SECURITIES AND EXCHANGE COMMISSION
INVESTMENT COMPANIES
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008
Brazil | 14.5 | % | ||
India | 13.3 | |||
Hong Kong | 10.2 | |||
Mexico | 9.6 | |||
United Kingdom | 6.7 | |||
South Africa | 5.6 | |||
Taiwan | 5.6 | |||
Korea, Republic of South | 4.7 | |||
Russia | 4.0 | |||
United States | 3.5 |
Infosys Technologies Ltd. | 4.1 | % | ||
America Movil SAB de CV, ADR, Series L | 3.4 | |||
Petroleo Brasileiro SA, Sponsored ADR | 3.2 | |||
NHN Corp. | 2.9 | |||
Magnit | 2.5 | |||
SABMiller plc | 2.4 | |||
CNOOC Ltd. | 2.3 | |||
Anglo American plc | 2.0 | |||
Hong Kong Exchanges & Clearing Ltd. | 2.0 | |||
HDFC Bank Ltd., ADR | 1.9 |
7 | OPPENHEIMER DEVELOPING MARKETS FUND
8 | OPPENHEIMER DEVELOPING MARKETS FUND
1. | Lipper Inc., 8/31/10. Lipper ranking is for Class A shares and ranking may include more than one share class of funds in the category, including other share classes of this Fund. Ranking is based on total return as of 8/31/10, without considering sales charges. Different share classes may have different expenses and performance characteristics. Past performance is no guarantee of future results. |
9 | OPPENHEIMER DEVELOPING MARKETS FUND
10 | OPPENHEIMER DEVELOPING MARKETS FUND
Comparison of Change in Value of $10,000 Hypothetical Investments in:
11 | OPPENHEIMER DEVELOPING MARKETS FUND
Comparison of Change in Value of $10,000 Hypothetical Investments in:
12 | OPPENHEIMER DEVELOPING MARKETS FUND
Comparison of Change in Value of $10,000 Hypothetical Investments in:
13 | OPPENHEIMER DEVELOPING MARKETS FUND
Comparison of Change in Value of $10,000 Hypothetical Investments in:
14 | OPPENHEIMER DEVELOPING MARKETS FUND
Comparison of Change in Value of $10,000 Hypothetical Investments in:
15 | OPPENHEIMER DEVELOPING MARKETS FUND
16 | OPPENHEIMER DEVELOPING MARKETS FUND
17 | OPPENHEIMER DEVELOPING MARKETS FUND
Beginning | Ending | Expenses | ||||||||||
Account | Account | Paid During | ||||||||||
Value | Value | 6 Months Ended | ||||||||||
March 1, 2010 | August 31, 2010 | August 31, 2010 | ||||||||||
Actual | ||||||||||||
Class A | $ | 1,000.00 | $ | 1,085.10 | $ | 7.12 | ||||||
Class B | 1,000.00 | 1,080.40 | 11.76 | |||||||||
Class C | 1,000.00 | 1,080.90 | 10.96 | |||||||||
Class N | 1,000.00 | 1,082.90 | 9.17 | |||||||||
Class Y | 1,000.00 | 1,086.80 | 5.48 | |||||||||
Hypothetical (5% return before expenses) | ||||||||||||
Class A | 1,000.00 | 1,018.40 | 6.89 | |||||||||
Class B | 1,000.00 | 1,013.96 | 11.38 | |||||||||
Class C | 1,000.00 | 1,014.72 | 10.62 | |||||||||
Class N | 1,000.00 | 1,016.43 | 8.88 | |||||||||
Class Y | 1,000.00 | 1,019.96 | 5.31 |
Class | Expense Ratios | |||
Class A | 1.35 | % | ||
Class B | 2.23 | |||
Class C | 2.08 | |||
Class N | 1.74 | |||
Class Y | 1.04 |
18 | OPPENHEIMER DEVELOPING MARKETS FUND
Shares | Value | |||||||
Common Stocks—97.6% | ||||||||
Consumer Discretionary—8.6% | ||||||||
Automobiles—0.7% | ||||||||
PT Astra International Tbk | 19,795,000 | $ | 104,287,991 | |||||
Distributors—0.6% | ||||||||
CFAO | 2,709,351 | 82,142,746 | ||||||
Diversified Consumer Services—1.1% | ||||||||
Ambow Education Holding Ltd., ADR1,2 | 2,071,070 | 18,805,316 | ||||||
Anhanguera Educacional Participacoes SA | 3,605,267 | 60,763,504 | ||||||
Estacio Participacoes SA | 1,253,900 | 13,408,252 | ||||||
MegaStudy Co. Ltd.1 | 450,481 | 65,003,931 | ||||||
157,981,003 | ||||||||
Hotels, Restaurants & Leisure—1.0% | ||||||||
Ctrip.com International Ltd., ADR2 | 1,809,250 | 73,256,533 | ||||||
Jollibee Foods Corp. | 35,312,178 | 60,721,999 | ||||||
133,978,532 | ||||||||
Household Durables—1.5% | ||||||||
Corporacion GEO SA de CV, Series B2 | 17,379,219 | 44,766,690 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 7,230,600 | 90,575,488 | ||||||
MRV Engenharia e Participacoes SA | 8,994,100 | 75,588,849 | ||||||
SARE Holding SA de CV, Cl. B1,2 | 36,930,070 | 7,246,457 | ||||||
218,177,484 | ||||||||
Internet & Catalog Retail—0.6% | ||||||||
B2W Compania Global do Varejo | 5,465,900 | 87,267,665 | ||||||
Media—1.6% | ||||||||
Grupo Televisa SA, Sponsored GDR | 5,755,553 | 106,420,175 | ||||||
Zee Entertainment Enterprises Ltd.1 | 19,326,059 | 117,973,594 | ||||||
224,393,769 | ||||||||
Multiline Retail—1.5% | ||||||||
Lojas Americanas SA, Preference1 | 24,907,400 | 209,328,526 | ||||||
