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 811-22092

Oppenheimer Global Value Fund

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Arthur S. Gabinet

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: April 30

Date of reporting period: 10/31/2014

Item 1. Reports to Stockholders.

Table of Contents

Fund Performance Discussion	3
Top Holdings and Allocations	6
Fund Expenses	9
Statement of Investments	11
Statement of Assets and Liabilities	14
Statement of Operations	16
Statements of Changes in Net Assets	17
Financial Highlights	18
Notes to Financial Statements	23
Board Approval of the Fund’s Investment Advisory and Sub-Advisory Agreements	34
Portfolio Proxy Voting Policies and Procedures; Updates to Statement of Investments	37
Trustees and Officers	38
Privacy Policy Notice	39

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 10/31/14

	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	MSCI All Country   World Index
6-Month	-1.69%	-7.34%	2.37%
1-Year	-2.63	-8.23	7.77
5-Year	15.32	13.96	10.57
Since Inception (10/1/07)	5.44	4.56	2.33

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. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum applicable sales charge except where “without sales charge” is indicated. 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. Returns for periods of less than one year are cumulative and not annualized. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677).

2      OPPENHEIMER GLOBAL VALUE FUND

Fund Performance Discussion

The Fund’s Class A shares (without sales charge) produced a cumulative total return of -1.69% during the reporting period, underperforming the MSCI All Country World Index (the “Index”), which returned 2.37% during the same period. Holdings in the consumer discretionary, materials and energy sectors were the primary detractors from performance this reporting period. The Fund received its best results from holdings in the information technology sector, and also received positive contributions from health care and financials.

MARKET OVERVIEW

Equity markets experienced bouts of volatility during the reporting period due to a variety of factors. Fears of a multi-year recession in Europe resurfaced as economic data revealed significant weakness. Prime Minister Shinzo Abe’s stimulus policies in Japan (commonly referred to as Abenomics) continued to disappoint, while a slowdown occurred in China. In addition, there were heightened tensions between the U.S./Western Europe and Russia over Ukraine, escalating violence in the Middle East, and the Ebola virus outbreak in Africa worsened. Against this backdrop, the declines in the market that occurred could have been worse.

However, we also see several positives: employment levels are rising, interest rates remain low, providing further support to the nascent real estate recovery, and valuation. On a three-year view, we believe the valuations for many of the stocks in our portfolio are at low levels and have room to rise.

FUND REVIEW

Top contributors to Fund returns this reporting period included Baidu, Inc., Qiwi plc, and Madison Square Garden Co. Baidu, the leading Internet search provider in China, continued to narrow the monetization gap between mobile and PC and transition from being primarily a search driven advertising platform to an integrated mobile Internet ecosystem. China’s internet penetration is still relatively low and there exists an opportunity for strong structural growth in e-commerce, mobile Internet and online video, which favors a dominant company like Baidu. Qiwi is a provider of payment services across physical, online and mobile channels in Russia and in the CIS (Commonwealth of Independent States). Shares of Qiwi rallied early in the reporting period, and we exited our position. Qiwi has been a large winner for the Fund in the past, but we felt its market capitalization became too small to own in a meaningful way without liquidity risk. Madison Square Garden reported strong earnings primarily due to an increase in revenues in MSG Entertainment (Madison

3      OPPENHEIMER GLOBAL VALUE FUND

Square Garden Arena, the Forum and The Theater at Madison Square Garden) and MSG Sports segments. The company also announced it was considering plans to split its entertainment business from its media and sports divisions. We believe MSG’s collection of quality assets remains undervalued.

Detractors from performance this reporting period included Blinkx plc, Yoox SpA and LVMH Moet Hennessy Louis Vuitton SA, all of which we exited. U.K.-based Blinkx is a leader in video advertising on the Internet. Blinkx, along with the entire online video advertising industry, underperformed as advertisers questioned the validity of the traffic watching the ads and ultimately pulled back money. Yoox is a leading online retailer in the luxury goods space. The company’s business model includes a multi-brand business that sells discounted products from a variety of designers, as well as a mono-brand business that offers a shop-in-shop platform for a growing number of brands. LVMH Moet Hennessy Louis Vuitton is a luxury goods company, with products ranging across wine and spirits, fashion, perfumes and cosmetics. Weaker luxury goods consumption, particularly in China, negatively impacted both Yoox and LVMH.

STRATEGY

Our investment approach combines a thematic framework to idea generation with fundamental company analysis. As the world undergoes major economic and demographic

structural shifts, we are keenly interested in where, and to whom, the economic benefits of these changes will flow. Broad in scope, these shifts serve as useful guides for identifying pockets of durable change. It’s within these “pockets” that we search even further to find smaller investable sub-themes. Fundamental company analysis then helps us identify businesses with durable characteristics and good economics that we believe will benefit from these sub-themes and are poised to outperform over the long term. We seek companies that have a combination that includes, but is not limited to, revenue growth, high margins, durable, competitive advantages in a high-barrier-to-entry industry, strong franchise values, and unique or attractive assets.

Entry points are sought where a large gap exists between the current market price and a conservative estimate of intrinsic value. Our approach anchors valuation in business reality, such as cash-oriented metrics, which are the heart and soul of a company. When we examine the investment merits of a company and value it, we do so as if we were going to take it over, manage it and harvest the excess cash out of it.

Our aim is to provide investors with attractive upside potential and limited downside. And our 3- to 5-year investment horizon can allow our ideas time to create real value for investors.

4      OPPENHEIMER GLOBAL VALUE FUND

We believe turmoil in the markets always creates opportunity. We specialize in finding that opportunity and seeking to capture it for our shareholders. We believe significant, attractive opportunities have been created for shareholders this reporting period as numerous top-quality businesses in the sweet spot of positive structural trends have suffered declines.

