Item 1. Reports to Stockholders | ||||||||
EX-99.CERT | ||||||||
EX-99.906CERT |
Top Ten Common Stock Industries | ||||
Computers & Peripherals |
7.6 | % | ||
Pharmaceuticals |
6.9 | |||
Oil, Gas & Consumable Fuels |
6.3 | |||
Machinery |
5.9 | |||
Energy Equipment & Services |
5.8 | |||
Communications Equipment |
5.5 | |||
Internet Software & Services |
4.3 | |||
Specialty Retail |
4.2 | |||
Textiles, Apparel & Luxury Goods |
4.0 | |||
Software |
4.0 |
Top Ten Common Stock Holdings | ||||
Apple, Inc. |
7.7 | % | ||
QUALCOMM, Inc. |
4.5 | |||
Google, Inc., Cl. A |
2.8 | |||
McDonalds Corp. |
2.4 | |||
Allergan, Inc. |
2.0 | |||
Novo Nordisk AS, Cl. B |
1.9 | |||
Occidental Petroleum Corp. |
1.9 | |||
Costco Wholesale Corp. |
1.9 | |||
Schlumberger Ltd. |
1.9 | |||
Union Pacific Corp. |
1.8 |
Beginning | Ending | Expenses | ||||||||||
Account | Account | Paid During | ||||||||||
Value | Value | 6 Months Ended | ||||||||||
September 1, 2011 | February 29, 2012 | February 29, 20121,2 | ||||||||||
Actual |
||||||||||||
Class A |
$ | 1,000.00 | $ | 1,117.30 | $ | 6.12 | ||||||
Class B |
1,000.00 | 1,113.20 | 10.13 | |||||||||
Class C |
1,000.00 | 1,112.80 | 10.29 | |||||||||
Class I |
1,000.00 | 1,108.80 | 1.14 | |||||||||
Class N |
1,000.00 | 1,115.90 | 7.39 | |||||||||
Class Y |
1,000.00 | 1,119.60 | 3.80 | |||||||||
Hypothetical |
||||||||||||
(5% return before expenses) |
||||||||||||
Class A |
1,000.00 | 1,019.10 | 5.84 | |||||||||
Class B |
1,000.00 | 1,015.32 | 9.67 | |||||||||
Class C |
1,000.00 | 1,015.17 | 9.82 | |||||||||
Class I |
1,000.00 | 1,021.73 | 3.17 | |||||||||
Class N |
1,000.00 | 1,017.90 | 7.05 | |||||||||
Class Y |
1,000.00 | 1,021.28 | 3.62 |
1. | Actual expenses paid for Classes A, B, C, N & Y are equal to the Funds annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Actual expenses paid for Class I are equal to the Funds annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 63/366 to reflect the period from December 29, 2011 (inception of offering) to February 29, 2012. | |
2. | Hypothetical expenses paid for all classes are equal to the Funds annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). |
Class | Expense Ratios | |||
Class A |
1.16 | % | ||
Class B |
1.92 | |||
Class C |
1.95 | |||
Class I |
0.63 | |||
Class N |
1.40 | |||
Class Y |
0.72 |
Shares | Value | |||||||
Common Stocks98.8% |
||||||||
Consumer Discretionary15.4% |
||||||||
Auto Components1.0% |
||||||||
Johnson Controls, Inc. |
1,539,062 | $ | 50,219,589 | |||||
Hotels, Restaurants & Leisure3.3% |
||||||||
McDonalds Corp. |
1,194,320 | 118,572,090 | ||||||
Yum! Brands, Inc. |
653,150 | 43,264,656 | ||||||
161,836,746 | ||||||||
Internet & Catalog Retail1.3% |
||||||||
Amazon.com, Inc.1 |
359,560 | 64,609,336 | ||||||
Media1.6% |
||||||||
Walt Disney
Co. (The) |
1,887,534 | 79,257,553 | ||||||
Specialty Retail4.2% |
||||||||
Bed Bath & Beyond,
Inc.1 |
347,009 | 20,730,318 | ||||||
OReilly Automotive,
Inc.1 |
901,303 | 77,962,710 | ||||||
Tiffany & Co. |
694,509 | 45,150,030 | ||||||
TJX Cos., Inc. (The) |
1,742,222 | 63,782,747 | ||||||
207,625,805 | ||||||||
Textiles, Apparel & Luxury Goods4.0% |
||||||||
Coach, Inc. |
960,460 | 71,880,826 | ||||||
Nike, Inc., Cl. B |
717,363 | 77,417,815 | ||||||
Ralph Lauren Corp. |
283,797 | 49,304,053 | ||||||
198,602,694 | ||||||||
Consumer Staples11.5% |
||||||||
Beverages3.9% |
||||||||
Brown-Forman
Corp., Cl. B |
474,899 | 38,775,503 | ||||||
Coca-Cola Co. (The) |
1,218,723 | 85,139,989 | ||||||
SABMiller plc |
1,724,780 | 69,901,636 | ||||||
193,817,128 | ||||||||
Food & Staples Retailing1.9% |
||||||||
Costco Wholesale Corp. |
1,088,955 | 93,715,467 | ||||||
Food Products2.9% |
||||||||
Mead Johnson
Nutrition Co., Cl. A |
324,300 | 25,214,325 | ||||||
Nestle SA |
1,219,320 | 74,531,221 | ||||||
Unilever NV CVA |
1,374,914 | 45,666,826 | ||||||
145,412,372 | ||||||||
Household Products1.4% |
||||||||
Colgate-Palmolive Co. |
759,330 | 70,754,369 | ||||||
Personal Products0.6% |
||||||||
Estee Lauder Cos.,
Inc. (The), Cl. A |
493,980 | 28,917,589 | ||||||
Tobacco0.8% |
||||||||
Philip Morris
International, Inc. |
447,380 | 37,365,178 | ||||||
Energy12.1% |
||||||||
Energy Equipment & Services5.8% |
||||||||
Baker Hughes, Inc. |
447,810 | 22,515,887 | ||||||
