Oppenheimer Global Real Estate Fund NCSRS 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 811-22771

Oppenheimer Global Real Estate Fund

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Arthur S. Gabinet

OFI Global Asset Management, 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: April 30

Date of reporting period: 10/31/2013

Item 1. Reports to Stockholders.

LOGO

Table of Contents


Fund Performance Discussion			3

Top Holdings and Allocations			8

Fund Expenses			11

Statement of Investments			13

Statement of Assets and Liabilities			15

Statement of Operations			17

Statements of Changes in Net Assets			18

Financial Highlights			19

Notes to Financial Statements			24

Board Approval of the Fund’s Investment Advisory, Sub-Advisory and Sub-Sub Advisory Agreements			36

Portfolio Proxy Voting Policies and Procedures; Updates to Statement of Investments			39

Trustees and Officers			40

Privacy Policy Notice			41

Class A Shares

CUMULATIVE TOTAL RETURNS AT 10/31/13


	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	FTSE EPRA/ NAREIT Global Index
6-Month	-4.67%	-10.15%	-6.29%

Since Inception (3/20/13)	3.81	-2.16	2.22

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum applicable sales charge except where “without sales charge” is indicated. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677).

2 OPPENHEIMER GLOBAL REAL ESTATE FUND

Fund Performance Discussion

The Fund’s Class A shares (without sales charge) produced a return of -4.67% during the reporting period. The Fund experienced declines in a tumultuous environment, as the markets reacted strongly to the U.S. Federal Reserve’s (the “Fed”) talk of potentially tapering its quantitative easing program. On a relative basis, the Fund outperformed its benchmark, the FTSE EPRA/NAREIT Global Index (the “Index”), which returned -6.29%. The Fund outperformed the Index in most areas, led by stronger security selection among office, specialized and retail REITs. The Fund’s security selection among diversified REITs and an underweight position in real estate operating companies detracted from performance relative to the Index.

MARKET OVERVIEW

Accommodative monetary policies on the part of central banks in the U.S., Europe and Japan, combined with supportive equity valuations relative to bonds, resulted in a rally in real estate equity markets over the first four months of 2013. However, markets became volatile in May after relatively hawkish remarks by Fed chairman Ben Bernanke were widely interpreted as a signal that U.S. monetary policymakers would begin to back away from their quantitative easing program sooner than expected. A slowdown in China also weighed on global equity markets. Global real estate securities underperformed global equity markets during this time, as a rise in government bond yields contributed to narrowing yield spreads. Emerging markets were hit particularly hard since concern regarding the Fed’s taper talk led to weak equity and currency performance. While the Fed’s comments roiled the markets over the first half of the period, in September, the central bank clarified that it planned to taper later rather than earlier.

In the U.S., positives outweigh the negatives although not without volatility and the now familiar drama in Washington. The U.S. economy continued to grow at a moderate pace, driven by a resurgent housing market, strong automobile sales, and a burgeoning energy market. In the public real estate market, after the Fed began its taper talk in May, companies with higher yields and typically longer term leases were negatively impacted by the volatility in interest rates. Cyclical sectors with shorter duration leases swung into favor as their ability to respond quickly to improving economic conditions (and ultimately higher inflation) was rewarded. In this environment, sectors such as lodging and self-storage performed positively, with losses experienced in most other areas. While the U.S. economy continued to grow, the recovery lost momentum in the third quarter of 2013 with confidence undermined by political drama in Washington. This uncertainty remains the major hurdle to achieving a robust expansion.

3 OPPENHEIMER GLOBAL REAL ESTATE FUND

The Eurozone officially exited an 18-month recession during the reporting period, and Europe began to show the first signs of a recovery. The U.K., Germany, and Scandinavian economies have generally been performing well. Southern Europe has lagged overall. The likelihood of severe shocks has diminished as the sovereign debt yield spreads for the weaker countries against the German Bund have stabilized. Additional challenges reside in European banks, which still need to restructure and work out non-performing loans in the real estate sector. The European Central Bank (the “ECB”) has indicated that monetary policy may stay accommodative and interest rates low for a prolonged period.

After enjoying an unusually high pace of growth fueled by capital flowing from post-global financial crisis U.S. and European economies, Asian nations (ex-Japan) are now decelerating to a more sustainable pace as the capital is flowing from Asia back to a healthier West. Fears of a “Hard Landing” in China have diminished markedly. Slower Gross Domestic Product growth in China has meant reduced commodities demand from its Asian neighbors. China’s trading partners are seeking solutions to this drop-off and success will be varied in scope and timing. Australia may be the nation with the biggest challenge as its economy was most heavily dependent on commodities. The country’s growth has stalled as the adjustment is being made from reliance on mining capital expenditures to domestic industries. While the repatriation of capital and the reduction of commodities demand are significant challenges to the region’s

Association of Southeast Asian Nation (“ASEAN”) countries, domestic demand supported by strong demographics and healthy financial markets should ensure that economic growth continues at a reasonable level regardless. Japan has been the exception in the region, as its growth prospects are more closely tied to the recovering Western nations. Moreover, various domestic reform and stimulus measures by prime minister Shinzo Abe (commonly referred to as “Abenomics”) are being implemented to end Japan’s two decade long period of deflation and anemic growth. In recent quarters, Japan’s economic outlook has been slowly but steadily brightening, with top-down measures stimulating both business and consumer sentiment. Hong Kong and Singapore are also in a different position with high susceptibility to interest rate policies in the U.S. due to their pegged/managed currencies. Here valuations are more interesting which may present an opportunity.

FUND REVIEW

During the period, the strongest performing holding of the Fund was Sumitomo Realty & Development Co.Ltd., which is one of Japan’s largest real estate operators. In this same sector, Japan-based Mitsubishi Estate Company Ltd. was one of the top detractors from Fund performance. The difference in the fortunes of Sumitomo and Mitsubishi lies in the differences in their condominium market exposure. So far in 2013, Sumitomo had significantly more condominiums for sale than

4 OPPENHEIMER GLOBAL REAL ESTATE FUND

Mitsubishi, which is more reliant on office properties as an earnings driver. Many would be homeowners hurried to purchase condominiums ahead of the Consumption Tax hike, which was widely anticipated by most Japanese. Condo sales were also boosted by the growing belief that real estate prices in the country are on a rising trajectory as a beneficiary of Abenomics and the Bank of Japan’s quantitative easing program. Condo sales transaction volumes were more robust in 2013 than it has been for years. Sumitomo’s earnings were boosted by this phenomenon, while Mitsubishi missed out.

Also contributing to performance this period were Extra Space Storage, Inc., CubeSmart, Prologis, Inc. and Land Securities Group plc. Extra Space Storage and CubeSmart are U.S.-based self-storage companies. In general, the self-storage sector continues to show strong occupancy and almost no supply growth, which supports upward pressure on rents. We believe these two companies are well positioned in the sector with strong property portfolios, solid occupancy and the ability to drive rental growth. Prologis is an industrials company that acquires and develops warehouses and distribution facilities. After months of unattractive pricing compared to valuation, we took advantage of the selloff in late May and early June to start acquiring Prologis at prices we considered attractive, which benefited this period. Industrial REITs also fared better than other areas this period as the outlook for the global economy improved. Land Securities is one of the largest U.K. companies that owns and develops

office and retail assets. We believe Land Securities is in an excellent position to profit from strong office fundamentals in London. The development pipeline is focused on the early part of the office cycle and therefore we think the company has the potential to profit from the shortage of prime quality office space and the positive momentum in office rental growth in London.

