Oppenheimer International Growth Fund

N-CSRS 1 d221841dncsrs.htm OPPENHEIMER INTERNATIONAL GROWTH FUND Oppenheimer International Growth Fund

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)

Cynthia Lo Bessette

OFI Global Asset Management, Inc.

225 Liberty Street, New York, New York 10281-1008

(Name and address of agent for service)

Registrant’s telephone number, including area code: (303) 768-3200

Date of fiscal year end: November 30

Date of reporting period: 5/31/2016

Item 1. Reports to Stockholders.


		Semiannual Report		5/31/2016


		Oppenheimer International Growth Fund



Table of Contents

Fund Performance Discussion			3

Top Holdings and Allocations			6

Fund Expenses			9

Statement of Investments			11

Statement of Assets and Liabilities			16

Statement of Operations			18

Statements of Changes in Net Assets			20

Financial Highlights			21

Notes to Financial Statements			32

Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments			47

Distribution Sources			48

Trustees and Officers			49

Privacy Policy Notice			50

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 5/31/16


	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	MSCI AC World ex-U.S. Index
6-Month	-1.11%	-6.80%	-1.37%
1-Year	-5.05	-10.50	-11.39
5-Year	4.49	3.26	0.12
10-Year	5.33	4.71	2.01

2 OPPENHEIMER INTERNATIONAL GROWTH FUND

Fund Performance Discussion

In a volatile market environment, the Fund’s Class A shares (without sales charge) generated a cumulative total return of -1.11%. On a relative basis, the Fund outperformed the MSCI AC World ex-U.S. Index (the “Index”), which returned -1.37%. The Fund outperformed the Index due largely to stock selection in the industrials and health care sectors, and an underweight position in financials. The Fund underperformed the Index within the consumer discretionary sector due to an overweight position, and in information technology and telecommunication services as a result of stock selection.

As we have often said before, volatility is our friend. We understand that it is uncomfortable for investors so we dampen it in the Fund by investing in a large number of companies in relatively equal amounts. But down markets give us the opportunity to buy stocks at prices that we could not get when sentiment is optimistic. As the market has pulled back, we have bought more shares in companies we already own and taken the opportunity to acquire some new ones that we have coveted for some time.

MARKET OVERVIEW

Continued volatility in oil, weak economic data in some emerging markets, and mixed data in much of the developed world helped contribute to a tumultuous close to 2015. Ironically, the strong November U.S. payrolls report and subsequent high expectations of a Federal Reserve (“Fed”) hike brought out sellers as equity markets approached their early summer highs. The Fed finally hiked interest rates 0.25% in December.

Volatility continued to date 2016, due largely to China’s slowing economy, falling crude oil prices, and the aggressive interest rate hike path indicated by the Fed in its December 2015 communication. March saw a relief rally, however, as communication from the

Fed turned more accommodative in light of the weak start to the year. Oil prices also began to stabilize and commodities started to pick up, but continued to experience volatility through the close of the reporting period. Questions still remained, leading to ongoing volatile conditions through the reporting period’s end; including how quickly the Fed will raise interest rates and whether Britain would decide to exit the European Union (“EU”) on its June 23 vote regarding EU Membership. The June 23 vote occurred after the reporting period ended, and the U.K. surprised the markets by deciding to exit the EU. See the Strategy & Outlook section of this report for more information on the Brexit and our views/outlook.

3 OPPENHEIMER INTERNATIONAL GROWTH FUND

FUND REVIEW

Top performing holdings for the Fund this reporting period included Prosegur Compania de Seguridad SA, James Hardie Industries plc and CIMIC Group Ltd. Prosegur Compania de Seguridad is a Spain-based multinational security company that reported strong financial results for 2015, with revenue 4.7% higher than the previous year, and consolidated net profit 15.5% higher. James Hardie Industries is a manufacturer of fiber cement products and systems for internal and external building construction applications. The company reported earnings that exceeded expectations this reporting period. CIMIC Group is an Australian construction and engineering firm with considerable exposure to mining and infrastructure spending in Asia. The company has been working through a considerable restructuring in an effort to adapt to a far less robust environment both for mining and Asian infrastructure spend. The company released a quarterly report that showed some promise that these efforts are bearing fruit.

Detractors from performance included Lenovo Group Ltd., Inmarsat plc and Hudson’s Bay Co. Lenovo Group is a Chinese manufacturer of personal computers, mobile phones and servers. The company is navigating a period of weak demand for all three of its main business lines. We are reviewing our investment thesis for Lenovo, which rested on its low cost strategy. Inmarsat is a U.K.-based provider of global mobile satellite communications services. The company’s shares fell in May 2016 after reporting a

decrease in profit and revenue guidance, which it attributed to ongoing volatility in oil prices and weak conditions in the commercial shipping market. Our investment in Inmarsat falls under an investment theme we refer to as the “Data Deluge.” Under this theme, we invest in companies that we believe can monetize the rising river of data moving through the world’s communication networks. As human beings increasingly use a wider array of devices to send ever-richer content to each other around the world, we believe this theme represents an opportunity for investors. Hudson’s Bay is a Canadian retailer whose portfolio includes its namesake chain in Canada, Saks Fifth Avenue and Lord & Taylor in the U.S., and Galeria Kaufhof, a high-end German retailer that it recently acquired. In most cases, Hudson’s Bay also owns the buildings in which its stores operate, and the land upon which they stand. The company is monetizing these real estate assets to cover the cost of upgrading and expanding its operations. Its goal is to widen margins by increasing sales per square foot, and by taking better advantage of scale. To accomplish this, the company is renovating its 10 largest stores by sales volume for each retail chain and investing in digital infrastructure across its entire fleet of stores. After reaching record highs, the stock pulled back significantly when the company announced disappointing earnings for the third quarter when it, and many other retailers, such as Nordstrom’s, suffered from weak demand.

4 OPPENHEIMER INTERNATIONAL GROWTH FUND

STRATEGY & OUTLOOK

Shortly after the reporting period ended, the “Brexit” referendum was held in the U.K., and the citizens of the U.K. voted to leave the EU by a margin of 52% to 48%. As expected, global markets had a negative reaction. The British exit from the EU may require companies to make adjustments in their operations, though the impact and timing will not be clear for some time. Furthermore, each company within each industry will not be affected in exactly the same way, they will likely be impacted to a similar degree by the particular combination of adjustments each will have to make; none, in our view, would be particularly advantaged or disadvantaged. Multi-national businesses always confront a

wide variety of currency, regulatory, and trade restrictions. So, while the impact of Brexit is not yet clear, the issues it raises for companies are not. They deal with them all the time as a routine part of managing global customer relationships and supply chains.

It has been our experience that exogenous shocks come along now and then. Usually, a sharp sell-off follows. However, as Warren Buffett once noted, in the short run markets are a voting machine, and in the long run they are a weighing machine. Ultimately, the strength and durability of the economics of a business will drive the trajectory of its share price. This is unchanged by Brexit.



		George R. Evans
		Portfolio Manager



		Robert B. Dunphy, CFA
		Portfolio Manager

5 OPPENHEIMER INTERNATIONAL GROWTH FUND

Top Holdings and Allocations

TOP TEN COMMON STOCK HOLDINGS


Dollarama, Inc.			1.8%
Infineon Technologies AG			1.8
Nippon Telegraph & Telephone Corp.			1.7
Continental AG			1.5
Heineken NV			1.4
Valeo SA			1.4
Aalberts Industries NV			1.4
Vodafone Group plc			1.3
Amadeus IT Holding SA, Cl. A			1.3
Bunzl plc			1.3

Portfolio holdings and allocations are subject to change. Percentages are as of May 31, 2016, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds. com.

TOP TEN GEOGRAPHICAL HOLDINGS


United Kingdom			24.0%
France			13.8
Switzerland			11.8
Germany			8.2
Netherlands			6.1
Japan			6.0
Canada			4.9
Spain			4.5
Denmark			4.1
United States			3.5

Portfolio holdings and allocation are subject to change. Percentages are as of May 31, 2016, and are based on total market value of investments.

REGIONAL ALLOCATION

LOGO

Portfolio holdings and allocations are subject to change. Percentages are as of May 31, 2016, and are based on the total market value of investments.