Randall C. Dishmon Portfolio Manager

5      OPPENHEIMER GLOBAL VALUE FUND

Top Holdings and Allocations

TOP TEN COMMON STOCK HOLDINGS
Twenty-First Century Fox, Inc., Cl. A	5.1	%
Google, Inc., Cl. A	5.0
Citigroup, Inc.	4.2
Madison Square Garden Co. (The), Cl. A	3.8
Bank of America Corp.	3.6
Baidu, Inc., Sponsored ADR	3.4
AMC Networks, Inc., Cl. A	3.3
Assured Guaranty Ltd.	3.2
Investment AB Kinnevik, Cl. B	3.2
American International Group, Inc.	3.0

Portfolio holdings and allocations are subject to change. Percentages are as of October 31, 2014, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com.

TOP TEN GEOGRAPHICAL HOLDINGS
United States	67.6	%
Germany	6.6
France	6.3
China	4.6
Sweden	3.3
United Kingdom	2.2
Netherlands	1.8
Japan	1.6
Canada	1.6
India	1.5

Portfolio holdings and allocation are subject to change. Percentages are as of October 31, 2014, and are based on total market value of investments.

REGIONAL ALLOCATION

Portfolio holdings and allocations are subject to change. Percentages are as of October 31, 2014, and are based on the total market value of investments.

6      OPPENHEIMER GLOBAL VALUE FUND

Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 10/31/14

	Inception  Date		6-Month			1-Year			5-Year	Since Inception
Class A (GLVAX)		10/1/07		-1.69	%		-2.63	%	15.32%	5.44%
Class C (GLVCX)		10/1/07		-2.07	%		-3.35	%	14.44%	4.64%
Class I (GLVIX)		8/28/12		-1.49	%		-2.21	%	N/A	19.11%
Class R (GLVNX)		10/1/07		-1.81	%		-2.89	%	15.02%	5.17%
Class Y (GLVYX)		10/1/07		-1.56	%		-2.40	%	15.68%	5.78%

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 10/31/14

	Inception  Date		6-Month			1-Year			5-Year	Since Inception
Class A (GLVAX)		10/1/07		-7.34	%		-8.23	%	13.96%	4.56%
Class C (GLVCX)		10/1/07		-3.05	%		-4.32	%	14.44%	4.64%
Class I (GLVIX)		8/28/12		-1.49	%		-2.21	%	N/A	19.11%
Class R (GLVNX)		10/1/07		-2.79	%		-3.86	%	15.02%	5.17%
Class Y (GLVYX)		10/1/07		-1.56	%		-2.40	%	15.68%	5.78%

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%; 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. Returns for periods of less than one year are cumulative and not annualized.

The Fund’s performance is compared to the performance of the MSCI All Country World Index. The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. 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 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.

7      OPPENHEIMER GLOBAL VALUE FUND

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 GLOBAL VALUE FUND

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions; and (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 October 31, 2014.

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 October 31, 2014” 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 GLOBAL VALUE FUND

Actual	Beginning Account Value May 1, 2014		Ending Account Value October 31, 2014		Expenses Paid During 6 Months Ended October 31, 2014
Class A	$	1,000.00	$	983.10	$	6.67
Class C		1,000.00		979.30		10.48
Class I		1,000.00		985.10		4.41
Class R		1,000.00		981.90		7.92
Class Y		1,000.00		984.40		5.27
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,018.50		6.79
Class C		1,000.00		1,014.67		10.67
Class I		1,000.00		1,020.77		4.49
Class R		1,000.00		1,017.24		8.07
Class Y		1,000.00		1,019.91		5.36

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended October 31, 2014 are as follows:

Class	Expense Ratios
Class A		1.33%
Class C		2.09
Class I		0.88
Class R		1.58
Class Y		1.05

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 GLOBAL VALUE FUND

STATEMENT OF INVESTMENTS October 31, 2014 Unaudited

	Shares		Value
Common Stocks—97.7%
Consumer Discretionary—34.6%
Auto Components—1.5%
BorgWarner, Inc.		136,800	$	7,800,336
Diversified Consumer Services—1.9%
Ascent Capital
Group, Inc., Cl. A1		147,235		9,467,210
Internet & Catalog Retail—5.3%
Amazon.com, Inc.1		33,900		10,355,094
JD.com, Inc., ADR1		234,159		5,594,058
TripAdvisor, Inc.1		124,665		11,052,799
				27,001,951
Media—21.9%
AMC Networks,
Inc., Cl. A1		277,935		16,856,758
Discovery
Communications,
Inc., Cl. A1		237,139		8,382,864
Gannett Co., Inc.		242,706		7,645,239
Liberty Global plc,
Cl. A1		160,575		7,301,345
Madison Square
Garden Co. (The),
Cl. A1		256,250		19,413,500
Naspers Ltd., Cl. N		37,751		4,692,418
Twenty-First
Century Fox, Inc.,
Cl. A		745,832		25,716,287
Viacom, Inc., Cl. B		183,651		13,347,755
Zee Entertainment
Enterprises Ltd.		1,377,234		7,768,692
				111,124,858
Specialty Retail—1.0%
CST Brands, Inc.		136,157		5,208,005
Textiles, Apparel & Luxury Goods—3.0%
Christian Dior SA		42,781		7,582,185
lululemon athletica,
Inc.1		186,680		7,775,222
				15,357,407
Consumer Staples—1.7%
Beverages—1.0%
Pernod Ricard SA		45,000		5,132,491
Food Products—0.7%
KWS Saat AG		10,452		3,409,332

