-----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, ITVgLs+fIFkLph3C6FVwNQA3kTKnXNjchg8/MHQunwPbGgelScFrSaN+JtjnVVMY 7rTomXHUNj95tJUc8d6zbg== 0000935069-03-001675.txt : 20031222 0000935069-03-001675.hdr.sgml : 20031222 20031222114111 ACCESSION NUMBER: 0000935069-03-001675 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20031031 FILED AS OF DATE: 20031222 EFFECTIVENESS DATE: 20031222 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-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21208 FILM NUMBER: 031066851 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-CSRS 1 rs0600_9453vef.txt RS0600_9453VEF 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. Two World Financial Center, New York, New York 10281-1008 - -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (303) 768-3200 -------------- Date of fiscal year end: April 30 Date of reporting period: May 1, 2003 - October 31, 2003 ITEM 1. REPORTS TO STOCKHOLDERS. STATEMENT OF INVESTMENTS OCTOBER 31, 2003 / UNAUDITED - --------------------------------------------------------------- Market Value Shares See Note 1 - --------------------------------------------------------------- Common Stocks--99.2% - --------------------------------------------------------------- Consumer Discretionary--15.4% - --------------------------------------------------------------- Hotels, Restaurants & Leisure--2.1% McDonald's Corp. 3,700 $ 92,537 - --------------------------------------------------------------- Media--9.0% AMC Entertainment, Inc. 1 3,800 51,680 - --------------------------------------------------------------- EchoStar Communications Corp., Cl. A 1 1,400 53,648 - --------------------------------------------------------------- Liberty Media Corp., Cl. A 1 20,300 204,827 - --------------------------------------------------------------- UGC Europe, Inc. 1 700 46,900 - --------------------------------------------------------------- UnitedGlobalCom, Inc., Cl. A 1 4,600 32,568 ---------- 389,623 - --------------------------------------------------------------- Specialty Retail--4.3% Casual Male Retail Group, Inc. 1 11,600 103,240 - --------------------------------------------------------------- OfficeMax, Inc. 1 9,000 86,220 ---------- 189,460 - --------------------------------------------------------------- Consumer Staples--5.1% - --------------------------------------------------------------- Food & Staples Retailing--1.4% Costco Wholesale Corp. 1 1,700 60,129 - --------------------------------------------------------------- Tobacco--3.7% Altria Group, Inc. 3,500 162,750 - --------------------------------------------------------------- Energy--10.4% - --------------------------------------------------------------- Energy Equipment & Services--1.1% Halliburton Co. 2,000 47,760 - --------------------------------------------------------------- Oil & Gas--9.3% BP plc, ADR 4,900 207,662 - --------------------------------------------------------------- Energy Partners Ltd. 1 3,700 44,437 - --------------------------------------------------------------- Frontier Oil Corp. 5,500 88,000 - --------------------------------------------------------------- Spinnaker Exploration Co. 1 2,500 63,975 ---------- 404,074 - --------------------------------------------------------------- Financials--25.2% - --------------------------------------------------------------- Capital Markets--2.2% Bank of New York Co., Inc. (The) 3,000 93,570 - --------------------------------------------------------------- Commercial Banks--6.5% SunTrust Banks, Inc. 1,900 127,433 - --------------------------------------------------------------- Wachovia Corp. 1,900 87,153 - --------------------------------------------------------------- Wells Fargo & Co. 1,200 67,584 ---------- 282,170 - --------------------------------------------------------------- Diversified Financial Services--6.0% Citigroup, Inc. 2,800 132,720 - --------------------------------------------------------------- Merrill Lynch & Co., Inc. 800 47,360 - --------------------------------------------------------------- Morgan Stanley 1,500 82,305 ---------- 262,385 Market Value Shares See Note 1 - --------------------------------------------------------------- Insurance--9.1% American International Group, Inc. 500 $ 30,415 - --------------------------------------------------------------- Chubb Corp. 2,200 146,982 - --------------------------------------------------------------- Platinum Underwriters Holdings Ltd. 6,100 175,314 - --------------------------------------------------------------- Protective Life Corp. 1,300 42,211 ---------- 394,922 - --------------------------------------------------------------- Real Estate--1.4% IStar Financial, Inc. 1,600 60,896 - --------------------------------------------------------------- Health Care--5.4% - --------------------------------------------------------------- Health Care Providers & Services--4.2% Aetna, Inc. 1,800 103,338 - --------------------------------------------------------------- Province Healthcare Co. 1 6,200 79,608 ---------- 182,946 - --------------------------------------------------------------- Pharmaceuticals--1.2% Schering-Plough Corp. 3,400 51,918 - --------------------------------------------------------------- Industrials--14.8% - --------------------------------------------------------------- Aerospace & Defense--8.3% Boeing Co. 2,100 80,829 - --------------------------------------------------------------- Orbital Sciences Corp. 1 8,000 73,520 - --------------------------------------------------------------- Raytheon