ODMAX

Developing Markets Fund

1

^A

2

Special Notice

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

Overview

The Strategy typically invests in emerging and developing market stocks.

Inception Date: November 18, 1996

Investment Style: Developing Markets

Fund Index: MSCI Emerging Markets Index

CUSIP: 683974109

NAV: (as of 05/22/2019); $41.69

Total Assets: (as of 04/30/2019); $42.29 BN

Gross Expense Ratio: (as of 04/30/2019); 1.29%

Net Expense Ratio

(as of 04/30/2019)

1.29%

Other Investment Options: Separate Account

Commingled Vehicle

For a suite of investment vehicles beyond mutual funds, please visit OFIglobal.com. OFI Global Asset Management™, an OppenheimerFunds company, delivers the firm’s investment expertise and solutions to institutional and high-net worth investors.

Performance

Average Annual Total Returns

Cumulative Returns

Calendar Year Returns

Capital Gains Distributions

Emerging Markets Equity

Developing Markets Fund

CLASS A: ODMAX

Average Annual Returns as of 03/31/2019

Average Annual Returns as of 04/30/2019

as of 04/30/2019

as of 03/31/2019

Include Sales Charge

	Cumulative		Annualized
	ytd as of 2019-03-31 ^E	1 yr	3 yr	5 yr	10 yr	since inception
Developing Markets Fund (NAV) As of Quarter end 03/31/2019	12.32%	-4.14%	11.34%	3.44%	11.19%	11.60%
MSCI Emerging Markets Index As of Quarter end 03/31/2019	9.92%	-7.41%	10.68%	3.68%	8.94%	-

	Cumulative		Annualized
	ytd as of 2019-03-31 ^E	1 yr	3 yr	5 yr	10 yr	since inception
Developing Markets Fund (with sales charge) As of Quarter end 03/31/2019	5.86%	-9.65%	9.16%	2.22%	10.53%	11.30%
MSCI Emerging Markets Index As of Quarter end 03/31/2019	9.92%	-7.41%	10.68%	3.68%	8.94%	-

	Cumulative		Annualized
	ytd as of 2019-04-30 ^E	1 yr	3 yr	5 yr	10 yr	since inception
Developing Markets Fund (NAV) As of month end 04/30/2019	15.72%	0.04%	12.55%	4.05%	9.72%	11.70%
MSCI Emerging Markets Index As of month end 04/30/2019	12.23%	-5.04%	11.25%	4.04%	7.50%	-

	Cumulative		Annualized
	ytd as of 2019-04-30 ^E	1 yr	3 yr	5 yr	10 yr	since inception
Developing Markets Fund (with sales charge) As of month end 04/30/2019	9.07%	-5.71%	10.35%	2.82%	9.08%	11.41%
MSCI Emerging Markets Index As of month end 04/30/2019	12.23%	-5.04%	11.25%	4.04%	7.50%	-

Gross Expense Ratio: 1.29% | Net Expense Ratio: 1.29%

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. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.

Calendar Year Returns as of 04/30/2019

as of 04/30/2019

View Table Graph Print

Year	Developing Markets Fund	MSCI Emerging Markets Index 4
1997	14.09%	-
1998	-19.36%	-
1999	82.30%	-
2000	-5.26%	-
2001	-5.73%	-2.62%
2002	-1.60%	-6.17%
2003	65.23%	55.82%
2004	33.00%	25.55%
2005	41.23%	34.00%
2006	25.18%	32.17%
2007	33.86%	39.53%
2008	-48.03%	-53.33%
2009	81.73%	78.51%
2010	26.99%	18.88%
2011	-18.10%	-18.42%
2012	20.85%	18.22%
2013	8.36%	-2.60%
2014	-4.81%	-2.19%
2015	-14.06%	-14.92%
2016	6.89%	11.19%
2017	34.77%	37.28%
2018	-12.14%	-14.57%

