Oppenheimer Capital Appreciation Fund Oppenheimer Main Street Mid Cap Fund Oppenheimer Capital Income Fund Oppenheimer Main Street Small Cap Fund

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1 Oppenheimer Capital Appreciation Fund Oppenheimer Main Street Mid Cap Fund Oppenheimer Capital Income Fund Oppenheimer Main Street Small Cap Fund Oppenheimer Corporate Bond Fund Oppenheimer Mid Cap Value Fund Oppenheimer Developing Markets Fund Oppenheimer Portfolio Series: Active Allocation Fund Oppenheimer Discovery Fund Oppenheimer Portfolio Series: Conservative Investor Fund Oppenheimer Discovery Mid Cap Growth Fund Oppenheimer Portfolio Series: Equity Investor Fund Oppenheimer Dividend Opportunity Fund Oppenheimer Portfolio Series: Moderate Investor Fund Oppenheimer Emerging Markets Innovators Fund Oppenheimer Preferred Securities and Income Fund Oppenheimer Emerging Markets Local Debt Fund Oppenheimer Real Estate Fund Oppenheimer Equity Income Fund Oppenheimer Rising Dividends Fund Oppenheimer Fundamental Alternatives Fund Oppenheimer Rochester AMT-Free Municipal Fund Oppenheimer Global Allocation Fund Oppenheimer Rochester AMT-Free New York Municipal Fund Oppenheimer Global Fund Oppenheimer Rochester California Municipal Fund Oppenheimer Global High Yield Fund Oppenheimer Rochester Fund Municipals Oppenheimer Global Multi-Asset Growth Fund Oppenheimer Rochester High Yield Municipal Fund Oppenheimer Global Multi-Asset Income Fund Oppenheimer Rochester Intermediate Term Municipal Fund Oppenheimer Global Opportunities Fund Oppenheimer Rochester Limited Term California Municipal Fund Oppenheimer Global Real Estate Fund Oppenheimer Rochester Limited Term New York Municipal Fund Oppenheimer Global Strategic Income Fund Oppenheimer Rochester Minnesota Municipal Fund Oppenheimer Global Unconstrained Bond Fund Oppenheimer Rochester New Jersey Municipal Fund Oppenheimer Global Value Fund Oppenheimer Rochester Pennsylvania Municipal Fund Oppenheimer Gold & Special Minerals Fund Oppenheimer Rochester Short Duration High Yield Municipal Fund Oppenheimer Government Cash Reserves Oppenheimer Rochester Short Term Municipal Fund Oppenheimer Government Money Market Fund Oppenheimer Senior Floating Rate Fund Oppenheimer International Bond Fund Oppenheimer Senior Floating Rate Plus Fund Oppenheimer International Diversified Fund Oppenheimer Small Cap Value Fund Oppenheimer International Equity Fund Oppenheimer SteelPath MLP Alpha Fund Oppenheimer International Growth Fund Oppenheimer SteelPath MLP Alpha Plus Fund Oppenheimer International Growth and Income Fund Oppenheimer SteelPath MLP Income Fund Oppenheimer International Small-Mid Company Fund Oppenheimer SteelPath MLP Select 40 Fund Oppenheimer Limited-Term Bond Fund Oppenheimer SteelPath MLP Energy & Infrastructure Fund Oppenheimer Limited-Term Government Fund Oppenheimer SteelPath Panoramic Fund Oppenheimer Macquarie Global Infrastructure Fund Oppenheimer Total Return Bond Fund Oppenheimer Main Street Fund Oppenheimer Ultra-Short Duration Fund Oppenheimer Main Street All Cap Fund Oppenheimer Value Fund

2 Supplement dated April 24, 2018 to the Prospectus This supplement amends the Prospectus of each of the above-referenced Funds (each, a Fund ), and is in addition to any other supplements. You should read this supplement in conjunction with the Prospectus and retain it for future reference. 1. The appendix to the prospectus titled Special Sales Charge Arrangements and Waivers is deleted in its entirety and replaced with the following: Special Sales Charge Arrangements and Waivers In certain cases, the initial sales charge that applies to purchases of Class A shares of the Oppenheimer funds or the contingent deferred sales charge ( CDSC ) that may apply to Class A, Class B or Class C shares of the Oppenheimer funds may be waived. The sales charge waivers and discounts discussed in the prospectus under Sales Charge Waivers are offered by the Fund and Distributor. However, the additional waivers and discounts set forth below may be offered to clients of specific financial intermediaries. In all instances, it is the shareholder s responsibility to notify the Fund or the shareholder s financial intermediary at the time of purchase or redemption of any relationship or other facts qualifying the shareholder for sales charge waivers or discounts. The financial intermediary-specific waivers and discounts shown below are only available to clients of those financial intermediaries specifically named in this appendix. Clients of other intermediaries may be eligible for the discounts and waivers listed in the prospectus under Sales Charge Waivers, but are not entitled to the waivers and discounts included in this appendix. Please contact your financial intermediary for questions regarding your eligibility and for more information with respect to your financial intermediary s sales charge waivers and discounts. The waivers below apply to the extent the Fund offers the particular share class identified below. These waivers and special arrangements may be amended or terminated at any time by a particular fund, the Distributor, OFI Global Asset Management, Inc., and/or OppenheimerFunds, Inc. (referred to in this Appendix as the Manager ). Clients of financial intermediaries with self-directed brokerage accounts must check with their financial intermediary to determine if they are eligible for a particular waiver or discount. Financial intermediary-specific sales charge waivers and/or discounts are implemented and administered by each financial intermediary. Please contact your financial intermediary for more information regarding the sales charge waivers and discounts