February 28, 2011 Oppenheimer Capital Appreciation Fund Management Commentary and Semiannual Report MANAGEMENT COMMENTARY An Interview with Your Funds Portfolio Manager SEMIANNUAL REPORT Listing of Top Holdings Financial Statements |
Top Ten Common Stock Industries | ||||
Communications Equipment |
8.0 | % | ||
Machinery |
7.2 | |||
Oil, Gas & Consumable Fuels |
7.1 | |||
Pharmaceuticals |
5.5 | |||
Computers & Peripherals |
5.2 | |||
Software |
5.2 | |||
Internet Software & Services |
5.0 | |||
Textiles, Apparel & Luxury Goods |
3.9 | |||
Food Products |
3.7 | |||
IT Services |
3.5 |
Top Ten Common Stock Holdings | ||||
Apple, Inc. |
5.2 | % | ||
QUALCOMM, Inc. |
4.2 | |||
Google, Inc., Cl. A |
3.6 | |||
Oracle Corp. |
2.8 | |||
Occidental Petroleum Corp. |
2.3 | |||
Juniper Networks, Inc. |
2.1 | |||
ConocoPhillips |
2.1 | |||
Schlumberger Ltd. |
1.9 | |||
Cisco Systems, Inc. |
1.8 | |||
Caterpillar, Inc. |
1.7 |
Beginning | Ending | Expenses | ||||||||||
Account | Account | Paid During | ||||||||||
Value | Value | 6 Months Ended | ||||||||||
September 1, 2010 | February 28, 2011 | February 28, 2011 | ||||||||||
Actual | ||||||||||||
Class A |
$1,000.00 | $1,284.60 | $ | 6.59 | ||||||||
Class B |
1,000.00 | 1,279.10 | 11.24 | |||||||||
Class C |
1,000.00 | 1,279.60 | 11.01 | |||||||||
Class N |
1,000.00 | 1,282.90 | 8.06 | |||||||||
Class Y |
1,000.00 | 1,287.20 | 4.09 | |||||||||
Hypothetical | ||||||||||||
(5% return before expenses) | ||||||||||||
Class A |
1,000.00 | 1,019.04 | 5.82 | |||||||||
Class B |
1,000.00 | 1,014.98 | 9.94 | |||||||||
Class C |
1,000.00 | 1,015.17 | 9.74 | |||||||||
Class N |
1,000.00 | 1,017.75 | 7.13 | |||||||||
Class Y |
1,000.00 | 1,021.22 | 3.61 |
Class | Expense Ratios | |||
Class A |
1.16 | % | ||
Class B |
1.98 | |||
Class C |
1.94 | |||
Class N |
1.42 | |||
Class Y |
0.72 |
Shares | Value | |||||||
Common Stocks99.5% |
||||||||
Consumer Discretionary12.6% |
||||||||
Auto Components0.9% |
||||||||
Johnson Controls, Inc. |
1,272,750 | $ | 51,928,200 | |||||
Hotels, Restaurants & Leisure1.5% |
||||||||
McDonalds Corp. |
1,168,550 | 88,435,862 | ||||||
Internet & Catalog Retail1.2% |
||||||||
Amazon.com, Inc.1 |
410,002 | 71,049,247 | ||||||
Media2.1% |
||||||||
McGraw-Hill
Cos., Inc. (The) |
862,560 | 33,363,821 | ||||||
Walt Disney
Co. (The) |
2,152,390 | 94,145,539 | ||||||
127,509,360 | ||||||||
Specialty Retail3.0% |
||||||||
Bed Bath &
Beyond, Inc.1 |
1,237,370 | 59,579,366 | ||||||
OReilly Automotive,
Inc.1 |
916,370 | 50,931,845 | ||||||
TJX Cos., Inc. (The) |
1,285,400 | 64,102,898 | ||||||
174,614,109 | ||||||||
Textiles, Apparel & Luxury Goods3.9% |
||||||||
Coach, Inc. |
1,358,860 | 74,628,591 | ||||||
Nike, Inc., Cl. B |
966,490 | 86,046,605 | ||||||
Polo Ralph Lauren
Corp., Cl. A |
544,105 | 68,943,545 | ||||||
229,618,741 | ||||||||
Consumer Staples7.3% |
||||||||
Beverages1.0% |
||||||||
Brown-Forman
Corp., Cl. B |
334,757 | 23,148,447 | ||||||
Coca-Cola Co. (The) |
549,820 | 35,144,494 | ||||||
58,292,941 | ||||||||
Food & Staples Retailing1.4% |
||||||||
Costco Wholesale
Corp. |
1,121,340 | 83,865,019 | ||||||
Food Products3.7% |
||||||||
DANONE SA |
333,214 | 20,889,675 | ||||||
General Mills, Inc. |
1,732,118 | 64,330,863 | ||||||
Nestle SA |
1,391,390 | 78,772,053 | ||||||
Unilever NV CVA |
1,735,450 | 52,339,386 | ||||||
216,331,977 | ||||||||
Household Products1.2% |
||||||||
Colgate-Palmolive Co. |
933,170 | 73,272,508 | ||||||
Energy10.5% |
||||||||
Energy Equipment & Services3.4% |
||||||||
Halliburton Co. |
1,895,390 | 88,969,607 | ||||||
Schlumberger Ltd. |
1,199,866 | 112,091,482 | ||||||
201,061,089 | ||||||||
Oil, Gas & Consumable Fuels7.1% |
||||||||
Chevron Corp. |
878,560 | 91,150,600 | ||||||
ConocoPhillips |
1,579,338 | 122,983,050 | ||||||
EOG Resources, Inc. |
611,470 | 68,674,196 | ||||||
Occidental Petroleum
Corp. |
1,331,182 | 135,740,629 | ||||||
418,548,475 | ||||||||
Financials5.7% |
||||||||
Capital Markets0.5% |
||||||||
Charles Schwab
Corp. (The) |
1,533,560 | 29,091,633 | ||||||
Commercial Banks2.6% |
||||||||
Standard Chartered plc |
658,430 | 17,414,989 | ||||||
U.S. Bancorp |
1,942,908 | 53,876,839 | ||||||
Wells Fargo & Co. |
2,483,180 | 80,107,387 | ||||||
151,399,215 | ||||||||
Diversified Financial Services2.6% |
||||||||
BM&F BOVESPA SA |
6,080,840 | 41,043,294 | ||||||
CME Group, Inc. |
59,060 | 18,384,197 | ||||||
Intercontinental
Exchange, Inc.1 |
228,440 | 29,286,008 | ||||||
JPMorgan Chase & Co. |
1,387,680 | 64,790,779 | ||||||
153,504,278 |
Shares | Value | |||||||
Health Care13.4% |
||||||||
Biotechnology1.0% |
||||||||
Celgene Corp.1 |
1,088,730 | $ | 57,811,563 | |||||
Health Care Equipment & Supplies2.4% |
||||||||
Baxter International, Inc. |
1,276,470 | 67,844,381 | ||||||
Stryker Corp. |
1,128,940 | 71,416,744 | ||||||
139,261,125 | ||||||||
Health Care Providers & Services2.2% |
||||||||
