-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VbNrKIEE14YUex1n8f20+WO6rcTSlgNjzjz7TRsnYeEumaUwBz5kd/ikVyopPxvu ZEGEkKgRibeP2UYl+vx9uw== 0000935069-04-000996.txt : 20040728 0000935069-04-000996.hdr.sgml : 20040728 20040728155514 ACCESSION NUMBER: 0000935069-04-000996 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20040531 FILED AS OF DATE: 20040728 EFFECTIVENESS DATE: 20040728 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER INTERNATIONAL GROWTH FUND CENTRAL INDEX KEY: 0001005728 IRS NUMBER: 133867060 STATE OF INCORPORATION: MA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-07489 FILM NUMBER: 04936068 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: N/A CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 303-768-3200 MAIL ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: N/A CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 N-CSRS 1 rs0825_10927.txt RS0825_10927.TXT UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-07489 OPPENHEIMER INTERNATIONAL GROWTH FUND (Exact name of registrant as specified in charter) 6803 SOUTH TUCSON WAY, CENTENNIAL, COLORADO 80112-3924 (Address of principal executive offices) (Zip code) Robert G. Zack, Esq. OppenheimerFunds, Inc. Two World Financial Center, New York, New York 10281-1008 - -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (303) 768-3200 -------------- Date of fiscal year end: NOVEMBER 30 ----------- Date of reporting period: DECEMBER 1, 2003 - MAY 31, 2004 ITEM 1. REPORTS TO STOCKHOLDERS. MAY 31, 2004 - -------------------------------------------------------------------------------- OPPENHEIMER Management INTERNATIONAL Commentaries GROWTH FUND and Semiannual Report - -------------------------------------------------------------------------------- [GRAPHIC] MANAGEMENT COMMENTARIES An Interview with Your Fund's Manager Listing of Top Holdings SEMIANNUAL REPORT Listing of Investments Financial Statements "WE BELIEVE THE GLOBAL ECONOMIC BACKDROP REMAINS SOUND, AND WE ARE OPTIMISTIC ABOUT WORLDWIDE GROWTH PROSPECTS FOR THE NEXT YEAR OR TWO." [LOGO] OPPENHEIMERFUNDS(R) The Right Way to Invest STATEMENT OF INVESTMENTS May 31, 2004 / Unaudited - -------------------------------------------------------------------------------- MARKET VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- COMMON STOCKS--96.6% - -------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--17.7% - -------------------------------------------------------------------------------- AUTO COMPONENTS--1.4% Continental AG 288,947 $12,974,211 - -------------------------------------------------------------------------------- AUTOMOBILES--1.2% Porsche AG, Preferred 15,702 10,603,500 - -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--1.4% Carnival Corp. 162,700 6,932,647 - -------------------------------------------------------------------------------- William Hill plc 585,780 5,810,329 ------------ 12,742,976 - -------------------------------------------------------------------------------- HOUSEHOLD DURABLES--2.3% Daito Trust Construction Co. Ltd. 158,632 5,697,978 - -------------------------------------------------------------------------------- Groupe SEB SA 39,224 4,406,653 - -------------------------------------------------------------------------------- Sharp Corp. 662,000 11,206,532 ------------ 21,311,163 - -------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL--1.1% LG Home Shopping, Inc. 164,880 5,095,223 - -------------------------------------------------------------------------------- Next plc 174,830 4,442,712 ------------ 9,537,935 - -------------------------------------------------------------------------------- MEDIA--5.9% British Sky Broadcasting Group plc 199,599 2,245,132 - -------------------------------------------------------------------------------- Grupo Televisa SA, Sponsored GDR 137,200 5,798,072 - -------------------------------------------------------------------------------- Mediaset SpA 724,700 7,938,160 - -------------------------------------------------------------------------------- News Corp. Ltd. (The) 807,989 7,409,067 - -------------------------------------------------------------------------------- Societe Television Francaise 1 278,200 8,639,182 - -------------------------------------------------------------------------------- Sogecable SA 1 107,400 4,439,480 - -------------------------------------------------------------------------------- Vivendi Universal SA 1 407,160 10,376,638 - -------------------------------------------------------------------------------- Zee Telefilms Ltd. 1 2,536,600 7,203,519 ------------ 54,049,250 - -------------------------------------------------------------------------------- MULTILINE RETAIL--0.5% Takashimaya Co. Ltd. 423,272 4,664,513 MARKET VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- SPECIALTY RETAIL--2.4% Hennes & Mauritz AB, B Shares 493,800 $12,220,395 - -------------------------------------------------------------------------------- New Dixons Group plc 3,374,051 9,418,416 ------------ 21,638,811 - -------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--1.5% Compagnie Financiere Richemont AG, A Shares 1 171,134 4,406,591 - -------------------------------------------------------------------------------- Luxottica Group SpA 1 558,800 9,041,519 ------------ 13,448,110 - -------------------------------------------------------------------------------- CONSUMER STAPLES--6.0% - -------------------------------------------------------------------------------- BEVERAGES--2.7% Foster's Group Ltd. 2,041,110 6,641,805 - -------------------------------------------------------------------------------- Heineken NV 223,625 7,394,999 - -------------------------------------------------------------------------------- Pernod-Ricard SA 86,830 10,868,329 ------------ 24,905,133 - -------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--0.6% Carrefour SA 57,730 2,819,175 - -------------------------------------------------------------------------------- Woolworths Ltd. 255,600 2,152,275 ------------ 4,971,450 - -------------------------------------------------------------------------------- FOOD PRODUCTS--2.0% Cadbury Schweppes plc 598,060 5,098,784 - -------------------------------------------------------------------------------- Nestle SA 18,518 4,812,554 - -------------------------------------------------------------------------------- Unilever plc 872,580 8,295,125 ------------ 18,206,463 - -------------------------------------------------------------------------------- PERSONAL PRODUCTS--0.7% L'Oreal SA 84,710 6,573,844 - -------------------------------------------------------------------------------- ENERGY--3.3% - -------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--1.6% Technip-Coflexip SA 107,760 14,527,664 - -------------------------------------------------------------------------------- OIL & GAS--1.7% BP plc, ADR 91,700 4,860,100 - -------------------------------------------------------------------------------- Oil & Natural Gas Corp. Ltd. 69,460 994,002 - -------------------------------------------------------------------------------- Total SA, B Shares 35,540 6,670,531 12 | OPPENHEIMER INTERNATIONAL GROWTH FUND MARKET VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- OIL & GAS Continued Tsakos Energy Navigation Ltd. 113,500 $ 3,342,575 ------------- 15,867,208 - -------------------------------------------------------------------------------- FINANCIALS--17.5% - -------------------------------------------------------------------------------- COMMERCIAL BANKS--10.2% ABN Amro Holding NV 299,700 6,386,329 - -------------------------------------------------------------------------------- Anglo Irish Bank Corp. 1,470,882 23,350,184 - -------------------------------------------------------------------------------- ICICI