N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22771

Oppenheimer Global Real Estate 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: 10/30/2015

Item 1. Reports to Stockholders.

Table of Contents

Fund Performance Discussion	3
Top Holdings and Allocations	8
Fund Expenses	11
Statement of Investments	13
Statement of Assets and Liabilities	15
Statement of Operations	17
Statements of Changes in Net Assets	18
Financial Highlights	19
Notes to Financial Statements	24
Board Approval of the Fund’s Investment Advisory, Sub-Advisory and Sub-Sub-Advisory Agreements	37
Portfolio Proxy Voting Policies and Procedures; Updates to Statement of Investments	40
Distribution Sources	41
Trustees and Officers	42
Privacy Policy Notice	43

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 10/30/15*

	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	FTSE EPRA/NAREIT Global Index
6-Month	-0.55 %	-6.27%	-3.66%
1-Year	3.47	-2.48	0.69
Since Inception (3/20/13)	7.09	4.69	4.93

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).

*October 30, 2015, was the last business day of the Fund’s semiannual period. See Note 2 of the accompanying Notes to Financial Statements. Index returns are calculated through October 31, 2015.

2       OPPENHEIMER GLOBAL REAL ESTATE FUND

Fund Performance Discussion

The Fund’s Class A shares (without sales charges) produced a -0.55% total return. While we are certainly not pleased with negative absolute performance, we are pleased that once again the Fund outperformed its benchmark, the FTSE EPRA/NAREIT Global Index (the “Index”), which produced a -3.66% return for the same period. On a country basis, the Fund’s relative outperformance can be attributed to its stock selection in Japan and weightings in the U.S. and the U.K. In addition, limited exposure to China and to Latin American emerging markets contributed to performance. On a sector basis, the Fund’s strongest relative performance stemmed from our overweight positions within the apartment and storage sectors.

MARKET OVERVIEW

In what has been a challenging investment environment, the real estate investment trusts (REIT) market, in tandem with most areas of the broader equity markets, experienced volatility during the past six months. The reporting period began rather quietly with most economic data in the U.S. pointing toward slow, but steady growth.

However, the first part of the reporting period was plagued with lingering severe winter weather patterns that halted construction activities in the U.S. The retail sector also experienced bouts of volatility when truck drivers disrupted normal deliveries by staging strikes across several California ports, citing the issue of being misclassified as independent contractors instead of employees and rights for workers.

Going into the summer months, just as it seemed that business in the U.S. would return to a more normal state, China’s economic slowdown and devaluation of

its currency (the renminbi), resulted in a sell-off in Chinese markets. The U.S. markets followed in tandem. During this period, the REIT markets, like the broader equity markets across the globe, witnessed sharp declines across most industry sectors. In response to these movements, the Federal Reserve (the “Fed”), which had been considering raising short term interest rates in the U.S., decided not to short-term raise rates, citing heightened global risks. The U.S. markets interpreted this move as an underlying weakness in the economy and the markets drew lower.

Throughout August and into September, the global markets remained weak. In October, as economic data began to improve in the U.S. and some stability began to return to China, the global markets recovered somewhat, ending what had been a turbulent six-month period.

3       OPPENHEIMER GLOBAL REAL ESTATE FUND

In Europe, the U.K. continued its path toward steady economic recovery, with improving overall fundamentals and a strong real estate cycle, particularly in London. One of the major events was the announcement of quantitative easing (“QE”) in Europe by the European Central Bank (the “ECB”) led by president Mario Draghi. This easing package has been incredibly supportive for the real estate market, pushing down interest rates.

In Asia, which has struggled for some time now, particularly Japan, there are still concerns over whether the “Abenomics,” measures under the leadership of Prime Minister Shinzo Abe, will ultimately prove futile.

FUND REVIEW

The Fund received its strongest results relative to the Index from its lack of exposure to the underperforming China, whose property markets sold off sharply due to its currency devaluation.

The Fund also benefited from its exposure to Japan, where we were able to gain value through the success of our individual stock selection there. We focused our Japanese investments on tourism, an area that has flourished in light of the weak Chinese renminbi. At the moment, Japan is being “rediscovered” as a holiday and overall travel destination, largely by China, but all across the world. Other winners in Japan include two residential developers, Invincible Investment Corp. and Daiwa House Industry

Co. Ltd., both of which benefited from the Abenomics “three arrow” initiative that is pulling demand forward for residential housing based on the concern that taxes for condominiums will increase in future years.

Investments in the U.S. also contributed positively to performance, due largely to the performance of the apartment, self-storage and regional shopping mall sectors. The Fund benefited from an overweight positioning in each of these sectors relative to the Index. We also gained traction from our underweight to the health care and free-standing, triple net lease sectors in the U.S. Conversely, hotel and office sectors there disappointed.

Within the apartment sector, the Fund continued to benefit from companies that were able to capitalize on the trend of favorable job growth in the U.S., declining home ownership rates and good household formations, which was evident by a strong rental rate among individuals in the 20 - 35 year-old age bracket. For some time now, the apartment sector has added significant value to the Fund, and this reporting period was no different. The Fund’s top performers in this sector were Essex Property Trust, Inc., Equity Residential and AvalonBay Communities, Inc., all significant overweights relative to the Index. These companies focused their properties in high-barrier regions where there is limited supply, where the occupants are highly compensated individuals with good credit and where the spread between the

4       OPPENHEIMER GLOBAL REAL ESTATE FUND

price of renting and the price of owning is significant.

The self-storage sector, which often benefits from its natural correlation with the apartment sector, enjoyed solid gains during the reporting period due to favorable supply and demand dynamics, which enabled many of these companies to implement a new pricing structure. The self-storage sector has had a restrained supply of new facilities for some time now, largely because development rights and construction financing are difficult to obtain. At the same time, demand for self-storage has remained strong, especially in the popular major urban metro areas where the reduced square footage of these newer, trendy apartment developments creates the need for storage space. The Fund’s strongest gains in this area were achieved by Extra Space Storage, Inc. and CubeSmart, both of which continued to expand their operations through acquisitions. CubeSmart’s strong performance drove the company’s stock price to our price target. In addition, CubeSmart’s valuation when compared with other storage companies looked expressive after the run up. Therefore, we exited our position as we felt there were better opportunities in the storage sector.

