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GLOBAL EQUITY

Developing Markets Fund 1 a

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Focus: The Strategy typically invests in emerging and developing market stocks.
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b
b
c
d
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e
3 
4 5 
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Shares Ticker CUSIP Inception
Date
Pricef Price Change 12 Month High 12 Month
Low
A ODMAX 683974109 11/18/96 37.65 -0.24 38.91 32.33
Be ODVBX 683974208 11/18/96 36.66 -0.24 38.01 31.67
C ODVCX 683974307 11/18/96 35.80 -0.23 37.11 30.90
I3  ODVIX 683974604 12/29/11 37.26 -0.24
N ODVNX 683974406 3/1/01 36.26 -0.23 37.49 31.19
Y ODVYX 683974505 9/7/05 37.23 -0.24 38.56 32.00

as of 4/23/14

The net expense ratio also takes into account contractual fee waivers and/or expense reimbursements without which performance would have been less. These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.

 

The 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 the original cost. Current performance and expense ratios may be lower or higher than the data quoted. All fund returns include change in share price, reinvested distributions and the sales charges as listed below, unless "without sales charge" is indicated. Returns do not consider capital gains or income taxes on an individual's investment. Class A Share returns include a maximum sales charge of 5.75% (equity), 4.75% (most fixed income), 3.5% (Senior Floating Rate Fund, Senior Floating Rate Plus), 2.25% ("limited term" fixed income funds and Currency Opportunities Fund) and 0% (Money Market Funds). Class B Share returns include contingent deferred sales charge as follows:  For years 1 - 6 respectively, charges are 5%, 4%, 3%, 3%, 2%, 1% except for "limited term" fixed income funds (4%, 3%, 2%, 2%, 1%, 0%) and Senior Floating Rate (3%, 2% 1.5%, 1.5%, 1%, 0%). Class C Share returns include a 1% contingent deferred sales charge and are subject to an annual asset-based sales charge of 0.75%. Class N Share returns include a 1% contingent deferred sales charge and are subject to an annual asset-based sales charge of 0.25%. Annual asset-based sales charges are applied as follows: 0.75% on Class B/C; and 0.25%  for Class N shares. Class Y shares are not subject to a sales charge. 

 

The net expense ratio also takes into account contractual fee waivers and/or expense reimbursements without which performance would have been less. These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.

 

The 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 the original cost. Current performance and expense ratios may be lower or higher than the data quoted. All fund returns include change in share price, reinvested distributions and the sales charges as listed below, unless "without sales charge" is indicated. Returns do not consider capital gains or income taxes on an individual's investment. Class A Share returns include a maximum sales charge of 5.75% (equity), 4.75% (most fixed income), 3.5% (Senior Floating Rate Fund, Senior Floating Rate Plus), 2.25% ("limited term" fixed income funds and Currency Opportunities Fund) and 0% (Money Market Funds). Class B Share returns include contingent deferred sales charge as follows:  For years 1 - 6 respectively, charges are 5%, 4%, 3%, 3%, 2%, 1% except for "limited term" fixed income funds (4%, 3%, 2%, 2%, 1%, 0%) and Senior Floating Rate (3%, 2% 1.5%, 1.5%, 1%, 0%). Class C Share returns include a 1% contingent deferred sales charge and are subject to an annual asset-based sales charge of 0.75%. Class N Share returns include a 1% contingent deferred sales charge and are subject to an annual asset-based sales charge of 0.25%. Annual asset-based sales charges are applied as follows: 0.75% on Class B/C; and 0.25%  for Class N shares. Class Y shares are not subject to a sales charge. 

 

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Peer Group

Morningstar Category

Diversified Emerging Mkts

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Fund Management

Justin M. Leverenz, CFA

Managed Fund since 5/07

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Investment Minimums

Initial: $1,000

Total Assets

$39.3 billion

(all classes as of 3/31/14)

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Morningstar
Rating hi

as of 03/31/2014

star star star star star

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f
cf
e
3 

The net expense ratio also takes into account contractual fee waivers and/or expense reimbursements without which performance would have been less. These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.

