Oppenheimer Global Opportunities Fund NCSRS Certified semi-annual shareholder report (management investment company)

Oppenheimer Global Opportunities Fund N-CSRSCertified 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 811-6001

Oppenheimer Global Opportunities 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: September 30

Date of reporting period: 3/28/2013

Item 1.

Reports to Stockholders.

LOGO

Table of Contents


Fund Performance Discussion			3
Top Holdings and Allocations			7
Fund Expenses			10
Statement of Investments			12
Statement of Assets and Liabilities			16
Statement of Operations			18
Statements of Changes in Net Assets			20
Financial Highlights			21
Notes to Financial Statements			33
Portfolio Proxy Voting Policies and Procedures; Updates to Statement of Investments			50
Trustees and Officers			51
Privacy Policy Notice			52

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 3/28/13


	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	MSCI AC World Index	MSCI World Index
6-Month	6.52%	0.39%	9.57%	10.41%

1-Year	0.04	-5.71	10.55	11.85

5-Year	6.52	5.27	2.06	2.23

10-Year	14.13	13.45	9.36	8.88

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. 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. Returns for periods of less than one year are cumulative and not annualized. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677).

March 28, 2013 was the last business day of the Fund’s reporting period. See Note 1 of the accompanying Notes to Financial Statements. Index returns are calculated through March 31, 2013.

2 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

Fund Performance Discussion

The Fund’s Class A shares (without sales charge) generated a return of 6.52% during the reporting period. On a relative basis, the Fund underperformed the MSCI AC World Index (the “Index”), which returned 9.57%. We seek to invest in revolutionary innovation for the 21st century because we believe it should lead to above average earnings growth over the long term. We favor technologies that we believe are poised to benefit from secular tailwinds, businesses with wide moats around them (often because they own valuable intellectual property), and companies that we think have the potential to deliver meaningful growth over sustained periods. As such, the Fund currently maintains structural overweight positions in the health care, consumer discretionary and information technology sectors, with structural underweight positions in sectors such as financials, energy, industrials and materials.

During the period, stock selection in the health care and consumer discretionary sectors detracted from performance versus the Index, although the Fund’s returns in these sectors were positive overall. Our structural underweight in financials, which performed well for the Index, also detracted from performance. The biggest contributors to relative return were materials, information technology and industrials. The Fund’s lack of energy exposure also contributed positively to relative performance.

MARKET OVERVIEW

Although macroeconomic concerns remained during the period, global equities performed positively on the back of improved investor sentiment. Central banks throughout the world took action to help bolster the markets. In Europe, the European Central Bank (the “ECB”) committed to potentially unlimited bond purchases to ease financing pressure on countries such as Spain and Italy. Under the plan, these and other members of the European Union (excluding Greece) would be able to maintain access to funding at sustainable interest rates, on the condition that they continue with strict reform

programs. In the U.S., the Federal Reserve (the “Fed”) introduced a third round of quantitative easing, under which it announced plans to purchase mortgage-backed bonds on a monthly basis until the labor market shows signs of substantial improvement. In addition to these actions, concerns regarding an economic slowdown in the emerging markets also eased, in the hope that China’s new leadership may adopt more stimulative fiscal policies than their predecessors.

OPPENHEIMER GLOBAL OPPORTUNITIES FUND 3

Global markets experienced some pullback in the wake of the U.S. presidential election as investors contemplated the potential effect of higher taxes on the world’s largest economy and the possible repercussions on others. Non-U.S. markets eventually shrugged off this worry, while emerging markets did so to a greater degree. The lack of visibility about resolution of the “fiscal cliff” also weighed further on both business and consumer spending before the U.S. Congress enacted a last minute temporary resolution in early January 2013. In addition, the onset of a package of broad federal spending cuts, known as the sequestration, kicked in after Congress could not come to an agreement on the federal budget. These developments were not enough to halt the overall positive performance of equities, which resumed an upward trend through the end of the reporting period.

FUND REVIEW

ASOS plc, Fast Retailing Co. Ltd., Nokia OYJ and Seattle Genetics, Inc. made the strongest positive impact on Fund returns. ASOS is an online-only fast fashion retailer targeting women ages 16 to 34. Its website offers over 50,000 branded and private label products, and the company offers free shipping globally. ASOS is one of the most visited apparel websites in the world. From its inception as a U.K.-only retailer, ASOS has quickly managed to grow its international sales to approximately twice the size of its U.K. sales. We think this international expansion can continue to fuel the company’s

growth. We also believe ASOS’ entrepreneurial and forward-thinking culture, its wide variety of inventory and its innovative consumer shopping experience position the company well in the rapidly growing area of online clothes shopping.

Fast Retailing is a clothing retailer that operates the Uniqlo chain of stores in Japan and internationally. Shares gained as the company reported better-than-expected operating growth overall, despite the lower results in the Japanese market and sales continued to grow solidly. At the start of the fiscal year, management’s policy was to recoup its status as a price leader, and to this end the company is deploying an aggressive pricing strategy globally. We believe Fast Retailing has promising growth prospects, especially in China and other parts of Asia.

Nokia is a Finnish mobile phone maker undergoing a multi-year, major restructuring. Shares of Nokia performed particularly well over the first half of the period. The company announced plans to launch Lumia, a new Windows-based handset, in partnership with China’s largest operator, China Mobile Ltd. and announced stronger-than-expected earnings. Nokia’s stock did experience declines over the second half of the period, as the company faced competitive challenges from Samsung and Apple. Last year, Nokia launched its first Windows-based phone. We do not believe the Smartphone operating system market will remain a duopoly between Apple’s iOS and Google’s Android. We

4 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

believe there is room for a third successful operating system and that manufacturers want competition to keep players like Apple and Google in check and that the long-term growth prospects for Nokia are solid.

Seattle Genetics (“SGEN”), a biotech company focused on the development of monoclonal antibody-based therapies for the treatment of cancer, received approval from the Food and Drug Administration (“FDA”) for its drug Adcentris in August 2011 and began selling it in February 2012 through partner Takeda Pharmaceuticals. Adcentris is approved to treat Hodgkin lymphoma (“HL”) and anaplastic large cell lymphoma (“ALCL”). Shares of SGEN rallied in the first quarter of 2013, partly based on the company’s request for FDA approval of a broader use for Adcentris beyond those listed on its current label, including retreatment and extended duration of therapy in relapsed HL and systematic ALCL. An expansion of indications could potentially increase future sales. In addition, SGEN announced initiation of a Phase 3 clinical trial of Adcentris to be used in combination with chemotherapy for treatment of CD30-positive mature T-cell lymphoma patients.

The most significant detractors from performance this period were Affymax, Inc., Advanced Micro Devices, Inc. and Rigel Pharmaceuticals, Inc. Affymax is a biotech company focused on developing treatments for kidney diseases and cancer. The stock fell significantly in the first quarter of 2013 after

Affymax and partner Takeda Pharmaceuticals voluntarily recalled the drug Omontys, which is used to treat dialysis-related anemia. We exited the position the beginning of March due to a change in company fundamentals.

Advanced Micro Devices (“AMD”), a semiconductor company, detracted as investors worried about a near-term slump in demand for consumer electronics. During the period, AMD’s largest competitor, Intel, aggressively cut chip prices, the company missed earnings and its CFO resigned in September. However, there were some positive developments. For example, the company announced the acquisition of SeaMicro, which has technology that we believe could revolutionize servers used in data centers, as well as a renegotiation of its wafer¹ supply agreement with Global Foundries. We believe that both of these actions should have positive long-term implications for the stock. In addition, we caution investors against overreliance on current conditions analysis. We are focused on the future, and our investment thesis is predicated on the belief that the graphics processing unit (“GPU”) has the potential to displace the central processing unit (“CPU”) for many consumer products, including thin and light notebooks. While Intel leads in CPU processing, we believe AMD has the best GPU technology. It also appears very well positioned to benefit from design wins in the

¹ A wafer is a thin slice of semiconductor material, such as a silicon crystal, on which an integrated circuit can be formed.

