1. | The Funds returns and expense ratios have been calculated through April 29, 2011, the last business day of the Funds 2011 fiscal year. See Note 1 of the accompanying Notes to Financial Statements. Index returns are calculated through April 30, 2011. |
1. | The Funds returns and expense ratios have been calculated through April 29, 2011, the last business day of the Funds 2011 fiscal year. See Note 1 of the accompanying Notes to Financial Statements. Index returns are calculated through April 30, 2011. |
1. | The Funds returns and expense ratios have been calculated through April 29, 2011, the last business day of the Funds 2011 fiscal year. See Note 1 of the accompanying Notes to Financial Statements. Index returns are calculated through April 30, 2011. |
1. | The Funds returns and expense ratios have been calculated through April 29, 2011, the last business day of the Funds 2011 fiscal year. See Note 1 of the accompanying Notes to Financial Statements. Index returns are calculated through April 30, 2011. |
Beginning | Ending | Expenses | ||||||||||
Account | Account | Paid During | ||||||||||
Value | Value | 6 Months Ended | ||||||||||
November 1, 2010 | April 29, 2011 | April 29, 2011 | ||||||||||
Actual |
||||||||||||
Class A |
$ | 1,000.00 | $ | 1,103.20 | $ | 3.48 | ||||||
Class B |
1,000.00 | 1,097.80 | 8.20 | |||||||||
Class C |
1,000.00 | 1,098.20 | 7.42 | |||||||||
Class N |
1,000.00 | 1,100.50 | 5.40 | |||||||||
Class Y |
1,000.00 | 1,103.70 | 2.39 | |||||||||
Hypothetical |
||||||||||||
(5% return before expenses) |
||||||||||||
Class A |
1,000.00 | 1,021.35 | 3.34 | |||||||||
Class B |
1,000.00 | 1,016.87 | 7.89 | |||||||||
Class C |
1,000.00 | 1,017.61 | 7.14 | |||||||||
Class N |
1,000.00 | 1,019.53 | 5.19 | |||||||||
Class Y |
1,000.00 | 1,022.39 | 2.30 |
Class | Expense Ratios | |||
Class A
|
0.67 | % | ||
Class B
|
1.58 | |||
Class C
|
1.43 | |||
Class N
|
1.04 | |||
Class Y
|
0.46 |
Shares | Value | |||||||
Investment Companies99.9%1 |
||||||||
Fixed Income Fund9.8% |
||||||||
Oppenheimer International Bond Fund, Cl. Y |
31,555,390 | $ | 214,576,651 | |||||
Global Equity Funds90.1% |
||||||||
Oppenheimer Developing Markets Fund, Cl. Y |
6,035,045 | 223,598,411 | ||||||
Oppenheimer International Growth Fund, Cl. Y |
23,595,415 | 729,098,314 | ||||||
Oppenheimer International Small Company Fund, Cl. Y |
13,126,253 | 315,030,074 | ||||||
Oppenheimer Master International Value Fund, LLC |
43,630,223 | 460,041,649 | ||||||
Oppenheimer Quest International Value Fund, Cl. Y |
13,794,266 | 246,917,359 | ||||||
1,974,685,807 | ||||||||
Total Investments, at Value (Cost $1,749,436,323) |
99.9 | % | 2,189,262,458 | |||||
Other Assets Net of Liabilities |
0.1 | 2,440,138 | ||||||
Net Assets |
100.0 | % | $ | 2,191,702,596 | ||||
* | April 29, 2011 represents the last business day of the Funds 2011 fiscal year. See Note 1 of the accompanying Notes. | |
1. | Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended April 29, 2011, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows: |
Shares | Gross | Gross | Shares | |||||||||||||
April 30, 2010 | Additions | Reductions | April 29, 2011 | |||||||||||||
Oppenheimer Developing Markets Fund, Cl. Y |
5,763,629 | 912,249 | 640,833 | 6,035,045 | ||||||||||||
Oppenheimer Institutional Money Market Fund, Cl. E |
5,818,409 | 168,402,919 | 174,221,328 | | ||||||||||||
Oppenheimer International Bond Fund, Cl. Y |
22,712,424 | 9,339,812 | 496,846 | 31,555,390 | ||||||||||||
Oppenheimer International Growth Fund, Cl. Y |
20,273,488 | 3,761,705 | 439,778 | 23,595,415 | ||||||||||||
Oppenheimer International Small Company Fund, Cl. Y |
10,619,542 | 2,980,944 | 474,233 | 13,126,253 | ||||||||||||
Oppenheimer Master International Value Fund, LLC |
31,990,143 | 14,643,314 | 3,003,234 | 43,630,223 | ||||||||||||
Oppenheimer Quest International Value Fund, Cl. Y |
15,070,087 | 386,140 | 1,661,961 | 13,794,266 |
Realized | ||||||||||||
Value | Income | Gain (Loss) | ||||||||||
Oppenheimer Developing Markets Fund, Cl. Y |
$ | 223,598,411 | $ | 883,729 | $ | (3,850,315 | ) | |||||
Oppenheimer Institutional Money Market Fund, Cl. E |
| 11,841 | | |||||||||
Oppenheimer International Bond Fund, Cl. Y |
214,576,651 | 7,217,356 | (205,552 | ) | ||||||||
Oppenheimer International Growth Fund, Cl. Y |
729,098,314 | 6,002,480 | (2,797,102 | ) | ||||||||
Oppenheimer International Small Company Fund, Cl. Y |
315,030,074 | 25,714,027 | (2,446,063 | ) | ||||||||
Oppenheimer Master International Value Fund, LLC |
460,041,649 | 10,762,127 | a | 26,463,616 | a | |||||||
Oppenheimer Quest International Value Fund, Cl. Y |
246,917,359 | 6,301,819 | 6,853,407 | |||||||||
$ | 2,189,262,458 | $ | 56,893,379 | $ | 24,017,991 | |||||||
a. | Represents the amount allocated to the Fund from Oppenheimer Master International Value Fund, LLC. |
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 2 | ||||||||||||||||
Level 1 | Other | Level 3 | ||||||||||||||
Unadjusted | Significant | Significant | ||||||||||||||
Quoted | Observable | Unobservable | ||||||||||||||
Prices | Inputs | Inputs | Value | |||||||||||||
Assets Table |
||||||||||||||||
Investments, at Value: |
||||||||||||||||
Investment Companies |
$ | 1,729,220,809 | $ | 460,041,649 | $ | | $ | 2,189,262,458 | ||||||||
Total Assets |
$ | 1,729,220,809 | $ | 460,041,649 | $ | | $ | 2,189,262,458 | ||||||||
Transfers out of | Transfers into | |||||||
Level 1* | Level 2* | |||||||
Assets Table |
||||||||
Investments, at Value: |
||||||||
Investment Companies |
$ | (291,682,613 | ) | $ | 291,682,613 | |||
Total Assets |
$ | (291,682,613 | ) | $ | 291,682,613 | |||
* | Transferred from Level 1 to Level 2 as the security is not publicly offered for sale. |
Assets |
||||
Investments, at valuesee accompanying statement of investments
affiliated companies (cost $1,749,436,323) |
$ | 2,189,262,458 | ||
Receivables and other assets: |
||||
Shares of beneficial interest sold |
6,902,782 | |||
Dividends |
693,545 | |||
Other |
65,833 | |||
Total assets |
2,196,924,618 | |||
Liabilities |
||||
Bank overdraft |
317,841 | |||
Payables and other liabilities: |
||||
Shares of beneficial interest redeemed |
2,839,168 | |||
Investments purchased |
1,061,589 | |||
Distribution and service plan fees |
383,089 | |||
Transfer and shareholder servicing agent fees |
346,760 | |||
Trustees compensation |
118,278 | |||
Shareholder communications |
114,683 | |||
Other |
40,614 | |||
Total liabilities |
5,222,022 | |||
Net Assets |
$ | 2,191,702,596 | ||
Composition of Net Assets |
||||
Par value of shares of beneficial interest |
$ | 169,196 | ||
Additional paid-in capital |
2,270,116,861 | |||
Accumulated net investment income |
29,260,381 | |||
Accumulated net realized loss on investments |
(547,669,977 | ) | ||
Net unrealized appreciation on investments |
439,826,135 | |||
Net Assets |
$ | 2,191,702,596 | ||
1. | April 29, 2011 represents the last business day of the Funds 2011 fiscal year. See Note 1 of the accompanying Notes. |
Net Asset Value Per Share | ||||
Class A Shares: |
||||
Net asset value and redemption price per share (based on net assets of $1,251,012,444
and 96,034,901 shares of beneficial interest outstanding)