The Fund also fared well with its exposure to regional shopping malls, especially during the second half of the reporting period once the group had recovered from the harsh winter months and the upsetting port strikes in Los Angeles/Long Beach and San Diego that immobilized retail sales. In addition, we

maintained the Fund’s concentration on A-quality malls at a time when B-quality malls encountered significant store closing announcements. Here, Simon Property Group, Inc. was the clear winner, a significant overweight for the Fund.

On the other hand, the hotel sector in the U.S. was a drag on performance, where a combination of weaker fundamentals and global growth hindered performance. It’s important to remember that because hotels are the most cyclical property group in the REIT marketplace, they respond to macroeconomic concerns in a much more timely manner than do other sectors. Accordingly, our holdings in FelCor Lodging Trust, Inc. and Chesapeake Lodging Trust held back performance.

To a lesser degree, the U.S. office sector disappointed. We experienced declines in Kilroy Realty Corp. and Boston Properties, Inc. The office sector experienced increased volatility due to concerns around “unicorns,” which are start-up companies that have multi-billion dollar valuations. Many industry analysts began to worry that high investor confidence and the rapid increase in the number of unicorns might precede a bursting of the speculative bubble, which caused the office sector to pull back a bit.

In the emerging markets, the Fund was able to benefit from its limited exposure to Latin America, most notably Brazil and Mexico, where the property markets did not perform well during the entire reporting period.

5       OPPENHEIMER GLOBAL REAL ESTATE FUND

In continental Europe, we focused on value stories, companies that had strong rentals, with modest amounts of growth and effective valuations. In fact, we chose to avoid most sectors and instead maintained a concentration within the high-quality retail sector, most notably in our French holdings, Unibail-Rodamco SE and Klépierre, both of which benefited greatly following the QE announcement by ECB President Draghi. By contrast, in the U.K., we were looking for unique growth opportunities, particularly in London, a traditional stronghold for investors and where we focused on the office sector, including Great Portland Estates plc. In addition, we were able to generate excess return from our exposure to Unite Group plc, a student housing company in the U.K.

On the other hand, detractors to the Fund included an underweight to German residential companies that performed especially well based on their favorable underlying fundamentals coupled with strong mergers and acquisitions activity that attracted investors.

The other major drag on performance was the hotel sector in the U.S., where a combination of weaker fundamentals combined with the negative sentiment regarding global growth held back the group. It’s important to remember that because hotels are the most cyclical property group in the REIT marketplace, they respond to macroeconomic concerns in a much timelier manner than do other sectors. Accordingly, our holdings in FelCor Lodging Trust, Inc. and Chesapeake

Lodging Trust, two names that have relatively high concentrations in prime markets like New York and San Francisco, hindered returns.

STRATEGY & OUTLOOK

As of the end of the reporting period, we are maintaining our overweight positions in the U.S. and the U.K. and have moved to a slight overweight in Europe. In the U.S., we are positioning the Fund for what we would call a “pro-cyclical” environment that is favoring solid economic growth and moving our overweights more toward sectors that we believe have deep-seated fundamentals, strong balance sheets and possess reasonable valuations.

Based on these views, as of October 31, 2015, in the U.S. we are overweight the industrial and retail sectors, where we are seeing what we believe are especially compelling valuations. By contrast, we have reduced our exposure to the storage and apartment sectors, where we locked in gains. We remain underweight the net lease and health care sectors, two areas that we consider more defensive in nature and typically lag during periods of steady economic growth.

In other parts of the world, we have modestly increased our growth exposure in Europe, based on our view that we are seeing a slightly positive momentum there. We have also rotated our Hong Kong positions to acquire a larger presence in the office sector, where we are favoring Cheung Kong Property

6       OPPENHEIMER GLOBAL REAL ESTATE FUND

Holdings Ltd. We have a position in Westfield Corp., a retail company that is listed in Australia but has its primary exposures in the U.S. and Europe. Conversely, we have

reduced our weighting in Japan, preferring to allocate those assets elsewhere. Finally, we continue to maintain our underweight to the Latin American emerging markets.

         David Wharmby, CFA Portfolio Manager

         Henry Burgers, CFA Portfolio Manager

The Portfolio Managers are employed by the Fund’s sub-sub-adviser, Cornerstone Real Estate Advisers LLC. The opinions of the Portfolio Managers do not necessarily reflect the opinions of OppenheimerFunds.

7       OPPENHEIMER GLOBAL REAL ESTATE FUND

Top Holdings and Allocations*

TOP TEN COMMON STOCK HOLDINGS

Simon Property Group, Inc.	6.7	%
Westfield Corp.	4.9
Prologis, Inc.	4.0
Equity Residential	3.4
Unibail-Rodamco SE	3.0
Mitsui Fudosan Co. Ltd.	2.8
Welltower, Inc.	2.6
Boston Properties, Inc.	2.5
Land Securities Group plc	2.5
Regency Centers Corp.	2.4

Portfolio holdings and allocations are subject to change. Percentages are as of October 30, 2015, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com.

TOP TEN GEOGRAPHICAL HOLDINGS

United States	56.3	%
United Kingdom	9.9
Japan	9.5
Hong Kong	7.1
Australia	6.9
France	4.5
Singapore	2.1
Germany	1.7
Netherlands	1.3
Sweden	0.7

Portfolio holdings and allocation are subject to change. Percentages are as of October 30, 2015, and are based on total market value of investments.

REGIONAL ALLOCATION

        

Portfolio holdings and allocations are subject to change. Percentages are as of October 30, 2015, and are based on the total market value of investments.

*October 30, 2015, was the last business day of the Fund’s semiannual period. See Note 2 of the accompanying Notes to Financial Statements.

8       OPPENHEIMER GLOBAL REAL ESTATE FUND

Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 10/30/15

	Inception Date	6-Month	1-Year	Since Inception
Class A (OGRAX)	3/20/13	-0.55%	3.47%	7.09%
Class C (OGRCX)	3/20/13	-0.94%	2.59%	6.24%
Class I (OIRGX)	3/20/13	-0.35%	3.87%	7.52%
Class R (OGRNX)	3/20/13	-0.69%	3.12%	6.77%
Class Y (OGRYX)	3/20/13	-0.37%	3.82%	7.47%

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 10/30/15

	Inception Date	6-Month	1-Year	Since Inception
Class A (OGRAX)	3/20/13	-6.27%	-2.48%	4.69%
Class C (OGRCX)	3/20/13	-1.92%	1.61%	6.24%
Class I (OIRGX)	3/20/13	-0.35%	3.87%	7.52%
Class R (OGRNX)	3/20/13	-0.69%	3.12%	6.77%
Class Y (OGRYX)	3/20/13	-0.37%	3.82%	7.47%

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 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 FTSE EPRA/NAREIT Global Index. The FTSE EPRA/NAREIT Global Real Estate Index is a stock market index managed by the European Public Real Estate Association and the National Association of Real Estate Investment Trusts and maintained by the Financial Times Index Group (FTSE). It is composed of property company constituents that trade on several global exchanges and designed to represent general trends in eligible listed real estate stocks worldwide. 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

9       OPPENHEIMER GLOBAL REAL ESTATE FUND

Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

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

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

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

10       OPPENHEIMER GLOBAL REAL ESTATE FUND

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended October 30, 2015.

