N-CSRS

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: 05/31/2009

Item 1. Reports to Stockholders.

May 31, 2009 Oppenheimer International Growth Fund Management Commentaries and Semiannual Report MANAGEMENT COMMENTARIES An Interview with Your Fund’s Manager SEMI ANNUAL REPORT Listing of Top Holdings Listing of Investments Financial Statements

TOP HOLDINGS AND ALLOCATIONS

12 | OPPENHEIMER INTERNATIONAL GROWTH 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 3/25/96. 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 3/25/96. 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 3/25/96. 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.

13 | OPPENHEIMER INTERNATIONAL GROWTH FUND

NOTES

Class Y shares of the Fund were first publicly offered on 9/7/05. Class Y shares are offered only to certain institutional investors under a special agreement with the Distributor, and to present or former officers, directors, trustees or employees (and their eligible family members) of the Fund, the Manager, its affiliates, its parent company and the subsidiaries of its parent company, and retirement plans established for the benefit of such individuals.

An explanation of the calculation of performance is in the Fund’s Statement of Additional Information.

14 | OPPENHEIMER INTERNATIONAL GROWTH 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 May 31, 2009.

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

15 | OPPENHEIMER INTERNATIONAL GROWTH 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	December 1, 2008		May 31, 2009		May 31, 2009
Class A	$	1,000.00	$	1,208.40	$	7.34
Class B		1,000.00		1,203.60		11.70
Class C		1,000.00		1,203.20		11.53
Class N		1,000.00		1,206.50		8.67
Class Y		1,000.00		1,211.10		4.64
Hypothetical (5% return before expenses)
Class A		1,000.00		1,018.30		6.71
Class B		1,000.00		1,014.36		10.70
Class C		1,000.00		1,014.51		10.55
Class N		1,000.00		1,017.10		7.93
Class Y		1,000.00		1,020.74		4.24

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated fund, based on the 6-month period ended May 31, 2009 are as follows:

Class	Expense Ratios
Class A		1.33	%
Class B		2.12
Class C		2.09
Class N		1.57
Class Y		0.84

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.

16 | OPPENHEIMER INTERNATIONAL GROWTH FUND

STATEMENT OF INVESTMENTS May 31, 2009 / Unaudited

	Shares		Value
Common Stocks—88.8%
Consumer Discretionary—11.1%
Automobiles—2.0%
Bayerische Motoren Werke (BMW) AG		156,248	$	5,621,356
Honda Motor Co.		704,246		20,442,954
Toyota Motor Corp.		536,352		21,447,325
				47,511,635
Diversified Consumer Services—0.3%
Dignity plc		916,910		8,484,580
Hotels, Restaurants & Leisure—1.6%
Carnival Corp.		586,460		14,919,542
Enterprise Inns plc		3,096,290		7,475,391
William Hill plc		4,526,748		15,651,990
				38,046,923
Household Durables—0.5%
SEB SA		278,503		11,156,826
Media—1.9%
British Sky Broadcasting Group plc		1,392,478		10,046,014
Grupo Televisa SA, Sponsored GDR		664,940		11,822,633
Vivendi SA		552,947		14,598,036
Zee Entertainment Enterprises Ltd.		2,678,500		9,676,963
				46,143,646
Multiline Retail—0.3%
Pinault-Printemps-Redoute SA		73,380		6,210,318
Specialty Retail—1.4%
Hennes & Mauritz AB, Cl. B		235,185		11,204,466
Industria de Diseno Textil SA		488,340		22,039,754
				33,244,220
Textiles, Apparel & Luxury Goods—3.1%
Burberry Group plc		3,206,843		20,025,172
Compagnie Financiere Richemont SA, Cl. A		484,582		10,607,854
Luxottica Group SpA1		662,150		13,788,360
LVMH Moet Hennessey Louis Vuitton		184,410		15,331,186
Swatch Group AG (The), Cl. B		82,107		13,686,073
				73,438,645
Consumer Staples—5.7%
Beverages—1.9%
C&C Group plc		3,735,126		11,918,340
Heineken NV		280,195		9,974,143
Pernod-Ricard SA		384,473		24,029,497
				45,921,980
Food & Staples Retailing—0.6%
Woolworths Ltd.		634,332		12,878,677
Food Products—2.3%
Aryzta AG1		210,273		6,222,726
Barry Callebaut AG		58,120		31,704,576
Nestle SA		349,267		12,658,394
Unilever plc		145,400		3,428,688
				54,014,384
Household Products—0.6%
Reckitt Benckiser Group plc		336,419		14,567,100
Personal Products—0.3%
L’Oreal SA		96,233		7,589,967
Energy—5.5%
Energy Equipment & Services—1.5%
Saipem SpA		313,900		8,016,189
Technip SA		539,092		26,710,246
				34,726,435
Oil, Gas & Consumable Fuels—4.0%
BG Group plc		2,204,527		40,400,400
BP plc, ADR		378,795		18,750,353
Total SA		428,844		24,823,132
Tsakos Energy Navigation Ltd.		497,650		11,217,031
				95,190,916