Other than Mitsubishi Estate Company, top detractors from performance this period included Simon Property Group, Inc. and Ventas, Inc. Simon Property Group and the U.S. mall sector in general produced negative returns so far in 2013 primarily due to decelerating mall tenant sales. Earlier in the year, the U.S. consumer faced several challenges in 2013 that weighed on retail sales, including higher payroll taxes, a government shutdown, and low wage growth. Driven by rising home prices, a strong stock market and lower gasoline prices, we believe many of these issues will be offset in the coming quarters.

Ventas, Inc. is a health care company that invests in and operates health care related real estate, such as medical office buildings or senior living facilities. Ventas has a portfolio that is nearly 40% exposed to senior living assets in a partnership structure under the REIT Investment and Diversification and Empowerment Act (“RIDEA”) of 2007. The RIDEA structure enables Ventas to participate in the fundamentals of the underlying real estate, which is leased to seniors on a short term basis, by keeping a share of its

5 OPPENHEIMER GLOBAL REAL ESTATE FUND

operating income and not just lease payments. As a result, their portfolio has a materially shorter lease term than most health care REITs. While we believed the company would benefit from this shorter lease duration relative to its peers, it underperformed as investors anticipated higher interest rates and shrinking acquisition volumes. While we trimmed our position in August 2013, we maintained exposure as we believe the company is mispriced relative to peers.

STRATEGY & OUTLOOK

We remain cautiously optimistic as global growth begins to exhibit greater breadth and the delay in U.S. tapering suggests a measured pace of pullback for U.S. quantitative easing in the near term. Our expectation of slow and steady global growth for the near future has not changed. The accommodative position the Bank of England and ECB have taken on interest rates in early July further supports a low rate environment, though indicating that it won’t exist forever. In the interim, we expect rates to be range bound, but not stable, as investors try to anticipate future changes, causing more volatility for real estate securities.

In Europe, we continue to see strength in prime real estate combined with an improvement in some secondary real estate. We are seeing an opportunity for a slightly more pro-cyclical exposure in companies with more development opportunities and are looking for them in

the secondary space. The initial discussion of tapering by the Fed has had a significant impact on high yield bonds in Europe. The ECB might announce further measures to control the upward momentum. On average, the spreads over government bonds are relatively high and provide a buffer. In Australia, outperformance will likely come from companies with global exposure and development businesses that boost earnings. China and other ASEAN emerging markets are trading markets at this time where stock selection is critical, but present medium to long-term potential. Japan is a medium term opportunity. While positive sentiment is likely to continue to push the market up, we will be mindful of valuation levels and the risk of overbought conditions. We believe U.S. REITs will continue to stack up relatively well. Since the Fed’s initial tapering comments in May, short term lease sectors have outperformed. While recent Fed inaction likely tamps down rates in the near term, we believe that the trajectory for interest rates will be higher in 2014, creating an environment where more cyclical REITs may continue to benefit.

We believe modest economic growth will give companies pricing power where demand outpaces supply, and supply should be held in check by the same moderate pace of recovery. Borrowing costs are still at historic lows and can further support accretive acquisition and development by listed property companies. Earnings yield spreads

6 OPPENHEIMER GLOBAL REAL ESTATE FUND

to local sovereign yields are at or higher than historic average spreads, which with the earnings growth expected, should leave the

David Wharmby, CFA

Portfolio Manager

The Portfolio Managers are employed by the Fund’s sub-sub-adviser, Cornerstone Real Estate Advisers LLC. The opinions of the Portfolio Managers do not necessarily reflect the opinions of OppenheimerFunds.

sector room to absorb measured policy changes.

Henry Burgers, CFA

Portfolio Manager

7 OPPENHEIMER GLOBAL REAL ESTATE FUND

Top Holdings and Allocations


TOP TEN COMMON STOCK HOLDINGS
Simon Property Group, Inc.			5.4%

Mitsui Fudosan Co. Ltd.			4.3

Unibail-Rodamco SE			3.6

Essex Property Trust, Inc.			3.0

Mitsubishi Estate Co. Ltd.			2.8

Host Hotels & Resorts, Inc.			2.7

Westfield Group			2.5

General Growth Properties, Inc.			2.3

Boston Properties, Inc.			2.3

AvalonBay Communities, Inc.			2.2

Portfolio holdings and allocations are subject to change. Percentages are as of October 31, 2013, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com.


TOP TEN GEOGRAPHICAL HOLDINGS
United States			48.1%

Japan			13.4

Hong Kong			9.5

United Kingdom			7.6

Australia			6.3

Singapore			5.4

France			4.7

Canada			1.8

Netherlands			1.3

Germany			1.2

Portfolio holdings and allocation are subject to change. Percentages are as of October 31, 2013, and are based on total market value of investments.

REGIONAL ALLOCATION

LOGO

Portfolio holdings and allocations are subject to change. Percentages are as of October 31, 2013, and are based on the total market value of investments.

8 OPPENHEIMER GLOBAL REAL ESTATE FUND

Share Class Performance

CUMULATIVE TOTAL RETURNS WITHOUT SALES CHARGE AS OF 10/31/13


	Inception Date		6-Month		Since Inception
Class A (OGRAX)		3/20/13		-4.67%		3.81%
Class C (OGRCX)		3/20/13		-5.03%		3.32%
Class I (OIRGX)		3/20/13		-4.43%		4.07%
Class N (OGRNX)		3/20/13		-4.86%		3.61%
Class Y (OGRYX)		3/20/13		-4.47%		4.03%

CUMULATIVE TOTAL RETURNS WITH SALES CHARGE AS OF 10/31/13


	Inception Date		6-Month		Since Inception
Class A (OGRAX)		3/20/13		-10.15%		-2.16%
Class C (OGRCX)		3/20/13		-5.98%		2.32%
Class I (OIRGX)		3/20/13		-4.43%		4.07%
Class N (OGRNX)		3/20/13		-5.81%		2.61%
Class Y (OGRYX)		3/20/13		-4.47%		4.03%

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 5.75% and for Class C and N shares, the contingent deferred sales charge of 1% for the 1-year period. There is no sales charge for Class I and Y shares.

The Fund’s performance is compared to the performance of the FTSE EPRA/NAREIT Global Index. The FTSE EPRA/NAREIT Global Real Estate Index is a stock market index managed by the European Public Real Estate Association and the National Association of Real Estate Investment Trusts and maintained by the Financial Times Index Group (FTSE). It is composed of property company constituents that trade on several global exchanges and designed to represent general trends in eligible listed real estate stocks worldwide. Indices are unmanaged and cannot be purchased by investors. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

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. or its affiliates

Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund

9 OPPENHEIMER GLOBAL REAL ESTATE FUND

prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.

Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

10 OPPENHEIMER GLOBAL REAL ESTATE 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 (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 October 31, 2013.

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.

