
Class A		138,100
Class B		20,126
Class C		19,311
Class N		5,388
Class Y		67,620
Custodian fees and expenses		213,644
Trustees’ compensation		33,508
Other		140,377
Total expenses		21,042,765
Less waivers and reimbursements of expenses		(762,939	)
Net expenses		20,279,826
Net Investment Income		22,425,195

1. May 28, 2010 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes to Financial Statements.

23 | OPPENHEIMER INTERNATIONAL GROWTH FUND

STATEMENT OF OPERATIONS Unaudited / Continued

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investments from:
Unaffiliated companies	$	462,956
Affiliated companies		(15,783,559	)
Foreign currency transactions		4,824,956
Net realized loss		(10,495,647	)
Net change in unrealized appreciation/depreciation on:
Investments		100,092,304
Translation of assets and liabilities denominated in foreign currencies		(363,352,174	)
Net change in unrealized appreciation/depreciation		(263,259,870	)
Net Decrease in Net Assets Resulting from Operations	$	(251,330,322	)

See accompanying Notes to Financial Statements.

24 | OPPENHEIMER INTERNATIONAL GROWTH FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months			Year
	Ended			Ended
	May 28, 2010			November 30,
	(Unaudited)1			2009
Operations
Net investment income	$	22,425,195		$	25,900,471
Net realized loss		(10,495,647	)		(113,370,380	)
Net change in unrealized appreciation/depreciation		(263,259,870	)		974,869,451
Net increase (decrease) in net assets resulting from operations		(251,330,322	)		887,399,542
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(8,223,495	)		(8,603,822	)
Class B		—			—
Class C		(17,861	)		(165,921	)
Class N		(385,465	)		(389,420	)
Class Y		(17,021,372	)		(19,803,162	)
		(25,648,193	)		(28,962,325	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		237,376,791			213,467,612
Class B		(9,446,887	)		(11,840,790	)
Class C		(856,356	)		(5,522,982	)
Class N		10,399,783			12,543,851
Class Y		276,282,399			275,106,819
		513,755,730			483,754,510
Net Assets
Total increase		236,777,215			1,342,191,727
Beginning of period		3,267,582,952			1,925,391,225
End of period (including accumulated net investment income of $16,880,751 and $20,103,749, respectively)	$	3,504,360,167		$	3,267,582,952

1. May 28, 2010 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes to Financial Statements.

See accompanying Notes to Financial Statements.

25 | OPPENHEIMER INTERNATIONAL GROWTH FUND

FINANCIAL HIGHLIGHTS

	Six Months
	Ended
	May 28, 2010			Year Ended November 30,
Class A	(Unaudited)1			2009			2008			2007			2006			2005
Per Share Operating Data
Net asset value, beginning of period	$	24.27		$	17.02		$	32.13		$	27.03		$	20.70		$	18.19
Income (loss) from investment operations:
Net investment income2		.13			.18			.36			.27			.10			.10
Net realized and unrealized gain (loss)		(1.71	)		7.28			(15.25	)		5.04			6.38			2.53
Total from investment operations		(1.58	)		7.46			(14.89	)		5.31			6.48			2.63
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.15	)		(.21	)		(.22	)		(.21	)		(.15	)		(.12	)
Net asset value, end of period	$	22.54		$	24.27		$	17.02		$	32.13		$	27.03		$	20.70
Total Return, at Net Asset Value3		(6.55	)%		44.32	%		(46.64	)%		19.78	%		31.49	%		14.51	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,394,232		$	1,266,608		$	700,394		$	1,399,782		$	1,115,664		$	787,600
Average net assets (in thousands)	$	1,422,831		$	960,876		$	1,167,188		$	1,352,329		$	924,048		$	717,536
Ratios to average net assets:4
Net investment income		1.10	%		0.91	%		1.34	%		0.88	%		0.40	%		0.52	%
Total expenses		1.40	%5		1.45	%5		1.26	%5		1.20	%5		1.28	%5		1.49	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.33	%		1.34	%		1.25	%		1.20	%		1.28	%		1.41	%
Portfolio turnover rate		7	%		13	%		21	%		8	%		12	%		26	%

1.	May 28, 2010 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes to Financial Statements.
2.	Per share amounts calculated based on the average shares outstanding during the period.
3.	Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
4.	Annualized for periods less than one full year.
5.	Total expenses including indirect expenses from affiliated fund were as follows:

Six Months Ended May 28, 2010	1.40	%
Year Ended November 30, 2009	1.46	%
Year Ended November 30, 2008	1.27	%
Year Ended November 30, 2007	1.20	%
Year Ended November 30, 2006	1.28	%

See accompanying Notes to Financial Statements.

