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.

225 Liberty Street, 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: 3/31/2015

Item 1. Reports to Stockholders.

LOGO


Table of Contents
Fund Performance Discussion			3

Top Holdings and Allocations			6

Fund Expenses			9

Statement of Investments			11

Statement of Assets and Liabilities			15

Statement of Operations			17

Statements of Changes in Net Assets			19

Financial Highlights			20

Notes to Financial Statements			27

Portfolio Proxy Voting Policies and Procedures; Updates to Statement of Investments			43

Trustees and Officers			44

Privacy Policy Notice			45

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 3/31/15


	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	MSCI All Country (AC) World Index
6-Month	4.47%	-1.54%	2.73%
1-Year	-3.21	-8.78	5.42
5-Year	8.12	6.85	8.99
10-Year	8.78	8.13	6.44

2 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

Fund Performance Discussion

The Fund’s Class A shares (without sales charge) generated a return of 4.47% during the reporting period, outperforming its benchmark, the MSCI All Country (AC) World Index (the “Index”), which returned 2.73%. 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. Six out of the eight sectors the Fund was invested in at period end made a positive contribution to the Fund’s performance; meaningful contributions came from holdings in the health care, consumer discretionary and materials sectors. Holdings in the information technology sector detracted from performance this reporting period.

MARKET OVERVIEW

For the overall six-month period, stocks in the U.S. generally outperformed other developed market and emerging market equities. Over the first half of the reporting period, the prospects of another European recession, a weakening euro and falling oil prices were among factors contributing to the volatility of global stock markets. In the face of these uncertainties, equity investors gravitated to the relative safety of U.S. stocks, making it one of the best performing markets in the fourth quarter of 2014. However, over the first quarter 2015, perhaps the most dominant market event was the U.S. dollar surge. It comes as no surprise then, that U.S. stock market averages trailed most developed market bourses during this time by a significant amount, even after adjusting for currency. The underperformance of U.S. stocks during this time was not enough to offset their outperformance over the fourth quarter of 2014.

FUND REVIEW

Top performing stocks during the reporting period included Genmab AS, CyberAgent, Inc. and Cepheid.

Genmab is a biotechnology company based in Denmark that develops human antibody therapeutics for the treatment of cancer. The company has a strong technology platform, with several interesting drugs in the pipeline that are in pre-clinical or early clinical development. The company is getting close to marketing an important new treatment for myeloma with a partner, Johnson & Johnson. The stock rallied during the reporting period.

CyberAgent is an internet services company based in Japan. It sponsors Ameba, a blogging community focused on games and game services. It also produces online games and operates as an advertising service specializing in internet services and promotion. It has been reporting strong earnings growth, and we believe this trend can continue.

3 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

Cepheid is a molecular diagnostics firm that develops and manufactures systems that automate the process of preparing and amplifying DNA in order to quickly detect diseases and harmful agents. The company reported strong first quarter revenues, driven by sales of its commercial clinical business.

Detractors from performance this reporting period included MorphoSys AG, Stratasys Ltd. and Advanced Micro Devices, Inc.

MorphoSys is a German biotechnology company specializing in the use of human antibodies for the treatment of a wide variety of diseases. During the reporting period, the company experienced a setback in their drug development efforts with its partner Celgene. Despite this, we find appeal in the company’s technology platform. It has a variety of projects that hold promise for commercialization.

Stratasys manufactures 3D printing equipment and materials that create physical objects directly from digital data. Its systems range from affordable desktop 3D printers to large, advanced 3D production systems. Manufacturers use Stratasys 3D printers to create models and prototypes for new product design and testing, and to build finished goods in low volume. We were relatively early investors in 3D printing and believe this technology could potentially

revolutionize the manufacturing of plastic and metal parts. 3D printing also has the potential to expand meaningfully in the consumer segment. We believe Stratasys is well positioned to capture growth in this underpenetrated market. The stock’s weakness reflects concerns around increased investments in the business. We believe these are appropriate and necessary to capitalize on the growth potential.

Advanced Micro Devices (AMD), a semiconductor company, detracted from performance after the company reported disappointing third quarter results and guided down for the fourth quarter. There was also the unexpected announcement of a change in CEO, which spooked the market. AMD underperformed operationally in 2014 compared to rival Intel, which weighed on investor sentiment. 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 superior GPU technology. AMD could also benefit from design wins in the emerging markets. Finally, AMD fits well into our micro-themes of low power semiconductors and cloud computer enabling technology. While sentiment may remain weak in the medium term, we believe the company is taking the right steps to generate sustainable long-term growth.

4 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

STRATEGY & OUTLOOK

We remain focused largely on investments in companies with sizable, transformational growth potential. Many are in relatively early stages of their development. Some may be only moderately successful, some may even disappoint. However, we believe it is likely that a good percentage of them can become substantial, and our ownership can be meaningfully rewarded. This requires patience. Emerging companies, some of the best we’ve ever seen, have experienced setbacks or encounter periods of difficulty.

As has been the case on and off over the near 20 years that we’ve been managing the portfolio, investors periodically find attraction in things that are distant from the core of what we do – emerging growth companies. This is usually in environments where a high level of fear pervades. Fear typically causes investors to shorten their investment time horizon and place more emphasis on near-term certainty. Over the last few years, this has meant that companies with more bond-like characteristics have been popular. By this

we mean companies that have a high degree of predictability, generate cash and pay dividends. Investors have been content to pay up for this, and at the right price these are attractive attributes. However, we are doubtful it makes sense now. Given the level of interest rates just about everywhere, we worry that these now come with fairly high expectations baked into their prices.

We have had a thesis for some time now that the U.S. dollar would strengthen as policy accommodation grew less robust. Importantly, the Federal Reserve ended its quantitative easing program just as one was gearing up in Europe. Our work in this area suggests that a freely floating currency should rise as monetary policy grows incrementally tighter, and weaken when it becomes incrementally more accommodative. Though the scale of the U.S. dollar rise may be something of an overshoot for now, we’d expect that as long as European and American policies diverge, currency values will reflect them. We have had hedges in place with this in mind.

LOGO

Frank Jennings, Ph.D.

Portfolio Manager

5 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

Top Holdings and Allocations

TOP TEN COMMON STOCK HOLDINGS


Nektar Therapeutics	8.6	%
Cepheid	2.8
Nokia OYJ	2.3
Genmab AS	2.3
Advanced Micro Devices, Inc.	2.3
CyberAgent, Inc.	2.3
Fairchild Semiconductor International, Inc., Cl. A	2.2
Yahoo!, Inc.	2.1
IP Group plc	2.1
Novozymes AS, Cl. B	2.1

Portfolio holdings and allocations are subject to change. Percentages are as of March 31, 2015, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com.

TOP TEN GEOGRAPHICAL HOLDINGS


United States	51.2	%
United Kingdom	13.7
Japan	9.0
Denmark	8.4
Germany	6.5
France	3.1
Finland	2.4
Sweden	2.1
Hong Kong	1.3
Netherlands	0.7

Portfolio holdings and allocation are subject to change. Percentages are as of March 31, 2015, 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 31, 2015, and are based on the total market value of investments.

