October 31, 2011 oppenheimer Select Value funds. Management Commentary and Semiannual Report MANAGEMENT COMMENTARY An Interview with Your Funds Portfolio Managers SEMIANNUAL REPORT Listing of Top Holdings Financial Statements oppenheimerfunds. The Right Way to invest |
Oil, Gas & Consumable Fuels |
11.6 | % | ||
Commercial Banks |
10.8 | |||
Aerospace & Defense |
6.3 | |||
Health Care Providers & Services |
6.1 | |||
Software |
5.2 | |||
Media |
4.7 | |||
Communications Equipment |
4.7 | |||
Insurance |
4.1 | |||
Multi-Utilities |
3.9 | |||
Chemicals |
3.7 |
AerCap Holdings NV |
6.3 | % | ||
Chevron Corp. |
4.4 | |||
Medtronic, Inc. |
3.4 | |||
Coca-Cola Co. (The) |
3.3 | |||
M&T Bank Corp. |
3.3 | |||
Goldman Sachs Group, Inc. (The) |
3.2 | |||
U.S. Bancorp |
3.1 | |||
Microsoft Corp. |
3.0 | |||
MetLife, Inc. |
2.9 | |||
GenOn Energy, Inc. |
2.9 |
Beginning | Ending | Expenses | ||||||||||
Account | Account | Paid During | ||||||||||
Value | Value | 6 Months Ended | ||||||||||
Actual | May 1, 2011 | October 31, 2011 | October 31, 2011 | |||||||||
Class A |
$ | 1,000.00 | $ | 838.90 | $ | 6.19 | ||||||
Class B |
1,000.00 | 835.30 | 10.14 | |||||||||
Class C |
1,000.00 | 835.00 | 10.05 | |||||||||
Class N |
1,000.00 | 838.00 | 7.26 | |||||||||
Class Y |
1,000.00 | 840.30 | 4.56 |
Hypothetical | ||||||||||||
(5% return before expenses) | ||||||||||||
Class A |
1,000.00 | 1,018.50 | 6.79 | |||||||||
Class B |
1,000.00 | 1,014.22 | 11.13 | |||||||||
Class C |
1,000.00 | 1,014.32 | 11.03 | |||||||||
Class N |
1,000.00 | 1,017.34 | 7.96 | |||||||||
Class Y |
1,000.00 | 1,020.27 | 5.00 |
Class | Expense Ratios | |||
Class A |
1.33 | % | ||
Class B |
2.18 | |||
Class C |
2.16 | |||
Class N |
1.56 | |||
Class Y |
0.98 |
Shares | Value | |||||||
Common Stocks95.0% |
||||||||
Consumer Discretionary8.4% |
||||||||
Household Durables1.4% |
||||||||
Mohawk Industries, Inc.1 |
68,390 | $ | 3,600,734 | |||||
Media4.7% |
||||||||
Comcast Corp., Cl. A |
290,762 | 6,818,369 | ||||||
Dish Network |
||||||||
Corp., Cl. A1 |
240,700 | 5,817,719 | ||||||
12,636,088 | ||||||||
Specialty Retail2.3% |
||||||||
Talbots, Inc. (The)1 |
2,328,080 | 6,122,850 | ||||||
Consumer Staples8.8% |
||||||||
Beverages3.3% |
||||||||
Coca-Cola Co. (The) |
127,470 | 8,708,750 | ||||||
Food & Staples Retailing1.0% |
||||||||
Wal-Mart Stores, Inc. |
48,850 | 2,770,772 | ||||||
Food Products2.2% |
||||||||
Adecoagro SA1 |
595,092 | 5,784,294 | ||||||
Household Products2.3% |
||||||||
Church & |
||||||||
Dwight Co., Inc. |
141,620 | 6,256,772 | ||||||
Energy12.6% |
||||||||
Energy Equipment & Services1.0% |
||||||||
Nabors Industries Ltd.1 |
152,860 | 2,801,924 | ||||||
Oil, Gas & Consumable Fuels11.6% |
||||||||
Apache Corp. |
30,790 | 3,067,608 | ||||||
Bill Barrett Corp.1 |
81,240 | 3,379,584 | ||||||
Chevron Corp. |
112,899 | 11,860,040 | ||||||
Noble Energy, Inc. |
57,749 | 5,159,296 | ||||||
Penn West |
||||||||
Petroleum Ltd. |
171,020 | 3,064,678 | ||||||
Royal Dutch |
||||||||
Shell plc, ADR |
60,650 | 4,300,692 | ||||||
30,831,898 | ||||||||
Financials19.1% |
||||||||
Capital Markets3.2% |
||||||||
Goldman Sachs |
||||||||
Group, Inc. (The) |
77,780 | 8,520,799 | ||||||
Commercial Banks10.8% |
||||||||
CIT Group, Inc.1 |
205,440 | 7,159,584 | ||||||
M&T Bank Corp. |
114,360 | 8,703,940 | ||||||
U.S. Bancorp |
319,740 | 8,182,147 | ||||||
Wells Fargo & Co. |
187,230 | 4,851,129 | ||||||
28,896,800 | ||||||||
Diversified Financial Services1.0% |
||||||||
JPMorgan Chase & Co. |
73,408 | 2,551,662 | ||||||
Insurance4.1% |
||||||||
MetLife, Inc. |
217,004 | 7,629,861 | ||||||
Unum Group |
144,910 | 3,454,654 | ||||||
11,084,515 | ||||||||
Health Care11.3% |
||||||||
Biotechnology1.8% |
||||||||
Gilead Sciences, Inc.1 |
116,360 | 4,847,558 | ||||||
Health Care Equipment & Supplies3.4% |
||||||||
Medtronic, Inc. |
260,430 | 9,047,338 | ||||||
Health Care Providers & Services6.1% |
||||||||
HCA Holdings, Inc.1 |
266,930 | 6,259,509 | ||||||
Humana, Inc. |
70,140 | 5,954,185 | ||||||
UnitedHealth |
||||||||
Group, Inc. |
83,620 | 4,012,924 | ||||||
16,226,618 | ||||||||
Industrials8.3% |
||||||||
Aerospace & Defense6.3% |
||||||||
AerCap Holdings NV1 1,410,146 |
16,724,332 | |||||||
Industrial Conglomerates2.0% |
||||||||
Tyco International Ltd. |
118,430 | 5,394,487 | ||||||
Information Technology12.2% |
||||||||
Communications Equipment4.7% |
||||||||
Juniper Networks, Inc.1 |
234,300 | 5,733,321 | ||||||
Research in Motion Ltd.1 |
331,290 | 6,692,058 | ||||||
12,425,379 | ||||||||
Semiconductors & Semiconductor Equipment2.3% |
||||||||
Xilinx, Inc. |
183,580 | 6,142,587 | ||||||
Software5.2% |
||||||||
Microsoft Corp. |
296,950 | 7,907,779 | ||||||
Oracle Corp. |
183,690 | 6,019,521 | ||||||
13,927,300 |
Shares | Value | |||||||
Materials5.7% |
||||||||
Chemicals3.7% |
||||||||
Celanese Corp., Series A |
97,595 | $ | 4,250,262 | |||||
Mosaic Co. (The) |
98,720 | 5,781,043 | ||||||
10,031,305 | ||||||||
Containers & Packaging2.0% |
||||||||
Rock-Tenn Co., Cl. A |
88,840 | 5,258,440 | ||||||
Telecommunication Services1.9% |
||||||||
Wireless Telecommunication Services1.9% |
||||||||
Vodafone Group plc, |
||||||||
Sponsored ADR |
176,680 | 4,918,771 | ||||||
Utilities6.7% |
||||||||
Energy Traders2.9% |
||||||||
GenOn Energy, Inc.1 |
2,494,270 | 7,607,524 | ||||||
Multi-Utilities3.8% |
||||||||
Public Service Enterprise |
||||||||
Group, Inc. |
172,800 | 5,823,360 | ||||||
SCANA Corp. |
106,580 | 4,506,199 | ||||||
10,329,559 | ||||||||
Total Common Stocks
(Cost $253,722,810) |
253,449,056 |
Expiration | ||||||||||||||||
Date | Strike Price | Contracts | ||||||||||||||
Options Purchased0.3% |
||||||||||||||||
Chicago Board Options Exchange |
||||||||||||||||
Volatility Index Call1 |
1/18/12 | $ | 40.000 | 1,770 | 371,700 | |||||||||||
Chicago Board Options Exchange |
||||||||||||||||
Volatility Index Call1 |
1/18/12 | 42.500 | 1,600 | 304,000 | ||||||||||||
Total
Options Purchased (Cost $691,186) |
675,700 |
Shares | ||||||||
Investment Company7.4% |
||||||||
Oppenheimer Institutional Money Market Fund, |
||||||||
Cl. E, 0.17%2,3 (Cost $19,659,354) |
19,659,354 | 19,659,354 | ||||||
Total Investments, at Value (Cost $274,073,350) |
102.7 | % | 273,784,110 | |||||
Liabilities in Excess of Other Assets |
(2.7 | ) | (7,091,622 | ) | ||||
Net Assets |
100.0 | % | $ | 266,692,488 | ||||
Shares | ||||||||||||||||
Shares | Gross | Gross | October 31, | |||||||||||||
April 29, 2011a | Additions | Reductions | 2011 | |||||||||||||
Oppenheimer Institutional Money |
||||||||||||||||
Market Fund, Cl. E |
4,166,481 | 105,458,664 | 89,965,791 | 19,659,354 |
Value | Income | |||||||
Oppenheimer Institutional Money Market Fund, Cl. E |
$ | 19,659,354 | $ | 11,375 |