F1 | OPPENHEIMER INTERNATIONAL GROWTH FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Financials—8.5%
Capital Markets—4.2%
3i Group plc		1,407,670	$	5,591,788
BinckBank NV		281,900		3,641,048
Collins Stewart plc		12,150,758		15,008,553
Credit Suisse Group AG		294,953		13,199,507
ICAP plc		4,423,002		28,424,197
Reinet Investments SCA1		54,825		663,220
Swissquote Group Holding SA		48,061		2,581,379
Tullett Prebon plc		6,232,818		29,963,414
				99,073,106
Commercial Banks—0.4%
ICICI Bank Ltd., Sponsored ADR		343,790		10,705,621
Insurance—2.9%
Allianz SE		63,169		6,229,061
AMP Ltd.		1,905,976		7,457,346
Prudential plc		2,992,775		20,887,252
QBE Insurance Group Ltd.		2,132,802		33,402,773
				67,976,432
Real Estate Management & Development—0.4%
Solidere, GDR2		74,732		1,349,802
Solidere, GDR2,3		501,025		9,049,464
				10,399,266
Thrifts & Mortgage Finance—0.6%
Housing Development Finance Corp. Ltd.		128,000		5,921,443
Paragon Group Cos. plc		5,650,372		7,336,424
				13,257,867
Health Care—15.7%
Biotechnology—2.9%
CSL Ltd.		1,035,300		24,211,725
Grifols SA		1,087,900		19,578,386
Marshall Edwards, Inc.1,4,5		2,824,863		2,344,636
Marshall Edwards, Inc., Legend Shares1,3,5		1,565,438		1,299,314
NeuroSearch AS1		686,367		13,345,811
NicOx SA1		389,140		4,945,080
Santhera Pharmaceuticals1		113,239		3,128,442
				68,853,394
Health Care Equipment & Supplies—6.7%
DiaSorin SpA		888,034		22,578,606
Essilor International SA		354,376		16,289,493
Nobel Biocare Holding AG		182,387		4,231,672
Smith & Nephew plc		1,827,130		13,325,926
Sonova Holding AG		196,187		14,459,559
Straumann Holding AG		85,497		16,079,681
Synthes, Inc.		424,369		43,517,892
Terumo Corp.		395,980		16,639,196
William Demant Holding AS1		238,805		13,488,956
				160,610,981
Health Care Providers & Services—2.0%
Sonic Healthcare Ltd.		5,004,894		47,721,773
Health Care Technology—0.1%
Ortivus AB, Cl. B1,5		1,638,150		1,233,971
Life Sciences Tools & Services—0.4%
Art Advanced Research Technologies, Inc.1,4,5		1,901,125		139,308
Art Advanced Research Technologies, Inc.1,5		1,721,500		126,146
Art Advanced Research Technologies, Inc., Legend Shares1,4,5		6,078,506		445,414
Art Advanced Research Technologies, Inc., Series 11,5		3,124,013		228,918

F2 | OPPENHEIMER INTERNATIONAL GROWTH FUND

	Shares		Value
Life Sciences Tools & Services Continued
Art Advanced Research Technologies, Inc., Series 21,5		976,420	$	71,549
BTG plc1		3,343,621		8,328,470
Tyrian Diagnostics Ltd.1,4,5		29,874,634		717,795
				10,057,600
Pharmaceuticals—3.6%
Astellas Pharma, Inc.		163,105		5,529,273
GlaxoSmithKline plc		226,259		3,810,601
Novogen Ltd.1,5		7,633,456		4,921,458
Oxagen Ltd.1,4,5		214,287		2,143
Roche Holding AG		256,825		35,019,404
Sanofi-Aventis SA		238,377		15,147,939
Shionogi & Co. Ltd.		552,200		10,895,634
Takeda Pharmaceutical Co. Ltd.		249,050		9,854,308
				85,180,760
Industrials—17.0%
Aerospace & Defense—1.0%
Empresa Brasileira de Aeronautica SA		3,659,446		17,519,812
European Aeronautic Defense & Space Co.1		286,620		4,701,628
				22,221,440
Air Freight & Logistics—0.2%
Toll Holdings Ltd.		963,295		5,468,440
Commercial Services & Supplies—5.3%
Aggreko plc		2,379,940		22,673,023
Capita Group plc		5,154,631		59,796,819
Experian plc		2,779,010		20,578,553
Prosegur Compania de Seguridad SA		722,655		22,034,187
				125,082,582
Construction & Engineering—2.0%
Koninklijke Boskalis Westminster NV		194,578		4,855,671
Leighton Holdings Ltd.		359,290		6,593,737
Maire Tecnimont SpA		3,123,154		9,249,293
Outotec OYJ		273,900		6,940,174
Trevi Finanziaria SpA		952,181		11,239,263
Vinci SA		150,781		7,259,614
				46,137,752
Electrical Equipment—4.3%
ABB Ltd.		2,611,919		43,047,845
Alstom		531,400		33,755,948
Ceres Power Holdings plc1,5		5,141,121		15,414,223
Ushio, Inc.		695,950		10,366,714
				102,584,730
Industrial Conglomerates—1.2%
Koninklijke (Royal) Philips Electronics NV		560,610		10,565,806
Siemens AG		254,564		18,694,336
				29,260,142
Machinery—1.5%
Aalberts Industries NV		3,053,737		30,227,947
Demag Cranes AG		233,323		5,714,740
				35,942,687
Trading Companies & Distributors—1.5%
Bunzl plc		3,431,259		28,311,908
Wolseley plc1		460,830		7,818,610
				36,130,518
Information Technology—20.1%
Communications Equipment—3.7%
Tandberg ASA		2,643,505		43,986,155
Telefonaktiebolaget LM Ericsson, B Shares		4,682,686		43,689,392
				87,675,547
Computers & Peripherals—0.0%
Logitech International SA1		71,498		1,018,387

F3 | OPPENHEIMER INTERNATIONAL GROWTH FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Electronic Equipment & Instruments—5.5%
Hoya Corp.		1,166,910	$	24,446,367
Ibiden Co. Ltd.		369,283		10,618,674
Keyence Corp.		153,201		31,900,796
Nidec Corp.		708,285		40,729,666
Nippon Electric Glass Co. Ltd.		592,475		5,756,850
Omron Corp.		497,118		7,638,629
Phoenix Mecano AG		31,377		8,719,915
				129,810,897
Internet Software & Services—1.7%
United Internet AG1		1,064,932		13,541,733
Yahoo! Japan Corp.		98,368		26,181,911
				39,723,644
IT Services—1.4%
Infosys Technologies Ltd.		984,578		33,676,719
Office Electronics—1.0%
Canon, Inc.		693,860		23,036,314
Software—6.8%
Autonomy Corp. plc1		3,026,519		75,821,854
Compugroup Holding AG1		766,645		4,346,085
Nintendo Co. Ltd.		125,919		34,208,837
Sage Group plc (The)		2,775,340		8,588,213
SAP AG		436,019		18,823,455
Square Enix Holdings Co. Ltd.		206,174		4,554,957
Temenos Group AG1		997,720		15,685,822
				162,029,223
Materials—3.9%
Chemicals—1.6%
Filtrona plc		5,220,809		10,721,991
Nufarm Ltd.		1,577,590		15,572,735
Sika AG		10,264		10,573,516
				36,868,242
Metals & Mining—2.3%
Impala Platinum Holdings Ltd.		1,482,220		35,956,317
Rio Tinto plc		436,596		19,758,668
				55,714,985
Telecommunication Services—1.0%
Wireless Telecommunication Services—1.0%
KDDI Corp.		2,567		13,416,940
Vodafone Group plc		5,197,618		9,781,326
				23,198,266
Utilities—0.3%
Electric Utilities—0.3%
Fortum Oyj		337,580		8,294,063
Total Common Stocks (Cost $2,068,325,690)				2,108,071,601
Preferred Stocks—2.1%
Art Advanced Research Technologies, Inc., Series 4, Legend Shares1,5		8,304,084		608,497
Art Advanced Research Technologies, Inc., Series 5, Legend Shares1,5		7,080,531		518,839
Ceres, Inc.:
Cv., Series C1,4,5		600,000		3,900,000
Cv., Series C-11,4,5		64,547		419,556
Cv., Series D1,4,5		459,800		2,988,700
Cv., Series F1,4,5		1,900,000		12,350,000
Vale SA, ADR, Preference		1,796,300		29,153,941
Total Preferred Stocks (Cost $28,617,750)				49,939,533

