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)
Robert G. Zack, Esq.
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008
---------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: (303) 768-3200
--------------
Date of fiscal year end: September 30
------------
Date of reporting period: 03/31/2008
----------
ITEM 1. REPORTS TO STOCKHOLDERS.
MARCH 31, 2008
- --------------------------------------------------------------------------------
Management
Oppenheimer Commentaries
Global and
Opportunities Fund Semiannual
Report
- --------------------------------------------------------------------------------
MANAGEMENT COMMENTARIES
An Interview with Your Fund's Manager
Listing of Top Holdings
SEMIANNUAL REPORT
Listing of Investments
Financial Statements
[OPPENHEIMERFUNDS LOGO]
TOP HOLDINGS AND ALLOCATIONS
- --------------------------------------------------------------------------------
TOP TEN COMMON STOCK HOLDINGS
- --------------------------------------------------------------------------------
Advanced Micro Devices, Inc. 7.4%
- --------------------------------------------------------------------------------
Bombardier, Inc., Cl. B 4.1
- --------------------------------------------------------------------------------
Cree, Inc. 4.0
- --------------------------------------------------------------------------------
Cepheid, Inc. 3.4
- --------------------------------------------------------------------------------
European Aeronautic Defense & Space Co. 3.4
- --------------------------------------------------------------------------------
Rambus, Inc. 3.3
- --------------------------------------------------------------------------------
Nektar Therapeutics 3.3
- --------------------------------------------------------------------------------
Autonomy Corp. plc 3.1
- --------------------------------------------------------------------------------
Applied Materials, Inc. 2.8
- --------------------------------------------------------------------------------
NicOx SA 2.6
Portfolio holdings and allocations are subject to change. Percentages are as of
March 31, 2008, and are based on net assets. For more current Fund holdings,
please visit www.oppenheimerfunds.com.
TOP TEN GEOGRAPHICAL HOLDINGS
- --------------------------------------------------------------------------------
United States 55.7%
- --------------------------------------------------------------------------------
France 11.9
- --------------------------------------------------------------------------------
Japan 7.0
- --------------------------------------------------------------------------------
United Kingdom 6.9
- --------------------------------------------------------------------------------
Germany 4.7
- --------------------------------------------------------------------------------
Canada 4.1
- --------------------------------------------------------------------------------
Switzerland 3.8
- --------------------------------------------------------------------------------
Sweden 2.4
- --------------------------------------------------------------------------------
Denmark 2.1
- --------------------------------------------------------------------------------
Hong Kong 0.7
Portfolio holdings and allocations are subject to change. Percentages are as of
March 31, 2008, and are based on the total market value of investments.
10 | OPPENHEIMER GLOBAL OPPORTUNITIES FUND
REGIONAL ALLOCATION
[PIE CHART]
United States/Canada 59.8%
Europe 31.8
Asia 8.4
Portfolio holdings and allocations are subject to change. Percentages are as of
March 31, 2008, and are based on the total market value of investments.
11 | OPPENHEIMER GLOBAL OPPORTUNITIES FUND
NOTES
- --------------------------------------------------------------------------------
Total returns include changes in share price and reinvestment of dividends
and capital gains distributions in a hypothetical investment for the
periods shown. Cumulative total returns are not annualized. The Fund's
total returns shown do not reflect the deduction of income taxes on an
individual's investment. Taxes may reduce your actual investment returns
on income or gains paid by the Fund or any gains you may realize if you
sell your shares. INVESTORS SHOULD CONSIDER THE FUND'S INVESTMENT
OBJECTIVES, RISKS AND OTHER CHARGES AND EXPENSES CAREFULLY BEFORE
INVESTING. THE FUND'S PROSPECTUS CONTAINS THIS AND OTHER INFORMATION ABOUT
THE FUND, AND MAY BE OBTAINED BY ASKING YOUR FINANCIAL ADVISOR, CALLING US
AT 1.800.525.7048 OR VISITING OUR WEBSITE AT WWW.OPPENHEIMERFUNDS.COM.
READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.
The Fund's investment strategy and focus can change over time. The mention
of specific fund holdings does not constitute a recommendation by
OppenheimerFunds, Inc.
CLASS A shares of the Fund were first publicly offered on 10/22/90. Unless
otherwise noted, Class A returns include the maximum initial sales charge
of 5.75%.
CLASS B shares of the Fund were first publicly offered on 10/10/95. Unless
otherwise noted, Class B returns include the applicable contingent
deferred sales charge of 5% (1-year) and 2% (5-year). Because Class B
shares convert to Class A shares 72 months after purchase, the 10-year
return for Class B uses Class A performance for the period after
conversion. Class B shares are subject to an annual 0.75% asset-based
sales charge.
CLASS C shares of the Fund were first publicly offered on 12/1/93. Unless
otherwise noted, Class C returns include the contingent deferred sales
charge of 1% for the 1-year period. Class C shares are subject to an
annual 0.75% asset-based sales charge.
CLASS N shares of the Fund were first publicly offered on 3/1/01. Class N
shares are offered only through retirement plans. Unless otherwise noted,
Class N returns include the contingent deferred sales charge of 1% for the
1-year period. Class N shares are subject to an annual 0.25% asset-based
sales charge.
CLASS Y shares of the Fund were first publicly offered on 2/1/01. Class Y
shares are offered to certain institutional investors under special
agreement with the Distributor.
An explanation of the calculation of performance is in the Fund's
Statement of Additional Information.
12 | 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
redemption fees (if applicable); and (2) ongoing costs, including
management fees; distribution and service fees; and other Fund expenses.
These examples are intended to help you understand your ongoing costs (in
dollars) of investing in the Fund and to compare these costs with the
ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the
beginning of the period and held for the entire 6-month period ended March
31, 2008.
ACTUAL EXPENSES. The first section of the table provides information about
actual account values and actual expenses. You may use the information in
this section for the class of shares you hold, together with the amount
you invested, to estimate the expense that you paid over the period.
Simply divide your account value by $1,000.00 (for example, an $8,600.00
account value divided by $1,000.00 = 8.60), then multiply the result by
the number in the first section under the heading entitled "Expenses Paid
During Period" to estimate the expenses you paid on your account during
this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES. The second section of the
table provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio for each
class of shares, and an assumed rate of return of 5% per year for each
class before expenses, which is not the actual return. The hypothetical
account values and expenses may not be used to estimate the actual ending
account balance or expenses you paid for the period. You may use this
information to compare the ongoing costs of investing in the Fund and
other funds. To do so, compare this 5% hypothetical example for the class
of shares you hold with the 5% hypothetical examples that appear in the
shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight
your ongoing costs only and do not reflect any transactional costs, such
as front-end or contingent deferred sales charges (loads), redemption
fees, or a $12.00 fee imposed annually on accounts valued at less than
$500.00 (subject to exceptions
13 | OPPENHEIMER GLOBAL OPPORTUNITIES FUND
FUND EXPENSES Continued
- --------------------------------------------------------------------------------
described in the Statement of Additional Information). Therefore, the
"hypothetical" section of the table is useful in comparing ongoing costs
only, and will not help you determine the relative total costs of owning
different funds. In addition, if these transactional costs were included,
your costs would have been higher.
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
ACTUAL OCTOBER 1, 2007 MARCH 31, 2008 MARCH 31, 2008
- ----------------------------------------------------------------------------------------------------------
Class A $ 1,000.00 $ 817.90 $ 5.29
- ----------------------------------------------------------------------------------------------------------
Class B 1,000.00 814.80 8.89
- ----------------------------------------------------------------------------------------------------------
Class C 1,000.00 814.90 8.71
- ----------------------------------------------------------------------------------------------------------
Class N 1,000.00 816.20 7.11
- ----------------------------------------------------------------------------------------------------------
Class Y 1,000.00 819.30 3.64
HYPOTHETICAL
(5% return before expenses)
- ----------------------------------------------------------------------------------------------------------
Class A 1,000.00 1,019.20 5.87
- ----------------------------------------------------------------------------------------------------------
Class B 1,000.00 1,015.25 9.87
- ----------------------------------------------------------------------------------------------------------
Class C 1,000.00 1,015.45 9.67
- ----------------------------------------------------------------------------------------------------------
Class N 1,000.00 1,017.20 7.90
- ----------------------------------------------------------------------------------------------------------
Class Y 1,000.00 1,021.00 4.05
Expenses are equal to the Fund's annualized expense ratio for that class,
multiplied by the average account value over the period, multiplied by 183/366
(to reflect the one-half year period). Those annualized expense ratios,
excluding indirect expenses from affiliated fund, based on the 6-month period
ended March 31, 2008 are as follows:
CLASS EXPENSE RATIOS
- ---------------------------
Class A 1.16%
- ---------------------------
Class B 1.95
- ---------------------------
Class C 1.91
- ---------------------------
Class N 1.56
- ---------------------------
Class Y 0.80
The expense ratios reflect reduction to custodian expenses and voluntary waivers
or reimbursements of expenses by the Fund's Manager and Transfer Agent that can
be terminated at any time, without advance notice. 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.
