N-14 Cover Page, Part B
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As filed with the Securities and Exchange Commission on August 23, 2007 OMB APPROVAL
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Registration No. 333-144755 OMB Number: 3235-0336
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-14
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 / X /
PRE-EFFECTIVE AMENDMENT NO. 3 / X /
-----------------
POST-EFFECTIVE AMENDMENT NO. __ / /
OPPENHEIMER CAPITAL APPRECIATION FUND
(Exact Name of Registrant as Specified in Charter)
6803 South Tucson Way, Centennial, Colorado 80112-3924
(Address of Principal Executive Offices)
303-768-3200
(Registrant's Area Code and Telephone Number)
Robert G. Zack, Esq.
Executive Vice President & General Counsel
OppenheimerFunds, Inc.
Two World Financial Center
225 Liberty Street
New York, New York 10148
(212) 323-0250
(Name and Address of Agent for Service)
As soon as practicable after the Registration Statement becomes effective.
(Approximate Date of Proposed Public Offering)
Title of Securities Being Registered: Class A, Class B, Class C, Class N
and Class Y shares of Oppenheimer Capital Appreciation Fund.
No filing fee is due because of reliance on Section 24(f) of the Investment
Company Act of 1940, as amended.
The Registrant hereby amends this Registration Statement on such date as may be
necessary to delay its effective date until the Registrant shall file a further
amendment which specifically states that this Registration Statement shall
thereafter become effective in accordance with Section 8(a) of the Securities
Act of 1933 or until the Registration Statement shall become effective on such
date as the Commission, acting pursuant to said Section 8(a), may determine.
This Pre-Effective Amendment is being filed to revise Part B of the Registration
Statement to incorporate by reference the semi-annual reports of Capital
Appreciation Fund and Growth Fund, both dated February 28, 2007, and to reflect
that the pro forma financial statements are as of May 31, 2007.
Parts A and C are incorporated herein by reference from the Registration
Statement filed on August 17, 2007.
SIGNATURES
As required by the Securities Act of 1933, as amended, this registration
statement has been signed on behalf of the registrant, in the City of New York
and State of New York, on the 23rd day of August, 2007.
Oppenheimer Capital Appreciation Fund
By: /s/ John V. Murphy*
---------------------------------------------
John V. Murphy, President,
Principal Executive Officer & Trustee
Pursuant to the requirements of the Securities Act of 1933, this Registration
Statement has been signed below by the following persons in the capacities on
the dates indicated:
Signatures Title Date
/s/ Brian F. Wruble* Chairman of the
-------------------------------
Brian F. Wruble Board of Trustees August 23, 2007
/s/ John V. Murphy* President, Principal
-------------------------------
John V. Murphy Executive Officer and Trustee August 23, 2007
/s/ Brian W. Wixted* Treasurer, Principal August 23, 2007
-------------------------------
Brian W. Wixted Financial & Accounting Officer
/s/ David K. Downes* Trustee August 23, 2007
-------------------------------
David K. Downes
/s/ Matthew P. Fink* Trustee August 23, 2007
-------------------------------
Matthew P.Fink
/s/ Robert G. Galli* Trustee August 23, 2007
-------------------------------
Robert G. Galli
/s/ Phillip A. Griffiths* Trustee August 23, 2007
-------------------------------
Phillip A. Griffiths
/s/ Mary F. Miller* Trustee August 23, 2007
-------------------------------
Mary F. Miller
/s/ Joel W. Motley* Trustee August 23, 2007
-------------------------------
Joel W. Motley
/s/ Russell S. Reynolds, Jr.* Trustee August 23, 2007
-----------------------------
Russell S. Reynolds, Jr.
/s/ Joseph M. Wikler* Trustee August 23, 2007
-------------------------------
Joseph M. Wikler
/s/ Peter I. Wold* Trustee August 23, 2007
-------------------------------
Peter I. Wold
*By: /s/ Mitchell J. Lindauer
----------------------------
Mitchell J. Lindauer, Attorney-in-Fact
STATEMENT OF ADDITIONAL INFORMATION
TO PROSPECTUS AND PROXY STATEMENT
OF
OPPENHEIMER CAPITAL APPRECIATION FUND
PART B
Acquisition of the Assets of
OPPENHEIMER GROWTH FUND
By and in exchange for Shares of
OPPENHEIMER CAPITAL APPRECIATION FUND
This Statement of Additional Information to this Prospectus and Proxy
Statement (the "SAI") relates specifically to the proposed delivery of
substantially all of the assets of Oppenheimer Growth Fund ("Growth Fund") for
Class A, Class B, Class C, Class N and Class Y shares of Oppenheimer Capital
Appreciation Fund ("Capital Appreciation Fund") (the "Reorganization").
This SAI consists of this Cover Page and the following documents which
are incorporated into this SAI by reference: (i) the Statement of Additional
Information of Growth Fund dated November 24, 2006, as supplemented on December
15, 2006, June 18, 2007 and July 10, 2007; (ii) the Statement of Additional
Information of Capital Appreciation Fund dated October 26, 2006, as supplemented
November 24, 2006 and December 15, 2006, which includes audited financial
statements of Capital Appreciation Fund for the 12-month period ended August 31,
2006; (iii) the semi-annual report of Capital Appreciation Fund dated February
28, 2007, which includes unaudited financial statements for the 6-month period
ended February 28, 2007 (iv) the annual report of Growth Fund which includes
audited financial statements of Growth Fund for the 12-month period ended August
31, 2006; and (v) the semi-annual report of Growth Fund dated February 28, 2007,
which includes unaudited financial statements for the 6-month period ended
February 28, 2007.
This SAI is not a Prospectus; you should read this SAI in conjunction
with the combined Prospectus and Proxy Statement dated September 6, 2007
relating to the Reorganization. You can request a copy of the Prospectus and
Proxy Statement by calling 1.800.647.1963, by visiting the website at
www.oppenheimerfunds.com or by writing OppenheimerFunds Services at P.O. Box
5270, Denver, Colorado 80217. The date of this SAI is September 6, 2007.
PRO FORMA FINANCIAL STATEMENTS
Shown below are unaudited pro forma financial statements for the
combined Capital Appreciation Fund, assuming the Reorganization had been
consummated as of May 31, 2007. The first table presents pro forma Statements of
Assets and Liabilities for the combined Capital Appreciation Fund. The second
table presents pro forma Statements of Operations for the combined Capital
Appreciation Fund. The third table presents a pro forma Statement of Investments
for the combined Capital Appreciation Fund.