Bank Ltd., Sponsored ADR 727,800 9,366,786 - -------------------------------------------------------------------------------- Joyo Bank Ltd. (The) 1,212,000 4,781,108 - -------------------------------------------------------------------------------- Mitsubishi Tokyo Financial Group, Inc. 1 2,355 20,242,027 - -------------------------------------------------------------------------------- National Australia Bank Ltd. 219,200 4,708,277 - -------------------------------------------------------------------------------- Royal Bank of Scotland Group plc (The) 1 399,470 12,062,761 - -------------------------------------------------------------------------------- Societe Generale, Cl. A 109,830 9,307,854 - -------------------------------------------------------------------------------- UFJ Holdings, Inc. 1 578 2,897,191 ------------- 93,102,517 - -------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--4.0% 3i Group plc 1,253,207 14,084,850 - -------------------------------------------------------------------------------- Collins Stewart Tullett plc 1,749,781 14,115,794 - -------------------------------------------------------------------------------- MLP AG 1 562,828 8,783,663 ------------- 36,984,307 - -------------------------------------------------------------------------------- INSURANCE--1.1% AMP Ltd. 1,111,115 4,416,407 - -------------------------------------------------------------------------------- Skandia Forsakrings AB 1,421,100 5,699,459 ------------- 10,115,866 - -------------------------------------------------------------------------------- REAL ESTATE--1.8% Solidere, GDR 1,2 877,092 6,139,644 - -------------------------------------------------------------------------------- Sumitomo Realty & Development Co. Ltd. 1 924,000 9,973,599 ------------- 16,113,243 MARKET VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--0.4% Housing Development Finance Corp. Ltd. 265,500 $ 3,327,670 - -------------------------------------------------------------------------------- HEALTH CARE--15.3% - -------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--2.2% Art Advanced Research Technologies, Inc. 1 389,400 650,617 - -------------------------------------------------------------------------------- Art Advanced Research Technologies, Inc. 1,2,3 1,901,125 3,176,436 - -------------------------------------------------------------------------------- Essilor International SA 147,150 9,128,367 - -------------------------------------------------------------------------------- Ortivus AB, Cl. B 1,3 710,800 2,717,253 - -------------------------------------------------------------------------------- Terumo Corp. 193,900 4,561,321 ------------- 20,233,994 - -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--0.4% Nicox SA 1 850,949 3,481,108 - -------------------------------------------------------------------------------- PHARMACEUTICALS--12.7% AstraZeneca plc 64,060 2,984,424 - -------------------------------------------------------------------------------- Aventis SA 1 95,160 7,547,493 - -------------------------------------------------------------------------------- Dr. Reddy's Laboratories Ltd., Sponsored ADR 1 167,100 3,094,692 - -------------------------------------------------------------------------------- Fujisawa Pharmaceutical Co. Ltd. 153,000 3,384,619 - -------------------------------------------------------------------------------- GlaxoSmithKline plc 327,940 6,854,380 - -------------------------------------------------------------------------------- H. Lundbeck AS 400,000 8,865,903 - -------------------------------------------------------------------------------- Marshall Edwards, Inc. 1,2 1,750,000 17,807,378 - -------------------------------------------------------------------------------- NeuroSearch AS 1 282,500 8,951,689 - -------------------------------------------------------------------------------- Novogen Ltd. 1,3 6,323,015 23,192,217 - -------------------------------------------------------------------------------- Sanofi-Synthelabo SA 77,210 5,100,819 - -------------------------------------------------------------------------------- Schering AG 122,691 6,712,122 - -------------------------------------------------------------------------------- Shionogi & Co. Ltd. 493,000 8,033,413 - -------------------------------------------------------------------------------- SkyePharma plc 1 3,340,500 3,674,783 - -------------------------------------------------------------------------------- Takeda Chemical Industries Ltd. 112,000 4,651,255 - -------------------------------------------------------------------------------- Teva Pharmaceutical Industries Ltd., Sponsored ADR 72,400 4,790,708 ------------ 115,645,895 13 | OPPENHEIMER INTERNATIONAL GROWTH FUND STATEMENT OF INVESTMENTS Unaudited / Continued - -------------------------------------------------------------------------------- MARKET VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- INDUSTRIALS--9.3% - -------------------------------------------------------------------------------- AEROSPACE & DEFENSE--2.6% Empresa Brasileira de Aeronautica SA, Preference 3,731,246 $23,731,158 - -------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--1.9% BTG plc 1 2,170,784 4,537,226 - -------------------------------------------------------------------------------- Buhrmann NV 512,358 4,848,913 - -------------------------------------------------------------------------------- Prosegur Compania de Seguridad SA 205,149 3,206,627 - -------------------------------------------------------------------------------- Randstad Holding NV 1 173,500 4,557,315 ------------ 17,150,081 - -------------------------------------------------------------------------------- CONSTRUCTION & ENGINEERING--0.5% Koninklijke Boskalis Westminster NV 1 104,143 2,548,572 - -------------------------------------------------------------------------------- Leighton Holdings Ltd. 393,587 2,263,762 ------------ 4,812,334 - -------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--1.3% Ushio, Inc. 1 618,000 11,686,225 - -------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--2.3% Aalberts Industries NV 431,527 12,193,839 - -------------------------------------------------------------------------------- Siemens AG 125,775 8,877,513 ------------ 21,071,352 - -------------------------------------------------------------------------------- MACHINERY--0.7% Hyundai Heavy Industries Co. Ltd. 259,846 6,334,715 - -------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--19.7% - -------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--2.8% Nokia Oyj 262,900 3,582,811 - -------------------------------------------------------------------------------- Telefonaktiebolaget LM Ericsson AB, B Shares 1 7,959,600 22,207,127 ------------ 25,789,938 - -------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--0.5% Logitech International SA 1 99,935 4,580,885 MARKET VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--6.5% Epcos AG 1 403,404 $ 8,152,810 - -------------------------------------------------------------------------------- Keyence Corp. 1 38,100 8,807,555 - -------------------------------------------------------------------------------- Nidec Corp. 44,600 4,882,696 - -------------------------------------------------------------------------------- Nippon Electric Glass Co. Ltd. 340,000 7,306,039 - -------------------------------------------------------------------------------- Omron Corp. 371,318 8,146,991 - -------------------------------------------------------------------------------- Tandberg ASA 1,792,500 18,028,363 - -------------------------------------------------------------------------------- TDK Corp. 61,800 4,333,409 ------------ 59,657,863 - -------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--1.4% T-Online