0000950123-11-028287.txt : 20110323
0000950123-11-028287.hdr.sgml : 20110323
20110323165107
ACCESSION NUMBER: 0000950123-11-028287
CONFORMED SUBMISSION TYPE: N-Q
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20110131
FILED AS OF DATE: 20110323
DATE AS OF CHANGE: 20110323
EFFECTIVENESS DATE: 20110323
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: OPPENHEIMER EQUITY INCOME FUND INC
CENTRAL INDEX KEY: 0000799029
IRS NUMBER: 132527171
STATE OF INCORPORATION: MD
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: N-Q
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-04797
FILM NUMBER: 11706972
BUSINESS ADDRESS:
STREET 1: 6803 SOUTH TUCSON WAY
STREET 2: N/A
CITY: CENTENNIAL
STATE: CO
ZIP: 80112-3924
BUSINESS PHONE: 303-768-3200
MAIL ADDRESS:
STREET 1: 6803 SOUTH TUCSON WAY
STREET 2: N/A
CITY: CENTENNIAL
STATE: CO
ZIP: 80112-3924
FORMER COMPANY:
FORMER CONFORMED NAME: OPPENHEIMER QUEST CAPITAL VALUE FUND INC
DATE OF NAME CHANGE: 19970303
FORMER COMPANY:
FORMER CONFORMED NAME: QUEST FOR VALUE DUAL PURPOSE FUND INC
DATE OF NAME CHANGE: 19920703
FORMER COMPANY:
FORMER CONFORMED NAME: QFV DUAL PURPOSE FUND INC
DATE OF NAME CHANGE: 19870111
0000799029
S000008498
OPPENHEIMER QUEST CAPITAL VALUE FUND INC
C000023330
A
C000023331
B
C000031353
C
C000031354
N
C000098424
Y
N-Q
1
g58072nvq.txt
FORM N-Q
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-04797
Oppenheimer Equity Income Fund, Inc.
(Exact name of registrant as specified in charter)
6803 South Tucson Way, Centennial, Colorado 80112-3924
(Address of principal executive offices) (Zip code)
Robert G. Zack, Esq.
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008
(Name and address of agent for service)
Registrant's telephone number, including area code: (303) 768-3200
Date of fiscal year end: October 31
Date of reporting period: 01/31/2011
ITEM 1. SCHEDULE OF INVESTMENTS.
Oppenheimer Equity Income Fund, Inc.
STATEMENT OF INVESTMENTS January 31, 2011 (Unaudited)
Shares Value
--------------- ---------------
COMMON STOCKS--73.3%
CONSUMER DISCRETIONARY--7.4%
HOTELS, RESTAURANTS & LEISURE--0.6%
Brinker International, Inc.(1) 50,000 $ 1,176,500
Wyndham Worldwide Corp. 292,500 8,228,023
---------------
9,404,523
HOUSEHOLD DURABLES--0.6%
MDC Holdings, Inc.(1) 310,000 9,582,100
LEISURE EQUIPMENT & PRODUCTS--0.2%
Mattel, Inc. 150,000 3,552,000
MEDIA--2.3%
Cinemark Holdings, Inc.(1) 665,000 11,271,750
Comcast Corp., Cl. A Special, Non-Vtg. 675,000 14,472,000
Time Warner Cable, Inc. 210,000 14,244,300
---------------
39,988,050
MULTILINE RETAIL--1.7%
Kohl's Corp.(1,2) 575,000 29,198,500
SPECIALTY RETAIL--2.0%
Foot Locker, Inc.(1) 1,300,000 23,218,000
Lowe's Cos., Inc.(1) 445,000 11,036,000
---------------
34,254,000
CONSUMER STAPLES--7.0%
FOOD & STAPLES RETAILING--2.8%
Kroger Co. (The) 1,000,000 21,400,000
Wal-Mart Stores, Inc.(1) 77,500 4,345,425
Walgreen Co. 550,000 22,242,000
---------------
47,987,425
FOOD PRODUCTS--2.0%
Archer-Daniels-Midland Co.(1) 425,000 13,884,750
Kellogg Co. 86,500 4,350,950
Kraft Foods, Inc., Cl. A(1) 500,000 15,285,000
---------------
33,520,700
HOUSEHOLD PRODUCTS--0.1%
Procter & Gamble Co. (The)(1) 37,500 2,367,375
TOBACCO--2.1%
Lorillard, Inc.(1) 240,000 18,057,600
Philip Morris International, Inc.(1) 300,000 17,172,000
---------------
35,229,600
ENERGY--10.1%
ENERGY EQUIPMENT & SERVICES--1.9%
Ensco plc, Sponsored ADR 225,000 12,226,500
Halliburton Co.(1) 450,000 20,250,000
---------------
32,476,500
OIL, GAS & CONSUMABLE FUELS--8.2%
Chevron Corp.(1) 372,500 35,361,425
CONSOL Energy, Inc.(1) 438,800 21,808,360
1 | Oppenheimer Equity Income Fund, Inc.
Oppenheimer Equity Income Fund, Inc.
