November 30, 2011 Oppenheimer International Growth Fund Management Commentary and Annual Report MANAGEMENT COMMENTARY An Interview with Your Funds Portfolio Manager ANNUAL REPORT Listing of Top Holdings Fund Performance Discussion Financial Statements |
Top Ten Common Stock Holdings | ||||
BT Group plc |
2.5 | % | ||
SAP AG |
2.3 | |||
Experian plc |
2.2 | |||
Nidec Corp. |
2.0 | |||
Telefonaktiebolaget LM Ericsson, B Shares |
2.0 | |||
Aalberts Industries NV |
1.8 | |||
Bunzl plc |
1.7 | |||
BG Group plc |
1.6 | |||
Industria de Diseno Textil SA |
1.5 | |||
Roche Holding AG |
1.5 |
Top Ten Geographical Holdings | ||||
United Kingdom |
24.5 | % | ||
France |
13.0 | |||
Switzerland |
11.1 | |||
Japan |
8.2 | |||
United States |
6.7 | |||
Germany |
6.3 | |||
Australia |
4.6 | |||
The Netherlands |
4.4 | |||
Spain |
3.5 | |||
Sweden |
3.0 |
Beginning | Ending | Expenses | ||||||||||
Account | Account | Paid During | ||||||||||
Value | Value | 6 Months Ended | ||||||||||
June 1, 2011 | November 30, 2011 | November 30, 2011 | ||||||||||
Actual |
||||||||||||
Class A |
$ | 1,000.00 | $ | 864.90 | $ | 6.19 | ||||||
Class B |
1,000.00 | 861.30 | 10.18 | |||||||||
Class C |
1,000.00 | 861.80 | 9.62 | |||||||||
Class N |
1,000.00 | 863.70 | 7.32 | |||||||||
Class Y |
1,000.00 | 866.90 | 4.18 | |||||||||
Hypothetical
(5% return before expenses) |
||||||||||||
Class A |
1,000.00 | 1,018.45 | 6.70 | |||||||||
Class B |
1,000.00 | 1,014.19 | 11.02 | |||||||||
Class C |
1,000.00 | 1,014.79 | 10.41 | |||||||||
Class N |
1,000.00 | 1,017.25 | 7.92 | |||||||||
Class Y |
1,000.00 | 1,020.61 | 4.52 |
Class | Expense Ratios | ||||
Class A |
1.32 | % | |||
Class B |
2.17 | ||||
Class C |
2.05 | ||||
Class N |
1.56 | ||||
Class Y |
0.89 |
Shares | Value | |||||||
Common Stocks92.8% |
||||||||
Consumer Discretionary13.3% |
||||||||
Automobiles0.8% |
||||||||
Bayerische Motoren
Werke (BMW) AG |
546,111 | $ | 41,078,847 | |||||
Diversified Consumer Services1.5% |
||||||||
Benesse Holdings, Inc. |
672,382 | 30,168,764 | ||||||
Dignity plc |
2,485,107 | 32,984,523 | ||||||
MegaStudy Co. Ltd. |
108,443 | 10,532,813 | ||||||
Zee Learn Ltd.1 |
938,095 | 285,867 | ||||||
73,971,967 | ||||||||
Hotels, Restaurants & Leisure2.1% |
||||||||
Carnival Corp. |
589,320 | 19,565,424 | ||||||
Dominos Pizza UK &
IRL plc |
3,561,380 | 25,141,832 | ||||||
William Hill plc |
18,981,119 | 60,184,254 | ||||||
104,891,510 | ||||||||
Household Durables0.6% |
||||||||
SEB SA |
392,673 | 31,627,204 | ||||||
Internet & Catalog Retail0.2% |
||||||||
Yoox SpA1 |
769,880 | 9,994,635 | ||||||
Leisure Equipment & Products0.3% |
||||||||
Nintendo Co. Ltd. |
101,719 | 15,424,455 | ||||||
Media1.2% |
||||||||
Grupo Televisa SA,
Sponsored GDR |
937,620 | 19,464,991 | ||||||
SES, FDR |
1,016,210 | 25,062,623 | ||||||
Zee Entertainment
Enterprises Ltd. |
7,552,608 | 18,165,779 | ||||||
62,693,393 | ||||||||
Multiline Retail0.6% |
||||||||
Pinault-Printemps-
Redoute SA |
190,750 | 28,657,037 | ||||||
Specialty Retail1.9% |
||||||||
Hennes & Mauritz AB,
Cl. B |
593,596 | 18,845,868 | ||||||
Industria de Diseno
Textil SA |
882,489 | 74,741,379 | ||||||
93,587,247 | ||||||||
Textiles, Apparel & Luxury Goods4.1% |
||||||||
Burberry Group plc |
2,511,611 | 50,347,731 | ||||||
Compagnie Financiere
Richemont SA, Cl. A |
488,776 | 26,428,605 | ||||||
Luxottica Group SpA |
1,175,911 | 33,534,344 | ||||||
LVMH Moet Hennessy |
||||||||
Louis Vuitton SA |
335,590 | 52,758,368 | ||||||
Swatch Group AG (The),
Cl. B |
103,976 | 40,526,239 | ||||||
203,595,287 | ||||||||
Consumer Staples10.7% |
||||||||
Beverages3.6% |
||||||||
C&C Group plc |
12,848,483 | 52,657,010 | ||||||
Diageo plc |
2,764,738 | 59,078,008 | ||||||
Heineken NV |
428,049 | 20,047,632 | ||||||
Pernod-Ricard SA |
541,072 | 50,922,029 | ||||||
182,704,679 | ||||||||
Food & Staples Retailing1.7% |
||||||||
Shoppers Drug
Mart Corp. |
1,448,915 | 60,303,389 | ||||||
Woolworths Ltd. |
895,818 | 23,003,285 | ||||||
83,306,674 | ||||||||
Food Products4.1% |
||||||||
Aryzta AG |
1,305,445 | 62,800,249 | ||||||
Barry Callebaut AG |
68,731 | 62,629,770 | ||||||
Nestle SA |
492,434 | 27,570,052 | ||||||
Unilever plc |
1,572,791 | 52,731,520 | ||||||
205,731,591 | ||||||||
Household Products0.9% |
||||||||
Reckitt Benckiser
Group plc |
889,108 | 44,902,472 | ||||||
Personal Products0.4% |
||||||||
LOreal SA |
173,663 | 18,742,844 | ||||||
Energy4.2% |
||||||||
Energy Equipment & Services2.1% |
||||||||
Saipem SpA |
674,290 | 30,158,724 | ||||||
Schoeller-Bleckmann
Oilfield Equipment AG |
297,142 | 26,342,437 |
Shares | Value | |||||||
Energy Equipment & Services Continued |
||||||||
Technip SA |
505,622 | $ | 48,324,730 | |||||
104,825,891 | ||||||||
Oil, Gas & Consumable Fuels2.1% |
||||||||
BG Group plc |
3,653,287 | 78,400,282 | ||||||
Cairn Energy plc1 |
5,534,720 | 23,794,624 | ||||||
Tsakos Energy
Navigation Ltd. |
545,010 | 2,725,050 | ||||||
104,919,956 | ||||||||
Financials3.7% |
||||||||
Capital Markets2.6% |
||||||||
BinckBank NV |
3,490,593 | 35,341,662 | ||||||
Collins Stewart |
||||||||
Hawkpoint plc |
3,399,766 | 2,666,943 | ||||||
ICAP plc |
12,028,863 | 67,406,529 | ||||||
Swissquote Group
Holding SA |
120,066 | 5,079,412 | ||||||
Tullett Prebon plc |
4,098,737 | 19,713,595 | ||||||
130,208,141 | ||||||||
Commercial Banks0.3% |
||||||||
ICICI Bank Ltd.,
Sponsored ADR |
484,810 | 14,112,819 | ||||||
Insurance0.6% |
||||||||
Prudential plc |
3,280,881 | 32,296,812 | ||||||
Thrifts & Mortgage Finance0.2% |
||||||||
Housing Development
Finance Corp. Ltd. |
747,705 | 9,336,215 | ||||||
Health Care8.6% |
||||||||
Biotechnology2.3% |
||||||||
CSL Ltd. |
1,879,500 | 61,661,623 | ||||||
Grifols SA1 |
3,221,838 | 51,972,112 | ||||||
Marshall Edwards,
Inc.1,2,3 |
384,029 | 391,710 | ||||||
Marshall Edwards, Inc.,
Legend Shares1,2,3 |
55,000 | 56,100 | ||||||
114,081,545 | ||||||||
Health Care Equipment & Supplies3.4% |
||||||||
DiaSorin SpA |
443,468 | 12,871,244 | ||||||
Essilor International SA |
499,646 | 35,656,870 | ||||||
Nobel Biocare
Holding AG |
1,244,141 | 15,756,033 | ||||||
Smith &
Nephew plc |
2,278,729 | 20,852,260 | ||||||
Sonova Holding AG |
304,571 | 31,770,596 | ||||||
Straumann
Holding AG |
116,845 | 20,463,222 | ||||||
William Demant
Holding AS1 |
411,600 | 34,093,917 | ||||||
171,464,142 | ||||||||
Health Care Providers & Services1.1% |
||||||||
Sonic Healthcare
Ltd. |
4,398,494 | 53,199,079 | ||||||
Health Care Technology0.0% |
||||||||
Ortivus AB, Cl. B1,3 |
1,659,273 | 475,271 | ||||||
Life Sciences Tools & Services0.0% |
||||||||
Tyrian Diagnostics
Ltd.1,3 |
119,498,536 | 122,893 | ||||||
Pharmaceuticals1.8% |
||||||||
BTG plc1 |
2,719,615 | 13,257,708 | ||||||
Novogen Ltd.1,3 |
7,639,623 | 812,068 | ||||||
Oxagen Ltd.1,2,3 |
214,287 | 10,178 | ||||||
Roche Holding AG |
465,878 | 73,940,795 | ||||||
88,020,749 | ||||||||
Industrials25.5% |
||||||||
Aerospace & Defense1.8% |
||||||||
Embraer SA |
6,289,746 | 39,338,086 | ||||||
European Aeronautic Defense & Space Co. |
1,770,053 | 53,084,817 | ||||||
92,422,903 | ||||||||
Commercial Services & Supplies3.3% |
||||||||
Aggreko plc |
2,029,700 | 60,490,518 | ||||||
De La Rue plc |
1,645,745 | 23,444,617 | ||||||
Edenred |
1,134,650 | 30,263,792 | ||||||
Prosegur Compania de Seguridad SA |
1,125,867 | 48,975,062 | ||||||
163,173,989 |
Shares | Value | |||||||
Construction & Engineering2.6% |
||||||||
Koninklijke Boskalis
Westminster NV |
1,282,359 | $ | 43,193,151 | |||||
Leighton Holdings
Ltd. |
946,190 | 20,412,619 | ||||||
Outotec OYJ |
973,892 | 44,368,828 | ||||||
Trevi Finanziaria SpA |
2,935,311 | 23,488,369 | ||||||
131,462,967 | ||||||||
Electrical Equipment4.9% |
||||||||
ABB Ltd. |
3,052,767 | 57,740,602 | ||||||
Ceres Power Holdings plc1,3 |
8,205,534 | 1,209,492 | ||||||
Legrand SA |
1,499,260 | 48,550,544 | ||||||
Nidec Corp. |
1,125,885 | 101,682,706 | ||||||
Schneider Electric SA |
642,670 | 36,457,107 | ||||||
245,640,451 | ||||||||
Industrial Conglomerates1.2% |
||||||||
Siemens AG |
580,947 | 58,538,874 | ||||||
Machinery4.5% |
||||||||
Aalberts Industries
NV3 |
5,414,769 | 88,291,010 | ||||||
Atlas Copco AB,
Cl. A |
1,462,296 | 31,427,839 | ||||||
Fanuc Ltd. |
193,300 | 31,733,561 | ||||||
Vallourec SA |
406,338 | 27,808,721 | ||||||
Weir Group plc
(The) |
1,437,540 | 46,782,956 | ||||||
226,044,087 | ||||||||
Professional Services3.1% |
||||||||
Capita Group plc |
4,195,719 | 41,673,023 | ||||||
Experian plc |
8,439,971 | 112,275,542 | ||||||
153,948,565 | ||||||||
Trading Companies & Distributors3.4% |
||||||||
Brenntag AG |
566,027 | 54,122,467 | ||||||
Bunzl plc |
6,369,330 | 83,300,042 | ||||||
Wolseley plc |
1,147,430 | 34,410,619 | ||||||
171,833,128 | ||||||||
Transportation Infrastructure0.7% |
||||||||
Koninklijke Vopak
NV |
594,226 | 32,573,400 | ||||||
Information Technology17.1% |
||||||||
Communications Equipment2.6% |
||||||||
High Tech Computer
Corp. |
1,744,000 | 28,680,842 | ||||||
Telefonaktiebolaget
LM Ericsson, B Shares |
9,304,079 | 99,016,697 | ||||||
127,697,539 | ||||||||
Computers & Peripherals0.8% |