available to you and to ensure that you understand the steps you must take to qualify for available waivers and discounts. Concessions are not paid by the Distributor unless otherwise noted below. Sales Charge Reductions and Waivers Available Through Merrill Lynch Class A Sales Charge Waivers (Concessions paid by Distributor*) Purchases of Class A shares by retirement plans that have any of the following record-keeping arrangements: 1. The record keeping is performed by Merrill Lynch Pierce Fenner & Smith, Inc. ( Merrill Lynch ) on a daily valuation basis for the retirement plan. On the date the plan sponsor signs the recordkeeping service agreement with Merrill Lynch, the Plan must have $3 million or more of its assets invested in (a) mutual funds, other than those advised or managed by certain Merrill Lynch investment advisers, as specified by Merrill Lynch (a Specified Merrill Lynch Investment Adviser ), that are made available under a Service Agreement between Merrill Lynch and the

3 mutual fund s principal underwriter or distributor, and (b) funds advised or managed by a Specified Merrill Lynch Investment Adviser (the funds described in (a) and (b) are referred to as Applicable Investments ). 2. The record keeping for the retirement plan is performed on a daily valuation basis by a record keeper whose services are provided under a contract or arrangement between the Retirement Plan and Merrill Lynch. On the date the plan sponsor signs the record keeping service agreement with Merrill Lynch, the plan must have $5 million or more of its assets (excluding assets invested in money market funds) invested in Applicable Investments. 3. The record keeping for a retirement plan is handled under a service agreement with Merrill Lynch and on the date the plan sponsor signs that agreement, the plan has 500 or more eligible employees (as determined by the Merrill Lynch plan conversion manager). * However, that concession will not be paid on purchases of shares in amounts of $1 million or more (including any right of accumulation) by a retirement plan that pays for the purchase with the redemption proceeds of Class C shares of one or more Oppenheimer funds held by the Plan for more than one year. Waivers of Class B and Class C Sales Charges Redemptions of Class B shares held by retirement plans whose records are maintained on a daily valuation basis by Merrill Lynch or an independent record keeper under a contract with Merrill Lynch. Shareholders purchasing Fund shares through a Merrill Lynch platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund s prospectus or Statement of Additional Information. Front-end Sales Load Waivers on Class A Shares available at Merrill Lynch Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan Shares purchased by or through a 529 Plan Shares purchased through a Merrill Lynch affiliated investment advisory program Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch s platform Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable) Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family) Shares exchanged from Class C (i.e. level-load) shares of the same fund in the month of or following the 10-year anniversary of the purchase date Employees and registered representatives of Merrill Lynch or its affiliates and their family members Directors or Trustees of the Fund, and employees of the Fund s investment adviser or any of its affiliates, as described in this prospectus Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement) CDSC Waivers on A, B and C Shares available at Merrill Lynch Death or disability of the shareholder Shares sold as part of a systematic withdrawal plan as described in the Fund s prospectus

4 Return of excess contributions from an IRA Account Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch Shares acquired through a right of reinstatement Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to A and C shares only) Front-end load Discounts Available at Merrill Lynch: Breakpoints, Rights of Accumulation & Letters of Intent Breakpoints as described in this prospectus. Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser s household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable) Class A Sales Charge Waivers Available Through Mass Mutual Retirement Services Purchases in an OppenheimerFunds-sponsored Rollover IRA held directly with the Transfer Agent by clients of Mass Mutual Retirement Services. Class A Sales Charge Waivers Available to Share Purchases through LPL Financial ( LPL ) Shares purchased by clients of LPL who are accessing the Oppenheimer funds through LPL s Mutual Fund Only Platform. Class A Sales Charge Waivers Available at Ameriprise Financial The following information applies to Class A shares purchases if you have an account with or otherwise purchase Fund shares through Ameriprise Financial: Effective June 1, 2018, shareholders purchasing Fund shares through an Ameriprise Financial platform will be eligible for the following Class A front-end sales charge waivers and discounts, which may differ from those disclosed elsewhere in this Fund s prospectus or SAI. Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, or SAR-SEPs plans. Shares purchased through an Ameriprise Financial investment advisory program (if an Advisory or similar share class for such investment advisory program is not available). Shares purchased by third party investment advisors on behalf of their advisory clients through Ameriprise Financial s platform (if an Advisory or similar share class for such investment advisory program is not available). Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other fund within the same fund family).