Co. 7,800 206,544 ---------- 360,893 - --------------------------------------------------------------- Commercial Services & Supplies--5.3% Cendant Corp. 1 9,200 187,956 - --------------------------------------------------------------- ChoicePoint, Inc. 1 1,200 42,048 ---------- 230,004 - --------------------------------------------------------------- Industrial Conglomerates--1.2% Tyco International Ltd. 2,500 52,200 - --------------------------------------------------------------- Information Technology--8.8% - --------------------------------------------------------------- Communications Equipment--1.7% QUALCOMM, Inc. 1,600 76,000 - --------------------------------------------------------------- Computers & Peripherals--2.3% Hewlett-Packard Co. 4,500 100,395 - --------------------------------------------------------------- Electronic Equipment & Instruments--2.5% Flextronics International Ltd. 1 4,500 63,000 - --------------------------------------------------------------- Thermo Electron Corp. 1 2,000 43,960 ---------- 106,960 - --------------------------------------------------------------- IT Services--1.9% Titan Corp. (The) 1 4,000 84,480 - --------------------------------------------------------------- Semiconductors & Semiconductor Equipment--0.4% National Semiconductor Corp. 1 400 16,252 6 | OPPENHEIMER MULTI CAP VALUE FUND Market Value Shares See Note 1 - --------------------------------------------------------------- Materials--4.6% - --------------------------------------------------------------- Chemicals--2.7% Dow Chemical Co. 3,100 $ 116,839 - --------------------------------------------------------------- Containers & Packaging--0.5% Smurfit-Stone Container Corp. 1 1,400 21,700 - --------------------------------------------------------------- Paper & Forest Products--1.4% Sappi Ltd., Sponsored ADR 4,900 62,720 - --------------------------------------------------------------- Telecommunication Services--4.7% - --------------------------------------------------------------- Diversified Telecommunication Services--1.3% IDT Corp., Cl. B 1 3,000 57,360 - --------------------------------------------------------------- Wireless Telecommunication Services--3.4% AT&T Corp. 4,700 87,373 - --------------------------------------------------------------- Vodafone Group plc, Sponsored ADR 2,700 57,105 ---------- 144,478 - --------------------------------------------------------------- Utilities--4.8% - --------------------------------------------------------------- Electric Utilities--3.8% AES Corp. (The) 1 10,700 93,625 - --------------------------------------------------------------- PG&E Corp. 1 1,900 46,455 - --------------------------------------------------------------- Reliant Resources, Inc. 1 4,900 24,255 ---------- 164,335 - --------------------------------------------------------------- Multi-Utilities & Unregulated Power--1.0% Equitable Resources, Inc. 1,100 45,320 ---------- Total Common Stocks (Cost $3,567,897) 4,315,076 Principal Market Value Amount See Note 1 - --------------------------------------------------------------- Joint Repurchase Agreements--0.8% Undivided interest of 0.02% in joint repurchase agreement (Principal Amount/Market Value $149,808,000, with a maturity value of $149,820,109) with Banc One Capital Markets, Inc., 0.97%, dated 10/31/03, to be repurchased at $36,003 on 11/3/03, collateralized by U.S. Treasury Bonds, 3.625%--9%, 3/31/04--8/15/23, with a value of $152,949,680 (Cost $36,000) $36,000 $ 36,000 - --------------------------------------------------------------- Total Investments, at Value (Cost $3,603,897) 100.0% 4,351,076 - --------------------------------------------------------------- Other Assets Net of Liabilities 0.0 52 ----------------------- Net Assets 100.0% $4,351,128 ======================= Footnote to Statement of Investments 1. Non-income producing security. See accompanying Notes to Financial Statements. 7 | OPPENHEIMER MULTI CAP VALUE FUND STATEMENT OF ASSETS AND LIABILITIES UNAUDITED
October 31, 2003 - ------------------------------------------------------------------------------------------------------------------- Assets - ------------------------------------------------------------------------------------------------------------------- Investments, at value (cost $3,603,897)--see accompanying statement $4,351,076 - ------------------------------------------------------------------------------------------------------------------- Cash 365 - ------------------------------------------------------------------------------------------------------------------- Receivables and other assets: Investments sold 7,103 Interest and dividends 4,102 ---------- Total assets 4,362,646 - ------------------------------------------------------------------------------------------------------------------- Liabilities - ------------------------------------------------------------------------------------------------------------------- Payables and other liabilities: Legal, auditing and other professional fees 7,398 Investments purchased 3,420 Trustees' compensation 518 Transfer and shareholder servicing agent fees 15 Other 167 ---------- Total liabilities 11,518 - ------------------------------------------------------------------------------------------------------------------- Net Assets $4,351,128 ========== - ------------------------------------------------------------------------------------------------------------------- Composition of Net Assets - ------------------------------------------------------------------------------------------------------------------- Par