Oppenheimer Global Opportunities Fund

N-CSR 1 d483258dncsr.htm OPPENHEIMER GLOBAL OPPORTUNITIES FUND Oppenheimer Global Opportunities Fund

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-6001

Oppenheimer Global Opportunities Fund

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Cynthia Lo Bessette

OFI Global Asset Management, Inc.

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

(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: 9/30/2017

Item 1. Reports to Stockholders.


		Annual Report			9/30/2017


		Oppenheimer Global Opportunities Fund

Table of Contents



Fund Performance Discussion			3

Top Holdings and Allocations			6

Fund Expenses			9

Statement of Investments			11

Statement of Assets and Liabilities			18

Statement of Operations			20

Statements of Changes in Net Assets			22

Financial Highlights			23

Notes to Financial Statements			29

Report of Independent Registered Public Accounting Firm			45

Federal Income Tax Information			46

Board Approval of the Fund’s Investment Advisory and Sub-Advisory Agreements			47

Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments			50

Trustees and Officers			51

Privacy Policy Notice			57

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 9/30/17


	Class A Shares of the Fund
	Without Sales Charge			With Sales Charge			MSCI All Country (AC) World Index
1-Year		30.48	%		22.97	%		18.65	%
5-Year		17.81			16.43			10.20
10-Year		9.10			8.46			3.88

2 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

Fund Performance Discussion

The Fund’s Class A shares (without sales charge) generated a return of 30.48% during the one-year reporting period ending September 30, 2017, significantly outperforming its benchmark, the MSCI All Country World Index (the “Index”), which returned 18.65%.

We like to invest in companies with considerable intellectual property, where there is the potential for transformational monetization in the future. No surprise then that more than 50% of the portfolio is invested in health care and information technology at period end, and 70% in health care, information technology and consumer discretionary. During the reporting period, the Fund outperformed the Index in 9 out of 11 sectors, led by stock selection in information technology and health care. The only underperforming sectors for the Fund this period were financials, due to an underweight position and stock selection, and materials, due to stock selection.

MARKET OVERVIEW

Global equity markets continued their upward trajectory during the reporting period, and our portfolio performed well. We don’t believe valuations are low as of the end of the reporting period, but corporate earnings have been good, and central banks show no signs of moving away from accommodative policies. As noted above, the Index was up 18.65% for the reporting period, and more than 17% for 2017 year to date. The environment for most risk assets has been very benign, which, in our experience, has often been a contrary signal.

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

LOGO

3 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

FUND REVIEW

The top three performing holdings of the Fund this reporting period were Advanced Micro Devices, Inc., Coherent, Inc., and Nektar Therapeutics.

Advanced Micro Devices Inc. (“AMD”) has been riding a wave of strong new products. Also, AMD holds a leading position in chipsets for video gaming, a very fast growing business. The company’s competitive position has improved on many fronts, and we continue to like its opportunities.

Coherent Inc. produces lasers for a wide range of applications, including the manufacture of various types of semiconductor chips. The demand for Coherent’s lasers has been picking up in nearly every segment of its business as the world continues its drive towards digitization and the internet of things.

During the reporting period, Nektar Theraputics announced that Eli Lilly & Company had paid it $150 million for the rights to co-develop a compound called NKTR-358, which may yield advances in the treatment of a diverse set of autoimmune diseases such as Lupus, Rheumatoid Arthritis, and Type-1 Diabetes. Though a commercial success is years away, we believe this is another example of the robustness of the Nektar platform.

Detractors from performance this reporting period included Fingerprint Cards AB, Rite

Aid Corp., and a put option on the S&P 500 Index.

Fingerprint Cards is the leading supplier of fingerprint sensors in the world, and the stock has done well for us over the long term. However, they no longer have that market to themselves, and that has prompted us to exit our position.

Rite Aid was down significantly in the reporting period after it announced disappointing operating results. Rite Aid has been involved in a long merger drama with Walgreens Boots Alliance Inc. After a long process it appears they will complete the sale of a number of stores to Walgreens after regulators blocked a sale of the whole company. The proceeds of that sale will be used to shore up the balance sheet. We believe Rite Aid has significant upside. Once the Walgreens deal is completed in first quarter of 2018, the debt burden will be reduced and management can focus fully on operating improvements.

In May 2017, we purchased an S&P 500 put option expiring in December of 2018. In a strong environment for stocks, such as was the case in this reporting period, it performed poorly. We discuss the put in more detail later in this report.

STRATEGY & OUTLOOK

As written above, we own an S&P 500 put option that expires at the end of 2018. We would describe our perspective as cautious,

4 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

not bearish. There is no obvious trigger that we see that will cause volatility to spike, but there are plenty of possibilities. The put gives us a way to make the portfolio more resilient to a downturn in the market and it was the most practical, cost effective way to do it. Given the low levels of volatility, protection in this form is more defensive and cheaper than buying defensive equities, where the prices look too high. While the put was a negative performance factor during the reporting period, the rest of the portfolio more than made up for it. We are comfortable with that.

LOGO

Frank V. Jennings, Ph. D.

Portfolio Manager

5 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

Top Holdings and Allocations


TOP TEN COMMON STOCK HOLDINGS


Nektar Therapeutics, Cl. A		9.9%
Advanced Micro Devices, Inc.		4.4
Coherent, Inc.		2.8
Nintendo Co. Ltd.		2.5
Genmab AS		2.3
Exact Sciences Corp.		2.0
H. Lundbeck AS		2.0
Applied Materials, Inc.		1.8
Novozymes AS, Cl. B		1.3
Boeing Co. (The)		1.3

Portfolio holdings and allocations are subject to change. Percentages are as of September 30, 2017, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com.


TOP TEN GEOGRAPHICAL HOLDINGS


United States		48.7%
United Kingdom		12.2
Japan		8.1
Germany		7.6
Denmark		7.1
Spain		3.6
Italy		3.2
France		3.0
Luxembourg		1.1
Canada		0.8

Portfolio holdings and allocation are subject to change. Percentages are as of September 30, 2017, and are based on total market value of investments.

SECTOR ALLOCATION

LOGO

Portfolio holdings and allocations are subject to change. Percentages are as of September 30, 2017, and are based on the total market value of investments.

6 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

Share Class Performance


AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 9/30/17
	Inception Date		1-Year			5-Year			10-Year

Class A (OPGIX)		10/22/90		30.48	%		17.81	%		9.10	%
Class B (OGGIX)		10/10/95		29.47			16.87			8.54
Class C (OGICX)		12/1/93		29.47			16.92			8.28
Class I (OGIIX)		1/27/12		31.01			18.33			16.24	*
Class R (OGINX)		3/1/01		30.15			17.48			8.77
Class Y (OGIYX)		2/1/01		30.79			18.11			9.41

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 9/30/17
	Inception Date		1-Year			5-Year			10-Year

Class A (OPGIX)		10/22/90		22.97	%		16.43	%		8.46	%
Class B (OGGIX)		10/10/95		24.47			16.65			8.54
Class C (OGICX)		12/1/93		28.47			16.92			8.28
Class I (OGIIX)		1/27/12		31.01			18.33			16.24	*
Class R (OGINX)		3/1/01		30.15			17.48			8.77
Class Y (OGIYX)		2/1/01		30.79			18.11			9.41

*	Shows performance since inception.

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

The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of

7 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

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

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

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

8 OPPENHEIMER GLOBAL OPPORTUNITIES 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 September 30, 2017.

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 September 30, 2017” to estimate the expenses you paid on your account during this period.

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

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

9 OPPENHEIMER GLOBAL OPPORTUNITIES FUND


Actual	Beginning Account Value April 1, 2017	Ending Account Value September 30, 2017	Expenses Paid During 6 Months Ended September 30, 2017
Class A	$ 1,000.00	$ 1,126.60	$ 6.09
Class B	1,000.00	1,122.10	10.10
Class C	1,000.00	1,122.40	10.10
Class I	1,000.00	1,128.90	3.90
Class R	1,000.00	1,125.10	7.43
Class Y	1,000.00	1,128.00	4.81

Hypothetical (5% return before expenses)
Class A	1,000.00	1,019.35	5.79
Class B	1,000.00	1,015.59	9.59
Class C	1,000.00	1,015.59	9.59
Class I	1,000.00	1,021.41	3.71
Class R	1,000.00	1,018.10	7.06
Class Y	1,000.00	1,020.56	4.57

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended September 30, 2017 are as follows:


Class	Expense Ratios
Class A	1.14	%
Class B	1.89
Class C	1.89
Class I	0.73
Class R	1.39
Class Y	0.90