Consumer Staples—21.2% | ||||||||
Beverages—8.6% | ||||||||
Anadolu Efes Biracilik ve Malt Sanayii AS | 3,090,670 | 41,490,937 | ||||||
Carlsberg AS, Cl. B | 1,526,328 | 143,810,598 | ||||||
Companhia de Bebidas das Americas, Sponsored ADR, Preference | 1,199,700 | 132,794,793 | ||||||
East African Breweries Ltd. | 3,280,648 | 7,247,590 | ||||||
Fomento Economico Mexicano SA de CV, Sponsored ADR | 3,649,650 | 177,737,955 | ||||||
Fomento Economico Mexicano SA de CV, UBD | 36,184,528 | 176,681,730 | ||||||
Grupo Modelo SA de CV, Series C | 29,723,291 | 157,630,678 | ||||||
Nigerian Breweries plc | 80,902,585 | 37,167,128 | ||||||
SABMiller plc | 11,989,530 | 341,459,990 | ||||||
1,216,021,399 | ||||||||
Food & Staples Retailing—8.3% | ||||||||
Almacenes Exito SA | 2,069,364 | 25,499,433 | ||||||
Almacenes Exito SA, GDR3 | 2,850,361 | 34,617,919 | ||||||
BIM Birlesik Magazalar AS | 3,137,258 | 85,489,569 | ||||||
Cencosud SA | 15,963,339 | 95,675,315 | ||||||
China Resources Enterprise Ltd. | 45,633,000 | 190,070,281 | ||||||
Dairy Farm International Holdings Ltd. | 6,331,330 | 46,028,769 | ||||||
Magnit | 3,624,554 | 353,247,417 | ||||||
Shinsegae Department Store Co. | 401,427 | 193,196,579 | ||||||
Wal-Mart de Mexico SAB de CV, Series V | 67,296,536 | 152,545,749 | ||||||
1,176,371,031 |
19 | OPPENHEIMER DEVELOPING MARKETS FUND
Shares | Value | |||||||
Food Products—0.2% | ||||||||
Tingyi Holding Corp. (Cayman Islands) | 14,378,000 | $ | 36,338,934 | |||||
Household Products—1.8% | ||||||||
Hindustan Unilever Ltd. | 33,264,544 | 187,042,345 | ||||||
Unilever Indonesia Tbk | 42,427,000 | 75,603,177 | ||||||
262,645,522 | ||||||||
Personal Products—2.1% | ||||||||
Colgate-Palmolive (India) Ltd. | 2,205,211 | 38,701,359 | ||||||
Natura Cosmeticos SA | 10,565,700 | 257,607,558 | ||||||
296,308,917 | ||||||||
Tobacco—0.2% | ||||||||
Eastern Tobacco Co. | 995,880 | 22,167,127 | ||||||
Energy—13.1% | ||||||||
Energy Equipment & Services—1.0% | ||||||||
Tenaris SA, ADR | 4,258,247 | 143,290,012 | ||||||
Oil, Gas & Consumable Fuels—12.1% | ||||||||
Cairn Energy plc2 | 19,892,318 | 142,091,172 | ||||||
China Shenhua Energy Co. Ltd. | 20,756,000 | 75,972,201 | ||||||
CNOOC Ltd. | 192,914,000 | 328,510,340 | ||||||
DNO International ASA2 | 39,239,244 | 52,587,381 | ||||||
Niko Resources Ltd. | 766,348 | 75,639,450 | ||||||
NovaTek OAO, Sponsored GDR3 | 1,276,339 | 93,683,283 | ||||||
NovaTek OAO, Sponsored GDR | 1,655,100 | 121,484,340 | ||||||
Pacific Rubiales Energy Corp.2 | 3,164,543 | 74,636,148 | ||||||
PetroChina Co. Ltd. | 127,674,000 | 138,527,213 | ||||||
Petroleo Brasileiro SA, Sponsored ADR | 15,431,700 | 456,161,052 | ||||||
Tullow Oil plc | 8,714,847 | 162,280,090 | ||||||
1,721,572,670 | ||||||||
Financials—18.7% | ||||||||
Capital Markets—0.6% | ||||||||
Egyptian Financial Group-Hermes Holding SAE | 16,889,211 | 85,576,818 | ||||||
Commercial Banks—8.2% | ||||||||
Banco Santander Chile SA | 610,054,117 | 50,630,672 | ||||||
Bancolombia SA, Sponsored ADR | 2,089,640 | 134,217,577 | ||||||
Commercial International Bank | 21,375,546 | 144,349,374 | ||||||
Credicorp Ltd. | 766,910 | 80,717,278 | ||||||
Grupo Financiero Inbursa SA de CV | 8,240,829 | 29,992,986 | ||||||
HDFC Bank Ltd., ADR | 1,728,578 | 276,226,764 | ||||||
ICICI Bank Ltd., Sponsored ADR | 3,387,080 | 139,920,275 | ||||||
PT Bank Central Asia Tbk | 93,355,600 | 59,929,439 | ||||||
Siam Commercial Bank Public Co. Ltd. | 11,364,200 | 34,588,274 | ||||||
Standard Bank Group Ltd. | 14,107,085 | 199,947,606 | ||||||
Turkiye Garanti Bankasi AS | 296,182 | 1,426,046 | ||||||
Yapi ve Kredi Bankasi AS2 | 4,136,479 | 12,352,146 | ||||||
1,164,298,437 | ||||||||
Diversified Financial Services—3.9% | ||||||||
BM&F BOVESPA SA | 18,560,498 | 134,745,252 | ||||||
Haci Omer Sabanci Holding AS | 29,034,923 | 131,194,767 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 17,650,800 | 277,594,687 | ||||||
JSE Ltd. | 869,015 | 8,095,096 | ||||||
551,629,802 |
20 | OPPENHEIMER DEVELOPING MARKETS FUND
Shares | Value | |||||||
Real Estate Management & Development—4.3% | ||||||||
Hang Lung Development Co. | 11,126,750 | $ | 66,513,755 | |||||
Hang Lung Properties Ltd. | 59,117,881 | 264,097,235 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 3,041,000 | 57,175,129 | ||||||
