Semiannual Report 12/31/2017. Oppenheimer Gold & Special Minerals Fund

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1 Semiannual Report 12/31/2017 Oppenheimer Gold & Special Minerals Fund

2 Table of Contents Fund Performance Discussion 3 Top Holdings and Allocations 6 Fund Expenses 9 Consolidated Statement of Investments 11 Consolidated Statement of Assets and Liabilities 15 Consolidated Statement of Operations 17 Consolidated Statements of Changes in Net Assets 19 Consolidated Financial Highlights 20 Notes to Consolidated Financial Statements 32 Board Approval of the Fund s Investment Advisory and Sub- Advisory Agreements 50 Portfolio Proxy Voting Policies and Guidelines; Updates to Consolidated Statements of Investments 53 Trustees and Officers 54 Privacy Notice 55 Class A Shares AVERAGE ANNUAL TOTAL RETURNS AT 12/31/17 Class A Shares of the Fund Without Sales Charge With Sales Charge MSCI World Index 6-Month 4.38% -1.62% 10.61% 1-Year Year Year Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum applicable sales charge except where without sales charge is indicated. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual's investment. Returns for periods of less than one year are cumulative and not annualized. For performance data current to the most recent monthend, visit oppenheimerfunds.com or call CALL OPP ( ). See Fund prospectuses and summary prospectuses for more information on share classes and sales charges. 2 OPPENHEIMER GOLD & SPECIAL MINERALS FUND

3 Fund Performance Discussion The Fund s Class A shares (without sales charge) produced a total return of 4.38% during the six-month reporting period ended December 31, The Fund lagged its benchmark, the MSCI World Index, which returned 10.61%. In addition, the Fund trailed the 5.83% total return produced by the Philadelphia Gold & Silver Index, which measures the performance of precious metals mining companies. Gold prices and gold stocks generally advanced moderately over the second half of 2017 when they rallied from low valuations in an environment of global economic expansion and rising interest rates. Although the Fund participated significantly in the Philadelphia Gold & Silver Index s returns, relative results were dampened in part by a few disappointing security selections. MARKET OVERVIEW Stocks generally rallied over the second half of 2017 in the midst of synchronized global economic growth, rising corporate earnings, and expectations that business-friendly regulatory, tax, and fiscal policies from a new U.S. presidential administration would further boost the financial results of companies across the full market-capitalization range. In addition, investors responded calmly to monetary policymakers well-telegraphed moves toward less accommodative monetary policies in some major markets, most notably the United States and the United Kingdom. In the United States, the Federal Reserve Board began to unwind its balance sheet in October through the sale of U.S. government securities, and it implemented a widely expected increase in the federal funds rate in mid-december. While rising short-term interest rates historically have dampened returns from equities, investors appeared to have disregarded these shifts in monetary policy in favor of a focus on improved business conditions and rising corporate earnings. In this constructive environment, the stock market rally was dominated by a handful of large information technology companies, and stocks in other market sectors typically produced more modestly positive returns. Stocks of gold producers climbed moderately, on average, over the reporting period when gold prices rose in response to indications that inflation was likely to accelerate in the expanding global economy. Indeed, prices of other commodities, particularly crude oil, rebounded strongly over the second half of Moreover, investors began to recognize that the prices of gold stocks had previously fallen to lower levels than were warranted by their business fundamentals. On the other hand, many investors remained concerned about the high debt burdens weighing on 3 OPPENHEIMER GOLD & SPECIAL MINERALS FUND

4 several large gold producers, some of which were compelled to divest assets to shore up their balance sheets. FUND PERFORMANCE While the Fund held underweighted exposure to large gold companies with high debt levels, its performance compared to the Philadelphia Gold & Silver Index was undermined to a degree by a handful of holdings struggling with company-specific setbacks. Canadabased Asanko Gold lost value due to rising production costs and deteriorating asset quality in its older mines, and the company has been unsuccessful in locating and developing new reserves. Consequently, we eliminated the Fund s position in Asanko Gold. Silver producer Tahoe Resources struggled with higher royalty fees charged by Central American governments, which pressured profit margins. In addition, legal issues caused the company to suspend operations in some locations. Torex Gold Resources declined as a result of a labor dispute that led to temporary blockades of some operations, but we believe the company remains well positioned to ramp up production of its high-quality reserves when the labor issues are resolved. The Fund achieved better results through other holdings, particularly among mid-size gold producers with the ability to maintain profitability and positive free cash flows even when commodity prices are low. We especially focused on companies that appeared poised for future growth through the development of newly discovered, high-quality reserves. Kirkland Lake Gold reported positive drilling results in northern Australia, which promised to expand its resource base and potentially boost production volumes. The company also benefited from operational improvements and higher levels of cash flow. Endeavour Mining appears to have completed the development phase of projects in western Africa and is expected to begin production soon. Early-stage resources company Ivanhoe Mines expanded its reserves through new discoveries in Central Africa. STRATEGY & OUTLOOK As of the reporting period s end, we believe still-accommodative monetary and fiscal policies around the world, low interest rates, and geopolitical turmoil should remain supportive of gold prices and gold stocks. In our view, the risks presented by rising shortterm interest rates, faster economic growth, and low inflation currently appear already to be reflected by the market, and they seem unlikely to spark persistent or severe declines. Yet, as always, we believe patience is required to capture the full potential of this volatile asset class. 4 OPPENHEIMER GOLD & SPECIAL MINERALS FUND