	Shares		Value
Financials—23.7%
Capital Markets—1.7%
Goldman Sachs
Group, Inc. (The)		20,990	$	3,987,890
WisdomTree
Investments, Inc.1		319,665		4,715,059
				8,702,949
Commercial Banks—10.7%
Bank of America
Corp.		1,073,033		18,413,246
BNP Paribas SA		152,470		9,614,646
Citigroup, Inc.		395,560		21,174,327
JPMorgan Chase &
Co.		83,250		5,034,960
				54,237,179
Diversified Financial Services—3.2%
Investment AB
Kinnevik, Cl. B		519,813		16,486,682
Insurance—8.1%
American
International Group,
Inc.		287,074		15,378,554
Assured Guaranty
Ltd.		715,044		16,503,216
MBIA, Inc.1		939,219		9,166,777
				41,048,547
Health Care—3.1%
Health Care Equipment & Supplies—1.4%
Abbott Laboratories		160,835		7,010,798
Health Care Providers & Services—1.7%
Express Scripts
Holding Co.1		114,873		8,824,544
Industrials—1.1%
Machinery—1.1%
Navistar
International Corp.1		160,888		5,690,609
Information Technology—21.9%
Internet Software & Services—13.6%
Baidu, Inc.,
Sponsored ADR1		72,966		17,422,092
eBay, Inc.1		231,651		12,161,677
Google, Inc., Cl. A1		45,108		25,615,480
Rocket Internet
AG1,2		96,729		5,058,341
Yandex NV, Cl. A1		314,559		9,002,679
				69,260,269

11      OPPENHEIMER GLOBAL VALUE FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
IT Services—4.3%
MasterCard, Inc.,
Cl. A		157,590	$	13,198,162
Wirecard AG		246,673		8,823,774
				22,021,936
Software—4.0%
Oracle Corp.		260,099		10,156,866
SAP SE		145,557		9,896,325
				20,053,191
Materials—4.5%
Chemicals—4.5%
Chemtura Corp.1		268,677		6,257,487
Monsanto Co.		102,281		11,766,406
Syngenta AG		15,706		4,867,502
				22,891,395
Telecommunication Services—5.3%
Diversified Telecommunication Services—2.6%
Cable & Wireless
Communications plc		5,051,014		3,902,312
Iliad SA		42,970		9,396,037
				13,298,349

	Shares			Value
Wireless Telecommunication Services—2.7%
KDDI Corp.		127,600		$	8,220,425
Millicom
International
Cellular SA		65,090			5,303,989
					13,524,414
Utilities—1.8%
Gas Utilities—1.8%
National Fuel Gas
Co.		131,644			9,113,714
Total Common Stocks
(Cost $454,118,729)					496,666,166
Preferred Stock—1.2%
Fuchs Petrolub SE,
Preference
(Cost $5,953,112)		158,200			6,142,421
Total Investments, at Value (Cost $460,071,841)		98.9	%		502,808,587
Net Other Assets (Liabilities)		1.1			5,364,130
Net Assets		100.0	%	$	508,172,717

Footnotes to Statement of Investments

1. Non-income producing security.

2. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $5,058,341 or 1.00% of the Fund’s net assets as of October 31, 2014.

The following issuer is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the period ended October 31, 2014 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. There were no affiliate securities held by the Fund as of October 31, 2014. Transactions during the period in which the issuer was an affiliate are as follows:

	Shares April 30, 2014		Gross Additions		Gross Reductions		Shares     October 31,     2014
Oppenheimer Institutional Money
Market Fund, Cl. E		2,827,177		54,788,670		57,615,847		—
							Income
Oppenheimer Institutional Money Market Fund, Cl. E								$540

12      OPPENHEIMER GLOBAL VALUE FUND

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

Geographic Holdings	Value		Percent
United States	$	339,415,620		67.6 %
Germany		33,330,193		6.6
France		31,725,359		6.3
China		23,016,150		4.6
Sweden		16,486,682		3.3
United Kingdom		11,203,657		2.2
Netherlands		9,002,679		1.8
Japan		8,220,425		1.6
Canada		7,775,222		1.6
India		7,768,692		1.5
Luxembourg		5,303,989		1.0
Switzerland		4,867,501		1.0
South Africa		4,692,418		0.9
Total	$	502,808,587		100.0%

See accompanying Notes to Financial Statements.

13      OPPENHEIMER GLOBAL VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES October 31, 2014 Unaudited

Assets
Investments, at value (cost $460,071,841)—see accompanying statement of investments	$	502,808,587
Receivables and other assets:
Investments sold		7,145,448
Shares of beneficial interest sold		5,911,522
Dividends		211,247
Expense waivers/reimbursements due from manager		17,400
Other		37,071
Total assets		516,131,275
Liabilities
Bank overdraft		387,189
Payables and other liabilities:
Shares of beneficial interest redeemed		5,715,986
Investments purchased		1,732,560
Distribution and service plan fees		77,843
Foreign capital gains tax		10,321
Shareholder communications		6,576
Trustees’ compensation		5,007
Other		23,076
Total liabilities		7,958,558
Net Assets	$	508,172,717
Composition of Net Assets
Par value of shares of beneficial interest	$	12,348
Additional paid-in capital		473,061,666
Accumulated net investment income		353,257
Accumulated net realized loss on investments and foreign currency transactions		(7,972,134)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		42,717,580
Net Assets	$	508,172,717

14      OPPENHEIMER GLOBAL VALUE FUND

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $254,148,441 and 6,152,712 shares of beneficial interest outstanding)	$	41.31
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price)	$	43.83
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $88,616,102 and 2,225,609 shares of beneficial interest outstanding)	$	39.82
Class I Shares:
Net asset value, redemption price and offering price per share (based on net assets of $14,376,601 and 343,910 shares of beneficial interest outstanding)	$	41.80
Class R Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $6,840,339 and 167,853 shares of beneficial interest outstanding)	$	40.75
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $144,191,234 and 3,457,979 shares of beneficial interest outstanding)	$	41.69

See accompanying Notes to Financial Statements.