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 30, 2015” 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.

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Actual	Beginning Account Value May 1, 2015	Ending Account Value October 30, 2015	Expenses Paid During 6 Months Ended October 30, 2015
Class A	$    1,000 .00	$    994 .50	$          7 .26
Class C	1,000 .00	990 .60	11 .26
Class I	1,000 .00	996 .50	5 .25
Class R	1,000 .00	993 .10	8 .76
Class Y	1,000 .00	996 .30	5 .50
Hypothetical (5% return before expenses)
Class A	1,000 .00	1017 .75	7 .34
Class C	1,000 .00	1013 .75	11 .39
Class I	1,000 .00	1019 .75	5 .32
Class R	1,000 .00	1016 .25	8 .86
Class Y	1,000 .00	1019 .50	5 .57

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended October 30, 2015 are as follows:

Class	Expense Ratios
Class A		1 .45	%
Class C		2 .25
Class I		1 .05
Class R		1 .75
Class Y		1 .10

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.

12       OPPENHEIMER GLOBAL REAL ESTATE FUND

STATEMENT OF INVESTMENTS October 30, 2015* Unaudited

	Shares		Value
Common Stocks—98.7%
Consumer Discretionary—1.6%
Hotels, Restaurants & Leisure—1.6%
Fujita Kanko, Inc.		257,000	$	987,485
Hilton Worldwide
Holdings, Inc.		85,210		2,129,398
				3,116,883
Financials—97.1%
Real Estate Investment Trusts (REITs)—78.7%
Diversified REITs—5.6%
Duke Realty Corp.		202,710		4,196,097
GPT Group (The)		531,100		1,797,380
Land Securities Group plc		232,000		4,781,780
				10,775,257
Health Care REITs—4.6%
Physicians Realty
Trust		86,460		1,381,630
Ventas, Inc.		45,440		2,441,037
Welltower, Inc.		76,770		4,980,070
				8,802,737
Hotel & Resort REITs—4.1%
Chatham Lodging
Trust		40,230		920,865
Chesapeake Lodging
Trust		101,920		2,806,877
FelCor Lodging Trust,
Inc.		270,490		2,177,444
Host Hotels &
Resorts, Inc.		113,251		1,962,640
				7,867,826
Industrial REITs—5.8%
GLP J-Reit		1,488		1,479,036
Goodman Group		437,000		1,892,402
Prologis, Inc.		179,640		7,676,017
				11,047,455
Office REITs—11.4%
Boston Properties,
Inc.		38,410		4,833,898
Champion REIT		1,708,000		882,999
Derwent London plc		52,940		3,161,928
Great Portland
Estates plc		231,700		3,173,699
Highwoods
Properties, Inc.		65,970		2,866,396
Kilroy Realty Corp.		57,170		3,764,073
Paramount Group,
Inc.		185,310		3,292,959
				21,975,952

	Shares		Value
Residential REITs—10.7%
AvalonBay
Communities, Inc.		26,266	$	4,592,085
Equity Residential		84,550		6,537,406
Essex Property Trust,
Inc.		19,820		4,369,121
Invincible Investment
Corp.		1,756		1,040,094
UDR, Inc.		119,330		4,112,112
				20,650,818
Retail REITs—32.1%
Acadia Realty Trust		80,660		2,652,907
Eurocommercial
Properties NV		30,493		1,453,935
Fortune Real Estate
Investment Trust		2,199,000		2,287,714
Frasers Centrepoint
Trust		814,000		1,135,136
Hammerson plc		235,210		2,304,402
Japan Retail Fund
Investment Corp.		459		887,600
Kimco Realty Corp.		143,160		3,832,393
Klepierre		55,450		2,627,456
Link REIT (The)		225,500		1,339,564
Macerich Co. (The)		42,270		3,581,960
Regency Centers
Corp.		67,800		4,607,688
Simon Property
Group, Inc.		63,940		12,881,352
Tanger Factory Outlet
Centers, Inc.		63,610		2,223,170
Taubman Centers,
Inc.		46,590		3,586,498
Unibail-Rodamco SE		20,990		5,848,732
Vastned Retail NV		20,571		998,282
Westfield Corp.		1,283,079		9,381,987
				61,630,776
Specialized REITs—4.4%
Digital Realty Trust,
Inc.		35,450		2,621,882
Extra Space Storage,
Inc.		45,950		3,641,078
Public Storage		9,620		2,207,405
				8,470,365
				151,221,186
Real Estate Management & Development—18.4%
Diversified Real Estate Activities—11.5%
CapitaLand Ltd.		896,000		1,971,061
City Developments
Ltd.		148,000		837,250
Daiwa House Industry
Co. Ltd.		75,000		1,958,250

13       OPPENHEIMER GLOBAL REAL ESTATE FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

	Shares		Value
Diversified Real Estate Activities (Continued)
Hang Lung Properties
Ltd.		669,000	$	1,635,913
Mitsubishi Estate Co.
Ltd.		176,300		3,769,186
Mitsui Fudosan Co.
Ltd.		199,000		5,394,353
Sumitomo Realty &
Development Co. Ltd.		79,700		2,613,038
Sun Hung Kai
Properties Ltd.		292,000		3,900,536
				22,079,587
Real Estate Development—2.5%
Cheung Kong
Property Holdings
Ltd.		239,500		1,675,805
Helical Bar plc		240,531		1,636,412
St. Modwen
Properties plc		232,250		1,572,548
				4,884,765

	Shares			Value
Real Estate Operating Companies—4.4%
Hufvudstaden AB,
Cl. A		89,200		$	1,260,178
Swire Properties Ltd.		622,200			1,863,778
Unite Group plc (The)		206,010			2,108,122
Vonovia SE		95,872			3,193,835
					8,425,913
					35,390,265
Total Investments,at Value
(Cost $173,793,987)		98.7	%		189,728,334
Net Other Assets
(Liabilities)		1.3			2,517,920
Net Assets		100.0	%	$	192,246,254

Footnotes to Statement of Investments

* October 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

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

Geographic Holdings	Value		Percent
United States	$	106,876,459		56.3%
United Kingdom		18,738,891		9.9
Japan		18,129,042		9.5
Hong Kong		13,586,310		7.1
Australia		13,071,768		6.9
France		8,476,187		4.5
Singapore		3,943,447		2.1
Germany		3,193,835		1.7
Netherlands		2,452,217		1.3
Sweden		1,260,178		0.7
Total	$	189,728,334		100.0%

See accompanying Notes to Financial Statements.