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

10 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

STATEMENT OF INVESTMENTS September 30, 2017


	Shares		Value
Common Stocks—95.9%
Consumer Discretionary—19.9%
Auto Components—0.9%
Brembo SpA		1,500,000	$	25,425,622
Continental AG		100,000		25,381,531
				50,807,153
Diversified Consumer Services—1.5%
Rentokil Initial plc		15,000,000		60,474,065
Sotheby’s¹		600,000		27,666,000
				88,140,065
Hotels, Restaurants & Leisure—1.1%
InterContinental Hotels Group plc		797,872		42,104,287
Shake Shack, Inc., Cl. A¹		715,513		23,776,497
				65,880,784
Household Durables—2.7%
De’ Longhi SpA		1,000,000		32,214,241
iRobot Corp.¹		900,000		69,354,000
Rational AG		40,000		27,531,766
SodaStream International Ltd.¹		400,000		26,580,000
				155,680,007
Internet & Catalog Retail—3.9%
AO World plc¹		10,000,000		14,944,604
ASKUL Corp.		600,000		16,904,635
ASOS plc¹		700,000		55,870,690
boohoo.com plc¹		20,000,000		56,691,566
Rakuten, Inc.		2,000,000		21,826,392
SRP Groupe SA^1,2		500,000		10,230,428
Yoox Net-A-Porter Group SpA¹		590,000		23,155,789
Zalando SE^1,2		600,000		30,067,536
				229,691,640
Leisure Products—2.6%
Nintendo Co. Ltd.		400,000		148,255,942
Media—2.1%
CyberAgent, Inc.		1,600,000		46,903,525
Schibsted ASA, Cl. A		900,000		23,189,218
Stroeer SE & Co. KGaA		300,000		19,635,325
Technicolor SA		10,000,000		34,515,238
				124,243,306
Specialty Retail—2.2%
JINS, Inc.		600,000		37,583,852
RH¹		79,138		5,564,984
SuperGroup plc		3,000,000		68,342,760

11 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

STATEMENT OF INVESTMENTS Continued


	Shares		Value
Specialty Retail (Continued)
Urban Outfitters, Inc.¹		800,000	$	19,120,000
				130,611,596
Textiles, Apparel & Luxury Goods—2.9%
Brunello Cucinelli SpA		1,500,000		46,563,078
Iconix Brand Group, Inc.^1,3		6,000,000		34,140,000
Mulberry Group plc		500,000		7,335,957
OVS SpA²		3,000,000		22,923,890
Pandora AS		600,000		59,226,026
				170,188,951
Consumer Staples—2.6%
Food & Staples Retailing—0.7%
Rite Aid Corp.¹		20,000,000		39,200,000
Food Products—0.8%
Ebro Foods SA		2,000,000		47,398,598
Personal Products—1.1%
Ci:z Holdings Co. Ltd.		1,800,000		63,425,018
Financials—4.9%
Capital Markets—1.9%
Allied Minds plc¹		8,000,000		14,470,220
IP Group plc¹		20,785,545		38,212,499
Rothschild & Co.		1,500,000		56,739,596
				109,422,315
Commercial Banks—0.5%
Banco Comercial Portugues SA, Cl. R¹		100,000,000		28,992,361
Diversified Financial Services—0.4%
IG Group Holdings plc		3,000,000		25,770,881
Real Estate Investment Trusts (REITs)—1.3%
Axiare Patrimonio SOCIMI SA		2,000,000		40,874,189
British Land Co. plc (The)		4,000,000		32,288,559
				73,162,748
Real Estate Management & Development—0.8%
Fisher & Paykel Healthcare Corp. Ltd.		3,000,000		27,712,642
Purplebricks Group plc¹		4,000,000		20,772,058
				48,484,700
Health Care—27.9%
Biotechnology—7.1%
Abcam plc		1,000,000		13,669,298
Arrowhead Pharmaceuticals, Inc.¹		3,000,000		12,990,000
Bavarian Nordic AS¹		400,000		17,888,865

12 OPPENHEIMER GLOBAL OPPORTUNITIES FUND


	Shares		Value
Biotechnology (Continued)
Exact Sciences Corp.¹		2,500,000	$	117,800,000
Genmab AS¹		600,000		132,621,001
Halozyme Therapeutics, Inc.¹		1,000,000		17,370,000
Innate Pharma SA¹		1,000,000		12,143,091
Rigel Pharmaceuticals, Inc.^1,3		5,000,000		12,700,000
Sarepta Therapeutics, Inc.¹		500,000		22,680,000
Seattle Genetics, Inc.¹		1,000,000		54,410,000
				414,272,255
Health Care Equipment & Supplies—3.7%
Align Technology, Inc.¹		300,000		55,881,000
Carl Zeiss Meditec AG		1,000,000		52,198,613
Consort Medical plc³		2,856,109		41,604,175
Ion Beam Applications		400,000		13,688,523
Nevro Corp.¹		600,000		54,528,000
				217,900,311
Health Care Providers & Services—0.5%
Amplifon SpA		2,000,000		30,398,468
Health Care Technology—1.0%
M3, Inc.		2,000,000		57,208,417
Life Sciences Tools & Services—3.1%
Bruker Corp.		1,400,000		41,650,000
Eurofins Scientific SE		100,000		63,196,695
MorphoSys AG¹		900,000		75,991,381
				180,838,076
Pharmaceuticals—12.5%
GW Pharmaceuticals plc, ADR¹		100,000		10,149,000
H. Lundbeck AS		2,000,000		115,420,490
Merck KGaA		200,000		22,257,229
Nektar Therapeutics, Cl. A^1,3		24,225,000		581,400,000
				729,226,719
Industrials—10.8%
Aerospace & Defense—2.8%
Boeing Co. (The)		300,000		76,263,000
Hexcel Corp.		700,000		40,194,000
United Technologies Corp.		400,000		46,432,000
				162,889,000
Air Freight & Couriers—0.2%
Expeditors International of Washington, Inc.		250,000		14,965,000
Commercial Services & Supplies—0.8%
Rollins, Inc.		1,000,000		46,140,000

13 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

STATEMENT OF INVESTMENTS Continued


	Shares		Value
Construction & Engineering—1.1%
Ferrovial SA		3,000,000	$	66,105,626
Electrical Equipment—1.9%
Emerson Electric Co.		653,224		41,048,596
OSRAM Licht AG		500,000		39,915,141
Sensata Technologies Holding NV¹		600,000		28,842,000
				109,805,737
Machinery—2.5%
Albany International Corp., Cl. A		400,000		22,960,000
FANUC Corp.		200,000		40,551,800
SLM Solutions Group AG^1,3		1,200,000		50,491,121
Spirax-Sarco Engineering plc		464,285		34,377,567
				148,380,488
Professional Services—1.5%
Acacia Research Corp.¹		2,500,000		11,375,000
Bureau Veritas SA		450,000		11,614,355
Intrum Justitia AB		500,000		17,718,794
Teleperformance		300,000		44,787,565
				85,495,714
Information Technology—25.7%
Electronic Equipment, Instruments, & Components—5.3%
Cognex Corp.		600,000		66,168,000
Coherent, Inc.¹		700,000		164,619,000
Corning, Inc.		1,000,000		29,920,000
Dolby Laboratories, Inc., Cl. A		800,000		46,016,000
Next Biometrics Group AS¹		660,000		4,002,911
				310,725,911
Internet Software & Services—2.2%
Alarm.com Holdings, Inc.¹		400,000		18,072,000
Baozun, Inc., ADR¹		500,000		16,380,000
Hortonworks, Inc.¹		2,000,000		33,900,000
Pandora Media, Inc.¹		1,000,000		7,700,000
Twitter, Inc.¹		3,000,000		50,610,000
				126,662,000
IT Services—1.9%
Amadeus IT Group SA		400,000		26,035,496
BasWare OYJ¹		500,000		23,656,154
FleetCor Technologies, Inc.¹		200,000		30,954,000
Square, Inc., Cl. A¹		1,000,000		28,810,000
				109,455,650
Semiconductors & Semiconductor Equipment—8.7%
Advanced Micro Devices, Inc.¹		20,000,000		255,000,000
AIXTRON SE¹		2,000,000		26,923,682

14 OPPENHEIMER GLOBAL OPPORTUNITIES FUND


	Shares		Value
Semiconductors & Semiconductor Equipment (Continued)
Applied Materials, Inc.		2,000,000	$	104,180,000
Cree, Inc.¹		1,000,000		28,190,000
Infineon Technologies AG		1,000,000		25,139,013
Nordic Semiconductor ASA¹		2,000,000		11,049,130
ON Semiconductor Corp.¹		1,200,000		22,164,000
STMicroelectronics NV		1,000,000		19,396,749
Synaptics, Inc.¹		500,000		19,590,000
				511,632,574
Software—5.7%
A10 Networks, Inc.¹		2,000,000		15,120,000
Blue Prism Group plc¹		3,000,000		40,444,475
FireEye, Inc.¹		3,000,000		50,310,000
Globant SA¹		300,000		12,021,000
Manhattan Associates, Inc.¹		1,000,000		41,570,000
PTC, Inc.¹		1,200,000		67,536,000
Rovio Entertainment Oy¹		500,000		6,795,925
SDL plc		2,000,000		12,846,684
Tableau Software, Inc., Cl. A¹		200,000		14,978,000
WANdisco plc^1,3		5,276,000		56,923,424
Zendesk, Inc.¹		600,000		17,466,000
				336,011,508
Technology Hardware, Storage & Peripherals—1.9%
3D Systems Corp.¹		2,000,000		26,780,000
BlackBerry Ltd.¹		4,000,000		44,720,000
Tobii AB¹		2,820,085		16,994,146
Xaar plc³		4,000,000		23,881,544
				112,375,690
Materials—3.7%
Chemicals—3.3%
Croda International plc		482,758		24,539,551
Novozymes AS, Cl. B		1,500,000		76,975,159
Symrise AG		500,000		37,995,586
Toray Industries, Inc.		3,000,000		29,110,473
Umicore SA		300,000		24,821,367
				193,442,136
Containers & Packaging—0.4%
Sealed Air Corp.		500,000		21,360,000
Telecommunication Services—0.4%
Wireless Telecommunication Services—0.4%
Masmovil Ibercom SA¹		310,000		23,549,469
Total Common Stocks (Cost $3,474,470,908)				5,608,196,814

15 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

STATEMENT OF INVESTMENTS Continued

Exercise

Price

Expiration
Date

Notional
Amount
(000’s)

Contracts
(000’s)

Value

Exchange-Traded Option Purchased—1.1%

S&P 500 Index Put¹

(Cost $108,491,845)

USD

2,275.000

12/21/18

USD 2,015,488

USD 8

66,960,000


	Shares		Value
Investment Company—0.3%
Oppenheimer Institutional Government Money Market Fund, Cl. E, 0.98%^3,4 (Cost $16,324,804)		16,324,804		16,324,804
Total Investments, at Value (Cost $3,599,287,557)		97.3%		5,691,481,618
Net Other Assets (Liabilities)		2.7		157,108,961

Net Assets		100.0%	$	5,848,590,579

Footnotes to Statement of Investments

1. Non-income producing security.

2. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $63,221,854 or 1.08% of the Fund’s net assets at period end.

3. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the reporting period, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the reporting period in which the issuer was an affiliate are as follows:


	Shares September 30, 2016			Gross Additions		Gross Reductions		Shares September 30, 2017
Consort Medical plc		2,856,109			—		—		2,856,109
Iconix Brand Group, Inc.		6,000,000			—		—		6,000,000
Nektar Therapeutics, Cl. A		25,000,000			1,000,000		1,775,000		24,225,000
Oppenheimer Institutional Government Money Market Fund, Cl. E		323,178,551			1,119,198,707		1,426,052,454		16,324,804
Rigel Pharmaceuticals, Inc.^a		5,000,000			—		—		5,000,000
SLM Solutions Group AG		—			1,200,000		—		1,200,000
WANdisco plc		5,276,000			—		—		5,276,000
Xaar plc		4,000,000			—		—		4,000,000

	Value			Income		Realized Gain		Change in Unrealized Gain (Loss)
Consort Medical plc	$	41,604,175		$	760,177	$	—	$	1,546,385
Iconix Brand Group, Inc.		34,140,000			—		—		(14,580,000	)
Nektar Therapeutics, Cl. A		581,400,000			—		282,721		171,928,561
Oppenheimer Institutional Government Money Market Fund, Cl. E		16,324,804			554,848		—		—
Rigel Pharmaceuticals, Inc. ^a		—	^b		—		—		—
SLM Solutions Group AG		50,491,121			—		—		1,607,663
WANdisco plc		56,923,424			—		—		42,663,879

16 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

Footnotes to Statement of Investments (Continued)


	Value		Income		Realized Gain		Change in Unrealized Gain (Loss)
Xaar plc	$	23,881,544	$	528,486	$	—	$	(2,041,455)

Total	$	804,765,068	$	1,843,511	$	282,721	$	201,125,033

a. No longer an affiliate at period end.

b. The security is no longer an affiliate, therefore, the value has been excluded from this table.

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

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


Geographic Holdings (Unaudited)	Value		Percent
United States	$	2,774,768,882		48.7	%
United Kingdom		695,713,865		12.2
Japan		461,770,051		8.1
Germany		433,527,925		7.6
Denmark		402,131,541		7.1
Spain		203,963,378		3.6
Italy		180,681,089		3.2
France		170,030,272		3.0
Luxembourg		63,196,694		1.1
Canada		44,720,000		0.8
Belgium		38,509,890		0.7
Norway		38,241,259		0.7
Sweden		34,712,941		0.6
Finland		30,452,079		0.5
Portugal		28,992,361		0.5
New Zealand		27,712,642		0.5
Israel		26,580,000		0.5
Switzerland		19,396,749		0.3
China		16,380,000		0.3

Total	$	5,691,481,618		100.0	%

See accompanying Notes to Financial Statements.

17 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

STATEMENT OF ASSETS AND LIABILITIES September 30, 2017


Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $3,127,826,664)	$	4,886,716,550
Affiliated companies (cost $471,460,893)		804,765,068

		5,691,481,618
Cash		87,863,354
Receivables and other assets:
Investments sold		89,339,964
Shares of beneficial interest sold		12,887,354
Dividends		5,456,352
Other		371,239

Total assets		5,887,399,881
Liabilities
Bank overdraft-foreign		11,083,249
Payables and other liabilities:
Investments purchased		16,131,228
Shares of beneficial interest redeemed		10,076,222
Distribution and service plan fees		795,104
Trustees’ compensation		544,570
Shareholder communications		21,453
Other		157,476

Total liabilities		38,809,302

Net Assets	$	5,848,590,579


Composition of Net Assets

Par value of shares of beneficial interest	$	96,364
Additional paid-in capital		3,617,416,544
Accumulated net investment loss		(31,697,700)
Accumulated net realized gain on investments and foreign currency transactions		170,513,720
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		2,092,261,651

Net Assets	$	5,848,590,579

18 OPPENHEIMER GLOBAL OPPORTUNITIES FUND


Net Asset Value Per Share
Class A Shares:

Net asset value and redemption price per share (based on net assets of $3,085,024,211 and 50,247,691 shares of beneficial interest outstanding)			$61.40

Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price)			$65.15

Class B Shares:

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $12,078,593 and 221,645 shares of beneficial interest outstanding)			$54.50

Class C Shares:

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $648,270,085 and 11,880,089 shares of beneficial interest outstanding)			$54.57

Class I Shares:

Net asset value, redemption price and offering price per share (based on net assets of $662,175,565 and 10,635,178 shares of beneficial interest outstanding)			$62.26

Class R Shares:

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $199,695,807 and 3,374,362 shares of beneficial interest outstanding)			$59.18

Class Y Shares:

Net asset value, redemption price and offering price per share (based on net assets of $1,241,346,318 and 20,005,147 shares of beneficial interest outstanding)			$62.05

See accompanying Notes to Financial Statements.

19 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

STATEMENT OF OPERATIONS For the Year Ended September 30, 2017


Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $2,709,598)	$	31,165,412
Affiliated companies		1,843,511
Interest		57,210

Total investment income		33,066,133
Expenses
Management fees		31,346,252
Distribution and service plan fees:
Class A		6,529,371
Class B		166,641
Class C		5,319,286
Class R		779,074
Transfer and shareholder servicing agent fees:
Class A		5,912,293
Class B		36,822
Class C		1,173,318
Class I		67,144
Class R		344,125
Class Y		2,015,940
Shareholder communications:
Class A		49,225
Class B		574
Class C		7,861
Class I		424
Class R		1,230
Class Y		20,003
Custodian fees and expenses		164,595
Borrowing fees		98,434
Trustees’ compensation		67,615
Other		214,844

Total expenses		54,315,071
Less waivers and reimbursements of expenses		(616,579)

Net expenses		53,698,492
Net Investment Loss		(20,632,359)

20 OPPENHEIMER GLOBAL OPPORTUNITIES FUND


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in:
Unaffiliated companies	$	238,250,486
Affiliated companies		282,721
Foreign currency transactions		(503,051)

Net realized gain		238,030,156
Net change in unrealized appreciation/depreciation on:
Investment transactions in:
Unaffiliated companies		817,291,829
Affiliated companies		201,125,033
Translation of assets and liabilities denominated in foreign currencies		62,444

Net change in unrealized appreciation/depreciation		1,018,479,306
Net Increase in Net Assets Resulting from Operations	$	1,235,877,103

See accompanying Notes to Financial Statements.

21 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended September 30, 2017		Year Ended September 30, 2016
Operations
Net investment loss	$	(20,632,359)	$	(15,276,992)
Net realized gain		238,030,156		384,662,328
Net change in unrealized appreciation/depreciation		1,018,479,306		499,858,775
Net increase in net assets resulting from operations		1,235,877,103		869,244,111
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(6,341,952)		(2,498,534)
Class B		—		—
Class C		—		—
Class I		(869,379)		(417,267)
Class R		(153,977)		—
Class Y		(3,223,850)		(1,437,880)
		(10,589,158)		(4,353,681)
Distributions from net realized gain:
Class A		(171,785,186)		(13,245,759)
Class B		(1,513,021)		(214,901)
Class C		(36,239,637)		(2,674,555)
Class I		(9,011,793)		(441,196)
Class R		(9,337,663)		(559,977)
Class Y		(42,595,721)		(2,322,865)
		(270,483,021)		(19,459,253)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		9,385,732		(166,672,209)
Class B		(14,284,268)		(17,539,711)
Class C		67,479,218		(14,781,468)
Class I		470,463,581		34,089,952
Class R		42,236,538		11,568,952
Class Y		494,405,602		78,252,563
		1,069,686,403		(75,081,921)
Net Assets
Total increase		2,024,491,327		770,349,256
Beginning of period		3,824,099,252		3,053,749,996
End of period (including accumulated net investment loss of $31,697,700 and $17,410,380, respectively)	$	5,848,590,579	$	3,824,099,252

See accompanying Notes to Financial Statements.