6 OPPENHEIMER INTERNATIONAL GROWTH FUND

Share Class Performance


AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 5/31/16
	Inception Date		6-Month			1-Year			5-Year			10-Year
Class A (OIGAX)		3/25/96		-1.11	%		-5.05	%		4.49	%		5.33	%
Class B (IGRWX)		3/25/96		-1.47			-5.76			3.68			4.84
Class C (OIGCX)		3/25/96		-1.46			-5.75			3.72			4.55
Class I (OIGIX)		3/29/12		-0.90			-4.65			7.14	*		N/A
Class R (OIGNX)		3/1/01		-1.22			-5.29			4.22			5.05
Class Y (OIGYX)		9/7/05		-0.97			-4.83			4.81			5.75
AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 5/31/16
	Inception Date		6-Month			1-Year			5-Year			10-Year
Class A (OIGAX)		3/25/96		-6.80	%		-10.50	%		3.26	%		4.71	%
Class B (IGRWX)		3/25/96		-6.40			-10.48			3.34			4.84
Class C (OIGCX)		3/25/96		-2.44			-6.70			3.72			4.55
Class I (OIGIX)		3/29/12		-0.90			-4.65			7.14	*		N/A
Class R (OIGNX)		3/1/01		-1.22			-5.29			4.22			5.05
Class Y (OIGYX)		9/7/05		-0.97			-4.83			4.81			5.75

*Shows performance since inception.

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800. CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 5.75%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C shares, the contingent deferred sales charge (“CDSC”) of 1% for the 1-year period. Prior to 7/1/14, Class R shares were named Class N shares. Beginning 7/1/14, new purchases of Class R shares will no longer be subject to a CDSC upon redemption (any CDSC will remain in effect for purchases prior to 7/1/14). There is no sales charge for Class I and Class Y shares. Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B shares uses Class A performance for the period after conversion. Returns for periods of less than one year are cumulative and not annualized. See Fund prospectuses and summary prospectuses for more information on share classes and sales charges.

The Fund’s performance is compared to the performance of the MSCI AC World ex-U.S. Index. The MSCI AC World ex-U.S. Index is designed to measure the equity market performance of developed and emerging markets and excludes the U.S. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not

7 OPPENHEIMER INTERNATIONAL GROWTH FUND

limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc. or its affiliates.

Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.

Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

8 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 and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended May 31, 2016.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended May 31, 2016” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

9 OPPENHEIMER INTERNATIONAL GROWTH FUND


Actual	Beginning Account Value December 1, 2015		Ending Account Value May 31, 2016		Expenses Paid During 6 Months Ended May 31, 2016
Class A		$ 1,000.00		$ 988.90		$ 5.63
Class B		1,000.00		985.30		9.38
Class C		1,000.00		985.40		9.38
Class I		1,000.00		991.00		3.44
Class R		1,000.00		987.80		6.88
Class Y		1,000.00		990.30		4.39
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,019.35		5.72
Class B		1,000.00		1,015.60		9.52
Class C		1,000.00		1,015.60		9.52
Class I		1,000.00		1,021.55		3.49
Class R		1,000.00		1,018.10		6.99
Class Y		1,000.00		1,020.60		4.46

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended May 31, 2016 are as follows:


Class	Expense Ratios
Class A		1.13%
Class B		1.88
Class C		1.88
Class I		0.69
Class R		1.38
Class Y		0.88

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

10 OPPENHEIMER INTERNATIONAL GROWTH FUND

STATEMENT OF INVESTMENTS May 31, 2016 Unaudited


	Shares		Value

Common Stocks—97.3%

Consumer Discretionary—21.6%

Auto Components—2.9%
Continental AG		1,640,048	$	351,833,281

Valeo SA		2,085,231		314,207,898

				666,041,179


Automobiles—1.8%
Bayerische Motoren Werke AG		1,654,331		139,562,949

Hero MotoCorp Ltd.		6,037,312		279,022,446

				418,585,395


Diversified Consumer Services—0.8%
Dignity plc¹		4,756,330		174,915,821


Hotels, Restaurants & Leisure—3.9%
Carnival Corp.		6,372,419		304,219,283

Domino’s Pizza Group plc¹		16,433,847		251,134,545

Whitbread plc		2,014,730		122,933,529

William Hill plc¹		47,721,831		215,038,956

				893,326,313


Household Durables—1.2%
SEB SA		2,321,877		285,542,345


Media—3.7%
Grupo Televisa SAB, Sponsored ADR		5,905,780		157,920,557

ProSiebenSat.1 Media SE²		4,889,169		245,654,452

SES SA, FDR		8,792,920		196,695,500

Sky plc		14,222,895		198,509,148

Technicolor SA		6,766,443		44,939,648

				843,719,305


Multiline Retail—2.5%
Dollarama, Inc.		6,016,011		414,264,531

Hudson’s Bay Co.¹		14,829,893		167,597,525

				581,862,056


Specialty Retail—0.8%
Industria de Diseno Textil SA		5,611,565		189,381,919


Textiles, Apparel & Luxury Goods—4.0%
Burberry Group plc		11,694,215		181,954,789

Cie Financiere Richemont SA		3,059,388		179,870,706

Hermes International		588,352		212,489,036

LVMH Moet Hennessy Louis Vuitton SE		1,272,210		203,522,747


	Shares		Value

Textiles, Apparel & Luxury Goods (Continued)

Swatch Group AG (The)		504,431	$	148,425,013

				926,262,291


Consumer Staples—11.2%

Beverages—2.5%
Diageo plc		4,220,303		114,344,720

Heineken NV		3,462,830		321,441,278

Pernod Ricard SA		1,337,712		145,540,453

				581,326,451


Food & Staples Retailing—2.3%
Alimentation Couche-Tard, Inc., Cl. B		2,614,514		115,039,812

CP ALL PCL		174,044,900		242,065,963

Spar Group Ltd. (The)¹		13,706,893		176,490,782

				533,596,557


Food Products—4.6%
Aryzta AG^1,2		4,704,493		186,925,329

Barry Callebaut AG²		179,607		211,857,537

Danone SA		2,268,252		159,013,340

Saputo, Inc.		8,727,950		265,895,148

Unilever plc		4,840,873		220,596,211

				1,044,287,565


Household Products—1.2%
Reckitt Benckiser Group plc		2,708,355		269,253,918


Tobacco—0.6%
Swedish Match AB		4,087,612		139,297,484


Energy—1.4%

Energy Equipment & Services—0.4%
Technip SA		1,603,798		87,857,642


Oil, Gas & Consumable Fuels—1.0%
Koninklijke Vopak NV		4,479,617		233,076,351


Financials—3.2%

Capital Markets—1.9%
ICAP plc¹		37,470,465		234,481,869

Tullett Prebon plc		12,156,254		59,125,865

UBS Group AG		9,441,540		145,589,886

				439,197,620


Commercial Banks—0.5%
ICICI Bank Ltd., Sponsored ADR		15,806,350		113,647,657

11 OPPENHEIMER INTERNATIONAL GROWTH FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


	Shares		Value

Insurance—0.8%
Prudential plc		9,691,379	$	193,778,195


Health Care—11.0%

Biotechnology—2.4%
CSL Ltd.		3,368,400		281,406,974

Grifols SA		12,012,415		272,017,055

				553,424,029


Health Care Equipment & Supplies—3.6%
Coloplast AS, Cl. B		2,876,507		217,454,405

Essilor International SA		1,743,266		227,285,915

Sonova Holding AG		1,485,032		198,016,949

William Demant Holding²		8,799,045		185,520,180

				828,277,449


Health Care Providers & Services—0.6%
Sonic Healthcare Ltd.		9,445,232		145,485,074


Life Sciences Tools & Services—1.0%
Lonza Group AG²		1,339,105		230,887,817


Pharmaceuticals—3.4%
Galenica AG		162,121		213,846,107

Novo Nordisk AS, Cl. B		5,214,910		289,487,664

Oxagen Ltd.^2,3		214,287		3,104

Roche Holding AG		1,063,124		278,714,878

				782,051,753


Industrials—20.7%

Aerospace & Defense—2.2%
Airbus Group SE		4,359,743		271,237,189

Embraer SA		14,732,946		76,649,155

Rolls-Royce Holdings plc²		19,047,978		170,827,103

				518,713,447


Air Freight & Couriers—1.1%
Royal Mail plc		32,363,096		253,633,095


Commercial Services & Supplies—2.5%
Aggreko plc		7,745,705		126,126,482

Edenred		10,266,090		189,943,215

Prosegur Cia de Seguridad SA¹		42,959,827		259,816,268

				575,885,965


Construction & Engineering—1.3%
Boskalis Westminster		3,446,709		124,684,818


	Shares		Value

Construction & Engineering (Continued)