6 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 3/31/15


	Inception Date		6-Month	1-Year	5-Year	10-Year
Class A (OPGIX)		10/22/90	4.47%	-3.21%	8.12%	8.78%
Class B (OGGIX)		10/10/95	4.06%	-3.93%	7.18%	8.25%
Class C (OGICX)		12/1/93	4.09%	-3.93%	7.31%	7.96%
Class I (OGIIX)		1/27/12	4.70%	-2.79%	11.28%*	N/A
Class R (OGINX)		3/1/01	4.35%	-3.46%	7.77%	8.42%
Class Y (OGIYX)		2/1/01	4.59%	-2.98%	8.41%	9.12%
AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 3/31/15
	Inception Date		6-Month	1-Year	5-Year	10-Year
Class A (OPGIX)		10/22/90	–1.54%	-8.78%	6.85%	8.13%
Class B (OGGIX)		10/10/95	–0.94%	-8.74%	6.87%	8.25%
Class C (OGICX)		12/1/93	3.09%	-4.89%	7.31%	7.96%
Class I (OGIIX)		1/27/12	4.70%	-2.79%	11.28%*	N/A
Class R (OGINX)		3/1/01	3.35%	-4.42%	7.77%	8.42%
Class Y (OGIYX)		2/1/01	4.59%	-2.98%	8.41%	9.12%

* Shows performance since inception.

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. 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). 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 (“CDSC”) of 5% (1-year) and 2% (5-year); and for Class C shares, the CDSC of 1% for the 1-year period. Prior to 7/1/14, Class R shares were named Class N shares. Beginning 7/1/14, new purchases of Class R shares will no longer be subject to a CDSC upon redemption (any CDSC will remain in effect for purchases prior to 7/1/14). There is no sales charge for Class I and Class 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.

The Fund’s performance is compared to the performance of the MSCI All Country (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. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or

7 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

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.

8 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

Fund Expenses

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

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended March 31, 2015.

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 6 Months Ended March 31, 2015” 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 Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads). 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.

9 OPPENHEIMER GLOBAL OPPORTUNITIES FUND


Actual	Beginning Account Value October 1, 2014		Ending Account Value March 31, 2015		Expenses Paid During 6 Months Ended March 31, 2015
Class A	$	1,000.00	$	1,044.70	$	6.03
Class B		1,000.00		1,040.60		9.92
Class C		1,000.00		1,040.90		9.87
Class I		1,000.00		1,047.00		3.83
Class R		1,000.00		1,043.50		7.31
Class Y		1,000.00		1,045.90		4.81

Hypothetical
(5% return before expenses)
Class A		1,000.00		1,019.05		5.96
Class B		1,000.00		1,015.26		9.79
Class C		1,000.00		1,015.31		9.74
Class I		1,000.00		1,021.19		3.79
Class R		1,000.00		1,017.80		7.22
Class Y		1,000.00		1,020.24		4.75

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended March 31, 2015 are as follows:


Class	Expense Ratios
Class A	1.18	%
Class B	1.94
Class C	1.93
Class I	0.75
Class R	1.43
Class Y	0.94

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager. 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.

10 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

STATEMENT OF INVESTMENTS March 31, 2015 Unaudited


	Shares		Value
Common Stocks—95.6%
Consumer Discretionary—22.6%
Automobiles—1.4%
Tesla Motors, Inc.¹	250,000	$	47,192,500


Diversified Consumer Services—0.9%
Sotheby’s	700,000		29,582,000


Hotels, Restaurants & Leisure—3.8%
Chipotle Mexican Grill, Inc., Cl. A¹	80,000		52,043,200
InterContinental Hotels Group plc	1,000,000		39,031,104
J.D. Wetherspoon plc	3,000,000		33,467,226

			124,541,530


Household Durables—1.2%
iRobot Corp.¹	1,200,000		39,156,000


Internet & Catalog Retail—4.1%
AO World plc¹	3,500,000		9,507,158
ASKUL Corp.	600,000		14,134,529
ASOS plc¹	700,000		37,456,562
Rakuten, Inc.	3,000,000		52,925,653
Shutterfly, Inc.¹	500,000		22,620,000

			136,643,902


Leisure Products—0.2%
LeapFrog Enterprises, Inc., Cl. A^1,2	3,500,000		7,630,000


Media—4.2%
CyberAgent, Inc.	1,300,000		74,577,564
DreamWorks Animation SKG, Inc., Cl. A¹	1,400,000		33,880,000
Technicolor SA¹	4,611,903		29,781,690

			138,239,254


Specialty Retail—3.7%
Jin Co. Ltd.	600,000		20,814,929
L’Occitane International SA	8,000,000		22,816,075
SuperGroup plc¹	3,000,000		42,492,961
Urban Outfitters, Inc.¹	800,000		36,520,000

			122,643,965


Textiles, Apparel & Luxury Goods—3.1%
Global Brands Group Holding Ltd.¹	35,000,000		6,796,361
Li & Fung Ltd.	35,000,000		34,141,199


	Shares		Value
Textiles, Apparel & Luxury Goods (Continued)
Mulberry Group plc	500,000	$	6,346,920
Pandora AS	600,000		54,699,741

			101,984,221


Consumer Staples—3.8%
Beverages—0.8%
Boston Beer Co., Inc. (The), Cl. A¹	100,000		26,740,000


Food & Staples Retailing—1.0%
Fresh Market, Inc. (The)¹	800,000		32,512,000


Food Products—0.7%
WhiteWave Foods Co. (The), Cl. A¹	500,000		22,170,000


Household Products—0.4%
Svenska Cellulosa AB SCA, Cl. B	600,000		13,824,918


Personal Products—0.9%
Dr. Ci:Labo Co. Ltd.	900,000		31,413,004


Energy—0.5%
Oil, Gas & Consumable Fuels—0.5%
Cairn Energy plc¹	7,000,000		16,213,836


Financials—2.4%
Capital Markets—2.4%
IP Group plc¹	20,785,545		69,690,390
Paris Orleans SA	500,000		10,601,859

			80,292,249


Health Care—29.2%
Biotechnology—10.9%
3-D Matrix Ltd.¹	900,000		7,586,141
Abcam plc	1,000,000		7,191,731
Ablynx NV¹	1,150,000		11,173,824
Anacor Pharmaceuticals, Inc.¹	600,000		34,710,000
Arena Pharmaceuticals, Inc.¹	7,000,000		30,590,000
Arrowhead Research Corp.^1,2	3,000,000		20,295,000
Cepheid¹	1,600,000		91,040,000
Genmab AS¹	1,000,000		75,233,301
Halozyme Therapeutics, Inc.¹	1,000,000		14,280,000

11 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


	Shares		Value
Biotechnology (Continued)
Rigel Pharmaceuticals, Inc.^1,2		5,000,000	$	17,850,000
Seattle Genetics, Inc.¹		1,400,000		49,490,000