1) | Level 1unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) | ||
2) | Level 2inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) | ||
3) | Level 3significant unobservable inputs (including the Managers own judgments about assumptions that market participants would use in pricing the asset or liability). |
Level 3 | ||||||||||||||||
Level 1 | Level 2 | Significant | ||||||||||||||
Unadjusted | Other Significant | Unobservable | ||||||||||||||
Quoted Prices | Observable Inputs | Inputs | Value | |||||||||||||
Assets Table |
||||||||||||||||
Investments, at Value: |
||||||||||||||||
Common Stocks |
||||||||||||||||
Consumer Discretionary |
$ | 22,359,672 | $ | | $ | | $ | 22,359,672 | ||||||||
Consumer Staples |
23,520,588 | | | 23,520,588 | ||||||||||||
Energy |
33,633,822 | | | 33,633,822 | ||||||||||||
Financials |
51,053,776 | | | 51,053,776 | ||||||||||||
Health Care |
30,121,514 | | | 30,121,514 | ||||||||||||
Industrials |
22,118,819 | | | 22,118,819 | ||||||||||||
Information Technology |
32,495,266 | | | 32,495,266 | ||||||||||||
Materials |
15,289,745 | | | 15,289,745 | ||||||||||||
Telecommunication Services |
4,918,771 | | | 4,918,771 | ||||||||||||
Utilities |
17,937,083 | | | 17,937,083 | ||||||||||||
Options Purchased |
675,700 | | | 675,700 | ||||||||||||
Investment Company |
19,659,354 | | | 19,659,354 | ||||||||||||
Total Assets |
$ | 273,784,110 | $ | | $ | | $ | 273,784,110 | ||||||||
Assets |
||||
Investments, at valuesee accompanying statement of investments: |
||||
Unaffiliated companies (cost $254,413,996) |
$ | 254,124,756 | ||
Affiliated companies (cost $19,659,354) |
19,659,354 | |||
273,784,110 | ||||
Cash |
80,657 | |||
Receivables and other assets: |
||||
Shares of beneficial interest sold |
132,425 | |||
Dividends |
70,316 | |||
Other |
20,566 | |||
Total assets |
274,088,074 | |||
Liabilities |
||||
Payables and other liabilities: |
||||
Investments purchased |
6,666,277 | |||
Shares of beneficial interest redeemed |
476,466 | |||
Transfer and shareholder servicing agent fees |
72,246 | |||
Distribution and service plan fees |
51,964 | |||
Shareholder communications |
50,983 | |||
Trustees compensation |
37,108 | |||
Other |
40,542 | |||
Total liabilities |
7,395,586 | |||
Net Assets |
$ | 266,692,488 | ||
Composition of Net Assets |
||||
Par value of shares of beneficial interest |
$ | 17,937 | ||
Additional paid-in capital |
491,120,832 | |||
Accumulated net investment loss |
(989,439 | ) | ||
Accumulated net realized loss on investments and foreign currency transactions |
(223,167,602 | ) | ||
Net unrealized depreciation on investments |
(289,240 | ) | ||
Net Assets |
$ | 266,692,488 | ||
Net Asset Value Per Share |
||||
Class A Shares: |
||||
Net asset value and redemption price per share (based on net assets
of $172,035,533 and
11,470,797 shares of beneficial interest outstanding) |
$ | 15.00 | ||
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) |
$ | 15.92 | ||
Class B Shares: |
||||
Net asset value, redemption price (excludes applicable contingent
deferred sales charge)
and offering price per share (based on net assets of $15,029,347
and 1,036,613 shares of
beneficial interest outstanding) |
$ | 14.50 | ||
Class C Shares: |
||||
Net asset value, redemption price (excludes applicable contingent
deferred sales charge)
and offering price per share (based on net assets of $49,598,898
and 3,415,613 shares of
beneficial interest outstanding) |
$ | 14.52 | ||
Class N Shares: |
||||
Net asset value, redemption price (excludes applicable contingent
deferred sales charge)
and offering price per share (based on net assets of $18,331,030
and 1,239,658 shares of
beneficial interest outstanding) |
$ | 14.79 | ||
Class Y Shares: |
||||
Net asset value, redemption price and offering price per share
(based on net assets of
$11,697,680 and 774,806 shares of beneficial interest outstanding) |
$ | 15.10 |
Investment Income |
||||
Dividends: |
||||
Unaffiliated companies (net of foreign withholding taxes of $41,906) |
$ | 2,016,185 | ||
Affiliated companies |
11,375 | |||
Other income |
8,352 | |||
Total investment income |
2,035,912 | |||
Expenses |
||||
Management fees |
1,121,390 | |||
Distribution and service plan fees: |
||||
Class A |
239,562 | |||
Class B |
85,511 | |||
Class C |
286,472 | |||
Class N |
50,003 | |||
Transfer and shareholder servicing agent fees: |
||||
Class A |
274,472 | |||
Class B |
46,676 | |||
Class C |
99,725 | |||
Class N |
27,153 | |||
Class Y |
12,514 | |||
Shareholder communications: |
||||
Class A |
30,009 | |||
Class B |
6,337 | |||
Class C |
9,641 | |||
Class N |
2,031 | |||
Class Y |
923 | |||
Trustees compensation |
3,450 | |||
Custodian fees and expenses |
1,346 | |||
Administration service fees |
750 | |||
Other |
37,578 | |||
Total expenses |
2,335,543 | |||
Less waivers and reimbursements of expenses |
(26,179 | ) | ||
Net expenses |
2,309,364 | |||
Net Investment Loss |
(273,452 | ) | ||
Realized and Unrealized Gain (Loss) |
||||
Net realized gain (loss) on: |
||||
Investments from unaffiliated companies |
(1,910,810 | ) | ||
Foreign currency transactions |
1,318 | |||
Net realized loss |
(1,909,492 | ) | ||
Net change in unrealized appreciation/depreciation on investments |
(54,715,765 | ) | ||
Net Decrease in Net Assets Resulting from Operations |
$ | (56,898,709 | ) | |
Six Months | Year | |||||||
Ended | Ended | |||||||
October 31, 2011 | April 29, | |||||||
(Unaudited) | 20111 | |||||||
Operations |
||||||||
Net investment loss |
$ | (273,452 | ) | $ | (987,708 | ) | ||
Net realized gain (loss) |
(1,909,492 | ) | 64,132,577 | |||||
Net change in unrealized appreciation/depreciation |
(54,715,765 | ) | (1,570,014 | ) | ||||
Net increase (decrease) in net assets resulting from operations |
(56,898,709 | ) | 61,574,855 | |||||
Dividends and/or Distributions to Shareholders |
||||||||
Dividends from net investment income: |
||||||||
Class A |
| | ||||||
Class B |
| | ||||||
Class C |
| | ||||||
Class N |
| | ||||||
Class Y |
| (52,029 | ) | |||||
| (52,029 | ) | ||||||
Beneficial Interest Transactions |
||||||||
Net decrease in net assets resulting from beneficial interest transactions: |
||||||||
Class A |
(23,214,143 | ) | (47,057,657 | ) | ||||
Class B |
(2,551,560 | ) | (4,359,814 | ) | ||||
Class C |
(8,673,732 | ) | (10,837,071 | ) | ||||
Class N |
(1,535,509 | ) | (5,055,336 | ) | ||||
Class Y |
(520,585 | ) | (2,732,068 | ) | ||||
(36,495,529 | ) | (70,041,946 | ) | |||||
Net Assets |
||||||||
Total decrease |
(93,394,238 | ) | (8,519,120 | ) | ||||
Beginning of period |
360,086,726 | 368,605,846 | ||||||
End of period (including accumulated net investment loss of
$989,439 and $715,987, respectively) |
$ | 266,692,488 | $ | 360,086,726 | ||||