|
$ | 13.03 | ||
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price)
|
$ | 13.82 | ||
Class B Shares: |
||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and
offering price per share (based on net assets of $140,225,137 and 11,017,353 shares of beneficial
interest outstanding)
|
$ | 12.73 | ||
Class C Shares: |
||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and
offering price per share (based on net assets of $468,816,394 and 36,756,722 shares of beneficial
interest outstanding)
|
$ | 12.75 | ||
Class N Shares: |
||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and
offering price per share (based on net assets of $122,549,536 and 9,504,149 shares of beneficial
interest outstanding)
|
$ | 12.89 | ||
Class Y Shares: |
||||
Net asset value, redemption price and offering price per share (based on net assets
of $209,099,085 and 15,883,355 shares of beneficial interest outstanding)
|
$ | 13.16 |
Allocation of Income and Expenses from Master Fund2 |
||||
Net investment income allocated from Oppenheimer Master International Value Fund, LLC: |
||||
Dividends (net of foreign withholding taxes of $1,634,163) |
$ | 10,739,986 | ||
Interest |
22,141 | |||
Expenses3 |
(3,026,088 | ) | ||
Net investment income from Oppenheimer Master International Value Fund, LLC |
7,736,039 | |||
Investment Income |
||||
Dividends from affiliated companies |
46,131,252 | |||
Interest |
1,401 | |||
Other income |
22,801 | |||
Total investment income |
46,155,454 | |||
Expenses |
||||
Distribution and service plan fees: |
||||
Class A |
2,520,377 | |||
Class B |
1,234,659 | |||
Class C |
3,995,368 | |||
Class N |
506,301 | |||
Transfer and shareholder servicing agent fees: |
||||
Class A |
2,276,498 | |||
Class B |
548,770 | |||
Class C |
940,771 | |||
Class N |
362,771 | |||
Class Y |
291,299 | |||
Shareholder communications: |
||||
Class A |
175,929 | |||
Class B |
51,323 | |||
Class C |
69,420 | |||
Class N |
9,249 | |||
Class Y |
8,094 | |||
Trustees compensation |
30,573 | |||
Custodian fees and expenses |
14,095 | |||
Administration service fees |
1,500 | |||
Other |
94,112 | |||
Total expenses |
13,131,109 | |||
Less waivers and reimbursements of expenses |
(164,485 | ) | ||
Net expenses |
12,966,624 | |||
Net Investment Income |
40,924,869 |
1. | April 29, 2011 represents the last business day of the Funds 2011 fiscal year. See Note 1 of the accompanying Notes. | |
2. | The Fund invests in an affiliated mutual fund that expects to be treated as a partnership for tax purposes. See Note 1 of the accompanying Notes. | |
3. | Net of expense waivers and/or reimbursements of $145,977. |
Realized and Unrealized Gain (Loss) |
||||
Net realized gain (loss) on: |
||||
Investments from affiliated companies |
$ | (2,445,625 | ) | |
Distributions received from affiliated companies |
1,586,605 | |||
Net realized gain allocated from Oppenheimer Master International Value Fund, LLC |
26,463,616 | |||
Total net realized gain |
25,604,596 | |||
Net change in unrealized appreciation/depreciation on investments |
249,226,899 | |||
Net change in unrealized appreciation/deprecation allocated from
Oppenheimer Master International Value Fund, LLC |
25,439,114 | |||
Total net change in unrealized appreciation/depreciation |
274,666,013 | |||
Net Increase in Net Assets Resulting from Operations |
$ | 341,195,478 | ||
Year Ended | Year Ended | |||||||
April 29, | April 30, | |||||||
20111 | 2010 | |||||||
Operations |
||||||||
Net investment income |
$ | 40,924,869 | $ | 22,604,967 | ||||
Net realized gain (loss) |
25,604,596 | (45,809 | ) | |||||
Net change in unrealized appreciation/depreciation |
274,666,013 | 427,014,573 | ||||||
Net increase in net assets resulting from operations |
341,195,478 | 449,573,731 | ||||||
Dividends and/or Distributions to Shareholders |
||||||||
Dividends from net investment income: |
||||||||
Class A |
(21,335,133 | ) | (16,284,213 | ) | ||||
Class B |
(1,527,343 | ) | (1,557,142 | ) | ||||
Class C |
(5,538,031 | ) | (4,996,519 | ) | ||||
Class N |
(1,876,687 | ) | (1,441,158 | ) | ||||
Class Y |
(3,274,928 | ) | (1,216,072 | ) | ||||
(33,552,122 | ) | (25,495,104 | ) | |||||
Beneficial Interest Transactions |
||||||||
Net increase (decrease) in net assets resulting from
beneficial interest transactions: |
||||||||
Class A |
162,956,133 | 153,641,174 | ||||||
Class B |
(1,100,471 | ) | 1,742,849 | |||||
Class C |
17,430,389 | 32,106,903 | ||||||
Class N |
13,028,515 | 22,270,475 | ||||||
Class Y |
106,975,252 | 44,589,457 | ||||||
299,289,818 | 254,350,858 | |||||||
Net Assets |
||||||||
Total increase |
606,933,174 | 678,429,485 | ||||||
Beginning of period |
1,584,769,422 | 906,339,937 | ||||||
End of period (including accumulated net investment income
of $29,260,381 and $21,887,634, respectively) |
$ | 2,191,702,596 | $ | 1,584,769,422 | ||||
1. | April 29, 2011 represents the last business day of the Funds 2011 fiscal year. See Note 1 of the accompanying Notes. |
Class A Year Ended April 30, | 20111 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||
Per Share Operating Data |
||||||||||||||||||||
Net asset value, beginning of period |
$ | 11.04 | $ | 7.57 | $ | 12.86 | $ | 13.74 | $ | 11.81 | ||||||||||
Income (loss) from investment operations: |
||||||||||||||||||||
Net investment income2 |
.30 | .20 | .19 | .30 | .32 | |||||||||||||||
Net realized and unrealized gain (loss) |
1.93 | 3.49 | (5.05 | ) | (.61 | ) | 1.90 | |||||||||||||
Total from investment operations |
2.23 | 3.69 | (4.86 | ) | (.31 | ) | 2.22 | |||||||||||||
Dividends and/or distributions to shareholders: |
||||||||||||||||||||
Dividends from net investment income |
(.24 | ) | (.22 | ) | | (.44 | ) | (.28 | ) | |||||||||||
Distributions from net realized gain |
| | (.43 | ) | (.13 | ) | (.01 | ) | ||||||||||||
Total dividends and/or distributions to shareholders |
(.24 | ) | (.22 | ) | (.43 | ) | (.57 | ) | (.29 | ) | ||||||||||
Net asset value, end of period |
$ | 13.03 | $ | 11.04 | $ | 7.57 | $ | 12.86 | $ | 13.74 | ||||||||||
Total Return, at Net Asset Value3 |
20.31 | % | 48.79 | % | (37.65 | )% | (2.50 | )% | 19.05 | % | ||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||
Net assets, end of period (in thousands) |
$ | 1,251,013 | $ | 910,248 | $ | 514,535 | $ | 1,142,139 | $ | 695,478 | ||||||||||
Average net assets (in thousands) |
$ | 1,016,021 | $ | 744,582 | $ | 738,073 | $ | 1,004,386 | $ | 397,871 | ||||||||||
Ratios to average net assets:4 |
||||||||||||||||||||
Net investment income |
2.56 | %5 | 2.02 | %5 | 2.03 | %5 | 2.21 | %5 | 2.60 | % | ||||||||||
Total expenses6 |
0.67 | %5 | 0.68 | %5 | 0.60 | %5 | 0.43 | %5 | 0.43 | % | ||||||||||
Expenses after payments, waivers and/or
reimbursements and reduction to custodian expenses |
0.67 | %5 | 0.68 | %5 | 0.57 | %5 | 0.39 | %5 | 0.35 | % | ||||||||||
Portfolio turnover rate |
5 | % | 9 | % | 34 | % | 6 | % | 1 | % |
1. | April 29, 2011 represents the last business day of the Funds fiscal year. See Note 1 of the accompanying Notes. | |
2. | Per share amounts calculated based on the average shares outstanding during the period. | |
3. | Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