Cameron International
Corp.1 |
932,550 | 51,952,361 | ||||||
Ensco plc, Sponsored
ADR |
909,340 | 53,014,522 | ||||||
National Oilwell
Varco, Inc. |
838,500 | 69,201,405 | ||||||
Schlumberger Ltd. |
1,201,446 | 93,244,224 | ||||||
289,928,399 | ||||||||
Oil, Gas & Consumable Fuels6.3% |
||||||||
Apache Corp. |
568,100 | 61,315,033 | ||||||
Chevron Corp. |
810,760 | 88,470,131 | ||||||
ConocoPhillips |
846,095 | 64,768,572 | ||||||
Occidental Petroleum
Corp. |
915,026 | 95,501,264 | ||||||
310,055,000 | ||||||||
Financials1.7% |
||||||||
Commercial Banks0.7% |
||||||||
Standard Chartered
plc |
1,353,495 | 34,828,950 | ||||||
Consumer Finance1.0% |
||||||||
American Express Co. |
959,083 | 50,725,900 | ||||||
Health Care10.9% |
||||||||
Biotechnology1.7% |
||||||||
Alexion Pharmaceuticals,
Inc.1 |
337,060 | 28,222,034 |
Shares | Value | |||||||
Biotechnology Continued |
||||||||
Vertex Pharmaceuticals,
Inc.1 |
1,492,290 | $ | 58,079,927 | |||||
86,301,961 | ||||||||
Health Care Equipment & Supplies1.4% |
||||||||
Baxter International,
Inc. |
1,197,752 | 69,625,324 | ||||||
Life Sciences Tools & Services0.9% |
||||||||
Mettler-Toledo
International, Inc.1 |
220,046 | 39,669,893 | ||||||
Thermo Fisher
Scientific, Inc.1 |
89,002 | 5,039,293 | ||||||
44,709,186 | ||||||||
Pharmaceuticals6.9% |
||||||||
Allergan, Inc. |
1,107,800 | 99,247,802 | ||||||
Bristol-Myers
Squibb Co. |
2,241,933 | 72,122,985 | ||||||
Novo Nordisk AS,
Cl. B |
683,783 | 95,882,051 | ||||||
Perrigo Co. |
96,530 | 9,948,382 | ||||||
Roche Holding AG |
363,412 | 63,266,707 | ||||||
340,467,927 | ||||||||
Industrials14.8% |
||||||||
Aerospace & Defense3.0% |
||||||||
Goodrich Corp. |
114,279 | 14,395,726 | ||||||
Precision Castparts Corp. |
387,190 | 64,827,222 | ||||||
United Technologies
Corp. |
827,544 | 69,406,115 | ||||||
148,629,063 | ||||||||
Air Freight & Logistics1.3% |
||||||||
United Parcel |
||||||||
Service, Inc., Cl. B |
837,192 | 64,371,693 | ||||||
Electrical Equipment1.1% |
||||||||
Emerson Electric Co. |
1,030,078 | 51,823,224 | ||||||
Industrial Conglomerates1.5% |
||||||||
Danaher Corp. |
1,449,074 | 76,554,579 | ||||||
Machinery5.9% |
||||||||
Caterpillar, Inc. |
656,736 | 75,005,819 | ||||||
Cummins, Inc. |
219,190 | 26,427,738 | ||||||
Deere & Co. |
518,454 | 42,995,390 | ||||||
Joy Global, Inc. |
790,836 | 68,771,099 | ||||||
Parker-Hannifin Corp. |
881,331 | 79,152,337 | ||||||
292,352,383 | ||||||||
Road & Rail2.0% |
||||||||
Hunt (J.B.) Transport
Services, Inc. |
186,760 | 9,563,980 | ||||||
Union Pacific Corp. |
824,978 | 90,953,825 | ||||||
100,517,805 | ||||||||
Information Technology27.5% |
||||||||
Communications Equipment5.4% |
||||||||
Comverse Technology, Inc.1 |
6,758 | 43,386 | ||||||
Juniper Networks, Inc.1 |
2,186,409 | 49,762,669 | ||||||
QUALCOMM, Inc. |
3,556,150 | 221,121,407 | ||||||
270,927,462 | ||||||||
Computers & Peripherals7.7% |
||||||||
Apple, Inc.1 |
699,954 | 379,683,048 | ||||||
Electronic Equipment & Instruments1.0% |
||||||||
Corning, Inc. |
3,775,243 | 49,229,169 | ||||||
Internet Software & Services4.3% |
||||||||
eBay, Inc.1 |
2,064,665 | 73,791,127 | ||||||
Google, Inc., Cl. A1 |
228,257 | 141,119,890 | ||||||
214,911,017 | ||||||||
IT Services3.2% |
||||||||
International Business |
||||||||
Machines Corp. |
345,330 | 67,936,771 | ||||||
Teradata Corp.1 |
477,405 | 31,771,303 | ||||||
Visa, Inc., Cl. A |
496,499 | 57,777,589 | ||||||
157,485,663 | ||||||||
Semiconductors & Semiconductor Equipment1.9% |
||||||||
Broadcom Corp., Cl. A |
1,748,967 | 64,974,124 | ||||||
Texas Instruments, Inc. |
905,930 | 30,212,766 | ||||||
95,186,890 | ||||||||
Software4.0% |
||||||||
Intuit, Inc. |
1,307,456 | 75,623,255 | ||||||
Oracle Corp. |
2,158,150 | 63,169,051 |
Shares | Value | |||||||
Software Continued |
||||||||
Vmware, Inc., Cl. A1 |
589,189 | $ | 58,264,900 | |||||
197,057,206 | ||||||||
Materials4.9% |
||||||||
Chemicals3.7% |
||||||||
Albemarle Corp. |
138,128 | 9,188,275 | ||||||
Ecolab, Inc. |
887,453 | 53,247,180 | ||||||
Monsanto Co. |
463,100 | 35,834,678 | ||||||
Praxair, Inc. |
777,045 | 84,697,905 | ||||||
182,968,038 | ||||||||
Metals & Mining1.2% |
||||||||
Freeport-McMoRan
Copper & Gold, Inc.,
Cl. B |
666,448 | 28,364,027 | ||||||
Rio Tinto plc |