Express Scripts, Inc.1 |
1,133,270 | 63,712,439 | ||||||
Medco Health
Solutions, Inc.1 |
1,094,960 | 67,493,334 | ||||||
131,205,773 | ||||||||
Life Sciences Tools & Services2.3% |
||||||||
Mettler-Toledo
International, Inc.1 |
266,673 | 45,699,752 | ||||||
Thermo Fisher
Scientific, Inc.1 |
1,634,187 | 91,220,318 | ||||||
136,920,070 | ||||||||
Pharmaceuticals5.5% |
||||||||
Allergan, Inc. |
1,358,354 | 100,749,116 | ||||||
Bristol-Myers Squibb Co. |
2,556,272 | 65,977,380 | ||||||
Novo Nordisk AS, Cl. B |
780,275 | 98,274,503 | ||||||
Roche Holding AG |
388,262 | 58,546,449 | ||||||
323,547,448 | ||||||||
Industrials15.2% |
||||||||
Aerospace & Defense2.6% |
||||||||
Goodrich Corp. |
1,018,279 | 87,806,198 | ||||||
United Technologies
Corp. |
791,900 | 66,155,326 | ||||||
153,961,524 | ||||||||
Air Freight & Logistics1.2% |
||||||||
United Parcel Service,
Inc., Cl. B |
983,390 | 72,574,182 | ||||||
Electrical Equipment2.9% |
||||||||
ABB Ltd. |
2,824,021 | 69,057,967 | ||||||
Emerson Electric Co. |
1,657,996 | 98,916,041 | ||||||
167,974,008 | ||||||||
Machinery7.2% |
||||||||
Caterpillar, Inc. |
993,180 | 102,228,017 | ||||||
Danaher Corp. |
1,550,271 | 78,443,713 | ||||||
Deere & Co. |
505,400 | 45,561,810 | ||||||
Joy Global, Inc. |
995,830 | 96,973,925 | ||||||
Parker-Hannifin Corp. |
1,103,007 | 98,366,164 | ||||||
421,573,629 | ||||||||
Road & Rail1.3% |
||||||||
Union Pacific Corp. |
803,858 | 76,696,092 | ||||||
Information Technology30.0% |
||||||||
Communications Equipment8.0% |
||||||||
Cisco Systems, Inc.1 |
5,590,812 | 103,765,471 | ||||||
Juniper Networks, Inc.1 |
2,842,960 | 125,090,240 | ||||||
QUALCOMM, Inc. |
4,105,420 | 244,600,924 | ||||||
473,456,635 | ||||||||
Computers & Peripherals5.2% |
||||||||
Apple, Inc.1 |
873,890 | 308,666,687 | ||||||
Electronic Equipment & Instruments1.6% |
||||||||
Corning, Inc. |
3,962,480 | 91,374,789 | ||||||
Internet Software & Services5.0% |
||||||||
eBay, Inc.1 |
2,425,130 | 81,253,981 | ||||||
Google, Inc., Cl. A1 |
343,246 | 210,547,096 | ||||||
291,801,077 | ||||||||
IT Services3.5% |
||||||||
Cognizant Technology
Solutions Corp.1 |
1,010,960 | 77,712,495 | ||||||
International Business
Machines Corp. |
415,350 | 67,236,858 | ||||||
Visa, Inc., Cl. A |
808,435 | 59,056,177 | ||||||
204,005,530 | ||||||||
Semiconductors & Semiconductor Equipment1.5% |
||||||||
Broadcom Corp., Cl. A |
2,143,945 | 88,373,413 | ||||||
Software5.2% |
||||||||
Intuit, Inc.1 |
1,506,330 | 79,202,831 | ||||||
Oracle Corp. |
5,051,560 | 166,196,324 | ||||||
Vmware, Inc., Cl. A1 |
733,943 | 61,394,332 | ||||||
306,793,487 |
Shares | Value | |||||||
Materials3.8% |
||||||||
Chemicals2.4% |
||||||||
Ecolab, Inc. |
1,128,422 | $ | 54,886,446 | |||||
Praxair, Inc. |
886,075 | 88,058,134 | ||||||
142,944,580 | ||||||||
Metals & Mining1.4% |
||||||||
Barrick Gold Corp. |
911,070 | 48,122,717 | ||||||
Freeport-McMoRan
Copper & Gold,
Inc., Cl. B |
604,240 | 31,994,508 | ||||||
80,117,225 | ||||||||
Telecommunication Services1.0% |
||||||||
Wireless Telecommunication Services1.0% |
||||||||
NII Holdings, Inc.1 |
1,504,293 | 61,615,841 | ||||||
Total Common Stocks
(Cost $3,978,514,958) |
5,859,197,332 | |||||||
Investment Companies0.1% |
||||||||
JPMorgan U.S. Treasury
Plus Money Market
Fund, Agency
Shares, 0.00%2,3 |
35,543 | 35,543 | ||||||
Oppenheimer
Institutional Money
Market Fund, Cl. E,
0.21%2,4 |
5,279,344 | 5,279,344 | ||||||
Total Investment
Companies
(Cost $5,314,887) |
5,314,887 | |||||||
Total Investments, at Value
(Cost $3,983,829,845) |
99.6 | % | 5,864,512,219 | |||||
Other Assets Net of
Liabilities |
0.4 | 21,902,671 | ||||||
Net Assets |
100.0 | % | $ | 5,886,414,890 | ||||
1. | Non-income producing security. | |
2. | Rate shown is the 7-day yield as of February 28, 2011. | |
3. | Interest rate is less than 0.0005%. | |
4. | Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended February 28, 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 | |||||||||||||
August 31, 2010 | Additions | Reductions | February 28, 2011 | |||||||||||||
Oppenheimer Institutional
Money Market Fund, Cl. E |
23,827,122 | 359,774,429 | 378,322,207 | 5,279,344 |
Value | Income | |||||||
Oppenheimer Institutional
Money Market Fund, Cl. E |
$ | 5,279,344 | $ | 35,926 |
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). |
The table below categorizes amounts that are included in the Funds Statement of Assets and Liabilities as of February 28, 2011 based on valuation input level: |
Level 2 | Level 3 | |||||||||||||||
Level 1 | Other Significant | Significant | ||||||||||||||
Unadjusted | Observable | Unobservable | ||||||||||||||
Quoted Prices | Inputs | Inputs | Value | |||||||||||||
Assets Table |
||||||||||||||||
Investments, at Value: |
||||||||||||||||
Common Stocks |
||||||||||||||||
Consumer Discretionary |
$ | 743,155,519 | $ | | $ | | $ | 743,155,519 | ||||||||
Consumer Staples |
