-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Bn6tc6ZabZj+u7cxFvaRu/JpcWFHCc8wA4aXp/Xn7JGOqSWhlxiIX7SlM3xaweNs FtKWYIhvaCuNuJT+qRCElA== 0000935069-03-000866.txt : 20030630 0000935069-03-000866.hdr.sgml : 20030630 20030627185814 ACCESSION NUMBER: 0000935069-03-000866 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030430 FILED AS OF DATE: 20030630 EFFECTIVENESS DATE: 20030630 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER MULTI CAP VALUE FUND CENTRAL INDEX KEY: 0001191290 IRS NUMBER: 223869416 STATE OF INCORPORATION: MA FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-21208 FILM NUMBER: 03762432 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUSCON WAY STREET 2: N/A CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 303-768-3200 N-CSR 1 ra0600_8469vef.txt RA0600_8469VEF 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 Multi Cap Value Fund (Exact name of registrant as specified in charter) 6803 SOUTH TUCSON WAY, CENTENNIAL, COLORADO 80112-3924 (Address of principal executive offices) (Zip code) Robert G. Zack, Esq. OppenheimerFunds, Inc. 498 Seventh Avenue, New York, New York 10018 - -------------------------------------------------------------------------------- (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: November 26, 2002 - April 30, 2003 ITEM 1. REPORTS TO STOCKHOLDERS. April 30, 2003 Oppenheimer Multi Cap Value Fund Management Commentaries and Annual Report [GRAPHIC] MANAGEMENT COMMENTARIES Performance Update Investment Strategy Discussion ANNUAL REPORT AND FINANCIAL STATEMENTS Listing of Investments Financials [LOGO] Oppenheimer Funds(R) The Right Way to Invest HIGHLIGHTS Fund Objective Oppenheimer Multi Cap Value Fund seeks capital appreciation over the long term. MANAGEMENT COMMENTARIES AND ADDITIONAL DISCLOSURES 1 Letter to Shareholders 2 An Interview with Your Fund's Manager 14 Federal Income Tax Information 20 Privacy Policy Notice ANNUAL REPORT AND FINANCIAL STATEMENTS 4 Statement of Investments 6 Statement of Assets and Liabilities 7 Statement of Operations 8 Statement of Changes in Net Assets 9 Financial Highlights 10 Notes to Financial Statements 13 Report of Independent Auditors' 15 Trustees and Officers Bios Cumulative Total Returns* For the Period since the Fund's inception on 11/26/02 until 4/30/03 Without With Sales Chg. Sales Chg. - -------------------------------------------- Class A 1.70% -4.15% 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. *See Notes on page 3 for further details. Not part of the annual report to Fund shareholders LETTER TO SHAREHOLDERS Dear Shareholder, It is nearly impossible to reflect on the past six months without thinking about the war with Iraq. We experienced a range of emotions in the days leading up to the war and especially as the media brought the war into our homes, as never before. At OppenheimerFunds, we face the difficult task of looking beyond the war to see its long-term impact, together with other factors, on the global economy, the financial markets and, in the end, your investment with us. It's a responsibility that we take very seriously and becomes our primary focus during uncertain times like these. It is our strong belief that investors can be well served by this professional insight and by the guidance provided by a financial advisor. In partnership with OppenheimerFunds, your financial advisor can help you navigate through this volatile and sometimes unpredictable environment. We encourage you to continue to work closely with your advisor to develop and implement an investment plan that fits your goals and risk tolerance. On our end, we continue to be the home to some of the most experienced and talented investment professionals in the industry. They remain focused on proven methods that drive informed, intelligent investment decisions. It is an approach we are proud of and one that has served investors well in a variety of market conditions. We've found that in good times and bad, the fundamental principles of investing remain key for financial success. These principles--investing according to your goals, diversifying your portfolio and benefiting from the value of professional investment advice--are simple ideas that have proven themselves over time, and, we believe, will prove themselves again. We thank you for your continued confidence in OppenheimerFunds and encourage you to visit our website, www.oppenheimerfunds.com, or speak with your advisor for up to date information on your investments and the markets. Sincerely, /s/ John V. Murphy John V. Murphy May 21, 2003 These general market views represent opinions of OppenheimerFunds, Inc. and are not intended to predict performance of the securities markets or any particular fund. Specific information that applies to your Fund is contained in the pages that follow. [PHOTO] John V. Murphy John V. Murphy President Oppenheimer Multi Cap Value Fund Not part of the annual report to Fund shareholders 1 | OPPENHEIMER MULTI CAP VALUE FUND AN INTERVIEW WITH YOUR FUND'S MANAGER Q How did Oppenheimer Multi Cap Value Fund perform over the period ended April 30, 2003? A. We are pleased that the Fund's 1.70% total return (Class A shares @ NAV) since its inception date of November 26, 2002 exceeded the 0.51% total return of its benchmark index, the Russell 3000 Value Index through the reporting time period ended April 30, 2003. The investment approach of the Fund emphasizes fundamental research of individual companies. More specifically, we look for what we believe are undervalued companies that have the ability to generate strong cash flows and earnings over long periods of time. Which industry groups and stocks contributed positively to the Fund's performance during the reporting period? Our stock picks in the consumer discretionary sector were most beneficial to the Fund's overall returns. The sector's strong returns were driven by a number of individual investments. Athletic footwear manufacturer Nike, Inc. has improved sales, cash flows and profit margins at the same time that it has demonstrated a commitment to shareholder value by paying down debt and buying back shares. Casual Male Retail Group, Inc., contributed to performance as management executes a turnaround. EchoStar Communications Corp. benefited from strong fundamentals in the satellite television business, as subscriber additions remained robust. Liberty Media Corp., a media conglomerate, has reported strong results from its various business units, and its stock has responded favorably to investors' expectations that the company may use its capital reserves to acquire additional assets at attractive prices. In the financial sector SLM Corp., formerly known as Sallie Mae, was a strong performer for the Fund as the company has been able to grow earnings resulting from strong demand and increasing its market share. During the period, we took profits in SLM Corp., selling the entire position. What industry groups and stocks detracted from the Fund's performance? Disappointments during the reporting period included several investments in the industrials area. Defense contractor Northrop Grumman's stock declined as investors, who were initially attracted to the stock because of the likelihood of war in Iraq, began to sell as it became apparent that the war could be shorter than they had