15      OPPENHEIMER GLOBAL VALUE FUND

STATEMENT OF

OPERATIONS For the Six Months Ended October 31, 2014 Unaudited

Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $341,660)	$	4,123,490
Affiliated companies		540
Interest		32
Total investment income		4,124,062
Expenses
Management fees		2,199,788
Distribution and service plan fees:
Class A		363,186
Class C		485,918
Class R1		15,791
Transfer and shareholder servicing agent fees:
Class A		326,335
Class C		106,965
Class I		2,268
Class R1		7,041
Class Y		147,968
Shareholder communications:
Class A		5,690
Class C		1,286
Class I		12
Class R1		135
Class Y		1,104
Custodian fees and expenses		31,084
Trustees’ compensation		4,185
Other		90,834
Total expenses		3,789,590
Less reduction to custodian expenses		(27)
Less waivers and reimbursements of expenses		(21,782)
Net expenses		3,767,781
Net Investment Income		356,281
Realized and Unrealized Gain (Loss)
Net realized loss on:
Investments from unaffiliated companies (net of foreign capital gains tax of $714,071)		(16,105,677)
Foreign currency transactions		(11,468)
Net realized loss		(16,117,145)
Net change in unrealized appreciation/depreciation on:
Investments		15,395,622
Translation of assets and liabilities denominated in foreign currencies		(9,956,234)
Net change in unrealized appreciation/depreciation		5,439,388
Net Decrease in Net Assets Resulting from Operations	$	(10,321,476)

1. Effective July 1, 2014, Class N shares were renamed Class R. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

16      OPPENHEIMER GLOBAL VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended October 31, 2014 (Unaudited)		Year Ended April 30, 2014
Operations
Net investment income (loss)	$	356,281	$	(1,620,118)
Net realized gain (loss)		(16,117,145)		17,258,507
Net change in unrealized appreciation/depreciation		5,439,388		12,828,021
Net increase (decrease) in net assets resulting from operations		(10,321,476)		28,466,410
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		—		(295,855)
Class C		—		—
Class I		—		(40,064)
Class R1		—		—
Class Y		—		(181,707)
		—		(517,626)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(42,314,295)		186,371,350
Class C		(3,434,418)		72,854,790
Class I		212,290		6,676,473
Class R1		1,544,672		3,568,342
Class Y		33,974,769		87,974,029
		(10,016,982)		357,444,984
Net Assets
Total increase (decrease)		(20,338,458)		385,393,768
Beginning of period		528,511,175		143,117,407
End of period (including accumulated net investment income (loss) of $353,257 and $(3,024), respectively)	$	508,172,717	$	528,511,175

1. Effective July 1, 2014, Class N shares were renamed Class R. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

17      OPPENHEIMER GLOBAL VALUE FUND

FINANCIAL HIGHLIGHTS

Class A	Six Months Ended October 31, 2014 (Unaudited)		Year Ended April 30, 2014		Year Ended April 30, 2013		Year Ended April 30, 2012		Year Ended April 29, 20111		Year Ended April 30, 2010
Per Share Operating Data
Net asset value, beginning of period	$	42.01	$	35.48	$	29.20	$	31.60	$	26.18	$	15.03
Income (loss) from investment operations:
Net investment income (loss)2		0.05		(0.17)		0.12		(0.09)		(0.16)		(0.01)
Net realized and unrealized gain (loss)		(0.75)		6.75		6.16		(2.18)		5.58		11.33
Total from investment operations		(0.70)		6.58		6.28		(2.27)		5.42		11.32
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		(0.05)		0.00		0.00		0.00		(0.17)
Distributions from net realized gain		0.00		0.00		0.00		(0.13)		0.00		0.00
Total dividends and/or distributions to shareholders		0.00		(0.05)		0.00		(0.13)		0.00		(0.17)
Net asset value, end of period	$	41.31	$	42.01	$	35.48	$	29.20	$	31.60	$	26.18
Total Return, at Net Asset Value3		(1.69)%		18.59%		21.51%		(7.16)%		20.70%		75.50%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	254,149	$	301,854	$	94,978	$	56,178	$	32,944	$	2,255
Average net assets (in thousands)	$	291,268	$	206,885	$	63,128	$	33,226	$	8,939	$	1,801
Ratios to average net assets:4
Net investment income (loss)		0.23%		(0.41)%		0.40%		(0.33)%		(0.57)%		(0.04)%
Total expenses5		1.33%		1.30%		1.34%		1.41%		1.73%		3.95%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.33%		1.30%		1.34%		1.34%		1.40%		1.40%
Portfolio turnover rate		60%		59%		87%		62%		37%		85%

1. April 29, 2011 represents the last business day of the Fund’s reporting period.

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

Six Months Ended October 31, 2014	1.33	%
Year Ended April 30, 2014	1.30	%
Year Ended April 30, 2013	1.34	%
Year Ended April 30, 2012	1.41	%
Year Ended April 29, 2011	1.73	%
Year Ended April 30, 2010	3.95	%

See accompanying Notes to Financial Statements.