431,762,445 | | | 431,762,445 | ||||||||||||
Energy |
619,609,564 | | | 619,609,564 | ||||||||||||
Financials |
333,995,126 | | | 333,995,126 | ||||||||||||
Health Care |
788,745,979 | | | 788,745,979 | ||||||||||||
Industrials |
892,779,435 | | | 892,779,435 | ||||||||||||
Information Technology |
1,764,471,618 | | | 1,764,471,618 | ||||||||||||
Materials |
223,061,805 | | | 223,061,805 | ||||||||||||
Telecommunication Services |
61,615,841 | | | 61,615,841 | ||||||||||||
Investment Companies |
5,314,887 | | | 5,314,887 | ||||||||||||
Total Investments, at Value |
5,864,512,219 | | | 5,864,512,219 | ||||||||||||
Other Financial Instruments: |
||||||||||||||||
Foreign currency exchange contracts |
| 381 | | 381 | ||||||||||||
Total Assets |
$ | 5,864,512,219 | $ | 381 | $ | | $ | 5,864,512,600 | ||||||||
Liabilities Table |
||||||||||||||||
Other Financial Instruments: |
||||||||||||||||
Foreign currency exchange contracts |
$ | | $ | (1,121 | ) | $ | | $ | (1,121 | ) | ||||||
Total Liabilities |
$ | | $ | (1,121 | ) | $ | | $ | (1,121 | ) | ||||||
Contract | ||||||||||||||||||||||||
Counterparty/ | Amount | Expiration | Unrealized | Unrealized | ||||||||||||||||||||
Contract Description | Buy/Sell | (000s) | Date | Value | Appreciation | Depreciation | ||||||||||||||||||
Brown Brothers Harriman |
||||||||||||||||||||||||
Swiss Franc (CHF) |
Sell | 313 CHF | 3/2/11 | $ | 336,700 | $ | 381 | $ | | |||||||||||||||
Deutsche Bank Capital Corp. |
||||||||||||||||||||||||
Euro (EUR) |
Sell | 87 EUR | 3/2/11 | 120,102 | | 488 | ||||||||||||||||||
State Street |
||||||||||||||||||||||||
Danish Krone (DKK) |
Sell | 850 DKK | 3/2/11 | 157,265 | | 633 | ||||||||||||||||||
Total unrealized appreciation and depreciation |
$ | 381 | $ | 1,121 | ||||||||||||||||||||
February 28, 2011 | ||||
Assets |
||||
Investments, at valuesee accompanying statement of investments: |
||||
Unaffiliated companies (cost $3,978,550,501) |
$ | 5,859,232,875 | ||
Affiliated companies (cost $5,279,344) |
5,279,344 | |||
5,864,512,219 | ||||
Unrealized appreciation on foreign currency exchange contracts |
381 | |||
Receivables and other assets: |
||||
Investments sold |
48,937,433 | |||
Dividends |
13,757,738 | |||
Other |
885,406 | |||
Total assets |
5,928,093,177 | |||
Liabilities |
||||
Unrealized depreciation on foreign currency exchange contracts |
1,121 | |||
Payables and other liabilities: |
||||
Investments purchased |
29,121,789 | |||
Shares of beneficial interest redeemed |
7,150,221 | |||
Distribution and service plan fees |
1,865,810 | |||
Trustees compensation |
1,838,159 | |||
Transfer and shareholder servicing agent fees |
1,026,431 | |||
Shareholder communications |
560,229 | |||
Other |
114,527 | |||
Total liabilities |
41,678,287 | |||
Net Assets |
$ | 5,886,414,890 | ||
Composition of Net Assets |
||||
Par value of shares of beneficial interest |
$ | 129,697 | ||
Additional paid-in capital |
5,327,988,383 | |||
Accumulated net investment loss |
(3,647,608 | ) | ||
Accumulated net realized loss on investments and foreign currency transactions |
(1,319,488,189 | ) | ||
Net unrealized appreciation on investments and translation
of assets and liabilities denominated in foreign currencies |
1,881,432,607 | |||
Net Assets |
$ | 5,886,414,890 | ||
Net Asset Value Per Share | ||||
Class A Shares: |
||||
Net asset value and redemption price per share (based on net assets of $3,660,455,669
and 79,977,428 shares of beneficial interest outstanding)
|
$ | 45.77 | ||
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price)
|
$ | 48.56 | ||
Class B Shares: |
||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $292,410,937 and 7,241,221 shares of
beneficial interest outstanding)
|
$ | 40.38 | ||
Class C Shares: |
||||
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $456,822,179
and 11,394,688 shares of beneficial interest outstanding)
|
$ | 40.09 | ||
Class N Shares: |
||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $147,022,354 and 3,298,295
shares of beneficial interest outstanding)
|
$ | 44.58 | ||
Class Y Shares: |
||||
Net asset value, redemption price and offering price per share (based on net assets
of $1,329,703,751 and 27,784,875 shares of beneficial interest outstanding)
|
$ | 47.86 |
For the Six Months Ended February 28, 2011 | ||||
Investment Income |
||||
Dividends: |
||||
Unaffiliated companies (net of foreign withholding taxes of $172,634) |
$ | 30,686,807 | ||
Affiliated companies |
35,926 | |||
Interest |
3,088 | |||
Other income |
287,900 | |||
Total investment income |
31,013,721 | |||
Expenses |
||||
Management fees |
16,367,934 | |||
Distribution and service plan fees: |
||||
Class A |
4,165,406 | |||
Class B |
1,416,420 | |||
Class C |
2,180,073 | |||
Class N |
367,109 | |||
Transfer and shareholder servicing agent fees: |
||||
Class A |
5,374,794 | |||
Class B |
799,530 | |||
Class C |
709,530 | |||