||||||||
Gemalto NV |
860,900 | 42,567,442 | ||||||
Electronic Equipment & Instruments3.8% |
||||||||
Hoya Corp. |
3,223,310 | 68,792,198 | ||||||
Ibiden Co. Ltd. |
520,583 | 12,327,584 | ||||||
Keyence Corp. |
174,301 | 44,584,653 | ||||||
Nippon Electric Glass Co. Ltd. |
1,524,475 | 15,722,435 | ||||||
Omron Corp. |
679,718 | 14,525,438 | ||||||
Phoenix Mecano
AG3 |
63,930 | 33,500,971 | ||||||
189,453,279 | ||||||||
Internet Software & Services2.0% |
||||||||
DeNA Co. Ltd |
565,300 | 17,539,927 | ||||||
eAccess Ltd. |
32,551 | 7,434,132 | ||||||
Telecity Group plc1 |
4,691,375 | 44,897,767 | ||||||
United Internet AG |
1,698,581 | 32,683,893 | ||||||
102,555,719 | ||||||||
IT Services0.3% |
||||||||
Infosys Ltd. |
335,832 | 17,098,750 | ||||||
Office Electronics0.9% |
||||||||
Canon, Inc. |
987,060 | 44,669,083 | ||||||
Semiconductors & Semiconductor Equipment0.9% |
||||||||
ARM Holdings plc |
4,535,860 | 42,580,090 | ||||||
Software5.8% |
||||||||
Aveva Group plc |
855,046 | 21,264,411 | ||||||
Compugroup
Medical AG |
821,023 | 8,991,195 |
Shares | Value | |||||||
Software Continued |
||||||||
Dassault
Systemes SA |
745,570 | $ | 61,084,088 | |||||
Sage Group plc
(The) |
3,867,190 | 17,601,026 | ||||||
SAP AG |
1,959,704 | 116,851,245 | ||||||
Temenos Group AG1,3 |
3,768,499 | 63,138,086 | ||||||
288,930,051 | ||||||||
Materials5.8% |
||||||||
Chemicals2.4% |
||||||||
Filtrona plc3 |
11,102,284 | 68,642,402 | ||||||
Orica Ltd. |
922,000 | 24,761,474 | ||||||
Sika AG |
14,174 | 26,558,883 | ||||||
119,962,759 | ||||||||
Construction Materials1.0% |
||||||||
James Hardie
Industries SE, CDI1 |
6,904,900 | 49,174,821 | ||||||
Metals & Mining2.4% |
||||||||
Impala Platinum
Holdings Ltd. |
1,770,204 | 37,440,728 | ||||||
Rio Tinto plc,
Sponsored ADR |
838,200 | 44,483,274 | ||||||
Vale SA, A Shares,
Preference |
1,889,200 | 40,775,003 | ||||||
122,699,005 | ||||||||
Telecommunication Services3.9% |
||||||||
Diversified Telecommunication Services3.9% |
||||||||
BT Group plc |
41,396,679 | 123,973,698 | ||||||
Inmarsat plc |
2,772,890 | 19,096,646 | ||||||
Vivendi SA |
2,243,157 | 51,763,112 | ||||||
194,833,456 | ||||||||
Total Common Stocks (Cost $4,011,977,839) |
4,641,833,713 | |||||||
Preferred Stocks0.3% |
||||||||
Ceres, Inc.: |
||||||||
Cv., Series C1,2,3 |
600,000 | 1,200,000 | ||||||
Cv., Series C-11,2,3 |
64,547 | 129,094 | ||||||
Cv., Series D1,2,3 |
459,800 | 919,600 | ||||||
Cv., Series F1,2,3 |
1,900,000 | 12,350,000 | ||||||
Total Preferred Stocks (Cost $17,766,988) |
14,598,694 |
Units | ||||||||
Rights, Warrants and Certificates0.0% |
||||||||
Ceres, Inc. Wts.,
Strike Price $6.50,
Exp. 9/6/151,2,3 |
380,000 | | ||||||
Marshall Edwards,
Inc., Legend Shares
Wts., Strike Price $3.60,
Exp. 8/6/121,2,3 |
55,000 | 215 | ||||||
Tyrian Diagnostics
Ltd. Rts., Strike
Price 0.012AUD,
Exp. 12/20/131,3 |
11,949,853 | | ||||||
Total Rights, Warrants and
Certificates (Cost $0) |
215 |
Shares | ||||||||
Investment Company6.0% |
||||||||
Oppenheimer Institutional
Money Market Fund,
Cl. E, 0.20%3,4 (Cost $299,665,280) |
299,665,280 | 299,665,280 | ||||||
Total Investments,
at Value (Cost $4,329,410,107) |
99.1 | % | 4,956,097,902 | |||||
Other Assets Net
of Liabilities |
0.9 | 46,418,620 | ||||||
Net Assets |
100.0 | % | $ | 5,002,516,522 | ||||
AUD
|
Australian Dollar |
1. | Non-income producing security. | |
2. | Restricted security. The aggregate value of restricted securities as of November 30, 2011 was $15,056,897, which represents 0.30% of the Funds net assets. See Note 6 of the accompanying Notes. Information concerning restricted securities is as follows: |
Unrealized | ||||||||||||||||
Acquisition | Appreciation | |||||||||||||||
Security | Date | Cost | Value | (Depreciation) | ||||||||||||
Ceres, Inc., Cv., Series C |
1/6/99 | $ | 2,400,000 | $ | 1,200,000 | $ | (1,200,000 | ) | ||||||||
Ceres, Inc., Cv., Series C-1 |
2/6/01-3/21/06 | 258,188 | 129,094 | (129,094 | ) | |||||||||||
Ceres, Inc., Cv., Series D |
3/15/01-3/9/06 | 2,758,800 | 919,600 | (1,839,200 | ) | |||||||||||
Ceres, Inc., Cv., Series F |
9/5/07 | 12,350,000 | 12,350,000 | | ||||||||||||
Ceres, Inc. Wts., Strike Price $6.50,
Exp. 9/6/15 |
9/5/07 | | | | ||||||||||||
Marshall Edwards, Inc. |
5/6/02-9/26/08 | 12,250,362 | 391,710 | (11,858,652 | ) | |||||||||||
Marshall Edwards, Inc., Legend Shares |
8/3/07 | 1,614,333 | 56,100 | (1,558,233 | ) | |||||||||||
Marshall Edwards, Inc., Legend Shares
Wts., Strike Price $3.60, Exp. 8/6/12 |
8/3/07 | | 215 | 215 | ||||||||||||
Oxagen Ltd. |
12/20/00 | 2,210,700 | 10,178 | (2,200,522 | ) | |||||||||||
$ | 33,842,383 | $ | 15,056,897 | $ | (18,785,486 | ) | ||||||||||
3. | Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended November 30, 2011, 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 period in which the issuer was an affiliate are as follows: |
Shares/Units | Gross | Gross | Shares/Units | |||||||||||||
November 30, 2010 | Additions | Reductions | November 30, 2011 | |||||||||||||
Aalberts Industries NV |
4,574,643 | 932,267 | 92,141 | 5,414,769 | ||||||||||||
Ceres, Inc., Cv., Series C |
600,000 | | | 600,000 | ||||||||||||
Ceres, Inc., Cv., Series C-1 |
64,547 | | | 64,547 | ||||||||||||
Ceres, Inc., Cv., Series D |
459,800 | | | 459,800 | ||||||||||||
Ceres, Inc., Cv., Series F |
1,900,000 | | | 1,900,000 | ||||||||||||
Ceres, Inc. Wts., Strike Price $6.50,
Exp. 9/6/15 |
380,000 | | | 380,000 | ||||||||||||
Ceres Power Holdings plc |
8,207,044 | | 1,510 | 8,205,534 | ||||||||||||
Filtrona plc |
11,287,729 | | 185,445 | 11,102,284 | ||||||||||||
Marshall Edwards, Inc.a |
282,486 | 101,543 | b | | 384,029 | |||||||||||
Marshall Edwards, Inc., Legend Sharesa |
156,543 | | 101,543 | b | 55,000 | |||||||||||
Marshall Edwards, Inc., Legend Shares
Wts., Strike Price $3.60, Exp. 8/6/12a |
55,000 | | | 55,000 | ||||||||||||
Novogen Ltd. |
7,639,623 | | | 7,639,623 | ||||||||||||
Oppenheimer Institutional Money
Market Fund, Cl. E |
81,387,509 | 1,151,510,909 | 933,233,138 | 299,665,280 | ||||||||||||
Ortivus AB, Cl. B |
1,659,273 | | | 1,659,273 | ||||||||||||
Oxagen Ltd.a |
214,287 | | | 214,287 | ||||||||||||
Phoenix Mecano AG |
54,212 | 10,089 | 371 | 63,930 | ||||||||||||
Temenos Group AG |
2,178,570 | 1,633,809 | 43,880 | 3,768,499 | ||||||||||||
Tyrian Diagnostics Ltd. |
59,749,268 | 59,749,268 | | 119,498,536 | ||||||||||||
Tyrian Diagnostics Ltd. Rts.,
Strike Price 0.008AUD, Exp. 12/13/10 |
59,749,268 | | 59,749,268 | |
Shares/Units | Gross | Gross | Shares/Units | |||||||||||||
November 30, 2010 | Additions | Reductions | November 30, 2011 | |||||||||||||
Tyrian Diagnostics Ltd. Rts.,
Strike Price 0.03AUD, Exp. 12/31/10 |
7,468,659 | | 7,468,659 | | ||||||||||||
Tyrian Diagnostics Ltd. Rts.,
Strike Price 0.012AUD, Exp. 12/20/13 |
| 11,949,853 | | 11,949,853 |
Realized | ||||||||||||
Value | Income | Gain (Loss) | ||||||||||
Aalberts Industries NV |
$ | 88,291,010 | $ | 1,610,674 | $ | 226,327 | ||||||
Ceres, Inc., Cv., Series C |
1,200,000 | | | |||||||||
Ceres, Inc., Cv., Series C-1 |
129,094 | | | |||||||||
Ceres, Inc., Cv., Series D |
919,600 | | | |||||||||
Ceres, Inc., Cv., Series F |
12,350,000 | | | |||||||||
Ceres, Inc.Wts., Strike Price $6.50, Exp. 9/6/15 |
| | | |||||||||
Ceres Power Holdings plc |
1,209,492 | | (9,065 | ) | ||||||||
Filtrona plc |
68,642,402 | 1,672,413 | (36,561 | ) | ||||||||
Marshall Edwards, Inc.a |
| c | | | ||||||||
Marshall Edwards, Inc., Legend Sharesa |
| c | | | ||||||||
Marshall Edwards, Inc., Legend Shares Wts.,
Strike Price $3.60, Exp. 8/6/12a |
| c | | | ||||||||
Novogen Ltd. |
812,068 | | | |||||||||
Oppenheimer Institutional Money Market Fund, Cl. E |
299,665,280 | 267,603 | | |||||||||
Ortivus AB, Cl. B |
475,271 | | | |||||||||
Oxagen Ltd.a |
| c | | | ||||||||
Phoenix Mecano AG |
33,500,971 | 697,553 | 40,875 | |||||||||
Temenos Group AG |
63,138,086 | | (24,547 | ) | ||||||||
Tyrian Diagnostics Ltd. |
122,893 | | | |||||||||
Tyrian Diagnostics Ltd. Rts., Strike Price 0.008AUD,
Exp. 12/13/10 |
| | 53,601 | |||||||||
Tyrian Diagnostics Ltd. Rts., Strike Price 0.03AUD,
Exp. 12/31/10 |
| | | |||||||||
Tyrian Diagnostics Ltd. Rts., Strike Price 0.012AUD,
Exp. 12/20/13 |
| | | |||||||||
$ | 570,456,167 | $ | 4,248,243 | $ | 250,630 | |||||||
a. | No longer an affiliate as of November 30, 2011. | |
b. | All or a portion is the result of a corporate action. | |
c. | The security is no longer an affiliate, therefore, the value has been excluded from this table. | |
4. | Rate shown is the 7-day yield as of November 30, 2011. |
1) | Level 1unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) | ||
2) | Level 2inputs 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 3significant unobservable inputs (including the Managers own judgments about assumptions that market participants would use in pricing the asset or liability). |
Level 3 | ||||||||||||||||
Level 1 | Level 2 | Significant | ||||||||||||||
Unadjusted | Other Significant | Unobservable | ||||||||||||||
Quoted Prices | Observable Inputs | Inputs | Value | |||||||||||||
