Oppenheimer Dividend Opportunity Fund

Year Ended April 30, 2018

Year Ended April 30, 2017

Year Ended April 29, 2016

Period Ended April 30, 2015

N-CSR 1 d504917dncsr.htm OPPENHEIMER DIVIDEND OPPORTUNITY FUND Oppenheimer Dividend Opportunity 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 811-21208

Oppenheimer Dividend Opportunity 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: April 30

Date of reporting period: 4/30/2018

Item 1. Reports to Stockholders.

LOGO

Table of Contents



Fund Performance Discussion			3

Top Holdings and Allocations			6

Fund Expenses			9

Statement of Investments			11

Statement of Assets and Liabilities			15

Statement of Operations			17

Statements of Changes in Net Assets			19

Financial Highlights			20

Notes to Financial Statements			26

Report of Independent Registered Public Accounting Firm			43

Federal Income Tax Information			44

Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments			45

Distribution Sources			46

Trustees and Officers			47

Privacy Notice			53

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 4/30/18


	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Russell 3000 Value Index	S&P 500 Index
1-Year	9.28%	3.00%	7.42%	13.27%

5-Year	8.68	7.40	10.50	12.96

10-Year	4.63	4.01	7.39	9.02

2 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

Fund Performance Discussion

The Fund’s Class A shares (without sales charge) produced a return of 9.28% during the reporting period, outperforming the Russell 3000 Value Index (the “Index”), which returned 7.42% during the same period. The Fund outperformed the Index in 8 out of 11 sectors, primarily within the Industrials, Information Technology and Energy sectors due to positive stock selection. The largest underperforming sector for the Fund was Telecommunication Services, where an overweight position detracted from performance. The Fund underperformed the Index slightly within the Consumer Discretionary and Health Care sectors. The Fund underperformed the broader U.S. equity market, as measured by the S&P 500 Index, which returned 13.27% during the reporting period.

MARKET OVERVIEW

2017 was yet another strong year for U.S. equities. It would be an understatement to say that this bull market has been long and uninterrupted. To put this in perspective, investment professionals with fewer than 10 years of experience (and there are many) have never seen a down market in their career, much less a bear market like 2008.

Equity markets got off to a very strong start to 2018 in January. However, volatility re-emerged and the markets reversed course during February and March, before recovering slightly in April. The most commonly cited measure of volatility is the Chicago Board Options Exchange Volatility Index, more commonly known as the VIX. The VIX uses

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

LOGO

3 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

index options to calculate implied volatility at the index level and during most of 2017 hovered near the 10% level, which is a historically low level of expected volatility. This reversed somewhat in February and March, as a number of factors, most importantly fears of a trade war, caused significant selling of equities in early February. The VIX ended the period around the 15% level.

FUND REVIEW

Top contributors to performance this reporting period included JPMorgan Chase & Co., BP plc and Microsoft Corporation.

The Financials sector in general continued to perform relatively well in the reporting period as investors became more optimistic about tax reform, which positively impacted banks. JPMorgan Chase & Co. was a beneficiary of the rally in Financials.

Technology companies, including Microsoft, performed well during the reporting period. In fact, Information Technology was the strongest performing sector of the Index this reporting period. The rally in Information Technology was driven partly by strong earnings reports released by key firms, including Microsoft.

BP was a top performing holding of the Fund this reporting period. Energy stocks experienced volatility throughout the reporting period, but started to pick up again in 2018 due to an increase in oil prices. BP was a benefactor of the rally in oil prices and

reported strong financial results.

Detractors from performance included AT&T Inc., Enbridge Inc. and Philip Morris International Inc.

Over the first half of the reporting period, AT&T, which owns DirectTV, announced that it lost U.S. video subscribers due to continued competition in traditional TV markets, along with the impact of recent hurricanes. The results raised market concerns about consumers continuing to cut the cord on traditional cable and satellite television subscriptions. The stock performed positively from November 2017 through January 2018 before experiencing additional declines. Late in the reporting period, the company reported weaker than anticipated first earnings. In addition, Time Warner, AT&T’s acquisition target, reported a decline in operating income.

Enbridge is an Energy holding that operates pipelines, and because of its high dividend yield, shares underperformed this reporting period along with other interest rate sensitive securities. A change in the tax treatment of Master Limited Partnerships (MLPs), in which Enbridge holds an interest, also affected performance.

Philip Morris saw significant weakness after reporting first quarter earnings with the market focusing on its heated tobacco product, iQOS. Volumes came in below expectations driven by a significant shortfall in shipments of iQOS in Japan, which had been experiencing strong growth. This accentuated concerns around vapour products impacting the industry as a whole.

4 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

STRATEGY & OUTLOOK

Now is not the time for complacency. The return of volatility has created a new set of challenges for equity investors. In a regime of higher uncertainty, the value of bottom up, fundamental research will become much more important than in recent years. While we remain relatively optimistic that the current positive economic trends should continue, recent macro events have introduced a level of uncertainty that cannot be discounted.

While we believe the increased volatility will likely remain present, we will continue to focus on those areas of the market where we can find value. To that end, early in the year we modestly increased our exposure to the Utilities sector after a weak January, while trimming our sector weights in Financials and Industrials. Strong relative performance from the more cyclical sectors in 2016 and 2017,

coupled with weaker performance from more defensive sectors, created an opportunity for us to take advantage of the more attractive valuations in Utilities, and also adding a bit of defensiveness to the portfolio, which we believe should help dampen higher volatility.

As always, while many investors focus on a short-term view when considering potential investments, the Fund utilizes in-depth fundamental research to identify companies that we believe are poised for an unanticipated acceleration in return on invested capital over a multi-year time horizon. We believe this longer-term approach provides a more comprehensive outlook of potential investments by focusing on all three financial statements – income statement, balance sheet and statement of cash flows – and helps us uncover companies whose generation and use of free cash flow we deem as yet to be fully reflected in the current stock price.

LOGO

Laton Spahr, CFA

Portfolio Manager

5 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

Top Holdings and Allocations

TOP TEN COMMON STOCK HOLDINGS


JPMorgan Chase & Co.		4.3%
Chevron Corp.		3.9
Lockheed Martin Corp.		3.7
Cisco Systems, Inc.		3.6
BP plc, Sponsored ADR		3.4
AT&T, Inc.		2.7
Microsoft Corp.		2.7
ITOCHU Corp.		2.4
Pfizer, Inc.		2.3
Royal Dutch Shell plc, Cl. A, Sponsored ADR		2.3

Portfolio holdings and allocations are subject to change. Percentages are as of April 30, 2018, and are based on net assets. For more current Fund holdings, please visit oppenheimerfunds. com.

TOP TEN COMMON STOCK INDUSTRIES


Commercial Banks		15.5%
Oil, Gas & Consumable Fuels		14.1
Electric Utilities		6.0
Pharmaceuticals		5.6
Diversified Telecommunication Services		3.8
Aerospace & Defense		3.7
Real Estate Investment Trusts (REITs)		3.6
Software		3.6
Communications Equipment		3.6
Semiconductors & Semiconductor Equipment		3.5

Portfolio holdings and allocations are subject to change. Percentages are as of April 30, 2018, and are based on net assets.

SECTOR ALLOCATION

LOGO

Portfolio holdings and allocations are subject to change. Percentages are as of April 30, 2018, and are based on the total market value of common stocks.

6 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 4/30/18


	Inception Date	1-Year	5-Year	10-Year
Class A (OSVAX)	11/26/02	9.28%	8.68%	4.63%
Class B (OSVBX)	2/27/04	8.38	7.82	4.11
Class C (OSCVX)	2/27/04	8.44	7.86	3.82
Class I (OSVIX)	8/28/14	9.76	7.19*	N/A
Class R (OSVNX)	2/27/04	8.98	8.41	4.37
Class Y (OSVYX)	2/27/04	9.52	8.96	5.00

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 4/30/18


	Inception Date	1-Year	5-Year	10-Year
Class A (OSVAX)	11/26/02	3.00%	7.40%	4.01%
Class B (OSVBX)	2/27/04	3.38	7.52	4.11
Class C (OSCVX)	2/27/04	7.44	7.86	3.82
Class I (OSVIX)	8/28/14	9.76	7.19*	N/A
Class R (OSVNX)	2/27/04	8.98	8.41	4.37
Class Y (OSVYX)	2/27/04	9.52	8.96	5.00

*Shows performance since inception.

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%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); 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. Because Class B shares automatically converted to Class A shares 72 months after purchase, the 10-year return for Class B shares uses Class A performance for the period after conversion. Effective June 1, 2018, all Class B shares converted to Class A 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 Russell 3000 Value Index and the S&P 500 Index. The Russell 3000 Value Index measures the performance of the broad value segment of the U.S. equity universe. It includes those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values. The S&P 500 Index is a capitalization-weighted index of 500 stocks intended to be a representative sample of leading companies in leading industries within the U.S. economy. The indices are unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s

7 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

performance, it must be noted that the Fund’s investments are not limited to the investments comprising the indices. 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.