Class N |
239,036 | |||
Class Y |
731,339 | |||
Shareholder communications: |
||||
Class A |
385,400 | |||
Class B |
80,865 | |||
Class C |
54,380 | |||
Class N |
8,346 | |||
Class Y |
73,982 | |||
Custodian fees and expenses |
64,438 | |||
Trustees compensation |
48,641 | |||
Administration service fees |
750 | |||
Other |
104,208 | |||
Total expenses |
33,172,181 | |||
Less waivers and reimbursements of expenses |
(348,922 | ) | ||
Net expenses |
32,823,259 | |||
Net Investment Loss |
(1,809,538 | ) |
Realized and Unrealized Gain | ||||
Net realized gain on: |
||||
Investments from unaffiliated companies |
$ | 101,221,199 | ||
Foreign currency transactions |
8,370,467 | |||
Net realized gain |
109,591,666 | |||
Net change in unrealized appreciation/depreciation on: |
||||
Investments |
1,239,682,606 | |||
Translation of assets and liabilities denominated in foreign currencies |
26,738,460 | |||
Net change in unrealized appreciation/depreciation |
1,266,421,066 | |||
Net Increase in Net Assets Resulting from Operations |
$ | 1,374,203,194 | ||
Six Months | |||||||||||
Ended | Year | ||||||||||
February 28, 2011 | Ended | ||||||||||
(Unaudited) | August 31, 2010 | ||||||||||
Operations |
|||||||||||
Net investment loss |
$ | (1,809,538 | ) | $ | (9,691,635 | ) | |||||
Net realized gain |
109,591,666 | 428,205,836 | |||||||||
Net change in unrealized appreciation/depreciation |
1,266,421,066 | (326,218,177 | ) | ||||||||
Net increase in net assets resulting from operations |
1,374,203,194 | 92,296,024 | |||||||||
Beneficial Interest Transactions |
|||||||||||
Net increase (decrease) in net assets resulting from
beneficial interest transactions: |
|||||||||||
Class A |
(307,885,440 | ) | (548,541,365 | ) | |||||||
Class B |
(39,728,887 | ) | (98,911,402 | ) | |||||||
Class C |
(39,622,999 | ) | (60,740,439 | ) | |||||||
Class N |
(24,690,297 | ) | (19,391,045 | ) | |||||||
Class Y |
(55,931,947 | ) | 19,711,232 | ||||||||
(467,859,570 | ) | (707,873,019 | ) | ||||||||
Net Assets |
|||||||||||
Total increase (decrease) |
906,343,624 | (615,576,995 | ) | ||||||||
Beginning of period |
4,980,071,266 | 5,595,648,261 | |||||||||
End of period (including accumulated net investment loss of
$3,647,608 and $1,838,070, respectively) |
$ | 5,886,414,890 | $ | 4,980,071,266 | |||||||
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
February 28, 2011 | Year Ended August 31, | |||||||||||||||||||||||
Class A | (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||
Per Share Operating Data |
||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 35.63 | $ | 35.42 | $ | 45.49 | $ | 50.67 | $ | 43.08 | $ | 41.45 | ||||||||||||
Income (loss) from investment operations: |
||||||||||||||||||||||||
Net investment loss1 |
(.01 | ) | (.05 | ) | (.04 | ) | (.09 | ) | (.13 | ) | (.12 | ) | ||||||||||||
Net realized and unrealized gain (loss) |
10.15 | .26 | (10.03 | ) | (4.00 | ) | 7.72 | 2.00 | ||||||||||||||||
Total from investment operations |
10.14 | .21 | (10.07 | ) | (4.09 | ) | 7.59 | 1.88 | ||||||||||||||||
Dividends and/or distributions
to shareholders: |
||||||||||||||||||||||||
Dividends from net investment income |
| | | | | (.25 | ) | |||||||||||||||||
Distributions from net realized gain |
| | | (1.09 | ) | | | |||||||||||||||||
Total dividends and/or distributions
to shareholders |
| | | (1.09 | ) | | (.25 | ) | ||||||||||||||||
Net asset value, end of period |
$ | 45.77 | $ | 35.63 | $ | 35.42 | $ | 45.49 | $ | 50.67 | $ | 43.08 | ||||||||||||
Total Return, at Net Asset Value2 |
28.46 | % | 0.59 | % | (22.14 | )% | (8.33 | )% | 17.62 | % | 4.53 | % | ||||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||||||
Net assets, end of period (in thousands) |
$ | 3,660,456 | $ | 3,109,737 | $ | 3,596,953 | $ | 5,570,287 | $ | 5,437,581 | $ | 5,278,253 | ||||||||||||
Average net assets (in thousands) |
$ | 3,526,328 | $ | 3,621,517 | $ | 3,413,157 | $ | 6,174,248 | $ | 5,386,165 | $ | 5,569,912 | ||||||||||||
Ratios to average net assets:3 |
||||||||||||||||||||||||
Net investment loss |
(0.05 | )% | (0.14 | )% | (0.12 | )% | (0.18 | )% | (0.27 | )% | (0.28 | )% | ||||||||||||
Total expenses |
1.16 | %4 | 1.19 | %4 | 1.28 | %4 | 1.07 | %4 | 1.05 | %4 | 1.07 | % | ||||||||||||
Expenses after payments, waivers and/or
reimbursements and reduction
to custodian expenses |
1.16 | % | 1.19 | % | 1.19 | % | 1.07 | % | 1.05 | % | 1.07 | % | ||||||||||||
Portfolio turnover rate |
15 | % | 63 | % | 60 | % | 64 | % | 51 | % | 83 | % |
1. | Per share amounts calculated based on the average shares outstanding during the period. | |
2. | 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. | |
3. | Annualized for periods less than one full year. | |
4. | Total expenses including indirect expenses from affiliated fund were as follows: |
Six Months Ended February 28, 2011 |
1.16 | % | ||
Year Ended August 31, 2010 |