Assets Table |
||||||||||||||||
Investments, at Value: |
||||||||||||||||
Common Stocks |
||||||||||||||||
Consumer Discretionary |
$ | 278,188,182 | $ | 387,333,400 | $ | | $ | 665,521,582 | ||||||||
Consumer Staples |
512,384,975 | 23,003,285 | | 535,388,260 | ||||||||||||
Energy |
2,725,050 | 207,020,797 | | 209,745,847 | ||||||||||||
Financials |
57,200,836 | 128,753,151 | | 185,953,987 | ||||||||||||
Health Care |
277,039,392 | 150,314,109 | 10,178 | 427,363,679 | ||||||||||||
Industrials |
265,758,046 | 1,009,880,318 | | 1,275,638,364 | ||||||||||||
Information Technology |
254,526,097 | 601,025,856 | | 855,551,953 | ||||||||||||
Materials |
122,699,005 | 169,137,580 | | 291,836,585 | ||||||||||||
Telecommunication Services |
| 194,833,456 | | 194,833,456 | ||||||||||||
Preferred Stocks |
| | 14,598,694 | 14,598,694 | ||||||||||||
Rights, Warrants and Certificates |
| 215 | | 215 | ||||||||||||
Investment Company |
299,665,280 | | | 299,665,280 | ||||||||||||
Total Investments, at Value |
2,070,186,863 | 2,871,302,167 | 14,608,872 | 4,956,097,902 | ||||||||||||
Other Financial Instruments: |
||||||||||||||||
Foreign currency exchange contracts |
| 86,095 | | 86,095 | ||||||||||||
Total Assets |
$ | 2,070,186,863 | $ | 2,871,388,262 | $ | 14,608,872 | $ | 4,956,183,997 | ||||||||
Liabilities Table |
||||||||||||||||
Other Financial Instruments: |
||||||||||||||||
Foreign currency exchange contracts |
$ | | $ | (1,933 | ) | $ | | $ | (1,933 | ) | ||||||
Total Liabilities |
$ | | $ | (1,933 | ) | $ | | $ | (1,933 | ) | ||||||
Transfers into, | Transfers out of | Transfers into | Transfers out of | Transfers out of | ||||||||||||||||
Level 1 | Level 1 | Level 2 | Level 2 | Level 3 | ||||||||||||||||
Assets Table |
||||||||||||||||||||
Investments, at Value: |
||||||||||||||||||||
Common Stocks |
||||||||||||||||||||
Consumer Discretionary |
$ | | $ | (389,269,742 | )a | $ | 389,269,742 | $ | | $ | | |||||||||
Consumer Discretionary |
| | 153,234 | b | | (153,234 | )b | |||||||||||||
Consumer Staples |
| (23,484,178 | )a | 23,484,178 | a | | | |||||||||||||
Energy |
| (166,084,523 | )a | 166,084,523 | a | | | |||||||||||||
Financials |
| (139,745,499 | )a | 139,745,499 | a | | | |||||||||||||
Health Care |
459,817 | c | (161,620,870 | )a | 161,620,870 | a | (459,817 | )c | | |||||||||||
Industrials |
| (661,905,020 | )a | 661,905,020 | a | | | |||||||||||||
Information Technology |
| (398,078,215 | )a | 398,078,215 | a | | | |||||||||||||
Materials |
| (69,154,411 | )a | 69,154,411 | a | | | |||||||||||||
Telecommunication Services |
| (80,693,316 | )a | 80,693,316 | a | | | |||||||||||||
Total Assets |
$ | 459,817 | $ | (2,090,035,774 | ) | $ | 2,090,189,008 | $ | (459,817 | ) | $ | (153,234 | ) | |||||||
a. | Transferred from Level 1 to Level 2 because of the absence of a readily available unadjusted quoted market price due to a significant event occurring before the Funds assets were valued but after the close of the securities respective exchanges. | ||
b. | Transferred from Level 3 to Level 2 because of the presence of observable market data due to an increase in market activity for these securities. | ||
c. | Transferred from Level 2 to Level 1 due to the presence of a readily available unadjusted quoted market price. As of the prior reporting period end, these securities were absent of a readily available unadjusted quoted market price due to a significant event occurring before the Funds assets were valued but after the close of the securities respective exchanges. |
Geographic Holdings | Value | Percent | ||||||
United Kingdom |
$ | 1,213,136,578 | 24.5 | % | ||||
France |
643,331,328 | 13.0 | ||||||
Switzerland |
547,903,515 | 11.1 | ||||||
Japan |
404,604,936 | 8.2 | ||||||
United States |
334,277,423 | 6.7 | ||||||
Germany |
312,266,521 | 6.3 | ||||||
Australia |
228,456,315 | 4.6 | ||||||
The Netherlands |
219,446,855 | 4.4 | ||||||
Spain |
175,688,553 | 3.5 | ||||||
Sweden |
149,765,675 | 3.0 | ||||||
Jersey, Channel Islands |
112,275,542 | 2.3 | ||||||
Italy |
110,047,316 | 2.2 | ||||||
Ireland |
101,831,831 | 2.0 | ||||||
Brazil |
80,113,089 | 1.6 | ||||||
Canada |
60,303,389 | 1.2 | ||||||
India |
58,999,430 | 1.2 |
Geographic Holdings | Value | Percent | ||||||
Finland |
$ | 44,368,828 | 0.9 | % | ||||
South Africa |
37,440,728 | 0.8 | ||||||
Denmark |
34,093,917 | 0.7 | ||||||
Taiwan |
28,680,842 | 0.6 | ||||||
Austria |
26,342,437 | 0.5 | ||||||
Mexico |
19,464,991 | 0.4 | ||||||
Korea, Republic of South |
10,532,813 | 0.2 | ||||||
Bermuda |
2,725,050 | 0.1 | ||||||
Total |
$ | 4,956,097,902 | 100.0 | % | ||||
Contract | ||||||||||||||||||
Counterparty/ | Amount | Expiration | Unrealized | Unrealized | ||||||||||||||
Contract Description | Buy/Sell | (000s) | Date | Value | Appreciation | Depreciation | ||||||||||||
Barclays Capital |
||||||||||||||||||
British Pound Sterling (GBP)
|
Sell | 1 GBP | 12/2/11 | $ | 1,124 | $ | | $ | 6 | |||||||||
Chase Manhattan Bank |
||||||||||||||||||
Brazillian Real (BRR)
|
Buy | 14,122 BRR | 12/5/11 | 14,036,985 | 84,730 | | ||||||||||||
Citigroup |
||||||||||||||||||
British Pound Sterling (GBP)
|
Buy | 14,095 GBP | 12/5/11 | 14,094,078 | 1,365 | | ||||||||||||
JP Morgan Chase |
||||||||||||||||||
British Pound Sterling (GBP)
|
Sell | 100 GBP | 12/1/11 | 156,323 | | 1,922 | ||||||||||||
UBS Investment Bank |
||||||||||||||||||
Swiss Franc (CHF)
|
Buy | 54 CHF | 12/5/11 | 54,239 | | 5 | ||||||||||||
Total unrealized appreciation and depreciation
|
$ | 86,095 | $ | 1,933 | ||||||||||||||
Assets |
||||
Investments, at valuesee accompanying statement of investments: |
||||
Unaffiliated companies (cost $3,748,039,481) |
$ | 4,385,641,735 | ||
Affiliated companies (cost $581,370,626) |
570,456,167 | |||
4,956,097,902 | ||||
Cash |
1,327,009 | |||
Unrealized appreciation on foreign currency exchange contracts |
86,095 | |||
Receivables and other assets: |
||||
Investments sold |
34,368,041 | |||
Shares of beneficial interest sold |
17,042,020 | |||
Dividends |
9,538,935 | |||
Other |
170,094 | |||
Total assets |
5,018,630,096 | |||
Liabilities |
||||
Unrealized depreciation on foreign currency exchange contracts |
1,933 | |||
Payables and other liabilities: |
||||
Shares of beneficial interest redeemed |
11,092,982 | |||
Investments purchased |
2,729,640 | |||
Transfer and shareholder servicing agent fees |
913,124 | |||
Distribution and service plan fees |
405,493 | |||
Trustees compensation |
356,901 | |||
Shareholder communications |
337,112 | |||
Other |
276,389 | |||
Total liabilities |
16,113,574 | |||
Net Assets |
$ | 5,002,516,522 | ||
Composition of Net Assets |
||||
Paid-in capital |
$ | 4,519,644,500 | ||
Accumulated net investment income |
47,373,158 | |||
Accumulated net realized loss on investments and foreign currency transactions |
(191,328,021 | ) | ||
Net unrealized appreciation on investments and translation of assets and liabilities
denominated in foreign currencies |
626,826,885 | |||
Net Assets |
$ | 5,002,516,522 | ||
Net Asset Value Per Share |
||||
Class A Shares: |
||||
Net asset value and redemption price per share (based on net assets of $1,663,353,740
and 62,937,286 shares of beneficial interest outstanding) |
$ | 26.43 | ||
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) |
$ | 28.04 | ||
Class B Shares: |
||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $39,319,325 and 1,567,348 shares of
beneficial interest outstanding) |
$ | 25.09 | ||
Class C Shares: |
||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $189,147,028 and 7,545,299 shares of
beneficial interest outstanding) |
$ | 25.07 | ||
Class N Shares: |
||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $113,904,531 and 4,383,673 shares of
beneficial interest outstanding) |
$ | 25.98 | ||
Class Y Shares: |
||||
Net asset value, redemption price and offering price per share (based on net assets
of $2,996,791,898 and 113,610,725 shares of beneficial interest outstanding) |
$ | 26.38 |
Investment Income |
||||
Dividends: |
||||
Unaffiliated companies (net of foreign withholding taxes of $8,206,983) |
$ | 104,696,918 | ||
Affiliated companies (net of foreign withholding taxes of $407,334) |
4,248,243 | |||
Interest |
3,569 | |||
Other income |
32,149 | |||
Total investment income |
108,980,879 | |||
Expenses |
||||
Management fees |
34,918,432 | |||
Distribution and service plan fees: |
||||
Class A |
4,272,008 | |||
Class B |
508,933 | |||
Class C |
2,099,026 | |||
Class N |
566,913 | |||
Transfer and shareholder servicing agent fees: |
||||
Class A |
6,665,542 | |||
Class B |
287,721 | |||
Class C |
660,085 | |||
Class N |
500,369 | |||
Class Y |
5,547,877 | |||
Shareholder communications: |
||||
Class A |
251,839 | |||
Class B |
40,430 | |||
Class C |
39,369 | |||
Class N |
11,172 | |||
Class Y |
116,421 | |||
Custodian fees and expenses |
632,228 | |||
Trustees compensation |
92,269 | |||
Administration service fees |
1,500 | |||
Other |
261,517 | |||
Total expenses |
57,473,651 | |||
Less waivers and reimbursements of expenses |