STATEMENT OF INVESTMENTS January 31, 2011 (Unaudited)
Shares Value
--------------- ---------------
OIL, GAS & CONSUMABLE FUELS CONTINUED
Exxon Mobil Corp. 353,500 $ 28,520,380
Kinder Morgan Management LLC(2) 1 35
Marathon Oil Corp.(1) 400,000 18,280,000
Royal Dutch Shell plc, ADR 372,500 26,443,775
Targa Resources Corp.(2) 322,500 9,910,425
---------------
140,324,400
FINANCIALS--19.4%
CAPITAL MARKETS--2.4%
Goldman Sachs Group, Inc. (The) 91,250 14,930,325
Morgan Stanley 900,000 26,460,000
---------------
41,390,325
COMMERCIAL BANKS--2.2%
U.S. Bancorp(1) 605,000 16,335,000
Wells Fargo & Co. 642,500 20,829,850
---------------
37,164,850
DIVERSIFIED FINANCIAL SERVICES--5.7%
Bank of America Corp. 1,000,000 13,730,000
JPMorgan Chase & Co.(1) 1,350,000 60,669,000
KKR Financial Holdings LLC 2,325,000 22,459,500
---------------
96,858,500
INSURANCE--7.5%
Assurant, Inc. 275,000 10,788,250
Everest Re Group Ltd. 440,000 37,083,200
Genworth Financial, Inc., Cl. A 542,500 7,361,725
MetLife, Inc. 812,500 37,188,125
Old Republic International Corp. 1,000,000 12,230,000
XL Group plc 1,000,000 22,920,000
---------------
127,571,300
REAL ESTATE INVESTMENT TRUSTS--1.6%
Apollo Commercial Real Estate Finance, Inc.(1) 700,000 11,501,000
Starwood Property Trust, Inc. 730,000 16,432,300
---------------
27,933,300
THRIFTS & MORTGAGE FINANCE--0.0%
PMI Group, Inc. (The)(2) 100,000 291,000
HEALTH CARE--8.0%
BIOTECHNOLOGY--0.0%
PDL BioPharma, Inc. 100,000 494,000
HEALTH CARE PROVIDERS & SERVICES--0.3%
UnitedHealth Group, Inc.(1) 105,000 4,310,250
PHARMACEUTICALS--7.7%
Abbott Laboratories(1) 425,000 19,193,000
GlaxoSmithKline plc, ADR 482,500 17,529,225
Johnson & Johnson 92,500 5,528,725
Merck & Co., Inc.(1) 1,050,000 34,828,500
Pfizer, Inc. 2,850,000 51,927,000
2 | Oppenheimer Equity Income Fund, Inc.
Oppenheimer Equity Income Fund, Inc.
STATEMENT OF INVESTMENTS January 31, 2011 (Unaudited)
Shares Value
--------------- ---------------
PHARMACEUTICALS CONTINUED
Teva Pharmaceutical Industries Ltd., Sponsored ADR 50,000 $ 2,732,500
---------------
131,738,950
INDUSTRIALS--5.0%
AEROSPACE & DEFENSE--2.1%
General Dynamics Corp. 272,500 20,546,500
Lockheed Martin Corp.(1) 185,000 14,726,000
---------------
35,272,500
COMMERCIAL SERVICES & SUPPLIES--0.4%
Pitney Bowes, Inc. 59,250 1,438,590
Waste Management, Inc.(1) 146,250 5,538,488
---------------
6,977,078
ELECTRICAL EQUIPMENT--0.1%
Cooper Industries plc 27,500 1,684,650
INDUSTRIAL CONGLOMERATES--1.2%
General Electric Co. 220,000 4,430,800
Tyco International Ltd. 360,000 16,138,800
---------------
20,569,600
MARINE--0.4%
Costamare, Inc. 485,000 7,420,500
ROAD & RAIL--0.2%
Norfolk Southern Corp. 50,000 3,059,500
TRADING COMPANIES & DISTRIBUTORS--0.6%
Aircastle Ltd. 1,000,000 10,620,000
INFORMATION TECHNOLOGY--6.2%
COMMUNICATIONS EQUIPMENT--1.3%
Harris Corp. 110,000 5,119,400
QUALCOMM, Inc.(1) 312,500 16,915,625
---------------
22,035,025
ELECTRONIC EQUIPMENT & INSTRUMENTS--0.5%
Corning, Inc.(1) 425,000 9,439,250
OFFICE ELECTRONICS--0.3%
Xerox Corp. 425,000 4,513,500
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--1.7%
Applied Materials, Inc. 425,000 6,668,250
Intel Corp.(1) 725,000 15,558,500
Intersil Corp., Cl. A(1) 415,000 6,274,800
---------------
28,501,550
SOFTWARE--2.4%
Microsoft Corp.(1) 1,500,000 41,587,500
MATERIALS--0.8%
METALS & MINING--0.4%
Xstrata plc, Unsponsored ADR 1,500,000 6,600,000
PAPER & FOREST PRODUCTS--0.4%
International Paper Co. 225,000 6,498,000
TELECOMMUNICATION SERVICES--4.6%
DIVERSIFIED TELECOMMUNICATION SERVICES--4.6%
AT&T, Inc.(1) 1,500,000 41,280,000
3 | Oppenheimer Equity Income Fund, Inc.
Oppenheimer Equity Income Fund, Inc.