expected. In our view, the setback was largely unwarranted. We believe the company still has the potential to deliver long-term earnings growth as a result of continued margin expansion and large contract wins. In addition, aerospace manufacturer Boeing Co. was hurt by deteriorating business fundamentals in the airline industry, especially as the period's troubled economic and geopolitical environments continued to plague business and vacation travel. In the telecommunications group, the Fund received disappointing results from long- distance telephone company AT&T Corp. Although conditions in the company's business services unit appeared to improve during the second half of 2002, its gains proved to be temporary and the company's business fundamentals continued to deteriorate in the opening months of 2003. As a result, we sold the Fund's entire position in AT&T. [SIDEBAR] Portfolio Manager Christopher Leavy Not part of the annual report to Fund shareholders 2 | OPPENHEIMER MULTI CAP VALUE FUND NOTES In reviewing performance, please remember that past performance cannot guarantee future results. Investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Because of ongoing market volatility, the Fund's performance may be subject to substantial fluctuations, and current performance may be more or less than the results shown. Total returns include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the period shown. Cumulative total returns are not annualized. The Fund's total returns shown do not reflect the deduction of income taxes on an individual's investment. Because the Fund was first publicly offered on November 26, 2002, no performance information is included in graphic form. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares. For more complete information about the Fund, including charges, expenses and risks, please refer to the prospectus. To obtain a copy, call your financial advisor, call OppenheimerFunds Distributor, Inc. at 1.800.CALL OPP (1.800.225.5677). Read the prospectus carefully before you invest or send money. Please remember this Fund has a limited operating history. An explanation of the calculation of performance is in the Fund's Statement of Additional Information. Not part of the annual report to Fund shareholders 3 | OPPENHEIMER MULTI CAP VALUE FUND STATEMENT OF INVESTMENTS April 30, 2003 Market Value Shares See Note 1 - -------------------------------------------------------------------------------- Common Stocks--95.2% - -------------------------------------------------------------------------------- Consumer Discretionary--21.1% - -------------------------------------------------------------------------------- Hotels, Restaurants & Leisure--1.0% McDonald's Corp. 2,000 $ 34,200 - -------------------------------------------------------------------------------- Media--13.8% AMC Entertainment, Inc. 1 3,800 36,404 - -------------------------------------------------------------------------------- EchoStar Communications Corp., Cl. A 1 4,700 140,812 - -------------------------------------------------------------------------------- General Motors Corp., Cl. H 1 6,700 79,060 - -------------------------------------------------------------------------------- Liberty Media Corp., Cl. A 1 16,600 182,600 - -------------------------------------------------------------------------------- Regal Entertainment Group 1,700 33,320 -------------- 472,196 - -------------------------------------------------------------------------------- Specialty Retail--3.6% Casual Male Retail Group, Inc. 1 20,000 88,600 - -------------------------------------------------------------------------------- OfficeMax, Inc. 1 6,300 35,595 -------------- 124,195 - -------------------------------------------------------------------------------- Textiles & Apparel--2.7% Nike, Inc., Cl. B 1,700 91,001 - -------------------------------------------------------------------------------- Consumer Staples--3.3% - -------------------------------------------------------------------------------- Food Products--2.6% Bunge Ltd. 3,100 86,831 - -------------------------------------------------------------------------------- Tobacco--0.7% Altria Group, Inc. 800 24,608 - -------------------------------------------------------------------------------- Energy--8.3% - -------------------------------------------------------------------------------- Oil & Gas--8.3% BP plc, ADR 4,200 161,868 - -------------------------------------------------------------------------------- EOG Resources, Inc. 2,400 89,712 - -------------------------------------------------------------------------------- Frontier Oil Corp. 1,800 30,456 -------------- 282,036 - -------------------------------------------------------------------------------- Financials--21.5% - -------------------------------------------------------------------------------- Banks--9.4% Bank of New York Co., Inc. (The) 3,000 79,350 - -------------------------------------------------------------------------------- Commerce Bancshares, Inc. 900 34,065 - -------------------------------------------------------------------------------- Wachovia Corp. 2,800 106,988 - -------------------------------------------------------------------------------- Wells Fargo Co. 2,100 101,346 -------------- 321,749 - -------------------------------------------------------------------------------- Diversified Financials--4.2% Citigroup, Inc. 2,800 109,900 - -------------------------------------------------------------------------------- Merrill Lynch & Co., Inc. 800 32,840 -------------- 142,740 - -------------------------------------------------------------------------------- Insurance--6.0% American International Group, Inc. 500 28,975 - -------------------------------------------------------------------------------- Chubb Corp. 2,000 105,780 - -------------------------------------------------------------------------------- IPC Holdings Ltd. 2,000 68,700 -------------- 203,455 Market Value Shares See Note 1 Real Estate--1.9% IStar Financial, Inc. 2,200 $ 65,846 - -------------------------------------------------------------------------------- Health Care--4.5% - -------------------------------------------------------------------------------- Health Care Equipment & Supplies--1.0% Guidant Corp. 1 900 35,091 - -------------------------------------------------------------------------------- Health Care Providers & Services--3.5% Aetna, Inc. 2,400 119,520 - -------------------------------------------------------------------------------- Industrials--18.4% - -------------------------------------------------------------------------------- Aerospace & Defense--11.6% Boeing Co. 3,400 92,752 - -------------------------------------------------------------------------------- DRS Technologies, Inc. 1 3,100 86,831 - -------------------------------------------------------------------------------- Northrop Grumman Corp. 1,400 123,130 - -------------------------------------------------------------------------------- Orbital Sciences Corp. 1 17,000 94,860 -------------- 397,573 - -------------------------------------------------------------------------------- Commercial Services & Supplies--3.2% Cendant Corp. 1 5,000 71,400 - -------------------------------------------------------------------------------- Danka Business Systems plc, Sponsored ADR 1 