14       OPPENHEIMER GLOBAL REAL ESTATE FUND

STATEMENT OF ASSETS AND LIABILITIES October 30, 2015¹ Unaudited

Assets
Investments, at value (cost $173,793,987)—see accompanying statement of investments	$	189,728,334
Cash		1,726,994
Receivables and other assets:
Investments sold		5,080,903
Shares of beneficial interest sold		417,859
Dividends		214,494
Other		7,105
Total assets		197,175,689
Liabilities
Payables and other liabilities:
Investments purchased		4,792,053
Shares of beneficial interest redeemed		108,559
Distribution and service plan fees		4,813
Trustees’ compensation		1,987
Shareholder communications		635
Other		21,388
Total liabilities		4,929,435
Net Assets	$	192,246,254
Composition of Net Assets
Par value of shares of beneficial interest	$	17,174
Additional paid-in capital		177,057,516
Accumulated net investment loss		(459,085)
Accumulated net realized loss on investments and foreign currency transactions		(302,856)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		15,933,505
Net Assets	$	192,246,254

1. October 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

15       OPPENHEIMER GLOBAL REAL ESTATE FUND

STATEMENT OF ASSETS AND LIABILITIES Unaudited / Continued

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $16,069,492 and
1,437,031 shares of beneficial interest outstanding)	$	11.18
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price)	$	11.86
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $5,168,881 and 464,417 shares of beneficial interest outstanding)	$	11.13
Class I Shares:
Net asset value, redemption price and offering price per share (based on net assets of $168,976,350 and 15,090,748 shares of beneficial interest outstanding)	$	11.20
Class R Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,203,901 and 107,888 shares of beneficial interest outstanding)	$	11.16
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $827,630 and 73,894 shares of beneficial interest outstanding)	$	11.20

See accompanying Notes to Financial Statements.

16       OPPENHEIMER GLOBAL REAL ESTATE FUND

STATEMENT OF

OPERATIONS For the Six Months Ended October 30, 2015¹ Unaudited

Investment Income
Dividends (net of foreign withholding taxes of $23,887)	$	2,144,877
Expenses
Management fees		928,886
Distribution and service plan fees:
Class A		18,963
Class C		23,797
Class R		2,486
Transfer and shareholder servicing agent fees:
Class A		17,196
Class C		5,240
Class I		24,558
Class R		1,101
Class Y		729
Shareholder communications:
Class A		4,608
Class C		1,949
Class I		140
Class R		525
Class Y		174
Custodian fees and expenses		5,080
Trustees’ compensation		1,401
Borrowing fees		827
Other		26,958
Total expenses		1,064,618
Less waivers and reimbursements of expenses		(24,945)
Net expenses		1,039,673
Net Investment Income		1,105,204
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments from unaffiliated companies		422,470
Foreign currency transactions		(6,510)
Net realized gain		415,960
Net change in unrealized appreciation/depreciation on:
Investments		(1,981,033)
Translation of assets and liabilities denominated in foreign currencies		30,379
Net change in unrealized appreciation/depreciation		(1,950,654)
Net Decrease in Net Assets Resulting from Operations	$	(429,490)

1. October 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

See accompanying Notes to Financial Statements.

17       OPPENHEIMER GLOBAL REAL ESTATE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended October 30, 20151 (Unaudited)		Year Ended April 30, 2015
Operations
Net investment income	$	1,105,204	$	2,383,978
Net realized gain		415,960		7,086,297
Net change in unrealized appreciation/depreciation		(1,950,654)		9,627,364
Net increase (decrease) in net assets resulting from operations		(429,490)		19,097,639
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(132,018)		(337,973)
Class C		(22,577)		(78,377)
Class I		(1,691,448)		(6,798,334)
Class R2		(7,202)		(19,258)
Class Y		(6,754)		(25,286)
		(1,859,999)		(7,259,228)
Beneficial Interest Transactions
Net increase in net assets resulting from beneficial interest transactions:
Class A		1,255,103		10,138,553
Class C		1,045,246		3,222,781
Class I		8,486,990		15,975,851
Class R2		302,602		786,207
Class Y		361,633		248,551
		11,451,574		30,371,943
Net Assets
Total increase		9,162,085		42,210,354
Beginning of period		183,084,169		140,873,815
End of period (including accumulated net investment income (loss) of $(459,085) and $295,710, respectively)	$	192,246,254	$	183,084,169

1. October 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

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

See accompanying Notes to Financial Statements.

18       OPPENHEIMER GLOBAL REAL ESTATE FUND

FINANCIAL HIGHLIGHTS

Class A	Six Months Ended October 30, 20151 (Unaudited)		Year Ended April 30, 2015		Year Ended April 30, 2014		Period Ended April 30, 20132
Per Share Operating Data
Net asset value, beginning of period	$	11 .34	$	10 .52	$	10 .89	$	10 .00
Income (loss) from investment operations:
Net investment income3		0 .04		0 .07		0 .08		0 .01
Net realized and unrealized gain (loss)		(0 .11)		1 .19		(0 .26)		0 .88
Total from investment operations		(0 .07)		1 .26		(0 .18)		0 .89
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0 .09)		(0 .44)		(0 .19)		0 .00
Net asset value, end of period	$	11 .18	$	11 .34	$	10 .52	$	10 .89
Total Return, at Net Asset Value4		(0 .55)%		12 .18%		(1 .56)%		8 .90%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	16,069	$	15,027	$	4,486	$	309
Average net assets (in thousands)	$	15,470	$	8,639	$	2,349	$	125
Ratios to average net assets:5
Net investment income		0 .75%		0 .63%		0 .83%		1 .26%
Expenses excluding interest and fees from borrowings		1 .57%		1 .66%		2 .04%		1 .66%
Interest and fees from borrowings		0 .00%6		0 .00%		0 .00%		0 .00%
Total expenses		1 .57%		1 .66%		2 .04%		1 .66%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1 .45%		1 .44%		1 .44%		1 .42%
Portfolio turnover rate		41%		55%		100%		2%

1. October 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

2. For the period from March 20, 2013 (commencement of operations) to April 30, 2013.

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

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

5. Annualized for periods less than one full year.

6. Less than 0.005%.

See accompanying Notes to Financial Statements.