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc. or its affiliates.

The views in the Fund Performance Discussion represent the opinions of this Fund’s portfolio managers 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 April 30, 2018, and are subject to change based on subsequent developments. The Fund’s portfolio and strategies are subject to change.

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.

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.

8 OPPENHEIMER DIVIDEND OPPORTUNITY 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 April 30, 2018.

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 April 30, 2018” 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.

9 OPPENHEIMER DIVIDEND OPPORTUNITY FUND


Actual	Beginning Account Value November 1, 2017	Ending Account Value April 30, 2018	Expenses Paid During 6 Months Ended April 30, 2018

Class A	$ 1,000.00	$ 1,028.70	$ 5.70

Class B	1,000.00	1,024.50	9.73

Class C	1,000.00	1,024.60	9.48

Class I	1,000.00	1,030.80	3.58

Class R	1,000.00	1,027.30	6.91

Class Y	1,000.00	1,029.90	4.44

Hypothetical (5% return before expenses)

Class A	1,000.00	1,019.19	5.67

Class B	1,000.00	1,015.22	9.69

Class C	1,000.00	1,015.47	9.44

Class I	1,000.00	1,021.27	3.56

Class R	1,000.00	1,018.00	6.88

Class Y	1,000.00	1,020.43	4.42

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 April 30, 2018 are as follows:


Class		Expense Ratios

Class A		1.13%

Class B		1.93

Class C		1.88

Class I		0.71

Class R		1.37

Class Y		0.88

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager and Transfer Agent. 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.

10 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

STATEMENT OF INVESTMENTS April 30, 2018


	Shares		Value
Common Stocks—96.5%
Consumer Discretionary—7.4%
Automobiles—2.0%
Ford Motor Co.		243,600	$	2,738,064
General Motors Co.		67,100		2,465,254
				5,203,318

Hotels, Restaurants & Leisure—3.4%
Las Vegas Sands Corp.		49,360		3,619,569
McDonald’s Corp.		32,760		5,485,334
				9,104,903

Household Durables—0.8%
Sekisui House Ltd.		109,000		1,993,226
Multiline Retail—1.2%
Target Corp.		45,620		3,312,012
Consumer Staples—7.3%
Beverages—3.5%
Coca-Cola Co. (The)		104,610		4,520,198
Coca-Cola European Partners plc		65,980		2,586,416
PepsiCo, Inc.		20,990		2,118,731
				9,225,345

Food & Staples Retailing—1.5%
Walmart, Inc.		44,290		3,917,893
Household Products—0.8%
Procter & Gamble Co. (The)		30,700		2,220,838
Tobacco—1.5%
Philip Morris International, Inc.		49,200		4,034,400
Energy—14.1%
Oil, Gas & Consumable Fuels—14.1%
BP plc, Sponsored ADR		202,562		9,032,240
Chevron Corp.		82,548		10,327,580
Enbridge, Inc.		61,177		1,851,828
Exxon Mobil Corp.		33,790		2,627,172
Royal Dutch Shell plc, Cl. A, Sponsored ADR		86,882		6,073,052
Ship Finance International Ltd.		208,740		2,974,545
Suncor Energy, Inc.		119,700		4,576,131
				37,462,548


	Shares		Value
Financials—23.5%
Capital Markets—2.3%
Apollo Global Management LLC, Cl. A¹		39,843	$	1,149,072
Ares Management LP²		152,549		3,356,078
Moelis & Co., Cl. A		27,430		1,475,734
				5,980,884

Commercial Banks—15.5%
Banco Comercial Portugues SA, Cl. R³		11,572,595		3,861,297
BB&T Corp.		87,520		4,621,056
Citigroup, Inc.		45,970		3,138,372
Danske Bank AS		44,487		1,549,904
Fifth Third Bancorp		93,720		3,108,692
Intesa Sanpaolo SpA		1,061,149		4,034,266
JPMorgan Chase & Co.		104,170		11,331,613
KeyCorp		183,540		3,656,117
M&T Bank Corp.		13,720		2,500,744
Zions Bancorporation		62,130		3,401,617
				41,203,678

Consumer Finance—0.8%
Navient Corp.		151,806		2,012,948
Insurance—1.3%
Prudential Financial, Inc.		31,550		3,354,396
Real Estate Investment Trusts (REITs)—3.6%
Crown Castle International Corp.		12,170		1,227,588
Park Hotels & Resorts, Inc.		79,430		2,285,995
Prologis, Inc.		46,960		3,048,174
Uniti Group, Inc.		172,138		3,101,927
				9,663,684
Health Care—7.3%
Biotechnology—0.6%
Gilead Sciences, Inc.		21,580		1,558,723
Health Care Providers & Services—1.1%
UnitedHealth Group, Inc.		12,360		2,921,904
Pharmaceuticals—5.6%
AstraZeneca plc, Sponsored ADR		132,620		4,711,988
Merck & Co., Inc.		70,540		4,152,690

11 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

STATEMENT OF INVESTMENTS Continued


	Shares		Value
Pharmaceuticals (Continued)
Pfizer, Inc.		167,370	$	6,127,416
				14,992,094

Industrials—10.7%
Aerospace & Defense—3.7%
Lockheed Martin Corp.		31,150		9,994,166
Airlines—0.7%
International Consolidated Airlines Group SA		214,550		1,851,486
Construction & Engineering—0.8%
Ferrovial SA		104,145		2,219,810
Electrical Equipment—1.3%
ABB Ltd.		76,084		1,772,621
Eaton Corp. plc		21,920		1,644,657
				3,417,278
Industrial Conglomerates—0.6%
Siemens AG		12,457		1,584,653
Machinery—1.2%
Caterpillar, Inc.		21,750		3,139,830
Trading Companies & Distributors—2.4%
ITOCHU Corp.		314,600		6,296,843
Information Technology—11.4%
Communications Equipment—3.6%
Cisco Systems, Inc.		212,840		9,426,683
Electronic Equipment, Instruments, & Components—0.7%
Corning, Inc.		69,200		1,869,784
Semiconductors & Semiconductor Equipment—3.5%
Intel Corp.		101,140		5,220,847
QUALCOMM, Inc.		31,230		1,593,042
Texas Instruments, Inc.		25,500		2,586,465
				9,400,354
Software—3.6%
Microsoft Corp.		75,300		7,042,056
Nintendo Co. Ltd.		5,700		2,404,145
				9,446,201

Materials—3.7%
Chemicals—0.7%
Nissan Chemical Industries Ltd.		40,482		1,802,943


	Shares		Value
Containers & Packaging—1.1%
International Paper Co.		54,600	$	2,815,176
Metals & Mining—1.9%
Alumina Ltd.		1,294,300		2,550,623
Anglo American plc		110,470		2,592,661
				5,143,284

Telecommunication Services—3.8%
Diversified Telecommunication Services—3.8%
AT&T, Inc.		219,600		7,180,920
Inmarsat plc		232,170		1,196,417
Nippon Telegraph & Telephone Corp.		37,800		1,798,636
				10,175,973

Utilities—7.3%
Electric Utilities—6.0%
Avangrid, Inc.		56,430		2,974,425
Duke Energy Corp.		24,520		1,965,523
Edison International		31,390		2,056,673
Entergy Corp.		37,200		3,035,148
Iberdrola SA		264,867		2,041,857
NextEra Energy, Inc.		23,917		3,920,236
				15,993,862

Multi-Utilities—1.3%
Ameren Corp.		57,510		3,371,236
Total Common Stocks (Cost $221,415,157)				256,112,356


Preferred Stock—0.6%
Belden, Inc., 6.75% Cv. (Cost $1,745,719)		17,000		1,475,769

12 OPPENHEIMER DIVIDEND OPPORTUNITY FUND


	Shares		Value
Investment Company—2.1%
Oppenheimer Institutional Government Money Market Fund, Cl. E, 1.67%^4,5 (Cost $5,592,483)		5,592,483	$	5,592,483

Total Investments, at Value (Cost $228,753,359)		99.2%		263,180,608
Net Other Assets (Liabilities)		0.8		2,072,372

Net Assets		100.0%	$	265,252,980

Footnotes to Statement of Investments

1. Security is a Master Limited Partnership.

2. Security was a Master Limited Partnership during the period.

3. Non-income producing security.

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

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 April 30, 2017		Gross Additions		Gross Reductions		Shares April 30, 2018
Oppenheimer Institutional Government Money Market Fund, Cl. E		7,011,919		114,336,770		115,756,206		5,592,483

	Value		Income		Realized Gain (Loss)		Change in Unrealized Gain (Loss)
Oppenheimer Institutional Government Money Market Fund, Cl. E	$	5,592,483	$	62,335	$	—	$	—


Forward Currency Exchange Contracts as of April 30, 2018
Counterparty	Settlement Month(s)		Currency Purchased (000’s)		Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation

BAC		07/2018	USD	4,198	CAD	5,324	$	44,889	$	—
CITNA-B		05/2018	USD	11,243	EUR	9,075		267,149		—
CITNA-B		07/2018	USD	10,728	JPY	1,139,000		256,194		—
JPM		07/2018	USD	9,757	GBP	6,950		148,053		—

Total Unrealized Appreciation and Depreciation							$	716,285	$	—

Glossary:

Counterparty Abbreviations


BAC		Barclays Bank plc

13 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

STATEMENT OF INVESTMENTS Continued

Counterparty Abbreviations (Continued)

CITNA-B

JPM

Citibank NA

JPMorgan Chase Bank NA

Currency abbreviations indicate amounts reporting in currencies


CAD		Canadian Dollar
EUR		Euro
GBP		British Pound Sterling
JPY		Japanese Yen

See accompanying Notes to Financial Statements.