Cumulative Returns & Income Dividends

View Table Graph Print

Time Period

YTD

10Y

15Y

20Y

INCEPTION

Date	Developing Markets Fund	MSCI Emerging Markets Index 4	MSCI EAFE 4	MSCI World 4
4/30/2009	0.00	0.00	0.00	0.00
5/31/2009	17.93	17.09	11.83	9.06
6/30/2009	17.65	15.51	11.19	8.57
7/31/2009	30.04	28.50	21.35	17.76
8/31/2009	31.07	28.04	27.94	22.62
9/30/2009	42.21	39.66	32.84	27.51
10/31/2009	41.28	39.83	31.18	25.24
11/30/2009	49.70	45.84	33.81	30.36
12/31/2009	55.39	51.60	35.74	32.70
1/31/2010	46.75	43.14	29.76	27.22
2/28/2010	48.61	43.65	28.87	29.01
3/31/2010	59.98	55.24	36.91	37.00
4/30/2010	62.00	57.13	34.43	37.02
5/31/2010	50.03	43.31	18.96	23.89
6/30/2010	50.09	42.25	17.78	19.64
7/31/2010	64.68	54.10	28.95	29.34
8/31/2010	61.51	51.11	24.94	24.52
9/30/2010	81.35	67.90	37.19	36.13
10/31/2010	87.80	72.77	42.14	41.20
11/30/2010	83.48	68.21	35.30	38.15
12/31/2010	97.95	80.22	46.25	48.31
1/31/2011	87.47	75.33	49.71	51.66
2/28/2011	87.20	73.69	54.64	56.97
3/31/2011	96.64	83.90	51.18	55.42
4/30/2011	103.33	89.61	60.21	62.03
5/31/2011	97.95	84.63	55.48	58.66
6/30/2011	95.43	81.79	53.53	56.15
7/31/2011	92.80	80.99	51.09	53.32
8/31/2011	80.28	64.81	37.45	42.52
9/30/2011	56.35	40.78	24.35	30.21
10/31/2011	75.40	59.43	36.34	43.68
11/30/2011	68.76	48.81	29.73	40.17
12/31/2011	62.62	47.01	28.50	40.09
1/31/2012	77.33	63.69	35.35	47.12
2/29/2012	87.43	73.49	43.12	54.31
3/31/2012	86.87	67.70	42.45	56.29
4/30/2012	85.58	65.70	39.67	54.52
5/31/2012	66.49	47.12	23.63	41.18
6/30/2012	75.92	52.79	32.30	48.37
7/31/2012	76.54	55.77	33.80	50.28
8/31/2012	79.29	55.26	37.39	54.09
9/30/2012	88.55	64.62	41.46	58.32
10/31/2012	90.18	63.62	42.63	57.26
11/30/2012	90.24	65.70	46.08	59.27
12/31/2012	97.24	73.80	50.75	62.26
1/31/2013	102.61	76.20	58.70	70.53
2/28/2013	99.05	73.99	57.20	70.81
3/31/2013	97.58	70.99	58.49	74.81
4/30/2013	100.01	72.28	66.75	80.32
5/31/2013	99.10	67.86	62.72	80.39
6/30/2013	89.77	57.17	56.94	75.94
7/31/2013	96.33	58.81	65.22	85.20
8/31/2013	90.11	56.09	63.03	81.26
9/30/2013	106.74	66.24	75.09	90.33
10/31/2013	114.09	74.31	80.97	97.78
11/30/2013	112.51	71.76	82.36	101.29
12/31/2013	114.36	69.28	85.09	105.55
1/31/2014	97.52	58.29	77.64	97.94
2/28/2014	106.71	63.53	87.51	107.85
3/31/2014	110.65	68.55	86.32	108.15
4/30/2014	110.88	69.12	89.01	110.28
5/31/2014	119.78	75.02	92.08	114.42
6/30/2014	127.25	79.67	93.93	118.25
7/31/2014	126.51	83.14	90.12	114.77
8/31/2014	133.30	87.27	89.83	119.50
9/30/2014	119.26	73.39	82.54	113.54
10/31/2014	123.26	75.43	79.88	114.93
11/30/2014	119.44	73.58	82.33	119.23
12/31/2014	104.60	65.58	76.02	115.70
1/31/2015	102.03	66.57	76.88	111.79
2/28/2015	106.41	71.73	87.45	124.20
3/31/2015	101.97	69.29	84.60	120.69
4/30/2015	110.55	82.31	92.14	125.86
5/31/2015	106.58	75.01	91.16	126.64
6/30/2015	103.61	70.46	85.74	121.37
7/31/2015	94.04	58.64	89.60	125.35
8/31/2015	73.44	44.30	75.65	110.43
9/30/2015	68.42	39.95	66.73	102.67
10/31/2015	83.82	49.94	79.76	118.73
11/30/2015	80.15	44.09	76.97	117.64
12/31/2015	76.28	40.88	74.58	113.82
1/31/2016	66.05	31.74	61.96	101.03
2/29/2016	64.05	31.52	58.99	99.53
3/31/2016	81.69	48.93	69.34	113.07
4/30/2016	81.22	49.74	74.24	116.44
5/31/2016	79.81	44.15	72.66	117.66
6/30/2016	82.98	49.91	66.86	115.22
7/31/2016	89.09	57.46	75.32	124.31
8/31/2016	94.33	61.37	75.44	124.50
9/30/2016	99.09	63.44	77.60	125.69
10/31/2016	99.44	63.83	73.96	121.32
11/30/2016	89.39	56.29	70.50	124.51
12/31/2016	88.91	56.64	76.33	129.88
1/31/2017	98.31	65.21	81.44	135.43
2/28/2017	101.67	70.27	84.04	141.96
3/31/2017	109.77	74.56	89.10	144.53
4/30/2017	115.62	78.39	93.92	148.16
5/31/2017	121.76	83.66	101.03	153.41
6/30/2017	124.31	85.51	100.68	154.38
7/31/2017	136.60	96.57	106.47	160.47
8/31/2017	142.15	100.95	106.39	160.83
9/30/2017	142.86	100.15	111.52	166.69
10/31/2017	149.12	107.17	114.74	171.73
11/30/2017	147.88	107.59	116.99	177.62
12/31/2017	155.23	115.04	120.47	181.37
1/31/2018	175.97	132.96	131.53	196.23
2/28/2018	162.60	122.22	121.08	183.96
3/31/2018	162.83	118.08	117.09	177.77
4/30/2018	159.56	117.12	122.05	180.96
5/31/2018	158.79	109.43	117.06	182.72
6/30/2018	152.25	100.72	114.41	182.58
7/31/2018	153.56	105.13	119.69	191.41
8/31/2018	146.55	99.59	115.44	195.02
9/30/2018	143.75	98.53	117.31	196.66
10/31/2018	120.93	81.24	100.02	174.88
11/30/2018	131.93	88.71	99.76	178.00
12/31/2018	124.74	83.71	90.07	156.86
1/31/2019	143.87	99.79	102.56	176.84
2/28/2019	148.95	100.24	107.72	185.17
3/31/2019	152.60	101.92	109.03	188.91
4/30/2019	160.31	106.18	114.91	199.16