5 Shares exchanged from Class C shares of the same fund in the month of or following the 10-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges. Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members. Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor s spouse, advisor s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant. Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement). Class A Front-End Sales Charge Waivers Available at Morgan Stanley Wealth Management Effective July 1, 2018, shareholders purchasing the Oppenheimer Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in this Fund s Prospectus or SAI. Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans Morgan Stanley employee and employee-related accounts according to Morgan Stanley s account linking rules Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund Shares purchased through a Morgan Stanley self-directed brokerage account Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management s share class conversion program Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge. April 24, 2018 PS

6 Oppenheimer Emerging Markets Innovators Fund Prospectus dated December 29, 2017 Oppenheimer Emerging Markets Innovators Fund is a mutual fund that seeks capital appreciation. It invests mainly in common stocks of issuers in emerging and developing markets throughout the world. NYSE Ticker Symbols Class A EMIAX Class C EMVCX Class R EMIRX Class Y EMIYX Class I EMVIX This prospectus contains important information about the Fund s objective, investment policies, strategies and risks. It also contains important information about how to buy and sell shares of the Fund and other account features. Please read this prospectus carefully before you invest and keep it for future reference about your account. As with all mutual funds, the Securities and Exchange Commission has not approved or disapproved the Fund s securities nor has it determined that this prospectus is accurate or complete. It is a criminal offense to represent otherwise.

7 Contents The Fund Summary 1 Investment Objective 1 Fees and Expenses of the Fund 2 Principal Investment Strategies 2 Principal Risks 5 The Fund s Past Performance 5 Investment Adviser 5 Portfolio Managers 5 Purchase and Sale of Fund Shares 6 Taxes 6 Payments to Broker-Dealers and Other Financial Intermediaries More About The Fund 7 About the Fund s Investments 17 How the Fund is Managed More About Your Account 18 About Your Account 19 Choosing a Share Class 19 The Price of Fund Shares 26 How to Buy, Sell and Exchange Shares 33 Dividends, Capital Gains and Taxes 34 Financial Highlights Appendix: Special Sales Charge Arrangements and Waivers 40 Special Sales Charge Arrangements and Waivers To Summary Prospectus

8 The Fund Summary Investment Objective. The Fund seeks capital appreciation. Fees and Expenses of the Fund. This table describes the fees and expenses that you may pay if you buy and hold or redeem shares of the Fund. You may qualify for sales charge discounts if you (or you and your spouse) invest, or agree to invest in the future, at least $25,000 in certain funds in the Oppenheimer family of funds. More information about these and other discounts and sales charge waivers is available from your financial professional and in the section About Your Account beginning on page 18 of the prospectus, in the appendix to the prospectus titled Special Sales Charge Arrangements and Waivers and in the section How to Buy Shares beginning on page 53 in the Fund s Statement of Additional Information. Shareholder Fees (fees paid directly from your investment) Class A Class C Class R Class Y Class I Maximum Sales Charge (Load) imposed on purchases (as % of offering price) 5.75% None None None None... Maximum Deferred Sales Charge (Load) (as % of the lower of original offering price or redemption proceeds) None 1% None None None Annual Fund Operating Expenses 1 (expenses that you pay each year as a percentage of the value of your investment) Class A Class C Class R Class Y Class I... Management Fees 1.15% 1.15% 1.15% 1.15% 1.15%... Distribution and/or Service (12b-1) Fees 0.25% 1.00% 0.50% None None... Acquired Fund Fees and Expenses 0.01% 0.01% 0.01% 0.01% 0.01%... Other Expenses 0.37% 0.37% 0.38% 0.37% 0.17%... Total Annual Fund Operating Expenses 1.78% 2.53% 2.04% 1.53% 1.33% Fee Waiver and/or Expense Reimbursement 2 (0.07)% (0.02)% (0.03)% (0.07)% (0.07)%... Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 1.71% 2.51% 2.01% 1.46% 1.26% 1. Expenses have been restated to reflect current fees. 2. After discussions with the Fund s Board, the Manager has contractually agreed to waive fees and/or reimburse the Fund for certain expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (excluding any applicable dividend expense, taxes, interest and fees from borrowing, any subsidiary expenses, Acquired Fund Fees and Expenses, brokerage commissions, unusual and infrequent expenses and certain other Fund expenses) to annual rates of 1.70% for Class A shares, 2.50% for Class C shares, 2.00% for Class R shares, 1.45% for Class Y shares and 1.25% for Class I shares as calculated on the daily net assets of the Fund. The Manager has also contractually agreed to waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund s investments in funds managed by the Manager or its affiliates. These fee waivers and/or expense reimbursements may not be amended or withdrawn for one year from the date of this prospectus, unless approved by the Board. Example. The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in a class of shares of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund s operating expenses remain the same. Any applicable fee waivers and/or expense reimbursements would be reflected in the below examples for the first year only. Although your actual costs may be higher or lower, based on these assumptions your expenses would be as follows: If shares are redeemed If shares are not redeemed 1 Year 3 Years 5 Years 10 Years 1 Year 3 Years 5 Years 10 Years... Class A $ 740 $ 1,101 $ 1,486 $ 2,561 $ 740 $ 1,101 $ 1,486 $ 2,561 Class C $ 357 $ 795 $ 1,360 $ 2,900 $ 257 $ 795 $ 1,360 $ 2, Class R $ 206 $ 643 $ 1,106 $ 2,390 $ 206 $ 643 $ 1,106 $ 2, Class Y $ 150 $ 480 $ 834 $ 1,831 $ 150 $ 480 $ 834 $ 1,831 Class I $ 129 $ 417 $ 727 $ 1,606 $ 129 $ 417 $ 727 $ 1,606 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the Example, affect the Fund s performance. During the most recent fiscal year, the Fund s portfolio turnover rate was 23% of the average value of its portfolio. Oppenheimer Emerging Markets Innovators Fund 1