14 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

STATEMENT OF ASSETS AND LIABILITIES April 30, 2018


Assets
Investments, at value—see accompanying statement of investments:
Unaffiliated companies (cost $223,160,876)	$	257,588,125
Affiliated companies (cost $5,592,483)		5,592,483
		263,180,608
Cash		185,434
Unrealized appreciation on forward currency exchange contracts		716,285
Receivables and other assets:
Investments sold		2,268,334
Dividends		586,038
Shares of beneficial interest sold		307,189
Other		35,850
Total assets		267,279,738

Liabilities
Bank overdraft-foreign		7,650
Payables and other liabilities:
Investments purchased		1,695,976
Shares of beneficial interest redeemed		199,351
Distribution and service plan fees		51,106
Trustees’ compensation		27,191
Shareholder communications		6,700
Other		38,784
Total liabilities		2,026,758

Net Assets	$	265,252,980


Composition of Net Assets
Par value of shares of beneficial interest	$	11,268
Additional paid-in capital		232,064,135
Accumulated net investment loss		(112,958	)
Accumulated net realized loss on investments and foreign currency transactions		(1,848,888	)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		35,139,423
Net Assets	$	265,252,980

15 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

STATEMENT OF ASSETS AND LIABILITIES Continued


Net Asset Value Per Share
Class A Shares:

Net asset value and redemption price per share (based on net assets of $183,817,633 and 7,748,699 shares of beneficial interest outstanding)	$	23.72

Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price)	$	25.17


Class B Shares:

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $188,750 and 8,203 shares of beneficial interest outstanding)	$	23.01


Class C Shares:

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $51,171,175 and 2,236,433 shares of beneficial interest outstanding)	$	22.88


Class I Shares:

Net asset value, redemption price and offering price per share (based on net assets of $3,140,021 and 132,469 shares of beneficial interest outstanding)	$	23.70


Class R Shares:

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $13,735,817 and 585,002 shares of beneficial interest outstanding)	$	23.48


Class Y Shares:

Net asset value, redemption price and offering price per share (based on net assets of $13,199,584 and 556,970 shares of beneficial interest outstanding)	$	23.70

See accompanying Notes to Financial Statements.

16 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

STATEMENT

OF OPERATIONS For the Year Ended April 30, 2018


Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $264,216)	$	9,457,760
Affiliated companies		62,335
Interest		18,973
Total investment income		9,539,068

Expenses
Management fees		1,723,287
Distribution and service plan fees: Class A		443,270
Class B		7,531
Class C		508,102
Class R		67,596
Transfer and shareholder servicing agent fees: Class A		386,690
Class B		1,644
Class C		108,429
Class I		852
Class R		29,081
Class Y		29,198
Shareholder communications: Class A		22,410
Class B		462
Class C		5,768
Class I		23
Class Y		980
Borrowing fees		8,640
Custodian fees and expenses		6,340
Trustees’ compensation		3,561
Other		60,854
Total expenses		3,414,718
Less waivers and reimbursements of expenses		(31,525	)
Net expenses		3,383,193

Net Investment Income		6,155,875

17 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

STATEMENT

OF OPERATIONS Continued


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in unaffiliated companies	$	8,555,119
Foreign currency transactions		6,490
Forward currency exchange contracts		(2,395,595	)
Net realized gain		6,166,014
Net change in unrealized appreciation/depreciation on:
Investment transactions in unaffiliated companies		9,558,272
Translation of assets and liabilities denominated in foreign currencies		(8,795	)
Forward currency exchange contracts		1,057,807
Net change in unrealized appreciation/depreciation		10,607,284

Net Increase in Net Assets Resulting from Operations	$	22,929,173

See accompanying Notes to Financial Statements.

18 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended April 30, 2018			Year Ended April 30, 2017
Operations
Net investment income	$	6,155,875		$	5,279,141
Net realized gain		6,166,014			10,135,806
Net change in unrealized appreciation/depreciation		10,607,284			14,082,531
Net increase in net assets resulting from operations		22,929,173			29,497,478

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(4,245,093	)		(4,981,576	)
Class B		(11,377	)		(42,264	)
Class C		(863,438	)		(1,141,144	)
Class I		(78,524	)		(18,436	)
Class R		(290,761	)		(319,856	)
Class Y		(357,252	)		(246,909	)
		(5,846,445	)		(6,750,185	)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(10,179,660	)		15,903,114
Class B		(1,273,123	)		(1,062,778	)
Class C		(4,161,544	)		4,381,702
Class I		391,304			2,532,383
Class R		(496,266	)		2,377,041
Class Y		1,388,178			4,383,484
		(14,331,111	)		28,514,946

Net Assets
Total increase		2,751,617			51,262,239
Beginning of period		262,501,363			211,239,124
End of period (including accumulated net investment loss of $112,958 and $193,297, respectively)	$	265,252,980		$	262,501,363

See accompanying Notes to Financial Statements.

19 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS


Class A	Year Ended April 30, 2018		Year Ended April 30, 2017		Year Ended April 29, 2016¹		Year Ended April 30, 2015		Year Ended April 30, 2014
Per Share Operating Data
Net asset value, beginning of period		$22.23		$20.19		$20.78		$19.79		$17.80
Income (loss) from investment operations:
Net investment income²		0.57		0.51		0.54		0.53		0.42
Net realized and unrealized gain (loss)		1.46		2.16		(0.62)		1.01		2.00
Total from investment operations		2.03		2.67		(0.08)		1.54		2.42
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.54)		(0.63)		(0.51)		(0.55)		(0.43)
Net asset value, end of period		$23.72		$22.23		$20.19		$20.78		$19.79


Total Return, at Net Asset Value³		9.28%		13.40%		(0.25)%		7.86%		13.71%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$183,818		$182,226		$150,192		$140,697		$135,325
Average net assets (in thousands)		$182,822		$167,839		$138,687		$138,051		$130,894
Ratios to average net assets:⁴
Net investment income		2.46%		2.38%		2.72%		2.64%		2.21%
Expenses excluding specific expenses listed below		1.15%		1.16%		1.16%		1.15%		1.26%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%⁵		0.00%		0.00%
Total expenses⁶		1.15%		1.16%		1.16%		1.15%		1.26%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.14%		1.15%		1.16%⁷		1.15%⁷		1.26%⁷
Portfolio turnover rate		63%		64%		47%		46%		73%

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

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

3. 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.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

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



Year Ended April 30, 2018	1.15	%
Year Ended April 30, 2017	1.16	%
Year Ended April 29, 2016	1.16	%
Year Ended April 30, 2015	1.15	%
Year Ended April 30, 2014	1.26	%

7. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

20 OPPENHEIMER DIVIDEND OPPORTUNITY FUND


Class B	Year Ended April 30, 2018		Year Ended April 30, 2017		Year Ended April 29, 2016¹		Year Ended April 30, 2015		Year Ended April 30, 2014
Per Share Operating Data
Net asset value, beginning of period		$21.53		$19.57		$20.15		$19.19		$17.15
Income (loss) from investment operations:
Net investment income²		0.37		0.34		0.38		0.38		0.25
Net realized and unrealized gain (loss)		1.42		2.08		(0.61)		0.97		1.94
Total from investment operations		1.79		2.42		(0.23)		1.35		2.19
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.31)		(0.46)		(0.35)		(0.39)		(0.15)
Net asset value, end of period		$23.01		$21.53		$19.57		$20.15		$19.19


Total Return, at Net Asset Value³		8.38%		12.54%		(1.08)%		7.08%		12.79%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$189		$1,398		$2,280		$3,755		$6,535
Average net assets (in thousands)		$756		$1,853		$2,881		$4,815		$8,271
Ratios to average net assets:⁴
Net investment income		1.65%		1.67%		1.97%		1.95%		1.36%
Expenses excluding specific expenses listed below		1.95%		1.94%		1.93%		1.91%		2.20%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%⁵		0.00%		0.00%
Total expenses⁶		1.95%		1.94%		1.93%		1.91%		2.20%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.94%		1.93%		1.93%⁷		1.91%⁷		2.08%
Portfolio turnover rate		63%		64%		47%		46%		73%