5 Therefore, we have maintained a longterm perspective and a constructive investment posture. We have continued to favor reasonably valued companies with high-quality assets, relatively low cost structures, strong balance sheets, and skilled management teams that, in our analysis, have the potential to produce significant production growth, higher revenues, positive cash flows, and robust earnings. Shanquan Li Portfolio Manager 5 OPPENHEIMER GOLD & SPECIAL MINERALS FUND

6 Top Holdings and Allocations TOP TEN COMMON STOCK HOLDINGS Kirkland Lake Gold Ltd. 8.7% Endeavour Mining Corp. 7.0 Evolution Mining Ltd. 6.3 Ivanhoe Mines Ltd., Cl. A 5.5 Torex Gold Resources, Inc. 3.4 Newmont Mining Corp. 3.3 B2Gold Corp. 3.1 Northern Star Resources Ltd. 3.0 Randgold Resources Ltd., ADR 2.5 Detour Gold Corp. 2.4 Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2017, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds.com. REGIONAL ALLOCATION U.S./Canada 70.7% Asia 21.4% Europe 4.8% Middle East/Africa 1.7% Latin & South America 0.8% Emerging Europe 0.6% Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2017, and are based on the total market value of investments. 6 OPPENHEIMER GOLD & SPECIAL MINERALS FUND

7 Share Class Performance AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 12/31/17 Inception Date 6-Month 1-Year 5-Year 10-Year Class A (OPGSX) 7/19/ % 17.19% -9.97% -3.87% Class B (OGMBX) 11/1/ Class C (OGMCX) 11/1/ Class I (OGMIX) 10/26/ * Class R (OGMNX) 3/1/ Class Y (OGMYX) 9/7/ * AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 12/31/17 Inception Date 6-Month 1-Year 5-Year 10-Year Class A (OPGSX) 7/19/ % 10.45% % -4.44% Class B (OGMBX) 11/1/ Class C (OGMCX) 11/1/ Class I (OGMIX) 10/26/ * Class R (OGMNX) 3/1/ Class Y (OGMYX) 9/7/ * *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 CALL OPP ( ). 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 World Index is an index of issuers listed on the stock exchanges of foreign countries and the United States. It is widely recognized as a measure of global stock market performance. 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 GOLD & SPECIAL MINERALS FUND

8 the Fund. The Fund's performance reflects the effects of the Fund's business and operating expenses. The views in the Fund Performance Discussion represent the opinions of this Fund's portfolio managers and are not intended as investment advice or to predict or depict the performance of any investment. These views are as of the close of business on December 31, 2017, and are subject to change based on subsequent developments. The Fund s portfolio and strategies are subject to change. 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 CALL OPP ( ). 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 GOLD & SPECIAL MINERALS FUND

9 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, invested at the beginning of the period and held for the entire 6-month period ended December 31, 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, (for example, an $8, account value divided by $1, = 8.60), then multiply the result by the number in the first section under the heading entitled Expenses Paid During 6 Months Ended December 31, 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 GOLD & SPECIAL MINERALS FUND

10 Actual Beginning Account Value July 1, 2017 Ending Account Value December 31, 2017 Expenses Paid During 6 Months Ended December 31, 2017 Class A $ 1, $ 1, $ 5.99 Class B 1, , Class C 1, , Class I 1, , Class R 1, , Class Y 1, , Hypothetical (5% return before expenses) Class A 1, , Class B 1, , Class C 1, , Class I 1, , Class R 1, , Class Y 1, , Expenses are equal to the Fund s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended December 31, 2017 are as follows: Class Expense Ratios Class A 1.16% Class B 1.96 Class C 1.91 Class I 0.74 Class R 1.41 Class Y 0.91 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 Consolidated 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 GOLD & SPECIAL MINERALS FUND

