SECURITIES AND EXCHANGE COMMISSION
INVESTMENT COMPANIES
(Address of principal executive offices) (Zip code)
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008
(Name and address of agent for service)
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May 31, 2011 Oppenheimer Management International Commentary and Growth Fund Semia nnual Report M A N A G E M E N T CO M M E N TA RY An n I terview with Your Fund’s Portfolio Manager S E M I A N N UA L R E P O RT Lis tin g of Top Hold n i gs Financial Statements |
Top Ten Geographical Holdings | ||||
United Kingdom | 26.2 | % | ||
Switzerland | 13.5 | |||
France | 11.6 | |||
Japan | 8.0 | |||
Germany | 5.2 | |||
Australia | 5.2 | |||
The Netherlands | 5.1 | |||
Spain | 3.7 | |||
United States | 3.6 | |||
Sweden | 3.5 |
Top Ten Common Stock Holdings | ||||
Autonomy Corp. plc | 2.8 | % | ||
Telefonaktiebolaget LM Ericsson, B Shares | 2.5 | |||
Aggreko plc | 2.2 | |||
Aalberts Industries NV | 2.0 | |||
Nidec Corp. | 1.9 | |||
Burberry Group plc | 1.7 | |||
BT Group plc | 1.7 | |||
SAP AG | 1.6 | |||
BG Group plc | 1.6 | |||
Capita Group plc | 1.5 |
8 | OPPENHEIMER INTERNATIONAL GROWTH FUND
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9 | OPPENHEIMER INTERNATIONAL GROWTH FUND
10 | OPPENHEIMER INTERNATIONAL GROWTH FUND
11 | OPPENHEIMER INTERNATIONAL GROWTH FUND
Beginning | Ending | Expenses | ||||||||||
Account | Account | Paid During | ||||||||||
Value | Value | 6 Months Ended | ||||||||||
December 1, 2010 | May 31, 2011 | May 31, 2011 | ||||||||||
Actual | ||||||||||||
Class A | $ | 1,000.00 | $ | 1,192.90 | $ | 7.24 | ||||||
Class B | 1,000.00 | 1,188.50 | 11.57 | |||||||||
Class C | 1,000.00 | 1,188.80 | 11.13 | |||||||||
Class N | 1,000.00 | 1,191.40 | 8.55 | |||||||||
Class Y | 1,000.00 | 1,195.40 | 4.66 | |||||||||
Hypothetical (5% return before expenses) | ||||||||||||
Class A | 1,000.00 | 1,018.35 | 6.66 | |||||||||
Class B | 1,000.00 | 1,014.41 | 10.65 | |||||||||
Class C | 1,000.00 | 1,014.81 | 10.25 | |||||||||
Class N | 1,000.00 | 1,017.15 | 7.88 | |||||||||
Class Y | 1,000.00 | 1,020.69 | 4.29 |
Class | Expense Ratios | |||
Class A | 1.32 | % | ||
Class B | 2.11 | |||
Class C | 2.03 | |||
Class N | 1.56 | |||
Class Y | 0.85 |
12 | OPPENHEIMER INTERNATIONAL GROWTH FUND
Shares | Value | |||||||
Common Stocks—96.6% | ||||||||
Consumer Discretionary—13.2% | ||||||||
Automobiles—0.7% | ||||||||
Bayerische Motoren Werke (BMW) AG | 450,892 | $ | 39,892,989 | |||||
Diversified Consumer Services—1.0% | ||||||||
Benesse Holdings, Inc. | 437,582 | 18,827,167 | ||||||
Dignity plc | 1,676,257 | 20,818,787 | ||||||
MegaStudy Co. Ltd. | 108,443 | 15,967,746 | ||||||
Zee Learn Ltd.1 | 938,095 | 461,290 | ||||||
56,074,990 | ||||||||
Hotels, Restaurants & Leisure—1.4% | ||||||||
Carnival Corp. | 826,970 | 32,094,706 | ||||||
William Hill plc | 11,658,970 | 40,985,720 | ||||||
73,080,426 | ||||||||
Household Durables—0.8% | ||||||||
SEB SA | 392,673 | 41,844,696 | ||||||
Media—1.7% | ||||||||
Grupo Televisa SA, Sponsored GDR1 | 937,620 | 22,062,199 | ||||||
SES, FDR | 1,016,210 | 27,340,039 | ||||||
Vivendi SA | 779,627 | 21,861,279 | ||||||
Zee Entertainment Enterprises Ltd. | 7,552,608 | 22,987,292 | ||||||
94,250,809 | ||||||||
Multiline Retail—0.4% | ||||||||
Pinault-Printemps-Redoute SA | 130,340 | 22,777,666 | ||||||
Specialty Retail—1.7% | ||||||||
Hennes & Mauritz AB, Cl. B | 297,060 | 11,037,253 | ||||||
Industria de Diseno Textil SA | 882,489 | 80,225,118 | ||||||
91,262,371 | ||||||||
Textiles, Apparel & Luxury Goods—5.5% | ||||||||
Burberry Group plc | 4,196,776 | 91,060,167 | ||||||
Compagnie Financiere Richemont SA, Cl. A | 595,087 | 38,793,337 | ||||||
Luxottica Group SpA | 1,175,911 | 37,567,960 | ||||||
LVMH Moet Hennessy Louis Vuitton SA | 391,070 | 68,429,086 | ||||||
Swatch Group AG (The), Cl. B1 | 126,703 | 63,032,106 | ||||||
298,882,656 | ||||||||
Consumer Staples—10.2% | ||||||||
Beverages—3.6% | ||||||||
C&C Group plc | 12,731,453 | 66,141,701 | ||||||
Diageo plc | 2,714,647 | 57,785,050 | ||||||
Heineken NV | 298,781 | 17,981,553 | ||||||
Pernod-Ricard SA | 541,072 | 54,846,842 | ||||||
196,755,146 | ||||||||
Food & Staples Retailing—1.5% | ||||||||
Shoppers Drug Mart Corp. | 1,382,535 | 57,750,107 | ||||||
Woolworths Ltd. | 895,818 | 26,217,897 | ||||||
83,968,004 | ||||||||
Food Products—3.8% | ||||||||
Aryzta AG | 1,020,607 | 56,720,333 | ||||||
Barry Callebaut AG | 68,731 | 67,610,868 | ||||||
Nestle SA | 492,434 | 31,610,695 | ||||||
Unilever plc | 1,541,514 | 49,980,656 | ||||||
205,922,552 | ||||||||
Household Products—0.9% | ||||||||
Reckitt Benckiser Group plc | 860,957 | 48,874,321 | ||||||
Personal Products—0.4% | ||||||||
L’Oreal SA | 173,663 | 21,850,328 | ||||||
Energy—4.6% | ||||||||
Energy Equipment & Services—2.2% | ||||||||
Saipem SpA | 674,290 | 35,583,431 | ||||||
Schoeller-Bleckmann Oilfield Equipment AG | 297,142 | 28,624,634 | ||||||
Technip SA | 505,622 | 54,383,762 | ||||||
118,591,827 |
13 | OPPENHEIMER INTERNATIONAL GROWTH FUND
Shares | Value | |||||||
Oil, Gas & Consumable Fuels—2.4% | ||||||||
BG Group plc | 3,653,287 | $ | 84,981,465 | |||||
Cairn Energy plc1 | 5,534,720 | 40,169,740 | ||||||
Tsakos Energy Navigation Ltd. | 545,010 | 5,542,752 | ||||||
130,693,957 | ||||||||
Financials—5.5% | ||||||||
Capital Markets—3.9% | ||||||||
3i Group plc | 2,970,014 | 14,080,573 | ||||||
BinckBank NV | 3,490,593 | 57,240,541 | ||||||
Collins Stewart plc | 11,957,852 | 15,638,250 | ||||||
ICAP plc | 10,165,693 | 80,987,747 | ||||||
Swissquote Group Holding SA | 283,517 | 16,620,764 | ||||||