22 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS


Class A	Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013
Per Share Operating Data
Net asset value, beginning of period		$50.76		$39.42		$38.67		$38.11		$29.80

Income (loss) from investment operations:
Net investment loss¹		(0.23)		(0.17)		(0.27)		(0.07)		(0.07)
Net realized and unrealized gain		14.49		11.81		1.13		0.63		8.71

Total from investment operations		14.26		11.64		0.86		0.56		8.64

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.13)		(0.05)		(0.11)		0.00		(0.33)
Distributions from net realized gain		(3.49)		(0.25)		0.00		0.00		0.00

Total dividends and/or distributions to shareholders		(3.62)		(0.30)		(0.11)		0.00		(0.33)

Net asset value, end of period		$61.40		$50.76		$39.42		$38.67		$38.11


Total Return, at Net Asset Value²		30.48%		29.66%		2.22%		1.47%		29.36%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$3,085,024		$2,529,288		$2,118,295		$2,293,999		$2,192,080

Average net assets (in thousands)		$2,689,282		$2,281,847		$2,299,089		$2,422,818		$1,896,481

Ratios to average net assets:³
Net investment loss		(0.43)%		(0.39)%		(0.66)%		(0.17)%		(0.23)%
Expenses excluding specific expenses listed below		1.17%		1.18%		1.18%		1.17%		1.21%
Interest and fees from borrowings		0.00%⁴		0.00%⁴		0.00%⁴		0.00%		0.00%

Total expenses⁵		1.17%		1.18%		1.18%		1.17%		1.21%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.15%		1.18%⁶		1.18%⁶		1.17%⁶		1.21%⁶

Portfolio turnover rate		18%		26%		16%		16%		27%

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

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

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



		Year Ended September 30, 2017			1.17%
		Year Ended September 30, 2016			1.18%
		Year Ended September 30, 2015			1.18%
		Year Ended September 30, 2014			1.17%
		Year Ended September 30, 2013			1.21%

6. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

23 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS Continued


Class B	Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013
Per Share Operating Data
Net asset value, beginning of period		$45.66		$35.71		$35.21		$34.98		$27.32

Income (loss) from investment operations:
Net investment loss¹		(0.57)		(0.47)		(0.53)		(0.38)		(0.33)
Net realized and unrealized gain		12.90		10.67		1.03		0.61		8.02

Total from investment operations		12.33		10.20		0.50		0.23		7.69

Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		0.00		0.00		0.00		(0.03)
Distributions from net realized gain		(3.49)		(0.25)		0.00		0.00		0.00

Total dividends and/or distributions to shareholders		(3.49)		(0.25)		0.00		0.00		(0.03)

Net asset value, end of period		$54.50		$45.66		$35.71		$35.21		$34.98


Total Return, at Net Asset Value²		29.47%		28.68%		1.42%		0.66%		28.17%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$12,079		$23,917		$34,617		$57,192		$79,296

Average net assets (in thousands)		$16,688		$28,303		$45,754		$71,794		$76,488

Ratios to average net assets:³
Net investment loss		(1.22)%		(1.19)%		(1.43)%		(1.04)%		(1.14)%
Expenses excluding specific expenses listed below		1.93%		1.94%		1.94%		2.01%		2.27%
Interest and fees from borrowings		0.00%⁴		0.00%⁴		0.00%⁴		0.00%		0.00%

Total expenses⁵		1.93%		1.94%		1.94%		2.01%		2.27%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.91%		1.94%⁶		1.94%⁶		1.99%		2.14%

Portfolio turnover rate		18%		26%		16%		16%		27%

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

3. Annualized for periods less than one full year.

4. Less than 0.005%.

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



		Year Ended September 30, 2017			1.93%
		Year Ended September 30, 2016			1.94%
		Year Ended September 30, 2015			1.94%
		Year Ended September 30, 2014			2.01%
		Year Ended September 30, 2013			2.27%

6. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

24 OPPENHEIMER GLOBAL OPPORTUNITIES FUND


Class C	Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013
Per Share Operating Data
Net asset value, beginning of period		$45.72		$35.75		$35.24		$34.99		$27.39

Income (loss) from investment operations:
Net investment loss¹		(0.56)		(0.45)		(0.52)		(0.34)		(0.29)
Net realized and unrealized gain		12.90		10.67		1.03		0.59		8.02

Total from investment operations		12.34		10.22		0.51		0.25		7.73

Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		0.00		0.00		0.00		(0.13)
Distributions from net realized gain		(3.49)		(0.25)		0.00		0.00		0.00

Total dividends and/or distributions to shareholders		(3.49)		(0.25)		0.00		0.00		(0.13)

Net asset value, end of period		$54.57		$45.72		$35.75		$35.24		$34.99


Total Return, at Net Asset Value²		29.47%		28.71%		1.45%		0.72%		28.35%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$648,270		$475,199		$385,550		$420,778		$392,294

Average net assets (in thousands)		$533,915		$421,487		$416,534		$438,648		$342,250

Ratios to average net assets:³
Net investment loss		(1.18)%		(1.14)%		(1.41)%		(0.93)%		(0.98)%
Expenses excluding specific expenses listed below		1.92%		1.94%		1.94%		1.92%		1.97%
Interest and fees from borrowings		0.00%⁴		0.00%⁴		0.00%⁴		0.00%		0.00%

Total expenses⁵		1.92%		1.94%		1.94%		1.92%		1.97%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.91%		1.94%⁶		1.94%⁶		1.92%⁶		1.97%⁶

Portfolio turnover rate		18%		26%		16%		16%		27%

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

3. Annualized for periods less than one full year.

4. Less than 0.005%.

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



		Year Ended September 30, 2017			1.92%
		Year Ended September 30, 2016			1.94%
		Year Ended September 30, 2015			1.94%
		Year Ended September 30, 2014			1.92%
		Year Ended September 30, 2013			1.97%

6. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

25 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS Continued


Class I	Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013

Per Share Operating Data
Net asset value, beginning of period		$51.43		$39.93		$39.18		$38.45		$30.07

Income (loss) from investment operations:
Net investment income (loss)¹		0.00²		0.02		(0.09)		0.13		0.03
Net realized and unrealized gain		14.66		11.97		1.13		0.60		8.82

Total from investment operations		14.66		11.99		1.04		0.73		8.85

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.34)		(0.24)		(0.29)		0.00		(0.47)
Distributions from net realized gain		(3.49)		(0.25)		0.00		0.00		0.00

Total dividends and/or distributions to shareholders		(3.83)		(0.49)		(0.29)		0.00		(0.47)

Net asset value, end of period		$62.26		$51.43		$39.93		$39.18		$38.45



Total Return, at Net Asset Value³		31.01%		30.21%		2.67%		1.90%		29.97%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$662,176		$127,643		$69,700		$55,279		$32,235

Average net assets (in thousands)		$225,454		$89,556		$67,065		$48,088		$20,251

Ratios to average net assets:⁴
Net investment income (loss)		0.01%		0.04%		(0.21)%		0.32%		0.10%
Expenses excluding specific expenses listed below		0.73%		0.75%		0.75%		0.74%		0.76%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%⁵		0.00%		0.00%

Total expenses⁶		0.73%		0.75%		0.75%		0.74%		0.76%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.73%⁷		0.75%⁷		0.75%⁷		0.74%⁷		0.76%⁷

Portfolio turnover rate		18%		26%		16%		16%		27%

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

2. Less than $0.005 per share.

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

4. Annualized for periods less than one full year.

5. Less than 0.005%.

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



		Year Ended September 30, 2017			0.73%
		Year Ended September 30, 2016			0.75%
		Year Ended September 30, 2015			0.75%
		Year Ended September 30, 2014			0.74%
		Year Ended September 30, 2013			0.76%

7. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

26 OPPENHEIMER GLOBAL OPPORTUNITIES FUND


Class R	Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013

Per Share Operating Data
Net asset value, beginning of period		$49.10		$38.19		$37.46		$37.02		$28.96

Income (loss) from investment operations:
Net investment loss¹		(0.35)		(0.27)		(0.36)		(0.18)		(0.18)
Net realized and unrealized gain		13.98		11.43		1.09		0.62		8.47

Total from investment operations		13.63		11.16		0.73		0.44		8.29

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.06)		0.00		0.00		0.00		(0.23)
Distributions from net realized gain		(3.49)		(0.25)		0.00		0.00		0.00

Total dividends and/or distributions to shareholders		(3.55)		(0.25)		0.00		0.00		(0.23)

Net asset value, end of period		$59.18		$49.10		$38.19		$37.46		$37.02



Total Return, at Net Asset Value²		30.15%		29.34%		1.95%		1.19%		28.88%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$199,696		$123,310		$85,548		$91,043		$99,915

Average net assets (in thousands)		$156,671		$100,670		$91,765		$101,911		$90,808

Ratios to average net assets:³
Net investment loss		(0.67)%		(0.64)%		(0.91)%		(0.46)%		(0.57)%
Expenses excluding specific expenses listed below		1.42%		1.44%		1.43%		1.45%		1.56%
Interest and fees from borrowings		0.00%⁴		0.00%⁴		0.00%⁴		0.00%		0.00%

Total expenses⁵		1.42%		1.44%		1.43%		1.45%		1.56%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.41%		1.44%⁶		1.43%⁶		1.45%⁶		1.56%⁶

Portfolio turnover rate		18%		26%		16%		16%		27%

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

3. Annualized for periods less than one full year.

4. Less than 0.005%.

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



		Year Ended September 30, 2017			1.42%
		Year Ended September 30, 2016			1.44%
		Year Ended September 30, 2015			1.43%
		Year Ended September 30, 2014			1.45%
		Year Ended September 30, 2013			1.56%

6. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

27 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS Continued


Class Y	Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015		Year Ended September 30, 2014		Year Ended September 30, 2013
Per Share Operating Data
Net asset value, beginning of period		$51.28		$39.82		$39.07		$38.40		$30.04

Income (loss) from investment operations:
Net investment income (loss)¹		(0.09)		(0.06)		(0.17)		0.04		0.01
Net realized and unrealized gain		14.61		11.92		1.13		0.63		8.77