1.19 | % | ||
Year Ended August 31, 2009 |
1.28 | % | ||
Year Ended August 31, 2008 |
1.07 | % | ||
Year Ended August 31, 2007 |
1.05 | % |
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
February 28, 2011 | Year Ended August 31, | |||||||||||||||||||||||
Class B | (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||
Per Share Operating Data |
||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 31.57 | $ | 31.64 | $ | 40.95 | $ | 46.05 | $ | 39.47 | $ | 38.08 | ||||||||||||
Income (loss) from investment operations: |
||||||||||||||||||||||||
Net investment loss1 |
(.16 | ) | (.33 | ) | (.25 | ) | (.42 | ) | (.46 | ) | (.45 | ) | ||||||||||||
Net realized and unrealized gain (loss) |
8.97 | .26 | (9.06 | ) | (3.59 | ) | 7.04 | 1.84 | ||||||||||||||||
Total from investment operations |
8.81 | (.07 | ) | (9.31 | ) | (4.01 | ) | 6.58 | 1.39 | |||||||||||||||
Dividends and/or distributions
to shareholders: |
||||||||||||||||||||||||
Dividends from net investment income |
| | | | | | ||||||||||||||||||
Distributions from net realized gain |
| | | (1.09 | ) | | | |||||||||||||||||
Total dividends and/or distributions
to shareholders |
| | | (1.09 | ) | | | |||||||||||||||||
Net asset value, end of period |
$ | 40.38 | $ | 31.57 | $ | 31.64 | $ | 40.95 | $ | 46.05 | $ | 39.47 | ||||||||||||
Total Return, at Net Asset Value2 |
27.91 | % | (0.22 | )% | (22.74 | )% | (9.01 | )% | 16.67 | % | 3.65 | % | ||||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||||||
Net assets, end of period (in thousands) |
$ | 292,411 | $ | 263,009 | $ | 355,286 | $ | 602,981 | $ | 723,519 | $ | 851,836 | ||||||||||||
Average net assets (in thousands) |
$ | 286,125 | $ | 328,873 | $ | 350,743 | $ | 731,493 | $ | 806,550 | $ | 964,658 | ||||||||||||
Ratios to average net assets:3 |
||||||||||||||||||||||||
Net investment loss |
(0.87 | )% | (0.95 | )% | (0.91 | )% | (0.94 | )% | (1.06 | )% | (1.13 | )% | ||||||||||||
Total expenses |
2.21 | %4 | 2.24 | %4 | 2.20 | %4 | 1.83 | %4 | 1.86 | %4 | 1.93 | % | ||||||||||||
Expenses after payments, waivers and/or
reimbursements and reduction
to custodian expenses |
1.98 | % | 2.01 | % | 1.97 | % | 1.83 | % | 1.86 | % | 1.92 | % | ||||||||||||
Portfolio turnover rate |
15 | % | 63 | % | 60 | % | 64 | % | 51 | % | 83 | % |
1. | Per share amounts calculated based on the average shares outstanding during the period. | |
2. | 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. | |
3. | Annualized for periods less than one full year. | |
4. | Total expenses including indirect expenses from affiliated fund were as follows: |
Six Months Ended February 28, 2011 |
2.21 | % | ||
Year Ended August 31, 2010 |
2.24 | % | ||
Year Ended August 31, 2009 |
2.20 | % | ||
Year Ended August 31, 2008 |
1.83 | % | ||
Year Ended August 31, 2007 |
1.86 | % |
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
February 28, 2011 | Year Ended August 31, | |||||||||||||||||||||||
Class C | (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||
Per Share Operating Data |
||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 31.33 | $ | 31.39 | $ | 40.62 | $ | 45.68 | $ | 39.14 | $ | 37.73 | ||||||||||||
Income (loss) from investment operations: |
||||||||||||||||||||||||
Net investment loss1 |
(.15 | ) | (.31 | ) | (.24 | ) | (.40 | ) | (.44 | ) | (.41 | ) | ||||||||||||
Net realized and unrealized gain (loss) |
8.91 | .25 | (8.99 | ) | (3.57 | ) | 6.98 | 1.82 | ||||||||||||||||
Total from investment operations |
8.76 | (.06 | ) | (9.23 | ) | (3.97 | ) | 6.54 | 1.41 | |||||||||||||||
Dividends and/or distributions
to shareholders: |
||||||||||||||||||||||||
Dividends from net investment income |
| | | | | | ||||||||||||||||||
Distributions from net realized gain |
| | | (1.09 | ) | | | |||||||||||||||||
Total dividends and/or distributions
to shareholders |
| | | (1.09 | ) | | | |||||||||||||||||
Net asset value, end of period |
$ | 40.09 | $ | 31.33 | $ | 31.39 | $ | 40.62 | $ | 45.68 | $ | 39.14 | ||||||||||||
Total Return, at Net Asset Value2 |
27.96 | % | (0.19 | )% | (22.72 | )% | (9.00 | )% | 16.71 | % | 3.74 | % | ||||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||||||
Net assets, end of period (in thousands) |
$ | 456,822 | $ | 390,864 | $ | 448,301 | $ | 679,778 | $ | 687,083 | $ | 646,333 | ||||||||||||
Average net assets (in thousands) |
$ | 439,994 | $ | 455,897 | $ | 420,699 | $ | 742,287 | $ | 678,427 | $ | 684,056 | ||||||||||||
Ratios to average net assets:3 |
||||||||||||||||||||||||
Net investment loss |
(0.83 | )% | (0.91 | )% | (0.89 | )% | (0.92 | )% | (1.02 | )% | (1.05 | )% | ||||||||||||
Total expenses |
1.94 | %4 | 1.97 | %4 | 2.01 | %4 | 1.81 | %4 | 1.81 | %4 | 1.84 | % | ||||||||||||
Expenses after payments, waivers and/or
reimbursements and reduction
to custodian expenses |
1.94 | % | 1.96 | % | 1.95 | % | 1.81 | % | 1.81 | % | 1.84 | % | ||||||||||||
Portfolio turnover rate |