11 OPPENHEIMER GLOBAL REAL ESTATE FUND


Actual	Beginning Account Value May 1, 2013		Ending Account Value October 31, 2013		Expenses Paid During 6 Months Ended October 31, 2013

Class A	$	1,000.00	$	953.30	$	7.07

Class C		1,000.00		949.70		10.97

Class I		1,000.00		955.70		5.19

Class N		1,000.00		951.40		8.60

Class Y		1,000.00		955.30		5.44

Hypothetical
(5% return before expenses)

Class A		1,000.00		1,018.00		7.30

Class C		1,000.00		1,014.01		11.33

Class I		1,000.00		1,019.91		5.36

Class N		1,000.00		1,016.43		8.88

Class Y		1,000.00		1,019.66		5.62

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended October 31, 2013 are as follows:


Class	Expense Ratios

Class A		1.43%

Class C		2.22

Class I		1.05

Class N		1.74

Class Y		1.10

The expense ratios reflect voluntary waivers and/or reimbursements of expenses by the Fund’s Manager and Transfer Agent. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. 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.

12 OPPENHEIMER GLOBAL REAL ESTATE FUND

STATEMENT OF INVESTMENTS October 31, 2013 / Unaudited


	Shares		Value

Common Stocks—98.4%

Financials—97.7%

Real Estate Investment Trusts (REITs)—72.8%

Diversified REITs—9.8%
British Land Co. plc		168,710	$	1,687,848

Canadian Real Estate
Investment Trust		18,198		741,255

Cousins Properties, Inc.		48,320		547,466

GPT Group		330,700		1,152,777

Land Securities Group
plc		99,620		1,578,619

Lexington Realty
Trust		72,290		845,793

Mapletree Greater China Commercial Trust¹		1,207,000		893,269

Stockland		428,900		1,624,661

Vornado Realty Trust		14,540		1,294,932

				10,366,620

Industrial REITs—8.1%
Ascendas Real Estate
Investment Trust		410,000		782,675

DCT Industrial Trust, Inc.		177,630		1,376,632

First Industrial Realty Trust, Inc.		84,360		1,524,385

GLP J-Reit		1,245		1,294,001

Goodman Group		227,800		1,088,794

Prologis, Inc.		38,930		1,555,253

STAG Industrial, Inc.		46,930		981,306

				8,603,046

Office REITs—9.8%
Alstria Office REIT AG		103,107		1,306,797

Boston Properties, Inc.		23,550		2,437,425

Derwent London plc		35,450		1,422,586

Douglas Emmett, Inc.		51,320		1,279,408

Great Portland
Estates plc		159,790		1,465,450

Highwoods
Properties, Inc.		25,120		969,632

Kilroy Realty Corp.		27,240		1,448,078

				10,329,376

Residential REITs—5.7%
AvalonBay
Communities, Inc.		18,750		2,344,688

Canadian Apartment
Properties REIT		23,401		483,214

Essex Property Trust, Inc.		19,890		3,202,290

				6,030,192


	Shares		Value

Retail REITs—25.0%
Acadia Realty Trust	76,290	$	2,034,655

DDR Corp.	41,020		695,289

Eurocommercial
Properties NV	19,180		815,645

General Growth
Properties, Inc.	115,330		2,448,456

Hammerson plc	142,280		1,206,719

Kimco Realty Corp.	70,240		1,508,755

Klepierre	23,860		1,070,898

Link REIT (The)	135,000		680,898

Morguard Real Estate
Investment Trust	38,923		634,624

Regency Centers Corp.	24,460		1,263,604

Simon Property
Group, Inc.	37,090		5,732,260

Tanger Factory Outlet
Centers, Inc.	24,920		868,462

Taubman Centers,
Inc.	6,370		419,082

Unibail-Rodamco SE	14,480		3,794,517

Vastned Retail NV	12,739		589,041

Westfield Group	259,000		2,647,252

			26,410,157

Specialized REITs—14.4%
Ashford Hospitality
Trust, Inc.	42,750		558,315

Chesapeake Lodging Trust	60,010		1,414,436

CubeSmart	103,370		1,888,570

Extra Space Storage, Inc.	49,780		2,289,382

First Real Estate Investment Trust	764,000		682,856

Health Care REIT, Inc.	12,560		814,516

Host Hotels & Resorts, Inc.	153,990		2,856,514

LaSalle Hotel Properties	23,360		725,328

Public Storage	8,650		1,444,290

Sabra Health Care REIT, Inc.	19,840		533,696

Sunstone Hotel Investors, Inc.	95,720		1,268,290

Ventas, Inc.	11,200		730,688

			15,206,881

			76,946,272

Real Estate Management & Development—24.9%

Diversified Real Estate Activities—19.9%
CapitaLand Ltd.	642,000		1,610,290

13 OPPENHEIMER GLOBAL REAL ESTATE FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


	Shares		Value

Diversified Real Estate Activities (Continued)
Daiwa House Industry
Co. Ltd.		74,000	$	1,486,258

Hang Lung Properties
Ltd.		485,000		1,592,675

Kerry Properties Ltd.		292,500		1,273,831

Mitsubishi Estate Co.
Ltd.		103,800		2,964,372

Mitsui Fudosan Co.
Ltd.		139,000		4,591,938

Sumitomo Realty &
Development Co. Ltd.		45,700		2,163,128

Sun Hung Kai
Properties Ltd.		138,000		1,807,733

Tokyo Tatemono Co.
Ltd.		154,000		1,442,940

Wharf Holdings Ltd.		256,000		2,169,844

				21,103,009

Real Estate Development—3.6%
Cheung Kong
Holdings Ltd.		80,000		1,251,806

Helical Bar plc		112,761		542,313

Keppel Land Ltd.		286,000		853,009

Sino Land Co. Ltd.		796,000		1,118,712

				3,765,840


	Shares			Value

Real Estate Operating Companies—1.4%
Global Logistic
Properties Ltd.		311,000		$	772,605

Hufvudstaden AB,
Cl. A		56,772			743,581

					1,516,186

					26,385,035

Health Care—0.7%

Health Care Providers & Services—0.7%
Capital Senior Living
Corp.¹		30,830			683,810

Total Investments,
at Value
(Cost $99,774,759)		98.4	%		104,015,117

Assets in Excess of
Other Liabilities		1.6			1,714,130

Net Assets		100.0	%	$	105,729,247

Footnotes to Statement of Investments

1. Non-income producing security.

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


Geographic Holdings	Value			Percent

United States	$	49,985,686	��		48.1	%
Japan		13,942,637			13.4
Hong Kong		9,895,499			9.5
United Kingdom		7,903,535			7.6
Australia		6,513,484			6.3
Singapore		5,594,704			5.4
France		4,865,415			4.7
Canada		1,859,093			1.8
Netherlands		1,404,686			1.3
Germany		1,306,797			1.2
Sweden		743,581			0.7

Total	$	104,015,117			100.0	%

See accompanying Notes to Financial Statements.