F4 | OPPENHEIMER INTERNATIONAL GROWTH FUND

	Units			Value
Rights, Warrants and Certificates—0.2%
3i Group plc Rts., Strike Price 1.35GBP, Exp. 6/11/091		1,809,861		$	3,071,527
Ceres, Inc., Cv. Series F Wts., Strike Price $6.50, Exp. 9/6/151,4,5		380,000			—
Marshall Edwards, Inc. Wts., Strike Price $3.60, Exp. 8/6/121,5		55,000			172,512
Marshall Edwards, Inc. Wts., Strike Price $4.35, Exp. 7/11/101,5		355,403			179,509
Total Rights, Warrants and Certificates (Cost $6,016,473)					3,423,548
	Shares			Value
Investment Companies—8.7%
JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.09%6		1,465,718		$	1,465,718
Oppenheimer Institutional Money Market Fund, Cl. E, 0.60% 5,6		205,793,822			205,793,822
Total Investment Companies (Cost $207,259,540)					207,259,540
Total Investments, at Value (Cost $2,310,219,453)		99.8	%		2,368,694,222
Other Assets
Net of Liabilities		0.2			5,482,984
Net Assets		100.0	%	$	2,374,177,206

Footnotes to Statement of Investments

Strike price is reported in U.S. Dollars, except for those denoted in the following foreign currency: GBP British Pound Sterling

1.	Non-income producing security.
2.	The Fund holds securities which have been issued by the same entity and that trade on separate exchanges.
3.	Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $10,348,778 or 0.44% of the Fund’s net assets as of May 31, 2009.
4.	Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of May 31, 2009 was $23,307,552, which represents 0.98% of the Fund’s net assets, of which $9,794,343 is considered restricted. See Note 6 of accompanying Notes. Information concerning restricted securities is as follows:

							Unrealized
	Acquisition						Appreciation
Security	Dates		Cost		Value		(Depreciation)
Art Advanced Research Technologies, Inc.		6/19/01	$	7,500,000	$	139,308	$	(7,360,692	)
Ceres, Inc., Cv., Series C		1/6/99		2,400,000		3,900,000		1,500,000
Ceres, Inc., Cv., Series C-1		2/6/01-3/21/06		258,188		419,556		161,368
Ceres, Inc., Cv., Series D		3/15/01-3/9/06		2,758,800		2,988,700		229,900
Marshall Edwards, Inc.		5/6/02-9/26/08		9,269,925		2,344,636		(6,925,289	)
Oxagen Ltd.		12/20/00		2,210,700		2,143		(2,208,557	)
			$	24,397,613	$	9,794,343	$	(14,603,270	)

F5 | OPPENHEIMER INTERNATIONAL GROWTH FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

5. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended May 31, 2009, 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/Units		Gross		Gross		Shares/Units
	November 30, 2008		Additions		Reductions		May 31, 2009
Art Advanced Research Technologies, Inc.		1,901,125		—		—		1,901,125
Art Advanced Research Technologies, Inc.		1,721,500		—		—		1,721,500
Art Advanced Research Technologies, Inc., Legend Shares		6,078,506		—		—		6,078,506
Art Advanced Research Technologies, Inc., Series 1		3,124,013		—		—		3,124,013
Art Advanced Research Technologies, Inc., Series 2		976,420		—		—		976,420
Art Advanced Research Technologies, Inc., Series 4, Legend Shares		8,304,084		—		—		8,304,084
Art Advanced Research Technologies, Inc., Series 5, Legend Shares		7,080,531		—		—		7,080,531
Ceres, Inc., Cv., Series C		600,000		—		—		600,000
Ceres, Inc., Cv., Series C-1		64,547		—		—		64,547
Ceres, Inc., Cv., Series D		459,800		—		—		459,800
Ceres, Inc., Cv., Series F		1,900,000		—		—		1,900,000
Ceres, Inc., Cv., Series F Wts., Strike Price $6.50, Exp. 9/6/15		380,000		—		—		380,000
Ceres Power Holdings plc		4,914,785		226,336		—		5,141,121
Marshall Edwards, Inc.		2,824,863		—		—		2,824,863
Marshall Edwards, Inc., Legend Shares		1,565,438		—		—		1,565,438
Marshall Edwards, Inc. Wts., Strike Price $3.60, Exp. 8/6/12		55,000		—		—		55,000
Marshall Edwards, Inc. Wts., Strike Price $4.35, Exp. 7/11/10		355,403		—		—		355,403
Novogen Ltd.		7,633,456		—		—		7,633,456
OFI Liquid Assets Fund, LLC		8,976,200		202,231,417		211,207,617		—
Oppenheimer Institutional Money Market Fund, Cl. E		181,558,335		292,412,324		268,176,837		205,793,822
Ortivus AB, Cl. B		1,638,150		—		—		1,638,150
Oxagen Ltd.		214,287		—		—		214,287
Tyrian Diagnostics Ltd.		29,874,634		—		—		29,874,634

	Value		Income
Art Advanced Research Technologies, Inc.	$	139,308	$	—
Art Advanced Research Technologies, Inc.		126,146		—
Art Advanced Research Technologies, Inc., Legend Shares		445,414		—
Art Advanced Research Technologies, Inc., Series 1		228,918		—
Art Advanced Research Technologies, Inc., Series 2		71,549		—
Art Advanced Research Technologies, Inc., Series 4, Legend Shares		608,497		—
Art Advanced Research Technologies, Inc., Series 5, Legend Shares		518,839		—
Ceres, Inc., Cv., Series C		3,900,000		—
Ceres, Inc., Cv., Series C-1		419,556		—
Ceres, Inc., Cv., Series D		2,988,700		—
Ceres, Inc., Cv., Series F		12,350,000		—
Ceres, Inc., Cv., Series F Wts., Strike Price $6.50, Exp. 9/6/15		—		—
Ceres Power Holdings plc		15,414,223		—
Marshall Edwards, Inc.		2,344,636		—
Marshall Edwards, Inc., Legend Shares		1,299,314		—
Marshall Edwards, Inc. Wts., Strike Price $3.60, Exp. 8/6/12		172,512		—
Marshall Edwards, Inc. Wts., Strike Price $4.35, Exp. 7/11/10		179,509		—
Novogen Ltd.		4,921,458		—
OFI Liquid Assets Fund, LLC		—		495,027	a