15 | % | 63 | % | 60 | % | 64 | % | 51 | % | 83 | % |
1. | Per share amounts calculated based on the average shares outstanding during the period. | |
2. | 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. | |
3. | Annualized for periods less than one full year. | |
4. | Total expenses including indirect expenses from affiliated fund were as follows: |
Six Months Ended February 28, 2011 |
1.94 | % | ||
Year Ended August 31, 2010 |
1.97 | % | ||
Year Ended August 31, 2009 |
2.01 | % | ||
Year Ended August 31, 2008 |
1.81 | % | ||
Year Ended August 31, 2007 |
1.81 | % |
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
February 28, 2011 | Year Ended August 31, | |||||||||||||||||||||||
Class N | (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||
Per Share Operating Data |
||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 34.75 | $ | 34.60 | $ | 44.55 | $ | 49.80 | $ | 42.49 | $ | 40.91 | ||||||||||||
Income (loss) from investment operations: |
||||||||||||||||||||||||
Net investment loss1 |
(.07 | ) | (.11 | ) | (.12 | ) | (.25 | ) | (.28 | ) | (.27 | ) | ||||||||||||
Net realized and unrealized gain (loss) |
9.90 | .26 | (9.83 | ) | (3.91 | ) | 7.59 | 1.98 | ||||||||||||||||
Total from investment operations |
9.83 | .15 | (9.95 | ) | (4.16 | ) | 7.31 | 1.71 | ||||||||||||||||
Dividends and/or distributions to shareholders: |
||||||||||||||||||||||||
Dividends from net investment income |
| | | | | (.13 | ) | |||||||||||||||||
Distributions from net realized gain |
| | | (1.09 | ) | | | |||||||||||||||||
Total dividends and/or distributions
to shareholders |
| | | (1.09 | ) | | (.13 | ) | ||||||||||||||||
Net asset value, end of period |
$ | 44.58 | $ | 34.75 | $ | 34.60 | $ | 44.55 | $ | 49.80 | $ | 42.49 | ||||||||||||
Total Return, at Net Asset Value2 |
28.29 | % | 0.43 | % | (22.33 | )% | (8.63 | )% | 17.20 | % | 4.16 | % | ||||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||||||
Net assets, end of period (in thousands) |
$ | 147,022 | $ | 135,235 | $ | 152,558 | $ | 251,081 | $ | 241,593 | $ | 250,167 | ||||||||||||
Average net assets (in thousands) |
$ | 149,035 | $ | 155,296 | $ | 150,598 | $ | 277,096 | $ | 257,444 | $ | 253,590 | ||||||||||||
Ratios to average net assets:3 |
||||||||||||||||||||||||
Net investment loss |
(0.33 | )% | (0.29 | )% | (0.40 | )% | (0.52 | )% | (0.60 | )% | (0.63 | )% | ||||||||||||
Total expenses |
1.42 | %4 | 1.35 | %4 | 1.77 | %4 | 1.42 | %4 | 1.39 | %4 | 1.42 | % | ||||||||||||
Expenses after payments, waivers and/or
reimbursements and reduction
to custodian expenses |
1.42 | % | 1.34 | % | 1.45 | % | 1.40 | % | 1.39 | % | 1.42 | % | ||||||||||||
Portfolio turnover rate |
15 | % | 63 | % | 60 | % | 64 | % | 51 | % | 83 | % |
1. | Per share amounts calculated based on the average shares outstanding during the period. | |
2. | 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. | |
3. | Annualized for periods less than one full year. | |
4. | Total expenses including indirect expenses from affiliated fund were as follows: |
Six Months Ended February 28, 2011 |
1.42 | % | ||
Year Ended August 31, 2010 |
1.35 | % | ||
Year Ended August 31, 2009 |
1.77 | % | ||
Year Ended August 31, 2008 |
1.42 | % | ||
Year Ended August 31, 2007 |
1.39 | % |
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
February 28, 2011 | Year Ended August 31, | |||||||||||||||||||||||
Class Y | (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||
Per Share Operating Data |
||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 37.18 | $ | 36.81 | $ | 47.07 | $ | 52.20 | $ | 44.21 | $ | 42.52 | ||||||||||||
Income (loss) from investment operations: |
||||||||||||||||||||||||
Net investment income1 |
.08 | .11 | .09 | .10 | .07 | .05 | ||||||||||||||||||
Net realized and unrealized gain (loss) |
10.60 | .26 | (10.35 | ) | (4.14 | ) | 7.92 | 2.05 | ||||||||||||||||
Total from investment operations |
10.68 | .37 | (10.26 | ) | (4.04 | ) | 7.99 | 2.10 | ||||||||||||||||
Dividends and/or distributions
to shareholders: |
||||||||||||||||||||||||
Dividends from net investment income |
| | | | | (.41 | ) | |||||||||||||||||
Distributions from net realized gain |
| | | (1.09 | ) | | | |||||||||||||||||
Total dividends and/or distributions
to shareholders |
| | | (1.09 | ) | | (.41 | ) | ||||||||||||||||
Net asset value, end of period |
$ | 47.86 | $ | 37.18 | $ | 36.81 | $ | 47.07 | $ | 52.20 | $ | 44.21 | ||||||||||||
Total Return, at Net Asset Value2 |
28.72 | % | 1.01 | % | (21.80 | )% | (7.99 | )% | 18.07 | % | 4.93 | % | ||||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||||||
Net assets, end of period (in thousands) |
$ | 1,329,704 | $ | 1,081,226 | $ | 1,042,550 | $ | 1,422,571 | $ | 1,056,211 | $ | 649,143 | ||||||||||||
Average net assets (in thousands) |
$ | 1,245,710 | $ | 1,096,076 | $ | 974,326 | $ | 1,259,666 | $ | 865,096 | $ | 766,929 | ||||||||||||