26 | OPPENHEIMER INTERNATIONAL GROWTH FUND

	Six Months
	Ended
	May 28, 2010			Year Ended November 30,
Class B	(Unaudited)1			2009			2008			2007			2006			2005
Per Share Operating Data
Net asset value, beginning of period	$	23.14		$	16.16		$	30.54		$	25.69		$	19.69		$	17.33
Income (loss) from investment operations:
Net investment income (loss)2		.02			.03			.13			.02			(.08	)		(.05	)
Net realized and unrealized gain (loss)		(1.62	)		6.95			(14.51	)		4.83			6.08			2.41
Total from investment operations		(1.60	)		6.98			(14.38	)		4.85			6.00			2.36
Dividends and/or distributions to shareholders:
Dividends from net investment income		—			—			—			—			—			—
Net asset value, end of period	$	21.54		$	23.14		$	16.16		$	30.54		$	25.69		$	19.69
Total Return, at Net Asset Value3		(6.92	)%		43.19	%		(47.09	)%		18.88	%		30.47	%		13.62	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	63,680		$	77,565		$	65,006		$	164,175		$	167,383		$	160,347
Average net assets (in thousands)	$	75,040		$	68,562		$	120,915		$	167,676		$	165,575		$	162,953
Ratios to average net assets:4
Net investment income (loss)		0.16	%		0.16	%		0.49	%		0.07	%		(0.37	)%		(0.25	)%
Total expenses		2.35	%5		2.51	%5		2.08	%5		1.99	%5		2.07	%5		2.19	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		2.13	%		2.13	%		2.06	%		1.99	%		2.07	%		2.19	%
Portfolio turnover rate		7	%		13	%		21	%		8	%		12	%		26	%

1.	May 28, 2010 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes to Financial Statements.
2.	Per share amounts calculated based on the average shares outstanding during the period.
3.	Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
4.	Annualized for periods less than one full year.
5.	Total expenses including indirect expenses from affiliated fund were as follows:

Six Months Ended May 28, 2010	2.35	%
Year Ended November 30, 2009	2.52	%
Year Ended November 30, 2008	2.09	%
Year Ended November 30, 2007	1.99	%
Year Ended November 30, 2006	2.07	%

See accompanying Notes to Financial Statements.

27 | OPPENHEIMER INTERNATIONAL GROWTH FUND

FINANCIAL HIGHLIGHTS Continued

	Six Months
	Ended
	May 28, 2010			Year Ended November 30,
Class C	(Unaudited)1			2009			2008			2007			2006			2005
Per Share Operating Data
Net asset value, beginning of period	$	23.10		$	16.15		$	30.52		$	25.71		$	19.71		$	17.34
Income (loss) from investment operations:
Net investment income (loss)2		.03			.03			.15			.04			(.08	)		(.04	)
Net realized and unrealized gain (loss)		(1.63	)		6.94			(14.49	)		4.82			6.09			2.41
Total from investment operations		(1.60	)		6.97			(14.34	)		4.86			6.01			2.37
Dividends and/or distributions to shareholders:
Dividends from net investment income		—3			(.02	)		(.03	)		(.05	)		(.01	)		—
Net asset value, end of period	$	21.50		$	23.10		$	16.15		$	30.52		$	25.71		$	19.71
Total Return, at Net Asset Value4		(6.92	)%		43.20	%		(47.03	)%		18.91	%		30.51	%		13.67	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	181,943		$	196,449		$	143,472		$	292,598		$	220,735		$	158,968
Average net assets (in thousands)	$	200,846		$	163,758		$	241,776		$	262,038		$	188,347		$	151,790
Ratios to average net assets:5
Net investment income (loss)		0.26	%		0.18	%		0.59	%		0.13	%		(0.34	)%		(0.20	)%
Total expenses		2.10	%6		2.20	%6		2.01	%6		1.94	%6		2.03	%6		2.13	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		2.09	%		2.10	%		2.00	%		1.94	%		2.03	%		2.13	%
Portfolio turnover rate		7	%		13	%		21	%		8	%		12	%		26	%