STATEMENT OF INVESTMENTS January 31, 2011 (Unaudited)
Shares Value
--------------- ---------------
DIVERSIFIED TELECOMMUNICATION SERVICES CONTINUED
Consolidated Communications Holdings, Inc.(1) 700,000 $ 12,425,000
Frontier Communications Corp. 825,000 7,565,250
Qwest Communications International, Inc.(1) 2,500,000 17,825,000
---------------
79,095,250
UTILITIES--4.8%
ELECTRIC UTILITIES--4.1%
Allegheny Energy, Inc. 800,000 20,624,000
American Electric Power Co., Inc. 217,500 7,760,400
Edison International, Inc.(1) 492,500 17,867,900
Entergy Corp.(1) 258,250 18,637,903
PPL Corp. 178,500 4,603,515
---------------
69,493,718
MULTI-UTILITIES--0.7%
National Grid plc, Sponsored ADR 262,750 11,834,260
---------------
Total Common Stocks (Cost $1,101,159,836) 1,250,839,529
PREFERRED STOCKS--5.6%
Apache Corp., 6% Cv., Series D, Non-Vtg. 130,000 8,507,200
Citigroup, Inc., 7.50% Cv. 162,500 22,363,250
General Motors Co., 4.75% Cv., Series B, Non-Vtg.(2) 700,000 38,017,000
Hartford Financial Services Group, Inc., 7.25% Cv.,
Series F, Non-Vtg. 347,500 9,156,625
Lucent Technologies Capital Trust I, 7.75% Cum. Cv.,
Non-Vtg. 8,000 7,270,000
Synovus Financial Corp., 8.25% Cv. 395,000 9,760,450
---------------
Total Preferred Stocks (Cost $83,578,127) 95,074,525
Principal
Amount
---------------
CONVERTIBLE CORPORATE BONDS AND NOTES--9.8%
AMR Corp., 6.25% Cv. Sr. Unsec. Nts., 10/15/14 $ 20,000,000 22,275,000
CNO Financial Group, Inc.:
7% Cv. Sr. Unsec. Unsub. Nts., 12/30/16 12,316,000 17,280,580
7% Cv. Sr. Unsec. Unsub. Nts., 12/30/16(3) 3,907,000 5,533,289
Conseco, Inc., 7% Cv. Sr. Unsec. Unsub. Nts., Series 2,
12/30/16(3) 608,000 861,080
Continental Airlines, Inc., 4.50% Cv. Sr. Unsec. Unsub.
Nts., 1/15/15 9,500,000 14,784,375
Forest City Enterprises, Inc., 5% Cv. Sr. Unsec. Nts.,
10/15/16 4,750,000 7,035,890
General Cable Corp., 4.50% Cv. Unsec. Sub. Nts.,
11/15/29(4) 17,500,000 21,918,750
MGIC Investment Corp., 9% Cv. Jr. Unsec. Sub. Bonds,
4/1/63(3) 25,000,000 25,875,000
Navistar International Corp., 3% Cv. Sr. Sub. Nts.,
10/15/14 9,500,000 13,881,875
PMI Group, Inc. (The), 4.50% Cv. Sr. Nts., 4/15/20 15,000,000 12,262,500
Radian Group, Inc., 3% Cv. Sr. Unsec. Unsub. Nts.,
11/15/17 4,000,000 3,800,000
Rite Aid Corp., 8.50% Cv. Sr. Unsec. Unsub. Nts.,
5/15/15 21,704,000 21,269,920
---------------
Total Convertible Corporate Bonds and Notes
(Cost $151,184,608) 166,778,259
STRUCTURED SECURITIES--4.4%
Barclays Bank plc:
Celanese Corp. Yield Enhanced Equity Linked Debt
Securities 181,029 7,494,601
4 | Oppenheimer Equity Income Fund, Inc.
Oppenheimer Equity Income Fund, Inc.
STATEMENT OF INVESTMENTS January 31, 2011 (Unaudited)
Principal
Amount Value
--------------- ---------------
Lear Corp. Yield Enhanced Equity Linked Debt Securities $ 112,867 $ 11,458,258
Barclays Bank plc, Allegheny Technologies, Inc., Yield
Enhanced Equity Linked Debt Securities 132,956 8,136,907
Citigroup Funding, Inc., The Mosaic Co. Equity Linked
Nts. 5,000,000 5,805,860
Credit Suisse AG, Sprint Nextel Corp. Equity Linked Nts. 2,285,000 10,419,600
Deutsche Bank AG, London:
Lear Corp. Equity Linked Nts.(5) 102,000 10,757,940
Lear Corp. Equity Linked Nts.(5) 117,700 11,683,491
Morgan Stanley, Kohls Corp. Equity Linked Nts.(3) 194,750 9,907,906
---------------
Total Structured Securities (Cost $70,014,602) 75,664,563
Shares
---------------
INVESTMENT COMPANY--8.0%
Oppenheimer Institutional Money Market Fund, Cl. E,
0.20% (6,7) (Cost $136,411,432) 136,411,432 136,411,432
TOTAL INVESTMENTS, AT VALUE (COST $1,542,348,605) 101.1% 1,724,768,308
Liabilities in Excess of Other Assets (1.1) (18,788,827)
--------------- ---------------
Net Assets 100.0% $ 1,705,979,481
=============== ===============
Footnotes to Statement of Investments
(1.) All or a portion of the security position is held in collateralized
accounts to cover potential obligations with respect to outstanding written
options. See accompanying Notes.
(2.) Non-income producing security.
(3.) Represents securities sold under Rule 144A, which are exempt from
registration under the Securities Act of 1933, as amended. These securities
have been determined to be liquid under guidelines established by the Board
of Directors. These securities amount to $42,177,275 or 2.47% of the Fund's
net assets as of January 31, 2011.
(4.) Represents the current interest rate for a variable or increasing rate
security.
(5.) Restricted security. The aggregate value of restricted securities as of
January 31, 2011 was $22,441,431, which represents 1.32% of the Fund's net
assets. See accompanying Notes. Information concerning restricted
securities is as follows:
ACQUISITION UNREALIZED
SECURITY DATE COST VALUE APPRECIATION
-------- ----------- ----------- ----------- ------------
Deutsche Bank AG, London, Lear Corp. Equity Linked Nts. 12/20/10 $10,001,100 $10,757,940 $ 756,840
Deutsche Bank AG, London, Lear Corp. Equity Linked Nts. 10/21/10 10,004,500 11,683,491 1,678,991
----------- ----------- ----------
$20,005,600 $22,441,431 $2,435,831
=========== =========== ==========
(6.) Is or was an affiliate, as defined in the Investment Company Act of 1940,
at or during the period ended January 31, 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 SHARES
OCTOBER GROSS GROSS JANUARY
29, 2010(a) ADDITIONS REDUCTIONS 31, 2011
----------- ----------- ----------- -----------
Oppenheimer Institutional Money Market Fund, Cl. E 53,169,685 187,288,080 104,046,333 136,411,432
VALUE INCOME
------------ -------
Oppenheimer Institutional Money Market Fund, Cl. E $136,411,432 $43,124
(a.) October 29, 2010 represents the last business day of the Fund's 2010 fiscal
year.
