ODMAX

Developing Markets Fund

1

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 12/18/2018); $37.97

Total Assets: (as of 11/30/2018); $36.75 BN

Gross Expense Ratio: (as of 11/30/2018); 1.29%

Net Expense Ratio

(as of 11/30/2018)

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 09/30/2018

Average Annual Returns as of 11/30/2018

as of 11/30/2018

as of 09/30/2018

Include Sales Charge

	Cumulative		Annualized
	ytd as of 2018-09-30 ^C	1 yr	3 yr	5 yr	10 yr	since inception
Developing Markets Fund (NAV) As of Quarter end 09/30/2018	-4.66%	0.14%	12.84%	3.09%	7.18%	11.70%
MSCI Emerging Markets Index As of Quarter end 09/30/2018	-7.68%	-0.81%	12.36%	3.61%	5.40%	-

	Cumulative		Annualized
	ytd as of 2018-09-30 ^C	1 yr	3 yr	5 yr	10 yr	since inception
Developing Markets Fund (with sales charge) As of Quarter end 09/30/2018	-10.14%	-5.62%	10.63%	1.88%	6.55%	11.40%
MSCI Emerging Markets Index As of Quarter end 09/30/2018	-7.68%	-0.81%	12.36%	3.61%	5.40%	-

	Cumulative		Annualized
	ytd as of 2018-11-30 ^C	1 yr	3 yr	5 yr	10 yr	since inception
Developing Markets Fund (NAV) As of month end 11/30/2018	-9.32%	-6.67%	8.51%	1.51%	10.80%	11.36%
MSCI Emerging Markets Index As of month end 11/30/2018	-12.24%	-9.09%	9.41%	1.90%	9.13%	-

	Cumulative		Annualized
	ytd as of 2018-11-30 ^C	1 yr	3 yr	5 yr	10 yr	since inception
Developing Markets Fund (with sales charge) As of month end 11/30/2018	-14.53%	-12.03%	6.39%	0.32%	10.15%	11.06%
MSCI Emerging Markets Index As of month end 11/30/2018	-12.24%	-9.09%	9.41%	1.90%	9.13%	-