				359,439,997


Health Care Equipment & Supplies—2.9%
Carl Zeiss Meditec AG		1,000,000		26,159,841
Consort Medical plc²		2,856,109		36,422,001
GN Store Nord AS		1,000,000		22,327,747
HeartWare International, Inc.¹		100,000		8,777,000
Ion Beam Applications¹		41,459		1,065,433

				94,752,022


Health Care Technology—1.9%
M3, Inc.		3,000,000		63,749,200


Life Sciences Tools & Services—2.7%
Bruker Corp.¹		1,700,000		31,399,000
MorphoSys AG¹		900,000		56,867,515

				88,266,515


Pharmaceuticals—10.8%
H. Lundbeck AS¹		2,400,000		50,511,359
Merck KGaA		200,000		22,445,997
Nektar Therapeutics^1,2		26,000,000		286,000,000

				358,957,356


Industrials—8.3%
Aerospace & Defense—2.6%
Boeing Co. (The)		300,000		45,024,000
Hexcel Corp.		800,000		41,136,000

				86,160,000


Commercial Services & Supplies—0.5%
Bilfinger SE		300,000		17,422,258


Electrical Equipment—1.3%
Blue Solutions¹		360,000		10,083,301
OSRAM Licht AG		700,000		34,736,429

				44,819,730


Machinery—2.9%
Albany International Corp., Cl. A		400,000		15,900,000
Arcam AB^1,2		1,200,000		21,991,874
Rotork plc		500,000		18,312,866


	Shares		Value
Machinery (Continued)
SLM Solutions Group AG¹		750,000	$	14,522,412
Spirax-Sarco Engineering plc		481,481		24,321,742

				95,048,894


Professional Services—1.0%
Acacia Research Corp.		2,100,000		22,470,000
Bureau Veritas SA		450,000		9,671,628

				32,141,628


Information Technology—24.4%
Communications Equipment—3.4%
Alcatel-Lucent¹		10,000,000		37,844,186
Nokia OYJ		10,000,000		76,389,576

				114,233,762


Electronic Equipment, Instruments, & Components—4.7%
Coherent, Inc.¹		1,000,000		64,960,000
Corning, Inc.		1,000,000		22,680,000
Electrocomponents plc		10,000,000		35,796,207
Fingerprint Cards AB, Cl. B^1,2		5,000,000		30,955,721

				154,391,928


Internet Software & Services—3.0%
Alibaba Group Holding Ltd., Sponsored ADR¹		181,000		15,066,440
Angie’s List, Inc.¹		2,000,000		11,740,000
Hortonworks, Inc.¹		97,520		2,324,876
Yahoo!, Inc.¹		1,600,000		71,096,000

				100,227,316


IT Services—1.1%
VeriFone Systems, Inc.¹		1,000,000		34,890,000


Semiconductors & Semiconductor Equipment—6.4%
Advanced Micro Devices, Inc.¹		28,000,000		75,040,000
AIXTRON SE¹		800,000		6,046,479
Cree, Inc.¹		500,000		17,745,000
Fairchild Semiconductor International, Inc., Cl. A¹		4,000,000		72,720,000
Synaptics, Inc.¹		500,000		40,652,500

				212,203,979

12 OPPENHEIMER GLOBAL OPPORTUNITIES FUND


	Shares		Value
Software—4.2%
Gemalto NV		300,000	$	23,921,990
Monitise plc¹		40,000,000		7,711,781
PTC, Inc.¹		1,400,000		50,638,000
Qlik Technologies, Inc.¹		1,000,000		31,130,000
SDL plc¹		2,000,000		12,873,016
WANdisco plc^1,2		3,288,889		12,682,816
				138,957,603
Technology Hardware, Storage & Peripherals—1.6%
3D Systems Corp.¹		700,000		19,194,000
Stratasys Ltd.¹		400,000		21,112,000
Xaar plc		2,000,000		12,218,558
				52,524,558
Materials—4.4%
Chemicals—4.4%
Croda International plc		500,000		20,295,741
Novozymes AS, Cl. B		1,500,000		68,607,024


	Shares			Value
Chemicals (Continued)
Symrise AG		500,000		$	31,625,503
Toray Industries, Inc.		3,000,000			25,154,413
					145,682,681
Total Common Stocks (Cost $2,523,775,650)					3,164,648,806
Investment Company—1.6%
Oppenheimer Institutional Money Market Fund, Cl. E, 0.12%^2,3 (Cost $52,455,676)		52,455,676			52,455,676
Total Investments, at Value (Cost $2,576,231,326)		97.2	%		3,217,104,482
Net Other Assets (Liabilities)		2.8			91,232,518
Net Assets		100.0	%	$	3,308,337,000

Footnotes to Statement of Investments

1. Non-income producing security.

2. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the period ended March 31, 2015, 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 30, 2014		Gross Additions			Gross Reductions		Shares March 31, 2015
Arcam AB		1,200,000		—			—		1,200,000
Arrowhead Research Corp.		—		3,000,000			—		3,000,000
Consort Medical plc		1,757,606		1,098,503	^a		—		2,856,109
Fingerprint Cards AB, Cl. B		2,500,000		2,500,000			—		5,000,000
LeapFrog Enterprises, Inc., Cl. A		2,500,000		1,000,000			—		3,500,000
Nektar Therapeutics		24,400,000		1,800,000			200,000		26,000,000
Oppenheimer Institutional Money
Market Fund, Cl. E		102,792,833		225,694,105			276,031,262		52,455,676
Rigel Pharmaceuticals, Inc.		5,000,000		—			—		5,000,000
WANdisco plc		1,000,000		2,288,889			—		3,288,889

			Value			Income		Realized Loss
Arcam AB			$	21,991,874		$	—	$	—
Arrowhead Research Corp.				20,295,000			—		—
Consort Medical plc				36,422,001			278,548		—
Fingerprint Cards AB, Cl. B				30,955,721			—		—
LeapFrog Enterprises, Inc., Cl. A				7,630,000			—		—
Nektar Therapeutics				286,000,000			—		3,393,132

13 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments (Continued)


	Value		Income		Realized Loss
Oppenheimer Institutional Money Market Fund, Cl. E	$	52,455,676	$	46,023	$	—
Rigel Pharmaceuticals, Inc.		17,850,000		—		—
WANdisco plc		12,682,816		—		—
Total	$	486,283,088	$	324,571	$	3,393,132

a. All of portion is the result of a corporate action.