522,552 | 29,794,559 | ||||||
58,158,586 | ||||||||
Total Common Stocks (Cost $3,242,134,328) |
4,898,632,299 | |||||||
Investment Company1.2% |
||||||||
Oppenheimer Institutional
Money Market Fund,
Cl. E, 0.21%2,3 (Cost $60,180,182) |
60,180,182 | 60,180,182 | ||||||
Total Investments, at Value
(Cost $3,302,314,510) |
100.0 | % | 4,958,812,481 | |||||
Other Assets Net of
Liabilities |
0.0 | 467,935 | ||||||
Net Assets |
100.0 | % | $ | 4,959,280,416 | ||||
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 February 29, 2012, 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, 2011 | Additions | Reductions | February 29, 2012 | |||||||||||||
Oppenheimer Institutional
Money Market Fund, Cl. E |
50,878,734 | 328,351,561 | 319,050,113 | 60,180,182 | ||||||||||||
Value | Income | |||||||||||||||
Oppenheimer Institutional
Money Market Fund, Cl. E |
$ | 60,180,182 | $ | 54,694 |
3. | Rate shown is the 7-day yield as of February 29, 2012. |
1) | Level 1unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) | ||
2) | Level 2inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) | ||
3) | Level 3significant unobservable inputs (including the Managers own judgments about assumptions that market participants would use in pricing the asset or liability). |
Level 2 | Level 3 | |||||||||||||||
Level 1 | Other Significant | Significant | ||||||||||||||
Unadjusted | Observable | Unobservable | ||||||||||||||
Quoted Prices | Inputs | Inputs | Value | |||||||||||||
Assets Table |
||||||||||||||||
Investments, at Value: |
||||||||||||||||
Common Stocks |
||||||||||||||||
Consumer Discretionary |
$ | 762,151,723 | $ | | $ | | $ | 762,151,723 | ||||||||
Consumer Staples |
569,982,103 | | | 569,982,103 | ||||||||||||
Energy |
599,983,399 | | | 599,983,399 | ||||||||||||
Financials |
85,554,850 | | | 85,554,850 | ||||||||||||
Health Care |
541,104,398 | | | 541,104,398 | ||||||||||||
Industrials |
734,248,747 | | | 734,248,747 | ||||||||||||
Information Technology |
1,364,480,455 | | | 1,364,480,455 | ||||||||||||
Materials |
241,126,624 | | | 241,126,624 | ||||||||||||
Investment Company |
60,180,182 | | | 60,180,182 | ||||||||||||
Total Assets |
$ | 4,958,812,481 | $ | | $ | | $ | 4,958,812,481 | ||||||||
February 29, 2012 | ||||
Assets |
||||
Investments, at valuesee accompanying statement of investments: |
||||
Unaffiliated companies (cost $3,242,134,328) |
$ | 4,898,632,299 | ||
Affiliated companies (cost $60,180,182) |
60,180,182 | |||
4,958,812,481 | ||||
Cash |
969 | |||
Receivables and other assets: |
||||
Investments sold |
24,918,173 | |||
Dividends |
10,069,900 | |||
Shares of beneficial interest sold |
433,831 | |||
Other |
881,749 | |||
Total assets |
4,995,117,103 | |||
Liabilities |
||||
Payables and other liabilities: |
||||
Investments purchased |
24,961,352 | |||
Shares of beneficial interest redeemed |
6,647,320 | |||
Trustees compensation |
1,751,403 | |||
Transfer and shareholder servicing agent fees |
968,641 | |||
Distribution and service plan fees |
741,415 | |||
Shareholder communications |
685,682 | |||
Other |
80,874 | |||
Total liabilities |
35,836,687 | |||
Net Assets |
$ | 4,959,280,416 | ||
Composition of Net Assets |
||||
Par value of shares of beneficial interest |
$ | 105,063 | ||
Additional paid-in capital |
4,263,690,268 | |||
Accumulated net investment loss |
(3,275,928 | ) | ||
Accumulated net realized loss on investments and foreign currency transactions |
(958,209,078 | ) | ||
Net unrealized appreciation on investments and translation
of assets and liabilities denominated in foreign currencies |
1,656,970,091 | |||
Net Assets |
$ | 4,959,280,416 | ||
Net Asset Value Per Share | ||||
Class A Shares: |
||||
Net asset value and redemption price per share (based on net assets of $3,060,262,154
and 64,316,676 shares of beneficial interest outstanding) |
$ | 47.58 | ||
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering
price) |
$ | 50.48 | ||
Class B Shares: |
||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $212,110,828 and 5,086,722 shares of
beneficial interest outstanding) |
$ | 41.70 | ||
Class C Shares: |
||||
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $390,340,773
and 9,423,731 shares of beneficial interest outstanding) |
$ | 41.42 | ||
Class I Shares: |
||||
