Oppenheimer Global Fund

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Mark Moore
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1 Ticker Symbols: OPPAX (Class A shares), OGLYX (Class Y shares), OGLIX (Class I shares) Performance Summary Portfolio Managers Rajeev Bhaman, CFA Since 8/04 John Delano, CFA Since 3/17 Client Portfolio Managers Alice Fricke, CFA Mike Quinn Portfolio Inception December 22, 1969 Portfolio Assets $10.5 Billion Morningstar Category World Large Stock Morningstar Rating * Class A Shares rated 4 stars overall by Morningstar among 703 World Large Stock funds for the 3-, 5- and 10-year periods ended 9/30/17 based on riskadjusted performance. Markets continued their upward trajectory in Q3 and our portfolio performed well, as it has for much of the trailing year or more. During the third quarter, (Class A shares without sales charge) returned 6.06%, outperforming its benchmark the MSCI AC World Index (MSCI ACWI), which returned 5.18%. The five most significant positive contributors to absolute performance in the third quarter were Airbus SE, Keyence Corporation, Nidec Corporation, Kering SA and Facebook, Inc. The five most significant negative detractors from absolute performance in the third quarter were DLF Limited, Sage Therapeutics, Inc., Zimmer Biomet Holdings, Inc., Walt Disney Company and Murata Manufacturing Co., Ltd. Annual s (%) As of September 30, 2017 (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 AC World Index¹ Morningstar Analyst Rating: * Morningstar Percentile Rank and Ranking: World Large Stock Category² (Class A Shares based on total return) 3 rd #24/ th #92/ th #49/ th #56/320 s for periods of less than one year are cumulative and not annualized. Class A share inception date is 12/22/1969 Class Y share inception date is 11/17/1998 Class I share inception date is 1/27/2012 Annual Expense Ratios: Class A shares: Gross: 1.15%. Class Y shares: Gross: 0.90%. Class I shares: Gross: 0.71%. 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. 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. Y shares are not available to all investors. See prospectus for details. For additional information,please visit our website at oppenheimerfunds.com 1

2 Market Overview Markets continued their upward trajectory in Q3 and our portfolio performed well, as it has for much of the trailing year or more. Though valuations are not especially low, corporate earnings have been good and the world's central banks show no signs of moving away from accommodative policies. The MSCI ACWI was up nicely on the trailing quarter and is now up more than 17% for the yearto-date period. The 10-year note yield ended the third quarter 3 basis points higher than it was on June 30 at 2.33%. The hurdle rate for most risk assets remains quite low. Portfolio Review During the third quarter, (Class A shares without sales charge) returned 6.06%, outperforming its benchmark the MSCI ACWI, which returned 5.18%. Our portfolio is built position by position and the sector exposures are a residual of that process. With that said, we can report that during the third quarter we outperformed among the Health Care, Industrials, Consumer Staples, Consumer Discretionary, Information Technology, Financials, and Utilities sectors by order of significance. We underperformed in the Real Estate, Energy, Materials and Telecommunication Services sectors. Our results in the Health Care, Industrials, Consumer Discretionary and Financials sectors were primarily driven by stock selection, while our Consumer Staples, Information Technology and Utilities results were largely shaped by our allocations to those sectors. We are underweight Consumer Staples, own no Utilities, and are overweight Information Technology. The four sectors where we underperformed are all sectors where we are typically underweight, though stock selection was the primary driver of weak results in Real Estate and to a lesser extent in Telecommunication Services. Energy and Materials results were driven by our underweight, which is typical. The five most significant positive contributors to absolute performance in the third quarter were Airbus SE, Keyence Corporation, Nidec Corporation, Kering SA and Facebook, Inc. Airbus SE is an attractive business. It is a duopoly competitor with Boeing and aviation is growing structurally, as more and more of the world becomes affluent enough to travel. We like our odds over the long term with Airbus. Keyence Corporation is a producer of sensors and measuring instruments used in factory automation. Almost every company of size or consequence looks for efficiencies in their operations. Keyence supplies products that can help their customers capture efficiencies and improve quality control. Nidec Corporation is the leading producer of small precision electric motors, originally used in hard disk drives. However, the market for Nidec is expanding significantly as the electronics embedded in autos, home appliances, and industrial equipment are becoming ever more sophisticated. To make it all work more and more, small electric motors are needed. Kering SA is benefiting from a more confident Asian consumer and some overdue improvements at Gucci. Facebook, Inc. now has 2 billion monthly active users of Facebook itself. In addition, WhatsApp and Facebook Messenger each have more than 1 billion monthly active users. Across a base this big a little monetization goes a long way. There are many more avenues for FB to monetize that base ahead. The five most significant negative detractors from absolute performance in the third quarter were DLF Limited, Sage Therapeutics, Inc., Zimmer Biomet Holdings, Inc., Walt Disney Company and Murata Manufacturing Co., Ltd. DLF Limited is an Indian real estate developer now in recovery from a period of over building which led it to a precarious financial state. The share price has been volatile this year but is also up substantially, more than doubling from February to May. Since then it has chopped sideways. The direction remains positive and we believe the shares can move higher. Sage Therapeutics, Inc. develops treatments for central nervous system disorders, such as schizophrenia and major depressive disorder. The stock fell in September after the company reported results for a phase III trial for severe epilepsy that did not meet its primary or secondary endpoints. While this was a disappointing development, there are other pipeline opportunities for Sage and the stock price, even after its pullback, is still up nicely this year. Zimmer Biomet Holdings, Inc. is now moving beyond the distractions related to the Zimmer and Biomet merger, though the Q2 results were not especially strong. The company has good competition in knees and has also had some production and supply challenges. Nevertheless, this is a very good business, with good margins and decent growth prospects. The merger also holds significant cost synergies. Walt Disney Company has had a weak share price of late, as it deals with issues at ESPN, and general concerns around the cable bundle and ad-supported TV. We have reduced our position weight somewhat in DIS to reflect a more complex future for a portion of their business. Despite this, it is still quite profitable and doesn't carry a particularly demanding valuation. 2