CIMIC Group Ltd.		6,291,298	$	169,502,863

				294,187,681


Electrical Equipment—3.4%
ABB Ltd.²		4,627,392		96,120,759

Legrand SA		3,554,270		195,255,143

Nidec Corp.		3,753,070		287,562,474

Schneider Electric SE		3,018,000		194,805,820

				773,744,196


Machinery—2.7%
Aalberts Industries NV¹		8,824,559		311,156,525

Atlas Copco AB, Cl. A		9,076,973		234,136,521

Weir Group plc (The)		3,832,209		66,572,476

				611,865,522


Professional Services—2.8%
Experian plc		12,044,982		227,874,308

Intertek Group plc		5,776,780		262,502,707

SGS SA		72,614		154,810,551

				645,187,566


Trading Companies & Distributors—4.7%
Brenntag AG		5,119,634		273,884,741

Bunzl plc		10,327,913		305,787,050

Travis Perkins plc		9,458,592		263,480,939

Wolseley plc		4,121,969		241,890,161

				1,085,042,891


Information Technology—16.1%

Communications Equipment—2.0%
Nokia OYJ²		43,611,666		249,153,900

Telefonaktiebolaget LM Ericsson, Cl. B		27,816,055		214,108,279

				463,262,179


Electronic Equipment, Instruments, & Components—2.6%
Hoya Corp.		5,999,410		209,496,916

Keyence Corp.		441,421		277,585,482

Spectris plc		4,399,404		106,935,165

				594,017,563


Internet Software & Services—1.7%
United Internet AG		3,654,594		172,185,683

Yahoo Japan Corp.		46,704,200		208,767,840

				380,953,523

12 OPPENHEIMER INTERNATIONAL GROWTH FUND


	Shares		Value

IT Services—1.3%
Amadeus IT Holding SA, Cl. A		6,732,331	$	311,406,460


Semiconductors & Semiconductor Equipment—3.5%
ARM Holdings plc		12,759,440		183,088,032

ASML Holding NV		2,170,736		215,778,037

Infineon Technologies AG		27,464,728		411,726,830

				810,592,899


Software—4.5%
AVEVA Group plc		3,036,934		70,936,402

Dassault Systemes		3,032,740		241,208,986

Gemalto NV		3,048,581		186,120,970

SAP SE		3,347,052		271,755,244

Temenos Group AG^1,2		4,878,182		270,523,146

				1,040,544,748


Technology Hardware, Storage & Peripherals—0.5%
Lenovo Group Ltd.		184,534,000		113,217,021


Materials—6.0%

Chemicals—4.0%
Essentra plc¹		20,869,374		250,561,511

Novozymes AS, Cl. B		5,303,711		251,823,134

Sika AG		52,695		227,741,731

Syngenta AG		451,883		177,394,450

				907,520,826


Construction Materials—1.3%
James Hardie Industries plc		19,306,700		294,255,928


Containers & Packaging—0.7%
CCL Industries, Inc., Cl. B		951,756		169,412,350


Telecommunication Services—6.1%

Diversified Telecommunication Services—4.8%
BT Group plc, Cl. A		40,354,712		258,844,900

Iliad SA		932,800		204,042,917

Inmarsat plc		11,088,117		115,465,416

Nippon Telegraph & Telephone Corp.		8,662,000		378,033,022

Telstra Corp. Ltd.		35,514,936		143,314,124

				1,099,700,379


	Shares		Value

Wireless Telecommunication Services—1.3%
Vodafone Group plc		94,159,557	$	314,883,434

Total Common Stocks (Cost $19,650,673,454)				22,413,109,859


Preferred Stock—0.0%
Zee Entertainment Enterprises Ltd., 6% Cum. Non-Cv. (Cost $843,860)		17,213,928		2,287,174

	Units

Rights, Warrants and Certificates—0.0%

MEI Pharma, Inc. Wts., Strike Price $1.19, Exp. 5/10/17² (Cost $264,715)		1,118,385		46,413

	Shares

Investment Company—2.2%

Oppenheimer Institutional Money Market Fund, Cl. E, 0.48%^1,4 (Cost $498,732,648)		498,732,648		498,732,648


Total Investments, at Value (Cost $20,150,514,677)		99.5%		22,914,176,094

Net Other Assets (Liabilities)		0.5		116,626,823

Net Assets		100.0%	$	23,030,802,917

13 OPPENHEIMER INTERNATIONAL GROWTH FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments

1. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the reporting period, 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 reporting period in which the issuer was an affiliate are as follows:


	Shares November 30, 2015		Gross Additions		Gross Reductions		Shares May 31, 2016
Aalberts Industries NV		8,616,385		208,174		—		8,824,559
Aryzta AG		4,440,124		264,369		—		4,704,493
Dignity plc		4,756,330		—		—		4,756,330
Domino’s Pizza Group plc		16,433,847		—		—		16,433,847
Essentra plc		20,187,506		681,868		—		20,869,374
Hudson’s Bay Co.		13,208,872		1,621,021		—		14,829,893
ICAP plc		36,699,266		771,199		—		37,470,465
Oppenheimer Institutional Money Market Fund, Cl. E		373,545,693		1,490,519,620		1,365,332,665		498,732,648
Prosegur Cia de Seguridad SA		35,117,286		7,842,541		—		42,959,827
Spar Group Ltd. (The)		13,575,669		131,224		—		13,706,893
Temenos Group AG		4,878,182		—		—		4,878,182
William Hill plc		46,457,890		1,263,941		—		47,721,831


	Value		Income
Aalberts Industries NV	$	311,156,525	$	4,341,101	^a
Aryzta AG		186,925,329		2,903,589
Dignity plc		174,915,821		992,734
Domino’s Pizza Group plc		251,134,545		2,762,456
Essentra plc		250,561,511		4,252,666	^a
Hudson’s Bay Co.		167,597,525		916,682
ICAP plc		234,481,869		3,528,590	^a
Oppenheimer Institutional Money Market Fund, Cl. E		498,732,648		941,739
Prosegur Cia de Seguridad SA		259,816,268		1,881,426
Spar Group Ltd. (The)		176,490,782		—
Temenos Group AG		270,523,146		2,249,508
William Hill plc		215,038,956		5,842,584	^a

Total	$	2,997,374,925	$	30,613,075

a. All or portion of the transactions were the result of non-cash dividends.

2. Non-income producing security.

3. Restricted security. The aggregate value of restricted securities at period end was $3,104, which represents less than 0.005% of the Fund’s net assets. See Note 4 of the accompanying Notes. Information concerning restricted securities is as follows:


Security	Acquisition Dates		Cost		Value		Unrealized Appreciation/ (Depreciation)
Oxagen Ltd.		12/20/00	$	2,210,700	$	3,104	$	(2,207,596	)

4. Rate shown is the 7-day yield at period end.

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


Geographic Holdings	Value		Percent
United Kingdom	$	5,455,476,745		24.0	%
France		2,902,350,604		13.8
Switzerland		2,720,724,860		11.8

14 OPPENHEIMER INTERNATIONAL GROWTH FUND


Geographic Holdings (Continued)	Value		Percent
Germany	$	1,866,603,180		8.2	%
Netherlands		1,663,495,168		6.1
Japan		1,361,445,735		6.0
Canada		1,132,209,367		4.9
Spain		1,032,621,703		4.5
Denmark		944,285,383		4.1
United States		802,998,344		3.5
Australia		739,709,035		3.1
Sweden		587,542,284		2.5
India		394,957,277		1.7
Ireland		294,255,928		1.3
Finland		249,153,900		1.1
Thailand		242,065,963		1.1
South Africa		176,490,782		0.8
Mexico		157,920,557		0.7
China		113,217,020		0.5
Brazil		76,649,155		0.3
Hong Kong		3,104		0.0

Total	$	22,914,176,094		100.0	%

See accompanying Notes to Financial Statements.