1.	May 28, 2010 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes to Financial Statements.
2.	Per share amounts calculated based on the average shares outstanding during the period.
3.	Less than $0.005 per share.
4.	Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
5.	Annualized for periods less than one full year.
6.	Total expenses including indirect expenses from affiliated fund were as follows:

Six Months Ended May 28, 2010	2.10	%
Year Ended November 30, 2009	2.21	%
Year Ended November 30, 2008	2.02	%
Year Ended November 30, 2007	1.94	%
Year Ended November 30, 2006	2.03	%

See accompanying Notes to Financial Statements.

28 | OPPENHEIMER INTERNATIONAL GROWTH FUND

	Six Months
	Ended
	May 28, 2010			Year Ended November 30,
Class N	(Unaudited)1			2009			2008			2007			2006			2005
Per Share Operating Data
Net asset value, beginning of period	$	23.89		$	16.74		$	31.62		$	26.61		$	20.40		$	17.94
Income (loss) from investment operations:
Net investment income2		.10			.14			.27			.16			.01			.05
Net realized and unrealized gain (loss)		(1.68	)		7.15			(15.00	)		4.99			6.30			2.49
Total from investment operations		(1.58	)		7.29			(14.73	)		5.15			6.31			2.54
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.11	)		(.14	)		(.15	)		(.14	)		(.10	)		(.08	)
Net asset value, end of period	$	22.20		$	23.89		$	16.74		$	31.62		$	26.61		$	20.40
Total Return, at Net Asset Value3		(6.64	)%		43.90	%		(46.79	)%		19.42	%		31.05	%		14.19	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	84,682		$	81,079		$	46,420		$	76,909		$	54,908		$	36,980
Average net assets (in thousands)	$	88,023		$	60,494		$	69,381		$	66,468		$	44,538		$	33,383
Ratios to average net assets:4
Net investment income		0.82	%		0.68	%		1.06	%		0.55	%		0.06	%		0.26	%
Total expenses		1.71	%5		1.82	%5		1.62	%5		1.53	%5		1.64	%5		1.77	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.58	%		1.58	%		1.57	%		1.53	%		1.62	%		1.67	%
Portfolio turnover rate		7	%		13	%		21	%		8	%		12	%		26	%

1.	May 28, 2010 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes to Financial Statements.
2.	Per share amounts calculated based on the average shares outstanding during the period.
3.	Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
4.	Annualized for periods less than one full year.
5.	Total expenses including indirect expenses from affiliated fund were as follows:

Six Months Ended May 28, 2010	1.71	%
Year Ended November 30, 2009	1.83	%
Year Ended November 30, 2008	1.63	%
Year Ended November 30, 2007	1.53	%
Year Ended November 30, 2006	1.64	%

See accompanying Notes to Financial Statements.

29 | OPPENHEIMER INTERNATIONAL GROWTH FUND

FINANCIAL HIGHLIGHTS Continued

	Six Months
	Ended
	May 28, 2010			Year Ended November 30,
Class Y	(Unaudited)1			2009			2008			2007			2006			20052
Per Share Operating Data
Net asset value, beginning of period	$	24.20		$	17.02		$	32.12		$	27.07		$	20.74		$	20.71
Income (loss) from investment operations:
Net investment income3		.19			.28			.49			.40			.25			.05
Net realized and unrealized gain (loss)		(1.70	)		7.24			(15.23	)		5.04			6.34			(.02	)
Total from investment operations		(1.51	)		7.52			(14.74	)		5.44			6.59			.03
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.25	)		(.34	)		(.36	)		(.39	)		(.26	)		—
Net asset value, end of period	$	22.44		$	24.20		$	17.02		$	32.12		$	27.07		$	20.74
Total Return, at Net Asset Value4		(6.31	)%		45.02	%		(46.37	)%		20.32	%		32.11	%		0.15	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,779,823		$	1,645,882		$	970,099		$	876,444		$	254,065		$	6,731
Average net assets (in thousands)	$	1,769,018		$	1,155,662		$	881,407		$	479,060		$	142,489		$	2,071
Ratios to average net assets:5
Net investment income		1.58	%		1.42	%		1.92	%		1.33	%		1.03	%		0.98	%
Total expenses		0.83	%6		0.83	%6		0.79	%6		0.74	%6		0.77	%6		0.85	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.83	%		0.82	%		0.78	%		0.74	%		0.77	%		0.85	%
Portfolio turnover rate		7	%		13	%		21	%		8	%		12	%		26	%