Tullett Prebon plc | 4,098,737 | 25,715,715 | ||||||
210,283,590 | ||||||||
Commercial Banks—0.4% | ||||||||
ICICI Bank Ltd., Sponsored ADR | 484,810 | 23,120,589 | ||||||
Insurance—1.0% | ||||||||
AMP Ltd. | 2,868,564 | 15,957,737 | ||||||
Prudential plc | 3,203,979 | 38,870,448 | ||||||
54,828,185 | ||||||||
Thrifts & Mortgage Finance—0.2% | ||||||||
Housing Development Finance Corp. Ltd. | 747,705 | 11,354,592 | ||||||
Health Care—11.1% | ||||||||
Biotechnology—2.5% | ||||||||
CSL Ltd. | 1,879,500 | 68,031,659 | ||||||
Grifols SA | 3,221,838 | 65,769,301 | ||||||
Marshall Edwards, Inc.1,2,3 | 384,029 | 514,599 | ||||||
Marshall Edwards, Inc., Legend Shares1,2,3 | 55,000 | 73,700 | ||||||
134,389,259 | ||||||||
Health Care Equipment & Supplies—5.9% | ||||||||
DiaSorin SpA | 775,687 | 37,429,175 | ||||||
Essilor International SA | 499,646 | 40,602,638 | ||||||
Nobel Biocare Holding AG | 1,244,141 | 27,102,990 | ||||||
Smith & Nephew plc | 2,262,063 | 25,191,917 | ||||||
Sonova Holding AG | 304,571 | 32,162,123 | ||||||
Straumann Holding AG | 116,845 | 32,125,868 | ||||||
Synthes, Inc. | 322,147 | 56,089,611 | ||||||
Terumo Corp. | 558,580 | 31,521,062 | ||||||
William Demant Holding AS1 | 411,600 | 38,934,008 | ||||||
321,159,392 | ||||||||
Health Care Providers & Services—1.1% | ||||||||
Sonic Healthcare Ltd. | 4,398,494 | 57,969,657 | ||||||
Health Care Technology—0.0% | ||||||||
Ortivus AB, Cl. B1,3 | 1,659,273 | 922,528 | ||||||
Life Sciences Tools & Services—0.3% | ||||||||
BTG plc1 | 3,950,845 | 17,736,233 | ||||||
Tyrian Diagnostics Ltd.1,3 | 119,498,536 | 631,847 | ||||||
18,368,080 | ||||||||
Pharmaceuticals—1.3% | ||||||||
Novogen Ltd.1,3 | 7,639,623 | 1,533,170 | ||||||
Oxagen Ltd.1,2,3 | 214,287 | 10,672 | ||||||
Roche Holding AG | 412,245 | 72,501,759 | ||||||
74,045,601 | ||||||||
Industrials—24.5% | ||||||||
Aerospace & Defense—1.8% | ||||||||
Embraer SA | 5,159,446 | 41,138,223 | ||||||
European Aeronautic Defense & Space Co.1 | 1,770,053 | 58,510,257 | ||||||
99,648,480 | ||||||||
Air Freight & Logistics—0.1% | ||||||||
Toll Holdings Ltd. | 1,061,887 | 5,941,261 |
14 | OPPENHEIMER INTERNATIONAL GROWTH FUND
Shares | Value | |||||||
Commercial Services & Supplies—4.0% | ||||||||
Aggreko plc | 3,842,230 | $ | 118,468,965 | |||||
De La Rue plc | 1,645,745 | 22,253,699 | ||||||
Edenred | 857,060 | 25,476,332 | ||||||
Prosegur Compania de Seguridad SA | 916,546 | 52,957,808 | ||||||
219,156,804 | ||||||||
Construction & Engineering—2.8% | ||||||||
Koninklijke Boskalis Westminster NV | 805,583 | 38,205,140 | ||||||
Leighton Holdings Ltd. | 506,490 | 12,546,653 | ||||||
Maire Tecnimont SpA | 7,721,015 | 15,066,913 | ||||||
Outotec OYJ | 714,861 | 41,602,836 | ||||||
Trevi Finanziaria SpA | 2,935,311 | 44,438,567 | ||||||
151,860,109 | ||||||||
Electrical Equipment—4.5% | ||||||||
ABB Ltd. | 3,052,767 | 81,929,695 | ||||||
Ceres Power Holdings plc1,3 | 8,205,534 | 3,239,559 | ||||||
Legrand SA | 747,980 | 31,710,965 | ||||||
Nidec Corp. | 1,125,885 | 101,386,283 | ||||||
Schneider Electric SA | 140,100 | 23,105,371 | ||||||
241,371,873 | ||||||||
Industrial Conglomerates—1.4% | ||||||||
Koninklijke Philips Electronics NV | 1,035,718 | 28,729,370 | ||||||
Siemens AG | 358,915 | 48,035,769 | ||||||
76,765,139 | ||||||||
Machinery—4.2% | ||||||||
Aalberts Industries NV | 4,561,375 | 108,433,070 | ||||||
Atlas Copco AB, Cl. A | 1,462,296 | 38,675,113 | ||||||
Demag Cranes AG | 283,893 | 18,678,891 | ||||||
Fanuc Ltd. | 161,500 | 24,825,906 | ||||||
Vallourec SA | 288,856 | 36,377,343 | ||||||
226,990,323 | ||||||||
Professional Services—2.5% | ||||||||
Capita Group plc | 6,852,114 | 82,960,288 | ||||||
Experian plc | 4,105,100 | 54,196,666 | ||||||
137,156,954 | ||||||||
Trading Companies & Distributors—2.7% | ||||||||
Brenntag AG1 | 361,725 | 43,102,162 | ||||||
Bunzl plc | 6,241,531 | 78,946,075 | ||||||
Wolseley plc | 706,210 | 23,908,212 | ||||||
145,956,449 | ||||||||
Transportation Infrastructure—0.5% | ||||||||
Koninklijke | ||||||||
Vopak NV | 594,226 | 28,219,920 | ||||||
Information Technology—19.2% | ||||||||
Communications Equipment—2.5% | ||||||||
Telefonaktiebolaget LM Ericsson, B Shares | 9,304,079 | 137,643,895 | ||||||
Computers & Peripherals—0.8% | ||||||||
Gemalto NV | 860,900 | 42,216,163 | ||||||
Electronic Equipment & Instruments—3.5% | ||||||||
Hoya Corp. | 2,206,310 | 45,851,299 | ||||||
Ibiden Co. Ltd. | 520,583 | 16,913,520 | ||||||
Keyence Corp. | 174,301 | 45,729,797 | ||||||
Nippon Electric Glass Co. Ltd. | 1,524,475 | 21,603,836 | ||||||
Omron Corp. | 679,718 | 17,538,172 | ||||||
Phoenix Mecano AG3 | 53,841 | 43,526,052 | ||||||
191,162,676 | ||||||||
Internet Software & Services—2.3% | ||||||||
DeNA Co. Ltd | 1,066,300 | 37,962,810 | ||||||
eAccess Ltd. | 32,551 | 16,018,698 | ||||||
Telecity Group plc1 | 4,691,375 | 41,993,208 | ||||||
United Internet AG | 1,501,460 | 29,256,517 | ||||||
125,231,233 |
15 | OPPENHEIMER INTERNATIONAL GROWTH FUND
Shares | Value | |||||||
IT Services—0.4% | ||||||||
Infosys Technologies Ltd. | 335,832 | $ | 20,768,352 | |||||
Office Electronics—0.8% | ||||||||
Canon, Inc. | 987,060 | 47,602,057 | ||||||
Semiconductors & Semiconductor Equipment—0.8% | ||||||||
ARM Holdings plc | 4,535,860 | 42,972,203 | ||||||
Software—8.1% | ||||||||
Autonomy Corp. plc1 | 5,186,969 | 153,330,865 | ||||||
Aveva Group plc | 855,046 | 23,447,305 | ||||||
Compugroup Medical AG | 821,023 | 13,174,083 | ||||||
Dassault Systemes SA | 672,490 | 57,205,394 | ||||||
Nintendo Co. Ltd. | 41,619 | 9,706,850 | ||||||
