Ticker Symbols: OARDX (Class A shares), OYRDX (Class Y shares), OIRDX (Class I shares) Performance Summary Portfolio Managers Raman Vardharaj, CFA Since 06/18 Manind Govil, CFA Since 10/16 Client Portfolio Manager Emanuele Bergagnini, CFA Portfolio Inception April 30, 1980 During the second quarter ending 6/30/18, returned 3.64% (Class A shares w/out sales charge) outperforming its benchmark, the Russell 1000 Index, which returned 3.57% for the period. It is important to note, as of June 29, 2018, Raman Vardharaj has replaced Josh Peters as the Portfolio Manager for the Rising Dividends Fund. During the second quarter, the primary positive contributors to relative performance included Magellan Midstream Partners, L.P., Suncor Energy Inc., and UnitedHealth Group Incorporated. During the second quarter, the primary negative contributors to relative performance included Fastenal Company, Inc., JPMorgan Chase & Co., and Eastman Chemical Company. Annual s (%) Portfolio Assets $3 Billion Morningstar Category Large Blend As of June 30, 2018 (Class A Shares w/o Sales Charge) (Class A Shares w/ Sales Charge) (Class Y Shares) (Class I Shares) Q2 2018 1-Year 3-Year 5-Year 10-Year Inception 3.64 9.54 7.25 9.47 7.42 12.14-2.32 3.24 5.15 8.18 6.79 11.97 3.72 9.83 7.52 9.72 7.70 7.41 3.72 10.00 7.70 9.93 10.17 Russell 1000 Index¹ 3.57 14.54 11.64 13.37 10.20 Morningstar Percentile Rank and Ranking: Large Blend Category² (Class A Shares based on total return) 85 th #1132/1353 90 th #1057/1166 89 th #937/1042 88 th #675/776 s for periods of less than one year are cumulative and not annualized. Class A share inception date is 4/30/1980 Class Y share inception date is 12/16/1996 Class I share inception date is 2/28/2012 Annual Expense Ratios: Class A shares: Gross: 1.08%. Class Y shares: Gross: 0.83%. Class I shares: Gross: 0.64%. 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. 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 net asset value with dividends and capital gains reinvested. Class A shares include the 5.75% maximum sales charge except where indicated. Class Y and Class I shares are not subject to a sales charge. s do not consider capital gains or income taxes on an individual s investment. Generally, I shares are only available to institutional investors and can only be purchased with a $1 million initial investment. Generally, Y shares are only available to certain investors, including those in wrap-fee based programs or commissionable brokerage platforms that charge sales commission. For additional information, please visit our website at oppenheimerfunds.com 1
Market Overview During the second quarter, the U.S. had good economic growth, low unemployment and low inflation. This was driven partly by inherent growth and partly by tax cuts. Earnings-per-share for the S&P 500 Index grew around 25% year-over-year. Even if you back out the portion of growth related to tax and look further up the income statement, pre-tax earnings grew 10% and revenues grew 8%. This growth has been fairly broad-based across sectors. However, the stock price performance has not been as broad-based even though the headline numbers for the S&P 500 Index showed strong performance. As far as investing styles are concerned, growth stocks continued to significantly outperform value stocks, led mainly by the so-called FAANG stocks (Facebook, Apple, Amazon, Netflix, and Google). Within the Russell 1000 Index, the leadership has narrowed to just two sectors, Consumer Discretionary (Internet retailing names) and Information Technology. Energy stocks were also big winners during the quarter as they continued to benefit from rising oil prices, which are at the highest level since 2014. s experiencing negative returns during the quarter included Financials, Industrials, Consumer Staples, and Telecommunications Services. We continue to focus on the fundamentals of each business to drive our investment decisions versus getting caught up in the temporary emotions of the market, always with the long-term welfare of our shareholders in mind. Our philosophy is to focus on companies with sustainable competitive advantages that can outperform in most market environments. We combine this with our valuation discipline to seek a margin of safety, with downside protection ever an important consideration. That being said, we do have a history of under