Quick Facts

The Search for Tomorrows LeadersInternational Small-Cap Equities

Small-cap companies drive a surprisingly large share of global equity returns. Yet many equity investors tend to use a single international equity
large-cap portfolio for their broad international exposure. This rapidly growing and attractively priced universe offers the potential for dramatic growth
with compelling risk-adjusted returns.
Investors May Be Underexposed
to Smaller Companies Outside the U.S.1

International Small Caps Have Contributed

49% to Non-U.S. Equity Returns1

Small Cap Doesnt Mean

Small Universe2

Small-Cap Exposure of Large-Cap

International Equity Managers vs.
Benchmark

Cumulative Total Return 20002015

for International Equities: 80.2%

Universe of International Small Caps (companies under $5B USD) Continues to Grow

90%

17%

Foreign LargeCap Manager

Average

60

49%

MSCI ACWI
ex U.S. Index

Companies

Stocks with
Market Caps
Under $5B

Smaller Companies Outside the U.S. Have Posted

Compelling Risk-Adjusted Performance 20002015 4
0.40

Sharpe Ratio

0.30

17.9

0.10
Small Caps

Mid Caps

Mid
Caps

0.20

Large Caps
0.00

Large
Caps

34,859

Technological Leadership
and Change

Small Caps Mid and Large Caps

Average Annual Standard Deviation 20002015

19.1 18.4

22,910

7.6T

So What Is Driving this Growth?

The Perception that International Smaller Companies

Are Much More Volatile Isnt the Reality3

3.8T

Companies Under $5B

Average

30

2015
$

Small
Caps

Revolutionary Business
Models and Ideas

Institutional and
Regulatory Progress

Smaller Companies Outside the U.S.

Are Becoming More Attractively Priced5
Price-to-Earnings Ratio (P/E)

24%

20

10

Market Cap
MSCI

Total Return (%)

Percent Total (%)

30%

2000
$
Companies Over $5B

80
60

Small-Cap Peak: 62.9x

Small-Cap Current: 21.2x

MSCI ACWI

Small-Cap Average: 23.2x

MSCI ACWI

MSCI ACWI

40
20
0

12/31/99

Small Caps

12/31/04

Mid Caps

12/31/09

3/31/15

Large Caps

1. Sources: FactSet and Morningstar Direct. Asset allocation is as of 3/31/15 for the MSCI ACWI ex U.S. Index. Return contribution based on MSCI ACWI ex U.S. Index as of 3/31/15. Morningstar Foreign Large-Cap manager average is based on the portfolio of all
funds in the Foreign Large Growth, Foreign Large Blend and Foreign Large Value categories. The exposure noted in the chart is the combined exposure of micro-, small- and mid-cap companies as defined by Morningstar. The MSCI ACWI ex U.S. Index is designed
to measure the equity market performance of developed and emerging markets and excludes the U.S. The index is unmanaged and cannot be purchased directly by investors. Index performance isshown for illustrative purposes only and does not predict or depict
the performance of the Fund. Past performance does not guarantee future results.
2. Source: Bloomberg. Data as of 3/31/15.
Large
Caps
Capsex U.S. Mid and MSCI ACWI ex U.S. Large Cap Indices, respectively. It is not possible to invest
3. Source: Morningstar. Calendar-year standard deviation as of 3/31/15. Small caps, mid caps and large caps
are those
of the MSCIMid
ACWICaps
ex U.S. Small, Small
MSCI ACWI
directly in an index. Small-cap stocks can be a more volatile investment opportunity relative to large-cap stocks. The MSCI ACWI ex U.S. Small Cap Index, MSCI ACWI ex U.S. Mid Cap Index and MSCI ACWI ex U.S. Large Cap Index are designed to measure
the equity market performance of small capitalization, mid capitalization and large capitalization, developed and emerging markets, excluding the United States, respectively. The indices are unmanaged and cannot be purchased directly by investors. Index
performance is shown for illustrative purposes only and does not predict or depict the performance of the Fund. Past performance does not guarantee future results.
4. Source: Morningstar. Sharpe Ratio for the MSCI ACWI ex U.S. Small, MSCI ACWI ex U.S. Mid and MSCI ACWI ex U.S. Large Cap Indices, respectively, as of 3/31/15. Sharpe Ratio: A risk-adjusted measure that measures reward per unit of risk. The higher the
Sharpe Ratio, the better. The numerator is the difference between the portfolios annualized return and the annualized return of a risk-free instrument. The denominator is the portfolios annualized standard deviation (population).
5. Source: FactSet. Data as of 3/31/15. Small caps, mid caps and large caps are those of the MSCI ACWI ex U.S. Small, MSCI ACWI ex U.S. Mid and MSCI ACWI ex U.S. Large Cap Indices, respectively.