Sage Group plc (The) | 3,867,190 | 18,461,236 | ||||||
SAP AG | 1,441,627 | 89,562,281 | ||||||
Temenos Group AG1 | 2,134,690 | 75,085,825 | ||||||
439,973,839 | ||||||||
Materials—6.6% | ||||||||
Chemicals—2.4% | ||||||||
Filtrona plc3 | 11,102,284 | 67,756,989 | ||||||
Orica Ltd. | 922,000 | 25,684,672 | ||||||
Sika AG | 14,174 | 36,128,826 | ||||||
129,570,487 | ||||||||
Construction Materials—0.7% | ||||||||
James Hardie Industries SE, CDI1 | 5,979,100 | 37,347,429 | ||||||
Metals & Mining—3.5% | ||||||||
Impala Platinum Holdings Ltd. | 1,915,204 | 53,484,771 | ||||||
Rio Tinto plc, Sponsored ADR | 952,950 | 66,820,854 | ||||||
Vale SA, A Shares, Preference | 2,532,700 | 71,835,406 | ||||||
192,141,031 | ||||||||
Telecommunication Services—1.7% | ||||||||
Diversified Telecommunication Services—1.7% | ||||||||
BT Group plc | 27,559,829 | 91,034,934 | ||||||
Total Common Stocks (Cost $3,719,728,032) | 5,261,895,822 | |||||||
Preferred Stocks—0.2% | ||||||||
Ceres, Inc.: | ||||||||
Cv., Series C1,2,3 | 600,000 | 1,200,000 | ||||||
Cv., Series C-11,2,3 | 64,547 | 129,094 | ||||||
Cv., Series D1,2,3 | 459,800 | 919,600 | ||||||
Cv., Series F1,2,3 | 1,900,000 | 12,350,000 | ||||||
Total Preferred Stocks (Cost $17,766,988) | 14,598,694 | |||||||
Units | ||||||||
Rights, Warrants and Certificates—0.0% | ||||||||
Ceres, Inc. Wts., Strike Price $6.50, Exp. 9/6/151,2,3 | 380,000 | — | ||||||
Marshall Edwards, Inc., Legend Shares Wts., Strike Price $3.60, Exp. 8/6/121,2,3 | 55,000 | 506 | ||||||
Tyrian Diagnostics Ltd. Rts., Strike Price 0.012AUD, Exp. 12/20/131,3 | 11,949,853 | 38,278 | ||||||
Total Rights, Warrants and Certificates (Cost $0) | 38,784 | |||||||
Shares | ||||||||
Investment Company—2.7% | ||||||||
Oppenheimer Institutional Money Market Fund, Cl. E, 0.16% 3,4 (Cost $146,520,009) | 146,520,009 | 146,520,009 | ||||||
Total Investments, at Value (Cost $3,884,015,029) | 99.5 | % | 5,423,053,309 | |||||
Other Assets | ||||||||
Net of Liabilities | 0.5 | 25,247,588 | ||||||
Net Assets | 100.0 | % | $ | 5,448,300,897 | ||||
16 | OPPENHEIMER INTERNATIONAL GROWTH FUND
�� | ||||||||||||||||
Unrealized | ||||||||||||||||
Acquisition | Appreciation | |||||||||||||||
Security | Dates | Cost | Value | (Depreciation) | ||||||||||||
Ceres, Inc., Cv., Series C | 1/6/99 | $ | 2,400,000 | $ | 1,200,000 | $ | (1,200,000 | ) | ||||||||
Ceres, Inc., Cv., Series C-1 | 2/6/01-3/21/06 | 258,188 | 129,094 | (129,094 | ) | |||||||||||
Ceres, Inc., Cv., Series D | 3/15/01-3/9/06 | 2,758,800 | 919,600 | (1,839,200 | ) | |||||||||||
Ceres, Inc., Cv., Series F | 9/5/07 | 12,350,000 | 12,350,000 | — | ||||||||||||
Ceres, Inc. Wts., Strike Price $6.50, Exp. 9/6/15 | 9/5/07 | — | — | — | ||||||||||||
Marshall Edwards, Inc. | 5/6/02-9/26/08 | 12,250,362 | 514,599 | (11,735,763 | ) | |||||||||||
Marshall Edwards, Inc., Legend Shares | 8/3/07 | 1,614,333 | 73,700 | (1,540,633 | ) | |||||||||||
Marshall Edwards, Inc., Legend Shares Wts., Strike Price $3.60, Exp. 8/6/12 | 8/3/07 | — | 506 | 506 | ||||||||||||
Oxagen Ltd. | 12/20/00 | 2,210,700 | 10,672 | (2,200,028 | ) | |||||||||||
$ | 33,842,383 | $ | 15,198,171 | $ | (18,644,212 | ) | ||||||||||
Shares/Units | Gross | Gross | Shares/Units | |||||||||||||
November 30, 2010 | Additions | Reductions | May 31, 2011 | |||||||||||||
Ceres, Inc., Cv., Series C | 600,000 | — | — | 600,000 | ||||||||||||
Ceres, Inc., Cv., Series C-1 | 64,547 | — | — | 64,547 | ||||||||||||
Ceres, Inc., Cv., Series D | 459,800 | — | — | 459,800 | ||||||||||||
Ceres, Inc., Cv., Series F | 1,900,000 | — | — | 1,900,000 | ||||||||||||
Ceres, Inc. Wts., Strike Price $6.50, Exp. 9/6/15 | 380,000 | — | — | 380,000 | ||||||||||||
Ceres Power Holdings plc | 8,207,044 | — | 1,510 | 8,205,534 | ||||||||||||
Filtrona plc | 11,287,729 | — | 185,445 | 11,102,284 | ||||||||||||
Marshall Edwards, Inc. | 282,486 | 101,543 | a | — | 384,029 | |||||||||||
Marshall Edwards, Inc., Legend Shares | 156,543 | — | 101,543 | a | 55,000 | |||||||||||
Marshall Edwards, Inc., Legend Shares Wts., Strike Price $3.60, Exp. 8/6/12 | 55,000 | — | — | 55,000 | ||||||||||||
Novogen Ltd. | 7,639,623 | — | — | 7,639,623 | ||||||||||||
Oppenheimer Institutional Money Market Fund, Cl. E | 81,387,509 | 455,888,233 | 390,755,733 | 146,520,009 | ||||||||||||
Ortivus AB, Cl. B | 1,659,273 | — | — | 1,659,273 | ||||||||||||
Oxagen Ltd. | 214,287 | — | — | 214,287 | ||||||||||||
Phoenix Mecano AG | 54,212 | — | 371 | 53,841 | ||||||||||||
Tyrian Diagnostics Ltd. | 59,749,268 | 59,749,268 | a | — | 119,498,536 | |||||||||||
Tyrian Diagnostics Ltd. Rts., Strike Price 0.008AUD, Exp. 12/13/10 | 59,749,268 | — | 59,749,268 | a | — | |||||||||||
Tyrian Diagnostics Ltd. Rts., Strike Price 0.012AUD, Exp. 12/20/13 | — | 11,949,853 | a | — | 11,949,853 | |||||||||||
Tyrian Diagnostics Ltd. Rts., Strike Price 0.03AUD, Exp. 12/31/10 | 7,468,659 | — | 7,468,659 | a | — |
17 | OPPENHEIMER INTERNATIONAL GROWTH FUND
Realized | ||||||||||||
Value | Income | Gain (Loss) | ||||||||||
Ceres, Inc., Cv., Series C | $ | 1,200,000 | $ | — | $ | — | ||||||
Ceres, Inc., Cv., Series C-1 | 129,094 | — | — | |||||||||
Ceres, Inc., Cv., Series D | 919,600 | — | — | |||||||||
Ceres, Inc., Cv., Series F | 12,350,000 | — | — | |||||||||
Ceres, Inc. Wts., Strike Price $6.50, Exp. 9/6/15 | — | — | — | |||||||||
Ceres Power Holdings plc | 3,239,559 | — | (9,065 | ) | ||||||||
Filtrona plc | 67,756,989 | 1,101,743 | (36,561 | ) | ||||||||
Marshall Edwards, Inc. | 514,599 | — | — | |||||||||
Marshall Edwards, Inc., Legend Shares | 73,700 | — | — | |||||||||