value of shares of beneficial interest $ 347 - ------------------------------------------------------------------------------------------------------------------- Additional paid-in capital 3,459,074 - ------------------------------------------------------------------------------------------------------------------- Accumulated net investment loss (380) - ------------------------------------------------------------------------------------------------------------------- Accumulated net realized gain on investment transactions 144,908 - ------------------------------------------------------------------------------------------------------------------- Net unrealized appreciation on investments 747,179 ---------- Net Assets $4,351,128 ========== - ------------------------------------------------------------------------------------------------------------------- Net Asset Value Per Share - ------------------------------------------------------------------------------------------------------------------- Class A Shares: Net asset value and redemption price per share (based on net assets of $4,351,128 and 346,588 shares of beneficial interest outstanding) $12.55 Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) $13.32
See accompanying Notes to Financial Statements. 8 | OPPENHEIMER MULTI CAP VALUE FUND STATEMENT OF OPERATIONS UNAUDITED
For the Six Months Ended October 31, 2003 - ------------------------------------------------------------------------------------------------------------------- Investment Income - ------------------------------------------------------------------------------------------------------------------- Dividends (net of foreign withholding taxes of $396) $ 30,432 - ------------------------------------------------------------------------------------------------------------------- Interest 345 -------- Total investment income 30,777 - ------------------------------------------------------------------------------------------------------------------- Expenses - ------------------------------------------------------------------------------------------------------------------- Management fees 15,006 - ------------------------------------------------------------------------------------------------------------------- Transfer and shareholder servicing agent fees--Class A 86 - ------------------------------------------------------------------------------------------------------------------- Legal, auditing and other professional fees 7,471 - ------------------------------------------------------------------------------------------------------------------- Trustees' compensation 5,083 - ------------------------------------------------------------------------------------------------------------------- Shareholder reports 1,433 - ------------------------------------------------------------------------------------------------------------------- Registration and filing fees 470 - ------------------------------------------------------------------------------------------------------------------- Custodian fees and expenses 83 - ------------------------------------------------------------------------------------------------------------------- Other 1,529 -------- Total expenses 31,161 Less reduction to custodian expenses (4) -------- Net expenses 31,157 - ------------------------------------------------------------------------------------------------------------------- Net Investment Loss (380) - ------------------------------------------------------------------------------------------------------------------- Realized and Unrealized Gain - ------------------------------------------------------------------------------------------------------------------- Net realized gain on investments 288,691 - ------------------------------------------------------------------------------------------------------------------- Net change in unrealized appreciation on investments 525,273 - ------------------------------------------------------------------------------------------------------------------- Net Increase in Net Assets Resulting from Operations $813,584 ========
See accompanying Notes to Financial Statements. 9 | OPPENHEIMER MULTI CAP VALUE FUND STATEMENTS OF CHANGES IN NET ASSETS
Six Months Period Ended Ended October 31, 2003 April 30, (Unaudited) 2003 1 - ----------------------------------------------------------------------------------------------------------------------------- Operations - ----------------------------------------------------------------------------------------------------------------------------- Net investment loss $ (380) $ (11,440) - ----------------------------------------------------------------------------------------------------------------------------- Net realized gain (loss) 288,691 (143,783) - ----------------------------------------------------------------------------------------------------------------------------- Net change in unrealized appreciation 525,273 221,906 --------------------------- Net increase in net assets resulting from operations 813,584 66,683 - ----------------------------------------------------------------------------------------------------------------------------- Beneficial Interest Transactions - ----------------------------------------------------------------------------------------------------------------------------- Net increase in net assets resulting from beneficial interest transactions--Class A 126,200 3,244,661 - ----------------------------------------------------------------------------------------------------------------------------- Net Assets - ----------------------------------------------------------------------------------------------------------------------------- Total increase 939,784 3,311,344 - ----------------------------------------------------------------------------------------------------------------------------- Beginning of period 3,411,344 100,000 2 --------------------------- End of period [including accumulated net investment loss of $380 for the six months ended October 31, 2003] $4,351,128 $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. 10 | OPPENHEIMER MULTI CAP VALUE FUND FINANCIAL HIGHLIGHTS
