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 02/15/2019); $41.19

Total Assets: (as of 01/31/2019); $38.81 BN

Gross Expense Ratio: (as of 01/31/2019); 1.29%

Net Expense Ratio

(as of 01/31/2019)

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 12/31/2018

Average Annual Returns as of 01/31/2019

as of 01/31/2019

as of 12/31/2018

Include Sales Charge

	Cumulative		Annualized
	ytd as of 2018-12-31 ^D	1 yr	3 yr	5 yr	10 yr	since inception
Developing Markets Fund (NAV) As of Quarter end 12/31/2018	-12.14%	-12.14%	8.17%	0.70%	9.87%	11.15%
MSCI Emerging Markets Index As of Quarter end 12/31/2018	-14.57%	-14.57%	9.25%	1.65%	8.02%	-

	Cumulative		Annualized
	ytd as of 2018-12-31 ^D	1 yr	3 yr	5 yr	10 yr	since inception
Developing Markets Fund (with sales charge) As of Quarter end 12/31/2018	-17.19%	-17.19%	6.06%	-0.49%	9.22%	10.85%
MSCI Emerging Markets Index As of Quarter end 12/31/2018	-14.57%	-14.57%	9.25%	1.65%	8.02%	-

	Cumulative		Annualized
	ytd as of 2019-01-31 ^D	1 yr	3 yr	5 yr	10 yr	since inception
Developing Markets Fund (NAV) As of month end 01/31/2019	8.49%	-11.85%	13.39%	4.04%	11.55%	11.51%
MSCI Emerging Markets Index As of month end 01/31/2019	8.76%	-14.24%	14.89%	4.77%	9.66%	-

	Cumulative		Annualized
	ytd as of 2019-01-31 ^D	1 yr	3 yr	5 yr	10 yr	since inception
Developing Markets Fund (with sales charge) As of month end 01/31/2019	2.25%	-16.92%	11.18%	2.82%	10.89%	11.22%
MSCI Emerging Markets Index As of month end 01/31/2019	8.76%	-14.24%	14.89%	4.77%	9.66%	-