OPPENHEIMER GLOBAL OPPORTUNITIES FUND 5

emerging markets. Finally, the company fits well into our micro-themes of low power semiconductors and cloud computer enabling technology.

Rigel Pharmaceuticals is a drug development company focused on novel, small molecule drugs for the treatment of inflammatory and autoimmune diseases, as well as muscle disorders. The stock declined after an experimental rheumatoid arthritis drug Rigel licensed to AstraZeneca proved inferior to Abbott Laboratories’ Humira in a Phase IIb clinical study. However, it is oral whereas Humira is injectable, so provided its prevention of bone loss continues to be demonstrated in Phase III trials, we believe that Rigel’s drug has the potential to succeed. We also believe that Rigel’s focus on intracellular signaling pathways and related targets that are critical to disease mechanisms will enable the company to achieve meaningful growth in the future.

STRATEGY & OUTLOOK

We seek to generate long-term returns in excess of the Index and our peers, through outperformance in up markets and risk management in down markets. The portfolio is barbelled between offensive stocks—those that we believe could substantially appreciate or those that are significantly exposed to the economic cycle—and defensive stocks—high quality, dividend paying stocks with strong cash flows. The Fund’s focus on companies

that operate in intellectual property-based industries results in large exposures to the consumer discretionary, health care and information technology sectors. Moreover, the Fund focuses on structural, not cyclical, growth. Hence, utilities, telecommunication services, materials and energy do not typically fit the investment criteria. Financial institutions are also under-represented as we do not like complex business structures; rather, we typically invest in the streamlined business models of smaller companies.

On a country basis, the Fund typically holds G7-domiciled companies. As intellectual property investors, we believe patent protection is better in this set of countries, and there is less corporate and political governance risk. At period end, the United States was approximately 57% of the Fund’s investments, and the United Kingdom was 18.5%. We believe the U.S. is a great country to invest in due to strong patent laws and a culture of entrepreneurism and the U.K. has a number of excellent, shareholder-friendly companies that we believe allow rational emerging market exposure without the risk of corporate governance opacity or political upheaval.

Frank V. Jennings, Ph.D.

Portfolio Manager

6 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

Top Holdings and Allocations*

TOP TEN COMMON STOCK HOLDINGS


Nektar Therapeutics			9.5%

Advanced Micro Devices, Inc.			2.9

ASOS plc			2.9

Fairchild Semiconductor International, Inc., Cl. A			2.7

Urban Outfitters, Inc.			2.7

Cepheid, Inc.			2.5

Electrocomponents plc			2.5

Sotheby’s			2.4

Acacia Research Corp.			2.4

Carl Zeiss Meditec AG			2.4

Portfolio holdings and allocations are subject to change. Percentages are as of March 28, 2013, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com.

TOP TEN GEOGRAPHICAL HOLDINGS


United States			57.0%

United Kingdom			18.5

Germany			6.3

Japan			6.2

Finland			3.4

Denmark			3.4

Switzerland			1.9

Hong Kong			1.8

Netherlands			1.0

Luxembourg			0.5

Portfolio holdings and allocation are subject to change. Percentages are as of March 28, 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 March 28, 2013, and are based on the total market value of investments.

*March 28, 2013 was the last business day of the Fund’s reporting period. See Note 1 of the accompanying Notes to Financial Statements.

OPPENHEIMER GLOBAL OPPORTUNITIES FUND 7

Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 3/28/13


	Inception Date		6-Month		1-Year		5-Year			10-Year
Class A (OPGIX)		10/22/90		6.52%		0.04%		6.52%			14.13%
Class B (OGGIX)		10/10/95		6.08%		-0.82%		5.60%			13.59%
Class C (OGICX)		12/1/93		6.12%		-0.70%		5.72%			13.26%
Class I (OGIIX)		1/27/12		6.78%		0.53%		6.87%	*		N/A
Class N (OGINX)		3/1/01		6.32%		-0.32%		6.17%			13.73%
Class Y (OGIYX)		2/1/01		6.69%		0.35%		6.85%			14.51%

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 3/28/13


	Inception Date		6-Month		1-Year		5-Year			10-Year
Class A (OPGIX)		10/22/90		0.39%		-5.71%		5.27%			13.45%
Class B (OGGIX)		10/10/95		1.08%		-5.77%		5.28%			13.59%
Class C (OGICX)		12/1/93		5.12%		-1.68%		5.72%			13.26%
Class I (OGIIX)		1/27/12		6.78%		0.53%		6.87%	*		N/A
Class N (OGINX)		3/1/01		5.32%		-1.31%		6.17%			13.73%
Class Y (OGIYX)		2/1/01		6.69%		0.35%		6.85%			14.51%

*Shows performance since inception.

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. 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%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C and N shares, the contingent deferred sales charge of 1% for the 1-year period. There is no sales charge for Class I and Y shares. Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B shares uses Class A performance for the period after conversion. Returns for periods of less than one year are cumulative and not annualized.

March 28, 2013 was the last business day of the Fund’s reporting period. See Note 1 of the accompanying Notes to Financial Statements.

The Fund’s performance is compared to the performance of the MSCI AC World Index, a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets and the MSCI World Index, an index of issuers listed on the stock exchanges of foreign countries and the United States. It is widely

8 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

recognized as a measure of global stock market performance. The Fund has changed its benchmark from the MSCI World Index to the MSCI AC World Index, which it believes is a more appropriate measure of the Fund’s performance. 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 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.

OPPENHEIMER GLOBAL OPPORTUNITIES FUND 9

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 March 28, 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.

10 OPPENHEIMER GLOBAL OPPORTUNITIES FUND


Actual	Beginning Account Value October 1, 2012		Ending Account Value March 28, 2013		Expenses Paid During 6 Months Ended March 28, 2013

Class A	$	1,000.00	$	1,065.20	$	6.15

Class B		1,000.00		1,060.80		10.82

Class C		1,000.00		1,061.20		10.00

Class I		1,000.00		1,067.80		3.86

Class N		1,000.00		1,063.20		7.97

Class Y		1,000.00		1,066.90		4.88

Hypothetical
(5% return before expenses)

Class A		1,000.00		1,018.59		6.01

Class B		1,000.00		1,014.07		10.57

Class C		1,000.00		1,014.86		9.78

Class I		1,000.00		1,020.79		3.77

Class N		1,000.00		1,016.82		7.79

Class Y		1,000.00		1,019.81		4.77

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 179/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended March 28, 2013 are as follows:


Class	Expense Ratios

Class A		1.21%

Class B		2.13

Class C		1.97

Class I		0.76

Class N		1.57

Class Y		0.96

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.