performing in go-go markets and out performing in bear markets. Portfolio Review During the second quarter ending 6/30/18, returned 3.64% (Class A shares w/out sales charge) outperforming its benchmark, the Russell 1000 Index, which returned 3.57% for the period. The outperformance was within Consumer Staples and Real Estate, while Industrials and Consumer Discretionary detracted from performance this quarter. During the second quarter, the primary positive contributors to relative performance included Magellan Midstream Partners, L.P., Suncor Energy Inc., and UnitedHealth Group Incorporated. Magellan Midstream Partners, L.P. (Relative Contribution to s: 0.35%) Magellan and its peers in the midstream energy industry saw their stocks punished in the first quarter of 2018 following a negative regulatory ruling around pipeline rates. But the late March selloff was overdone, and the stocks have rebounded strongly from their lows. Rising oil prices and geographic price spreads have also reminded the market that despite all the attention electric vehicles get, the global economy is still extremely dependent on the efficient production and delivery of hydrocarbons. We continue to view Magellan as best-in-class with attractive assets (refined products and crude oil pipelines) that generate reliable cash flow, strong management execution, and a relatively conservative balance sheet. Suncor Energy Inc. (Relative Contribution to s: 0.27%) Suncor s new mega oil sands project, Fort Hills, has ramped up faster than expectations with the last of three trains commissioned in May. This project, four years in the making, is having a significant impact on production growth. Moreover, with the reduction of capital spending, free cash flow to the firm is stepping up. The stock also benefited from the general outperformance of energy stocks during the quarter which was partially driven by the rise in oil prices. UnitedHealth Group Incorporated (Relative Contribution to s: 0.25%) UNH reported a better than expected 1Q18 driven by a lower medical loss ratio and lower taxes. Optum health grew 22% driven by care delivery, digital consumer engagement and financial services. Management raised its 2018 earnings outlook to $12.40-$12.65 from $12.30-$12.60 previously. During the second quarter, the primary negative contributors to relative performance included Fastenal Company, Inc., JPMorgan Chase & Co., and Eastman Chemical Company. Fastenal Company (Relative Contribution to s: -0.37%) Fastenal underperformed due to investor concerns over gross margin pressure due to a mix shift toward larger customers, as well as some shorter-term cost headwinds on transportation and raw materials. In addition, monthly sales growth began to slow a bit from recent mid-teens year-over-year growth rates. We remain confident in management s strategy and execution, and believe the 2
valuation is compelling. JPMorgan Chase & Co. (Relative Contribution to s: -0.24%) JPM stock underperformed in the second quarter, mostly due to a flattening of the yield curve. In particular, the spread between the short end (2 year Treasury) of the curve and long end (10 year Treasury) compressed to a very low 30 basis points (the year ago period was 100 basis points). This trend negatively influences the banks profitability as they borrow short and lend long". In addition, other macro concerns, such as a brewing trade war and new tariffs spooked investors to flee financial stocks. JPM continues to be the best positioned to deal with these issues in our view. Eastman Chemical Company (Relative Contribution to s: -0.23%) Eastman Chemical stock took a breather after very strong performance. Investors generally sold off industrial and material stocks as trade war rhetoric heated up while some other segments experienced slowing outlooks. We believe that EMN is relatively undervalued and will outperform as investors attribute more credit to their growing specialty mix of products (vs. lower valued commodity products) and ability to generate more consistent free cash flows. Performance Analysis by Issuer - Top 5 Q2 2018³ (%) Effect Active Magellan Midstream Partners, L.P. 0.35 2.27 2.27 20.02 Energy Suncor Energy Inc. 0.27 2.02 2.02 18.59 Energy UnitedHealth Group Incorporated 0.25 3.36 2.46 15.05 Health Care MasterCard Incorporated 0.23 3.44 2.76 12.36 Info Tech Intuit Inc. 0.21 1.73 1.55 18.13 Info Tech Performance Analysis by Issuer - Bottom 5 Q2 2018³ (%) Effect Active Fastenal Company -0.37 2.45 2.39-11.17 Industrials Amazon.com, Inc. -0.32 0.00-2.49 0.00 Cons Disc Facebook, Inc. -0.27 0.00-1.67 0.00 Info Tech JPMorgan Chase & Co. -0.24 4.44 2.96-4.77 Financials Eastman Chemical Company -0.23 2.80 2.74-4.83 Materials Holdings are subject to change, and are dollar-weighted based on net assets. The mention of specific sectors or securities is subject to change and does not constitute a recommendation on behalf of the Fund or OppenheimerFunds, Inc. Past performance does not guarantee future results. 3