(1,978,007 | ) | ||
Net expenses |
55,495,644 | |||
Net Investment Income |
53,485,235 |
Realized and Unrealized Gain (Loss) |
||||
Net realized gain on: |
||||
Investments from: |
||||
Unaffiliated companies |
$ | 99,099,145 | ||
Affiliated companies |
250,630 | |||
Foreign currency transactions |
70,081,048 | |||
Net realized gain |
169,430,823 | |||
Net change in unrealized appreciation/depreciation on: |
||||
Investments |
(153,794,929 | ) | ||
Translation of assets and liabilities denominated in foreign currencies |
49,782,922 | |||
Net change in unrealized appreciation/depreciation |
(104,012,007 | ) | ||
Net Increase in Net Assets Resulting from Operations |
$ | 118,904,051 | ||
Year Ended November 30, | 2011 | 2010 | ||||||
Operations |
||||||||
Net investment income |
$ | 53,485,235 | $ | 36,062,652 | ||||
Net realized gain |
169,430,823 | 64,651,471 | ||||||
Net change in unrealized appreciation/depreciation |
(104,012,007 | ) | 177,484,581 | |||||
Net increase in net assets resulting from operations |
118,904,051 | 278,198,704 | ||||||
Dividends and/or Distributions to Shareholders |
||||||||
Dividends from net investment income: |
||||||||
Class A |
(8,550,798 | ) | (8,223,473 | ) | ||||
Class B |
| | ||||||
Class C |
| (17,861 | ) | |||||
Class N |
(355,832 | ) | (385,471 | ) | ||||
Class Y |
(26,403,141 | ) | (17,021,372 | ) | ||||
(35,309,771 | ) | (25,648,177 | ) | |||||
Beneficial Interest Transactions |
||||||||
Net increase (decrease) in net assets resulting from |
||||||||
beneficial interest transactions: |
||||||||
Class A |
66,274,715 | 201,763,200 | ||||||
Class B |
(18,709,777 | ) | (26,159,905 | ) | ||||
Class C |
(12,084,566 | ) | (11,419,234 | ) | ||||
Class N |
12,010,247 | 13,893,971 | ||||||
Class Y |
529,176,967 | 644,043,145 | ||||||
576,667,586 | 822,121,177 | |||||||
Net Assets |
||||||||
Total increase |
660,261,866 | 1,074,671,704 | ||||||
Beginning of period |
4,342,254,656 | 3,267,582,952 | ||||||
End of period (including accumulated net investment income
of $47,373,158 and $28,370,042, respectively) |
$ | 5,002,516,522 | $ | 4,342,254,656 | ||||
Class A Year Ended November 30, | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||
Per Share Operating Data |
||||||||||||||||||||
Net asset value, beginning of period |
$ | 25.75 | $ | 24.27 | $ | 17.02 | $ | 32.13 | $ | 27.03 | ||||||||||
Income (loss) from investment operations: |
||||||||||||||||||||
Net investment income1 |
.23 | .18 | .18 | .36 | .27 | |||||||||||||||
Net realized and unrealized gain (loss) |
.59 | 1.45 | 7.28 | (15.25 | ) | 5.04 | ||||||||||||||
Total from investment operations |
.82 | 1.63 | 7.46 | (14.89 | ) | 5.31 | ||||||||||||||
Dividends and/or distributions to shareholders: |
||||||||||||||||||||
Dividends from net investment income |
(.14 | ) | (.15 | ) | (.21 | ) | (.22 | ) | (.21 | ) | ||||||||||
Net asset value, end of period |
$ | 26.43 | $ | 25.75 | $ | 24.27 | $ | 17.02 | $ | 32.13 | ||||||||||
Total Return, at Net Asset Value2 |
3.16 | % | 6.77 | % | 44.32 | % | (46.64 | )% | 19.78 | % | ||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||
Net assets, end of period (in thousands) |
$ | 1,663,354 | $ | 1,554,785 | $ | 1,266,608 | $ | 700,394 | $ | 1,399,782 | ||||||||||
Average net assets (in thousands) |
$ | 1,730,811 | $ | 1,474,415 | $ | 960,876 | $ | 1,167,188 | $ | 1,352,329 | ||||||||||
Ratios to average net assets:3 |
||||||||||||||||||||
Net investment income |
0.83 | % | 0.73 | % | 0.91 | % | 1.34 | % | 0.88 | % | ||||||||||
Total expenses4 |
1.36 | % | 1.39 | % | 1.45 | % | 1.26 | % | 1.20 | % | ||||||||||
Expenses after payments, waivers and/or
reimbursements and reduction to
custodian expenses |
1.32 | % | 1.34 | % | 1.34 | % | 1.25 | % | 1.20 | % | ||||||||||
Portfolio turnover rate |
19 | % | 23 | % | 13 | % | 21 | % | 8 | % |
1. | Per share amounts calculated based on the average shares outstanding during the period. | |
2. | 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. | |
3. | Annualized for periods less than one full year. | |
4. | Total expenses including indirect expenses from affiliated fund were as follows: |
Year Ended November 30, 2011 |
1.36 | % | ||
Year Ended November 30, 2010 |
1.39 | % | ||
Year Ended November 30, 2009 |
1.46 | % | ||
Year Ended November 30, 2008 |
1.27 | % | ||
Year Ended November 30, 2007 |
1.20 | % |
Class B Year Ended November 30, | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||
Per Share Operating Data |
||||||||||||||||||||
Net asset value, beginning of period |
$ | 24.51 | $ | 23.14 | $ | 16.16 | $ | 30.54 | $ | 25.69 | ||||||||||
Income (loss) from investment operations: |
||||||||||||||||||||
Net investment income (loss)1 |
.01 | (.02 | ) | .03 | .13 | .02 | ||||||||||||||
Net realized and unrealized gain (loss) |
.57 | 1.39 | 6.95 | (14.51 | ) | 4.83 | ||||||||||||||
Total from investment operations |
.58 | 1.37 | 6.98 | (14.38 | ) | 4.85 | ||||||||||||||
Dividends and/or distributions to shareholders: |
||||||||||||||||||||
Dividends from net investment income |
| | | | | |||||||||||||||
Net asset value, end of period |
$ | 25.09 | $ | 24.51 | $ | 23.14 | $ | 16.16 | $ | 30.54 | ||||||||||
Total Return, at Net Asset Value2 |
2.37 | % | 5.92 | % | 43.19 | % | (47.09 | )% | 18.88 | % | ||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||
Net assets, end of period (in thousands) |
$ | 39,319 | $ | 55,020 | $ | 77,565 | $ | 65,006 | $ | 164,175 | ||||||||||
Average net assets (in thousands) |
$ | 51,183 | $ | 67,453 | $ | 68,562 | $ | 120,915 | $ | 167,676 | ||||||||||
Ratios to average net assets:3 |
||||||||||||||||||||
Net investment income (loss) |
0.04 | % | (0.07 | )% | 0.16 | % | 0.49 | % | 0.07 | % | ||||||||||
Total expenses4 |
2.35 | % | 2.41 | % | 2.51 | % | 2.08 | % | 1.99 | % | ||||||||||
Expenses after payments, waivers and/or
reimbursements and reduction to
custodian expenses |
2.13 | % | 2.13 | % | 2.13 | % | 2.06 | % | 1.99 | % | ||||||||||
Portfolio turnover rate |
19 | % | 23 | % | 13 | % | 21 | % | 8 | % |
1. | Per share amounts calculated based on the average shares outstanding during the period. | |
2. | 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. | |
3. | Annualized for periods less than one full year. | |
4. | Total expenses including indirect expenses from affiliated fund were as follows: |
Year Ended November 30, 2011
|
2.35 | % | ||
Year Ended November 30, 2010
|
2.41 | % | ||
Year Ended November 30, 2009
|
2.52 | % | ||
Year Ended November 30, 2008
|
2.09 | % | ||
Year Ended November 30, 2007
|
1.99 | % |
Class C Year Ended November 30, | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||
Per Share Operating Data |
||||||||||||||||||||
Net asset value, beginning of period |
$ | 24.47 | $ | 23.10 | $ | 16.15 | $ | 30.52 | $ | 25.71 | ||||||||||
Income (loss) from investment operations: |
||||||||||||||||||||
Net investment income (loss)1 |
.03 | (.01 | ) | .03 | .15 | .04 | ||||||||||||||
Net realized and unrealized gain (loss) |
.57 | 1.38 | 6.94 | (14.49 | ) | 4.82 | ||||||||||||||
Total from investment operations |
.60 | 1.37 | 6.97 | (14.34 | ) | 4.86 | ||||||||||||||
Dividends and/or distributions to shareholders: |
||||||||||||||||||||
Dividends from net investment income |
| | 2 | (.02 | ) | (.03 | ) | (.05 | ) | |||||||||||
Net asset value, end of period |
$ | 25.07 | $ | 24.47 | $ | 23.10 | $ | 16.15 | $ | 30.52 | ||||||||||
Total Return, at Net Asset Value3 |
2.45 | % | 5.94 | % | 43.20 | % | (47.03 | )% | 18.91 | % | ||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||
Net assets, end of period (in thousands) |
$ | 189,147 | $ | 196,001 | $ | 196,449 | $ | 143,472 | $ | 292,598 | ||||||||||
Average net assets (in thousands) |
$ | 210,320 | $ | 198,031 | $ | 163,758 | $ | 241,776 | $ | 262,038 | ||||||||||
Ratios to average net assets:4 |
||||||||||||||||||||
Net investment income (loss) |
0.12 | % | (0.04 | )% | 0.18 | % | 0.59 | % | 0.13 | % | ||||||||||
Total expenses5 |
2.04 | % | 2.10 | % | 2.20 | % | 2.01 | % | 1.94 | % | ||||||||||
Expenses after payments, waivers and/or
reimbursements and reduction to
custodian expenses |
2.04 | % | 2.09 | % | 2.10 | % | 2.00 | % | 1.94 | % | ||||||||||
Portfolio turnover rate |
19 | % | 23 | % | 13 | % | 21 | % | 8 | % |
1. | Per share amounts calculated based on the average shares outstanding during the period. | |
2. | Less than $0.005 per share. | |
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. | Total expenses including indirect expenses from affiliated fund were as follows: |
Year Ended November 30, 2011
|
2.04 | % | ||
Year Ended November 30, 2010
|
2.10 | % | ||
Year Ended November 30, 2009
|
2.21 | % | ||
Year Ended November 30, 2008
|
2.02 | % | ||
Year Ended November 30, 2007
|
1.94 | % |
Class N Year Ended November 30, | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||
Per Share Operating Data |
||||||||||||||||||||
Net asset value, beginning of period |
$ | 25.33 | $ | 23.89 | $ | 16.74 | $ | 31.62 | $ | 26.61 | ||||||||||
Income (loss) from investment operations: |