OPPENHEIMER GLOBAL OPPORTUNITIES FUND 11

STATEMENT OF INVESTMENTS March 28, 2013* / Unaudited


	Shares		Value			Shares		Value

Common Stocks—99.0%					Personal Products—1.0%

Consumer Discretionary—27.0%					Dr. Ci:Labo Co. Ltd.		9,000	$	27,487,120

Distributors—1.8%					Financials—4.5%

Li & Fung Ltd.		35,000,000	$	48,244,456	Capital Markets—1.7%

Diversified Consumer Services—2.4%					IP Group plc^1,2		19,741,000		44,783,224

Sotheby’s		1,700,000		63,597,000	Commercial Banks—1.9%

Hotels, Restaurants & Leisure—5.4%					Barclays plc		6,000,000		26,543,271

Chipotle Mexican Grill, Inc.¹		100,000		32,587,000	Lloyds Banking Group plc¹		30,000,000		22,320,370

InterContinental Hotels Group plc		1,866,666		56,924,653					48,863,641

J.D. Wetherspoon plc		6,000,000		49,002,261	Diversified Financial Services—0.9%

				138,513,914	Bank of America Corp.		2,000,000		24,360,000

Household Durables—1.5%					Health Care—28.5%

iRobot Corp.^1,2		1,500,000		38,490,000	Biotechnology—9.2%

Internet & Catalog Retail—4.9%					Abcam plc		1,000,000		6,799,539

ASOS plc¹		1,500,000		76,283,985	Arena Pharmaceuticals, Inc.¹		6,000,000		49,260,000

Rakuten, Inc.		3,000,000		30,626,228	Ariad Pharmaceuticals, Inc.¹		1,000,000		18,090,000

Shutterfly, Inc.¹		500,000		22,085,000	Cepheid, Inc.¹		1,700,000		65,229,000

				128,995,213	Rigel Pharmaceuticals, Inc.^1,2		6,000,000		40,740,000

Leisure Equipment & Products—0.8%					Seattle Genetics, Inc.¹		1,700,000		60,367,000

LeapFrog Enterprises, Inc.¹		2,500,000		21,400,000					240,485,539

Media—2.8%					Health Care Equipment & Supplies—2.6%
CyberAgent, Inc.		13,000		23,780,740	Carl Zeiss Meditec AG		2,000,000		63,233,660

DreamWorks Animation SKG, Inc., Cl. A¹		1,400,000		26,544,000	MAKO Surgical Corp.¹		500,000		5,575,000

John Wiley & Sons, Inc., Cl. A		600,000		23,376,000					68,808,660

				73,700,740	Health Care Technology—1.8%

Specialty Retail—7.2%					M3, Inc.		24,000		46,732,884

Dufry AG¹		200,000		24,818,287	Life Sciences Tools & Services—4.0%

Fast Retailing Co. Ltd.		100,000		31,982,384	Bruker Corp.¹		1,700,000		32,470,000

L’Occitane International SA		4,000,000		12,160,952	Illumina, Inc.¹		600,000		32,400,000

SuperGroup plc^1,2		5,000,000		46,115,306	Morphosys AG¹		1,000,000		40,858,968

Urban Outfitters, Inc.¹		1,800,000		69,732,000					105,728,968

				184,808,929	Pharmaceuticals—10.9%

Textiles, Apparel & Luxury Goods—0.2%					H. Lundbeck AS		2,000,000		36,826,903

Mulberry Group plc		300,000		4,471,741	Nektar Therapeutics^1,2		22,700,000		249,700,000

Consumer Staples—3.2%									286,526,903

Beverages—1.7%					Industrials—8.9%

Boston Beer Co., Inc. (The), Cl. A¹		100,000		15,964,000	Aerospace & Defense—2.3%

Monster Beverage Corp.¹		600,000		28,644,000	Boeing Co. (The)		700,000		60,095,000

				44,608,000

Food & Staples Retailing—0.5%
Fresh Market, Inc. (The)¹		300,000		12,831,000

12 OPPENHEIMER GLOBAL OPPORTUNITIES FUND


	Shares		Value			Shares		Value

Commercial Services & Supplies—1.6%					Semiconductors & Semiconductor Equipment—6.7%
Bilfinger SE		400,000	$	41,547,322	Advanced Micro Devices, Inc.¹	30,000,000		$	76,500,000

Electrical Equipment—1.0%					Cree, Inc.¹	500,000			27,355,000

Vacon OYJ		400,000		26,918,850	Fairchild Semiconductor International, Inc., Cl. A¹	4,998,500			70,678,790

Machinery—1.6%									174,533,790

Rotork plc		500,000		22,062,414	Software—2.2%

Spirax-Sarco Engineering plc		500,000		20,413,810	Monitise plc¹	40,000,000			22,487,860

				42,476,224	PTC, Inc.¹	1,400,000			35,686,000

Professional Services—2.4%									58,173,860

Acacia Research Corp.¹		2,100,000		63,357,000	Materials—3.5%

Information Technology—23.4%					Chemicals—3.5%

Communications Equipment—2.4%					Croda International plc	500,000			20,839,256

Nokia OYJ		19,000,000		62,064,569	Novozymes AS, Cl. B	1,500,000			50,856,200

Computers & Peripherals—4.3%					Symrise AG	500,000			19,810,991

3D Systems Corp.¹		1,050,000		33,852,000					91,506,447

Gemalto NV		300,000		26,168,967	Total Common Stocks (Cost $2,225,283,892)				2,590,765,412

Logitech International SA¹		3,500,000		23,706,942	Investment Company—0.7%

Stratasys Ltd.¹		400,000		29,688,000	Oppenheimer Institutional Money Market Fund, Cl. E, 0.14%^2,3

				113,415,909	(Cost $18,608,492)	18,608,492			18,608,492

Electronic Equipment, Instruments, & Components—4.9%					Total Investments, at Value (Cost $2,243,892,384)	99.7%			2,609,373,904

Coherent, Inc.		1,100,000		62,414,000	Assets in Excess of Other Liabilities		0.3		8,409,191

Electrocomponents plc		17,000,000		65,088,509	Net Assets		100.0%	$	2,617,783,095

				127,502,509

Internet Software & Services—0.5%
OpenTable, Inc.¹		200,000		12,596,000

IT Services—2.4%
VeriFone Systems, Inc.¹		1,000,000		20,680,000

Visa, Inc., Cl. A		250,000		42,460,000

				63,140,000

Footnotes to Statement of Investments

*March 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

1. Non-income producing security.

OPPENHEIMER GLOBAL OPPORTUNITIES FUND 13



		STATEMENT OF INVESTMENTS Unaudited / (Continued)

2. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 28, 2013, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:


	Shares September 28, 2012^a		Gross Additions		��	Gross Reductions		Shares March 28, 2013

Affymax, Inc.		2,500,000		130,000			2,630,000		—
IP Group plc		19,741,000		—			—		19,741,000
iRobot Corp.		1,500,000		—			—		1,500,000
Nektar Therapeutics		22,700,000		—			—		22,700,000
Oppenheimer Institutional Money Market Fund, Cl. E		62,386,518		294,216,637			337,994,663		18,608,492
Rigel Pharmaceuticals, Inc.		5,000,000		1,000,000			—		6,000,000
SuperGroup plc		5,000,000		—			—		5,000,000

			Value			Income		Realized Loss

Affymax, Inc.			$	—		$	—	$	25,601,425
IP Group plc				44,783,224			—		—
iRobot Corp.				38,490,000			—		—
Nektar Therapeutics				249,700,000			—		—
Oppenheimer Institutional Money Market Fund, Cl. E				18,608,492			46,655		—
Rigel Pharmaceuticals, Inc.				40,740,000			—		—
SuperGroup plc				46,115,306			—		—

			$	438,437,022		$	46,655	$	25,601,425

a. September 28, 2012 represents the last business day of the Fund’s 2012 fiscal year. See Note 1 of the accompanying Notes.