International AG 1 263,915 3,029,431 - -------------------------------------------------------------------------------- Yahoo Japan Corp. 1 944 9,907,623 ------------ 12,937,054 - -------------------------------------------------------------------------------- IT SERVICES--2.7% Amadeus Global Travel Distribution SA 1 807,600 4,861,971 - -------------------------------------------------------------------------------- Getronics NV 1 864,400 2,385,571 - -------------------------------------------------------------------------------- Infosys Technologies Ltd. 1 89,394 9,959,287 - -------------------------------------------------------------------------------- NIIT Ltd. 1 891,200 3,008,954 - -------------------------------------------------------------------------------- United Internet AG 179,130 4,484,265 ------------ 24,700,048 - -------------------------------------------------------------------------------- OFFICE ELECTRONICS--2.6% Canon, Inc. 289,000 14,250,622 - -------------------------------------------------------------------------------- Konica Minolta Holdings, Inc. 676,000 9,143,814 ------------ 23,394,436 - -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--2.9% ASM International NV 1 659,400 14,368,326 - -------------------------------------------------------------------------------- Jenoptik AG 1 594,232 7,220,184 - -------------------------------------------------------------------------------- Samsung Electronics Co. 9,900 4,419,074 ------------ 26,007,584 14 | OPPENHEIMER INTERNATIONAL GROWTH FUND MARKET VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- SOFTWARE--0.3% UBI Soft Entertainment SA 1 98,316 $ 2,569,254 - -------------------------------------------------------------------------------- MATERIALS--2.3% - -------------------------------------------------------------------------------- METALS & MINING--2.3% Companhia Vale do Rio Doce, Sponsored ADR 183,200 7,950,880 - -------------------------------------------------------------------------------- Impala Platinum Holdings Ltd. 94,000 6,853,415 - -------------------------------------------------------------------------------- Rio Tinto plc 254,500 6,131,293 ------------- 20,935,588 - -------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--5.5% - -------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--5.5% KDDI Corp. 2,379 13,861,805 - -------------------------------------------------------------------------------- SK Telecom Co. Ltd., ADR 234,234 4,888,464 - -------------------------------------------------------------------------------- Telecom Italia Mobile SpA 1,198,200 6,496,529 - -------------------------------------------------------------------------------- Vodafone Group plc 10,503,223 24,697,267 ------------- 49,944,065 - -------------------------------------------------------------------------------- UTILITIES--0.0% - -------------------------------------------------------------------------------- GAS UTILITIES--0.0% Gail India Ltd. 116,670 393,400 ------------- Total Common Stocks (Cost $714,010,671) 880,722,811 - -------------------------------------------------------------------------------- PREFERRED STOCKS--0.9% - -------------------------------------------------------------------------------- Ceres, Inc.: $4.00 Cv., Series C-1 1,2 44,515 289,348 Cv., Series C 1,2 600,000 3,900,000 Cv., Series D 1,2 418,000 2,717,000 - -------------------------------------------------------------------------------- Oxagen Ltd., Cv. 1,2 2,142,875 1,375,099 ------------ Total Preferred Stocks (Cost $7,296,760) 8,281,447 MARKET VALUE UNITS SEE NOTE 1 - -------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% - -------------------------------------------------------------------------------- Ceres Group, Inc.: Series C Wts., Exp. 8/28/06 1,2 20,032 $ -- Series D Wts., Exp. 12/31/30 1,2 41,800 -- ------------ Total Rights, Warrants and Certificates (Cost $0) -- PRINCIPAL AMOUNT - -------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--2.6% - -------------------------------------------------------------------------------- Undivided interest of 27.42% in joint repurchase agreement (Principal Amount/ Market Value $86,742,000, with a maturity value of $86,751,252) with Zion Bank/ Capital Markets Group, 0.96%, dated 5/28/04, to be repurchased at $23,785,537 on 6/1/04, collateralized by U.S. Treasury Bonds, 2.25%--3.875%, 4/15/06--5/15/09, with a value of $88,535,903 (Cost $23,783,000) $23,783,000 23,783,000 - -------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $745,090,431) 100.1% 912,787,258 - -------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (0.1) (751,618) ----------------------------- NET ASSETS 100.0% $912,035,640 ============================= 15 | OPPENHEIMER INTERNATIONAL GROWTH FUND STATEMENT OF INVESTMENTS Unaudited / Continued - -------------------------------------------------------------------------------- FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Non-income producing security. 2. Identifies issues considered to be illiquid or restricted. See Note 6 of Notes to Financial Statements. 3. Affiliated company. Represents ownership of at least 5% of the voting securities of the issuer, and is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended May 31, 2004. The aggregate fair value of securities of affiliated companies held by the Fund as of May 31, 2004 amounts to $29,085,906. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES SHARES UNREALIZED NOVEMBER 30, GROSS GROSS MAY 31, APPRECIATION 2003 ADDITIONS REDUCTIONS 2004 (DEPRECIATION) - ---------------------------------------------------------------------------------------------------- STOCKS AND/OR WARRANTS Art Advanced Research Technologies, Inc. 1,901,125 -- -- 1,901,125 $(4,323,564) Novogen Ltd. 6,323,015 -- -- 6,323,015 14,196,274 Ortivus AB, B Shares 710,800 -- -- 710,800 (5,642,843) ----------- $ 4,229,867 ===========
DISTRIBUTION OF INVESTMENTS REPRESENTING GEOGRAPHIC HOLDINGS, AS A PERCENTAGE OF TOTAL INVESTMENTS AT VALUE, IS AS FOLLOWS: GEOGRAPHIC HOLDINGS MARKET VALUE PERCENT - ------------------------------------------------------------------------------ Japan $172,420,335 18.9% United Kingdom 130,688,475 14.3 France 102,016,911 11.2 Germany 70,837,699 7.8 Australia 68,591,188 7.5 The Netherlands 54,683,864 6.0 Sweden 42,844,234 4.7 United States 37,621,995 4.1 India 37,348,310 4.1 Brazil 31,682,038 3.5 Italy 23,476,208 2.6 Ireland 23,350,184 2.6 Norway 21,370,938 2.3 Korea, Republic of South 20,737,476 2.3 Denmark 17,817,592 1.9 Switzerland 13,800,030 1.5 Spain 12,508,078 1.4 South Africa 6,853,415 0.7 Lebanon 6,139,644 0.7 Mexico 5,798,072 0.6 Israel 4,790,708 0.5 Canada 3,827,053 0.4 Finland 3,582,811 0.4 --------------------------- Total $912,787,258 100.0% =========================== SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 16 | OPPENHEIMER INTERNATIONAL GROWTH FUND STATEMENT OF ASSETS AND LIABILITIES Unaudited - --------------------------------------------------------------------------------