||||||||||||||||||||
Net investment income1 |
.17 | .12 | .14 | .27 | .16 | |||||||||||||||
Net realized and unrealized gain (loss) |
.57 | 1.43 | 7.15 | (15.00 | ) | 4.99 | ||||||||||||||
Total from investment operations |
.74 | 1.55 | 7.29 | (14.73 | ) | 5.15 | ||||||||||||||
Dividends and/or distributions to shareholders: |
||||||||||||||||||||
Dividends from net investment income |
(.09 | ) | (.11 | ) | (.14 | ) | (.15 | ) | (.14 | ) | ||||||||||
Net asset value, end of period |
$ | 25.98 | $ | 25.33 | $ | 23.89 | $ | 16.74 | $ | 31.62 | ||||||||||
Total Return, at Net Asset Value2 |
2.90 | % | 6.53 | % | 43.90 | % | (46.79 | )% | 19.42 | % | ||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||
Net assets, end of period (in thousands) |
$ | 113,905 | $ | 100,249 | $ | 81,079 | $ | 46,420 | $ | 76,909 | ||||||||||
Average net assets (in thousands) |
$ | 115,153 | $ | 92,184 | $ | 60,494 | $ | 69,381 | $ | 66,468 | ||||||||||
Ratios to average net assets:3 |
||||||||||||||||||||
Net investment income |
0.60 | % | 0.48 | % | 0.68 | % | 1.06 | % | 0.55 | % | ||||||||||
Total expenses4 |
1.65 | % | 1.73 | % | 1.82 | % | 1.62 | % | 1.53 | % | ||||||||||
Expenses after payments, waivers and/or
reimbursements and reduction to
custodian expenses |
1.56 | % | 1.58 | % | 1.58 | % | 1.57 | % | 1.53 | % | ||||||||||
Portfolio turnover rate |
19 | % | 23 | % | 13 | % | 21 | % | 8 | % |
1. | Per share amounts calculated based on the average shares outstanding during the period. | |
2. | 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. | |
3. | Annualized for periods less than one full year. | |
4. | Total expenses including indirect expenses from affiliated fund were as follows: |
Year Ended November 30, 2011
|
1.65 | % | ||
Year Ended November 30, 2010
|
1.73 | % | ||
Year Ended November 30, 2009
|
1.83 | % | ||
Year Ended November 30, 2008
|
1.63 | % | ||
Year Ended November 30, 2007
|
1.53 | % |
Class Y Year Ended November 30, | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||
Per Share Operating Data |
||||||||||||||||||||
Net asset value, beginning of period |
$ | 25.71 | $ | 24.20 | $ | 17.02 | $ | 32.12 | $ | 27.07 | ||||||||||
Income (loss) from investment operations: |
||||||||||||||||||||
Net investment income1 |
.36 | .30 | .28 | .49 | .40 | |||||||||||||||
Net realized and unrealized gain (loss) |
.58 | 1.46 | 7.24 | (15.23 | ) | 5.04 | ||||||||||||||
Total from investment operations |
.94 | 1.76 | 7.52 | (14.74 | ) | 5.44 | ||||||||||||||
Dividends and/or distributions to shareholders: |
||||||||||||||||||||
Dividends from net investment income |
(.27 | ) | (.25 | ) | (.34 | ) | (.36 | ) | (.39 | ) | ||||||||||
Net asset value, end of period |
$ | 26.38 | $ | 25.71 | $ | 24.20 | $ | 17.02 | $ | 32.12 | ||||||||||
Total Return, at Net Asset Value2 |
3.63 | % | 7.34 | % | 45.02 | % | (46.37 | )% | 20.32 | % | ||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||
Net assets, end of period (in thousands) |
$ | 2,996,792 | $ | 2,436,200 | $ | 1,645,882 | $ | 970,099 | $ | 876,444 | ||||||||||
Average net assets (in thousands) |
$ | 2,934,647 | $ | 2,042,580 | $ | 1,155,662 | $ | 881,407 | $ | 479,060 | ||||||||||
Ratios to average net assets:3 |
||||||||||||||||||||
Net investment income |
1.30 | % | 1.22 | % | 1.42 | % | 1.92 | % | 1.33 | % | ||||||||||
Total expenses4 |
0.91 | % | 0.81 | % | 0.83 | % | 0.79 | % | 0.74 | % | ||||||||||
Expenses after payments, waivers and/or
reimbursements and reduction to
custodian expenses |
0.87 | % | 0.81 | % | 0.82 | % | 0.78 | % | 0.74 | % | ||||||||||
Portfolio turnover rate |
19 | % | 23 | % | 13 | % | 21 | % | 8 | % |
1. | Per share amounts calculated based on the average shares outstanding during the period. | |
2. | 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. | |
3. | Annualized for periods less than one full year. | |
4. | Total expenses including indirect expenses from affiliated fund were as follows: |
Year Ended November 30, 2011
|
0.91 | % | ||
Year Ended November 30, 2010
|
0.81 | % | ||
Year Ended November 30, 2009
|
0.84 | % | ||
Year Ended November 30, 2008
|
0.80 | % | ||
Year Ended November 30, 2007
|
0.74 | % |
Net Unrealized | ||||||||||||
Appreciation | ||||||||||||
Based on | ||||||||||||
Cost of Securities | ||||||||||||
Undistributed | Undistributed | Accumulated | and Other Investments | |||||||||
Net Investment | Long-Term | Loss | for Federal Income | |||||||||
Income | Gain | Carryforward1,2,3,4,5 | Tax Purposes | |||||||||
$52,484,439 |
$ | | $ | 154,283,342 | $ | 585,014,935 |
1. | As of November 30, 2011, the Fund had $150,981,094 of net capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. As of November 30, 2011, details of the capital loss carryforwards were as follows: |
Expiring | ||||
2014 |
$ | 266,942 | ||
2015 |
1,931,991 | |||
2016 |
32,821,421 | |||
2017 |
115,960,740 | |||
Total |
$ | 150,981,094 | ||
2. | As of November 30, 2011, the Fund had $3,302,248 of post-October losses available to offset future realized capital gains, if any. | |
3. | During the fiscal year ended November 30, 2011, the Fund utilized $165,872,682 of capital loss carryforward to offset capital gains realized in that fiscal year. | |
4. | During the fiscal year ended November 30, 2010, the Fund utilized $63,480,677 of capital loss carryforward to offset capital gains realized in that fiscal year. | |
5. | During the fiscal year ended November 30, 2011, $2,122,250 of unused capital loss carryforward expired. |
Increase to | Reduction to | |||||||
Accumulated | Accumulated Net | |||||||
Reduction to | Net Investment | Realized Loss | ||||||
Paid-in Capital | Income | on Investments | ||||||
$2,238,569 |
$ | 827,652 | $ | 1,410,917 |
Year Ended | Year Ended | |||||||
November 30, 2011 | November 30, 2010 | |||||||
Distributions paid from: |
||||||||
Ordinary income |
$ | 35,309,771 | $ | 25,648,177 |
Federal tax cost of securities |
$ | 4,371,223,985 | ||
Federal tax cost of other investments |
(157,447 | ) | ||
Total federal tax cost |
$ | 4,371,066,538 | ||
Gross unrealized appreciation |
$ | 884,988,877 | ||
Gross unrealized depreciation |
(299,973,942 | ) | ||
Net unrealized appreciation |
$ | 585,014,935 | ||
Projected Benefit Obligations Increased |
$ | 18,726 | ||
Payments Made to Retired Trustees |
23,014 | |||
Accumulated Liability as of November 30, 2011 |
191,246 |
Year Ended November 30, 2011 | Year Ended November 30, 2010 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Class A |
||||||||||||||||
Sold |
23,936,129 | $ | 672,813,926 | 27,163,764 | $ | 669,599,998 | ||||||||||
Dividends and/or
distributions reinvested |
286,390 | 7,907,235 | 298,657 | 7,308,138 | ||||||||||||
Redeemed |
(21,671,812 | ) | (614,446,446 | ) | (19,272,916 | ) | (475,144,936 | ) | ||||||||
Net increase |
2,550,707 | $ | 66,274,715 | 8,189,505 | $ | 201,763,200 | ||||||||||
Class B |
||||||||||||||||
Sold |
307,862 | $ | 8,355,282 | 509,308 | $ | 12,019,032 | ||||||||||
Dividends and/or
distributions reinvested |
| | | | ||||||||||||
Redeemed |
(984,961 | ) | (27,065,059 | ) | (1,616,879 | ) | (38,178,937 | ) | ||||||||
Net decrease |
(677,099 | ) | $ | (18,709,777 | ) | (1,107,571 | ) | $ | (26,159,905 | ) | ||||||
Class C |
||||||||||||||||
Sold |
1,604,879 | $ | 43,012,785 | 1,699,521 | $ | 40,298,949 | ||||||||||
Dividends and/or
distributions reinvested |
| | 630 | 14,754 | ||||||||||||
Redeemed |
(2,068,259 | ) | (55,097,351 | ) | (2,197,407 | ) | (51,732,937 | ) | ||||||||
Net decrease |
(463,380 | ) | $ | (12,084,566 | ) | (497,256 | ) | $ | (11,419,234 | ) | ||||||
Class N |
||||||||||||||||
Sold |
1,900,035 | $ | 52,760,274 | 1,991,426 | $ | 48,658,115 | ||||||||||
Dividends and/or
distributions reinvested |
11,854 | 322,429 | 14,542 | 350,890 | ||||||||||||
Redeemed |
(1,486,025 | ) | (41,072,456 | ) | (1,441,901 | ) | (35,115,034 | ) | ||||||||
Net increase |
425,864 | $ | 12,010,247 | 564,067 | $ | 13,893,971 | ||||||||||
Class Y |
||||||||||||||||
Sold |
40,562,591 | $ | 1,122,206,761 | 45,941,581 | $ | 1,111,006,743 | ||||||||||
Dividends and/or
distributions reinvested |
915,862 | 25,131,248 | 659,163 | 16,024,255 | ||||||||||||
Redeemed |
(22,633,598 | ) | (618,161,042 | ) | (19,848,768 | ) | (482,987,853 | ) | ||||||||
Net increase |
18,844,855 | $ | 529,176,967 | 26,751,976 | $ | 644,043,145 | ||||||||||
Purchases | Sales | |||||||
Investment securities |
$ | 1,287,593,232 | $ | 954,805,498 |
Fee Schedule Effective October 1, 2011 | ||||
Up to $250 million |
0.80 | % | ||
Next $250 million |
0.77 | |||
Next $500 million |
0.75 | |||
Next $1 billion |
0.69 | |||
Next $3 billion |
0.67 | |||
Next $5 billion |
0.65 | |||
Over $10 billion |
0.63 |
Fees Prior to October 1, 2011 | ||||
Up to $250 million |
0.80 | % | ||
Next $250 million |
0.77 | |||
Next $500 million |
0.75 | |||
Next $1 billion |
0.69 | |||
Next $3 billion |
0.67 | |||
Over $5 billion |
0.65 |
Class B |
$ | 716,376 | ||
Class C |
5,363,906 | |||
Class N |
1,365,635 |
Class A | Class B | Class C | Class N | |||||||||||||||||