3. Rate shown is the 7-day yield as of March 28, 2013.

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


Geographic Holdings	Value		Percent

United States	$	1,487,411,282		57.0%
United Kingdom		484,136,200		18.5
Germany		165,450,941		6.3
Japan		160,609,356		6.2
Finland		88,983,418		3.4
Denmark		87,683,103		3.4
Switzerland		48,525,229		1.9
Hong Kong		48,244,456		1.8
Netherlands		26,168,967		1.0
Luxembourg		12,160,952		0.5

Total	$	2,609,373,904		100.0%

14 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

Spot Currency Exchange Contracts as of March 28, 2013 are as follows:

Broker/Contract

Description

Buy/
Sell

Contract
Amount

(000’s)

Expiration
Date

Value

Unrealized
Depreciation

Goldman Sachs & Co.

British Pound (GBP)

Sell

1,901 GBP

4/3/13

$2,888,909

$ 12,509

JPMorgan Chase

British Pound (GBP)

Sell

1,404 GBP

4/2/13

2,132,728

6,883

Total unrealized depreciation

$ 19,392

See accompanying Notes to Financial Statements.

OPPENHEIMER GLOBAL OPPORTUNITIES FUND 15

STATEMENT OF

ASSETS AND LIABILITIES March 28, 2013¹ Unaudited



Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $1,778,020,781)	$	2,170,936,882
Affiliated companies (cost $465,871,603)		438,437,022

		2,609,373,904

Cash		545,143

Cash—foreign currencies (cost $592,631)		590,803

Receivables and other assets:
Investments sold		12,198,776
Dividends		2,966,568
Other		330,187

Total assets		2,626,005,381


Liabilities
Unrealized depreciation on foreign currency exchange contracts		19,392

Payables and other liabilities:
Shares of beneficial interest redeemed		6,355,196
Trustees’ compensation		700,004
Transfer and shareholder servicing agent fees		512,296
Distribution and service plan fees		484,376
Shareholder communications		88,201
Other		62,821

Total liabilities		8,222,286


Net Assets	$	2,617,783,095



Composition of Net Assets
Par value of shares of beneficial interest	$	84,543

Additional paid-in capital		2,774,938,975

Accumulated net investment loss		(27,132,611)

Accumulated net realized loss on investments and foreign currency transactions		(495,565,649)

Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		365,457,837

Net Assets	$	2,617,783,095

1. March 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

16 OPPENHEIMER GLOBAL OPPORTUNITIES FUND



Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $1,847,935,733 and 58,880,536 shares of beneficial interest outstanding)	$	31.38
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price)	$	33.29

Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $75,118,225 and 2,595,098 shares of beneficial interest outstanding)	$	28.95

Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $335,632,993 and 11,601,750 shares of beneficial interest outstanding)	$	28.93

Class I Shares:
Net asset value, redemption price and offering price per share (based on net assets of $23,362,854 and 739,466 shares of beneficial interest outstanding)	$	31.59

Class N Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $90,116,564 and 2,950,365 shares of beneficial interest outstanding)	$	30.54

Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $245,616,726 and 7,775,992 shares of beneficial interest outstanding)	$	31.59

See accompanying Notes to Financial Statements.

OPPENHEIMER GLOBAL OPPORTUNITIES FUND 17

STATEMENT OF

OPERATIONS For the Six Months Ended March 28, 2013¹Unaudited



Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $294,524)	$	13,588,886
Affiliated companies		46,655

Interest		620

Total investment income		13,636,161


Expenses
Management fees		9,135,691

Distribution and service plan fees:
Class A		2,195,874
Class B		389,494
Class C		1,632,010
Class N		218,412

Transfer and shareholder servicing agent fees:
Class A		2,119,217
Class B		201,859
Class C		386,768
Class I		1,909
Class N		150,658
Class Y		266,332

Shareholder communications:
Class A		72,084
Class B		13,288
Class C		15,214
Class I		11
Class N		3,321
Class Y		3,850

Trustees’ compensation		60,092

Custodian fees and expenses		48,707

Other		70,208

Total expenses		16,984,999
Less waivers and reimbursements of expenses		(84,284)

Net expenses		16,900,715


Net Investment Loss		(3,264,554)

1. March 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

18 OPPENHEIMER GLOBAL OPPORTUNITIES FUND



Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments from:
Unaffiliated companies	$	127,901,000
Affiliated companies		(25,601,425)
Foreign currency transactions		184,924

Net realized gain		102,484,499

Net change in unrealized appreciation/depreciation on:
Investments		113,938,357
Translation of assets and liabilities denominated in foreign currencies		(54,247,247)

Net change in unrealized appreciation/depreciation		59,691,110


Net Increase in Net Assets Resulting from Operations	$	158,911,055

See accompanying Notes to Financial Statements.

OPPENHEIMER GLOBAL OPPORTUNITIES FUND 19



		STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended March 28, 2013¹ (Unaudited)		Year Ended September 28, 2012¹

Operations
Net investment income (loss)	$	(3,264,554)	$	4,852,781

Net realized gain (loss)		102,484,499		(132,376,235)

Net change in unrealized appreciation/depreciation		59,691,110		460,919,217

Net increase in net assets resulting from operations		158,911,055		333,395,763


Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(20,277,276)		(9,776,840)
Class B		(81,135)		—
Class C		(1,512,173)		—
Class I		(24,830)		—
Class N		(705,383)		(196,338)
Class Y		(3,418,037)		(1,597,262)

		(26,018,834)		(11,570,440)


Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(108,675,368)		(89,690,884)
Class B		(16,926,432)		(37,129,121)
Class C		(22,573,309)		(30,354,165)
Class I		20,443,079		1,346,098
Class N		(6,173,732)		(5,352,736)
Class Y		(9,534,891)		40,281,251

		(143,440,653)		(120,899,557)


Net Assets
Total increase (decrease)		(10,548,432)		200,925,766

Beginning of period		2,628,331,527		2,427,405,761

End of period (including accumulated net investment income (loss) of $(27,132,611) and $2,150,777, respectively)	$	2,617,783,095	$	2,628,331,527

1. March 28, 2013 and September 28, 2012 represent the last business days of the Fund’s respective reporting periods. See Note 1 of the accompanying Notes. See accompanying Notes to Financial Statements.

20 OPPENHEIMER GLOBAL OPPORTUNITIES FUND



		FINANCIAL HIGHLIGHTS


Class A	Six Months Ended March 28, 2013¹ (Unaudited)		Year Ended September 28, 2012¹		Year Ended September 30, 2011		Year Ended September 30, 2010		Year Ended September 30, 2009		Year Ended September 30, 2008

Per Share Operating Data
Net asset value, beginning of period	$	29.80	$	26.21	$	27.96	$	25.01	$	24.94	$	40.97

Income (loss) from investment operations:
Net investment income (loss)²		(0.02)		0.09		0.05		(0.03)		(0.03)		(0.06)
Net realized and unrealized gain (loss)		1.93		3.65		(1.52)		3.62		3.47		(11.68)

Total from investment operations		1.91		3.74		(1.47)		3.59		3.44		(11.74)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.33)		(0.15)		(0.28)		(0.64)		(0.15)		(0.14)
Distributions from net realized gain		0.00		0.00		0.00		0.00		(3.22)		(4.15)

Total dividends and/or distributions to shareholders		(0.33)		(0.15)		(0.28)		(0.64)		(3.37)		(4.29)

Net asset value, end of period	$	31.38	$	29.80	$	26.21	$	27.96	$	25.01	$	24.94


Total Return, at Net Asset Value³		6.52%		14.35%		(5.36)%		14.59%		23.39%		(31.18)%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,847,936	$	1,863,475	$	1,723,787	$	2,006,626	$	1,898,289	$	1,841,612

Average net assets (in thousands)	$	1,812,686	$	1,838,208	$	2,060,976	$	1,990,603	$	1,416,123	$	2,528,206

Ratios to average net assets:⁴
Net investment income (loss)		(0.14)%		0.31%		0.18%		(0.11)%		(0.16)%		(0.20)%
Total expenses⁵		1.21%		1.22%		1.20%		1.22%		1.35%		1.18%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.21%		1.22%		1.20%		1.21%		1.33%		1.18%

Portfolio turnover rate		14%		57%		41%		65%		99%		41%

OPPENHEIMER GLOBAL OPPORTUNITIES FUND 21



		FINANCIAL HIGHLIGHTS (Continued)

1. March 28, 2013 and September 28, 2012 represent the last business days of the Fund’s respective reporting periods. See Note 1 of the accompanying Notes.