(7.) Rate shown is the 7-day yield as of January 31, 2011.
5 | Oppenheimer Equity Income Fund, Inc.
Oppenheimer Equity Income Fund, Inc.
STATEMENT OF INVESTMENTS January 31, 2011 (Unaudited)
VALUATION INPUTS
Various data inputs are used in determining the value of each of the Fund's
investments as of the reporting period end. These data inputs are categorized in
the following hierarchy under applicable financial accounting standards:
1) Level 1-unadjusted quoted prices in active markets for identical
assets or liabilities (including securities actively traded on a
securities exchange)
2) Level 2-inputs 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 3-significant unobservable inputs (including the Manager's own
judgments about assumptions that market participants would use in
pricing the asset or liability).
The table below categorizes amounts as of January 31, 2011 based on valuation
input level:
LEVEL 2--
LEVEL 1-- OTHER LEVEL 3--
UNADJUSTED SIGNIFICANT SIGNIFICANT
QUOTED OBSERVABLE UNOBSERVABLE
PRICES INPUTS INPUTS VALUE
--------------- ------------ ------------ ---------------
ASSETS TABLE
INVESTMENTS, AT VALUE:
Common Stocks
Consumer Discretionary $ 125,979,173 $ -- $-- $ 125,979,173
Consumer Staples 119,105,100 -- -- 119,105,100
Energy 172,800,900 -- -- 172,800,900
Financials 331,209,275 -- -- 331,209,275
Health Care 136,543,200 -- -- 136,543,200
Industrials 85,603,828 -- -- 85,603,828
Information Technology 106,076,825 -- -- 106,076,825
Materials 13,098,000 -- -- 13,098,000
Telecommunication Services 79,095,250 -- -- 79,095,250
Utilities 81,327,978 -- -- 81,327,978
Preferred Stocks 18,267,650 76,806,875 -- 95,074,525
Convertible Corporate Bonds and Notes -- 166,778,259 -- 166,778,259
Structured Securities -- 75,664,563 -- 75,664,563
Investment Company 136,411,432 -- -- 136,411,432
-------------- ------------ --- --------------
Total Assets $1,405,518,611 $319,249,697 $-- $1,724,768,308
-------------- ------------ --- --------------
LIABILITIES TABLE
OTHER FINANCIAL INSTRUMENTS:
Appreciated options written, at value $ (1,910,593) $ -- $-- $ (1,910,593)
Depreciated options written, at value (5,095,500) -- -- (5,095,500)
-------------- ------------ --- --------------
Total Liabilities $ (7,006,093) $ -- $-- $ (7,006,093)
-------------- ------------ --- --------------
Currency contracts and forwards, if any, are reported at their unrealized
appreciation/depreciation at measurement date, which represents the change in
the contract's value from trade date. Futures, if any, are reported at their
variation margin at measurement date, which represents the amount due to/from
the Fund at that date. All additional assets and liabilities included in the
above table are reported at their market value at measurement date.
SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN
DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE
VALUATION METHODOLOGIES, IF ANY, DURING THE REPORTING PERIOD.
6 | Oppenheimer Equity Income Fund, Inc.
Oppenheimer Equity Income Fund, Inc.
STATEMENT OF INVESTMENTS January 31, 2011 (Unaudited)
WRITTEN OPTIONS AS OF JANUARY 31, 2011 ARE AS FOLLOWS:
UNREALIZED
NUMBER OF EXERCISE EXPIRATION PREMIUMS APPRECIATION/
DESCRIPTION TYPE CONTRACTS PRICE DATE RECEIVED VALUE (DEPRECIATION)
----------- ---- --------- -------- ---------- ---------- ----------- --------------
Abbott Laboratories Put 1,250 $ 47.00 2/21/11 $ 116,785 $ (241,250) $(124,465)
Archer-Daniels-Midland Co. Call 750 35.00 2/21/11 30,459 (13,500) 16,959
AT&T, Inc. Call 3,750 29.00 2/21/11 142,975 (18,750) 124,225
AT&T, Inc. Call 500 28.00 2/21/11 7,993 (10,000) (2,007)
AT&T, Inc. Call 250 28.00 3/21/11 11,996 (10,000) 1,996
AT&T, Inc. Put 4,500 28.00 2/21/11 223,993 (306,000) (82,007)
Bank of America Corp. Put 1,000 14.00 2/21/11 42,985 (53,000) (10,015)
Brinker International, Inc. Call 500 20.00 2/21/11 87,241 (170,000) (82,759)
Chevron Corp. Call 50 90.00 2/21/11 18,349 (26,000) (7,651)
Ciena Corp. Put 1,000 20.00 3/21/11 66,985 (66,000) 985
Cinemark Holdings, Inc. Call 4,000 20.00 3/21/11 225,942 (20,000) 205,942
CONSOL Energy, Inc. Call 638 47.00 2/21/11 286,448 (230,318) 56,130
Corning, Inc. Call 500 22.00 2/21/11 25,493 (32,500) (7,007)
Edison International, Inc. Call 325 37.50 2/21/11 15,670 (3,250) 12,420
Everest Re Group Ltd. Call 75 90.00 2/21/11 5,924 (1,125) 4,799
Everest Re Group Ltd. Call 50 85.00 2/21/11 8,699 (7,750) 949
Foot Locker, Inc. Call 250 20.00 2/21/11 3,496 -- 3,496
Foot Locker, Inc. Put 4,250 17.50 3/21/11 347,094 (318,750) 28,344
Foot Locker, Inc. Put 3,500 17.50 2/21/11 112,039 (140,000) (27,961)