15 OPPENHEIMER INTERNATIONAL GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES May 31, 2016 Unaudited



Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $17,566,535,156)	$	19,916,801,169
Affiliated companies (cost $2,583,979,521)		2,997,374,925

		22,914,176,094

Cash		17,279,054

Cash—foreign currencies (cost $462,903)		19

Receivables and other assets:
Dividends		110,011,943
Shares of beneficial interest sold		42,086,942
Other		677,180

Total assets		23,084,231,232

Liabilities
Payables and other liabilities:
Shares of beneficial interest redeemed		34,645,529
Foreign capital gains tax		9,391,920
Investments purchased		6,742,646
Distribution and service plan fees		1,335,278
Trustees’ compensation		578,576
Shareholder communications		9,420
Other		724,946

Total liabilities		53,428,315

Net Assets	$	23,030,802,917



Composition of Net Assets
Paid-in capital	$	20,170,373,819

Accumulated net investment income		194,009,278

Accumulated net realized loss on investments and foreign currency transactions		(85,693,965)

Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		2,752,113,785

Net Assets	$	23,030,802,917

16 OPPENHEIMER INTERNATIONAL GROWTH FUND


Net Asset Value Per Share
Class A Shares:

Net asset value and redemption price per share (based on net assets of $5,371,493,267 and 147,527,375 shares of beneficial interest outstanding)			$36.41

Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price)			$38.63

Class B Shares:

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $11,724,499 and 336,663 shares of beneficial interest outstanding)			$34.83

Class C Shares:

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $537,794,693 and 15,577,165 shares of beneficial interest outstanding)			$34.52

Class I Shares:

Net asset value, redemption price and offering price per share (based on net assets of $4,966,933,881 and 136,855,780 shares of beneficial interest outstanding)			$36.29

Class R Shares:

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $408,690,205 and 11,423,165 shares of beneficial interest outstanding)			$35.78

Class Y Shares:

Net asset value, redemption price and offering price per share (based on net assets of $11,734,166,372 and 323,685,921 shares of beneficial interest outstanding)			$36.25

See accompanying Notes to Financial Statements.

17 OPPENHEIMER INTERNATIONAL GROWTH FUND

STATEMENT OF OPERATIONS For the Six Months Ended May 31, 2016 Unaudited



Investment Income

Dividends:
Unaffiliated companies (net of foreign withholding taxes of $24,157,775)	$	268,077,290
Affiliated companies (net of foreign withholding taxes of $1,369,167)		30,613,075

Total investment income		298,690,365


Expenses
Management fees		70,011,646

Distribution and service plan fees:
Class A		6,592,320
Class B		64,710
Class C		2,621,700
Class R		968,415

Transfer and shareholder servicing agent fees:
Class A		5,829,460
Class B		14,285
Class C		577,344
Class I		679,271
Class R		427,297
Class Y		11,946,802

Shareholder communications:
Class A		34,319
Class B		76
Class C		2,517
Class I		3,938
Class R		544
Class Y		36,182

Custodian fees and expenses		1,027,335

Trustees’ compensation		189,894

Borrowing fees		181,242

Other		329,756

Total expenses		101,539,053
Less reduction to custodian expenses		(4,233)
Less waivers and reimbursements of expenses		(220,317)

Net expenses		101,314,503


Net Investment Income		197,375,862

18 OPPENHEIMER INTERNATIONAL GROWTH FUND



Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments from unaffiliated companies	$	(27,820,533)
Foreign currency transactions		(1,991,623)

Net realized loss		(29,812,156)

Net change in unrealized appreciation/depreciation on:
Investments (net of foreign capital gains tax of $1,923,629)		(678,010,375)
Translation of assets and liabilities denominated in foreign currencies		354,445,906

Net change in unrealized appreciation/depreciation		(323,564,469)


Net Decrease in Net Assets Resulting from Operations	$	(156,000,763)

See accompanying Notes to Financial Statements.

19 OPPENHEIMER INTERNATIONAL GROWTH FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended May 31, 2016 (Unaudited)		Year Ended November 30, 2015

Operations
Net investment income	$	197,375,862	$	213,262,300

Net realized gain (loss)		(29,812,156)		108,905,724

Net change in unrealized appreciation/depreciation		(323,564,469)		251,722,012

Net increase (decrease) in net assets resulting from operations		(156,000,763)		573,890,036


Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(45,935,675)		(38,397,404)
Class B		—		—
Class C		(896,272)		(1,025,238)
Class I		(55,681,284)		(49,175,131)
Class R		(2,367,917)		(2,483,145)
Class Y		(116,165,208)		(108,362,701)

		(221,046,356)		(199,443,619)


Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		66,883,820		579,767,737
Class B		(3,770,470)		(7,638,646)
Class C		3,605,744		37,926,850
Class I		663,276,363		529,362,923
Class R		15,078,156		24,803,073
Class Y		1,144,755,018		1,824,208,937

		1,889,828,631		2,988,430,874


Net Assets
Total increase		1,512,781,512		3,362,877,291

Beginning of period		21,518,021,405		18,155,144,114

End of period (including accumulated net investment income of $194,009,278 and $217,679,772, respectively)	$	23,030,802,917	$	21,518,021,405

See accompanying Notes to Financial Statements.

20 OPPENHEIMER INTERNATIONAL GROWTH FUND

FINANCIAL HIGHLIGHTS


Class A	Six Months Ended May 31, 2016 (Unaudited)		Year Ended November 30, 2015		Year Ended November 28, 2014¹		Year Ended November 29, 2013¹		Year Ended November 30, 2012		Year Ended November 30, 2011

Per Share Operating Data
Net asset value, beginning of period		$37.14		$36.45		$37.45		$30.43		$26.43		$25.75

Income (loss) from investment operations:
Net investment income²		0.28		0.31		0.38		0.36		0.35		0.23
Net realized and unrealized gain (loss)		(0.70)		0.68		(1.11)		7.02		3.85		0.59

Total from investment operations		(0.42)		0.99		(0.73)		7.38		4.20		0.82

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.31)		(0.30)		(0.27)		(0.36)		(0.20)		(0.14)

Net asset value, end of period		$36.41		$37.14		$36.45		$37.45		$30.43		$26.43



Total Return, at Net Asset Value³		(1.11)%		2.76%		(1.95)%		24.52%		16.06%		3.16%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$5,371,493		$5,394,512		$4,726,302		$3,903,102		$2,388,159		$1,663,354

Average net assets (in thousands)		$5,296,142		$4,848,329		$4,897,214		$3,048,384		$1,762,405		$1,730,811

Ratios to average net assets:⁴
Net investment income		1.58%		0.85%		1.02%		1.05%		1.25%		0.83%
Expenses excluding specific expenses listed below		1.13%		1.14%		1.14%		1.21%		1.45%		1.36%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%		0.00%		0.00%		0.00%

Total expenses⁶		1.13%		1.14%		1.14%		1.21%		1.45%		1.36%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.13%		1.14%		1.14%		1.20%		1.28%		1.32%

Portfolio turnover rate		1%		10%		12%		12%		15%		19%

21 OPPENHEIMER INTERNATIONAL GROWTH FUND

FINANCIAL HIGHLIGHTS Continued

1. November 28, 2014 and November 29, 2013 represent the last business days of the Fund’s respective reporting periods. See Note 2 of the accompanying Notes.

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

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

4. Annualized for periods less than one full year.

5. Less than 0.005%.

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



Six Months Ended May 31, 2016	1.13	%
Year Ended November 30, 2015	1.14	%
Year Ended November 28, 2014	1.14	%
Year Ended November 29, 2013	1.21	%
Year Ended November 30, 2012	1.45	%
Year Ended November 30, 2011	1.36	%

See accompanying Notes to Financial Statements.

22 OPPENHEIMER INTERNATIONAL GROWTH FUND


Class B	Six Months Ended May 31, 2016 (Unaudited)		Year Ended November 30, 2015		Year Ended November 28, 2014¹		Year Ended November 29, 2013¹		Year Ended November 30, 2012		Year Ended November 30, 2011

Per Share Operating Data
Net asset value, beginning of period		$35.35		$34.66		$35.62		$28.89		$25.09		$24.51

Income (loss) from investment operations:
Net investment income²		0.12		0.05		0.08		0.10		0.14		0.01
Net realized and unrealized gain (loss)		(0.64)		0.64		(1.04)		6.69		3.66		0.57

Total from investment operations		(0.52)		0.69		(0.96)		6.79		3.80		0.58

Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		0.00		0.00		(0.06)		0.00		0.00

Net asset value, end of period		$34.83		$35.35		$34.66		$35.62		$28.89		$25.09



Total Return, at Net Asset Value³		(1.47)%		1.99%		(2.70)%		23.56%		15.15%		2.37%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$11,725		$15,789		$23,058		$31,300		$32,852		$39,319

Average net assets (in thousands)		$12,954		$18,861		$27,680		$31,491		$35,472		$51,183

Ratios to average net assets:⁴
Net investment income		0.68%		0.14%		0.22%		0.30%		0.53%		0.04%
Expenses excluding specific expenses listed below		1.88%		1.89%		1.90%		2.04%		2.30%		2.35%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%		0.00%		0.00%		0.00%

Total expenses⁶		1.88%		1.89%		1.90%		2.04%		2.30%		2.35%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.88%		1.89%		1.90%		1.98%		2.07%		2.13%

Portfolio turnover rate		1%		10%		12%		12%		15%		19%

23 OPPENHEIMER INTERNATIONAL GROWTH FUND

FINANCIAL HIGHLIGHTS Continued

1. November 28, 2014 and November 29, 2013 represent the last business days of the Fund’s respective reporting periods. See Note 2 of the accompanying Notes.