 

The 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 the original cost. Current performance and expense ratios may be lower or higher than the data quoted. All fund returns include change in share price, reinvested distributions and the sales charges as listed below, unless "without sales charge" is indicated. Returns do not consider capital gains or income taxes on an individual's investment. Class A Share returns include a maximum sales charge of 5.75% (equity), 4.75% (most fixed income), 3.5% (Senior Floating Rate Fund, Senior Floating Rate Plus), 2.25% ("limited term" fixed income funds and Currency Opportunities Fund) and 0% (Money Market Funds). Class B Share returns include contingent deferred sales charge as follows:  For years 1 - 6 respectively, charges are 5%, 4%, 3%, 3%, 2%, 1% except for "limited term" fixed income funds (4%, 3%, 2%, 2%, 1%, 0%) and Senior Floating Rate (3%, 2% 1.5%, 1.5%, 1%, 0%). Class C Share returns include a 1% contingent deferred sales charge and are subject to an annual asset-based sales charge of 0.75%. Class N Share returns include a 1% contingent deferred sales charge and are subject to an annual asset-based sales charge of 0.25%. Annual asset-based sales charges are applied as follows: 0.75% on Class B/C; and 0.25%  for Class N shares. Class Y shares are not subject to a sales charge. 

 

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e
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Top Stock Holdings by Issuers 6  as of 3/31/14
 View More Issuers
  % Net Assets
1 Baidu.com 4.3
2 Tencent Holdings Ltd. 2.6
3 Housing Development Finance Corp. 2.4
4 Novatek OAO 2.4
5 Yandex N.V. 2.3
6 Magnit 2.2
7 Taiwan Semiconductor ADR 2.2
8 Petroleo Brasileiro SA 2.1
9 Infosys Technologies Ltd. 2.0
10 Prada S.P.A. 1.9
  Total 24.4
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Top Sectors 6  as of 3/31/14
  % Net Assets
1 Consumer Staples 18.9
2 Financials 18.1
3 Consumer Discretionary 16.8
4 Information Technology 16.5
5 Energy 9.5
6 Materials 5.4
7 Industrials 3.7
8 Telecommunication Services 3.4
9 Healthcare 3.0
  Total 95.2
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Risk Measurement j as of 3/31/14
Share Class Beta
(3 yr)
Alpha R-squared Sharpe Ratio Standard Deviation (3 yr)
A 0.89 4.47 92.48 0.20 18.0%
Be 0.89 3.63 92.52 0.15 17.9%
C 0.89 3.77 92.49 0.16 18.0%
I3  —%
N 0.89 4.13 92.52 0.18 18.0%
Y 0.89 4.79 92.47 0.21 18.0%
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Portfolio Statistics k as of 3/31/14 ——
Weighted Avg Market Cap Weighted Median Market Cap P/E EPS
(next 12 months)
P/E Operating (LTM) Price/Book Value (LTM) Turnover
Ratio
29.5 billion 16.5 billion 15.93 17.41 2.34 29.0%
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Top Regions 6  as of 3/31/14
  % Net Assets
1 Asia Pacific - Emerging 38.6
2 Americas - Emerging 21.3
3 Europe - Developed 15.3
4 Europe - Emerging 7.7
5 Asia Pacific - Developed 4.6
6 Middle East - Emerging 4.0
7 Africa - Emerging 2.8
8 Americas - Developed 0.9
  Total 95.2
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Top Countries 6  as of 3/31/14
  % Net Assets
1 China 15.8
2 Brazil 12.9
3 India 12.2
4 Russia 7.7
5 United Kingdom 6.3
6 Mexico 5.2
7 Hong Kong 4.5
8 Turkey 3.0
9 Indonesia 2.8
10 France 2.4
  Total 72.8
—— —— —— Income Dividends ($ per share) 7 l
Dividend/Share ($) 12-Month Distribution ($)
A 0.0364 0.0364
Be 0.0000 0.0000
C 0.0000 0.0000
I3  0.2129 0.2129
N 0.0000 0.0000
Y 0.1635 0.1635