3. Rate shown is the 7-day yield as of March 31, 2015.

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


Geographic Holdings	Value		Percent
United States	$	1,647,384,753		51.2	%
United Kingdom		442,032,615		13.7
Japan		290,355,433		9.0
Denmark		271,379,173		8.4
Germany		209,826,433		6.5
France		97,982,664		3.1
Finland		76,389,576		2.4
Sweden		66,772,514		2.1
Hong Kong		40,937,560		1.3
Netherlands		23,921,990		0.7
Luxembourg		22,816,074		0.7
China		15,066,440		0.5
Belgium		11,173,824		0.4
Brazil		1,065,433		0.0
Total	$	3,217,104,482		100.0	%

Forward Currency Exchange Contracts as of March 31, 2015


Counterparty	Settlement Month(s)			Currency Purchased (000’s)			Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
DEU		12/2015	USD		200,881	DKK		1,212,000	$	25,054,150	$	—
DEU		12/2015	USD		301,693	EUR		244,600		37,548,157		—
DEU		12/2015	USD		299,161	GBP		192,250		14,316,201		—
DEU		12/2015	USD		201,414	JPY		24,261,000		—		1,793,161
Total Unrealized Appreciation and Depreciation									$	76,918,508	$	1,793,161

Glossary:

Counterparty Abbreviations


DEU		Deutsche Bank AG

Currency abbreviations indicate amounts reporting in currencies


DKK		Danish Krone
EUR		Euro
GBP		British Pound Sterling
JPY		Japanese Yen

See accompanying Notes to Financial Statements.

14 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

STATEMENT OF ASSETS AND LIABILITIES March 31, 2015 Unaudited


Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $1,978,338,670)	$	2,730,821,394
Affiliated companies (cost $597,892,656)		486,283,088
		3,217,104,482
Cash		3,995,462
Cash—foreign currencies (cost $101,964)		101,305
Unrealized appreciation on forward currency exchange contracts		76,918,508
Receivables and other assets:
Investments sold		24,300,368
Dividends		1,174,128
Shares of beneficial interest sold		620,678
Other		287,191
Total assets		3,324,502,122
Liabilities
Unrealized depreciation on forward currency exchange contracts		1,793,161
Payables and other liabilities:
Investments purchased		7,659,088
Shares of beneficial interest redeemed		5,388,048
Distribution and service plan fees		617,562
Trustees’ compensation		607,164
Shareholder communications		7,874
Other		92,225
Total liabilities		16,165,122
Net Assets	$	3,308,337,000


Composition of Net Assets
Par value of shares of beneficial interest	$	83,209
Additional paid-in capital		2,758,160,666
Accumulated net investment loss		(64,529,765	)
Accumulated net realized loss on investments and foreign currency transactions		(101,339,884	)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		715,962,774
Net Assets	$	3,308,337,000

15 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

STATEMENT OF ASSETS AND LIABILITIES Unaudited / Continued


Net Asset Value Per Share
Class A Shares:

Net asset value and redemption price per share (based on net assets of $2,290,917,720 and 56,866,414 shares of beneficial interest outstanding)	$	40.29

Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price)	$	42.75

Class B Shares:

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $45,484,297 and 1,241,491 shares of beneficial interest outstanding)	$	36.64

Class C Shares:

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $414,232,737 and 11,294,084 shares of beneficial interest outstanding)	$	36.68

Class I Shares:

Net asset value, redemption price and offering price per share (based on net assets of $66,003,346 and 1,620,639 shares of beneficial interest outstanding)	$	40.73

Class R Shares:

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $91,299,933 and 2,335,913 shares of beneficial interest outstanding)	$	39.09

Class Y Shares:

Net asset value, redemption price and offering price per share (based on net assets of $400,398,967 and 9,850,299 shares of beneficial interest outstanding)	$	40.65

See accompanying Notes to Financial Statements.

16 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

STATEMENT OF OPERATIONS For the Six Months Ended March 31, 2015 Unaudited


Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $516,597)	$	6,549,957
Affiliated companies		324,571
Interest		319
Total investment income		6,874,847
Expenses
Management fees		11,711,964
Distribution and service plan fees:
Class A		2,799,534
Class B		252,890
Class C		2,079,966
Class R		226,879
Transfer and shareholder servicing agent fees:
Class A		2,524,914
Class B		55,874
Class C		458,596
Class I		9,118
Class R		100,208
Class Y		446,878
Shareholder communications:
Class A		16,151
Class B		1,634
Class C		3,107
Class I		34
Class R		377
Class Y		917
Custodian fees and expenses		88,042
Trustees’ compensation		26,790
Other		49,377
Total expenses		20,853,250
Less waivers and reimbursements of expenses		(45,825	)
Net expenses		20,807,425
Net Investment Loss		(13,932,578	)

17 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

STATEMENT OF OPERATIONS Unaudited / Continued


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments from:
Unaffiliated companies	$	95,553,895
Affiliated companies		(3,393,132	)
Foreign currency transactions		(188,548	)
Net realized gain		91,972,215
Net change in unrealized appreciation/depreciation on:
Investments		100,230,380
Translation of assets and liabilities denominated in foreign currencies		(34,513,573	)
Net change in unrealized appreciation/depreciation		65,716,807
Net Increase in Net Assets Resulting from Operations	$	143,756,444

See accompanying Notes to Financial Statements.

18 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
Operations
Net investment loss	$	(13,932,578	)	$	(8,877,307	)
Net realized gain		91,972,215			165,822,225
Net change in unrealized appreciation/depreciation		65,716,807			(129,951,103	)

Net increase in net assets resulting from operations		143,756,444			26,993,815
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(6,275,739	)		—
Class B		—			—
Class C		—			—
Class I		(415,153	)		—
Class R¹		—			—
Class Y		(2,196,159	)		—

		(8,887,051	)		—
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(96,853,652	)		76,648,283
Class B		(13,833,562	)		(23,864,409	)
Class C		(23,137,952	)		27,636,143
Class I		8,377,757			24,201,483
Class R¹		(3,636,935	)		(9,934,257	)
Class Y		(25,186,617	)		101,724,991

		(154,270,961	)		196,412,234
Net Assets
Total increase (decrease)		(19,401,568	)		223,406,049
Beginning of period		3,327,738,568			3,104,332,519


End of period (including accumulated net investment loss of $64,529,765 and $41,710,136, respectively)	$	3,308,337,000		$	3,327,738,568

1. Effective July 1, 2014, Class N shares were renamed Class R. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

19 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS


Class A	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 28, 2012¹			Year Ended September 30, 2011			Year Ended September 30, 2010
Per Share Operating Data
Net asset value, beginning of period	$	38.67		$	38.11		$	29.80		$	26.21		$	27.96		$	25.01

Income (loss) from investment operations:
Net investment income (loss)²		(0.15	)		(0.07	)		(0.07	)		0.09			0.05			(0.03	)
Net realized and unrealized gain (loss)		1.88			0.63			8.71			3.65			(1.52	)		3.62

Total from investment operations		1.73			0.56			8.64			3.74			(1.47	)		3.59

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.11	)		0.00			(0.33	)		(0.15	)		(0.28	)		(0.64	)

Net asset value, end of period	$	40.29		$	38.67		$	38.11		$	29.80		$	26.21		$	27.96



Total Return, at Net Asset Value³		4.47	%		1.47	%		29.36	%		14.35	%		(5.36	)%		14.59	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,290,918		$	2,293,999		$	2,192,080		$	1,863,475		$	1,723,787		$	2,006,626

Average net assets (in thousands)	$	2,301,501		$	2,422,818		$	1,896,481		$	1,838,208		$	2,060,976		$	1,990,603

Ratios to average net assets:⁴
Net investment income (loss)		(0.76	)%		(0.17	)%		(0.23	)%		0.31	%		0.18	%		(0.11	)%
Total expenses⁵		1.18	%		1.17	%		1.21	%		1.22	%		1.20	%		1.22	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.18	%		1.17	%		1.21	%		1.22	%		1.20	%		1.21	%

Portfolio turnover rate		4	%		16	%		27	%		57	%		41	%		65	%

20 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

1. September 28, 2012 represents the last business day of the Fund’s reporting period.

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. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

4. Annualized for periods less than one full year.

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


Six Months Ended March 31, 2015	1.18	%
Year Ended September 30, 2014	1.17	%
Year Ended September 30, 2013	1.21	%
Year Ended September 28, 2012	1.22	%
Year Ended September 30, 2011	1.20	%
Year Ended September 30, 2010	1.23	%

See accompanying Notes to Financial Statements.

