August 16, 2007

Nancy S. Vann, Esq.
Vice President and Associate Counsel
Oppenheimer Funds, Inc.
Two World Financial Center
225 Liberty Street - 16th Floor
New York, New York 10281-1008

Re:	Oppenheimer Global Value Fund
	File Nos. 333-144517 and 811-22092

Dear Ms. Vann:

	We have reviewed the registration statement on Form N-1A for
the
Oppenheimer Global Value Fund ("Fund") filed with the Commission
on
July 12, 2007.  The captions we use below correspond to the
captions
the Fund uses in the registration statement.

Prospectus

Prospectus Summary

      The disclosure under "What Does the Fund Mainly Invest In?"
indicates that the Fund will invest in "at least three countries.
.. .
.."  The staff takes the position that a global or international
fund
should invest in several countries throughout the world.
Accordingly, please delete the reference to "three countries," and
revise the disclosure consistent with the staff`s position.

	The first sentence under "Risks of Foreign Investing" states
that the Fund invests a substantial percentage of its assets in
foreign securities.  Clarify the meaning of the term "substantial
percentage."  For example, will the Fund normally invest 40% or
more
of its assets in foreign securities?

Shareholder Fees

	Please remove the text located between the fee table and the
example, and relocate it after the example.

	The example includes figures for classes C, N and Y, but the
fee
table does not.  Please harmonize the fee table and the example.

	Disclosure indicates that the Fund will invest in a money
market
fund and Fund shareholders will be charged a portion of the money
market fund`s fees.  Accordingly, please insert a line item in the
fee table titled "Acquired Fund Fees and Expenses"

disclose the fees and expenses incurred by the Fund as a result of
investing in the shares of the money market fund.

The Fund`s Principal Investment Policies and Risks

	Please disclose the percentages, or likely range of
percentages
of Fund assets to be invested in equities, debt, hedges and
derivatives.  Please disclose that below-investment grade debt is
also known as "junk."

Other Investment Strategies
      Please indicate that the Fund`s "Other Investment
Strategies"
are non-principal.  If the Fund will invest in these types of
securities as part of its principal investment strategy, please
disclose so in the discussion of the Fund`s principal investment
strategy.
      Regarding the discussion of temporary defensive and interim
investments, please define the term "interim" as it is used in
this
disclosure.
      Please inform the staff of the Fund`s expected portfolio
turnover rate.
At What Price are Shares Sold?

      Please disclose the effects of using fair value pricing.
See
Instruction to Item 6 (a) (1) of Form N-1A.

Statement of Additional Information

Investment Restrictions
	Please explain the meaning of the phrase "except to the
extent
permitted under the Investment Company Act," as it pertains to the
Fund`s fundamental policies on borrowing money, making loans,
investing in real estate and commodities and underwriting.
	The disclosure indicates the Fund, with respect to its
concentration policy, has adopted industry classifications that
are
not a fundamental policy.  What are the industry classifications?
	Please explain the extent to which sub-paragraphs (F) and (G)
of
Section 12(d)(1) of the Investment Company Act of 1940 permit the
Fund to invest in the securities of other investment companies.
Closing
      We note that portions of the filing are incomplete. We may
have
additional comments on such portions when you complete them in a
pre-
effective amendment, on disclosures made in response to this
letter,
on information supplied supplementally, or on exhibits added in
any
pre-effective amendments.  Please note that comments we give in

one section apply to other sections in the filing that contain the
same or similar disclosure.
      Please advise us if you have submitted or expect to submit
an
exemptive application or no-action request in connection with your
registration statement.
      Response to this letter should be in the form of a pre-
effective amendment filed pursuant to Rule 472 under the
Securities
Act. Where no change will be made in the filing in response to a
comment, please indicate this fact in a supplemental letter and
briefly state the basis for your position.
      We urge all persons who are responsible for the accuracy and
adequacy of the disclosure in the filings reviewed by the staff to
be
certain that they have provided all information investors require
for
an informed decision. Since the Fund and its management are in
possession of all facts relating to the Fund`s disclosure, they
are
responsible for the accuracy and adequacy of the disclosures they
have made.
	Notwithstanding our comments, in the event the Fund requests
acceleration of the effective date of the pending registration
statement, it should furnish a letter, at the time of such
request,
acknowledging that

* should the Commission or the staff, acting pursuant to delegated
authority, declare the filing effective, it does not foreclose the
Commission from taking any action with respect to the filing;
* the action of the Commission or the staff, acting pursuant to
delegated authority, in declaring the filing effective, does not
relieve the Fund from its full responsibility for the adequacy and
accuracy of the disclosure in the filing; and
* the Fund may not assert this action as defense in any proceeding
initiated by the Commission or any person under the federal
securities laws of the United States.

      In addition, please be advised that the Division of
Enforcement
has access to all information you provide to the staff of the
Division of Investment Management in connection with our review of
your filing or in response to our comments on your filing.
	Any questions you may have regarding the filing or this
letter
may be directed to me at 202.551.6965.


							Sincerely,


							Vincent J. Di Stefano
							Senior Counsel





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