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

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

4. Annualized for periods less than one full year.

5. Less than 0.005%.

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



Year Ended April 30, 2018	1.95	%
Year Ended April 30, 2017	1.94	%
Year Ended April 29, 2016	1.93	%
Year Ended April 30, 2015	1.91	%
Year Ended April 30, 2014	2.20	%

7. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

21 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS Continued


Class C	Year Ended April 30, 2018		Year Ended April 30, 2017		Year Ended April 29, 2016¹		Year Ended April 30, 2015		Year Ended April 30, 2014
Per Share Operating Data
Net asset value, beginning of period		$21.46		$19.52		$20.11		$19.17		$17.19
Income (loss) from investment operations:
Net investment income²		0.38		0.34		0.38		0.37		0.26
Net realized and unrealized gain (loss)		1.42		2.09		(0.60)		0.97		1.94
Total from investment operations		1.80		2.43		(0.22)		1.34		2.20
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.38)		(0.49)		(0.37)		(0.40)		(0.22)
Net asset value, end of period		$22.88		$21.46		$19.52		$20.11		$19.17


Total Return, at Net Asset Value³		8.44%		12.59%		(1.05)%		7.08%		12.84%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$51,171		$52,082		$43,138		$42,892		$40,789
Average net assets (in thousands)		$51,243		$48,317		$41,327		$41,408		$39,570
Ratios to average net assets:⁴
Net investment income		1.71%		1.64%		1.99%		1.89%		1.45%
Expenses excluding specific expenses listed below		1.89%		1.90%		1.90%		1.90%		2.02%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%⁵		0.00%		0.00%
Total expenses⁶		1.89%		1.90%		1.90%		1.90%		2.02%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.88%		1.89%		1.90%⁷		1.90%⁷		2.02%⁷
Portfolio turnover rate		63%		64%		47%		46%		73%

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

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

4. Annualized for periods less than one full year.

5. Less than 0.005%.

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



Year Ended April 30, 2018	1.89	%
Year Ended April 30, 2017	1.90	%
Year Ended April 29, 2016	1.90	%
Year Ended April 30, 2015	1.90	%
Year Ended April 30, 2014	2.02	%

7. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

22 OPPENHEIMER DIVIDEND OPPORTUNITY FUND


Class I	Year Ended April 30, 2018		Year Ended April 30, 2017		Year Ended April 29, 2016¹		Period Ended April 30, 2015²
Per Share Operating Data
Net asset value, beginning of period		$22.21		$20.18		$20.76		$20.61
Income (loss) from investment operations:
Net investment income³		0.67		0.66		0.66		0.39
Net realized and unrealized gain (loss)		1.46		2.10		(0.64)		0.22
Total from investment operations		2.13		2.76		0.02		0.61
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.64)		(0.73)		(0.60)		(0.46)
Net asset value, end of period		$23.70		$22.21		$20.18		$20.76


Total Return, at Net Asset Value⁴		9.76%		13.91%		0.20%		3.02%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$3,140		$2,572		$15		$10
Average net assets (in thousands)		$2,844		$548		$15		$10
Ratios to average net assets:⁵
Net investment income		2.88%		3.02%		3.35%		2.86%
Expenses excluding specific expenses listed below		0.71%		0.71%		0.70%		0.69%
Interest and fees from borrowings		0.00%⁶		0.00%⁶		0.00%⁶		0.00%
Total expenses⁷		0.71%		0.71%		0.70%		0.69%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.71%⁸		0.70%		0.70%⁸		0.69%⁸
Portfolio turnover rate		63%		64%		47%		46%

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

2. For the period from August 28, 2014 (inception of offering) to April 30, 2015.

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:

8. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

23 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS Continued


Class R	Year Ended April 30, 2018		Year Ended April 30, 2017		Year Ended April 29, 2016¹		Year Ended April 30, 2015		Year Ended April 30, 2014
Per Share Operating Data
Net asset value, beginning of period		$22.01		$20.00		$20.59		$19.61		$17.57
Income (loss) from investment operations:
Net investment income²		0.51		0.45		0.49		0.48		0.36
Net realized and unrealized gain (loss)		1.45		2.14		(0.61)		1.00		1.99
Total from investment operations		1.96		2.59		(0.12)		1.48		2.35
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.49)		(0.58)		(0.47)		(0.50)		(0.31)
Net asset value, end of period		$23.48		$22.01		$20.00		$20.59		$19.61


Total Return, at Net Asset Value³		8.98%		13.17%		(0.55)%		7.61%		13.46%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$13,736		$13,332		$9,837		$9,051		$10,034
Average net assets (in thousands)		$13,745		$11,603		$8,890		$9,492		$11,300
Ratios to average net assets:⁴
Net investment income		2.22%		2.13%		2.49%		2.41%		1.95%
Expenses excluding specific expenses listed below		1.38%		1.40%		1.40%		1.40%		1.48%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%⁵		0.00%		0.00%
Total expenses⁶		1.38%		1.40%		1.40%		1.40%		1.48%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.37%		1.39%		1.40%⁷		1.40%⁷		1.48%⁷
Portfolio turnover rate		63%		64%		47%		46%		73%

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

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

4. Annualized for periods less than one full year.

5. Less than 0.005%.

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



Year Ended April 30, 2018	1.38	%
Year Ended April 30, 2017	1.40	%
Year Ended April 29, 2016	1.40	%
Year Ended April 30, 2015	1.40	%
Year Ended April 30, 2014	1.48	%

7. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

24 OPPENHEIMER DIVIDEND OPPORTUNITY FUND


Class Y	Year Ended April 30, 2018		Year Ended April 30, 2017		Year Ended April 29, 2016¹		Year Ended April 30, 2015		Year Ended April 30, 2014
Per Share Operating Data
Net asset value, beginning of period		$22.21		$20.17		$20.76		$19.77		$17.87
Income (loss) from investment operations:
Net investment income²		0.63		0.55		0.59		0.58		0.48
Net realized and unrealized gain (loss)		1.46		2.18		(0.62)		1.01		2.01
Total from investment operations		2.09		2.73		(0.03)		1.59		2.49
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.60)		(0.69)		(0.56)		(0.60)		(0.59)
Net asset value, end of period		$23.70		$22.21		$20.17		$20.76		$19.77


Total Return, at Net Asset Value³		9.52%		13.70%		(0.04)%		8.15%		14.07%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$13,199		$10,891		$5,777		$11,949		$8,064
Average net assets (in thousands)		$13,806		$7,845		$7,642		$10,315		$7,693
Ratios to average net assets:⁴
Net investment income		2.71%		2.58%		2.99%		2.87%		2.53%
Expenses excluding specific expenses listed below		0.90%		0.91%		0.91%		0.90%		0.94%
Interest and fees from borrowings		0.00%⁵		0.00%⁵		0.00%⁵		0.00%		0.00%
Total expenses⁶		0.90%		0.91%		0.91%		0.90%		0.94%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.89%		0.90%		0.91%⁷		0.90%⁷		0.94%⁷
Portfolio turnover rate		63%		64%		47%		46%		73%

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

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

4. Annualized for periods less than one full year.

5. Less than 0.005%.

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



Year Ended April 30, 2018	0.90	%
Year Ended April 30, 2017	0.91	%
Year Ended April 29, 2016	0.91	%
Year Ended April 30, 2015	0.90	%
Year Ended April 30, 2014	0.94	%

7. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

25 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

NOTES TO FINANCIAL STATEMENTS April 30, 2018

1. Organization

Oppenheimer Dividend Opportunity 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 total return. 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, and previously offered Class B shares for new purchase through June 29, 2012. Subsequent to that date, no new purchases of Class B shares are permitted, however reinvestment of dividend and/or capital gain distributions and exchanges of Class B shares into and from other Oppenheimer funds are allowed. Class B shares automatically converted to Class A shares 72 months after the date of purchase. Effective June 1, 2018, all Class B shares converted to Class A 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, and Class B shares were 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, B, 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

26 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

2. Significant Accounting Policies (Continued)

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.

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 distributions, if any, are declared and paid quarterly. Capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Manager.

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.

Return of Capital Estimates. Distributions received from the Fund’s investments in Master Limited Partnerships (MLPs) and Real Estate Investments Trusts (REITs), generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates. Such estimates are based on historical information available from each MLP, REIT and other industry sources. These estimates may subsequently be revised based on information received from MLPs and REITs after their tax reporting periods are concluded.

27 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

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 overdraft at a rate equal to the Prime Rate plus 0.35%. 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.

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, including any net realized gain on investments not offset by capital loss carryforwards, if any, 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 April 30, 2018, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

The tax components of capital shown in the following table represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.


Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward^1,2,3		Net Unrealized Appreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes

$152,321		$—		$—		$33,069,838

1. During the reporting period, the Fund utilized $8,327,694 of capital loss carryforward to offset capital gains realized in that fiscal year.

28 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

2. Significant Accounting Policies (Continued)

2. During the previous reporting period, the Fund utilized $8,184,889 of capital loss carryforward to offset capital gains realized in that fiscal year.

3. During the reporting period, $135,636,782 of unused capital loss carryforward expired.

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.

Accordingly, the following amounts have been reclassified for the reporting period. Net assets of the Fund were unaffected by the reclassifications.


Reduction to Paid-in Capital	Reduction to Accumulated Net Investment Income		Reduction to Accumulated Net Realized Loss on Investments

$135,630,915		$229,091		$135,860,006

The tax character of distributions paid during the reporting periods:


	Year Ended April 30, 2018		Year Ended April 30, 2017

Distributions paid from:
Ordinary income	$	5,846,445	$	6,750,185

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.


Federal tax cost of securities	$	230,106,659
Federal tax cost of other investments		708,633

Total federal tax cost	$	230,815,292

Gross unrealized appreciation	$	40,985,931
Gross unrealized depreciation		(7,916,093)

Net unrealized appreciation	$	33,069,838

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.

29 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

NOTES TO FINANCIAL STATEMENTS Continued

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”) 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.

Forward foreign currency exchange contracts are valued utilizing current and forward currency rates obtained from third party pricing services. When the settlement date of a contract is an interim date for which a quotation is not available, interpolated values are derived using the nearest dated forward currency rate.

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

30 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

3. Securities Valuation (Continued)

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 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.

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:


	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	$	17,620,233	$	1,993,226	$	—	$	19,613,459

31 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value

Common Stocks (Continued)
Consumer Staples	$	19,398,476	$	—	$	—	$	19,398,476
Energy		37,462,548		—		—		37,462,548
Financials		52,770,123		9,445,467		—		62,215,590
Health Care		19,472,721		—		—		19,472,721
Industrials		14,778,653		13,725,413		—		28,504,066
Information Technology		27,738,877		2,404,145		—		30,143,022
Materials		2,815,176		6,946,227		—		9,761,403
Telecommunication Services		7,180,920		2,995,053		—		10,175,973
Utilities		17,323,241		2,041,857		—		19,365,098
Preferred Stock		1,475,769		—		—		1,475,769
Investment Company		5,592,483		—		—		5,592,483

Total Investments, at Value		223,629,220		39,551,388		—		263,180,608
Other Financial Instruments:
Forward currency exchange contracts		—		716,285		—		716,285

Total Assets	$	223,629,220	$	40,267,673	$	—	$	263,896,893

For the reporting period, there were no transfers between levels.

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.

4. Investments and Risks

Investments in Affiliated Funds. The Fund is permitted to invest in other mutual funds advised by the Manager (“Affiliated Funds”). Affiliated Funds are open-end 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

32 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

4. Investments and Risks (Continued)

Fund may invest in money market instruments by investing in Class E shares of Oppenheimer 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.

Master Limited Partnerships (“MLPs”). MLPs issue common units that represent an equity ownership interest in a partnership and provide limited voting rights. MLP common units are registered with the Securities and Exchange Commission (“SEC”), and are freely tradable on securities exchanges such as the NYSE and the NASDAQ Stock Market (“NASDAQ”), or in the over-the-counter (“OTC”) market. An MLP consists of one or more general partners, who conduct the business, and one or more limited partners, who contribute capital. MLP common unit holders have a limited role in the partnership’s operations and management. The Fund, as a limited partner, normally would not be liable for the debts of the MLP beyond the amounts the Fund has contributed, but would not be shielded to the same extent that a shareholder of a corporation would be. In certain circumstances creditors of an MLP would have the right to seek return of capital distributed to a limited partner. This right of an MLP’s creditors would continue after the Fund sold its investment in the MLP.

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.

33 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

NOTES TO FINANCIAL STATEMENTS Continued

5. Market Risk Factors (Continued)

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 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. Use of Derivatives

The Fund’s investment objective not only permits the Fund to purchase investment securities, it also allows the Fund to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, variance swaps and purchased and written options. In doing so, the Fund will employ strategies in differing combinations to permit it to increase, decrease, or change the level or types of exposure to market risk factors. These instruments may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of effecting a similar response to market factors. Such contracts may be entered into through a bilateral over-the-counter (“OTC”) transaction, or through a securities or futures exchange and cleared through a clearinghouse.

Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost due to changes in the market risk factors and the overall market. This use of embedded leverage allows the Fund to increase its market value exposure relative to its net assets and can substantially increase the volatility of the Fund’s performance. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment.

34 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

6. Use of Derivatives (Continued)

Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Fund. Typically, the associated risks are not the risks that the Fund is attempting to increase or decrease exposure to, per its investment objectives, but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that the Fund will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund.

The Fund’s actual exposures to these market risk factors and associated risks during the period are discussed in further detail, by derivative type, below.

Forward Currency Exchange Contracts

The Fund may enter into forward currency exchange contracts (“forward contracts”) for the purchase or sale of a foreign currency at a negotiated rate at a future date. Such contracts are traded in the OTC inter-bank currency dealer market.

Forward contracts are reported on a schedule following the Statement of Investments. The unrealized appreciation (depreciation) is reported in the Statement of Assets and Liabilities as a receivable (or payable) and in the Statement of Operations within the change in unrealized appreciation (depreciation). At contract close, the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) in the Statement of Operations.

The Fund may enter into forward foreign currency exchange contracts in order to decrease exposure to foreign exchange rate risk associated with either specific transactions or portfolio instruments or to increase exposure to foreign exchange rate risk.

During the reporting period, the Fund had daily average contract amounts on forward contracts to buy and sell of $895,592 and $34,297,585, respectively.

Additional associated risk to the Fund includes counterparty credit risk. Counterparty credit risk arises from the possibility that the counterparty to a forward contract will default and fail to perform its obligations to the Fund.

Counterparty Credit Risk. Derivative positions are subject to the risk that the counterparty will not fulfill its obligation to the Fund. The Fund intends to enter into derivative transactions with counterparties that the Manager believes to be creditworthy at the time of the transaction.

The Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund. For OTC options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Options written by the Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform.

To reduce counterparty risk with respect to OTC transactions, the Fund has entered into master netting arrangements, established within the Fund’s International Swap and

35 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

NOTES TO FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

Derivatives Association, Inc. (“ISDA”) master agreements, which allow the Fund to make (or to have an entitlement to receive) a single net payment in the event of default (close-out netting) for outstanding payables and receivables with respect to certain OTC positions in swaps, options, swaptions, and forward currency exchange contracts for each individual counterparty. In addition, the Fund may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to ISDA master agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the Fund.

ISDA master agreements include credit related contingent features which allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

The Fund’s risk of loss from counterparty credit risk on exchange-traded derivatives cleared through a clearinghouse and for centrally cleared swaps is generally considered lower than as compared to OTC derivatives. However, counterparty credit risk exists with respect to initial and variation margin deposited/paid by the Fund that is held in futures commission merchant, broker and/or clearinghouse accounts for such exchange-traded derivatives and for centrally cleared swaps.

With respect to centrally cleared swaps, such transactions will be submitted for clearing, and if cleared, will be held in accounts at futures commission merchants or brokers that are members of clearinghouses. While brokers, futures commission merchants and clearinghouses are required to segregate customer margin from their own assets, in the event that a broker, futures commission merchant or clearinghouse becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker, futures commission merchant or clearinghouse for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s, futures commission merchant’s or clearinghouse’s customers, potentially resulting in losses to the Fund.

There is the risk that a broker, futures commission merchant or clearinghouse will decline to clear a transaction on the Fund’s behalf, and the Fund may be required to pay a termination fee to the executing broker with whom the Fund initially enters into the transaction. Clearinghouses may also be permitted to terminate centrally cleared swaps at any time. The Fund is also subject to the risk that the broker or futures commission merchant will improperly use the Fund’s assets deposited/paid as initial or variation margin to satisfy payment obligations of another customer. In the event of a default by another customer of the broker or futures commission merchant, the Fund might not receive its variation margin payments from the clearinghouse, due to the manner in which variation margin payments are aggregated for all customers of the broker/futures commission merchant.

36 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

6. Use of Derivatives (Continued)

Collateral and margin requirements differ by type of derivative. Margin requirements are established by the broker, futures commission merchant or clearinghouse for exchange-traded and cleared derivatives, including centrally cleared swaps. Brokers, futures commission merchants and clearinghouses can ask for margin in excess of the regulatory minimum, or increase the margin amount, in certain circumstances.

Collateral terms are contract specific for OTC derivatives. For derivatives traded under an ISDA master agreement, the collateral requirements are typically calculated by netting the mark to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund or the counterparty.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund, if any, is reported separately on the Statement of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the Fund, if any, is noted in the Statement of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold (e.g. $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance.