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

3. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4. Annualized for periods less than one full year.

5. Total expenses including indirect expenses from affiliated fund were as follows:


Six Months Ended March 28, 2013	1.21	%
Year Ended September 28, 2012	1.22	%
Year Ended September 30, 2011	1.20	%
Year Ended September 30, 2010	1.23	%
Year Ended September 30, 2009	1.35	%
Year Ended September 30, 2008	1.18	%

See accompanying Notes to Financial Statements.

22 OPPENHEIMER GLOBAL OPPORTUNITIES FUND


Class B	Six Months Ended March 28, 2013¹ (Unaudited)		Year Ended September 28, 2012¹		Year Ended September 30, 2011		Year Ended September 30, 2010		Year Ended September 30, 2009		Year Ended September 30, 2008

Per Share Operating Data
Net asset value, beginning of period	$	27.32	$	24.10	$	25.73	$	23.11	$	23.34	$	38 .77

Income (loss) from investment operations:
Net investment loss²		(0.14)		(0.16)		(0.20)		(0.25)		(0.17)		(0 .31)
Net realized and unrealized gain (loss)		1.80		3.38		(1.40)		3.34		3.16		(10 .97)

Total from investment operations		1.66		3.22		(1.60)		3.09		2.99		(11 .28)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.03)		0.00		(0.03)		(0.47)		0.00		0 .00
Distributions from net realized gain		0.00		0.00		0.00		0.00		(3.22)		(4 .15)

Total dividends and/or distributions to shareholders		(0.03)		0.00		(0.03)		(0.47)		(3.22)		(4 .15)

Net asset value, end of period	$	28.95	$	27.32	$	24.10	$	25 .73	$	23.11	$	23 .34


Total Return, at Net Asset Value³		6.08%		13.36%		(6.25)%		13.54%		22.46%		(31.74)%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	75,118	$	87,841	$	111,026	$	156,850	$	182,023	$	207,785

Average net assets (in thousands)	$	78,578	$	102,521	$	145,805	$	169,468	$	146,578	$	327,166

Ratios to average net assets:⁴
Net investment loss		(1.05)%		(0.59)%		(0.73)%		(1.01)%		(0.97)%		(1.03)%
Total expenses⁵		2.27%		2.24%		2.21%		2.23%		2.36%		1 .98%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		2.13%		2.11%		2.12%		2.11%		2.13%		1 .98%

Portfolio turnover rate		14%		57%		41%		65%		99%		41%

OPPENHEIMER GLOBAL OPPORTUNITIES FUND 23



		FINANCIAL HIGHLIGHTS (Continued)

1. March 28, 2013 and September 28, 2012 represent the last business days of the Fund’s respective reporting periods. See Note 1 of the accompanying Notes.

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

4. Annualized for periods less than one full year.

5. Total expenses including indirect expenses from affiliated fund were as follows:


Six Months Ended March 28, 2013	2.27	%
Year Ended September 28, 2012	2.24	%
Year Ended September 30, 2011	2.21	%
Year Ended September 30, 2010	2.24	%
Year Ended September 30, 2009	2.36	%
Year Ended September 30, 2008	1.98	%

See accompanying Notes to Financial Statements.

24 OPPENHEIMER GLOBAL OPPORTUNITIES FUND


Class C	Six Months Ended March 28, 2013¹ (Unaudited)		Year Ended September 28, 2012¹		Year Ended September 30, 2011		Year Ended September 30, 2010		Year Ended September 30, 2009		Year Ended September 30, 2008

Per Share Operating Data
Net asset value, beginning of period	$	27.39	$	24.13	$	25.78	$	23.15	$	23.37	$	38.79

Income (loss) from investment operations:
Net investment loss²		(0.12)		(0.12)		(0.16)		(0.21)		(0.16)		(0.28)
Net realized and unrealized gain (loss)		1.79		3.38		(1.40)		3.34		3.16		(10.99)

Total from investment operations		1.67		3.26		(1.56)		3.13		3.00		(11.27)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.13)		0.00		(0.09)		(0.50)		0.00		0.00
Distributions from net realized gain		0.00		0.00		0.00		0.00		(3.22)		(4.15)

Total dividends and/or distributions to shareholders		(0.13)		0.00		(0.09)		(0.50)		(3.22)		(4.15)

Net asset value, end of period	$	28.93	$	27.39	$	24.13	$	25.78	$	23.15	$	23.37



Total Return, at Net Asset Value³		6.12%		13.51%		(6.08)%		13.71%		22.48%		(31.69)%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	335,633	$	340,428	$	327,817	$	385,526	$	366,716	$	373,401

Average net assets (in thousands)	$	329,328	$	345,798	$	394,340	$	382,065	$	281,756	$	523,626

Ratios to average net assets:⁴
Net investment loss		(0.90)%		(0.44)%		(0.58)%		(0.87)%		(0.92)%		(0.96)%
Total expenses⁵		1.97%		1.97%		1.96%		1.98%		2.11%		1.93%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.97%		1.97%		1.96%		1.97%		2.09%		1.93%

Portfolio turnover rate		14%		57%		41%		65%		99%		41%

OPPENHEIMER GLOBAL OPPORTUNITIES FUND 25



		FINANCIAL HIGHLIGHTS (Continued)

1. March 28, 2013 and September 28, 2012 represent the last business days of the Fund’s respective reporting periods. See Note 1 of the accompanying Notes.

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

4. Annualized for periods less than one full year.

5. Total expenses including indirect expenses from affiliated fund were as follows:


Six Months Ended March 28, 2013	1.97	%
Year Ended September 28, 2012	1.97	%
Year Ended September 30, 2011	1.96	%
Year Ended September 30, 2010	1.99	%
Year Ended September 30, 2009	2.11	%
Year Ended September 30, 2008	1.93	%

See accompanying Notes to Financial Statements.

26 OPPENHEIMER GLOBAL OPPORTUNITIES FUND


Class I	Six Months Ended March 28, 2013¹ (Unaudited)			Period Ended September 28, 2012^1,2

Per Share Operating Data
Net asset value, beginning of period	$	30.07		$	29.69

Income (loss) from investment operations:
Net investment income³		0.00⁴			0.10
Net realized and unrealized gain		1.99			0.28

Total from investment operations		1.99			0.38

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.47)			0.00
Distributions from net realized gain		0.00			0.00

Total dividends and/or distributions to shareholders		(0.47)			0.00

Net asset value, end of period	$	31.59		$	30.07



Total Return, at Net Asset Value⁵		6.78%			1.28%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	23,363		$	1,400

Average net assets (in thousands)	$	13,118		$	272

Ratios to average net assets:⁶
Net investment income		0.00%	⁷		0.53%
Total expenses⁸		0.76%			0.76%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.76%			0.76%

Portfolio turnover rate		14%			57%

OPPENHEIMER GLOBAL OPPORTUNITIES FUND 27



		FINANCIAL HIGHLIGHTS (Continued)

1. March 28, 2013 and September 28, 2012 represent the last business days of the Fund’s respective reporting periods. See Note 1 of the accompanying Notes.

