Oppenheimer Global Opportunities Fund

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1 Ticker Symbols: OPGIX (Class A shares), OGIYX (Class Y shares), OGIIX (Class I shares) Performance Summary Portfolio Manager Frank Jennings, Ph.D. Since 10/95 Client Portfolio Managers Alice Fricke, CFA Mike Quinn Portfolio Inception October 22, 1990 Portfolio Assets $7 Billion Morningstar Category World Small/Mid Stock Morningstar Rating * Class A Shares rated 5 stars overall by Morningstar among 107 World Small/Mid Stock funds for the 3-, 5- and 10-year periods ended 12/31/18 based on risk-adjusted performance. During the fourth quarter of 2018, the 's Class A shares (without sales charge) returned %, underperforming its benchmark, the MSCI All World Index (ACWI), which returned %. The three major positive contributors to performance in the fourth quarter were Ci:z Holdings Co., Ltd, Red Hat Inc., and Genmab A/S. The three largest negative performance contributors in the fourth quarter were Nektar Therapeutics, Advanced Micro Devices Inc., and Aston Martin Lagonda Global Holdings Plc. Emerging companies, some of the best we've ever seen, have experienced setbacks or encounter periods of difficulty. Patience is a critical part of our ability to be successful, and frankly our clients as well. Annual s (%) As of December 31, 2018 (Class A Shares w/o Sales Charge) (Class A Shares w/ Sales Charge) (Class Y Shares) (Class I Shares) Q Year 3-Year 5-Year 10-Year Inception MSCI ACWI¹ Morningstar Percentile Rank and Ranking: World Small/Mid Stock Category² (Class A Shares based on total return) 77 th #115/149 4 th #5/107 2 nd #3/91 7 th #3/57 s for periods of less than one year are cumulative and not annualized. Class A share inception date is 10/22/1990 Class Y share inception date is 2/1/2001 Class I share inception date is 1/27/2012 Based on Consistent, Oppenheimer Global Opportunities Fund I shares was named Best-in-Class among 101 and 84 Global Small -/Mid-Cap Funds for the 3- and 5-year periods ended 11/30/17. Class Y shares was named Best -in-class among 48 Global Small-/Mid-Cap Funds for the 10-year period ended 11/30/17. * Annual Expense Ratios: Class A shares: Gross: 1.13%. Class Y shares: Gross: 0.87%. Class I shares: Gross: 0.71%. The performance data quoted represents past performance, which does 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. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call CALL OPP ( ). Fund returns include changes in net asset value with dividends and capital gains reinvested. Class A shares include the 5.75% maximum sales charge except where indicated. Class Y and Class I shares are not subject to a sales charge. s do not consider capital gains or income taxes on an individual s investment. Generally, I shares are only available to institutional investors and can only be purchased with a $1 million initial investment. Generally, Y shares are only available to certain investors, including those in wrap-fee based programs or commissionable brokerage platforms that charge sales commission. For additional information, please visit our website at oppenheimerfunds.com 1