14 | OPPENHEIMER GLOBAL OPPORTUNITIES FUND
STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
- --------------------------------------------------------------------------------
SHARES VALUE
- -------------------------------------------------------------------------
- -------------------------------------------------------------------------
COMMON STOCKS--100.3%
- -------------------------------------------------------------------------
CONSUMER DISCRETIONARY--9.8%
- -------------------------------------------------------------------------
AUTOMOBILES--1.8%
Ford Motor Co. 1 11,000,000 $ 62,920,000
- -------------------------------------------------------------------------
DISTRIBUTORS--0.8%
Inchcape plc 3,500,000 27,923,869
- -------------------------------------------------------------------------
HOUSEHOLD DURABLES--1.0%
iRobot Corp. 1,2 2,000,000 34,220,000
- -------------------------------------------------------------------------
MEDIA--1.6%
Interpublic Group of Cos., Inc. (The) 1 6,000,000 50,460,000
- -------------------------------------------------------------------------
Toei Animation Co. Ltd. 400,000 8,346,709
---------------
58,806,709
- -------------------------------------------------------------------------
SPECIALTY RETAIL--3.9%
AutoNation, Inc. 1 1,200,000 17,964,000
- -------------------------------------------------------------------------
Fast Retailing Co. Ltd. 599,920 53,720,494
- -------------------------------------------------------------------------
H&M Hennes & Mauritz AB, Cl. B 1,100,000 67,571,548
---------------
139,256,042
- -------------------------------------------------------------------------
TEXTILES, APPAREL & LUXURY GOODS--0.7%
Swatch Group AG (The), Cl. B 90,000 24,061,021
- -------------------------------------------------------------------------
CONSUMER STAPLES--1.5%
- -------------------------------------------------------------------------
FOOD & STAPLES RETAILING--1.0%
Rite Aid Corp. 1 12,000,000 35,280,000
- -------------------------------------------------------------------------
FOOD PRODUCTS--0.5%
Thorntons plc 2 6,300,000 17,629,547
- -------------------------------------------------------------------------
ENERGY--1.1%
- -------------------------------------------------------------------------
OIL, GAS & CONSUMABLE FUELS--1.1%
Verenium Corp. 1, 2 10,812,028 38,058,339
- -------------------------------------------------------------------------
FINANCIALS--2.0%
- -------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES--2.0%
CIT Group, Inc. 6,000,000 71,100,000
- -------------------------------------------------------------------------
HEALTH CARE--22.0%
- -------------------------------------------------------------------------
BIOTECHNOLOGY--12.8%
Alnylam Pharmaceuticals, Inc. 1 1,399,900 34,157,560
- -------------------------------------------------------------------------
Arena Pharmaceuticals, Inc. 1,2 5,000,000 34,200,000
- -------------------------------------------------------------------------
SHARES VALUE
- -------------------------------------------------------------------------
BIOTECHNOLOGY Continued
Cepheid, Inc. 1,2 4,900,000 119,511,000
- -------------------------------------------------------------------------
Enzon Pharmaceuticals, Inc. 1,2 3,000,000 27,630,000
- -------------------------------------------------------------------------
Isis Pharmaceuticals, Inc. 1 3,000,000 42,330,000
- -------------------------------------------------------------------------
Kosan Biosciences, Inc. 1,2 4,008,088 6,292,698
- -------------------------------------------------------------------------
NicOx SA 1,2 6,296,527 90,062,573
- -------------------------------------------------------------------------
Novavax, Inc. 1,2 6,009,883 15,986,289
- -------------------------------------------------------------------------
Rigel Pharmaceuticals, Inc. 1,2 3,000,00 55,980,000
- -------------------------------------------------------------------------
Telik, Inc. 1,2 9,600,000 23,424,000
- -------------------------------------------------------------------------
Vermillion, Inc. 1,2 182,202 583,046
- -------------------------------------------------------------------------
Vermillion, Inc. 1,2 434,350 1,389,920
---------------
451,547,086
- -------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES--3.9%
bioMerieux 214,699 24,977,770
- -------------------------------------------------------------------------
Carl Zeiss Meditec AG 2,100,000 33,485,420
- -------------------------------------------------------------------------
Intuitive Surgical, Inc. 1 200,000 64,870,000
- -------------------------------------------------------------------------
Sysmex Corp. 400,000 14,536,632
---------------
137,869,822
- -------------------------------------------------------------------------
LIFE SCIENCES TOOLS & SERVICES--5.3%
Bio-Rad Laboratories, Inc., Cl. A 1 223,046 19,839,942
- -------------------------------------------------------------------------
Luminex Corp. 1 1,000,000 19,650,000
- -------------------------------------------------------------------------
Nektar Therapeutics 1,2 16,600,000 115,204,000
- -------------------------------------------------------------------------
Tecan Group AG 500,000 30,107,743
---------------
184,801,685
- -------------------------------------------------------------------------
INDUSTRIALS--27.7%
- -------------------------------------------------------------------------
AEROSPACE & DEFENSE--7.5%
Bombardier, Inc., Cl. B 1 27,085,800 144,341,494
- -------------------------------------------------------------------------
European Aeronautic Defense & Space Co. 5,000,000 118,485,657
---------------
262,827,151
15 | OPPENHEIMER GLOBAL OPPORTUNITIES FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
SHARES VALUE
- --------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES--1.1%
Capita Group plc 2,903,225 $ 39,094,174
- --------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT--12.7%
ABB Ltd. 3,000,000 80,787,049
- --------------------------------------------------------------------------------
Alstom 200,000 43,358,962
- --------------------------------------------------------------------------------
American Superconductor Corp. 1 1,500,000 34,785,000
- --------------------------------------------------------------------------------
Baldor Electric Co. 2 2,500,000 70,000,000
- --------------------------------------------------------------------------------
II-VI, Inc. 1 500,000 18,990,000
- --------------------------------------------------------------------------------
Mitsubishi Electric Corp. 3,000,000 26,438,659
- --------------------------------------------------------------------------------
Rockwell Automation, Inc. 500,000 28,710,000
- --------------------------------------------------------------------------------
Saft Groupe SA 1,2 1,690,180 66,682,872
- --------------------------------------------------------------------------------
Schneider Electric SA 423,529 54,802,477
- --------------------------------------------------------------------------------
Shanghai Electric Group Co. Ltd. 40,000,000 24,413,278
----------------
448,968,297
- --------------------------------------------------------------------------------
INDUSTRIAL CONGLOMERATES--2.5%
Siemens AG 800,000 87,387,316
- --------------------------------------------------------------------------------
MACHINERY--2.2%
Fanuc Ltd. 300,000 29,035,391
- --------------------------------------------------------------------------------
KUKA AG 1,2 1,361,000 46,755,435
----------------
75,790,826
- --------------------------------------------------------------------------------
ROAD & RAIL--1.7%
YRC Worldwide, Inc. 1,2 4,662,000 61,165,440
- --------------------------------------------------------------------------------
INFORMATION TECHNOLOGY--32.3%
- --------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT--4.7%
Cisco Systems, Inc. 1 2,000,000 48,180,000
- --------------------------------------------------------------------------------
Finisar Corp. 1 13,000,000 16,640,000
- --------------------------------------------------------------------------------
JDS Uniphase Corp. 1 6,000,000 80,340,000
- --------------------------------------------------------------------------------
Telefonaktiebolaget LM Ericsson, B Shares 10,000,000 19,623,518
----------------
164,783,518
- --------------------------------------------------------------------------------
COMPUTERS & PERIPHERALS--1.5%
Gemalto NV 1 954,898 27,784,168
- --------------------------------------------------------------------------------
Lenovo Group Ltd. 40,000,000 25,698,188
----------------
53,482,356
- --------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS--4.6%
Cognex Corp. 2,000,000 $ 43,660,000
- --------------------------------------------------------------------------------
Electrocomponents plc 14,000,000 50,499,137
- --------------------------------------------------------------------------------
Hirose Electric Co. 200,000 22,532,785
- --------------------------------------------------------------------------------
Keyence Corp. 200,000 46,628,634
----------------
163,320,556
- --------------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES--0.1%
Blinkx plc 1 4,503,519 1,452,402
- --------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--18.3%
Advanced Micro Devices, Inc.1,2 44,000,000 259,160,000
- --------------------------------------------------------------------------------
