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ALTERNATIVE

Gold & Special Minerals Fund 1 

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Focus: The Strategy typically invests in stocks of companies that provide exposure to gold and other precious metals.
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Shares Ticker CUSIP Inception
Date
Pricee Price Change 12 Month High 12 Month
Low
A OPGSX 683910103 7/19/83 17.78 -0.43 21.14 15.00
Bd OGMBX 683910202 11/1/95 16.64 -0.40 19.88 14.13
C OGMCX 683910301 11/1/95 16.51 -0.40 19.73 14.02
I3  OGMIX 683910608 10/26/12 17.83 -0.43
N OGMNX 683910400 3/1/01 17.09 -0.41 20.35 14.45
Y OGMYX 683910509 9/7/10 17.74 -0.42

as of 4/15/14

The Manager has contractually agreed to waive expenses in an amount equal to the management fee it receives from its Subsidiary for so long as the Fund invests in the Subsidiary. This waiver may not be terminated without the prior approval of the Fund's Board of Trustees.

 

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 These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.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 Manager has contractually agreed to waive expenses in an amount equal to the management fee it receives from its Subsidiary for so long as the Fund invests in the Subsidiary. This waiver may not be terminated without the prior approval of the Fund's Board of Trustees.

 

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

Equity Precious Metals

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Fund Management

Shanquan Li

Managed Fund since 7/97

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Investment Minimums

Initial: $1,000

Total Assets

$1.3 billion

(all classes as of 3/31/14)

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Morningstar
Rating fg

as of 03/31/2014

star star star

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The Manager has contractually agreed to waive expenses in an amount equal to the management fee it receives from its Subsidiary for so long as the Fund invests in the Subsidiary. This waiver may not be terminated without the prior approval of the Fund's Board of Trustees.

 

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 Randgold Resources Ltd. 7.2
2 Franco-Nevada Corp. 6.5
3 Goldcorp, Inc. 6.1
4 Silver Wheaton 5.5
5 Royal Gold, Inc. 5.0
6 Yamana Gold, Inc. 4.8
7 Barrick Gold Corp. 4.3
8 Eldorado Gold Corp Ltd. 4.1
9 NewGold, Inc. 4.1
10 SPDR Gold Trust 3.7
  Total 51.3
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Risk Measurement h as of 3/31/14
Share Class Beta
(3 yr)
Alpha R-squared Sharpe Ratio Standard Deviation (3 yr)
A 1.05 -0.86 96.29 -0.82 31.9%
Bd 1.05 -1.69 96.32 -0.85 31.9%
C 1.05 -1.58 96.32 -0.84 31.9%
I3  —%
N 1.05 -1.11 96.34 -0.83 31.9%
Y 1.04 -0.69 96.30 -0.82 31.9%
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Portfolio Statistics i 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
6.0 billion 4.1 billion 26.25 21.36 1.33 41.0%
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Top Regions 4  as of 3/31/14
  % Net Assets
1 Americas - Developed 79.9
2 Europe - Developed 10.4
3 Africa - Emerging 4.1
4 Asia Pacific - Developed 3.4
5 Middle East - Emerging 2.1
6 Europe - Emerging 0.3
  Total 100.2
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Top Countries 4  as of 3/31/14
  % Net Assets
1 Canada 66.2
2 United States 13.7
3 United Kingdom 10.3
4 South Africa 4.1
5 Australia 3.4
6 Turkey 2.1
7 Russia 0.3
8 Jersey 0.1
  Total 100.2
—— —— —— Income Dividends ($ per share) 5 j
Dividend/Share ($) 12-Month Distribution ($)
A 0.6275 0.0000
Bd 0.3169 0.0000
C 0.4063 0.0000
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N 0.5859 0.0000
Y 0.9064 0.0000

Frequency: Yearly Pay Date: 12/21/11

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—— Capital Gains Distributions ($ per share)as of 4/15/14
  Short-Term ($) Long-Term ($) Total Amount of Distribution ($) Record Date Ex Div Date Pay Date
2013
2012
2011 0.0000 1.7761 1.7761 12/19/11 12/20/11 12/21/11
2010 0.0000 0.9990 0.9990 12/17/10 12/20/10 12/21/10
2009
2008 0.2814 0.1644 0.4458 12/5/08 12/8/08 12/9/08
2007 1.0820 0.4005 1.4824 12/7/07 12/10/07 12/11/07
2006 2.6300 1.6943 4.3242 12/7/06 12/8/06 12/11/06
2005 0.3491 0.8280 1.1771 12/7/05 12/8/05 12/9/05
2004 0.9085 0.0457 0.9542 12/7/04 12/8/04 12/9/04

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

 

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Strategy

The portfolio manager combines industry-wide or "top-down" analysis with rigorous company-specific, or "bottom-up,"  fundamental analysis to find prospective investments. He searches in particular for high-quality mining firms with multiple projects and diversified regional exposure. Finding those stocks is a matter of careful and meticulous research into individual companies, the quality of their reserves, the cost of developing those reserves, an objective analysis of their prospects for long-term growth and determing appropriate valuations.
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Commentary

» Access all commentaries

Title
Content Type
Date
Gold & Special Minerals Fund Commentary
Portfolio Commentary
02/14/2014

Special Risks: Investments in mining and metal industry companies may be speculative and may be subject to volatility. 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. Large sector holdings may expose investors to greater volatility and special risks associated with that sector. Investments in securities of growth companies may be volatile. Derivative instruments whose values depend on the performance of an underlying security, asset, interest rate, index or currency, entail potentially higher volatility and risk of loss compared to traditional stock or bond investments. 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. The Fund invests in Gold ETFs, which involve additional fees and risks. The Fund is classified as a “non-diversified” fund and may invest a greater portion of its assets in the securities of a single issuer. The Fund may also invest through a wholly-owned Cayman Islands subsidiary, which is subject to the laws of the Cayman Islands and involves the risk that changes to those laws could negatively affect the Fund.

Access index definitions.

Class I shares are only offered to eligible institutional investors that make a minimum initial investment of $5 million or more and to retirement plan service provider platforms. The minimum account balance for class I shares is $2.5 million. Class I shares are sold at net asset value without a sales charge. Please see Fund prospectuses for additional information.

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 is chosen). For portions of this period, sales charges were higher and performance may have been less.

"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.

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 Gold & Special Minerals Fund was rated against the following numbers of U.S.-domiciled Equity Precious Metals over the following time periods ended 3/31/14:  71 funds in the last three years, 65 funds in the last five years, and 49 in the last ten years.  With respect to these Equity Precious Metals funds, Oppenheimer Gold & Special Minerals Fund received a Morningstar Rating of 2 stars, 3 stars and 3 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 3 stars overall by Morningstar among  71  Equity Precious Metals 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.

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