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 11/30/2018

as of 11/30/2018

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%

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
11/30/2008	0.00	0.00	0.00	0.00
12/31/2008	5.49	7.80	6.01	3.21
1/31/2009	-1.62	0.84	-4.39	-5.83
2/28/2009	-7.94	-4.85	-14.20	-15.47
3/31/2009	5.09	8.82	-8.76	-9.10
4/30/2009	23.63	26.93	2.92	1.10
5/31/2009	45.79	48.62	15.10	10.26
6/30/2009	45.45	46.62	14.44	9.76
7/31/2009	60.76	63.11	24.89	19.06
8/31/2009	62.04	62.52	31.68	23.97
9/30/2009	75.80	77.27	36.72	28.91
10/31/2009	74.66	77.49	35.01	26.62
11/30/2009	85.07	85.12	37.72	31.79
12/31/2009	92.10	92.43	39.70	34.16
1/31/2010	81.43	81.70	33.54	28.61
2/28/2010	83.72	82.34	32.63	30.43
3/31/2010	97.78	97.06	40.91	38.50
4/30/2010	100.28	99.44	38.36	38.52
5/31/2010	85.48	81.90	22.44	25.25
6/30/2010	85.55	80.56	21.22	20.96
7/31/2010	103.59	95.60	32.71	30.77
8/31/2010	99.67	91.80	28.59	25.88
9/30/2010	124.20	113.12	41.19	37.62
10/31/2010	132.17	119.30	46.29	42.75
11/30/2010	126.83	113.52	39.25	39.67
12/31/2010	144.72	128.75	50.53	49.94
1/31/2011	131.76	122.55	54.08	53.33
2/28/2011	131.42	120.47	59.16	58.70
3/31/2011	143.09	133.43	55.59	57.13
4/30/2011	151.37	140.67	64.89	63.81
5/31/2011	144.72	134.36	60.02	60.41
6/30/2011	141.60	130.76	58.02	57.87
7/31/2011	138.34	129.73	55.50	55.01
8/31/2011	122.88	109.20	41.46	44.09
9/30/2011	93.29	78.70	27.98	31.64
10/31/2011	116.84	102.37	40.32	45.26
11/30/2011	108.63	88.88	33.52	41.71
12/31/2011	101.04	86.61	32.25	41.63
1/31/2012	119.22	107.77	39.30	48.74
2/29/2012	131.71	120.22	47.30	56.01
3/31/2012	131.02	112.87	46.61	58.01
4/30/2012	129.42	110.32	43.74	56.22
5/31/2012	105.83	86.74	27.24	42.73
6/30/2012	117.49	93.94	36.16	50.01
7/31/2012	118.25	97.73	37.71	51.93
8/31/2012	121.65	97.07	41.40	55.79
9/30/2012	133.10	108.96	45.59	60.07
10/31/2012	135.11	107.69	46.80	58.98
11/30/2012	135.18	110.33	50.35	61.02
12/31/2012	143.84	120.61	55.15	64.05
1/31/2013	150.48	123.65	63.34	72.40
2/28/2013	146.07	120.84	61.79	72.69
3/31/2013	144.26	117.04	63.11	76.73
4/30/2013	147.26	118.68	71.61	82.30
5/31/2013	146.14	113.07	67.47	82.37
6/30/2013	134.61	99.50	61.52	77.87
7/31/2013	142.72	101.59	70.04	87.24
8/31/2013	135.03	98.12	67.79	83.25
9/30/2013	155.58	111.01	80.20	92.42
10/31/2013	164.67	121.26	86.26	99.95
11/30/2013	162.71	118.02	87.68	103.50
12/31/2013	165.00	114.87	90.49	107.81
1/31/2014	144.19	100.92	82.82	100.11
2/28/2014	155.55	107.58	92.99	110.13
3/31/2014	160.41	113.95	91.76	110.44
4/30/2014	160.70	114.66	94.53	112.59
5/31/2014	171.70	122.15	97.69	116.77
6/30/2014	180.94	128.06	99.59	120.65
7/31/2014	180.03	132.47	95.68	117.13
8/31/2014	188.42	137.71	95.38	121.92
9/30/2014	171.07	120.09	87.86	115.89
10/31/2014	176.01	122.68	85.14	117.29
11/30/2014	171.28	120.33	87.66	121.64
12/31/2014	152.94	110.17	81.15	118.07
1/31/2015	149.76	111.43	82.04	114.12
2/28/2015	155.17	117.98	92.92	126.66
3/31/2015	149.69	114.88	89.99	123.11
4/30/2015	160.29	131.41	97.75	128.35
5/31/2015	155.39	122.14	96.74	129.13
6/30/2015	151.71	116.37	91.16	123.81
7/31/2015	139.88	101.37	95.13	127.82
8/31/2015	114.41	83.16	80.78	112.75
9/30/2015	108.21	77.65	71.60	104.90
10/31/2015	127.25	90.32	85.01	121.14
11/30/2015	122.71	82.90	82.13	120.04
12/31/2015	117.93	78.82	79.68	116.17
1/31/2016	105.28	67.22	66.69	103.24
2/29/2016	102.81	66.94	63.63	101.72
3/31/2016	124.61	89.04	74.28	115.41
4/30/2016	124.03	90.06	79.33	118.82
5/31/2016	122.29	82.97	77.70	120.05
6/30/2016	126.21	90.29	71.73	117.59
7/31/2016	133.77	99.86	80.44	126.78
8/31/2016	140.24	104.83	80.56	126.97
9/30/2016	146.12	107.46	82.78	128.17
10/31/2016	146.56	107.96	79.04	123.76
11/30/2016	134.13	98.39	75.48	126.97
12/31/2016	133.54	98.82	81.48	132.40
1/31/2017	145.16	109.70	86.74	138.01
2/28/2017	149.32	116.12	89.41	144.62
3/31/2017	159.33	121.58	94.63	147.22
4/30/2017	166.56	126.43	99.58	150.88
5/31/2017	174.16	133.12	106.90	156.19
6/30/2017	177.30	135.47	106.54	157.18
7/31/2017	192.49	149.51	112.50	163.33
8/31/2017	199.36	155.07	112.42	163.70
9/30/2017	200.24	154.06	117.70	169.62
10/31/2017	207.98	162.96	121.01	174.72
11/30/2017	206.45	163.49	123.32	180.67
12/31/2017	215.52	172.95	126.91	184.46
1/31/2018	241.17	195.70	138.29	199.48
2/28/2018	224.64	182.06	127.53	187.08
3/31/2018	224.93	176.82	123.43	180.82
4/30/2018	220.89	175.59	128.54	184.05
5/31/2018	219.93	165.83	123.40	185.83
6/30/2018	211.85	154.78	120.67	185.69
7/31/2018	213.47	160.38	126.10	194.61
8/31/2018	204.80	153.34	121.73	198.26
9/30/2018	201.34	152.00	123.66	199.92
10/31/2018	173.13	130.05	105.86	177.90
11/30/2018	186.72	139.53	105.60	181.05

Capital Gains and Distributions ($ per share) as of 12/18/2018

$ per share as of 12/18/2018

Date	2013	2014	2015	2016	2017
Short Term	—	—	—	—	—
Long Term	0.1792	0.5977	—	—	—
Total Amount of Distribution	0.1792	0.5977	—	—	—
Record Date	12/5/13	12/4/14	—	—	—
Ex Div Date	12/6/13	12/5/14	—	—	—
Pay Date	12/9/13	12/5/14	—	—	—