2 Market Overview Q4 was a difficult one. However, we don t necessarily believe it is portending an imminent recession, though we appear to be in a soft patch. The trade war looks to be affecting China and their economy is slowing, though perhaps this is merely to a more sustainable pace. In any event, it is entirely possible that corporate America built some inventory in response to tariffs which were to have gone in effect at the end of 2018, and some of that will need to be worked off. Markets were probably due for a substantive correction anyway, as it had been since late 2015 and early 2016 since we had last experienced one. Though unpleasant, the Q4 pullback was waiting for the right crisis to come along and the trade war probably did the trick. Prices are now reset and this may allow for a better period to come. Portfolio Review During the quarter, the portfolio outperformed in the Energy sector. Energy within the ACWI fell by 20% in the 4th quarter and our weight, as is customary, was zero. Though not a sector, our Nasdaq 100 ETF puts were up sharply and helped our relative results, though clearly not enough to offset weak results elsewhere. In a nutshell, we underperformed everywhere else. This was most pronounced in the Healthcare and Technology sectors, where our holdings are expansive and our stock selection results were weak. As always, it bears noting that we don t manage to the ACWI in any way. The portfolio holdings are developed from the bottom up, and most represent, at time of purchase we believe, the potential to go up remarkably, perhaps 10 times over a 10- year horizon. Now, examining our return profile over the last decade would show that our returns have been exceptional, but we haven t made 10x in each name. So, we miss on some, but we hit that target on more than a few. Most are businesses that are doing things in a different, potentially groundbreaking way. Hence, you will see a lot of emphasis in sectors where there is much more opportunity for that kind of return potential. That s why we own many positions in Healthcare and Technology, where emerging companies are designing the future, as we speak. Energy, well energy, especially oil, is becoming less and less relevant to the future as it will be largely replaced by forms of energy that are cleaner, cheaper, and more available than oil. It is slowly sun setting. Individual Holdings The three major positive contributors to performance in the fourth quarter were Ci:z Holdings Co., Ltd, Red Hat Inc., and Genmab A/S. Ci:z Holdings Co., Ltd. is a Japanese producer of skin care products that announced late in October that they would be acquired by Johnson & Johnson. The company, started by a dermatologist, produces a range of skincare products that are both helpful and healthy for your skin. J&J was a minority holder prior to the sale. Red Hat Inc. is an opensource software producer. Late in October it was announced that the company would be acquired by IBM Inc. for a price that came to about $190 a share. Prior to the announcement it had traded under $120. Genmab A/S is a Swedish company that is making a real dent in a deadly form of blood cancer. We believe their intellectual property platform may yield other possibilities as well. During a weak quarter for markets, its share price remained fairly steady. We have owned it since The three largest negative performance contributors in the fourth quarter were Nektar Therapeutics, Advanced Micro Devices Inc., and Aston Martin Lagonda Global Holdings Plc. Nektar Therapeutics has been a large holding in the portfolio for some time, and is developing some innovative treatments on their own, and with partners across an array of therapeutic areas. The share price has been weak for several quarters as there hasn t been significant news flow regarding some key pipeline assets as they work through trials. In our experience with biotech s, periods like this tend to weaken the share price as there isn t any good new news, or any news, coming for a while. However, in 2019 this will change. If we are correct in our assessment of NKTR, there will be increasing visibility on some important pipeline assets in the year to come. Advanced Micro Devices Inc. traded down in Q4 after its results and outlook disappointed investors. While it was disappointing, we remain focused on the change in this company from a subscale chip maker, to a highly competitive chip designer. There are cycles in the chip industry, and AMD is suffering through one. However, their competitive position is fundamentally different than in the past and the chip industry, while cyclical, is structurally attractive as electronic content deepens in nearly everything. Aston Martin Lagonda Global Holdings Plc came public early in October for the first time in its 105-year history. The brand, made famous in James Bond films, is a unique asset. Its brand and heritage are hard to impossible to replicate. We like exclusivity like that in any brand offering. However, in the midst of a weakening stock market, and much Brexit worry, the stock sold off right after it listed, and we bought behind the IPO flop. It remained weak through the quarter but nonetheless we believe the business has significant potential. 2

3 Performance Analysis by Issuer - Top 5 Q4 2018³ (%) Ci:z Holdings Co., Ltd. Red Hat, Inc. Put Option on PowerShares QQQ Trust, Jan 2019 Genmab A/S Active Japan Cons Staples United States Info Tech Other Broad Mkt Denmark Health Care Basware Oyj Finland Info Tech Performance Analysis by Issuer - Bottom 5 Q4 2018³ (%) Active Nektar Therapeutics United States Health Care Advanced Micro Devices, Inc United States Info Tech Aston Martin Lagonda Global Holdings Plc United Kingdom Cons Disc 3D Systems Corporation United States Info Tech Coherent, Inc United States Info Tech 3

4 Performance Analysis - Q4 2018³ (%) Active Strategy Index Attribution Analysis Allocation Stock Selection Effect Energy Financials Materials Industrials Consumer Staples Real Estate Utilities Comm Services Consumer Discretionary Information Technology Health Care Other Cash Attribution methodology notes: The attribution provides analysis of the effects of several portfolio management decisions, including allocation and security selection. Securities classified as "Other" may include non-equity securities, derivatives and securities for which a sector classification may not be appropriate. The Fund is actively managed and portfolio holdings are subject to change in accordance with the prospectus. The percentage weights represented for the Fund are dollar weighted based on market value. Performance numbers include all share classes and may not tie to actual Fund returns. to measures the performance impact from portfolio holdings over a defined time period. It takes into account both weight and performance of the portfolio holdings. is calculated at security level and reported at sector/strategy level. Past performance does 4

5 Region Performance Analysis - Q4 2018³ (%) Region Active Strategy Index Attribution Analysis Region Allocation Stock Selection Effect Developed Africa/Mideast Asia/Pacific Ex Japan Japan Europe North America Emerging Europe Africa/Mideast Latin America Asia/Pacific Ex Japan Other Cash Attribution methodology notes: The attribution provides analysis of the effects of several portfolio management decisions, including allocation and security selection. Securities classified as "Other" may include non-equity securities, derivatives and securities for which a sector classification may not be appropriate. The Fund is actively managed and portfolio holdings are subject to change in accordance with the prospectus. The percentage weights represented for the Fund are dollar weighted based on market value. Performance numbers include all share classes and may not tie to actual Fund returns. to measures the performance impact from portfolio holdings over a defined time period. It takes into account both weight and performance of the portfolio holdings. is calculated at security level and reported at sector/strategy level. Past performance does Performance Analysis - Q4 2018³ (%) Active Strategy Index Attribution Analysis Allocation Stock Selection Effect Top 5 Finland Spain Argentina Portugal New Zealand Bottom 5 United States United Kingdom France Germany Japan Attribution methodology notes: The attribution provides analysis of the effects of several portfolio management decisions, including allocation and security selection. Securities classified as "Other" may include non-equity securities, derivatives and securities for which a sector classification may not be appropriate. The Fund is actively managed and portfolio holdings are subject to change in accordance with the prospectus. The percentage weights represented for the Fund are dollar weighted based on market value. Performance numbers include all share classes and may not tie to actual Fund returns. to measures the performance impact from portfolio holdings over a defined time period. It takes into account both weight and performance of the portfolio holdings. is calculated at security level and reported at sector/strategy level. Past performance does 5

