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DOMESTIC EQUITY

Dividend Opportunity Fund 1 2 

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Focus: This Strategy typically invests in dividend-paying stocks.
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Shares Ticker CUSIP Inception
Date
Pricee Price Change 12 Month High 12 Month
Low
A OSVAX 68382H107 11/26/02 19.49 -0.07 19.61 17.25
Bd OSVBX 68382H206 2/27/04 18.90 -0.07 19.04 16.59
C OSCVX 68382H305 2/27/04 18.88 -0.07 19.02 16.63
N OSVNX 68382H404 2/27/04 19.32 -0.06 19.44 17.02
Y OSVYX 68382H503 2/27/04 19.47 -0.06 19.73 17.32

as of 4/23/14

The net expense ratio also takes into account contractual fee waivers and/or expense reimbursements without which performance would have been less. These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.

 

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. All fund returns include change in share price, reinvested distributions and the sales charges as listed below, unless "without sales charge" is indicated. Returns do not consider capital gains or income taxes on an individual's investment. Class A Share returns include a maximum sales charge of 5.75% (equity), 4.75% (most fixed income), 3.5% (Senior Floating Rate Fund, Senior Floating Rate Plus), 2.25% ("limited term" fixed income funds and Currency Opportunities Fund) and 0% (Money Market Funds). Class B Share returns include contingent deferred sales charge as follows:  For years 1 - 6 respectively, charges are 5%, 4%, 3%, 3%, 2%, 1% except for "limited term" fixed income funds (4%, 3%, 2%, 2%, 1%, 0%) and Senior Floating Rate (3%, 2% 1.5%, 1.5%, 1%, 0%). Class C Share returns include a 1% contingent deferred sales charge and are subject to an annual asset-based sales charge of 0.75%. Class N Share returns include a 1% contingent deferred sales charge and are subject to an annual asset-based sales charge of 0.25%. Annual asset-based sales charges are applied as follows: 0.75% on Class B/C; and 0.25%  for Class N shares. Class Y shares are not subject to a sales charge. 

 

The net expense ratio also takes into account contractual fee waivers and/or expense reimbursements without which performance would have been less. These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.

 

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. All fund returns include change in share price, reinvested distributions and the sales charges as listed below, unless "without sales charge" is indicated. Returns do not consider capital gains or income taxes on an individual's investment. Class A Share returns include a maximum sales charge of 5.75% (equity), 4.75% (most fixed income), 3.5% (Senior Floating Rate Fund, Senior Floating Rate Plus), 2.25% ("limited term" fixed income funds and Currency Opportunities Fund) and 0% (Money Market Funds). Class B Share returns include contingent deferred sales charge as follows:  For years 1 - 6 respectively, charges are 5%, 4%, 3%, 3%, 2%, 1% except for "limited term" fixed income funds (4%, 3%, 2%, 2%, 1%, 0%) and Senior Floating Rate (3%, 2% 1.5%, 1.5%, 1%, 0%). Class C Share returns include a 1% contingent deferred sales charge and are subject to an annual asset-based sales charge of 0.75%. Class N Share returns include a 1% contingent deferred sales charge and are subject to an annual asset-based sales charge of 0.25%. Annual asset-based sales charges are applied as follows: 0.75% on Class B/C; and 0.25%  for Class N shares. Class Y shares are not subject to a sales charge. 

 

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Peer Group

Morningstar Category

Large Value

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Fund Management

Laton Spahr, CFA

Managed Fund since 3/13

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Investment Minimums

Initial: $1,000

Total Assets

$197.8 million

(all classes as of 3/31/14)

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Morningstar
Rating gh

as of 03/31/2014

star

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The net expense ratio also takes into account contractual fee waivers and/or expense reimbursements without which performance would have been less. These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.

 

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. All fund returns include change in share price, reinvested distributions and the sales charges as listed below, unless "without sales charge" is indicated. Returns do not consider capital gains or income taxes on an individual's investment. Class A Share returns include a maximum sales charge of 5.75% (equity), 4.75% (most fixed income), 3.5% (Senior Floating Rate Fund, Senior Floating Rate Plus), 2.25% ("limited term" fixed income funds and Currency Opportunities Fund) and 0% (Money Market Funds). Class B Share returns include contingent deferred sales charge as follows:  For years 1 - 6 respectively, charges are 5%, 4%, 3%, 3%, 2%, 1% except for "limited term" fixed income funds (4%, 3%, 2%, 2%, 1%, 0%) and Senior Floating Rate (3%, 2% 1.5%, 1.5%, 1%, 0%). Class C Share returns include a 1% contingent deferred sales charge and are subject to an annual asset-based sales charge of 0.75%. Class N Share returns include a 1% contingent deferred sales charge and are subject to an annual asset-based sales charge of 0.25%. Annual asset-based sales charges are applied as follows: 0.75% on Class B/C; and 0.25%  for Class N shares. Class Y shares are not subject to a sales charge. 