Applied Materials, Inc. 5,000,000 97,550,000
- --------------------------------------------------------------------------------
Cree, Inc. 1,2 5,002,500 139,869,900
- --------------------------------------------------------------------------------
FEI Co. 1 1,500,000 32,745,000
- --------------------------------------------------------------------------------
Rambus, Inc. 1 5,000,000 116,550,000
----------------
645,874,900
- --------------------------------------------------------------------------------
SOFTWARE--3.1%
Autonomy Corp. plc 1 6,000,000 109,373,450
- --------------------------------------------------------------------------------
MATERIALS--3.9%
- --------------------------------------------------------------------------------
CHEMICALS--3.9%
Kuraray Co. Ltd. 4,000,000 48,360,705
- --------------------------------------------------------------------------------
Novozymes AS, B Shares 800,000 74,861,329
- --------------------------------------------------------------------------------
Symyx Technologies, Inc. 1,2 2,000,000 15,000,000
----------------
138,222,034
----------------
Total Common Stocks
(Cost $3,885,921,217) 3,535,216,540
UNITS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
RIGHTS, WARRANTS AND CERTIFICATES--0.0%
- --------------------------------------------------------------------------------
Vermillion, Inc. Wts., Exp. 8/29/121 (Cost $0) 347,480 853,433
PRINCIPAL
AMOUNT
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS AND NOTES--0.2%
- --------------------------------------------------------------------------------
Verenium Corp., 5.50%
Cv. Sr. Unsec. Nts., 4/1/27
(Cost $ 7,236,110) $9,037,000 5,851,458
16 | OPPENHEIMER GLOBAL OPPORTUNITIES FUND
SHARES VALUE
- ----------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------
INVESTMENT COMPANY--0.8%
- ----------------------------------------------------------------------------------
Oppenheimer Institutional
Money Market Fund,
Cl. E, 3.29% 2,3
(Cost $28,612,159) 28,612,15 $ 28,612,159
- ----------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE
(COST $3,921,769,486) 101.3% 3,570,533,590
- ----------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS (1.3) (45,165,131)
------------------------------
NET ASSETS 100.0% $ 3,525,368,459
==============================
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, at
or during the period ended March 31, 2008, 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 GROSS GROSS SHARES
SEPTEMBER 30, 2007 ADDITIONS REDUCTIONS MARCH 31, 2008
- --------------------------------------------------------------------------------------------------------
Advanced Micro Devices, Inc. 28,000,000 16,000,000 -- 44,000,000
Arena Pharmaceuticals, Inc. 2,891,800 2,108,200 -- 5,000,000
Baldor Electric Co. 2,000,000 500,000 -- 2,500,000
Cepheid, Inc. 4,900,000 -- -- 4,900,000
Cree, Inc. 5,002,500 -- -- 5,002,500
Enzon Pharmaceuticals, Inc. -- 3,000,000 -- 3,000,000
iRobot Corp. 500,000 1,500,000 -- 2,000,000
Kosan Biosciences, Inc. 4,008,088 -- -- 4,008,088
KUKA AG 1,361,000 -- -- 1,361,000
Nektar Therapeutics 12,000,000 4,600,000 -- 16,600,000
NicOx SA 6,296,527 -- -- 6,296,527
Novavax, Inc. 6,009,883 -- -- 6,009,883
Oppenheimer Institutional
Money Market Fund, Cl. E 167,295,042 894,476,752 1,033,159,635 28,612,159
Rigel Pharmaceuticals, Inc. 2,499,900 500,100 -- 3,000,000
Saft Groupe SA 98,700 1,591,480 -- 1,690,180
Symyx Technologies, Inc. 1,500,000 500,000 -- 2,000,000
Telik, Inc. 9,600,000 -- -- 9,600,000
Thorntons plc 6,300,000 -- -- 6,300,000
Verenium Corp. 7,819,037 2,992,991 -- 10,812,028
Vermillion, Inc. -- 182,202 a -- 182,202
Vermillion, Inc. -- 434,350 a -- 434,350
YRC Worldwide, Inc. 2,000,000 2,662,000 -- 4,662,000
17 | OPPENHEIMER GLOBAL OPPORTUNITIES FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
FOOTNOTES TO STATEMENT OF INVESTMENTS Continued
DIVIDEND
VALUE INCOME
- ------------------------------------------------------------------------------------------
Advanced Micro Devices, Inc. $ 259,160,000 $ --
Arena Pharmaceuticals, Inc. 34,200,000 --
Baldor Electric Co. 70,000,000 765,000
Cepheid, Inc. 119,511,000 --
Cree, Inc. 139,869,900 --
Enzon Pharmaceuticals, Inc. 27,630,000 --
iRobot Corp. 34,220,000 --
Kosan Biosciences, Inc. 6,292,698 --
KUKA AG 46,755,435 --
Nektar Therapeutics 115,204,000 --
NicOx SA 90,062,573 --
Novavax, Inc. 15,986,289 --
Oppenheimer Institutional Money Market Fund, Cl. E 28,612,159 3,008,050
Rigel Pharmaceuticals, Inc. 55,980,000 --
Saft Groupe SA 66,682,872 --
Symyx Technologies, Inc. 15,000,000 --
Telik, Inc. 23,424,000 --
Thorntons plc 17,629,547 881,929
Verenium Corp. 38,058,339 --
Vermillion, Inc. 583,046 --
Vermillion, Inc. 1,389,920 --
YRC Worldwide, Inc. 61,165,440 --
----------------------------------
$ 1,267,417,218 $ 4,654,979
==================================
a. All or a portion is the result of a corporate action.
3. Rate shown is the 7-day yield as of March 31, 2008.
- --------------------------------------------------------------------------------
FOREIGN CURRENCY EXCHANGE CONTRACTS AS OF MARCH 31, 2008 ARE AS FOLLOWS:
- --------------------------------------------------------------------------------
CONTRACT
BUY/ AMOUNT EXPIRATION UNREALIZED UNREALIZED
CONTRACT DESCRIPTION SELL (000S) DATES VALUE APPRECIATION DEPRECIATION
- -----------------------------------------------------------------------------------------------------------------------------------
British Pounds Sterling (GBP) Sell 98,150GBP 4/4/08 $ 194,736,244 $ 4,150,990 $ --
Euro (EUR) Sell 353,913EUR 4/1/08-4/4/0 8558,666,001 -- 56,359,145
---------------------------
Total unrealized appreciation and depreciation $ 4,150,990 $ 56,359,145
===========================
18 | OPPENHEIMER GLOBAL OPPORTUNITIES FUND
DISTRIBUTION OF INVESTMENTS REPRESENTING GEOGRAPHIC HOLDINGS, AS A PERCENTAGE OF
TOTAL INVESTMENTS AT VALUE, IS AS FOLLOWS:
GEOGRAPHIC HOLDING VALUE PERCENT
- ------------------------------------------------
United States $ 1,989,713,184 55.7%
France 426,154,479 11.9
Japan 249,600,009 7.0
United Kingdom 245,972,579 6.9
Germany 167,628,171 4.7
Canada 144,341,494 4.1
Switzerland 134,955,813 3.8
Sweden 87,195,066 2.4
Denmark 74,861,329 2.1
Hong Kong 25,698,188 0.7
China 24,413,278 0.7
----------------------------
Total $ 3,570,533,590 100.0%
============================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
19 | OPPENHEIMER GLOBAL OPPORTUNITIES FUND
STATEMENT OF ASSETS AND LIABILITIES Unaudited
- ----------------------------------------------------------------------------
March 31, 2008
- -------------------------------------------------------------------------------------------------------------
ASSETS
- -------------------------------------------------------------------------------------------------------------
Investments, at value--see accompanying statement of investments:
Unaffiliated companies (cost $ 1,980,443,612) $ 2,303,116,372
Affiliated companies (cost $1,941,325,874) 1,267,417,218
-----------------
3,570,533,590
- -------------------------------------------------------------------------------------------------------------
Cash 7,057,406
- -------------------------------------------------------------------------------------------------------------
Unrealized appreciation on foreign currency exchange contracts 4,150,990
- -------------------------------------------------------------------------------------------------------------
Receivables and other assets:
Investments sold 28,154,651
Interest and dividends 5,624,839
Other 348,011
-----------------
Total assets 3,615,869,487
- -------------------------------------------------------------------------------------------------------------
LIABILITIES
- -------------------------------------------------------------------------------------------------------------
Bank overdraft--foreign currencies (cost $16,554,580) 16,554,580
- -------------------------------------------------------------------------------------------------------------
Unrealized depreciation on foreign currency exchange contracts 56,359,145
- -------------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Shares of beneficial interest redeemed 8,189,302
Investments purchased 5,558,874
Distribution and service plan fees 2,018,501
Trustees' compensation 705,458
Transfer and shareholder servicing agent fees 612,244
Shareholder communications 259,044
Other 243,880
-----------------
Total liabilities 90,501,028
- -------------------------------------------------------------------------------------------------------------
NET ASSETS $ 3,525,368,459
=================
- -------------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- -------------------------------------------------------------------------------------------------------------
Par value of shares of beneficial interest $ 120,698
- -------------------------------------------------------------------------------------------------------------
Additional paid-in capital 3,752,896,866
- -------------------------------------------------------------------------------------------------------------
Accumulated net investment loss (21,967,848)
- -------------------------------------------------------------------------------------------------------------
Accumulated net realized gain on investments and foreign currency transactions 197,243,933
- -------------------------------------------------------------------------------------------------------------