The unaudited pro forma statement of investments and statement of
assets and liabilities reflect the financial position of Growth and Capital
Appreciation Funds at May 31, 2007. The unaudited pro forma statement of
operations reflects the results of operations of Growth and Capital Appreciation
Funds for the year ended May 31, 2007. The unaudited pro forma combined
financial statements may not necessarily be representative of what the actual
combined financial statements would have been had the Reorganization occurred at
May 31, 2007. The historical cost of investment securities will be carried
forward to the surviving entity and results of operations of Growth Fund for
pre-combination periods will not be restated. The unaudited pro forma statement
of investments, and statements of assets and liabilities and operations should
be read in conjunction with the historical financial statements of the Funds
incorporated by reference in the Statements of Additional Information for each
Fund.
PRO FORMA COMBINING STATEMENTS OF ASSETS AND LIABILITIES MAY 31, 2007
(UNAUDITED)
OPPENHEIMER CAPITAL APPRECIATION FUND AND OPPENHEIMER GROWTH FUND
OPPENHEIMER OPPENHEIMER
CAPITAL APPRECIATION GROWTH
FUND FUND
----------------------------------------------------------
ASSETS:
Investments, at value - see accompanying statement of investments:
Unaffiliated Companies (cost $6,104,353,746 and $1,085,051,418) $ 8,173,586,220 $ 1,325,715,325
Affiliated Companies (cost $61,553,901 and $557,986) 61,553,901 557,986
Unrealized appreciation on foreign currency contracts 1,444 -
Receivables and other assets:
Investments sold 60,278,659 5,876,568
Shares of beneficial interest sold 3,399,456 130,695
Interest and dividends 3,289,582 442,462
Other 2,301,632 820,127
----------------------------------------------------------
Total assets 8,304,410,894 1,333,543,163
----------------------------------------------------------
LIABILITIES:
Bank overdraft 6,774,054 391,803
Bank overdraft - foreign currencies (cost $2,700,876 and $0) 2,703,328 -
Options written, at value (premiums received $0 and $348,928) -
see accompanying statement of investments - 1,186,080
Unrealized depreciation on foreign currency contracts 2,062 -
Payables and other liabilities:
Investments purchased 32,657,631 3,751,613
Shares of beneficial interest redeemed 4,262,440 913,880
Distributions and service plan fees 2,927,053 491,144
Trustees' and Directors' fees 1,060,979 263,919
Shareholder reports 682,258 213,159
Transfer and shareholder servicing agent fees 1,461,217 248,425
Other 166,710 45,537
----------------------------------------------------------
Total liabilities 52,697,732 7,505,560
----------------------------------------------------------
NET ASSETS $ 8,251,713,162 $ 1,326,037,603
==========================================================
COMPOSITION OF NET ASSETS:
Par value of shares of beneficial interest $ 165,786 $ 38,640
Additional paid-in capital 6,288,330,215 1,518,814,682
Undistributed net investment loss (21,588,563) (8,442,783)
Accumulated net realized loss from investments and
foreign currency transactions (84,382,598) (424,199,692)
Net unrealized appreciation on investments and translation
of assets and liabilities denominated in foreign currencies 2,069,188,322 239,826,756
----------------------------------------------------------
NET ASSETS $ 8,251,713,162 $ 1,326,037,603
==========================================================
PRO FORMA
COMBINED
PROFORMA OPPENHEIMER
ADJUSTMENTS CAPITAL APPRECIATION FUND
-----------------------------------------------------------
ASSETS:
Investments, at value - see accompanying statement of investments:
Unaffiliated Companies (cost $6,104,353,746 and $1,085,051,418) $ 9,499,301,545
Affiliated Companies (cost $61,553,901 and $557,986) 62,111,887
Unrealized appreciation on foreign currency contracts 1,444
Receivables and other assets:
Investments sold 66,155,227
Shares of beneficial interest sold 3,530,151
Interest and dividends 3,732,044
Other 3,121,759
-----------------------------------------------------------
Total assets 9,637,954,057
-----------------------------------------------------------
LIABILITIES:
Bank overdraft 7,165,857
Bank overdraft - foreign currencies (cost $2,700,876 and $0) 2,703,328
Options written, at value (premiums received $0 and $348,928) -
see accompanying statement of investments 1,186,080
Unrealized depreciation on foreign currency contracts 2,062
Payables and other liabilities:
Investments purchased 36,409,244
Shares of beneficial interest redeemed 5,176,320
Distributions and service plan fees 3,418,197
Trustees' and Directors' fees 1,324,898
Shareholder reports 895,417
Transfer and shareholder servicing agent fees 1,709,642
Other 212,247
-----------------------------------------------------------
Total liabilities - 60,203,292
-----------------------------------------------------------
NET ASSETS - $ 9,577,750,765
===========================================================
COMPOSITION OF NET ASSETS:
Par value of shares of beneficial interest (11,975) (1) $ 192,451
Additional paid-in capital 11,975 (1) 7,807,156,872
Undistributed net investment loss (30,031,346)
Accumulated net realized loss from investments and
foreign currency transactions (508,582,290)
Net unrealized appreciation on investments and translation
of assets and liabilities denominated in foreign currencies 2,309,015,078
-----------------------------------------------------------
NET ASSETS - $ 9,577,750,765
===========================================================
PRO FORMA COMBINING STATEMENTS OF ASSETS AND LIABILITIES MAY 31, 2007
(UNAUDITED)
OPPENHEIMER CAPITAL APPRECIATION FUND AND OPPENHEIMER GROWTH FUND
OPPENHEIMER OPPENHEIMER
CAPITAL APPRECIATION GROWTH
FUND FUND
-------------------------------------------------
NET ASSET VALUE PER SHARE
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$5,489,990,576, $1,046,003,991, and $6,535,994,567 and 108,602,491, 29,980,796,
and 129,294,458 shares of beneficial interest outstanding for Oppenheimer
Capital Appreciation Fund, Oppenheimer Growth Fund
and combined Oppenheimer Capital Appreciation Fund, respectively) $50.55 $34.89
Maximum offering price per share (net asset value plus sales charge of 5.75%
of offering price) $53.63 $37.02
Class B Shares:
Net asset value and redemption price per share (based on net assets of
$796,693,298, $145,225,553, and $941,918,851 and 17,304,340, 4,602,189 and
20,458,669 shares of beneficial interest outstanding for Oppenheimer Capital
Appreciation Fund, Oppenheimer Growth Fund
and combined Oppenheimer Capital Appreciation Fund, respectively) $46.04 $31.56
Class C Shares:
Net asset value and redemption price per share (based on net assets of