SM Prime Holdings, Inc.1 | 967,445,737 | 232,903,603 | ||||||
620,689,722 | ||||||||
Thrifts & Mortgage Finance—1.7% | ||||||||
Housing Development Finance Corp. Ltd. | 18,076,630 | 240,944,877 | ||||||
Health Care—1.7% | ||||||||
Health Care Equipment & Supplies—0.1% | ||||||||
Mindray Medical International Ltd., ADR | 512,410 | 13,835,070 | ||||||
Health Care Providers & Services—0.7% | ||||||||
Diagnosticos da America | 8,222,900 | 87,086,656 | ||||||
Fleury SA | 510,400 | 6,262,844 | ||||||
93,349,500 | ||||||||
Life Sciences Tools & Services—0.5% | ||||||||
Divi’s Laboratories Ltd. | 4,740,946 | 74,979,311 | ||||||
Pharmaceuticals—0.4% | ||||||||
Sun Pharmaceutical Industries Ltd.2 | 1,459,959 | 54,698,804 | ||||||
Industrials—3.7% | ||||||||
Aerospace & Defense—1.0% | ||||||||
Empresa Brasileira de Aeronautica SA, ADR | 5,879,787 | 145,759,920 | ||||||
Construction & Engineering—0.2% | ||||||||
Impulsora del Desarrollo y el Empleo en America Latina SA de CV2 | 23,880,286 | 29,308,956 | ||||||
Industrial Conglomerates—1.6% | ||||||||
Enka Insaat ve Sanayi AS | 40,480,812 | 147,125,835 | ||||||
SM Investments Corp. | 7,288,980 | 76,007,221 | ||||||
223,133,056 | ||||||||
Machinery—0.2% | ||||||||
Shanghai Zhenhua Port Machinery Co. Ltd., B Shares2 | 41,264,662 | 22,736,829 | ||||||
Transportation Infrastructure—0.7% | ||||||||
DP World Ltd. | 216,970,359 | 103,277,891 | ||||||
Information Technology—15.9% | ||||||||
Communications Equipment—0.9% | ||||||||
High Tech Computer Corp. | 7,309,740 | 133,489,352 | ||||||
Electronic Equipment & Instruments—0.4% | ||||||||
Synnex Technology International Corp. | 26,617,174 | 54,673,473 | ||||||
Internet Software & Services—4.9% | ||||||||
Baidu, Inc., ADR2 | 1,241,020 | 97,333,199 | ||||||
NHN Corp.1,2 | 2,477,048 | 405,988,766 | ||||||
Sohu.com, Inc.1,2 | 2,315,490 | 112,301,265 | ||||||
Tencent Holdings Ltd. | 4,181,600 | 76,495,797 | ||||||
692,119,027 | ||||||||
IT Services—5.4% | ||||||||
Infosys Technologies Ltd. | 10,038,717 | 579,157,571 | ||||||
Tata Consultancy Services Ltd. | 9,175,052 | 164,571,644 | ||||||
Travelsky Technology Ltd., Cl. H1 | 21,601,000 | 18,633,162 | ||||||
762,362,377 | ||||||||
Semiconductors & Semiconductor Equipment—4.3% | ||||||||
Epistar Corp.1 | 59,037,000 | 152,227,515 | ||||||
MediaTek, Inc. | 15,783,313 | 214,355,169 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 133,542,429 | 245,540,646 | ||||||
612,123,330 |
21 | OPPENHEIMER DEVELOPING MARKETS FUND
Shares | Value | |||||||
Materials—7.2% | ||||||||
Chemicals—0.3% | ||||||||
Asian Paints Ltd. | 384,782 | $ | 22,598,172 | |||||
Sociedad Quimica y Minera Chile SA, Sponsored ADR | 420,992 | 17,955,309 | ||||||
40,553,481 | ||||||||
Metals & Mining—6.9% | ||||||||
Anglo American plc | 8,007,147 | 286,272,108 | ||||||
Anglo Platinum Ltd.2 | 1,871,420 | 154,430,628 | ||||||
Antofagasta plc | 1,600,450 | 25,221,496 | ||||||
Impala Platinum Holdings Ltd. | 11,214,007 | 264,574,538 | ||||||
Vale SA, Sponsored ADR, Preference | 10,830,500 | 255,816,410 | ||||||
986,315,180 | ||||||||
Telecommunication Services—7.5% | ||||||||
Diversified Telecommunication Services—1.0% | ||||||||
PT Telekomunikasi Indonesia Tbk | 143,684,400 | 137,561,711 | ||||||
Wireless Telecommunication Services—6.5% | ||||||||
America Movil SAB de CV, ADR, Series L | 10,369,950 | 483,550,769 | ||||||
China Mobile Ltd. | 18,981,000 | 194,421,311 | ||||||
MTN Group Ltd. | 10,891,000 | 177,947,864 | ||||||
Philippine Long Distance Telephone Co. | 1,293,865 | 69,656,482 | ||||||
925,576,426 | ||||||||
Total Common Stocks (Cost $10,761,459,813) | 13,861,266,678 | |||||||
Structured Securities—0.1% | ||||||||
UBS AG, Vietnam Dairy Products JSC Equity Linked Nts.3 (Cost $14,827,205) | 3,108,331 | 14,175,837 | ||||||
Investment Companies—2.7% | ||||||||
JPMorgan U.S. Treasury Plus Money Market Fund, Agency Shares, 0.00%4,5 | 7,144,870 | 7,144,870 | ||||||
Oppenheimer Institutional Money | ||||||||
Market Fund, Cl. E, 0.26%1,4 | 376,395,470 | 376,395,470 | ||||||
Total Investment Companies (Cost $383,540,340) | 383,540,340 | |||||||
Total Investments, at Value (Cost $11,159,827,358) | 100.4 | % | 14,258,982,855 | |||||
Liabilities in Excess of Other Assets | (0.4 | ) | (51,712,354 | ) | ||||
Net Assets | 100.0 | % | $ | 14,207,270,501 | ||||
1. | Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended August 31, 2010, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows: |
Shares | Gross | Gross | Shares | |||||||||||||
August 31, 2009 | Additions | Reductions | August 31, 2010 | |||||||||||||
Ambow Education Holding Ltd., ADR | — | 2,071,070 | — | 2,071,070 | ||||||||||||
Epistar Corp. | 28,169,000 | 40,968,000 | a | 10,100,000 | 59,037,000 | |||||||||||
Lojas Americanas SA, Preference | 22,404,300 | 9,130,300 | 6,627,200 | 24,907,400 | ||||||||||||
MegaStudy Co. Ltd. | — | 450,481 | — | 450,481 |
22 | OPPENHEIMER DEVELOPING MARKETS FUND
Shares | Gross | Gross | Shares | |||||||||||||
August 31, 2009 | Additions | Reductions | August 31, 2010 | |||||||||||||
NHN Corp. | 789,677 | 1,767,849 | 80,478 | 2,477,048 | ||||||||||||
Oppenheimer Institutional Money Market Fund, Cl. E | 408,045,867 | 2,914,963,120 | 2,946,613,517 | 376,395,470 | ||||||||||||
Orascom Telecom Holding SAE | 20,747,715 | 161,712,189 | 182,459,904 | — | ||||||||||||
SARE Holding SA de CV, Cl. B | 35,824,170 | 1,105,900 | — | 36,930,070 | ||||||||||||
SINA Corp. | 2,948,662 | 852,800 | 3,801,462 | — | ||||||||||||
SM Prime Holdings, Inc. | 684,173,737 | 283,272,000 | — | 967,445,737 | ||||||||||||
Sohu.com, Inc. | 538,500 | 1,776,990 | — | 2,315,490 | ||||||||||||
Travelsky Technology Ltd., Cl. Hb | 30,715,000 | 5,337,000 | 14,451,000 | 21,601,000 | ||||||||||||
Zee Entertainment Enterprises Ltd.b | 20,276,473 | 2,997,249 | 3,947,663 | 19,326,059 |
Realized | ||||||||||||
Value | Income | Gain (Loss) | ||||||||||
Ambow Education Holding Ltd., ADR | $ | 18,805,316 | $ | — | $ | — | ||||||
Epistar Corp. | 152,227,515 | 2,336,274 | 12,903,267 | |||||||||
Lojas Americanas SA, Preference | 209,328,526 | 562,058 | (2,085,283 | ) | ||||||||
MegaStudy Co. Ltd. | 65,003,931 | — | — | |||||||||
NHN Corp. | 405,988,766 | — | (831,074 | ) | ||||||||
Oppenheimer Institutional Money Market Fund, Cl. E | 376,395,470 | 870,279 | — | |||||||||
Orascom Telecom Holding SAE | — | 57,093 | (105,600,851 | ) | ||||||||
SARE Holding SA de CV, Cl. B | 7,246,457 | — | — | |||||||||
SINA Corp. | — | — | 11,236,974 | |||||||||
SM Prime Holdings, Inc. | 232,903,603 | 3,501,345 | — | |||||||||
Sohu.com, Inc. | 112,301,265 | — | — | |||||||||
Travelsky Technology Ltd., Cl. Hb | — | c | 441,556 | (4,197,441 | ) | |||||||
Zee Entertainment Enterprises Ltd.b | — | c | 954,129 | 2,020,756 | ||||||||
$ | 1,580,200,849 | $ | 8,722,734 | $ | (86,553,652 | ) | ||||||
a. | All or a portion is the result of a corporate action. | |
b. | No longer an affiliate as of August 31, 2010. | |
c. | The security is no longer an affiliate, therefore, the value has been excluded from this table. | |
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 Trustees. These securities amount to $142,477,039 or 1.00% of the Fund’s net assets as of August 31, 2010. | |
4. | Rate shown is the 7-day yield as of August 31, 2010. | |
5. | Interest rate is less than 0.0005%. |
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 (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). |
23 | OPPENHEIMER DEVELOPING MARKETS FUND
Level 2— | Level 3— | |||||||||||||||
Level 1— | Other Significant | Significant | ||||||||||||||
Unadjusted | Observable | Unobservable | ||||||||||||||
Quoted Prices | Inputs | Inputs | Value | |||||||||||||
Assets Table | ||||||||||||||||
Investments, at Value: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Consumer Discretionary | $ | 1,135,414,970 | $ | 82,142,746 | $ | — | $ | 1,217,557,716 | ||||||||
Consumer Staples | 2,889,745,442 | 120,107,488 | — | 3,009,852,930 | ||||||||||||
Energy | 1,103,421,498 | 761,441,184 | — | 1,864,862,682 | ||||||||||||
Financials | 2,384,118,923 | 279,020,733 | — | 2,663,139,656 | ||||||||||||
Health Care | 236,862,685 | — | — | 236,862,685 | ||||||||||||
Industrials | 524,216,652 | — | — | 524,216,652 | ||||||||||||
Information Technology | 2,040,412,390 | 214,355,169 | — | 2,254,767,559 | ||||||||||||
Materials | 560,944,429 | 465,924,232 | — | 1,026,868,661 | ||||||||||||
Telecommunication Services | 868,716,826 | 194,421,311 | — | 1,063,138,137 | ||||||||||||
Structured Securities | — | 14,175,837 | — | 14,175,837 | ||||||||||||
Investment Companies | 383,540,340 | — | — | 383,540,340 | ||||||||||||
Total Investments, at Value | 12,127,394,155 | 2,131,588,700 | — | 14,258,982,855 | ||||||||||||