The following table presents by counterparty the Fund’s OTC derivative assets net of the related collateral pledged by the Fund at period end:


			Gross Amounts Not Offset in the Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Statement of Assets & Liabilities*		Financial Instruments Available for Offset		Financial Instruments Collateral Received**		Cash Collateral Received**		Net Amount

Barclays Bank plc	$	44,889	$	–	$	–	$	–	$	44,889
Citibank NA		523,343		–		–		–		523,343
JPMorgan Chase Bank NA		148,053		–		–		–		148,053

	$	716,285	$	–	$	–	$	–	$	716,285

*OTC derivatives are reported gross on the Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures, if any, are excluded from these reported amounts.

**Reported collateral posted for the benefit of the Fund within this table is limited to the net outstanding amount due from an individual counterparty. The collateral posted for the benefit of the Fund may exceed these amounts.

The following table presents the valuations of derivative instruments by risk exposure as reported within the Statement of Assets and Liabilities at period end:

37 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

NOTES TO FINANCIAL STATEMENTS Continued

6. Use of Derivatives (Continued)

Asset Derivatives

Derivatives

Not Accounted

for as Hedging

Instruments

Statement of Assets

and Liabilities Location

Value

Unrealized appreciation on

Forward currency

forward currency exchange

exchange contracts

contracts

$ 716,285

The effect of derivative instruments on the Statement of Operations is as follows:


Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments		Forward currency exchange contracts

Forward currency
exchange contracts		$ (2,395,595)


Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments		Forward currency exchange contracts

Forward currency
exchange contracts		$ 1,057,807

7. 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:


	Year Ended April 30, 2018						Year Ended April 30, 2017
	Shares			Amount			Shares			Amount

Class A
Sold		994,492		$	23,231,201			2,552,318		$	53,962,185
Dividends and/or distributions reinvested		180,657			4,167,752			229,488			4,830,973
Redeemed		(1,623,601	)		(37,578,613	)		(2,022,681	)		(42,890,044)

Net increase (decrease)		(448,452	)	$	(10,179,660	)		759,125		$	15,903,114



Class B
Sold		1,139		$	25,338			25,741		$	525,337
Dividends and/or distributions reinvested		508			11,248			2,015			40,974
Redeemed		(58,343	)		(1,309,709	)		(79,345	)		(1,629,089)

Net decrease		(56,696	)	$	(1,273,123	)		(51,589	)	$	(1,062,778)

38 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

7. Shares of Beneficial Interest (Continued)


	Year Ended April 30, 2018						Year Ended April 30, 2017
	Shares			Amount			Shares			Amount

Class C
Sold		349,670		$	7,891,787			779,949		$	15,933,890
Dividends and/or distributions reinvested		38,007			846,560			53,121			1,081,874
Redeemed		(577,803	)		(12,899,891	)		(616,342	)		(12,634,062)

Net increase (decrease)		(190,126	)	$	(4,161,544	)		216,728		$	4,381,702



Class I
Sold		34,373		$	805,152			124,698		$	2,747,086
Dividends and/or distributions reinvested		3,391			78,213			824			18,084
Redeemed		(21,098	)		(492,061	)		(10,466	)		(232,787)

Net increase		16,666		$	391,304			115,056		$	2,532,383



Class R
Sold		135,277		$	3,129,143			224,509		$	4,733,138
Dividends and/or distributions reinvested		12,091			276,111			14,318			298,796
Redeemed		(168,100	)		(3,901,520	)		(124,922	)		(2,654,893)

Net increase (decrease)		(20,732	)	$	(496,266	)		113,905		$	2,377,041



Class Y
Sold		308,374		$	7,058,724			338,734		$	7,257,016
Dividends and/or distributions reinvested		12,598			290,399			9,171			193,588
Redeemed		(254,386	)		(5,960,945	)		(143,872	)		(3,067,120)

Net increase		66,586		$	1,388,178			204,033		$	4,383,484

8. 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	$	161,332,187	$	177,253,860

9. 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	0.65	%
Next $500 million	0.63
Next $4 billion	0.60
Over $5 billion	0.58

The Fund’s effective management fee for the reporting period was 0.65% of average annual net assets before any applicable waivers.

39 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

NOTES TO FINANCIAL STATEMENTS Continued

9. Fees and Other Transactions with Affiliates (Continued)

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 has adopted an unfunded retirement plan (the “Plan”) for the Fund’s Independent Trustees. Benefits are based on years of service and fees paid to each Trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active Independent Trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan.

During the reporting period, the Fund’s projected benefit obligations, payments to retired Trustees and accumulated liability were as follows:


Projected Benefit Obligations Increased	$	—
Payments Made to Retired Trustees		1,344
Accumulated Liability as of April 30, 2018		11,584

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 Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal

40 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

9. Fees and Other Transactions with Affiliates (Continued)

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 B, Class C and Class R Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B, 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 B and 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.

41 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

NOTES TO FINANCIAL STATEMENTS Continued

9. Fees and Other Transactions with Affiliates (Continued)


Year Ended	Class A Front-End Sales Charges Retained by Distributor		Class A Contingent Deferred Sales Charges Retained by Distributor		Class B Contingent Deferred Sales Charges Retained by Distributor		Class C Contingent Deferred Sales Charges Retained by Distributor		Class R Contingent Deferred Sales Charges Retained by Distributor

April 30, 2018		$82,038		$1,023		$489		$3,451		$—

Waivers and Reimbursements of Expenses. Effective for the period January 1, 2017 through December 31, 2017, the Transfer Agent voluntarily waived and/or reimbursed Fund expenses in an amount equal to 0.015% of average annual net assets for Classes A, B, C, R and Y.

During the reporting period, the Transfer Agent waived fees and/or reimbursed the Fund for transfer agent and shareholder servicing agent fees as follows:


Class A	$	18,181
Class B		96
Class C		5,123
Class R		1,375
Class Y		1,381

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 $5,369 for IGMMF management fees. 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.

10. Borrowings and Other Financing

Joint Credit Facility. A number of mutual funds managed by the Manager participate in a $1.875 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.

42 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees

Oppenheimer Dividend Opportunity Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Oppenheimer Dividend Opportunity Fund (the “Fund”), including the statement of investments, as of April 30, 2018, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two year period then ended, and the related notes (collectively, the “financial statements”) and the financial highlights for each of the years or periods in the five year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two year period then ended, and the financial highlights for each of the years or periods in the five year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of April 30, 2018, by correspondence with the custodian, brokers and the transfer agent, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

KPMG LLP

We have not been able to determine the specific year that we began serving as the auditor of one or more Oppenheimer Funds investment companies, however we are aware that we have served as the auditor of one or more Oppenheimer Funds investment companies since at least 1969.

Denver, Colorado

June 22, 2018

43 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2018, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2017.

Dividends, if any, paid by the Fund during the reporting period which are not designated as capital gain distributions should be multiplied by the maximum amount allowable but not less than 85.18% to arrive at the amount eligible for the corporate dividend-received deduction.

A portion, if any, of the dividends paid by the Fund during the reporting period which are not designated as capital gain distributions are eligible for lower individual income tax rates to the extent that the Fund has received qualified dividend income as stipulated by recent tax legislation. The maximum amount allowable but not less than $8,486,291 of the Fund’s fiscal year taxable income may be eligible for the lower individual income tax rates. In early 2018, shareholders of record received information regarding the percentage of distributions that are eligible for lower individual income tax rates.

Recent tax legislation allows a regulated investment company to designate distributions not designated as capital gain distributions, as either interest related dividends or short-term capital gain dividends, both of which are exempt from the U.S. withholding tax applicable to non U.S. taxpayers. For the reporting period, the maximum amount allowable but not less than $51,602 of the ordinary distributions to be paid by the Fund qualifies as an interest related dividend.

The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.

44 OPPENHEIMER DIVIDEND OPPORTUNITY 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. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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.

45 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

DISTRIBUTION SOURCES Unaudited

For any distribution that took place over the last six months of the Fund’s reporting period, the table below details on a per-share basis the percentage of the Fund’s total distribution payment amount that was derived from the following sources: net income, net profit from the sale of securities, and other capital sources. Other capital sources represent a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” You should not draw any conclusions about each Fund’s investment performance from the amounts of these distributions. This information is based upon income and capital gains using generally accepted accounting principles as of the date of each distribution. For certain securities, such as Master Limited Partnerships (“MLPs”) and Real Estate Investment Trusts (“REITs”), the percentages attributed to each category (net income, net profit from sale and other capital sources) are estimated using historical information because the character of the amounts received from the MLPs and REITs in which the fund invests is unknown until after the end of the calendar year. Because the Fund is actively managed, the relative amount of the Fund’s total distributions derived from various sources over the calendar year may change. Please note that this information should not be used for tax reporting purposes as the tax character of distributable income may differ from the amounts used for this notification. You will receive IRS tax forms in the first quarter of each calendar year detailing the actual amount of the taxable and non-taxable portion of distributions paid to you during the tax year.

