Oppenheimer Emerging Markets Innovators Fund

Six Months Ended February 28, 2019

Year Ended August 31, 2018

Year Ended August 31, 2017

Year Ended August 31, 2016

Year Ended August 31, 2015

N-CSRS 1 d731719dncsrs.htm OPPENHEIMER EMERGING MARKETS INNOVATORS FUND Oppenheimer Emerging Markets Innovators Fund

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22943

Oppenheimer Emerging Markets Innovators Fund

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Cynthia Lo Bessette

OFI Global Asset Management, Inc.

225 Liberty Street, New York, New York 10281-1008

(Name and address of agent for service)

Registrant’s telephone number, including area code: (303) 768-3200

Date of fiscal year end: August 31

Date of reporting period: 2/28/2019

Item 1. Reports to Stockholders.

LOGO

Semiannual Report 2/28/2019 Oppenheimer Emerging Markets Innovators Fund Important Notice: The Securities and Exchange Commission will permit funds to deliver shareholder reports electronically beginning January 1, 2021. At that time, OppenheimerFunds will send a notice, either by mail or email, each time your fund’s updated report is available on our website (oppenheimerfunds.com). Investors enrolled in electronic delivery will receive the notice by email, with links to the updated report. Investors who are not enrolled in electronic delivery by January 1, 2021 will receive the notice in the mail. All investors who prefer to receive shareholder reports in paper may, at any time, choose that option free of charge by calling 1.800.225.5677.

Important Updates

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it has entered into an agreement whereby Invesco Ltd., a global investment management company, will acquire OppenheimerFunds, Inc. As of the date of this report, the transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. This is subject to change. See the Notes to Financial Statements for more information.

Update to Shareholder Report Document Delivery

Beginning January 1, 2021, OppenheimerFunds will send a notice, either by mail or email, each time your fund’s updated report is available on our website (oppenheimerfunds.com). Investors who are not enrolled in electronic delivery by January 1, 2021 will receive the notice in the mail. Enrolling in electronic delivery will enable you to receive a direct link to your full shareholder report the moment it becomes available, and limit the amount of mail you receive. All investors who prefer to receive shareholder reports in paper may, at any time, choose that option.

How do you update your delivery preferences?

If you own these shares through a financial intermediary, you may contact your financial intermediary.

If your accounts are held through OppenheimerFunds and you receive statements, confirms, and other documents directly from us, you can enroll in our eDocs Direct^SM service at oppenheimerfunds.com or by calling us. Once you’re enrolled, you’ll begin to receive email notifications of updated documents when they become available. If you have any questions, feel free to call us at 1.800.225.5677.

Table of Contents



Top Holdings and Allocations			4

Fund Expenses			7

Statement of Investments			9

Statement of Assets and Liabilities			13

Statement of Operations			15

Statements of Changes in Net Assets			16

Financial Highlights			17

Notes to Financial Statements			27

Board Approval of the Fund’s Investment Advisory and Sub-Advisory Agreements			41

Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments			44

Trustees and Officers			45

Privacy Notice			46

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 2/28/19


	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	MSCI Emerging Markets Mid Cap Index
6-Month	-4.82%	-10.29%	0.02%
1-Year	-17.46	-22.21	-8.89
Since Inception (6/30/14)	-0.18	-1.44	0.93

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 their original cost. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum applicable sales charge except where “without sales charge” is indicated. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. Returns for periods of less than one year are cumulative and not annualized. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). See Fund prospectuses and summary prospectuses for more information on share classes and sales charges.

3 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

Top Holdings and Allocations

TOP TEN GEOGRAPHICAL HOLDINGS


China	18.9	%
Taiwan	17.1
South Korea	11.7
India	10.7
United States	10.5
Brazil	6.0
South Africa	4.8
Mexico	2.6
Thailand	2.1
Indonesia	1.9

Portfolio holdings and allocations are subject to change. Percentages are as of February 28, 2019, and are based on total market value of investments.

TOP TEN COMMON STOCK HOLDINGS


ASMedia Technology, Inc.	2.7	%
Capitec Bank Holdings Ltd.	2.4
Globant SA	2.3
Biocon Ltd.	2.1
Medy-Tox, Inc.	2.1
Ace Hardware Indonesia Tbk PT	1.9
Fila Korea Ltd.	1.9
Cosmax, Inc.	1.9
Huazhu Group Ltd., ADR	1.9
Chailease Holding Co. Ltd.	1.8

Portfolio holdings and allocations are subject to change. Percentages are as of February 28, 2019, and are based on net assets.

SECTOR ALLOCATION

LOGO

Portfolio holdings and allocations are subject to change. Percentages are as of February 28, 2019, and are based on the total market value of common stocks.

For more current Fund holdings, please visit oppenheimerfunds.com.

4 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 2/28/19


	Inception Date		6-Month			1-Year			Since Inception
Class A (EMIAX)		6/30/14		-4.82	%		-17.46	%		-0.18	%
Class C (EMVCX)		6/30/14		-5.25			-18.08			-0.95
Class I (EMVIX)		6/30/14		-4.65			-17.08			0.28
Class R (EMIRX)		6/30/14		-4.96			-17.68			-0.45
Class Y (EMIYX)		6/30/14		-4.68			-17.18			0.09

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 2/28/19


	Inception Date		6-Month			1-Year			Since Inception
Class A (EMIAX)		6/30/14		-10.29	%		-22.21	%		-1.44	%
Class C (EMVCX)		6/30/14		-6.20			-18.90			-0.95
Class I (EMVIX)		6/30/14		-4.65			-17.08			0.28
Class R (EMIRX)		6/30/14		-4.96			-17.68			-0.45
Class Y (EMIYX)		6/30/14		-4.68			-17.18			0.09

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 their original cost. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800. CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 5.75%; and for Class C shares, the contingent deferred sales charge of 1% for the 1-year period. There is no sales charge for Class I, Class R and Class Y shares. Returns for periods of less than one year are cumulative and not annualized. See Fund prospectuses and summary prospectuses for more information on share classes and sales charges.

The Fund’s performance is compared to the performance of the MSCI Emerging Markets Mid Cap Index, which is designed to measure performance of mid-capitalization, global emerging market equities. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

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

5 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.

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.

6 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended February 28, 2019.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended February 28, 2019” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

7 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND


Actual	Beginning Account Value September 1, 2018	Ending Account Value February 28, 2019	Expenses Paid During 6 Months Ended February 28, 2019
Class A	$ 1,000.00	$ 951.80	$ 8.26
Class C	1,000.00	947.50	11.86
Class I	1,000.00	953.50	6.07
Class R	1,000.00	950.40	9.43
Class Y	1,000.00	953.20	7.05

Hypothetical (5% return before expenses)
Class A	1,000.00	1,016.36	8.53
Class C	1,000.00	1,012.69	12.25
Class I	1,000.00	1,018.60	6.28
Class R	1,000.00	1,015.17	9.74
Class Y	1,000.00	1,017.60	7.28

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended February 28, 2019 are as follows:


Class	Expense Ratios
Class A		1.70%
Class C		2.44
Class I		1.25
Class R		1.94
Class Y		1.45

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

8 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

STATEMENT OF INVESTMENTS February 28, 2019 Unaudited


	Shares		Value
Common Stocks—92.9%
Consumer Discretionary—25.6%
Auto Components—3.7%
Cub Elecparts, Inc.		894,390	$	9,036,952
Hota Industrial Manufacturing Co. Ltd.		1,824,449		7,094,755
Minth Group Ltd.		1,978,000		7,886,914
				24,018,621
Automobiles—0.5%
Brilliance China Automotive Holdings Ltd.		3,144,000		3,074,833
Diversified Consumer Services—3.1%
China Maple Leaf Educational Systems Ltd.		3,520,000		1,590,871
Four Seasons Education Cayman, Inc., ADR¹		43,280		82,665
Fu Shou Yuan International Group Ltd.		11,327,000		9,924,733
New Oriental Education & Technology Group, Inc., Sponsored ADR¹		36,620		3,005,037
TAL Education Group, ADR¹		153,020		5,447,512
				20,050,818
Entertainment—1.3%
NCSoft Corp.		21,338		8,750,780
Hotels, Restaurants & Leisure—4.7%
Alsea SAB de CV		2,700,075		6,835,119
Huazhu Group Ltd., ADR		346,486		12,151,264
Jollibee Foods Corp.		859,673		5,118,070
Mandarin Oriental International Ltd.		2,163,800		4,413,291
Minor International PCL		1,660,500		2,048,051
				30,565,795
Household Durables—0.6%
Nien Made Enterprise Co. Ltd.		450,000		3,900,069
Interactive Media & Services—1.5%
Kakao Corp.		102,520		9,472,282