11 CONSOLIDATED STATEMENT OF INVESTMENTS December 31, 2017 Unaudited Shares Value Common Stocks 97.4% Energy 0.0% Oil, Gas & Consumable Fuels 0.0% plc 60,000 $ 123,197 Industrials 0.2% Commercial Services & Supplies 0.2% Clean TeQ Holdings Ltd. 1 1,720,000 1,982,043 Information Technology 0.0% Internet Software & Services 0.0% GoldMoney, Inc , ,807 Materials 97.2% Metals & Mining 97.2% Agnico Eagle Mines Ltd. 501,000 23,136,180 Alamos Gold, Inc., Cl. A 260,000 1,692,600 Americas Silver Corp. 1,2 2,270,000 8,270,963 Argonaut Gold, Inc , ,723 Arizona Mining, Inc. 1 6,165,000 16,969,690 Atalaya Mining plc 1 710,000 1,581,612 Atlantic Gold Corp. 1 6,880,000 8,374,224 Australian Mines Ltd. 1 18,500,000 1,744,424 Avino Silver & Gold Mines Ltd. 1 2,270,000 3,041,800 B2Gold Corp. 1,3 10,780,000 33,418,000 Barkerville Gold Mines Ltd. 1 6,760,000 4,033,413 Barrick Gold Corp. 1,200,000 17,364,000 Base Resources Ltd. 1 18,100,000 3,808,803 Blackham Resources Ltd. 1 28,358 2,323 Cardinal Resources Ltd. 1 3,000,000 1,230,460 Centamin plc 7,750,000 16,536,709 Centerra Gold, Inc. 1 3,285,000 16,830,072 Coeur Mining, Inc. 1,3 3,130,000 23,475,000 Continental Gold, Inc. 1 4,080,000 10,970,883 Dacian Gold Ltd. 1 6,680,000 14,580,515 Dalradian Resources, Inc. 1 3,210,000 3,383,652 Detour Gold Corp. 1 2,163,000 25,432,888 Shares Value Metals & Mining (Continued) Dundee Precious Metals, Inc ,000 $ 644,391 Eldorado Gold Corp. 1,771,811 2,533,690 Endeavour Mining Corp. 1 3,631,600 74,047,660 Evolution Mining Ltd. 32,410,065 66,833,150 Falco Resources Ltd. 1 4,900,000 3,391,408 Ferroglobe plc 1 227,000 3,677,400 Finders Resources Ltd. 1 4,200, ,450 First Quantum Minerals Ltd. 105,000 1,471,002 Fortuna Silver Mines, Inc ,000 3,235,640 Franco-Nevada Corp. 99,000 7,915,050 Gascoyne Resources Ltd. 1 5,867,888 1,949,395 Gold Road Resources Ltd. 1 17,252,220 9,422,933 Gold Standard Ventures Corp. 1 3,310,312 5,793,046 Goldcorp, Inc ,000 7,023,500 Golden Star Resources Ltd. 1 12,047,660 10,722,417 Inc. 1 4,940,000 19,964,360 Harte Gold Corp. 1 2,730,000 1,020,764 Highland Gold Mining Ltd. 5,390,000 12,411,034 HudBay Minerals, Inc. 545,000 4,825,656 Industrias Penoles SAB de CV 426,000 8,875,316 Ivanhoe Mines Ltd., Cl. A 1 17,250,000 58,186,158 Kenmare Resources plc 1 151, ,818 Kidman Resources Ltd ,000 1,210,811 Kirkland Lake Gold Ltd. 6,008,767 92,115,306 Klondex Mines Ltd. 1 6,310,000 16,364,837 Korea Zinc Co. Ltd. 1 7,000 3,220,424 Leagold Mining Corp. 1 4,210,000 9,779,793 Lundin Gold, Inc ,400 2,916, OPPENHEIMER GOLD & SPECIAL MINERALS FUND

12 CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued Shares Value Metals & Mining (Continued) Millennium Minerals Ltd. 1 16,200,000 $ 2,140,883 Nemaska Lithium, Inc. 1 3,350,000 6,262,928 New Century Resources Ltd. 1 1,500,000 1,544,992 New Gold, Inc ,000 1,019,900 Newcrest Mining Ltd. 10, ,678 Newmont Mining Corp ,923 34,628,071 Northern Dynasty Minerals Ltd. 1 1,330,000 2,354,100 Northern Star Resources Ltd. 6,780,000 32,110,616 Novo Resources Corp ,000 1,937,470 OceanaGold Corp. 5,500,000 14,132,856 Osisko Mining, Inc. 1 3,200,000 8,630,072 Pantoro Ltd. 1 11,500,000 1,931,447 Pilbara Minerals Ltd. 1 4,920,000 4,254,068 Polymetal International plc 290,000 3,597,782 Polyus PJSC, GDR 90,000 3,449,886 Pretium Resources, Inc. 1 2,016,000 22,998,759 Randgold Resources Ltd., ADR 264,952 26,201,103 Real Gold Mining Ltd. 1,4 10,400,000 13,311 Resolute Mining Ltd. 18,240,478 16,167,617 Roxgold, Inc. 1 18,080,000 20,136,834 Royal Gold, Inc. 101,000 8,294,120 Sabina Gold & Silver Corp ,000 1,209,944 Saracen Mineral Holdings Ltd. 1 15,930,000 20,955,329 SEMAFO, Inc. 1 3,210,000 9,116,706 SolGold plc 1 18,100,000 7,201,892 Tahoe Resources, Inc. 337,900 1,618,541 Teranga Gold Corp. 1 2,570,000 6,113,206 TMAC Resources, Inc ,000 6,340,095 Torex Gold Resources, Inc. 1 3,797,000 36,036,762 Trevali Mining Corp. 1 15,605,000 18,870,008 Shares Value Metals & Mining (Continued) Victoria Gold Corp. 1 10,540,000 $ 3,647,494 Wesdome Gold Mines Ltd. 1,2 7,775,100 13,051,282 Westgold Resources Ltd. 1 12,064,770 16,677,153 Zhaojin Mining Industry Co. Ltd., Cl. H 4,400,000 3,408,001 Zijin Mining Group Co. Ltd., Cl. H 16,900,000 6,374,678 1,030,149,858 Total Common Stocks (Cost $803,443,701) 1,032,753,905 Units 0.0% Base Resources Ltd. Strike Price 0.255AUD, Exp. 1/17/18 1 6,033,333 18,830 Osisko Mining, Inc. Wts. Strike Price 1CAD, Exp. 12/31/49 1,4 100,000 23,867 Westgold Resources Ltd. Wts. Strike Price 2AUD, Exp. 6/30/19 1 2,268, ,213 Total Rights, Warrants and (Cost $270,177) 440,910 Shares Investment Company 2.7% Oppenheimer Institutional Government Money Market Fund, Cl. E, 1.22% 2,5 (Cost $28,281,142) 28,281,142 28,281,142 Total Investments, at Value (Cost $831,995,020) 100.1% 1,061,475,957 Net Other Assets (Liabilities) (0.1) (1,088,094) Net Assets 100.0% $ 1,060,387, OPPENHEIMER GOLD & SPECIAL MINERALS FUND