9 Principal Investment Strategies. The Fund mainly invests in equity securities of issuers in emerging and developing markets throughout the world. Under normal market conditions, the Fund will invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities of issuers that are economically tied to an emerging market country. For purposes of the 80% investment policy, the Fund considers an emerging market country to be one whose economy or markets are generally considered emerging or developing. The Fund typically invests in at least three emerging market countries. At times, the Fund may invest up to 100% of its total assets in securities of issuers in emerging and developing markets. In general, countries may be considered emerging or developing markets if they are included in any one of the Morgan Stanley Capital Index ( MSCI ) emerging markets indices, classified as an emerging or developing market, or classified under a similar or corresponding classification, by organizations such as the International Monetary Fund, or have economies, industries and stock markets with similar characteristics. For purposes of the 80% investment policy discussed above, a determination that an issuer is economically tied to an emerging market country is based on factors including, but not limited to, geographic location of its primary trading markets, location of its assets, its domicile or its principal offices, or whether it receives revenues or profits from goods produced or sold from, or investments made or services performed in, an emerging or developing market. Such a determination can also be based, in whole or in part, on identification of an issuer s securities within an index or other listing indicating its location in an emerging or developing market country. The Fund may also invest in securities of issuers in less-developed emerging market countries that are not included in standard emerging market benchmarks or classifications and are traditionally less accessible to investors or in the early stages of capital market or economic development (such countries are commonly referred to as frontier market countries). Frontier market countries generally have smaller economies and less developed capital markets than traditional emerging and developing market countries. Investments in issuers in frontier market countries are included in the 80% of the Fund s assets discussed in the investment policy above. The Fund seeks its investment objective by focusing on investments in securities of companies in emerging or developing markets that the Sub-Adviser believes are innovative in either, or a combination of, their products, services, processes, business models, management, use of technology, or approach to servicing geographic and consumer markets. The Fund invests primarily in common stocks, but can also invest in other equity securities, including preferred stocks, convertible securities, rights and warrants. The Fund may buy securities of issuers of any size, any market capitalization range and any industry or sector. Although the Fund can invest in securities of companies of any size and any market capitalization range, because innovative companies generally tend to have smaller market capitalizations, the Fund anticipates that it will generally have greater exposure to small- and mid-sized companies. The Fund may invest directly in certain eligible China A Shares through Stock Connect (a securities trading and clearing program designed to achieve mutual stock market access between the People s Republic of China ( PRC ) and Hong Kong), or, for operational efficiency and regulatory considerations, through an investment in OFI Global China Fund, LLC (the China Fund ), a private investment vehicle organized under Delaware law that intends to invest significantly in China A Shares and other securities available to certain qualified investors. The Sub-Adviser has full and exclusive discretionary authority to manage the day-to-day operations of the China Fund and to invest its assets. The Fund s investment in the China Fund may vary based on the portfolio managers use of different types of investments that provide exposure to Chinese securities (through Stock Connect). Since the Fund may invest a portion of its assets in the China Fund, the Fund may be considered to be investing indirectly in such Chinese securities through the China Fund. In selecting investments for the Fund, the Sub-Adviser evaluates investment opportunities on a company-by-company basis. This approach includes fundamental analysis of a company s financial statements, management record, capital structure, operations, product development, and competitive position in its industry. The portfolio managers also look for newer or established businesses that are entering, or expected to enter, into a growth cycle and have the potential for accelerating earnings growth or cash flow. The portfolio managers consider the effect of worldwide trends on the growth of particular business sectors and looks for companies that may benefit from those trends and seeks a diverse mix of industries and countries to help reduce the risks of foreign investing, such as currency fluctuations and stock market volatility. The portfolio managers take a broad view that stretches across industries, sectors, companies and a company s operational functions, when considering whether a company is deemed to be innovative. The portfolio managers monitor individual issuers for changes in the factors above, which may trigger a decision to sell a security. These factors may vary in particular cases and may change over time. Principal Risks. The price of the Fund s shares can go up and down substantially. The value of the Fund s investments may fall due to adverse changes in the markets in which the Fund invests or because of poor investment selection, which could cause the Fund to underperform other funds with similar investment objectives. There is no assurance that the Fund will achieve its investment objective. When you redeem your shares, they may be worth less than what you paid for them. These risks mean that you can lose money by investing in the Fund. Risks of Investing in Stocks. The value of the Fund s portfolio may be affected by changes in the stock markets. Stock markets may experience significant short-term volatility and may fall sharply at times. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments. Different stock markets may behave differently from each other and U.S. stock markets may move in the opposite direction from one or more foreign stock markets. The prices of individual stocks generally do not all move in the same direction at the same time. A variety of factors can negatively affect the price of a particular company s stock. These factors may include, but are not limited to: poor earnings 2 Oppenheimer Emerging Markets Innovators Fund

10 reports, a loss of customers, litigation against the company, general unfavorable performance of the company s sector or industry, or changes in government regulations affecting the company or its industry. To the extent that securities of a particular type are emphasized (for example foreign stocks, stocks of small- or mid-cap companies, growth or value stocks, or stocks of companies in a particular industry), fund share values may fluctuate more in response to events affecting the market for those types of securities. The Fund seeks to invest substantially in the securities of companies that the Sub-Adviser believes are positioned for competitive advantage, above-average earnings growth or otherwise benefitting from opportunities in the global economy as a result of the perceived innovative nature of each company with respect to either, or a combination of, its products, services, processes, business models, management, use of technology, or approach to servicing geographic and consumer markets. No assurance can be made that a perceived innovation will result in the competitive advantage or growth anticipated by the Sub-Adviser or that such competitive advantage or growth may not be significantly delayed. Industry and Sector Focus. At times the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of stocks of issuers in a particular industry or sector may go up and down in response to changes in economic conditions, government regulations, availability of basic resources or supplies, or other events that affect that industry or sector more than others. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, its share values may fluctuate in response to events affecting that industry or sector. To some extent that risk may be limited by the Fund s policy of not concentrating its investments in any one industry. Risks of Foreign Investing. Foreign securities are subject to special risks. Securities traded in foreign markets may be less liquid and more volatile than those traded in U.S. markets. Foreign issuers are usually not subject to the same accounting and disclosure requirements that U.S. companies are subject to, which may make it difficult for the Fund to evaluate a foreign company s operations or financial condition. A change in the value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of investments denominated in that foreign currency and in the value of any income or distributions the Fund may receive on those investments. The value of foreign investments may be affected by exchange control regulations, foreign taxes, higher transaction and other costs, delays in the settlement of transactions, changes in economic or monetary policy in the United States or abroad, expropriation or nationalization of a company s assets, or other political and economic factors. In addition, due to the inter-relationship of global economies and financial markets, changes in political and economic factors in one country or region could adversely affect conditions in another country or region. Investments in foreign securities may also expose the Fund to time-zone arbitrage risk. Foreign securities may trade on weekends or other days when the Fund does not price its shares. As a result, the value of the Fund s net assets may change on days when you will not be able to purchase or redeem the Fund s shares. At times, the Fund may emphasize investments in a particular country or region and may be subject to greater risks from adverse events that occur in that country or region. Foreign securities and foreign currencies held in foreign banks and securities depositories may be subject to only limited or no regulatory oversight. Risks of Developing and Emerging Markets. Investments in developing and emerging markets are subject to all the risks associated with foreign investing, however, these risks may be magnified in developing and emerging markets. Developing or emerging market countries may have less well-developed securities markets and exchanges that may be substantially less liquid than those of more developed markets. Settlement procedures in developing or emerging markets may differ from those of more established securities markets, and settlement delays may result in the inability to invest assets or to dispose of portfolio securities in a timely manner. Securities prices in developing or emerging markets may be significantly more volatile than is the case in more developed nations of the world, and governments of developing or emerging market countries may also be more unstable than the governments of more developed countries. Such countries economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Developing or emerging market countries also may be subject to social, political or economic instability. The value of developing or emerging market countries currencies may fluctuate more than the currencies of countries with more mature markets. Investments in developing or emerging market countries may be subject to greater risks of government restrictions, including confiscatory taxation, expropriation or nationalization of a company s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures, and practices such as share blocking. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in securities of issuers in developing or emerging market countries may be considered speculative. Frontier Market Risk. The risks associated with investments in frontier market countries include all the risks associated with investments in developing and emerging markets; however, these risks are magnified for frontier market countries. As a result, investments in companies in frontier market countries are generally subject to a higher risk of loss than investments in companies in traditional emerging and developing market countries due to less developed securities markets, different settlement procedures, greater price volatility, less developed governments and economies, more government restrictions, and the limited ability of foreign entities to participate in certain privatization programs. Investments in companies operating in frontier market countries are highly speculative in nature. Eurozone Investment Risks. Certain of the regions in which the Fund may invest, including the European Union (EU), currently experience significant financial difficulties. Following the global economic crisis that began in 2008, some of these countries have depended on, and may continue to be dependent on, the assistance from others such as the European Central Bank (ECB) or other governments or institutions, and failure to implement reforms as a condition of assistance could have a significant adverse effect on the value of investments in those and other European countries. In addition, countries that have adopted the euro are subject to fiscal and monetary controls that could limit the ability to Oppenheimer Emerging Markets Innovators Fund 3

11 implement their own economic policies, and could voluntarily abandon, or be forced out of, the euro. Such events could impact the market values of Eurozone and various other securities and currencies, cause redenomination of certain securities into less valuable local currencies, and create more volatile and illiquid markets. Additionally, the United Kingdom s intended departure from the EU, commonly known as Brexit, may have significant political and financial consequences for Eurozone markets, including greater market volatility and illiquidity, currency fluctuations, deterioration in economic activity, a decrease in business confidence and an increased likelihood of a recession in the United Kingdom. Risks of Investing in China A Shares. Investments in Class A Shares of Chinese companies involve certain risks and special considerations not typically associated with investments in U.S. companies, such as greater government control over the economy, political and legal uncertainty, currency fluctuations or blockage, the risk that the Chinese government may decide not to continue to support economic reform programs and the risk of nationalization or expropriation of assets. Additionally, the Chinese securities markets are emerging markets subject to the special risks applicable to developing and emerging market countries described elsewhere in this prospectus. Risks of Investing in the China Fund. The China Fund is not registered under the Investment Company Act of As an investor in the China Fund, the Fund does not have all of the protections offered to investors by the Investment Company Act of However, the China Fund is managed by OppenheimerFunds, Inc., which also serves as the Fund s Sub-Adviser. Pursuant to an exemptive order granted on October 31, 2017 to the China Fund by the SEC, the China Fund is required to comply with the substantive requirements of a number of provisions of the Investment Company Act and the regulations thereunder. Further, the China Fund may invest substantially all of its assets in a limited number of issuers or a single issuer. To the extent that it does so, the China Fund is more subject to the risks associated with and developments affecting such issuers than a fund that invests more widely. Risks of Investing through Stock Connect. The Fund may invest directly in China A shares through Stock Connect, and will be subject to the following risks: sudden changes in quota limitations, application of trading suspensions, differences in trading days between the PRC and Stock Connect, operational risk, clearing and settlement risk and regulatory and taxation risk. Risks of Growth Investing. If a growth company s earnings or stock price fails to increase as anticipated, or if its business plans do not produce the expected results, its securities may decline sharply. Growth companies may be newer or smaller companies that may experience greater stock price fluctuations and risks of loss than larger, more established companies. Newer growth companies tend to retain a large part of their earnings for research, development or investments in capital assets. Therefore, they may not pay any dividends for some time. Growth investing has gone in and out of favor during past market cycles and is likely to continue to do so. During periods when growth investing is out of favor or when markets are unstable, it may be more difficult to sell growth company securities at an acceptable price. Growth stocks may also be more volatile than other securities because of investor speculation. Risks of Small- and Mid-Cap Companies. Small-cap companies may be either established or newer companies, including unseasoned companies that have typically been in operation for less than three years. Mid-cap companies are generally companies that have completed their initial start-up cycle, and in many cases have established markets and developed seasoned market teams. While smaller