F6 | OPPENHEIMER INTERNATIONAL GROWTH FUND

	Value		Income
Oppenheimer Institutional Money Market Fund, Cl. E	$	205,793,822	$	792,157
Ortivus AB, Cl. B		1,233,971		—
Oxagen Ltd.		2,143		—
Tyrian Diagnostics Ltd.		717,795		—
	$	253,876,310	$	1,287,184

a.	Net of compensation to the securities lending agent and rebates paid to the borrowing counterparties.
6.	Rate shown is the 7-day yield as of May 31, 2009.

Valuation Inputs

Various data inputs are used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

1)	Level 1—quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)
2)	Level 2—inputs other than quoted prices that are observable for the asset (such as quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)
3)	Level 3—unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset).

The market value of the Fund’s investment was determined based on the following inputs as of May 31, 2009:

	Investments in		Other Financial
Valuation Description	Securities		Instruments*
Level 1—Quoted Prices	$	880,468,435	$	—
Level 2—Other Significant Observable Inputs		1,468,565,388		—
Level 3—Significant Unobservable Inputs		19,660,399		—
Total	$	2,368,694,222	$	—

* Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options written and swaps are reported at their market value at measurement date.

See the accompanying Notes for further discussion of the methods used in determining value of the Fund’s investments, and a summary of changes to the valuation techniques, if any, during the reporting period.

F7 | OPPENHEIMER INTERNATIONAL GROWTH FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

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

Geographic Holdings	Value		Percent
United Kingdom	$	513,507,950		21.7	%
Japan		317,665,345		13.4
Switzerland		286,142,644		12.1
United States		245,833,309		10.4
France		212,548,910		9.0
Australia		178,705,127		7.5
Germany		72,970,766		3.1
Italy		64,871,711		2.7
Spain		63,652,327		2.7
India		59,980,746		2.5
The Netherlands		59,264,615		2.5
Sweden		56,127,829		2.4
Brazil		46,673,753		2.0
Norway		43,986,155		1.9
South Africa		35,956,317		1.5
Denmark		26,834,767		1.1
Jersey, Channel Islands		20,578,553		0.9
Finland		15,234,237		0.6
Ireland		11,918,340		0.5
Mexico		11,822,633		0.5
Bermuda		11,217,031		0.5
Lebanon		10,399,266		0.4
Canada		2,138,671		0.1
Luxembourg		663,220		0.0
Total	$	2,368,694,222		100.0	%

See accompanying Notes to Financial Statements.

F8 | OPPENHEIMER INTERNATIONAL GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES Unaudited

May 31, 2009

Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $2,006,660,741)	$	2,114,817,912
Affiliated companies (cost $303,558,712)		253,876,310
		2,368,694,222
Cash		230,799
Receivables and other assets:
Interest and dividends		7,734,735
Shares of beneficial interest sold		6,128,285
Other		130,393
Total assets		2,382,918,434
Liabilities
Payables and other liabilities:
Shares of beneficial interest redeemed		3,596,255
Investments purchased		3,227,709
Foreign capital gains tax		512,236
Distribution and service plan fees		451,987
Transfer and shareholder servicing agent fees		374,635
Trustees’ compensation		296,874
Shareholder communications		92,622
Other		188,910
Total liabilities		8,741,228
Net Assets	$	2,374,177,206
Composition of Net Assets
Paid-in capital	$	2,715,732,688
Accumulated net investment income		14,098,802
Accumulated net realized loss on investments and foreign currency transactions		(413,865,944	)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		58,211,660
Net Assets	$	2,374,177,206

F9 | 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 $963,822,279 and 47,438,095 shares of beneficial interest outstanding)	$	20.32
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price)	$	21.56
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $70,522,986 and 3,625,844 shares of beneficial interest outstanding)	$	19.45
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $165,699,866 and 8,536,377 shares of beneficial interest outstanding)	$	19.41
Class N Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $60,140,843 and 3,003,022 shares of beneficial interest outstanding)	$	20.03
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $1,113,991,232 and 55,128,077 shares of beneficial interest outstanding)	$	20.21

See accompanying Notes to Financial Statements.

F10 | OPPENHEIMER INTERNATIONAL GROWTH FUND

STATEMENT OF OPERATIONS Unaudited

For the Six Months Ended May 31, 2009

Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $1,874,028)	$	30,034,565
Affiliated companies		792,157
Income from investment of securities lending cash collateral, net—affiliated companies		495,027
Interest		11,274
Total investment income		31,333,023
Expenses
Management fees		7,166,694
Distribution and service plan fees:
Class A		936,338
Class B		308,700
Class C		718,023
Class N		117,263
Transfer and shareholder servicing agent fees:
Class A		1,718,745
Class B		238,419
Class C		338,781
Class N		162,891
Class Y		408,386
Shareholder communications:
Class A		46,905
Class B		14,568
Class C		9,842
Class N		3,132
Class Y		58,154
Custodian fees and expenses		112,146
Trustees’ compensation		41,793
Other		92,083
Total expenses		12,492,863
Less reduction to custodian expenses		(138	)
Less waivers and reimbursements of expenses		(848,338	)
Net expenses		11,644,387
Net Investment Income		19,688,636

F11 | OPPENHEIMER INTERNATIONAL GROWTH FUND

STATEMENT OF OPERATIONS Unaudited / Continued

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments from unaffiliated companies	$	(106,768,497	)
Foreign currency transactions		3,841,737
Net realized loss		(102,926,760	)
Net change in unrealized appreciation on:
Investments (net of foreign capital gains tax of $512,236)		314,306,187
Translation of assets and liabilities denominated in foreign currencies		165,353,587
Net change in unrealized appreciation		479,659,774
Net Increase in Net Assets Resulting from Operations	$	396,421,650

See accompanying Notes to Financial Statements.