9,300 36,177 -------------- 107,577 - -------------------------------------------------------------------------------- Road & Rail--3.6% CNF Transportation, Inc. 4,100 124,394 - -------------------------------------------------------------------------------- Information Technology--7.8% - -------------------------------------------------------------------------------- Computers & Peripherals--1.7% Hewlett-Packard Co. 3,500 57,050 - -------------------------------------------------------------------------------- Electronic Equipment & Instruments--4.4% Flextronics International Ltd. 1 11,000 96,250 - -------------------------------------------------------------------------------- Thermo Electron Corp. 1 2,900 52,693 -------------- 148,943 - -------------------------------------------------------------------------------- Internet Software & Services--0.8% S1 Corp. 1 6,300 27,720 - -------------------------------------------------------------------------------- Semiconductor Equipment & Products--0.9% Brooks Automation, Inc. 1 3,800 32,186 - -------------------------------------------------------------------------------- Materials--2.6% - -------------------------------------------------------------------------------- Containers & Packaging--2.6% Smurfit-Stone Container Corp. 1 6,400 90,048 - -------------------------------------------------------------------------------- Telecommunication Services--3.0% - -------------------------------------------------------------------------------- Diversified Telecommunication Services--2.0% Verizon Communications, Inc. 1,800 67,284 - -------------------------------------------------------------------------------- Wireless Telecommunication Services--1.0% Vodafone Group plc, Sponsored ADR 1,700 33,592 - -------------------------------------------------------------------------------- Utilities--4.7% - -------------------------------------------------------------------------------- Electric Utilities--0.9% Pepco Holdings, Inc. 700 12,026 - -------------------------------------------------------------------------------- Reliant Resources, Inc. 1 3,200 17,984 -------------- 30,010 4 | OPPENHEIMER MULTI CAP VALUE FUND Market Value Shares See Note 1 - -------------------------------------------------------------------------------- Multi-Utilities--3.8% Equitable Resources, Inc. 3,400 $ 130,628 ----------------- Total Common Stocks (Cost $3,028,567) 3,250,473 Principal Amount - -------------------------------------------------------------------------------- Joint Repurchase Agreements--5.1% - -------------------------------------------------------------------------------- Undivided interest of 0.05% in joint repurchase agreement (Principal Amount/ Market Value $332,883,000, with a maturity value of $332,894,651) with Banc One Capital Markets, Inc., 1.26%, dated 4/30/03, to be repurchased at $172,006 on 5/1/03, collateralized by U.S. Treasury Nts., 4.875%--5.875%, 11/15/04--2/15/12, with a value of $327,261,153 and U.S. Treasury Bonds, 2.125%, 8/31/04, with a value of $12,489,849 (Cost $172,000) $ 172,000 172,000 - -------------------------------------------------------------------------------- Total Investments, at Value (Cost $3,200,567) 100.3% 3,422,473 - -------------------------------------------------------------------------------- Liabilities in Excess of Other Assets (0.3) (11,129) ------------------------------------- Net Assets 100.0% $ 3,411,344 ===================================== Footnotes to Statement of Investments 1. Non-income producing security. See accompanying Notes to Financial Statements. 5 | OPPENHEIMER MULTI CAP VALUE FUND STATEMENT OF ASSETS AND LIABILITIES April 30, 2003
- ---------------------------------------------------------------------------------------- Assets Investments, at value (cost $3,200,567)--see accompanying statement $ 3,422,473 - ---------------------------------------------------------------------------------------- Cash 593 - ---------------------------------------------------------------------------------------- Receivables and other assets: Investments sold 53,132 Interest and dividends 1,983 Other 5 ------------ Total assets 3,478,186 - ---------------------------------------------------------------------------------------- Liabilities Payables and other liabilities: Investments purchased 53,836 Professional fees 11,621 Trustees' compensation 277 Transfer and shareholder servicing agent fees 12 Other 1,096 ------------ Total liabilities 66,842 - ---------------------------------------------------------------------------------------- Net Assets $3,411,344 ============ - ---------------------------------------------------------------------------------------- Composition of Net Assets Par value of shares of beneficial interest $ 336 - ---------------------------------------------------------------------------------------- Additional paid-in capital 3,332,885 - ---------------------------------------------------------------------------------------- Accumulated net realized loss on investment transactions (143,783) - ---------------------------------------------------------------------------------------- Net unrealized appreciation on investments 221,906 - ---------------------------------------------------------------------------------------- Net Assets $3,411,344 ============ - ---------------------------------------------------------------------------------------- Net Asset Value Per Share Class A Shares: Net asset value and redemption price per share (based on net assets of $3,411,344 and 335,568 shares of beneficial interest outstanding) $10.17 Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) $10.79
See accompanying Notes to Financial Statements. 6 | OPPENHEIMER MULTI CAP VALUE FUND STATEMENT OF OPERATIONS For the Period Ended April 30, 2003 1
- ------------------------------------------------------------------------------------------------ Investment Income Dividends (net of foreign withholding taxes of $193) $ 18,705 - ------------------------------------------------------------------------------------------------ Interest 1,398 ---------- Total investment income 20,103 - ------------------------------------------------------------------------------------------------ Expenses Management fees 9,836 - ------------------------------------------------------------------------------------------------ Distribution and service plan fees--Class A 3,279 - ------------------------------------------------------------------------------------------------ Transfer and shareholder servicing agent fees--Class A 52 - ------------------------------------------------------------------------------------------------ Professional fees 11,621 - ------------------------------------------------------------------------------------------------ Trustees' compensation 6,062 - ------------------------------------------------------------------------------------------------ Shareholder reports 2,005 - ------------------------------------------------------------------------------------------------ Registration and filing fees 717 - ------------------------------------------------------------------------------------------------ Custodian fees and expenses 391 - ------------------------------------------------------------------------------------------------ Other 1,029 ---------- Total expenses 34,992 Less reduction to custodian expenses (170) Less voluntary waiver of distribution and service plan fees--Class A (3,279) ---------- Net expenses 31,543 - ------------------------------------------------------------------------------------------------ Net Investment Loss (11,440) - ------------------------------------------------------------------------------------------------ Realized and Unrealized Gain (Loss) Net realized loss on investments (143,783) - ------------------------------------------------------------------------------------------------ Net change in unrealized appreciation on investments 221,906 ---------- Net realized and unrealized gain 78,123 - ------------------------------------------------------------------------------------------------ Net Increase in Net Assets Resulting from Operations $66,683 ==========