Class A | Contingent | Contingent | Contingent | Contingent | ||||||||||||||||
Front-End | Deferred | Deferred | Deferred | Deferred | ||||||||||||||||
Sales Charges | Sales Charges | Sales Charges | Sales Charges | Sales Charges | ||||||||||||||||
Retained by | Retained by | Retained by | Retained by | Retained by | ||||||||||||||||
Year Ended | Distributor | Distributor | Distributor | Distributor | Distributor | |||||||||||||||
November 30, 2011 |
$ | 300,119 | $ | 106,099 | $ | 79,814 | $ | 19,629 | $ | 1,709 |
Class A |
$ | 608,818 | ||
Class B |
108,612 | |||
Class N |
97,416 | |||
Class Y |
1,009,539 |
Asset Derivatives | Liability Derivatives | |||||||||||||||
Derivatives | Statement of Assets | Statement of Assets | ||||||||||||||
Not Accounted for as | and Liabilities | and Liabilities | ||||||||||||||
Hedging Instruments | Location | Value | Location | Value | ||||||||||||
Foreign exchange contracts |
Unrealized appreciation on foreign currency exchange contracts |
$ | 86,095 | Unrealized depreciation on foreign currency exchange contracts |
$ | 1,933 |
Derivatives Not Accounted | Foreign currency | |||
for as Hedging Instruments | transactions | |||
Foreign exchange contracts |
$ | 1,514,200 |
Derivatives Not Accounted | Translation of assets and liabilities | |||
for as Hedging Instruments | denominated in foreign currencies | |||
Foreign exchange contracts |
$ | 83,566 |
Name, Position(s) Held with the | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships | |
Fund, Length of Service, Age | 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 of Trustees (since 2007) and Trustee (since 2005) Age: 68 |
Chairman (since August 2007) and Trustee (since August 1991) of the Board of Trustees of The Jackson Laboratory (non-profit); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Managers parent company) (since September 2004); Member of Zurich Financial Investment Management Advisory Council (insurance) (since 2004); Treasurer (since 2007) and Trustee of the Institute for Advanced Study (non-profit educational institute) (since May 1992); 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 59 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 Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. | |
David K. Downes, Trustee (since 2007) Age: 71 |
Director of THL Credit Inc. (since June 2009); Independent Chairman GSK Employee Benefit Trust (since April 2006); Trustee of Employee Trusts (since January 2006); Chief Executive Officer and Board Member of Community Capital Management (investment management company) (since January 2004); President of The Community Reinvestment Act Qualified Investment Fund (investment management company) (since 2004); Director of Internet Capital Group (information technology company) (since October 2003); Director of Correctnet (January 2006-2007); Independent Chairman of the Board of Trustees of Quaker Investment Trust (registered investment company) (2004-2007); Chief Operating Officer and Chief Financial Officer of Lincoln National Investment Companies, Inc. (subsidiary of Lincoln National Corporation, a publicly traded company) and Delaware Investments U.S., Inc. (investment management subsidiary of Lincoln National Corporation) (1993-2003); President, Chief Executive Officer and Trustee of Delaware Investment Family of Funds (1993-2003); President and Board Member of Lincoln National Convertible Securities Funds, Inc. and the Lincoln National Income Funds, TDC (1993-2003); Chairman and Chief Executive Officer of Retirement Financial Services, Inc. (registered transfer agent and investment adviser and subsidiary of Delaware Investments U.S., Inc.) (1993-2003); President and Chief Executive Officer of Delaware Service Company, Inc. (1995-2003); Chief Administrative Officer, Chief Financial Officer, Vice Chairman and Director of Equitable Capital Management Corporation (investment subsidiary of Equitable Life Assurance Society) (1985-1992); Corporate Controller of Merrill Lynch Company (financial services holding company) (1977-1985); held the following positions at the Colonial Penn Group, Inc. (insurance company): Corporate Budget Director (1974-1977), Assistant Treasurer (1972-1974) and Director of Corporate Taxes (1969-1972); held the following positions at Price Waterhouse Company (financial services firm): Tax Manager (1967-1969), Tax Senior (1965-1967) and Staff Accountant (1963-1965); United States Marine Corps (1957-1959). Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Downes has served on the Boards of certain Oppenheimer funds since December 2005, during which time he has become familiar with the Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. |
Name, Position(s) Held with the | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships | |
Fund, Length of Service, Age | Held; Number of Portfolios in the Fund Complex Currently Overseen | |
Matthew P. Fink, Trustee (since 2005) Age: 70 |
Trustee of the Committee for Economic Development (policy research foundation) (since 2005); Director of ICI Education Foundation (education foundation) (October 1991-August 2006); President of the Investment Company Institute (trade association) (October 1991-June 2004); Director of ICI Mutual Insurance Company (insurance company) (October 1991-June 2004). Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Fink has served on the Boards of certain Oppenheimer funds since January 2005, during which time he has become familiar with the Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. | |
Phillip A. Griffiths, Trustee (since 1999) Age: 73 |
Fellow of the Carnegie Corporation (since 2007); Member of the National Academy of Sciences (since 1979); Council on Foreign Relations (since 2002); Foreign Associate of Third World Academy of Sciences (since 2002); Chair of Science Initiative Group (since 1999); Member of the American Philosophical Society (since 1996); Trustee of Woodward Academy (since 1983); Director of GSI Lumonics Inc. (precision technology products company) (2001-2010); Senior Advisor of The Andrew W. Mellon Foundation (2001-2010); Distinguished Presidential Fellow for International Affairs of the National Academy of Science (2002-2010); Director of the Institute for Advanced Study (1991-2004); Director of Bankers Trust New York Corporation (1994-1999); Provost at Duke University (1983-1991). Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Griffiths has served on the Boards of certain Oppenheimer funds since June 1999, during which time he has become familiar with the Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. | |
Mary F. Miller, Trustee (since 2004) Age: 69 |
Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (since October 1998); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Oversees 59 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 Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. | |
Joel W. Motley, Trustee (since 2002) Age: 59 |
Board Member of Pulitzer center for Crisis Reporting (non-profit journalism) (since December 2010); 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, Chairman of the Investment Committee of the Episcopal Church of America, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee and Board of Historic Hudson Valley. Oversees 59 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 Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. | |
Mary Ann Tynan, Trustee (since 2008) Age: 66 |
Vice Chair of Board of Trustees of Brigham and Womens/Faulkner Hospitals (non-profit hospital) (since 2000); Chair of Board of Directors of Faulkner Hospital (non-profit hospital) (since 1990); Member of Audit and Compliance Committee of Partners Health Care System (non-profit) (since 2004); Board of Trustees of Middlesex School (educational institution) (since 1994); Board of Directors of Idealswork, Inc. (financial services provider) (since 2003); Partner, Senior Vice President and Director of Regulatory Affairs of Wellington Management Company, LLP (global investment manager) (1976-2002); Vice President and Corporate Secretary, John Hancock Advisers, Inc. (mutual fund investment |
Name, Position(s) Held with the | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships | |
Fund, Length of Service, Age | Held; Number of Portfolios in the Fund Complex Currently Overseen | |
Mary Ann Tynan, Continued |
adviser) (1970-1976). Oversees 59 portfolios in the OppenheimerFunds complex. Ms. Tynan has served on the Boards of certain Oppenheimer funds since October 2008, during which time she has become familiar with the Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. | |
Joseph M. Wikler, Trustee (since 2005) Age: 70 |
Director of C-TASC (bio-statistics services) (since 2007); formerly, Director of the following medical device companies: Medintec (1992-2011) and Cathco (1996- 2011); Member of the Investment Committee of the Associated Jewish Charities of Baltimore (since 1994); Director of Lakes Environmental Association (environmental protection organization) (1996-2008); Director of Fortis/Hartford mutual funds (1994-December 2001). Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Wikler has served on the Boards of certain Oppenheimer funds since August 2005, during which time he has become familiar with the Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. | |