F12 | OPPENHEIMER INTERNATIONAL GROWTH FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months			Year
	Ended			Ended
	May 31, 2009			November 30,
	(Unaudited)			2008
Operations
Net investment income	$	19,688,636		$	35,325,937
Net realized loss		(102,926,760	)		(61,576,808	)
Net change in unrealized appreciation (depreciation)		479,659,774			(1,431,631,386	)
Net increase (decrease) in net assets resulting from operations		396,421,650			(1,457,882,257	)
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(8,603,781	)		(9,681,191	)
Class B		—			—
Class C		(165,925	)		(311,318	)
Class N		(389,420	)		(369,499	)
Class Y		(19,803,162	)		(10,088,234	)
		(28,962,288	)		(20,450,242	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		113,791,748			(45,627,743	)
Class B		(5,930,145	)		(34,278,489	)
Class C		(4,978,401	)		(13,795,338	)
Class N		4,045,642			9,708,905
Class Y		(25,602,225	)		677,808,446
		81,326,619			593,815,781
Net Assets
Total increase (decrease)		448,785,981			(884,516,718	)
Beginning of period		1,925,391,225			2,809,907,943
End of period (including accumulated net investment income of $14,098,802 and $23,372,454, respectively)	$	2,374,177,206		$	1,925,391,225

See accompanying Notes to Financial Statements.

F13 | OPPENHEIMER INTERNATIONAL GROWTH FUND

FINANCIAL HIGHLIGHTS

	Six Months
	Ended
	May 31, 2009									Year Ended November 30,
Class A	(Unaudited)			2008			2007			2006			2005			2004
Per Share Operating Data
Net asset value, beginning of period	$	17.02		$	32.13		$	27.03		$	20.70		$	18.19		$	15.72
Income (loss) from investment operations:
Net investment income1		.16			.36			.27			.10			.10			.04
Net realized and unrealized gain (loss)		3.35			(15.25	)		5.04			6.38			2.53			2.63
Total from investment operations		3.51			(14.89	)		5.31			6.48			2.63			2.67
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.21	)		(.22	)		(.21	)		(.15	)		(.12	)		(.20	)
Net asset value, end of period	$	20.32		$	17.02		$	32.13		$	27.03		$	20.70		$	18.19
Total Return, at Net Asset Value2		20.84	%		(46.64	)%		19.78	%		31.49	%		14.51	%		17.18	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	963,822		$	700,394		$	1,399,782		$	1,115,664		$	787,600		$	686,313
Average net assets (in thousands)	$	762,438		$	1,167,188		$	1,352,329		$	924,048		$	717,536		$	598,265
Ratios to average net assets:3
Net investment income		1.90	%		1.34	%		0.88	%		0.40	%		0.52	%		0.22	%
Total expenses		1.46	%4		1.26	%4		1.20	%4		1.28	%4		1.49	%		1.61	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.33	%		1.25	%		1.20	%		1.28	%		1.41	%		1.43	%
Portfolio turnover rate		9	%		21	%		8	%		12	%		26	%		37	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
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 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 less than one full year.
4.	Total expenses including indirect expenses from affiliated fund were as follows:

Six Months Ended May 31, 2009	1.47	%
Year Ended November 30, 2008	1.27	%
Year Ended November 30, 2007	1.20	%
Year Ended November 30, 2006	1.28	%

See accompanying Notes to Financial Statements.

F14 | OPPENHEIMER INTERNATIONAL GROWTH FUND

	Six Months
	Ended
	May 31, 2009												Year Ended November 30,
Class B	(Unaudited)			2008			2007			2006			2005			2004
Per Share Operating Data
Net asset value, beginning of period	$	16.16		$	30.54		$	25.69		$	19.69		$	17.33		$	15.00
Income (loss) from investment operations:
Net investment income (loss)1		.08			.13			.02			(.08	)		(.05	)		(.09	)
Net realized and unrealized gain (loss)		3.21			(14.51	)		4.83			6.08			2.41			2.51
Total from investment operations		3.29			(14.38	)		4.85			6.00			2.36			2.42
Dividends and/or distributions to shareholders:
Dividends from net investment income		—			—			—			—			—			(.09	)
Net asset value, end of period	$	19.45		$	16.16		$	30.54		$	25.69		$	19.69		$	17.33
Total Return, at Net Asset Value2		20.36	%		(47.09	)%		18.88	%		30.47	%		13.62	%		16.25	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	70,523		$	65,006		$	164,175		$	167,383		$	160,347		$	166,973
Average net assets (in thousands)	$	61,995		$	120,915		$	167,676		$	165,575		$	162,953		$	167,441
Ratios to average net assets:3
Net investment income (loss)		0.99	%		0.49	%		0.07	%		(0.37	)%		(0.25	)%		(0.57	)%
Total expenses		2.57	%4		2.08	%4		1.99	%4		2.07	%4		2.19	%		2.24	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		2.12	%		2.06	%		1.99	%		2.07	%		2.19	%		2.21	%
Portfolio turnover rate		9	%		21	%		8	%		12	%		26	%		37	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
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 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 less than one full year.
4.	Total expenses including indirect expenses from affiliated fund were as follows:

Six Months Ended May 31, 2009	2.58	%
Year Ended November 30, 2008	2.09	%
Year Ended November 30, 2007	1.99	%
Year Ended November 30, 2006	2.07	%

See accompanying Notes to Financial Statements.