1.	May 28, 2010 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes to Financial Statements.
2.	For the period from September 7, 2005 (inception of offering) to November 30, 2005.
3.	Per share amounts calculated based on the average shares outstanding during the period.
4.	Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
5.	Annualized for periods less than one full year.
6.	Total expenses including indirect expenses from affiliated fund were as follows:

Six Months Ended May 28, 2010	0.83	%
Year Ended November 30, 2009	0.84	%
Year Ended November 30, 2008	0.80	%
Year Ended November 30, 2007	0.74	%
Year Ended November 30, 2006	0.77	%

See accompanying Notes to Financial Statements.

30 | OPPENHEIMER INTERNATIONAL GROWTH FUND

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer International Growth 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 long-term capital appreciation. The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”).

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

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

Semiannual Period. Since May 28, 2010 represents the last day during the Fund’s semiannual period on which the New York Stock Exchange was open for trading, the Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

Securities Valuation. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the “Exchange”), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading.

     Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Unadjusted quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than unadjusted quoted prices for an asset that are observable are classified as “Level 2” and significant unobservable inputs, including the Manager’s judgment about the assumptions that a market participant would use in pricing an asset or liability, are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund’s investments under these levels of classification is included following the Statement of Investments.

31 | OPPENHEIMER INTERNATIONAL GROWTH FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

     Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by portfolio pricing services approved by the Board of Trustees or dealers.

     Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund’s assets are valued. Securities whose principal exchange is NASDAQ^® are valued based on the official closing prices reported by NASDAQ prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day’s closing “bid” and “asked” prices, and if not, at the current day’s closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded.

     Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

     U.S. domestic and international debt instruments (including corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and “money market-type” debt instruments with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing price quotations obtained from independent pricing services or broker-dealers. Such prices are typically determined based upon information obtained from market participants including reported trade data, broker-dealer price quotations and inputs such as benchmark yields and issuer spreads from identical or similar securities.

     “Money market-type” debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value.

     In the absence of a readily available unadjusted quoted market price, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund’s assets are valued but after the close of the securities’ respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

32 | OPPENHEIMER INTERNATIONAL GROWTH FUND

     There have been no significant changes to the fair valuation methodologies of the Fund during the period.

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

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

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

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

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

33 | OPPENHEIMER INTERNATIONAL GROWTH FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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

During the fiscal year ended November 30, 2009, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. As of November 30, 2009, the Fund had available for federal income tax purposes post-October losses of $4,108,398 and unused capital loss carryforwards as follows:

Expiring
2010	$	55,861,629
2011		175,613,980
2014		266,942
2015		1,931,991
2016		32,821,421
2017		115,960,740
Total	$	382,456,703

Of these losses, $2,695,578 are subject to loss limitation rules resulting from merger activity. These limitations generally reduce the utilization of these losses to a maximum of $385,083 per year.

     As of May 28, 2010, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $397,060,748, of which $10,495,647 expires in 2018. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended May 28, 2010, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.

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

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of May 28, 2010 are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments,

34 | OPPENHEIMER INTERNATIONAL GROWTH FUND

if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.