21 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS Continued


Class B	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 28, 2012¹			Year Ended September 30, 2011			Year Ended September 30, 2010
Per Share Operating Data
Net asset value, beginning of period	$	35.21		$	34.98		$	27.32		$	24.10		$	25.73		$	23.11
Income (loss) from investment operations:
Net investment loss²		(0.27	)		(0.38	)		(0.33	)		(0.16	)		(0.20	)		(0.25	)
Net realized and unrealized gain (loss)		1.70			0.61			8.02			3.38			(1.40	)		3.34
Total from investment operations		1.43			0.23			7.69			3.22			(1.60	)		3.09
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00			0.00			(0.03	)		0.00			(0.03	)		(0.47	)
Net asset value, end of period	$	36.64		$	35.21		$	34.98		$	27.32		$	24.10		$	25.73



Total Return, at Net Asset Value³		4.06	%		0.66	%		28.17	%		13.36	%		(6.25	)%		13.54	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	45,484		$	57,192		$	79,296		$	87,841		$	111,026		$	156,850
Average net assets (in thousands)	$	50,867		$	71,794		$	76,488		$	102,521		$	145,805		$	169,468
Ratios to average net assets:⁴
Net investment loss		(1.53	)%		(1.04	)%		(1.14	)%		(0.59	)%		(0.73	)%		(1.01	)%
Total expenses⁵		1.94	%		2.01	%		2.27	%		2.24	%		2.21	%		2.23	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.94	%		1.99	%		2.14	%		2.11	%		2.12	%		2.11	%
Portfolio turnover rate		4	%		16	%		27	%		57	%		41	%		65	%

1. September 28, 2012 represents the last business day of the Fund’s reporting period.

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 fees and expenses were as follows:


Six Months Ended March 31, 2015	1.94	%
Year Ended September 30, 2014	2.01	%
Year Ended September 30, 2013	2.27	%
Year Ended September 28, 2012	2.24	%
Year Ended September 30, 2011	2.21	%
Year Ended September 30, 2010	2.24	%

See accompanying Notes to Financial Statements.

22 OPPENHEIMER GLOBAL OPPORTUNITIES FUND


Class C	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 28, 2012¹			Year Ended September 30, 2011			Year Ended September 30, 2010
Per Share Operating Data
Net asset value, beginning of period	$	35.24		$	34.99		$	27.39		$	24.13		$	25.78		$	23.15
Income (loss) from investment operations:
Net investment loss²		(0.27	)		(0.34	)		(0.29	)		(0.12	)		(0.16	)		(0.21	)
Net realized and unrealized gain (loss)		1.71			0.59			8.02			3.38			(1.40	)		3.34
Total from investment operations		1.44			0.25			7.73			3.26			(1.56	)		3.13
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00			0.00			(0.13	)		0.00			(0.09	)		(0.50	)
Net asset value, end of period	$	36.68		$	35.24		$	34.99		$	27.39		$	24.13		$	25.78



Total Return, at Net Asset Value³		4.09	%		0.72	%		28.35	%		13.51	%		(6.08	)%		13.71	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	414,233		$	420,778		$	392,294		$	340,428		$	327,817		$	385,526
Average net assets (in thousands)	$	418,001		$	438,648		$	342,250		$	345,798		$	394,340		$	382,065
Ratios to average net assets:⁴
Net investment loss		(1.52	)%		(0.93	)%		(0.98	)%		(0.44	)%		(0.58	)%		(0.87	)%
Total expenses⁵		1.93	%		1.92	%		1.97	%		1.97	%		1.96	%		1.98	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.93	%		1.92	%		1.97	%		1.97	%		1.96	%		1.97	%
Portfolio turnover rate		4	%		16	%		27	%		57	%		41	%		65	%

1. September 28, 2012 represents the last business day of the Fund’s reporting period.

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 fees and expenses were as follows:


Six Months Ended March 31, 2015	1.93	%
Year Ended September 30, 2014	1.92	%
Year Ended September 30, 2013	1.97	%
Year Ended September 28, 2012	1.97	%
Year Ended September 30, 2011	1.96	%
Year Ended September 30, 2010	1.99	%

See accompanying Notes to Financial Statements.

23 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS Continued


Class I	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Period Ended September 28, 2012^1,2
Per Share Operating Data
Net asset value, beginning of period	$	39.18		$	38.45		$	30.07		$	29.69
Income (loss) from investment operations:
Net investment income (loss)³		(0.06	)		0.13			0.03			0.10
Net realized and unrealized gain		1.90			0.60			8.82			0.28
Total from investment operations		1.84			0.73			8.85			0.38
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.29	)		0.00			(0.47	)		0.00
Net asset value, end of period	$	40.73		$	39.18		$	38.45		$	30.07


Total Return, at Net Asset Value⁴		4.70	%		1.90	%		29.97	%		1.28	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	66,003		$	55,279		$	32,235		$	1,400
Average net assets (in thousands)	$	61,029		$	48,088		$	20,251		$	272
Ratios to average net assets:⁵
Net investment income (loss)		(0.32	)%		0.32	%		0.10	%		0.53	%
Total expenses⁶		0.75	%		0.74	%		0.76	%		0.76	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.75	%		0.74	%		0.76	%		0.76	%
Portfolio turnover rate		4	%		16	%		27	%		57	%

1. September 28, 2012 represents the last business day of the Fund’s reporting period.

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. 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. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

5. Annualized for periods less than one full year.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Six Months Ended March 31, 2015	0.75	%
Year Ended September 30, 2014	0.74	%
Year Ended September 30, 2013	0.76	%
Period Ended September 28, 2012	0.76	%

See accompanying Notes to Financial Statements.