1. For the period from November 26, 2002 (commencement of operations) to April 30, 2003. See accompanying Notes to Financial Statements. 7 | OPPENHEIMER MULTI CAP VALUE FUND STATEMENT OF CHANGES IN NET ASSETS
Period Ended April 30, 2003 1 - ---------------------------------------------------------------------------------------------------------- Operations Net investment loss $ (11,440) - ---------------------------------------------------------------------------------------------------------- Net realized loss (143,783) - ---------------------------------------------------------------------------------------------------------- Net change in unrealized appreciation 221,906 -------------- Net increase in net assets resulting from operations 66,683 - ---------------------------------------------------------------------------------------------------------- Beneficial Interest Transactions Net increase in net assets resulting from beneficial interest transactions--Class A 3,244,661 - ---------------------------------------------------------------------------------------------------------- Net Assets Total increase 3,311,344 - ---------------------------------------------------------------------------------------------------------- Beginning of period 100,000 2 -------------- End of period $3,411,344 ==============
1. For the period from November 26, 2002 (commencement of operations) to April 30, 2003. 2. Reflects the value of the Manager's initial seed money investment on November 8, 2002. See accompanying Notes to Financial Statements. 8 | OPPENHEIMER MULTI CAP VALUE FUND FINANCIAL HIGHLIGHTS Class A Period Ended April 30 2003 1 - --------------------------------------------------------------------- Per Share Operating Data Net asset value, beginning of period $ 10.00 - --------------------------------------------------------------------- Income (loss) from investment operations: Net investment loss (.03) Net realized and unrealized gain .20 --------- Total from investment operations .17 - --------------------------------------------------------------------- Net asset value, end of period $10.17 ========= - --------------------------------------------------------------------- Total Return, at Net Asset Value 2 1.70% - --------------------------------------------------------------------- Ratios/Supplemental Data Net assets, end of period (in thousands) $3,411 - --------------------------------------------------------------------- Average net assets (in thousands) $3,151 - --------------------------------------------------------------------- Ratios to average net assets: 3 Net investment loss (0.85)% Expenses, gross 2.60% Expenses, net 2.35% 4,5 - --------------------------------------------------------------------- Portfolio turnover rate 66% 1. For the period from November 26, 2002 (commencement of operations) to April 30, 2003. 2. Assumes an investment at net asset value 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 return. Total returns are not annualized for periods of 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 of less than one full year. 4. Net of reduction to custodian expenses of 0.01%. 5. Net of waiver of distribution and service plan fees. See accompanying Notes to Financial Statements. 9 | OPPENHEIMER MULTI CAP VALUE FUND NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- 1. Significant Accounting Policies Oppenheimer Multi Cap Value Fund (the Fund) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Fund's investment objective is to seek capital appreciation over the long-term. The Fund's investment advisor is OppenheimerFunds, Inc. (the Manager). As of April 30, 2003, 310,000 shares of Class A were owned by the Manager. The Fund currently offers Class A shares only. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. The following is a summary of significant accounting policies consistently followed by the Fund. - -------------------------------------------------------------------------------- Securities Valuation. Securities listed or traded on National Stock Exchanges or other domestic or foreign exchanges are valued based on the last sale price of the security traded on that exchange prior to the time when the Fund's assets and liabilities are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day's closing bid and asked prices, and if not, at the current day's closing bid price. Securities (including restricted securities) for which quotations are not readily available are valued primarily using dealer-supplied valuations, a portfolio pricing service authorized by the Board of Trustees, or at their fair value. Fair value is determined in good faith under consistently applied procedures under the supervision of the Board of Trustees. Short-term "money market type" debt securities with remaining maturities of sixty days or less are valued at amortized cost (which approximates market value). - -------------------------------------------------------------------------------- Joint Repurchase Agreements. The Fund, along with other affiliated funds of the Manager, may transfer uninvested cash balances into one or more joint repurchase agreement accounts. These balances are invested in one or more repurchase agreements, secured by U.S. government securities. Securities pledged as collateral for repurchase agreements are held by a custodian bank until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal; however, in the event of default by the other party to the agreement, retention of the collateral may be subject to legal proceedings. - -------------------------------------------------------------------------------- Federal Taxes. The Fund intends to continue 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 tax provision is required, however, during the period ended April 30, 2003, the Fund paid federal excise taxes of $161. As of April 30, 2003, the Fund had approximately $144,000 of post-October losses available to offset future capital gains, if any. Such losses, if unutilized, will expire in 2012. - -------------------------------------------------------------------------------- Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. Income and capital gain distributions, if any, are declared and paid annually. - -------------------------------------------------------------------------------- Classification of Dividends and Distributions to Shareholders. 