18      OPPENHEIMER GLOBAL VALUE FUND

Class C	Six Months Ended October 31, 2014 (Unaudited)		Year Ended April 30, 2014		Year Ended April 30, 2013		Year Ended April 30, 2012		Year Ended April 29, 20111		Year Ended April 30, 2010
Per Share Operating Data
Net asset value, beginning of period	$	40.65	$	34.56	$	28.67	$	31.26	$	26.11	$	15.01
Income (loss) from investment operations:
Net investment loss2		(0.12)		(0.50)		(0.13)		(0.33)		(0.37)		(0.17)
Net realized and unrealized gain (loss)		(0.71)		6.59		6.02		(2.13)		5.52		11.32
Total from investment operations		(0.83)		6.09		5.89		(2.46)		5.15		11.15
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		0.00		0.00		0.00		0.00		(0.05)
Distributions from net realized gain		0.00		0.00		0.00		(0.13)		0.00		0.00
Total dividends and/or distributions to shareholders		0.00		(0.00)		0.00		(0.13)		0.00		(0.05)
Net asset value, end of period	$	39.82	$	40.65	$	34.56	$	28.67	$	31.26	$	26.11
Total Return, at Net Asset Value3		(2.07)%		17.65%		20.55%		(7.84)%		19.73%		74.33%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	88,616	$	94,011	$	18,062	$	9,116	$	3,824	$	44
Average net assets (in thousands)	$	95,494	$	51,545	$	11,396	$	5,630	$	745	$	36
Ratios to average net assets:4
Net investment loss		(0.56)%		(1.23)%		(0.43)%		(1.19)%		(1.26)%		(0.79)%
Total expenses5		2.09%		2.06%		2.16%		2.26%		2.63%		9.28%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		2.09%		2.06%		2.14%		2.15%		2.15%		2.15%
Portfolio turnover rate		60%		59%		87%		62%		37%		85%

1. April 29, 2011 represents the last business day of the Fund’s reporting period.

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

Six Months Ended October 31, 2014	2.09	%
Year Ended April 30, 2014	2.06	%
Year Ended April 30, 2013	2.16	%
Year Ended April 30, 2012	2.26	%
Year Ended April 29, 2011	2.63	%
Year Ended April 30, 2010	9.28	%

See accompanying Notes to Financial Statements.

19      OPPENHEIMER GLOBAL VALUE FUND

FINANCIAL HIGHLIGHTS Continued

Class I	Six Months Ended October 31, 2014 (Unaudited)		Year Ended April 30, 2014		Period Ended April 30, 20131
Per Share Operating Data
Net asset value, beginning of period	$	42.42	$	35.76	$	28.68
Income (loss) from investment operations:
Net investment income2		0.14		0.04		0.07
Net realized and unrealized gain (loss)		(0.76)		6.78		7.01
Total from investment operations		(0.62)		6.82		7.08
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		(0.16)		0.00
Distributions from net realized gain		0.00		0.00		0.00
Total dividends and/or distributions to shareholders		0.00		(0.16)		0.00
Net asset value, end of period	$	41.80	$	42.42	$	35.76
Total Return, at Net Asset Value3	(1.49)%		19.09%		24.69%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	14,377	$	14,350	$	6,364
Average net assets (in thousands)	$	14,844	$	10,473	$	2,381
Ratios to average net assets:4
Net investment income		0.63%		0.10%		0.31%
Total expenses5		0.88%		0.86%		0.89%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.88%		0.86%		0.89%
Portfolio turnover rate		60%		59%		87%

1. For the period from August 28, 2012 (inception of offering) to April 30, 2013.

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

Six Months Ended October 31, 2014	0.88	%
Year Ended April 30, 2014	0.86	%
Period Ended April 30, 2013	0.89	%

See accompanying Notes to Financial Statements.

20      OPPENHEIMER GLOBAL VALUE FUND

Class R	Six Months Ended October 31, 2014 (Unaudited)		Year Ended April 30, 2014		Year Ended April 30, 2013		Year Ended April 30, 2012		Year Ended April 29, 20111		Year Ended April 30, 2010
Per Share Operating Data
Net asset value, beginning of period	$	41.50	$	35.11	$	28.98	$	31.43	$	26.11	$	15.00
Income (loss) from investment operations:
Net investment income (loss)2		(0.03)		(0.29)		0.03		(0.17)		(0.22)		(0.06)
Net realized and unrealized gain (loss)		(0.72)		6.68		6.10		(2.15)		5.54		11.30
Total from investment operations		(0.75)		6.39		6.13		(2.32)		5.32		11.24
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		0.00		0.00		0.00		0.00		(0.13)
Distributions from net realized gain		0.00		0.00		0.00		(0.13)		0.00		0.00
Total dividends and/or distributions to shareholders		0.00		0.00		0.00		(0.13)		0.00		(0.13)
Net asset value, end of period	$	40.75	$	41.50	$	35.11	$	28.98	$	31.43	$	26.11
Total Return, at Net Asset Value3		(1.81)%		18.20%		21.15%		(7.35)%		20.38%		75.09%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,840	$	5,445	$	1,555	$	1,278	$	610	$	44
Average net assets (in thousands)	$	6,286	$	3,548	$	1,188	$	763	$	150	$	36
Ratios to average net assets:4
Net investment income (loss)		(0.15)%		(0.69)%		0.11%		(0.62)%		(0.78)%		(0.29)%
Total expenses5		1.58%		1.57%		1.64%		1.67%		3.21%		8.78%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.58%		1.56%		1.64%		1.60%		1.65%		1.65%
Portfolio turnover rate		60%		59%		87%		62%		37%		85%

1. April 29, 2011 represents the last business day of the Fund’s reporting period.

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

Six Months Ended October 31, 2014	1.58	%
Year Ended April 30, 2014	1.57	%
Year Ended April 30, 2013	1.64	%
Year Ended April 30, 2012	1.67	%
Year Ended April 29, 2011	3.21	%
Year Ended April 30, 2010	8.78	%

See accompanying Notes to Financial Statements.