For the most current information, please go to oppenheimerfunds.com. Select your Fund, and scroll down to the ‘Dividends’ table under ‘Analytics’. The Fund’s latest distribution information will be followed by the sources of any distribution, updated daily.

Fund Name

Pay

Date

Net Income

Net Profit

from Sale

Other

Capital

Sources

Oppenheimer Dividend Opportunity Fund

12/1/17

83.2%

0.0%

16.8%

46 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

TRUSTEES AND OFFICERS Unaudited


Name, Position(s) Held with the Fund, Length of Service, Year of Birth		Principal Occupation(s) During the Past 5 Years; Other Trusteeships/ Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen

INDEPENDENT TRUSTEES		The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.

Brian F. Wruble, Chairman of the Board and Trustees (since 2007) Year of Birth: 1943		Governor of Community Foundation of the Florida Keys (non-profit) (since July 2012); Director of TCP Capital, Inc. (registered business development company) (since November 2015); Chairman Emeritus of the Board of Trustees (since August 2011), Chairman of the Board of Trustees (August 2007-August 2011), Trustee of the Board of Trustees (since August 1991) of The Jackson Laboratory (non-profit); Member of Zurich Insurance Group’s Investment Management Advisory Council (insurance) (October 2004-February 2017); Treasurer (since 2007) and Trustee (since May 1992) of the Institute for Advanced Study (non-profit educational institute); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Sub-Adviser’s parent company) (September 2004-June 2015); General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995-December 2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004). Oversees 51 portfolios in the OppenheimerFunds complex. Mr. Wruble has served on the Boards of certain Oppenheimer funds since April 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Beth Ann Brown, Trustee (since 2016) Year of Birth: 1968		Director, Board of Directors of Caron Engineering Inc. (since January 2018); Advisor, Board of Advisors of Caron Engineering Inc. (December 2014-December 2017); Independent Consultant (since September 2012); held the following positions at Columbia Management Investment Advisers LLC: Head of Intermediary Distribution (2008-2012), Managing Director, Strategic Relations (2005-2008), Managing Director, Head of National Accounts (2004-2005); Senior Vice President, National Account Manager (2002-2004), Senior Vice President, Key Account Manager (1999-2002) and Vice President, Key Account Manager (1996-1999) of Liberty Funds Distributor, Inc.; President and Director, of Acton Shapleigh Youth Conservation Corps (non -profit) (2012-2015); and Vice President and Director of Grahamtastic Connection (non-profit) (since May 2013). Oversees 51 portfolios in the OppenheimerFunds complex. Ms. Brown has served on the Boards of certain Oppenheimer funds since January 2016, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.

Edmund P. Giambastiani, Jr., Trustee (since 2013) Year of Birth: 1948		Director of THL Credit, Inc. (since November 2016) (alternative credit investment manager); Advisory Board Member of the Maxwell School of Citizenship and Public Affairs of Syracuse University (April 2012-September 2016); Director of Mercury Defense Systems Inc. (information technology) (August 2011-February 2013); Trustee of the U.S. Naval Academy Foundation Athletic & Scholarship Program (since November 2010); Advisory Board Member of the Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (since May 2010); Director of The Boeing Company (aerospace and defense) (since October 2009); Trustee of MITRE Corporation (federally-funded research development) (since September 2008); Independent Director of QinetiQ Group Plc (defense technology and security) (February 2008-August 2011); Chairman of Monster

47 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

TRUSTEES AND OFFICERS Unaudited / Continued



Edmund P. Giambastiani, Jr., (Continued)		Worldwide, Inc. (career services) (March 2015-November 2016), Director of Monster Worldwide, Inc. (career services) (February 2008-June 2011); Lead Director (June 2011-March 2015); Chairman of Alenia North America, Inc. (military and defense products) (January 2008-October 2009); Director of SRA International, Inc. (information technology and services) (January 2008-July 2011); President of Giambastiani Group LLC (national security and energy consulting) (since October 2007); United States Navy, career nuclear submarine officer (June 1970-October 2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-October 2007); Supreme Allied Commander of NATO Allied Command Transformation (2003-2005) and Commander, U.S. Joint Forces Command (2002-2005). Since his retirement from the U.S. Navy in October 2007, Admiral Giambastiani has also served on numerous U.S. Government advisory boards, investigations and task forces for the Secretaries of Defense, State and Interior and the Central Intelligence Agency. He recently completed serving as a federal commissioner on the Military Compensation and Retirement Modernization Commission. Oversees 51 portfolios in the OppenheimerFunds complex. Admiral Giambastiani has served on the Boards of certain Oppenheimer funds since February 2013, including as an Advisory Board Member for certain Oppenheimer funds, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations. For purposes of this report, Admiral Giambastiani is identified as a Trustee.

Elizabeth Krentzman, Trustee (since 2014) Year of Birth: 1959		Trustee of the University of Florida National Board Foundation (since September 2017); Member of the Cartica Funds Board of Directors (private investment funds) (since January 2017); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member (since April 2016); Member of University of Florida Law Advisory Board, Washington, DC Alumni Group (since 2015); Advisory Board Member of the Securities and Exchange Commission Historical Society (since 2007); held the following positions at Deloitte & Touche LLP: Principal and Chief Regulatory Advisor for Asset Management Services (2007 - 2014) and U.S. Mutual Fund Leader (2011 - 2014); General Counsel of the Investment Company Institute (trade association) (June 2004 - April 2007); held the following positions at Deloitte & Touche LLP: National Director of the Investment Management Regulatory Consulting Practice (1997 - 2004), Principal (2003 - 2004), Director (1998 - 2003) and Senior Manager (1997 - 1998); Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission (1996 - 1997) and various positions with the Division of Investment Management – Office of Regulatory Policy (1991 - 1996) of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP (1987 – 1991). Oversees 51 portfolios in the OppenheimerFunds complex. Ms. Krentzman has served on the Boards of certain Oppenheimer funds since August 2014, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

48 OPPENHEIMER DIVIDEND OPPORTUNITY FUND



Mary F. Miller, Trustee (since 2007) Year of Birth: 1942		Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (October 1998-November 2011); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Oversees 51 portfolios in the OppenheimerFunds complex. Ms. Miller has served on the Boards of certain Oppenheimer funds since August 2004, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Joel W. Motley, Trustee (since 2007) Year of Birth: 1952		Director of Office of Finance Federal Home Loan Bank (since September 2016); Director of Greenwall Foundation (since October 2013); Member of Board and Investment Committee of The Greenwall Foundation (since April 2013); Member of the Vestry of Trinity Wall Street (since April 2012); Director of Southern Africa Legal Services Foundation (since March 2012); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) (since March 2011); Managing Director of Public Capital Advisors, LLC (privately-held financial advisor) (since January 2006); Managing Director of Carmona Motley, Inc. (privately-held financial advisor) (since January 2002); Director of Columbia Equity Financial Corp, (privately-held financial advisor) (2002-2007); Managing Director of Carmona Motley Hoffman Inc. (privately-held financial advisor) (January 1998-December 2001); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch (since July 2000) and Member of the Investment Committee and Board of Historic Hudson Valley (since February 2010). Oversees 51 portfolios in the OppenheimerFunds complex. Mr. Motley has served on the Boards of certain Oppenheimer funds since October 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Joanne Pace, Trustee (since 2012) Year of Birth: 1958		Advisory Board Director of Massey Quick Simon & Co. (wealth management), LLC (since October 2014); Board Director of Horizon Blue Cross Blue Shield of New Jersey (healthcare) (since November 2012); Advisory Board Director of The Alberleen Group LLC (investment banking) (since March 2012); Governing Council Member (since 2016) and Chair of Education Committee (since 2017) of Independent Directors Council (IDC) (since 2016); Board Member of 100 Women in Finance (non-profit) (since January 2015); Advisory Council Member of Morgan Stanley Children’s Hospital (non-profit) (since May 2012); Director of The Komera Project (non-profit) (April 2012-2016); New York Advisory Board Director of Peace First (non-profit) (March 2010-2013); Senior Advisor of SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer of Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer of FrontPoint Partners, LLC (hedge fund) (2005-2006); held the following positions at Credit Suisse (investment banking): Managing Director (2003-2005); Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004); held the following positions at Morgan Stanley: Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003); Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999). Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC of

49 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

TRUSTEES AND OFFICERS Unaudited / Continued



Joanne Pace, Continued		Oppenheimer Asset Management (2011-2012); Board Director of Managed Funds Association (2008-2010); Board Director of Morgan Stanley Foundation (2007-2010) and Investment Committee Chair (2008-2010). Oversees 51 portfolios in the OppenheimerFunds complex. Ms. Pace has served on the Boards of certain Oppenheimer funds since November 2012, including as an Advisory Board Member for certain Oppenheimer funds, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations. For purposes of this report, Ms. Pace is identified as a Trustee.