13 Footnotes to Consolidated Statement of Investments 1. Non-income producing security. 2. 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 Shares Shares June 30, 2017 Gross Additions Gross Reductions December 31, 2017 Americas Silver Corp. 740,000 1,530,000 2,270,000 Oppenheimer Institutional Government Money Market Fund, Cl. E 40,901, ,688, ,308,499 28,281,142 Wesdome Gold Mines Ltd. 4,920,000 2,855,100 7,775,100 Value Income Realized Gain (Loss) Change in Unrealized Gain (Loss) Americas Silver Corp. $ 8,270,963 $ $ $ 17,492 Oppenheimer Institutional Government Money Market Fund, Cl. E 28,281, ,354 Wesdome Gold Mines Ltd. 13,051,282 (3,540,622) Total $ 49,603,387 $ 188,354 $ $ (3,523,130) 3. All or a portion of the security position is held in segregated accounts and pledged to cover margin requirements with respect to outstanding written options. The aggregate market value of such securities is $14,902,386. See Note 6 of the accompanying Consolidated Notes. 4. Consolidated Notes. 5. Rate shown is the 7-day yield at period end. Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows: Geographic Holdings Value Percent Canada $ 642,395, % Australia 214,059, United States 107,783, Jersey, Channel Islands 38,612, Egypt 16,536, United Kingdom 11,002, China 9,795, Mexico 8,875, Russia 7,047, South Korea 3,220, Cyprus 1,581, Ireland 564, Total $ 1,061,475, % 13 OPPENHEIMER GOLD & SPECIAL MINERALS FUND

14 CONSOLIDATED STATEMENT OF INVESTMENTS Unaudited / Continued Exchange-Traded Options Written at December 31, 2017 Description Exercise Expiration Price Date Number of Contracts (000's) Notional Amount (000's) Premiums Received Agnico Eagle Mines Ltd. Put USD /19/18 USD (1) USD 4,618 $ 97,136 $ (15,000) Agnico Eagle Mines Ltd. Call USD /18/18 USD (1) USD 4, ,505 (190,000) Eldorado Gold Corp. Put USD /19/18 USD (3) USD ,701 (295,785) Franco-Nevada Corp. Put USD /20/18 USD (1) USD 7, ,954 (188,000) Goldcorp, Inc. Put USD /19/18 USD (1) USD 1,277 94,256 (124,500) Kirkland Lake Gold Ltd. Put USD /20/18 USD (1) USD ,959 (148,750) Kirkland Lake Gold Ltd. Put USD /20/18 USD (1) USD 1,536 88,956 (45,000) Kirkland Lake Gold Ltd. Call CAD /19/18 CAD (1) CAD 1,923 52,470 (47,732) Kirkland Lake Gold Ltd. Call CAD /20/18 CAD (1) CAD 1,923 79,864 (147,176) Newmont Mining Corp. Put USD /16/18 USD (1) USD 3, ,956 (34,000) Randgold Resources Ltd. Put USD /19/18 USD (1) USD 10, ,956 (4,000) Royal Gold, Inc. Put USD /19/18 USD (1) USD 8, ,956 (99,000) Royal Gold, Inc. Put USD /16/18 USD (1) USD 8, ,900 (67,000) Tahoe Resources, Inc. Put USD /16/18 USD (1) USD ,778 (25,000) Torex Gold Resources, Inc. Put CAD /20/18 CAD (1) CAD 1, ,186 (93,477) Total Exchange-Traded Options Written $ 1,705,533 $ (1,524,420) Value Glossary: Currency abbreviations indicate amounts reporting in currencies AUD Australian Dollar CAD Canadian Dollar See accompanying Notes to Consolidated Financial Statements. 14 OPPENHEIMER GOLD & SPECIAL MINERALS FUND

15 CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES December 31, 2017 Unaudited Assets Investments, at value see accompanying consolidated statement of investments: $ 1,011,872,570 49,603,387 1,061,475,957 Cash 1,289,989 Cash foreign currencies (cost $26,184) 26,184 Receivables and other assets: Investments sold 3,926,520 2,193,292 Dividends 198,955 Other 128,758 Total assets 1,069,239,655 Liabilities Options written, at value (premiums received $1,705,533) 1,524,420 Payables and other liabilities: 5,524,699 Investments purchased 1,169,356 Trustees' compensation 181,374 Distribution and service plan fees 166,564 Foreign capital gains tax 89,441 Shareholder communications 11,332 Other 184,606 Total liabilities 8,851,792 Net Assets $ 1,060,387,863 Composition of Net Assets Paid-in capital $ 2,394,378,446 Accumulated net investment loss (79,954,763) Accumulated net realized loss on investments and foreign currency transactions (1,483,610,935) Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies 229,575,115 Net Assets $ 1,060,387, OPPENHEIMER GOLD & SPECIAL MINERALS FUND