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

4. Annualized for periods less than one full year.

5. Less than 0.005%.

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



Six Months Ended May 31, 2016	1.88	%
Year Ended November 30, 2015	1.89	%
Year Ended November 28, 2014	1.90	%
Year Ended November 29, 2013	2.04	%
Year Ended November 30, 2012	2.30	%
Year Ended November 30, 2011	2.35	%

See accompanying Notes to Financial Statements.

24 OPPENHEIMER INTERNATIONAL GROWTH FUND


Class C	Six Months Ended May 31, 2016 (Unaudited)		Year Ended November 30, 2015		Year Ended November 28, 2014¹		Year Ended November 29, 2013¹		Year Ended November 30, 2012		Year Ended November 30, 2011

Per Share Operating Data
Net asset value, beginning of period		$35.10		$34.49		$35.54		$28.87		$25.07		$24.47

Income (loss) from investment operations:
Net investment income²		0.14		0.05		0.09		0.09		0.14		0.03
Net realized and unrealized gain (loss)		(0.66)		0.63		(1.04)		6.71		3.66		0.57

Total from investment operations		(0.52)		0.68		(0.95)		6.80		3.80		0.60

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.06)		(0.07)		(0.10)		(0.13)		0.00		0.00

Net asset value, end of period		$34.52		$35.10		$34.49		$35.54		$28.87		$25.07



Total Return, at Net Asset Value³		(1.46)%		1.99%		(2.68)%		23.64%		15.16%		2.45%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$537,795		$543,536		$498,041		$368,340		$206,019		$189,147

Average net assets (in thousands)		$524,516		$525,184		$471,895		$267,686		$194,518		$210,320

Ratios to average net assets:⁴
Net investment income		0.84%		0.14%		0.25%		0.29%		0.53%		0.12%
Expenses excluding specific expenses listed below		1.88%		1.89%		1.89%		1.93%		2.05%		2.04%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%		0.00%		0.00%		0.00%

Total expenses⁶		1.88%		1.89%		1.89%		1.93%		2.05%		2.04%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.88%		1.89%		1.89%		1.93%		2.05%		2.04%

Portfolio turnover rate		1%		10%		12%		12%		15%		19%

25 OPPENHEIMER INTERNATIONAL GROWTH FUND

FINANCIAL HIGHLIGHTS Continued

1. November 28, 2014 and November 29, 2013 represent the last business days of the Fund’s respective reporting periods. See Note 2 of the accompanying Notes.

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

4. Annualized for periods less than one full year.

5. Less than 0.005%.

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



Six Months Ended May 31, 2016	1.88	%
Year Ended November 30, 2015	1.89	%
Year Ended November 28, 2014	1.89	%
Year Ended November 29, 2013	1.93	%
Year Ended November 30, 2012	2.05	%
Year Ended November 30, 2011	2.04	%

See accompanying Notes to Financial Statements.

26 OPPENHEIMER INTERNATIONAL GROWTH FUND


Class I	Six Months Ended May 31, 2016 (Unaudited)		Year Ended November 30, 2015		Year Ended November 28, 2014¹		Year Ended November 29, 2013¹		Period Ended November 30, 2012²

Per Share Operating Data
Net asset value, beginning of period		$37.09		$36.43		$37.41		$30.37		$28.71

Income (loss) from investment operations:
Net investment income³		0.37		0.48		0.55		0.44		0.21
Net realized and unrealized gain (loss)		(0.71)		0.65		(1.11)		7.08		1.45

Total from investment operations		(0.34)		1.13		(0.56)		7.52		1.66

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.46)		(0.47)		(0.42)		(0.48)		0.00

Net asset value, end of period		$36.29		$37.09		$36.43		$37.41		$30.37



Total Return, at Net Asset Value⁴		(0.90)%		3.19%		(1.51)%		25.14%		5.78%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$4,966,934		$4,381,328		$3,763,546		$1,870,890		$108,917

Average net assets (in thousands)		$4,530,746		$4,091,145		$3,030,734		$961,530		$61,111

Ratios to average net assets:⁵
Net investment income		2.11%		1.31%		1.47%		1.28%		1.10%
Expenses excluding specific expenses listed below		0.69%		0.70%		0.70%		0.72%		0.74%
Interest and fees from borrowings		0.00%⁶		0.00%⁶		0.00%		0.00%		0.00%

Total expenses⁷		0.69%		0.70%		0.70%		0.72%		0.74%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.69%		0.70%		0.70%		0.72%		0.74%

Portfolio turnover rate		1%		10%		12%		12%		15%

1. November 28, 2014 and November 29, 2013 represent the last business days of the Fund’s respective reporting periods. See Note 2 of the accompanying Notes.

2. For the period from March 29, 2012 (inception of offering) to November 30, 2012.

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

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

5. Annualized for periods less than one full year.

6. Less than 0.005%.

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



Six Months Ended May 31, 2016	0.69	%
Year Ended November 30, 2015	0.70	%
Year Ended November 28, 2014	0.70	%
Year Ended November 29, 2013	0.72	%
Period Ended November 30, 2012	0.74	%

See accompanying Notes to Financial Statements.

27 OPPENHEIMER INTERNATIONAL GROWTH FUND

FINANCIAL HIGHLIGHTS Continued


Class R	Six Months Ended May 31, 2016 (Unaudited)		Year Ended November 30, 2015		Year Ended November 28, 2014¹		Year Ended November 29, 2013¹		Year Ended November 30, 2012		Year Ended November 30, 2011

Per Share Operating Data
Net asset value, beginning of period		$36.44		$35.80		$36.81		$29.89		$25.98		$25.33

Income (loss) from investment operations:
Net investment income²		0.24		0.23		0.28		0.26		0.27		0.17
Net realized and unrealized gain (loss)		(0.68)		0.65		(1.09)		6.92		3.78		0.57

Total from investment operations		(0.44)		0.88		(0.81)		7.18		4.05		0.74

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.22)		(0.24)		(0.20)		(0.26)		(0.14)		(0.09)

Net asset value, end of period		$35.78		$36.44		$35.80		$36.81		$29.89		$25.98



Total Return, at Net Asset Value³		(1.22)%		2.50%		(2.19)%		24.23%		15.73%		2.90%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$408,690		$400,622		$369,630		$272,619		$158,362		$113,905

Average net assets (in thousands)		$388,238		$390,160		$341,419		$213,038		$137,418		$115,153

Ratios to average net assets:⁴
Net investment income		1.36%		0.64%		0.74%		0.79%		0.97%		0.60%
Expenses excluding specific expenses listed below		1.38%		1.39%		1.39%		1.45%		1.70%		1.65%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%		0.00%		0.00%		0.00%

Total expenses⁶		1.38%		1.39%		1.39%		1.45%		1.70%		1.65%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.38%		1.39%		1.39%		1.44%		1.57%		1.56%

Portfolio turnover rate		1%		10%		12%		12%		15%		19%

28 OPPENHEIMER INTERNATIONAL GROWTH FUND

1. November 28, 2014 and November 29, 2013 represent the last business days of the Fund’s respective reporting periods. See Note 2 of the accompanying Notes.

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

4. Annualized for periods less than one full year.

5. Less than 0.005%.

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



Six Months Ended May 31, 2016	1.38	%
Year Ended November 30, 2015	1.39	%
Year Ended November 28, 2014	1.39	%
Year Ended November 29, 2013	1.45	%
Year Ended November 30, 2012	1.70	%
Year Ended November 30, 2011	1.65	%

See accompanying Notes to Financial Statements.