19       OPPENHEIMER GLOBAL REAL ESTATE FUND

FINANCIAL HIGHLIGHTS Continued

Class C	Six Months Ended October 30, 20151 (Unaudited)		Year Ended April 30, 2015		Year Ended April 30, 2014		Period Ended April 30, 20132
Per Share Operating Data
Net asset value, beginning of period	$	11 .29	$	10 .49	$	10 .88	$	10 .00
Income (loss) from investment operations:
Net investment income (loss)3		(0 .01)		0 .004		0 .02		0 .004
Net realized and unrealized gain (loss)		(0 .10)		1 .17		(0 .29)		0 .88
Total from investment operations		(0 .11)		1 .17		(0 .27)		0 .88
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0 .05)		(0 .37)		(0 .12)		0 .00
Net asset value, end of period	$	11 .13	$	11 .29	$	10 .49	$	10 .88
Total Return, at Net Asset Value5		(0 .94)%		11 .32%		(2 .37)%		8 .80%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,169	$	4,188	$	889	$	108
Average net assets (in thousands)	$	4,715	$	2,162	$	594	$	52
Ratios to average net assets:6
Net investment income (loss)		(0 .09)%		0 .00%7		0 .16%		0 .49%
Expenses excluding interest and fees from borrowings		2 .35%		2 .52%		3 .31%		2 .51%
Interest and fees from borrowings		0 .00%7		0 .00%		0 .00%		0 .00%
Total expenses		2 .35%		2 .52%		3 .31%		2 .51%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		2 .25%		2 .24%		2 .24%		2 .22%
Portfolio turnover rate		41%		55%		100%		2%

1. October 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

2. For the period from March 20, 2013 (commencement of operations) to April 30, 2013.

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

4. Less than $0.005 per share.

5. 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. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

6. Annualized for periods less than one full year.

7. Less than 0.005%.

See accompanying Notes to Financial Statements.

20       OPPENHEIMER GLOBAL REAL ESTATE FUND

Class I	Six Months Ended October 30, 20151 (Unaudited)		Year Ended April 30, 2015		Year Ended April 30, 2014		Period Ended April 30, 20132
Per Share Operating Data
Net asset value, beginning of period	$	11 .36	$	10 .53	$	10 .89	$	10 .00
Income (loss) from investment operations:
Net investment income3		0 .07		0 .17		0 .15		0 .02
Net realized and unrealized gain (loss)		(0 .11)		1 .14		(0 .29)		0 .87
Total from investment operations		(0 .04)		1 .31		(0 .14)		0 .89
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0 .12)		(0 .48)		(0 .22)		0 .00
Net asset value, end of period	$	11 .20	$	11 .36	$	10 .53	$	10 .89
Total Return, at Net Asset Value4		(0 .35)%		12 .68%		(1 .14)%		8 .90%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	168,976	$	162,493	$	135,185	$	96,650
Average net assets (in thousands)	$	161,964	$	154,104	$	107,043	$	79,748
Ratios to average net assets:5
Net investment income		1 .28%		1 .50%		1 .53%		2 .05%
Expenses excluding interest and fees from borrowings		1 .07%		1 .07%		1 .11%		1 .39%
Interest and fees from borrowings		0 .00%6		0 .00%		0 .00%		0 .00%
Total expenses		1 .07%		1 .07%		1 .11%		1 .39%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1 .05%		1 .05%		1 .05%		1 .05%
Portfolio turnover rate		41%		55%		100%		2%

1. October 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

2. For the period from March 20, 2013 (commencement of operations) to April 30, 2013.

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

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

5. Annualized for periods less than one full year.

6. Less than 0.005%.

See accompanying Notes to Financial Statements.

21       OPPENHEIMER GLOBAL REAL ESTATE FUND

FINANCIAL HIGHLIGHTS Continued

Class R	Six Months Ended October 30, 20151 (Unaudited)		Year Ended April 30, 2015		Year Ended April 30, 2014		Period Ended April 30, 20132
Per Share Operating Data
Net asset value, beginning of period	$	11.32	$	10.51	$	10.89	$	10.00
Income (loss) from investment operations:
Net investment income3		0 .02		0 .08		0 .08		0 .01
Net realized and unrealized gain (loss)		(0 .10)		1 .15		(0 .30)		0 .88
Total from investment operations		(0 .08)		1 .23		(0 .22)		0 .89
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0 .08)		(0 .42)		(0 .16)		0 .00
Net asset value, end of period	$	11 .16	$	11 .32	$	10 .51	$	10 .89
Total Return, at Net Asset Value4		(0 .69)%		11 .87%		(1 .91)%		8 .90%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,204	$	907	$	106	$	31
Average net assets (in thousands)	$	992	$	427	$	86	$	17
Ratios to average net assets:5
Net investment income		0 .39%		0 .73%		0 .79%		1 .14%
Expenses excluding interest and fees from borrowings		1 .87%		2 .05%		2 .89%		1 .84%
Interest and fees from borrowings		0 .00%6		0 .00%		0 .00%		0 .00%
Total expenses		1 .87%		2 .05%		2 .89%		1 .84%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1 .75%		1 .74%		1 .74%		1 .72%
Portfolio turnover rate		41%		55%		100%		2%

1. October 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

2. For the period from March 20, 2013 (commencement of operations) to April 30, 2013.

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

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

5. Annualized for periods less than one full year.

6. Less than 0.005%.

See accompanying Notes to Financial Statements.