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 01/31/2019

as of 01/31/2019

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
1/31/2009	0.00	0.00	0.00	0.00
2/28/2009	-6.28	-5.64	-10.26	-10.24
3/31/2009	6.95	7.92	-4.57	-3.47
4/30/2009	25.79	25.88	7.65	7.36
5/31/2009	48.28	47.39	20.38	17.09
6/30/2009	47.87	45.40	19.70	16.56
7/31/2009	63.34	61.75	30.63	26.43
8/31/2009	64.62	61.17	37.73	31.65
9/30/2009	78.53	75.80	43.00	36.90
10/31/2009	77.31	76.02	41.21	34.46
11/30/2009	87.91	83.58	44.04	39.96
12/31/2009	94.98	90.83	46.11	42.47
1/31/2010	84.14	80.19	39.68	36.58
2/28/2010	86.37	80.82	38.72	38.51
3/31/2010	100.61	95.42	47.38	47.08
4/30/2010	103.05	97.79	44.71	47.10
5/31/2010	88.00	80.39	28.06	33.01
6/30/2010	88.00	79.06	26.78	28.45
7/31/2010	106.31	93.97	38.81	38.87
8/31/2010	102.24	90.21	34.50	33.68
9/30/2010	126.98	111.35	47.68	46.15
10/31/2010	135.05	117.48	53.01	51.60
11/30/2010	129.49	111.74	45.64	48.32
12/31/2010	147.60	126.85	57.44	59.23
1/31/2011	134.43	120.70	61.15	62.83
2/28/2011	134.02	118.64	66.47	68.53
3/31/2011	145.76	131.49	62.74	66.86
4/30/2011	154.05	138.67	72.46	73.95
5/31/2011	147.33	132.41	67.37	70.34
6/30/2011	144.07	128.84	65.27	67.65
7/31/2011	140.67	127.82	62.64	64.61
8/31/2011	125.06	107.46	47.96	53.01
9/30/2011	95.12	77.22	33.86	39.80
10/31/2011	118.81	100.69	46.77	54.26
11/30/2011	110.46	87.31	39.65	50.49
12/31/2011	102.79	85.06	38.32	50.41
1/31/2012	121.05	106.05	45.70	57.95
2/29/2012	133.56	118.39	54.06	65.67
3/31/2012	132.87	111.10	53.35	67.80
4/30/2012	131.14	108.58	50.35	65.89
5/31/2012	107.35	85.19	33.08	51.57
6/30/2012	118.97	92.33	42.41	59.30
7/31/2012	119.73	96.08	44.03	61.35
8/31/2012	123.05	95.43	47.90	65.44
9/30/2012	134.53	107.22	52.27	69.98
10/31/2012	136.47	105.97	53.54	68.83
11/30/2012	136.54	108.58	57.25	70.99
12/31/2012	145.06	118.78	62.28	74.21
1/31/2013	151.73	121.80	70.84	83.08
2/28/2013	147.29	119.01	69.22	83.39
3/31/2013	145.34	115.24	70.61	87.68
4/30/2013	148.33	116.86	79.50	93.59
5/31/2013	147.08	111.30	75.16	93.67
6/30/2013	135.48	97.85	68.94	88.89
7/31/2013	143.54	99.91	77.85	98.84
8/31/2013	135.69	96.48	75.50	94.61
9/30/2013	156.25	109.26	88.47	104.34
10/31/2013	165.27	119.42	94.81	112.34
11/30/2013	163.26	116.21	96.30	116.11
12/31/2013	165.54	113.09	99.24	120.68
1/31/2014	144.66	99.25	91.22	112.51
2/28/2014	155.90	105.85	101.85	123.15
3/31/2014	160.79	112.17	100.56	123.47
4/30/2014	160.93	112.88	103.46	125.76
5/31/2014	171.90	120.31	106.77	130.20
6/30/2014	181.11	126.16	108.76	134.32
7/31/2014	180.14	130.54	104.66	130.58
8/31/2014	188.45	135.73	104.35	135.66
9/30/2014	171.06	118.26	96.49	129.27
10/31/2014	175.95	120.83	93.64	130.75
11/30/2014	171.20	118.50	96.27	135.37
12/31/2014	152.78	108.43	89.47	131.58
1/31/2015	149.58	109.68	90.40	127.38
2/28/2015	154.91	116.17	101.78	140.70
3/31/2015	149.36	113.09	98.72	136.94
4/30/2015	159.90	129.48	106.83	142.49
5/31/2015	154.99	120.29	105.77	143.33
6/30/2015	151.28	114.57	99.94	137.67
7/31/2015	139.40	99.70	104.09	141.94
8/31/2015	113.92	81.64	89.08	125.93
9/30/2015	107.66	76.17	79.48	117.59
10/31/2015	126.66	88.74	93.51	134.84
11/30/2015	122.11	81.38	90.50	133.67
12/31/2015	117.24	77.33	87.93	129.56
1/31/2016	104.59	65.83	74.34	115.83
2/29/2016	102.09	65.56	71.15	114.22
3/31/2016	123.74	87.47	82.28	128.76
4/30/2016	123.17	88.48	87.56	132.38
5/31/2016	121.38	81.45	85.86	133.68
6/30/2016	125.24	88.71	79.62	131.06
7/31/2016	132.67	98.20	88.72	140.83
8/31/2016	139.03	103.13	88.86	141.03
9/30/2016	144.89	105.74	91.18	142.31
10/31/2016	145.25	106.23	87.27	137.62
11/30/2016	132.89	96.74	83.54	141.03
12/31/2016	132.20	97.17	89.81	146.80
1/31/2017	143.73	107.96	95.32	152.76
2/28/2017	147.81	114.33	98.11	159.77
3/31/2017	157.70	119.74	103.56	162.54
4/30/2017	164.86	124.55	108.74	166.42
5/31/2017	172.31	131.19	116.41	172.06
6/30/2017	175.39	133.51	116.02	173.11
7/31/2017	190.43	147.43	122.25	179.64
8/31/2017	197.16	152.95	122.17	180.04
9/30/2017	197.95	151.95	127.70	186.32
10/31/2017	205.68	160.78	131.16	191.73
11/30/2017	204.04	161.30	133.58	198.06
12/31/2017	212.94	170.68	137.33	202.09
1/31/2018	238.37	193.24	149.23	218.04
2/28/2018	221.92	179.72	137.98	204.86
3/31/2018	222.14	174.52	133.70	198.22
4/30/2018	218.04	173.30	139.03	201.64
5/31/2018	217.04	163.62	133.66	203.53
6/30/2018	208.92	152.67	130.80	203.39
7/31/2018	210.50	158.22	136.49	212.86
8/31/2018	201.88	151.24	131.92	216.73
9/30/2018	198.36	149.90	133.93	218.50
10/31/2018	170.41	128.14	115.31	195.11
11/30/2018	183.77	137.54	115.04	198.46
12/31/2018	174.95	131.25	104.60	175.77
1/31/2019	198.29	151.50	118.05	197.23