29 OPPENHEIMER INTERNATIONAL GROWTH FUND

FINANCIAL HIGHLIGHTS Continued


Class Y	Six Months Ended May 31, 2016 (Unaudited)		Year Ended November 30, 2015		Year Ended November 28, 2014¹		Year Ended November 29, 2013¹		Year Ended November 30, 2012		Year Ended November 30, 2011

Per Share Operating Data
Net asset value, beginning of period		$37.01		$36.36		$37.35		$30.34		$26.38		$25.71

Income (loss) from investment operations:
Net investment income²		0.33		0.42		0.46		0.46		0.48		0.36
Net realized and unrealized gain (loss)		(0.69)		0.64		(1.10)		6.99		3.80		0.58

Total from investment operations		(0.36)		1.06		(0.64)		7.45		4.28		0.94

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.40)		(0.41)		(0.35)		(0.44)		(0.32)		(0.27)

Net asset value, end of period		$36.25		$37.01		$36.36		$37.35		$30.34		$26.38



Total Return, at Net Asset Value³		(0.97)%		2.99%		(1.71)%		24.91%		16.54%		3.63%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$11,734,166		$10,782,234		$8,774,567		$6,691,921		$4,381,526		$2,996,792

Average net assets (in thousands)		$10,862,537		$10,135,130		$8,185,239		$5,487,802		$3,865,270		$2,934,647

Ratios to average net assets:⁴
Net investment income		1.89%		1.13%		1.23%		1.38%		1.72%		1.30%
Expenses excluding specific expenses listed below		0.88%		0.89%		0.89%		0.90%		0.87%		0.91%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%		0.00%		0.00%		0.00%

Total expenses⁶		0.88%		0.89%		0.89%		0.90%		0.87%		0.91%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.88%		0.89%		0.89%		0.90%		0.87%		0.87%

Portfolio turnover rate		1%		10%		12%		12%		15%		19%

30 OPPENHEIMER INTERNATIONAL GROWTH FUND

1. November 28, 2014 and November 29, 2013 represent the last business days of the Fund’s respective reporting periods. See Note 2 of the accompanying Notes.

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

4. Annualized for periods less than one full year.

5. Less than 0.005%.

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



Six Months Ended May 31, 2016	0.88	%
Year Ended November 30, 2015	0.89	%
Year Ended November 28, 2014	0.89	%
Year Ended November 29, 2013	0.90	%
Year Ended November 30, 2012	0.87	%
Year Ended November 30, 2011	0.91	%

See accompanying Notes to Financial Statements.

31 OPPENHEIMER INTERNATIONAL GROWTH FUND

NOTES TO FINANCIAL STATEMENTS May 31, 2016 Unaudited

1. Organization

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

The Fund offers Class A, Class C, Class I, Class R and Class Y shares, and previously offered Class B shares for new purchase through June 29, 2012. Subsequent to that date, no new purchases of Class B shares are permitted, however reinvestment of dividend and/or capital gain distributions and exchanges of Class B shares into and from other Oppenheimer funds are allowed. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class C and Class R shares are sold, and Class B shares were sold, without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class R shares are sold only through retirement plans. Retirement plans that offer Class R shares may impose charges on those accounts. Class I and Class Y shares are sold to certain institutional investors or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class I and Class Y shares. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B, C and R shares have separate distribution and/or service plans under which they pay fees. Class I and Class Y shares do not pay such fees. Class B shares will automatically convert to Class A shares 72 months after the date of purchase.

The following is a summary of significant accounting policies followed in the Fund’s preparation of financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

2. Significant Accounting Policies

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

Reporting Period End Date. The last day of the Fund’s reporting period is the last day the New York Stock Exchange was open for trading during the period. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

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.

32 OPPENHEIMER INTERNATIONAL GROWTH FUND

2. Significant Accounting Policies (Continued)

dollars as of the close of the New York Stock Exchange (the “Exchange”), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees.

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

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

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

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. GAAP, are recorded on the ex-dividend date. Income and capital gain distributions, if any, are declared and paid annually or at other times as deemed necessary by the Manager.

The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

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

Custodian Fees. “Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption

33 OPPENHEIMER INTERNATIONAL GROWTH FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

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.

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for the fiscal year ended November 30, 2015, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

During the fiscal year ended November 30, 2015, the Fund utilized $87,000,283 of capital loss carryforward to offset capital gains realized in that fiscal year. Details of the fiscal year ended November 30, 2015 capital loss carryforwards are included in the table below. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. Capital losses with no expiration will be carried forward to future years if not offset by gains.


Expiring

2016	$	385,083
2017		15,305,038

Total	$	15,690,121

At period end, it is estimated that the capital loss carryforwards would be $15,690,121 expiring by 2017 and $29,812,156, which will not expire. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the reporting period, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.

34 OPPENHEIMER INTERNATIONAL GROWTH FUND

2. Significant Accounting Policies (Continued)

Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains are determined in accordance with federal income tax requirements, which may differ from the character of net investment income or net realized gains presented in those financial statements in accordance with U.S. GAAP. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

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 at period end 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	$	20,189,058,393
Federal tax cost of other investments		462,903

Total federal tax cost	$	20,189,521,296

Gross unrealized appreciation	$	5,525,615,414
Gross unrealized depreciation		(2,812,045,345)

Net unrealized appreciation	$	2,713,570,069

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.

Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

3. Securities Valuation

The Fund calculates the net asset value of its shares as of 4:00 P.M. Eastern time, on each day the New York Stock Exchange (the “Exchange”) is open for trading, except in the case of a scheduled early closing of the Exchange, in which case the Fund will calculate net asset value of the shares as of the scheduled early closing time of the Exchange.

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a “fair valuation” for any security for which market quotations are not “readily available.” The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

35 OPPENHEIMER INTERNATIONAL GROWTH FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the mean between the bid and asked price on the principal exchange or, if not available from the principal exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority): (1) a bid from the principal exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer. A security of a foreign issuer traded on a foreign exchange, but not listed on a registered U.S. securities exchange, is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority): (1) a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

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

Corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities, event-linked bonds, loans, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices.

Short-term money market type debt securities with a remaining maturity of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.

36 OPPENHEIMER INTERNATIONAL GROWTH FUND

3. Securities Valuation (Continued)


Security Type		Standard inputs generally considered by third-party pricing vendors

Corporate debt, government debt, municipal, mortgage- backed and asset-backed securities		Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.

Loans		Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

Event-linked bonds		Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security, the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

Each investment asset or liability of the Fund is assigned a level at measurement date based

37 OPPENHEIMER INTERNATIONAL GROWTH FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

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

1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

2) Level 2-inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)

3) Level 3-significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

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

The Fund classifies each of its investments in investment companies which are publicly offered as Level 1. Investment companies that are not publicly offered are measured using net asset value as a practical expedient, and are not classified in the fair value hierarchy.

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities at period end based on valuation input level:


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value

Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	1,044,001,896	$	3,935,634,728	$	—	$	4,979,636,624
Consumer Staples		380,934,960		2,186,827,015		—		2,567,761,975
Energy		—		320,933,993		—		320,933,993
Financials		113,647,657		632,975,815		—		746,623,472
Health Care		—		2,540,123,018		3,104		2,540,126,122
Industrials		—		4,758,260,363		—		4,758,260,363
Information Technology		—		3,713,994,393		—		3,713,994,393
Materials		169,412,350		1,201,776,754		—		1,371,189,104
Telecommunication Services		—		1,414,583,813		—		1,414,583,813
Preferred Stock		2,287,174		—		—		2,287,174
Rights, Warrants and Certificates		—		46,413		—		46,413
Investment Company		498,732,648		—		—		498,732,648

Total Assets	$	2,209,016,685	$	20,705,156,305	$	3,104	$	22,914,176,094

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

38 OPPENHEIMER INTERNATIONAL GROWTH FUND

3. Securities Valuation (Continued)

The table below shows the transfers between Level 1 and Level 2. The Fund’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.


	Transfers out of Level 1*		Transfers into Level 2*

Assets Table
Investments, at Value:
Common Stocks
Consumer
Discretionary	$	(658,268,493)	$	658,268,493
Consumer Staples		(251,554,084)		251,554,084
Financials		(537,756,069)		537,756,069
Industrials		(1,395,437,036)		1,395,437,036
Information
Technology		(99,638,691)		99,638,691
Telecommunication
Services		(785,124,669)		785,124,669

Total Assets	$	(3,727,779,042)	$	3,727,779,042

* Transfers from Level 1 to Level 2 are a result of a change from the use of an exchange traded price to a valuation received from a third-party pricing service or a fair valuation determined based on observable market information other than quoted prices from an active market.

4. Investments and Risks

Risks of Foreign Investing. The Fund may invest in foreign securities which are subject to special risks. Securities traded in foreign markets may be less liquid and more volatile than those traded in U.S. markets. Foreign issuers are usually not subject to the same accounting and disclosure requirements that U.S. companies are subject to, which may make it difficult for the Fund to evaluate a foreign company’s operations or financial condition. A change in the value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of investments denominated in that foreign currency and in the value of any income or distributions the Fund may receive on those investments. The value of foreign investments may be affected by exchange control regulations, foreign taxes, higher transaction and other costs, delays in the settlement of transactions, changes in economic or monetary policy in the United States or abroad, expropriation or nationalization of a company’s assets, or other political and economic factors. In addition, due to the inter-relationship of global economies and financial markets, changes in political and economic factors in one country or region could adversely affect conditions in another country or region. Investments in foreign securities may also expose the Fund to time-zone arbitrage risk. Foreign securities may trade on weekends or other days when the Fund does not price its shares. At times, the Fund may emphasize investments in a particular country or region and may be subject to greater risks from adverse events that occur in that country or region. Foreign securities and foreign currencies held in foreign banks and securities depositories may be subject to limited or no regulatory oversight.