Net unrealized depreciation on investments and translation of assets and liabilities
denominated in foreign currencies (402,925,190)
-----------------
NET ASSETS $ 3,525,368,459
=================
20 | OPPENHEIMER GLOBAL OPPORTUNITIES FUND
- -------------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- -------------------------------------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share (based on net assets of $2,377,280,742
and 80,200,546 shares of beneficial interest outstanding) $ 29.64
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) $ 31.45
- -------------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $312,083,081 and 11,203,758 shares
of beneficial interest outstanding) $ 27.86
- -------------------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $498,039,242 and 17,863,554 shares
of beneficial interest outstanding) $ 27.88
- -------------------------------------------------------------------------------------------------------------
Class N Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $108,196,997 and 3,732,862 shares
of beneficial interest outstanding) $ 28.98
- -------------------------------------------------------------------------------------------------------------
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net
assets of $ 229,768,397 and 7,697,033 shares of beneficial interest outstanding) $ 29.85
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
21 | OPPENHEIMER GLOBAL OPPORTUNITIES FUND
STATEMENT OF OPERATIONS Unaudited
- ----------------------------------------------------------------------------
For the Six Months Ended March 31, 2008
- -------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
- -------------------------------------------------------------------------------------------------------------
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $327,904) $ 6,793,389
Affiliated companies 4,654,979
- -------------------------------------------------------------------------------------------------------------
Portfolio lending fees 264,676
- -------------------------------------------------------------------------------------------------------------
Interest 142,142
-----------------
Total investment income 11,855,186
- -------------------------------------------------------------------------------------------------------------
EXPENSES
- -------------------------------------------------------------------------------------------------------------
Management fees 14,346,808
- -------------------------------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 3,307,511
Class B 1,930,623
Class C 2,901,559
Class N 301,238
- -------------------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 2,696,671
Class B 396,557
Class C 539,116
Class N 220,702
Class Y 112,088
- -------------------------------------------------------------------------------------------------------------
Shareholder communications:
Class A 185,867
Class B 59,935
Class C 38,149
Class N 3,955
Class Y 88
- -------------------------------------------------------------------------------------------------------------
Custodian fees and expenses 119,159
- -------------------------------------------------------------------------------------------------------------
Trustees' compensation 96,187
- -------------------------------------------------------------------------------------------------------------
Other 78,673
-----------------
Total expenses 27,334,886
Less reduction to custodian expenses (17,278)
Less waivers and reimbursements of expenses (79,562)
-----------------
Net expenses 27,238,046
- -------------------------------------------------------------------------------------------------------------
NET INVESTMENT LOSS (15,382,860)
22 | OPPENHEIMER GLOBAL OPPORTUNITIES FUND
- -------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
- -------------------------------------------------------------------------------------------------------------
Net realized gain on:
Investments from unaffiliated companies $ 158,849,074
Foreign currency transactions 54,133,610
------------------
Net realized gain 212,982,684
- -------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) on:
Investments (1,069,334,728)
Translation of assets and liabilities denominated in foreign currencies 21,600,690
------------------
Net change in unrealized depreciation (1,047,734,038)
- -------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $ (850,134,214)
==================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
23 | OPPENHEIMER GLOBAL OPPORTUNITIES FUND
STATEMENTS OF CHANGES IN NET ASSETS
- ----------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
MARCH 31, 2008 SEPTEMBER 30,
(UNAUDITED) 2007
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
OPERATIONS
- -------------------------------------------------------------------------------------------------------------
Net investment income (loss) $ (15,382,860) $ 13,796,740
- -------------------------------------------------------------------------------------------------------------
Net realized gain 212,982,684 624,403,041
- -------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) (1,047,734,038) 102,198,938
--------------------------------------
Net increase (decrease) in net assets resulting from operations (850,134,214) 740,398,719
- -------------------------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- -------------------------------------------------------------------------------------------------------------
Dividends from net investment income:
Class A (11,250,684) (8,963,331)
Class B -- --
Class C -- --
Class N -- (527)
Class Y (1,897,114) (945,941)
--------------------------------------
(13,147,798) (9,909,799)
- -------------------------------------------------------------------------------------------------------------
Distributions from net realized gain:
Class A (324,942,543) (391,377,303)
Class B (47,433,025) (78,717,158)
Class C (71,406,753) (87,326,269)
Class N (13,866,253) (14,930,524)
Class Y (26,854,228) (18,789,344)
--------------------------------------
(484,502,802) (591,140,598)
- -------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- -------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
beneficial interest transactions:
Class A 64,507,779 143,938,882
Class B (44,745,336) (162,719,588)
Class C 18,761,068 13,582,942
Class N 9,068,336 25,244,608
Class Y 51,301,366 108,874,558
--------------------------------------
98,893,213 128,921,402
- -------------------------------------------------------------------------------------------------------------
NET ASSETS
- -------------------------------------------------------------------------------------------------------------
Total increase (decrease) (1,248,891,601) 268,269,724
- -------------------------------------------------------------------------------------------------------------
Beginning of period 4,774,260,060 4,505,990,336
--------------------------------------
End of period (including accumulated net investment income (loss)
of $(21,967,848) and $6,562,810, respectively) $ 3,525,368,459 $ 4,774,260,060
======================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
24 | OPPENHEIMER GLOBAL OPPORTUNITIES FUND
FINANCIAL HIGHLIGHTS
- ------------------------------------------------------------------------------
SIX MONTHS
ENDED
MARCH 31,
2008 YEAR ENDED SEPTEMBER 30,
CLASS A (UNAUDITED) 2007 2006 2005 2004 2003
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 40.97 $ 39.84 $ 34.99 $ 26.13 $ 22.05 $ 15.06
- -----------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) (.10) 1 .19 1 .24 1,2 .10 1 (.06) (.07)
Net realized and unrealized gain (loss) (6.94) 6.16 6.62 8.76 4.14 7.29
----------------------------------------------------------------------------------
Total from investment operations (7.04) 6.35 6.86 8.86 4.08 7.22
- -----------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.14) (.12) (.70) -- -- (.21)
Tax return of capital -- -- -- -- -- (.02)
Distributions from net realized gain (4.15) (5.10) (1.31) -- -- --
----------------------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (4.29) (5.22) (2.01) -- -- (.23)
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 29.64 $ 40.97 $ 39.84 $ 34.99 $ 26.13 $ 22.05
==================================================================================
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 3 (18.21)% 17.35% 20.36% 33.91% 18.50% 48.34%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 2,377,281 $3,223,161 $2,975,115 $2,062,174 $1,572,487 $1,185,092
- -----------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 2,784,567 $3,149,584 $2,634,453 $1,895,296 $1,533,808 $ 963,783
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment income (loss) (0.58)% 0.48% 0.62% 2 0.32% (0.20)% (0.48)%
Total expenses 1.16% 5 1.13% 5 1.13% 1.17% 1.19% 1.36%
Expenses after payments, waivers and/or
reimbursements and reduction
to custodian expenses 1.16% 1.13% 1.13% 1.16% .19% 1.36%
- -----------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 25% 39% 96% 107% 52% 61%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Net investment income per share and the net investment income ratio include
$.18 and 0.48%, respectively, resulting from a special dividend from Saks, Inc.
in May 2006.
3. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods less than one full
year. Returns do not reflect the deduction of taxes that a shareholder would pay
on fund distributions or the redemption of fund shares.