Federal tax cost of securities	$	3,223,641,683
Federal tax cost of other investments		304,333
Total federal tax cost	$	3,223,946,016
Gross unrealized appreciation	$	503,139,428
Gross unrealized depreciation		(256,035,503	)
Net unrealized appreciation	$	247,103,925

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

Trustees’ Compensation. The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s independent trustees. Benefits are based on years of service and fees paid to each trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active independent trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan. During the six months ended May 28, 2010, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	4,868
Payments Made to Retired Trustees		23,857
Accumulated Liability as of May 28, 2010		195,534

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

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

35 | OPPENHEIMER INTERNATIONAL GROWTH FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

times as deemed necessary by the Manager. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

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

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

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

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

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

36 | OPPENHEIMER INTERNATIONAL GROWTH FUND

2. Shares of Beneficial Interest

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

	Six Months Ended May 28, 2010						Year Ended November 30, 2009
	Shares			Amount			Shares			Amount
Class A
Sold		16,824,409		$	412,595,473			27,326,059		$	547,427,607
Dividends and/or distributions reinvested		298,658			7,308,160			431,929			7,407,578
Acquisition—Note 8		—			—			337,072			7,459,404
Redeemed		(7,455,131	)		(182,526,842	)		(17,041,806	)		(348,826,977	)1
Net increase		9,667,936		$	237,376,791			11,053,254		$	213,467,612
Class B
Sold		372,670		$	8,753,713			956,975		$	17,577,670
Dividends and/or distributions reinvested		—			—			—			—
Acquisition—Note 8		—			—			15,633			330,803
Redeemed		(768,351	)		(18,200,600	)		(1,642,194	)		(29,749,263	)1
Net decrease		(395,681	)	$	(9,446,887	)		(669,586	)	$	(11,840,790	)
Class C
Sold		1,085,998		$	25,582,601			2,379,193		$	44,079,953
Dividends and/or distributions reinvested		630			14,754			8,247			135,575
Acquisition—Note 8		—			—			28,394			599,403
Redeemed		(1,130,567	)		(26,453,711	)		(2,794,984	)		(50,337,913	)1
Net decrease		(43,939	)	$	(856,356	)		(379,150	)	$	(5,522,982	)
Class N
Sold		1,144,915		$	27,823,590			1,670,995		$	33,024,669
Dividends and/or distributions reinvested		14,541			350,885			20,683			349,954
Acquisition—Note 8		—			—			2,289			49,929
Redeemed		(738,037	)		(17,774,692	)		(1,073,905	)		(20,880,701	)1
Net increase		421,419		$	10,399,783			620,062		$	12,543,851
Class Y
Sold		18,261,340		$	444,136,735			26,206,960		$	560,011,021
Dividends and/or distributions reinvested		659,163			16,024,255			1,104,677			18,801,599
Acquisition—Note 8		—			—			7,454			164,205
Redeemed		(7,617,011	)		(183,878,591	)		(16,303,611	)		(303,870,006	)1
Net increase		11,303,492		$	276,282,399			11,015,480		$	275,106,819

1. Net of redemption fees of $2,081, $169, $394, $133 and $2,614 for Class A, Class B, Class C, Class N and Class Y, respectively.

37 | OPPENHEIMER INTERNATIONAL GROWTH FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the six months ended May 28, 2010, were as follows:

	Purchases		Sales
Investment securities	$	762,049,122	$	230,858,911

4. Fees and Other Transactions with Affiliates

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

Fee Schedule
Up to $250 million	0.80	%
Next $250 million	0.77
Next $500 million	0.75
Next $1 billion	0.69
Next $3 billion	0.67
Over $5 billion	0.65

Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the six months ended May 28, 2010, the Fund paid $3,861,993 to OFS for services to the Fund.

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

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

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

38 | OPPENHEIMER INTERNATIONAL GROWTH FUND

Distribution and Service Plans for Class B, Class C and Class N Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B, Class C and Class N shares under Rule 12b-1 of the Investment Company Act of 1940 to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and Class C shares daily net assets and 0.25% on Class N shares daily net assets. The Distributor also receives a service fee of 0.25% per year under each plan. If either the Class B, Class C or Class N plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations. The Distributor determines its uncompensated expenses under the Plans at calendar quarter ends. The Distributor’s aggregate uncompensated expenses under the Plans at March 31, 2010 were as follows:

Class B	$	1,111,268
Class C		4,858,831
Class N		935,527

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

			Class A		Class B		Class C		Class N
	Class A		Contingent		Contingent		Contingent		Contingent
	Front-End		Deferred		Deferred		Deferred		Deferred
	Sales Charges		Sales Charges		Sales Charges		Sales Charges		Sales Charges
Six Months	Retained by		Retained by		Retained by		Retained by		Retained by
Ended	Distributor		Distributor		Distributor		Distributor		Distributor
May 28, 2010	$	152,079	$	—	$	77,498	$	6,167	$	343

Waivers and Reimbursements of Expenses. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class.