3 Murata Manufacturing Co., Ltd. has been a good stock over the last year, rising by more than 50%. However, its operating results have been held back recently by investment in new product roll outs. We would expect this to ameliorate in coming periods. Murata is a key component supplier to mobile phones and connected machines. We continue to like its prospects. Performance Analysis by Issuer - Top 5 Q3 2017³ (%) to Active Airbus SE France Industrials Keyence Corporation Japan Info Tech Nidec Corporation Japan Industrials Kering SA France Cons Disc Facebook, Inc United States Info Tech Performance Analysis by Issuer - Bottom 5 Q3 2017³ (%) to Active DLF Limited India Real Estate SAGE Therapeutics, Inc United States Health Care Zimmer Biomet Holdings, Inc United States Health Care Walt Disney Company United States Cons Disc Murata Manufacturing Co., Ltd Japan Info Tech Holdings are subject to change, and are dollar-weighted based on net assets. The mention of specific sectors or securities is subject to change and does not constitute a recommendation on behalf of the Fund or OppenheimerFunds, Inc. Past performance does not guarantee future results. 3

4 Performance Analysis - Q3 2017³ (%) Active Strategy Index Attribution Analysis to to Allocation Stock Selection Effect Health Care Industrials Consumer Staples Consumer Discretionary Information Technology Financials Utilities Telecom Services Materials Energy Real Estate Other Cash Region Performance Analysis - Q3 2017³ (%) Region Active Strategy Index Attribution Analysis to to Region Allocation Stock Selection Effect Developed North America Japan Europe Asia/Pacific Ex Japan Africa/Mideast Emerging Africa/Mideast Europe Latin America Asia/Pacific Ex Japan Cash Holdings are subject to change, and are dollar-weighted based on net assets. 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. to is calculated at security level and reported at sector/strategy level. Past performance does not guarantee future results. The mention of specific sectors or securities, regions and countries is subject to change and does not constitute a recommendation on behalf of the Fund or OppenheimerFunds, Inc. Past performance does not guarantee future results. 4

5 Performance Analysis - Q3 2017³ (%) Active Strategy Index Attribution Analysis to to Allocation Stock Selection Effect Top 5 United States France Japan Germany Argentina Bottom 5 India China Spain United Kingdom Sweden Holdings are subject to change, and are dollar-weighted based on net assets. 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. to is calculated at security level and reported at sector/strategy level. Past performance does not guarantee future results. The mention of specific sectors or securities, regions and countries is subject to change and does not constitute a recommendation on behalf of the Fund or OppenheimerFunds, Inc. Past performance does not guarantee future results. 5

6 Outlook and Positioning Equity valuations are not low by historic measures. However, interest rates have never been lower than they have been over the last eight years either. So, the context matters. We have no doubt that if rates were in a more normalized state, then equity valuations would be lower too. Frankly, most asset prices would be lower. However, the posture of central banks remains highly accommodative and that does not appear to be changing soon. Our guess is that valuations will remain high until interest rates get to a more appropriate level. So what is normal? Over the long term, nominal long-term interest rates in the United States have tended to be around the level of nominal GDP. GDP growth was 3.1% for Q2 in the U.S., and the consumer price index is running 1.9% year-over-year. Given that, historically the nominal 10-year note yield probably should be close to 5%, give or take. Right now it is less than half of that level. It s also worth pointing out that at a 5% yield, the 10-year note would be on a hypothetical P/E of 20, which is not so different from the S&P 500 s trailing P/E of 21. When we think about the valuation of our holdings, we assume a normalized environment, not the present one. We have some holdings which benefit from higher interest rates and we have many others with the quality and sustainability of purpose to adapt well to changing environments. 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.diversification does not guarantee profit or protect against loss. 6

7 DISCLOSURES Past performance does not guarantee future results. 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 not guarantee future results. 2. Source: 2017 Morningstar, Inc., 9/30/17. 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 9/30/17, 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 Large 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 Large Stock funds over the following time periods: For the 3-,5- and 10- year periods, respectively, the Fund was rated 4, 4 and 4 stars among 703 funds in the last three years, 583 funds in the last five years, and 320 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. * 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 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 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. 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 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 September 30, 2017, 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 September 30,

Oppenheimer Discovery Mid Cap Growth Fund

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