4. Annualized forperiods less than one full year.
5. Total expenses including indirect expenses from affiliated fund were as
follows:
Six Months Ended March 31, 2008 1.16%
Year Ended September 30, 2007 1.13%
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
25 | OPPENHEIMER GLOBAL OPPORTUNITIES FUND
FINANCIAL HIGHLIGHTS Continued
- -------------------------------------------------------------------------------
SIX MONTHS
ENDED
MARCH 31, 2008 YEAR ENDED SEPTEMBER 30,
CLASS B (UNAUDITED) 2007 2006 2005 2004 2003
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Per Share Operating Data
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 38.77 $ 38.12 $ 33.53 $ 25.25 $ 21.48 $ 14.66
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.22) 1 (.09) 1 (.11) 1,2 (.15) 1 (.33) (.26)
Net realized and unrealized gain (loss) (6.54) 5.84 6.41 8.43 4.10 7.15
------------------------------------------------------------------------------------------
Total from investment operations (6.76) 5.75 6.30 8.28 3.77 6.89
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income -- -- (.40) -- -- (.05)
Tax return of capital -- -- -- -- -- (.02)
Distributions from net realized gain (4.15) (5.10) (1.31) -- -- --
------------------------------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (4.15) (5.10) (1.71) -- -- (.07)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 27.86 $ 38.77 $ 38.12 $ 33.53 $ 25.25 $ 21.48
==========================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 3 (18.52)% 16.45% 19.40% 32.79% 17.55% 47.15%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 312,083 $ 484,496 $ 643,743 $ 771,194 $ 701,803 $ 659,224
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 385,092 $ 551,877 $ 742,195 $ 777,123 $ 753,094 $ 564,030
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment loss (1.38)% (0.24)% (0.30)% 2 (0.51)% (1.06)% (1.28)%
Total expenses 1.95% 5 1.92% 5 1.94% 1.99% 2.03% 2.23%
Expenses after payments, waivers and/or
reimbursements and reduction
to custodian expenses 1.95% 1.92% 1.94% 1.99% 2.03% 2.14%
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 25% 39% 96% 107% 52% 61%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Net investment income per share and the net investment income ratio include
$.18 and 0.48%, respectively, resulting from a special dividend from Saks, Inc.
in May 2006.
3. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods less than one full
year. Returns do not reflect the deduction of taxes that a shareholder would pay
on fund distributions or the redemption of fund shares.
4. Annualized for periods less than one full year.
5. Total expenses including indirect expenses from affiliated fund were as
follows:
Six Months Ended March 31, 2008 1.95%
Year Ended September 30, 2007 1.92%
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
26 | OPPENHEIMER GLOBAL OPPORTUNITIES FUND
SIX MONTHS
ENDED
MARCH 31, 2008 YEAR ENDED SEPTEMBER 30,
CLASS C (UNAUDITED) 2007 2006 2005 2004 2003
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning
of period $ 38.79 $ 38.13 $ 33.58 $ 25.28 $ 21.49 $ 14.67
- --------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment loss (.21) 1 (.10) 1 (.06) 1,2 (.14) 1 (.26) (.24)
Net realized and unrealized
gain (loss) (6.55) 5.86 6.38 8.44 4.05 7.14
-------------------------------------------------------------------------------------------------
Total from investment
operations (6.76) 5.76 6.32 8.30 3.79 6.90
- --------------------------------------------------------------------------------------------------------------------------------
Dividends and/or
distributions to
shareholders:
Dividends from net
investment income -- -- (.46) -- -- (.06)
Tax return of capital -- -- -- -- -- (.02)
Distributions from net
realized gain (4.15) (5.10) (1.31) -- -- --
-------------------------------------------------------------------------------------------------
Total dividends and/or
distributions to shareholders (4.15) (5.10) (1.77) -- -- (.08)
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value,
end of period $ 27.88 $ 38.79 $ 38.13 $ 33.58 $ 25.28 $ 21.49
=================================================================================================
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET
ASSET VALUE 3 (18.51)% 16.48% 19.45% 32.83% 17.64% 47.20%
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period
(in thousands) $ 498,039 $ 672,410 $ 645,096 $ 482,907 $ 385,820 $332,257
- --------------------------------------------------------------------------------------------------------------------------------
Average net assets
(in thousands) $ 580,175 $ 664,952 $ 585,044 $ 451,817 $ 393,202 $276,023
- --------------------------------------------------------------------------------------------------------------------------------
Ratios to average net
assets: 4
Net investment loss (1.33)% (0.26)% (0.16)% 2 (0.45)% (0.99)% (1.26)%
Total expenses 1.91% 5,6,7 1.89% 5,6,7 1.89% 6 1.93% 6 1.96% 6,8 2.15% 6
- --------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 25% 39% 96% 107% 52% 61%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Net investment income per share and the net investment income ratio include
$.18 and 0.48%, respectively, resulting from a special dividend from Saks, Inc.
in May 2006.
3. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods less than one full
year. Returns do not reflect the deduction of taxes that a shareholder would pay
on fund distributions or the redemption of fund shares.
4. Annualized for periods less than one full year.
5. Total expenses including indirect expenses from affiliated fund were as
follows:
Six Months Ended March 31, 2008 1.91%
Year Ended September 30, 2007 1.89%
6. Reduction to custodian expenses less than 0.005%.
7. Voluntary waiver or reimbursement of indirect management fees less than
0.005%.
8. Voluntary waiver of transfer agent fees less than 0.005%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
27 | OPPENHEIMER GLOBAL OPPORTUNITIES FUND
FINANCIAL HIGHLIGHTS Continued
- -------------------------------------------------------------------------------
SIX MONTHS
ENDED
MARCH 31, 2008 YEAR ENDED SEPTEMBER 30,
CLASS N (UNAUDITED) 2007 2006 2005 2004 2003
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 40.08 $ 39.10 $ 34.40 $ 25.78 $ 21.83 $ 14.96
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) (.16) 1 .03 1 .10 1,2 .01 1 (.05) (.04)
Net realized and unrealized gain (loss) (6.79) 6.05 6.52 8.61 4.00 7.15
----------------------------------------------------------------------------------
Total from investment operations (6.95) 6.08 6.62 8.62 3.95 7.11
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income -- -- 3 (.61) -- -- (.22)
Tax return of capital -- -- -- -- -- (.02)
Distributions from net realized gain (4.15) (5.10) (1.31) -- -- --
----------------------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (4.15) (5.10) (1.92) -- -- (.24)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 28.98 $ 40.08 $ 39.10 $ 34.40 $ 25.78 $ 21.83
==================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 4 (18.38)% 16.93% 19.94% 33.44% 18.10% 47.94%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 108,197 $ 137,761 $ 107,367 $ 73,690 $ 40,989 $ 22,900
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 120,264 $ 127,541 $ 95,756 $ 59,502 $ 33,972 $ 15,577
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 5
Net investment income (loss) (0.98)% 0.09% 0.27% 2 0.02% (0.54)% (0.68)%
Total expenses 1.59% 6 1.50% 6 1.48% 1.51% 1.54% 1.70%
Expenses after payments, waivers and/or
reimbursements and reduction
to custodian expenses 1.56% 1.50% 1.48% 1.51% 1.54% 1.64%
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 25% 39% 96% 107% 52% 61%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Net investment income per share and the net investment income ratio include
$.18 and 0.48%, respectively, resulting from a special dividend from Saks, Inc.
in May 2006.
3. Less than $0.005 per share.
4. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods less than one full
year. Returns do not reflect the deduction of taxes that a shareholder would pay
on fund distributions or the redemption of fund shares.
5. Annualized for periods less than one full year. 6. Total expenses including
indirect expenses from affiliated fund were as follows:
Six Months Ended March 31, 2008 1.59%
Year Ended September 30, 2007 1.50%
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
28 | OPPENHEIMER GLOBAL OPPORTUNITIES FUND
SIX MONTHS
ENDED
MARCH 31, 2008 YEAR ENDED SEPTEMBER 30,
CLASS Y (UNAUDITED) 2007 2006 2005 2004 2003
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 41.32 $ 40.14 $ 35.24 $ 26.23 $ 22.06 $ 15.09
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment income (loss) (.04) 1 .291 .42 1,2 .21 1 .07 .06
Net realized and unrealized gain (loss) (6.99) 6.25 6.62 8.80 4.10 7.25
----------------------------------------------------------------------------------------
Total from investment operations (7.03) 6.54 7.04 9.01 4.17 7.31
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.29) (.26) (.83) -- -- (.32)
Tax return of capital -- -- -- -- -- (.02)
Distributions from net realized gain (4.15) (5.10) (1.31) -- -- --
----------------------------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (4.44) (5.36) (2.14) -- -- (.34)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 29.85 $ 41.32 $ 40.14 $ 35.24 $ 26.23 $ 22.06
========================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 3 (18.07)% 17.79% 20.77% 34.35% 18.90% 49.07%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 229,768 $ 256,432 $ 134,669 $ 41,690 $ 16,904 $ 8,519
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 242,509 $ 194,199 $ 88,988 $ 26,698 $ 14,612 $ 5,743
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment income (loss) (0.21)% 0.76% 1.09% 2 0.66% 0.19% 0.04%
Total expenses 0.80% 5 0.77% 5 0.78% 0.83% 0.85% 0.90%
Expenses after payments, waivers and/or
reimbursements and reduction
to custodian expenses 0.80% 0.77% 0.78% 0.82% 0.85% 0.90%
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 25% 39% 96% 107% 52% 61%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Net investment income per share and the net investment income ratio include
$.18 and 0.48%, respectively, resulting from a special dividend from Saks, Inc.
in May 2006.
3. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods less than one full
year. Returns do not reflect the deduction of taxes that a shareholder would pay
on fund distributions or the redemption of fund shares.
4. Annualized for periods less than one full year.
5. Total expenses including indirect expenses from affiliated fund were as
follows:
Six Months Ended March 31, 2008 0.80%
Year Ended September 30, 2007 0.77%
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
29 | OPPENHEIMER GLOBAL OPPORTUNITIES FUND
NOTES TO FINANCIAL STATEMENTS Unaudited
- -------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Oppenheimer Global Opportunities Fund (the "Fund") is registered under the
Investment Company Act of 1940, as amended, as an open-end management investment
company. The Fund's investment objective is to seek capital appreciation
consistent with preservation of principal, while providing current income. The
Fund's investment adviser is OppenheimerFunds, Inc. (the "Manager").
The Fund offers Class A, Class B, Class C, Class N and Class Y shares.
Class A shares are sold at their offering price, which is normally net asset
value plus a front-end sales charge. Class B, Class C and Class N shares are
sold without a front-end sales charge but may be subject to a contingent
deferred sales charge ("CDSC"). Class N shares are sold only through retirement
plans. Retirement plans that offer Class N shares may impose charges on those
accounts. Class Y shares are sold to certain institutional investors without
either a front-end sales charge or a CDSC, however, the institutional investor
may impose charges on those accounts. All classes of shares have identical
rights and voting privileges with respect to the Fund in general and exclusive
voting rights on matters that affect that class alone. Earnings, net assets and
net asset value per share may differ due to each class having its own expenses,
such as transfer and shareholder servicing agent fees and shareholder
communications, directly attributable to that class. Class A, B, C and N have
separate distribution and/or service plans. No such plan has been adopted for
Class Y shares. Class B shares will automatically convert to Class A shares 72
months after the date of purchase. The Fund assesses a 2% fee on the proceeds of
fund shares that are redeemed (either by selling or exchanging to another
Oppenheimer fund) within 30 days of their purchase. The fee, which is retained
by the Fund, is accounted for as an addition to paid-in capital.
The following is a summary of significant accounting policies consistently
followed by the Fund.
- --------------------------------------------------------------------------------
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. Securities may be
valued primarily using dealer-supplied valuations or a portfolio pricing service
authorized by the Board of Trustees. Securities traded on a registered U.S.
securities exchange are valued based on the last sale price of the security
traded on that exchange prior to the time when the Fund's assets are valued.
Securities whose principal exchange is NASDAQ(R) are valued based on the closing
price reported by NASDAQ prior to the time when the Fund's assets are valued. In
the absence of a sale, the security is valued at the last sale price on the
prior trading day, if it is within the spread of the closing "bid" and "asked"
prices, and if not, at the closing bid price. Securities traded on foreign
exchanges are valued based on the last sale price on the principal exchange on
which the security is traded, as identified by the portfolio pricing service,
prior to the time when the Fund's assets are valued. In the absence of a sale,
the security is valued at the official closing price on the principal
30 | OPPENHEIMER GLOBAL OPPORTUNITIES FUND
exchange. Corporate, government and municipal debt instruments having a
remaining maturity in excess of sixty days and all mortgage-backed securities,
collateralized mortgage obligations and other asset-backed securities will be
valued at the mean between the "bid" and "asked" prices. Securities for which
market quotations are not readily available are valued at their fair value.
Securities whose values have been materially affected by what the Manager
identifies as a significant event occurring before the Fund's assets are valued
but after the close of their respective exchanges will be fair valued. Fair
value is determined in good faith using consistently applied procedures under
the supervision of the Board of Trustees. Shares of a registered investment
company that are not traded on an exchange are valued at the acquired investment
company's net asset value per share. "Money market-type" debt instruments with
remaining maturities of sixty days or less are valued at cost adjusted by the
amortization of discount or premium to maturity (amortized cost), which
approximates market value.
- --------------------------------------------------------------------------------
FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in
U.S. dollars. The values of securities denominated in foreign currencies and
amounts related to the purchase and sale of foreign securities and foreign
investment income are translated into U.S. dollars as of the close of the
Exchange, normally 4:00 P.M. Eastern time, on each day the Exchange is open for
trading. Foreign exchange rates may be valued primarily using a reliable bank,
dealer or service authorized by the Board of Trustees.
Reported net realized gains and losses from foreign currency transactions
arise from sales of portfolio securities, sales and maturities of short-term
securities, sales of foreign currencies, exchange rate fluctuations between the
trade and settlement dates on securities transactions, and the difference
between the amounts of dividends, interest, and foreign withholding taxes
recorded on the Fund's books and the U.S. dollar equivalent of the amounts
actually received or paid. Net unrealized appreciation and depreciation on the
translation of assets and liabilities denominated in foreign currencies arise
from changes in the values of assets and liabilities, including investments in
securities at fiscal period end, resulting from changes in exchange rates.
The effect of changes in foreign currency exchange rates on investments is
separately identified from the fluctuations arising from changes in market
values of securities held and reported with all other foreign currency gains and
losses in the Fund's Statement of Operations.
- --------------------------------------------------------------------------------
INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted
to invest daily available cash balances in an affiliated money market fund. The
Fund may invest the available cash in Class E shares of Oppenheimer
Institutional Money Market Fund ("IMMF") to seek current income while preserving
liquidity. IMMF is a registered open-end management investment company,
regulated as a money market fund under the Investment Company Act of 1940, as
amended. The Manager is also the investment adviser of IMMF. The Fund's
investment in IMMF is included in the Statement of Investments. As a
shareholder, the Fund is subject to its proportional share of IMMF's Class E
expenses, including its management fee. The Manager will waive fees and/or
reimburse Fund expenses in an amount equal to the indirect management fees
incurred through the Fund's investment in IMMF.
31 | OPPENHEIMER GLOBAL OPPORTUNITIES FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than
those attributable to a specific class), gains and losses are allocated on a
daily basis to each class of shares based upon the relative proportion of net
assets represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.
- --------------------------------------------------------------------------------
FEDERAL TAXES. The Fund intends to comply with provisions of the Internal
Revenue Code applicable to regulated investment companies and to distribute
substantially all of its investment company taxable income, including any net
realized gain on investments not offset by capital loss carryforwards, if any,
to shareholders. Therefore, no federal income or excise tax provision is
required. The Fund files income tax returns in U.S. federal and applicable state
jurisdictions. The statute of limitations on the Fund's tax return filings
generally remain open for the three preceding fiscal reporting period ends.
Net investment income (loss) and net realized gain (loss) may differ for
financial statement and tax purposes. The character of dividends and
distributions made during the fiscal year from net investment income or net
realized gains may differ from their ultimate characterization for federal
income tax purposes. Also, due to timing of dividends and distributions, the
fiscal year in which amounts are distributed may differ from the fiscal year in
which the income or net realized gain was recorded by the Fund.
The approximate 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, 2008 are noted
below. 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.
Federal tax cost of securities $ 3,925,164,449
====================
Gross unrealized appreciation $ 703,325,535
Gross unrealized depreciation (1,057,956,394)
--------------------
Net unrealized depreciation $ (354,630,859)
====================
- --------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. The Fund has adopted an unfunded retirement plan (the
"Plan") for the Fund's independent trustees. Benefits are based on years of
service and fees paid to each trustee during their period of service. The Plan
was frozen with respect to adding new participants effective December 31, 2006
(the "Freeze Date") and existing Plan Participants as of the Freeze Date will
continue to receive accrued benefits under the Plan. Active independent trustees
as of the Freeze Date have each elected a distribution method with respect to
their benefits under the Plan. During the six months ended March 31, 2008, the
Fund's projected benefit obligations, payments to retired trustees and
accumulated liability were as follows:
Projected Benefit Obligations Increased $ 47,358
Payments Made to Retired Trustees 50,267
Accumulated Liability as of March 31, 2008 467,876
32 | OPPENHEIMER GLOBAL OPPORTUNITIES FUND
The Board of Trustees has adopted a compensation deferral plan for independent
trustees that enables trustees to elect to defer receipt of all or a portion of
the annual compensation they are entitled to receive from the Fund. For purposes
of determining the amount owed to the Trustee under the plan, deferred amounts
are treated as though equal dollar amounts had been invested in shares of the
Fund or in other Oppenheimer funds selected by the Trustee. The Fund purchases
shares of the funds selected for deferral by the Trustee in amounts equal to his
or her deemed investment, resulting in a Fund asset equal to the deferred
compensation liability. Such assets are included as a component of "Other"
within the asset section of the Statement of Assets and Liabilities. Deferral of
trustees' fees under the plan will not affect the net assets of the Fund, and
will not materially affect the Fund's assets, liabilities or net investment
income per share. Amounts will be deferred until distributed in accordance to
the compensation deferral plan.