Total from investment operations		14.52		11.86		0.96		0.67		8.78

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.26)		(0.15)		(0.21)		0.00		(0.42)
Distributions from net realized gain		(3.49)		(0.25)		0.00		0.00		0.00

Total dividends and/or distributions to shareholders		(3.75)		(0.40)		(0.21)		0.00		(0.42)

Net asset value, end of period		$62.05		$51.28		$39.82		$39.07		$38.40


Total Return, at Net Asset Value²		30.79%		29.98%		2.46%		1.75%		29.69%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,241,346		$544,742		$360,040		$409,448		$308,513

Average net assets (in thousands)		$919,307		$422,088		$399,477		$405,921		$252,615

Ratios to average net assets:³
Net investment income (loss)		(0.16)%		(0.14)%		(0.41)%		0.10%		0.04%
Expenses excluding specific expenses listed below		0.92%		0.94%		0.94%		0.92%		0.95%
Interest and fees from borrowings		0.00%⁴		0.00%⁴		0.00%⁴		0.00%		0.00%

Total expenses⁵		0.92%		0.94%		0.94%		0.92%		0.95%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.91%		0.94%⁶		0.94%⁶		0.92%⁶		0.95%⁶

Portfolio turnover rate		18%		26%		16%		16%		27%

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

3. Annualized for periods less than one full year.

4. Less than 0.005%.

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



		Year Ended September 30, 2017			0.92%
		Year Ended September 30, 2016			0.94%
		Year Ended September 30, 2015			0.94%
		Year Ended September 30, 2014			0.92%
		Year Ended September 30, 2013			0.95%

6. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

28 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS September 30, 2017

1. Organization

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

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

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

2. Significant Accounting Policies

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

Foreign Currency Translation. The books and records of the Fund are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1) Value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close as described in Note 3.

(2) Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets and the values are presented at the foreign exchange rates at Market Close, the Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes

29 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

in prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments shown in the Statement of Operations.

For securities, which are subject to foreign withholding tax upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on the Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate.

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

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

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 value of the securities received. Withholding taxes on foreign dividends, if any, and capital gains taxes on foreign investments, if any, have been provided for in accordance with the Fund’s understanding of the applicable tax rules and regulations. 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. 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

30 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

2. Significant Accounting Policies (Continued)

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, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for the fiscal year ended September 30, 2017, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

The tax components of capital shown in the following table represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.


Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward^1,2		Net Unrealized Appreciation Based on Cost of Securities and Other Investments for Federal Income Tax Purposes
$13,364,994		$145,819,690		$—		$2,072,418,833

1. During the reporting period, the Fund did not utilize any capital loss carryforward.

2. During the previous reporting period, the Fund did not utilize any capital loss carryforward.

Net investment income (loss) and net realized gain (loss) may differ for financial statement

31 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

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

Accordingly, the following amounts have been reclassified for the reporting period. Net assets of the Fund were unaffected by the reclassifications.


Increase to Paid-in Capital	Reduction to Accumulated Net Investment Loss		Reduction to Accumulated Net Realized Gain on Investments³
$19,032,036		$16,934,197		$35,966,233

3. $19,032,036, including $17,693,013 of long-term capital gain, was distributed in connection with Fund share redemptions.

The tax character of distributions paid during the reporting periods:


	Year Ended September 30, 2017		Year Ended September 30, 2016
Distributions paid from:
Ordinary income	$	35,019,239	$	4,353,681
Long-term capital gain		246,052,940		19,459,253

Total	$	281,072,179	$	23,812,934

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	$	3,660,662,221
Federal tax cost of other investments		(52,615,138	)

Total federal tax cost	$	3,608,047,083

Gross unrealized appreciation	$	2,435,038,055
Gross unrealized depreciation		(362,619,222	)

Net unrealized appreciation	$	2,072,418,833

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

32 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

3. Securities Valuation

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

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

Valuation Methods and Inputs

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

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

Equity securities traded on a securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the official closing price on the principal exchange on which the security is traded, as identified by the Manager, prior to the time when the Fund’s assets are valued. If the official closing price is unavailable, the security is valued at the last sale price on the principal exchange on which it is traded, or if no sales occurred, the security is valued at the mean between the quoted bid and asked prices. Over-the-counter equity securities are valued at the last published sale price, or if no sales occurred, at the mean between the quoted bid and asked prices. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the time when the Fund’s assets are valued.

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.

Securities for which market quotations are not readily available 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. Those standardized fair valuation 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,

33 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

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.

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

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

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

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

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

The Fund classifies each of its investments in investment companies which are publicly offered as Level 1. Investment companies that are not publicly offered, if any, are classified as Level 2 in the fair value hierarchy.

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


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	236,269,017	$	927,230,427	$	—	$	1,163,499,444
Consumer Staples		39,200,000		110,823,616		—		150,023,616
Financials		—		285,833,005		—		285,833,005
Health Care		1,011,956,468		617,887,778		—		1,629,844,246
Industrials		328,219,596		305,561,969		—		633,781,565
Information Technology		1,271,632,620		235,230,713		—		1,506,863,333
Materials		21,360,000		193,442,136		—		214,802,136
Telecommunication Services		—		23,549,469		—		23,549,469
Exchange-Traded Option Purchased		66,960,000		—		—		66,960,000
Investment Company		16,324,804		—		—		16,324,804

Total Assets	$	2,991,922,505	$	2,699,559,113	$	—	$	5,691,481,618

34 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

3. Securities Valuation (Continued)

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.

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


	Transfers into Level 1*		Transfers out of Level 2*
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	17,843,221	$	(17,843,221)
Information Technology		25,034,614		(25,034,614)
Total Assets	$	42,877,835	$	(42,877,835)

* Transfers from Level 2 to Level 1 are a result of the availability of quoted prices from an active market which were not available and have become available.

4. Investments and Risks

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

Investments in Affiliated Funds. The Fund is permitted to invest in other mutual funds advised by the Manager (“Affiliated Funds”). Affiliated Funds are open-end management investment companies registered under the 1940 Act, as amended. The Manager is the

35 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

investment adviser of, and the Sub-Adviser provides investment and related advisory services to, the Affiliated Funds. When applicable, the Fund’s investments in Affiliated Funds are included in the Statement of Investments. Shares of Affiliated Funds are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of the Affiliated Funds’ expenses, including their management fee. The Manager will waive fees and/ or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in the Affiliated Funds.

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

Investments in Money Market Instruments. The Fund is permitted to invest its free cash balances in money market instruments to provide liquidity or for defensive purposes. The Fund may invest in money market instruments by investing in Class E shares of Oppenheimer Institutional Government Money Market Fund (“IGMMF”), which is an Affiliated Fund. IGMMF is regulated as a money market fund under the 1940 Act, as amended. The Fund may also invest in money market instruments directly or in other affiliated or unaffiliated money market funds.

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

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

5. Market Risk Factors

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

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

36 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

5. Market Risk Factors (Continued)

securities are subject to credit risk to a greater extent than lower-yield, higher-quality securities.

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

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

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

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

6. Use of Derivatives

The Fund’s investment objective not only permits the Fund to purchase investment securities, it also allows the Fund to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, variance swaps and purchased and written options. In doing so, the Fund will employ strategies in differing combinations to permit it to increase, decrease, or change the level or types of exposure to market risk factors. These instruments may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of effecting a similar response to market factors. Such contracts may be entered into through a bilateral over-the-counter (“OTC”) transaction, or through a securities or futures exchange and cleared through a clearinghouse.

Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost due to changes in the market risk factors and the overall market. This use of embedded leverage allows the Fund to increase its market value exposure relative to its net assets and can substantially increase the volatility of the Fund’s performance. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions. Some derivatives have the potential for unlimited

37 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

loss, regardless of the size of the Fund’s initial investment.

Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Fund. Typically, the associated risks are not the risks that the Fund is attempting to increase or decrease exposure to, per its investment objectives, but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that the Fund will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund.

The Fund’s actual exposures to these market risk factors and associated risks during the period are discussed in further detail, by derivative type, below.

Option Activity

The Fund may buy and sell put and call options, or write put and call options. When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security, currency or other underlying financial instrument at a fixed price, upon exercise of the option.

Options can be traded through an exchange or through a privately negotiated arrangement with a dealer in an OTC transaction. Options traded through an exchange are generally cleared through a clearinghouse (such as The Options Clearing Corporation). The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statement of Operations. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Statement of Operations.

Index/Security Options. The Fund may purchase or write call and put options on individual equity securities and/or equity indexes to increase or decrease exposure to equity risk. A purchased call or written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price. A purchased put or written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price.

During the reporting period, the Fund had an ending monthly average market value of $33,332,308 on purchased put options.

Options written, if any, are reported in a schedule following the Statement of Investments and as a liability in the Statement of Assets and Liabilities. Securities held in collateral accounts to cover potential obligations with respect to outstanding written options are noted in the Statement of Investments.

The risk in writing a call option is that the market price of the security increases and if the option is exercised, the Fund must either purchase the security at a higher price for delivery or, if the Fund owns the underlying security, give up the opportunity for profit. The risk in writing a put option is that the Fund may incur a loss if the market price of the security decreases and

38 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

6. Use of Derivatives (Continued)

the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. The Fund also has the additional risk that there may be an illiquid market where the Fund is unable to close the contract.

Additional associated risks to the Fund include counterparty credit risk and liquidity risk. During the period, the Fund had no written option activity.