Investments in Affiliated Funds. The Fund is permitted to invest in other mutual funds

39 OPPENHEIMER INTERNATIONAL GROWTH FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Investments and Risks (Continued)

advised by the Manager (“Affiliated Funds”). Affiliated Funds are open-end management investment companies registered under the 1940 Act, as amended. The Manager is the investment adviser of, and the Sub-Adviser provides investment and related advisory services to, the Affiliated Funds. When applicable, the Fund’s investments in Affiliated Funds are included in the Statement of Investments. Shares of Affiliated Funds are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of the Affiliated Funds’ expenses, including their 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 the Affiliated Funds.

Each of the Affiliated Funds in which the Fund invests has its own investment risks, and those risks can affect the value of the Fund’s investments and therefore the value of the Fund’s shares. To the extent that the Fund invests more of its assets in one Affiliated Fund than in another, the Fund will have greater exposure to the risks of that Affiliated Fund.

Investment in Oppenheimer Institutional Money Market Fund. The Fund is permitted to invest daily available cash balances in a money market Affiliated 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 or for defensive purposes. IMMF is regulated as a money market fund under the Investment Company Act of 1940, as amended.

Restricted Securities. At period end, investments in securities included issues that are restricted. 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. Securities that are restricted are marked with an applicable footnote on the Statement of Investments. Restricted securities are reported on a schedule following the Statement of Investments.

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

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

5. Market Risk Factors

The Fund’s investments in securities and/or financial derivatives may expose the Fund to various market risk factors:

40 OPPENHEIMER INTERNATIONAL GROWTH FUND

5. Market Risk Factors (Continued)

Commodity Risk. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

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

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

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

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

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

6. 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, 2016				Year Ended November 30, 2015
	Shares		Amount		Shares		Amount

Class A
Sold		26,460,987	$	928,424,279		54,570,503	$	2,013,769,546
Dividends and/or distributions reinvested		1,136,111		40,990,889		981,139		34,202,497
Redeemed		(25,325,953)		(902,531,348)		(39,945,527)		(1,468,204,306)

Net increase		2,271,145	$	66,883,820		15,606,115	$	579,767,737

41 OPPENHEIMER INTERNATIONAL GROWTH FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

6. Shares of Beneficial Interest (Continued)


	Six Months Ended May 31, 2016				Year Ended November 30, 2015
	Shares		Amount		Shares		Amount

Class B
Sold		18,954		$ 640,074		70,456		$ 2,498,208
Dividends and/or distributions reinvested		—		—		—		—
Redeemed		(128,994)		(4,410,544)		(288,963)		(10,136,854)

Net decrease		(110,040)		$ (3,770,470)		(218,507)		$ (7,638,646)



Class C
Sold		2,044,330		$ 68,967,005		4,572,119		$ 160,631,085
Dividends and/or distributions reinvested		21,796		748,255		24,795		822,692
Redeemed		(1,974,329)		(66,109,516)		(3,549,983)		(123,526,927)

Net increase		91,797		$ 3,605,744		1,046,931		$ 37,926,850



Class I
Sold		31,640,634		$ 1,108,959,086		40,038,001		$ 1,450,152,579
Dividends and/or distributions reinvested		1,472,590		52,851,242		1,379,084		47,812,860
Redeemed		(14,386,236)		(498,533,965)		(26,602,352)		(968,602,516)

Net increase		18,726,988		$ 663,276,363		14,814,733		$ 529,362,923



Class R
Sold		1,652,451		$ 57,608,480		3,333,662		$ 120,723,087
Dividends and/or distributions reinvested		61,543		2,184,183		67,221		2,305,008
Redeemed		(1,284,313)		(44,714,507)		(2,730,865)		(98,225,022)

Net increase		429,681		$ 15,078,156		670,018		$ 24,803,073



Class Y
Sold		75,343,824		$ 2,656,274,499		123,291,547		$ 4,498,062,441
Dividends and/or distributions reinvested		2,432,369		87,273,395		2,316,526		80,290,792
Redeemed		(45,389,134)		(1,598,792,876)		(75,634,230)		(2,754,144,296)

Net increase		32,387,059		$ 1,144,755,018		49,973,843		$ 1,824,208,937

7. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the reporting period were as follows:


	Purchases		Sales

Investment securities		$2,033,588,283		$302,021,361

8. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:

42 OPPENHEIMER INTERNATIONAL GROWTH FUND

8. Fees and Other Transactions with Affiliates (Continued)


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
Next $5 billion			0.65
Next $10 billion			0.63
Over $20 billion			0.61

The Fund’s effective management fee for the reporting period was 0.65% of average annual net assets before any applicable waivers.

Sub-Adviser Fees. The Manager has retained the Sub-Adviser to provide the day-to-day portfolio management of the Fund. Under the Sub-Advisory Agreement, the Manager pays the Sub-Adviser an annual fee in monthly installments, equal to a percentage of the investment management fee collected by the Manager from the Fund, which shall be calculated after any investment management fee waivers. The fee paid to the Sub-Adviser is paid by the Manager, not by the Fund.

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

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

Trustees’ Compensation. The Fund 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 reporting period, the Fund’s projected benefit obligations, payments to retired Trustees and accumulated liability were as follows:


Projected Benefit Obligations Increased	$	—
Payments Made to Retired Trustees		20,038
Accumulated Liability as of May 31, 2016		137,968

43 OPPENHEIMER INTERNATIONAL GROWTH FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

8. Fees and Other Transactions with Affiliates (Continued)

The Fund’s Board of Trustees (“Board”) has adopted a compensation deferral plan for Independent Trustees that enables Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

Distribution and Service Plan (12b-1) Fees. Under its General Distributor’s Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the “Distributor”) acts as the Fund’s principal underwriter in the continuous public offering of the Fund’s classes of shares.

Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) for Class A shares pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.25% of the daily net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

Distribution and Service Plans for Class B, Class C and Class R Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B, Class C and Class R shares pursuant to Rule 12b-1 under the 1940 Act to compensate the Distributor for distributing those share classes, maintaining accounts and providing shareholder services. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and Class C shares’ daily net assets and 0.25% on Class R shares’ daily net assets. The Fund also pays a service fee under the Plans at an annual rate of 0.25% of daily net assets. The Plans continue in effect from year to year only if the Fund’s Board of Trustees votes annually to approve their continuance at an in person meeting called for that purpose. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations.

Sales Charges. Front-end sales charges and CDSC do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained

44 OPPENHEIMER INTERNATIONAL GROWTH FUND

8. Fees and Other Transactions with Affiliates (Continued)

by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the following table for the period indicated.


Six Months Ended	Class A Front-End Sales Charges Retained by Distributor		Class A Contingent Deferred Sales Charges Retained by Distributor		Class B Contingent Deferred Sales Charges Retained by Distributor		Class C Contingent Deferred Sales Charges Retained by Distributor		Class R Contingent Deferred Sales Charges Retained by Distributor

May 31, 2016		$225,611		$4,330		$8,201		$33,631		$—

Waivers and Reimbursements of Expenses. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in IMMF. During the reporting period, the Manager waived fees and/or reimbursed the Fund $220,317 for IMMF management fees.

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

9. Borrowing and Other Financing

Joint Credit Facility. A number of mutual funds managed by the Manager participate in a $1.28 billion revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with atypical redemption activity. Expenses and fees related to the Facility are paid by the participating funds and are disclosed separately or as other expenses on the Statement of Operations. The Fund did not utilize the Facility during the reporting period.

10. Pending Litigation

In 2009, several putative class action lawsuits were filed and later consolidated before the U.S. District Court for the District of Colorado against OppenheimerFunds, Inc. (“OFI”), OppenheimerFunds Distributor, Inc. (“OFDI”), and Oppenheimer Rochester California Municipal Fund, a fund advised by OFI Global Asset Management, Inc. and distributed by the Distributor (the “California Fund”), in connection with the California Fund’s investment performance. The plaintiffs asserted claims against OFI, OFDI and certain present and former trustees and officers of the California Fund under the federal securities laws, alleging, among other things, that the disclosure documents of the California Fund contained misrepresentations and omissions and the investment policies of the California Fund were not followed. Plaintiffs in the suit filed an amended complaint and defendants filed a motion to dismiss. In 2011, the court issued an order which granted in part and denied in part the defendants’ motion to dismiss. In 2012, plaintiffs filed a motion, which defendants opposed, to certify a class and appoint class representatives and class counsel. In March 2015, the court granted plaintiffs’ motion for class certification. In May 2015, the U.S. Court of Appeals for the Tenth Circuit vacated the class certification order and remanded the matter to the district court for further proceedings. In October 2015, the district court reaffirmed its order and

45 OPPENHEIMER INTERNATIONAL GROWTH FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

10. Pending Litigation (Continued)

determined that the suit will proceed as a class action. In December 2015, the Tenth Circuit denied defendants’ petition to appeal the district court’s reaffirmed class certification order.