May 31, 2004 - --------------------------------------------------------------------------------------------------------- ASSETS - --------------------------------------------------------------------------------------------------------- Investments, at value--see accompanying statement of investments: Unaffiliated companies (cost $720,234,392) $ 883,701,352 Affiliated companies (cost $24,856,039) 29,085,906 --------------- 912,787,258 - -------------------------------------------------------------------------------------------------------- Cash 1,488,695 - -------------------------------------------------------------------------------------------------------- Receivables and other assets: Interest and dividends 2,581,724 Investments sold 2,017,856 Shares of beneficial interest sold 863,866 Other 18,902 --------------- Total assets 919,758,301 - -------------------------------------------------------------------------------------------------------- LIABILITIES - -------------------------------------------------------------------------------------------------------- Payables and other liabilities: Investments purchased 4,934,490 Shares of beneficial interest redeemed 1,726,681 Distribution and service plan fees 379,481 Transfer and shareholder servicing agent fees 280,161 Shareholder communications 176,647 Trustees' compensation 170,245 Other 54,956 --------------- Total liabilities 7,722,661 - -------------------------------------------------------------------------------------------------------- NET ASSETS $ 912,035,640 =============== - -------------------------------------------------------------------------------------------------------- COMPOSITION OF NET ASSETS - -------------------------------------------------------------------------------------------------------- Paid-in capital $1,133,719,195 - -------------------------------------------------------------------------------------------------------- Accumulated net investment loss (12,460,717) - -------------------------------------------------------------------------------------------------------- Accumulated net realized loss on investments and foreign currency transactions (376,914,684) - -------------------------------------------------------------------------------------------------------- Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies 167,691,846 --------------- NET ASSETS $ 912,035,640 ===============
17 | OPPENHEIMER INTERNATIONAL GROWTH FUND STATEMENT OF ASSETS AND LIABILITIES Unaudited / Continued - --------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------- NET ASSET VALUE PER SHARE - ---------------------------------------------------------------------------------------------------- Class A Shares: Net asset value and redemption price per share (based on net assets of $587,372,326 and 35,770,484 shares of beneficial interest outstanding) $16.42 Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) $17.42 - ---------------------------------------------------------------------------------------------------- Class B Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $166,685,148 and 10,611,807 shares of beneficial interest outstanding) $15.71 - ---------------------------------------------------------------------------------------------------- Class C Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $131,349,002 and 8,360,483 shares of beneficial interest outstanding) $15.71 - ---------------------------------------------------------------------------------------------------- Class N Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $26,629,164 and 1,642,094 shares of beneficial interest outstanding) $16.22
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 18 | OPPENHEIMER INTERNATIONAL GROWTH FUND STATEMENT OF OPERATIONS Unaudited - --------------------------------------------------------------------------------
For the Six Months Ended May 31, 2004 - ---------------------------------------------------------------------------------------- INVESTMENT INCOME - ---------------------------------------------------------------------------------------- Dividends (net of foreign withholding taxes of $1,058,672) $ 8,900,577 - ---------------------------------------------------------------------------------------- Interest 69,625 ------------ Total investment income 8,970,202 - ---------------------------------------------------------------------------------------- EXPENSES - ---------------------------------------------------------------------------------------- Management fees 3,537,825 - ---------------------------------------------------------------------------------------- Distribution and service plan fees: Class A 713,905 Class B 889,349 Class C 651,707 Class N 61,911 - ---------------------------------------------------------------------------------------- Transfer and shareholder servicing agent fees: Class A 1,527,578 Class B 346,375 Class C 217,220 Class N 55,630 - ---------------------------------------------------------------------------------------- Shareholder communications: Class A 62,827 Class B 42,709 Class C 12,946 Class N 823 - ---------------------------------------------------------------------------------------- Custodian fees and expenses 171,236 - ---------------------------------------------------------------------------------------- Trustees' compensation 18,987 - ---------------------------------------------------------------------------------------- Other 38,829 ------------ Total expenses 8,349,857 Less reduction to custodian expenses (1,120) Less voluntary waiver of transfer and shareholder servicing agent fees: Class A (475,542) Class B (28,059) Class N (11,551) ------------ Net expenses 7,833,585 - ---------------------------------------------------------------------------------------- NET INVESTMENT INCOME 1,136,617
19 | OPPENHEIMER INTERNATIONAL GROWTH FUND STATEMENT OF OPERATIONS Unaudited / Continued - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) - ----------------------------------------------------------------------------------------- Net realized gain (loss) on: Investments $(25,912,307) Foreign currency transactions 30,675,013 ------------- Net realized gain 4,762,706 - ----------------------------------------------------------------------------------------- Net change in unrealized appreciation on: Investments 56,649,769 Translation of assets and liabilities denominated in foreign currencies (16,675,219) ------------- Net change in unrealized appreciation 39,974,550 - ----------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 45,873,873 =============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 20 | OPPENHEIMER INTERNATIONAL GROWTH FUND STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED ENDED MAY 31, 2004 NOVEMBER 30, (UNAUDITED) 2003 - ------------------------------------------------------------------------------------------------- OPERATIONS - ------------------------------------------------------------------------------------------------- Net investment income (loss) $ 1,136,617 $ (672,881) - ------------------------------------------------------------------------------------------------- Net realized gain (loss) 4,762,706 (153,689,727) - ------------------------------------------------------------------------------------------------- Net change in unrealized appreciation (depreciation) 39,974,550 372,677,945 -------------------------------- Net increase in net assets resulting from operations 45,873,873 218,315,337 - ------------------------------------------------------------------------------------------------- DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS - ------------------------------------------------------------------------------------------------- Dividends from net investment income: Class A (6,767,655) (3,451,367) Class B (1,084,898) (393,792) Class C (837,759) (280,451) Class N (241,976) (141,834) - ------------------------------------------------------------------------------------------------- BENEFICIAL INTEREST TRANSACTIONS - ------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from beneficial interest transactions: Class A 37,102,549 35,842,844 Class B (17,106,568) (31,008,777) Class C 9,347,793 (2,213,224) Class N 4,588,888 4,032,418 - ------------------------------------------------------------------------------------------------- NET ASSETS - ------------------------------------------------------------------------------------------------- Total increase 70,874,247 220,701,154 - ------------------------------------------------------------------------------------------------- Beginning