Marshall Edwards, Inc., Legend Shares Wts., Strike Price $3.60, Exp. 8/6/12 | 506 | — | — | |||||||||
Novogen Ltd. | 1,533,170 | — | — | |||||||||
Oppenheimer Institutional Money Market Fund, Cl. E | 146,520,009 | 140,120 | — | |||||||||
Ortivus AB, Cl. B | 922,528 | — | — | |||||||||
Oxagen Ltd. | 10,672 | — | — | |||||||||
Phoenix Mecano AG | 43,526,052 | 697,553 | 40,875 | |||||||||
Tyrian Diagnostics Ltd. | 631,847 | — | — | |||||||||
Tyrian Diagnostics Ltd. Rts., Strike Price 0.008AUD, Exp. 12/13/10 | — | — | — | |||||||||
Tyrian Diagnostics Ltd. Rts., Strike Price 0.012AUD, Exp. 12/20/13 | 38,278 | — | — | |||||||||
Tyrian Diagnostics Ltd. Rts., Strike Price 0.03AUD, Exp. 12/31/10 | — | — | — | |||||||||
$ | 279,366,603 | $ | 1,939,416 | $ | (4,751 | ) | ||||||
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). |
18 | OPPENHEIMER INTERNATIONAL GROWTH FUND
Level 3— | ||||||||||||||||
Level 1— | Level 2— | Significant | ||||||||||||||
Unadjusted | Other Significant | Unobservable | ||||||||||||||
Quoted Prices | Observable Inputs | Inputs | Value | |||||||||||||
Assets Table | ||||||||||||||||
Investments, at Value: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Consumer Discretionary | $ | 544,326,709 | $ | 173,739,894 | $ | — | $ | 718,066,603 | ||||||||
Consumer Staples | 453,649,188 | 103,721,163 | — | 557,370,351 | ||||||||||||
Energy | 164,304,319 | 84,981,465 | — | 249,285,784 | ||||||||||||
Financials | 299,586,956 | — | — | 299,586,956 | ||||||||||||
Health Care | 441,427,120 | 165,416,725 | 10,672 | 606,854,517 | ||||||||||||
Industrials | 757,446,620 | 575,620,692 | — | 1,333,067,312 | ||||||||||||
Information Technology | 703,677,968 | 343,892,450 | — | 1,047,570,418 | ||||||||||||
Materials | 305,574,176 | 53,484,771 | — | 359,058,947 | ||||||||||||
Telecommunication Services | 91,034,934 | — | — | 91,034,934 | ||||||||||||
Preferred Stocks | — | — | 14,598,694 | 14,598,694 | ||||||||||||
Rights, Warrants and Certificates | — | 38,784 | — | 38,784 | ||||||||||||
Investment Company | 146,520,009 | — | — | 146,520,009 | ||||||||||||
Total Assets | $ | 3,907,547,999 | $ | 1,500,895,944 | $ | 14,609,366 | $ | 5,423,053,309 | ||||||||
Transfers | Transfers | Transfers | Transfers | Transfers | ||||||||||||||||
into | out of | into | out of | out of | ||||||||||||||||
Level 1 | Level 1a | Level 2a | Level 2 | Level 3 | ||||||||||||||||
Assets Table | ||||||||||||||||||||
Investments, at Value: | ||||||||||||||||||||
Common Stocks | ||||||||||||||||||||
Consumer Discretionary | $ | 153,234 | b | $ | (158,474,319 | ) | $ | 158,474,319 | $ | — | $ | (153,234 | )b | |||||||
Consumer Staples | — | (80,784,499 | ) | 80,784,499 | — | — | ||||||||||||||
Energy | — | (67,359,177 | ) | 67,359,177 | — | — | ||||||||||||||
Financials | — | — | — | — | — | |||||||||||||||
Health Care | — | (163,909,113 | ) | 163,909,113 | — | — | ||||||||||||||
Industrials | — | (362,286,287 | ) | 362,286,287 | — | — | ||||||||||||||
Information Technology | 71,791,449 | c | (234,141,543 | ) | 234,141,543 | (71,791,449 | )c | — | ||||||||||||
Materials | 22,462,849 | c | (55,781,532 | ) | 55,781,532 | (22,462,849 | )c | — | ||||||||||||
Total Assets | $ | 94,407,532 | $ | (1,122,736,470 | ) | $ | 1,122,736,470 | $ | (94,254,298 | ) | $ | (153,234 | ) | |||||||
a. | Transferred from Level 1 to Level 2 because of the absence of a readily available unadjusted quoted market price due to a significant event occurring before the Fund’s assets were valued but after the close of the securities’ respective exchanges. | |
b. | Transferred from Level 3 to Level 1 because of the presence of observable market data due to an increase in market activity for these securities. | |
c. | Transferred from Level 2 to Level 1 due to the presence of a readily available unadjusted quoted market price. As of the prior reporting period end, these securities were absent of a readily available unadjusted quoted market price due to a significant event occurring before the Fund’s assets were valued but after the close of the securities’ respective exchanges. |
19 | OPPENHEIMER INTERNATIONAL GROWTH FUND
Geographic Holdings | Value | Percent | ||||||
United Kingdom | $ | 1,421,660,999 | 26.2 | % | ||||
Switzerland | 731,040,852 | 13.5 | ||||||
France | 628,538,161 | 11.6 | ||||||
Japan | 435,487,457 | 8.0 | ||||||
Germany | 281,702,692 | 5.2 | ||||||
Australia | 281,373,685 | 5.2 | ||||||
The Netherlands | 278,809,594 | 5.1 | ||||||
Spain | 198,952,227 | 3.7 | ||||||
United States | 193,802,214 | 3.6 | ||||||
Sweden | 188,278,789 | 3.5 | ||||||
Italy | 170,086,046 | 3.1 | ||||||
Brazil | 112,973,629 | 2.1 | ||||||
Ireland | 103,489,130 | 1.9 | ||||||
India | 78,692,115 | 1.4 | ||||||
Canada | 57,750,107 | 1.1 | ||||||
Jersey, Channel Islands | 54,196,666 | 1.0 | ||||||
South Africa | 53,484,771 | 1.0 | ||||||
Finland | 41,602,836 | 0.8 | ||||||
Denmark | 38,934,008 | 0.7 | ||||||
Austria | 28,624,634 | 0.5 | ||||||
Mexico | 22,062,199 | 0.4 | ||||||
Korea, Republic of South | 15,967,746 | 0.3 | ||||||
Bermuda | 5,542,752 | 0.1 | ||||||
Total | $ | 5,423,053,309 | 100.0 | % | ||||
20 | OPPENHEIMER INTERNATIONAL GROWTH FUND
Assets | ||||
Investments, at value—see accompanying statement of investments: | ||||
Unaffiliated companies (cost $3,587,646,528) | $ | 5,143,686,706 | ||
Affiliated companies (cost $296,368,501) | 279,366,603 | |||
5,423,053,309 | ||||
Cash | 2,021,189 | |||
Receivables and other assets: | ||||
Dividends | 17,949,231 | |||
Shares of beneficial interest sold | 11,316,994 | |||