Six Months Period Ended Ended Oct. 31, 2003 April 30, CLASS A (Unaudited) 2003 1 - -------------------------------------------------------------------------------------------------------------------- Per Share Operating Data - -------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 10.17 $ 10.00 - -------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income (loss) -- 2 (.03) Net realized and unrealized gain 2.38 .20 --------------------------- Total from investment operations 2.38 .17 - -------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $12.55 $10.17 =========================== - -------------------------------------------------------------------------------------------------------------------- Total Return, at Net Asset Value 3 23.40% 1.70% - -------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------- Ratios/Supplemental Data - -------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $4,351 $3,411 - -------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $3,974 $3,151 - -------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 4 Net investment loss (0.02)% (0.85) Total expenses 1.56% 2.60% Expenses after expense reimbursement or fee waiver and reduction to custodian expenses N/A 5 2.35% - -------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 63% 66% 1. For the period from November 26, 2002 (commencement of operations) to April 30, 2003. 2. Less than $0.005 per share. 3. 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. 4. Annualized for periods of less than one full year. 5. Reduction to custodian expenses less than 0.01%.
See accompanying Notes to Financial Statements. 11 | OPPENHEIMER MULTI CAP VALUE FUND NOTES TO FINANCIAL STATEMENTS UNAUDITED - -------------------------------------------------------------------------------- 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). 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. As of October 31, 2003, 300,000 shares of Class A were owned by the Manager and its affiliates. 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 are valued. Securities traded on NASDAQ are valued based on the closing price provided by NASDAQ prior to the time when the Fund's assets 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 closing bid and asked prices, and if not, at the 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 using 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. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other affiliated funds advised by the Manager, may transfer uninvested cash balances into joint trading accounts on a daily basis. Secured by U.S. government securities, these balances are invested in one or more repurchase agreements. 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. 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 comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders, therefore, no federal income or excise tax provision is required. As of October 31, 2003, the Fund had available for federal income tax purposes an estimated unused capital loss carryforward of zero. This estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended October 31, 2003 and the period ended April 30, 2003, the Fund did not use carryforward to offset capital gains realized. No distributions were paid during the six months ended October 31, 2003 and period ended April 30, 2003. - -------------------------------------------------------------------------------- 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. 12 | OPPENHEIMER MULTI CAP VALUE FUND - -------------------------------------------------------------------------------- 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. - -------------------------------------------------------------------------------- Expense Offset Arrangement. The reduction of custodian fees represents earnings on cash balances maintained by the Fund. - -------------------------------------------------------------------------------- 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. - -------------------------------------------------------------------------------- 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:
Six Months Ended October 31, 2003 Period Ended April 30, 2003 1,2 Shares Amount Shares Amount - -------------------------------------------------------------------------------------------- Class A Sold 11,020 $126,200 325,568 $3,244,661 ---------------------------------------------------------------- Net increase 11,020 $126,200 325,568 $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 six months ended October 31, 2003, were $2,721,014 and $2,470,374, respectively. - -------------------------------------------------------------------------------- 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 per account fee. For the six months ended October 31, 2003, the Fund paid $82 to OFS for services to the Fund. 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. - -------------------------------------------------------------------------------- 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. 13 | OPPENHEIMER MULTI CAP VALUE FUND NOTES TO FINANCIAL STATEMENTS UNAUDITED / CONTINUED - -------------------------------------------------------------------------------- 4. Fees and Other Transactions with Affiliates Continued 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 six months ended October 31, 2003, expense under the Class A plan was zero. 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 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 six months ended or at October 31, 2003. PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES UNAUDITED - -------------------------------------------------------------------------------- The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities ("portfolio proxies") held by the Fund. A description of the Fund's Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.225.5677, (ii) on the Fund's website at www.oppenheimerfunds.com, and (iii) on the SEC's website at www.sec.gov. In addition, the Fund will be required to file new Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The first such filing is due no later than August 31, 2004, for the twelve months ended June 30, 2004. Once filed, the Fund's Form N-PX filing will be available (i) without charge, upon request, by calling the Fund toll-free at 1.800.225.5677, and (ii) on the SEC's website at www.sec.gov. 14 | OPPENHEIMER MULTI CAP VALUE FUND ITEM 2. CODE OF ETHICS ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT The Board of Trustees of the Fund has determined that Joseph M. Wikler, the Chairman of the Board's Audit Committee, possesses the technical attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as an "audit committee financial expert," and has designated Mr. Wikler as the Audit Committee's financial expert. Mr. Wikler is an "independent" Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES - NOT REQUIRED ITEM 5. NOT APPLICABLE 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 October 31, 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. (A) EXHIBIT ATTACHED HERETO. (ATTACH CODE OF ETHICS AS EXHIBIT) (B) EXHIBITS ATTACHED HERETO. (ATTACH CERTIFICATIONS AS EXHIBITS) EX-99.906 3 ex99_906cert-600.txt EX99_906CERT-600.TXT 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 October 31, 2003 (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. ss. 1350 and is not being filed as part of the Form N-CSR filed with the Commission. Chief Executive Officer Chief Financial Officer Oppenheimer Multi Cap Value Fund Oppenheimer Multi Cap Value Fund /s/John V. Murphy /s/Brian W. Wixted - ---------------------------- ---------------------------- John V. Murphy Brian W. Wixted Date: 12/16/03 Date: 12/16/03 EX-99.CODE ETH 4 ex99_code-600.txt EX99_CODE-600.TXT EX-99.CODE ETH CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS OF THE OPPENHEIMER FUNDS AND OF OPPENHEIMERFUNDS, INC. This Code of Ethics for Principal Executive and Senior Financial Officers (referred to in this document as the "Code") has been adopted by each of the investment companies for which OppenheimerFunds, Inc. or one of its subsidiaries or affiliates (referred to collectively in this document as "OFI") acts as investment adviser (individually, a "Fund" and collectively, the "Funds"), and by OFI to effectuate compliance with Section 406 under the Sarbanes-Oxley Act of 2002 and the rules adopted to implement Section 406. This Code applies to each Fund's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions ("Covered Officers"). A listing of positions currently within the ambit of Covered Officers is attached as EXHIBIT A.(1) 1. Purpose of the Code This Code sets forth standards and procedures that are reasonably designed to deter wrongdoing and promote: o honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; o 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; o compliance with applicable governmental laws, rules and regulations; o the prompt internal reporting of violations of this Code to the Code Administrator identified below; and o accountability for adherence to this Code. In general, the principles that govern honest and ethical conduct, including the avoidance of conflicts of interest between personal and professional relationships, reflect, at the minimum, the following: (1) the duty at all times in performing any responsibilities as a Fund financial officer, controller, accountant or principal executive officer to place the interests of the Funds ahead of personal interests; (2) the fundamental standard that Covered Officers should not take inappropriate advantage of their positions; (3) the duty to assure that a Fund's financial statements and reports to its shareholders are prepared honestly and accurately in accordance with applicable rules, regulations and accounting standards; and (4) the duty to conduct the Funds' business and affairs in an honest and ethical manner. - -------- 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 the Oppenheimer Funds dated May 15, 2002, 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. Each Covered Officer should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. It is acknowledged that, as a result of the contractual relationship between each Fund and OFI, of which the Covered Officers are also officers or employees, and subject to OFI's fiduciary duties to each Fund, the Covered Officers will, in the normal course of their duties, be involved in establishing policies and implementing decisions that will have different effects on OFI and the Funds. It is further acknowledged that the participation of the Covered Officers in such activities is inherent in the contractual relationship between each Fund and OFI and is consistent with the expectations of the Board of Trustees/Directors of the performance by the Covered Officers of their duties as officers of the Funds. 