Ratios to average net assets:3 |
||||||||||||||||||||||||
Net investment income |
0.38 | % | 0.28 | % | 0.29 | % | 0.20 | % | 0.13 | % | 0.11 | % | ||||||||||||
Total expenses |
0.72 | %4 | 0.77 | %4 | 0.81 | %4 | 0.69 | %4 | 0.66 | %4 | 0.70 | % | ||||||||||||
Expenses after payments, waivers and/or
reimbursements and reduction
to custodian expenses |
0.72 | % | 0.77 | % | 0.78 | % | 0.69 | % | 0.66 | % | 0.70 | % | ||||||||||||
Portfolio turnover rate |
15 | % | 63 | % | 60 | % | 64 | % | 51 | % | 83 | % |
1. | Per share amounts calculated based on the average shares outstanding during the period. | |
2. | 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. | |
3. | Annualized for periods less than one full year. | |
4. | Total expenses including indirect expenses from affiliated fund were as follows: |
Six Months Ended February 28, 2011 |
0.72 | % | ||
Year Ended August 31, 2010 |
0.77 | % | ||
Year Ended August 31, 2009 |
0.81 | % | ||
Year Ended August 31, 2008 |
0.69 | % | ||
Year Ended August 31, 2007 |
0.66 | % |
Expiring | ||||
2011 |
$ | 3,371,917 | ||
2012 |
556,912 | |||
2013 |
6,771,553 | |||
2015 |
332,370 | |||
2017 |
681,097,924 | |||
2018 |
696,385,676 | |||
Total |
$ | 1,388,516,352 | ||
Federal tax cost of securities |
$ | 4,018,277,724 | ||
Gross unrealized appreciation |
$ | 1,877,870,668 | ||
Gross unrealized depreciation |
(31,636,173 | ) | ||
Net unrealized appreciation |
$ | 1,846,234,495 | ||
Projected Benefit Obligations Increased |
$ | 1,273 | ||
Payments Made to Retired Trustees |
130,283 | |||
Accumulated Liability as of February 28, 2011 |
977,928 |
1. | Significant Accounting Policies Continued |
Federal Funds Rate plus 0.50%. The Reduction to custodian expenses line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings. |
Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost. |
Indemnifications. The Funds organizational documents provide current and former trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Funds maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote. |
Other. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. |
Six Months Ended February 28, 2011 | Year Ended August 31, 2010 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Class A |
||||||||||||||||
Sold |
4,280,982 | $ | 179,970,826 | 10,877,043 | $ | 418,469,921 | ||||||||||
Redeemed |
(11,575,241 | ) | (487,856,266 | ) | (25,146,548 | ) | (967,011,286 | ) | ||||||||
Net decrease |
(7,294,259 | ) | $ | (307,885,440 | ) | (14,269,505 | ) | $ | (548,541,365 | ) | ||||||
Class B |
||||||||||||||||
Sold |
495,239 | $ | 18,504,221 | 1,277,466 | $ | 43,838,464 | ||||||||||
Redeemed |
(1,586,011 | ) | (58,233,108 | ) | (4,175,402 | ) | (142,749,866 | ) | ||||||||
Net decrease |
(1,090,772 | ) | $ | (39,728,887 | ) | (2,897,936 | ) | $ | (98,911,402 | ) | ||||||
Class C |
||||||||||||||||
Sold |
599,202 | $ | 22,317,460 | 1,516,766 | $ | 51,858,058 | ||||||||||
Redeemed |
(1,678,992 | ) | (61,940,459 | ) | (3,324,373 | ) | (112,598,497 | ) | ||||||||
Net decrease |
(1,079,790 | ) | $ | (39,622,999 | ) | (1,807,607 | ) | $ | (60,740,439 | ) | ||||||
Six Months Ended February 28, 2011 | Year Ended August 31, 2010 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Class N |
||||||||||||||||
Sold |
307,503 | $ | 12,440,890 | 880,219 | $ | 32,939,912 | ||||||||||
Redeemed |
(900,775 | ) | (37,131,187 | ) | (1,397,721 | ) | (52,330,957 | ) | ||||||||
Net decrease |
(593,272 | ) | $ | (24,690,297 | ) | (517,502 | ) | $ | (19,391,045 | ) | ||||||
Class Y |
||||||||||||||||
Sold |
2,332,439 | $ | 104,191,959 | 9,178,130 | $ | 361,402,321 | ||||||||||
Redeemed |
(3,627,997 | ) | (160,123,906 | ) | (8,421,863 | ) | (341,691,089 | ) | ||||||||
Net increase (decrease) |
(1,295,558 | ) | $ | (55,931,947 | ) | 756,267 | $ | 19,711,232 | ||||||||
Purchases | Sales | |||||||
Investment securities |
$ | 834,181,078 | $ | 1,244,438,085 |
Fee Schedule | ||||
Up to $200 million |
0.75 | % | ||
Next $200 million |
0.72 | |||
Next $200 million |
0.69 | |||
Next $200 million |
0.66 | |||
Next $700 million |
0.60 | |||
Next $1 billion |
0.58 | |||
Next $2 billion |
0.56 | |||
Next $2 billion |
0.54 | |||
Next $2 billion |
0.52 | |||
Next $2.5 billion |
0.50 | |||
Over $11 billion |
0.48 |
4. | Fees and Other Transactions with Affiliates Continued |
Additionally, Class Y shares are subject to minimum fees of $10,000 annually for assets of $10 million or more. The Class Y shares are subject to the minimum fees in the event that the per account fee does not equal or exceed the applicable minimum fees. OFS may voluntarily waive the minimum fees. |
Distribution and Service Plan (12b-1) Fees. Under its General Distributors Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the Distributor) acts as the Funds principal underwriter in the continuous public offering of the Funds classes of shares. |