$701,984,216, $79,787,875, and $781,772,091 and 15,371,738, 2,486,491 and
17,118,886 shares of beneficial interest outstanding for Oppenheimer Capital
Appreciation Fund, Oppenheimer Growth Fund
and combined Oppenheimer Capital Appreciation Fund, respectively) $45.67 $32.09
Class N Shares:
Net asset value and redemption price per share (based on net assets of
$260,958,913, $16,094,846, and $277,053,759 and 5,247,496, 467,281 and 5,571,139
shares of beneficial interest outstanding for Oppenheimer Capital Appreciation
Fund, Oppenheimer Growth Fund
and combined Oppenheimer Capital Appreciation Fund, respectively) $49.73 $34.44
Class Y Shares:
Net asset value and redemption price per share (based on net assets of
$1,002,086,159, $38,925,338, and $1,041,011,497 and 19,259,578, 1,103,461 and
20,007,703 shares of beneficial interest outstanding for Oppenheimer Capital
Appreciation Fund, Oppenheimer Growth Fund
and combined Oppenheimer Capital Appreciation Fund, respectively) $52.03 $35.28
PRO FORMA
COMBINED
PROFORMA OPPENHEIMER
ADJUSTMENTS CAPITAL APPRECIATION FUND
------------------------------------------------
NET ASSET VALUE PER SHARE
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$5,489,990,576, $1,046,003,991, and $6,535,994,567 and 108,602,491, 29,980,796,
and 129,294,458 shares of beneficial interest outstanding for Oppenheimer
Capital Appreciation Fund, Oppenheimer Growth Fund
and combined Oppenheimer Capital Appreciation Fund, respectively) $50.55 (2)
Maximum offering price per share (net asset value plus sales charge of 5.75%
of offering price) $53.63 (2)
Class B Shares:
Net asset value and redemption price per share (based on net assets of
$796,693,298, $145,225,553, and $941,918,851 and 17,304,340, 4,602,189 and
20,458,669 shares of beneficial interest outstanding for Oppenheimer Capital
Appreciation Fund, Oppenheimer Growth Fund
and combined Oppenheimer Capital Appreciation Fund, respectively) $46.04 (2)
Class C Shares:
Net asset value and redemption price per share (based on net assets of
$701,984,216, $79,787,875, and $781,772,091 and 15,371,738, 2,486,491 and
17,118,886 shares of beneficial interest outstanding for Oppenheimer Capital
Appreciation Fund, Oppenheimer Growth Fund
and combined Oppenheimer Capital Appreciation Fund, respectively) $45.67 (2)
Class N Shares:
Net asset value and redemption price per share (based on net assets of
$260,958,913, $16,094,846, and $277,053,759 and 5,247,496, 467,281 and 5,571,139
shares of beneficial interest outstanding for Oppenheimer Capital Appreciation
Fund, Oppenheimer Growth Fund
and combined Oppenheimer Capital Appreciation Fund, respectively) $49.73 (2)
Class Y Shares:
Net asset value and redemption price per share (based on net assets of
$1,002,086,159, $38,925,338, and $1,041,011,497 and 19,259,578, 1,103,461 and
20,007,703 shares of beneficial interest outstanding for Oppenheimer Capital
Appreciation Fund, Oppenheimer Growth Fund
and combined Oppenheimer Capital Appreciation Fund, respectively) $52.03 (2)
(1) Represents the issuance of shares of Capital Appreciation Fund in a
tax-free exchange.
(2) Oppenheimer Growth Fund Class A shares will be exchanged for Oppenheimer
Capital Appreciation Fund Class A shares. Oppenheimer Growth Fund Class B
shares will be exchanged for Oppenheimer Capital Appreciation Fund Class B
shares. Oppenheimer Growth Fund Class C shares will be exchanged for
Oppenheimer Capital Appreciation Fund Class C shares. Oppenheimer Growth
Fund Class N shares will be exchanged for Oppenheimer Capital Appreciation
Fund Class N shares. Oppenheimer Growth Fund Class Y shares will be
exchanged for Oppenheimer Capital Appreciation Fund Class Y shares.
PRO FORMA COMBINING STATEMENTS OF OPERATIONS FOR THE YEAR ENDED MAY 31, 2007
(UNAUDITED)
OPPENHEIMER CAPITAL APPRECIATION FUND AND OPPENHEIMER GROWTH FUND
OPPENHEIMER OPPENHEIMER
CAPITAL APPRECIATION GROWTH
FUND FUND
----------------------------------------------------------
INVESTMENT INCOME:
Dividends:
Unaffiliated companies (net of foreign withholding taxes
of $1,834,603, $70,637 and $1,905,240 $ 59,970,313 $ 5,619,240
Affiliated companies 2,061,830 72,892
Interest 1,853,989 156,268
Portfolio lending fees 123,271 -
Other income 205,526 103,694
----------------------------------------------------------
Total income 64,214,929 5,952,094
----------------------------------------------------------
EXPENSES:
Management fees 44,572,491 8,452,625
Distribution and service plan fees:
Class A 12,805,749 2,281,755
Class B 8,321,546 1,498,137
Class C 6,646,077 735,105
Class N 1,283,299 71,172
Transfer and shareholder servicing agent fees:
Class A 12,639,803 2,375,002
Class B 2,235,346 408,232
Class C 1,533,530 258,014
Class N 833,582 50,361
Class Y 717,812 114,279
Shareholder communications:
Class A 790,532 321,952
Class B 360,744 110,358
Class C 132,203 30,392
Class N 17,999 3,449
Trustees' compensation 367,892 56,105
Custodian fees and expenses 161,453 9,359
Other 253,246 87,284
----------------------------------------------------------
Total Expenses 93,673,304 16,863,581
Less reduction to custodian expenses (5,184) -
Less waivers and reimbursements of expenses (39,046) (16,653)
----------------------------------------------------------
Net Expenses 93,629,074 16,846,928
----------------------------------------------------------
PRO FORMA
COMBINED
PROFORMA OPPENHEIMER
ADJUSTMENTS CAPITAL APPRECIATION FUND
-------------------------------------------------------------
INVESTMENT INCOME:
Dividends:
Unaffiliated companies (net of foreign withholding taxes
of $1,834,603, $70,637 and $1,905,240 $ 65,589,553
Affiliated companies 2,134,722
Interest 2,010,257
Portfolio lending fees 123,271
Other income 309,220
-------------------------------------------------------------
Total income 70,167,023
-------------------------------------------------------------
EXPENSES:
Management fees (1,993,334) (1) 51,031,782
Distribution and service plan fees:
Class A 15,087,504
Class B 9,819,683
Class C 7,381,182
Class N 1,354,471
Transfer and shareholder servicing agent fees:
Class A 15,014,805
Class B 2,643,578
Class C 1,791,544
Class N 883,943
Class Y 832,091
Shareholder communications:
Class A 1,112,484
Class B 471,102
Class C 162,595
Class N 21,448
Trustees' compensation 423,997
Custodian fees and expenses 170,812
Other 340,530
-------------------------------------------------------------
Total Expenses (1,993,334) 108,543,551
Less reduction to custodian expenses (5,184)
Less waivers and reimbursements of expenses (55,699)
-------------------------------------------------------------
Net Expenses (1,993,334) 108,482,668
-------------------------------------------------------------
(1) Decrease due to the elimination of duplicative expenses achieved by merging
the funds.