4. | Annualized for periods less than one full year. | |
5. | Includes the Funds share of the allocated expenses and/or net investment income from Oppenheimer Master International Value Fund, LLC. | |
6. | Total expenses including indirect expenses from affiliated funds were as follows: |
Year Ended April 29, 2011
|
1.34 | % | ||
Year Ended April 30, 2010
|
1.40 | % | ||
Year Ended April 30, 2009
|
1.42 | % | ||
Year Ended April 30, 2008
|
1.23 | % | ||
Year Ended April 30, 2007
|
1.17 | % |
Class B Year Ended April 30, | 20111 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||
Per Share Operating Data |
||||||||||||||||||||
Net asset value, beginning of period |
$ | 10.80 | $ | 7.42 | $ | 12.73 | $ | 13.63 | $ | 11.76 | ||||||||||
Income (loss) from investment operations: |
||||||||||||||||||||
Net investment income2 |
.18 | .11 | .11 | .17 | .21 | |||||||||||||||
Net realized and unrealized gain (loss) |
1.89 | 3.41 | (4.99 | ) | (.59 | ) | 1.89 | |||||||||||||
Total from investment operations |
2.07 | 3.52 | (4.88 | ) | (.42 | ) | 2.10 | |||||||||||||
Dividends and/or distributions to shareholders: |
||||||||||||||||||||
Dividends from net investment income |
(.14 | ) | (.14 | ) | | (.35 | ) | (.22 | ) | |||||||||||
Distributions from net realized gain |
| | (.43 | ) | (.13 | ) | (.01 | ) | ||||||||||||
Total dividends and/or distributions to shareholders |
(.14 | ) | (.14 | ) | (.43 | ) | (.48 | ) | (.23 | ) | ||||||||||
Net asset value, end of period |
$ | 12.73 | $ | 10.80 | $ | 7.42 | $ | 12.73 | $ | 13.63 | ||||||||||
Total Return, at Net Asset Value3 |
19.24 | % | 47.52 | % | (38.19 | )% | (3.32 | )% | 18.06 | % | ||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||
Net assets, end of period (in thousands) |
$ | 140,225 | $ | 120,338 | $ | 81,764 | $ | 174,717 | $ | 118,894 | ||||||||||
Average net assets (in thousands) |
$ | 123,708 | $ | 108,398 | $ | 112,481 | $ | 156,641 | $ | 69,567 | ||||||||||
Ratios to average net assets:4 |
||||||||||||||||||||
Net investment income |
1.63 | %5 | 1.13 | %5 | 1.18 | %5 | 1.24 | %5 | 1.74 | % | ||||||||||
Total expenses6 |
1.66 | %5 | 1.70 | %5 | 1.56 | %5 | 1.29 | %5 | 1.30 | % | ||||||||||
Expenses after payments, waivers and/or
reimbursements and reduction to custodian expenses |
1.57 | %5 | 1.54 | %5 | 1.43 | %5 | 1.26 | %5 | 1.22 | % | ||||||||||
Portfolio turnover rate |
5 | % | 9 | % | 34 | % | 6 | % | 1 | % |
1. | April 29, 2011 represents the last business day of the Funds fiscal year. See Note 1 of the accompanying Notes. | |
2. | Per share amounts calculated based on the average shares outstanding during the period. | |
3. | Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
4. | Annualized for periods less than one full year. | |
5. | Includes the Funds share of the allocated expenses and/or net investment income from Oppenheimer Master International Value Fund, LLC. | |
6. | Total expenses including indirect expenses from affiliated funds were as follows: |
Year Ended April 29, 2011
|
2.33 | % | ||
Year Ended April 30, 2010
|
2.42 | % | ||
Year Ended April 30, 2009
|
2.38 | % | ||
Year Ended April 30, 2008
|
2.09 | % | ||
Year Ended April 30, 2007
|
2.04 | % |
Class C Year Ended April 30, | 20111 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||
Per Share Operating Data |
||||||||||||||||||||
Net asset value, beginning of period |
$ | 10.83 | $ | 7.44 | $ | 12.74 | $ | 13.64 | $ | 11.77 | ||||||||||
Income (loss) from investment operations: |
||||||||||||||||||||
Net investment income2 |
.20 | .12 | .11 | .20 | .22 | |||||||||||||||
Net realized and unrealized gain (loss) |
1.88 | 3.42 | (4.98 | ) | (.60 | ) | 1.89 | |||||||||||||
Total from investment operations |
2.08 | 3.54 | (4.87 | ) | (.40 | ) | 2.11 | |||||||||||||
Dividends and/or distributions to shareholders: |
||||||||||||||||||||
Dividends from net investment income |
(.16 | ) | (.15 | ) | | (.37 | ) | (.23 | ) | |||||||||||
Distributions from net realized gain |
| | (.43 | ) | (.13 | ) | (.01 | ) | ||||||||||||
Total dividends and/or distributions to shareholders |
(.16 | ) | (.15 | ) | (.43 | ) | (.50 | ) | (.24 | ) | ||||||||||
Net asset value, end of period |
$ | 12.75 | $ | 10.83 | $ | 7.44 | $ | 12.74 | $ | 13.64 | ||||||||||
Total Return, at Net Asset Value3 |
19.25 | % | 47.65 | % | (38.09 | )% | (3.20 | )% | 18.14 | % | ||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||
Net assets, end of period (in thousands) |
$ | 468,816 | $ | 383,642 | $ | 240,961 | $ | 531,228 | $ | 327,749 | ||||||||||
Average net assets (in thousands) |
$ | 400,491 | $ | 330,282 | $ | 343,343 | $ | 459,758 | $ | 184,470 | ||||||||||
Ratios to average net assets:4 |
||||||||||||||||||||
Net investment income |
1.76 | %5 | 1.22 | %5 | 1.25 | %5 | 1.46 | %5 | 1.81 | % | ||||||||||
Total expenses6 |
1.43 | %5 | 1.44 | %5 | 1.35 | %5 | 1.18 | %5 | 1.19 | % | ||||||||||
Expenses after payments, waivers and/or
reimbursements and reduction to custodian expenses |
1.43 | %5 | 1.44 | %5 | 1.33 | %5 | 1.15 | %5 | 1.12 | % | ||||||||||
Portfolio turnover rate |
5 | % | 9 | % | 34 | % | 6 | % | 1 | % |
1. | April 29, 2011 represents the last business day of the Funds fiscal year. See Note 1 of the accompanying Notes. | |
2. | Per share amounts calculated based on the average shares outstanding during the period. | |
3. | Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
4. | Annualized for periods less than one full year. | |
5. | Includes the Funds share of the allocated expenses and/or net investment income from Oppenheimer Master International Value Fund, LLC. | |
6. | Total expenses including indirect expenses from affiliated funds were as follows: |
Year Ended April 29, 2011
|
2.10 | % | ||
Year Ended April 30, 2010
|
2.16 | % | ||
Year Ended April 30, 2009
|
2.17 | % | ||
Year Ended April 30, 2008
|
1.98 | % | ||
Year Ended April 30, 2007
|
1.93 | % |
Class N Year Ended April 30, | 20111 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||
Per Share Operating Data |
||||||||||||||||||||
Net asset value, beginning of period |
$ | 10.94 | $ | 7.51 | $ | 12.81 | $ | 13.70 | $ | 11.80 | ||||||||||
Income (loss) from investment operations: |
||||||||||||||||||||
Net investment income2 |
.25 | .17 | .17 | .25 | .29 | |||||||||||||||
Net realized and unrealized gain (loss) |
1.90 | 3.46 | (5.04 | ) | (.60 | ) | 1.89 | |||||||||||||
Total from investment operations |
2.15 | 3.63 | (4.87 | ) | (.35 | ) | 2.18 | |||||||||||||
Dividends and/or distributions to shareholders: |
||||||||||||||||||||
Dividends from net investment income |
(.20 | ) | (.20 | ) | | (.41 | ) | (.27 | ) | |||||||||||
Distributions from net realized gain |
| | (.43 | ) | (.13 | ) | (.01 | ) | ||||||||||||
Total dividends and/or distributions to shareholders |
(.20 | ) | (.20 | ) | (.43 | ) | (.54 | ) | (.28 | ) | ||||||||||
Net asset value, end of period |
$ | 12.89 | $ | 10.94 | $ | 7.51 | $ | 12.81 | $ | 13.70 | ||||||||||
Total Return, at Net Asset Value3 |
19.81 | % | 48.39 | % | (37.87 | )% | (2.79 | )% | 18.70 | % | ||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||
Net assets, end of period (in thousands) |
$ | 122,550 | $ | 91,748 | $ | 47,209 | $ | 70,481 | $ | 35,342 | ||||||||||