Service Plan for Class A Shares. The Fund has adopted a Service Plan (the Plan) for Class A shares under Rule 12b-1 of the Investment Company Act of 1940. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.25% of the daily net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations. |
Distribution and Service Plans for Class B, Class C and Class N Shares. The Fund has adopted Distribution and Service Plans (the Plans) for Class B, Class C and Class N shares under Rule 12b-1 of the Investment Company Act of 1940 to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and Class C shares daily net assets and 0.25% on Class N shares daily net assets. The Distributor also receives a service fee of 0.25% per year under each plan. If either the Class B, Class C or Class N plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations. The Distributor determines its uncompensated expenses under the Plans at calendar quarter ends. The Distributors aggregate uncompensated expenses under the Plans at December 31, 2010 were as follows: |
Class B |
$ | 31,406,857 | ||
Class C |
20,871,007 | |||
Class N |
6,333,893 |
Class A | Class B | Class C | Class N | |||||||||||||||||
Contingent | Contingent | Contingent | Contingent | |||||||||||||||||
Class A | Deferred Sales | Deferred Sales | Deferred Sales | Deferred Sales | ||||||||||||||||
Front-End Sales | Charges | Charges | Charges | Charges | ||||||||||||||||
Six Months | Charges Retained | Retained by | Retained by | Retained by | Retained by | |||||||||||||||
Ended | by Distributor | Distributor | Distributor | Distributor | Distributor | |||||||||||||||
February 28, 2011 |
$ | 372,005 | $ | 11,666 | $ | 282,508 | $ | 22,266 | $ | 4,062 |
Class B |
$ | 324,648 | ||
Class C |
8,541 |
Asset Derivatives | Liability Derivatives | |||||||||||
Derivatives Not | Statement of | Statement of | ||||||||||
Accounted for as | Assets and | Assets and | ||||||||||
Hedging Instruments | Liabilities Location | Value | Liabilities Location | Value | ||||||||
Foreign exchange contracts |
Unrealized appreciation on foreign currency exchange contracts | $ | 381 | Unrealized depreciation on foreign exchange contracts | $ | 1,121 |
Derivatives Not Accounted | ||||
for as Hedging Instruments | Foreign currency transactions | |||
Foreign exchange contracts |
$ | (292,664 | ) |
* Includes purchased option contracts, purchased swaption contracts and written option contracts exercised, if any. |
Derivatives Not Accounted | Translation of assets and liabilities | |||
for as Hedging Instruments | denominated in foreign currencies | |||
Foreign exchange contracts |
$ | 14,998 |
The Fund may enter into foreign currency exchange contracts (forward contracts) for the purchase or sale of a foreign currency at a negotiated rate at a future date. |
Trustees and Officers
|
Brian F. Wruble, Chairman of the Board of Trustees and Trustee | |
David K. Downes, Trustee | ||
Matthew P. Fink, Trustee | ||
Phillip A. Griffiths, Trustee | ||
Mary F. Miller, Trustee | ||
Joel W. Motley, Trustee | ||
Mary Ann Tynan, Trustee | ||
Joseph M. Wikler, Trustee | ||
Peter I. Wold, Trustee | ||
William F. Glavin, Jr., President and Principal Executive Officer | ||
Julie Van Cleave, CFA, Vice President and Portfolio Manager | ||
Arthur S. Gabinet, Secretary | ||
Thomas W. Keffer, Vice President and Chief Business Officer | ||
Mark S. Vandehey, Vice President and Chief Compliance Officer | ||
Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer | ||
Robert G. Zack, Vice President | ||
Manager
|
OppenheimerFunds, Inc. | |
Distributor
|
OppenheimerFunds Distributor, Inc. | |
Transfer and Shareholder
Servicing Agent
|
OppenheimerFunds Services | |
Independent
Registered Public
Accounting Firm |
KPMG llp | |
Legal Counsel
|
Kramer Levin Naftalis & Frankel LLP | |
The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm. |
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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) Not applicable to semiannual reports. | |
(2) Exhibits attached hereto. | ||
(3) Not applicable. | ||
(b) | Exhibit attached hereto. |
By:
|
/s/ William F. Glavin, Jr. | |||
Principal Executive Officer | ||||
Date: 04/11/2011 |
By:
|
/s/ William F. Glavin, Jr. | |||
Principal Executive Officer | ||||
Date: 04/11/2011 |
By:
|
/s/ Brian W. Wixted | |||
Principal Financial Officer | ||||
Date: 04/11/2011 |
1. | I have reviewed this report on Form N-CSR of Oppenheimer Capital Appreciation 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 Capital Appreciation 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 02/28/2011 (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 Capital Appreciation Fund
|
Oppenheimer Capital Appreciation Fund | |||||
/s/ William F. Glavin, Jr. |
/s/ Brian W. Wixted |
|||||
Date: 04/11/2011
|
Date: 04/11/2011 |
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