Ford Motor Co. Put 4,000 16.00 2/21/11 67,943 (224,000) (156,057)
Ford Motor Co. Put 2,500 16.00 3/21/11 168,487 (215,000) (46,513)
Genworth Financial, Inc., Cl. A Put 2,500 13.00 2/21/11 100,018 (102,500) (2,482)
Genworth Financial, Inc., Cl. A Put 1,000 14.00 2/21/11 47,985 (88,000) (40,015)
Halliburton Co. Call 1,750 41.00 2/21/11 257,497 (735,000) (477,503)
Halliburton Co. Call 1,250 42.00 3/21/11 521,222 (506,250) 14,972
Halliburton Co. Call 1,000 40.00 2/21/11 127,463 (513,000) (385,537)
Halliburton Co. Put 5,000 38.00 3/21/11 235,500 (190,000) 45,500
Harris Corp. Put 500 45.00 2/21/11 74,742 (20,000) 54,742
Intel Corp. Call 250 22.00 2/21/11 2,246 (2,750) (504)
Intersil Corp., Cl. A Call 2,000 15.00 2/21/11 103,540 (90,000) 13,540
Kellogg Co. Put 500 50.00 3/21/11 61,992 (62,500) (508)
Kohl's Corp. Call 250 55.00 2/21/11 9,746 (2,500) 7,246
Kraft Foods, Inc., Cl. A Call 100 32.00 2/21/11 2,124 (500) 1,624
Kraft Foods, Inc., Cl. A Put 1,000 30.00 3/21/11 49,455 (47,000) 2,455
Linear Technology Corp. Put 1,000 35.00 2/21/11 116,914 (100,000) 16,914
Lockheed Martin Corp. Call 1,250 75.00 2/21/11 293,942 (600,000) (306,058)
Lorillard, Inc. Call 100 72.50 2/21/11 24,018 (40,500) (16,482)
Lowe's Cos., Inc. Call 1,250 26.00 2/21/11 36,432 (20,000) 16,432
Marathon Oil Corp. Call 750 42.00 2/21/11 108,800 (288,750) (179,950)
Marathon Oil Corp. Call 500 43.00 2/21/11 36,992 (148,000) (111,008)
Marathon Oil Corp. Call 250 44.00 2/21/11 53,260 (55,250) (1,990)
Mattel, Inc. Put 5,000 24.00 2/21/11 453,512 (500,000) (46,488)
MDC Holdings, Inc. Call 1,000 31.00 2/21/11 133,753 (80,000) 53,753
MDC Holdings, Inc. Put 500 27.00 2/21/11 56,992 (5,000) 51,992
Merck & Co., Inc. Call 750 35.00 2/21/11 25,244 (6,750) 18,494
Merck & Co., Inc. Put 1,250 33.00 2/21/11 64,731 (68,750) (4,019)
7 | Oppenheimer Equity Income Fund, Inc.
Oppenheimer Equity Income Fund, Inc.
STATEMENT OF INVESTMENTS January 31, 2011 (Unaudited)
Microsoft Corp. Call 1,750 28.00 2/21/11 145,723 (61,250) 84,473
Morgan Stanley Put 1,000 27.00 2/21/11 106,195 (14,000) 92,195
Pfizer, Inc. Put 2,500 17.00 2/21/11 158,214 (25,000) 133,214
Philip Morris International, Inc. Call 100 60.00 2/21/11 5,499 (1,100) 4,399
PMI Group, Inc. (The) Put 1,000 4.00 2/21/11 28,985 (115,000) (86,015)
Potash Corp. of Saskatchewan, Inc. Put 750 155.00 2/21/11 214,740 (27,000) 187,740
Procter & Gamble Co. (The) Call 200 65.00 2/21/11 20,372 (3,200) 17,172
QUALCOMM, Inc. Call 1,100 57.50 2/21/11 44,944 (17,600) 27,344
Sprint Nextel Corp. Put 1,000 4.00 2/21/11 10,986 (4,000) 6,986
Teradyne, Inc. Put 4,000 12.00 2/21/11 78,443 -- 78,443
Tyco International Ltd. Call 600 45.00 2/21/11 22,083 (42,600) (20,517)
Wal-Mart Stores, Inc. Call 150 57.50 2/21/11 3,131 (3,150) (19)
Waste Management, Inc. Call 1,300 36.00 4/18/11 232,677 (312,000) (79,323)
---------- ----------- ---------
$6,087,108 $(7,006,093) $(918,985)
========== =========== =========
NOTES TO STATEMENT OF INVESTMENTS
SECURITIES VALUATION. The Fund calculates the net asset value of its shares as
of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M.
Eastern time, on each day the Exchange is open for trading.
Each investment asset or liability of the Fund is assigned a level at
measurement date based on the significance and source of the inputs to its
valuation. Unadjusted quoted prices in active markets for identical securities
are classified as "Level 1," inputs other than unadjusted quoted prices for an
asset that are observable are classified as "Level 2" and significant
unobservable inputs, including the Manager's judgment about the assumptions that
a market participant would use in pricing an asset or liability, are classified
as "Level 3." The inputs used for valuing securities are not necessarily an
indication of the risks associated with investing in those securities. A table
summarizing the Fund's investments under these levels of classification is
included following the Statement of Investments.
Securities are valued using unadjusted quoted market prices, when available, as
supplied primarily by portfolio pricing services approved by the Board of
Directors or dealers.
Securities traded on a registered U.S. securities exchange are valued based on
the last sale price of the security reported on the principal exchange on which
it is traded, prior to the time when the Fund's assets are valued. Securities
whose principal exchange is NASDAQ(R) are valued based on the official closing
prices reported by NASDAQ prior to the time when the Fund's assets are valued.