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 may differ from their ultimate characterization for federal income tax purposes. 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. The Fund adjusts the classification of distributions to shareholders to reflect the differences between financial statement amounts and distributions determined in accordance with income tax regulations. Accordingly, during the period ended April 30, 2003, amounts have been reclassified to reflect a decrease in paid-in capital of $11,440. Accumulated net investment loss was decreased by the same amount. Net assets of the Fund were unaffected by the reclassifications. No distributions were paid during the period ended April 30, 2003. 10 | OPPENHEIMER MULTI CAP VALUE FUND As of April 30, 2003, the components of distributable earnings on a tax basis were as follows: Accumulated net realized loss $(143,783) Net unrealized appreciation 221,906 ---------- Total $ 78,123 ========== - -------------------------------------------------------------------------------- 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 market value of the securities received. Interest income, which includes accretion of discount and amortization of premium, is accrued as earned. - -------------------------------------------------------------------------------- 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. - -------------------------------------------------------------------------------- Expense Offset Arrangement. The reduction of custodian fees represents earnings on cash balances maintained by the Fund. - -------------------------------------------------------------------------------- Other. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 income and expenses during the reporting period. Actual results could differ from those estimates. - -------------------------------------------------------------------------------- 2. Shares of Beneficial Interest The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest. Transactions in shares of beneficial interest were as follows: Period Ended April 30, 2003 1,2 Shares Amount - ---------------------------------------------------------------- Class A Sold 325,568 $ 3,244,661 -------------------------- Net increase 325,568 $3,244,661 ========================== 1. For the period from November 26, 2002 (commencement of operations) to April 30, 2003. 2. The Fund sold 10,000 shares to the Manager upon seeding of the Fund on November 8, 2002. - -------------------------------------------------------------------------------- 3. Purchases and Sales of Securities The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the period ended April 30, 2003, were $5,195,468 and $2,023,118, respectively. As of April 30, 2003, unrealized appreciation (depreciation) based on cost of securities for federal income tax purposes of $3,200,567 was composed of: Gross unrealized appreciation $ 285,028 Gross unrealized depreciation (63,122) --------- Net unrealized appreciation $ 221,906 ========= The difference between book-basis and tax-basis unrealized appreciation and depreciation, if applicable, is attributable primarily to the tax deferral of losses or the tax realization of unrealized gain or loss. 11 | OPPENHEIMER MULTI CAP VALUE FUND NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- 4. Fees and Other Transactions with Affiliates Management Fees. Management fees paid to the Manager were in accordance with the investment advisory agreement with the Fund which provides for a fee at an annual rate of 0.75% of the first $200 million of average annual net assets of the Fund, 0.72% of the next $200 million, 0.69% of the next $200 million, 0.66% of the next $200 million, and 0.60% of average annual net assets in excess of $800 million. - -------------------------------------------------------------------------------- Transfer Agent Fees. OppenheimerFunds Services (OFS), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a $19.75 per account fee. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees, up to an annual rate of 0.35% of average net assets of Class A shares. This undertaking may be amended or withdrawn at any time. - -------------------------------------------------------------------------------- Offering and Organizational Costs. The Manager assumed all offering and organizational costs associated with the registration and seeding of the Fund. - -------------------------------------------------------------------------------- Distribution and Service Plan (12b-1) Fees. Under its General Distributor's Agreement with the Manager, OppenheimerFunds Distributor, Inc. (the Distributor) acts as the Fund's principal underwriter in the continuous public offering of the Class A shares of the Fund. - -------------------------------------------------------------------------------- Service Plan for Class A Shares. The Fund has adopted a Service Plan for Class A shares. It reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made quarterly at an annual rate of up to 0.25% of the average annual net assets of Class A shares of the Fund. For the period ended April 30, 2003, payments under the Class A plan totaled $3,279 prior to the voluntary waiver of all such current period fees by the Distributor. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent years. - -------------------------------------------------------------------------------- 5. Borrowing and Lending Arrangements Interfund Borrowing and Lending Arrangements. The Fund entered into an "interfund borrowing and lending arrangement" with other funds in the Oppenheimer funds complex, to allow funds to borrow for liquidity purposes. The arrangement was initiated pursuant to exemptive relief granted by the Securities and Exchange Commission to allow these affiliated funds to lend money to, and borrow money from, each other, in an attempt to reduce borrowing costs below those of bank loan facilities. Under the arrangement the Fund may lend money to other Oppenheimer funds and may borrow from other Oppenheimer funds at a rate set by the Fund's Board of Trustees, based upon a recommendation by the Manager. The Fund's borrowings, if any, are subject to asset coverage requirements under the Investment Company Act and the provisions of the SEC order and other applicable regulations. If the Fund borrows money, there is a risk that the loan could be called on one day's notice, in which case the Fund might have to borrow from a bank at higher rates if a loan were not available from another Oppenheimer fund. If the Fund lends money to another fund, it will be subject to the risk that the other fund might not repay the loan in a timely manner, or at all. The Fund had no interfund borrowings or loans outstanding during the period ended or at April 30, 2003. 12 | OPPENHEIMER MULTI CAP VALUE FUND INDEPENDENT AUDITORS' REPORT - -------------------------------------------------------------------------------- To the Shareholders and Board of Trustees of Oppenheimer Multi Cap Value Fund We have audited the accompanying statement of assets and liabilities of Oppenheimer Multi Cap Value Fund (the "Fund"), including the statement of investments, as of April 30, 2003, and the related statements of operations and changes in net assets and the financial highlights for the period from November 26, 2002 (commencement of operations) to April 30, 2003. 