Other Financial Instruments: | ||||||||||||||||
Foreign currency exchange contracts | — | 642 | — | 642 | ||||||||||||
Total Assets | $ | 12,127,394,155 | $ | 2,131,589,342 | $ | — | $ | 14,258,983,497 | ||||||||
Liabilities Table | ||||||||||||||||
Other Financial Instruments: | ||||||||||||||||
Foreign currency exchange contracts | $ | — | $ | (289,178 | ) | $ | — | $ | (289,178 | ) | ||||||
Total Liabilities | $ | — | $ | (289,178 | ) | $ | — | $ | (289,178 | ) | ||||||
Geographic Holdings | Value | Percent | ||||||
Brazil | $ | 2,070,341,898 | 14.5 | % | ||||
India | 1,896,814,716 | 13.3 | ||||||
Hong Kong | 1,459,734,822 | 10.2 | ||||||
Mexico | 1,365,882,145 | 9.6 | ||||||
United Kingdom | 957,324,856 | 6.7 |
24 | OPPENHEIMER DEVELOPING MARKETS FUND
Geographic Holdings | Value | Percent | ||||||
South Africa | $ | 804,995,732 | 5.6 | % | ||||
Taiwan | 800,286,155 | 5.6 | ||||||
Korea, Republic of South | 664,189,276 | 4.7 | ||||||
Russia | 568,415,040 | 4.0 | ||||||
United States | 495,841,605 | 3.5 | ||||||
Philippines | 439,289,305 | 3.1 | ||||||
Turkey | 419,079,300 | 2.9 | ||||||
Indonesia | 377,382,318 | 2.6 | ||||||
Egypt | 252,093,319 | 1.8 | ||||||
China | 223,239,111 | 1.6 | ||||||
Cayman Islands | 210,167,930 | 1.5 | ||||||
Colombia | 194,334,929 | 1.4 | ||||||
Chile | 164,261,296 | 1.1 | ||||||
Canada | 150,275,598 | 1.0 | ||||||
Denmark | 143,810,598 | 1.0 | ||||||
Luxembourg | 143,290,012 | 1.0 | ||||||
United Arab Emirates | 103,277,891 | 0.7 | ||||||
France | 82,142,746 | 0.6 | ||||||
Peru | 80,717,278 | 0.6 | ||||||
Norway | 52,587,381 | 0.4 | ||||||
Bermuda | 46,028,769 | 0.3 | ||||||
Nigeria | 37,167,128 | 0.3 | ||||||
Thailand | 34,588,274 | 0.2 | ||||||
Vietnam | 14,175,837 | 0.1 | ||||||
Kenya | 7,247,590 | 0.1 | ||||||
Total | $ | 14,258,982,855 | 100.0 | % | ||||
Counterparty/ | Contract | |||||||||||||||||||||||
Contract | Amount | Expiration | Unrealized | Unrealized | ||||||||||||||||||||
Description | Buy/Sell | (000s) | Date | Value | Appreciation | Depreciation | ||||||||||||||||||
Bank of New York (The): | ||||||||||||||||||||||||
Hong Kong Dollar (HKD) | Buy | 25,305 | HKD | 9/1/10 | $ | 3,253,063 | $ | 105 | $ | — | ||||||||||||||
South African Rand (ZAR) | Buy | 12,812 | ZAR | 9/3/10 | 1,736,309 | — | 8,597 | |||||||||||||||||
105 | 8,597 | |||||||||||||||||||||||
Brown Brothers Harriman: | ||||||||||||||||||||||||
Canadian Dollar (CAD) | Buy | 690 | CAD | 9/1/10 | 646,852 | — | 9,438 | |||||||||||||||||
South African Rand (ZAR) | Buy | 80,093 | ZAR | 9/2/10 | 10,860,123 | — | 68,994 | |||||||||||||||||
— | 78,432 | |||||||||||||||||||||||
Deutsche Bank Capital Corp.: | ||||||||||||||||||||||||
Mexican Nuevo Peso (MXN) | Buy | 10,638 | MXN | 9/1/10 | 805,955 | — | 11,362 | |||||||||||||||||
South African Rand (ZAR) | Buy | 6,972 | ZAR | 9/3/10 | 944,843 | — | 9,687 | |||||||||||||||||
— | 21,049 |
25 | OPPENHEIMER DEVELOPING MARKETS FUND
Counterparty/ | Contract | |||||||||||||||||||||||
Contract | Amount | Expiration | Unrealized | Unrealized | ||||||||||||||||||||
Description | Buy/Sell | (000s) | Date | Value | Appreciation | Depreciation | ||||||||||||||||||
JP Morgan Chase: | ||||||||||||||||||||||||
British Pound Sterling (GBP) | Buy | 8,482 | GBP | 9/1/10-9/2/10 | $ | 13,008,708 | $ | — | $ | 161,306 | ||||||||||||||
Danish Krone (DKK) | Buy | 4,182 | DKK | 9/1/10-9/2/10 | 711,812 | 386 | 1,270 | |||||||||||||||||
New Turkish Lira (TRY) | Buy | 902 | TRY | 9/1/10 | 590,877 | — | 4,044 | |||||||||||||||||
Norwegian Krone (NOK) | Buy | 1,376 | NOK | 9/1/10-9/2/10 | 218,234 | 151 | 684 | |||||||||||||||||
537 | 167,304 | |||||||||||||||||||||||
RBS Greenwich Capital | ||||||||||||||||||||||||
Mexican Nuevo Peso (MXN) | Buy | 19,338 | MXN | 9/1/10-9/2/10 | 1,465,090 | — | 13,796 | |||||||||||||||||
Total unrealized appreciation and depreciation | $ | 642 | $ | 289,178 | ||||||||||||||||||||
26 | OPPENHEIMER DEVELOPING MARKETS FUND
Assets | ||||
Investments, at value—see accompanying statement of investments: | ||||
Unaffiliated companies (cost $9,808,368,652) | $ | 12,678,782,006 | ||
Affiliated companies (cost $1,351,458,706) | 1,580,200,849 | |||
14,258,982,855 | ||||
Cash | 228,000 | |||
Cash—foreign currencies (cost $8,621,950) | 7,065,317 | |||