2. For the period from January 27, 2012 (inception of offering) to September 28, 2012.

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

4. Less than $0.005 per share.

5. 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.

6. Annualized for periods less than one full year.

7. Less than 0.005%.

8. Total expenses including indirect expenses from affiliated fund were as follows:


Six Months Ended March 28, 2013	0.76	%
Period Ended September 28, 2012	0.76	%

See accompanying Notes to Financial Statements.

28 OPPENHEIMER GLOBAL OPPORTUNITIES FUND


Class N	Six Months Ended March 28, 2013¹ (Unaudited)		Year Ended September 28, 2012¹		Year Ended September 30, 2011		Year Ended September 30, 2010		Year Ended September 30, 2009		Year Ended September 30, 2008

Per Share Operating Data
Net asset value, beginning of period	$	28.96	$	25.47	$	27.19	$	24.37	$	24.34	$	40.08

Income (loss) from investment operations:
Net investment loss²		(0.07)		(0.01)		(0.04)		(0.12)		(0.07)		(0.18)
Net realized and unrealized gain (loss)		1.88		3.56		(1.48)		3.52		3.38		(11.41)

Total from investment operations		1.81		3.55		(1.52)		3.40		3.31		(11.59)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.23)		(0.06)		(0.20)		(0.58)		(0.06)		0.00
Distributions from net realized gain		0.00		0.00		0.00		0.00		(3.22)		(4.15)

Total dividends and/or distributions to shareholders		(0.23)		(0.06)		(0.20)		(0.58)		(3.28)		(4.15)

Net asset value, end of period	$	30.54	$	28.96	$	25.47	$	27.19	$	24.37	$	24.34



Total Return, at Net Asset Value³		6.32%		13.96%		(5.68)%		14.16%		23.11%		(31.45)%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	90,116	$	91,603	$	85,798	$	93,901	$	83,684	$	86,144

Average net assets (in thousands)	$	88,409	$	90,891	$	100,460	$	90,116	$	65,521	$	112,218

Ratios to average net assets:⁴
Net investment loss		(0.50)%		(0.04)%		(0 .15)%		(0.46)%		(0.41)%		(0.58)%
Total expenses⁵		1.57%		1.57%		1 .54%		1.59%		1.81%		1.61%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.57%		1.57%		1.53%		1.57%		1.59%		1.57%

Portfolio turnover rate		14%		57%		41%		65%		99%		41%

OPPENHEIMER GLOBAL OPPORTUNITIES FUND 29



		FINANCIAL HIGHLIGHTS (Continued)

1. March 28, 2013 and September 28, 2012 represent the last business days of the Fund’s respective reporting periods. See Note 1 of the accompanying Notes.

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

4. Annualized for periods less than one full year.

5. Total expenses including indirect expenses from affiliated fund were as follows:


Six Months Ended March 28, 2013	1.57	%
Year Ended September 28, 2012	1.57	%
Year Ended September 30, 2011	1.54	%
Year Ended September 30, 2010	1.60	%
Year Ended September 30, 2009	1.81	%
Year Ended September 30, 2008	1.61	%

See accompanying Notes to Financial Statements.

30 OPPENHEIMER GLOBAL OPPORTUNITIES FUND


Class Y	Six Months Ended March 28, 2013¹ (Unaudited)		Year Ended September 28, 2012¹		Year Ended September 30, 2011		Year Ended September 30, 2010		Year Ended September 30, 2009		Year Ended September 30, 2008

Per Share Operating Data
Net asset value, beginning of period	$	30.04	$	26.43	$	28.20 ��	$	25.21	$	25.17	$	41.32

Income (loss) from investment operations:
Net investment income²		0.02		0.18		0.14		0.07		0.04		0.07
Net realized and unrealized gain (loss)		1.95		3.67		(1.54)		3.64		3.46		(11.78)

Total from investment operations		1.97		3.85		(1.40)		3.71		3.50		(11.71)

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.42)		(0.24)		(0.37)		(0.72)		(0.24)		(0.29)
Distributions from net realized gain		0.00		0.00		0.00		0.00		(3.22)		(4.15)

Total dividends and/or distributions to shareholders		(0.42)		(0.24)		(0.37)		(0.72)		(3.46)		(4.44)

Net asset value, end of period	$	31.59	$	30.04	$	26.43	$	28.20	$	25.21	$	25.17



Total Return, at Net Asset Value³		6.69%		14.68%		(5.11)%		14.98%		23.75%		(30.91)%


Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	245,617	$	243,585	$	178,978	$	155,670	$	123,079	$	151,866

Average net assets (in thousands)	$	239,109	$	217,386	$	196,576	$	158,109	$	82,817	$	231,276

Ratios to average net assets:⁴
Net investment income		0.12%		0.60%		0.48%		0.27%		0.19%		0.22%
Total expenses⁵		0.96%		0.93%		0.92%		0.89%		0.99%		0.80%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.96%		0.93%		0.92%		0.88%		0.98%		0.80%

Portfolio turnover rate		14%		57%		41%		65%		99%		41%

OPPENHEIMER GLOBAL OPPORTUNITIES FUND 31



		FINANCIAL HIGHLIGHTS (Continued)

1. March 28, 2013 and September 28, 2012 represent the last business days of the Fund’s respective reporting periods. See Note 1 of the accompanying Notes.

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

4. Annualized for periods less than one full year.

5. Total expenses including indirect expenses from affiliated fund were as follows:


Six Months Ended March 28, 2013	0 .96	%
Year Ended September 28, 2012	0 .93	%
Year Ended September 30, 2011	0 .92	%
Year Ended September 30, 2010	0 .90	%
Year Ended September 30, 2009	0 .99	%
Year Ended September 30, 2008	0 .80	%

See accompanying Notes to Financial Statements.

32 OPPENHEIMER GLOBAL OPPORTUNITIES FUND



		NOTES TO FINANCIAL STATEMENTS

1. Significant Accounting Policies

Oppenheimer Global Opportunities Fund (the “Fund”) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Fund’s investment objective is to seek capital appreciation consistent with preservation of principal, while providing current income. The Fund’s investment adviser was OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”) through December 31, 2012. Effective January 1, 2013, the Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OFI. The Manager has entered into a sub-advisory agreement with OFI, as of the same effective date.

The Fund offers Class A, Class C, Class I, Class N and Class Y shares, and previously offered Class B shares for new purchase through June 29, 2012. Subsequent to that date, no new purchases of Class B shares are permitted, however reinvestment of dividend and/or capital gain distributions and exchanges of Class B shares into and from other Oppenheimer funds will be allowed. 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, and Class B shares were 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, B, 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. Class B shares will automatically convert to Class A shares 72 months after the date of purchase.

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

Semiannual and Annual Periods. The last day of the Fund’s semiannual period was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

The last day of the Fund’s fiscal year was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

Investment in Oppenheimer Institutional Money Market Fund. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund (“IMMF”) to seek current income while preserving liquidity. IMMF is a registered open-end

OPPENHEIMER GLOBAL OPPORTUNITIES FUND 33



		NOTES TO FINANCIAL STATEMENTS Unaudited / (Continued)

		1. Significant Accounting Policies (Continued)

management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is the investment adviser of IMMF, and the Sub-Adviser provides investment and related advisory services to IMMF. When applicable, the Fund’s investment in IMMF is included in the Statement of Investments. Shares of IMMF are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of IMMF’s Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in IMMF.