of period 841,161,393 620,460,239 -------------------------------- End of period (including accumulated net investment loss of $12,460,717 and $4,665,046, respectively) $912,035,640 $ 841,161,393 ================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 21 | OPPENHEIMER INTERNATIONAL GROWTH FUND FINANCIAL HIGHLIGHTS - --------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED ENDED MAY 31, 2004 NOV. 30, CLASS A (UNAUDITED) 2003 2002 2001 2000 1999 - ---------------------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA - ---------------------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 15.72 $ 11.63 $ 14.96 $ 19.77 $ 19.22 $ 15.11 - ---------------------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income (loss) .05 .01 .12 .06 (.01) (.02) Net realized and unrealized gain (loss) .85 4.19 (3.41) (3.93) .77 5.02 ---------------------------------------------------------------------------------- Total from investment operations .90 4.20 (3.29) (3.87) .76 5.00 - ---------------------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.20) (.11) (.04) -- -- (.13) Distributions from net realized gain -- -- -- (.94) (.21) (.76) ---------------------------------------------------------------------------------- Total dividends and/or distributions to shareholders (.20) (.11) (.04) (.94) (.21) (.89) - ---------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 16.42 $ 15.72 $ 11.63 $ 14.96 $ 19.77 $ 19.22 ================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 1 5.78% 36.55% (22.04)% (20.58)% 3.92% 35.31% - ---------------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - ---------------------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $587,372 $528,363 $358,097 $535,615 $478,680 $208,981 - ---------------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $586,964 $390,315 $512,319 $536,366 $418,537 $180,719 - ---------------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 2 Net investment income (loss) 0.52% 0.18% 0.62% 0.62% 0.22% (0.15)% Total expenses 1.60% 1.88% 1.64% 1.42% 1.38% 1.55% Expenses after expense reimbursement or fee waiver and reduction to custodian expenses 1.44% 1.42% 1.56% N/A 3,4 N/A 3 N/A 3 - ---------------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 30% 61% 46% 33% 61% 75%
1. 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 of 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. 2. Annualized for periods of less than one full year. 3. Reduction to custodian expenses less than 0.01%. 4. Voluntary waiver of transfer agent fees less than 0.01%. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS 22 | OPPENHEIMER INTERNATIONAL GROWTH FUND
SIX MONTHS YEAR ENDED ENDED MAY 31, 2004 NOV. 30, CLASS B (UNAUDITED) 2003 2002 2001 2000 1999 - ----------------------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA - ----------------------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 15.00 $ 11.10 $ 14.34 $ 19.14 $ 18.75 $ 14.76 - ----------------------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment loss (.08) (.13) (.03) (.01) (.08) (.14) Net realized and unrealized gain (loss) .88 4.06 (3.21) (3.85) .68 4.92 ----------------------------------------------------------------------------------- Total from investment operations .80 3.93 (3.24) (3.86) .60 4.78 - ----------------------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.09) (.03) -- -- -- (.03) Distributions from net realized gain -- -- -- (.94) (.21) (.76) ----------------------------------------------------------------------------------- Total dividends and/or distributions to shareholders (.09) (.03) -- (.94) (.21) (.79) - ----------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 15.71 $ 15.00 $ 11.10 $ 14.34 $ 19.14 $ 18.75 =================================================================================== - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 1 5.38% 35.49% (22.59)% (21.23)% 3.16% 34.32% - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - ----------------------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $166,685 $174,959 $161,074 $230,085 $273,243 $176,021 - ----------------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $177,893 $148,838 $200,304 $262,745 $276,393 $145,203 - ----------------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 2 Net investment loss (0.32)% (0.55)% (0.12)% (0.15)% (0.56)% (0.91)% Total expenses 2.26% 2.48% 2.39% 2.17% 2.14% 2.31% Expenses after expense reimbursement or fee waiver and reduction to custodian expenses 2.23% 2.19% 2.31% N/A 3,4 N/A 3 N/A 3 - ----------------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 30% 61% 46% 33% 61% 75%
1. 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 of 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. 2. Annualized for periods of less than one full year. 3. Reduction to custodian expenses less than 0.01%. 4. Voluntary waiver of transfer agent fees less than 0.01%. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS 23 | OPPENHEIMER INTERNATIONAL GROWTH FUND FINANCIAL HIGHLIGHTS Continued - --------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED ENDED MAY 31, 2004 NOV. 30, CLASS C (UNAUDITED) 2003 2002 2001 2000 1999 - ----------------------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA - ----------------------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 15.01 $ 11.12 $ 14.37 $ 19.16 $ 18.77 $ 14.78 - ----------------------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income (loss) .01 (.08) (.01) -- 1 (.04) (.13) Net realized and unrealized gain (loss) .80 4.01 (3.24) (3.85) .64 4.91 ----------------------------------------------------------------------------------- Total from investment operations .81 3.93 (3.25) (3.85) .60 4.78 - ----------------------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.11) (.04) -- -- -- (.03) Distributions from net realized gain -- -- -- (.94) (.21) (.76) ----------------------------------------------------------------------------------- Total dividends and/or distributions to shareholders (.11) (.04) -- (.94) (.21) (.79) - ----------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 15.71 $ 15.01 $ 11.12 $ 14.37 $ 19.16 $ 18.77 =================================================================================== - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 2 5.40% 35.44% (22.62)% (21.16)% 3.16% 34.28% - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - ----------------------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $131,349 $116,659 $ 89,456 $114,084 $113,230 $49,242 - ----------------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $130,405 $ 90,532 $106,551 $122,775 $ 98,110 $39,641 - ----------------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment loss (0.21)% (0.59)% (0.12)% (0.14)% (0.53)% (0.92)% Total expenses 2.17% 2.38% 2.37% 2.17% 2.14% 2.32% Expenses after expense reimbursement or fee waiver and reduction to custodian expenses N/A 4 2.22% 2.29% N/A 4,5 N/A 4 N/A 4 - ----------------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 30% 61% 46% 33% 61% 75%
1. Less than $0.005 per share. 2. 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 of 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. 3. Annualized for periods of less than one full year. 4. Reduction to custodian expenses less than 0.01%. 5. Voluntary waiver of transfer agent fees less than 0.01%. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS 24 | OPPENHEIMER INTERNATIONAL GROWTH FUND