- --------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations and
may differ from U.S. generally accepted accounting principles, are recorded on
the ex-dividend date. Income and capital gain distributions, if any, are
declared and paid annually or at other times as deemed necessary by the Manager.
- --------------------------------------------------------------------------------
INVESTMENT INCOME. Dividend income is recorded on the ex-dividend date or upon
ex-dividend notification in the case of certain foreign dividends where the
ex-dividend date may have passed. Non-cash dividends included in dividend
income, if any, are recorded at the fair market value of the securities
received. Interest income is recognized on an accrual basis. Discount and
premium, which are included in interest income on the Statement of Operations,
are amortized or accreted daily.
- --------------------------------------------------------------------------------
CUSTODIAN FEES. "Custodian fees and expenses" in the Statement of Operations may
include interest expense incurred by the Fund on any cash overdrafts of its
custodian account during the period. Such cash overdrafts may result from the
effects of failed trades in portfolio securities and from cash outflows
resulting from unanticipated shareholder redemption activity. The Fund pays
interest to its custodian on such cash overdrafts, to the extent they are not
offset by positive cash balances maintained by the Fund, at a rate equal to the
Federal Funds Rate plus 0.50%. The "Reduction to custodian expenses" line item,
if applicable, represents earnings on cash balances maintained by the Fund
during the period. Such interest expense and other custodian fees may be paid
with these earnings.
- --------------------------------------------------------------------------------
SECURITY TRANSACTIONS. Security transactions are recorded on the trade date.
Realized gains and losses on securities sold are determined on the basis of
identified cost.
- --------------------------------------------------------------------------------
INDEMNIFICATIONS. The Fund's organizational documents provide current and former
trustees and officers with a limited indemnification against liabilities arising
in connection with the performance of their duties to the Fund. In the normal
course of business, the Fund may also enter into contracts that provide general
indemnifications. The Fund's
33 | OPPENHEIMER GLOBAL OPPORTUNITIES FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
maximum exposure under these arrangements is unknown as this would be dependent
on future claims that may be made against the Fund. The risk of material loss
from such claims is considered remote.
- --------------------------------------------------------------------------------
OTHER. The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of increases and
decreases in net assets from operations during the reporting period. Actual
results could differ from those estimates.
- --------------------------------------------------------------------------------
2. 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, 2008 YEAR ENDED SEPTEMBER 30, 2007
SHARES AMOUNT SHARES AMOUNT
- -----------------------------------------------------------------------------------------------------------------
CLASS A
Sold 7,014,317 $ 244,029,031 18,859,810 $ 723,018,490
Dividends and/or distributions
reinvested 9,198,417 302,627,917 9,736,795 359,677,178
Redeemed (14,690,299) (482,149,169) 1 (24,600,546) (938,756,786) 2
--------------------------------------------------------------------------
Net increase 1,522,435 $ 64,507,779 3,996,059 $ 143,938,882
==========================================================================
- -----------------------------------------------------------------------------------------------------------------
CLASS B
Sold 660,298 $ 21,267,158 1,781,802 $ 64,932,623
Dividends and/or
distributions reinvested 1,406,867 43,612,884 2,048,921 72,081,270
Redeemed (3,361,215) (109,625,378) 1 (8,221,168) (299,733,481) 2
--------------------------------------------------------------------------
Net decrease (1,294,050) $ (44,745,336) (4,390,445) $ (162,719,588)
==========================================================================
- -----------------------------------------------------------------------------------------------------------------
CLASS C
Sold 1,285,703 $ 41,757,831 2,953,947 $ 107,617,387
Dividends and/or
distributions reinvested 1,959,923 60,796,822 2,100,917 73,931,272
Redeemed (2,716,903) (83,793,585) 1 (4,639,134) (167,965,717) 2
--------------------------------------------------------------------------
Net increase 528,723 $ 18,761,068 415,730 $ 13,582,942
==========================================================================
- -----------------------------------------------------------------------------------------------------------------
CLASS N
Sold 652,813 $ 21,415,674 1,516,080 $ 56,947,197
Dividends and/or
distributions reinvested 393,721 12,681,746 387,948 14,063,122
Redeemed (750,805) (25,029,084) 1 (1,212,989) (45,765,711) 2
--------------------------------------------------------------------------
Net increase 295,729 $ 9,068,336 691,039 $ 25,244,608
==========================================================================
34 | OPPENHEIMER GLOBAL OPPORTUNITIES FUND
SIX MONTHS ENDED MARCH 31, 2008 YEAR ENDED SEPTEMBER 30, 2007
SHARES AMOUNT SHARES AMOUNT
- -----------------------------------------------------------------------------------------------------------------
CLASS Y
Sold 1,163,970 $ 40,306,764 3,079,002 $ 117,984,502
Dividends and/or distributions
reinvested 867,921 28,728,202 530,935 19,718,916
Redeemed (540,984) (17,733,600) 1 (758,926) (28,828,860) 2
--------------------------------------------------------------------------
Net increase 1,490,907 $ 51,301,366 2,851,011 $ 108,874,558
==========================================================================
1. Net of redemption fees of $17,839, $2,467, $3,717, $770 and $1,554 for Class
A, Class B, Class C, Class N and Class Y, respectively.
2. Net of redemption fees of $26,039, $4,562, $5,497, $1,054 and $1,605 for
Class A, Class B, Class C, Class N and Class Y, respectively.
- --------------------------------------------------------------------------------
3. PURCHASES AND SALES OF SECURITIES
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations and investments in IMMF, for the six months ended
March 31, 2008, were as follows:
PURCHASES SALES
--------------------------------------------------------------
Investment securities $ 1,011,495,436 $ 1,282,372,324
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Under the investment advisory agreement, the Fund pays the
Manager a management fee based on the daily net assets of the Fund at an annual
rate as shown in the following table:
FEE SCHEDULE
---------------------------------------------------
Up to $250 million 0.80%
Next $250 million 0.77
Next $500 million 0.75
Next $1 billion 0.69
Next $1.5 billion 0.67
Next $2.5 billion 0.65
Over $6 billion 0.63
- --------------------------------------------------------------------------------
TRANSFER AGENT FEES. OppenheimerFunds Services ("OFS"), a division of the
Manager, acts as the transfer and shareholder servicing agent for the Fund. The
Fund pays OFS a per account fee. For the six months ended March 31, 2008, the
Fund paid $4,047,871 to OFS for services to the Fund.
Additionally, Class Y shares are subject to minimum fees of $10,000
annually for assets of $10 million or more. The Class Y shares are subject to
the minimum fees in the event that the per account fee does not equal or exceed
the applicable minimum fees. OFS may voluntarily waive the minimum fees.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLAN (12b-1) FEES. Under its General Distributor's
Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the "Distributor")
acts as the Fund's principal underwriter in the continuous public offering of
the Fund's classes of shares.
35 | OPPENHEIMER GLOBAL OPPORTUNITIES FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
SERVICE PLAN FOR CLASS A SHARES. The Fund has adopted a Service Plan (the
"Plan") for Class A shares under Rule 12b-1 of the Investment Company Act of
1940. Under the Plan, the Fund reimburses the Distributor for a portion of its
costs incurred for services provided to accounts that hold Class A shares.
Reimbursement is made periodically at an annual rate of up to 0.25% of the
average annual net assets of Class A shares of the Fund. The Distributor
currently uses all of those fees to pay dealers, brokers, banks and other
financial institutions periodically for providing personal service and
maintenance of accounts of their customers that hold Class A shares. Any
unreimbursed expenses the Distributor incurs with respect to Class A shares in
any fiscal year cannot be recovered in subsequent periods. Fees incurred by the
Fund under the Plan are detailed in the Statement of Operations.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLANS FOR CLASS B, CLASS C AND CLASS N SHARES. The Fund
has adopted Distribution and Service Plans (the "Plans") for Class B, Class C
and Class N shares under Rule 12b-1 of the Investment Company Act of 1940 to
compensate the Distributor for its services in connection with the distribution
of those shares and servicing accounts. Under the Plans, the Fund pays the
Distributor an annual asset-based sales charge of 0.75% on Class B and Class C
shares and 0.25% on Class N shares. The Distributor also receives a service fee
of 0.25% per year under each plan. If either the Class B, Class C or Class N
plan is terminated by the Fund or by the shareholders of a class, the Board of
Trustees and its independent trustees must determine whether the Distributor
shall be entitled to payment from the Fund of all or a portion of the service
fee and/or asset-based sales charge in respect to shares sold prior to the
effective date of such termination. The Distributor's aggregate uncompensated
expenses under the Plans at March 31, 2008 for Class B, Class C and Class N
shares were $8,942,205, $10,318,109 and $1,028,666, respectively. Fees incurred
by the Fund under the Plans are detailed in the Statement of Operations.