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

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

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

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

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

34 OPPENHEIMER GLOBAL OPPORTUNITIES FUND





		1. Significant Accounting Policies (Continued)

During the fiscal year ended September 28, 2012, the Fund utilized $37,837,736 of capital loss carryforward to offset capital gains realized in that fiscal year. The Fund had post-October losses of $169,690,187. Details of the fiscal year ended September 28, 2012 capital loss carryforwards are included in the table below. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. Capital losses with no expiration will be carried forward to future years if not offset by gains.


Expiring

2017	$	118,685,459
2018		297,617,177

Total	$	416,302,636

As of March 28, 2013, it is estimated that the capital loss carryforwards would be $313,818,137 expiring by 2018. 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 March 28, 2013, it is estimated that the Fund will utilize $102,484,499 of 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 March 28, 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.


Federal tax cost of securities	$	2,255,949,711

Gross unrealized appreciation	$	585,975,339
Gross unrealized depreciation		(232,551,146)

Net unrealized appreciation	$	353,424,193

Trustees’ Compensation. The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s independent trustees. Benefits are based on years of service and fees paid to each trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active independent trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan. During the six months ended March 28, 2013, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:


Projected Benefit Obligations Increased	$	37,038
Payments Made to Retired Trustees		51,657
Accumulated Liability as of March 28, 2013		378,300

OPPENHEIMER GLOBAL OPPORTUNITIES FUND 35



		NOTES TO FINANCIAL STATEMENTS Unaudited / (Continued)

		1. Significant Accounting Policies (Continued)

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, 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.

36 OPPENHEIMER GLOBAL OPPORTUNITIES FUND





		1. Significant Accounting Policies (Continued)

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

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

Other. The preparation of financial statements in conformity with 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

OPPENHEIMER GLOBAL OPPORTUNITIES FUND 37



		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.

Forward foreign currency exchange contracts are valued utilizing current and forward currency rates obtained from third party pricing services. When the settlement date of a contract is an interim date for which a quotation is not available, interpolated values are derived using the nearest dated forward currency rate.

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.

38 OPPENHEIMER GLOBAL OPPORTUNITIES FUND





		2. Securities Valuation (Continued)

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 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).

OPPENHEIMER GLOBAL OPPORTUNITIES FUND 39



		NOTES TO FINANCIAL STATEMENTS Unaudited / (Continued)

		2. Securities Valuation (Continued)

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

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of March 28, 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
Consumer Discretionary	$	670,239,609	$	31,982,384		$	—	$	702,221,993
Consumer Staples		84,926,120		—			—		84,926,120
Financials		95,686,495		22,320,370			—		118,006,865
Health Care		748,282,954		—			—		748,282,954
Industrials		234,394,396		—			—		234,394,396
Information Technology		484,273,559		127,153,078			—		611,426,637
Materials		91,506,447		—			—		91,506,447
Investment Company		18,608,492		—			—		18,608,492

Total Assets	$	2,427,918,072	$	181,455,832		$	—	$	2,609,373,904


Liabilities Table
Other Financial Instruments:
Foreign currency exchange contracts	$	—	$	(19,392	)	$	—	$	(19,392)

Total Liabilities	$	—	$	(19,392	)	$	—	$	(19,392)

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.


	Transfer into Level 1*		Transfer out of Level 1**			Transfers into Level 2**		Transfers out of Level 2*

Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	71,269,194	$	—		$	—	$	(71,269,194)
Information Technology		—		(104,061,758	)		104,061,758		—

Total Assets	$	71,269,194	$	(104,061,758	)	$	104,061,758	$	(71,269,194)

40 OPPENHEIMER GLOBAL OPPORTUNITIES FUND





		2. Securities Valuation (Continued)

*Transferred from Level 2 to Level 1 due to the presence of a readily available unadjusted quoted market price.

**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 March 28, 2013					Year Ended September 28, 2012¹
	Shares			Amount		Shares			Amount

Class A
Sold		3,355,402		$	99,953,739		10,506,590		$	305,642,916
Dividends and/or distributions reinvested		653,149			18,784,560		342,176			9,067,658
Redeemed		(7,659,328	)		(227,413,667)		(14,097,786	)		(404,401,458)

Net decrease		(3,650,777	)	$	(108,675,368)		(3,249,020	)	$	(89,690,884)



Class B
Sold		29,667		$	822,304		461,221		$	12,303,283
Dividends and/or distributions reinvested		2,948			78,381		—			—
Redeemed		(652,255	)		(17,827,117)		(1,852,514	)		(49,432,404)

Net decrease		(619,640	)	$	(16,926,432)		(1,391,293	)	$	(37,129,121)



Class C
Sold		533,222		$	14,680,421		1,629,991		$	43,420,225
Dividends and/or distributions reinvested		51,828			1,377,077		—			—
Redeemed		(1,413,609	)		(38,630,807)		(2,786,521	)		(73,774,390)

Net decrease		(828,559	)	$	(22,573,309)		(1,156,530	)	$	(30,354,165)



Class I
Sold		730,471		$	21,592,233		50,723		$	1,467,580
Dividends and/or distributions reinvested		854			24,670		—			—
Redeemed		(38,428	)		(1,173,824)		(4,154	)		(121,482)

Net increase		692,897		$	20,443,079		46,569		$	1,346,098



Class N
Sold		400,771		$	11,582,330		931,721		$	26,235,712
Dividends and/or distributions reinvested		22,580			632,678		6,876			177,600
Redeemed		(636,171	)		(18,388,740)		(1,144,415	)		(31,766,048)

Net decrease		(212,820	)	$	(6,173,732)		(205,818	)	$	(5,352,736)

OPPENHEIMER GLOBAL OPPORTUNITIES FUND 41



		NOTES TO FINANCIAL STATEMENTS Unaudited / (Continued)

		3. Shares of Beneficial Interest (Continued)


	Six Months Ended March 28, 2013					Year Ended September 28, 2012¹
	Shares			Amount		Shares			Amount

Class Y
Sold		1,654,472		$	49,929,131		3,816,994		$	111,572,881
Dividends and/or distributions reinvested		110,522			3,196,294		54,783			1,460,504
Redeemed		(2,096,955	)		(62,660,316)		(2,536,062	)		(72,752,134)

Net increase (decrease)		(331,961	)	$	(9,534,891)		1,335,715		$	40,281,251

1. For the year ended September 28, 2012, for Class A, Class B, Class C, Class N and Class Y shares, and for the period from January 27, 2012 (inception of offering) to September 28, 2012, for Class I shares.

4. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the six months ended March 28, 2013, were as follows:


	Purchases		Sales

Investment securities		$337,314,716		$473,803,231

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:


Fee Schedule
Up to $250 million	0.80	%
Next $250 million	0.77
Next $500 million	0.75
Next $1 billion	0.69
Next $1.5 billion	0.67
Next $2.5 billion	0.65
Over $6 billion	0.63

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.

Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of OFI, acted as the transfer and shareholder servicing agent for the Fund through December 31, 2012. Effective January 1, 2013, OFI Global (the “Transfer Agent”) serves as the transfer and shareholder servicing agent for the Fund. The Fund pays the Transfer Agent a per account fee.