Unrealized appreciation on foreign currency exchange contracts | 642 | |||
Receivables and other assets: | ||||
Shares of beneficial interest sold | 62,492,223 | |||
Investments sold | 50,695,614 | |||
Dividends | 15,489,919 | |||
Other | 560,591 | |||
Total assets | 14,395,515,161 | |||
Liabilities | ||||
Unrealized depreciation on foreign currency exchange contracts | 289,178 | |||
Payables and other liabilities: | ||||
Investments purchased | 140,293,519 | |||
Shares of beneficial interest redeemed | 30,878,165 | |||
Foreign capital gains tax | 6,184,973 | |||
Distribution and service plan fees | 4,177,078 | |||
Transfer and shareholder servicing agent fees | 2,143,837 | |||
Trustees’ compensation | 1,169,420 | |||
Shareholder communications | 611,252 | |||
Other | 2,497,238 | |||
Total liabilities | 188,244,660 | |||
Net Assets | $ | 14,207,270,501 | ||
Composition of Net Assets | ||||
Paid-in capital | $ | 12,331,994,782 | ||
Accumulated net investment loss | (17,677,390 | ) | ||
Accumulated net realized loss on investments and foreign currency transactions | (1,198,523,127 | ) | ||
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies | 3,091,476,236 | |||
Net Assets | $ | 14,207,270,501 | ||
27 | OPPENHEIMER DEVELOPING MARKETS FUND
Net Asset Value Per Share | ||||
Class A Shares: | ||||
Net asset value and redemption price per share (based on net assets of $8,184,697,531 and 274,401,521 shares of beneficial interest outstanding) | $ | 29.83 | ||
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) | $ | 31.65 | ||
Class B Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $212,589,607 and 7,222,952 shares of beneficial interest outstanding) | $ | 29.43 | ||
Class C Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,374,711,053 and 47,860,915 shares of beneficial interest outstanding) | $ | 28.72 | ||
Class N Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $388,942,326 and 13,472,157 shares of beneficial interest outstanding) | $ | 28.87 | ||
Class Y Shares: | ||||
Net asset value, redemption price and offering price per share (based on net assets of $4,046,329,984 and 136,934,330 shares of beneficial interest outstanding) | $ | 29.55 |
28 | OPPENHEIMER DEVELOPING MARKETS FUND
Investment Income | ||||
Dividends: | ||||
Unaffiliated companies (net of foreign withholding taxes of $19,847,548) | $ | 204,931,491 | ||
Affiliated companies (net of foreign withholding taxes of $1,836,439) | 8,722,734 | |||
Interest | 677,549 | |||
Other income | 8,486 | |||
Total investment income | 214,340,260 | |||
Expenses | ||||
Management fees | 96,001,151 | |||
Distribution and service plan fees: | ||||
Class A | 17,345,517 | |||
Class B | 2,048,464 | |||
Class C | 11,250,712 | |||
Class N | 1,662,472 | |||
Transfer and shareholder servicing agent fees: | ||||
Class A | 14,414,456 | |||
Class B | 586,518 | |||
Class C | 1,876,991 | |||
Class N | 1,479,951 | |||
Class Y | 3,861,880 | |||
Shareholder communications: | ||||
Class A | 806,862 | |||
Class B | 76,588 | |||
Class C | 167,916 | |||
Class N | 25,705 | |||
Class Y | 165,570 | |||
Custodian fees and expenses | 6,702,483 | |||
Trustees’ compensation | 201,571 | |||
Other | 596,729 | |||
Total expenses | 159,271,536 | |||
Less waivers and reimbursements of expenses | (768,433 | ) | ||
Net expenses | 158,503,103 | |||
Net Investment Income | 55,837,157 |
29 | OPPENHEIMER DEVELOPING MARKETS FUND
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investments: | ||||
Unaffiliated companies | $ | 184,487,898 | ||
Affiliated companies | (86,553,652 | ) | ||
Foreign currency transactions | (40,166,342 | ) | ||
Net realized gain | 57,767,904 | |||
Net change in unrealized appreciation/depreciation on: | ||||
Investments (net of foreign capital gains tax of $3,516,228) | 1,828,764,607 | |||
Translation of assets and liabilities denominated in foreign currencies | 86,903,944 | |||
Net change in unrealized appreciation/depreciation | 1,915,668,551 | |||
Net Increase in Net Assets Resulting from Operations | $ | 2,029,273,612 | ||
30 | OPPENHEIMER DEVELOPING MARKETS FUND
Year Ended August 31, | 2010 | 2009 | ||||||
Operations | ||||||||
Net investment income | $ | 55,837,157 | $ | 55,018,892 | ||||
Net realized gain (loss) | 57,767,904 | (1,209,986,547 | ) | |||||
Net change in unrealized appreciation/depreciation | 1,915,668,551 | 197,396,773 | ||||||