	Shares		Value
Internet & Catalog Retail—2.2%
Baozun, Inc., Sponsored ADR¹		258,310	$	9,673,709
Despegar.com Corp.¹		278,690		5,013,633
				14,687,342
Specialty Retail—5.6%
Ace Hardware Indonesia Tbk PT		101,346,900		12,656,532
Arvind Fashions Ltd.¹		147,549		1,261,275
Beauty Community PCL		36,564,800		7,979,476
JUMBO SA		342,517		5,570,654
Zhongsheng Group Holdings Ltd.		3,774,000		8,777,068
				36,245,005
Textiles, Apparel & Luxury Goods—2.4%
Arvind Ltd.		737,749		787,347
Eclat Textile Co. Ltd.		220,427		2,509,972
Fila Korea Ltd.		253,578		12,537,060
HOSA International Ltd.²		6,382,000		—
				15,834,379
Consumer Staples—6.3%
Food & Staples Retailing—3.6%
Clicks Group Ltd.		594,076		7,615,978
Philippine Seven Corp.		339,716		875,804
President Chain Store Corp.		422,000		4,360,501
Raia Drogasil SA		303,000		5,276,475
SPAR Group Ltd. (The)		392,932		5,572,477
				23,701,235
Food Products—0.2%
Vietnam Dairy Products JSC		152,392		928,833
Personal Products—2.5%
Cosmax, Inc.		94,283		12,338,148
TCI Co. Ltd.		268,401		4,102,454
				16,440,602
Financials—13.8%
Capital Markets—1.2%
Georgia Capital plc¹		194,483		2,842,963
Moscow Exchange (The)		3,360,540		4,651,794
				7,494,757

9 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

STATEMENT OF INVESTMENTS Unaudited / Continued


	Shares		Value
Commercial Banks—6.1%
Banco Davivienda SA, Preference		380,072	$	4,654,849
Bank of Georgia Group plc		94,856		2,108,804
Capitec Bank Holdings Ltd.		170,905		15,839,491
Commercial International Bank Egypt SAE		1,406,070		5,635,522
Credicorp Ltd.		7,680		1,866,931
Equity Group Holdings plc		11,320,586		4,653,251
OTP Bank Nyrt		114,620		4,842,439
				39,601,287
Consumer Finance—3.3%
Cholamandalam Investment & Finance Co. Ltd.		315,418		5,465,965
Gentera SAB de CV		7,944,342		6,522,293
KRUK SA		102,341		4,462,661
Shriram Transport Finance Co. Ltd.		290,988		4,688,521
				21,139,440
Diversified Financial Services—1.8%
Chailease Holding Co. Ltd.		3,093,600		11,989,536
Insurance—0.4%
Discovery Ltd.		238,787		2,610,540
Real Estate Management & Development—1.0%
Oberoi Realty Ltd.		966,805		6,739,665
Health Care—15.2%
Biotechnology—8.4%
3SBio, Inc.³		4,379,000		7,221,631
Biocon Ltd.		1,582,604		13,836,464
Hugel, Inc.¹		5,433		1,699,317
Innovent Biologics, Inc.^1,3		2,144,500		6,492,392
Medy-Tox, Inc.		28,524		13,805,549
Seegene, Inc.¹		340,160		6,518,239
TaiMed Biologics, Inc.¹		829,000		4,868,004
Taiwan Liposome Co. Ltd.¹		210,000		656,856
				55,098,452
Health Care Providers & Services—3.7%
Bumrungrad Hospital PCL		591,100		3,502,427


	Shares		Value
Health Care Providers & Services (Continued)
Fleury SA		847,900	$	4,514,729
NMC Health plc		161,520		5,785,199
Odontoprev SA		2,306,200		10,192,064
				23,994,419
Life Sciences Tools & Services—2.7%
Syngene International Ltd.³		750,540		6,235,115
Wuxi Biologics Cayman, Inc.^1,3		1,179,000		11,154,602
				17,389,717
Pharmaceuticals—0.4%
Caregen Co. Ltd.		40,349		2,676,502
Industrials—10.2%
Air Freight & Couriers—1.2%
Kerry Logistics Network Ltd.		4,645,000		7,708,802
Commercial Services & Supplies—0.9%
Sunny Friend Environmental Technology Co. Ltd.		763,000		6,114,351
Construction & Engineering—1.4%
Voltas Ltd.		1,145,498		9,139,147
Electrical Equipment—1.1%
Voltronic Power Technology Corp.		379,884		7,069,522
Machinery—2.5%
Airtac International Group		595,093		7,117,908
Anup Engineering Ltd. (The)¹		27,324		173,488
Estun Automation Co. Ltd., Cl. A		2,341,223		3,561,881
Grupo Rotoplas SAB de CV¹		3,382,140		3,604,664
Han’s Laser Technology Industry Group Co. Ltd., Cl. A		271,940		1,617,801
				16,075,742
Marine—0.6%
SITC International Holdings Co. Ltd.		4,009,000		3,875,832
Road & Rail—1.7%
Localiza Rent a Car SA		1,219,275		11,215,194

10 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND


	Shares		Value
Transportation Infrastructure—0.8%
International Container Terminal Services, Inc.		2,449,990	$	5,505,149
Information Technology—19.0%
Electronic Equipment, Instruments, & Components—3.8%
AAC Technologies Holdings, Inc.		315,500		1,869,450
Huami Corp., ADR¹		225,496		4,210,010
Largan Precision Co. Ltd.		37,000		5,219,453
Sunny Optical Technology Group Co. Ltd.		783,800		9,255,286
Taiwan Union Technology Corp.		1,270,000		4,136,201
				24,690,400
IT Services—3.4%
Mindtree Ltd.		473,036		6,047,746
My EG Services Bhd		37,343,150		9,272,268
Pagseguro Digital Ltd., Cl. A¹		240,830		6,774,548
				22,094,562
Semiconductors & Semiconductor Equipment—7.3%
ASMedia Technology, Inc.		934,000		17,347,929
ASPEED Technology, Inc.		222,000		5,039,561
eMemory Technology, Inc.		293,000		2,590,823
Koh Young Technology, Inc.		115,910		8,322,056
LandMark Optoelectronics Corp.		828,000		8,215,338


	Shares		Value
Semiconductors & Semiconductor Equipment (Continued)
Silergy Corp.		338,000	$	6,068,294
				47,584,001
Software—4.5%
Globant SA¹		215,590		14,851,995
Kingdee International Software Group Co. Ltd.		6,094,300		6,580,597
Linx SA		1,072,800		8,145,643
				29,578,235
Materials—2.8%
Chemicals—1.0%
Coromandel International Ltd.		1,099,647		6,837,894
Construction Materials—1.8%
Lucky Cement Ltd.		951,749		3,208,941
Odisha Cement Ltd.¹		287,576		4,662,591
Shree Cement Ltd.		15,919		3,717,210
				11,588,742
Total Common Stocks (Cost $544,953,157)				605,482,482
Investment Company—7.1%
Oppenheimer Institutional Government Money Market Fund, Cl. E, 2.37%^4,5(Cost $46,577,462)		46,577,462		46,577,462
Total Investments, at Value (Cost $591,530,619)		100.0%		652,059,944
Net Other Assets (Liabilities)		0.0		(24,194	)
Net Assets		100.0%	$	652,035,750

Footnotes to Statement of Investments

1. Non-income producing security.

2. The value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying

Notes.

3. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $31,103,740 or 4.77% of the Fund’s net assets at period end.