Investments sold | 1,190,937 | |||
Other | 208,786 | |||
Total assets | 5,455,740,446 | |||
Liabilities | ||||
Payables and other liabilities: | ||||
Shares of beneficial interest redeemed | 4,954,718 | |||
Distribution and service plan fees | 938,978 | |||
Transfer and shareholder servicing agent fees | 592,721 | |||
Trustees’ compensation | 354,543 | |||
Shareholder communications | 348,244 | |||
Foreign capital gains tax | 49,767 | |||
Other | 200,578 | |||
Total liabilities | 7,439,549 | |||
Net Assets | $ | 5,448,300,897 | ||
Composition of Net Assets | ||||
Paid-in capital | $ | 4,221,013,645 | ||
Accumulated net investment income | 31,179,697 | |||
Accumulated net realized loss on investments and foreign currency transactions | (343,422,353 | ) | ||
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies | 1,539,529,908 | |||
Net Assets | $ | 5,448,300,897 | ||
21 | OPPENHEIMER INTERNATIONAL GROWTH FUND
Net Asset Value Per Share | ||||
Class A Shares: | ||||
Net asset value and redemption price per share (based on net assets of $1,808,505,858 and 59,184,326 shares of beneficial interest outstanding) | $ | 30.56 | ||
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) | $ | 32.42 | ||
Class B Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $59,066,344 and 2,027,896 shares of beneficial interest outstanding) | $ | 29.13 | ||
Class C Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $229,775,760 and 7,898,571 shares of beneficial interest outstanding) | $ | 29.09 | ||
Class N Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $125,383,513 and 4,168,382 shares of beneficial interest outstanding) | $ | 30.08 | ||
Class Y Shares: | ||||
Net asset value, redemption price and offering price per share (based on net assets of $3,225,569,422 and 105,991,337 shares of beneficial interest outstanding) | $ | 30.43 |
22 | OPPENHEIMER INTERNATIONAL GROWTH FUND
Investment Income | ||||
Dividends: | ||||
Unaffiliated companies (net of foreign withholding taxes of $6,517,875) | $ | 63,795,577 | ||
Affiliated companies (net of foreign withholding taxes of $123,098) | 1,939,416 | |||
Interest | 2,404 | |||
Total investment income | 65,737,397 | |||
Expenses | ||||
Management fees | 17,449,228 | |||
Distribution and service plan fees: | ||||
Class A | 2,174,026 | |||
Class B | 285,551 | |||
Class C | 1,084,483 | |||
Class N | 282,413 | |||
Transfer and shareholder servicing agent fees: | ||||
Class A | 3,104,243 | |||
Class B | 144,040 | |||
Class C | 329,312 | |||
Class N | 242,860 | |||
Class Y | 3,381,944 | |||
Shareholder communications: | ||||
Class A | 160,617 | |||
Class B | 15,278 | |||
Class C | 20,748 | |||
Class N | 5,157 | |||
Class Y | 77,304 | |||
Custodian fees and expenses | 311,581 | |||
Trustees’ compensation | 48,982 | |||
Administration service fees | 750 | |||
Other | 103,035 | |||
Total expenses | 29,221,552 | |||
Less waivers and reimbursements of expenses | (1,603,579 | ) | ||
Net expenses | 27,617,973 | |||
Net Investment Income | 38,119,424 |
23 | OPPENHEIMER INTERNATIONAL GROWTH FUND
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investments from: | ||||
Unaffiliated companies | $ | (32,699,487 | ) | |
Affiliated companies | (4,751 | ) | ||
Foreign currency transactions | 51,451,646 | |||
Net realized gain | 18,747,408 | |||
Net change in unrealized appreciation/depreciation on: | ||||
Investments (net of foreign capital gains tax of $1,970) | 528,677,559 | |||
Translation of assets and liabilities denominated in foreign currencies | 280,013,457 | |||
Net change in unrealized appreciation/depreciation | 808,691,016 | |||
Net Increase in Net Assets Resulting from Operations | $ | 865,557,848 | ||
24 | OPPENHEIMER INTERNATIONAL GROWTH FUND
Six Months | Year | |||||||
Ended | Ended | |||||||
May 31, 2011 | November 30, | |||||||
(Unaudited) | 2010 | |||||||
Operations | ||||||||
Net investment income | $ | 38,119,424 | $ | 36,062,652 | ||||
Net realized gain | 18,747,408 | 64,651,471 | ||||||
Net change in unrealized appreciation/depreciation | 808,691,016 | 177,484,581 | ||||||
Net increase in net assets resulting from operations | 865,557,848 | 278,198,704 | ||||||
Dividends and/or Distributions to Shareholders | ||||||||
Dividends from net investment income: | ||||||||
Class A | (8,550,796 | ) | (8,223,473 | ) | ||||
Class B | — | — | ||||||
Class C | — | (17,861 | ) | |||||
Class N | (355,832 | ) | (385,471 | ) | ||||
Class Y | (26,403,141 | ) | (17,021,372 | ) | ||||
(35,309,769 | ) | (25,648,177 | ) | |||||
Beneficial Interest Transactions | ||||||||
Net increase (decrease) in net assets resulting from beneficial interest transactions: | ||||||||
Class A | (40,436,470 | ) | 201,763,200 | |||||
Class B | (5,902,307 | ) | (26,159,905 | ) | ||||
Class C | (2,977,407 | ) | (11,419,234 | ) | ||||
Class N | 6,073,810 | 13,893,971 | ||||||
Class Y | 319,040,536 | 644,043,145 | ||||||
275,798,162 | 822,121,177 | |||||||
Net Assets | ||||||||
Total increase | 1,106,046,241 | 1,074,671,704 | ||||||
Beginning of period | 4,342,254,656 | 3,267,582,952 | ||||||
End of period (including accumulated net investment income of $31,179,697 and $28,370,042, respectively) | $ | 5,448,300,897 | $ | 4,342,254,656 | ||||
25 | OPPENHEIMER INTERNATIONAL GROWTH FUND
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
May 31, 2011 | Year Ended November 30, | |||||||||||||||||||||||
Class A | (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 25.75 | $ | 24.27 | $ | 17.02 | $ | 32.13 | $ | 27.03 | $ | 20.70 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income1 | .18 | .18 | .18 | .36 | .27 | .10 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 4.77 | 1.45 | 7.28 | (15.25 | ) | 5.04 | 6.38 | |||||||||||||||||