(2) Change due to an estimate of the elimination of duplicative expenses
achieved by merging the funds.
PRO FORMA COMBINING STATEMENTS OF OPERATIONS FOR THE YEAR ENDED MAY 31, 2007
(UNAUDITED)
OPPENHEIMER OPPENHEIMER
CAPITAL APPRECIATION GROWTH
FUND FUND
--------------------------------------------------------------
NET INVESTMENT INCOME $ (29,414,145) $ (10,894,834)
--------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments:
Unaffiliated companies 431,323,083 112,257,720
Foreign currency transactions 4,953,343 -
--------------------------------------------------------------
Net realized loss 436,276,426 112,257,720
--------------------------------------------------------------
Net change in unrealized appreciation (depreciation) on:
Investments 943,128,079 124,001,360
Translation of assets and liabilities denominated
in foreign currencies (4,849,769) -
--------------------------------------------------------------
Net change in unrealized appreciation 938,278,310 124,001,360
--------------------------------------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $ 1,345,140,591 $ 225,364,246
==============================================================
PRO FORMA
COMBINED
PROFORMA OPPENHEIMER
ADJUSTMENTS CAPITAL APPRECIATION FUND
--------------------------------------------------------------
NET INVESTMENT INCOME $ (40,308,979)
--------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments:
Unaffiliated companies 543,580,803
Foreign currency transactions 4,953,343
--------------------------------------------------------------
Net realized loss 548,534,146
--------------------------------------------------------------
Net change in unrealized appreciation (depreciation) on:
Investments 1,067,129,439
Translation of assets and liabilities denominated
in foreign currencies (4,849,769)
--------------------------------------------------------------
Net change in unrealized appreciation 1,062,279,670
--------------------------------------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $ 1,570,504,837
==============================================================
PRO FORMA COMBINING STATEMENTS OF CHANGES FOR THE YEAR ENDED MAY 31, 2007
(UNAUDITED)
OPPENHEIMER CAPITAL APPRECIATION FUND AND OPPENHEIMER GROWTH FUND
OPPENHEIMER OPPENHEIMER
CAPITAL APPRECIATION GROWTH
OPERATIONS FUND FUND
--------------------------------------------------------------
Net investment loss $ (29,414,145) $ (10,894,834)
Net realized gain 436,276,426 112,257,720
Net unrealized change in unrealized appreciation 938,278,310 124,001,360
--------------------------------------------------------------
Net increase in net assets resulting from operations 1,345,140,591 225,364,246
BENEFICIAL INTEREST TRANSACTIONS
Class A (821,938,267) (122,577,016)
Class B (239,860,843) (47,685,883)
Class C (68,314,864) (5,752,793)
Class N (37,837,738) (87,125)
Class Y 314,009,331 (12,096,203)
--------------------------------------------------------------
(853,942,381) (188,199,020)
NET ASSETS
Total increase 491,198,210 37,165,226
--------------------------------------------------------------
Beginning of period 7,760,514,952 1,288,872,377
End of period $ 8,251,713,162 $ 1,326,037,603
==============================================================
PRO FORMA
COMBINED
PROFORMA OPPENHEIMER
OPERATIONS ADJUSTMENTS CAPITAL APPRECIATION FUND
--------------------------------------------------------------
Net investment loss $ (40,308,979)
Net realized gain 548,534,146
Net unrealized change in unrealized appreciation 1,062,279,670
--------------------------------------------------------------
Net increase in net assets resulting from operations 1,570,504,837
BENEFICIAL INTEREST TRANSACTIONS
Class A (944,515,283)
Class B (287,546,726)
Class C (74,067,657)
Class N (37,924,863)
Class Y 301,913,128
--------------------------------------------------------------
(1,042,141,401)
NET ASSETS
Total increase 528,363,436
--------------------------------------------------------------
Beginning of period 9,049,387,329
End of period $ 9,577,750,765
==============================================================
PRO FORMA COMBINING STATEMENTS OF INVESTMENTS MAY 31, 2007 (UNAUDITED)
OPPENHEIMER CAPITAL APPRECIATION FUND AND OPPENHEIMER GROWTH FUND
OPPENHEIMER OPPENHEIMER
CAPITAL OPPENHEIMER CAPITAL OPPENHEIMER
APPRECIATION GROWTH COMBINED APPRECIATION GROWTH COMBINED
FUND FUND PROFORMA FUND FUND PROFORMA
SHARES SHARES SHARES VALUE VALUE VALUE
-------------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS--99.2%
-------------------------------------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY--10.5%
-------------------------------------------------------------------------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE--1.7%
International Game Technology 0 303,200 303,200 $ 0 $ 12,185,608 $ 12,185,608
-------------------------------------------------------------------------------------------------------------------------------
Las Vegas Sands Corp. 1 1,007,910 0 1,007,910 78,637,138 0 78,637,138
-------------------------------------------------------------------------------------------------------------------------------
Starbucks Corp. 1 2,053,300 347,800 2,401,100 59,155,573 10,020,118 69,175,691
-------------------------------------------
137,792,711 22,205,726 159,998,437
-------------------------------------------------------------------------------------------------------------------------------
MEDIA--1.9%
Comcast Corp., Cl. A 1 0 618,700 618,700 0 16,958,567 16,958,567
-------------------------------------------------------------------------------------------------------------------------------
Comcast Corp., Cl. A Special, Non-Vtg. 1 4,188,753 0 4,188,753 113,850,293 0 113,850,293
-------------------------------------------------------------------------------------------------------------------------------
XM Satellite Radio Holdings, Inc., Cl. A 1 4,576,630 0 4,576,630 52,997,375 0 52,997,375
-------------------------------------------
166,847,668 16,958,567 183,806,235
-------------------------------------------------------------------------------------------------------------------------------
MULTILINE RETAIL--3.1%
J.C. Penney Co., Inc. (Holding Co.) 1,345,360 157,900 1,503,260 108,274,573 12,707,792 120,982,365
-------------------------------------------------------------------------------------------------------------------------------
Kohl's Corp. 1 615,690 159,000 774,690 46,373,771 11,975,880 58,349,651
-------------------------------------------------------------------------------------------------------------------------------
Target Corp. 1,534,220 302,700 1,836,920 95,781,355 18,897,561 114,678,916
-------------------------------------------
250,429,699 43,581,233 294,010,932
-------------------------------------------------------------------------------------------------------------------------------
SPECIALTY RETAIL--2.7%
Staples, Inc. 4,304,400 1,184,500 5,488,900 107,868,264 29,683,570 137,551,834
-------------------------------------------------------------------------------------------------------------------------------
Tiffany & Co. 926,780 208,200 1,134,980 48,720,825 10,945,074 59,665,899
-------------------------------------------------------------------------------------------------------------------------------
TJX Cos., Inc. (The) 2,152,440 0 2,152,440 60,203,747 0 60,203,747
-------------------------------------------------------------------------------------------------------------------------------