4. Rate shown is the 7-day yield at period end.

11 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments (continued)

5. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the reporting period, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the reporting period in which the issuer was an affiliate are as follows:


	Shares August 31, 2018		Gross Additions		Gross Reductions		Shares February 28, 2019
Investment Company
Oppenheimer Institutional Government Money Market Fund, Cl. E		34,995,262		214,042,820		202,460,620		46,577,462

	Value		Income		Realized Gain (Loss)		Change in Unrealized Gain (Loss)
Investment Company
Oppenheimer Institutional Government Money Market Fund, Cl. E	$	46,577,462	$	514,121	$	—	$	—

Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:


Geographic Holdings	Value		Percent
China	$	123,522,383		18.9%
Taiwan		111,370,185		17.1
South Korea		76,119,932		11.7
India		69,592,427		10.7
United States		68,204,005		10.5
Brazil		39,344,104		6.0
South Africa		31,638,486		4.8
Mexico		16,962,076		2.6
Thailand		13,529,954		2.1
Indonesia		12,656,532		1.9
Hong Kong		12,122,093		1.9
Philippines		11,499,023		1.8
Malaysia		9,272,268		1.4
United Arab Emirates		5,785,199		0.9
Egypt		5,635,522		0.9
Greece		5,570,654		0.8
Argentina		5,013,633		0.8
Georgia		4,951,768		0.8
Hungary		4,842,439		0.7
Colombia		4,654,849		0.7
Kenya		4,653,251		0.7
Russia		4,651,794		0.7
Poland		4,462,662		0.7
Pakistan		3,208,941		0.5
Peru		1,866,931		0.3
Vietnam		928,833		0.1
Total	$	652,059,944		100.0%

See accompanying Notes to Financial Statements.

12 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

STATEMENT OF ASSETS AND LIABILITIES February 28, 2019 Unaudited


Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $544,953,157)	$	605,482,482
Affiliated companies (cost $46,577,462)		46,577,462
		652,059,944
Cash		293,881
Cash—foreign currencies (cost $33,130)		10,914
Receivables and other assets:
Shares of beneficial interest sold		1,154,265
Dividends		378,747
Investments sold		91,902
Other		114,719
Total assets		654,104,372

Liabilities
Payables and other liabilities:
Shares of beneficial interest redeemed		1,754,587
Investments purchased		107,475
Foreign capital gains tax		75,420
Distribution and service plan fees		24,306
Trustees’ compensation		6,244
Other		100,590
Total liabilities		2,068,622
Net Assets	$	652,035,750


Composition of Net Assets
Par value of shares of beneficial interest	$	65,393
Additional paid-in capital		649,771,087
Total distributable earnings		2,199,270
Net Assets	$	652,035,750

13 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

STATEMENT OF ASSETS AND LIABILITIES Unaudited /Continued


Net Asset Value Per Share
Class A Shares:

Net asset value and redemption price per share (based on net assets of $88,894,033 and 8,994,376 shares of beneficial interest outstanding)			$9.88
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price)			$10.48

Class C Shares:

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $33,569,092 and 3,509,887 shares of beneficial interest outstanding)			$9.56

Class I Shares:

Net asset value, redemption price and offering price per share (based on net assets of
$277,370,629 and 27,592,078 shares of beneficial interest outstanding)			$10.05

Class R Shares:

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $6,920,963 and 707,521 shares of beneficial interest outstanding)			$9.78

Class Y Shares:

Net asset value, redemption price and offering price per share (based on net assets of
$245,281,033 and 24,589,254 shares of beneficial interest outstanding)			$9.98

See accompanying Notes to Financial Statements.

14 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

STATEMENT

OF OPERATIONS For the Six Months Ended February 28, 2019 Unaudited


Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $185,567)	$	1,540,769
Affiliated companies		514,121
Interest		42,770
Total investment income		2,097,660

Expenses
Management fees		3,134,406
Distribution and service plan fees:
Class A		102,383
Class C		164,924
Class R		15,606
Transfer and shareholder servicing agent fees:
Class A		82,386
Class C		32,231
Class I		27,798
Class R		6,140
Class Y		232,404
Shareholder communications:
Class A		1,936
Class C		896
Class I		505
Class R		303
Class Y		3,701
Custodian fees and expenses		149,977
Borrowing fees		6,912
Trustees’ compensation		4,182
Other		131,264
Total expenses		4,097,954
Less reduction to custodian expenses		(1,517	)
Less waivers and reimbursements of expenses		(37,823	)
Net expenses		4,058,614


Net Investment Loss		(1,960,954	)
Realized and Unrealized Gain (Loss)
Net realized loss on:
Investment transactions in unaffiliated companies		(32,591,716	)
Foreign currency transactions		(109,702	)
Net realized loss		(32,701,418	)
Net change in unrealized appreciation/(depreciation) on:
Investment transactions in unaffiliated companies		20,172,115
Translation of assets and liabilities denominated in foreign currencies		15,295
Net change in unrealized appreciation/(depreciation)		20,187,410
Net Decrease in Net Assets Resulting from Operations	$	(14,474,962	)

See accompanying Notes to Financial Statements.

15 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended February 28, 2019 (Unaudited)		Year Ended August 31, 2018¹


Operations
Net investment loss	$	(1,960,954)	$ (324,339)

Net realized gain (loss)		(32,701,418)	11,347,777

Net change in unrealized appreciation/(depreciation)		20,187,410	(41,182,070)

Net decrease in net assets resulting from operations		(14,474,962)	(30,158,632)



Dividends and/or Distributions to Shareholders
Dividends and distributions declared:
Class A		—	(197,910)
Class C		—	—
Class I		—	(158,922)
Class R		—	(3,421)
Class Y		—	(823,021)

Total dividends and distributions declared		—	(1,183,274)



Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(4,022,112)	18,406,177
Class C		(2,406,799)	10,170,178
Class I		164,202,774	89,051,985
Class R		358,577	3,736,385
Class Y		(21,504,071)	104,621,163

Total beneficial interest transactions		136,628,369	225,985,888



Net Assets
Total increase		122,153,407	194,643,982

Beginning of period		529,882,343	335,238,361

End of period	$	652,035,750	$ 529,882,343

1. Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 2– New Accounting Pronouncements for further details.

See accompanying Notes to Financial Statements.

16 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

FINANCIAL HIGHLIGHTS


Class A	Six Months Ended February 28, 2019 (Unaudited)		Year Ended August 31, 2018		Year Ended August 31, 2017		Year Ended August 31, 2016		Year Ended August 31, 2015		Period Ended August 29, 2014^1,2


Per Share Operating Data
Net asset value, beginning of period		$10.38		$10.67		$8.87		$8.22		$9.93	$10.00


Income (loss) from investment operations:
Net investment income (loss)³		(0.04)		(0.02)		(0.03)		(0.03)		(0.02)	0.02
Net realized and unrealized gain (loss)		(0.46)		(0.25)		1.83		0.68		(1.67)	(0.09)

Total from investment operations		(0.50)		(0.27)		1.80		0.65		(1.69)	(0.07)


Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		(0.02)		0.00		0.00		(0.01)	0.00
Distributions from net realized gain		0.00		0.00		0.00		0.00		(0.01)	0.00

Total dividends and/or distributions to shareholders		0.00		(0.02)		0.00		0.00		(0.02)	0.00


Net asset value, end of period		$9.88		$10.38		$10.67		$8.87		$8.22	$9.93




Total Return, at Net Asset Value⁴		(4.82)%		(2.52)%		20.29%		7.91%		(17.10)%	(0.70)%



Ratios/Supplemental Data
Net assets, end of period (in thousands)		$88,894		$97,641		$84,324		$64,713		$41,993	$60,956


Average net assets (in thousands)		$85,169		$111,837		$65,566		$55,666		$61,498	$56,084


Ratios to average net assets:⁵
Net investment income (loss)		(0.92)%		(0.18)%		(0.35)%		(0.31)%		(0.21)%	1.37%
Expenses excluding specific expenses listed below		1.71%		1.70%		1.77%		1.75%		1.71%	1.75%
Interest and fees from borrowings		0.00%⁶		0.00%⁶		0.00%⁶		0.00%⁶		0.00%⁶	0.00%

Total expenses		1.71%⁷		1.70%⁷		1.77%⁷		1.75%⁷		1.71%⁷	1.75%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.70%		1.69%		1.70%		1.71%		1.70%	1.65%


Portfolio turnover rate		12%		24%		23%		26%		34%	3%

17 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

FINANCIAL HIGHLIGHTS Continued

1. For the period from June 30, 2014 (commencement of operations) to August 29, 2014.

2. Represents the last business day of the Fund’s reporting period.

3. Per share amounts calculated based on the average shares outstanding during the period.

4. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

5. Annualized for periods less than one full year.

6. Less than 0.005%.

7. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

See accompanying Notes to Financial Statements.