- --------------------------------------------------------------------------------
SALES CHARGES. Front-end sales charges and contingent deferred sales charges
("CDSC") do not represent expenses of the Fund. They are deducted from the
proceeds of sales of Fund shares prior to investment or from redemption proceeds
prior to remittance, as applicable. The sales charges retained by the
Distributor from the sale of shares and the CDSC retained by the Distributor on
the redemption of shares is shown in the following table for the period
indicated.
CLASS A CLASS B CLASS C CLASS N
CLASS A CONTINGENT CONTINGENT CONTINGENT CONTINGENT
FRONT-END DEFERRED DEFERRED DEFERRED DEFERRED
SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES
SIX MONTHS RETAINED BY RETAINED BY RETAINED BY RETAINED BY RETAINED BY
ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
- ---------------------------------------------------------------------------------------------------
March 31, 2008 $401,992 $9,632 $287,413 $23,319 $ --
36 | OPPENHEIMER GLOBAL OPPORTUNITIES FUND
- --------------------------------------------------------------------------------
WAIVERS AND REIMBURSEMENTS OF EXPENSES. OFS has voluntarily agreed to limit
transfer and shareholder servicing agent fees for all classes to 0.35% of
average annual net assets per class. During the six months ended March 31, 2008,
OFS waived $15,246 for Class N. This undertaking may be amended or withdrawn at
any time.
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, 2008, the Manager waived $64,316 for
IMMF management fees.
- --------------------------------------------------------------------------------
5. FOREIGN CURRENCY EXCHANGE CONTRACTS
The Fund may enter into foreign currency exchange contracts ("forward
contracts") for the purchase or sale of a foreign currency at a negotiated rate
at a future date.
Forward contracts are reported on a schedule following the Statement of
Investments. Forward contracts will be valued daily based upon the closing
prices of the forward currency rates determined at the close of the Exchange as
provided by a bank, dealer or pricing service. The resulting unrealized
appreciation (depreciation) is reported in the Statement of Assets and
Liabilities as a receivable or payable and in the Statement of Operations within
the change in unrealized appreciation (depreciation). At contract close, the
difference between the original cost of the contract and the value at the close
date is recorded as a realized gain (loss) in the Statement of Operations.
Risks to the Fund include both market and credit risk. Market risk is the
risk that the value of the forward contract will depreciate due to unfavorable
changes in the exchange rates. Credit risk arises from the possibility that the
counterparty will default. If the coun-terparty defaults, the Fund's loss will
consist of the net amount of contractual payments that the Fund has not yet
received.
- --------------------------------------------------------------------------------
6. SECURITIES LENDING
The Fund lends portfolio securities from time to time in order to earn
additional income in the form of fees or interest on securities received as
collateral or the investment of any cash received as collateral. The loans are
secured by collateral (either securities, letters of credit, or cash) in an
amount not less than 100% of the market value of the loaned securities during
the period of the loan. The market value of the loaned securities is determined
at the close of each business day and any additional required collateral is
delivered to the Fund on the next business day. If the borrower defaults on its
obligation to return the securities loaned because of insolvency or other
reasons, the Fund could experience delays and cost in recovering the securities
loaned or in gaining access to the collateral. The Fund continues to receive the
economic benefit of interest or dividends paid on the securities loaned in the
form of a substitute payment received from the borrower and recognizes the gain
or loss in the fair value of the securities loaned that may occur during the
term
37 | OPPENHEIMER GLOBAL OPPORTUNITIES FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
6. SECURITIES LENDING Continued of the loan. The Fund has the right under the
lending agreement to recover the securities from the borrower on demand.
As of March 31, 2008, the Fund had no securities on loan.
- --------------------------------------------------------------------------------
7. RECENT ACCOUNTING PRONOUNCEMENT
In September 2006, Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards ("SFAS") No. 157, Fair Value
Measurements. This standard establishes a single authoritative definition of
fair value, sets out a framework for measuring fair value and expands
disclosures about fair value measurements. SFAS No. 157 applies to fair value
measurements already required or permitted by existing standards. SFAS No. 157
is effective for financial statements issued for fiscal years beginning after
November 15, 2007, and interim periods within those fiscal years. As of March
31, 2008, the Manager does not believe the adoption of SFAS No. 157 will
materially impact the financial statement amounts; however, additional
disclosures may be required about the inputs used to develop the measurements
and the effect of certain of the measurements on changes in net assets for the
period.
38 | 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
1.800.525.7048, (ii) on the Fund's website at www.oppenheimerfunds.com, and
(iii) on the SEC's website at www.sec.gov. In addition, the Fund is required to
file Form N-PX, with its complete proxy voting record for the 12 months ended
June 30th, no later than August 31st of each year. The Fund's voting record is
available (i) without charge, upon request, by calling the Fund toll-free at
1.800.525.7048, and (ii) in the Form N-PX filing on the SEC's website at
www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC
for the first quarter and the third quarter of each fiscal year on Form N-Q. The
Fund's Form N-Q filings are available on the SEC's website at
http://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.
39 | OPPENHEIMER GLOBAL OPPORTUNITIES FUND
ITEM 2. CODE OF ETHICS.
Not applicable to semiannual reports.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to semiannual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to semiannual reports.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
THE FUND'S GOVERNANCE COMMITTEE PROVISIONS WITH RESPECT TO NOMINATIONS OF
DIRECTORS/TRUSTEES TO THE RESPECTIVE BOARDS
1. The Fund's Governance Committee (the "Committee") will evaluate potential
Board candidates to assess their qualifications. The Committee shall have
the authority, upon approval of the Board, to retain an executive search
firm to assist in this effort. The Committee may consider recommendations
by business and personal contacts of current Board members and by executive
search firms which the Committee may engage from time to time and may also
consider shareholder recommendations. The Committee may consider the advice
and recommendation of the Funds' investment manager and its affiliates in
making the selection.
2. The Committee shall screen candidates for Board membership. The Committee
has not established specific qualifications that it believes must be met by
a trustee nominee. In evaluating trustee nominees, the Committee considers,
among other things, an individual's background, skills, and experience;
whether the individual is an "interested person" as defined in the
Investment Company Act of 1940; and whether the individual would be deemed
an "audit committee financial expert" within the meaning of applicable SEC
rules. The Committee also considers whether the individual's background,
skills, and experience will complement the background, skills, and
experience of other nominees and will contribute to the Board. There are
no differences in the manner in which the Committee evaluates nominees for
trustees based on whether the nominee is recommended by a shareholder.
3. The Committee may consider nominations from shareholders for the Board at
such times as the Committee meets to consider new nominees for the Board.
The Committee shall have the sole discretion to determine the candidates to
present to the Board and, in such cases where required, to shareholders.
Recommendations for trustee nominees should, at a minimum, be accompanied
by the following:
o the name, address, and business, educational, and/or other pertinent
background of the person being recommended;
o a statement concerning whether the person is an "interested person" as
defined in the Investment Company Act of 1940;
o any other information that the Funds would be required to include in a
proxy statement concerning the person if he or she was nominated; and
o the name and address of the person submitting the recommendation and,
if that person is a shareholder, the period for which that person held
Fund shares.
The recommendation also can include any additional information which the
person submitting it believes would assist the Committee in evaluating the
recommendation.
4. Shareholders should note that a person who owns securities issued by
Massachusetts Mutual Life Insurance Company (the parent company of the
Funds' investment adviser) would be deemed an "interested person" under the
Investment Company Act of 1940. In addition, certain other relationships
with Massachusetts Mutual Life Insurance Company or its subsidiaries, with
registered broker-dealers, or with the Funds' outside legal counsel may
cause a person to be deemed an "interested person."
5. Before the Committee decides to nominate an individual as a trustee,
Committee members and other directors customarily interview the individual
in person. In addition, the individual customarily is asked to complete a
detailed questionnaire which is designed to elicit information which must
be disclosed under SEC and stock exchange rules and to determine whether
the individual is subject to any statutory disqualification from serving as
a trustee of a registered investment company.
ITEM 11. CONTROLS AND PROCEDURES.
Based on their evaluation of the registrant's disclosure controls and procedures
(as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR
270.30a-3(c)) as of 03/31/2008, 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/ John V. Murphy
---------------------------
John V. Murphy
Principal Executive Officer
Date: 05/14/2008
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/ John V. Murphy
---------------------------
John V. Murphy
Principal Executive Officer
Date: 05/14/2008
By: /s/ Brian W. Wixted
---------------------------
Brian W. Wixted
Principal Financial Officer
Date: 05/14/2008