Net asset value, redemption price and offering price per share (based on net
assets of $11,088 and 222.87 shares of beneficial interest outstanding) |
$ | 49.75 | ||
Class N Shares: |
||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $113,577,683 and 2,452,856
shares of beneficial interest outstanding) |
$ | 46.30 | ||
Class Y Shares: |
||||
Net asset value, redemption price and offering price per share (based on net assets
of $1,182,977,890 and 23,782,638 shares of beneficial interest outstanding) |
$ | 49.74 |
For the Six Months Ended February 29, 2012 | ||||
Investment Income |
||||
Dividends: |
||||
Unaffiliated companies (net of foreign withholding taxes of $485,182) |
$ | 29,021,423 | ||
Affiliated companies |
54,694 | |||
Interest |
1,126 | |||
Other income |
239,748 | |||
Total investment income |
29,316,991 | |||
Expenses |
||||
Management fees |
13,804,144 | |||
Distribution and service plan fees: |
||||
Class A |
3,286,120 | |||
Class B |
1,007,561 | |||
Class C |
1,837,151 | |||
Class N |
270,744 | |||
Transfer and shareholder servicing agent fees: |
||||
Class A |
4,454,703 | |||
Class B |
617,669 | |||
Class C |
611,381 | |||
Class I |
1 | |||
Class N |
160,814 | |||
Class Y |
532,424 | |||
Shareholder communications: |
||||
Class A |
324,313 | |||
Class B |
28,369 | |||
Class C |
39,575 | |||
Class N |
7,223 | |||
Class Y |
89,496 | |||
Trustees compensation |
64,702 | |||
Custodian fees and expenses |
26,147 | |||
Administration service fees |
750 | |||
Other |
97,049 | |||
Total expenses |
27,260,336 | |||
Less waivers and reimbursements of expenses |
(478,887 | ) | ||
Net expenses |
26,781,449 | |||
Net Investment Income |
2,535,542 |
Realized and Unrealized Gain (Loss) |
||||
Net realized gain on: |
||||
Investments from unaffiliated companies |
$ | 142,586,283 | ||
Foreign currency transactions |
8,667,241 | |||
Net realized gain |
151,253,524 | |||
Net change in unrealized appreciation/depreciation on: |
||||
Investments |
407,873,707 | |||
Translation of assets and liabilities denominated in foreign currencies |
(35,717,392 | ) | ||
Net change in unrealized appreciation/depreciation |
372,156,315 | |||
Net Increase in Net Assets Resulting from Operations |
$ | 525,945,381 | ||
Six Months | ||||||||
Ended | Year | |||||||
February 29, 2012 | Ended | |||||||
(Unaudited) | August 31, 2011 | |||||||
Operations |
||||||||
Net investment income |
$ | 2,535,542 | $ | 7,721,797 | ||||
Net realized gain |
151,253,524 | 319,356,896 | ||||||
Net change in unrealized appreciation/depreciation |
372,156,315 | 669,802,235 | ||||||
Net increase in net assets resulting from operations |
525,945,381 | 996,880,928 | ||||||
Dividends and/or Distributions to Shareholders |
||||||||
Dividends from net investment income: |
||||||||
Class A |
(4,859,774 | ) | | |||||
Class B |
| | ||||||
Class C |
| | ||||||
Class I |
| | ||||||
Class N |
| | ||||||
Class Y |
(6,575,028 | ) | | |||||
(11,434,802 | ) | | ||||||
Beneficial Interest Transactions |
||||||||
Net increase (decrease) in net assets resulting from beneficial interest transactions: |
||||||||
Class A |
(201,615,082 | ) | (785,766,678 | ) | ||||
Class B |
(24,037,200 | ) | (100,856,093 | ) | ||||
Class C |
(35,420,945 | ) | (79,938,142 | ) | ||||
Class I |
10,000 | | ||||||
Class N |
(19,169,096 | ) | (41,670,628 | ) | ||||
Class Y |
(56,686,203 | ) | (187,032,290 | ) | ||||
(336,918,526 | ) | (1,195,263,831 | ) | |||||
Net Assets |
||||||||
Total increase (decrease) |
177,592,053 | (198,382,903 | ) | |||||
Beginning of period |
4,781,688,363 | 4,980,071,266 | ||||||
End of period (including accumulated net investment income (loss)
of $(3,275,928) and $5,623,332, respectively) |
$ | 4,959,280,416 | $ | 4,781,688,363 | ||||
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
February 29, 2012 | Year Ended August 31, | |||||||||||||||||||||||
Class A | (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Operating Data |
||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 42.66 | $ | 35.63 | $ | 35.42 | $ | 45.49 | $ | 50.67 | $ | 43.08 | ||||||||||||
Income (loss) from investment operations: |
||||||||||||||||||||||||
Net investment income (loss)1 |
.02 | .07 | (.05 | ) | (.04 | ) | (.09 | ) | (.13 | ) | ||||||||||||||