16 CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES Unaudited / Continued Net Asset Value Per Share Class A Shares: Net asset value and redemption price per share (based on net assets of $553,059,784 and $16.50 Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) $17.51 Class B Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and interest outstanding) $15.64 Class C Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $135,101,127 and 8,931,631 shares of $15.13 Class I Shares: Net asset value, redemption price and offering price per share (based on net assets of $16.54 Class R Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $134,105,473 and 8,522,418 shares of $15.74 Class Y Shares: Net asset value, redemption price and offering price per share (based on net assets of $16.44 See accompanying Notes to Consolidated Financial Statements. 16 OPPENHEIMER GOLD & SPECIAL MINERALS FUND

17 CONSOLIDATED STATEMENT OF OPERATIONS For the Six Months Ended December 31, 2017 Unaudited Investment Income Dividends: $ 2,875, ,354 Interest 763 Total investment income 3,064,473 Expenses Management fees 3,665,360 Distribution and service plan fees: Class A 676,461 Class B 9,964 Class C 686,326 Class R 341,590 Transfer and shareholder servicing agent fees: Class A 618,286 Class B 2,199 Class C 151,424 Class I 12,041 Class R 150,529 Class Y 177,639 Shareholder communications: Class A 13,340 Class B 440 Class C 4,106 Class I 224 Class R 842 Class Y 1,680 Custodian fees and expenses 31,602 Borrowing fees 19,162 Trustees' compensation 13,433 Other 103,074 Total expenses 6,679,722 Less reduction to custodian expenses (93) Less waivers and reimbursements of expenses (94,830) Net expenses 6,584,799 Net Investment Loss (3,520,326) 17 OPPENHEIMER GOLD & SPECIAL MINERALS FUND

18 CONSOLIDATED STATEMENT OF OPERATIONS Unaudited / Continued Realized and Unrealized Gain (Loss) Net realized gain (loss) on: $105,704) $ (3,615,736) Option contracts written 2,470,365 Foreign currency transactions 1,053 Net realized loss (1,144,318) Net change in unrealized appreciation/depreciation on: 52,750,236 (3,523,130) Translation of assets and liabilities denominated in foreign currencies (56) Option contracts written (401,478) Net change in unrealized appreciation/depreciation 48,825,572 Net Increase in Net Assets Resulting from Operations $ 44,160,928 See accompanying Notes to Consolidated Financial Statements. 18 OPPENHEIMER GOLD & SPECIAL MINERALS FUND

19 CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS Six Months Ended December 31, 2017 (Unaudited) Year Ended June 30, 2017 Operations Net investment loss $ (3,520,326) $ (6,845,540) Net realized gain (loss) (1,144,318) 119,264,881 Net change in unrealized appreciation/depreciation 48,825,572 (286,592,857) Net increase (decrease) in net assets resulting from operations 44,160,928 (174,173,516) Dividends and/or Distributions to Shareholders Dividends from net investment income: Class A (15,015,306) (37,703,321) Class B (12,596) (275,451) Class C (3,055,344) (8,851,270) Class I (2,554,953) (4,024,718) Class R (3,538,098) (8,996,252) Class Y (4,678,986) (8,071,038) (28,855,283) (67,922,050) transactions: Class A (25,902,656) (85,640,156) Class B (1,499,617) (5,233,885) Class C (5,092,756) (8,327,032) Class I 4,123,558 18,948,845 Class R (4,952,134) (7,454,278) Class Y 121,759 32,841,592 (33,201,846) (54,864,914) Net Assets Total decrease (17,896,201) (296,960,480) Beginning of period 1,078,284,064 1,375,244,544 End of period (including accumulated net investment loss of $79,954,763 and $47,579,154, respectively) $ 1,060,387,863 $ 1,078,284,064 See accompanying Notes to Consolidated Financial Statements. 19 OPPENHEIMER GOLD & SPECIAL MINERALS FUND

20 CONSOLIDATED FINANCIAL HIGHLIGHTS Class A Six Months Ended December 31, 2017 (Unaudited) Year Ended June 30, 2017 Year Ended June 30, 2016 Year Ended June 30, 2015 Year Ended June 30, 2014 Year Ended June 28, Per Share Operating Data Net asset value, beginning of period $16.28 $19.82 $12.63 $19.89 $16.45 $29.22 Income (loss) from investment operations: Net investment income (loss) 2 (0.05) (0.09) (0.06) (0.04) (0.01) Net realized and unrealized gain (loss) 0.73 (2.40) 7.25 (6.91) 3.44 (12.76) Total from investment operations 0.68 (2.49) 7.19 (6.95) 3.44 (12.77) Dividends and/or distributions to shareholders: Dividends from net investment income (0.46) (1.05) 0.00 (0.29) Tax return of capital distribution (0.02) Total dividends and/or distributions to shareholders (0.46) (1.05) 0.00 (0.31) Net asset value, end of period $16.50 $16.28 $19.82 $12.63 $19.89 $16.45 Total Return, at Net Asset Value % (12.12)% 56.93% (34.91)% 20.91% (43.70)% Ratios/Supplemental Data Net assets, end of period (in thousands) $553,060 $570,847 $793,452 $499,903 $864,648 $790,790 Average net assets (in thousands) $557,169 $671,123 $501,940 $630,815 $836,448 $1,480,784 Ratios to average net assets: 5 Net investment income (loss) (0.59)% (0.48)% (0.44)% (0.29)% 0.00% 6 (0.04)% expenses listed below 1.18% 1.16% 1.18% 1.22% 1.29% 1.30% Interest and fees from borrowings 0.00% % % % 0.00% 0.00% Total expenses % 1.16% 1.18% 1.22% 1.29% 1.30% Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses 1.16% 1.15% 1.17% 1.16% 1.21% 1.23% Portfolio turnover rate 18% 65% 69% 79% 95% 41% 20 OPPENHEIMER GOLD & SPECIAL MINERALS FUND