Average net assets (in thousands) |
$ | 101,565 | $ | 71,007 | $ | 54,203 | $ | 53,978 | $ | 17,382 | ||||||||||
Ratios to average net assets:4 |
||||||||||||||||||||
Net investment income |
2.20 | %5 | 1.72 | %5 | 1.89 | %5 | 1.82 | %5 | 2.32 | % | ||||||||||
Total expenses6 |
1.04 | %5 | 1.02 | %5 | 0.97 | %5 | 0.75 | %5 | 0.74 | |||||||||||
Expenses after payments, waivers and/or
reimbursements and reduction to custodian expenses |
1.03 | %5 | 0.98 | %5 | 0.88 | %5 | 0.71 | %5 | 0.67 | % | ||||||||||
Portfolio turnover rate |
5 | % | 9 | % | 34 | % | 6 | % | 1 | % |
1. | April 29, 2011 represents the last business day of the Funds fiscal year. See Note 1 of the accompanying Notes. | |
2. | Per share amounts calculated based on the average shares outstanding during the period. | |
3. | Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
4. | Annualized for periods less than one full year. | |
5. | Includes the Funds share of the allocated expenses and/or net investment income from Oppenheimer Master International Value Fund, LLC. | |
6. | Total expenses including indirect expenses from affiliated funds were as follows: |
Year Ended April 29, 2011
|
1.71 | % | ||
Year Ended April 30, 2010
|
1.74 | % | ||
Year Ended April 30, 2009
|
1.79 | % | ||
Year Ended April 30, 2008
|
1.55 | % | ||
Year Ended April 30, 2007
|
1.48 | % |
Class Y Year Ended April 30, | 20111 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||
Per Share Operating Data |
||||||||||||||||||||
Net asset value, beginning of period |
$ | 11.16 | $ | 7.65 | $ | 12.93 | $ | 13.80 | $ | 11.84 | ||||||||||
Income (loss) from investment operations: |
||||||||||||||||||||
Net investment income2 |
.35 | .25 | .24 | .37 | .32 | |||||||||||||||
Net realized and unrealized gain (loss) |
1.93 | 3.51 | (5.09 | ) | (.63 | ) | 1.96 | |||||||||||||
Total from investment operations |
2.28 | 3.76 | (4.85 | ) | (.26 | ) | 2.28 | |||||||||||||
Dividends and/or distributions to shareholders: |
||||||||||||||||||||
Dividends from net investment income |
(.28 | ) | (.25 | ) | | (.48 | ) | (.31 | ) | |||||||||||
Distributions from net realized gain |
| | (.43 | ) | (.13 | ) | (.01 | ) | ||||||||||||
Total dividends and/or distributions to shareholders |
(.28 | ) | (.25 | ) | (.43 | ) | (.61 | ) | (.32 | ) | ||||||||||
Net asset value, end of period |
$ | 13.16 | $ | 11.16 | $ | 7.65 | $ | 12.93 | $ | 13.80 | ||||||||||
Total Return, at Net Asset Value3 |
20.56 | % | 49.32 | % | (37.36 | )% | (2.17 | )% | 19.51 | % | ||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||
Net assets, end of period (in thousands) |
$ | 209,099 | $ | 78,793 | $ | 21,871 | $ | 28,223 | $ | 4,881 | ||||||||||
Average net assets (in thousands) |
$ | 122,708 | $ | 46,070 | $ | 24,956 | $ | 16,727 | $ | 2,254 | ||||||||||
Ratios to average net assets:4 |
||||||||||||||||||||
Net investment income |
2.98 | %5 | 2.41 | %5 | 2.65 | %5 | 2.72 | %5 | 2.62 | % | ||||||||||
Total expenses6 |
0.42 | %5 | 0.29 | %5 | 0.22 | %5 | 0.10 | %5 | 0.02 | % | ||||||||||
Expenses after payments, waivers and/or
reimbursements and reduction to custodian expenses |
0.40 | %5 | 0.29 | %5 | 0.21 | %5 | 0.07 | %5 | (0.05 | )%7 | ||||||||||
Portfolio turnover rate |
5 | % | 9 | % | 34 | % | 6 | % | 1 | % |
1. | April 29, 2011 represents the last business day of the Funds fiscal year. See Note 1 of the accompanying Notes. | |
2. | Per share amounts calculated based on the average shares outstanding during the period. | |
3. | Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
4. | Annualized for periods less than one full year. | |
5. | Includes the Funds share of the allocated expenses and/or net investment income from Oppenheimer Master International Value Fund, LLC. | |
6. | Total expenses including indirect expenses from affiliated funds were as follows: |
Year Ended April 29, 2011 |
1.09 | % | ||
Year Ended April 30, 2010 |
1.01 | % | ||
Year Ended April 30, 2009 |
1.04 | % | ||
Year Ended April 30, 2008 |
0.90 | % | ||
Year Ended April 30, 2007 |
0.76 | % |
7. | The amount of indirect expenses reimbursed for the class, including certain management fees and all distribution related service plan fees incurred indirectly, exceeded the amount of direct expenses it incurred. |
Net Unrealized | ||||||||||||
Appreciation | ||||||||||||
Based on Cost of | ||||||||||||
Securities and | ||||||||||||
Undistributed | Undistributed | Accumulated | Other Investments | |||||||||
Net Investment | Long-Term | Loss | for Federal Income | |||||||||
Income | Gain | Carryforward1,2,3 | Tax Purposes | |||||||||
$39,109,347 |
$ | | $ | 435,333,868 | $ | 323,485,097 |
1. | As of April 29, 2011, the Fund had $435,333,868 of net capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. As of April 29, 2011, details of the capital loss carryforwards were as follows: |
Expiring | ||||
2017 |
$ | 119,563,783 | ||
2018 |
315,770,085 | |||
Total |
$ | 435,333,868 | ||
Year Ended | Year Ended | |||||||
April 29, 2011 | April 30, 2010 | |||||||
Distributions paid from: |
||||||||
Ordinary income |
$ | 33,552,122 | $ | 25,495,104 |
Federal tax cost of securities |
$ | 1,865,777,361 | ||
Gross unrealized appreciation |
$ | 411,569,035 | ||
Gross unrealized depreciation |
(88,083,938 | ) | ||
Net unrealized appreciation |
$ | 323,485,097 | ||
Projected Benefit Obligations Increased |
$ | 3,676 | ||
Payments Made to Retired Trustees |
7,767 | |||
Accumulated Liability as of April 29, 2011 |
61,904 |
Year Ended April 29, 2011 | Year Ended April 30, 2010 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Class A |
||||||||||||||||
Sold |
32,231,746 | $ | 374,239,889 | 30,035,144 | $ | 311,397,858 | ||||||||||
Dividends and/or distributions reinvested |
1,579,558 | 19,381,141 | 1,363,262 | 14,478,051 | ||||||||||||
Redeemed |
(20,194,449 | ) | (230,664,897 | ) | (16,936,106 | ) | (172,234,735 | ) | ||||||||
Net increase |
13,616,855 | $ | 162,956,133 | 14,462,300 | $ | 153,641,174 | ||||||||||
Class B |
||||||||||||||||
Sold |
2,216,828 | $ | 24,964,715 | 2,533,364 | $ | 25,437,783 | ||||||||||
Dividends and/or distributions reinvested |
119,823 | 1,440,266 | 140,477 | 1,463,772 | ||||||||||||
Redeemed |
(2,457,517 | ) | (27,505,452 | ) | (2,553,335 | ) | (25,158,706 | ) | ||||||||
Net increase (decrease) |
(120,866 | ) | $ | (1,100,471 | ) | 120,506 | $ | 1,742,849 | ||||||||
Class C |
||||||||||||||||
Sold |
8,456,589 | $ | 96,984,990 | 9,907,389 | $ | 100,090,798 | ||||||||||
Dividends and/or distributions reinvested |
401,253 | 4,831,093 | 412,256 | 4,303,935 | ||||||||||||
Redeemed |
(7,534,443 | ) | (84,385,694 | ) | (7,293,393 | ) | (72,287,830 | ) | ||||||||
Net increase |
1,323,399 | $ | 17,430,389 | 3,026,252 | $ | 32,106,903 | ||||||||||
Year Ended April 29, 2011 | Year Ended April 30, 2010 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Class N |
||||||||||||||||
Sold |
4,106,053 | $ | 47,479,939 | 4,034,257 | $ | 41,535,276 | ||||||||||
Dividends and/or distributions reinvested |
132,668 | 1,613,223 | 117,911 | 1,242,776 | ||||||||||||
Redeemed |
(3,118,151 | ) | (36,064,647 | ) | (2,051,786 | ) | (20,507,577 | ) | ||||||||
Net increase |
1,120,570 | $ | 13,028,515 | 2,100,382 | $ | 22,270,475 | ||||||||||