21      OPPENHEIMER GLOBAL VALUE FUND

FINANCIAL HIGHLIGHTS Continued

Class Y	Six Months Ended October 31, 2014 (Unaudited)		Year Ended April 30, 2014		Year Ended April 30, 2013		Year Ended April 30, 2012		Year Ended April 29, 20111		Year Ended April 30, 2010
Per Share Operating Data
Net asset value, beginning of period	$	42.35	$	35.73	$	29.32	$	31.62	$	26.11	$	14.97
Income (loss) from investment operations:
Net investment income (loss)2		0.08		(0.09)		0.23		(0.03)		(0.08)		0.06
Net realized and unrealized gain (loss)		(0.74)		6.84		6.18		(2.14)		5.59		11.31
Total from investment operations		(0.66)		6.75		6.41		(2.17)		5.51		11.37
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		(0.13)		0.00		0.00		0.00		(0.23)
Distributions from net realized gain		0.00		0.00		0.00		(0.13)		0.00		0.00
Total dividends and/or distributions to shareholders		0.00		(0.13)		0.00		(0.13)		0.00		(0.23)
Net asset value, end of period	$	41.69	$	42.35	$	35.73	$	29.32	$	31.62	$	26.11
Total Return, at Net Asset Value3		(1.56)%		18.88%		21.86%		(6.83)%		21.11%		76.23%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	144,191	$	112,851	$	22,158	$	12,464	$	4,248	$	45
Average net assets (in thousands)	$	132,188	$	59,159	$	15,188	$	7,141	$	637	$	36
Ratios to average net assets:4
Net investment income (loss)		0.37%		(0.22)%		0.74%		(0.11)%		(0.28)%		0.31%
Total expenses5		1.08%		1.04%		1.03%		1.14%		1.58%		8.53%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.05%		1.04%		1.02%		1.05%		1.05%		1.05%
Portfolio turnover rate		60%		59%		87%		62%		37%		85%

1. April 29, 2011 represents the last business day of the Fund’s reporting period.

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

Six Months Ended October 31, 2014	1.08	%
Year Ended April 30, 2014	1.04	%
Year Ended April 30, 2013	1.03	%
Year Ended April 30, 2012	1.14	%
Year Ended April 29, 2011	1.58	%
Year Ended April 30, 2010	8.53	%

See accompanying Notes to Financial Statements.

22      OPPENHEIMER GLOBAL VALUE FUND

NOTES TO FINANCIAL STATEMENTS October 31, 2014 Unaudited

1. Significant Accounting Policies

Oppenheimer Global Value 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. As of July 1, 2014, Class N shares were renamed Class R shares. Class N shares subject to a contingent deferred sales charge (“CDSC”) on July 1, 2014, will continue to be subject to a CDSC after the shares are renamed. Purchases of Class R shares occurring on or after July 1, 2014, will not be subject to a CDSC upon redemption. 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 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, 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.

The following is a summary of significant accounting policies consistently followed by the Fund.

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.

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.

Investment in Oppenheimer Institutional Money Market Fund. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund (“IMMF”) to seek current income while preserving liquidity or for defensive purposes. IMMF is

23      OPPENHEIMER GLOBAL VALUE FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies (Continued)

a registered open-end management investment company, regulated as a money market fund under the 1940 Act. The Manager is the investment adviser of IMMF, and the Sub-Adviser provides investment and related advisory services to IMMF. When applicable, the Fund’s investment in IMMF is included in the Statement of Investments. Shares of IMMF are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of IMMF’s Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in IMMF.

Foreign Currency Translation. The Fund’s accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the close of the 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.

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 remain open for the three preceding fiscal reporting period ends.

During the fiscal year ended April 30, 2014, the Fund utilized $5,091,817 of capital loss carryforward to offset capital gains realized in that fiscal year.

24      OPPENHEIMER GLOBAL VALUE FUND

1. Significant Accounting Policies (Continued)

As of October 31, 2014, it is estimated that the capital loss carryforwards would be $16,117,145 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 six months ended October 31, 2014, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.

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

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of October 31, 2014 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.

Total federal tax cost	$	462,242,377
Gross unrealized appreciation	$	53,580,328
Gross unrealized depreciation		(13,024,439)
Net unrealized appreciation	$	40,555,889

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.

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

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.

25      OPPENHEIMER GLOBAL VALUE FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies (Continued)

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

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

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

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

2. Securities Valuation

The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the “Exchange”), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading.

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.

26      OPPENHEIMER GLOBAL VALUE FUND

2. 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 last sale price on the prior trading day, if it is within the spread of the current day’s closing “bid” and “asked” prices, and if not, at the current day’s closing bid price. A 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) using 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.

27      OPPENHEIMER GLOBAL VALUE FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. 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 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

28      OPPENHEIMER GLOBAL VALUE FUND

2. Securities Valuation (Continued)

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 table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of October 31, 2014 based on valuation input level:

					Level 3—
	Level 1—		Level 2—		Significant
	Unadjusted		Other Significant		Unobservable
	Quoted Prices		Observable Inputs		Inputs		Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	155,916,472	$	20,043,295	$	—	$	175,959,767
Consumer Staples		—		8,541,823		—		8,541,823
Financials		94,374,029		26,101,328		—		120,475,357
Health Care		15,835,342		—		—		15,835,342
Industrials		5,690,609		—		—		5,690,609
Information Technology		87,556,956		23,778,440		—		111,335,396
Materials		18,023,893		4,867,502		—		22,891,395
Telecommunication Services		—		26,822,763		—		26,822,763
Utilities		9,113,714		—		—		9,113,714
Preferred Stock		—		6,142,421		—		6,142,421
Total Assets	$	386,511,015	$	116,297,572	$	—	$	502,808,587

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.

3. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:

29      OPPENHEIMER GLOBAL VALUE FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Shares of Beneficial Interest (Continued)

	Six Months Ended October 31, 2014						Year Ended April 30, 2014
	Shares			Amount			Shares			Amount
Class A
Sold		1,201,564		$	50,530,648			5,976,293		$	248,157,743
Dividends and/or distributions reinvested		—			—			6,726			286,579
Redeemed		(2,233,350	)		(92,844,943	)		(1,475,111	)		(62,072,972	)
Net increase (decrease)		(1,031,786	)	$	(42,314,295	)		4,507,908		$	186,371,350
Class C
Sold		416,006		$	16,924,233			2,026,783		$	82,471,856
Dividends and/or distributions reinvested		—			—			—			—
Redeemed		(502,840	)		(20,358,651	)		(237,027	)		(9,617,066	)
Net increase (decrease)		(86,834	)	$	(3,434,418	)		1,789,756		$	72,854,790
Class I
Sold		76,512		$	3,223,516			237,862		$	9,866,409
Dividends and/or distributions reinvested		—			—			931			40,008
Redeemed		(70,840	)		(3,011,226	)		(78,498	)		(3,229,944	)
Net increase		5,672		$	212,290			160,295		$	6,676,473
Class R1
Sold		69,649		$	2,913,912			108,588		$	4,466,418
Dividends and/or distributions reinvested		—			—			—			—
Redeemed		(33,009	)		(1,369,240	)		(21,675	)		(898,076	)
Net increase		36,640		$	1,544,672			86,913		$	3,568,342
Class Y
Sold		1,911,742		$	80,968,695			2,528,615		$	108,432,984
Dividends and/or distributions reinvested		—			—			4,216			180,911
Redeemed		(1,118,354	)		(46,993,926	)		(488,326	)		(20,639,866	)
Net increase		793,388		$	33,974,769			2,044,505		$	87,974,029

1. Effective July 1, 2014, Class N shares were renamed Class R.

4. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the six months ended October 31, 2014 were as follows:

	Purchases		Sales
Investment securities	$	321,791,066	$	331,308,465

30      OPPENHEIMER GLOBAL VALUE FUND

5. 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 of 0.80%.

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’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

31      OPPENHEIMER GLOBAL VALUE FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Fees and Other Transactions with Affiliates (Continued)

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 C and Class R Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for 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 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 vote annually to approve its 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 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 C Contingent Deferred Sales Charges Retained by Distributor		Class R Contingent Deferred Sales Charges Retained by Distributor
October 31, 2014		$111,091		$15,792		$14,803		$2,939

Waivers and Reimbursements of Expenses. The Manager has contractually agreed to waive fees and/or reimburse certain expenses so that “Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses”, excluding expenses incurred directly or indirectly by the Fund as a result of investments in other investment companies, wholly-owned subsidiaries and pooled investment vehicles; will not exceed 1.40% for Class A hares, 2.15% for Class C shares, 0.90% for Class I shares, 1.65% for Class R shares and 1.05% for Class Y shares. During the six months ended October 31, 2014, the Manager waived $21,124 for Class Y shares.

The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in IMMF. During the six months ended October 31, 2014, the Manager waived fees and/or reimbursed the Fund $658 for IMMF management fees.

30      OPPENHEIMER GLOBAL VALUE FUND

5. Fees and Other Transactions with Affiliates (Continued)

These undertakings may be modified or terminated as set forth according to the terms in the prospectus.

6. Pending Litigation

In 2009, seven class action lawsuits were filed in the U.S. District Court for the District of Colorado against OppenheimerFunds, Inc. (“OFI”), OppenheimerFunds Distributor, Inc., the Fund’s principal underwriter and distributor (the “Distributor”), and certain funds (but not including the Fund) advised by OFI Global Asset Management, Inc. and distributed by the Distributor (the “Defendant Funds”). The lawsuits also named as defendants certain officers and current and former trustees of the respective Defendant Funds. The lawsuits raised claims under federal securities laws and alleged, among other things, that the disclosure documents of the respective Defendant Funds contained misrepresentations and omissions and that the respective Defendant Funds’ investment policies were not followed. The plaintiffs in these actions sought unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. The Defendant Funds’ Boards of Trustees also engaged counsel to represent the Funds and the present and former Independent Trustees named in those suits. In March 2014, the parties in six of these lawsuits executed stipulations and agreements of settlement resolving those actions. In July 2014, the court entered an order and final judgment approving the settlements as fair, reasonable and adequate. The settlements do not resolve a seventh outstanding lawsuit relating to Oppenheimer Rochester California Municipal Fund (the “California Fund Suit”). OFI believes the California Fund Suit is without legal merit and is defending the suit vigorously. While it is premature to render any opinion as to the outcome in the California Fund Suit, or whether any costs that OFI may bear in defending the California Fund Suit might not be reimbursed by insurance, OFI believes the California Fund Suit should not impair the ability of OFI or the Distributor to perform their respective duties to the Fund, and that the outcome of the California Fund Suit should not have any material effect on the operations of any of the Oppenheimer Funds.

33      OPPENHEIMER GLOBAL VALUE FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS Unaudited

The Fund has entered into an investment advisory agreement with OFI Global Asset Management, Inc. (“OFI Global” or the “Adviser”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”) (“OFI Global” and “OFI” together the “Managers”) and OFI Global has entered into a sub-advisory agreement with OFI whereby OFI provides investment sub-advisory services to the Fund (collectively, the “Agreements”). Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to renew the Agreements. The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Managers provide, such information as may be reasonably necessary to evaluate the terms of the Agreements. The Board employs an independent consultant to prepare a report that provides information, including comparative information that the Board requests for that purpose. In addition to in-person meetings focused on this evaluation, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.

The Adviser, Sub-Adviser and the independent consultant provided information to the Board on the following factors: (i) the nature, quality and extent of the Managers’ services, (ii) the investment performance of the Fund and the Managers, (iii) the fees and expenses of the Fund, including comparative expense information, (iv) the profitability of the Managers and their affiliates, including an analysis of the cost of providing services, (v) whether economies of scale are realized as the Fund grows and whether fee levels reflect these economies of scale for Fund investors and (vi) other benefits to the Managers from their relationship with the Fund. The Board was aware that there are alternatives to retaining the Managers.

Outlined below is a summary of the principal information considered by the Board as well as the Board’s conclusions.