F15 | OPPENHEIMER INTERNATIONAL GROWTH FUND

FINANCIAL HIGHLIGHTS Continued

	Six Months
	Ended
	May 31, 2009									Year Ended November 30,
Class C	(Unaudited)			2008			2007			2006			2005			2004
Per Share Operating Data
Net asset value, beginning of period	$	16.15		$	30.52		$	25.71		$	19.71		$	17.34		$	15.01
Income (loss) from investment operations:
Net investment income (loss)1		.09			.15			.04			(.08	)		(.04	)		(.08	)
Net realized and unrealized gain (loss)		3.19			(14.49	)		4.82			6.09			2.41			2.52
Total from investment operations		3.28			(14.34	)		4.86			6.01			2.37			2.44
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.02	)		(.03	)		(.05	)		(.01	)		—			(.11	)
Net asset value, end of period	$	19.41		$	16.15		$	30.52		$	25.71		$	19.71		$	17.34
Total Return, at Net Asset Value2		20.32	%		(47.03	)%		18.91	%		30.51	%		13.67	%		16.34	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	165,700		$	143,472		$	292,598		$	220,735		$	158,968		$	144,529
Average net assets (in thousands)	$	144,224		$	241,776		$	262,038		$	188,347		$	151,790		$	131,125
Ratios to average net assets:3
Net investment income (loss)		1.06	%		0.59	%		0.13	%		(0.34	)%		(0.20	)%		(0.52	)%
Total expenses		2.24	%4		2.01	%4		1.94	%4		2.03	%4		2.13	%		2.16	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		2.09	%		2.00	%		1.94	%		2.03	%		2.13	%		2.16	%
Portfolio turnover rate		9	%		21	%		8	%		12	%		26	%		37	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
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 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 less than one full year.
4.	Total expenses including indirect expenses from affiliated fund were as follows:

Six Months Ended May 31, 2009	2.25	%
Year Ended November 30, 2008	2.02	%
Year Ended November 30, 2007	1.94	%
Year Ended November 30, 2006	2.03	%

See accompanying Notes to Financial Statements.

F16 | OPPENHEIMER INTERNATIONAL GROWTH FUND

	Six Months
	Ended
	May 31, 2009									Year Ended November 30,
Class N	(Unaudited)			2008			2007			2006			2005			2004
Per Share Operating Data
Net asset value, beginning of period	$	16.74		$	31.62		$	26.61		$	20.40		$	17.94		$	15.51
Income (loss) from investment operations:
Net investment income (loss)1		.14			.27			.16			.01			.05			—2
Net realized and unrealized gain (loss)		3.29			(15.00	)		4.99			6.30			2.49			2.60
Total from investment operations		3.43			(14.73	)		5.15			6.31			2.54			2.60
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.14	)		(.15	)		(.14	)		(.10	)		(.08	)		(.17	)
Net asset value, end of period	$	20.03		$	16.74		$	31.62		$	26.61		$	20.40		$	17.94
Total Return, at Net Asset Value3		20.65	%		(46.79	)%		19.42	%		31.05	%		14.19	%		16.94	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	60,141		$	46,420		$	76,909		$	54,908		$	36,980		$	32,631
Average net assets (in thousands)	$	48,808		$	69,381		$	66,468		$	44,538		$	33,383		$	26,738
Ratios to average net assets:4
Net investment income (loss)		1.66	%		1.06	%		0.55	%		0.06	%		0.26	%		(0.02	)%
Total expenses		1.92	%5		1.62	%5		1.53	%5		1.64	%5		1.77	%		1.77	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.57	%		1.57	%		1.53	%		1.62	%		1.67	%		1.66	%
Portfolio turnover rate		9	%		21	%		8	%		12	%		26	%		37	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
2.	Less than $0.005 per share.
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 May 31, 2009	1.93	%
Year Ended November 30, 2008	1.63	%
Year Ended November 30, 2007	1.53	%
Year Ended November 30, 2006	1.64	%

See accompanying Notes to Financial Statements.

F17 | OPPENHEIMER INTERNATIONAL GROWTH FUND

FINANCIAL HIGHLIGHTS Continued

	Six Months
	Ended
	May 31, 2009						Year Ended November 30,
Class Y	(Unaudited)			2008			2007			2006			20051
Per Share Operating Data
Net asset value, beginning of period	$	17.02		$	32.12		$	27.07		$	20.74		$	20.71
Income (loss) from investment operations:
Net investment income2		.20			.49			.40			.25			.05
Net realized and unrealized gain (loss)		3.33			(15.23	)		5.04			6.34			(.02	)
Total from investment operations		3.53			(14.74	)		5.44			6.59			.03
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.34	)		(.36	)		(.39	)		(.26	)		—
Net asset value, end of period	$	20.21		$	17.02		$	32.12		$	27.07		$	20.74
Total Return, at Net Asset Value3		21.11	%		(46.37	)%		20.32	%		32.11	%		0.15	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,113,991		$	970,099		$	876,444		$	254,065		$	6,731
Average net assets (in thousands)	$	958,074		$	881,407		$	479,060		$	142,489		$	2,071
Ratios to average net assets:4
Net investment income		2.30	%		1.92	%		1.33	%		1.03	%		0.98	%
Total expenses		0.85	%5		0.79	%5		0.74	%5		0.77	%5		0.85	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.84	%		0.78	%		0.74	%		0.77	%		0.85	%
Portfolio turnover rate		9	%		21	%		8	%		12	%		26	%

1.	For the period from September 7, 2005 (inception of offering) to November 30, 2005.
2.	Per share amounts calculated based on the average shares outstanding during the period.
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 May 31, 2009	0.86	%
Year Ended November 30, 2008	0.80	%
Year Ended November 30, 2007	0.74	%
Year Ended November 30, 2006	0.77	%

See accompanying Notes to Financial Statements.

F18 | 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 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. Prior to January 1, 2009, the Fund assessed a 2% fee on the proceeds of fund shares that were redeemed (either by selling or exchanging to another Oppenheimer fund) within 30 days of their purchase. The fee, which was 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.

     Effective for fiscal periods beginning after November 15, 2007, FASB Statement of Financial Accounting Standards No. 157, Fair Value Measurements, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than quoted prices for an asset that are observable are classified as “Level 2” and unobservable inputs, including the Manager’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund’s investments under these levels of classification is included following the Statement of Investments.

F19 | OPPENHEIMER INTERNATIONAL GROWTH FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

     Securities are valued using quoted market prices, when available, as supplied primarily either by portfolio pricing services approved by the Board of Trustees or dealers. These securities are typically classified within Level 1 or 2; however, they may be designated as Level 3 if the dealer or portfolio pricing service values a security through an internal model with significant unobservable inputs.

     Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which traded, prior to the time when the Fund’s assets are valued. Securities whose principal exchange is NASDAQ^® are valued based on the official closing prices 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 current day’s closing “bid” and “asked” prices, and if not, at the current day’s closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded.

     Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

     Corporate, 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 are valued at the mean between the “bid” and “asked” prices.

     “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. These securities are typically designated as Level 2.

     In the absence of a readily available quoted market price, including for 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 the securities’ respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

F20 | OPPENHEIMER INTERNATIONAL GROWTH FUND

     Fair valued securities may be classified as “Level 3” if the Manager’s own assumptions about the inputs that market participants would use in valuing such securities are significant to the fair value.