OFI and OFDI believe the suit is without merit; that it is premature to render any opinion as to the likelihood of an outcome unfavorable to them in the suit; and that no estimate can yet be made as to the amount or range of any potential loss. Furthermore, OFI believes that the suit should not impair the ability of OFI or OFDI to perform their respective duties to the Fund and that the outcome of the suit should not have any material effect on the operations of any of the Oppenheimer funds.

46 OPPENHEIMER INTERNATIONAL GROWTH FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

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

The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at www.sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Householding—Delivery of Shareholder Documents

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

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

47 OPPENHEIMER INTERNATIONAL GROWTH FUND

DISTRIBUTION SOURCES Unaudited

For any distribution that took place over the Fund’s reporting period, the table below details on a per-share basis the percentage of the Fund’s total distribution payment amount that was derived from the following sources: net income, net profit from the sale of securities, and other capital sources. This information is based upon income and capital gains using generally accepted accounting principles as of the date of each distribution. Because the Fund is actively managed, the relative amount of the Fund’s total distributions derived from various sources over the calendar year may change. Please note that this information should not be used for tax reporting purposes as the tax character of distributable income may differ from the amounts used for this notification. You will receive IRS tax forms in the first quarter of each calendar year detailing the actual amount of the taxable and non-taxable portion of distributions paid to you during the tax year.

For the most current information, please go to oppenheimerfunds.com. Select your Fund, then the ‘Detailed’ tab; where ‘Dividends’ are shown, the Fund’s latest pay date will be followed by the sources of any distribution, updated daily.

Fund Name

Pay
Date

Net Income

Net Profit
from Sale

Other

Capital

Sources

Oppenheimer International Growth Fund

12/16/15

99.0%

1.0%

0.0%

48 OPPENHEIMER INTERNATIONAL GROWTH FUND

OPPENHEIMER INTERNATIONAL GROWTH FUND


Trustee and Officers		Brian F. Wruble, Chairman of the Board of Trustees and Trustee
		Beth Ann Brown, Trustee
		Matthew P. Fink, Trustee
		Edmund P. Giambastiani, Jr., Trustee
		Elizabeth Krentzman, Trustee
		Mary F. Miller, Trustee
		Joel W. Motley, Trustee
		Joanne Pace, Trustee
		Daniel Vandivort, Trustee
		Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
		George R. Evans, Vice President
		Robert Dunphy, Vice President
		Cynthia Lo Bessette, Secretary and Chief Legal Officer
		Jennifer Sexton, Vice President and Chief Business Officer
		Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer
		Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer

Manager		OFI Global Asset Management, Inc.

Sub-Adviser		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

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

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

Independent Registered Public Accounting Firm		KPMG LLP

Legal Counsel		Kramer Levin Naftalis & Frankel LLP

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

49 OPPENHEIMER INTERNATIONAL GROWTH FUND

As an Oppenheimer fund shareholder, you are entitled to know how we protect your personal information and how we limit its disclosure.

Information Sources

We obtain nonpublic personal information about our shareholders from the following sources:

● Applications or other forms

● When you create a user ID and password for online account access

● When you enroll in eDocs Direct, our electronic document delivery service

● Your transactions with us, our affiliates or others

● A software program on our website, often referred to as a “cookie,” which indicates which parts of our site you’ve visited

● When you set up challenge questions to reset your password online

If you visit oppenheimerfunds.com and do not log on to the secure account information areas, we do not obtain any personal information about you. When you do log on to a secure area, we do obtain your user ID and password to identify you. We also use this information to provide you with products and services you have requested, to inform you about products and services that you may be interested in and assist you in other ways.

We do not collect personal information through our website unless you willingly provide it to us, either directly by email or in those areas of the website that request information. In order to update your personal information (including your mailing address, email address and phone number) you must first log on and visit your user profile.

If you have set your browser to warn you before accepting cookies, you will receive the warning message with each cookie. You can refuse cookies by turning them off in your browser. However, doing so may limit your access to certain sections of our website.

We use cookies to help us improve and manage our website. For example, cookies help us recognize new versus repeat visitors to the site, track the pages visited, and enable some special features on the website. This data helps us provide a better service for our website visitors.

Protection of Information

We do not disclose any non-public personal information (such as names on a customer list) about current or former customers to anyone, except as permitted by law.

Disclosure of Information

Copies of confirmations, account statements and other documents reporting activity in your fund accounts are made available to your financial advisor (as designated by you). We may also use details about you and your investments to help us, our financial service affiliates, or firms that jointly market their financial products and services with ours, to better serve your investment needs or suggest financial services or educational material that may be of interest to you. If this requires us to provide you with an opportunity to “opt in” or “opt out” of such information sharing with a firm not affiliated with us, you will receive notification on how to do so, before any such sharing takes place.

Right of Refusal

We will not disclose your personal information to unaffiliated third parties (except as permitted by law), unless we first offer you a reasonable opportunity to refuse or “opt out” of such disclosure.

50 OPPENHEIMER INTERNATIONAL GROWTH FUND

Internet Security and Encryption

In general, the email services provided by our website are encrypted and provide a secure and private means of communication with us. To protect your own privacy, confidential and/or personal information should only be communicated via email when you are advised that you are using a secure website. As a security measure, we do not include personal or account information in non-secure emails, and we advise you not to send such information to us in non-secure emails. Instead, you may take advantage of the secure features of our website to encrypt your email correspondence. To do this, you will need to use a browser that supports Secure Sockets Layer (SSL) protocol.

We do not guarantee or warrant that any part of our website, including files available for download, are free of viruses or other harmful code. It is your responsibility to take appropriate precautions, such as use of an anti-virus software package, to protect your computer hardware and software.

●

All transactions, including redemptions, exchanges and purchases, are secured by SSL and 256-bit encryption. SSL is used to establish a secure connection between your PC and OppenheimerFunds’ server. It transmits information in an encrypted and scrambled format.

●

Encryption is achieved through an electronic scrambling technology that uses a “key” to code and then decode the data. Encryption acts like the cable converter box you may have on your television set. It scrambles data with a secret code so that no one can make sense of it while it is being transmitted. When the data reaches its destination, the same software unscrambles the data.

●

You can exit the secure area by either closing your browser, or for added security, you can use the Log Out button before you close your browser.

Other Security Measures

We maintain physical, electronic and procedural safeguards to protect your personal account information. Our employees and agents have access to that information only so that they may offer you products or provide services, for example, when responding to your account questions.

How You Can Help

You can also do your part to keep your account information private and to prevent unauthorized transactions. If you obtain a user ID and password for your account, do not allow it to be used by anyone else. Also, take special precautions when accessing your account on a computer used by others.

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds, Inc., each of its investment adviser subsidiaries, OppenheimerFunds Distributor, Inc. and OFI Global Trust Co. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated March 2015. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about this privacy policy, write to us at P.O. Box 5270, Denver, CO 80217-5270, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com or call us at 1.800.CALL OPP (225.5677).

51 OPPENHEIMER INTERNATIONAL GROWTH FUND

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55 OPPENHEIMER INTERNATIONAL GROWTH FUND

LOGO

Visit us at oppenheimerfunds.com for 24-hr access to account information and transactions or call us at 800.CALL OPP (800.225.5677) for 24-hr automated information and automated transactions. Representatives also available Mon–Fri 8am-8pm ET.

Visit Us

oppenheimerfunds.com

Call Us

800 225 5677

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LOGO

Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

225 Liberty Street, New York, NY 10281-1008

RS0825.001.0516 July 25, 2016

Item 2. Code of Ethics.

Not applicable to semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable to semiannual reports.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

None

Item 11. Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 5/31/2016, 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/ Arthur P. Steinmetz
		Arthur P. Steinmetz
		Principal Executive Officer

Date:		7/13/2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Arthur P. Steinmetz
		Arthur P. Steinmetz
		Principal Executive Officer

Date:		7/13/2016

By:		/s/ Brian S. Petersen
		Brian S. Petersen
		Principal Financial Officer

Date:		7/13/2016