1. | April 29, 2011 represents the last business day of the Funds 2011 fiscal year. See Note 1 of the accompanying Notes. |
Six Months | Year | |||||||||||||||||||||||
Ended | Ended | |||||||||||||||||||||||
October 31, 2011 | April 29, | Year Ended April 30, | ||||||||||||||||||||||
Class A | (Unaudited) | 20111 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Operating Data |
||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 17.88 | $ | 14.81 | $ | 10.44 | $ | 17.84 | $ | 20.44 | $ | 17.06 | ||||||||||||
Income (loss) from investment operations: |
||||||||||||||||||||||||
Net investment income (loss)2 |
| 3 | (.01 | ) | .06 | .17 | .21 | .13 | 4 | |||||||||||||||
Net realized and unrealized gain (loss) |
(2.88 | ) | 3.08 | 4.45 | (7.38 | ) | (2.16 | ) | 3.80 | |||||||||||||||
Total from investment operations |
(2.88 | ) | 3.07 | 4.51 | (7.21 | ) | (1.95 | ) | 3.93 | |||||||||||||||
Dividends and/or distributions to shareholders: |
||||||||||||||||||||||||
Dividends from net investment income |
| | (.11 | ) | (.19 | ) | (.10 | ) | (.09 | ) | ||||||||||||||
Tax return of capital distribution |
| | (.03 | ) | | | | |||||||||||||||||
Distributions from net realized gain |
| | | | (.55 | ) | (.46 | ) | ||||||||||||||||
Total dividends and/or distributions
to shareholders |
| | (.14 | ) | (.19 | ) | (.65 | ) | (.55 | ) | ||||||||||||||
Net asset value, end of period |
$ | 15.00 | $ | 17.88 | $ | 14.81 | $ | 10.44 | $ | 17.84 | $ | 20.44 | ||||||||||||
Total Return, at Net Asset Value5 |
(16.11 | )% | 20.73 | % | 43.30 | % | (40.33 | )% | (9.70 | )% | 23.29 | % | ||||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||||||
Net assets, end of period (in thousands) |
$ | 172,035 | $ | 231,757 | $ | 238,398 | $ | 194,937 | $ | 436,757 | $ | 208,402 | ||||||||||||
Average net assets (in thousands) |
$ | 193,669 | $ | 221,830 | $ | 227,571 | $ | 287,473 | $ | 389,036 | $ | 121,668 | ||||||||||||
Ratios to average net assets:6 |
||||||||||||||||||||||||
Net investment income (loss) |
0.02 | % | (0.09 | )% | 0.42 | % | 1.29 | % | 1.10 | % | 0.70 | %4 | ||||||||||||
Total expenses7 |
1.33 | % | 1.31 | % | 1.35 | % | 1.28 | % | 1.16 | % | 1.20 | % | ||||||||||||
Expenses after payments, waivers and/or
reimbursements and reduction to
custodian expenses |
1.33 | % | 1.31 | % | 1.35 | % | 1.27 | % | 1.16 | % | 1.20 | % | ||||||||||||
Portfolio turnover rate |
57 | % | 125 | % | 120 | % | 194 | % | 138 | % | 107 | % |
1. | April 29, 2011 represents the last business day of the Funds 2011 fiscal year. See Note 1 of the accompanying Notes. | |
2. | Per share amounts calculated based on the average shares outstanding during the period. | |
3. | Less than $0.005 per share. | |
4. | Net investment income per share and the net investment income ratio include $.05 and 0.28%, respectively, resulting from a special dividend from Ashland, Inc. in October 2006. | |
5. | Assumes an initial 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 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. | |
6. | Annualized for periods less than one full year. | |
7. | Total expenses including indirect expenses from affiliated fund were as follows: |
Six Months Ended October 31, 2011 |
1.33 | % | ||
Year Ended April 29, 2011 |
1.31 | % | ||
Year Ended April 30, 2010 |
1.35 | % | ||
Year Ended April 30, 2009 |
1.28 | % | ||
Year Ended April 30, 2008 |
1.16 | % | ||
Year Ended April 30, 2007 |
1.20 | % |
Six Months | Year | |||||||||||||||||||||||
Ended | Ended | |||||||||||||||||||||||
October 31, 2011 | April 29, | Year Ended April 30, | ||||||||||||||||||||||
Class B | (Unaudited) | 20111 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Operating Data |
||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 17.36 | $ | 14.50 | $ | 10.23 | $ | 17.37 | $ | 19.99 | $ | 16.75 | ||||||||||||
Income (loss) from investment operations: |
||||||||||||||||||||||||
Net investment income (loss)2 |
(.06 | ) | (.14 | ) | (.05 | ) | .06 | .04 | (.03 | )3 | ||||||||||||||
Net realized and unrealized gain (loss) |
(2.80 | ) | 3.00 | 4.36 | (7.16 | ) | (2.11 | ) | 3.73 | |||||||||||||||
Total from investment operations |
(2.86 | ) | 2.86 | 4.31 | (7.10 | ) | (2.07 | ) | 3.70 | |||||||||||||||
Dividends and/or distributions to shareholders: |
||||||||||||||||||||||||
Dividends from net investment income |
| | (.03 | ) | (.04 | ) | | | ||||||||||||||||
Tax return of capital distribution |
| | (.01 | ) | | | | |||||||||||||||||
Distributions from net realized gain |
| | | | (.55 | ) | (.46 | ) | ||||||||||||||||
Total dividends and/or distributions
to shareholders |
| | (.04 | ) | (.04 | ) | (.55 | ) | (.46 | ) | ||||||||||||||
Net asset value, end of period |
$ | 14.50 | $ | 17.36 | $ | 14.50 | $ | 10.23 | $ | 17.37 | $ | 19.99 | ||||||||||||
Total Return, at Net Asset Value4 |
(16.47 | )% | 19.73 | % | 42.13 | % | (40.85 | )% | (10.51 | )% | 22.27 | % | ||||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||||||
Net assets, end of period (in thousands) |
$ | 15,029 | $ | 20,806 | $ | 21,708 | $ | 18,270 | $ | 39,163 | $ | 30,500 | ||||||||||||
Average net assets (in thousands) |
$ | 16,949 | $ | 19,599 | $ | 21,006 | $ | 25,561 | $ | 39,218 | $ | 19,762 | ||||||||||||
Ratios to average net assets:5 |
||||||||||||||||||||||||
Net investment income (loss) |
(0.81 | )% | (0.95 | )% | (0.40 | )% | 0.44 | % | 0.20 | % | (0.16 | )%3 | ||||||||||||
Total expenses6 |
2.40 | % | 2.36 | % | 2.44 | % | 2.26 | % | 2.03 | % | 2.07 | % | ||||||||||||
Expenses after payments, waivers and/or |
||||||||||||||||||||||||
reimbursements and reduction to
custodian expenses |
2.18 | % | 2.18 | % | 2.18 | % | 2.13 | % | 2.03 | % | 2.07 | % | ||||||||||||
Portfolio turnover rate |
57 | % | 125 | % | 120 | % | 194 | % | 138 | % | 107 | % |
1. | April 29, 2011 represents the last business day of the Funds 2011 fiscal year. See Note 1 of the accompanying Notes. | |
2. | Per share amounts calculated based on the average shares outstanding during the period. | |
3. | Net investment income per share and the net investment income ratio include $.05 and 0.28%, respectively, resulting from a special dividend from Ashland, Inc. in October 2006. | |
4. | Assumes an initial 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 less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
5. | Annualized for periods less than one full year. | |
6. | Total expenses including indirect expenses from affiliated fund were as follows: |
Six Months Ended October 31, 2011 |
2.40 | % | ||
Year Ended April 29, 2011 |
2.36 | % | ||
Year Ended April 30, 2010 |
2.44 | % | ||
Year Ended April 30, 2009 |
2.26 | % | ||
Year Ended April 30, 2008 |
2.03 | % | ||
Year Ended April 30, 2007 |
2.07 | % |
Six Months | Year | |||||||||||||||||||||||