24 OPPENHEIMER GLOBAL OPPORTUNITIES FUND


Class R	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 28, 2012 ¹			Year Ended September 30, 2011			Year Ended September 30, 2010
Per Share Operating Data
Net asset value, beginning of period	$	37.46		$	37.02		$	28.96		$	25.47		$	27.19		$	24.37
Income (loss) from investment operations:
Net investment loss²		(0.19	)		(0.18	)		(0.18	)		(0.01	)		(0.04	)		(0.12	)
Net realized and unrealized gain (loss)		1.82			0.62			8.47			3.56			(1.48	)		3.52
Total from investment operations		1.63			0.44			8.29			3.55			(1.52	)		3.40
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00			0.00			(0.23	)		(0.06	)		(0.20	)		(0.58	)
Net asset value, end of period	$	39.09		$	37.46		$	37.02		$	28.96		$	25.47		$	27.19


Total Return, at Net Asset Value³		4.35	%		1.19	%		28.88	%		13.96	%		(5.68	)%		14.16	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	91,300		$	91,043		$	99,915		$	91,603		$	85,798		$	93,901
Average net assets (in thousands)	$	91,334		$	101,911		$	90,808		$	90,891		$	100,460		$	90,116
Ratios to average net assets:⁴
Net investment loss		(1.02	)%		(0.46	)%		(0.57	)%		(0.04	)%		(0.15	)%		(0.46	)%
Total expenses⁵		1.43	%		1.45	%		1.56	%		1.57	%		1.54	%		1.59	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.43	%		1.45	%		1.56	%		1.57	%		1.53	%		1.57	%
Portfolio turnover rate		4	%		16	%		27	%		57	%		41	%		65	%

1. September 28, 2012 represents the last business day of the Fund’s reporting period.

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 fees and expenses were as follows:


Six Months Ended March 31, 2015	1.43	%
Year Ended September 30, 2014	1.45	%
Year Ended September 30, 2013	1.56	%
Year Ended September 28, 2012	1.57	%
Year Ended September 30, 2011	1.54	%
Year Ended September 30, 2010	1.60	%

See accompanying Notes to Financial Statements.

25 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS Continued


Class Y	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 28, 2012 ¹			Year Ended September 30, 2011			Year Ended September 30, 2010
Per Share Operating Data
Net asset value, beginning of period	$	39.07		$	38.40		$	30.04		$	26.43		$	28.20		$	25.21
Income (loss) from investment operations:
Net investment income (loss)²		(0.10	)		0.04			0.01			0.18			0.14			0.07
Net realized and unrealized gain (loss)		1.89			0.63			8.77			3.67			(1.54	)		3.64
Total from investment operations		1.79			0.67			8.78			3.85			(1.40	)		3.71
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.21	)		0.00			(0.42	)		(0.24	)		(0.37	)		(0.72	)
Net asset value, end of period	$	40.65		$	39.07		$	38.40		$	30.04		$	26.43		$	28.20


Total Return, at Net Asset Value³		4.59	%		1.75	%		29.69	%		14.68	%		(5.11	)%		14.98	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	400,399		$	409,448		$	308,513		$	243,585		$	178,978		$	155,670
Average net assets (in thousands)	$	407,323		$	405,921		$	252,615		$	217,386		$	196,576		$	158,109
Ratios to average net assets:⁴
Net investment income (loss)		(0.52	)%		0.10	%		0.04	%		0.60	%		0.48	%		0.27	%
Total expenses⁵		0.94	%		0.92	%		0.95	%		0.93	%		0.92	%		0.89	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.94	%		0.92	%		0.95	%		0.93	%		0.92	%		0.88	%
Portfolio turnover rate		4	%		16	%		27	%		57	%		41	%		65	%

1. September 28, 2012 represents the last business day of the Fund’s reporting period.

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 fees and expenses were as follows:


Six Months Ended March 31, 2015	0.94	%
Year Ended September 30, 2014	0.92	%
Year Ended September 30, 2013	0.95	%
Year Ended September 28, 2012	0.93	%
Year Ended September 30, 2011	0.92	%
Year Ended September 30, 2010	0.90	%

See accompanying Notes to Financial Statements.

26 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS March 31, 2015 Unaudited

1. Organization

Oppenheimer Global Opportunities Fund (the “Fund”) is a diversified open-end management investment company registered under the Investment Company Act of 1940 (“1940 Act”), as amended. The Fund’s investment objective is to seek capital appreciation. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI.

The Fund offers Class A, Class C, Class I, Class R 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. As of July 1, 2014, Class N shares were renamed Class R shares. Class N shares subject to a contingent deferred sales charge (“CDSC”) on July 1, 2014, will continue to be subject to a CDSC after the shares are renamed. Purchases of Class R shares occurring on or after July 1, 2014, will not be subject to a CDSC upon redemption. 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 R 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 R shares are sold only through retirement plans. Retirement plans that offer Class R 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 R 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.

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

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

27 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

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.

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,

28 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

2. Significant Accounting Policies (Continued)

represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

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

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

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remain open for the three preceding fiscal reporting period ends.

During the fiscal year ended September 30, 2014, the Fund utilized $176,672,419 of capital loss carryforward to offset capital gains realized in that fiscal year. Details of the fiscal year ended September 30, 2014 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

2018

163,109,291

As of March 31, 2015, it is estimated that the capital loss carryforwards would be $71,137,076 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 31, 2015, it is estimated that the Fund will utilize $91,972,215 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 are determined in accordance with federal income tax requirements, which may differ from the character of net investment income or net realized gains presented in those financial statements in accordance with GAAP. 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.

29 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

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 31, 2015 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	$	2,606,434,136
Federal tax cost of other investments		101,964

Total federal tax cost	$	2,606,536,100

Gross unrealized appreciation	$	1,085,855,683
Gross unrealized depreciation		(475,185,996	)

Net unrealized appreciation	$	610,669,687

Use of Estimates. 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.

3. 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

30 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

3. 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.

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

31 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

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).

32 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

3. 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 31, 2015 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	$	268,623,700	$	478,989,672		$	—	$	747,613,372
Consumer Staples		81,422,000		45,237,922			—		126,659,922
Energy		—		16,213,836			—		16,213,836
Financials		—		80,292,249			—		80,292,249
Health Care		585,496,433		379,668,657			—		965,165,090
Industrials		124,530,000		151,062,510			—		275,592,510
Information Technology		550,988,816		256,440,330			—		807,429,146
Materials		—		145,682,681			—		145,682,681
Investment Company		52,455,676		—			—		52,455,676
Total Investments, at Value		1,663,516,625		1,553,587,857			—		3,217,104,482
Other Financial Instruments:
Forward currency exchange contracts		—		76,918,508			—		76,918,508
Total Assets	$	1,663,516,625	$	1,630,506,365		$	—	$	3,294,022,990

Liabilities Table
Other Financial Instruments:
Forward currency exchange contracts	$	—	$	(1,793,161	)	$	—	$	(1,793,161	)
Total Liabilities	$	—	$	(1,793,161	)	$	—	$	(1,793,161	)

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

4. Investments and Risks

Investment in Oppenheimer Institutional Money Market Fund. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund (“IMMF”) to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is 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

33 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

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.

Equity Security Risk. Stocks and other equity securities fluctuate in price. The value of the Fund’s portfolio may be affected by changes in the equity markets generally. Equity markets may experience significant short-term volatility and may fall sharply at times. Different markets may behave differently from each other and U.S. equity markets may move in the opposite direction from one or more foreign stock markets. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments.