Counterparty Credit Risk. Derivative positions are subject to the risk that the counterparty will not fulfill its obligation to the Fund. The Fund intends to enter into derivative transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

The Fund’s risk of loss from counterparty credit risk on exchange-traded derivatives cleared through a clearinghouse and for centrally cleared swaps is generally considered lower than as compared to OTC derivatives. However, counterparty credit risk exists with respect to initial and variation margin deposited/paid by the Fund that is held in futures commission merchant, broker and/or clearinghouse accounts for such exchange-traded derivatives and for centrally cleared swaps.

With respect to centrally cleared swaps, such transactions will be submitted for clearing, and if cleared, will be held in accounts at futures commission merchants or brokers that are members of clearinghouses. While brokers, futures commission merchants and clearinghouses are required to segregate customer margin from their own assets, in the event that a broker, futures commission merchant or clearinghouse becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker, futures commission merchant or clearinghouse for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s, futures commission merchant’s or clearinghouse’s customers, potentially resulting in losses to the Fund.

There is the risk that a broker, futures commission merchant or clearinghouse will decline to clear a transaction on the Fund’s behalf, and the Fund may be required to pay a termination fee to the executing broker with whom the Fund initially enters into the transaction. Clearinghouses may also be permitted to terminate centrally cleared swaps at any time. The Fund is also subject to the risk that the broker or futures commission merchant will improperly use the Fund’s assets deposited/paid as initial or variation margin to satisfy payment obligations of another customer. In the event of a default by another customer of the broker or futures commission merchant, the Fund might not receive its variation margin payments from the clearinghouse, due to the manner in which variation margin payments are aggregated for all customers of the broker/futures commission merchant.

Collateral and margin requirements differ by type of derivative. Margin requirements are established by the broker, futures commission merchant or clearinghouse for exchange-traded and cleared derivatives, including centrally cleared swaps. Brokers, futures commission

39 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

merchants and clearinghouses can ask for margin in excess of the regulatory minimum, or increase the margin amount, in certain circumstances.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund, if any, is reported separately on the Statement of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the Fund, if any, is noted in the Statement of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold (e.g. $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance.

The following table presents the valuations of derivative instruments by risk exposure as reported within the Statement of Assets and Liabilities at period end:

Asset Derivatives

Liability Derivatives

Derivatives

Not Accounted

for as Hedging

Instruments

Statement of Assets
and Liabilities Location

Value

Statement of Assets
and Liabilities Location

Value

Equity contracts

Investments, at value

66,960,000*

—

* Amounts relate to purchased option contracts.

The effect of derivative instruments on the Statement of Operations is as follows:


Amount of Change in Unrealized Loss Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment transactions
Equity contracts		$ 41,531,845*

* Amounts relate to purchased option contracts.

7. 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:


	Year Ended September 30, 2017						Year Ended September 30, 2016
	Shares			Amount			Shares			Amount
Class A
Sold		12,845,036		$	689,529,029			7,459,984		$	331,095,542
Dividends and/or distributions reinvested		3,664,535			168,641,915			347,816			14,938,733
Redeemed		(16,090,664	)		(848,785,212	)		(11,720,569	)		(512,706,484	)
Net increase (decrease)		418,907		$	9,385,732			(3,912,769	)	$	(166,672,209	)

40 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

7. Shares of Beneficial Interest (Continued)


	Year Ended September 30, 2017				Year Ended September 30, 2016
	Shares		Amount		Shares		Amount
Class B
Sold		36,492	$	1,676,378		30,139	$	1,196,060
Dividends and/or distributions reinvested		36,050		1,481,645		5,329		207,116
Redeemed		(374,698)		(17,442,291)		(481,083)		(18,942,887)

Net decrease		(302,156)	$	(14,284,268)		(445,615)	$	(17,539,711)



Class C
Sold		3,206,848	$	154,804,246		1,453,768	$	58,279,871
Dividends and/or distributions reinvested		825,299		33,961,054		63,976		2,489,937
Redeemed		(2,546,846)		(121,286,082)		(1,907,612)		(75,551,276)

Net increase (decrease)		1,485,301	$	67,479,218		(389,868)	$	(14,781,468)



Class I
Sold		8,550,974	$	493,648,356		1,280,177	$	57,540,258
Dividends and/or distributions reinvested		210,880		9,810,127		19,538		847,379
Redeemed		(608,443)		(32,994,902)		(563,298)		(24,297,685)

Net increase		8,153,411	$	470,463,581		736,417	$	34,089,952



Class R
Sold		1,554,429	$	79,709,586		1,011,380	$	42,954,783
Dividends and/or distributions reinvested		200,888		8,929,478		12,572		523,502
Redeemed		(892,117)		(46,402,526)		(752,648)		(31,909,333)

Net increase		863,200	$	42,236,538		271,304	$	11,568,952



Class Y
Sold		19,224,392	$	1,050,284,787		4,889,433	$	224,514,534
Dividends and/or distributions reinvested		896,719		41,625,712		76,571		3,316,290
Redeemed		(10,738,468)		(597,504,897)		(3,385,198)		(149,578,261)

Net increase		9,382,643	$	494,405,602		1,580,806	$	78,252,563

8. Purchases and Sales of Securities

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


	Purchases		Sales

Investment securities	$	1,601,095,490	$	793,881,819

9. 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:

41 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS Continued

9. Fees and Other Transactions with Affiliates (Continued)


Fee Schedule
Up to $250 million			0.80%
Next $250 million			0.77
Next $500 million			0.75
Next $1.0 billion			0.69
Next $1.5 billion			0.67
Next $2.5 billion			0.65
Over $6.0 billion			0.63

The Fund’s effective management fee for the reporting period was 0.69% of average annual net assets before any applicable waivers.

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

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

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

Trustees’ Compensation. The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s Independent Trustees. Benefits are based on years of service and fees paid to each Trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active Independent Trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan. During the reporting period, the Fund’s projected benefit obligations, payments to retired Trustees and accumulated liability were as follows:


Projected Benefit Obligations Increased	$	—
Payments Made to Retired Trustees		34,582
Accumulated Liability as of September 30, 2017		249,939

42 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

9. Fees and Other Transactions with Affiliates (Continued)

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

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

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

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

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

43 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS Continued

9. Fees and Other Transactions with Affiliates (Continued)

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


Year Ended	Class A Front-End Sales Charges Retained by Distributor		Class A Contingent Deferred Sales Charges Retained by Distributor		Class B Contingent Deferred Sales Charges Retained by Distributor		Class C Contingent Deferred Sales Charges Retained by Distributor		Class R Contingent Deferred Sales Charges Retained by Distributor
September 30, 2017		$818,901		$7,942		$12,646		$31,174		$—

Waivers and Reimbursements of Expenses. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in IGMMF. During the reporting period, the Manager waived fees and/or reimbursed the Fund $105,735 for IGMMF management fees. This fee waiver and/ or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

Effective January 1, 2017, the Transfer Agent has voluntarily agreed to waive fees and/or reimburse Fund expenses in an amount equal to 0.015% of average annual net assets for Classes A, B, C, R and Y.

During the reporting period, the Transfer Agent waived fees and/or reimbursed the Fund for transfer agent and shareholder servicing agent fees as follows:


Class A	$	311,862
Class B		1,735
Class C		62,782
Class R		18,810
Class Y		115,655

This fee waiver and/or reimbursement may be terminated at any time.

10. Borrowings and Other Financing

Joint Credit Facility. A number of mutual funds managed by the Manager participate in a $1.875 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.

44 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Trustees and Shareholders of Oppenheimer Global Opportunities Fund:

We have audited the accompanying statement of assets and liabilities of Oppenheimer Global Opportunities Fund (the Fund), including the statement of investments, as of September 30, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2017, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Global Opportunities Fund as of September 30, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG LLP

Denver, Colorado

November 10, 2017

45 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2017, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2016.

Capital gain distributions of $3.1737 per share were paid to Class A, Class B, Class C, Class I, Class R and Class Y shareholders, respectively, on December 9, 2016. Whether received in stock or in cash, the capital gain distribution should be treated by shareholders as a gain from the sale of the capital assets held for more than one year (long-term capital gains).

Dividends, if any, paid by the Fund during the reporting period which are not designated as capital gain distributions should be multiplied by the maximum amount allowable but not less than 54.11% to arrive at the amount eligible for the corporate dividend-received deduction.

A portion, if any, of the dividends paid by the Fund during the reporting period which are not designated as capital gain distributions are eligible for lower individual income tax rates to the extent that the Fund has received qualified dividend income as stipulated by recent tax legislation. The maximum amount allowable but not less than $32,126,702 of the Fund’s fiscal year taxable income may be eligible for the lower individual income tax rates. In early

2017, shareholders of record received information regarding the percentage of distributions that are eligible for lower individual income tax rates.

Recent tax legislation allows a regulated investment company to designate distributions not designated as capital gain distributions, as either interest related dividends or short-term capital gain dividends, both of which are exempt from the U.S. withholding tax applicable to non U.S. taxpayers. For the reporting period, the maximum amount allowable but not less than $14,878,037 of the short-term capital gain distribution to be paid by the Fund qualifies as a short-term capital gain dividend.

The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.

46 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS Unaudited

The Fund has entered into an investment advisory agreement with OFI Global Asset Management, Inc. (“OFI Global” or the “Adviser”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”) (“OFI Global” and “OFI” together the “Managers”) and OFI Global has entered into a sub-advisory agreement with OFI whereby OFI provides investment sub-advisory services to the Fund (collectively, the “Agreements”).

Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to 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 manager and the 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; risk management; and oversight of the Sub-Adviser. OFI Global is also responsible for providing certain administrative services to the Fund. 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 of the Fund’s shares. OFI Global also provides the Fund with office space, facilities and equipment.

47 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS Unaudited / Continued

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 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 and risk management services, among other services, 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 Frank Jennings, the portfolio manager for the Fund, and the Sub-Adviser’s investment team and analysts. The Board members also considered the totality of their experiences with the Managers as directors or trustees of the Fund and other funds advised by the Managers. The Board considered information regarding the quality of services provided by affiliates of the Managers, which the Board members have become knowledgeable about through their experiences with the Managers and in connection with the review or renewal of the Fund’s service agreements or service providers. 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 and the Sub-Adviser, including comparative performance information. The Board also reviewed information, prepared by the Managers and by 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 world stock category. The Board noted that the Fund’s one-year, three-year, five-year and ten-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 independent consultant provided comparative data in regard to the fees and expenses of the Fund and other retail front-end load world stock funds with comparable asset levels and distribution features. The Board noted that the Fund’s contractual management fees and total expenses were lower than its peer group median and category median.

Economies of Scale and Profits Realized by the Managers. The Board considered information regarding the Managers’ costs in serving as the Fund’s investment adviser and sub-adviser, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Managers’ profitability from their relationship with the Fund. The Board 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 management fee breakpoints, which are intended to share with Fund shareholders economies of scale that may exist as the Fund’s assets grow.

48 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

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, 2018. 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.

49 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

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

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

Householding—Delivery of Shareholder Documents

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

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

50 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

TRUSTEES AND OFFICERS Unaudited


Name, Position(s) Held with the Fund, Length of Service, Year of Birth		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/ Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen

INDEPENDENT TRUSTEES		The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.

Brian F. Wruble, Chairman of the Board of Trustees (since 2007), Trustee (since 2005) Year of Birth: 1943		Governor of Community Foundation of the Florida Keys (non-profit) (since July 2012); Director of TCP Capital, Inc. (since November 2015); Chairman Emeritus of the Board of Trustees (since August 2011), Chairman of the Board of Trustees (August 2007-August 2011), Trustee of the Board of Trustees (since August 1991) of The Jackson Laboratory (non-profit); Member of Zurich Insurance Group’s Investment Management Advisory Council (insurance) (October 2004-February 2017); Treasurer (since 2007) and Trustee (since May 1992) of the Institute for Advanced Study (non-profit educational institute); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Sub- Adviser’s parent company) (September 2004-June 2015); General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995-December 2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004). Oversees 57 portfolios in the OppenheimerFunds complex. Mr. Wruble has served on the Boards of certain Oppenheimer funds since April 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Beth Ann Brown, Trustee (since 2016) Year of Birth: 1968		Advisor, Board of Advisors of Caron Engineering Inc. (since December 2014); Independent Consultant (since September 2012); held the following positions at Columbia Management Investment Advisers LLC: Head of Intermediary Distribution (2008-2012), Managing Director, Strategic Relations (2005-2008), Managing Director, Head of National Accounts (2004-2005); Senior Vice President, National Account Manager (2002-2004), Senior Vice President, Key Account Manager (1999-2002) and Vice President, Key Account Manager (1996-1999) of Liberty Funds Distributor, Inc.; President and Director, of Acton Shapleigh Youth Conservation Corps (non-profit) (since 2012); and Vice President and Director of Grahamtastic Connection (non-profit) (since May 2013). Oversees 57 portfolios in the OppenheimerFunds complex. Ms. Brown has served on the Boards of certain Oppenheimer funds since January 2016, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.

Edmund P. Giambastiani, Jr., Trustee (since 2013) Year of Birth: 1948		Advisory Board Member of the Maxwell School of Citizenship and Public Affairs of Syracuse University (since April 2012); Director of Mercury Defense Systems Inc. (information technology) (August 2011-February 2013); Trustee of the U.S. Naval Academy Foundation Athletic & Scholarship Program (since November 2010); Advisory Board Member of the Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development center) (since May 2010); Director of The Boeing Company (aerospace and defense) (since October 2009);

51 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

TRUSTEES AND OFFICERS Unaudited / Continued



Edmund P. Giambastiani, Jr., Continued		Trustee of MITRE Corporation (federally-funded research development center) (since September 2008); Independent Director of QinetiQ Group Plc (defense technology and security) (February 2008-August 2011); Chairman of Monster Worldwide, Inc. (on-line career services) (March 2015-November 2016), Director of Monster Worldwide, Inc. (on-line career services) (February 2008-June 2011); Lead Director (June 2011-March 2015); Chairman of Alenia North America, Inc. (military and defense products) (January 2008-October 2009); Director of SRA International, Inc. (information technology and services) (January 2008-July 2011); President of Giambastiani Group LLC (national security and energy consulting) (since October 2007); United States Navy, career nuclear submarine officer (June 1970-October 2007), Vice Chairman of the Joint Chiefs of Staff (2005-October 2007), Supreme Allied Commander of NATO Commander Transformation (2003-2005), Commander, U.S. Joint Forces Command (2002-2005). Since his retirement from the U.S. Navy in October 2007, Admiral Giambastiani has also served on numerous U.S. Government advisory boards, investigations and task forces for the Secretaries of Defense, State and Interior and the Central Intelligence Agency. He recently completed serving as a federal commissioner on the Military Compensation and Retirement Modernization Commission. Oversees 57 portfolios in the OppenheimerFunds complex. Admiral Giambastiani has served on the Boards of certain Oppenheimer funds since February 2013, including as an Advisory Board Member for certain Oppenheimer funds, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations. For purposes of this report, Admiral Giambastiani is identified as a Trustee.

Elizabeth Krentzman, Trustee (since 2014) Year of Birth: 1959		Member of the University of Florida National Board Foundation (since September 2017); Member of the Cartica Funds Board of Directors (private investment funds) (since January 2017); Member of the University of Florida College of Law Association Board of Trustees and Audit Committee Member (since April 2016); Member of University of Florida Law Advisory Board, Washington, DC Alumni Group (since 2015); Advisory Board Member of the Securities and Exchange Commission Historical Society (since 2007); held the following positions at Deloitte & Touche LLP: Principal and Chief Regulatory Advisor for Asset Management Services (2007 - 2014) and U.S. Mutual Fund Leader (2011 - 2014); General Counsel of the Investment Company Institute (trade association) (June 2004 - April 2007); held the following positions at Deloitte & Touche LLP: National Director of the Investment Management Regulatory Consulting Practice (1997 - 2004), Principal (2003 - 2004), Director (1998 - 2003) and Senior Manager (1997 - 1998); Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission (1996 - 1997) and various positions with the Division of Investment Management – Office of Regulatory Policy (1991 - 1996) of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP (1987 – 1991). Oversees 57 portfolios in the OppenheimerFunds complex. Ms. Krentzman has served on the Boards of certain Oppenheimer funds since August 2014, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

52 OPPENHEIMER GLOBAL OPPORTUNITIES FUND



Mary F. Miller, Trustee (since 2004) Year of Birth: 1942		Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (October 1998-November 2011); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Oversees 57 portfolios in the OppenheimerFunds complex. Ms. Miller has served on the Boards of certain Oppenheimer funds since August 2004, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Joel W. Motley, Trustee (since 2002) Year of Birth: 1952		Director of Office of Finance Federal Home Loan Bank (since September 2016); Director of Greenwall Foundation (since October 2013); Member of Board and Investment Committee of The Greenwall Foundation (since April 2013); Member of the Vestry of Trinity Wall Street (since April 2012); Director of Southern Africa Legal Services Foundation (since March 2012); Board Member of Pulitzer Center for Crisis Reporting (non-profit journalism) (since March 2011); Managing Director of Public Capital Advisors, LLC (privately-held financial advisor) (since January 2006); Managing Director of Carmona Motley, Inc. (privately-held financial advisor) (since January 2002); Director of Columbia Equity Financial Corp. (privately-held financial advisor) (2002-2007); Managing Director of Carmona Motley Hoffman Inc. (privately-held financial advisor) (January 1998-December 2001); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch (since July 2000) and Member of the Investment Committee and Board of Historic Hudson Valley (since February 2010). Oversees 57 portfolios in the OppenheimerFunds complex. Mr. Motley has served on the Boards of certain Oppenheimer funds since October 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Joanne Pace, Trustee (since 2012) Year of Birth: 1958		Advisory Board Director of Massey Quick and Company, LLC (since October 2014); Board Director of Horizon Blue Cross Blue Shield of New Jersey (since November 2012); Advisory Board Director of The Alberleen Group LLC (since March, 2012); Board Member (since January 2015), Board Member of 100 Women in Hedge Funds (non-profit) (since January 2015); Advisory Council Member of Morgan Stanley Children’s Hospital (non-profit) (since May, 2012); Senior Advisor of SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer of Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer of FrontPoint Partners, LLC (hedge fund) (2005-2006); held the following positions at Credit Suisse: Managing Director (2003-2005); Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003- 2004); held the following positions at Morgan Stanley: Managing Director (1997- 2003), Controller and Principal Accounting Officer (1999-2003); Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999). Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC of Oppenheimer Asset Management (2011-2012); Board Director of Managed Funds Association

53 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

TRUSTEES AND OFFICERS Unaudited / Continued



Joanne Pace, Continued		(2008-2010); Board Director of Morgan Stanley Foundation (2007-2010) and Investment Committee Chair (2008-2010). Oversees 57 portfolios in the OppenheimerFunds complex. Ms. Pace has served on the Boards of certain Oppenheimer funds since November 2012, including as an Advisory Board Member for certain Oppenheimer funds, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations. For purposes of this report, Ms. Pace is identified as a Trustee.