Net realized and unrealized gain (loss) |
4.97 | 6.96 | .26 | (10.03 | ) | (4.00 | ) | 7.72 | ||||||||||||||||
Total from investment operations |
4.99 | 7.03 | .21 | (10.07 | ) | (4.09 | ) | 7.59 | ||||||||||||||||
Dividends and/or distributions
to shareholders: |
||||||||||||||||||||||||
Dividends from net investment income |
(.07 | ) | | | | | | |||||||||||||||||
Distributions from net realized gain |
| | | | (1.09 | ) | | |||||||||||||||||
Total dividends and/or distributions
to shareholders |
(.07 | ) | | | | (1.09 | ) | | ||||||||||||||||
Net asset value, end of period |
$ | 47.58 | $ | 42.66 | $ | 35.63 | $ | 35.42 | $ | 45.49 | $ | 50.67 | ||||||||||||
Total Return, at Net Asset Value2 |
11.73 | % | 19.73 | % | 0.59 | % | (22.14 | )% | (8.33 | )% | 17.62 | % | ||||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||||||
Net assets, end of period (in thousands) |
$ | 3,060,262 | $ | 2,942,695 | $ | 3,109,737 | $ | 3,596,953 | $ | 5,570,287 | $ | 5,437,581 | ||||||||||||
Average net assets (in thousands) |
$ | 2,879,541 | $ | 3,466,080 | $ | 3,621,517 | $ | 3,413,157 | $ | 6,174,248 | $ | 5,386,165 | ||||||||||||
Ratios to average net assets:3 |
||||||||||||||||||||||||
Net investment income (loss) |
0.11 | % | 0.16 | % | (0.14 | )% | (0.12 | )% | (0.18 | )% | (0.27 | )% | ||||||||||||
Total expenses4 |
1.17 | % | 1.15 | % | 1.19 | % | 1.28 | % | 1.07 | % | 1.05 | % | ||||||||||||
Expenses after payments, waivers and/or
reimbursements and reduction
to custodian expenses |
1.16 | % | 1.15 | % | 1.19 | % | 1.19 | % | 1.07 | % | 1.05 | % | ||||||||||||
Portfolio turnover rate |
12 | % | 30 | % | 63 | % | 60 | % | 64 | % | 51 | % |
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 29, 2012 |
1.17 | % | ||
Year Ended August 31, 2011 |
1.15 | % | ||
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 29, 2012 | Year Ended August 31, | |||||||||||||||||||||||
Class B | (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Operating Data |
||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 37.46 | $ | 31.57 | $ | 31.64 | $ | 40.95 | $ | 46.05 | $ | 39.47 | ||||||||||||
Income (loss) from investment operations: |
||||||||||||||||||||||||
Net investment loss1 |
(.12 | ) | (.27 | ) | (.33 | ) | (.25 | ) | (.42 | ) | (.46 | ) | ||||||||||||
Net realized and unrealized gain (loss) |
4.36 | 6.16 | .26 | (9.06 | ) | (3.59 | ) | 7.04 | ||||||||||||||||
Total from investment operations |
4.24 | 5.89 | (.07 | ) | (9.31 | ) | (4.01 | ) | 6.58 | |||||||||||||||
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 |
$ | 41.70 | $ | 37.46 | $ | 31.57 | $ | 31.64 | $ | 40.95 | $ | 46.05 | ||||||||||||
Total Return, at Net Asset Value2 |
11.32 | % | 18.66 | % | (0.22 | )% | (22.74 | )% | (9.01 | )% | 16.67 | % | ||||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||||||
Net assets, end of period (in thousands) |
$ | 212,111 | $ | 214,595 | $ | 263,009 | $ | 355,286 | $ | 602,981 | $ | 723,519 | ||||||||||||
Average net assets (in thousands) |
$ | 203,973 | $ | 270,227 | $ | 328,873 | $ | 350,743 | $ | 731,493 | $ | 806,550 | ||||||||||||
Ratios to average net assets:3 |
||||||||||||||||||||||||
Net investment loss |
(0.65 | )% | (0.71 | )% | (0.95 | )% | (0.91 | )% | (0.94 | )% | (1.06 | )% | ||||||||||||
Total expenses4 |
2.23 | % | 2.19 | % | 2.24 | % | 2.20 | % | 1.83 | % | 1.86 | % | ||||||||||||
Expenses after payments, waivers and/or
reimbursements and reduction
to custodian expenses |
1.92 | % | 2.02 | % | 2.01 | % | 1.97 | % | 1.83 | % | 1.86 | % | ||||||||||||
Portfolio turnover rate |
12 | % | 30 | % | 63 | % | 60 | % | 64 | % | 51 | % |
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 29, 2012 |
2.23 | % | ||
Year Ended August 31, 2011 |
2.19 | % | ||
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 29, 2012 | Year Ended August 31, | |||||||||||||||||||||||
Class C | (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Operating Data |
||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 37.22 | $ | 31.33 | $ | 31.39 | $ | 40.62 | $ | 45.68 | $ | 39.14 | ||||||||||||
Income (loss) from investment operations: |
||||||||||||||||||||||||
Net investment loss1 |
(.13 | ) | (.24 | ) | (.31 | ) | (.24 | ) | (.40 | ) | (.44 | ) | ||||||||||||
Net realized and unrealized gain (loss) |