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 audit. We conducted our audit in accordance with auditing standards generally accepted in the United States. 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. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2003, by correspondence with the custodian and others. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Multi Cap Value Fund at April 30, 2003, and the results of its operations, the changes in its net assets and the financial highlights for the period from November 26, 2002 to April 30, 2003, in conformity with accounting principles generally accepted in the United States. /s/ Ernst & Young LLP New York, New York June 6, 2003 13 | OPPENHEIMER MULTI CAP VALUE FUND FEDERAL INCOME TAX INFORMATION Unaudited - -------------------------------------------------------------------------------- In early 2003, if applicable, shareholders received information regarding all dividends and distributions paid to them by the Fund during calendar year 2002. Regulations of the U.S. Treasury Department require the Fund to report this information to the Internal Revenue Service. Dividends paid by the Fund during the fiscal year ended April 30, 2003 which are not designated as capital gain distribution, may be eligible for lower individual income tax rates to the extent that the Fund has received qualified dividend income as stipulated by recent tax legislation. In early 2004, shareholders of record will receive information regarding the percentage of distributions that are eligible for lower individual income tax rates. The amount will be the maximum amount allowed. 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. Not part of the annual report to Fund shareholders 14 | OPPENHEIMER MULTI CAP VALUE FUND TRUSTEES AND OFFICERS Unaudited
Name, Position(s) Held with Principal Occupation(s) During Past 5 Years; Other Trusteeships/Directorships Held by Trustee; Fund, Length of Service, Age Number of Portfolios in Fund Complex Currently Overseen by Trustee - ---------------------------------------------------------------------------------------------------------------------------------- INDEPENDENT The address of each Trustee and Interested Trustee in the charts below is 6803 S. Tucson Way, TRUSTEES Centennial, CO 80112-3924. Each Trustee serves for an indefinite term, until his or her resignation, retirement, death or removal. Ronald J. Abdow, President (since 1959) of Abdow Corporation (operator of restaurants); Trustee of Trustee (since 2002) the following real estate businesses (owners and operators of restaurants): Age: 71 G&R Realty Co. Trust (since 1978), G&R Trust (since 1973), Abdow Partnership (since 1975), Auburn Associates (since 1983); Hazard Associates (since 1985); Chairman (since 1996) of Western Mass Development Corp. (non-profit development); Chairman of American International College (non-profit college); Trustee (since 1993) of MML Series Investment Fund and Trustee (since 1994) of MassMutual Institutional Funds (MMIF) (open-end investment companies). Oversees 9 port- folios in the OppenheimerFunds complex. Joseph M. Wikler, Self-employed as an investment consultant; a director (since 1996) of Lakes Environmental Trustee (since 2002) Association, and Medintec (since 1992) and Cathco (since 1995) (medical device companies); and a Age: 62 member of the investment committee of the Associated Jewish Charities of Baltimore (since 1994); formerly a director of Fortis/Hartford mutual funds (1994 - December 2001). Oversees 7 portfolios in the OppenheimerFunds complex. Peter I. Wold, President of Wold Properties, Inc. (an oil and gas exploration and production company); Vice Trustee (since 2002) President, Secretary and Treasurer of Wold Trona Company, Inc. (soda ash processing and production); Age: 55 Vice President of Wold Talc Company, Inc. (talc mining); Managing Member, Hole-in-the-Wall Ranch (cattle ranching); formerly Director and Chairman of the Board, Denver Branch of the Federal Reserve Bank of Kansas City (1993-1999) and Director of PacifiCorp. (1995 - 1999), an electric utility. Oversees 7 portfolios in the OppenheimerFunds complex. - ---------------------------------------------------------------------------------------------------------------------------------- INTERESTED TRUSTEE Eustis Walcott, Principal with Ardsley Associates (since 2000) (consulting firm); formerly Senior Vice Trustee (since 2002) President, MassMutual Financial Group (May 1990 - July 2000). Trustee (since 2000) of Cornerstone Age: 65 Real Estate Advisors and MML Investors Services, Trustee of OFI Trust Company (since 2001) and of the American International College (since 1995). Oversees 7 portfolios in the OppenheimerFunds complex. - ---------------------------------------------------------------------------------------------------------------------------------- INTERESTED TRUSTEE The address of Mr. Murphy in the chart below is 498 Seventh Avenue, New York, NY 10018. Mr. AND OFFICER Murphy serves for an indefinite term, until his resignation, death or removal. John V. Murphy, Chairman, Chief Executive Officer and director (since June 2001) and President (since September President, Trustee and 2000) of the Manager; President and a director or trustee of other Oppenheimer funds; President and a Chairman of the Board, director (since July 2001) of Oppenheimer Acquisition Corp. (the Manager's parent holding company) Trustee (since 2002) and of Oppenheimer Partnership Holdings, Inc. (a holding company subsidiary of the Manager); a Age: 53 director (since November 2001) of OppenheimerFunds Distributor, Inc. (a subsidiary of the Manager); Chairman and a director (since July 2001) of Shareholder Services, Inc. and of Shareholder Financial Services, Inc. (transfer agent subsidiaries of the Manager); President and a director (since July 2001) of OppenheimerFunds Legacy Program (a charitable trust program established by the Manager); a director of the investment advisory subsidiaries of the Manager: OFI Institutional Asset Management, Inc. and Centennial Asset Management Corporation (since November 2001), HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since July 2001); President (since November 1, 2001) and a director (since July 2001) of Oppenheimer Real Asset Management, Inc.; a director (since November 2001) of Trinity Investment Management Corp. and Tremont Advisers, Inc. (Investment advisory affiliates of the Manager); Executive Vice President (since February 1997) of Massachusetts Mutual Life Insurance Company (the Manager's parent company); a director (since June 1995) of DLB Acquisition Corporation (a holding company that owns the shares of David L. Babson & Company, Inc.); formerly, Chief Operating Officer (September 2000-June 2001) of the Manager; President and trustee (November 1999-November 2001) of MML Series Investment Fund and MassMutual Institutional Funds (open-end investment companies); a director (September 1999-August 2000) of C.M. Life Insurance Company; President, Chief Executive Officer and director (September 1999-August 2000) of MML Bay State Life Insurance Company; a director (June 1989-June 1998) of Emerald Isle Bancorp and Hibernia Savings Bank (a wholly- owned subsidiary of Emerald Isle Bancorp). Oversees 74 portfolios in the OppenheimerFunds complex.
