N-Q 1 rq320_12007nq.txt RQ320_12007NQ.TXT UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF R EGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-3105 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) (Zip code) Robert G. Zack, Esq. OppenheimerFunds, Inc. Two World Financial Center, New York, New York 10281-1008 --------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (303) 768-3200 -------------- Date of fiscal year end: AUGUST 31 --------- Date of reporting period: NOVEMBER 30, 2004 ----------------- ITEM 1. SCHEDULE OF INVESTMENTS. -------------------------------------------------------------------------------- Oppenheimer Capital Appreciation Fund STATEMENT OF INVESTMENTS November 30, 2004 / Unaudited --------------------------------------------------------------------------------
Shares Value ----------------------------------------------------------------------------------------------------------- COMMON STOCKS--95.8% ----------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--17.9% ----------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--1.9% Carnival Corp. 1,582,800 $ 83,904,228 ----------------------------------------------------------------------------------------------------------- Royal Caribbean Cruises Ltd. 1,843,200 91,607,040 ------------------ 175,511,268 ----------------------------------------------------------------------------------------------------------- MEDIA--11.0% Clear Channel Communications, Inc. 2,056,630 69,267,298 ----------------------------------------------------------------------------------------------------------- Comcast Corp., Cl. A Special, Non-Vtg. 1 9,056,825 268,534,861 ----------------------------------------------------------------------------------------------------------- News Corp., Inc., Cl. B 6,089,800 110,164,482 ----------------------------------------------------------------------------------------------------------- Omnicom Group, Inc. 469,500 38,029,500 ----------------------------------------------------------------------------------------------------------- Time Warner, Inc. 1 10,586,200 187,481,602 ----------------------------------------------------------------------------------------------------------- Univision Communications, Inc., Cl. A 1 2,048,896 61,671,770 ----------------------------------------------------------------------------------------------------------- Viacom, Inc., Cl. B 5,570,000 193,279,000 ----------------------------------------------------------------------------------------------------------- Walt Disney Co. (The) 3,183,600 85,575,168 ------------------ 1,014,003,681 ----------------------------------------------------------------------------------------------------------- MULTILINE RETAIL--2.1% Federated Department Stores, Inc. 983,000 53,868,400 ----------------------------------------------------------------------------------------------------------- J.C. Penney Co., Inc. (Holding Co.) 522,000 20,149,200 ----------------------------------------------------------------------------------------------------------- Target Corp. 2,350,780 120,406,952 ------------------ 194,424,552 ----------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL--2.9% Best Buy Co., Inc. 935,400 52,737,852 ----------------------------------------------------------------------------------------------------------- Chico's FAS, Inc. 1 304,500 11,753,700 ----------------------------------------------------------------------------------------------------------- Gap, Inc. (The) 3,842,200 83,952,070 ----------------------------------------------------------------------------------------------------------- Home Depot, Inc. 1,707,200 71,275,600 ----------------------------------------------------------------------------------------------------------- Lowe's Cos., Inc. 792,600 43,854,558 ------------------ 263,573,780 ----------------------------------------------------------------------------------------------------------- CONSUMER STAPLES--7.7% ----------------------------------------------------------------------------------------------------------- BEVERAGES--2.9% Anheuser-Busch Cos., Inc. 1,794,300 89,876,487 ----------------------------------------------------------------------------------------------------------- Coca-Cola Co. (The) 872,400 34,294,044 ----------------------------------------------------------------------------------------------------------- PepsiCo, Inc. 2,920,410 145,757,663 ------------------ 269,928,194 ----------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--2.5% Costco Wholesale Corp. 1,068,988 51,952,817 ----------------------------------------------------------------------------------------------------------- Wal-Mart Stores, Inc. 2,538,500 132,154,310 ----------------------------------------------------------------------------------------------------------- Walgreen Co. 1,297,400 49,534,732 ------------------ 233,641,859 ----------------------------------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--1.7% Kimberly-Clark Corp. 325,600 20,711,416 ----------------------------------------------------------------------------------------------------------- Procter & Gamble Co. (The) 2,490,200 133,175,896 ------------------ 153,887,312 ----------------------------------------------------------------------------------------------------------- PERSONAL PRODUCTS--0.6% Estee Lauder Cos., Inc. (The), Cl. A 1,193,760 52,095,686 ----------------------------------------------------------------------------------------------------------- ENERGY--4.8% ----------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--1.1% Halliburton Co. 755,400 31,235,790 ----------------------------------------------------------------------------------------------------------- Schlumberger Ltd. 1,035,200 67,940,176 ------------------ 99,175,966 ----------------------------------------------------------------------------------------------------------- OIL & GAS--3.7% Amerada Hess Corp. 380,300 33,789,655 ----------------------------------------------------------------------------------------------------------- Burlington Resources, Inc. 640,300 29,716,323 ----------------------------------------------------------------------------------------------------------- Devon Energy Corp. 493,200 20,428,344 ----------------------------------------------------------------------------------------------------------- Exxon Mobil Corp. 3,567,700 182,844,625 ----------------------------------------------------------------------------------------------------------- Kinder Morgan Management LLC 1,172,738 47,906,347 ----------------------------------------------------------------------------------------------------------- Murphy Oil Corp. 324,900 27,717,219 ------------------ 342,402,513 ----------------------------------------------------------------------------------------------------------- FINANCIALS--10.6% ----------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS--0.6% Bank of America Corp. 1,003,400 46,427,318 ----------------------------------------------------------------------------------------------------------- Commerce Bancorp, Inc. 166,000 10,370,020 ------------------ 56,797,338 ----------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--7.7% American Express Co. 2,041,840 113,750,906 ----------------------------------------------------------------------------------------------------------- Bear Stearns Cos., Inc. (The) 519,600 50,702,568 ----------------------------------------------------------------------------------------------------------- Citigroup, Inc. 4,560,200 204,068,950 ----------------------------------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The) 546,300 57,230,388 ----------------------------------------------------------------------------------------------------------- JPMorgan Chase & Co. 3,081,720 116,026,758 ----------------------------------------------------------------------------------------------------------- MBNA Corp. 1,209,500 32,124,320 ----------------------------------------------------------------------------------------------------------- Morgan Stanley 2,661,100 135,050,825 ------------------ 708,954,715 ----------------------------------------------------------------------------------------------------------- INSURANCE--2.3% American International Group, Inc. 1,777,600 112,610,960 ----------------------------------------------------------------------------------------------------------- Prudential Financial, Inc. 1,495,000 73,180,250 ----------------------------------------------------------------------------------------------------------- XL Capital Ltd., Cl. A 305,200 22,999,872 ------------------ 208,791,082 ----------------------------------------------------------------------------------------------------------- HEALTH CARE--15.3% ----------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY--2.7% Amgen, Inc. 1 1,985,900 119,233,436 ----------------------------------------------------------------------------------------------------------- Applera Corp./Applied Biosystems Group 787,580 16,145,390 ----------------------------------------------------------------------------------------------------------- Digene Corp. 1 742,571 17,957,594 ----------------------------------------------------------------------------------------------------------- Gilead Sciences, Inc. 1 2,155,000 74,261,300 ----------------------------------------------------------------------------------------------------------- Martek Biosciences Corp. 1 81,900 3,183,453 ----------------------------------------------------------------------------------------------------------- MedImmune, Inc. 1 569,000 15,135,400 ------------------ 245,916,573 ----------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--4.3% Medtronic, Inc. 3,805,195 182,839,620 ----------------------------------------------------------------------------------------------------------- Millipore Corp. 1 1,685,700 82,127,304 ----------------------------------------------------------------------------------------------------------- PerkinElmer, Inc. 1,763,100 37,606,923 ----------------------------------------------------------------------------------------------------------- Stryker Corp. 1,347,300 59,267,727 ----------------------------------------------------------------------------------------------------------- Varian Medical Systems, Inc. 1 420,900 17,711,472 ----------------------------------------------------------------------------------------------------------- Waters Corp. 1 387,600 18,085,416 ------------------ 397,638,462 ----------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--0.5% Laboratory Corp. of America Holdings 1 362,900 17,401,055 ----------------------------------------------------------------------------------------------------------- Pharmaceutical Product Development, Inc. 1 436,600 18,385,226 ----------------------------------------------------------------------------------------------------------- Quest Diagnostics, Inc. 99,100 9,290,625 ------------------ 45,076,906 ----------------------------------------------------------------------------------------------------------- PHARMACEUTICALS--7.8% Eli Lilly & Co. 1,440,600 76,827,198 ----------------------------------------------------------------------------------------------------------- Johnson & Johnson 2,777,200 167,520,704 ----------------------------------------------------------------------------------------------------------- Merck & Co., Inc. 1,873,421 52,493,256 ----------------------------------------------------------------------------------------------------------- Novartis AG 2,340,028 112,094,691 ----------------------------------------------------------------------------------------------------------- Pfizer, Inc. 7,016,689 194,853,454 ----------------------------------------------------------------------------------------------------------- Roche Holdings AG 214,667 22,600,491 ----------------------------------------------------------------------------------------------------------- Teva Pharmaceutical Industries Ltd., Sponsored ADR 3,324,950 90,704,636 ------------------ 717,094,430 ----------------------------------------------------------------------------------------------------------- INDUSTRIALS--13.3% ----------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE--3.8% Boeing Co. 510,400 27,342,128 ----------------------------------------------------------------------------------------------------------- Empresa Brasileira de Aeronautica SA, ADR 1,450,300 40,564,891 ----------------------------------------------------------------------------------------------------------- Honeywell International, Inc. 1,168,200 41,272,506 ----------------------------------------------------------------------------------------------------------- L-3 Communications Holdings, Inc. 641,100 47,710,662 ----------------------------------------------------------------------------------------------------------- Lockheed Martin Corp. 1,297,500 78,939,900 ----------------------------------------------------------------------------------------------------------- Northrop Grumman Corp. 524,000 29,516,920 ----------------------------------------------------------------------------------------------------------- Rockwell Collins, Inc. 175,700 7,003,402 ----------------------------------------------------------------------------------------------------------- United Technologies Corp. 764,500 74,599,910 ------------------ 346,950,319 ----------------------------------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS--2.0% Expeditors International of Washington, Inc. 824,306 43,902,538 ----------------------------------------------------------------------------------------------------------- FedEx Corp. 571,800 54,338,154 ----------------------------------------------------------------------------------------------------------- United Parcel Service, Inc., Cl. B 998,400 84,015,360 ------------------ 182,256,052 ----------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--0.9% Manpower, Inc. 443,400 21,447,258 ----------------------------------------------------------------------------------------------------------- Waste Management, Inc. 2,169,800 64,681,738 ------------------ 86,128,996 ----------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--0.1% Rockwell Automation, Inc. 221,100 10,458,030 ----------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--5.8% General Electric Co. 13,085,500 462,703,280 ----------------------------------------------------------------------------------------------------------- Tyco International Ltd. 2,190,700 74,418,079 ------------------ 537,121,359 ----------------------------------------------------------------------------------------------------------- MACHINERY--0.7% Ingersoll-Rand Co., Cl. A 864,500 64,336,090 ----------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--22.5% ----------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--4.3% Cisco Systems, Inc. 1 9,530,040 178,307,048 ----------------------------------------------------------------------------------------------------------- Lucent Technologies, Inc. 1 6,948,100 27,306,033 ----------------------------------------------------------------------------------------------------------- Motorola, Inc. 2,873,000 55,333,980 ----------------------------------------------------------------------------------------------------------- Nokia Corp., Sponsored ADR 4,050,500 65,496,585 ----------------------------------------------------------------------------------------------------------- Telefonaktiebolaget LM Ericsson, Sponsored ADR 1 1,999,400 66,480,050 ------------------ 392,923,696 ----------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--3.9% Dell, Inc. 1 2,421,400 98,115,128 ----------------------------------------------------------------------------------------------------------- EMC Corp. 1 1,164,800 15,631,616 ----------------------------------------------------------------------------------------------------------- International Business Machines Corp. 2,220,100 209,222,224 ----------------------------------------------------------------------------------------------------------- Sun Microsystems, Inc. 1 6,243,900 34,653,645 ------------------ 357,622,613 ----------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--1.3% Agilent Technologies, Inc. 1 2,321,100 53,129,979 ----------------------------------------------------------------------------------------------------------- Ingram Micro, Inc., Cl. A 1 829,900 15,967,276 ----------------------------------------------------------------------------------------------------------- Tektronix, Inc. 1,647,000 51,666,390 ------------------ 120,763,645 ----------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--1.8% VeriSign, Inc. 1 208,800 6,869,520 ----------------------------------------------------------------------------------------------------------- Yahoo!, Inc. 1 4,118,300 154,930,446 ------------------ 161,799,966 ----------------------------------------------------------------------------------------------------------- IT SERVICES--0.3% Accenture Ltd., Cl. A 1 1,087,400 28,207,156 ----------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--3.4% Altera Corp. 1 580,700 13,170,276 ----------------------------------------------------------------------------------------------------------- Analog Devices, Inc. 1,134,440 41,917,558 ----------------------------------------------------------------------------------------------------------- Broadcom Corp., Cl. A 1 897,900 29,199,708 ----------------------------------------------------------------------------------------------------------- Intel Corp. 7,386,140 165,080,229 ----------------------------------------------------------------------------------------------------------- Texas Instruments, Inc. 2,804,600 67,815,228 ------------------ 317,182,999 ----------------------------------------------------------------------------------------------------------- SOFTWARE--7.5% Adobe Systems, Inc. 1,828,134 110,711,795 ----------------------------------------------------------------------------------------------------------- Cadence Design Systems, Inc. 1 2,378,700 32,683,338 ----------------------------------------------------------------------------------------------------------- Citrix Systems, Inc. 1 1,798,380 42,459,752 ----------------------------------------------------------------------------------------------------------- Mercury Interactive Corp. 1 1,027,100 46,846,031 ----------------------------------------------------------------------------------------------------------- Microsoft Corp. 12,926,711 346,565,122 ----------------------------------------------------------------------------------------------------------- Novell, Inc. 1 1,518,800 9,264,680 ----------------------------------------------------------------------------------------------------------- SAP AG, Sponsored ADR 2,326,300 103,520,350 ------------------ 692,051,068 ----------------------------------------------------------------------------------------------------------- MATERIALS--2.5% ----------------------------------------------------------------------------------------------------------- CHEMICALS--2.4% Air Products & Chemicals, Inc. 1,087,700 62,270,825 ----------------------------------------------------------------------------------------------------------- Dow Chemical Co. 629,400 31,765,818 ----------------------------------------------------------------------------------------------------------- E.I. DuPont de Nemours & Co. 700,700 31,755,724 ----------------------------------------------------------------------------------------------------------- Praxair, Inc. 2,111,800 94,819,820 ------------------ 220,612,187 ----------------------------------------------------------------------------------------------------------- METALS & MINING--0.1% Alcan, Inc. 182,100 9,287,100 ----------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--1.2% ----------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--1.0% Sprint Corp. 2,120,300 48,364,043 ----------------------------------------------------------------------------------------------------------- Telefonos de Mexico SA de CV, Sponsored ADR 1,360,900 47,645,109 ------------------ 96,009,152 ----------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--0.2% AT&T Corp. 925,100 16,929,330 ------------------ Total Common Stocks (Cost $8,188,385,932) 8,819,554,075 Principal Amount ----------------------------------------------------------------------------------------------------------- SHORT-TERM NOTES--2.4% Gemini Securitization Corp., 2.23%, 1/4/05 2 $38,671,000 38,589,555 ----------------------------------------------------------------------------------------------------------- Sheffield Receivables Corp., 1.94%, 12/1/04 2 50,000,000 50,000,000 ----------------------------------------------------------------------------------------------------------- Windmill Funding Corp.: 50,000,000 49,957,292 2.05%, 12/16/04 2 2.10%, 12/28/04 2 29,682,000 29,635,251 ----------------------------------------------------------------------------------------------------------- Yorktown Capital LLC, 2.22%, 1/12/05 2 50,000,000 49,870,500 ------------------ Total Short-Term Notes (Cost $218,052,598) 218,052,598 ----------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--1.8% Undivided interest of 42.25% in joint repurchase agreement (Principal Amount/Value $400,592,000, with a maturity value of $400,613,587) with DB Alex Brown LLC, 1.94%, dated 11/30/04, to be repurchased at $169,277,122 on 12/1/04, collateralized by U.S. Treasury Bonds, 3.625%--4.25%, 5/15/13-- 11/15/13, with a value of $408,667,868 (Cost $169,268,000) 169,268,000 169,268,000 ----------------------------------------------------------------------------------------------------------- Total Investments, at Value (Cost $8,575,706,530) 100.0% 9,206,874,673 ----------------------------------------------------------------------------------------------------------- Other Assets Net of Liabilities 0.0 3,988,027 ------------------------------------- Net Assets 100.0% $ 9,210,862,700 =====================================
Footnotes to Statement of Investments 1. Non-income producing security. 2. Security issued in an exempt transaction without registration under the Securities Act of 1933. Such securities amount to $218,052,598, or 2.36% of the Fund's net assets, and have been determined to be liquid pursuant to guidelines adopted by the Board of Trustees. FEDERAL TAX. The aggregate cost of securities and other investme appreciation and depreciation of securities and other investment November 30, 2004 are noted below. The primary difference betwe depreciation of securities and other investments, if applicable, losses. Federal tax cost of securities $ 8,603,694,522 =============== Gross unrealized appreciation $ 1,141,326,359 Gross unrealized depreciation (538,146,210) --------------- Net unrealized appreciation $ 603,180,149 =============== For information regarding the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report. ITEM 2. CONTROLS AND PROCEDURES. (a) Based on their evaluation of registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of November 30, 2004, registrant's principal executive officer and principal financial officer found registrant's disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission. (b) There have been no significant changes in registrant's internal controls over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. (a) Exhibits attached hereto. (Attach certifications as exhibits)