18 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND


Class C	Six Months Ended February 28, 2019 (Unaudited)		Year Ended August 31, 2018		Year Ended August 31, 2017		Year Ended August 31, 2016		Year Ended August 31, 2015		Period Ended August 29, 2014^1,2


Per Share Operating Data
Net asset value, beginning of period		$10.09		$10.42		$8.74		$8.16		$9.92	$10.00


Income (loss) from investment operations:
Net investment loss³		(0.08)		(0.10)		(0.10)		(0.09)		(0.08)	(0.00)⁴
Net realized and unrealized gain (loss)		(0.45)		(0.23)		1.78		0.67		(1.67)	(0.08)

Total from investment operations		(0.53)		(0.33)		1.68		0.58		(1.75)	(0.08)


Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		0.00		0.00		0.00		0.00	0.00
Distributions from net realized gain		0.00		0.00		0.00		0.00		(0.01)	0.00

Total dividends and/or distributions to shareholders		0.00		0.00		0.00		0.00		(0.01)	0.00


Net asset value, end of period		$9.56		$10.09		$10.42		$8.74		$8.16	$9.92




Total Return, at Net Asset Value⁵		(5.25)%		(3.17)%		19.22%		7.24%		(17.80)%	(0.80)%



Ratios/Supplemental Data
Net assets, end of period (in thousands)		$33,569		$38,156		$30,168		$19,616		$10,795	$2,987


Average net assets (in thousands)		$33,304		$39,496		$22,635		$15,335		$7,615	$1,591


Ratios to average net assets:⁶
Net investment loss		(1.68)%		(0.94)%		(1.11)%		(1.10)%		(0.88)%	(0.31)%
Expenses excluding specific expenses listed below		2.45%		2.46%		2.52%		2.50%		2.69%	2.56%
Interest and fees from borrowings		0.00%⁷		0.00%⁷		0.00%⁷		0.00%⁷		0.00%⁷	0.00%

Total expenses		2.45%⁸		2.46%⁸		2.52%⁸		2.50%⁸		2.69%⁸	2.56%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		2.44%		2.45%		2.50%		2.49%		2.50%	2.42%


Portfolio turnover rate		12%		24%		23%		26%		34%	3%

19 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

FINANCIAL HIGHLIGHTS Continued

1. For the period from June 30, 2014 (commencement of operations) to August 29, 2014.

2. Represents the last business day of the Fund’s reporting period.

3. Per share amounts calculated based on the average shares outstanding during the period.

4. Less than $0.005 per share.

5. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

6. Annualized for periods less than one full year.

7. Less than 0.005%.

8. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

See accompanying Notes to Financial Statements.

20 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND


Class I	Six Months Ended February 28, 2019 (Unaudited)		Year Ended August 31, 2018		Year Ended August 31, 2017		Year Ended August 31, 2016		Year Ended August 31, 2015		Period Ended August 29, 2014^1,2


Per Share Operating Data
Net asset value, beginning of period		$10.54		$10.82		$8.96		$8.26		$9.94	$10.00


Income (loss) from investment operations:
Net investment income (loss)³		(0.02)		0.03		0.03		0.06		0.05	0.03
Net realized and unrealized gain (loss)		(0.47)		(0.25)		1.83		0.64		(1.70)	(0.09)

Total from investment operations		(0.49)		(0.22)		1.86		0.70		(1.65)	(0.06)


Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		(0.06)		0.00		0.00		(0.02)	0.00
Distributions from net realized gain		0.00		0.00		0.00		0.00		(0.01)	0.00

Total dividends and/or distributions to shareholders		0.00		(0.06)		0.00		0.00		(0.03)	0.00


Net asset value, end of period		$10.05		$10.54		$10.82		$8.96		$8.26	$9.94




Total Return, at Net Asset Value⁴		(4.65)%		(2.06)%		20.89%		8.35%		(16.68)%	(0.60)%



Ratios/Supplemental Data
Net assets, end of period (in thousands)		$277,371		$105,736		$23,879		$7,332		$102	$10


Average net assets (in thousands)		$187,877		$49,969		$11,916		$2,128		$64	$11


Ratios to average net assets:⁵
Net investment income (loss)		(0.49)%		0.26%		0.30%		0.65%		0.54%	1.58%
Expenses excluding specific expenses listed below		1.27%		1.29%		1.32%		1.33%		1.60%	1.41%
Interest and fees from borrowings		0.00%⁶		0.00%⁶		0.00%⁶		0.00%⁶		0.00%⁶	0.00%

Total expenses		1.27%⁷		1.29%⁷		1.32%⁷		1.33%⁷		1.60%⁷	1.41%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.25%		1.25%		1.25%		1.24%		1.25%	1.17%


Portfolio turnover rate		12%		24%		23%		26%		34%	3%

21 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

FINANCIAL HIGHLIGHTS Continued

1. For the period from June 30, 2014 (commencement of operations) to August 29, 2014.

2. Represents the last business day of the Fund’s reporting period.

3. Per share amounts calculated based on the average shares outstanding during the period.

5. Annualized for periods less than one full year.

6. Less than 0.005%.

7. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

See accompanying Notes to Financial Statements.

22 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND


Class R	Six Months Ended February 28, 2019 (Unaudited)		Year Ended August 31, 2018		Year Ended August 31, 2017		Year Ended August 31, 2016		Year Ended August 31, 2015		Period Ended August 29, 2014^1,2


Per Share Operating Data
Net asset value, beginning of period		$10.29		$10.59		$8.83		$8.20		$9.93	$10.00


Income (loss) from investment operations:
Net investment gain (loss)³		(0.05)		(0.05)		(0.05)		(0.05)		(0.03)	0.00⁴
Net realized and unrealized gain (loss)		(0.46)		(0.24)		1.81		0.68		(1.69)	(0.07)

Total from investment operations		(0.51)		(0.29)		1.76		0.63		(1.72)	(0.07)


Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		(0.01)		0.00		0.00		0.00	0.00
Distributions from net realized gain		0.00		0.00		0.00		0.00		(0.01)	0.00

Total dividends and/or distributions to shareholders		0.00		(0.01)		0.00		0.00		(0.01)	0.00


Net asset value, end of period		$9.78		$10.29		$10.59		$8.83		$8.20	$9.93




Total Return, at Net Asset Value⁵		(4.96)%		(2.77)%		19.93%		7.68%		(17.38)%	(0.70)%



Ratios/Supplemental Data
Net assets, end of period (in thousands)		$6,921		$6,884		$3,606		$1,692		$966	$127


Average net assets (in thousands)		$6,352		$6,023		$2,336		$1,253		$555	$47


Ratios to average net assets:⁶
Net investment income (loss)		(1.18)%		(0.45)%		(0.55)%		(0.60)%		(0.36)%	0.07%
Expenses excluding specific expenses listed below		1.95%		1.97%		2.03%		2.02%		2.24%	2.05%
Interest and fees from borrowings		0.00%⁷		0.00%⁷		0.00%⁷		0.00%⁷		0.00%⁷	0.00%

Total expenses		1.95%⁸		1.97%⁸		2.03%⁸		2.02%⁸		2.24%⁸	2.05%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.94%		1.96%		2.00%		2.00%		2.00%	1.93%


Portfolio turnover rate		12%		24%		23%		26%		34%	3%

23 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

FINANCIAL HIGHLIGHTS Continued

1. For the period from June 30, 2014 (commencement of operations) to August 29, 2014.

2. Represents the last business day of the Fund’s reporting period.

3. Per share amounts calculated based on the average shares outstanding during the period.

4. Less than $0.005 per share.

6. Annualized for periods less than one full year.

7. Less than 0.005%.

8. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

See accompanying Notes to Financial Statements.