SIX MONTHS YEAR ENDED ENDED MAY 31, 2004 NOV. 30, CLASS N (UNAUDITED) 2003 2002 2001 1 - ------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA - ------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $15.51 $11.55 $14.93 $18.74 - ------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income .08 .02 .09 .01 Net realized and unrealized gain (loss) .80 4.08 (3.38) (3.82) ------------------------------------------------- Total from investment operations .88 4.10 (3.29) (3.81) - ------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.17) (.14) (.09) -- Distributions from net realized gain -- -- -- -- ------------------------------------------------- Total dividends and/or distributions to shareholders (.17) (.14) (.09) -- - ------------------------------------------------------------------------------------------------------------- Net asset value, end of period $16.22 $15.51 $11.55 $14.93 ================================================= - ------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 2 5.73% 36.01% (22.18)% (20.33)% - ------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - ------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $26,629 $21,180 $11,833 $3,102 - ------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $24,804 $14,722 $ 9,195 $1,152 - ------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment income (loss) 0.32% (0.16)% 0.19% 0.18% Total expenses 1.78% 1.90% 1.80% 1.74% Expenses after expense reimbursement or fee waiver and reduction to custodian expenses 1.69% 1.73% 1.72% N/A 4,5 - ------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 30% 61% 46% 33%
1. For the period from March 1, 2001 (inception of offering) to November 30, 2001. 2. 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 of 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. 3. Annualized for periods of less than one full year. 4. Reduction to custodian expenses less than 0.01%. 5. Voluntary waiver of transfer agent fees less than 0.01%. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS 25 | OPPENHEIMER INTERNATIONAL GROWTH FUND NOTES TO FINANCIAL STATEMENTS Unaudited - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Oppenheimer International Growth Fund (the Fund) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Fund's investment objective is to seek long-term capital appreciation. The Fund's investment advisor is OppenheimerFunds, Inc. (the Manager). The Fund offers Class A, Class B, Class C and Class N 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. 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 by minor amounts due to each class having its own expenses directly attributable to that class. Classes A, B, C and N have separate distribution and/or service plans. Class B shares will automatically convert to Class A shares six years 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 business. Securities listed or traded on National Stock Exchanges or other domestic or foreign exchanges 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 traded on NASDAQ are valued based on the closing price provided 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 may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value. Foreign 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 foreign exchanges will be fair valued. Fair value is determined in good faith using consistently applied procedures under the supervision of the Board of Trustees. Short-term "money market type" debt securities with remaining maturities of sixty days or less are valued at amortized cost (which approximates market value). - -------------------------------------------------------------------------------- FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. Prices of securities denominated in foreign currencies are translated into U.S. dollars 26 | OPPENHEIMER INTERNATIONAL GROWTH FUND at the closing rates of exchange. Amounts related to the purchase and sale of foreign securities and investment income are translated at the rates of exchange prevailing on the respective dates of such transactions. Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized 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 foreign exchange gains and losses 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. - -------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other affiliated funds advised by the Manager, may transfer uninvested cash balances into joint trading accounts on a daily basis. These balances are invested in one or more repurchase agreements. Securities pledged as collateral for repurchase agreements are held by a custodian bank until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. In the event of default by the other party to the agreement, retention of the collateral may be subject to legal proceedings. - -------------------------------------------------------------------------------- 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. Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes primarily because of the recognition of certain foreign currency gains (losses) as ordinary income (loss) for 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. 27 | OPPENHEIMER INTERNATIONAL GROWTH FUND NOTES TO FINANCIAL STATEMENTS Unaudited / Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued As of May 31, 2004, the Fund had available for federal income tax purposes an estimated unused capital loss carryforward of $370,287,704 expiring by 2012. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended May 31, 2004 and the year ended November 30, 2003, the Fund used $4,762,706 and $0, respectively, of carryforward to offset capital gains realized. As of November 30, 2003, the Fund had available for federal income tax purposes post-October losses of $7,784,356 and unused capital loss carryforwards as follows: EXPIRING ------------------------------ 2009 $ 80,843,212 2010 110,808,862 2011 175,613,980 ------------ Total $367,266,054 ============ Certain foreign countries impose a tax on capital gains which is accrued by the Fund based on unrealized appreciation, if any, on affected securities. The tax is paid when the gain is realized. - -------------------------------------------------------------------------------- TRUSTEES' COMPENSATION. The Fund has adopted an unfunded retirement plan for the Fund's independent trustees. Benefits are based on years of service and fees paid to each trustee during the years of service. During the six months ended May 31, 2004, the Fund's projected benefit obligations were increased by $6,690 and payments of $9,160 were made to retired trustees, resulting in an accumulated liability of $152,172. The Board of Trustees has adopted a deferred compensation 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 does purchase 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 Plan. 28 | OPPENHEIMER INTERNATIONAL GROWTH FUND - -------------------------------------------------------------------------------- DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. Income and capital gain distributions, if any, are declared and paid annually. - -------------------------------------------------------------------------------- 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, which includes accretion of discount and amortization of premium, is accrued as earned. - -------------------------------------------------------------------------------- EXPENSE OFFSET ARRANGEMENT. The reduction of custodian fees, if applicable, represents earnings on cash balances maintained by the Fund. - -------------------------------------------------------------------------------- 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. - -------------------------------------------------------------------------------- OTHER. The preparation of financial statements in conformity with U.S. generally accepted accounting principles 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 income and expenses during the reporting period. Actual results could differ from those estimates. In the ordinary course of business, the Fund enters into contracts that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote. - -------------------------------------------------------------------------------- 2. SHARES OF BENEFICIAL INTEREST The Fund has authorized an unlimited number of no par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:
SIX MONTHS ENDED MAY 31, 2004 YEAR ENDED NOVEMBER 30, 2003 SHARES AMOUNT SHARES AMOUNT - ------------------------------------------------------------------------------------------------ CLASS A Sold 11,015,825 $ 185,415,147 40,205,063 $ 471,582,861 Dividends and/or distributions reinvested 364,291 5,755,789 273,353 2,963,156 Redeemed (9,229,131) (154,068,387) (37,646,102) (438,703,173) ------------------------------------------------------------------- Net increase 2,150,985 $ 37,102,549 2,832,314 $ 35,842,844 =================================================================== - ------------------------------------------------------------------------------------------------ CLASS B Sold 1,207,845 $ 19,433,907 2,549,035 $ 30,239,637 Dividends and/or distributions reinvested 61,977 940,196 32,768 341,309 Redeemed (2,325,350) (37,480,671) (5,425,773) (61,589,723) ------------------------------------------------------------------- Net decrease (1,055,528) $ (17,106,568) (2,843,970) $ (31,008,777) ===================================================================
29 | OPPENHEIMER INTERNATIONAL GROWTH FUND NOTES TO FINANCIAL STATEMENTS Unaudited / Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 2. SHARES OF BENEFICIAL INTEREST Continued
SIX MONTHS ENDED MAY 31, 2004 YEAR ENDED NOVEMBER 30, 2003 SHARES AMOUNT SHARES AMOUNT - ------------------------------------------------------------------------------------------------ CLASS C Sold 1,427,284 $ 22,867,539 3,339,291 $ 38,386,072 Dividends and/or distributions reinvested 45,549 690,983 21,255 221,691 Redeemed (885,910) (14,210,729) (3,631,625) (40,820,987) ----------------------------------------------------------------- Net increase (decrease) 586,923 $ 9,347,793 (271,079) $ (2,213,224) ================================================================= - ------------------------------------------------------------------------------------------------ CLASS N Sold 618,732 $ 10,289,184 1,277,146 $ 14,871,049 Dividends and/or distributions reinvested 14,836 231,750 12,795 137,297 Redeemed (356,805) (5,932,046) (949,418) (10,975,928) ----------------------------------------------------------------- Net increase 276,763 $ 4,588,888 340,523 $ 4,032,418 =================================================================
- -------------------------------------------------------------------------------- 3. PURCHASES AND SALES OF SECURITIES The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the six months ended May 31, 2004, were $298,366,462 and $269,703,841, respectively. - -------------------------------------------------------------------------------- 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES MANAGEMENT FEES. Management fees paid to the Manager were in accordance with the investment advisory agreement with the Fund which provides for a fee at an annual rate of 0.80% of the first $250 million of average annual net assets of the Fund, 0.77% of the next $250 million, 0.75% of the next $500 million, 0.69% of the next $1 billion, and 0.67% of average annual net assets in excess of $2 billion. - -------------------------------------------------------------------------------- TRANSFER AGENT FEES. OppenheimerFunds Services (OFS), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the six months ended May 31, 2004, the Fund paid $1,579,780 to OFS for services to the Fund. 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. This undertaking may be amended or withdrawn at any time. - -------------------------------------------------------------------------------- DISTRIBUTION AND SERVICE PLAN (12b-1) FEES. Under its General Distributor's Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the Distributor) acts as the Fund's principal underwriter in the continuous public offering of the Fund's classes of shares. - -------------------------------------------------------------------------------- SERVICE PLAN FOR CLASS A SHARES. The Fund has adopted a Service Plan for Class A shares. It reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made quarterly at an annual rate of up to 0.25% of the average annual net assets of Class A shares of the Fund. The 30 | OPPENHEIMER INTERNATIONAL GROWTH FUND Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions quarterly for providing personal services 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 years. 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 for Class B, Class C and Class N shares 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% per year on Class B shares and on Class C shares and 0.25% per year on Class N shares. The Distributor also receives a service fee of up to 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 plan at May 31, 2004 for Class B, Class C and Class N shares were $4,144,707, $2,650,410 and $207,624, 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 table below for the period indicated.
CLASS A CLASS B CLASS C CLASS N CLASS A CONTINGENT CONTINGENT CONTINGENT CONTINGENT FRONT-END DEFERRED DEFERRED DEFERRED DEFERRED SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES SIX MONTHS RETAINED BY RETAINED BY RETAINED BY RETAINED BY RETAINED BY ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR - ------------------------------------------------------------------------------------------------------------ May 31, 2004 $208,587 $5,875 $170,048 $11,137 $17,230
- -------------------------------------------------------------------------------- 5. FOREIGN CURRENCY CONTRACTS A foreign currency contract is a commitment to purchase or sell a foreign currency at a future date, at a negotiated rate. The Fund may enter into foreign currency contracts to settle specific purchases or sales of securities denominated in a foreign currency and for protection from adverse exchange rate fluctuation. Risks to the Fund include the potential inability of the counterparty to meet the terms of the contract. The net U.S. dollar value of foreign currency underlying all contractual commitments held by the Fund and the resulting unrealized appreciation or depreciation are determined using prevailing foreign currency exchange rates. Unrealized appreciation and 31 | OPPENHEIMER INTERNATIONAL GROWTH FUND NOTES TO FINANCIAL STATEMENTS Unaudited / Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 5. FOREIGN CURRENCY CONTRACTS Continued depreciation on foreign currency contracts are reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations with the change in unrealized appreciation or depreciation. The Fund may realize a gain or loss upon the closing or settlement of the foreign transaction. Contracts closed or settled with the same broker are recorded as net realized gains or losses. Such realized gains and losses are reported with all other foreign currency gains and losses in the Statement of Operations. As of May 31, 2004, the Fund had no outstanding foreign currency contracts. - -------------------------------------------------------------------------------- 6. ILLIQUID OR RESTRICTED SECURITIES As of May 31, 2004, investments in securities included issues that are illiquid or restricted. Restricted securities are purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and are valued under methods approved by the Board of Trustees as reflecting fair value. A security may also be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. The Fund intends to invest no more than 10% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid or restricted securities. Certain restricted securities, eligible for resale to qualified institutional investors, are not subject to that limitation. The aggregate value of illiquid or restricted securities subject to this limitation as of May 31, 2004 was $35,404,905, which represents 3.88% of the Fund's net assets, of which $11,457,883 is considered restricted. Information concerning restricted securities is as follows:
UNREALIZED ACQUISITION VALUATION AS OF APPRECIATION SECURITY DATES COST MAY 31, 2004 (DEPRECIATION) - ----------------------------------------------------------------------------------------------------- STOCKS AND/OR WARRANTS Art Advanced Research Technologies, Inc. 6/19/01 $7,500,000 $3,176,436 $(4,323,564) Ceres Group, Inc., Series C Wts., Exp. 8/28/06 10/25/01 -- -- -- Ceres Group, Inc., Series D Wts., Exp. 12/31/30 10/4/01 -- -- -- Ceres, Inc., $4.00 Cv., Series C-1 2/6/01 178,060 289,348 111,288 Ceres, Inc., Cv., Series C 1/6/99 2,400,000 3,900,000 1,500,000 Ceres, Inc., Cv., Series D 3/15/01 2,508,000 2,717,000 209,000 Oxagen Ltd., Cv. 12/20/00 2,210,700 1,375,099 (835,601)
32 | OPPENHEIMER INTERNATIONAL GROWTH FUND - -------------------------------------------------------------------------------- 7. BORROWING AND LENDING ARRANGEMENTS The Fund entered into an "interfund borrowing and lending arrangement" with other funds in the Oppenheimer funds complex, to allow funds to borrow for liquidity purposes. The arrangement was initiated pursuant to exemptive relief granted by the Securities and Exchange Commission (the SEC) to allow these affiliated funds to lend money to, and borrow money from, each other, in an attempt to reduce borrowing costs below those of bank loan facilities. The SEC's order requires the Fund's Board of Trustees to adopt operating policies and procedures to administer interfund borrowing and lending. Under the arrangement the Fund may lend money to other Oppenheimer funds and may borrow from other Oppenheimer funds at a rate set by the Fund's Board of Trustees, based upon a recommendation by the Manager. The Fund's borrowings, if any, are subject to asset coverage requirements under the Investment Company Act and the provisions of the SEC order and other applicable regulations. If the Fund borrows money, there is a risk that the loan could be called on one day's notice, in which case the Fund might have to borrow from a bank at higher rates if a loan were not available from another Oppenheimer fund. If the Fund lends money to another fund, it will be subject to the risk that the other fund might not repay the loan in a timely manner, or at all. The Fund had no interfund borrowings or loans outstanding during the six months ended or at May 31, 2004. - -------------------------------------------------------------------------------- PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES 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 1.800.225.5677, (ii) on the Fund's website at www.oppenheimerfunds.com, and (iii) on the SEC's website at www.sec.gov. In addition, the Fund will be required to file new 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 first such filing is due no later than August 31, 2004, for the twelve months ended June 30, 2004. Once filed, the Fund's Form N-PX filing will be available (i) without charge, upon request, by calling the Fund toll-free at 1.800.225.5677, and (ii) on the SEC's website at www.sec.gov. 33 | OPPENHEIMER INTERNATIONAL GROWTH FUND ITEM 2. CODE OF ETHICS Not applicable to semiannual reports. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT Not applicable to semiannual reports. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES Not applicable to semiannual reports. ITEM 5. NOT APPLICABLE ITEM 6. SCHEDULE OF INVESTMENTS Not applicable ITEM 7. NOT APPLICABLE ITEM 8. NOT APPLICABLE ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS At a meeting of the Board of Trustees of the registrant held on February 18, 2004, the Board adopted (1) a policy that, should the Board determine that a vacancy exists or is likely to exist on the Board, the Governance Committee of the Board, which is comprised entirely of independent trustees, shall consider any candidates for Board membership recommended by the registrant's security holders and (2) a policy that security holders wishing to submit a nominee for election to the Board may do so by mailing their submission to the offices of OppenheimerFunds, Inc., Two World Financial Center, 225 Liberty Street - 11th Floor, New York, NY 10281-1008, to the attention of the Chair of the Governance Committee. Prior to February 18, 2004, the Board did not have a formalized policy with respect to consideration of security holder nominees or a procedure by which security holders may make their submissions. In addition to security holder nominees, the Governance Committee may also consider nominees recommended by independent Board members or recommended by any other Board members and is authorized under its Charter, upon Board approval, to retain an executive search firm to assist in screening potential candidates. Upon Board approval, the Governance Committee may also obtain legal, financial, or other external counsel that may be necessary or desirable in the screening process. ITEM 10. CONTROLS AND PROCEDURES (a) Based on their evaluation of 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 May 31, 2004, registrant's principal executive officer and principal financial officer found registrant's disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by 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. (b) There have been no significant changes in registrant's internal controls over financial reporting that occurred during the registrant's last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 11. EXHIBITS. (A) EXHIBIT ATTACHED HERETO. (ATTACH CODE OF ETHICS AS EXHIBIT) (B) EXHIBITS ATTACHED HERETO. (ATTACH CERTIFICATIONS AS EXHIBITS) EX-99.CERT 2 ex99_302cert-825.txt EX99_302CERT-825.TXT Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, JOHN V. MURPHY, certify that: -------------- 1. I have reviewed this report on Form N-CSR of Oppenheimer International Growth Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions): a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: 6/13/04 /s/John V. Murphy ---------------------------- John V. Murphy Chief Executive Officer Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, BRIAN W. WIXTED, certify that: --------------- 1. I have reviewed this report on Form N-CSR of Oppenheimer International Growth Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions): a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: 6/13/04 /s/Brian W. Wixted ---------------------------- Brian W. Wixted Chief Financial Officer EX-99.906 3 ex99_906cert-825.txt EX99_906CERT-825.TXT EX-99.906CERT Section 906 Certifications CERTIFICATION PURSUANT TO 18 U.S.C SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 JOHN V. MURPHY, Chief Executive Officer, and BRIAN W. WIXTED, Chief -------------- ---------------- Financial Officer, of Oppenheimer International Growth Fund (the "Registrant"), each certify to the best of his or her knowledge that: 1. The Registrant's periodic report on Form N-CSR for the period ended May 31, 2004 (the "Form N-CSR") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and 2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Form N-CSR filed with the Commission. Chief Executive Officer Chief Financial Officer Oppenheimer International Oppenheimer International Growth Fund Growth Fund /s/John V. Murphy /s/Brian W. Wixted - ---------------------------- ---------------------------- John V. Murphy Brian W. Wixted Date: 6/13/04 Date: 6/13/04 -----END PRIVACY-ENHANCED MESSAGE-----