15 | OPPENHEIMER MULTI CAP VALUE FUND TRUSTEES AND OFFICERS Unaudited / Continued
- ---------------------------------------------------------------------------------------------------------------------------------- OFFICERS The address of the Officers in the chart below is as follows: for Messrs. Leavy and Zack, 498 Seventh Avenue, New York, NY 10018, for Mr. Wixted, 6803 S. Tucson Way, Centennial, CO 80112-3924. Each Officer serves for an annual term or until his or her earlier resignation, death or removal. Christopher Leavy, Senior Vice President (since September 2000) of the Manager; an officer of 6 portfolios in the Vice President (since 2002) OppenheimerFunds complex; prior to joining the Manager in September 2000, he was a portfolio Age: 32 manager of Morgan Stanley Dean Witter Investment Management (from 1997) prior to which he was a portfolio manager and equity analyst of Crestar Asset Management (from 1995). Brian W. Wixted, Senior Vice President and Treasurer (since March 1999) of the Manager; Treasurer (since March Treasurer, Principal Financial 1999) of HarbourView Asset Management Corporation, Shareholder Services, Inc., Oppenheimer Real and Accounting Officer Asset Management Corporation, Shareholder Financial Services, Inc., Oppenheimer Partnership (since 2002) Holdings, Inc., OFI Private Investments, Inc. (since March 2000), OppenheimerFunds International Age: 43 Ltd. and Oppenheimer Millennium Funds plc (since May 2000) and OFI Institutional Asset Management, November 2000); Treasurer and Chief Financial Officer (since May 2000) of Oppenheimer Trust Company (a trust Inc. (since company subsidiary of the Manager); Assistant Treasurer (since March 1999) of Oppenheimer Acquisition Corp. and OppenheimerFunds Legacy Program (since April 2000); formerly Principal and Chief Operating Officer (March 1995-March 1999) of Bankers Trust Company-Mutual Fund Services Division. An officer of 90 portfolios in the OppenheimerFunds complex. Robert G. Zack, Senior Vice President (since May 1985) and General Counsel (since February 2002) of the Secretary (since 2002) Manager; General Counsel and a director (since November 2001) of OppenheimerFunds Age: 54 Distributor, Inc.; Senior Vice President and General Counsel (since November 2001) of HarbourView Asset Management Corporation; Vice President and a director (since November 2000) of Oppenheimer Partnership Holdings, Inc.; Senior Vice President, General Counsel and a director (since November 2001) of Shareholder Services, Inc., Shareholder Financial Services, Inc., OFI Private Investments, Inc., Oppenheimer Trust Company and OFI Institutional Asset Management, Inc.; General Counsel (since November 2001) of Centennial Asset Management Corporation; a director (since November 2001) of Oppenheimer Real Asset Management, Inc.; Assistant Secretary and a director (since November 2001) of OppenheimerFunds International Ltd.; Vice President (since November 2001) of OppenheimerFunds Legacy Program; Secretary (since November 2001) of Oppenheimer Acquisition Corp.; formerly Acting General Counsel (November 2001-February 2002) and Associate General Counsel (May 1981-October 2001) of the Manager; Assistant Secretary of Shareholder Services, Inc. (May 1985-November 2001), Shareholder Financial Services, Inc. (November 1989-November 2001); OppenheimerFunds International Ltd. And Oppenheimer Millennium Funds plc (October 1997-November 2001). An officer of 90 portfolios in the OppenheimerFunds complex.