Ended | Ended | |||||||||||||||||||||||
October 31, 2011 | April 29, | Year Ended April 30, | ||||||||||||||||||||||
Class C | (Unaudited) | 20111 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Operating Data |
||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 17.39 | $ | 14.51 | $ | 10.25 | $ | 17.40 | $ | 20.03 | $ | 16.77 | ||||||||||||
Income (loss) from investment operations: |
||||||||||||||||||||||||
Net investment income (loss)2 |
(.06 | ) | (.13 | ) | (.05 | ) | .06 | .06 | (.01 | )3 | ||||||||||||||
Net realized and unrealized gain (loss) |
(2.81 | ) | 3.01 | 4.36 | (7.16 | ) | (2.12 | ) | 3.73 | |||||||||||||||
Total from investment operations |
(2.87 | ) | 2.88 | 4.31 | (7.10 | ) | (2.06 | ) | 3.72 | |||||||||||||||
Dividends and/or distributions to shareholders: |
||||||||||||||||||||||||
Dividends from net investment income |
| | (.04 | ) | (.05 | ) | (.02 | ) | | 4 | ||||||||||||||
Tax return of capital distribution |
| | (.01 | ) | | | | |||||||||||||||||
Distributions from net realized gain |
| | | | (.55 | ) | (.46 | ) | ||||||||||||||||
Total dividends and/or distributions
to shareholders |
| | (.05 | ) | (.05 | ) | (.57 | ) | (.46 | ) | ||||||||||||||
Net asset value, end of period |
$ | 14.52 | $ | 17.39 | $ | 14.51 | $ | 10.25 | $ | 17.40 | $ | 20.03 | ||||||||||||
Total Return, at Net Asset Value5 |
(16.50 | )% | 19.85 | % | 42.04 | % | (40.75 | )% | (10.45 | )% | 22.38 | % | ||||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||||||
Net assets, end of period (in thousands) |
$ | 49,599 | $ | 69,369 | $ | 68,923 | $ | 56,636 | $ | 127,070 | $ | 54,058 | ||||||||||||
Average net assets (in thousands) |
$ | 56,922 | $ | 63,562 | $ | 65,325 | $ | 82,391 | $ | 105,695 | $ | 31,599 | ||||||||||||
Ratios to average net assets:6 |
||||||||||||||||||||||||
Net investment income (loss) |
(0.80 | )% | (0.90 | )% | (0.37 | )% | 0.51 | % | 0.35 | % | (0.08 | )%3 | ||||||||||||
Total expenses7 |
2.16 | % | 2.13 | % | 2.19 | % | 2.08 | % | 1.94 | % | 1.99 | % | ||||||||||||
Expenses after payments, waivers and/or
reimbursements and reduction to
custodian expenses |
2.16 | % | 2.12 | % | 2.14 | % | 2.04 | % | 1.94 | % | 1.99 | % | ||||||||||||
Portfolio turnover rate |
57 | % | 125 | % | 120 | % | 194 | % | 138 | % | 107 | % |
1. | April 29, 2011 represents the last business day of the Funds 2011 fiscal year. See Note 1 of the accompanying Notes. | |
2. | Per share amounts calculated based on the average shares outstanding during the period. | |
3. | Net investment income per share and the net investment income ratio include $.05 and 0.28%, respectively, resulting from a special dividend from Ashland, Inc. in October 2006. | |
4. | Less than $0.005 per share. | |
5. | Assumes an initial 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 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. | |
6. | Annualized for periods less than one full year. | |
7. | Total expenses including indirect expenses from affiliated fund were as follows: |
Six Months Ended October 31, 2011 |
2.16 | % | ||
Year Ended April 29, 2011 |
2.13 | % | ||
Year Ended April 30, 2010 |
2.19 | % | ||
Year Ended April 30, 2009 |
2.08 | % | ||
Year Ended April 30, 2008 |
1.94 | % | ||
Year Ended April 30, 2007 |
1.99 | % |
Six Months | Year | |||||||||||||||||||||||
Ended | Ended | |||||||||||||||||||||||
October 31, 2011 | April 29, | Year Ended April 30, | ||||||||||||||||||||||
Class N | (Unaudited) | 20111 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Operating Data |
||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 17.65 | $ | 14.65 | $ | 10.35 | $ | 17.67 | $ | 20.29 | $ | 16.96 | ||||||||||||
Income (loss) from investment operations: |
||||||||||||||||||||||||
Net investment income (loss)2 |
(.02 | ) | (.05 | ) | .02 | .13 | .16 | .08 | 3 | |||||||||||||||
Net realized and unrealized gain (loss) |
(2.84 | ) | 3.05 | 4.39 | (7.29 | ) | (2.16 | ) | 3.78 | |||||||||||||||
Total from investment operations |
(2.86 | ) | 3.00 | 4.41 | (7.16 | ) | (2.00 | ) | 3.86 | |||||||||||||||
Dividends and/or distributions to shareholders: |
||||||||||||||||||||||||
Dividends from net investment income |
| | (.09 | ) | (.16 | ) | (.07 | ) | (.07 | ) | ||||||||||||||
Tax return of capital distribution |
| | (.02 | ) | | | | |||||||||||||||||
Distributions from net realized gain |
| | | | (.55 | ) | (.46 | ) | ||||||||||||||||
Total dividends and/or distributions
to shareholders |
| | (.11 | ) | (.16 | ) | (.62 | ) | (.53 | ) | ||||||||||||||
Net asset value, end of period |
$ | 14.79 | $ | 17.65 | $ | 14.65 | $ | 10.35 | $ | 17.67 | $ | 20.29 | ||||||||||||
Total Return, at Net Asset Value4 |
(16.20 | )% | 20.48 | % | 42.71 | % | (40.45 | )% | (10.01 | )% | 22.98 | % | ||||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||||||
Net assets, end of period (in thousands) |
$ | 18,331 | $ | 23,598 | $ | 24,641 | $ | 18,999 | $ | 27,334 | $ | 9,542 | ||||||||||||
Average net assets (in thousands) |
$ | 19,891 | $ | 22,409 | $ | 23,087 | $ | 21,963 | $ | 18,182 | $ | 5,150 | ||||||||||||
Ratios to average net assets:5 |
||||||||||||||||||||||||
Net investment income (loss) |
(0.22 | )% | (0.36 | )% | 0.13 | % | 1.06 | % | 0.87 | % | 0.45 | %3 | ||||||||||||
Total expenses6 |
1.56 | % | 1.61 | % | 1.71 | % | 1.70 | % | 1.47 | % | 1.47 | % | ||||||||||||
Expenses after payments, waivers and/or
reimbursements and reduction to
custodian expenses |
1.56 | % | 1.58 | % | 1.63 | % | 1.60 | % | 1.47 | % | 1.46 | % | ||||||||||||
Portfolio turnover rate |
57 | % | 125 | % | 120 | % | 194 | % | 138 | % | 107 | % |
1. | April 29, 2011 represents the last business day of the Funds 2011 fiscal year. See Note 1 of the accompanying Notes. | |
2. | Per share amounts calculated based on the average shares outstanding during the period. | |
3. | Net investment income per share and the net investment income ratio include $.05 and 0.28%, respectively, resulting from a special dividend from Ashland, Inc. in October 2006. | |
4. | Assumes an initial 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 less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
5. | Annualized for periods less than one full year. | |
6. | Total expenses including indirect expenses from affiliated fund were as follows: |
Six Months Ended October 31, 2011 |
1.56 | % | ||
Year Ended April 29, 2011 |
1.61 | % | ||
Year Ended April 30, 2010 |
1.71 | % | ||
Year Ended April 30, 2009 |
1.70 | % | ||
Year Ended April 30, 2008 |
1.47 | % | ||
Year Ended April 30, 2007 |
1.47 | % |
Six Months | Year | |||||||||||||||||||||||
Ended | Ended | |||||||||||||||||||||||
October 31, 2011 | April 29, | Year Ended April 30, | ||||||||||||||||||||||
Class Y | (Unaudited) | 20111 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Operating Data |