21 1. Represents the last business day of the Fund's reporting period. 2. Per share amounts calculated based on the average shares outstanding during the period. 3. Less than $0.005 per share. 4. distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calcu- would pay on fund distributions or the redemption of fund shares. 5. Annualized for periods less than one full year. 6. Less than 0.005%. 7. Six Months Ended December 31, % Year Ended June 30, % Year Ended June 30, % Year Ended June 30, % Year Ended June 30, % Year Ended June 28, % See accompanying Notes to Consolidated Financial Statements. 21 OPPENHEIMER GOLD & SPECIAL MINERALS FUND

22 CONSOLIDATED FINANCIAL HIGHLIGHTS Continued Class B Six Months Ended December 31, 2017 (Unaudited) Year Ended June 30, 2017 Year Ended June 30, 2016 Year Ended June 30, 2015 Year Ended June 30, 2014 Year Ended June 28, Per Share Operating Data Net asset value, beginning of period $15.20 $18.48 $11.87 $18.58 $15.49 $27.77 Income (loss) from investment operations: Net investment loss 2 (0.11) (0.21) (0.14) (0.16) (0.14) (0.26) Net realized and unrealized gain (loss) 0.69 (2.23) 6.75 (6.42) 3.23 (12.02) Total from investment operations 0.58 (2.44) 6.61 (6.58) 3.09 (12.28) Dividends and/or distributions to shareholders: Dividends from net investment income (0.14) (0.84) 0.00 (0.12) Tax return of capital distribution (0.01) Total dividends and/or distributions to shareholders (0.14) (0.84) 0.00 (0.13) Net asset value, end of period $15.64 $15.20 $18.48 $11.87 $18.58 $15.49 Total Return, at Net Asset Value % (12.81)% 55.69% (35.37)% 19.87% (44.18)% Ratios/Supplemental Data Net assets, end of period (in thousands) $1,413 $2,852 $9,269 $11,018 $27,502 $35,001 Average net assets (in thousands) $1,975 $5,594 $7,950 $17,215 $31,281 $78,911 Ratios to average net assets: 4 Net investment loss (1.36)% (1.26)% (1.18)% (1.08)% (0.81)% (0.94)% expenses listed below 1.98% 1.94% 1.96% 1.99% 2.23% 2.21% Interest and fees from borrowings 0.00% % % % 0.00% 0.00% Total expenses % 1.94% 1.96% 1.99% 2.23% 2.21% Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses 1.96% 1.93% 1.95% 1.93% 2.05% 2.09% Portfolio turnover rate 18% 65% 69% 79% 95% 41% 22 OPPENHEIMER GOLD & SPECIAL MINERALS FUND

23 1. Represents the last business day of the Fund's reporting period. 2. Per share amounts calculated based on the average shares outstanding during the period. 3. distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calcu- 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. Six Months Ended December 31, % Year Ended June 30, % Year Ended June 30, % Year Ended June 30, % Year Ended June 30, % Year Ended June 28, % See accompanying Notes to Consolidated Financial Statements. 23 OPPENHEIMER GOLD & SPECIAL MINERALS FUND

24 CONSOLIDATED FINANCIAL HIGHLIGHTS Continued Class C Six Months Ended December 31, 2017 (Unaudited) Year Ended June 30, 2017 Year Ended June 30, 2016 Year Ended June 30, 2015 Year Ended June 30, 2014 Year Ended June 28, Per Share Operating Data Net asset value, beginning of period $14.91 $18.26 $11.73 $18.44 $15.37 $27.52 Income (loss) from investment operations: Net investment loss 2 (0.10) (0.20) (0.14) (0.15) (0.13) (0.21) Net realized and unrealized gain (loss) 0.67 (2.21) 6.67 (6.37) 3.20 (11.94) Total from investment operations 0.57 (2.41) 6.53 (6.52) 3.07 (12.15) Dividends and/or distributions to shareholders: Dividends from net investment income (0.35) (0.94) 0.00 (0.18) Tax return of capital distribution (0.01) Total dividends and/or distributions to shareholders (0.35) (0.94) 0.00 (0.19) Net asset value, end of period $15.13 $14.91 $18.26 $11.73 $18.44 $15.37 Total Return, at Net Asset Value % (12.80)% 55.67% (35.35)% 19.90% (44.11)% Ratios/Supplemental Data Net assets, end of period (in thousands) $135,101 $138,114 $179,529 $122,325 $214,591 $198,474 Average net assets (in thousands) $136,473 $156,883 $115,882 $157,102 $203,399 $383,403 Ratios to average net assets: 4 Net investment loss (1.35)% (1.22)% (1.19)% (1.05)% (0.78)% (0.78)% expenses listed below 1.93% 1.92% 1.94% 1.98% 2.04% 1.99% Interest and fees from borrowings 0.00% % % % 0.00% 0.00% Total expenses % 1.92% 1.94% 1.98% 2.04% 1.99% Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses 1.91% 1.91% 1.93% 1.92% 2.01% 1.97% Portfolio turnover rate 18% 65% 69% 79% 95% 41% 24 OPPENHEIMER GOLD & SPECIAL MINERALS FUND