22       OPPENHEIMER GLOBAL REAL ESTATE FUND

Class Y	Six Months Ended October 30, 20151 (Unaudited)		Year Ended April 30, 2015		Year Ended April 30, 2014		Period Ended April 30, 20132
Per Share Operating Data
Net asset value, beginning of period	$	11.36	$	10.53	$	10.89	$	10.00
Income (loss) from investment operations:
Net investment income3		0 .07		0 .13		0 .11		0 .02
Net realized and unrealized gain (loss)		(0 .12)		1 .18		(0 .26)		0 .87
Total from investment operations		(0 .05)		1 .31		(0 .15)		0 .89
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0 .11)		(0 .48)		(0 .21)		0 .00
Net asset value, end of period	$	11.20	$	11.36	$	10.53	$	10.89
Total Return, at Net Asset Value4		(0.37)%		12.62%		(1.21)%		8 .90%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	828	$	469	$	208	$	52
Average net assets (in thousands)	$	657	$	569	$	111	$	41
Ratios to average net assets:5
Net investment income		1 .21%		1 .20%		1 .06%		1 .54%
Expenses excluding interest and fees from borrowings		1 .32%		1 .40%		1 .81%		1 .78%
Interest and fees from borrowings		0 .00%6		0 .00%		0 .00%		0 .00%
Total expenses		1 .32%		1 .40%		1 .81%		1 .78%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1 .10%		1 .10%		1 .09%		1 .10%
Portfolio turnover rate		41%		55%		100%		2%

1. October 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2 of the accompanying Notes.

2. For the period from March 20, 2013 (commencement of operations) to April 30, 2013.

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

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

5. Annualized for periods less than one full year.

6. Less than 0.005%.

See accompanying Notes to Financial Statements.

23       OPPENHEIMER GLOBAL REAL ESTATE FUND

NOTES TO FINANCIAL STATEMENTS October 30, 2015 Unaudited

1. Organization

Oppenheimer Global Real Estate Fund (the “Fund”) is registered under the Investment Company Act of 1940 (“1940 Act”), as amended, as a non-diversified open-end management investment company. The Fund’s investment objective is to seek total return. 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 Sub-Adviser has entered into a sub-sub-advisory agreement with Cornerstone Real Estate Advisers LLC (the “Sub-Sub-Adviser”), an indirect, wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company, the parent of 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, continue to be subject to a CDSC after the shares were renamed. Purchases of Class R shares occurring on or after July 1, 2014, are not 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 followed in the Fund’s preparation of financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

2. Significant Accounting Policies

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

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

Foreign Currency Translation. The Fund’s accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the

24       OPPENHEIMER GLOBAL REAL ESTATE FUND

2. Significant Accounting Policies (Continued)

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.

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 distributions, if any, are declared and paid quarterly. Capital gain distributions, if any, are declared and paid annually. 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.

Return of Capital Estimates. Distributions received from the Fund’s investments in Real Estate Investments Trusts (REITs), generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates made at the

25       OPPENHEIMER GLOBAL REAL ESTATE FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

time such distributions are received. Such estimates are based on historical information available from each REIT and other industry sources. These estimates may subsequently be revised based on information received from REITs after their tax reporting periods are concluded.

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, based on the negative rolling average balance at an average Federal Funds Rate plus 0.50%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

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

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

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends.

During the fiscal year ended April 30, 2015, the Fund utilized $1,338,611 of any capital loss carryforward to offset capital gains realized in that fiscal year. Details of the fiscal year ended April 30, 2015 capital loss carryforwards are included in the table below. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. Capital losses with no expiration will be carried forward to future years if not offset by gains.

Expiring
No expiration	$	519,573

26       OPPENHEIMER GLOBAL REAL ESTATE FUND

2. Significant Accounting Policies (Continued)

At period end, it is estimated that the capital loss carryforwards would be $103,613, which will not expire. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the reporting period, it is estimated that the Fund will utilize $415,960 of 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 are determined in accordance with federal income tax requirements, which may differ from the character of net investment income or net realized gains presented in those financial statements in accordance with GAAP. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

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

Federal tax cost of securities	$	174,675,956
Gross unrealized appreciation	$	24,391,507
Gross unrealized depreciation		(9,339,129)
Net unrealized appreciation	$	15,052,378

Certain foreign countries impose a tax on capital gains which is accrued by the Fund based on unrealized appreciation, if any, on affected securities. The tax is paid when the gain is realized.

Use of Estimates. The preparation of financial statements in conformity with 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.

3. 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, except in the case of a scheduled early closing of the Exchange, in which case the Fund will calculate net asset value of the shares as of the scheduled early closing time of the Exchange.

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures

27       OPPENHEIMER GLOBAL REAL ESTATE FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

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.

Valuation Methods and Inputs

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

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

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

28       OPPENHEIMER GLOBAL REAL ESTATE FUND

3. Securities Valuation (Continued)

“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.

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.

29       OPPENHEIMER GLOBAL REAL ESTATE FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

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 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 at period end based on valuation input level:

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	2,129,398	$	987,485	$	—	$	3,116,883
Financials		104,747,061		81,864,390		—		186,611,451
Total Assets	$	106,876,459	$	82,851,875	$	—	$	189,728,334

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.

4. Investments and Risks

Risks of Foreign Investing. The Fund may invest in foreign securities which are subject to special risks. Securities traded in foreign markets may be less liquid and more volatile than those traded in U.S. markets. Foreign issuers are usually not subject to the same accounting and disclosure requirements that U.S. companies are subject to, which may make it difficult for the Fund to evaluate a foreign company’s operations or financial condition. A change in the value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of investments denominated in that foreign currency and in the value of any income or distributions the Fund may receive on those investments. The value of foreign investments may be affected by exchange control regulations, foreign taxes, higher transaction and other

30       OPPENHEIMER GLOBAL REAL ESTATE FUND

4. Investments and Risks (Continued)

costs, delays in the settlement of transactions, changes in economic or monetary policy in the United States or abroad, expropriation or nationalization of a company’s assets, or other political and economic factors. In addition, due to the inter-relationship of global economies and financial markets, changes in political and economic factors in one country or region could adversely affect conditions in another country or region. Investments in foreign securities may also expose the Fund to time-zone arbitrage risk. Foreign securities may trade on weekends or other days when the Fund does not price its shares. At times, the Fund may emphasize investments in a particular country or region and may be subject to greater risks from adverse events that occur in that country or region. Foreign securities and foreign currencies held in foreign banks and securities depositories may be subject to limited or no regulatory oversight.

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

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

Concentration Risk. Concentration risk is the risk that the Fund’s investments in securities of companies in one industry may cause it to be more exposed to changes in that industry or market sector as compared to a more broadly diversified fund.

The Fund invests primarily in the real estate industry.