     There have been no significant changes to the fair valuation methodologies during the period.

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.

Investments 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. When applicable, 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.

Investment in OFI Liquid Assets Fund, LLC. The Fund is permitted to invest cash collateral received in connection with its securities lending activities. Pursuant to the Fund’s Securities Lending Procedures, the Fund may invest cash collateral in, among other investments, an affiliated money market fund. OFI Liquid Assets Fund, LLC (“LAF”) is a limited liability company whose investment objective is to seek current income and stability of principal. The Manager is also the investment adviser of LAF. LAF is not registered under

F21 | OPPENHEIMER INTERNATIONAL GROWTH FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

the Investment Company Act of 1940. However, LAF does comply with the investment restrictions applicable to registered money market funds set forth in Rule 2a-7 adopted under the Investment Company Act. When applicable, the Fund’s investment in LAF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of LAF’s expenses, including its management fee of 0.08%.

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.

During the fiscal year ended November 30, 2008, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. As of November 30, 2008, the Fund had available for federal income tax purposes post-October losses of $12,442,764, post-October passive foreign investment company losses of $23,215 and unused capital loss carryforwards as follows:

Expiring
2010	$	55,861,629
2011		175,613,980
2016		32,324,776
Total	$	263,800,385

As of May 31, 2009, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $379,193,124 expiring by 2018. 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, 2009, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.

     Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

F22 | OPPENHEIMER INTERNATIONAL GROWTH FUND

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of May 31, 2009 are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.

Federal tax cost of securities	$	2,364,942,024
Gross unrealized appreciation	$	288,267,683
Gross unrealized depreciation		(284,003,249	)
Net unrealized appreciation	$	4,264,434

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 (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 May 31, 2009, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	11,468
Payments Made to Retired Trustees		20,669
Accumulated Liability as of May 31, 2009		206,243

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

F23 | OPPENHEIMER INTERNATIONAL GROWTH FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

capital gain distributions, if any, are declared and paid annually or at other times as deemed necessary by the Manager. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

Investment Income. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily.

Custodian Fees. “Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdrafts, to the extent they are not offset by positive cash balances maintained by the Fund, at a rate equal to the Federal Funds Rate plus 0.50%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

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

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

Other. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

F24 | OPPENHEIMER INTERNATIONAL GROWTH FUND

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, 2009						Year Ended November 30, 2008
	Shares			Amount			Shares			Amount
Class A
Sold		13,655,853		$	237,322,108			14,246,969		$	377,551,461
Dividends and/or distributions reinvested		431,926			7,407,537			276,556			8,296,675
Redeemed		(7,793,504	)		(130,937,897	)1		(16,943,621	)		(431,475,879	)2
Net increase (decrease)		6,294,275		$	113,791,748			(2,420,096	)	$	(45,627,743	)
Class B
Sold		596,933		$	9,933,497			928,235		$	24,318,136
Dividends and/or distributions reinvested		—			—			—			—
Redeemed		(992,693	)		(15,863,642	)1		(2,283,089	)		(58,596,625	)2
Net decrease		(395,760	)	$	(5,930,145	)		(1,354,854	)	$	(34,278,489	)
Class C
Sold		1,432,002		$	23,536,147			2,380,576		$	60,705,326
Dividends and/or distributions reinvested		8,247			135,578			8,834			253,191
Redeemed		(1,788,957	)		(28,650,126	)1		(3,091,508	)		(74,753,855	)2
Net decrease		(348,708	)	$	(4,978,401	)		(702,098	)	$	(13,795,338	)
Class N
Sold		772,742		$	13,100,593			1,403,933		$	36,705,934
Dividends and/or distributions reinvested		20,683			349,954			11,297			334,170
Redeemed		(564,083	)		(9,404,905	)1		(1,074,103	)		(27,331,199	)2
Net increase		229,342		$	4,045,642			341,127		$	9,708,905
Class Y
Sold		7,419,731		$	127,361,540			39,384,193		$	893,904,585
Dividends and/or distributions reinvested		1,104,677			18,801,599			315,529			9,421,684
Redeemed		(10,394,745	)		(171,765,364	)1		(9,985,749	)		(225,517,823	)2
Net increase (decrease)		(1,870,337	)	$	(25,602,225	)		29,713,973		$	677,808,446

1.	Net of redemption fees of $2,081, $169, $394, $133 and $2,614 for Class A, Class B, Class C, Class N and Class Y, respectively.
2.	Net of redemption fees of $37,832, $3,919, $7,836, $2,249 and $28,568 for Class A, Class B, Class C, Class N and Class Y, respectively.

F25 | OPPENHEIMER INTERNATIONAL GROWTH FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

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 and LAF, for the six months ended May 31, 2009, were as follows:

	Purchases		Sales
Investment securities	$	240,785,452	$	171,863,456

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 $3 billion	0.67
Over $5 billion	0.65

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, 2009, the Fund paid $2,078,808 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.

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.

F26 | OPPENHEIMER INTERNATIONAL GROWTH FUND

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. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations. The Distributor’s aggregate uncompensated expenses under the Plans at March 31, 2009 were as follows:

Class B	$	1,414,638
Class C		4,469,746
Class N		704,597

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
May 31, 2009	$	111,477	$	3,570	$	84,963	$	7,078	$	1,313

Waivers and Reimbursements of Expenses. The Manager has agreed to reimburse the Fund all of the costs incurred by the Fund in connection with the pending reorganization as described below. During the six months ended May 31, 2009, the Manager reimbursed the Fund $10,892 for reorganization-related costs.

     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.

During the six months ended May 31, 2009, OFS waived transfer and shareholder servicing agent fees as follows:

Class A	$	454,231
Class B		135,230
Class C		98,572
Class N		81,345

F27 | OPPENHEIMER INTERNATIONAL GROWTH FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Fees and Other Transactions with Affiliates Continued

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 May 31, 2009, the Manager waived $68,068 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.

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

     Additional associated risk to the Fund includes counterparty credit risk. Counterparty credit risk arises from the possibility that the counterparty will default. If the counterparty defaults, the Fund’s loss will consist of the net amount of contractual payments that the Fund has not yet received.

     As of May 31, 2009, the Fund had no outstanding forward contracts.