Total from investment operations | 4.95 | 1.63 | 7.46 | (14.89 | ) | 5.31 | 6.48 | |||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | (.14 | ) | (.15 | ) | (.21 | ) | (.22 | ) | (.21 | ) | (.15 | ) | ||||||||||||
Net asset value, end of period | $ | 30.56 | $ | 25.75 | $ | 24.27 | $ | 17.02 | $ | 32.13 | $ | 27.03 | ||||||||||||
Total Return, at Net Asset Value2 | 19.29 | % | 6.77 | % | 44.32 | % | (46.64 | )% | 19.78 | % | 31.49 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,808,506 | $ | 1,554,785 | $ | 1,266,608 | $ | 700,394 | $ | 1,399,782 | $ | 1,115,664 | ||||||||||||
Average net assets (in thousands) | $ | 1,764,012 | $ | 1,474,415 | $ | 960,876 | $ | 1,167,188 | $ | 1,352,329 | $ | 924,048 | ||||||||||||
Ratios to average net assets:3 | ||||||||||||||||||||||||
Net investment income | 1.26 | % | 0.73 | % | 0.91 | % | 1.34 | % | 0.88 | % | 0.40 | % | ||||||||||||
Total expenses4 | 1.33 | % | 1.39 | % | 1.45 | % | 1.26 | % | 1.20 | % | 1.28 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.32 | % | 1.34 | % | 1.34 | % | 1.25 | % | 1.20 | % | 1.28 | % | ||||||||||||
Portfolio turnover rate | 8 | % | 23 | % | 13 | % | 21 | % | 8 | % | 12 | % |
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 May 31, 2011 | 1.33 | % | ||
Year Ended November 30, 2010 | 1.39 | % | ||
Year Ended November 30, 2009 | 1.46 | % | ||
Year Ended November 30, 2008 | 1.27 | % | ||
Year Ended November 30, 2007 | 1.20 | % | ||
Year Ended November 30, 2006 | 1.28 | % |
26 | OPPENHEIMER INTERNATIONAL GROWTH FUND
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
May 31, 2011 | Year Ended November 30, | |||||||||||||||||||||||
Class B | (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 24.51 | $ | 23.14 | $ | 16.16 | $ | 30.54 | $ | 25.69 | $ | 19.69 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)1 | .06 | (.02 | ) | .03 | .13 | .02 | (.08 | ) | ||||||||||||||||
Net realized and unrealized gain (loss) | 4.56 | 1.39 | 6.95 | (14.51 | ) | 4.83 | 6.08 | |||||||||||||||||
Total from investment operations | 4.62 | 1.37 | 6.98 | (14.38 | ) | 4.85 | 6.00 | |||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | — | — | — | — | — | — | ||||||||||||||||||
Net asset value, end of period | $ | 29.13 | $ | 24.51 | $ | 23.14 | $ | 16.16 | $ | 30.54 | $ | 25.69 | ||||||||||||
Total Return, at Net Asset Value2 | 18.85 | % | 5.92 | % | 43.19 | % | (47.09 | )% | 18.88 | % | 30.47 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 59,066 | $ | 55,020 | $ | 77,565 | $ | 65,006 | $ | 164,175 | $ | 167,383 | ||||||||||||
Average net assets (in thousands) | $ | 57,511 | $ | 67,453 | $ | 68,562 | $ | 120,915 | $ | 167,676 | $ | 165,575 | ||||||||||||
Ratios to average net assets:3 | ||||||||||||||||||||||||
Net investment income (loss) | 0.41 | % | (0.07 | )% | 0.16 | % | 0.49 | % | 0.07 | % | (0.37 | )% | ||||||||||||
Total expenses4 | 2.26 | % | 2.41 | % | 2.51 | % | 2.08 | % | 1.99 | % | 2.07 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 2.11 | % | 2.13 | % | 2.13 | % | 2.06 | % | 1.99 | % | 2.07 | % | ||||||||||||
Portfolio turnover rate | 8 | % | 23 | % | 13 | % | 21 | % | 8 | % | 12 | % |
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 May 31, 2011 | 2.26 | % | ||
Year Ended November 30, 2010 | 2.41 | % | ||
Year Ended November 30, 2009 | 2.52 | % | ||
Year Ended November 30, 2008 | 2.09 | % | ||
Year Ended November 30, 2007 | 1.99 | % | ||
Year Ended November 30, 2006 | 2.07 | % |
27 | OPPENHEIMER INTERNATIONAL GROWTH FUND
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
May 31, 2011 | Year Ended November 30, | |||||||||||||||||||||||
Class C | (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 24.47 | $ | 23.10 | $ | 16.15 | $ | 30.52 | $ | 25.71 | $ | 19.71 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)1 | .07 | (.01 | ) | .03 | .15 | .04 | (.08 | ) | ||||||||||||||||
Net realized and unrealized gain (loss) | 4.55 | 1.38 | 6.94 | (14.49 | ) | 4.82 | 6.09 | |||||||||||||||||
Total from investment operations | 4.62 | 1.37 | 6.97 | (14.34 | ) | 4.86 | 6.01 | |||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | — | — | 2 | (.02 | ) | (.03 | ) | (.05 | ) | (.01 | ) | |||||||||||||
Net asset value, end of period | $ | 29.09 | $ | 24.47 | $ | 23.10 | $ | 16.15 | $ | 30.52 | $ | 25.71 | ||||||||||||
Total Return, at Net Asset Value3 | 18.88 | % | 5.94 | % | 43.20 | % | (47.03 | )% | 18.91 | % | 30.51 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 229,776 | $ | 196,001 | $ | 196,449 | $ | 143,472 | $ | 292,598 | $ | 220,735 | ||||||||||||
Average net assets (in thousands) | $ | 217,915 | $ | 198,031 | $ | 163,758 | $ | 241,776 | $ | 262,038 | $ | 188,347 | ||||||||||||
Ratios to average net assets:4 | ||||||||||||||||||||||||
Net investment income (loss) | 0.54 | % | (0.04 | )% | 0.18 | % | 0.59 | % | 0.13 | % | (0.34 | )% | ||||||||||||
Total expenses5 | 2.03 | % | 2.10 | % | 2.20 | % | 2.01 | % | 1.94 | % | 2.03 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 2.03 | % | 2.09 | % | 2.10 | % | 2.00 | % | 1.94 | % | 2.03 | % | ||||||||||||
Portfolio turnover rate | 8 | % | 23 | % | 13 | % | 21 | % | 8 | % | 12 | % |
1. | Per share amounts calculated based on the average shares outstanding during the period. | |
2. | Less than $0.005 per share. | |
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: |
Six Months Ended May 31, 2011 | 2.03 | % | ||