The Fund's Statement of Additional Information contains additional information about the Fund's Trustees and is available without charge upon request. 16 | OPPENHEIMER MULTI CAP VALUE FUND OPPENHEIMER MULTI CAP VALUE FUND - -------------------------------------------------------------------------------- Investment Advisor OppenheimerFunds, Inc. - -------------------------------------------------------------------------------- Distributor OppenheimerFunds Distributor, Inc. - -------------------------------------------------------------------------------- Transfer and Shareholder OppenheimerFunds Services Servicing Agent - -------------------------------------------------------------------------------- Independent Auditors Ernst & Young LLP - -------------------------------------------------------------------------------- Legal Counsel Mayer Brown Rowe & Maw (C)Copyright 2003 OppenheimerFunds, Inc. All rights reserved. Not part of the annual report to Fund shareholders 17 | OPPENHEIMER MULTI CAP VALUE FUND THIS PAGE INTENTIONALLY LEFT BLANK. 18 | OPPENHEIMER MULTI CAP VALUE FUND THIS PAGE INTENTIONALLY LEFT BLANK. 19 | OPPENHEIMER MULTI CAP VALUE FUND PRIVACY POLICY 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 nonpublic personal information about our shareholders from the following sources: o Applications or other forms o When you create a user ID and password for online account access o When you enroll in eDocs Direct, our electronic document delivery service o Your transactions with us, our affiliates or others o A software program on our website, often referred to as a "cookie," which indicates which parts of our site you've visited If you visit www.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 to assist you in other ways. Protection of Information We do not disclose any nonpublic personal information (such as names on a customer list) about current or former customers to anyone, except as permitted by law. Disclosure of Information We send your financial advisor (as designated by you) copies of confirmations, account statements and other documents reporting activity in your fund accounts. 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 financial services or educational material that may be of interest to you. 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. Security In the coming months, an Internet browser that supports 128-bit encryption will be required to view the secure pages of www.oppenheimerfunds.com. These areas include: o Account access o Create a user ID and profile o User profile o eDocs Direct, our electronic document delivery service Not part of the annual report to Fund shareholders 20 | OPPENHEIMER MULTI CAP VALUE FUND To find out if your Internet browser supports 128-bit encryption, or for instructions on how to upgrade your browser, visit the Help section of www.oppenheimerfunds.com. Emails and Encryption As a security measure, we do not include personal or account information in nonsecure emails, and we advise you not to send such information to us in nonsecure 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 an Internet browser that supports 128-bit encryption. If you are not sure if your Internet browser supports 128-bit encryption, or need instructions on how to upgrade your browser, visit the Help section of www.oppenheimerfunds.com for assistance. o All transactions, including redemptions, exchanges and purchases are secured by Secure Socket Layers (SSL) and encryption. SSL is used to establish a secure connection between your PC and OppenheimerFunds' server. It transmits information in an encrypted and scrambled format. o 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 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. o You can exit the secure area by either closing your browser, or for added security, you can use the Log Out of Account Area 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 to you, 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, do not allow it to be used by anyone else. Also, take special precautions when accessing your account on a computer used by others. - -------------------------------------------------------------------------------- This joint notice describes the privacy policies of Oppenheimer funds, OppenheimerFunds Distributor, Inc., the trustee of OppenheimerFunds Individual Retirement Accounts (IRAs) and the custodian of the OppenheimerFunds 403(b)(7) tax-sheltered custodial accounts. 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. If you have any questions about these privacy policies, write to us at P.O. Box 5270, CO 80217-5270, email us by clicking on the Contact Us section of our website at www.oppenheimerfunds.com or call us at 1.800.525.7048. Not part of the annual report to Fund shareholders 21 | OPPENHEIMER MULTI CAP VALUE FUND INFORMATION AND SERVICES Internet 24-hr access to account information and transactions 1 www.oppenheimerfunds.com - -------------------------------------------------------------------------------- PhoneLink 1 and General Information 24-hr automated information and automated transactions Representatives also available Mon-Fri 8am-9pm ET Sat (January-April) 10am-4pm ET 1.800.CALL OPP (1.800.225.5677) - -------------------------------------------------------------------------------- Written Correspondence and Transaction Requests OppenheimerFunds Services P.O. Box 5270, Denver, CO 80217-5270 For Overnight Delivery OppenheimerFunds Services 10200 East Girard Avenue, Building D Denver, CO 80231 1. At times the website or PhoneLink may be inaccessible or their transaction features may be unavailable. Not part of the annual report to Fund shareholders [LOGO] Oppenheimer Funds(R) Distributor, Inc. RA0600.001.0403 June 27, 2003 ITEM 2. CODE OF ETHICS - NOT REQUIRED ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT - NOT REQUIRED ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES - NOT REQUIRED ITEM 5. RESERVED ITEM 6. RESERVED ITEM 7. NOT APPLICABLE ITEM 8. RESERVED ITEM 9. CONTROLS AND PROCEDURES (a) Based on their evaluation of registrant's disclosure controls and procedures (as defined in rule 30a-2(c) under the Investment Company Act of 1940 (17 CFR 270.30a-2(c)) as of April 30, 2003, registrant's principal executive officer and principal financial officer found registrant's disclosure controls and procedures to be appropriately designed to ensure that information required to be disclosed by 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. (b) There have been no significant changes in registrant's internal controls or in other factors that could significantly affect registrant's internal controls subsequent to the date of the most recent evaluation as indicated, including no significant deficiencies or material weaknesses that required corrective action. ITEM 10. EXHIBITS ATTACHED HERETO. (ATTACH CERTIFICATIONS AS EXHIBITS) EX-99.302CERT 3 ex99_302-600.txt EX99_302-600 Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, JOHN V. MURPHY, certify that: -------------- 1. I have reviewed this report on Form N-CSR of Oppenheimer Multi Cap Value 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; and 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. Date: 06/19/03 /S/JOHN V. MURPHY ----------------- John V. Murphy Chief Executive Officer Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, BRIAN W. WIXTED, certify that: --------------- 1. I have reviewed this report on Form N-CSR of Oppenheimer Multi Cap Value 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; and 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. Date: 06/19/03 /S/BRIAN W. WIXTED ------------------ Brian W. Wixted Chief Financial Officer EX-99.906CERT 4 ex99_906-600.txt EX99_906-600 EX-99.906CERT Section 906 Certifications CERTIFICATION PURSUANT TO 18 U.S.C SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2003 JOHN V. MURPHY, Chief Executive Officer, and BRIAN W. WIXTED Chief Financial Officer of Oppenheimer Multi Cap Value Fund (the "Registrant"), each certify to the best of his or her knowledge that: 1. The Registrant's periodic report on Form N-CSR for the period ended April 30, 2003 (the "Form N-CSR") fully complies with the requirements of Sections 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. Chief Executive Officer Chief Financial Officer Oppenheimer Multi Cap Value Oppenheimer Multi Cap Value Fund Fund /S/JOHN V. MURPHY /S/BRIAN W. WIXTED - ----------------- ------------------ John V. Murphy Brian W. Wixted Date: 06/19/03 Date: 06/19/03 A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Oppenheimer Multi Cap Value Fund and will be retained by Oppenheimer Multi Cap Value Fund and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Form N-CSR filed with the Commission. -----END PRIVACY-ENHANCED MESSAGE-----