Williams Sonoma, Inc. 0 153,700 153,700 0 5,208,893 5,208,893
-------------------------------------------
216,792,836 45,837,537 262,630,373
-------------------------------------------------------------------------------------------------------------------------------
TEXTILES, APPAREL & LUXURY GOODS--1.1%
Polo Ralph Lauren Corp., Cl. A 900,890 211,900 1,112,790 87,863,802 20,666,607 108,530,409
-------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES--7.2%
-------------------------------------------------------------------------------------------------------------------------------
BEVERAGES--1.6%
Fomento Economico Mexicano SA de CV, UBD 9,569,500 0 9,569,500 38,137,213 0 38,137,213
-------------------------------------------------------------------------------------------------------------------------------
PepsiCo, Inc. 1,316,010 321,100 1,637,110 89,922,963 21,940,763 111,863,726
-------------------------------------------
128,060,176 21,940,763 150,000,939
-------------------------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING--2.0%
Costco Wholesale Corp. 2,044,810 0 2,044,810 115,470,421 0 115,470,421
-------------------------------------------------------------------------------------------------------------------------------
Kroger Co. (The) 0 444,000 444,000 0 13,462,080 13,462,080
-------------------------------------------------------------------------------------------------------------------------------
Ruddick Corp. 0 221,500 221,500 0 6,930,735 6,930,735
-------------------------------------------------------------------------------------------------------------------------------
Sysco Corp. 1,765,940 0 1,765,940 58,487,933 0 58,487,933
-------------------------------------------
173,958,354 20,392,815 194,351,169
-------------------------------------------------------------------------------------------------------------------------------
FOOD PRODUCTS--2.0%
Cadbury Schweppes plc 3,587,490 0 3,587,490 50,471,499 0 50,471,499
-------------------------------------------------------------------------------------------------------------------------------
Nestle SA 327,863 0 327,863 127,686,684 0 127,686,684
-------------------------------------------------------------------------------------------------------------------------------
Wm. Wrigley Jr. Co. 0 247,100 247,100 0 14,480,060 14,480,060
-------------------------------------------
178,158,183 14,480,060 192,638,243
-------------------------------------------------------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS--1.6%
Colgate-Palmolive Co. 0 240,000 240,000 0 16,070,400 16,070,400
-------------------------------------------------------------------------------------------------------------------------------
Procter & Gamble Co. (The) 0 505,200 505,200 0 32,105,460 32,105,460
-------------------------------------------------------------------------------------------------------------------------------
Reckitt Benckiser plc 1,884,099 0 1,884,099 102,446,158 0 102,446,158
-------------------------------------------
102,446,158 48,175,860 150,622,018
-------------------------------------------------------------------------------------------------------------------------------
ENERGY--7.2%
-------------------------------------------------------------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES--3.6%
National Oilwell Varco, Inc. 1 0 155,000 155,000 0 14,639,750 14,639,750
-------------------------------------------------------------------------------------------------------------------------------
Schlumberger Ltd. 2,320,610 283,100 2,603,710 180,705,901 22,044,997 202,750,898
-------------------------------------------------------------------------------------------------------------------------------
Smith International, Inc. 2,231,180 0 2,231,180 123,852,802 0 123,852,802
-------------------------------------------
304,558,703 36,684,747 341,243,450
-------------------------------------------------------------------------------------------------------------------------------
OIL & GAS--3.6%
Apache Corp. 0 230,000 230,000 0 18,572,500 18,572,500
-------------------------------------------------------------------------------------------------------------------------------
Kinder Morgan Management LLC 1 895,214 0 895,214 45,861,813 0 45,861,813
-------------------------------------------------------------------------------------------------------------------------------
Occidental Petroleum Corp. 1,918,670 382,100 2,300,770 105,469,290 21,004,037 126,473,327
-------------------------------------------------------------------------------------------------------------------------------
Range Resources Corp. 1,720,910 276,500 1,997,410 66,668,053 10,711,610 77,379,663
-------------------------------------------------------------------------------------------------------------------------------
XTO Energy, Inc. 1,292,710 0 1,292,710 74,990,107 0 74,990,107
-------------------------------------------
292,989,263 50,288,147 343,277,410
-------------------------------------------------------------------------------------------------------------------------------
FINANCIALS--11.4%
-------------------------------------------------------------------------------------------------------------------------------
CAPITAL MARKETS--5.3%
Franklin Resources, Inc. 446,830 0 446,830 60,652,704 0 60,652,704
-------------------------------------------------------------------------------------------------------------------------------
Goldman Sachs Group, Inc. (The) 477,340 62,400 539,740 110,179,619 14,403,168 124,582,787
-------------------------------------------------------------------------------------------------------------------------------
Legg Mason, Inc. 955,400 149,300 1,104,700 96,524,062 15,083,779 111,607,841
-------------------------------------------------------------------------------------------------------------------------------
Nomura Securities Co. Ltd. 675,740 0 675,740 13,888,329 0 13,888,329
-------------------------------------------------------------------------------------------------------------------------------
Northern Trust Corp. 999,630 0 999,630 65,055,920 0 65,055,920
-------------------------------------------------------------------------------------------------------------------------------
TD Ameritrade Holding Corp. 1 0 675,000 675,000 13,857,750 13,857,750
-------------------------------------------------------------------------------------------------------------------------------
UBS AG 1,736,200 0 1,736,200 113,261,251 0 113,261,251
-------------------------------------------
459,561,885 43,344,697 502,906,582
-------------------------------------------------------------------------------------------------------------------------------
COMMERCIAL BANKS--0.1%
Wachovia Corp. 0 236,600 236,600 0 12,821,354 12,821,354
-------------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES--1.4%
Chicago Mercantile Exchange (The) 232,500 23,900 256,400 123,457,500 12,690,900 136,148,400
-------------------------------------------------------------------------------------------------------------------------------
INSURANCE--3.8%
American International Group, Inc. 1,684,400 746,000 2,430,400 121,849,496 53,965,640 175,815,136
-------------------------------------------------------------------------------------------------------------------------------
Hartford Financial Services Group, Inc.