Capital Gains and Distributions ($ per share) as of 05/22/2019

$ per share as of 05/22/2019

Date	2014	2015	2016	2017	2018
Short Term	—	—	—	—	—
Long Term	0.5977	—	—	—	—
Total Amount of Distribution	0.5977	—	—	—	—
Record Date	12/4/14	—	—	—	—
Ex Div Date	12/5/14	—	—	—	—
Pay Date	12/5/14	—	—	—	—

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

Portfolio

Top Issuers

5

(56.4% of assets as of 04/30/2019)

Emerging Markets Equity

Developing Markets Fund

CLASS A: ODMAX

Portfolio Holdings Breakdown as of 04/30/2019

Portfolio Holdings Breakdown

5

Country

Developed Markets

Emerging Markets

Equity Sector

Industry

Asset Allocation

Market Cap ⁶

Country	Developing Markets Fund	MSCI Emerging Markets Index	Overweight / Underweight
China	24.9%	33.0%	-8.1%
India	10.8%	9.1%	1.7%
Hong Kong	7.1%	-	-
Mexico	6.6%	2.7%	3.8%
France	6.0%	-	-
Russia	5.8%	3.8%	2.0%
Brazil	4.7%	7.0%	-2.3%
Taiwan	4.7%	11.6%	-6.8%
South Korea	3.4%	12.8%	-9.4%
Philippines	3.4%	1.1%	2.3%
United Kingdom	3.3%	-	-
United States	2.5%	-	-
South Africa	2.4%	6.2%	-3.8%
Chile	1.3%	1.0%	0.3%
Peru	1.3%	0.4%	0.9%
Turkey	1.2%	0.5%	0.7%
Indonesia	1.1%	2.1%	-1.1%
Singapore	1.0%	-	-
United Arab Emirates	0.8%	0.7%	0.0%
Italy	0.6%	-	-

Developed Markets	Developing Markets Fund	MSCI Emerging Markets Index	Overweight / Underweight
Europe	9.9%	-	-
Asia Pacific	8.1%	-	-
Americas	2.5%	-	-

Emerging Markets	Developing Markets Fund	MSCI Emerging Markets Index	Overweight / Underweight
Asia Pacific	49.1%	74.3%	-25.1%
Americas	14.4%	11.6%	2.8%
Europe	7.0%	6.2%	0.8%
Africa	2.8%	6.3%	-3.5%
Middle East	0.8%	1.7%	-0.9%

Equity Sector	Developing Markets Fund	MSCI Emerging Markets Index	Overweight / Underweight
Consumer Discretionary	24.3%	13.6%	10.7%
Financials	23.5%	24.2%	-0.7%
Information Technology	8.4%	14.8%	-6.4%
Consumer Staples	7.8%	6.4%	1.4%
Materials	7.3%	7.1%	0.2%
Health Care	6.4%	2.6%	3.8%
Communication Services	5.6%	12.5%	-6.9%
Energy	5.0%	7.9%	-2.9%
Industrials	4.3%	5.2%	-0.9%
Real Estate	2.0%	3.1%	-1.1%