14 OPPENHEIMER GLOBAL REAL ESTATE FUND

STATEMENT OF

ASSETS AND LIABILITIES October 31, 2013 Unaudited


Assets
Investments, at value (cost $99,774,759)—see accompanying statement of investments:	$	104,015,117

Cash		1,988,868

Receivables and other assets:
Investments sold		739,255
Dividends		139,876
Shares of beneficial interest sold		29,536
Other		23,093

Total assets		106,935,745
Liabilities
Payables and other liabilities:
Investments purchased		1,191,723
Shares of beneficial interest redeemed		3,432
Transfer and shareholder servicing agent fees		3,138
Distribution and service plan fees		680
Trustees’ compensation		555
Other		6,970

Total liabilities		1,206,498


Net Assets	$	105,729,247



Composition of Net Assets
Par value of shares of beneficial interest	$	10,269

Additional paid-in capital		103,796,204

Accumulated net investment loss		(267,204)

Accumulated net realized loss on investments and foreign currency transactions		(2,050,654)

Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		4,240,632

Net Assets	$	105,729,247

15 OPPENHEIMER GLOBAL REAL ESTATE 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 $2,568,343 and 249,625 shares of beneficial interest outstanding)	$	10.29
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price)	$	10.92

Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $679,696 and 66,209 shares of beneficial interest outstanding)	$	10.27

Class I Shares:
Net asset value, redemption price and offering price per share (based on net assets of $102,317,220 and 9,937,452 shares of beneficial interest outstanding)	$	10.30

Class N Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $90,141 and 8,770 shares of beneficial interest outstanding)	$	10.28

Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $73,847 and 7,171 shares of beneficial interest outstanding)	$	10.30

See accompanying Notes to Financial Statements.

16 OPPENHEIMER GLOBAL REAL ESTATE FUND

STATEMENT OF

OPERATIONS For the Six Months Ended October 31, 2013 Unaudited


Investment Income
Dividends (net of foreign withholding taxes of $60,323)	$	1,033,493

Interest		2,721

Total investment income		1,036,214


Expenses
Management fees		479,212

Distribution and service plan fees:
Class A		1,458
Class C		2,258
Class N		181

Transfer and shareholder servicing agent fees:
Class A		2,303
Class C		1,101
Class I		15,257
Class N		159
Class Y		159

Shareholder communications:
Class A		1,247
Class C		642
Class I		162
Class N		116
Class Y		80

Legal, auditing and other professional fees		24,283

Custodian fees and expenses		2,428

Trustees’ compensation		912

Other		3,195

Total expenses		535,153
Less waivers and reimbursements of expenses		(26,505)

Net expenses		508,648


Net Investment Income		527,566


Realized and Unrealized Loss
Net realized loss on:
Investments		(2,130,210)
Foreign currency transactions		(13,325)

Net realized loss		(2,143,535)

Net change in unrealized appreciation/depreciation on:
Investments		(2,345,983)
Translation of assets and liabilities denominated in foreign currencies		(178,024)

Net change in unrealized appreciation/depreciation		(2,524,007)


Net Decrease in Net Assets Resulting from Operations	$	(4,139,976)

See accompanying Notes to Financial Statements.

17 OPPENHEIMER GLOBAL REAL ESTATE FUND



		STATEMENTSOF CHANGES IN NET ASSETS


	Six Months Ended October 31, 2013 (Unaudited)		Period Ended April 30, 2013¹
Operations
Net investment income	$	527,566	$	163,339

Net realized gain (loss)		(2,143,535)		89,014

Net change in unrealized appreciation/depreciation		(2,524,007)		6,764,639

Net increase (decrease) in net assets resulting from operations		(4,139,976)		7,016,992


Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(8,616)		—
Class C		(2,505)		—
Class I		(941,790)		—
Class N		(652)		—
Class Y		(732)		—

		(954,295)		—


Beneficial Interest Transactions
Net increase in net assets resulting from beneficial interest transactions:
Class A		2,245,338		238,272
Class C		584,988		92,748
Class I		10,744,744		89,644,500
Class N		61,974		19,261
Class Y		36,377		38,324

		13,673,421		90,033,105


Net Assets
Total increase		8,579,150		97,050,097

Beginning of period		97,150,097		100,000²

End of period (including accumulated net investment income (loss) of $(267,204) and $159,5259, respectively)	$	105,729,247	$	97,150,097

1. For the period from March 20, 2013 (commencement of operations) to April 30, 2013. See Note 1 of the accompanying Notes.

2. Reflects the value of the Manager’s initial seed money on February 4, 2013.

See accompanying Notes to Financial Statements.

18 OPPENHEIMER GLOBAL REAL ESTATE FUND



		FINANCIAL HIGHLIGHTS


Class A	Six Months Ended October 31, 2013 (Unaudited)		Period Ended April 30, 2013¹
Per Share Operating Data
Net asset value, beginning of period	$	10.89	$	10.00

Income (loss) from investment operations:
Net investment income²		0.03		0.01
Net realized and unrealized gain (loss)		(0.54)		0.88

Total from investment operations		(0.51)		0.89

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.09)		0.00

Net asset value, end of period	$	10.29	$	10.89



Total Return, at Net Asset Value³		(4.67)%		8.90%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,568	$	309

Average net assets (in thousands)	$	1,237	$	125

Ratios to average net assets:⁴
Net investment income		0.54%		1.26%
Total expenses		1.88%		1.66%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.43%		1.42%

Portfolio turnover rate		48%		2%

1. For the period from March 20, 2013 (inception of offering) to April 30, 2013.

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.

See accompanying Notes to Financial Statements.

19 OPPENHEIMER GLOBAL REAL ESTATE FUND



		FINANCIAL HIGHLIGHTS Continued


Class C	Six Months Ended October 31, 2013 (Unaudited)		Period Ended April 30, 2013¹
Per Share Operating Data
Net asset value, beginning of period	$	10.88	$	10.00

Income (loss) from investment operations:
Net investment loss²		(0.02)		0.00³
Net realized and unrealized gain (loss)		(0.53)		0.88

Total from investment operations		(0.55)		0.88

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.06)		0.00

Net asset value, end of period	$	10.27	$	10.88



Total Return, at Net Asset Value⁴		(5.03)%		8.80%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	680	$	108

Average net assets (in thousands)	$	455	$	52

Ratios to average net assets:⁵
Net investment income (loss)		(0.39)%		0.49%
Total expenses		2.81%		2.51%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		2.22%		2.22%

Portfolio turnover rate		48%		2%

1. For the period from March 20, 2013 (inception of offering) to April 30, 2013.

2. Per share amounts calculated based on the average shares outstanding during the period.

3. Less than $0.005

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.

See accompanying Notes to Financial Statements.

20 OPPENHEIMER GLOBAL REAL ESTATE FUND


Class I	Six Months Ended October 31, 2013 (Unaudited)		Period Ended April 30, 2013¹
Per Share Operating Data
Net asset value, beginning of period	$	10.89	$	10.00

Income (loss) from investment operations:
Net investment income²		0.06		0.02
Net realized and unrealized gain (loss)		(0.55)		0.87

Total from investment operations		(0.49)		0.89

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.10)		0.00

Net asset value, end of period	$	10.30	$	10.89



Total Return, at Net Asset Value³		(4.43)%		8.90%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	102,317	$	96,650

Average net assets (in thousands)	$	93,270	$	79,748

Ratios to average net assets:⁴
Net investment income		1.12%		2.05%
Total expenses		1.10%		1.39%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.05%		1.05%

Portfolio turnover rate		48%		2%

1. For the period from March 20, 2013 (inception of offering) to April 30, 2013.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

See accompanying Notes to Financial Statements.