Performance Analysis - Q2 2018³ (%) Avg. Avg. Active Strategy Index Attribution Analysis Contribution to Avg. Contribution to Allocation Stock Selection Effect Consumer Staples 2.78-3.72-0.02-0.02 6.51-1.88-0.15 0.21 0.04 0.25 Real Estate 6.04 2.63 9.62 0.55 3.41 7.30 0.24 0.11 0.12 0.23 Information Technology 28.60 3.53 7.18 2.04 25.07 6.83 1.70 0.12 0.09 0.22 Financials 14.17-0.41-1.80-0.31 14.58-3.08-0.44-0.01 0.19 0.19 Health Care 12.50-0.83 5.33 0.65 13.33 3.82 0.48 0.00 0.18 0.18 Telecom Services 0.00-1.79 0.00 0.00 1.79-0.96-0.02 0.08 0.00 0.08 Utilities 3.78 1.00 6.72 0.23 2.78 4.21 0.11-0.04 0.10 0.06 Energy 8.38 2.35 10.96 0.97 6.03 14.16 0.81 0.37-0.31 0.05 Materials 4.41 1.24 0.29 0.08 3.18 2.41 0.09-0.01-0.06-0.07 Consumer Discretionary 6.58-6.48 7.27 0.45 13.06 7.92 0.99-0.27-0.05-0.31 Industrials 10.41 0.14-5.68-0.70 10.27-2.71-0.28-0.05-0.31-0.36 Cash 2.35 2.35 0.46 0.01 0.00 0.00 0.00-0.11 0.00-0.11 100.00 0.00 3.96 100.00 3.56 0.41-0.01-2 -1 0 1 2 Holdings are subject to change, and are dollar-weighted based on net assets. Attribution methodology notes: The attribution provides analysis of the effects of several portfolio management decisions, including allocation and security selection. Securities classified as "Other" may include non-equity securities, derivatives and securities for which a sector classification may not be appropriate. The Fund is actively managed and portfolio holdings are subject to change in accordance with the prospectus. The percentage weights represented for the Fund are dollar weighted based on market value. Performance numbers include all share classes and may not tie to actual Fund returns. Contribution to measures the performance impact from portfolio holdings over a defined time period. It takes into account both weight and performance of the portfolio holdings. Contribution to is calculated at security level and reported at sector/strategy level. Past performance does not guarantee future results. The mention of specific sectors or securities is subject to change and does not constitute a recommendation on behalf of the Fund or OppenheimerFunds, Inc. Past performance does not guarantee future results. 4
Outlook and Positioning It is important to note, as of June 29, 2018, Raman Vardharaj has replaced Josh Peters as the Portfolio Manager for the Rising Dividends Fund. In the short term, we expect the U.S. economy to continue to show decent economic growth. This will be driven by favorable ongoing consumer confidence, tax benefits and falling regulatory hurdles. Rising home prices as well as technological innovation may also help drive the economy higher. Risks we are focused on include trade tariffs, interest rates, disruption of traditional business models and the narrowness of stock market rally in large-cap stocks. Regarding trade tariffs, the market views it as a negotiating tactic and is implying that all will end well. A true escalation could severely hamper global growth and thereby stock prices. In addition, we are afraid companies are addicted to low interest rates. If interest rates were to rise materially, some companies historical decisions will look like misallocation of capital and negatively impact their stock prices. Innovation, while a positive for the overall economy over the long term, creates short-term disruptions. Finally, there is risk around the growing disparity between stock prices of companies perceived as having growth characteristics irrespective of valuation versus the rest of the companies. History tells us that sooner or later, such narrow rallies result in investors crowding in a few stocks and ultimately resulting in meaningful declines of those stocks. We continue to maintain our discipline around