Industry	Developing Markets Fund	MSCI Emerging Markets Index	Overweight / Underweight
Internet & Direct Marketing Retail	9.9%	7.5%	2.3%
Banks	9.3%	16.7%	-7.4%
Textiles Apparel & Luxury Goods	7.3%	0.8%	6.5%
Metals & Mining	5.9%	3.3%	2.7%
Hotels Restaurants & Leisure	5.1%	0.8%	4.4%
Oil Gas & Consumable Fuels	5.0%	7.9%	-2.8%
Semiconductors & Semiconductor Equipment	4.7%	5.5%	-0.8%
Capital Markets	4.5%	1.4%	3.2%
Interactive Media & Services	4.5%	7.1%	-2.6%
Insurance	4.0%	4.0%	0.1%
Thrifts & Mortgage Finance	3.5%	1.0%	2.5%
Pharmaceuticals	3.2%	1.3%	1.9%
Beverages	2.8%	1.2%	1.5%
Food & Staples Retailing	2.7%	1.7%	1.0%
Industrial Conglomerates	2.4%	1.4%	1.0%
Personal Products	2.1%	0.7%	1.4%
Multiline Retail	2.0%	0.6%	1.4%
Real Estate Management & Development	2.0%	2.8%	-0.8%
Diversified Financial Services	1.8%	0.9%	0.9%
IT Services	1.6%	1.9%	-0.3%

Asset Allocation	Developing Markets Fund	MSCI Emerging Markets Index	Overweight / Underweight
Equity	94.6%	100.0%	-5.4%
Net Cash and Equivalents	5.4%	-	-

Market Cap	Developing Markets Fund	MSCI Emerging Markets Index	Overweight / Underweight
Large	86.0%	89.8%	-3.8%
Mid	6.7%	9.5%	-2.8%
Small	0.3%	0.7%	-0.3%

Analytics

Emerging Markets Equity

Developing Markets Fund

CLASS A: ODMAX

Analytics as of 04/30/2019

(As of 04/30/2019)

Morningstar 04/30/2019 (based on risk adjusted performance)

Overall Rating

Number of Funds

712

Justin Leverenz, CFA

Director of Emerging Market Equities, Portfolio Manager

Justin Leverenz, CFA serves as director of Emerging Market Equities and is a portfolio manager of the Emerging Markets strategy and Emerging Markets Innovators strategy. Mr. Leverenz joined the Firm in 2004 as a senior analyst, supporting the Global Equity strategy. He has managed the Emerging Markets Equity strategy since 2007.

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Documents

1. Effective 4/12/13, the purchase and exchange of Fund shares will be restricted, subject to certain exceptions. Please see the prospectus supplement for further information.
2. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes, regulatory and geopolitical risks. Emerging and developing market investments may be especially volatile. Eurozone investments may be subject to volatility and liquidity issues. Investments in securities of growth companies may be volatile. Mid-sized company stock is typically more volatile than that of larger company stock. It may take a substantial period of time to realize a gain on an investment in a mid-sized company, if any gain is realized at all. Investing significantly in a particular region, industry, sector or issuer may increase volatility and risk.
3. The net expense ratio (where applicable) 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.
4. The MSCI Emerging Markets Index is designed to measure equity market performance of emerging markets. The index is unmanaged, includes the reinvestment of dividends and cannot be purchased directly by investors. Index performance is shown for illustrative purposes only and does not predict or depict performance of the Fund. Past performance does not guarantee future results.
5. Holdings are subject to change, and are dollar weighted based on total new 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.
6. Holdings are subject to change, are dollar-weighted based on assets, and may not reflect the use of leverage in the Fund. Market Cap breakdown is calculated using Morningstar's methodology and those capitalization standards may not align with those in the Fund's prospectus.
7. 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 morelikely to outperform over the long term on a risk-adjusted basis. Analysts consider quantitative and qualitative factors and the weighting of each pillar may vary. The Analyst Rating reflects an overall assessment and is overseen by Morningstar’s Analyst Rating Committee. The analyst rating scale is five-tiered, with threepositive 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 causeMstar’s expectations not to occur or to differ significantly.
A. 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. Ratings do not consider sales charges and are subject to change monthly. Past performance is no guarantee of future results ↩
B. 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 star s, 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 against the following numbers of Diversified Emerging Mkts funds over the following time periods: the fund was rated 5 stars among 712 funds in the last three years, 4 stars among 553 in the last five years, and 5 stars among 238 in the last ten years. Past performance does not guarantee future results. ↩
C. 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 7:00pm ET daily. ↩
D. The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price and reinvested distributions. Class Y shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment. ↩
E. "Year to Date" returns are cumulative, not annualized, and do not reflect sales charges (if sales charges are applicable to the Fund). 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. ↩
F. There is no guarantee of the payment of any dividend or other distributions at any level. ↩
G. 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. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment. ↩

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