Class Y |
||||||||||||||||
Sold |
12,311,799 | $ | 146,988,425 | 5,923,120 | $ | 62,670,311 | ||||||||||
Dividends and/or distributions reinvested |
219,897 | 2,724,529 | 109,073 | 1,169,259 | ||||||||||||
Redeemed |
(3,707,999 | ) | (42,737,702 | ) | (1,832,610 | ) | (19,250,113 | ) | ||||||||
Net increase |
8,823,697 | $ | 106,975,252 | 4,199,583 | $ | 44,589,457 | ||||||||||
Purchases | Sales | |||||||
Investment securities |
$ | 388,474,344 | $ | 80,197,329 |
Class B |
$ | 1,603,070 | ||
Class C |
4,610,648 | |||
Class N |
995,724 |
Class A | Class B | Class C | Class N | |||||||||||||||||
Class A | Contingent | Contingent | Contingent | Contingent | ||||||||||||||||
Front-End | Deferred | Deferred | Deferred | Deferred | ||||||||||||||||
Sales Charges | Sales Charges | Sales Charges | Sales Charges | Sales Charges | ||||||||||||||||
Retained by | Retained by | Retained by | Retained by | Retained by | ||||||||||||||||
Year Ended | Distributor | Distributor | Distributor | Distributor | Distributor | |||||||||||||||
April 29, 2011 |
$ | 656,546 | $ | 2,790 | $ | 211,617 | $ | 41,374 | $ | 4,616 |
Class B |
$ | 119,631 | ||
Class N |
16,423 | |||
Class Y |
28,431 |
Name, Position(s) Held with the Fund, Length of Service, Age |
Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen | |
INDEPENDENT TRUSTEES |
The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal. | |
Brian F. Wruble, Chairman of the Board of Trustees (since 2007), Trustee (since 2005) Age: 68 |
Chairman (since August 2007) and Trustee (since August 1991) of the Board of Trustees of The Jackson Laboratory (non-profit); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Managers parent company) (since September 2004); Member of Zurich Financial Investment Management Advisory Council (insurance) (since 2004); Treasurer (since 2007) and Trustee of the Institute for Advanced Study (non-profit educational institute) (since May 1992); General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995-December 2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004). Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Wruble has served on the Boards of certain Oppenheimer funds since April 2001, during which time he has become familiar with the Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. | |
David K. Downes, Trustee (since 2007) Age: 71 |
Director of THL Credit Inc. (since June 2009); Independent Chairman GSK Employee Benefit Trust (since April 2006); Trustee of Employee Trusts (since January 2006); Chief Executive Officer and Board Member of Community Capital Management (investment management company) (since January 2004); President of The Community Reinvestment Act Qualified Investment Fund (investment management company) (since 2004); Director of Internet Capital Group (information technology company) (since October 2003); Director of Correctnet (January 2006-2007); Independent Chairman of the Board of Trustees of Quaker Investment Trust (registered investment company) (2004-2007); Chief Operating Officer and Chief Financial Officer of Lincoln National Investment Companies, Inc. (subsidiary of Lincoln National Corporation, a publicly traded company) and Delaware Investments U.S., Inc. (investment management subsidiary of Lincoln National Corporation) (1993-2003); President, Chief Executive Officer and Trustee of Delaware Investment Family of Funds (1993-2003); President and Board Member of Lincoln National Convertible Securities Funds, Inc. and the Lincoln National Income Funds, TDC (1993-2003); Chairman and Chief Executive Officer of Retirement Financial Services, Inc. (registered transfer agent and investment adviser and subsidiary of Delaware Investments U.S., Inc.) (1993-2003); President and Chief Executive Officer of Delaware Service Company, Inc. (1995-2003); Chief Administrative Officer, Chief Financial Officer, Vice Chairman and Director of Equitable Capital Management Corporation (investment subsidiary of Equitable Life Assurance Society) (1985-1992); Corporate Controller of Merrill Lynch Company (financial services holding company) (1977-1985); held the following positions at the Colonial Penn Group, Inc. (insurance company): Corporate Budget Director (1974-1977), Assistant Treasurer (1972-1974) and Director of Corporate Taxes (1969-1972); held the following positions at Price Waterhouse Company (financial services firm): Tax Manager (1967-1969), Tax Senior (1965-1967) and Staff Accountant (1963-1965); United States Marine Corps (1957-1959). Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Downes has served on the Boards of certain Oppenheimer funds since December 2005, during which time he has become familiar with the Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. | |
Matthew P. Fink, Trustee (since 2005) Age: 70 |
Trustee of the Committee for Economic Development (policy research foundation) (since 2005); Director of ICI Education Foundation (education foundation) (October 1991-August 2006); President of the Investment Company Institute |
Name, Position(s) Held with the Fund, Length of Service, Age |
Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen | |
Matthew P. Fink, Continued |
(trade association) (October 1991-June 2004); Director of ICI Mutual Insurance Company (insurance company) (October 1991-June 2004). Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Fink has served on the Boards of certain Oppenheimer funds since January 2005, during which time he has become familiar with the Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. | |
Phillip A. Griffiths, Trustee (since 2005) Age: 72 |
Fellow of the Carnegie Corporation (since 2007); Distinguished Presidential Fellow for International Affairs (since 2002) and Member (since 1979) of the National Academy of Sciences; Council on Foreign Relations (since 2002); Director of GSI Lumonics Inc. (precision technology products company) (since 2001); Senior Advisor of The Andrew W. Mellon Foundation (since 2001); Chair of Science Initiative Group (since 1999); Member of the American Philosophical Society (since 1996); Trustee of Woodward Academy (since 1983); Foreign Associate of Third World Academy of Sciences (since 2002); Director of the Institute for Advanced Study (1991-2004); Director of Bankers Trust New York Corporation (1994-1999); Provost at Duke University (1983-1991). Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Griffiths has served on the Boards of certain Oppenheimer funds since June 1999, during which time he has become familiar with the Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. | |
Mary F. Miller, Trustee (since 2005) Age: 68 |
Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (since October 1998); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Oversees 59 portfolios in the OppenheimerFunds complex. Ms. Miller has served on the Boards of certain Oppenheimer funds since August 2004, during which time she has become familiar with the Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. | |
Joel W. Motley, Trustee (since 2005) Age: 58 |