24 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND


Class Y	Six Months Ended February 28, 2019 (Unaudited)		Year Ended August 31, 2018		Year Ended August 31, 2017		Year Ended August 31, 2016		Year Ended August 31, 2015		Period Ended August 29, 2014^1,2


Per Share Operating Data
Net asset value, beginning of period		$10.47		$10.75		$8.92		$8.24		$9.94	$10.00


Income (loss) from investment operations:
Net investment income (loss)³		(0.03)		0.01		(0.01)		(0.00)⁴		0.01	0.01
Net realized and unrealized gain (loss)		(0.46)		(0.25)		1.84		0.68		(1.68)	(0.07)

Total from investment operations		(0.49)		(0.24)		1.83		0.68		(1.67)	(0.06)


Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		(0.04)		0.00		0.00		(0.02)	0.00
Distributions from net realized gain		0.00		0.00		0.00		0.00		(0.01)	0.00

Total dividends and/or distributions to shareholders		0.00		(0.04)		0.00		0.00		(0.03)	0.00


Net asset value, end of period		$9.98		$10.47		$10.75		$8.92		$8.24	$9.94




Total Return, at Net Asset Value⁵		(4.68)%		(2.23)%		20.52%		8.25%		(16.92)%	(0.60)%



Ratios/Supplemental Data
Net assets, end of period (in thousands)		$245,281		$281,465		$193,261		$162,599		$68,697	$12,062


Average net assets (in thousands)		$240,256		$253,099		$153,808		$128,076		$38,619	$6,734


Ratios to average net assets:⁶
Net investment income (loss)		(0.67)%		0.06%		(0.10)%		(0.03)%		0.14%	0.38%
Expenses excluding specific expenses listed below		1.46%		1.46%		1.52%		1.50%		1.72%	1.59%
Interest and fees from borrowings		0.00%⁷		0.00%⁷		0.00%⁷		0.00%⁷		0.00%⁷	0.00%

Total expenses		1.46%⁸		1.46%⁸		1.52%⁸		1.50%⁸		1.72%⁸	1.59%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.45%		1.45%		1.45%		1.45%		1.45%	1.40%


Portfolio turnover rate		12%		24%		23%		26%		34%	3%

25 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

FINANCIAL HIGHLIGHTS Continued

1. For the period from June 30, 2014 (commencement of operations) to August 29, 2014.

2. Represents the last business day of the Fund’s reporting period.

3. Per share amounts calculated based on the average shares outstanding during the period.

4. Less than $0.005 per share.

6. Annualized for periods less than one full year.

7. Less than 0.005%.

8. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

See accompanying Notes to Financial Statements.

26 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

NOTES TO FINANCIAL STATEMENTS February 28, 2019 Unaudited

1. Organization

Oppenheimer Emerging Markets Innovators Fund (the “Fund”) is a diversified open-end management investment company registered under the Investment Company Act of 1940 (“1940 Act”), as amended. The Fund’s investment objective is to seek capital appreciation. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI.

The Fund offers Class A, Class C, Class I, Class R and Class Y shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class C and Class R shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class R shares are sold only through retirement plans. Retirement plans that offer Class R shares may impose charges on those accounts. Class I and Class Y shares are sold to certain institutional investors or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class I and Class Y shares. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, C and R shares have separate distribution and/or service plans under which they pay fees. Class I and Class Y shares do not pay such fees.

The following is a summary of significant accounting policies followed in the Fund’s preparation of financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

Foreign Currency Translation. The books and records of the Fund are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1) Value of investment securities, other assets and liabilities — at the exchange rates prevailing at market close as described in Note 3.

(2) Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets and the values are presented at the foreign exchange rates at market close, the Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments shown in the Statement of Operations.

For securities, which are subject to foreign withholding tax upon disposition, realized and unrealized gains or losses on such securities are recorded net of foreign withholding tax.

27 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding tax reclaims recorded on the Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate.

Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. GAAP, are recorded on the ex-dividend date. Income and capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Manager.

The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

Investment Income. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the securities received. Withholding taxes on foreign dividends, if any, and capital gains taxes on foreign investments, if any, have been provided for in accordance with the Fund’s understanding of the applicable tax rules and regulations. Interest income, if any, is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily.

Custodian Fees. “Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdrafts, to the extent they are not offset by positive cash balances maintained by the Fund, at a rate equal to the Federal Funds Rate plus 2.00%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

28 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

2. Significant Accounting Policies (Continued)

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

Indemnifications. The Fund’s organizational documents provide current and former Trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for the fiscal year ended August 31, 2018, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

During the fiscal year ended August 31, 2018, the Fund utilized $12,158,078 capital loss carryforwards to offset capital gains realized in that fiscal year. The Fund had post-October foreign currency losses of $285,535 and post-October passive foreign investments company losses of $1,085,942 which were deferred. Capital losses with no expiration will be carried forward to future years if not offset by gains.

At period end, it is estimated that the capital loss carryforwards would be $55,005,092, which will not expire. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the reporting period, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.

Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains are determined in accordance with federal income tax requirements, which may differ from the character of net investment income or net realized gains presented in those financial statements in accordance with U.S. GAAP. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes at period end are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.

29 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Significant Accounting Policies (Continued)


Federal tax cost of securities	$	593,966,881
Federal tax cost of other investments		33,130

Total federal tax cost	$	594,000,011

Gross unrealized appreciation	$	104,931,170
Gross unrealized depreciation		(46,934,778)

Net unrealized appreciation	$	57,996,392

Certain foreign countries impose a tax on capital gains which is accrued by the Fund based on unrealized appreciation, if any, on affected securities. The tax is paid when the gain is realized.

Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

New Accounting Pronouncements. In March 2017, Financial Accounting Standards Board

(“FASB”) issued Accounting Standards Update (“ASU”), ASU 2017-08. This provides guidance related to the amortization period for certain purchased callable debt securities held at a premium. The ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The Manager has evaluated the impacts of these changes on the financial statements and there are no material impacts.

During August 2018, the Securities and Exchange Commission (the “SEC”) issued Final Rule Release No. 33-10532 (the “Rule”), Disclosure Update and Simplification. The rule amends certain financial statement disclosure requirements to conform to U.S. GAAP. The amendments to Rule 6-04.17 of Regulation S-X (balance sheet) remove the requirement to separately state the book basis components of net assets: undistributed (over-distribution of) net investment income (“UNII”), accumulated undistributed net realized gains (losses), and net unrealized appreciation (depreciation) at the balance sheet date. Instead, consistent with U.S. GAAP, funds will be required to disclose total distributable earnings. The amendments to Rule 6-09 of Regulation S-X (statement of changes in net assets) remove the requirement to separately state the sources of distributions paid. Instead, consistent with U.S. GAAP, funds will be required to disclose the total amount of distributions paid, except that any tax return of capital must be separately disclosed. The amendments also remove the requirement to parenthetically state the book basis amount of UNII on the statement of changes in net assets. The requirements of the Rule were effective November 5, 2018, and the Fund’s Statement of Assets and Liabilities and Statement of Changes in Net Assets for the current reporting period have been modified accordingly. In addition, certain amounts within the Fund’s Statement of Changes in Net Assets for the prior fiscal period have been modified to conform to the Rule.

30 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

3. Securities Valuation

The Fund calculates the net asset value of its shares as of 4:00 P.M. Eastern Time, on each day the New York Stock Exchange (the “Exchange” or “NYSE”) is open for trading, except in the case of a scheduled early closing of the Exchange, in which case the Fund will calculate net asset value of the shares as of the scheduled early closing time of the Exchange.

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a fair valuation for any security for which market quotations are not readily available. The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at least quarterly or more frequently, if necessary.

Valuation Methods and Inputs

Securities are valued primarily using unadjusted quoted market prices, when available, as supplied by third party pricing services or broker-dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

Equity securities traded on a securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the official closing price on the principal exchange on which the security is traded, as identified by the Manager, prior to the time when the Fund’s assets are valued. If the official closing price is unavailable, the security is valued at the last sale price on the principal exchange on which it is traded, or if no sales occurred, the security is valued at the mean between the quoted bid and asked prices. Over-the-counter equity securities are valued at the last published sale price, or if no sales occurred, at the mean between the quoted bid and asked prices. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the time when the Fund’s assets are valued.

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

Securities for which market quotations are not readily available, or when a significant event has occurred that would materially affect the value of the security, are fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Those standardized fair valuation methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest

31 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

To assess the continuing appropriateness of security valuations, the Manager regularly compares prior day prices and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Various data inputs may be used in determining the value of each of the Fund’s investments as of the reporting period end.

These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

2) Level 2-inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)

3) Level 3-significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The Fund classifies each of its investments in investment companies which are publicly offered as Level 1. Investment companies that are not publicly offered, if any, are classified as Level 2 in the fair value hierarchy.

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities at period end based on valuation input level:

32 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

3. Securities Valuation (Continued)


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	44,257,561	$	122,342,363	$	—	$	166,599,924
Consumer Staples		5,276,475		35,794,195		—		41,070,670
Financials		13,044,073		76,531,152		—		89,575,225
Health Care		14,706,793		84,452,297		—		99,159,090
Industrials		14,993,346		51,710,393		—		66,703,739
Information Technology		33,982,196		89,965,002		—		123,947,198
Materials		—		18,426,636		—		18,426,636
Investment Company		46,577,462		—		—		46,577,462

Total Assets	$	172,837,906	$	479,222,038	$	—	$	652,059,944

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

The table below shows the transfers between Level 1, Level 2 and Level 3. The Fund’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.