4.33 | 6.13 | .25 | (8.99 | ) | (3.57 | ) | 6.98 | ||||||||||||||||
Total from investment operations |
4.20 | 5.89 | (.06 | ) | (9.23 | ) | (3.97 | ) | 6.54 | |||||||||||||||
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 |
$ | 41.42 | $ | 37.22 | $ | 31.33 | $ | 31.39 | $ | 40.62 | $ | 45.68 | ||||||||||||
Total Return, at Net Asset Value2 |
11.28 | % | 18.80 | % | (0.19 | )% | (22.72 | )% | (9.00 | )% | 16.71 | % | ||||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||||||
Net assets, end of period (in thousands) |
$ | 390,341 | $ | 385,530 | $ | 390,864 | $ | 448,301 | $ | 679,778 | $ | 687,083 | ||||||||||||
Average net assets (in thousands) |
$ | 370,974 | $ | 433,187 | $ | 455,897 | $ | 420,699 | $ | 742,287 | $ | 678,427 | ||||||||||||
Ratios to average net assets:3 |
||||||||||||||||||||||||
Net investment loss |
(0.69 | )% | (0.62 | )% | (0.91 | )% | (0.89 | )% | (0.92 | )% | (1.02 | )% | ||||||||||||
Total expenses4 |
1.95 | % | 1.93 | % | 1.97 | % | 2.01 | % | 1.81 | % | 1.81 | % | ||||||||||||
Expenses after payments, waivers and/or
reimbursements and reduction
to custodian expenses |
1.95 | % | 1.93 | % | 1.96 | % | 1.95 | % | 1.81 | % | 1.81 | % | ||||||||||||
Portfolio turnover rate |
12 | % | 30 | % | 63 | % | 60 | % | 64 | % | 51 | % |
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 29, 2012 |
1.95 | % | ||
Year Ended August 31, 2011 |
1.93 | % | ||
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 | % |
Period | ||||
Ended | ||||
February 29, 2012 | ||||
Class I | (Unaudited)1 | |||
Per Share Operating Data |
||||
Net asset value, beginning of period |
$ | 44.87 | ||
Income (loss) from investment operations: |
||||
Net investment income2 |
.05 | |||
Net realized and unrealized gain |
4.83 | |||
Total from investment operations |
4.88 | |||
Dividends and/or distributions
to shareholders: |
||||
Dividends from net investment income |
| |||
Distributions from net realized gain |
| |||
Total dividends and/or distributions
to shareholders |
| |||
Net asset value, end of period |
$ | 49.75 | ||
Total Return, at Net Asset Value3 |
10.88 | % | ||
Ratios/Supplemental Data |
||||
Net assets, end of period (in thousands) |
$ | 11 | ||
Average net assets (in thousands) |
$ | 10 | ||
Ratios to average net assets:4 |
||||
Net investment income |
0.67 | % | ||
Total expenses5 |
0.63 | % | ||
Expenses after payments, waivers and/or
reimbursements and reduction
to custodian expenses |
0.63 | % | ||
Portfolio turnover rate |
12 | % |
1. | For the period from December 29, 2011 (inception of offering) to February 29, 2012. | |
2. | Per share amounts calculated based on the average shares outstanding during the period. | |
3. | Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
4. | Annualized for periods less than one full year. | |
5. | Total expenses including indirect expenses from affiliated fund were as follows: |
Period Ended February 29, 2012 |
0.63 | % |
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
February 29, 2012 | Year Ended August 31, | |||||||||||||||||||||||
Class N | (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Operating Data |
||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 41.49 | $ | 34.75 | $ | 34.60 | $ | 44.55 | $ | 49.80 | $ | 42.49 | ||||||||||||
Income (loss) from investment operations: |
||||||||||||||||||||||||
Net investment loss1 |
(.03 | ) | (.05 | ) | (.11 | ) | (.12 | ) | (.25 | ) | (.28 | ) | ||||||||||||
Net realized and unrealized gain (loss) |
4.84 | 6.79 | .26 | (9.83 | ) | (3.91 | ) | 7.59 | ||||||||||||||||
Total from investment operations |
4.81 | 6.74 | .15 | (9.95 | ) | (4.16 | ) | 7.31 | ||||||||||||||||
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 |
$ | 46.30 | $ | 41.49 | $ | 34.75 | $ | 34.60 | $ | 44.55 | $ | 49.80 | ||||||||||||
Total Return, at Net Asset Value2 |
11.59 | % | 19.40 | % | 0.43 | % | (22.33 | )% | (8.63 | )% | 17.20 | % | ||||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||||||
Net assets, end of period (in thousands) |
$ | 113,577 | $ | 120,751 | $ | 135,235 | $ | 152,558 | $ | 251,081 | $ | 241,593 | ||||||||||||
Average net assets (in thousands) |
$ | 111,264 | $ | 142,248 | $ | 155,296 | $ | 150,598 | $ | 277,096 | $ | 257,444 | ||||||||||||
Ratios to average net assets:3 |