Net increase (decrease) in net assets resulting from operations | 2,029,273,612 | (957,570,882 | ) | |||||
Dividends and/or Distributions to Shareholders | ||||||||
Dividends from net investment income: | ||||||||
Class A | (28,115,725 | ) | (68,190,934 | ) | ||||
Class B | — | (1,078,159 | ) | |||||
Class C | (420,808 | ) | (4,261,769 | ) | ||||
Class N | (705,072 | ) | (2,776,532 | ) | ||||
Class Y | (14,503,388 | ) | (29,730,449 | ) | ||||
(43,744,993 | ) | (106,037,843 | ) | |||||
Distributions from net realized gain: | ||||||||
Class A | — | (1,016,360,271 | ) | |||||
Class B | — | (40,720,539 | ) | |||||
Class C | — | (152,607,754 | ) | |||||
Class N | — | (54,658,040 | ) | |||||
Class Y | — | (313,774,356 | ) | |||||
— | (1,578,120,960 | ) | ||||||
Beneficial Interest Transactions | ||||||||
Net increase (decrease) in net assets resulting from beneficial interest transactions: | ||||||||
Class A | 1,555,808,926 | 330,623,839 | ||||||
Class B | (6,851,640 | ) | 18,839,361 | |||||
Class C | 420,389,886 | 126,778,500 | ||||||
Class N | 71,958,362 | 67,841,651 | ||||||
Class Y | 1,795,575,131 | 1,169,394,062 | ||||||
3,836,880,665 | 1,713,477,413 | |||||||
Net Assets | ||||||||
Total increase (decrease) | 5,822,409,284 | (928,252,272 | ) | |||||
Beginning of period | 8,384,861,217 | 9,313,113,489 | ||||||
End of period (including accumulated net investment loss of $17,677,390 and $17,667,508, respectively) | $ | 14,207,270,501 | $ | 8,384,861,217 | ||||
31 | OPPENHEIMER DEVELOPING MARKETS FUND
Class A Year Ended August 31, | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||
Per Share Operating Data | ||||||||||||||||||||
Net asset value, beginning of period | $ | 24.38 | $ | 41.13 | $ | 48.37 | $ | 38.23 | $ | 31.11 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | .13 | .21 | .55 | .35 | .42 | |||||||||||||||
Net realized and unrealized gain (loss) | 5.44 | (8.08 | ) | (1.11 | ) | 13.94 | 8.26 | |||||||||||||
Total from investment operations | 5.57 | (7.87 | ) | (.56 | ) | 14.29 | 8.68 | |||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||
Dividends from net investment income | (.12 | ) | (.56 | ) | (.45 | ) | (.50 | ) | (.45 | ) | ||||||||||
Distributions from net realized gain | — | (8.32 | ) | (6.23 | ) | (3.65 | ) | (1.11 | ) | |||||||||||
Total dividends and/or distributions to shareholders | (.12 | ) | (8.88 | ) | (6.68 | ) | (4.15 | ) | (1.56 | ) | ||||||||||
Net asset value, end of period | $ | 29.83 | $ | 24.38 | $ | 41.13 | $ | 48.37 | $ | 38.23 | ||||||||||
Total Return, at Net Asset Value2 | 22.85 | % | (5.68 | )% | (3.59 | )% | 39.63 | % | 28.41 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 8,184,698 | $ | 5,388,513 | $ | 7,109,601 | $ | 8,577,017 | $ | 7,069,819 | ||||||||||
Average net assets (in thousands) | $ | 7,065,585 | $ | 3,900,019 | $ | 8,667,934 | $ | 8,202,261 | $ | 6,540,507 | ||||||||||
Ratios to average net assets:3 | ||||||||||||||||||||
Net investment income | 0.47 | % | 0.97 | % | 1.16 | % | 0.80 | % | 1.11 | % | ||||||||||
Total expenses | 1.35 | %4 | 1.43 | %4 | 1.27 | %4 | 1.32 | %4 | 1.37 | % | ||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.35 | % | 1.43 | % | 1.27 | % | 1.32 | % | 1.37 | % | ||||||||||
Portfolio turnover rate | 33 | % | 55 | % | 51 | % | 40 | % | 65 | % |
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: |
Year Ended August 31, 2010 | 1.35 | % | ||
Year Ended August 31, 2009 | 1.43 | % | ||
Year Ended August 31, 2008 | 1.27 | % | ||
Year Ended August 31, 2007 | 1.32 | % |
32 | OPPENHEIMER DEVELOPING MARKETS FUND
Class B Year Ended August 31, | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||
Per Share Operating Data | ||||||||||||||||||||
Net asset value, beginning of period | $ | 24.17 | $ | 40.56 | $ | 47.75 | $ | 37.75 | $ | 30.78 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)1 | (.12 | ) | .03 | .17 | .02 | .11 | ||||||||||||||
Net realized and unrealized gain (loss) | 5.38 | (7.88 | ) | (1.09 | ) | 13.80 | 8.21 | |||||||||||||
Total from investment operations | 5.26 | (7.85 | ) | (.92 | ) | 13.82 | 8.32 | |||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||
Dividends from net investment income | — | (.22 | ) | (.04 | ) | (.17 | ) | (.24 | ) | |||||||||||
Distributions from net realized gain | — | (8.32 | ) | (6.23 | ) | (3.65 | ) | (1.11 | ) | |||||||||||