Capital Gains and Distributions ($ per share) as of 02/16/2019

$ per share as of 02/16/2019

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

(54.8% of assets as of 01/31/2019)

Emerging Markets Equity

Developing Markets Fund

CLASS A: ODMAX

Portfolio Holdings Breakdown as of 01/31/2019

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	20.2%	31.1%	-10.9%
India	10.3%	8.5%	1.8%
Hong Kong	8.4%	-	-
Russia	6.5%	3.9%	2.6%
Mexico	6.1%	2.8%	3.2%
France	5.6%	-	-
South Korea	5.5%	14.0%	-8.5%
Brazil	5.3%	8.0%	-2.7%
Taiwan	4.9%	10.7%	-5.8%
Philippines	3.8%	1.1%	2.7%
United Kingdom	3.6%	-	-
South Africa	2.6%	6.4%	-3.9%
United States	2.4%	-	-
Turkey	1.7%	0.7%	1.0%
United Arab Emirates	1.4%	0.7%	0.7%
Peru	1.3%	0.4%	0.9%
Cayman Islands	1.0%	-	-
Chile	1.0%	1.1%	-0.1%
Indonesia	1.0%	2.3%	-1.3%
Singapore	1.0%	-	-

Developed Markets	Developing Markets Fund	MSCI Emerging Markets Index	Overweight / Underweight
Europe	9.7%	-	-
Asia Pacific	9.5%	-	-
Americas	3.4%	-	-

Emerging Markets	Developing Markets Fund	MSCI Emerging Markets Index	Overweight / Underweight
Asia Pacific	46.4%	72.4%	-26.0%
Americas	14.2%	12.8%	1.4%
Europe	8.2%	6.5%	1.7%
Africa	3.0%	6.6%	-3.6%
Middle East	1.4%	1.8%	-0.4%

Equity Sector	Developing Markets Fund	MSCI Emerging Markets Index	Overweight / Underweight
Financials	23.6%	24.8%	-1.2%
Consumer Discretionary	22.7%	10.9%	11.8%
Information Technology	8.3%	14.3%	-6.0%
Consumer Staples	8.2%	6.5%	1.7%
Communication Services	7.2%	14.2%	-7.0%
Materials	6.8%	7.3%	-0.6%
Health Care	6.7%	2.7%	4.0%
Industrials	5.2%	5.5%	-0.3%
Energy	5.2%	8.1%	-2.9%
Real Estate	1.8%	3.1%	-1.3%

Industry	Developing Markets Fund	MSCI Emerging Markets Index	Overweight / Underweight
Banks	10.3%	17.5%	-7.2%
Internet & Direct Marketing Retail	9.9%	5.0%	4.9%
Textiles Apparel & Luxury Goods	7.0%	0.7%	6.3%
Interactive Media & Services	6.1%	6.6%	-0.5%
Metals & Mining	5.8%	3.4%	2.4%
Oil Gas & Consumable Fuels	5.2%	8.0%	-2.8%
Semiconductors & Semiconductor Equipment	4.9%	5.0%	-0.1%
Capital Markets	4.6%	1.3%	3.3%
Hotels Restaurants & Leisure	3.6%	0.7%	2.9%
Thrifts & Mortgage Finance	3.4%	0.9%	2.5%
Food & Staples Retailing	2.8%	1.8%	1.0%
Insurance	2.8%	3.8%	-1.0%
Beverages	2.7%	1.2%	1.5%
Industrial Conglomerates	2.6%	1.5%	1.1%
Personal Products	2.5%	0.7%	1.8%
Pharmaceuticals	2.4%	1.3%	1.1%
Multiline Retail	2.2%	0.6%	1.5%
Diversified Financial Services	2.2%	1.0%	1.2%
Health Care Providers & Services	2.0%	0.5%	1.5%
Real Estate Management & Development	1.8%	2.7%	-0.9%

Asset Allocation	Developing Markets Fund	MSCI Emerging Markets Index	Overweight / Underweight
Equity	95.7%	100.0%	-4.3%
Net Cash and Equivalents	4.3%	-	-

Market Cap	Developing Markets Fund	MSCI Emerging Markets Index	Overweight / Underweight
Large	86.8%	91.2%	-4.4%
Mid	6.3%	8.3%	-2.0%

Analytics

Emerging Markets Equity

Developing Markets Fund

CLASS A: ODMAX

Analytics as of 01/31/2019

(As of 01/31/2019)

Morningstar 01/31/2019 (based on risk adjusted performance)

Overall Rating

Number of Funds

713

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

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