(The) 610,050 0 610,050 62,938,859 0 62,938,859
-------------------------------------------------------------------------------------------------------------------------------
Prudential Financial, Inc. 1,239,560 0 1,239,560 126,459,911 0 126,459,911
-------------------------------------------
311,248,266 53,965,640 365,213,906
-------------------------------------------------------------------------------------------------------------------------------
REAL ESTATE MANAGEMENT & DEVELOPMENT--0.8%
CB Richard Ellis Group, Inc., Cl. A 1 1,774,840 0 1,774,840 66,059,545 0 66,059,545
-------------------------------------------------------------------------------------------------------------------------------
Jones Lang LaSalle, Inc. 0 50,700 50,700 0 5,916,690 5,916,690
-------------------------------------------
66,059,545 5,916,690 71,976,235
-------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE--13.8%
-------------------------------------------------------------------------------------------------------------------------------
BIOTECHNOLOGY--2.8%
BioMarin Pharmaceutical, Inc. 1 0 244,400 244,400 0 4,360,096 4,360,096
-------------------------------------------------------------------------------------------------------------------------------
Celgene Corp. 1 1,095,830 256,800 1,352,630 67,108,629 15,726,432 82,835,061
-------------------------------------------------------------------------------------------------------------------------------
Genentech, Inc. 1 1,040,630 177,500 1,218,130 83,011,055 14,159,175 97,170,230
-------------------------------------------------------------------------------------------------------------------------------
Gilead Sciences, Inc. 1 776,850 227,700 1,004,550 64,299,875 18,846,729 83,146,604
-------------------------------------------
214,419,559 53,092,432 267,511,991
-------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES--1.6%
Bard (C.R.), Inc. 0 165,000 165,000 0 13,927,650 13,927,650
-------------------------------------------------------------------------------------------------------------------------------
St. Jude Medical, Inc. 1 1,549,240 0 1,549,240 66,137,056 0 66,137,056
-------------------------------------------------------------------------------------------------------------------------------
Varian Medical Systems, Inc. 1 1,214,770 667,100 1,881,870 48,955,231 26,884,130 75,839,361
-------------------------------------------
115,092,287 40,811,780 155,904,067
-------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES--2.9%
Cardinal Health, Inc. 0 164,400 164,400 0 11,912,424 11,912,424
-------------------------------------------------------------------------------------------------------------------------------
Medco Health Solutions, Inc. 1 1,119,120 145,000 1,264,120 87,022,771 11,275,200 98,297,971
-------------------------------------------------------------------------------------------------------------------------------
Schein (Henry), Inc. 1 844,080 0 844,080 45,183,602 0 45,183,602
-------------------------------------------------------------------------------------------------------------------------------
UnitedHealth Group, Inc. 0 294,500 294,500 0 16,129,765 16,129,765
-------------------------------------------------------------------------------------------------------------------------------
WellPoint, Inc. 1 1,334,460 0 1,334,460 108,638,389 0 108,638,389
-------------------------------------------
240,844,762 39,317,389 280,162,151
-------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE TECHNOLOGY--0.1%
Allscripts Healthcare Solutions, Inc. 1 0 276,300 276,300 0 6,785,928 6,785,928
-------------------------------------------------------------------------------------------------------------------------------
LIFE SCIENCES TOOLS & SERVICES--2.4%
Covance, Inc. 1 1,106,140 0 1,106,140 73,613,617 0 73,613,617
-------------------------------------------------------------------------------------------------------------------------------
Thermo Fisher Scientific, Inc. 1 2,413,780 326,000 2,739,780 131,792,388 17,799,600 149,591,988
-------------------------------------------
205,406,005 17,799,600 223,205,605
-------------------------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS--4.0%
Allergan, Inc. 429,080 0 429,080 53,433,332 0 53,433,332
-------------------------------------------------------------------------------------------------------------------------------
Medicis Pharmaceutical Corp., Cl. A 0 207,000 207,000 0 6,831,000 6,831,000
-------------------------------------------------------------------------------------------------------------------------------
Merck & Co., Inc. 0 265,000 265,000 0 13,899,250 13,899,250
-------------------------------------------------------------------------------------------------------------------------------
Novartis AG 1,386,330 0 1,386,330 77,930,128 0 77,930,128
-------------------------------------------------------------------------------------------------------------------------------
Roche Holding AG 660,696 0 660,696 121,264,256 0 121,264,256
-------------------------------------------------------------------------------------------------------------------------------
Schering Plough Corp. 334,500 334,500 10,951,530 10,951,530
-------------------------------------------------------------------------------------------------------------------------------
Shionogi & Co. Ltd. 1,878,000 0 1,878,000 32,251,602 0 32,251,602
-------------------------------------------------------------------------------------------------------------------------------
Shire Pharmaceuticals Group plc 1,842,800 0 1,842,800 43,156,630 0 43,156,630
-------------------------------------------------------------------------------------------------------------------------------
Shire Pharmaceuticals Group plc, ADR 0 352,900 352,900 0 24,614,775 24,614,775
-------------------------------------------
328,035,948 56,296,555 384,332,503
-------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS--9.2%
-------------------------------------------------------------------------------------------------------------------------------
AEROSPACE & DEFENSE--5.8%
Boeing Co. 1,423,210 172,800 1,596,010 143,160,694 17,381,952 160,542,646
-------------------------------------------------------------------------------------------------------------------------------
Empresa Brasileira de Aeronautica SA, ADR 1,200,900 0 1,200,900 58,219,632 0 58,219,632
-------------------------------------------------------------------------------------------------------------------------------
General Dynamics Corp. 986,820 143,100 1,129,920 79,182,437 11,482,344 90,664,781
-------------------------------------------------------------------------------------------------------------------------------
Lockheed Martin Corp. 629,770 0 629,770 61,780,437 0 61,780,437
-------------------------------------------------------------------------------------------------------------------------------
Precision Castparts Corp. 0 135,700 135,700 0 16,224,292 16,224,292
-------------------------------------------------------------------------------------------------------------------------------
Rockwell Collins, Inc. 521,710 0 521,710 36,869,246 0 36,869,246
-------------------------------------------------------------------------------------------------------------------------------
United Technologies Corp. 1,891,880 0 1,891,880 133,472,134 0 133,472,134
-------------------------------------------