During the six months ended May 28, 2010, OFS waived transfer and shareholder servicing agent fees as follows:

Class A	$	540,920
Class B		80,670
Class C		8,135
Class N		56,788

39 | OPPENHEIMER INTERNATIONAL GROWTH FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Fees and Other Transactions with Affiliates Continued

The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in IMMF. During the six months ended May 28, 2010, the Manager waived fees and/or reimbursed the Fund $76,426 for IMMF management fees.

     Some of these undertakings may be modified or terminated at any time; some may not be modified or terminated until after one year from the date of the current prospectus, as indicated therein.

5. Foreign Currency Exchange Contracts

The Fund may enter into current and forward foreign currency exchange contracts for the purchase or sale of a foreign currency at a negotiated rate at a future date.

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

     The Fund has purchased and sold foreign currency exchange contracts of different currencies in order to acquire currencies to pay for related foreign securities purchase transactions, or to convert foreign currencies to U.S. dollars from related foreign securities sale transactions. These foreign currency exchange contracts are negotiated at the current spot exchange rate with settlement typically within two business days thereafter.

     Additional associated risk to the Fund includes counterparty credit risk. Counterparty credit risk arises from the possibility that the counterparty will default. If the counterparty defaults, the Fund’s loss will consist of the net amount of contractual payments that the Fund has not yet received.

6. Restricted Securities

As of May 28, 2010, investments in securities included issues that are restricted. A restricted security may have a contractual restriction on its resale and is valued under methods approved by the Board of Trustees as reflecting fair value. Securities that are restricted are marked with an applicable footnote on the Statement of Investments. Restricted securities are reported on a schedule following the Statement of Investments.

7. Subsequent Events Evaluation

The Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. This evaluation determined that there are no subsequent events that necessitated disclosures and/or adjustments.

40 | OPPENHEIMER INTERNATIONAL GROWTH FUND

8. Acquisition of Oppenheimer Baring Japan Fund

On August 6, 2009, the Fund acquired all of the net assets of Oppenheimer Baring Japan Fund, pursuant to an Agreement and Plan of Reorganization approved by the Oppenheimer Baring Japan Fund shareholders on July 31, 2009. The exchange qualified as a tax-free reorganization for federal income tax purposes.

Details of the merger are shown in the following table:

	Exchange		Shares of
	Ratio to One		Beneficial		Value of Issued		Combined Net
	Share of the		Interest Issued		Shares of		Assets on
	Fund		by the Fund		Beneficial Interest		August 6, 20091
Class A		0.259199		337,072	$	7,459,404	$	1,120,596,874
Class B		0.267179		15,633	$	330,803	$	74,478,475
Class C		0.267946		28,394	$	599,403	$	180,126,225
Class N		0.261585		2,289	$	49,929	$	70,629,575
Class Y		0.260760		7,454	$	164,205	$	1,272,888,706

1. The net assets acquired included net unrealized depreciation of $67,026 and an unused capital loss carryforward of $5,405,101, potential utilization subject to tax limitations.

9. Pending Litigation

Since 2009, a number of lawsuits have been filed in federal courts against the Manager, the Distributor, and certain mutual funds (“Defendant Funds”) advised by the Manager and distributed by the Distributor (but not including the Fund). The lawsuits naming the Defendant Funds also name as defendants certain officers, trustees and former trustees of the respective Defendant Funds. The plaintiffs seek class action status on behalf of purchasers of shares of the respective Defendant Fund during a particular time period. The lawsuits raise claims under federal securities laws alleging that, among other things, the disclosure documents of the respective Defendant Fund contained misrepresentations and omissions, that such Defendant Fund’s investment policies were not followed, and that such Defendant Fund and the other defendants violated federal securities laws and regulations. The plaintiffs seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses.

