From 1996 through 2016, emerging markets have increased their market share of global gross domestic product from 17% to 33%.1 During this period, the Oppenheimer Developing Markets Fund has focused on investing in what we believe are exceptional growth companies.

This philosophy has been instrumental in delivering compelling long-term performance for shareholders over the last 20 years, and has helped the fund to grow into one of the largest actively managed emerging markets equity funds in the world.

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1 The Morningstar Rating™ for funds, or “star rating,” is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Oppenheimer Developing Markets Fund was rated 2, 4 and 5 stars against the following numbers of Diversified Emerging Markets funds over the following time periods: 606 funds in the last three years, 425 funds in the last five years, and 173 funds in the last ten years. Morningstar Rating is for the Y share class only; other classes may have different performance characteristics. Past performance does not guarantee future results.

2 The Morningstar Analyst Rating is not a credit or risk rating, but a subjective evaluation performed by the analysts of Morningstar, Inc. (Mstar). Mstar evaluates funds based on five key pillars (process, performance, people, parent and price). Mstar’s analysts use this evaluation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. Analysts consider quantitative and qualitative factors and the weightings of each pillar may vary. The Analyst Rating reflects overall assessment and is overseen by Morningstar’s Analyst Rating Committee. The analyst rating scale is five-tiered, with three positive ratings (Gold, Silver, Bronze), a Neutral rating and a Negative rating, with Gold being the highest rating and Negative being the lowest rating. The Mstar Analyst Ratings should not be used as the sole basis in evaluating a mutual fund and are based on Mstar’s current expectations about future events. Mstar does not represent ratings as a guarantee. Analyst Ratings involve unknown risks and uncertainties which may cause Mstar’s expectations not to occur or to differ significantly.

3 Source: World Bank as of 12/31/15. Latest data available.

4 Sources: MSCI, Morningstar, 12/31/16. The Morgan Stanley Capital International (MSCI) Emerging Markets Index is a widely used measure of emerging market stock market performance. The Morningstar Diversified Emerging Markets category average is composed of the average return for the funds in the Morningstar category. The index is unmanaged and cannot be purchased directly by investors. Index performance is shown for illustrative purposes only and does not predict or depict the performance of the Fund. Past performance does not guarantee future results.