In the absence of a sale, the security is valued at the last sale price on the
prior trading day, if it is within the spread of the current day's closing "bid"
and "asked" prices, and if not, at the current day's closing bid price. A
foreign security traded on a foreign exchange is valued based on the last sale
price on the principal exchange on which the security is traded, as identified
by the portfolio pricing service used by the Manager, prior to the time when the
Fund's assets are valued. In the absence of a sale, the security is valued at
the most recent official closing price on the principal exchange on which it is
traded.
Shares of a registered investment company that are not traded on an exchange are
valued at that investment company's net asset value per share.
U.S. domestic and international debt instruments (including corporate,
government, municipal, mortgage-backed, collateralized mortgage obligations and
asset-backed securities) and "money market-type" debt instruments with a
remaining maturity in excess of sixty days are valued at the mean between the
"bid" and "asked" prices utilizing price quotations obtained from independent
pricing services or broker-dealers. Such prices are typically determined based
upon information obtained from market participants including reported trade
data, broker-dealer price quotations and inputs such as benchmark yields and
issuer spreads from identical or similar securities.
8 | Oppenheimer Equity Income Fund, Inc.
Oppenheimer Equity Income Fund, Inc.
STATEMENT OF INVESTMENTS January 31, 2011 (Unaudited)
Structured securities are valued utilizing price quotations obtained from
broker-dealers or independent pricing services. Values are determined based upon
market inputs which typically include the price of underlying financial
instruments, stock market indices, foreign currencies, interest rate spreads,
commodities, or the occurrence of other specific events.
"Money market-type" debt instruments with remaining maturities of sixty days or
less are valued at cost adjusted by the amortization of discount or premium to
maturity (amortized cost), which approximates market value.
In the absence of a readily available unadjusted quoted market price, including
for securities whose values have been materially affected by what the Manager
identifies as a significant event occurring before the Fund's assets are valued
but after the close of the securities' respective exchanges, the Manager, acting
through its internal valuation committee, in good faith determines the fair
valuation of that asset using consistently applied procedures under the
supervision of the Board of Directors (which reviews those fair valuations by
the Manager). Those procedures include certain standardized methodologies to
fair value securities. Such methodologies include, but are not limited to,
pricing securities initially at cost and subsequently adjusting the value based
on: changes in company specific fundamentals, changes in an appropriate
securities index, or changes in the value of similar securities which may be
adjusted for any discounts related to resale restrictions. When possible, such
methodologies use observable market inputs such as unadjusted quoted prices of
similar securities, observable interest rates, currency rates and yield curves.
The methodologies used for valuing securities are not necessarily an indication
of the risks associated with investing in those securities.
There have been no significant changes to the fair valuation methodologies of
the Fund during the period.
STRUCTURED SECURITIES. The Fund invests in structured securities whose market
values, interest rates and/or redemption prices are linked to the performance of
underlying foreign currencies, interest rate spreads, stock market indices,
prices of individual securities, commodities or other financial instruments or
the occurrence of other specific events. The structured securities are often
leveraged, increasing the volatility of each note's market value relative to the
change in the underlying linked financial element or event. Fluctuations in
value of these securities are recorded as unrealized gains and losses in the
accompanying Statement of Operations in the annual and semiannual reports. The
Fund records a realized gain or loss when a structured security is sold or
matures.
INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted
to invest daily available cash balances in an affiliated money market fund. The
Fund may invest the available cash in Class E shares of Oppenheimer
Institutional Money Market Fund ("IMMF") to seek current income while preserving
liquidity. IMMF is a registered open-end management investment company,
regulated as a money market fund under the Investment Company Act of 1940, as
amended. The Manager is also the investment adviser of IMMF. When applicable,
the Fund's investment in IMMF is included in the Statement of Investments.
Shares of IMMF are valued at their net asset value per share. As a shareholder,
the Fund is subject to its proportional share of IMMF's Class E expenses,
including its management fee. The Manager will waive fees and/or reimburse Fund
expenses in an amount equal to the indirect management fees incurred through the
Fund's investment in IMMF.
RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS
The Fund's investment objectives not only permit the Fund to purchase investment
securities, they also allow the Fund to enter into various types of derivatives
contracts, including, but not limited to, futures contracts, forward foreign
currency exchange contracts, credit default swaps, interest rate swaps, total
return swaps, and purchased and written options. In doing so, the Fund will
employ strategies in differing combinations to permit it to increase, decrease,
or change the level or types of exposure to market risk factors. Central to
those strategies are features inherent to derivatives that make them more
attractive for this purpose than equity and debt securities: they require little
or no initial cash investment, they can focus exposure on only certain selected
risk factors, and they may not require the ultimate receipt or delivery of the
underlying security (or securities) to the contract. This may allow the Fund to
pursue its objectives more quickly and efficiently than if it were to make
direct purchases or sales of securities capable of effecting a similar response
to market factors.
MARKET RISK FACTORS. In accordance with its investment objectives, the Fund may
use derivatives to increase or decrease its exposure to one or more of the
following market risk factors:
COMMODITY RISK. Commodity risk relates to the change in value of
commodities or commodity indexes as they relate to increases or decreases
in the commodities market. Commodities are physical assets that have
tangible properties. Examples of these types of assets are crude oil,
heating oil, metals, livestock, and agricultural products.
9 | Oppenheimer Equity Income Fund, Inc.
Oppenheimer Equity Income Fund, Inc.
STATEMENT OF INVESTMENTS January 31, 2011 (Unaudited)
CREDIT RISK. Credit risk relates to the ability of the issuer to meet
interest and principal payments, or both, as they come due. In general,
lower-grade, higher-yield bonds are subject to credit risk to a greater
extent than lower-yield, higher-quality bonds.