||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 17.97 | $ | 14.87 | $ | 10.48 | $ | 17.97 | $ | 20.57 | $ | 17.13 | ||||||||||||
Income (loss) from investment operations: |
||||||||||||||||||||||||
Net investment income2 |
.03 | .05 | .13 | .18 | .28 | .21 | 3 | |||||||||||||||||
Net realized and unrealized gain (loss) |
(2.90 | ) | 3.11 | 4.46 | (7.41 | ) | (2.18 | ) | 3.84 | |||||||||||||||
Total from investment operations |
2.87 | 3.16 | 4.59 | (7.23 | ) | (1.90 | ) | 4.05 | ||||||||||||||||
Dividends and/or distributions to shareholders: |
||||||||||||||||||||||||
Dividends from net investment income |
| (.06 | ) | (.16 | ) | (.26 | ) | (.15 | ) | (.15 | ) | |||||||||||||
Tax return of capital distribution |
| | (.04 | ) | | | | |||||||||||||||||
Distributions from net realized gain |
| | | | (.55 | ) | (.46 | ) | ||||||||||||||||
Total dividends and/or distributions
to shareholders |
| (.06 | ) | (.20 | ) | (.26 | ) | (.70 | ) | (.61 | ) | |||||||||||||
Net asset value, end of period |
$ | 15.10 | $ | 17.97 | $ | 14.87 | $ | 10.48 | $ | 17.97 | $ | 20.57 | ||||||||||||
Total Return, at Net Asset Value4 |
(15.97 | )% | 21.32 | % | 43.99 | % | (40.10 | )% | (9.44 | )% | 23.88 | % | ||||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||||||
Net assets, end of period (in thousands) |
$ | 11,698 | $ | 14,557 | $ | 14,936 | $ | 7,624 | $ | 19,173 | $ | 5,932 | ||||||||||||
Average net assets (in thousands) |
$ | 12,686 | $ | 13,176 | $ | 10,902 | $ | 30,650 | $ | 14,768 | $ | 2,577 | ||||||||||||
Ratios to average net assets:5 |
||||||||||||||||||||||||
Net investment income |
0.36 | % | 0.32 | % | 0.96 | % | 1.47 | % | 1.49 | % | 1.15 | %3 | ||||||||||||
Total expenses6 |
0.98 | % | 0.88 | % | 0.73 | % | 1.02 | % | 0.83 | % | 0.77 | % | ||||||||||||
Expenses after payments, waivers and/or
reimbursements and reduction to
custodian expenses |
0.98 | % | 0.88 | % | 0.73 | % | 0.96 | % | 0.83 | % | 0.77 | % | ||||||||||||
Portfolio turnover rate |
57 | % | 125 | % | 120 | % | 194 | % | 138 | % | 107 | % |
1. | April 29, 2011 represents the last business day of the Funds 2011 fiscal year. See Note 1 of the accompanying Notes. | |
2. | Per share amounts calculated based on the average shares outstanding during the period. | |
3. | Net investment income per share and the net investment income ratio include $.05 and 0.28%, respectively, resulting from a special dividend from Ashland, Inc. in October 2006. | |
4. | Assumes an initial 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 less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
5. | Annualized for periods less than one full year. | |
6. | Total expenses including indirect expenses from affiliated fund were as follows: |
Six Months Ended October 31, 2011 |
0.98 | % | ||
Year Ended April 29, 2011 |
0.88 | % | ||
Year Ended April 30, 2010 |
0.73 | % | ||
Year Ended April 30, 2009 |
1.02 | % | ||
Year Ended April 30, 2008 |
0.83 | % | ||
Year Ended April 30, 2007 |
0.77 | % |
Expiring | ||||
2017
|
$ | 75,438,329 | ||
2018
|
143,967,874 | |||
Total
|
$ | 219,406,203 | ||
Federal tax cost of securities |
$ | 277,256,928 | ||
Gross unrealized appreciation |
$ | 23,224,955 | ||
Gross unrealized depreciation |
(26,697,773 | ) | ||
Net unrealized depreciation |
$ | (3,472,818 | ) | |
Projected Benefit Obligations Increased |
$ | 810 | ||
Payments Made to Retired Trustees |
| |||
Accumulated Liability as of October 31, 2011 |
20,324 |
Six Months Ended October 31, 2011 | Year Ended April 29, 2011 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Class A |
||||||||||||||||
Sold |
733,054 | $ | 11,695,986 | 3,191,467 | $ | 50,015,482 | ||||||||||
Dividends and/or |
||||||||||||||||
distributions reinvested |
| | | | ||||||||||||
Redeemed |
(2,220,499 | ) | (34,910,129 | ) | (6,335,304 | ) | (97,073,139 | ) | ||||||||
Net decrease |
(1,487,445 | ) | $ | (23,214,143 | ) | (3,143,837 | ) | $ | (47,057,657 | ) | ||||||
Six Months Ended October 31, 2011 | Year Ended April 29, 2011 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Class B |
||||||||||||||||
Sold |
61,124 | $ | 952,214 | 170,528 | $ | 2,570,419 | ||||||||||
Dividends and/or |
||||||||||||||||
distributions reinvested |
| | | | ||||||||||||
Redeemed |
(222,849 | ) | (3,503,774 | ) | (469,726 | ) | (6,930,233 | ) | ||||||||
Net decrease |
(161,725 | ) | $ | (2,551,560 | ) | (299,198 | ) | $ | (4,359,814 | ) | ||||||
Class C |
||||||||||||||||
Sold |
172,739 | $ | 2,641,559 | 616,876 | $ | 9,366,790 | ||||||||||
Dividends and/or |
||||||||||||||||
distributions reinvested |
| | | | ||||||||||||
Redeemed |
(746,359 | ) | (11,315,291 | ) | (1,377,163 | ) | (20,203,861 | ) | ||||||||
Net decrease |
(573,620 | ) | $ | (8,673,732 | ) | (760,287 | ) | $ | (10,837,071 | ) | ||||||
Class N |
||||||||||||||||
Sold |
127,414 | $ | 2,017,723 | 294,281 | $ | 4,367,565 | ||||||||||
Dividends and/or |
||||||||||||||||
distributions reinvested |
| | | | ||||||||||||
Redeemed |
(224,430 | ) | (3,553,232 | ) | (639,118 | ) | (9,422,901 | ) | ||||||||
Net decrease |
(97,016 | ) | $ | (1,535,509 | ) | (344,837 | ) | $ | (5,055,336 | ) | ||||||
Class Y |
||||||||||||||||
Sold |
91,466 | $ | 1,438,667 | 217,489 | $ | 3,464,738 | ||||||||||
Dividends and/or |
||||||||||||||||
distributions reinvested |
| | 2,716 | 43,543 | ||||||||||||
Redeemed |
(126,572 | ) | (1,959,252 | ) | (414,477 | ) | (6,240,349 | ) | ||||||||
Net decrease |
(35,106 | ) | $ | (520,585 | ) | (194,272 | ) | $ | (2,732,068 | ) | ||||||
Purchases | Sales | |||||||
Investment securities |
$ | 165,642,020 | $ | 210,298,644 |
Fee Schedule | ||||
| | ||||
Up to $200 million |
0.75 | % | ||
Next $200 million |
0.72 | |||
Next $200 million |
0.69 | |||
Next $200 million |
0.66 | |||
Over $800 million |
0.60 |
Class C |
$ | 1,206,990 | ||
Class N |
325,656 |
Class A | Class B | Class C | Class N | |||||||||||||||||
Class A | Contingent | Contingent | Contingent | Contingent | ||||||||||||||||
Front-End | Deferred | Deferred | Deferred | Deferred | ||||||||||||||||
Sales Charges | Sales Charges | Sales Charges | Sales Charges | Sales Charges | ||||||||||||||||
Retained by | Retained by | Retained by | Retained by | Retained by | ||||||||||||||||
Six Months Ended | Distributor | Distributor | Distributor | Distributor | Distributor | |||||||||||||||
October 31, 2011 |
$ | 21,904 | $ | 5 | $ | 17,247 | $ | 1,701 | $ | | ||||||||||
Class B
|
$ | 16,848 |
Asset Derivatives | ||||||
Derivatives Not Accounted | Statement of Assets and | |||||
for as Hedging Instruments | Liabilities Location | Value | ||||
Equity contracts |
Investments, at value | $ | 675,700 | * |
* | Amounts relate to purchased options. |
Amount of Realized Gain or (Loss) Recognized on Derivatives | ||