	Transfers into Level 1			Transfers out of Level 1			Transfers into Level 2
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	6,598,688	^a	$	—		$	—
Consumer Discretionary		—			—			—
Industrials		—			(2,919,483)	^b		2,919,483^b

Total Assets	$	6,598,688		$	(2,919,483)		$	2,919,483


				Transfers out of Level 2			Transfers into Level 3
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary				$	(6,598,688)	^a	$	—
Consumer Discretionary					(236,216)	^c		236,216^c
Industrials					—			—

Total Assets				$	(6,834,904)		$	236,216

a. Transfers from Level 2 to Level 1 are a result of the availability of quoted prices from an active market which were not available and have become available.

b. Transfers from Level 1 to Level 2 are a result of a change in pricing methodology to the use of a valuation determined based on observable market information other than quoted prices from an active market due to a lack of available unadjusted quoted prices.

33 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

3. Securities Valuation (Continued)

c. Transferred from Level 2 to Level 3 because of the lack of observable market data due to a decrease in market activity for these securities.

4. Investments and Risks

Risks of Foreign Investing. The Fund may invest in foreign securities which 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. 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 limited or no regulatory oversight.

Investments in Affiliated Funds. The Fund is permitted to invest in other mutual funds advised by the Manager (“Affiliated Funds”). Affiliated Funds are management investment companies registered under the 1940 Act, as amended. The Manager is the investment adviser of, and the Sub-Adviser provides investment and related advisory services to, the Affiliated Funds. When applicable, the Fund’s investments in Affiliated Funds are included in the Statement of Investments. Shares of Affiliated Funds are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of the Affiliated Funds’ expenses, including their management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in the Affiliated Funds.

Each of the Affiliated Funds in which the Fund invests has its own investment risks, and those risks can affect the value of the Fund’s investments and therefore the value of the Fund’s shares. To the extent that the Fund invests more of its assets in one Affiliated Fund than in another, the Fund will have greater exposure to the risks of that Affiliated Fund.

Investments in Money Market Instruments. The Fund is permitted to invest its free cash balances in money market instruments to provide liquidity or for defensive purposes. The Fund may invest in money market instruments by investing in Class E shares of Oppenheimer

34 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

4. Investments and Risks (Continued)

Institutional Government Money Market Fund (“IGMMF”), which is an Affiliated Fund. IGMMF is regulated as a money market fund under the 1940 Act, as amended. The Fund may also invest in money market instruments directly or in other affiliated or unaffiliated money market funds.

Equity Security Risk. Stocks and other equity securities fluctuate in price. The value of the Fund’s portfolio may be affected by changes in the equity markets generally. Equity markets may experience significant short-term volatility and may fall sharply at times. Different markets may behave differently from each other and U.S. equity markets may move in the opposite direction from one or more foreign stock markets. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments.

The prices of individual equity securities generally do not all move in the same direction at the same time and a variety of factors can affect the price of a particular company’s securities. 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.

5. Market Risk Factors

The Fund’s investments in securities and/or financial derivatives may expose the Fund to various market risk factors:

Commodity Risk. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

Credit Risk. Credit risk relates to the ability of the issuer of debt to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield debt securities are subject to credit risk to a greater extent than lower-yield, higher-quality securities.

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.

Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than

35 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

5. Market Risk Factors (Continued)

obligations with shorter maturities.

Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

6. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:


	Six Months Ended February 28, 2019						Year Ended August 31, 2018
	Shares			Amount			Shares			Amount
Class A
Sold		1,603,956		$	14,837,868			6,491,611		$	74,827,295
Dividends and/or distributions reinvested		—			—			17,794			197,154
Redeemed		(2,012,867	)		(18,859,980	)		(5,008,718	)		(56,618,272	)
Net increase (decrease)		(408,911	)	$	(4,022,112	)		1,500,687		$	18,406,177


Class C
Sold		489,703		$	4,474,899			1,727,382		$	19,365,900
Dividends and/or distributions reinvested		—			—			—			—
Redeemed		(762,765	)		(6,881,698	)		(839,009	)		(9,195,722	)
Net increase (decrease)		(273,062	)	$	(2,406,799	)		888,373		$	10,170,178


Class I
Sold		19,139,111		$	179,076,713			8,020,236		$	91,304,613
Dividends and/or distributions reinvested		—			—			13,686			153,282
Redeemed		(1,578,488	)		(14,873,939	)		(209,593	)		(2,405,910	)
Net increase		17,560,623		$	164,202,774			7,824,329		$	89,051,985


Class R
Sold		145,826		$	1,345,036			449,968		$	5,094,935
Dividends and/or distributions reinvested		—			—			310			3,408
Redeemed		(107,311	)		(986,459	)		(121,838	)		(1,361,958	)
Net increase		38,515		$	358,577			328,440		$	3,736,385


Class Y
Sold		7,557,951		$	70,595,764			14,401,215		$	166,676,312
Dividends and/or distributions reinvested		—			—			73,150			814,890
Redeemed		(9,857,875	)		(92,099,835	)		(5,562,480	)		(62,870,039	)
Net increase (decrease)		(2,299,924	)	$	(21,504,071	)		8,911,885		$	104,621,163

36 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

7. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IGMMF, for the reporting period were as follows:


	Purchases		Sales
Investment securities	$	186,815,142	$	63,927,547

8. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:


Fee Schedule
Up to $500 million			1.15%
Next $500 million			1.10
Next $4 billion			1.05
Over $5 billion			1.00

The Fund’s effective management fee for the reporting period was 1.14% of average annual net assets before any applicable waivers.

Sub-Adviser Fees. The Manager has retained the Sub-Adviser to provide the day-to-day portfolio management of the Fund. Under the Sub-Advisory Agreement, the Manager pays the Sub-Adviser an annual fee in monthly installments, equal to a percentage of the investment management fee collected by the Manager from the Fund, which shall be calculated after any investment management fee waivers. The fee paid to the Sub-Adviser is paid by the Manager, not by the Fund.

Transfer Agent Fees. OFI Global (the “Transfer Agent”) serves as the transfer and shareholder servicing agent for the Fund. The Fund pays the Transfer Agent a fee based on annual net assets, which shall be calculated after any applicable fee waivers. Fees incurred and average net assets for each class with respect to these services are detailed in the Statement of Operations and Financial Highlights, respectively.

Sub-Transfer Agent Fees. The Transfer Agent has retained Shareholder Services, Inc., a wholly-owned subsidiary of OFI (the “Sub-Transfer Agent”), to provide the day-to-day transfer agent and shareholder servicing of the Fund. Under the Sub-Transfer Agency Agreement, the Transfer Agent pays the Sub-Transfer Agent an annual fee in monthly installments, equal to a percentage of the transfer agent fee collected by the Transfer Agent from the Fund, which shall be calculated after any applicable fee waivers. The fee paid to the Sub-Transfer Agent is paid by the Transfer Agent, not by the Fund.

Trustees’ Compensation. The Fund’s Board of Trustees (“Board”) has adopted a compensation deferral plan for Independent Trustees that enables Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustees under the plan, deferred

37 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

8. Fees and Other Transactions with Affiliates (Continued)

amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustees. The Fund purchases shares of the funds selected for deferral by the Trustees in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

Distribution and Service Plan (12b-1) Fees. Under its General Distributor’s Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the “Distributor”) acts as the Fund’s principal underwriter in the continuous public offering of the Fund’s classes of shares.

Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) for Class A shares pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.25% of the daily net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

Distribution and Service Plans for Class C and Class R Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class C and Class R shares pursuant to Rule 12b-1 under the 1940 Act to compensate the Distributor for distributing those share classes, maintaining accounts and providing shareholder services. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class C shares’ daily net assets and 0.25% on Class R shares’ daily net assets. The Fund also pays a service fee under the Plans at an annual rate of 0.25% of daily net assets. The Plans continue in effect from year to year only if the Fund’s Board of Trustees votes annually to approve their continuance at an in person meeting called for that purpose. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations.

Sales Charges. Front-end sales charges and CDSC do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the following table for the period indicated.