EQUITY RISK. Equity risk relates to the change in value of equity
securities as they relate to increases or decreases in the general market.
FOREIGN EXCHANGE RATE RISK. Foreign exchange rate risk relates to the
change in the U.S. dollar value of a security held that is denominated in a
foreign currency. The U.S. dollar value of a foreign currency denominated
security will decrease as the dollar appreciates against the currency,
while the U.S. dollar value will increase as the dollar depreciates against
the currency.
INTEREST RATE RISK. Interest rate risk refers to the fluctuations in value
of fixed-income securities resulting from the inverse relationship between
price and yield. For example, an increase in general interest rates will
tend to reduce the market value of already issued fixed-income investments,
and a decline in general interest rates will tend to increase their value.
In addition, debt securities with longer maturities, which tend to have
higher yields, are subject to potentially greater fluctuations in value
from changes in interest rates than obligations with shorter maturities.
VOLATILITY RISK. Volatility risk refers to the magnitude of the movement,
but not the direction of the movement, in a financial instrument's price
over a defined time period. Large increases or decreases in a financial
instrument's price over a relative time period typically indicate greater
volatility risk, while small increases or decreases in its price typically
indicate lower volatility risk.
The Fund's actual exposures to these market risk factors during the period are
discussed in further detail, by derivative type, below.
RISKS OF INVESTING IN DERIVATIVES. The Fund's use of derivatives can result in
losses due to unanticipated changes in the market risk factors and the overall
market. In instances where the Fund is using derivatives to decrease, or hedge,
exposures to market risk factors for securities held by the Fund, there are also
risks that those derivatives may not perform as expected resulting in losses for
the combined or hedged positions.
Derivatives may have little or no initial cash investment relative to their
market value exposure and therefore can produce significant gains or losses in
excess of their cost. This use of embedded leverage allows the Fund to increase
its market value exposure relative to its net assets and can substantially
increase the volatility of the Fund's performance.
Additional associated risks from investing in derivatives also exist and
potentially could have significant effects on the valuation of the derivative
and the Fund. Typically, the associated risks are not the risks that the Fund is
attempting to increase or decrease exposure to, per its investment objectives,
but are the additional risks from investing in derivatives. Examples of these
associated risks are liquidity risk, which is the risk that the Fund will not be
able to sell the derivative in the open market in a timely manner, and
counterparty credit risk, which is the risk that the counterparty will not
fulfill its obligation to the Fund. Associated risks can be different for each
type of derivative and are discussed by each derivative type in the notes that
follow.
COUNTERPARTY CREDIT RISK. Certain derivative positions are subject to
counterparty credit risk, which is the risk that the counterparty will not
fulfill its obligation to the Fund. The Fund's derivative counterparties
are financial institutions who are subject to market conditions that may
weaken their financial position. The Fund intends to enter into financial
transactions with counterparties that the Manager believes to be
creditworthy at the time of the transaction.
CREDIT RELATED CONTINGENT FEATURES. The Fund's agreements with derivative
counterparties have several credit related contingent features that if
triggered would allow its derivatives counterparties to close out and
demand payment or additional collateral to cover their exposure from the
Fund. Credit related contingent features are established between the Fund
and its derivatives counterparties to reduce the risk that the Fund will
not fulfill its payment obligations to its counterparties. These triggering
features include, but are not limited to, a percentage decrease in the
Fund's net assets and or a percentage decrease in the Fund's Net Asset
Value or NAV. The contingent features are established within the Fund's
International Swap and Derivatives Association, Inc. master agreements
which govern certain positions in swaps, over-the-counter options and
swaptions, and forward currency exchange contracts for each individual
counterparty.
OPTION ACTIVITY
10 | Oppenheimer Equity Income Fund, Inc.
Oppenheimer Equity Income Fund, Inc.
STATEMENT OF INVESTMENTS January 31, 2011 (Unaudited)
The Fund may buy and sell put and call options, or write put and call options.
When an option is written, the Fund receives a premium and becomes obligated to
sell or purchase the underlying security at a fixed price, upon exercise of the
option.
Options are valued daily based upon the last sale price on the principal
exchange on which the option is traded. The difference between the premium
received or paid, and market value of the option, is recorded as unrealized
appreciation or depreciation. The net change in unrealized appreciation or
depreciation is reported in the Statement of Operations in the annual and
semiannual reports. When an option is exercised, the cost of the security
purchased or the proceeds of the security sale are adjusted by the amount of
premium received or paid. Upon the expiration or closing of the option
transaction, a gain or loss is reported in the Statement of Operation s in the
annual and semiannual reports.
Options written, if any, are reported in a schedule following the Statement of
Investments and as a liability in the Statement of Assets and Liabilities in the
annual and semiannual reports. Securities held in collateralized accounts to
cover potential obligations with respect to outstanding written options are
noted in the Statement of Investments.
The risk in writing a call option is that the Fund gives up the opportunity for
profit if the market price of the security increases and the option is
exercised. The risk in writing a put option is that the Fund may incur a loss if
the market price of the security decreases and the option is exercised. The risk
in buying an option is that the Fund pays a premium whether or not the option is
exercised. The Fund also has the additional risk that there may be an illiquid
market where the Fund is unable to close the contract.
The Fund has written put options on individual equity securities and, or, equity
indexes to increase exposure to equity risk. A written put option becomes more
valuable as the price of the underlying financial instrument appreciates
relative to the strike price.
The Fund has written call options on individual equity securities and, or,
equity indexes to decrease exposure to equity risk. A written covered call
option becomes more valuable as the price of the underlying financial instrument
depreciates relative to the strike price.