21 OPPENHEIMER GLOBAL REAL ESTATE FUND



		FINANCIAL HIGHLIGHTS Continued


Class N	Six Months Ended October 31, 2013 (Unaudited)		Period Ended April 30, 2013¹

Per Share Operating Data
Net asset value, beginning of period	$	10.89	$	10.00

Income (loss) from investment operations:
Net investment income²		0.01		0.01
Net realized and unrealized gain (loss)		(0.54)		0.88

Total from investment operations		(0.53)		0.89

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.08)		0.00

Net asset value, end of period	$	10.28	$	10.89



Total Return, at Net Asset Value³		(4.86)%		8.90%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	90	$	31

Average net assets (in thousands)	$	77	$	17

Ratios to average net assets:⁴
Net investment income		0.25%		1.14%
Total expenses		2.24%		1.84%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.74%		1.72%

Portfolio turnover rate		48%		2%

1. For the period from March 20, 2013 (inception of offering) to April 30, 2013.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

See accompanying Notes to Financial Statements.

22 OPPENHEIMER GLOBAL REAL ESTATE FUND


Class Y	Six Months Ended October 31, 2013 (Unaudited)		Period Ended April 30, 2013¹

Per Share Operating Data
Net asset value, beginning of period	$	10.89	$	10.00

Income (loss) from investment operations:
Net investment income²		0.05		0.02
Net realized and unrealized gain (loss)		(0.54)		0.87

Total from investment operations		(0.49)		0.89

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.10)		0.00

Net asset value, end of period	$	10.30	$	10.89



Total Return, at Net Asset Value³		(4.47)%		8.90%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	74	$	52

Average net assets (in thousands)	$	77	$	41

Ratios to average net assets:⁴
Net investment income		1.05%		1.54%
Total expenses		1.67%		1.78%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.10%		1.10%

Portfolio turnover rate		48%		2%

1. For the period from March 20, 2013 (inception of offering) to April 30, 2013.

2. Per share amounts calculated based on the average shares outstanding during the period.

4. Annualized for periods less than one full year.

See accompanying Notes to Financial Statements.

23 OPPENHEIMER GLOBAL REAL ESTATE FUND



		NOTES TO FINANCIAL STATEMENTS October 31, 2013 Unaudited


		1. Significant Accounting Policies

Oppenheimer Global Real Estate Fund (the “Fund”) is registered under the Investment Company Act of 1940, as amended, as a non-diversified open-end management investment company. The Fund’s investment objective is to seek total return. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI. The Sub-Adviser has entered into a sub-sub-advisory agreement with Cornerstone Real Estate Advisers LLC (the “Sub-Sub-Adviser”), an indirect, wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company, the parent of OFI.

The Fund offers Class A, Class C, Class I, 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 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 I and Class Y shares are sold to certain institutional investors or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class I and Class Y shares. 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, C and N shares have separate distribution and/or service plans under which they pay fees. Class I and Class Y shares do not pay such fees.

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

Concentration Risk. Concentration risk is the risk that the Fund’s investments in securities of companies in one industry may cause it to be more exposed to changes in that industry or market sector as compared to a more broadly diversified fund. The Fund invests primarily in the real estate industry.

Foreign Currency Translation. The Fund’s accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the close of the New York Stock Exchange (the “Exchange”), normally 4:00 P.M. Eastern time, on each day the Exchange is open for 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

24 OPPENHEIMER GLOBAL REAL ESTATE FUND





		1. Significant Accounting Policies (Continued)

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.

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 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 April 30, 2013, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year.

As of October 31, 2013, it is estimated that the capital loss carryforwards would be $2,143,535 which will not expire. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended October 31, 2013, 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 October 31, 2013 are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.

25 OPPENHEIMER GLOBAL REAL ESTATE FUND



		NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

		1. Significant Accounting Policies (Continued)


Federal tax cost of securities	$	99,986,871

Gross unrealized appreciation	$	6,165,795
Gross unrealized depreciation		(2,137,549	)

Net unrealized appreciation	$	4,028,246

Trustees’ Compensation. 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 with 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 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,

26 OPPENHEIMER GLOBAL REAL ESTATE FUND





		1. Significant Accounting Policies (Continued)

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.

2. 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.

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a “fair valuation” for any security for which market quotations are not “readily available.” The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) 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. 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 security of a foreign issuer

27 OPPENHEIMER GLOBAL REAL ESTATE FUND



		NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

		2. Securities Valuation (Continued)

traded on a foreign exchange but not listed on a registered U.S. securities exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority); (1) using a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

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.

Corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities, event-linked bonds, loans, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices.

Short-term money market type debt securities with a remaining maturity 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. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.


Security Type		Standard inputs generally considered by third- party pricing vendors
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities		Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans		Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds		Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the

28 OPPENHEIMER GLOBAL REAL ESTATE FUND





		2. Securities Valuation (Continued)

significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or 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 further adjusted for any discounts related to security-specific 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 nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

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. 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 or liability (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 or liability).

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

29 OPPENHEIMER GLOBAL REAL ESTATE FUND



		NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

		2. Securities Valuation (Continued)

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of October 31, 2013 based on valuation input level:


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value

Assets Table
Investments, at Value:
Common Stocks
Financials	$	51,160,969	$	52,170,338	$	—	$	103,331,307
Health Care		683,810		—		—		683,810

Total Assets	$	51,844,779	$	52,170,338	$	—	$	104,015,117

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 table below shows the transfers between Level 1 and Level 2. The Fund’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.


	Transfers out of Level 1*			Transfers into Level 2*
Assets Table
Investments, at Value:
Commons Stocks
Financials	$	(37,773,152	)	$	37,773,152

Total Assets	$	(37,773,152	)	$	37,773,152

*Transferred from Level 1 to Level 2 because of the absence of a readily available unadjusted quoted market price due to a significant event occurring before the Fund’s assets were valued but after the close of the securities’ respective exchanges.

3. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:


	Six Months Ended October 31, 2013						Period Ended April 30, 2013^1,2
	Shares			Amount			Shares		Amount

Class A
Sold		253,748		$	2,571,360			22,394	$	238,272
Dividends and/or distributions reinvested		811			8,071			—		—
Redeemed		(33,328	)		(334,093	)		—		—

Net increase		221,231		$	2,245,338			22,394	$	238,272

30 OPPENHEIMER GLOBAL REAL ESTATE FUND





		3. Shares of Beneficial Interest (Continued)


	Six Months Ended October 31, 2013						Period Ended April 30, 2013^1,2
	Shares			Amount			Shares		Amount

Class C
Sold		74,828		$	766,102			8,892	$	92,748
Dividends and/or distributions reinvested		249			2,446			—		—
Redeemed		(18,760	)		(183,560	)		—		—

Net increase		56,317		$	584,988			8,892	$	92,748



Class I
Sold		1,306,987		$	13,148,051			8,871,275	$	89,644,500
Dividends and/or distributions reinvested		94,953			941,687			—		—
Redeemed		(336,763	)		(3,344,994	)		—		—

Net increase		1,065,177		$	10,744,744			8,871,275	$	89,644,500



Class N
Sold		8,258		$	85,150			1,807	$	19,261
Dividends and/or distributions reinvested		58			574			—		—
Redeemed		(2,353	)		(23,750	)		—		—

Net increase		5,963		$	61,974			1,807	$	19,261



Class Y
Sold		15,242		$	162,690			3,793	$	38,324
Dividends and/or distributions reinvested		64			633			—		—
Redeemed		(12,928	)		(126,946	)		—		—

Net increase		2,378		$	36,377			3,793	$	38,324

1. For the period from March 20, 2013 (commencement of operations) to April 30, 2013.

2. The Fund sold 6,000 shares of Class A at a value of $60,000 and 1,000 shares of Class C, Class I, Class N Class Y at a value of $10,000, respectively, to the Manager upon seeding of the Fund on February 4, 2013.

4. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the six months ended October 31, 2013 were as follows:


	Purchases		Sales

Investment securities	$	59,176,194	$	45,223,850

5. 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:

31 OPPENHEIMER GLOBAL REAL ESTATE FUND



		NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

		5. Fees and Other Transactions with Affiliates (Continued)


Fee Schedule

Up to $1.0 billion	1.00	%
Over $1.0 billion	0.80

Sub-Adviser Fees. The Manager has retained the Sub-Adviser to provide the day-to-day portfolio management of the Fund. Under the Sub-Advisory Agreement, the Manager pays the Sub-Adviser an annual fee in monthly installments, equal to a percentage of the investment management fee collected by the Manager from the Fund, which shall be calculated after any investment management fee waivers. The fee paid to the Sub-Adviser is paid by the Manager, not by the Fund.

Sub-Sub-Adviser Fees. The Sub-Adviser retains the Sub-Sub-Adviser to provide the day-today portfolio management of the Fund. Under the Sub-Sub-Advisory Agreement, the Sub-Adviser pays the Sub-Sub-Adviser an annual fee in monthly installments, based on the average daily net assets of the Fund. The fee paid to the Sub-Sub-Adviser under the Sub-Sub-Advisory agreement is paid by the Sub-Adviser, not by the Fund.

Transfer Agent Fees. OFI Global (the “Transfer Agent”) serves as the transfer and shareholder servicing agent for the Fund. Fees incurred by the Fund with respect to these services are detailed in the Statement of Operations.

Sub-Transfer Agent Fees. The Transfer Agent has retained Shareholder Services, Inc., a wholly-owned subsidiary of OFI (the “Sub-Transfer Agent”), to provide the day-to-day transfer agent and shareholder servicing of the Fund. Under the Sub-Transfer Agency Agreement, the Transfer Agent pays the Sub-Transfer Agent an annual fee in monthly installments, equal to a percentage of the transfer agent fee collected by the Transfer Agent from the Fund, which shall be calculated after any applicable fee waivers. The fee paid to the Sub-Transfer Agent is paid by the Transfer Agent, not by the Fund.

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

32 OPPENHEIMER GLOBAL REAL ESTATE FUND





		5. Fees and Other Transactions with Affiliates (Continued)

that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

Distribution and Service Plans for Class C and Class N Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for 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 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 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 September 30, 2013 were as follows:


Class C	$	2,210
Class N		23

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.

Six Months Ended

Class A
Front-End Sales
Charges Retained by
Distributor

Class A
Contingent Deferred
Sales Charges Retained
by Distributor

Class C
Contingent Deferred
Sales Charges Retained
by Distributor

October 31, 2013

$4,846

$10

Waivers and Reimbursements of Expenses. The Manager has voluntarily agreed to waive fees and/or reimburse certain expenses so that “Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses”, excluding expenses incurred directly or indirectly by the Fund as a result of investments in other investment companies, wholly-owned subsidiaries and pooled investment vehicles; will not exceed 1.45% for Class A shares, 2.25% for Class C shares, 1.05% for Class I shares, 1.75% for Class N shares and 1.10% for Class Y shares. During the six months ended October 31, 2013, the Manager waived $2,131, $942, $21,974, $156, and $188 for Class A, Class C, Class I, Class N and Class Y shares, respectively.

33 OPPENHEIMER GLOBAL REAL ESTATE FUND



		NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

		5. Fees and Other Transactions with Affiliates (Continued)

The Transfer Agent has voluntarily agreed to limit transfer and shareholder servicing agent fees for Classes B, C, N and Y shares to 0.35% of average annual net assets per class and for Class A shares to 0.30% of average annual net assets of the class.

During the six months ended October 31, 2013, the Transfer Agent waived transfer and shareholder servicing agent fees as follows:


Class A	$	633
Class C		409
Class N		37
Class Y		35

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.

6. Pending Litigation

Since 2009, seven class action lawsuits have been pending in the U.S. District Court for the District of Colorado against OppenheimerFunds, Inc. (“OFI”), OppenheimerFunds Distributor, Inc., the Fund’s principal underwriter and distributor (the “Distributor”), and certain funds (but not including the Fund) advised by OFI Global Asset Management, Inc. and distributed by the Distributor (the “Defendant Funds”). The lawsuits also name as defendants certain officers and current and former trustees of the respective Defendant Funds. The lawsuits raise claims under federal securities law and allege, among other things, that the disclosure documents of the respective Defendant Funds contained misrepresentations and omissions and that the respective Defendant Funds’ investment policies were not followed. The plaintiffs in these actions seek unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. The Defendant Funds’ Boards of Trustees have also engaged counsel to represent the Funds and the present and former Independent Trustees named in those suits. On August 26, 2013, the parties in six of these lawsuits executed a memorandum of understanding setting forth the terms of proposed settlements of those actions. The proposed settlements are subject to a variety of contingencies, including the execution of settlement agreements, which will require preliminary and final approval by the court. The proposed settlements do not resolve a seventh outstanding lawsuit relating to Oppenheimer California Municipal Fund.

Other class action and individual lawsuits have been filed since 2008 in various state and federal courts against OFI and certain of its affiliates by investors seeking to recover investments they allegedly lost as a result of the “Ponzi” scheme run by Bernard L. Madoff and his firm, Bernard L. Madoff Investment Securities, LLC (“BLMIS”). Plaintiffs in these suits allege that they suffered losses as a result of their investments in several funds managed by an affiliate of OFI and assert 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 awards of attorneys’ fees and litigation expenses. Neither the Distributor, nor any of the

34 OPPENHEIMER GLOBAL REAL ESTATE FUND





		6. Pending Litigation (Continued)

Oppenheimer mutual funds, their independent trustees or directors are named as defendants in these lawsuits. None of the Oppenheimer mutual funds invested in any funds or accounts managed by Madoff or BLMIS. On February 28, 2011, a stipulation of partial settlement of three groups of consolidated putative class action lawsuits relating to these matters was filed in the U.S. District Court for the Southern District of New York. On August 19, 2011, the court entered an order and final judgment approving the settlement as fair, reasonable and adequate. In September 2011, certain parties filed notices of appeal from the court’s order approving the settlement. The settlement does not resolve other outstanding lawsuits against OFI and its affiliates relating to BLMIS.