38 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

8. Fees and Other Transactions with Affiliates (Continued)

Six Months Ended

Class A

Front-End

Sales Charges
Retained by

Distributor

Class A

Contingent

Deferred

Sales Charges

Retained by

Distributor

Class C

Contingent

Deferred

Sales Charges
Retained by

Distributor

February 28, 2019

28,534

2,498

6,993

Waivers and Reimbursements of Expenses. The Manager has contractually agreed to waive fees and/or reimburse expenses to limit the Fund’s “Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses” (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, interest and fees from borrowing, and certain other Fund expenses) so that, as percentages of average daily net assets, those expenses will not exceed the annual rate of 1.70% for Class A shares, 2.50% for Class C shares, 1.25% for Class I shares, 2.00% for Class R shares and 1.45% for Class Y shares.

During the reporting period, the Manager waived fees and/or reimbursed the Fund as follows:


Class A	$	278
Class I		12,540
Class Y		1,529

This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the Fund’s prospectus, unless approved by the Board.

The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in IGMMF. During the reporting period, the Manager waived fees and/or reimbursed the Fund $23,476 for IGMMF management fees.

9. Borrowings and Other Financing

Joint Credit Facility. A number of mutual funds managed by the Manager participate in a $1.95 billion revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with atypical redemption activity. Expenses and fees related to the Facility are paid by the participating funds and are disclosed separately or as other expenses on the Statement of Operations. The Fund did not utilize the Facility during the reporting period.

10. Pending Acquisition

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of the Sub-Adviser and the Manager, announced that it has entered into an agreement whereby Invesco Ltd. (“Invesco”), a global investment management company, will acquire

39 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

10. Pending Acquisition (Continued)

the Sub-Adviser (the “Transaction”). In connection with the Transaction, on January 11, 2019, the Fund’s Board unanimously approved an Agreement and Plan of Reorganization (the “Agreement”), which provides for the transfer of the assets and liabilities of the Fund to a corresponding, newly formed fund (the “Acquiring Fund”) in the Invesco family of funds (the “Reorganization”) in exchange for shares of the corresponding Acquiring Fund of equal value to the value of the shares of the Fund as of the close of business on the closing date. Although the Acquiring Fund will be managed by Invesco Advisers, Inc., the Acquiring Fund will, as of the closing date, have the same investment objective and substantially similar principal investment strategies and risks as the Fund. After the Reorganization, Invesco Advisers, Inc. will be the investment adviser to the Acquiring Fund, and the Fund will be liquidated and dissolved under applicable law and terminate its registration under the Investment Company Act of 1940, as amended. The Reorganization is expected to be a tax-free reorganization for U.S. federal income tax purposes.

The Reorganization is subject to the approval of shareholders of the Fund. Shareholders of record of the Fund on January 14, 2019 will be entitled to vote on the Reorganization and will receive a combined prospectus and proxy statement describing the Reorganization, the shareholder meeting, and a discussion of the factors the Fund’s Board considered in approving the Agreement. The combined prospectus and proxy statement is expected to be distributed to shareholders of record on or about February 28, 2019. The anticipated date of the shareholder meeting is on or about April 12, 2019.

If shareholders approve the Agreement and certain other closing conditions are satisfied or waived, the Reorganization is expected to close during the second quarter of 2019, or as soon as practicable thereafter. This is subject to change.

40 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS Unaudited

The Fund has entered into an investment advisory agreement with OFI Global Asset Management, Inc. (“OFI Global” or the “Adviser”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”) (“OFI Global” and “OFI” together the “Managers”) and OFI Global has entered into a sub-advisory agreement with OFI whereby OFI provides investment sub-advisory services to the Fund (collectively, the “Agreements”). Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to approve the terms of the Agreements and the renewal thereof. The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Managers provide, such information as may be reasonably necessary to evaluate the terms of the Agreements. The Board employs an independent consultant to prepare a report that provides information, including comparative information that the Board requests for that purpose. In addition to in-person meetings focused on this evaluation, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.

The Managers and the independent consultant provided information to the Board on the following factors: (i) the nature, quality and extent of the Managers’ services, (ii) the comparative investment performance of the Fund and the Managers, (iii) the fees and expenses of the Fund, including comparative fee and expense information, (iv) the profitability of the Managers and their affiliates, including an analysis of the cost of providing services, (v) whether economies of scale are realized as the Fund grows and whether fee levels reflect these economies of scale for Fund investors and (vi) other benefits to the Managers from their relationship with the Fund. The Board was aware that there are alternatives to retaining the Managers.

Outlined below is a summary of the principal information considered by the Board as well as the Board’s conclusions.

Nature, Quality and Extent of Services. The Board considered information about the nature, quality and extent of the services provided to the Fund and information regarding the Managers’ key personnel who provide such services. The Managers’ duties include providing the Fund with the services of the Sub-Adviser’s portfolio managers and investment team, who provide research, analysis and other advisory services in regard to the Fund’s investments; and securities trading services. OFI Global is responsible for oversight of third-party service providers; monitoring compliance with applicable Fund policies and procedures and adherence to the Fund’s investment restrictions; risk management; and oversight of the Sub-Adviser. OFI Global is also responsible for providing certain administrative services to the Fund. Those services include providing and supervising all administrative and clerical personnel who are necessary in order to provide effective corporate administration for the Fund; compiling and maintaining records with respect to the Fund’s operations; preparing and filing reports required by the U.S. Securities and Exchange Commission; preparing periodic reports regarding the operations of the Fund for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by federal and state securities laws for the sale of the Fund’s shares. OFI Global also provides the Fund with office space, facilities and equipment.

41 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS Unaudited / Continued

The Board also considered the quality of the services provided and the quality of the Managers’ resources that are available to the Fund. The Board took account of the fact that the Sub-Adviser has over fifty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Managers’ advisory, administrative, accounting, legal, compliance and risk management services, among other services, and information the Board has received regarding the experience and professional qualifications of the Managers’ key personnel and the size and functions of their staff. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Heidi Heikenfeld and Justin Leverenz, the portfolio managers for the Fund, and the Sub-Adviser’s investment team and analysts. The Board members also considered the totality of their experiences with the Managers as directors or trustees of the Fund and other funds advised by the Managers.The Board considered information regarding the quality of services provided by affiliates of the Managers, which the Board members have become knowledgeable about through their experiences with the Managers and in connection with the review or renewal of the Fund’s service agreements or service providers. The Board concluded, in light of the Managers’ experience, reputation, personnel, operations and resources that the Fund benefits from the services provided under the Agreements.

Investment Performance of the Managers and the Fund. Throughout the year, the Managers provided information on the investment performance of the Fund, the Adviser and the Sub-Adviser, including comparative performance information. The Board also reviewed information, prepared by the Managers and by the independent consultant, comparing the Fund’s historical performance to relevant benchmarks or market indices and to the performance of other retail funds in the diversified emerging markets category. The Board noted that the Fund’s one-year and three-year performance was better than its category median.

Fees and Expenses of the Fund. The Board reviewed the fees paid to the Adviser and the other expenses borne by the Fund. The Board noted that the Adviser, not the Fund, pays the Sub-Adviser’s fee under the sub-advisory agreement. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other retail front-end load diversified emerging markets funds with comparable asset levels and distribution features. After discussions with the Board, the Adviser has contractually agreed to waive fees and/or reimburse the Fund so that the total annual fund operating expenses, excluding certain expenses, as a percentage of average daily net assets will not exceed the following annual rates: 1.70% for Class A shares, 2.50% for Class C shares, 1.25% for Class I shares, 2.00% for Class R shares and 1.45% for Class Y shares as calculated on the daily net assets of the Fund. This contractual fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of the prospectus, unless approved by the Board. The Board noted that the Fund’s contractual management fee and total expenses, after waivers, were lower than its peer group median and higher than its category median.

Economies of Scale and Profits Realized by the Managers. The Board considered information regarding the Managers’ costs in serving as the Fund’s investment adviser and sub-adviser, including the costs associated with the personnel and systems necessary

42 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

to manage the Fund, and information regarding the Managers’ profitability from their relationship with the Fund. The Board also considered that the Managers must be able to pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund. The Board reviewed whether the Managers may realize economies of scale in managing and supporting the Fund. The Board noted that the Fund currently has management fee breakpoints, which are intended to share with Fund shareholders economies of scale that may exist as the Fund’s assets grow.

Other Benefits to the Managers. In addition to considering the profits realized by the Managers, the Board considered information that was provided regarding the direct and indirect benefits the Managers receive as a result of their relationship with the Fund, including compensation paid to the Managers’ affiliates and research provided to the Adviser in connection with permissible brokerage arrangements (soft dollar arrangements).