During the period ended January 31, 2011, the Fund had an average market value
of $2,802,025 and $3,341,075 on written call options and written put options,
respectively.
Additional associated risks to the Fund include counterparty credit risk for
over-the-counter options and liquidity risk.
Written option activity for the period ended January 31, 2011 was as follows:
CALL OPTIONS PUT OPTIONS
----------------------- -----------------------
NUMBER OF AMOUNT OF NUMBER OF AMOUNT OF
CONTRACTS PREMIUMS CONTRACTS PREMIUMS
--------- ----------- --------- -----------
Options outstanding as of
October 29, 2010(1) 40,055 $ 2,848,012 25,925 $ 3,559,055
Options written 72,157 8,089,986 122,150 9,345,865
Options closed or expired (72,062) (6,452,163) (91,150) (8,298,250)
Options exercised (10,862) (1,404,439) (6,425) (1,600,958)
------- ----------- -------- -----------
Options outstanding as of
January 31, 2011 29,288 $ 3,081,396 50,500 $ 3,005,712
======= =========== ======== ===========
(1.) October 29, 2010 represents the last business day of the Fund's 2010 fiscal
year.
RESTRICTED SECURITIES
As of January 31, 2011, investments in securities included issues that are
restricted. A restricted security may have a contractual restriction on its
resale and is valued under methods approved by the Board of Directors as
reflecting fair value. Securities that are restricted are marked with an
applicable footnote on the Statement of Investments. Restricted securities are
reported on a schedule following the Statement of Investments.
11 | Oppenheimer Equity Income Fund, Inc.
Oppenheimer Equity Income Fund, Inc.
STATEMENT OF INVESTMENTS January 31, 2011 (Unaudited)
FEDERAL TAXES. The approximate aggregate cost of securities and other
investments and the composition of unrealized appreciation and depreciation of
securities and other investments for federal income tax purposes as of January
31, 2011 are noted below. The primary difference between book and tax
appreciation or depreciation of securities and other investments, if applicable,
is attributable to the tax deferral of losses.
Federal tax cost of securities $1,547,509,547
Federal tax cost of other investments (6,087,108)
--------------
Total federal tax cost $1,541,422,439
==============
Gross unrealized appreciation $ 190,268,291
Gross unrealized depreciation (13,928,515)
--------------
Net unrealized appreciation $ 176,339,776
==============
12 | Oppenheimer Equity Income Fund, Inc.
ITEM 2. CONTROLS AND PROCEDURES.
(a) Based on their evaluation of the registrant's disclosure controls and
procedures (as defined in rule 30a-3(c) under the Investment Company
Act of 1940 (17 CFR 270.30a-3(c)) as of 01/31/2011, the registrant's
principal executive officer and principal financial officer found the
registrant's disclosure controls and procedures to provide reasonable
assurances that information required to be disclosed by the registrant
in the reports that it files under the Securities Exchange Act of 1934
(a) is accumulated and communicated to the registrant's management,
including its principal executive officer and principal financial
officer, to allow timely decisions regarding required disclosure, and
(b) is recorded, processed, summarized and reported, within the time
periods specified in the rules and forms adopted by the U.S.
Securities and Exchange Commission.
(b) There have been no significant changes in the registrant's internal
controls over financial reporting that occurred during the
registrant's last fiscal quarter that has materially affected, or is
reasonably likely to materially affect, the registrant's internal
control over financial reporting.
ITEM 3. EXHIBITS.
Exhibits attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Oppenheimer Equity Income Fund, Inc.
By: /s/ William F. Glavin, Jr.
---------------------------------
William F. Glavin, Jr.
Principal Executive Officer
Date: March 1, 2011
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ William F. Glavin, Jr.
---------------------------------
William F. Glavin, Jr.
Principal Executive Officer
Date: March 1, 2011
By: /s/ Brian W. Wixted
---------------------------------
Brian W. Wixted
Principal Financial Officer
Date: March 1, 2011
EX-99.CERT
2
g58072exv99wcert.txt
EX-99.CERT
Exhibit 99.CERT
Section 302 Certifications
CERTIFICATIONS
I, William F. Glavin, Jr., certify that:
1. I have reviewed this report on Form N-Q of Oppenheimer Equity Income Fund,
Inc.;
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 schedules of investments included in this report
fairly present in all material respects the investments of the registrant
as of the end of the fiscal quarter for which the report is filed;
4. The registrant's 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 registrant's 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 registrant's internal
control over financial reporting that occurred during the registrant's
most recent fiscal quarter that has materially affected, or is
reasonably likely to materially affect, the registrant's internal
control over financial reporting; and
5. The registrant's other certifying officer and I have disclosed to the
registrant's auditors and the audit committee of the registrant's 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 registrant's 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 registrant's internal
control over financial reporting.
/s/ William F. Glavin, Jr.
-------------------------------------
William F. Glavin, Jr.
Principal Executive Officer
Date: 03/07/2011
Exhibit 99.CERT
Section 302 Certifications
CERTIFICATIONS
I, Brian W. Wixted, certify that:
1. I have reviewed this report on Form N-Q of Oppenheimer Equity Income Fund,
Inc.;
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 schedules of investments included in this report
fairly present in all material respects the investments of the registrant
as of the end of the fiscal quarter for which the report is filed;
4. The registrant's 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 registrant's 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 registrant's internal
control over financial reporting that occurred during the registrant's
most recent fiscal quarter that has materially affected, or is
reasonably likely to materially affect, the registrant's internal
control over financial reporting; and
5. The registrant's other certifying officer and I have disclosed to the
registrant's auditors and the audit committee of the registrant's 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 registrant's 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 registrant's internal
control over financial reporting.
/s/ Brian W. Wixted
-------------------------------------
Brian W. Wixted
Principal Financial Officer
Date: 03/07/2011