Daniel Vandivort, Trustee (since 2014) Year of Birth: 1954		Chairman and Lead Independent Director/Trustee (March 2010-September 2014), Chairman of the Audit Committee (March 2009-September 2014) and Director/ Trustee (December 2008-September 2014) of the Board of Directors/Trustees of Value Line Funds; Trustee, Board of Trustees of Huntington Disease Foundation of America (since January 2015 and June 2007-December 2013) and Treasurer, Chairman of the Audit and Finance Committee (since January 2016); Trustee, Board of Trustees, RIM Retirement Savings Plan (2005-2007); President and Chief Investment Officer, Robeco Investment Management, formerly known as Weiss Peck and Greer (January 2005-June 2007); Member, Management Committee of Robeco Investment Management (2001-2007); Chairman and Trustee of the Board of Trustees of Weiss, Peck and Greer Funds (2004-2005); Managing Director and Head of Fixed Income, Weiss, Peck and Greer (November 1994-January 2005); Managing Director and Head of Fixed Income, CS First Boston Investment Management (January 1992-November 1994); Director, Global Product Development, First Boston Asset Management (November 1989 to January 1992); Vice President, Fixed Income Sales, First Boston Corp. (May 1984-November 1989). Oversees 57 portfolios in the OppenheimerFunds complex. Mr. Vandivort has served on the Boards of certain Oppenheimer funds since 2014, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

INTERESTED TRUSTEE AND OFFICER		Mr. Steinmetz is an “Interested Trustee” because he is affiliated with the Manager and the Sub-Adviser by virtue of his positions as Chairman of the Sub-Adviser and officer and director of the Manager. Both as a Trustee and as an officer, Mr. Steinmetz serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Steinmetz’s address is 225 Liberty Street, New York, New York 10281-1008.

Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958		Chairman of the Sub-Adviser (since January 2015); CEO and Chairman of the Manager (since July 2014), President of the Manager (since May 2013), a Director of the Manager (since January 2013), Director of the Sub-Adviser (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (the Sub-Adviser’s parent holding company) (since July 2014), and President and Director of OFI SteelPath, Inc. (since January 2013). Chief Investment Officer of the OppenheimerFunds advisory entities from (January 2013-December 2013); Executive Vice President of the Manager (January 2013-May 2013); Chief Investment Officer of the Sub-Adviser (October 2010-December 2012); Chief Investment Officer, Fixed-Income, of the Sub-Adviser (April 2009-October 2010); Executive Vice President of the Sub-Adviser (October 2009-December 2012); Director of Fixed Income of the Sub-Adviser (January 2009-April 2009); and a Senior Vice President of the Sub-Adviser (March 1993-September 2009). An officer of 101 portfolios in the OppenheimerFunds complex.

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OTHER OFFICERS OF THE FUND		The addresses of the Officers in the chart below are as follows: for Mr. Jennings, Mss. Lo Bessette, Foxson and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Mr. Petersen, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.

Frank Jennings, Ph.D., Vice President (since 1995) Year of Birth: 1947		Senior Vice President of the Sub-Adviser (since February 2006) and Vice President of the Sub-Adviser (September 1995-January 2006). A portfolio manager and officer in the OppenheimerFunds complex.

Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969		Executive Vice President, General Counsel and Secretary of the Manager (since February 2016); Senior Vice President and Deputy General Counsel of the Manager (March 2015-February 2016); Chief Legal Officer of the Sub-Adviser and the Distributor (since February 2016); Vice President, General Counsel and Secretary of Oppenheimer Acquisition Corp. (since February 2016); General Counsel of OFI SteelPath, Inc., VTL Associates, LLC and Index Management Solutions, LLC (since February 2016); Chief Legal Officer of OFI Global Institutional, Inc., HarbourView Asset Management Corporation, OFI Global Trust Company, Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Shareholder Services, Inc. and Trinity Investment Management Corporation (since February 2016); Corporate Counsel (February 2012-March 2015) and Deputy Chief Legal Officer (April 2013-March 2015) of Jennison Associates LLC; Assistant General Counsel (April 2008-September 2009) and Deputy General Counsel (October 2009-February 2012) of Lord Abbett & Co. LLC. An officer of 101 portfolios in the OppenheimerFunds complex.

Jennifer Foxson, Vice President and Chief Business Officer (since 2014) Year of Birth: 1969		Senior Vice President of OppenheimerFunds Distributor, Inc. (since June 2014); Vice President of OppenheimerFunds Distributor, Inc. (April 2006-June 2014); Vice President of the Sub-Adviser (January 1998-March 2006); Assistant Vice President of the Sub-Adviser (October 1991-December 1998). An officer of 101 portfolios in the OppenheimerFunds complex.

Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer (since 2014) Year of Birth: 1973		Senior Vice President and Chief Compliance Officer of the Manager (since March 2014); Chief Compliance Officer of the Sub-Adviser, OFI SteelPath, Inc., OFI Global Trust Company, OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments, Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May 2010-January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007-January 2014). An officer of 101 portfolios in the OppenheimerFunds complex.

Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since 2016) Year of Birth: 1970		Senior Vice President of the Manager (since January 2017); Vice President of the Manager (January 2013-January 2017); Vice President of the Sub-Adviser (February 2007-December 2012); Assistant Vice President of the Sub-Adviser (August 2002- 2007). An officer of 101 portfolios in the OppenheimerFunds complex.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers and is available without charge upon request by calling 1.800.CALL OPP (225.5677).

55 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

OPPENHEIMER GLOBAL OPPORTUNITIES FUND


Manager		OFI Global Asset Management, Inc.

Sub-Adviser		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

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

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

Independent Registered Public Accounting Firm		KPMG LLP

Legal Counsel		Kramer Levin Naftalis & Frankel LLP

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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,^SM our electronic document delivery service

●

Your transactions with us, our affiliates or others

●

Technologies on our website, including: “cookies” and web beacons, which are used to collect data on the pages you visit and the features you use.

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 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.

57 OPPENHEIMER GLOBAL OPPORTUNITIES FUND

Internet Security and Encryption

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

●

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.

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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.

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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, safeguard that information. Also, take special precautions when accessing your account on a computer used by others.

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds, Inc., each of its investment adviser subsidiaries, OppenheimerFunds Distributor, Inc. and OFI Global Trust Co. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated November 2016. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about this privacy policy, write to us at P.O. Box 5270, Denver, CO 80217-5270, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com or call us at 1.800.CALL OPP (225.5677).

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		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

		Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281-1008 © 2017 OppenheimerFunds Distributor, Inc. All rights reserved. RA0215.001.0917 November 10, 2017

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions.

Item 3. Audit Committee Financial Expert.

The Board of Trustees of the registrant has determined that Joanne Pace, the Board’s Audit Committee Chairwoman, is an audit committee financial expert and that Ms. Pace is “independent” for purposes of this Item 3.

Item 4. Principal Accountant Fees and Services.

(a)	Audit Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $37,600 in fiscal 2017 and $30,900 in fiscal 2016.

(b)	Audit-Related Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $8,500 in fiscal 2017 and $3,754 in fiscal 2016.

The principal accountant for the audit of the registrant’s annual financial statements billed $386,986 in fiscal 2017 and $598,285 in fiscal 2016 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: Internal control reviews, GIPS attestation procedures, custody audits, and additional audit services

(c)

Tax Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2017 and no such fees in fiscal 2016.

The principal accountant for the audit of the registrant’s annual financial statements billed $286,402 in fiscal 2017 and $45,432 in fiscal 2016 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: tax compliance, tax planning and tax advice. Tax compliance generally involves preparation of original and amended tax returns, claims for a refund and tax payment-planning services. Tax planning and tax advice includes assistance with tax audits and appeals, tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities.

(d)	All Other Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2017 and no such fees in fiscal 2016.

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2017 and no such fees in fiscal 2016 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such fees would include the cost to the principal accountant of attending audit committee meetings and consultations regarding the registrant’s retirement plan with respect to its Trustees.

(e)	(1) During its regularly scheduled periodic meetings, the registrant’s audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the registrant.

The audit committee has delegated pre-approval authority to its Chairwoman for any subsequent new engagements that arise between regularly scheduled meeting dates provided that any fees such pre-approved are presented to the audit committee at its next regularly scheduled meeting.

Under applicable laws, pre-approval of non-audit services may be waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to its principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit.

(2) 0%

(f)	Not applicable as less than 50%.

(g)

The principal accountant for the audit of the registrant’s annual financial statements billed $681,888 in fiscal 2017 and $647,471 in fiscal 2016 to the registrant and the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934.

(h)

The registrant’s audit committee of the board of Trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. No such services were rendered.

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 9/30/2017, 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) Exhibit attached hereto.

(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 Opportunities Fund


By:		/s/ Arthur P. Steinmetz
		Arthur P. Steinmetz
		Principal Executive Officer
Date:		11/14/2017

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:		11/14/2017


By:		/s/ Brian S. Petersen
		Brian S. Petersen
		Principal Financial Officer
Date:		11/14/2017