Conclusions. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Fund and to the independent Trustees. Fund counsel and the independent Trustees’ counsel are independent of the Managers within the meaning and intent of the Securities and Exchange Commission Rules.

Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreements through September 30, 2019. In arriving at its decision, the Board did not identify any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreements, including the management fees, in light of all the surrounding circumstances.

43 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO STATEMENT OF INVESTMENTS Unaudited

The Fund has adopted Portfolio Proxy Voting Policies and Guidelines under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Guidelines is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), (ii) on the Fund’s website at www.oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at www.sec.gov. Beginning in April 2019, the Fund will no longer file Form N-Qs and will instead disclose its portfolio holdings monthly on Form N-PORT, which will also be available on the SEC’s website at www.sec.gov.

Householding—Delivery of Shareholder Documents

This is to inform you about OppenheimerFunds’ “householding” policy. If more than one member of your household maintains an account in a particular fund, OppenheimerFunds will mail only one copy of the fund’s prospectus (or, if available, the fund’s summary prospectus), annual and semiannual report and privacy policy. The consolidation of these mailings, called householding, benefits your fund through reduced mailing expense, and benefits you by reducing the volume of mail you receive from OppenheimerFunds. Householding does not affect the delivery of your account statements.

Please note that we will continue to household these mailings for as long as you remain an OppenheimerFunds shareholder, unless you request otherwise. If you prefer to receive multiple copies of these materials, please call us at 1.800.CALL-OPP (225-5677). You may also notify us in writing or via email. We will begin sending you individual copies of the prospectus (or, if available, the summary prospectus), reports and privacy policy within 30 days of receiving your request to stop householding.

44 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

OPPENHEIMER EMERGING MARKETS INNOVATORS FUND


Trustees and Officers		Joel W. Motley, Chairman of the Board of Trustees and Trustee
		Beth Ann Brown, Trustee
		Edmund P. Giambastiani, Jr., Trustee
		Elizabeth Krentzman, Trustee
		Mary F. Miller, Trustee
		Joanne Pace, Trustee
		Daniel S. Vandivort, Trustee
		Brian F. Wruble, Trustee
		Justin Leverenz, Vice President
		Heidi Heikenfeld, Vice President
		Arthur P. Steinmetz, Trustee, President and Principal Executive Officer
		Cynthia Lo Bessette, Secretary and Chief Legal Officer
		Jennifer Foxson, Vice President and Chief Business Officer
		Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money
		Laundering Officer
		Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer

Manager		OFI Global Asset Management, Inc.

Sub-Adviser		OppenheimerFunds, Inc.

Distributor		OppenheimerFunds Distributor, Inc.

Transfer and Shareholder Servicing Agent		OFI Global Asset Management, Inc.

Sub-Transfer Agent		Shareholder Services, Inc. DBA OppenheimerFunds Services

Independent Registered Public Accounting Firm		KPMG LLP

Legal Counsel		Kramer Levin Naftalis & Frankel LLP

		The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

45 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

PRIVACY NOTICE

As an Oppenheimer fund shareholder, you are entitled to know how we protect your personal information and how we limit its disclosure.

Information Sources

We obtain non-public personal information about our shareholders from the following sources:

●

Applications or other forms.

●

When you create a user ID and password for online account access.

●

When you enroll in eDocs Direct,^SM our electronic document delivery service.

●

Your transactions with us, our affiliates or others.

●

Technologies on our website, including: “cookies” and web beacons, which are used to collect data on the pages you visit and the features you use.

If you visit oppenheimerfunds.com and do not log on to the secure account information areas, we do not obtain any personal information about you. When you do log on to a secure area, we do obtain your user ID and password to identify you. We also use this information to provide you with products and services you have requested, to inform you about products and services that you may be interested in and assist you in other ways.

We do not collect personal information through our website unless you willingly provide it to us, either directly by email or in those areas of the website that request information. In order to update your personal information (including your mailing address, email address and phone number) you must first log on and visit your user profile.

If you have set your browser to warn you before accepting cookies, you will receive the warning message with each cookie. You can refuse cookies by turning them off in your browser. However, doing so may limit your access to certain sections of our website.

We use cookies to help us improve and manage our website. For example, cookies help us recognize new versus repeat visitors to the site, track the pages visited, and enable some special features on the website. This data helps us provide better service for our website visitors.

Protection of Information

We do not disclose any non-public personal information (such as names on a customer list) about current or former customers to anyone, except as permitted by law.

Disclosure of Information

Copies of confirmations, account statements and other documents reporting activity in your fund accounts are made available to your financial advisor (as designated by you). We may also use details about you and your investments to help us, our financial service affiliates, or firms that jointly market their financial products and services with ours, to better serve your investment needs or suggest educational material that may be of interest to you. If this requires us to provide you with an opportunity to “opt in” or “opt out” of such information sharing with a firm not affiliated with us, you will receive notification on how to do so, before any such sharing takes place.

Right of Refusal

We will not disclose your personal information to unaffiliated third parties (except as permitted by law), unless we first offer you a reasonable opportunity to refuse or “opt out” of such disclosure.

46 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

Internet Security and Encryption

In general, the email services provided by our website are encrypted and provide a secure and private means of communication with us. To protect your own privacy, confidential and/ or personal information should only be communicated via email when you are advised that you are using a secure website.

As a security measure, we do not include personal or account information in non-secure emails, and we advise you not to send such information to us in non-secure emails. Instead, you may take advantage of the secure features of our website to encrypt your email correspondence. To do this, you will need to use a browser that supports Secure Sockets Layer (SSL) protocol.

●

All transactions conducted via our websites, including redemptions, exchanges and purchases, are secured by the highest encryption standards available. SSL is used to establish a secure connection between your PC and OppenheimerFunds’ server. It transmits information in an encrypted and scrambled format.

●

Encryption is achieved through an electronic scrambling technology that uses a “key” to code and then decode the data. Encryption acts like the cable converter box you may have on your television set. It scrambles data with a secret code so that no one can make sense of it while it is being transmitted. When the data reaches its destination, the same software unscrambles the data.

●

You can exit the secure area by closing your browser or, for added security, you can use the Log Out button before you close your browser.

Other Security Measures

We maintain physical, electronic and procedural safeguards to protect your personal account information. Our employees and agents have access to that information only so that they may offer you products or provide services, for example, when responding to your account questions.

How You Can Help

You can also do your part to keep your account information private and to prevent unauthorized transactions. If you obtain a user ID and password for your account, safeguard that information. Strengthening your online credentials–your online security profile–typically your user name, password, and security questions and answers, can be one of your most important lines of defense on the Internet. For additional information on how you can help prevent identity theft, visit https://www. oppenheimerfunds.com/security.

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds, Inc., each of its investment adviser subsidiaries, OppenheimerFunds Distributor, Inc. and OFI Global Trust Co. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated as of November 2017. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about this privacy policy, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com, write to us at P.O. Box 5270, Denver, CO 80217-5270, or call us at 800 CALL OPP (225 5677).

47 OPPENHEIMER EMERGING MARKETS INNOVATORS FUND

LOGO

Visit us at oppenheimerfunds.com for 24-hr access to

account information and transactions or call us at 800.CALL

OPP (800.225.5677) for 24-hr automated information and

automated transactions. Representatives also available

Mon–Fri 8am-8pm ET.


Visit Us
oppenheimerfunds.com

Call Us
800 225 5677

Follow Us
		Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281-1008 © 2019 OppenheimerFunds Distributor, Inc. All rights reserved. RS1607.001.0219 April 25, 2019

Item 2. Code of Ethics.

Not applicable to semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable to semiannual reports.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The Fund’s Governance Committee Provisions with Respect to Nominations of Directors/Trustees to the Respective Boards

None

Item 11. Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 2/28/2019, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time

periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

There have been no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.


(a)		(1) Exhibit attached hereto.

		(2) Exhibits attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Oppenheimer Emerging Markets Innovators Fund


By:		/s/ Arthur P. Steinmetz

		Arthur P. Steinmetz

		Principal Executive Officer
Date:		4/19/2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Arthur P. Steinmetz

		Arthur P. Steinmetz

		Principal Executive Officer
Date:		4/19/2019

By:		/s/ Brian S. Petersen

		Brian S. Petersen

		Principal Financial Officer
Date:		4/19/2019