Investments from | ||
unaffiliated companies | ||
Derivatives Not Accounted | (including premiums | |
for as Hedging Instruments | on options exercised)* | |
Volatility contracts |
$(137,418) |
* | Includes purchased option contracts, purchased swaption contracts and written option contracts exercised, if any. |
Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives | ||
Derivatives Not Accounted | ||
for as Hedging Instruments | Investments* | |
Volatility contracts |
$(15,486) |
* | Includes purchased option contracts and purchased swaption contracts, if any. |
Trustees and Officers
|
Brian F. Wruble, Chairman of the Board of Trustees and Trustee | |
David K. Downes, Trustee | ||
Matthew P. Fink, Trustee | ||
Phillip A. Griffiths, Trustee | ||
Mary F. Miller, Trustee | ||
Joel W. Motley, Trustee | ||
Mary Ann Tynan, Trustee | ||
Joseph M. Wikler, Trustee | ||
Peter I. Wold, Trustee | ||
William F. Glavin, Jr., President and Principal Executive Officer | ||
John Damian, Vice President | ||
Mitch Williams, Vice President | ||
Arthur S. Gabinet, Secretary | ||
Christina M. Nasta, Chief Business Officer | ||
Mark S. Vandehey, Vice President and Chief Compliance Officer | ||
Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer | ||
Robert G. Zack, Vice President | ||
Manager
|
OppenheimerFunds, Inc. | |
Distributor
|
OppenheimerFunds Distributor, Inc. | |
Transfer and Shareholder
Servicing Agent
|
OppenheimerFunds Services | |
Independent Registered Public Accounting Firm |
KPMG LLP | |
Legal Counsel
|
Kramer Levin Naftalis & Frankel LLP | |
The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm. |
| Applications or other forms | |
| When you create a user ID and password for online account access | |
| When you enroll in eDocs Direct, our electronic document delivery service | |
| Your transactions with us, our affiliates or others | |
| A software program on our website, often referred to as a cookie, which indicates which parts of our site youve visited | |
| When you set up challenge questions to reset your password online |
| All transactions, including redemptions, exchanges and purchases, are secured by SSL and 128-bit encryption. SSL is used to establish a secure connection between your PC and OppenheimerFunds server. It transmits information in an encrypted and scrambled format. | |
| Encryption is achieved through an electronic scrambling technology that uses a key to code and then decode the data. Encryption acts like the cable converter box you may have on your television set. It scrambles data with a secret code so that no one can make sense of it while it is being transmitted. When the data reaches its destination, the same software unscrambles the data. | |
| You can exit the secure area by either closing your browser, or for added security, you can use the Log Out button before you close your browser. |
1. | The Funds Governance Committee (the Committee) will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds investment manager and its affiliates in making the selection. | |
2. | The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individuals background, skills, and experience; whether the individual is an interested person as defined in the Investment Company Act of 1940; and whether the individual would be deemed an audit committee financial expert within the meaning of applicable SEC rules. The Committee also considers whether the individuals background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder. | |
3. | The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following: |
| the name, address, and business, educational, and/or other pertinent background of the person being recommended; | ||
| a statement concerning whether the person is an interested person as defined in the Investment Company Act of 1940; | ||
| any other information that the Funds would be required to include in a proxy statement concerning the person if he or she was nominated; and | ||
| the name and address of the person submitting the recommendation and, if that person is a shareholder, the period for which that person held Fund shares. |
4. | Shareholders should note that a person who owns securities issued by Massachusetts Mutual Life Insurance Company (the parent company of the Funds investment adviser) would be deemed an interested person under the Investment Company Act of 1940. In addition, certain other relationships with Massachusetts Mutual Life Insurance Company or its subsidiaries, with registered broker-dealers, or with the Funds outside legal counsel may cause a person to be deemed an interested person. | |
5. | Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company. |
(a) | (1) Not applicable to semiannual reports. |
(2) | Exhibits attached hereto. | ||
(3) | Not applicable. |
(b) | Exhibit attached hereto. |
Oppenheimer Select Value Fund |
||||
By: | /s/ William F. Glavin, Jr. | |||
William F. Glavin, Jr. | ||||
Principal Executive Officer |
By: | /s/ William F. Glavin, Jr. | |||
William F. Glavin, Jr. | ||||
Principal Executive Officer |
By: | /s/ Brian W. Wixted | |||
Brian W. Wixted | ||||
Principal Financial Officer |
1. | I have reviewed this report on Form N-CSR of Oppenheimer Select 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 registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||
(c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and | ||
(d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed to the registrants auditors and the audit committee of the registrants board of Trustees (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and | ||
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
/s/ William F. Glavin, Jr. | ||||
William F. Glavin, Jr. | ||||
Principal Executive Officer |
1. | I have reviewed this report on Form N-CSR of Oppenheimer Select 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 registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||
(c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and | ||
(d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed to the registrants auditors and the audit committee of the registrants board of Trustees (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and | ||
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
/s/ Brian W. Wixted | ||||
Brian W. Wixted | ||||
Principal Financial Officer |
1. | The Registrants periodic report on Form N-CSR for the period ended 10/31/2011 (the Form N-CSR) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and | |
2. | The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission. |
Principal Executive Officer
|
Principal Financial Officer | |
Oppenheimer Select Value Fund
|
Oppenheimer Select Value Fund |
/s/ William F. Glavin, Jr.