Nature, Quality and Extent of Services. The Board considered information about the nature, quality and extent of the services provided to the Fund and information regarding the Managers’ key personnel who provide such services. The Sub-Adviser’s duties include providing the Fund with the services of the portfolio manager and the Sub-Adviser’s investment team, who provide research, analysis and other advisory services in regard to the Fund’s investments; securities trading services; oversight of third-party service providers; monitoring compliance with applicable Fund policies and procedures and adherence to the Fund’s investment restrictions; and risk management. The Managers are responsible for providing certain administrative services to the Fund as well. Those services include providing and supervising all administrative and clerical personnel who are necessary in order to provide effective corporate administration for the Fund; compiling and maintaining records with respect to the Fund’s operations; preparing and filing reports required by the Securities and Exchange Commission; preparing periodic reports regarding the operations of the Fund for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by Federal and state securities laws for the sale of the Fund’s shares. The Managers also provide the Fund with office space, facilities and equipment.

The Board also considered the quality of the services provided and the quality of the Managers’ resources that are available to the Fund. The Board took account of the fact that the Sub-Adviser has had over fifty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Sub-Adviser’s advisory, administrative, accounting, legal, compliance

34      OPPENHEIMER GLOBAL VALUE FUND

services and risk management, and information the Board has received regarding the experience and professional qualifications of the Managers’ key personnel and the size and functions of its staff. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Randall Dishmon, the portfolio manager for the Fund, and the Sub-Adviser’s investment team and analysts. The Board members also considered the totality of their experiences with the Managers as directors or trustees of the Fund and other funds advised by the Managers. The Board considered information regarding the quality of services provided by affiliates of the Managers, which its members have become knowledgeable about in connection with the renewal of the Fund’s service agreements. The Board concluded, in light of the Managers’ experience, reputation, personnel, operations and resources that the Fund benefits from the services provided under the Agreements.

Investment Performance of the Adviser and the Fund. Throughout the year, the Adviser provided information on the investment performance of the Fund, including comparative performance information. The Board also reviewed information, prepared by the Adviser and by the independent consultant, comparing the Fund’s historical performance to relevant market indices and to the performance of other retail funds in the World Stock category. The Board noted that the Fund’s one-year, three-year, and five-year performance was better than its category median.

Costs of Services by the Adviser. The Board reviewed the fees paid to the Adviser and the other expenses borne by the Fund. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other retail front-end load World Stock funds with comparable asset levels and distribution features. The Fund’s contractual management fees and total expenses were lower than its peer group median and category median.

Economies of Scale and Profits Realized by the Managers. The Board considered information regarding OFI Global’s costs in serving as the Fund’s investment adviser, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Managers’ profitability from their relationship with the Fund. The Board reviewed whether the Managers may realize economies of scale in managing and supporting the Fund and whether those economies of scale benefit the Fund’s shareholders at the current level of Fund assets in relation to its management fee. Based on this evaluation, the Board requested and the Managers agreed that a fee breakpoint is appropriate. The revised fee schedule for the Fund, effective June 2015, includes the following breakpoint as negotiated by the Board, based on economies of scale that may be realized by the Fund. The Board decided to add a new breakpoint of 0.75% of assets in excess of $500 million.

Other Benefits to the Managers. In addition to considering the profits realized by the Managers, the Board considered information that was provided regarding the direct and indirect benefits the Managers receive as a result of their relationship with the Fund, including compensation paid to the Managers’ affiliates. and research provided to the Adviser in connection with permissible brokerage arrangements (soft dollar arrangements).The Board also considered that the Managers must be able to pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund.

Conclusions. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Fund and to the independent Trustees. Fund counsel and the

35      OPPENHEIMER GLOBAL VALUE FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS Unaudited / Continued

independent Trustees’ counsel are independent of the Managers within the meaning and intent of the Securities and Exchange Commission Rules.

Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreements through September 30, 2015. In arriving at its decision, the Board did not identify any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreements, including the management fees, in light of all the surrounding circumstances.

36      OPPENHEIMER GLOBAL VALUE FUND

PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.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.

37      OPPENHEIMER GLOBAL VALUE FUND

OPPENHEIMER GLOBAL VALUE FUND

Trustees and Officers	Brian F. Wruble, Chairman of the Board of Trustees and Trustee
	David K. Downes, Trustee
	Matthew P. Fink, Trustee
	Edmund P. Giambastiani, Jr., Trustee
	Mary F. Miller, Trustee
	Joel W. Motley, Trustee
	Joanne Pace, Trustee
	Peter I. Wold, Trustee
	William F. Glavin, Jr., Trustee
	Randall C. Dishmon, Vice President
	Arthur P. Steinmetz, President and Principal Executive Officer
	Arthur S. Gabinet, 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 W. Wixted, 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.

© 2014 OppenheimerFunds, Inc. All rights reserved

38      OPPENHEIMER GLOBAL VALUE FUND

PRIVACY POLICY NOTICE

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.

39      OPPENHEIMER GLOBAL VALUE FUND

PRIVACY POLICY NOTICE Continued

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 128-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 November 2014. 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).

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OppenheimerFunds® The Right Way to Invest A Better Website for Investors We redesigned the OppenheimerFunds investor site to help you find the information and services you need—quickly. Visit oppenheimerfunds.com/investors to see how well the new site will work for you. You can also visit our website for 24-hour access to account information and transactions or call us at 800 CALL OPP (225 5677) for 24-hour automated information and automated transactions. Representatives are also available Mon–Fri 8am–8pm ET.

Visit Us oppenheimerfunds.com Call Us 800 225 5677 Follow Us

Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281-1008 © 2014 OppenheimerFunds Distributor, Inc. All rights reserved. RS0687.001.1014 December 22, 2014

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 10/31/2014, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

There have been no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a) (1)    Not applicable to semiannual reports.

(2) Exhibits attached hereto.

(3) Not applicable.

(b) Exhibit attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Oppenheimer Global Value Fund

By:	/s/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	12/12/2014

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:	12/12/2014

By:	/s/ Brian W. Wixted
	Brian W. Wixted
	Principal Financial Officer
Date:	12/12/2014