25 1. Represents the last business day of the Fund's reporting period. 2. Per share amounts calculated based on the average shares outstanding during the period. 3. distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calcu- 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. Six Months Ended December 31, % Year Ended June 30, % Year Ended June 30, % Year Ended June 30, % Year Ended June 30, % Year Ended June 28, % See accompanying Notes to Consolidated Financial Statements. 25 OPPENHEIMER GOLD & SPECIAL MINERALS FUND

26 CONSOLIDATED FINANCIAL HIGHLIGHTS Continued Class I Six Months Ended December 31, 2017 (Unaudited) Year Ended June 30, 2017 Year Ended June 30, 2016 Year Ended June 30, 2015 Year Ended June 30, 2014 Period Ended June 28, ,2 Per Share Operating Data Net asset value, beginning of period $16.37 $19.94 $12.65 $19.96 $16.43 $35.07 Income (loss) from investment operations: Net investment income (loss) 3 (0.01) (0.02) (0.00) Net realized and unrealized gain (loss) 0.71 (2.42) 7.29 (6.94) 3.45 (18.97) Total from investment operations 0.70 (2.44) 7.29 (6.92) 3.53 (18.64) Dividends and/or distributions to shareholders: Dividends from net investment income (0.53) (1.13) 0.00 (0.38) Tax return of capital distribution (0.01) Total dividends and/or distributions to shareholders (0.53) (1.13) 0.00 (0.39) Net asset value, end of period $16.54 $16.37 $19.94 $12.65 $19.96 $16.43 Total Return, at Net Asset Value % (11.75)% 57.63% (34.62)% 21.55% (53.14)% Ratios/Supplemental Data Net assets, end of period (in thousands) $82,414 $77,158 $69,889 $39,359 $53,114 $24,687 Average net assets (in thousands) $79,640 $69,428 $40,868 $44,106 $37,622 $4,739 Ratios to average net assets: 6 Net investment income (loss) (0.17)% (0.09)% (0.02)% 0.16% 0.46% 2.62% expenses listed below 0.74% 0.73% 0.75% 0.78% 0.73% 0.94% Interest and fees from borrowings 0.00% % % % 0.00% 0.00% Total expenses % 0.73% 0.75% 0.78% 0.73% 0.94% Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses 0.74% % % 0.72% 0.71% 0.92% Portfolio turnover rate 18% 65% 69% 79% 95% 41% 26 OPPENHEIMER GOLD & SPECIAL MINERALS FUND

27 1. Represents the last business day of the Fund's reporting period. 2. For the period from October 26, 2012 (inception of offering) to June 28, Per share amounts calculated based on the average shares outstanding during the period. 4. Less than $0.005 per share. 5. distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calcu- would pay on fund distributions or the redemption of fund shares. 6. Annualized for periods less than one full year. 7. Less than 0.005%. 8. Six Months Ended December 31, % Year Ended June 30, % Year Ended June 30, % Year Ended June 30, % Year Ended June 30, % Period Ended June 28, % 9. Waiver was less than 0.005%. See accompanying Notes to Consolidated Financial Statements. 27 OPPENHEIMER GOLD & SPECIAL MINERALS FUND

28 CONSOLIDATED FINANCIAL HIGHLIGHTS Continued Class R Six Months Ended December 31, 2017 (Unaudited) Year Ended June 30, 2017 Year Ended June 30, 2016 Year Ended June 30, 2015 Year Ended June 30, 2014 Year Ended June 28, Per Share Operating Data Net asset value, beginning of period $15.54 $18.98 $12.12 $19.11 $15.85 $28.23 Income (loss) from investment operations: Net investment loss 2 (0.07) (0.12) (0.09) (0.08) (0.05) (0.08) Net realized and unrealized gain (loss) 0.69 (2.31) 6.95 (6.63) 3.31 (12.30) Total from investment operations 0.62 (2.43) 6.86 (6.71) 3.26 (12.38) Dividends and/or distributions to shareholders: Dividends from net investment income (0.42) (1.01) 0.00 (0.27) Tax return of capital distribution (0.01) Total dividends and/or distributions to shareholders (0.42) (1.01) 0.00 (0.28) Net asset value, end of period $15.74 $15.54 $18.98 $12.12 $19.11 $15.85 Total Return, at Net Asset Value % (12.34)% 56.60% (35.07)% 20.57% (43.86)% Ratios/Supplemental Data Net assets, end of period (in thousands) $134,105 $136,979 $176,396 $102,624 $156,439 $115,079 Average net assets (in thousands) $135,670 $158,070 $108,402 $123,329 $134,936 $191,117 Ratios to average net assets: 4 Net investment loss (0.84)% (0.73)% (0.70)% (0.54)% (0.29)% (0.30)% expenses listed below 1.43% 1.42% 1.43% 1.48% 1.57% 1.75% Interest and fees from borrowings 0.00% % % % 0.00% 0.00% Total expenses % 1.42% 1.43% 1.48% 1.57% 1.75% Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses 1.41% 1.41% 1.42% 1.42% 1.47% 1.52% Portfolio turnover rate 18% 65% 69% 79% 95% 41% 28 OPPENHEIMER GOLD & SPECIAL MINERALS FUND