6 Outlook and Positioning We remain largely focused on investments in companies with sizable, transformational growth potential. Many are in relatively early stages of that development. This past quarter s top contributors are all positions initiated years ago, well before any success was clear. Some of our holdings will only be moderately successful, some may even flop. However, we believe it is likely that a good percentage of them can become substantial, and our ownership can be meaningfully rewarded. This requires patience. Emerging companies, some of the best we ve ever seen, have experienced setbacks or encounter periods of difficulty. Patience is a critical part of our ability to be successful, and frankly our clients as well. Special Risks 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. Fixed income investing entails credit and interest rate risks. When interest rates rise, bond prices generally fall, and the Fund s share prices can fall. Below-investment-grade ( high yield or junk ) bonds are more at risk of default and are subject to liquidity risk. Diversification does not guarantee profit or protect against loss. 6

7 DISCLOSURES Past performance does 1. The MSCI ACWI is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and 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 2. Source: 2018 Morningstar, Inc., 12/31/18. Morningstar ranking is for Class A shares and ranking may include more than one share class of funds in the category, including other share classes of this Fund. Ranking is based on total return as of 12/31/18, without considering sales charges. Different share classes may have different expenses and performance characteristics. Fund rankings are subject to change monthly. The fund's total-return percentile rank is relative to all funds that are in the World Small/Mid Stock Funds Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top performing fund in a category will always receive a rank of Holdings, sector, region and country allocations are subject to change, do not constitute recommendations by OppenheimerFunds, and are dollar -weighted based on assets. Top holdings excludes cash and cash equivalents. Attribution analysis is a process used to analyze the absolute return (often called contribution) and the excess return (often called relative return) between a portfolio and its benchmark. The total effect measures both the allocation effect to a sector as well as stock selection within a sector. 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. * The Morningstar Rating TM 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 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 months of total returns, 60% five-year rating/40% three-year rating for 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. was rated against the following number of World Small/Mid Stock funds over the following time periods: For the 3-,5- and 10- year periods, respectively, the Fund was rated 4, 5 and 5 stars among 107 funds in the last three years, 91 funds in the last five years, and 57 funds in the last ten years. Morningstar Rating is for the A share class only; other classes may have different performance characteristics. Ratings do not consider sales charges and are subject to change monthly. * Lipper Awards are granted annually to the funds in each Lipper classification that achieve the highest score for Consistent, a measure of funds historical risk-adjusted returns, measured in local currency, relative to peers. Winners are selected using the Lipper Leader rating for Consistent for funds with at least 36 months of performance history as of 11/30/17. Awards are presented for the highest Lipper Leader for Consistent within each eligible classification over 3, 5 or 10 years. Other share classes may have different performance and expense characteristics. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper. Lipper awards are not intended to predict future results. Licensee shall provide a conspicuous credit notice as follows: From Thomson Reuters Lipper Awards, 2018 Thomson Reuters. All rights reserved. Used by permission and protected by the Copyright Laws of the United States. The printing, copying, redistribution, or retransmission of this Content without express written permission is prohibited. The mention of specific companies does not constitute a recommendation by any particular fund or by OppenheimerFunds, Inc. 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. This material is provided for general and educational purposes only, is not intended to provide legal or tax advice, and is not for use to avoid penalties that may be imposed under U.S. federal tax laws. OppenheimerFunds is not undertaking to provide impartial investment advice or to provide advice in a fiduciary capacity. Contact your attorney or other advisor regarding your specific legal, investment or tax situation. These views represent the opinions of the portfolio managers at OppenheimerFunds, Inc. and are not intended as investment advice or to predict or depict the performance of any investment. These views are as of the close of business on December 31, 2018, and are subject to change based on subsequent developments. The Fund s portfolio and strategies are subject to change. returns do not show the effects of income taxes on an individual s investment. Taxes may reduce an investor s actual investment returns on income or gains paid by the Fund or any gains realized if the investor sells his/her shares. Visit Us oppenheimerfunds.com Call Us Follow Us 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 CALL OPP ( ). Read prospectuses and summary prospectuses carefully before investing. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY OppenheimerFunds Distributor, Inc. All rights reserved. CO December 31,

Oppenheimer Global Opportunities Fund

Oppenheimer Global Opportunities Fund Ticker Symbols: OPGIX (Class A shares), OGIYX (Class Y shares), OGIIX (Class I shares) Performance Summary Portfolio Manager Frank Jennings, Ph.D. Since 10/95 Client Portfolio Managers Alice Fricke, CFA