 

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Top Stock Holdings by Issuers 4  as of 3/31/14
 View More Issuers
  % Net Assets
1 BP plc 3.5
2 Merck & Company 3.5
3 HSBC Holdings plc 3.3
4 General Electric Co. 3.0
5 Lorillard, Inc. 2.9
6 Microsoft Corp. 2.3
7 Verizon Communications, Inc. 2.2
8 Suncor Energy, Inc. 2.2
9 Royal Dutch Shell plc ADR 1.9
10 Newell Rubbermaid, Inc. 1.9
  Total 26.7
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Risk Measurement i as of 3/31/14
Share Class Beta
(3 yr)
Alpha R-squared Sharpe Ratio Standard Deviation (3 yr)
A 1.08 -9.74 95.05 0.40 14.9%
Bd 1.08 -10.59 94.96 0.35 14.9%
C 1.08 -10.55 95.04 0.35 14.9%
N 1.09 -10.00 95.02 0.39 14.9%
Y 1.08 -9.33 94.96 0.43 14.9%
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Portfolio Statistics j as of 3/31/14 ——
Weighted Avg Market Cap Weighted Median Market Cap P/E EPS
(next 12 months)
P/E Operating (LTM) Price/Book Value (LTM) Turnover
Ratio
90.9 billion 48.0 billion 13.13 14.37 1.89 140.0%
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Top Sectors 4  as of 3/31/14
  % Net Assets
1 Financials 16.0
2 Energy 15.4
3 Information Technology 12.6
4 Healthcare 11.9
5 Industrials 9.9
6 Consumer Discretionary 9.8
7 Utilities 8.7
8 Consumer Staples 7.6
9 Telecommunication Services 5.5
10 Materials 1.9
  Total 99.3
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Top Regions 4  as of 3/31/14
  % Net Assets
1 Americas - Developed 71.1
2 Europe - Developed 20.7
3 Asia Pacific - Developed 6.7
4 Asia Pacific - Emerging 0.9
  Total 99.3
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Top Countries 4  as of 3/31/14
  % Net Assets
1 United States 64.7
2 United Kingdom 10.2
3 Japan 6.7
4 Canada 5.0
5 Spain 2.4
6 Switzerland 1.8
7 France 1.7
8 Sweden 1.5
9 Bermuda 1.4
10 Finland 1.1
  Total 96.3
—— —— —— Income Dividends ($ per share) 5 k
Dividend/Share ($) 12-Month Distribution ($)
A 0.1372 0.4326
Bd 0.1041 0.1472
C 0.1087 0.2191
N 0.1275 0.3126
Y 0.1472 0.5903

Frequency: Quarterly Pay Date: 3/19/14

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—— Capital Gains Distributions ($ per share)as of 4/23/14
  Short-Term ($) Long-Term ($) Total Amount of Distribution ($) Record Date Ex Div Date Pay Date
2013
2012
2011
2010
2009
2008
2007 0.1977 0.3538 0.5515 12/13/07 12/14/07 12/17/07
2006 0.2998 0.1556 0.4554 12/13/06 12/14/06 12/15/06
2005 0.3742 0.1996 0.5738 12/13/05 12/14/05 12/15/05
2004 0.1793 0.3415 0.5208 12/14/04 12/15/04 12/16/04

There is no guarantee of the payment of any dividend or other distributions at any level.

 

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Strategy


The portfolio managers seeks to identify undervalued dividend-paying companies with a focus on changes to return on invested capital (POIC).  The team employs a fundamental research process that incorporates bottom-up, company-specific research and industry-level analysis to seek a potential improvement in ROIC not yet anticipated by the market.
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Commentary

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Prior to 12/11/13, the Fund's name was Oppenheimer Select Value Fund. Effective on that date, the Fund will mainly invest in dividend paying stocks that the portfolio manager believes are undervalued. Performance prior to 12/11/13 is not indicative of performance for any subsequent periods.

Special Risks:  There is no guarantee that the issuers of stocks held by mutual funds will declare dividends in the future, or that dividends will remain at their current levels or increase over time. Value investing involves the risk that undervalued securities may not appreciate as anticipated. Small and mid-sized company stock is typically more volatile than that of larger, more established businesses, as these stocks tend to be more sensitive to changes in earnings expectations. It may take a substantial period of time to realize a gain on an investment in a small or mid-sized company, if any gain is realized at all. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes and geopolitical risks. Emerging and developing market investments may be especially volatile.