On April 16, 2010, a lawsuit was filed in New York state court against OFI, an affiliate of OFI and AAArdvark IV Funding Limited (“AAArdvark IV”), an entity advised by OFI’s affiliate, in connection with investments made by the plaintiffs in AAArdvark IV. Plaintiffs allege breach of contract and common law fraud claims against the defendants and seek compensatory damages, costs and disbursements, including attorney fees. On April 11, 2013, the court granted defendants’ motion for summary judgment, dismissing plaintiffs’ fraud claim with prejudice and dismissing their contract claim without prejudice, and granted plaintiffs leave to replead their contract claim to assert a cause of action for specific performance within 30 days. On May 9, 2013, plaintiffs filed a notice of appeal from the court’s dismissal order. On July 15, 2011, a lawsuit was filed in New York state court against OFI, an affiliate of OFI and AAArdvark Funding Limited (“AAArdvark I”), an entity advised by OFI’s affiliate, in connection with investments made by the plaintiffs in AAArdvark I. The complaint alleges breach of contract and common law fraud claims against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees. On November 9, 2011, a lawsuit was filed in New York state court against OFI, an affiliate of OFI and AAArdvark XS Funding Limited (“AAArdvark XS”), an entity advised by OFI’s affiliate, in connection with investments made by the plaintiffs in AAArdvark XS. The complaint alleged breach of contract against the defendants and sought compensatory damages, costs and disbursements, including attorney fees. On November 8, 2013, the parties filed a stipulation of discontinuance dismissing the lawsuit with prejudice.

OFI believes the lawsuits and appeals described above are without legal merit and, with the exception of actions it has settled, is defending against them vigorously. 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, OFI believes that these suits should not impair the ability of OFI 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 mutual funds.

35 OPPENHEIMER GLOBAL REAL ESTATE FUND



		BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY, SUB-ADVISORY AND SUB-SUB ADVISORY AGREEMENTS Unaudited

At a meeting held on November 29, 2012, the Board approved an investment advisory agreement with OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”) and a Sub-Advisory Agreement with Cornerstone Real Estate Advisers, LLC (“Cornerstone” or the “Sub-Sub-Adviser”) whereby Cornerstone provides investment sub-advisory services to the Fund. The Board also approved an advisory agreement with OFI Global Asset Management, Inc. (“OFI Global” or the “Adviser”), a sub-advisory agreement with OFI whereby OFI provides investment sub-advisory services to the Fund, and a sub-sub-advisory agreement whereby Cornerstone provides investment sub-sub-advisory services in connection with OFI’s proposal to modify its corporate structure effective January 1, 2013 (collectively, the “Agreements”) (“OFI Global”, “OFI”, and “Cornerstone” together the “Managers”). The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Managers provide, such information as may be reasonably necessary to evaluate the terms of the Agreements.

In approving the Fund’s Agreement , the Board considered information provided by the Managers on the following factors: (i) the nature, quality and extent of the Managers’ services to be provided, (ii) the fees and expenses of the Fund, including estimated and comparative expense information, (iii) whether economies of scale may be realized as the Fund grows and whether fee levels reflect these economies of scale for Fund investors and (iv) other benefits that the Managers may receive from their relationship with the Fund. The Board was aware that there are alternatives to retaining the Managers.

Outlined below is a summary of the principal information considered by the Board as well as the Board’s conclusions.

Nature, Quality and Extent of Services. The Board considered information about the nature, quality and extent of the services to be provided to the Fund and information regarding the Managers’ key personnel who will provide such services. The Sub-Sub-Adviser’s duties will include providing the Fund with the services of the portfolio managers and the Sub-Sub-Adviser’s investment team, who will provide research, analysis and other advisory services in regard to the Fund’s investments; securities trading services; oversight of third-party service providers; monitoring compliance with applicable Fund policies and procedures and adherence to the Fund’s investment restrictions; and risk management. The Managers will be responsible for providing certain administrative services to the Fund as well. Those services include providing and supervising all administrative and clerical personnel who are necessary in order to provide effective corporate administration for the Fund; compiling and maintaining records with respect to the Fund’s operations; preparing and filing reports required by the Securities and Exchange Commission; preparing periodic reports regarding the operations of the Fund for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by Federal and state securities laws for the sale of the Fund’s shares. The Managers will also provide the Fund with office space, facilities and equipment.

The Board also considered the quality of the services expected to be provided and the quality of the Managers’ resources that will be available to the Fund. The Board took account of the fact that the Sub-Adviser has had over fifty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Sub-Adviser’s advisory, administrative,

36 OPPENHEIMER GLOBAL REAL ESTATE FUND

accounting, legal, compliance services and risk management, and information the Board has received regarding the experience and professional qualifications of the Managers’ key personnel and the size and functions of its staff. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of David Wharmby and Henry Burgers, the portfolio managers for the Fund, and the Sub-Sub-Adviser’s investment team and analysts. The Board members also considered the totality of their experiences with the Managers as directors or trustees of the Fund and other funds advised by the Managers. The Board considered information regarding the quality of services provided by affiliates of the Managers, which its members have become knowledgeable about in connection with other Funds managed by the Managers. The Board concluded, in light of the Managers’ experience, reputation, personnel, operations and resources that the Fund will benefit from the services provided under the Agreements.

Costs of Services by the Adviser. The Board reviewed the fees to be paid to the Manager and the other expenses that will be borne by the Fund. The Board considered how the Fund’s expenses will compare to a group of similar, unaffiliated funds (“expense peer group”). After discussions with the Board, the Adviser has agreed to contractually waive fees and/or reimburse the Fund for certain expenses in order to limit “Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement” (excluding (i) interest, taxes, dividends tied to short sales, brokerage commissions, and other expenditures which are capitalized in accordance with generally accepted accounting principles; (ii) expenses incurred directly or indirectly by the Fund as a result of investments in other investment companies, wholly-owned subsidiaries and pooled investment vehicles; (iii) certain other expenses attributable to, and incurred as a result of, a Fund’s investments; and (iv) other extraordinary expenses (including litigation expenses) not incurred in the ordinary course of the Fund’s business) to annual rates of 1.45% for Class A shares, 2.25% for Class C shares, 1.75% for Class N shares, 1.10% for Class Y shares, and 1.05% for Class I shares as calculated on the daily net assets of the Fund. This fee waiver may not be amended or withdrawn for one year from the date of the prospectus. The Board noted that the expenses the Fund will bear were competitive with those of its expense peer group. The Board also noted that there were no funds advised by the Adviser that have comparable investment strategies to the Fund’s investment strategies.

Performance. The Board considered that the Fund has no operational history and that its performance could not be a factor in deciding whether to approve the Agreement.

Economies of Scale and Profits Realized by the Adviser, Sub-Adviser, and Sub-Sub-Adviser. The Board considered information regarding the Managers’ expected costs in serving as the Fund’s investment adviser, sub-adviser and sub-sub-adviser, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Managers’ profitability from their relationship with the Fund. The Board reviewed whether the Managers may realize economies of scale in managing and supporting the Fund. The Board noted that the Fund currently has management fee breakpoints, which are intended to share with Fund shareholders economies of scale that may exist as the Fund’s assets grow.

Other Benefits to the Managers. The Board considered information that was provided regarding the direct and indirect benefits the Managers receive as a result of their relationship

37 OPPENHEIMER GLOBAL REAL ESTATE FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY,

SUB-ADVISORY AND SUB-SUB ADVISORY AGREEMENTS Unaudited / Continued

with the Fund, including compensation paid to the Managers’ affiliates. The Board also considered that the Managers must be able to pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund.

Conclusions. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Fund and to the independent Trustees. Fund counsel and the independent Trustees’ counsel are independent of the Managers within the meaning and intent of the Securities and Exchange Commission Rules.

Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to approve the Agreements through 2014. In arriving at its decision, the Board did not identify any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreements, including the management fees, in light of all the surrounding circumstances.