Year Ended November 30, 2010 | 2.10 | % | ||
Year Ended November 30, 2009 | 2.21 | % | ||
Year Ended November 30, 2008 | 2.02 | % | ||
Year Ended November 30, 2007 | 1.94 | % | ||
Year Ended November 30, 2006 | 2.03 | % |
28 | OPPENHEIMER INTERNATIONAL GROWTH FUND
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
May 31, 2011 | Year Ended November 30, | |||||||||||||||||||||||
Class N | (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 25.33 | $ | 23.89 | $ | 16.74 | $ | 31.62 | $ | 26.61 | $ | 20.40 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income1 | .15 | .12 | .14 | .27 | .16 | .01 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 4.69 | 1.43 | 7.15 | (15.00 | ) | 4.99 | 6.30 | |||||||||||||||||
Total from investment operations | 4.84 | 1.55 | 7.29 | (14.73 | ) | 5.15 | 6.31 | |||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | (.09 | ) | (.11 | ) | (.14 | ) | (.15 | ) | (.14 | ) | (.10 | ) | ||||||||||||
Net asset value, end of period | $ | 30.08 | $ | 25.33 | $ | 23.89 | $ | 16.74 | $ | 31.62 | $ | 26.61 | ||||||||||||
Total Return, at Net Asset Value2 | 19.14 | % | 6.53 | % | 43.90 | % | (46.79 | )% | 19.42 | % | 31.05 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 125,384 | $ | 100,249 | $ | 81,079 | $ | 46,420 | $ | 76,909 | $ | 54,908 | ||||||||||||
Average net assets (in thousands) | $ | 114,778 | $ | 92,184 | $ | 60,494 | $ | 69,381 | $ | 66,468 | $ | 44,538 | ||||||||||||
Ratios to average net assets:3 | ||||||||||||||||||||||||
Net investment income | 1.05 | % | 0.48 | % | 0.68 | % | 1.06 | % | 0.55 | % | 0.06 | % | ||||||||||||
Total expenses4 | 1.64 | % | 1.73 | % | 1.82 | % | 1.62 | % | 1.53 | % | 1.64 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.56 | % | 1.58 | % | 1.58 | % | 1.57 | % | 1.53 | % | 1.62 | % | ||||||||||||
Portfolio turnover rate | 8 | % | 23 | % | 13 | % | 21 | % | 8 | % | 12 | % |
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 May 31, 2011 | 1.64 | % | ||
Year Ended November 30, 2010 | 1.73 | % | ||
Year Ended November 30, 2009 | 1.83 | % | ||
Year Ended November 30, 2008 | 1.63 | % | ||
Year Ended November 30, 2007 | 1.53 | % | ||
Year Ended November 30, 2006 | 1.64 | % |
29 | OPPENHEIMER INTERNATIONAL GROWTH FUND
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
May 31, 2011 | Year Ended November 30, | |||||||||||||||||||||||
Class Y | (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 25.71 | $ | 24.20 | $ | 17.02 | $ | 32.12 | $ | 27.07 | $ | 20.74 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income1 | .25 | .30 | .28 | .49 | .40 | .25 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 4.74 | 1.46 | 7.24 | (15.23 | ) | 5.04 | 6.34 | |||||||||||||||||
Total from investment operations | 4.99 | 1.76 | 7.52 | (14.74 | ) | 5.44 | 6.59 | |||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | (.27 | ) | (.25 | ) | (.34 | ) | (.36 | ) | (.39 | ) | (.26 | ) | ||||||||||||
Net asset value, end of period | $ | 30.43 | $ | 25.71 | $ | 24.20 | $ | 17.02 | $ | 32.12 | $ | 27.07 | ||||||||||||
Total Return, at Net Asset Value2 | 19.54 | % | 7.34 | % | 45.02 | % | (46.37 | )% | 20.32 | % | 32.11 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 3,225,569 | $ | 2,436,200 | $ | 1,645,882 | $ | 970,099 | $ | 876,444 | $ | 254,065 | ||||||||||||
Average net assets (in thousands) | $ | 2,903,457 | $ | 2,042,580 | $ | 1,155,662 | $ | 881,407 | $ | 479,060 | $ | 142,489 | ||||||||||||
Ratios to average net assets:3 | ||||||||||||||||||||||||
Net investment income | 1.78 | % | 1.22 | % | 1.42 | % | 1.92 | % | 1.33 | % | 1.03 | % | ||||||||||||
Total expenses4 | 0.95 | % | 0.81 | % | 0.83 | % | 0.79 | % | 0.74 | % | 0.77 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 0.85 | % | 0.81 | % | 0.82 | % | 0.78 | % | 0.74 | % | 0.77 | % | ||||||||||||
Portfolio turnover rate | 8 | % | 23 | % | 13 | % | 21 | % | 8 | % | 12 | % |
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 May 31, 2011 | 0.95 | % | ||
Year Ended November 30, 2010 | 0.81 | % | ||
Year Ended November 30, 2009 | 0.84 | % | ||
Year Ended November 30, 2008 | 0.80 | % | ||
Year Ended November 30, 2007 | 0.74 | % | ||
Year Ended November 30, 2006 | 0.77 | % |
30 | OPPENHEIMER INTERNATIONAL GROWTH FUND
Expiring | ||||
2011 | $ | 167,994,932 | ||
2014 | 266,942 | |||
2015 | 1,931,991 | |||
2016 | 32,821,421 | |||
2017 | 115,960,740 | |||
Total | $ | 318,976,026 | ||
Federal tax cost of securities | $ | 3,927,633,507 | ||
Federal tax cost of other investments | 21,411 | |||
Total federal tax cost | $ | 3,927,654,918 | ||
Gross unrealized appreciation | $ | 1,612,061,419 | ||
Gross unrealized depreciation | (116,712,795 | ) | ||
Net unrealized appreciation | $ | 1,495,348,624 | ||
Projected Benefit Obligations Increased | $ | 13,518 | ||
Payments Made to Retired Trustees | 23,014 | |||
Accumulated Liability as of May 31, 2011 | 186,038 |
Six Months Ended May 31, 2011 | Year Ended November 30, 2010 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Class A | ||||||||||||||||
Sold | 11,329,847 | $ | 326,018,760 | 27,163,764 | $ | 669,599,998 | ||||||||||
Dividends and/or distributions reinvested | 286,390 | 7,907,235 | 298,657 | 7,308,138 | ||||||||||||
Redeemed | (12,818,490 | ) | (374,362,465 | ) | (19,272,916 | ) | (475,144,936 | ) | ||||||||
Net increase (decrease) | (1,202,253 | ) | $ | (40,436,470 | ) | 8,189,505 | $ | 201,763,200 | ||||||||
Class B | ||||||||||||||||
Sold | 191,400 | $ | 5,278,251 | 509,308 | $ | 12,019,032 | ||||||||||
Dividends and/or distributions reinvested | — | — | — | — | ||||||||||||