valuation. Additionally, while innovation is alive and well and helping generate economic growth, fundamental disruptions across market segments have been elevated. We are constantly monitoring potential disruption risk to our companies. Volatility in the markets has been unusually low by historical standards but could increase. Traditionally, during periods of heightened market volatility, investors favor stocks of higher quality companies with greater consistency and stability of revenue and earnings leading to relatively better stock performance of those companies. We think focusing on companies with competitive advantages and skilled management teams positions us well, should this environment come to pass. During times of economic volatility such companies frequently widen their lead over weaker competitors. We seek to invest in companies characterized by these qualities at compelling valuations and believe this disciplined approach is essential to generating superior long-term performance. Special Risks There is no guarantee that the issuers of stocks will declare dividends in the future, or that dividends will remain at their current levels or increase over time. Derivative instruments entail higher volatility and risk of loss compared to traditional stock or bond investments. Diversification does not guarantee profit or protect against loss. 5
DISCLOSURES Past performance does not guarantee future results. 1. The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately 92% of the Russell 3000 Index. The index is unmanaged and cannot be purchased directly by investors. Index performance is shown for illustrative purposes only and does not predict or depict performance of the Fund. Past performance does not guarantee future results. 2. Source: 2018 Morningstar, Inc., 6/30/18. Morningstar ranking is for Class A shares and ranking may include more than one share class of funds in the category, including other share classes of this Fund. Ranking is based on total return as of 6/30/18, without considering sales charges. Different share classes may have different expenses and performance characteristics. Fund rankings are subject to change monthly. The fund's total-return percentile rank is relative to all funds that are in the Large Blend Funds Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top performing fund in a category will always receive a rank of 1. 3. Holdings and sector allocations are subject to change, do not constitute recommendations by OppenheimerFunds, Inc., and are dollar-weighted based on total net assets. Top Holdings exclude cash and cash equivalents. Attribution analysis is a process used to analyze the absolute return (often called contribution) and the excess return (often called relative return) between a portfolio and its benchmark. The total effect measures both the allocation effect to a sector as well as stock selection within a sector. 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. The mention of specific companies does not constitute a recommendation by any particular fund or by OppenheimerFunds, Inc. 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. This material is provided for general and educational purposes only, is not intended to provide legal or tax advice, and is not for use to avoid penalties that may be imposed under U.S. federal tax laws. OppenheimerFunds is not undertaking to provide impartial investment advice or to provide advice in a fiduciary capacity. Contact your attorney or other advisor regarding your specific legal, investment or tax situation. These views represent the opinions of the portfolio managers at OppenheimerFunds, Inc. and are not intended as investment advice or to predict or depict the performance of any investment. These views are as of the close of business on June 30, 2018, and are subject to change based on subsequent developments. The Fund s portfolio and strategies are subject to change. returns do not show the effects of income taxes on an individual s investment. Taxes may reduce an investor s actual investment returns on income or gains paid by the Fund or any gains realized if the investor sells his/her shares. 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 2018 OppenheimerFunds Distributor, Inc. All rights reserved. CO0225.001.0618 June 30, 2018 Visit Us oppenheimerfunds.com Call Us 800 225 5677 Follow Us 6