Managing Director of Public Capital Advisors, LLC (privately-held financial advisor) (since January 2006); Managing Director of Carmona Motley, Inc. (privately-held financial advisor) (since January 2002); Director of Columbia Equity Financial Corp. (privately-held financial advisor) (2002-2007); Managing Director of Carmona Motley Hoffman Inc. (privately-held financial advisor) (January 1998-December 2001); Member of the Finance and Budget Committee of the Council on Foreign Relations, Chairman of the Investment Committee of the Episcopal Church of America, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee and Board of Historic Hudson Valley. Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Motley has served on the Boards of certain Oppenheimer funds since October 2002, during which time he has become familiar with the Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. | |
Mary Ann Tynan, Trustee (since 2008) Age: 65 |
Vice Chair of Board of Trustees of Brigham and Womens/Faulkner Hospitals hospital) (since 2000); Chair of Board of Directors of Faulkner Hospital (non-profit hospital) (since 1990); Member of Audit and Compliance Committee of Partners Health Care System (non-profit) (since 2004); Board of Trustees of Middlesex School (educational institution) (since 1994); Board of Directors of Idealswork, Inc. (financial services provider) (since 2003); Partner, Senior Vice President and Director of Regulatory Affairs of Wellington Management Company, LLP (global investment manager) (1976-2002); Vice President and Corporate Secretary, John Hancock Advisers, Inc. (mutual fund investment adviser) (1970-1976). Oversees 59 portfolios in the OppenheimerFunds complex. Ms. Tynan has served on the Boards of certain |
Name, Position(s) Held with the Fund, Length of Service, Age |
Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen | |
Mary Ann Tynan, Continued |
Oppenheimer funds since October 2008, during which time she has become familiar with the Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. | |
Joseph M. Wikler, Trustee (since 2005) Age: 70 |
Director of C-TASC (bio-statistics services) (since 2007); formerly, Director of the following medical device companies: Medintec (1992-2011) and Cathco (1996-2011); Member of the Investment Committee of the Associated Jewish Charities of Baltimore (since 1994); Director of Lakes Environmental Association (environmental protection organization) (1996-2008); Director of Fortis/Hartford mutual funds (1994-December 2001). Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Wikler has served on the Boards of certain Oppenheimer funds since August 2005, during which time he has become familiar with the Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. | |
Peter I. Wold, Trustee (since 2005) Age: 63 |
Director of Arch Coal, Inc. (since 2010); Director and Chairman of Wyoming Enhanced Oil Recovery Institute Commission (enhanced oil recovery study) (since 2004); President of Wold Oil Properties, Inc. (oil and gas exploration and production company) (since 1994); Vice President of American Talc Company, Inc. (talc mining and milling) (since 1999); Managing Member of Hole-in-the-Wall Ranch (cattle ranching) (since 1979); Director and Chairman of the Denver Branch of the Federal Reserve Bank of Kansas City (1993-1999); and Director of PacifiCorp. (electric utility) (1995-1999). Oversees 59 portfolios in the OppenheimerFunds complex. Mr. Wold has served on the Boards of certain Oppenheimer funds since August 2005, during which time he has become familiar with the Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. | |
INTERESTED TRUSTEE AND
OFFICER
|
The address of Mr. Glavin is Two World Financial Center, 225 Liberty Street, 11th Floor, New York, New York 10281-1008. Mr. Glavin serves as a Trustee for an indefinite term, or until his resignation, retirement, death or removal and as an Officer for an indefinite term, or until his resignation, retirement, death or removal. Mr. Glavin is an Interested Trustee due to his positions with OppenheimerFunds, Inc. and its affiliates. | |
William F. Glavin, Jr., Trustee, President and Principal Executive Officer (since 2009) Age: 52 |
Chairman of the Manager (since December 2009); Chief Executive Officer and Director of the Manager (since January 2009); President of the Manager (since May 2009); Director of Oppenheimer Acquisition Corp. (OAC) (the Managers parent holding company) (since June 2009); Executive Vice President (March 2006-February 2009) and Chief Operating Officer (July 2007-February 2009) of Massachusetts Mutual Life Insurance Company (OACs parent company); Director (May 2004- March 2006) and Chief Operating Officer and Chief Compliance Officer (May 2004- January 2005), President (January 2005-March 2006) and Chief Executive Officer (June 2005-March 2006) of Babson Capital Management LLC; Director (March 2005- March 2006), President (May 2003-March 2006) and Chief Compliance Officer (July 2005-March 2006) of Babson Capital Securities, Inc. (a broker-dealer); President (May 2003-March 2006) of Babson Investment Company, Inc.; Director (May 2004-August 2006) of Babson Capital Europe Limited; Director (May 2004-October 2006) of Babson Capital Guernsey Limited; Director (May 2004-March 2006) of Babson Capital Management LLC; Non-Executive Director (March 2005-March 2007) of Baring Asset Management Limited; Director (February 2005-June 2006) Baring Pension Trustees Limited; Director and Treasurer (December 2003-November 2006) of Charter Oak Capital Management, Inc.; Director (May 2006-September 2006) of C.M. Benefit Insurance Company; Director (May 2008-June 2009) and Executive Vice President (June 2007-July 2009) of C.M. Life Insurance Company; President |
Name, Position(s) Held with the Fund, Length of Service, Age |
Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen | |
William F. Glavin, Jr., Continued |
(March 2006-May 2007) of MassMutual Assignment Company; Director (January 2005-December 2006), Deputy Chairman (March 2005-December 2006) and President (February 2005-March 2005) of MassMutual Holdings (Bermuda) Limited; Director (May 2008-June 2009) and Executive Vice President (June 2007-July 2009) of MML Bay State Life Insurance Company; Chief Executive Officer and President (April 2007-January 2009) of MML Distributors, LLC; and Chairman (March 2006-December 2008) and Chief Executive Officer (May 2007-December 2008) of MML Investors Services, Inc. Oversees 66 portfolios as a Trustee/Director and 96 portfolios as an officer in the OppenheimerFunds complex. Mr. Glavin has served on the Boards of certain Oppenheimer funds since 2009, during which time he has become familiar with the Funds (and other Oppenheimer funds) financial, accounting, regulatory and investment matters and has contributed to the Boards deliberations. | |
OTHER OFFICERS OF THE
FUND
|
The addresses of the Officers in the chart below are as follows: for Messrs. Evans, Gabinet, Keffer and Zack, Two World Financial Center, 225 Liberty Street, New York, New York 10281-1008, for Messrs. Vandehey and Wixted, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal. | |
George R. Evans, Vice President and Portfolio Manager (since 2005) Age: 51 |