The prices of individual equity securities generally do not all move in the same direction at the same time and a variety of factors can affect the price of a particular company’s securities. These factors may include, but are not limited to, poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the company’s sector or industry, or changes in government regulations affecting the company or its industry.

5. Risk Exposures and the Use of Derivative Instruments

The Fund’s investment objective not only permits the Fund to purchase investment securities, it also allows the Fund to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, variance 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. These instruments 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. Such contracts may be entered into through a bilateral over-the-counter (“OTC”) transaction, or through a securities or futures exchange and cleared through a clearinghouse.

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.

34 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

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

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.

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 due to unanticipated changes in the market risk factors and the overall market. 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. 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. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment.

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.

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

Forward Currency Exchange Contracts

The Fund may enter into forward currency exchange contracts (“forward contracts”) for the purchase or sale of a foreign currency at a negotiated rate at a future date. Such contracts are traded in the OTC inter-bank currency dealer market.

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.

35 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

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

The Fund has entered into forward contracts with the obligation to sell specified foreign currencies in the future at a currently negotiated forward rate in order to decrease exposure to foreign exchange rate risk associated with foreign currency denominated securities held by the Fund.

During the six months ended March 31, 2015, the Fund had daily average contract amounts on forward contracts to sell of $632,747,263.

Additional associated risk to the Fund includes counterparty credit risk. Counterparty credit risk arises from the possibility that the counterparty to a forward contract will default and fail to perform its obligations to the Fund.

Counterparty Credit Risk. Derivative positions are subject to the risk that the counterparty will not fulfill its obligation to the Fund. The Fund intends to enter into derivative transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction.

The Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund. For OTC options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Options written by the Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform.

To reduce counterparty risk with respect to OTC transactions, the Fund has entered into master netting arrangements, established within the Fund’s International Swap and Derivatives Association, Inc. (“ISDA”) master agreements, which allow the Fund to make (or to have an entitlement to receive) a single net payment in the event of default (close-out netting) for outstanding payables and receivables with respect to certain OTC positions in swaps, options, swaptions, and forward currency exchange contracts for each individual counterparty. In addition, the Fund may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to ISDA master agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the Fund.

ISDA master agreements include credit related contingent features which allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

36 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

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

The Fund’s risk of loss from counterparty credit risk on exchange-traded derivatives cleared through a clearinghouse and for centrally cleared swaps is generally considered lower than as compared to OTC derivatives. However, counterparty credit risk exists with respect to initial and variation margin deposited/paid by the Fund that is held in futures commission merchant, broker and/or clearinghouse accounts for such exchange-traded derivatives and for centrally cleared swaps.

With respect to centrally cleared swaps, such transactions will be submitted for clearing, and if cleared, will be held in accounts at futures commission merchants or brokers that are members of clearinghouses. While brokers, futures commission merchants and clearinghouses are required to segregate customer margin from their own assets, in the event that a broker, futures commission merchant or clearinghouse becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker, futures commission merchant or clearinghouse for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s, futures commission merchant’s or clearinghouse’s customers, potentially resulting in losses to the Fund.

There is the risk that a broker, futures commission merchant or clearinghouse will decline to clear a transaction on the Fund’s behalf, and the Fund may be required to pay a termination fee to the executing broker with whom the Fund initially enters into the transaction. Clearinghouses may also be permitted to terminate centrally cleared swaps at any time. The Fund is also subject to the risk that the broker or futures commission merchant will improperly use the Fund’s assets deposited/paid as initial or variation margin to satisfy payment obligations of another customer. In the event of a default by another customer of the broker or futures commission merchant, the Fund might not receive its variation margin payments from the clearinghouse, due to the manner in which variation margin payments are aggregated for all customers of the broker/futures commission merchant.

Collateral and margin requirements differ by type of derivative. Margin requirements are established by the broker, futures commission merchant or clearinghouse for exchange-traded and cleared derivatives, including centrally cleared swaps. Brokers, futures commission merchants and clearinghouses can ask for margin in excess of the regulatory minimum, or increase the margin amount, in certain circumstances.

Collateral terms are contract specific for OTC derivatives. For derivatives traded under an ISDA master agreement, the collateral requirements are typically calculated by netting the mark to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund or the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund, if any, is reported separately on the Statement of Assets and Liabilities as cash pledged as collateral.

Non-cash collateral pledged by the Fund, if any, is noted in the Statement of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold (e.g. $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance.

37 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

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

The following table presents by counterparty the Fund’s OTC derivative assets net of the related collateral pledged by the Fund at March 31, 2015:

Gross Amounts Not Offset in the Statement of

Assets & Liabilities

Counterparty

Gross Amounts
Not Offset in
the Statement
of Assets &
Liabilities*

Financial
Instruments
Available for
Offset

Financial
Instruments
Collateral
Received**

Cash Collateral
Received**

Net Amount

Deutsche Bank Securities, Inc.

$ 76,918,508

$ (1,793,161)

$ —

$ 75,125,347

*OTC derivatives are reported gross on the Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures are excluded from these reported amounts.

**Reported collateral posted for the benefit of the Fund within this table is limited to the net outstanding amount due from an individual counterparty. The collateral posted for the benefit of the Fund may exceed these amounts.

The following table presents by counterparty the Fund’s OTC derivative liabilities net of the related collateral pledged by the Fund at March 31, 2015:


			Gross Amounts Not Offset in the Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Statement of Assets & Liabilities*		Financial Instruments Available for Offset		Financial Instruments Collateral Pledged**		Cash Collateral Pledged**		Net Amount
Deutsche Bank Securities, Inc.		$ (1,793,161)		$ 1,793,161	$	—		$ —		$ —

**Reported collateral pledged within this table is limited to the net outstanding amount due from the Fund. The securities pledged as collateral by the Fund as reported on the Statement of Investments may exceed these amounts.

The following table presents the valuations of derivative instruments by risk exposure as reported within the Statement of Assets and Liabilities as of March 31, 2015:

Asset Derivatives

Liability Derivatives

Derivatives Not

Accounted for as

Hedging

Instruments

Statement of Assets and
Liabilities Location

Value

Statement of Assets and
Liabilities Location

Value

Forward currency

exchange contracts

Unrealized appreciation on forward currency exchange

contracts

76,918,508

Unrealized depreciation on forward currency exchange

contracts

1,793,161

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

38 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

6. 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 31, 2015						Year Ended September 30, 2014
	Shares			Amount			Shares			Amount
Class A
Sold		3,904,446		$	154,030,708			16,934,925		$	681,254,286
Dividends and/or distributions reinvested		147,847			5,882,815			1			15
Redeemed		(6,507,752	)		(256,767,175	)		(15,139,874	)		(604,606,018	)

Net increase (decrease)		(2,455,459	)	$	(96,853,652	)		1,795,052		$	76,648,283


Class B
Sold		11,704		$	417,342			129,165		$	4,785,565
Dividends and/or distributions reinvested		—			—			—			—
Redeemed		(394,700	)		(14,250,904	)		(771,639	)		(28,649,974	)