6. Iliquid or Restricted Securities

As of May 31, 2009, investments in securities included issues that are illiquid or restricted. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. A restricted security may have a contractual restriction on its resale and is valued under methods approved by the Board of Trustees as reflecting fair value. The Fund will not invest more than 10% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid and restricted securities. Certain restricted securities, eligible for resale to qualified institutional purchasers, may not be subject to that limitation. Securities that are illiquid or restricted are marked with an applicable footnote on the Statement of Investments. Restricted securities are reported on a schedule following the Statement of Investments.

F28 | OPPENHEIMER INTERNATIONAL GROWTH FUND

7. 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 of the loan. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

     As of May 31, 2009, the Fund had no securities on loan.

8. Pending Agreement and Plan of Reorganization

The Board of Trustees of Oppenheimer Baring Japan Fund (“Baring Japan”) has determined that it is in the best interest of the shareholders of Baring Japan that Baring Japan reorganize with and into the Fund. The Board of Baring Japan unanimously approved an Agreement and Plan of Reorganization (the “Agreement”) to be entered into between Baring Japan and the Fund. Pursuant to the Agreement, the Fund will acquire substantially all of the assets and assume certain liabilities of Baring Japan in exchange for shares of the Fund (the “Reorganization”). If the Reorganization takes place, the shareholders of Baring Japan will receive shares of the Fund equal in value to the value of the net assets of the shares of Baring Japan they held immediately prior to the Reorganization.

     The Reorganization is conditioned upon, among other things, approval by the shareholders of Baring Japan. The shareholder meeting is scheduled for July 31, 2009. If approved by the shareholders and certain conditions required by the Agreement are satisfied, the Reorganization is expected to take place on or about August 7, 2009.

9. Pending Litigation

During 2009, a number of complaints have been filed in federal courts against the Manager, the Distributor, and certain of the funds in the Oppenheimer family of funds (the “Defendant Funds”) advised by the Manager and distributed by the Distributor. The complaints naming the Defendant Funds also name certain officers, trustees and former trustees of the respective Defendant Funds. The plaintiffs seek class action status on

F29 | OPPENHEIMER INTERNATIONAL GROWTH FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

9. Pending Litigation Continued

behalf of purchasers of shares of the respective Defendant Fund during a particular time period. The complaints against the Defendant Funds raise claims under federal securities laws alleging that, among other things, the disclosure documents of the respective Defendant Fund contained misrepresentations and omissions, that such Defendant Fund’s investment policies were not followed, and that such Defendant Fund and the other defendants violated federal securities laws and regulations. The plaintiffs seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses. Additionally, a complaint has been brought in state court against the Manager, the Distributor and another subsidiary of the Manager (but not the Fund), on behalf of the Oregon College Savings Plan Trust. The complaint alleges breach of contract, breach of fiduciary duty, negligence and violation of state securities laws, and seeks compensatory damages, equitable relief and an award of attorneys’ fees and litigation expenses. Other complaints have been filed in 2008 and 2009 in state and federal courts, by investors who made investments through an affiliate of the Manager, against the Manager and certain of its affiliates. Those complaints relate to the alleged investment fraud perpetrated by Bernard Madoff and his firm (“Madoff”) and allege a variety of claims including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief, and an award of attorneys’ fees and litigation expenses. None of the suits have named the Distributor, any of the Oppenheimer mutual funds or any of their independent Trustees or Directors. None of the Oppenheimer funds invested in any funds or accounts managed by Madoff.

     The Manager believes that the lawsuits described above are without legal merit and intends to defend them vigorously. The Defendant Funds’ Boards of Trustees have also engaged counsel to defend the suits vigorously on behalf of those Funds, their boards and the Trustees named in those suits. The Manager believes that it is premature to render any opinion as to the likelihood of an outcome unfavorable to it and that no estimate can be made with any degree of certainty as to the amount or range of any potential loss. The Manager also believes that these suits should not impair the ability of the Manager or the Distributor to perform their respective duties to the Fund.

F30 | OPPENHEIMER INTERNATIONAL GROWTH 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.

Householding—Delivery of Shareholder Documents

This is to inform you about OppenheimerFunds’ “householding” policy. If more than one member of your household maintains an account in a particular fund, OppenheimerFunds will mail only one copy of the fund’s prospectus, annual and semiannual report and privacy policy. The consolidation of these mailings, called householding, benefits your fund through reduced mailing expense, and benefits you by reducing the volume of mail you receive from OppenheimerFunds. Householding does not affect the delivery of your account statements.

     Please note that we will continue to household these mailings for as long as you remain an OppenheimerFunds shareholder, unless you request otherwise. If you prefer to receive multiple copies of these materials, please call us at
1.800.CALL-OPP (225-5677). You may also notify us in writing or via email. We will begin sending you individual copies of the prospectus, reports and privacy policy within 30 days of receiving your request to stop householding.

17 | 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. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

a)	Not applicable.
b)	Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The Fund’s Governance Committee Provisions with Respect to Nominations of Directors/Trustees to the Respective Boards

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:

• the name, address, and business, educational, and/or other pertinent background of the person being recommended;

• a statement concerning whether the person is an “interested person” as defined in the Investment Company Act of 1940;

• 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

• 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 05/31/2009, 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 International Growth Fund

By:	/s/ John V. Murphy John V. Murphy
	Principal Executive Officer
Date:	07/13/2009

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:	07/13/2009
By:	/s/ Brian W. Wixted Brian W. Wixted
	Principal Financial Officer
Date:	07/13/2009

EX-99.CERT

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 officer 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) and internal control over financial reporting (as defined in Rule 30a-3(d) 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 second fiscal quarter of the period

covered by this report 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 officer 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: 07/13/2009

/s/ John V. Murphy John V. Murphy

Principal 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 officer 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) and internal control over financial reporting (as defined in Rule 30a-3(d) 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 second fiscal quarter of the period

covered by this report 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 officer 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: 07/13/2009

/s/ Brian W. Wixted Brian W. Wixted

Principal Financial Officer

EX-99.906CERT

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, Principal Executive Officer, and Brian W. Wixted, Principal Financial Officer, of Oppenheimer International Growth Fund (the “Registrant”), each certify to the best of his knowledge that:

1.	The Registrant’s periodic report on Form N-CSR for the period ended 05/31/2009 (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. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

Principal Executive Officer	Principal Financial Officer
Oppenheimer International Growth Fund	Oppenheimer International Growth Fund
/s/ John V. Murphy	/s/ Brian W. Wixted
John V. Murphy	Brian W. Wixted
Date: 07/13/2009	Date: 07/13/2009