companies might offer greater opportunities for gain than larger companies, they also may involve greater risk of loss. They may be more sensitive to changes in a company s earnings expectations and may experience more abrupt and erratic price movements. Small- and mid-cap companies securities may trade in lower volumes and it might be harder for the Fund to dispose of its holdings at an acceptable price when it wants to sell them. Small- and mid-cap companies may not have established markets for their products or services and may have fewer customers and product lines. They may have more limited access to financial resources and may not have the financial strength to sustain them through business downturns or adverse market conditions. Since small- and mid-cap companies typically reinvest a high proportion of their earnings in their business, they may not pay dividends for some time, particularly if they are newer companies. Small- and mid-cap companies may have unseasoned management or less depth in management skill than larger, more established companies. They may be more reliant on the efforts of particular members of their management team and management changes may pose a greater risk to the success of the business. It may take a substantial period of time before the Fund realizes a gain on an investment in a small- or mid-cap company, if it realizes any gain at all. Who is the Fund Designed For? The Fund is designed primarily for investors seeking capital appreciation. Those investors should be willing to assume the risks of short-term share price fluctuations and losses that are typical for a growth fund focusing on stocks of issuers in emerging and developing markets. The Fund is not designed for investors needing current income. The Fund is not a complete investment program. You should carefully consider your own investment goals and risk tolerance before investing in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 4 Oppenheimer Emerging Markets Innovators Fund

12 The Fund s Past Performance. The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund s performance (for Class A Shares) from calendar year to calendar year and by showing how the Fund s average annual returns for the periods of time shown in the table compare with those of a broad measure of market performance. The Fund s past investment performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Sales charges and taxes are not reflected in the bar chart and if those charges were included, returns would be less than those shown. More recent performance information is available by calling the toll-free number on the back of this prospectus and on the Fund s website: 0% % -1.20% Sales charges and taxes are not included and the returns would be lower if they were. During the period shown, the highest return for a calendar quarter was 6.35% (3rd Qtr 16) and the lowest return for a calendar quarter was % (3rd Qtr 15). For the period from January 1, 2017 to September 30, 2017 the return before sales charges and taxes was 30.38%. The following table shows the average annual total returns for each class of the Fund s shares. After-tax returns are calculated using the highest individual federal marginal income tax rates and do not reflect the impact of state or local taxes. Your actual after-tax returns, depending on your individual tax situation, may differ from those shown and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only one class and after-tax returns for other classes will vary. Average Annual Total Returns for the periods ending December 31, Years 1Year (or life of class, if less) Class A Shares (inception 06/30/14) Return Before Taxes (6.88)% (9.60)% Return After Taxes on Distributions (6.88)% (9.62)% Return After Taxes on Distributions and Sale of Fund Shares (3.90)% (7.19)% Class C Shares (inception 06/30/14) (3.04)% (8.15)%... Class R Shares (inception 06/30/14) (1.44)% (7.65)%... Class Y Shares (inception 06/30/14) (0.96)% (7.18)%... Class I Shares (inception 06/30/14) (0.83)% (6.98)% Morgan Stanley Capital International Emerging Markets Mid Cap Index 4.84% (7.04)%* (reflects no deduction for fees, expenses, or taxes) * From 06/30/14 Investment Adviser. OFI Global Asset Management, Inc. (the Manager ) is the Fund s investment adviser. OppenheimerFunds, Inc. (the Sub-Adviser ) is its sub-adviser. Portfolio Managers. Heidi Heikenfeld, CFA, and Justin Leverenz, CFA, have each been a Vice President and portfolio manager of the Fund since its inception. Purchase and Sale of Fund Shares. You can buy most classes of Fund shares with a minimum initial investment of $1,000. Traditional and Roth IRA, Asset Builder Plan, Automatic Exchange Plan and government allotment plan accounts may be opened with a minimum initial investment of $500. For wrap fee-based programs, salary reduction plans and other retirement plans and accounts, there is no minimum initial investment. Once your account is open, subsequent purchases may be made in any amount. For Class I shares, the minimum initial investment is $1 million per account. The Class I share minimum initial investment is waived for retirement plan and health savings account service provider platforms (jointly, service provider platforms ). Shares may be purchased and redeemed on days the New York Stock Exchange is open for trading. Shareholders may purchase or redeem shares by mail at the address on the back cover, through the website at or by calling on any regular business day. Share transactions may be paid by check, by Federal Funds wire or directly from or into your bank account. Oppenheimer Emerging Markets Innovators Fund 5

13 Taxes. Fund distributions are subject to Federal income tax as ordinary income or as capital gains and they may also be subject to state or local taxes, unless your shares are held in a tax-deferred account (in which case you may be taxed later, upon withdrawal of your investment from such account). Payments to Broker-Dealers and Other Financial Intermediaries. If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank), the Fund, the Sub-Adviser, or their related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary s website for more information. 6 Oppenheimer Emerging Markets Innovators Fund