Redeemed | (407,951 | ) | (11,180,558 | ) | (1,616,879 | ) | (38,178,937 | ) | ||||||||
Net decrease | (216,551 | ) | $ | (5,902,307 | ) | (1,107,571 | ) | $ | (26,159,905 | ) | ||||||
Class C | ||||||||||||||||
Sold | 829,999 | $ | 22,799,191 | 1,699,521 | $ | 40,298,949 | ||||||||||
Dividends and/or distributions reinvested | — | — | 630 | 14,754 | ||||||||||||
Redeemed | (940,107 | ) | (25,776,598 | ) | (2,197,407 | ) | (51,732,937 | ) | ||||||||
Net decrease | (110,108 | ) | $ | (2,977,407 | ) | (497,256 | ) | $ | (11,419,234 | ) | ||||||
Class N | ||||||||||||||||
Sold | 945,405 | $ | 26,826,537 | 1,991,426 | $ | 48,658,115 | ||||||||||
Dividends and/or distributions reinvested | 11,854 | 322,428 | 14,542 | 350,890 | ||||||||||||
Redeemed | (746,686 | ) | (21,075,155 | ) | (1,441,901 | ) | (35,115,034 | ) | ||||||||
Net increase | 210,573 | $ | 6,073,810 | 564,067 | $ | 13,893,971 | ||||||||||
Class Y | ||||||||||||||||
Sold | 17,291,164 | $ | 493,324,666 | 45,941,581 | $ | 1,111,006,743 | ||||||||||
Dividends and/or distributions reinvested | 915,862 | 25,131,249 | 659,163 | 16,024,255 | ||||||||||||
Redeemed | (6,981,559 | ) | (199,415,379 | ) | (19,848,768 | ) | (482,987,853 | ) | ||||||||
Net increase | 11,225,467 | $ | 319,040,536 | 26,751,976 | $ | 644,043,145 | ||||||||||
Purchases | Sales | |||||||
Investment securities | $ | 564,981,276 | $ | 374,346,618 |
Fee Schedule | ||||
Up to $250 million | 0.80 | % | ||
Next $250 million | 0.77 | |||
Next $500 million | 0.75 | |||
Next $1 billion | 0.69 | |||
Next $3 billion | 0.67 | |||
Over $5 billion | 0.65 |
Class B | $ | 814,426 | ||
Class C | 5,131,144 | |||
Class N | 1,197,813 |
Class A | Class B | Class C | Class N | |||||||||||||||||
Class A | Contingent | Contingent | Contingent | Contingent | ||||||||||||||||
Front-End | Deferred | Deferred | Deferred | Deferred | ||||||||||||||||
Sales Charges | Sales Charges | Sales Charges | Sales Charges | Sales Charges | ||||||||||||||||
Six Months | Retained by | Retained by | Retained by | Retained by | Retained by | |||||||||||||||
Ended | Distributor | Distributor | Distributor | Distributor | Distributor | |||||||||||||||
May 31, 2011 | $ | 163,837 | $ | 4,553 | $ | 41,300 | $ | 12,338 | $ | 1,688 |
Class A | $ | 48,777 | ||
Class B | 44,057 | |||
Class C | 922 | |||
Class N | 43,859 | |||
Class Y | 1,394,125 |
Amount of Realized Gain or (Loss) Recognized on Derivatives | ||||||||
Derivatives Not Accounted for | Foreign currency | |||||||
as Hedging Instruments | transactions | Total | ||||||
Foreign exchange contracts | $ | 2,026,348 | $ | 2,026,348 |
Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives | ||||
Translation of assets and | ||||
Derivatives Not Accounted for | liabilities denominated | |||
as Hedging Instruments | in foreign currencies | |||
Foreign exchange contracts | $ | (596 | ) |
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 | ||
George R. Evans, Vice President and Portfolio Manager | ||
Arthur S. Gabinet, Secretary | ||
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 | ||
Robert G. Zack, Vice President | ||
Manager | OppenheimerFunds, Inc. | |
Distributor | OppenheimerFunds Distributor, Inc. | |
Transfer and Shareholder Servicing Agent | OppenheimerFunds Services | |
Independent Registered Public Accounting Firm | KPMG llp | |
Legal Counsel | Kramer Levin Naftalis & Frankel LLP | |
The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm. | ||
©2011 OppenheimerFunds, Inc. All rights reserved. |
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1. | The Fund’s 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 individual’s 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 individual’s background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder. | |
3. | The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following: |
• | the name, address, and business, educational, and/or other pertinent background of the person being recommended; | ||
• | a statement concerning whether the person is an “interested person” as defined in the Investment Company Act of 1940; | ||
• | any other information that the Funds would be required to include in a proxy statement concerning the person if he or she was nominated; and | ||
• | the name and address of the person submitting the recommendation and, if that person is a shareholder, the period for which that person held Fund shares. |
The recommendation also can include any additional information which the person submitting it believes would assist the Committee in evaluating the recommendation. | ||
4. | Shareholders should note that a person who owns securities issued by Massachusetts Mutual Life Insurance Company (the parent company of the Funds’ investment adviser) would be deemed an “interested person” under the Investment Company Act of 1940. In addition, |
certain other relationships with Massachusetts Mutual Life Insurance Company or its subsidiaries, with registered broker-dealers, or with the Funds’ outside legal counsel may cause a person to be deemed an “interested person.” | ||
5. | Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company. |
(a) | (1) Not applicable to semiannual reports. | |
(2) Exhibits attached hereto. | ||
(3) Not applicable. | ||
(b) | Exhibit attached hereto. |
By: | /s/ William F. Glavin, Jr. | |||
Principal Executive Officer | ||||
Date: | 07/12/2011 |
By: | /s/ William F. Glavin, Jr. | |||
Principal Executive Officer | ||||
Date: | 07/12/2011 | |||
By: | /s/ Brian W. Wixted | |||
Principal Financial Officer | ||||
Date: | 07/12/2011 |