29 1. Represents the last business day of the Fund's reporting period. 2. Per share amounts calculated based on the average shares outstanding during the period. 3. distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calcu- 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. Six Months Ended December 31, % Year Ended June 30, % Year Ended June 30, % Year Ended June 30, % Year Ended June 30, % Year Ended June 28, % See accompanying Notes to Consolidated Financial Statements. 29 OPPENHEIMER GOLD & SPECIAL MINERALS FUND

30 CONSOLIDATED FINANCIAL HIGHLIGHTS Continued Class Y Six Months Ended December 31, 2017 (Unaudited) Year Ended June 30, 2017 Year Ended June 30, 2016 Year Ended June 30, 2015 Year Ended June 30, 2014 Year Ended June 28, Per Share Operating Data Net asset value, beginning of period $16.26 $19.81 $12.59 $19.85 $16.37 $29.06 Income (loss) from investment operations: Net investment income (loss) 2 (0.03) (0.05) (0.02) (0.01) Net realized and unrealized gain (loss) 0.72 (2.41) 7.24 (6.90) 3.44 (12.70) Total from investment operations 0.69 (2.46) 7.22 (6.91) 3.48 (12.69) Dividends and/or distributions to shareholders: Dividends from net investment income (0.51) (1.09) 0.00 (0.34) Tax return of capital distribution (0.01) Total dividends and/or distributions to shareholders (0.51) (1.09) 0.00 (0.35) Net asset value, end of period $16.44 $16.26 $19.81 $12.59 $19.85 $16.37 Total Return, at Net Asset Value % (11.91)% 57.35% (34.74)% 21.18% (43.63)% Ratios/Supplemental Data Net assets, end of period (in thousands) $154,295 $152,334 $146,710 $102,438 $153,399 $125,407 Average net assets (in thousands) $160,146 $140,430 $101,745 $128,207 $141,136 $559,544 Ratios to average net assets: 4 Net investment income (loss) (0.34)% (0.28)% (0.19)% (0.04)% 0.24% 0.05% expenses listed below 0.93% 0.92% 0.94% 0.98% 1.01% 1.19% Interest and fees from borrowings 0.00% % % % 0.00% 0.00% Total expenses % 0.92% 0.94% 0.98% 1.01% 1.19% Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses 0.91% 0.91% 0.93% 0.92% 0.97% 1.08% Portfolio turnover rate 18% 65% 69% 79% 95% 41% 30 OPPENHEIMER GOLD & SPECIAL MINERALS FUND

31 1. Represents the last business day of the Fund's reporting period. 2. Per share amounts calculated based on the average shares outstanding during the period. 3. distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calcu- 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. Six Months Ended December 31, % Year Ended June 30, % Year Ended June 30, % Year Ended June 30, % Year Ended June 30, % Year Ended June 28, % See accompanying Notes to Consolidated Financial Statements. 31 OPPENHEIMER GOLD & SPECIAL MINERALS FUND

32 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2017 Unaudited 1. Organization Oppenheimer Gold & Special Minerals Fund (the Fund ) is registered under the Investment Company Act of 1940 ( 1940 Act ) investment company. The Fund s investment objective is to seek capital appreciation. The Fund s investment adviser is OFI Global Asset Management, Inc. ( OFI Global or the Manager ), a wholly-owned subsidiary of OppenheimerFunds, Inc. ( OFI or the Sub- Adviser ). The Manager has entered into a sub-advisory agreement with OFI. The Fund offers Class A, Class C, Class I, Class R and Class Y shares, and previously offered Class B shares for new purchase through June 29, 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 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. accepted in the United States ( U.S. GAAP ). Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3. Basis for Consolidation. The Fund has established a Cayman Islands exempted company, Oppenheimer Gold & Special Minerals Fund (Cayman) Ltd., which is wholly-owned and controlled by the Fund (the Subsidiary ). The Fund and Subsidiary are both managed by the Manager. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary invests primarily in gold bullion and other precious metals, shares of exchange-traded funds that invest in gold bullion ( Gold ETFs ), commodity-linked derivatives related to gold or other collateral for its derivatives positions. Investments in the Subsidiary are intended to 32 OPPENHEIMER GOLD & SPECIAL MINERALS FUND

33 provide the Fund with exposure to minerals commodities market returns within the limitations of the federal tax requirements that apply to the Fund. The Subsidiary will be subject to the same investment restrictions and guidelines, and follow the same compliance policies and procedures as the Fund. The Fund applies its investment restrictions and compliance policies and procedures, on a look-through basis, to the Subsidiary. Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated. At period end, the Fund owned 16 shares with net assets of $225,614 in the Subsidiary. : Total market value of investments $ * Net assets $ 225,614 Net income (loss) $ (10,821) Net realized gain (loss) $ Net change in unrealized appreciation/depreciation $ *At period end, the Subsidiary only held cash. 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 in gains or losses from investments shown in the Consolidated 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 shares based upon the relative proportion of net assets represented by such class. Operating 33 OPPENHEIMER GOLD & SPECIAL MINERALS FUND