Access index definitions.

Holdings are subject to change, and are dollar weighted based on total net assets. Negative weightings may result from the use of leverage. Leverage involves the use of various financial instruments or borrowed capital in an attempt to increase investment return. Leverage risks include potential for higher volatility, greater decline of the fund's net asset value and fluctuations of dividends and distributions paid by the fund.

While the Dividend/Share column is updated the next business day after a dividend payment (as stated in the date below the table), the 12-Month Distribution ($) column is updated monthly. Therefore, there may be a time where the 12-Month Yield data is inconsistent with the Dividend/Share data.

For Class A Shares the starting value is $9,425 which takes into account the current maximum initial sales charge (unless "no sales charge" option chosen).

"Year to Date" returns are cumulative, not annualized, and do not reflect sales charges.  These returns would be lower if sales charges were taken into consideration.  Short-term returns may not be indicative of longer-term performance, which should also be considered when making investment decisions.

Index performance will be available approximately five days after each month-end.

Class B shares convert to Class A shares 72 months after purchase; therefore "since inception", "10-year" and "15-year" returns for Class B (if applicable) use Class A performance for period after conversion.

Daily net asset value and dollar change of the fund is as of the previous business day's closing. Fund net asset values are updated at approximately 7 p.m. ET daily.

OppenheimerFunds' equity style box is based on the portfolio's overall targeted capitalization range and relative valuation as determined by OFI.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance.  The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star with some adjustments for multiple share class portfolios.   The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five and ten-year (if applicable) Morningstar Rating Metrics.  Oppenheimer Dividend Opportunity Fund was rated against the following numbers of U.S.-domiciled Large Value over the following time periods ended 3/31/14:  1068 funds in the last three years, 951 funds in the last five years, and 626 in the last ten years.  With respect to these Large Value funds, Oppenheimer Dividend Opportunity Fund received a Morningstar Rating of 1 stars, 1 stars and 1 stars for the three-, five-, and ten-year periods, respectively.  Morningstar Rating is for the A share class only and rating may include more than one share class of funds in the category, including other share classes of this Fund. Different share classes may have different expenses, performance characteristics and Morningstar ratings.  Past performance is no guarantee of future results.

Class A shares rated 1 stars overall by Morningstar among  1068  Large Value funds for the 3-, 5-, and 10 year period ended 3/31/14 based on risk-adjusted performance.

Beta (3-yr): is a measure of a fund's sensitivity to market movements. The beta of a market is 1.00 by definition.

Alpha (3-yr): measures the difference between a fund's actual and expected returns, based on beta, and is generally used as a measure of a manager's added value over a passive strategy.

R-squared (3-yr): is a measurement of how closely a portfolio's performance correlates with the performance of a benchmark index, and thus a measurement of what portion of its performance can be explained by the performance of the index. Values for R-squared range from 0 to 100, where 0 indicates no correlation and 100 indicates perfect correlation.  

Sharpe Ratio (3-yr): is a risk-adjusted measure that measures reward per unit of risk. the higher the Sharpe Ratio, the better. The numerator is the difference between the portfolio's annualized return and the annualized return of a risk-free instrument, the denominator is the portfolio's annualized standard deviation (population).

Standard Deviation (3-yr): is a statistical measure of the degree to which the performance of a portfolio varies from its average performance during a specified period. the higher the standard deviation, the greater the volatility of the portfolio's performance returns relative to its average return.

Alpha, Beta and R-Squared were measured against the fund's benchmark: . Access index definitions.

Source: Morningstar, Inc. Although this data has been gathered from sources Morningstar believes to be reliable, its completeness and accuracy cannot be guaranteed.

P/E ratio: The price of a stock divided by its earnings per share. The higher the P/E, the more investors pay, the more return they may expect and the riskier the stock may be.

P/B ratio: Abbreviation for price to book value ratio. It's the market value of a company's stock divided by its book value.

Earnings Growth: Revenue, minus cost and expenses, for a certain period.

Turnover ratio: A measure of the strategy's trading activity, which is computed by taking the lesser of purchases or sales during the strategy's latest fiscal year, divided by the total net asset value (NAV).

There is no guarantee of the payment of any dividend or other distributions at any level.

Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

Before investing in any of the Oppenheimer funds, investors should carefully consider a fund's investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.

Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.
225 Liberty Street, New York, NY 10281-1008