Frequency: Yearly Pay Date: 12/9/13

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e
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—— Capital Gains Distributions ($ per share)as of 4/23/14
  Short-Term ($) Long-Term ($) Total Amount of Distribution ($) Record Date Ex Div Date Pay Date
2013 0.0000 0.1792 0.1792 12/5/13 12/6/13 12/9/13
2012
2011
2010
2009
2008 0.3087 8.0128 8.3216 12/5/08 12/8/08 12/9/08
2007 1.1126 5.1154 6.2280 12/7/07 12/10/07 12/11/07
2006 0.8462 2.8029 3.6491 12/7/06 12/8/06 12/11/06
2005 0.3617 0.7529 1.1146 12/7/05 12/8/05 12/9/05
2004 0.0000 0.1286 0.1286 12/7/04 12/8/04 12/9/04

There is no guarantee of the payment of any dividend or other distributions at any level.

 

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Strategy

The portfolio manager invests in emerging-market businesses that appear likely to grow at a faster pace than world GDP and may benefit from distinctive structural global growth themes that we call "Big Ideas." Within this framework, the portfolio manager relies on fundamental analysis to search for exceptional businesses with sustainable competitive advantages, strong management and high return on capital.
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Commentary

» Access all commentaries

Title
Content Type
Date
Developing Markets Fund Commentary
Portfolio Commentary
04/17/2014

Special Risks: Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes and geopolitical risks. Emerging and developing market investments may be especially volatile. Due to the recent global economic crisis that caused financial difficulties for many European Union countries, Eurozone investments may be subject to volatility and liquidity issues. Investments in securities of growth companies may be volatile. Small and mid-sized company stock is typically more volatile than that of larger, more established businesses, as these stocks tend to be more sensitive to changes in earnings expectations. It may take a substantial period of time to realize a gain on an investment in a small or mid-sized company, if any gain is realized at all. The Fund may invest a significant portion of assets in a particular region, which may increase volatility and exposure to risks associated with that particular region.

Access index definitions.

Class I shares are only offered to eligible institutional investors that make a minimum initial investment of $5 million or more and to retirement plan service provider platforms. The minimum account balance for class I shares is $2.5 million. Class I shares are sold at net asset value without a sales charge. Please see Fund prospectuses for additional information.

Standardized yield for each share class is based on the Fund's net investment income for the 30-day period ending and including the most recent month-end or quarter-end and either that date's maximum offering price (Class A shares) or net asset value (for other share classes). The month-end figure is typically calculated on the fifth business day of the next month. The result is compounded semiannually and annualized. Falling share prices artificially increase yields.

The dividend (or distribution) yield is based on the pay date immediately preceding the nearest month-end or quarter-end. The dividend yield for each share class is calculated by annualizing the dividend distributed by the class on that date and dividing that figure by the class's net asset value on that date. For the Class A dividend yield with sales charge, the annualized Class A dividend distribution is divided by the Class A maximum offering price on that date. Each result is compounded semiannually and annualized. Falling share prices artificially increase yields.

Holdings are subject to change, and are dollar weighted based on total net assets. Negative weightings may result from the use of leverage. Leverage involves the use of various financial instruments or borrowed capital in an attempt to increase investment return. Leverage risks include potential for higher volatility, greater decline of the fund's net asset value and fluctuations of dividends and distributions paid by the fund.

While the Dividend/Share column is updated the next business day after a dividend payment (as stated in the date below the table), the 12-Month Distribution ($) column is updated monthly. Therefore, there may be a time where the 12-Month Yield data is inconsistent with the Dividend/Share data.