Peter I. Wold, Trustee (since 2005) Age: 63 |
Director of Arch Coal, Inc. (since 2010); Director and Chairman of Wyoming Enhanced Oil Recovery Institute Commission (enhanced oil recovery study) (since 2004); President of Wold Oil Properties, Inc. (oil and gas exploration and production company) (since 1994); Vice President of American Talc Company, Inc. (talc mining and milling) (since 1999); Managing Member of Hole-in-the-Wall Ranch (cattle ranching) (since 1979); Director and Chairman of the Denver Branch of the Federal Reserve Bank of Kansas City (1993-1999); and Director of PacifiCorp. (electric utility) (1995-1999). Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Wold has served on the Boards of certain Oppenheimer funds since August 2005, during which time he has become familiar with the Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. | |
OFFICERS OF THE FUND
|
The addresses of the Officers in the chart below are as follows: for Messrs. Evans, Glavin, Jr., Gabinet and Ms. Nasta, Two World Financial Center, 225 Liberty Street, New York, New York 10281-1008, for Messrs. Vandehey and Wixted, 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. | |
George R. Evans, Vice President (since 1996) Age: 52 |
Director of Equities (since October 2010), Senior Vice President (since October 1993) and Director of International Equities (since July 2004) of the Manager. Formerly Vice President of HarbourView Asset Management Corporation (July 1994-November 2001). A portfolio manager and officer of 5 portfolios in the OppenheimerFunds complex. | |
William F. Glavin, Jr., President and Principal Executive Officer (since 2009) Age: 53 |
Chairman of the Manager (since December 2009); Chief Executive Officer and Director of the Manager (since January 2009); President of the Manager (since May 2009); Director of Oppenheimer Acquisition Corp. (OAC) (the Managers parent holding company) (since June 2009); Executive Vice President (March 2006-February 2009) and Chief Operating Officer (July 2007-February 2009) of Massachusetts Mutual Life Insurance Company (OACs parent company); Director (May 2004-March 2006) and Chief Operating Officer and Chief Compliance Officer (May 2004-January 2005), President (January 2005-March 2006) and Chief Executive Officer (June 2005-March 2006) of Babson Capital Management LLC; Director (March 2005-March 2006), President (May 2003-March 2006) and Chief Compliance Officer (July 2005-March 2006) of Babson Capital Securities, Inc. (a broker-dealer); President (May 2003-March 2006) of Babson Investment Company, Inc.; Director (May 2004-August 2006) of Babson Capital Europe Limited; Director (May 2004-October 2006) of Babson Capital Guernsey Limited; Director (May 2004-March 2006) of Babson Capital Management LLC; Non-Executive Director (March 2005-March 2007) of Baring Asset Management Limited; Director (February 2005-June 2006) Baring Pension Trustees Limited; |
Name, Position(s) Held with the | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships | |
Fund, Length of Service, Age | Held; Number of Portfolios in the Fund Complex Currently Overseen | |
William F. Glavin, Jr.,
Continued
|
Director and Treasurer (December 2003-November 2006) of Charter Oak Capital Management, Inc.; Director (May 2006-September 2006) of C.M. Benefit Insurance Company; Director (May 2008-June 2009) and Executive Vice President (June 2007-July 2009) of C.M. Life Insurance Company; President (March 2006-May 2007) of MassMutual Assignment Company; Director (January 2005-December 2006), Deputy Chairman (March 2005-December 2006) and President (February 2005-March 2005) of MassMutual Holdings (Bermuda) Limited; Director (May 2008-June 2009) and Executive Vice President (June 2007-July 2009) of MML Bay State Life Insurance Company; Chief Executive Officer and President (April 2007-January 2009) of MML Distributors, LLC; and Chairman (March 2006-December 2008) and Chief Executive Officer (May 2007- December 2008) of MML Investors Services, Inc. Oversees 63 portfolios as a Trustee/Director and 96 portfolios as an officer in the OppenheimerFunds complex. | |
Arthur S. Gabinet, Secretary (since 2011) Age: 53 |
Executive Vice President (since May 2010) and General Counsel (since January 2011) of the Manager; General Counsel of the Distributor (since January 2011); General Counsel of Centennial Asset Management Corporation (since January 2011); Executive Vice President and General Counsel of HarbourView Asset Management Corporation (since January 2011); Assistant Secretary (since January 2011) and Director (since January 2011) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc. (since January 2011); Director of Oppenheimer Real Asset Management, Inc. (since January 2011); Executive Vice President and General Counsel of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since January 2011); Executive Vice President and General Counsel of OFI Private Investments, Inc. (since January 2011); Vice President of OppenheimerFunds Legacy Program (since January 2011); Executive Vice President and General Counsel of OFI Institutional Asset Management, Inc. (since January 2011); General Counsel, Asset Management of the Manager (May 2010-December 2010); Principal, The Vanguard Group (November 2005-April 2010); District Administrator, U.S. Securities and Exchange Commission (January 2003-October 2005). An officer of 96 portfolios in the OppenheimerFunds complex. | |
Christina M. Nasta, Vice President and Chief Business Officer (since 2011) Age: 38 |
Senior Vice President of the Manager (since July 2010); Vice President of the Manager (since January 2003); Vice President of OppenheimerFunds Distributor, Inc. (since January 2003). An officer of 96 portfolios in the OppenheimerFunds complex. | |
Mark S. Vandehey, Vice President and Chief Compliance Officer (since 2004) Age: 61 |
Senior Vice President and Chief Compliance Officer of the Manager (since March 2004); Chief Compliance Officer of OppenheimerFunds Distributor, Inc., Centennial Asset Management and Shareholder Services, Inc. (since March 2004); Vice President of OppenheimerFunds Distributor, Inc., Centennial Asset Management Corporation and Shareholder Services, Inc. (since June 1983). An officer of 96 portfolios in the OppenheimerFunds complex. | |
Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 1999) Age: 52 |
Senior Vice President of the Manager (since March 1999); Treasurer of the Manager and the following: HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management, Inc. and Oppenheimer Partnership Holdings, Inc. (March 1999-June 2008), OFI Private Investments, Inc. (March 2000-June 2008), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (since November 2000), and OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since June 2003); Treasurer and Chief Financial Officer of OFI Trust Company (trust company subsidiary of the Manager) (since May 2000); Assistant Treasurer of OAC (March 1999-June 2008). An officer of 96 portfolios in the OppenheimerFunds complex. |
Manager
|
OppenheimerFunds, Inc. | |
Distributor
|
OppenheimerFunds Distributor, Inc. | |
Transfer and Shareholder
Servicing Agent
|
OppenheimerFunds Services | |
Independent
Registered Public
Accounting Firm
|
KPMG llp | |
Legal Counsel
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Kramer Levin Naftalis & Frankel LLP |
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(a) | Audit Fees |
(b) | Audit-Related Fees |
(c) | Tax Fees |
(d) | All Other Fees |
(e) | (1) During its regularly scheduled periodic meetings, the registrants 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 Chairman 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 maybe 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 it 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) 100% | |||
(f) | Not applicable as less than 50%. | ||
(g) | The principal accountant for the audit of the registrants annual financial statements billed $214,414 in fiscal 2011 and $360,611 in fiscal 2010 to the registrant and the registrants 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. |
1. | The Funds Governance Committee (the Committee) will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time |
to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds investment manager and its affiliates in making the selection. |
2. | The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individuals background, skills, and experience; whether the individual is an interested person as defined in the Investment Company Act of 1940; and whether the individual would be deemed an audit committee financial expert within the meaning of applicable SEC rules. The Committee also considers whether the individuals background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder. |