512,684,580 45,088,588 557,773,168
-------------------------------------------------------------------------------------------------------------------------------
AIR FREIGHT & LOGISTICS--0.1%
Expeditors International of Washington,
Inc. 0 230,700 230,700 0 10,072,362 10,072,362
-------------------------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES--0.8%
Corporate Executive Board Co. (The) 1,080,862 0 1,080,862 71,888,132 0 71,888,132
-------------------------------------------------------------------------------------------------------------------------------
CONSTRUCTION & ENGINEERING--0.2%
Quanta Services, Inc. 1 0 450,000 450,000 0 13,504,500 13,504,500
-------------------------------------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT--0.7%
ABB Ltd. 3,234,565 0 3,234,565 69,191,381 0 69,191,381
-------------------------------------------------------------------------------------------------------------------------------
MACHINERY--0.7%
Bucyrus International, Inc., Cl. A 0 89,700 89,700 0 6,364,215 6,364,215
-------------------------------------------------------------------------------------------------------------------------------
Joy Global, Inc. 845,180 0 845,180 47,862,543 0 47,862,543
-------------------------------------------------------------------------------------------------------------------------------
Oshkosh Truck Corp. 0 198,800 198,800 0 12,263,972 12,263,972
-------------------------------------------
47,862,543 18,628,187 66,490,730
-------------------------------------------------------------------------------------------------------------------------------
TRADING COMPANIES & DISTRIBUTORS--0.9%
Fastenal Co. 1,803,090 217,300 2,020,390 78,145,921 9,417,782 87,563,703
-------------------------------------------------------------------------------------------------------------------------------
INFORMATION TECHNOLOGY--33.5%
-------------------------------------------------------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT--9.0%
Cisco Systems, Inc. 1 9,686,150 1,644,400 11,330,550 260,751,158 44,267,248 305,018,406
-------------------------------------------------------------------------------------------------------------------------------
Corning, Inc. 1 5,865,490 1,525,000 7,390,490 146,637,250 38,125,000 184,762,250
-------------------------------------------------------------------------------------------------------------------------------
F5 Networks, Inc. 1 652,570 121,000 773,570 53,027,838 9,832,460 62,860,298
-------------------------------------------------------------------------------------------------------------------------------
QUALCOMM, Inc. 2,070,580 287,700 2,358,280 88,931,411 12,356,715 101,288,126
-------------------------------------------------------------------------------------------------------------------------------
Research in Motion Ltd. 1 656,400 103,900 760,300 109,014,912 17,255,712 126,270,624
-------------------------------------------------------------------------------------------------------------------------------
Telefonaktiebolaget LM Ericsson,
Sponsored ADR 2,208,100 0 2,208,100 83,863,638 0 83,863,638
-------------------------------------------
742,226,207 121,837,135 864,063,342
-------------------------------------------------------------------------------------------------------------------------------
COMPUTERS & PERIPHERALS--4.9%
Apple, Inc. 1, 4 1,377,300 423,500 1,800,800 167,424,588 51,480,660 218,905,248
-------------------------------------------------------------------------------------------------------------------------------
EMC Corp. 1 6,921,880 2,625,000 9,546,880 116,910,553 44,336,250 161,246,803
-------------------------------------------------------------------------------------------------------------------------------
Network Appliance, Inc. 1 2,119,860 428,100 2,547,960 68,238,293 13,780,539 82,018,832
-------------------------------------------------------------------------------------------------------------------------------
Sun Microsystems, Inc. 1 0 2,257,100 2,257,100 0 11,511,210 11,511,210
-------------------------------------------
352,573,434 121,108,659 473,682,093
-------------------------------------------------------------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES--5.8%
Akamai Technologies, Inc. 1 0 145,700 145,700 0 6,441,397 6,441,397
-------------------------------------------------------------------------------------------------------------------------------
eBay, Inc. 1 4,140,240 599,200 4,739,440 134,806,214 19,509,952 154,316,166
-------------------------------------------------------------------------------------------------------------------------------
Google, Inc., Cl. A 1 545,070 85,000 630,070 271,308,593 42,308,750 313,617,343
-------------------------------------------------------------------------------------------------------------------------------
Yahoo!, Inc. 1 2,448,770 458,200 2,906,970 70,279,699 13,150,340 83,430,039
-------------------------------------------
476,394,506 81,410,439 557,804,945
-------------------------------------------------------------------------------------------------------------------------------
IT SERVICES--3.5%
Affiliated Computer Services, Inc., Cl.
A 1 2,156,050 0 2,156,050 125,805,518 0 125,805,518
-------------------------------------------------------------------------------------------------------------------------------
Alliance Data Systems Corp. 1 509,300 0 509,300 39,684,656 0 39,684,656
-------------------------------------------------------------------------------------------------------------------------------
Automatic Data Processing, Inc. 1,939,180 0 1,939,180 96,377,246 0 96,377,246
-------------------------------------------------------------------------------------------------------------------------------
Cognizant Technology Solutions Corp. 1 776,340 0 776,340 60,989,270 0 60,989,270
-------------------------------------------------------------------------------------------------------------------------------
VeriFone Holdings, Inc. 1 0 285,200 285,200 0 9,876,476 9,876,476
-------------------------------------------
322,856,690 9,876,476 332,733,166
-------------------------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT--4.0%
Advanced Micro Devices, Inc. 1 2,695,310 0 2,695,310 38,462,074 0 38,462,074
-------------------------------------------------------------------------------------------------------------------------------
ASML Holding NV 1 1,888,300 563,700 2,452,000 48,661,491 14,526,549 63,188,040
-------------------------------------------------------------------------------------------------------------------------------
Broadcom Corp., Cl. A 1 3,139,280 573,700 3,712,980 95,936,397 17,532,272 113,468,669
-------------------------------------------------------------------------------------------------------------------------------
Microchip Technology, Inc. 1,728,920 0 1,728,920 70,159,574 0 70,159,574
-------------------------------------------------------------------------------------------------------------------------------
SiRF Technology Holdings, Inc. 1 1,180,210 230,000 1,410,210 25,610,557 4,991,000 30,601,557
-------------------------------------------------------------------------------------------------------------------------------
Texas Instruments, Inc. 1,372,730 448,300 1,821,030 48,539,733 15,851,888 64,391,621
-------------------------------------------------------------------------------------------------------------------------------