38 OPPENHEIMER GLOBAL REAL ESTATE 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.CALL OPP (225.5677), (ii) on the Fund’s website at 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.CALL OPP (225.5677), 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.

39 OPPENHEIMER GLOBAL REAL ESTATE FUND



		OPPENHEIMER GLOBAL REAL ESTATE FUND



Trustees and Officers		Brian F. Wruble, Chairman of the Board of Trustees and Trustee
		David K. Downes, Trustee
		Matthew P. Fink, Trustee
		Edmund P. Giambastiani, Jr., Trustee
		Phillip A. Griffiths, Trustee
		Mary F. Miller, Trustee
		Joel W. Motley, Trustee
		Joanne Pace, Trustee
		Mary Ann Tynan, Trustee
		Joseph M. Wikler, Trustee
		Peter I. Wold, Trustee
		William F. Glavin, Jr., Trustee, President and Principal Executive Officer
		Mark S. Vandehey, Vice President and Chief Compliance Officer
		Arthur S. Gabinet, Secretary and Chief Legal Officer
		Christina M. Nasta, Vice President and Chief Business Officer
		Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer

Manager		OFI Global Asset Management, Inc.

Sub-Adviser		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and Shareholder Servicing Agent		OFI Global Asset Management, Inc.

Sub-Transfer Agent		Shareholder Services, Inc.
		DBA OppenheimerFunds Services

Independent Registered Public Accounting Firm		KPMG LLP

Legal Counsel		Kramer Levin Naftalis & Frankel LLP

		The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

40 OPPENHEIMER GLOBAL REAL ESTATE FUND



		PRIVACY POLICY NOTICE

As an Oppenheimer fund shareholder, you are entitled to know how we protect your personal information and how we limit its disclosure.

Information Sources

We obtain nonpublic personal information about our shareholders from the following sources:

—

Applications or other forms

—

When you create a user ID and password for online account access

—

When you enroll in eDocs Direct, our electronic document delivery service

—

Your transactions with us, our affiliates or others

—

A software program on our website, often referred to as a “cookie,” which indicates which parts of our site you’ve visited

—

When you set up challenge questions to reset your password online

If you visit oppenheimerfunds.com and do not log on to the secure account information areas, we do not obtain any personal information about you. When you do log on to a secure area, we do obtain your user ID and password to identify you. We also use this information to provide you with products and services you have requested, to inform you about products and services that you may be interested in and assist you in other ways.

We do not collect personal information through our website unless you willingly provide it to us, either directly by email or in those areas of the website that request information. In order to update your personal information (including your mailing address, email address and phone number) you must first log on and visit your user profile.

If you have set your browser to warn you before accepting cookies, you will receive the warning message with each cookie. You can refuse cookies by turning them off in your browser. However, doing so may limit your access to certain sections of our website.

We use cookies to help us improve and manage our website. For example, cookies help us recognize new versus repeat visitors to the site, track the pages visited, and enable some special features on the website. This data helps us provide a better service for our website visitors.

Protection of Information

We do not disclose any non-public personal information (such as names on a customer list) about current or former customers to anyone, except as permitted by law.

Disclosure of Information

We send your financial advisor (as designated by you) copies of confirmations, account statements and other documents reporting activity in your fund accounts. We may also use details about you and your investments to help us, our financial service affiliates, or firms that jointly market their financial products and services with ours, to better serve your investment needs or suggest financial services or educational material that may be of interest to you. If this requires us to provide you with an opportunity to “opt in” or “opt out” of such information sharing with a firm not affiliated with us, you will receive notification on how to do so, before any such sharing takes place.

41 OPPENHEIMER GLOBAL REAL ESTATE FUND



		PRIVACY POLICY NOTICE Continued

Right of Refusal

We will not disclose your personal information to unaffiliated third parties (except as permitted by law), unless we first offer you a reasonable opportunity to refuse or “opt out” of such disclosure.

Internet Security and Encryption

In general, the email services provided by our website are encrypted and provide a secure and private means of communication with us. To protect your own privacy, confidential and/or personal information should only be communicated via email when you are advised that you are using a secure website.

As a security measure, we do not include personal or account information in non-secure emails, and we advise you not to send such information to us in non-secure emails. Instead, you may take advantage of the secure features of our website to encrypt your email correspondence. To do this, you will need to use a browser that supports Secure Sockets Layer (SSL) protocol.

We do not guarantee or warrant that any part of our website, including files available for download, are free of viruses or other harmful code. It is your responsibility to take appropriate precautions, such as use of an anti-virus software package, to protect your computer hardware and software.

—

All transactions, including redemptions, exchanges and purchases, are secured by SSL and 128-bit encryption. SSL is used to establish a secure connection between your PC and OppenheimerFunds’ server. It transmits information in an encrypted and scrambled format.

—

Encryption is achieved through an electronic scrambling technology that uses a “key” to code and then decode the data. Encryption acts like the cable converter box you may have on your television set. It scrambles data with a secret code so that no one can make sense of it while it is being transmitted. When the data reaches its destination, the same software unscrambles the data.

—

You can exit the secure area by either closing your browser, or for added security, you can use the Log Out button before you close your browser.

Other Security Measures

We maintain physical, electronic and procedural safeguards to protect your personal account information. Our employees and agents have access to that information only so that they may offer you products or provide services, for example, when responding to your account questions.

How You Can Help

You can also do your part to keep your account information private and to prevent unauthorized transactions. If you obtain a user ID and password for your account, do not allow it to be used by anyone else. Also, take special precautions when accessing your account on a computer used by others.

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds, Inc., and each of its investment adviser subsidiaries, OppenheimerFunds Distributor, Inc. and OFI Global Trust Co. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated November 2013. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about these privacy policies, write to us at P.O. Box 5270, Denver, CO 80217-5270, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com or call us at 1.800.CALL OPP (225.5677)

42 OPPENHEIMER GLOBAL REAL ESTATE FUND

THIS PAGE INTENTIONALLY LEFT BLANK.

43 OPPENHEIMER GLOBAL REAL ESTATE FUND

THIS PAGE INTENTIONALLY LEFT BLANK.

44 OPPENHEIMER GLOBAL REAL ESTATE FUND

THIS PAGE INTENTIONALLY LEFT BLANK.

45 OPPENHEIMER GLOBAL REAL ESTATE FUND

THIS PAGE INTENTIONALLY LEFT BLANK.

46 OPPENHEIMER GLOBAL REAL ESTATE FUND

THIS PAGE INTENTIONALLY LEFT BLANK.

47 OPPENHEIMER GLOBAL REAL ESTATE FUND

LOGO

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. The complete schedule of investments is included in Item 1 of this Form N-CSR.

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

None

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 10/31/2013, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

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

Item 12. Exhibits.


(a)		(1) Not applicable to semiannual reports.

		(2) Exhibits attached hereto.

		(3) Not applicable.

(b)		Exhibit attached hereto.

SIGNATURES

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

Oppenheimer Global Real Estate Fund


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

Date:		12/9/2013

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:		12/9/2013


By:		/s/ Brian W. Wixted
		Brian W. Wixted
		Principal Financial Officer

Date:		12/9/2013

Oppenheimer Global Real Estate Fund Inactive N-CSRSCertified semi-annual shareholder report (management investment company)