Director of Equities of the Manager (since October 2010); Senior Vice President (since 1993) and Director of International Equities of the Manager (since July 2004); Vice President of the Manager (October 1993-July 2004). A portfolio manager and officer of 5 portfolios in the OppenheimerFunds complex. | |
Arthur S. Gabinet, Secretary (since 2011) Age: 53 |
Executive Vice President (since May 2010) and General Counsel (since January 2011) of the Manager; General Counsel of the Distributor (since January 2011); General Counsel of Centennial Asset Management Corporation (since January 2011); Executive Vice President and General Counsel of HarbourView Asset Management Corporation (since January 2011); Assistant Secretary (since January 2011) and Director (since January 2011) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc. (since January 2011); Director of Oppenheimer Real Asset Management, Inc. (since January 2011); Executive Vice President and General Counsel of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since January 2011); Executive Vice President and General Counsel of OFI Private Investments, Inc. (since January 2011); Vice President of OppenheimerFunds Legacy Program (since January 2011); Executive Vice President and General Counsel of OFI Institutional Asset Management, Inc. (since January 2011); General Counsel, Asset Management of the Manager (May 2010-December 2010); Principal, The Vanguard Group (November 2005-April 2010); District Administrator, U.S. Securities and Exchange Commission (January 2003-October 2005). An officer of 96 portfolios in the OppenheimerFunds complex. | |
Thomas W. Keffer, Vice President and Chief Business Officer (since 2009) Age: 55 |
Senior Vice President of the Manager (since March 1997); Director of Investment Brand Management of the Manager (since November 1997); Senior Vice President of OppenheimerFunds Distributor, Inc. (since December 1997). An officer of 96 portfolios in the OppenheimerFunds complex. | |
Mark S. Vandehey, Vice President and Chief Compliance Officer (since 2005) Age: 60 |
Senior Vice President and Chief Compliance Officer of the Manager (since March 2004); Chief Compliance Officer of OppenheimerFunds Distributor, Inc., Centennial Asset Management and Shareholder Services, Inc. (since March 2004); Vice President of OppenheimerFunds Distributor, Inc., Centennial Asset Management Corporation and Shareholder Services, Inc. (since June 1983). An officer of 96 portfolios in the OppenheimerFunds complex. |
Name, Position(s) Held with the Fund, Length of Service, Age |
Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen | |
Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 2005) Age: 51 |
Senior Vice President of the Manager (since March 1999); Treasurer of the Manager and the following: HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management, Inc. and Oppenheimer Partnership Holdings, Inc. (March 1999-June 2008), OFI Private Investments, Inc. (March 2000-June 2008), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (since November 2000), and OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since June 2003); Treasurer and Chief Financial Officer of OFI Trust Company (trust company subsidiary of the Manager) (since May 2000); Assistant Treasurer of OAC (March 1999-June 2008). An officer of 96 portfolios in the OppenheimerFunds complex. | |
Robert G. Zack, Vice President (since 2011) Age: 62 |
Vice President, Secretary and General Counsel of OAC (since November 2001); Executive Vice President (since January 2004) and General Counsel (March 2002 - December 2010) of the Manager; General Counsel of the Distributor (December 2001-December 2010); General Counsel of Centennial Asset Management Corporation (December 2001-December 2010); Senior Vice President and General Counsel of HarbourView Asset Management Corporation (December 2001- December 2010); Assistant Secretary (September 1997-December 2010) and Director (November 2001-December 2010) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc. (December 2002-December 2010); Director of Oppenheimer Real Asset Management, Inc. (November 2001-December 2010); Senior Vice President, General Counsel and Director of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (December 2001-December 2010); Senior Vice President, General Counsel and Director of OFI Private Investments, Inc. (November 2001-December 2010); Executive Vice President, General Counsel and Director of OFI Trust Company (since November 2001); Vice President of OppenheimerFunds Legacy Program (June 2003-December 2010); Senior Vice President and General Counsel of OFI Institutional Asset Management, Inc. (November 2001-December 2010). An officer of 96 portfolios in the OppenheimerFunds complex. |
Manager
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OppenheimerFunds, Inc. | |
Distributor
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OppenheimerFunds Distributor, Inc. | |
Transfer and Shareholder Servicing Agent
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OppenheimerFunds Services | |
Independent Registered Public Accounting Firm
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KPMG llp | |
Legal Counsel
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Kramer Levin Naftalis & Frankel LLP |
| Applications or other forms | |
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(e) | (1) During its regularly scheduled periodic meetings, the registrants audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the registrant. | |
The audit committee has delegated pre-approval authority to its Chairman for any subsequent new engagements that arise between regularly scheduled meeting dates provided that any fees such pre-approved are presented to the audit committee at its next regularly scheduled meeting. | ||
Under applicable laws, pre-approval of non-audit services maybe waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to it principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit. | ||
(2) 100% | ||
(f) | Not applicable as less than 50%. | |
(g) | The principal accountant for the audit of the registrants annual financial statements billed $295,450 in fiscal 2011 and $257,840 in fiscal 2010 to the registrant and the registrants investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934. | |
(h) | The registrants audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrants investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved |
pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountants independence. No such services were rendered. |
1. | The Funds Governance Committee (the Committee) will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds investment manager and its affiliates in making the selection. |
2. | The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individuals background, skills, and experience; whether the individual is an interested person as defined in the Investment Company Act of 1940; and whether the individual would be deemed an audit committee financial expert within the meaning of applicable SEC rules. The Committee also considers whether the individuals background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder. | |
3. | The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following: |