Quick Facts

Oppenheimer International Small Company Fund

(Ticker A/C/Y: OSMAX, OSMCX, OSMYX)

H Morningstar Rating

TM

Class Y shares rated 5-stars by Morningstar among 127 Foreign Small/Mid Growth funds for the 3- and 5-year periods ended 3/31/15 based on
risk-adjusted performance.1
We look to be long-term shareholders in small companies that have the potential to become large companies. Rigorous fundamental analysis is employed
to identify future leaders that operate in industries driven by structural growth and high barriers to entry. We seek companies with meaningful competitive
advantages, such as technological leadership, intellectual property, strong brands, or industries favoring natural monopolies.

Average Annual Total Returns and Expense Ratios, as of 3/31/15

A Track Record that Has Shown Strong Upside and Less Participation in Down Markets

Percent (%)

120%
80

3-Year

5-Year

10-Year
or Since
Inception

18.61%

14.64%

12.55%

2.70

16.29

13.29

11.89

3.50

18.97

15.05

12.17

2.02

10.50

9.87

7.82

6th

3rd

2nd

1st

#9/142

#4/127

#3/106

#1/62

1-Year

116.46%

Class A Shares w/o Sales Charge

101.52%

40

80.50%
43.94%

0
3-Year Up Capture

Class A

Growth of a $10,000 Investment 11/30/973/31/15

Class A Shares w/ Sales Charge

Class Y Shares

Morningstar Foreign Small/Mid

Growth Peer Group Average

Mstar Foreign Small/Mid Growth

Percentile
Rank

3-Year Down Capture

The Fund Has Delivered Solid Results

$10k

International Small Company

3.23%

Annual Expense Ratios: Gross: A Shares 1.22%/Y Shares 0.97%

Yshares inception as of 9/7/05.
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 investors shares, when redeemed, may be worth more or less than the original
Mstar Foreign Small/Mid Growth
Peer Group
Average
cost. Current
performance
and expense ratio may be lower or higher than the data quoted.
Opp International Small CoFor
Fund
Class A @NAV
performance
data current to the most recent month-end, visit oppenheimerfunds.com.
Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum
applicable sales charge except where without sales charge is indicated. Class Y shares
are not subject to sales charge. Returns do not consider capital gains or income taxes on an
individualsinvestment.

$83,352

Oppenheimer International Small Company Fund

MSCI ACWI ex U.S.
Small Cap Index

$36,353

Performance quoted above includes changes in net asset value and reinvested distributions, but not the maximum applicable sales charge.
Ifthe sales charge was considered, performance quoted above would be lower. Past performance does not guarantee future results.
1. For each fund with at least a three-year history, Morningstar calculates ratings based on a proprietary risk-adjusted return score that accounts for variation
in a funds monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and
rewarding consistency. The top 10% of funds in each category receive 5 stars, the next 22.5% 4 stars, the next 35% 3 stars, the next 22.5% 2 stars and the
bottom 10% 1 star with some adjustments for multiple share class portfolios. The Overall Morningstar Rating is derived from a weighted average
of the 3-, 5- and 10-year ratings (where applicable). For the 3- and 5- year periods, respectively, the Fund was rated 5 and 5 stars among 127 and
103 funds in the Foreign Small/Mid Growth category for the time period ended 3/31/15. Rating is for Y shares and rating may include more than one
share class of funds in the category, including other share classes of this Fund. Different share classes may have different expenses and performance
characteristics. Y shares are not available to all investors. See the prospectus for details. Past performance does not guarantee future results.
Up market capture is a measure of a managers performance in up markets relative to an index. Down market capture is the direct opposite of the up market
capture ratio, gauging the performance of the fund relative to the index in down markets.
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. Small and 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 small or mid-sized company, if any gain is realized at all.
Investing significantly in a particular region, industry, sector or issuer may increase volatility and risk.
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.

Before investing in any of the Oppenheimer funds, investors should carefully consider a funds 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
1 800 CALL OPP (225 5677). Read prospectuses and summary prospectuses carefully before investing.

Top 10 Stock Holdings by Issuer

Geographic Allocation

Lonza Group AG

2.5%

Europe

55.5%

Ocado Group plc

2.1

Asia Pacific

27.1

Hoshizaki Electric Co., Ltd.

1.7

Americas

5.6

Nice Systems Ltd.

1.6

Middle East

1.6

Baloise Holding-Reg

1.6

Xing AG

1.5

Auxi Pharmatech, Inc. ADR

1.4

Tech Mahindra Ltd.

1.4

Monotaro Co. Ltd.

1.4

Bank of Ireland

1.4

Top 5 Sectors
Healthcare

23.2%

Consumer Discretionary

15.8

Information Technology

15.7

Industrials

13.9

Financials

11.5

Holdings are subject to change, and are dollar weighted based on total net assets.
The Morningstar Foreign Small/Mid Growth category average is composed of the average return for the
funds in the Morningstar category.
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 ofthe close of
business on March 31, 2015, and are subject to change.
Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.
225 Liberty Street, New York, NY 10281-1008
2015 OppenheimerFunds Distributor, Inc. All rights reserved.
DS0815.001.0415 May 4, 2015