5. Market Risk Factors

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

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

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

31       OPPENHEIMER GLOBAL REAL ESTATE FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Market Risk Factors (Continued)

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

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

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

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

6. Shares of Beneficial Interest

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

	Six Months Ended October 30, 20151				Year Ended April 30, 2015
	Shares		Amount		Shares		Amount
Class A
Sold		453,104	$	5,023,833		1,078,358	$	12,177,951
Dividends and/or distributions reinvested		12,075		129,401		30,361		333,386
Redeemed		(352,958)		(3,898,131)		(210,448)		(2,372,784)
Net increase		112,221	$	1,255,103		898,271	$	10,138,553
Class C
Sold		177,852	$	1,966,054		315,378	$	3,553,439
Dividends and/or distributions reinvested		2,070		22,064		7,082		77,501
Redeemed		(86,373)		(942,872)		(36,316)		(408,159)
Net increase		93,549	$	1,045,246		286,144	$	3,222,781

32       OPPENHEIMER GLOBAL REAL ESTATE FUND

6. Shares of Beneficial Interest (Continued)

	Six Months Ended October 30, 20151				Year Ended April 30, 2015
	Shares		Amount		Shares		Amount
Class I
Sold		2,015,449	$	22,349,042		2,644,726	$	29,508,130
Dividends and/or distributions reinvested		157,600		1,691,333		618,936		6,797,850
Redeemed		(1,389,083)		(15,553,385)		(1,797,139)		(20,330,129)
Net increase		783,966	$	8,486,990		1,466,523	$	15,975,851
Class R2
Sold		35,444	$	388,159		79,213	$	889,644
Dividends and/or distributions reinvested		668		7,124		1,719		18,837
Redeemed		(8,367)		(92,681)		(10,854)		(122,274)
Net increase		27,745	$	302,602		70,078	$	786,207
Class Y
Sold		40,840	$	451,573		81,794	$	896,654
Dividends and/or distributions reinvested		621		6,641		2,263		24,808
Redeemed		(8,879)		(96,581)		(62,509)		(672,911)
Net increase		32,582	$	361,633		21,548	$	248,551

1. October 30, 2015 represents the last business day of the Fund’s reporting period. See Note 2.

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

7. Purchases and Sales of Securities

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

	Purchases		Sales
Investment securities	$	84,544,493	$	73,366,305

8. Fees and Other Transactions with Affiliates

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

Fee Schedule
Up to $1.0 billion	1.00%
Over $1.0 billion	0.80

The Fund’s effective management fee for the reporting period was 1.00% of average annual net assets before any applicable waivers.

33       OPPENHEIMER GLOBAL REAL ESTATE FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

8. Fees and Other Transactions with Affiliates (Continued)

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.

Sub-Sub-Adviser Fees. The Sub-Adviser retains the Sub-Sub-Adviser to provide the day-today portfolio management of the Fund. Under the Sub-Sub-Advisory Agreement, the Sub-Adviser pays the Sub-Sub-Adviser an annual fee in monthly installments, based on the average daily net assets of the Fund. The fee paid to the Sub-Sub-Adviser under the Sub-Sub-Advisory agreement is paid by the Sub-Adviser, 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 Trustees 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 Trustees. The Fund purchases shares of the funds selected for deferral by the Trustees 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.

34       OPPENHEIMER GLOBAL REAL ESTATE FUND

8. Fees and Other Transactions with Affiliates (Continued)

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

Distribution and Service Plans for Class 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 votes annually to approve their continuance at an in person meeting called for that purpose. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations.

Sales Charges. Front-end sales charges and CDSC do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained 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 C Contingent Deferred Sales Charges Retained by Distributor		Class R Contingent Deferred Sales Charges Retained by Distributor
October 30, 2015		$712		$1

Waivers and Reimbursements of Expenses. The Manager has voluntarily 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 1.45% for Class A shares, 2.25% for Class C shares, 1.05% for Class I shares, 1.75% for Class R shares and 1.10% for Class Y shares. During the reporting period, the Manager waived $8,428, $2,098, $13,165, $553 and $701 for Class A, Class C, Class I, Class R and Class Y shares, respectively.

35       OPPENHEIMER GLOBAL REAL ESTATE FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

8. Fees and Other Transactions with Affiliates (Continued)

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

9. Borrowings and Other Financing

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

10. Pending Litigation

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

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

36       OPPENHEIMER GLOBAL REAL ESTATE FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY, SUB-ADVISORY AND SUB-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 has entered into a sub-advisory agreement with OFI whereby OFI provides investment sub-advisory services to the Fund, and OFI has entered into a sub-sub-advisory agreement with Cornerstone Real Estate Advisers LLC (“Cornerstone” or the “Sub-Sub-Adviser”) whereby Cornerstone provides investment sub-sub-advisory services to the fund (collectively, all the investment advisory agreements are referred to as the “Agreements”, and “OFI Global”, “OFI”, and “Cornerstone” are referred to as the “Managers”). Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to approve the terms of the Agreements and the renewal thereof. 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 Managers 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 comparative investment performance of the Fund and the Managers, (iii) the fees and expenses of the Fund, including comparative fee and 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 Managers’ duties include providing the Fund with the services of the portfolio managers and the Sub-Sub-Adviser’s investment team, who provide research, analysis and other advisory services in regard to the Fund’s investments; and securities trading services. OFI Global is responsible for 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. OFI Global is also 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 U.S. 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

37       OPPENHEIMER GLOBAL REAL ESTATE FUND

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

of the Fund’s shares. OFI Global also provides 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 Managers’ advisory, administrative, accounting, legal, compliance 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 David Wharmby and Henry Burgers, the portfolio managers for the Fund, and the Sub-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 the Board members have become knowledgeable about through their experiences with the Managers and 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 Managers and the Fund. Throughout the year, the Managers provided information on the investment performance of the Fund, the Adviser, Sub-Adviser, and the Sub-Sub-Advisers, including comparative performance information. The Board also reviewed information, prepared by the Managers and the independent consultant, comparing the Fund’s historical performance to relevant benchmarks or market indices and to the performance of other retail funds in the global real estate category. The Board noted that the Fund’s one-year performance was better than its category median.