|
/s/ Brian W. Wixted
|
||
Date: 12/12/2011
|
Date: 12/12/2011 |
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`%8X?$__P$BC<"!!-.@.8@PH<*%#!LZ?`@QHL2)$@M: M'$@QH\:-'"E>_`C28L>1)$N:/(DRI4J2(3&N?`E394N!,6O6G(FSH,V=/'OZ M_#DR)]"A/G$2/0HQIU*D3)LZ?5K1*-2I'*52!:I4Z-6M7+N^U.HUK$*K8K]F MG5DVK=JU8\FRO0KV;="S+>7:O4LU+EZH>O ;=3OX\D7/I$LS[&SZ9.70HG6F?EUZ->R5LO&V M)C@[MV?^U+JKUF9[VV7OX8]_$Y_+FVMP@\>;*S;NG#/TKLN91[^^=SKVJ,F= M5M\.WG;W\&W''UU./KU<\^H7:V>*OKW\M._G(SP+][;]_6+K[\?_5'S\#;B5 M?YGAEA*`\.E'8(,%LD<89I%EA51P#EZ8'X1^A90@A4,QB&&(?&DH'H<3>LB3 MA2*N&"")=H&&G($Q7L9BC=[)*!B,'=%U4VLV_M@4CCFB=:*0W-$(9)+G&9F= MCM(IJ)IH2DZYI).3N9@08%%*2667A3'9))$E,<82EUZ>V1.*L5GID98;^8AF MG"F"&69=)I'9)I)R[DD9G26*.:.!9O)):$QJKLGFD8 7'28: MD9[EN?EHII!B.2>"=W+J'J8'-:IIJ9]&VJ-(6U+ZD)Z6F@KKJ:Q^V)BL@/I6 MW:RQ[OH7JI_56B:GN=[*:[&XZEH4L< NRFXTJ;;['?NWCL1E'E=BRV=]N(+ ML$/Z[LMLO?ZJ&'#"_8*:*KWONHBPPA*'"B^ZP"Y;<*5P3CSQP.%.*B_&&;=* M*LXQQD0X;#&;))N.+\I.NV7KQPR2^^O+)WK*L*LTUR\POQ3OG["Z/\WIJ M;O=T-^`:RKXX(3G MO;6B$/*]N+&-VXRXY)'WNG:6FU<>;=.0/WOXXVDC^SGHT(KN.-*C9PZVVY>: MK7K1K&-.^NNYG\YJZK47BV>XB@M-^<)AP_W[V,&?O7O /_=YJ9\M^_+:# M/S?R[T_ON7'I+V$1:UW]^E>\`+)K@!)3GP%=ESWQ_6]Y#"3@QG2GO0<>,'87 MK&`#'1C^00B&CWSWZ:`'.V;"$-)D?1M,'`5/^+(4CE"""$R@]&0'0PORCW,V M5.#DZI9#X.VP;STL(0Y]",`@RB]Z$\S@#-W'P20J<8E'=&'++A=%*$XQ9S)L M(@TU5D7B.7&+;!NB%6_&1"2.D8QB,^,9[X=%(TJ1C3I\H?W\1T34=(^.^TMC M'O&811V=CX_M ?]6R@K!\8W+L MM,==7NV6/-0CO=8HS!/V\I`%*V(R \YSI;"<3V=E.=S;.*G&,9SFUI"8@VE.)Y\QD*1^Y MSW1^,HH!+>@EAV70A&*0FPIM:#?#Z-"(SI*4$I4H+2L:T7IB=*,'G2-'.>K1 MCXITI"0MJ4E/BM*4JG2E+&VI2U\*TYC*=*8TK:E-;XK3G.ITISQ%@Q*LTU.) M0N$($HA"4!M*@PA$(`8D<`$$`"`#)1QUGVF@P0L0\`,H`$`"/D"#"DC``:-. M-9T"0`$*.)"!(7B5`PA0JQ(B`(`?='6LVCR!#-"0!`1P@`9H&$($2$"`Q3SU M!&*EJSJA(`(4O``--.@!`%H@6`#^B+4%#KB!7`U;2R3T@`490(`*T,`#&SSV M("T@00(.\H(('`$%<\6L))5PA,`NX00`<,%BM`I9-%P5":-:``" "$@```05NB!(6T`,72X0"-VB`9FB0@`2DF"(^4*MG ME$"!!K3^EB%*H`$-EES3%Q!A`B+X@50A@N,A.T0#-S#RFY;0!"1`(0M7G@H/ M.#"!(W@Y(R_8P00^.Q0?R'G./ZT)%&X`@/PRF0(A>$$4H"Q3"CC@""?(K41Z M4`(=0T0))!B`/R5"`Q-4%@`W(,$%BG"5(#C@`FNFB!6.0`(H#(4)"+@`<=DZ M@0S#I`%@-4+B7J"%!$1A"2.>*0\P,`$K9V0('#"!EAG2@B/T(`(#&,%$EL`! M"L_@`S\@[A$@0)4?D*"M'!G""1R@:I]$8-.(+L$.H%T35CO`U:=9@A&:T`0> M9%NF3_T!1UYP!%%/9`8DF,`..!"#B/A``AR0`)S1L`042(#^P%.1-K4YHH1. M]P0$#BA`5Q_]$A:0@`3D9@@-&C"$)0BYIA00MJ(IL@02Y%DB+SA!!L1+@"/\ MH-8+<<+$Y8T0(TR[``J`BK0YH'"QV(`$)_AX36*0@7$_9`E3^'--T]"#(_!5 M"3"?"!1*0(-?)V2^`!08(@ L4(0$"9$5(!!S05M"OP<1I<(`,(C'@( M0?CL$(H0A`3XG`8L&``$:G`?""#AP"^(0=Q;:_`OO*`)`V#!UP]"`0C\(`%E M'H(+7$#=*,A@L3QHP0\P?I#*_P`"Z_8J"W[0A!$O(0C;14,3@I`%-.S 4 M5H`G,'R+\0-'<`1XYGPX]0+FA0::I1$O,`$LUQ!/%7TM``!$<&`14'H+X0(O MQQ`OP'W^"S9A)S`!"``%2$!<%_!3*^``$@``$=``"X!=WO=>-\`!+K`$S78$ MME4#%R`!"'`#(-``&(``&>!N:"!M$G`#1-``)8``$P`#HV(#-Q`!*A`%]T9M ME#5V/``"_49H4!`!Q+4#*;`#++``Q-4#HQ($-U`"%)!>=_A3$+!I('`$*0`` M/K8`//=Q2)`"#O!9`8`&14!A<)9_3(@`#2"';A@"![$!),!]#;`$*A"+31AL M'``!%!`$*(A3WM9510``4I4&_P814U"(4G<06A5]60``-G!@3X@#7(@!T MX*8092!=)R`0*.``/6!D4.``$W!:(<LI8 M!!,'E`&V`%=FC!-08&FPE`@06.\5=.06=AS0!3N5`#?`5U%P`V-9` &!B5P!!^PYU`48) M<&+'5P81!1,'7/GG`#7``S[``S)``B>6!@2Y8*."`200`2,)5NHHB0XH55.V M`)W)`Q3PB/DFD\OW8"10F32);8_^*7$D8%PK4'\^T`4\@&PDH`%H$`+3)I() M80.;!H43``#YEG]4B096B94'<9E"^9C;66`J$'21^`1H\)ODM@+39GTYY0,D MH('/=A`P()`JMF:LYIDR$(84D&)0,`%6D'G\MEA+<`,S@`9=0`(*UP0DD`)3 MJ!`O<(Q$L!B,Z8](YP`8`'#8J&1`#,&U> M!IH 1`2)W3QB(T5EYO;I5X7`)+'"&%#*79-IWH. M<`)]]@(;8!!%,)55N8S9B0:7R9Z/J08DD`$%EIO+1Y8WVG%ZA0#U95,J<`1I MH`02$*+^:+"65[9D/%`"`GH00Y"!"!$%2;<#";`$!K$"`$".8)D"B\5H)6`0 M1."@"[%]"(`!0U9:#B!J:0"A]X&10E"AP(D02S"D:$`$TC4#2*`!2``#"?!P M!`FIHT*:JGEP:&"B*LH#>H4"&K"I,``$(6`0-(H^8`94BKMBJ":(`"*7`" M,(`$OXH$&4:IA^F<)%``*2:5),"#3TH"<":E%M"=5@JMEYH!V>=R#J!G!