| the name, address, and business, educational, and/or other pertinent background of the person being recommended; | ||
| a statement concerning whether the person is an interested person as defined in the Investment Company Act of 1940; | ||
| any other information that the Funds would be required to include in a proxy statement concerning the person if he or she was nominated; and | ||
| the name and address of the person submitting the recommendation and, if that person is a shareholder, the period for which that person held Fund shares. |
The recommendation also can include any additional information which the person submitting it believes would assist the Committee in evaluating the recommendation. | ||
4. | Shareholders should note that a person who owns securities issued by Massachusetts Mutual Life Insurance Company (the parent company of the Funds investment adviser) would be deemed an interested person under the Investment Company Act of 1940. In addition, certain other relationships with Massachusetts Mutual Life Insurance Company or its subsidiaries, with registered broker-dealers, or with the Funds outside legal counsel may cause a person to be deemed an interested person. | |
5. | Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company. |
(a) | (1) Exhibit attached hereto. | |
(2) Exhibits attached hereto. | ||
(3) Not applicable. | ||
(b) | Exhibit attached hereto. |
Oppenheimer International Diversified Fund | ||||
By:
|
/s/ William F. Glavin, Jr. | |||
William F. Glavin, Jr. | ||||
Principal Executive Officer | ||||
Date:
|
06/10/2011 |
By:
|
/s/ William F. Glavin, Jr.
|
|||
Principal Executive Officer | ||||
Date:
|
06/10/2011 | |||
By:
|
/s/ Brian W. Wixted | |||
Brian W. Wixted | ||||
Principal Financial Officer | ||||
Date:
|
06/10/2011 |
| honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; | ||
| full, fair, accurate, timely, and understandable disclosure in reports and documents that a Fund files with, or submits to, the U.S. Securities and Exchange Commission (SEC) and in other public communications made by the Fund; | ||
| compliance with applicable governmental laws, rules and regulations; | ||
| the prompt internal reporting of violations of this Code to the Code Administrator identified below; and | ||
| accountability for adherence to this Code. |
1 | The obligations imposed by this Code on Covered Officers are separate from and in addition to any obligations that may be imposed on such persons as Covered Persons under the Code of Ethics adopted by OFI and the Funds under Rule 17j-1 of the Investment Company Act of 1940, as amended and any other code of conduct applicable to Covered Officers in whatever capacity they serve. This Code does not incorporate by reference any provisions of the Rule 17j-1 Code of Ethics and accordingly, any violations or waivers granted under the Rule 17j-1 Code of Ethics will not be considered a violation or waiver under this Code. |
(i) | employ any device, scheme or artifice to defraud a Fund or its shareholders; | ||
(ii) | intentionally cause a Fund to make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading in its official documents, regulatory filings, financial statements or communications to the public; | ||
(iii) | engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any Fund or its shareholders; | ||
(iv) | engage in any manipulative practice with respect to any Fund; | ||
(v) | use his or her personal influence or personal relationships to influence any business decision, investment decisions, or financial reporting by a Fund |
whereby the Covered Officer would benefit personally to the detriment of the Fund or its shareholders; | |||
(vi) | intentionally cause a Fund to fail to comply with applicable laws, rules and regulations, including failure to comply with the requirement of full, fair, accurate, understandable and timely disclosure in reports and documents that a Fund files with, or submits to, the SEC and in other public communications made by the Fund; | ||
(vii) | intentionally mislead or omit to provide material information to the Funds independent auditors or to the Board of Trustees/Directors or the officers of the Fund or its investment adviser in connection with financial reporting matters; | ||
(viii) | fail to notify the Code Administrator or the Chief Executive Officer of the Fund or its investment adviser promptly if he or she becomes aware of any existing or potential violations of this Code or applicable laws; | ||
(ix) | retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of this Code; or | ||
(x) | fails to acknowledge or certify compliance with this Code if requested to do so. |
(i) | is prohibited by this Code; | ||
(ii) | is consistent with honest and ethical conduct; and | ||
(iii) | will result in a conflict of interest between the Covered Officers personal and professional obligations to a Fund. |
(i) | Continuous maintenance of a current list of the names of all Covered Officers; | ||
(ii) | Furnishing all Covered Officers a copy of this Code and initially and periodically informing them of their duties and obligations thereunder;(iii) Maintaining or supervising the maintenance of all records required by this Code, including records of waivers granted hereunder; (iv) Issuing interpretations of this Code which appear to the Code Administrator to be consistent with the objectives of this Code and any applicable laws or regulations; | ||
(v) | Conducting such inspections or investigations as shall reasonably be required to detect and report any violations of this Code, with his or her recommendations, to the Chief Executive Officer of OFI and to the Trustees/Directors of the affected Fund(s) or any committee appointed by them to deal with such information; and Periodically conducting educational training programs as needed to explain and reinforce the terms of this Code. |
2 | An implicit waiver is the failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to the General Counsel, the Code Administrator, and an executive officer of the Fund or OFI. |
(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. |
* | There are no other positions with the Funds or OFI who perform similar functions to those listed above. |
1. | I have reviewed this report on Form N-CSR of Oppenheimer International Diversified 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.
|
||
Principal Executive Officer |
1. | I have reviewed this report on Form N-CSR of Oppenheimer International Diversified 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
|
||
Principal Financial Officer |
1. | The Registrants periodic report on Form N-CSR for the period ended 04/29/2011 (the Form N-CSR) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and | |
2. | The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission. |
Principal Executive Officer
|
Principal Financial Officer | |||||
Oppenheimer International Diversified Fund |
Oppenheimer International Diversified Fund |
|||||
/s/ William F. Glavin, Jr.
|
/s/ Brian W. Wixted | |||||
William F. Glavin, Jr.
|
Brian W. Wixted | |||||
Date: 06/10/2011
|
Date: 06/10/2011 |
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