Varian Semiconductor Equipment Associates,
Inc. 1 0 95,700 95,700 0 4,033,755 4,033,755
-------------------------------------------
327,369,826 56,935,464 384,305,290
-------------------------------------------------------------------------------------------------------------------------------
SOFTWARE--6.3%
Activision, Inc. 1 0 639,500 639,500 0 12,655,705 12,655,705
-------------------------------------------------------------------------------------------------------------------------------
Adobe Systems, Inc. 1 2,596,188 473,400 3,069,588 114,439,967 20,867,472 135,307,439
-------------------------------------------------------------------------------------------------------------------------------
Amdocs Ltd. 1 2,428,890 244,400 2,673,290 94,410,954 9,499,828 103,910,782
-------------------------------------------------------------------------------------------------------------------------------
Autodesk, Inc. 1 2,104,830 457,800 2,562,630 95,664,524 20,807,010 116,471,534
-------------------------------------------------------------------------------------------------------------------------------
Electronic Arts, Inc. 1 678,540 455,100 1,133,640 33,160,250 22,240,737 55,400,987
-------------------------------------------------------------------------------------------------------------------------------
Microsoft Corp. 2,737,811 0 2,737,811 83,968,663 0 83,968,663
-------------------------------------------------------------------------------------------------------------------------------
Red Hat, Inc. 1 2,365,770 515,000 2,880,770 58,103,311 12,648,400 70,751,711
-------------------------------------------------------------------------------------------------------------------------------
Salesforce.com, Inc. 1 506,810 0 506,810 23,946,773 0 23,946,773
-------------------------------------------
503,694,442 98,719,152 602,413,594
-------------------------------------------------------------------------------------------------------------------------------
MATERIALS--3.4%
-------------------------------------------------------------------------------------------------------------------------------
CHEMICALS--3.3%
Monsanto Co. 2,775,220 508,700 3,283,920 170,953,552 31,335,920 202,289,472
-------------------------------------------------------------------------------------------------------------------------------
Praxair, Inc. 1,646,900 0 1,646,900 112,137,421 0 112,137,421
-------------------------------------------
283,090,973 31,335,920 314,426,893
-------------------------------------------------------------------------------------------------------------------------------
METALS & MINING--0.1%
Allegheny Technologies, Inc. 0 105,000 105,000 0 12,136,950 12,136,950
-------------------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES--3.0%
-------------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION
SERVICES--0.1%
NeuStar, Inc., Cl. A 1 0 378,400 378,400 0 10,996,304 10,996,304
-------------------------------------------------------------------------------------------------------------------------------
WIRELESS TELECOMMUNICATION SERVICES--2.9%
America Movil SA de CV, Series L 1,242,600 0 1,242,600 75,239,430 0 75,239,430
-------------------------------------------------------------------------------------------------------------------------------
American Tower Corp. 1 2,187,900 0 2,187,900 94,473,522 0 94,473,522
-------------------------------------------------------------------------------------------------------------------------------
Crown Castle International Corp. 1 1,438,580 0 1,438,580 52,968,516 0 52,968,516
-------------------------------------------------------------------------------------------------------------------------------
NII Holdings, Inc. 1 723,000 0 723,000 58,902,807 0 58,902,807
-------------------------------------------
281,584,275 0 281,584,275
-------------------------------------------------------------------------------------------------------------------------------
Total Common Stocks (Cost $6,104,353,746,
Cost $1,083,142,509, Combined
Cost $7,187,496,255) 8,173,586,220 1,325,122,945 9,498,709,165
EXPIRATION STRIKE
DATES PRICE CONTRACTS CONTRACTS CONTRACTS
--------------------------------------------------------------------------------------------------------------------------------
OPTIONS PURCHASED--0.0%
Apple, Inc. Put 1/28/08 $ 105 0 76 76 0 41,040 41,040
--------------------------------------------------------------------------------------------------------------------------------
Apple, Inc. Put 1/12/08 95 0 2,042 2,042 0 551,340 551,340
---------------------
Total Options Purchased (Cost $0,
Cost $1,908,909, Combined Cost $1,908,909) 0 592,380 592,380
PRINCIPAL PRINCIPAL PRINCIPAL
AMOUNT AMOUNT AMOUNT
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENTS IN AFFILIATED COMPANIES--0.6%
Oppenheimer Institutional Money Market
Fund, Cl.E, 5.29% 2,3 (Cost $61,553,901,
Cost $557,986, Combined Cost $62,111,887) $ 61,553,901 $ 557,986 $ 62,111,887 61,553,901 557,986 62,111,887
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST
$6,165,907,647,COST $1,085,609,404,
COMBINED COST 7,251,517,051) 99.8% 100.0% 100.0% 8,235,140,121 1,326,273,311 9,561,413,432
------------------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS NET OF
LIABILITIES/LIABILITIES IN EXCESS OF
OTHER ASSETS 0.2 0.0 0.0 16,573,041 (235,708) 16,337,333
------------------------------------------------------------------------------------------
NET ASSETS 100.0% 100.0% 100.0% $8,251,713,162 $1,326,037,603 $9,577,750,765
==========================================================================================
Footnotes to Statement of Investments
1. Non income producing security.
2. Is or was an affiliate, as defined in the Investment Company Act of 1940, at
or during the period ended May 31, 2007 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 advisor. Transactions during the period in
which the issuer was an affiliate are as follows:
OPPENHEIMER CAPITAL APPRECIATION FUND
SHARES GROSS GROSS SHARES
AUGUST 31, 2006 ADDITIONS REDUCTIONS MAY 31, 2007
----------------------------------------------------------------------------------------------------------------
Oppenheimer Institutional Money Market Fund, Cl. E -- 845,894,240 784,340,339 61,553,901
DIVIDEND
VALUE INCOME
----------------------------------------------------------------------------------------------------------------
Oppenheimer Institutional Money Market Fund, Cl. E $61,553,901 $2,061,830
OPPENHEIMER GROWTH FUND
SHARES GROSS GROSS SHARES
AUGUST 31, 2006 ADDITIONS REDUCTIONS MAY 31, 2007
----------------------------------------------------------------------------------------------------------------
Oppenheimer Institutional Money Market Fund, Cl. E -- 111,531,739 110,973,753 557,986
DIVIDEND
VALUE INCOME
----------------------------------------------------------------------------------------------------------------
Oppenheimer Institutional Money Market Fund, Cl. E $557,986 $72,892
3. Rate shown is the 7-day yield as of May 31, 2007.
4. A sufficient amount of liquid assets has been designated to cover outstanding
written call options, as follows:
OPPENHEIMER GROWTH FUND
CONTRACTS EXPIRATION EXERCISE PREMIUM
SUBJECT TO CALL DATE PRICE RECEIVED VALUE
-------------------------------------------------------------------------------
Apple, Inc. 1,059 1/21/08 $ 130 $ 348,928 $ 1,186,080