%`` MTW8$T5=32L`!.%:@:!!L^94`#FH0/`!7A295/X`#RH@038`"4'`""D8$(F!< M([F%-XES:`H`'$`%C-(#V*5G"$&2#E"-C.J>!^$#!:")DXG^K0A!`3")!DPP M<5)P&AC@`*6Y&"B`FB5ZH@AQJBNZ`R1@`PTAJS:*J[6*$#N*!G\UBPA6J @9V")L6A0`2F@5BH``$C0`/NJ$)P5 MK@HA!=S7G`H+!(\IDP46`F*W7 *HB%[ MJ1R0>GIII;B)C2N+JR2P7>?I`#6F$,-*I*M7 ('Y90`ET*\^%05$@&9@:@(:>1"]RXX) MX00.X%83X'P\,`'5J!`CRGTP<&61AF;YQ:@9$`0&T68DD&,0NWQ+(`$3X*;@ MBET_\&0^<`5J9;@;>Q\D*HDA"[*C*`*)Z`)*(&<$T%4I6[DM^[\XRK(A0%2; MRP`^H`11<&!7,+,(\9P%D)8)T01OV`-+X`,ND(A3RK,DX+,;;%OHVVM/M@01 MZ0"YU0(JX`-IT`1BIX\P!:=7`*X1<&!4``#U5;4<@`6/B1!#@`0BT`,O<($M MK!!B2GD](`$'M@"*N1!84+(\%P3""V& Q!$F9'">P0ET%H3 M*W8ID(C^-[!=!K`#&1"SB[$#):E6?\6\"!$$$X"V3B@":-:ZQMJ_:59C^HE? M+4M_>@8$]%=Z+`"(V35PX;NZ$^"/![$`K`MEU\5]Q!5B)_"(,9EFQA:K1Y!K MI/6+W$>)71>92@8`A!8!*A;`#0Y`&0C!LK;4".V!_\6JU8!4!5Q:*.^",Y#QB"5``/XP04[`# M&(80+6`"17D")F!D"5#/6EJB.R##"X&$5-P$:<"/Q>55]9S^>@:A`@6``IN( M>,#,?43P`E`0=/C9`$*0D"?P`?#X4CSP8)_E`HMX8#30;SFG$%,[$5<6;#G, M8Q8)$8Z7`"X0=6/!F$!058 B$6C1@``CQ`E[V:.PS!.V+U5K]`D_&4\&KND2E5BB=`560%*:W M`QH!H)^E!+SJ "-(300-X%ML)H57XFMIR\@*4F&:# M*A%#U=D1D:B=UQ$^D``J`-19G``4,-?!/24\H`(J$&R<&Q%/E=P-X0,L\,S> M:MV`(YPJS1`R&-T+40,8```YF=OES3'K:=P2(8?H[5,RH,GJV])RUIG^_0.H M?1H^H`*U1@61.[TVL-X)X 4D2/[[C-A$%:PL1%"`"1"M?<.60H+5A$B!W(^$%)_`% M"/&)--`$9<8#6=`"BA8#D `"!\8#,S``+E!8 M-'#$\A4$"\"?IN>@C@>4U.4#29YY1/`#+@!G--`"9(X&&+!=G[4!%K!8L(80 M3N93+1`%S+$$@I@&JM@"5!#F9YX@1'`#R6T!I4<#1T"X\F4"`#`#+=`#(E#G M98[G#HP"1=`$$L!7+\#A4'"R"-$`$MT"@(H&00!M#:`!2Q`!$@`%*[8`%L`" M.X#`)Q`$3L"..V!<40`%*C"%.*#=0=``."!J$!"S47`!.RS^`3*@C6G`MDL0 MAT#E7VBP``L0`]E>`T,P`5<6`2V06HGGH"U@`U'0`FE@`R70`"Z@Y,)>$E?0 MQ3ZWEKE%`QG`SV].?XY^$CY0[0<1`?4%! A`?G&:6A` M`368!A*07S;`G\^^$!``;1``63FF!#WG8E+0UC[0K^:>$+9'6L8=!-"*$!A0 MC3\PJ"Y0`LQ78$H@DA%`725P!0N@7`>1`!*M\CZ1I_(&!DA@9%&0`2Q@$#3` M [DV=/G3Z!!=R8`T./%P!9'H#!\ MX0#!41H%CC08T@.*4!\[OA`TH6)@DR!I.+1XN7*@"PX,8<1(HX'*$A\#>:`8 M,A!&`S3^"\BZA$#"RL`A*!8P7&!118F!6VQ(\`K1A)J!45(.G.$"8H\E:((T MN6ABX`\B01;N..HRI%FAJ56O9MW:]6O8L5VG07+$P=ZF$4H.B3"!K(_>)`8P M#.HCA1*".Z(,3."YR9$$%*(01P/EX<`%"S2S\%(`2I,&30*(K:OY0W44%"BT M5'$#"T$)*P9"B``E2`$5#!L@H#X02H\$+(,`"0H:D`\B"=9;8(K(4!B(`@"2 M&&@*#JC00@4?H%"A"0S2T,*!**:3;4022S3Q1!13[$F%$P!88;<>.,@L#1P` M4`@-#@1*C8<$J&NB/.D&6@()&)8C2`7+!NH""254H`&-)E#^:`**"&;@L20T M6IAQ)2U:2N-)@EY`[J(LOKP"H8- ($$!$@0`2]G*5@!@@9Z=8T"9:$U]UQT MTV55!0 &&& M&W;X88@CEGABBBNV^&*,,]9X8XZ#._;X8Y!#%GEDDDLV^6244U9Y999;=OEE MF&.6>6:::[;Y9IQSUGEGGGOV^6>@@Q9Z:**+-OIHI)-6>FFFFW;Z::BCEGIJ MJJNV^FJLL]9Z:ZZ[]OIKL,,6>VRRRS;[;+335GMMMMMV^VVXXY9[;KKKMOMN 6O//6>V^^^_;[;\`#%YRF@```(?X`.S\_ ` end
A`H)5>UO8%_@KZ8I2B(XU;Q,?B``PD%@(1'1Y>7)YC+CW MC/)I9`(!#*#``AX#@)(#0`#?$/I34O!M;XM@*@LAURN`PHA?((`"B*`@,AA1 M$4HP`#%=W]4`QOMT3V>._Q(7?(32G5`]M0N$PBP7@0Z4PSQ@[(*\NL#%*FXF M=JTWKQ<#3NC<%5V)$=P6`#58!A$S=V^/5\(`#(#`"Z1JA]BT>!$G&,$D++!Q MT)_@`Z"!C6P\PY30=X837V,6XO'@.@U@.S(>Z4$!+)`VV$>CDS2-Y9;CI3Y& MZM%F;:RCF'=_!W5%\E&'3W[B@U0\,T:_7;Z*)HFB^:OG_[ZP*MK^]\$??O&/ MG_SE-[6PN$N:5Y:91;!LQJ?IY?N^5+V)E#U$T)\_B@NXW/HKI:?W\:?3E$^I M^H(`H0%>Y@BOCN"2S"_+*&-$(/=LS/`%AP"5D0!>N@\'RE8]2E^GCM7*ROCFI+C82/,(XK M662I?(Y@$QSIDN[("JUP%'2M3T9!NF;&"7!@`68*:QKP!YB0"2MEOHYG7(#C M%CH#B%P#!42A,9XGM5"@6Q"#*@AQ!!"#3A)!%ZH'&$9LJQK#$@J1%5!K`V3! M5DXCA^CD"&8@7XJHZ$(!B;H.)%2"!A!C!B8!%%JK`WB"3]3G@LRK!WA@$>2N M`5.@#EGP#M4O#QN. MJ!$F+A"\8E>2<2%4P`(>@P4ZH2%*$6S(2Q8VX$'0A6P 4->` MHP`&P.F24!?Y1_V0JQ'*1@/22VLR\1>F(N-J`EV:A[P@""$;$1><1G14P0*, MP>M`XEUHX1`YH7(6`A*V0A9&S-RTIA`<00Q[@`5081;02P7Z9(VDJ!)4!S @B&U.$`&D-&OG.8F-^P1%%&'C*(G@L4V"$@0 M"V$12:N("E$B0X$T;`,0%V,WZ.TF*Z(3&`$2&:`Q?&@W),].Q'(;?D`#AN!! MYA"3VD40>(58"@/,?H"GAB\ @@``.S\_ ` end