As of 4/12/13, the purchase and exchange of Fund shares is restricted, subject to certain exceptions. Please see the prospectus supplement for further information.

For Class A Shares the starting value is $9,425 which takes into account the current maximum initial sales charge (unless "no sales charge" option chosen).

"Year to Date" returns are cumulative, not annualized, and do not reflect sales charges.  These returns would be lower if sales charges were taken into consideration.  Short-term returns may not be indicative of longer-term performance, which should also be considered when making investment decisions.

Index performance will be available approximately five days after each month-end.

Class B shares convert to Class A shares 72 months after purchase; therefore "since inception", "10-year" and "15-year" returns for Class B (if applicable) use Class A performance for period after conversion.

Daily net asset value and dollar change of the fund is as of the previous business day's closing. Fund net asset values are updated at approximately 7 p.m. ET daily.

OppenheimerFunds' equity style box is based on the portfolio's overall targeted capitalization range and relative valuation as determined by OFI.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance.  The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star with some adjustments for multiple share class portfolios.   The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five and ten-year (if applicable) Morningstar Rating Metrics.  Oppenheimer Developing Markets Fund was rated against the following numbers of U.S.-domiciled Diversified Emerging Mkts over the following time periods ended 3/31/14:  424 funds in the last three years, 317 funds in the last five years, and 156 in the last ten years.  With respect to these Diversified Emerging Mkts funds, Oppenheimer Developing Markets Fund received a Morningstar Rating of 4 stars, 4 stars and 5 stars for the three-, five-, and ten-year periods, respectively.  Morningstar Rating is for the A share class only and rating may include more than one share class of funds in the category, including other share classes of this Fund. Different share classes may have different expenses, performance characteristics and Morningstar ratings.  Past performance is no guarantee of future results.

Class A shares rated 5 stars overall by Morningstar among  424  Diversified Emerging Mkts funds for the 3-, 5-, and 10 year period ended 3/31/14 based on risk-adjusted performance.

Beta (3-yr): is a measure of a fund's sensitivity to market movements. The beta of a market is 1.00 by definition.

Alpha (3-yr): measures the difference between a fund's actual and expected returns, based on beta, and is generally used as a measure of a manager's added value over a passive strategy.

R-squared (3-yr): is a measurement of how closely a portfolio's performance correlates with the performance of a benchmark index, and thus a measurement of what portion of its performance can be explained by the performance of the index. Values for R-squared range from 0 to 100, where 0 indicates no correlation and 100 indicates perfect correlation.  

Sharpe Ratio (3-yr): is a risk-adjusted measure that measures reward per unit of risk. the higher the Sharpe Ratio, the better. The numerator is the difference between the portfolio's annualized return and the annualized return of a risk-free instrument, the denominator is the portfolio's annualized standard deviation (population).

Standard Deviation (3-yr): is a statistical measure of the degree to which the performance of a portfolio varies from its average performance during a specified period. the higher the standard deviation, the greater the volatility of the portfolio's performance returns relative to its average return.

Alpha, Beta and R-Squared were measured against the fund's benchmark: . Access index definitions.

Source: Morningstar, Inc. Although this data has been gathered from sources Morningstar believes to be reliable, its completeness and accuracy cannot be guaranteed.

P/E ratio: The price of a stock divided by its earnings per share. The higher the P/E, the more investors pay, the more return they may expect and the riskier the stock may be.

P/B ratio: Abbreviation for price to book value ratio. It's the market value of a company's stock divided by its book value.

Earnings Growth: Revenue, minus cost and expenses, for a certain period.

Turnover ratio: A measure of the strategy's trading activity, which is computed by taking the lesser of purchases or sales during the strategy's latest fiscal year, divided by the total net asset value (NAV).

There is no guarantee of the payment of any dividend or other distributions at any level.

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.

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.

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