Net decrease		(382,996	)	$	(13,833,562	)		(642,474	)	$	(23,864,409	)


Class C
Sold		497,228		$	17,928,324			2,520,044		$	93,788,149
Dividends and/or distributions reinvested		—			—			—			—
Redeemed		(1,142,237	)		(41,066,276	)		(1,792,265	)		(66,152,006	)

Net increase (decrease)		(645,009	)	$	(23,137,952	)		727,779		$	27,636,143


Class I
Sold		417,689		$	16,760,003			729,652		$	30,621,055
Dividends and/or distributions reinvested		10,161			408,155			—			—
Redeemed		(217,996	)		(8,790,401	)		(157,291	)		(6,419,572	)

Net increase		209,854		$	8,377,757			572,361		$	24,201,483


Class R¹
Sold		392,950		$	15,108,721			734,545		$	28,925,143
Dividends and/or distributions reinvested		—			—			—			—
Redeemed		(487,146	)		(18,745,656	)		(1,003,283	)		(38,859,400	)

Net decrease		(94,196	)	$	(3,636,935	)		(268,738	)	$	(9,934,257	)


Class Y
Sold		1,614,970		$	63,972,722			6,010,151		$	246,729,102
Dividends and/or distributions reinvested		47,100			1,889,655			—			—
Redeemed		(2,291,414	)		(91,048,994	)		(3,564,277	)		(145,004,111	)

Net increase (decrease)		(629,344	)	$	(25,186,617	)		2,445,874		$	101,724,991

1. Effective July 1, 2014, Class N shares were renamed Class R.

39 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

7. 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 31, 2015 were as follows:


	Purchases		Sales
Investment securities	$	122,031,192	$	274,790,863

8. 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

The Fund’s management fee for the fiscal six months ended March 31, 2015 was 0.71% of average annual net assets before any applicable waivers.

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. OFI Global (the “Transfer Agent”) serves as the transfer and shareholder servicing agent for the Fund. The Fund pays the Transfer Agent a fee based on annual net assets. Fees incurred and average net assets for each class with respect to these services are detailed in the Statement of Operations and Financial Highlights, respectively.

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

Trustees’ Compensation. The Fund’s Board of Trustees (“Board”) has adopted a compensation deferral plan for Independent Trustees that enables Trustees to elect to defer

40 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

8. Fees and Other Transactions with Affiliates (Continued)

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.

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 pursuant to Rule 12b-1 under the 1940 Act. 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 R Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B, Class C and Class R shares pursuant to Rule 12b-1 under the 1940 Act to compensate the Distributor for distributing those share classes, maintaining accounts and providing shareholder services. 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 R shares daily net assets. The Fund also pays a service fee under the Plans at an annual rate of 0.25% of daily net assets. The Plans continue in effect from year to year only if the Fund’s Board of Trustees vote annually to approve its continuance at an in person meeting called for that purpose. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations.

Sales Charges. Front-end sales charges and 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.

41 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

8. Fees and Other Transactions with Affiliates (Continued)

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 R

Contingent

Deferred Sales

Charges

Retained by

Distributor

March 31, 2015

$171,949

$8,634

$30,987

$15,939

$922

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 31, 2015, the Manager waived fees and/or reimbursed the Fund $45,825 for IMMF management fees.

Waivers and/or reimbursements may be modified or terminated as set forth according to the terms in the prospectus.

9. Pending Litigation

In 2009, seven class action lawsuits were filed in the U.S. District Court for the District of Colorado against OppenheimerFunds, Inc. (“OFI”), OppenheimerFunds Distributor, Inc., the Fund’s principal underwriter and distributor (the “Distributor”), and certain funds (but not including the Fund) advised by OFI Global Asset Management, Inc. and distributed by the Distributor (the “Defendant Funds”). The lawsuits also named as defendants certain officers and current and former trustees of the respective Defendant Funds. The lawsuits raised claims under federal securities laws and alleged, among other things, that the disclosure documents of the respective Defendant Funds contained misrepresentations and omissions and that the respective Defendant Funds’ investment policies were not followed. The plaintiffs in these actions sought unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. The Defendant Funds’ Boards of Trustees also engaged counsel to represent the Funds and the present and former Independent Trustees named in those suits. In March 2014, the parties in six of these lawsuits executed stipulations and agreements of settlement resolving those actions. In July 2014, the court entered an order and final judgment approving the settlements as fair, reasonable and adequate. The settlements do not resolve a seventh outstanding lawsuit relating to Oppenheimer Rochester California Municipal Fund (the “California Fund Suit”). OFI believes the California Fund Suit is without legal merit and is defending the suit vigorously. While it is premature to render any opinion as to the outcome in the California Fund Suit, or whether any costs that OFI may bear in defending the California Fund Suit might not be reimbursed by insurance, OFI believes the California Fund Suit should not impair the ability of OFI or the Distributor to perform their respective duties to the Fund, and that the outcome of the California Fund Suit should not have any material effect on the operations of any of the Oppenheimer funds.

42 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES;

UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), (ii) on the Fund’s website at www.oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.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.

43 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., Trustee
		Elizabeth Krentzman, Trustee
		Mary F. Miller, Trustee
		Joel W. Motley, Trustee
		Joanne Pace, Trustee
		Daniel Vandivort, Trustee
		Frank V. Jennings, Ph.D., Vice President
		William F. Glavin, Jr., Trustee
		Arthur P. Steinmetz, President and Principal Executive Officer
		Arthur S. Gabinet, Secretary and Chief Legal Officer
		Jennifer Sexton, Vice President and Chief Business Officer
		Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money
		Laundering Officer
		Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer

Manager		OFI Global Asset Management, Inc.

Sub-Adviser		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

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

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

Independent Registered Public Accounting Firm		KPMG LLP

Legal Counsel		Kramer Levin Naftalis & Frankel LLP

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

44 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

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

Copies of confirmations, account statements and other documents reporting activity in your fund accounts are made available to your financial advisor (as designated by you). 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.

45 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 256-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., each of its investment adviser subsidiaries, OppenheimerFunds Distributor, Inc. and OFI Global Trust Co. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated March 2015. 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 this privacy policy, 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).

46 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

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47 OPPENHEIMER GLOBAL OPPORTUNITIES FUND



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				Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281-1008 ^© 2015 OppenheimerFunds Distributor, Inc. All rights reserved. RS0215.001.0315 May 27, 2015

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 3/31/2015, 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/ Arthur P. Steinmetz
		Arthur P. Steinmetz
		Principal Executive Officer
Date:		5/12/2015

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/ Arthur P. Steinmetz
		Arthur P. Steinmetz
		Principal Executive Officer
Date:		5/12/2015


By:		/s/ Brian W. Wixted
		Brian W. Wixted
		Principal Financial Officer
Date:		5/12/2015

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

Forward currency exchange contracts

$ 75,125,347

$ 75,125,347