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

42 OPPENHEIMER GLOBAL OPPORTUNITIES FUND





		5. Fees and Other Transactions with Affiliates (Continued)

Sub-Transfer Agent Fees. Effective January 1, 2013, 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 that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

Distribution and Service Plans for Class B, Class C and Class N Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B, Class C and Class N shares under Rule 12b-1 of the Investment Company Act of 1940 to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and Class C shares daily net assets and 0.25% on Class N shares daily net assets. The Distributor also receives a service fee of 0.25% per year under each plan. If either the Class B, Class C or Class N plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations. The Distributor determines its uncompensated expenses under the Plans at calendar quarter ends. The Distributor’s aggregate uncompensated expenses under the Plans at March 31, 2013 were as follows:


Class B	$	6,088,737
Class C		13,112,002
Class N		1,669,846

OPPENHEIMER GLOBAL OPPORTUNITIES FUND 43



		NOTES TO FINANCIAL STATEMENTS Unaudited / (Continued)

		5. Fees and Other Transactions with Affiliates (Continued)

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 B Contingent Deferred Sales Charges Retained by Distributor		Class C Contingent Deferred Sales Charges Retained by Distributor		Class N Contingent Deferred Sales Charges Retained by Distributor

March 28, 2013		$182,986		$6,423		$62,790		$7,484		$105

Waivers and Reimbursements of Expenses. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in IMMF. During the six months ended March 28, 2013, the Manager waived fees and/or reimbursed the Fund $28,244 for IMMF management fees.

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 March 28, 2013, the Transfer Agent waived transfer and shareholder servicing agent fees as follows:


Class B	$	55,540
Class N		500

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. Risk Exposures and the Use of Derivative Instruments

The Fund’s investment objectives not only permit the Fund to purchase investment securities, they also allow the Fund to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, the Fund will employ strategies in differing combinations to permit it to increase, decrease, or change the level or types of exposure to market risk factors. Central to those strategies are features inherent to derivatives that make them more attractive for this purpose than equity and debt securities: they require little or no initial cash investment, they can focus exposure on only certain selected risk factors, and they may not require the ultimate receipt or

44 OPPENHEIMER GLOBAL OPPORTUNITIES FUND





		6. Risk Exposures and the Use of Derivative Instruments (Continued)

delivery of the underlying security (or securities) to the contract. This may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of effecting a similar response to market factors.

Market Risk Factors. In accordance with its investment objectives, the Fund may use derivatives to increase or decrease its exposure to one or more of the following market risk factors:

Commodity Risk. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market.

Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

Credit Risk. Credit risk relates to the ability of the issuer to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield bonds are subject to credit risk to a greater extent than lower-yield, higher-quality bonds.

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.

Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.

Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

The Fund’s actual exposures to these market risk factors during the period are discussed in further detail, by derivative type, below.

Risks of Investing in Derivatives. The Fund’s use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

OPPENHEIMER GLOBAL OPPORTUNITIES FUND 45



		NOTES TO FINANCIAL STATEMENTS Unaudited / (Continued)

		6. Risk Exposures and the Use of Derivative Instruments (Continued)

Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This use of embedded leverage allows the Fund to increase its market value exposure relative to its net assets and can substantially increase the volatility of the Fund’s performance.

Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Fund. Typically, the associated risks are not the risks that the Fund is attempting to increase or decrease exposure to, per its investment objectives, but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that the Fund will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. Associated risks can be different for each type of derivative and are discussed by each derivative type in the notes that follow.

Counterparty Credit Risk. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. The Fund’s derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction.

Credit Related Contingent Features. The Fund’s agreements with derivative counterparties have several credit related contingent features that if triggered would allow its derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Fund. Credit related contingent features are established between the Fund and its derivatives counterparties to reduce the risk that the Fund will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in the Fund’s net assets and or a percentage decrease in the Fund’s Net Asset Value or NAV. The contingent features are established within the Fund’s International Swap and Derivatives Association, Inc. master agreements which govern certain positions in swaps, over-the-counter options and swaptions, and forward currency exchange contracts for each individual counterparty.

Valuations of derivative instruments as of March 28, 2013 are as follows:

46 OPPENHEIMER GLOBAL OPPORTUNITIES FUND





		6. Risk Exposures and the Use of Derivative Instruments (Continued)

The effect of derivative instruments on the Statement of Operations is as follows:


Amount of Realized Gain or (Loss) Recognized on Derivatives

Derivatives Not Accounted for as Hedging Instruments	Foreign currency transactions

Foreign exchange contracts		$(167,587)

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives

Derivatives Not Accounted for as Hedging Instruments	Translation of assets and liabilities denominated in foreign currencies

Foreign exchange contracts		$(19,392)

Foreign Currency Exchange Contracts

The Fund may enter into foreign currency exchange contracts (“forward contracts”) for the purchase or sale of a foreign currency at a negotiated rate at a future date.

Forward contracts are reported on a schedule following the Statement of Investments. The unrealized appreciation (depreciation) is reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations within the change in unrealized appreciation (depreciation). At contract close, the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) in the Statement of Operations.

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

During the six months ended March 28, 2013, the Fund had daily average contract amounts on forward foreign currency contracts to buy and sell of $3,474,302 and $7,679,889, respectively.

Additional associated risk to the Fund includes counterparty credit risk. Counterparty credit risk arises from the possibility that the counterparty will default.

7. Pending Litigation

Since 2009, a number of class action lawsuits have been pending in federal courts 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 the Manager and distributed by the Distributor (the “Defendant Funds”). Several of these 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’

OPPENHEIMER GLOBAL OPPORTUNITIES FUND 47



		NOTES TO FINANCIAL STATEMENTS Unaudited / (Continued)

		7. Pending Litigation (Continued)

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.

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 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 (i) OFI, (ii) an affiliate of OFI and (iii) 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. The court’s decision is subject to appeal. 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 alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees.

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

48 OPPENHEIMER GLOBAL OPPORTUNITIES FUND





		7. Pending Litigation (Continued)

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.

OPPENHEIMER GLOBAL OPPORTUNITIES FUND 49



		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.

50 OPPENHEIMER GLOBAL OPPORTUNITIES FUND



		OPPENHEIMER GLOBAL OPPORTUNITIES 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., Advisory Board Member
		Phillip A. Griffiths, Trustee
		Mary F. Miller, Trustee
		Joel W. Motley, Trustee
		Joanne Pace, Advisory Board Member
		Mary Ann Tynan, Trustee
		Joseph M. Wikler, Trustee
		Peter I. Wold, Trustee
		William F. Glavin, Jr., President and Principal Executive Officer
		Frank V. Jennings, Ph.D., Vice President
		Arthur S. Gabinet, Secretary and Chief Legal Officer
		Christina M. Nasta, Vice President and Chief Business Officer
		Mark S. Vandehey, Vice President and Chief Compliance 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		KPMGLLP

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.

OPPENHEIMER GLOBAL OPPORTUNITIES FUND 51



		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.

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.

52 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

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 financial institution subsidiaries, the trustee of OppenheimerFunds Individual Retirement Accounts (IRAs) and the custodian of the OppenheimerFunds 403(b)(7) tax sheltered custodial accounts. 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 2012. 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).

OPPENHEIMER GLOBAL OPPORTUNITIES FUND 53

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54 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

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OPPENHEIMER GLOBAL OPPORTUNITIES FUND 55

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 3/28/2013, 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 Opportunities Fund


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

Date:		5/8/2013

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:		5/8/2013


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

Date:		5/8/2013

Liability Derivatives

Derivatives Not Accounted for as
Hedging Instruments

Statement of Assets and Liabilities
Location

Foreign exchange contracts

Unrealized depreciation on foreign currency exchange contracts