Fees and Expenses of the Fund. The Board reviewed the fees paid to the Adviser and the other expenses borne by the Fund. The Board noted that the Adviser, not the Fund, pays the Sub-Adviser’s fee under the sub-advisory agreement, and the Sub-Adviser pays the Sub-Sub-Adviser’s fees under the sub-sub-advisory agreement. The Board also considered the comparability of the fees charged and the services provided to the Fund to the fees and services for other clients or accounts advised by the Adviser. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other retail front-end load global real estate funds with comparable asset levels and distribution features. After discussions with the Board, the Adviser has agreed to contractually waive fees and/or reimburse the Fund for certain expenses in order to limit “Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement” (excluding (i) interest, taxes, dividends tied to short sales, brokerage commissions, and other expenditures which are capitalized in accordance with generally accepted accounting principles; (ii) expenses incurred directly or indirectly by the Fund as a result of investments in other investment companies, wholly-owned subsidiaries and pooled investment vehicles; (iii) certain other expenses attributable to, and incurred as a result of, a Fund’s investments; and (iv) other extraordinary expenses (including litigation expenses) not incurred in the ordinary course of the Fund’s

38       OPPENHEIMER GLOBAL REAL ESTATE FUND

business) to annual rates of 1.45% for Class A shares, 2.25% for Class C shares, 1.75% for Class R shares, 1.10% for Class Y shares, and 1.05% for Class I shares, as calculated on the daily net assets of the Fund. This contractual fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the prospectus, unless approved by the Board. The Board noted that the Fund’s contractual management fees and total expenses were higher than its peer group median and category median.

Economies of Scale and Profits Realized by the Managers. The Board considered information regarding the Managers’ costs in serving as the Fund’s investment adviser, sub-adviser and sub-sub-advisers, 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 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. The Board reviewed whether the Managers may realize economies of scale in managing and supporting the Fund. The Board noted that the Fund currently has a management fee breakpoint, which is intended to share with Fund shareholders economies of scale that may exist as the Fund’s assets grow.

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).

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 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, 2016. 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.

39       OPPENHEIMER GLOBAL REAL ESTATE FUND

PORTFOLIO PROXY VOTING POLICIES AND PROCEDURE; 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.

40       OPPENHEIMER GLOBAL REAL ESTATE FUND

DISTRIBUTION SOURCES Unaudited

For any distribution that took place over the Fund’s reporting period, the table below details on a per-share basis the percentage of the Fund’s total distribution payment amount that was derived from the following sources: net income, net profit from the sale of securities, and other capital sources. This information is based upon income and capital gains using generally accepted accounting principles as of the date of each distribution. For certain securities, such as Real Estate Investment Trusts (“REITs”), the percentages attributed to each category (net income, net profit from sale and other capital sources) are estimated using historical information because the character of the amounts received from the REITs in which the fund invests is unknown until after the end of the calendar year. Because the Fund is actively managed, the relative amount of the Fund’s total distributions derived from various sources over the calendar year may change. Please note that this information should not be used for tax reporting purposes as the tax character of distributable income may differ from the amounts used for this notification. You will receive IRS tax forms in the first quarter of each calendar year detailing the actual amount of the taxable and non-taxable portion of distributions paid to you during the tax year.

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

Fund Name	Pay Date		Net Income		Net Profit from Sale		Other Capital Sources
Oppenheimer Global Real Estate Fund		6/17/15		83.7%		0.0%		16.3%
Oppenheimer Global Real Estate Fund		9/23/15		83.1%		0.0%		16.9%

41       OPPENHEIMER GLOBAL REAL ESTATE FUND

OPPENHEIMER GLOBAL REAL ESTATE 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
	Elizabeth Krentzman, Trustee
	Mary F. Miller, Trustee
	Joel W. Motley, Trustee
	Joanne Pace, Trustee
	Daniel Vandivort, Trustee
	William F. Glavin, Jr., Trustee
	Arthur P. Steinmetz, Trustee, 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.
Sub-Sub-Adviser	Cornerstone Real Estate Advisers LLC
Distributor	OppenheimerFunds Distributor, Inc.
Transfer and Shareholder	OFI Global Asset Management, Inc.
Servicing Agent
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.

^© 2015 OppenheimerFunds, Inc. All rights reserved.

42       OPPENHEIMER GLOBAL REAL ESTATE 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.

43       OPPENHEIMER GLOBAL REAL ESTATE 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 256-bit encryption. SSL is used to establish a secure connection between your PC and OppenheimerFunds’ server. It transmits information in an encrypted and scrambled format.

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

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

Other Security Measures

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

How You Can Help

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

Who We Are

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

44       OPPENHEIMER GLOBAL REAL ESTATE FUND

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47       OPPENHEIMER GLOBAL REAL ESTATE FUND

OppenheimerFunds^®

The Right Way

to Invest

Visit us at oppenheimerfunds.com for 24-hr access

to account information and transactions or call us at

800 CALL OPP (800 225 5677) for 24-hr automated

information and automated transactions. Representatives

also available Mon–Fri 8am–8pm ET.

Visit Us oppenheimerfunds.com Call Us 800 225 5677 Follow Us
	Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281-1008 © 2015 OppenheimerFunds Distributor, Inc. All rights reserved. RS1379.001.1015      December 22, 2015

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 10/30/2015, 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 Real Estate Fund

By:	/s/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	12/9/2015

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:	12/9/2015

By:	/s/ Brian W. Wixted
	Brian W. Wixted
	Principal Financial Officer
Date:	12/9/2015

EX-99.CERT

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, Arthur P. Steinmetz, certify that:

1. I have reviewed this report on Form N-CSR of Oppenheimer Global Real Estate Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of Trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: 12/9/2015

/s/ Arthur P. Steinmetz

Arthur P. Steinmetz

Principal Executive Officer

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, Brian W. Wixted, certify that:

1. I have reviewed this report on Form N-CSR of Oppenheimer Global Real Estate Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of Trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: 12/9/2015

/s/ Brian W. Wixted

Brian W. Wixted

Principal Financial Officer

EX-99.906CERT

EX-99.906CERT

Section 906 Certifications

CERTIFICATION PURSUANT TO 18 U.S.C SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Arthur P. Steinmetz, Principal Executive Officer, and Brian W. Wixted, Principal Financial Officer, of Oppenheimer Global Real Estate Fund (the “Registrant”), each certify to the best of his knowledge that:

1. The Registrant’s periodic report on Form N-CSR for the period ended 10/30/2015 (the “Form N-CSR”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

Principal Executive Officer	Principal Financial Officer
Oppenheimer Global Real Estate Fund	Oppenheimer Global Real Estate Fund
/s/ Arthur P. Steinmetz	/s/ Brian W. Wixted
Arthur P. Steinmetz	Brian W. Wixted
Date: 12/9/2015	Date: 12/9/2015