||||||||||||||||||||||||
Net investment loss |
(0.14 | )% | (0.11 | )% | (0.29 | )% | (0.40 | )% | (0.52 | )% | (0.60 | )% | ||||||||||||
Total expenses4 |
1.40 | % | 1.41 | % | 1.35 | % | 1.77 | % | 1.42 | % | 1.39 | % | ||||||||||||
Expenses after payments, waivers and/or
reimbursements and reduction
to custodian expenses |
1.40 | % | 1.41 | % | 1.34 | % | 1.45 | % | 1.40 | % | 1.39 | % | ||||||||||||
Portfolio turnover rate |
12 | % | 30 | % | 63 | % | 60 | % | 64 | % | 51 | % |
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 29, 2012 |
1.40 | % | ||
Year Ended August 31, 2011 |
1.41 | % | ||
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 29, 2012 | Year Ended August 31, | |||||||||||||||||||||||
Class Y | (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Operating Data |
||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 44.70 | $ | 37.18 | $ | 36.81 | $ | 47.07 | $ | 52.20 | $ | 44.21 | ||||||||||||
Income (loss) from investment operations: |
||||||||||||||||||||||||
Net investment income1 |
.12 | .26 | .11 | .09 | .10 | .07 | ||||||||||||||||||
Net realized and unrealized gain (loss) |
5.19 | 7.26 | .26 | (10.35 | ) | (4.14 | ) | 7.92 | ||||||||||||||||
Total from investment operations |
5.31 | 7.52 | .37 | (10.26 | ) | (4.04 | ) | 7.99 | ||||||||||||||||
Dividends and/or distributions
to shareholders: |
||||||||||||||||||||||||
Dividends from net investment income |
(.27 | ) | | | | | | |||||||||||||||||
Distributions from net realized gain |
| | | | (1.09 | ) | | |||||||||||||||||
Total dividends and/or distributions
to shareholders |
(.27 | ) | | | | (1.09 | ) | | ||||||||||||||||
Net asset value, end of period |
$ | 49.74 | $ | 44.70 | $ | 37.18 | $ | 36.81 | $ | 47.07 | $ | 52.20 | ||||||||||||
Total Return, at Net Asset Value2 |
11.96 | % | 20.23 | % | 1.01 | % | (21.80 | )% | (7.99 | )% | 18.07 | % | ||||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||||||
Net assets, end of period (in thousands) |
$ | 1,182,978 | $ | 1,118,117 | $ | 1,081,226 | $ | 1,042,550 | $ | 1,422,571 | $ | 1,056,211 | ||||||||||||
Average net assets (in thousands) |
$ | 1,096,795 | $ | 1,238,025 | $ | 1,096,076 | $ | 974,326 | $ | 1,259,666 | $ | 865,096 | ||||||||||||
Ratios to average net assets:3 |
||||||||||||||||||||||||
Net investment income |
0.54 | % | 0.58 | % | 0.28 | % | 0.29 | % | 0.20 | % | 0.13 | % | ||||||||||||
Total expenses4 |
0.72 | % | 0.72 | % | 0.77 | % | 0.81 | % | 0.69 | % | 0.66 | % | ||||||||||||
Expenses after payments, waivers and/or
reimbursements and reduction
to custodian expenses |
0.72 | % | 0.72 | % | 0.77 | % | 0.78 | % | 0.69 | % | 0.66 | % | ||||||||||||
Portfolio turnover rate |
12 | % | 30 | % | 63 | % | 60 | % | 64 | % | 51 | % |
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 29, 2012 |
0.72 | % | ||
Year Ended August 31, 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 | % |
The following is a summary of significant accounting policies consistently followed by the Fund. |
Expiring | ||||
2017 |
$ | 385,989,741 | ||
2018 |
696,385,676 | |||
Total |
$ | 1,082,375,417 | ||
Federal tax cost of securities |
$ | 3,302,314,510 | ||
Gross unrealized appreciation |
$ | 1,717,360,568 | ||
Gross unrealized depreciation |
(60,862,597 | ) | ||
Net unrealized appreciation |
$ | 1,656,497,971 | ||
Projected Benefit Obligations Increased |
$ | 23,645 | ||
Payments Made to Retired Trustees |
133,584 | |||
Accumulated Liability as of February 29, 2012 |
897,622 |
Six Months Ended February 29, 20121 | Year Ended August 31, 2011 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Class A |
||||||||||||||||
Sold |
2,195,823 | $ | 94,748,138 | 7,907,446 | $ | 343,896,727 | ||||||||||
Dividends and/or
distributions reinvested |
110,226 | 4,672,497 | | | ||||||||||||
Redeemed |
(6,971,759 | ) | (301,035,717 | ) | (26,196,747 | ) | (1,129,663,405 | ) | ||||||||
Net decrease |
(4,665,710 | ) | $ | (201,615,082 | ) | (18,289,301 | ) | $ | (785,766,678 | ) | ||||||
Class B |
||||||||||||||||
Sold |
326,433 | $ | 12,379,102 | 883,837 | $ | 33,813,300 | ||||||||||
Dividends and/or
distributions reinvested |
| | | | ||||||||||||
Redeemed |
(968,036 | ) | (36,416,302 | ) | (3,487,505 | ) | (134,669,393 | ) | ||||||||
Net decrease |