14 More About The Fund About the Fund s Investments The allocation of the Fund s portfolio among different types of investments will vary over time and the Fund s portfolio might not always include all of the different types of investments described below. The Statement of Additional Information contains additional information about the Fund s investment policies and risks. The Fund s Principal Investment Strategies and Risks. The following strategies and types of investments are the ones that the Fund considers to be the most important in seeking to achieve its investment objective and the following risks are those the Fund expects its portfolio to be subject to as a whole. Common Stock and Other Equity Investments. Equity securities include common stock, preferred stock, rights, warrants and certain securities that are convertible into common stock. Equity investments may be exchange-traded or over-the-counter securities. The value of the Fund s portfolio may be affected by changes in the stock markets. Stocks and other equity securities fluctuate in price in response to changes to equity markets in general. Stock markets may experience significant short-term volatility and may fall sharply at times. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments. Different stock markets may behave differently from each other and U.S. stock markets may move in the opposite direction from one or more foreign stock markets. The prices of equity securities generally do not all move in the same direction at the same time. A variety of factors can affect the price of a particular company s stock. These factors may include, but are not limited to: poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the company s sector or industry, or changes in government regulations affecting the company or its industry. To the extent that securities of a particular type are emphasized (for example foreign stocks, stocks of small- or mid-cap companies, growth or value stocks, or stocks of companies in a particular industry) its share value may fluctuate more in response to events affecting the market for those types of securities. Common stock represents an ownership interest in a company. It ranks below preferred stock and debt securities in claims for dividends and in claims for assets of the issuer in a liquidation or bankruptcy. Preferred stock has a set dividend rate and ranks ahead of common stocks and behind debt securities in claims for dividends and for assets of the issuer in a liquidation or bankruptcy. The dividends on preferred stock may be cumulative (they remain a liability of the company until paid) or non-cumulative. The fixed dividend rate of preferred stocks may cause their prices to behave more like those of debt securities. If prevailing interest rates rise, the fixed dividend on preferred stock may be less attractive, which may cause the price of preferred stock to decline. Warrants are options to purchase equity securities at specific prices that are valid for a specific period of time. Their prices do not necessarily move parallel to the prices of the underlying securities, and can be more volatile than the price of the underlying securities. If the market price of the underlying security does not exceed the exercise price during the life of the warrant, the warrant will expire worthless and any amount paid for the warrant will be lost. The market for warrants may be very limited and it may be difficult to sell a warrant promptly at an acceptable price. Rights are similar to warrants, but normally have a short duration and are distributed directly by the issuer to its shareholders. Rights and warrants have no voting rights, receive no dividends and have no rights with respect to the assets of the issuer. Convertible securities can be converted into or exchanged for a set amount of common stock of an issuer within a particular period of time at a specified price or according to a price formula. Convertible debt securities pay interest and convertible preferred stocks pay dividends until they mature or are converted, exchanged or redeemed. Some convertible debt securities may be considered equity equivalents because of the feature that makes them convertible into common stock. The conversion feature of convertible securities generally causes the market value of convertible securities to increase when the value of the underlying common stock increases, and to fall when the stock price falls. The market value of a convertible security reflects both its investment value, which is its expected income potential, and its conversion value, which is its anticipated market value if it were converted. If its conversion value exceeds its investment value, the security will generally behave more like an equity security, in which case its price will tend to fluctuate with the price of the underlying common stock or other security. If its investment value exceeds its conversion value, the security will generally behave more like a debt security, in which case the security s price will likely increase when interest rates fall and decrease when interest rates rise. Convertible securities may offer the Fund the ability to participate in stock market movements while also seeking some current income. Convertible securities may provide more income than common stock but they generally provide less income than comparable non-convertible debt securities. Most convertible securities will vary, to some extent, with changes in the price of the underlying common stock and are therefore subject to the risks of that stock. In addition, convertible securities may be subject to the risk that the issuer will not be able to pay interest or dividends when due, and their market value may change based on changes in the issuer s credit rating or the market s perception of the issuer s creditworthiness. However, credit ratings Oppenheimer Emerging Markets Innovators Fund 7