Daniel Vandivort, Trustee (since 2014) Year of Birth: 1954		Chairman and Lead Independent Director/Trustee (March 2010-September 2014), Chairman of the Audit Committee (March 2009-September 2014) and Director/Trustee (December 2008-September 2014) of the Board of Directors/Trustees of Value Line Funds; Trustee (since January 2015) and Treasurer and Chairman of the Audit Committee and Finance Committee (since January 2016) of Board of Trustees of Huntington Disease Foundation of America; Trustee, Board of Trustees, RIM Retirement Savings Plan (2005-2007); President and Chief Investment Officer, Robeco Investment Management, formerly known as Weiss Peck and Greer (January 2005-June 2007); Member, Management Committee of Robeco Investment Management (2001-2007); Chairman and Trustee of the Board of Trustees of Weiss, Peck and Greer Funds (2004-2005); Managing Director and Head of Fixed Income, Weiss, Peck and Greer (November 1994-January 2005); Managing Director and Head of Fixed Income, CS First Boston Investment Management (January 1992-November 1994); Director, Global Product Development, First Boston Asset Management (November 1989-January 1992); Vice President, Fixed Income Sales, First Boston Corp. (May 1984-November 1989). Oversees 51 portfolios in the OppenheimerFunds complex. Mr. Vandivort has served on the Boards of certain Oppenheimer funds since 2014, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
INTERESTED TRUSTEE AND OFFICER		Mr, Steinmetz is an “Interested Trustee” because he is affiliated with the Manager and the Sub-Adviser by virtue of his positions as Chairman of the Sub-Adviser and officer and director of the Manager, Both as a Trustee and as an officer, Mr, Steinmetz serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Steinmetz’s address is 225 Liberty Street, New York, New York 10281-1008.

Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958		Chairman of OppenheimerFunds, Inc. (since January 2015); CEO and Chairman of OFI Global Asset Management, Inc. (since July 2014), President of OFI Global Asset Management, Inc. (since May 2013), a Director of OFI Global Asset Management, Inc. (since January 2013), Director of OppenheimerFunds, Inc. (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (OppenheimerFunds, Inc.‘s parent holding company) (since July 2014), and President and Director of OFI SteelPath, Inc. (since January 2013). Chief Investment Officer of the OppenheimerFunds advisory entities from (January 2013-December 2013); Executive Vice President of OFI Global Asset Management, Inc. (January 2013-May 2013); Chief Investment Officer of OppenheimerFunds, Inc. (October 2010-December 2012); Chief Investment Officer, Fixed-Income, of OppenheimerFunds, Inc. (April 2009-October 2010); Executive Vice President of OppenheimerFunds, Inc. (October 2009-December 2012); Director of Fixed Income of OppenheimerFunds, Inc. (January 2009-April 2009); and a Senior Vice President of OppenheimerFunds, Inc. (March 1993-September 2009). An officer of 107 portfolios in the OppenheimerFunds complex.

50 OPPENHEIMER DIVIDEND OPPORTUNITY FUND


OTHER OFFICERS OF THE FUND		The addresses of the Officers in the chart below are as follows: for Mss. Lo Bessette, Foxson and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Messrs. Spahr and Petersen, 6803 S. Tucson Way Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.

Laton Spahr, Vice President (since 2013) Year of Birth: 1975		Senior Vice President of the Sub-Adviser since March 2013. Senior portfolio manager (2003-2013) and equity analyst (2001-2002) for Columbia Management Investment Advisers, LLC. A portfolio manager and an officer of other portfolios in the OppenheimerFunds complex.

Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969		Executive Vice President, General Counsel and Secretary of OFI Global Asset Management, Inc. (since February 2016); Senior Vice President and Deputy General Counsel of OFI Global Asset Management, Inc. (March 2015-February 2016); Chief Legal Officer of OppenheimerFunds, Inc. and OppenheimerFunds Distributor, Inc. (since February 2016); Vice President, General Counsel and Secretary of Oppenheimer Acquisition Corp. (since February 2016); General Counsel of OFI SteelPath, Inc., OFI Advisors, LLC and Index Management Solutions, LLC (since February 2016); Chief Legal Officer of OFI Global Institutional, Inc., HarbourView Asset Management Corporation, OFI Global Trust Company, Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Shareholder Services, Inc. and Trinity Investment Management Corporation (since February 2016); Corporate Counsel (February 2012-March 2015) and Deputy Chief Legal Officer (April 2013-March 2015) of Jennison Associates LLC; Assistant General Counsel (April 2008-September 2009) and Deputy General Counsel (October 2009-February 2012) of Lord Abbett & Co. LLC. An officer of 107 portfolios in the OppenheimerFunds complex.

Jennifer Foxson, Vice President and Chief Business Officer (since 2014) Year of Birth: 1969		Senior Vice President of OppenheimerFunds Distributor, Inc. (since June 2014); Vice President of OppenheimerFunds Distributor, Inc. (April 2006-June 2014); Vice President of OppenheimerFunds, Inc. (January 1998-March 2006); Assistant Vice President of OppenheimerFunds, Inc. (October 1991-December 1998). An officer of 107 portfolios in the OppenheimerFunds complex.

Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer (since 2014) Year of Birth: 1973		Senior Vice President and Chief Compliance Officer of OFI Global Asset Management, Inc. (since March 2014); Chief Compliance Officer of OppenheimerFunds, Inc., OFI SteelPath, Inc., OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May 2010-January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007-January 2014). An officer of 107 portfolios in the OppenheimerFunds complex.

Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since 2016) Year of Birth: 1970		Senior Vice President of OFI Global Asset Management, Inc. (since January 2017); Vice President of OFI Global Asset Management, Inc. (January 2013-January 2017); Vice President of OppenheimerFunds, Inc. (February 2007-December 2012); Assistant Vice President of OppenheimerFunds, Inc. (August 2002-2007). An officer of 89 portfolios in the OppenheimerFunds complex.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers is available without charge upon request, by calling 1.800.CALL OPP (225.5677).

51 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

OPPENHEIMER DIVIDEND OPPORTUNITY FUND


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

52 OPPENHEIMER DIVIDEND OPPORTUNITY 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:

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Applications or other forms.

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

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

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Your transactions with us, our affiliates or others.

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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.

53 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

PRIVACY NOTICE Continued

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.

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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.

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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.

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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).

54 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

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55 OPPENHEIMER DIVIDEND OPPORTUNITY FUND

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions.

Item 3. Audit Committee Financial Expert.

The Board of Trustees of the registrant has determined that Joanne Pace, the Board’s Audit Committee Chairwoman, is an audit committee financial expert and that Ms. Pace is “independent” for purposes of this Item 3.

Item 4. Principal Accountant Fees and Services.

(a)	Audit Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $27,900 in fiscal 2018 and $27,000 in fiscal 2017.

(b)	Audit-Related Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $3,500 in fiscal 2018 and $7,000 in fiscal 2017.

The principal accountant for the audit of the registrant’s annual financial statements billed $441,236 in fiscal 2018 and $234,635 in fiscal 2017 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: Internal control reviews, GIPS attestation procedures, custody audits and additional audit services

(c)

Tax Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2018 and no such fees in fiscal 2017.

The principal accountant for the audit of the registrant’s annual financial statements billed $669,599 in fiscal 2018 and $689,805 in fiscal 2017 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: tax compliance, tax planning and tax advice. Tax compliance generally involves preparation of original and amended tax returns, claims for a refund and tax payment-planning services. Tax planning and tax advice includes assistance with tax audits and appeals, tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities.

(d)	All Other Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2018 and no such fees in fiscal 2017.

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2018 and no such fees in fiscal 2017 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such fees would include the cost to the principal accountant of attending audit committee meetings and consultations regarding the registrant’s retirement plan with respect to its Trustees.

(e)	(1) During its regularly scheduled periodic meetings, the registrant’s audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the registrant.

The audit committee has delegated pre-approval authority to its Chairwoman for any subsequent new engagements that arise between regularly scheduled meeting dates provided that any fees such pre-approved are presented to the audit committee at its next regularly scheduled meeting.

Under applicable laws, pre-approval of non-audit services may be waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to its principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit.

(2) 0%

(f)	Not applicable as less than 50%.

(g)

The principal accountant for the audit of the registrant’s annual financial statements billed $1,114,335 in fiscal 2018 and $931,440 in fiscal 2017 to the registrant and the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934.

(h)

The registrant’s audit committee of the board of Trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. No such services were rendered.

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 4/30/2018, 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 Dividend Opportunity Fund


By:		/s/ Arthur P. Steinmetz
		Arthur P. Steinmetz
		Principal Executive Officer
Date:		6/15/2018

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:		6/15/2018


By:		/s/ Brian S. Petersen
		Brian S. Petersen
		Principal Financial Officer
Date:		6/15/2018