(641,603 | ) | $ | (24,037,200 | ) | (2,603,668 | ) | $ | (100,856,093 | ) | ||||||
Class C |
||||||||||||||||
Sold |
461,335 | $ | 17,384,312 | 1,088,060 | $ | 41,362,873 | ||||||||||
Dividends and/or
distributions reinvested |
| | | | ||||||||||||
Redeemed |
(1,396,104 | ) | (52,805,257 | ) | (3,204,038 | ) | (121,301,015 | ) | ||||||||
Net decrease |
(934,769 | ) | $ | (35,420,945 | ) | (2,115,978 | ) | $ | (79,938,142 | ) | ||||||
Class I |
||||||||||||||||
Sold |
223 | $ | 10,000 | | $ | | ||||||||||
Dividends and/or
distributions reinvested |
| | | | ||||||||||||
Redeemed |
| | | | ||||||||||||
Net increase |
223 | $ | 10,000 | | $ | | ||||||||||
Six Months Ended February 29, 20121 | Year Ended August 31, 2011 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Class N |
||||||||||||||||
Sold |
190,415 | $ | 7,997,947 | 531,602 | $ | 22,181,712 | ||||||||||
Dividends and/or distributions reinvested |
| | | | ||||||||||||
Redeemed |
(647,702 | ) | (27,167,043 | ) | (1,513,026 | ) | (63,852,340 | ) | ||||||||
Net decrease |
(457,287 | ) | $ | (19,169,096 | ) | (981,424 | ) | $ | (41,670,628 | ) | ||||||
Class Y |
||||||||||||||||
Sold |
2,021,946 | $ | 89,790,100 | 4,056,953 | $ | 186,058,569 | ||||||||||
Dividends and/or distributions reinvested |
144,845 | 6,412,278 | | | ||||||||||||
Redeemed |
(3,399,009 | ) | (152,888,581 | ) | (8,122,530 | ) | (373,090,859 | ) | ||||||||
Net decrease |
(1,232,218 | ) | $ | (56,686,203 | ) | (4,065,577 | ) | $ | (187,032,290 | ) | ||||||
1. | For the six months ended February 29, 2012, for Class A, Class B, Class C, Class N and Class Y shares, and for the period from December 29, 2011 (inception of offering) to February 29, 2012, for Class I shares. |
Purchases | Sales | |||||||
Investment securities |
$ | 565,659,768 | $ | 927,380,350 |
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 |
Class B |
$ | 31,463,679 | ||
Class C |
21,693,602 | |||
Class N |
6,498,521 |
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 29, 2012 |
$ | 298,391 | $ | 1,560 | $ | 198,268 | $ | 8,298 | $ | 1,039 |
Class A |
$ | 136,913 | ||
Class B |
313,575 |
Derivatives Not Accounted | ||||
for as Hedging Instruments | Foreign currency transactions | |||
Foreign exchange contracts |
$ | (104,876 | ) |
Derivatives Not Accounted | Translation of assets and liabilities | |||
for as Hedging Instruments | denominated in foreign currencies | |||
Foreign exchange contracts |
$ | 92,873 |
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, Vice President | ||
Arthur S. Gabinet, Secretary and Chief Legal Officer | ||
Christina M. Nasta, Vice President and Chief Business Officer | ||
Mark S. Vandehey, Vice President and Chief Compliance Officer | ||
Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer | ||
Manager
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OppenheimerFunds, Inc. | |
Distributor
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OppenheimerFunds Distributor, Inc. | |
Transfer and Shareholder Servicing Agent
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OppenheimerFunds Services | |
Independent Registered Public Accounting Firm |
KPMG llp | |
Legal Counsel
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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. |
We obtain nonpublic personal information about our shareholders from the following sources: | ||
| Applications or other forms | |
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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)
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(1) Not applicable to semiannual reports. | |
(2) Exhibits attached hereto. | ||
(3) Not applicable. | ||
(b)
|
Exhibit attached hereto. |
By:
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/s/ William F. Glavin, Jr.
|
|||
Principal Executive Officer | ||||
Date:
|
4/10/2012 |
By:
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/s/ William F. Glavin, Jr.
|
|||
Principal Executive Officer | ||||
Date:
|
4/10/2012 | |||
By:
|
/s/ Brian W. Wixted
|
|||
Principal Financial Officer | ||||
Date:
|
4/10/2012 |
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 2/29/2012 (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: 4/10/2012
|
Date: 4/10/2012 |
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