2. Prohibitions The specific provisions and reporting requirements of this Code are concerned primarily with promoting honest and ethical conduct and avoiding conflicts of interest in personal and professional relationships. No Covered Officer may use information concerning the business and affairs of a Fund, including the investment intentions of a Fund, or use his or her ability to influence such investment intentions, for personal gain to himself or herself, his or her family or friends or any other person or in a manner detrimental to the interests of a Fund or its shareholders. No Covered Officer may use his or her personal influence or personal relationships to influence the preparation and issuance of financial reports of a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund and its shareholders. No Covered Officer shall intentionally for any reason take any action or fail to take any action in connection with his or her official acts on behalf of a Fund that causes the Fund to violate applicable laws, rules and regulations. No Covered Officer shall, in connection with carrying out his or her official duties and responsibilities on behalf of a Fund: (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 Fund's 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 If a Covered Officer becomes aware of a conflict of interest under this Code or, to the Covered Officer's reasonable belief, the appearance of one, he or she must immediately report the matter to the Code's Administrator. If the Code Administrator is involved or believed to be involved in the conflict of interest or appearance of conflict of interest, the Covered Officer shall report the matter directly to the OFI's Chief Executive Officer. Upon receipt of a report of a conflict, the Code Administrator will take prompt steps to determine whether a conflict of interest exists. If the Code Administrator determines that an actual conflict of interest exists, the Code Administrator will take steps to resolve the conflict. If the Code Administrator determines that the appearance of a conflict exists, the Code Administrator will take appropriate steps to remedy such appearance. If the Code Administrator determines that no conflict or appearance of a conflict exists, the Code Administrator shall meet with the Covered Officer to advise him or her of such finding and of his or her reason for taking no action. In lieu of determining whether a conflict or appearance of conflict exists, the Code Administrator may in his or her discretion refer the matter to the Fund's Board of Trustees/Directors. 4. Waivers Any Covered Officer requesting a waiver of any of the provisions of this Code must submit a written request for such waiver to the Code Administrator, setting forth the basis of such request and all necessary facts upon which such request can be evaluated. The Code Administrator shall review such request and make a written determination thereon, which shall be binding. The Code Administrator may in reviewing such request, consult at his discretion with legal counsel to OFI or to the Fund. In determining whether to waive any of the provisions of this Code, the Code Administrator shall consider whether the proposed waiver: : (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 Officer's personal and professional obligations to a Fund. In lieu of determining whether to grant a waiver, the Code Administrator in his or her discretion may refer the matter to the appropriate Fund's Board of Trustees/Directors. 5. Reporting Requirements (a) Each Covered Officer shall, upon becoming subject to this Code, be provided with a copy of this Code and shall affirm in writing that he or she has received, read, understands and shall adhere to this Code. (b) At least annually, all Covered Officers shall be provided with a copy of this Code and shall certify that they have read and understand this Code and recognize that they are subject thereto. (c) At least annually, all Covered Officers shall certify that they have complied with the requirements of this Code and that they have disclosed or reported any violations of this Code to the Code Administrator or the Chief Executive Officer of the Fund or its investment adviser. (d) The Code Administrator shall submit a quarterly report to the Board of Trustees/Directors of each Fund containing (i) a description of any report of a conflict of interest or apparent conflict and the disposition thereof; (ii) a description of any request for a waiver from this Code and the disposition thereof; (iii) any violation of the Code that has been reported or found and the sanction imposed; (iv) interpretations issued under the Code by the Code Administrator; and (v) any other significant information arising under the Code including any proposed amendments. (e) Each Covered Officer shall notify the Code Administrator promptly if he or she knows of or has a reasonable belief that any violation of this Code has occurred or is likely to occur. Failure to do so is itself a violation of this Code. (f) Any changes to or waivers of this Code, including "implicit" waivers as defined in applicable SEC rules, will, to the extent required, be disclosed by the Code Administrator or his or her designee as provided by applicable SEC rules.