     In 2009, what are claimed to be derivative lawsuits were filed in state court against the Manager and a subsidiary (but not against the Fund), on behalf of the New Mexico Education Plan Trust. These lawsuits allege breach of contract, breach of fiduciary duty, negligence and violation of state securities laws, and seek compensatory damages, equitable relief and an award of attorneys’ fees and litigation expenses.

     The Distributor and another subsidiary of the Manager have been named as defendants in a putative class action filed in federal court in 2010. The plaintiff, a participant in the State of Texas’ college savings plan, asserts claims on behalf of all persons who invested in qualified 529 plans managed by these subsidiaries of the Manager and which held investments in a certain mutual fund managed by the Manager and distributed by the Distributor. Plaintiff alleges causes of action for “improper investments,” “breach

41 | OPPENHEIMER INTERNATIONAL GROWTH FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

9. Pending Litigation Continued

of fiduciary duty,” and “punitive damages” arising from that fund’s investments in 2008 and 2009. The Manager and these subsidiaries believe that the complaint is legally deficient and intend to defend the case vigorously.

     Other lawsuits have been filed since 2008 in various state and federal courts, against the Manager and certain of its affiliates. Those lawsuits were filed by investors who made investments through an affiliate of the Manager, and relate to the alleged investment fraud perpetrated by Bernard Madoff and his firm (“Madoff “). Those suits allege a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses. None of the suits have named the Distributor, any of the Oppenheimer mutual funds or any of their independent Trustees or Directors as defendants. None of the Oppenheimer funds invested in any funds or accounts managed by Madoff.

     The Manager believes that the lawsuits described above are without legal merit and is defending against them vigorously. The Defendant Funds’ Boards of Trustees have also engaged counsel to defend the suits brought against those Funds and the present and former Independent Trustees named in those suits. While it is premature to render any opinion as to the outcome in these lawsuits, or whether any costs that the Defendant Funds may bear in defending the suits might not be reimbursed by insurance, the Manager believes that these suits should not impair the ability of the Manager or the Distributor to perform their respective duties to the Fund, and that the outcome of all of the suits together should not have any material effect on the operations of any of the Oppenheimer funds.

42 | OPPENHEIMER INTERNATIONAL GROWTH FUND

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

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

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

Householding—Delivery of Shareholder Documents

This is to inform you about OppenheimerFunds’ “householding” policy. If more than one member of your household maintains an account in a particular fund, OppenheimerFunds will mail only one copy of the fund’s prospectus, or, if available, the fund’s summary prospectus, annual and semiannual report and privacy policy. The consolidation of these mailings, called householding, benefits your fund through reduced mailing expense, and benefits you by reducing the volume of mail you receive from OppenheimerFunds. Householding does not affect the delivery of your account statements.

     Please note that we will continue to household these mailings for as long as you remain an OppenheimerFunds shareholder, unless you request otherwise. If you prefer to receive multiple copies of these materials, please call us at 1.800.CALL-OPP (225-5677). You may also notify us in writing or via email. We will begin sending you individual copies of the prospectus, or, if available, the summary prospectus, reports and privacy policy within 30 days of receiving your request to stop householding.

43 | OPPENHEIMER INTERNATIONAL GROWTH FUND

Item 2. Code of Ethics.

Not applicable to semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable to semiannual reports.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

a) Not applicable.

b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

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

2. The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individual’s background, skills, and experience; whether the individual is an “interested person” as defined in the Investment Company Act of 1940; and

whether the individual would be deemed an “audit committee financial expert” within the meaning of applicable SEC rules. The Committee also considers whether the individual’s background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder.

3. The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following:

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

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

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

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

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

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

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

Item 11. Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 05/28/2010, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

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

Item 12. Exhibits.

(a)	(1) Not applicable to semiannual reports.
	(2) Exhibits attached hereto.
	(3) Not applicable.
(b)	Exhibit attached hereto.

SIGNATURES

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

Oppenheimer International Growth Fund

By:	/s/ William F. Glavin, Jr.William F. Glavin, Jr.
	Principal Executive Officer
Date:	07/07/2010

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

By:	/s/ William F. Glavin, Jr.William F. Glavin, Jr.
	Principal Executive Officer
Date:	07/07/2010
By:	/s/ Brian W. Wixted
	Brian W. Wixted
	Principal Financial Officer
Date:	07/07/2010