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

Portfolio

Top Issuers

5

(56.7% of assets as of 11/30/2018)

Emerging Markets Equity

Developing Markets Fund

CLASS A: ODMAX

Portfolio Holdings Breakdown as of 11/30/2018

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	21.4%	31.0%	-9.6%
India	11.4%	9.2%	2.2%
Hong Kong	8.0%	-	-
Russia	6.3%	3.7%	2.5%
Brazil	6.1%	7.5%	-1.5%
South Korea	6.0%	13.9%	-7.9%
France	5.6%	-	-
Taiwan	5.1%	11.3%	-6.2%
Mexico	5.0%	2.6%	2.4%
Philippines	3.8%	1.0%	2.7%
United Kingdom	3.6%	-	-
South Africa	2.6%	6.2%	-3.5%
United States	2.0%	-	-
Turkey	1.6%	0.7%	0.9%
United Arab Emirates	1.4%	0.7%	0.7%
Peru	1.3%	0.4%	0.8%
Singapore	1.1%	-	-
Indonesia	1.0%	2.2%	-1.2%
Cayman Islands	0.9%	-	-
Chile	0.9%	1.1%	-0.2%

Developed Markets	Developing Markets Fund	MSCI Emerging Markets Index	Overweight / Underweight
Asia Pacific	9.1%	-	-
Europe	9.1%	-	-
Americas	2.9%	-	-

Emerging Markets	Developing Markets Fund	MSCI Emerging Markets Index	Overweight / Underweight
Asia Pacific	49.4%	73.5%	-24.1%
Americas	13.7%	12.0%	1.7%
Europe	7.8%	6.5%	1.3%
Africa	3.1%	6.3%	-3.2%
Middle East	1.4%	1.7%	-0.3%

Equity Sector	Developing Markets Fund	MSCI Emerging Markets Index	Overweight / Underweight
Financials	24.1%	24.6%	-0.5%
Consumer Discretionary	21.5%	10.5%	11.0%
Information Technology	9.0%	14.6%	-5.5%
Communication Services	8.5%	14.0%	-5.5%
Consumer Staples	7.6%	6.6%	1.0%
Materials	6.8%	7.5%	-0.7%
Health Care	6.7%	2.9%	3.8%
Energy	5.3%	8.2%	-3.0%
Industrials	5.2%	5.5%	-0.3%
Real Estate	1.9%	3.0%	-1.1%

Industry	Developing Markets Fund	MSCI Emerging Markets Index	Overweight / Underweight
Banks	9.9%	17.1%	-7.2%
Internet & Direct Marketing Retail	9.2%	4.5%	4.7%
Interactive Media & Services	7.1%	6.6%	0.5%
Textiles Apparel & Luxury Goods	6.6%	0.7%	5.9%
Metals & Mining	5.6%	3.3%	2.3%
Oil Gas & Consumable Fuels	5.3%	8.1%	-2.9%
Semiconductors & Semiconductor Equipment	5.1%	5.4%	-0.3%
Capital Markets	5.1%	1.3%	3.9%
Thrifts & Mortgage Finance	3.7%	1.0%	2.6%
Hotels Restaurants & Leisure	3.5%	0.7%	2.8%
Industrial Conglomerates	2.7%	1.6%	1.1%
Beverages	2.7%	1.2%	1.5%
Insurance	2.7%	3.8%	-1.0%
Health Care Providers & Services	2.4%	0.5%	1.9%
Food & Staples Retailing	2.4%	1.8%	0.6%
Diversified Financial Services	2.3%	1.2%	1.1%
Personal Products	2.3%	0.7%	1.6%
Pharmaceuticals	2.2%	1.4%	0.8%
Multiline Retail	2.1%	0.6%	1.4%
Real Estate Management & Development	1.9%	2.6%	-0.7%

Asset Allocation	Developing Markets Fund	MSCI Emerging Markets Index	Overweight / Underweight
Equity	96.5%	100.0%	-3.5%
Net Cash and Equivalents	3.5%	-	-

Market Cap	Developing Markets Fund	MSCI Emerging Markets Index	Overweight / Underweight
Large	87.3%	90.0%	-2.7%
Mid	6.1%	9.2%	-3.1%
Small	0.5%	0.8%	-0.4%

Analytics

Emerging Markets Equity

Developing Markets Fund

CLASS A: ODMAX

Analytics as of 11/30/2018

(As of 11/30/2018)

Morningstar 11/30/2018 (based on risk adjusted performance)

Overall Rating

Number of Funds

710

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.

Tools

Morningstar Fund Compare Tool

Get Started

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. 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. ↩
B. 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. ↩
C. "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. ↩
D. There is no guarantee of the payment of any dividend or other distributions at any level. ↩
E. 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. ↩

Spoof Access