(2) 6. Annual Renewal At least annually, the Board of Trustees/Directors of each Fund shall review the Code and determine whether any amendments (including any amendments that may be recommended by OFI or the Fund's legal counsel) are necessary or desirable, and shall consider whether to renew and/or amend the Code. 7. Sanctions Any violation of this Code of Ethics shall be subject to the imposition of such sanctions by OFI as may be deemed appropriate under the circumstances to achieve the purposes of this Code and may include, without limitation, a letter of censure, suspension from employment or termination of employment, in the sole discretion of OFI. 8. Administration and Construction (a) The administration of this Code of Ethics shall be the responsibility of OFI's General Counsel or his designee as the "Code Administrator" of this Code, acting under the terms of this Code and the oversight of the Trustees/Directors of the Funds. (b) The duties of such Code Administrator will include: (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 - --------- 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, an executive officer of the Fund or OFI. affected Fund(s) or any committee appointed by them to deal with such information; and (vi) Periodically conducting educational training programs as needed to explain and reinforce the terms of this Code. (c) In carrying out the duties and responsibilities described under this Code, the Code Administrator may consult with legal counsel, who may include legal counsel to the applicable Funds, and such other persons as the Administrator shall deem necessary or desirable. The Code Administrator shall be protected from any liability hereunder or under any applicable law, rule or regulation, for decisions made in good faith based upon his or her reasonable judgment. 9. Required Records The Administrator shall maintain and cause to be maintained in an easily accessible place, the following records for the period required by applicable SEC rules (currently six years following the end of the fiscal year of OFI in which the applicable event or report occurred): (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 This Code may not be amended or modified except by an amendment in writing which is approved or ratified by OFI and by a majority vote of the Independent Trustees/Directors of each of the applicable Funds. 11. Confidentiality. This Code is identified for the internal use of the Funds and OFI. Reports and records prepared or maintained under this Code are considered confidential and shall be maintained and protected accordingly to the extent permitted by applicable laws, rules and regulations. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trustees/Directors of the affected Fund(s) and their counsel, the independent auditors of the affected Funds and/or OFI, and to OFI, except as such disclosure may be required pursuant to applicable judicial or regulatory process. Dated as of: June 25, 2003 Adopted by Board I of the Oppenheimer Funds June 13, 2003 /S/ ROBERT G. ZACK Robert G. Zack, Secretary Adopted by Board II of the Oppenheimer/Centennial Funds June 24, 2003 /S/ ROBERT G. ZACK Robert G. Zack, Secretary Adopted by Board III of the Oppenheimer Funds June 9, 2003 /S/ ROBERT G. ZACK Robert G. Zack, Secretary Adopted by Board IV of the Oppenheimer Funds May 21, 2003 /S/ ROBERT G. ZACK Robert G. Zack, Secretary Adopted by the Boards of Directors of OppenheimerFunds, Inc. and its subsidiaries and affiliates that act as investment adviser to the Oppenheimer or Centennial funds June 1, 2003 /S/ ROBERT G. ZACK Robert G. Zack, Senior Vice President and General Counsel EXHIBIT A POSITIONS COVERED BY THIS CODE OF ETHICS FOR SENIOR OFFICERS Each Oppenheimer or Centennial fund Principal Executive Officer Principal Financial Officer Treasurer Assistant Treasurer Personnel of OFI who by virtue of their jobs perform critical financial and accounting functions for OFI on behalf of a Fund, including: Treasurer Senior Vice President/Fund Accounting Vice President/Fund Accounting EX-99.CERT 5 ex99_302cert-600.txt EX99_302CERT-600.TXT 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; 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 registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-2(c) 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) evaluated the effectiveness of the registrant's 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 5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal controls which are reasonably likely to adversely affect the registrant's 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 registrant's internal controls. Date: 12/16/03 /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; 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 registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-2(c) 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) evaluated the effectiveness of the registrant's 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 5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal controls which are reasonably likely to adversely affect the registrant's 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 registrant's internal controls. Date: 12/16/03 /s/Brian W. Wixted ---------------------------- Brian W. Wixted Chief Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----