3. | The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following: |
| the name, address, and business, educational, and/or other pertinent background of the person being recommended; | ||
| a statement concerning whether the person is an interested person as defined in the Investment Company Act of 1940; | ||
| any other information that the Funds would be required to include in a proxy statement concerning the person if he or she was nominated; and | ||
| the name and address of the person submitting the recommendation and, if that person is a shareholder, the period for which that person held Fund shares. | ||
The recommendation also can include any additional information which the person submitting it believes would assist the Committee in evaluating the recommendation. |
4. | Shareholders should note that a person who owns securities issued by Massachusetts Mutual Life Insurance Company (the parent company of the Funds investment adviser) would be deemed an interested person under the Investment Company Act of 1940. In addition, certain other relationships with Massachusetts Mutual Life Insurance Company or its subsidiaries, with registered broker-dealers, or with the Funds outside legal counsel may cause a person to be deemed an interested person. |
5. | Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person. In addition, the individual |
customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company. |
(a) | (1) Exhibit attached hereto. | |
(2) Exhibits attached hereto. | ||
(3) Not applicable. | ||
(b) | Exhibit attached hereto. |
By:
|
/s/ William F. Glavin, Jr. | |||
William F. Glavin, Jr. | ||||
Principal Executive Officer | ||||
Date:
|
1/10/2012 |
By:
|
/s/ William F. Glavin, Jr. | |||
William F. Glavin, Jr. | ||||
Principal Executive Officer | ||||
Date:
|
1/10/2012 | |||
By:
|
/s/ Brian W. Wixted | |||
Brian W. Wixted | ||||
Principal Financial Officer | ||||
Date:
|
1/10/2012 |
1. | Purpose of the Code |
| honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; | ||
| full, fair, accurate, timely, and understandable disclosure in reports and documents that a Fund files with, or submits to, the U.S. Securities and Exchange Commission (SEC) and in other public communications made by the Fund; | ||
| compliance with applicable governmental laws, rules and regulations; | ||
| the prompt internal reporting of violations of this Code to the Code Administrator identified below; and | ||
| accountability for adherence to this Code. |
1 | The obligations imposed by this Code on Covered Officers are separate from and in addition to any obligations that may be imposed on such persons as Covered Persons under the Code of Ethics adopted by OFI and the Funds under Rule 17j-1 of the Investment Company Act of 1940, as amended and any other code of conduct applicable to Covered Officers in whatever capacity they serve. This Code does not incorporate by reference any provisions of the Rule 17j-1 Code of Ethics and accordingly, any violations or waivers granted under the Rule 17j-1 Code of Ethics will not be considered a violation or waiver under this Code. |
2. | Prohibitions |
(i) | employ any device, scheme or artifice to defraud a Fund or its shareholders; | ||
(ii) | intentionally cause a Fund to make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading in its official documents, regulatory filings, financial statements or communications to the public; | ||
(iii) | engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any Fund or its shareholders; | ||
(iv) | engage in any manipulative practice with respect to any Fund; | ||
(v) | use his or her personal influence or personal relationships to influence any |
business decision, investment decisions, or financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund or its shareholders; | |||
(vi) | intentionally cause a Fund to fail to comply with applicable laws, rules and regulations, including failure to comply with the requirement of full, fair, accurate, understandable and timely disclosure in reports and documents that a Fund files with, or submits to, the SEC and in other public communications made by the Fund; | ||
(vii) | intentionally mislead or omit to provide material information to the Funds independent auditors or to the Board of Trustees/Directors or the officers of the Fund or its investment adviser in connection with financial reporting matters; | ||
(viii) | fail to notify the Code Administrator or the Chief Executive Officer of the Fund or its investment adviser promptly if he or she becomes aware of any existing or potential violations of this Code or applicable laws; | ||
(ix) | retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of this Code; or | ||
(x) | fails to acknowledge or certify compliance with this Code if requested to do so. |
3. | Reports of Conflicts of Interests |
4. | Waivers |
(i) | is prohibited by this Code; | ||
(ii) | is consistent with honest and ethical conduct; and | ||
(iii) | will result in a conflict of interest between the Covered Officers personal and professional obligations to a Fund. |
5. | Reporting Requirements |
6. | Annual Review |
7. | Sanctions |
8. | Administration and Construction |
(i) | Continuous maintenance of a current list of the names of all Covered Officers; | ||
(ii) | Furnishing all Covered Officers a copy of this Code and initially and periodically informing them of their duties and obligations thereunder;(iii) Maintaining or supervising the maintenance of all records required by this Code, including records of waivers granted hereunder; (iv) Issuing interpretations of this Code which appear to the Code Administrator to be consistent with the objectives of this Code and any applicable laws or regulations; | ||
(v) | Conducting such inspections or investigations as shall reasonably be required to detect and report any violations of this Code, with his or her recommendations, to the Chief Executive Officer of OFI and to the Trustees/Directors of the affected Fund(s) or any committee appointed by them to deal with such information; and Periodically conducting educational training programs as needed to explain and reinforce the terms of this Code. |
2 | An implicit waiver is the failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to the General Counsel, the Code Administrator, and an executive officer of the Fund or OFI. |
9. | Required Records |
(a) | A copy of any Code which has been in effect during the period; | ||
(b) | A record of any violation of any such Code and of any action taken as a result of such violation, during the period; | ||
(c) | A copy of each annual report pursuant to the Code made by a Covered Officer during the period; | ||
(d) | A copy of each report made by the Code Administrator pursuant to this Code during the period; | ||
(e) | A list of all Covered Officers who are or have been required to make reports pursuant to this Code during the period, plus those person(s) who are or were responsible for reviewing these reports; | ||
(f) | A record of any request to waive any requirement of this Code, the decision thereon and the reasons supporting the decision; and | ||
(g) | A record of any report of any conflict of interest or appearance of a conflict of interest received by the Code Administrator or discovered by the Code Administrator during the period, the decision thereon and the reasons supporting the decision. |
10. | Amendments and Modifications |
11. | Confidentiality. |
* | There are no other positions with the Funds or OFI who perform similar functions to those listed above. |
1. | I have reviewed this report on Form N-CSR of Oppenheimer International Growth Fund; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||
(c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and | ||
(d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed to the registrants auditors and the audit committee of the registrants board of Trustees (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and | ||
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
1. | I have reviewed this report on Form N-CSR of Oppenheimer International Growth Fund; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||
(c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and | ||
(d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed to the registrants auditors and the audit committee of the registrants board of Trustees (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and | ||
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
1. | The Registrants periodic report on Form N-CSR for the period ended 11/30/2011 (the Form N-CSR) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission. |
Principal Executive Officer
|
Principal Financial Officer | |
Oppenheimer International Growth Fund
|
Oppenheimer International Growth Fund | |
/s/ William F. Glavin, Jr.
|
/s/ Brian W. Wixted | |
William F. Glavin, Jr.
|
Brian W. Wixted | |
Date: 1/10/2012
|
Date: 1/10/2012 |
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