Total dividends and/or distributions to shareholders | — | (8.54 | ) | (6.27 | ) | (3.82 | ) | (1.35 | ) | |||||||||||
Net asset value, end of period | $ | 29.43 | $ | 24.17 | $ | 40.56 | $ | 47.75 | $ | 37.75 | ||||||||||
Total Return, at Net Asset Value2 | 21.76 | % | (6.43 | )% | (4.30 | )% | 38.62 | % | 27.44 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 212,590 | $ | 181,249 | $ | 235,659 | $ | 329,278 | $ | 308,973 | ||||||||||
Average net assets (in thousands) | $ | 205,371 | $ | 137,455 | $ | 307,320 | $ | 327,758 | $ | 313,463 | ||||||||||
Ratios to average net assets:3 | ||||||||||||||||||||
Net investment income (loss) | (0.43 | )% | 0.14 | % | 0.35 | % | 0.04 | % | 0.30 | % | ||||||||||
Total expenses | 2.21 | %4 | 2.23 | %4 | 2.02 | %4 | 2.06 | %4 | 2.14 | % | ||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 2.21 | % | 2.22 | % | 2.02 | % | 2.06 | % | 2.14 | % | ||||||||||
Portfolio turnover rate | 33 | % | 55 | % | 51 | % | 40 | % | 65 | % |
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: |
Year Ended August 31, 2010 | 2.21 | % | ||
Year Ended August 31, 2009 | 2.23 | % | ||
Year Ended August 31, 2008 | 2.02 | % | ||
Year Ended August 31, 2007 | 2.06 | % |
33 | OPPENHEIMER DEVELOPING MARKETS FUND
Class C Year Ended August 31, | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||
Per Share Operating Data | ||||||||||||||||||||
Net asset value, beginning of period | $ | 23.56 | $ | 39.91 | $ | 47.11 | $ | 37.33 | $ | 30.49 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)1 | (.06 | ) | .05 | .20 | .04 | .15 | ||||||||||||||
Net realized and unrealized gain (loss) | 5.23 | (7.85 | ) | (1.08 | ) | 13.62 | 8.10 | |||||||||||||
Total from investment operations | 5.17 | (7.80 | ) | (.88 | ) | 13.66 | 8.25 | |||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||
Dividends from net investment income | (.01 | ) | (.23 | ) | (.09 | ) | (.23 | ) | (.30 | ) | ||||||||||
Distributions from net realized gain | — | (8.32 | ) | (6.23 | ) | (3.65 | ) | (1.11 | ) | |||||||||||
Total dividends and/or distributions to shareholders | (.01 | ) | (8.55 | ) | (6.32 | ) | (3.88 | ) | (1.41 | ) | ||||||||||
Net asset value, end of period | $ | 28.72 | $ | 23.56 | $ | 39.91 | $ | 47.11 | $ | 37.33 | ||||||||||
Total Return, at Net Asset Value2 | 21.95 | % | (6.36 | )% | (4.28 | )% | 38.67 | % | 27.50 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,374,711 | $ | 768,598 | $ | 923,115 | $ | 1,124,129 | $ | 945,369 | ||||||||||
Average net assets (in thousands) | $ | 1,127,812 | $ | 532,652 | $ | 1,126,359 | $ | 1,072,232 | $ | 832,650 | ||||||||||
Ratios to average net assets:3 | ||||||||||||||||||||
Net investment income (loss) | (0.20 | )% | 0.25 | % | 0.43 | % | 0.09 | % | 0.42 | % | ||||||||||
Total expenses | 2.07 | %4 | 2.13 | %4 | 1.99 | %4 | 2.03 | %4 | 2.09 | % | ||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 2.07 | % | 2.13 | % | 1.99 | % | 2.03 | % | 2.09 | % | ||||||||||
Portfolio turnover rate | 33 | % | 55 | % | 51 | % | 40 | % | 65 | % |
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: |
Year Ended August 31, 2010 | 2.07 | % | ||
Year Ended August 31, 2009 | 2.13 | % | ||
Year Ended August 31, 2008 | 1.99 | % | ||
Year Ended August 31, 2007 | 2.03 | % |
34 | OPPENHEIMER DEVELOPING MARKETS FUND
Class N Year Ended August 31, | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||
Per Share Operating Data | ||||||||||||||||||||
Net asset value, beginning of period | $ | 23.64 | $ | 40.21 | $ | 47.44 | $ | 37.59 | $ | 30.67 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | .03 | .12 | .36 | .17 | .30 | |||||||||||||||
Net realized and unrealized gain (loss) | 5.26 | (7.95 | ) | (1.09 | ) | 13.71 | 8.12 | |||||||||||||
Total from investment operations | 5.29 | (7.83 | ) | (.73 | ) | 13.88 | 8.42 | |||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||
Dividends from net investment income | (.06 | ) | (.42 | ) | (.27 | ) | (.38 | ) | (.39 | ) | ||||||||||
Distributions from net realized gain | — | (8.32 | ) | (6.23 | ) | (3.65 | ) | (1.11 | ) | |||||||||||
Total dividends and/or distributions to shareholders | (0.06 | ) | (8.74 | ) | (6.50 | ) | (4.03 | ) | (1.50 | ) | ||||||||||
Net asset value, end of period | $ | 28.87 | $ | 23.64 | $ | 40.21 | $ | 47.44 | $ | 37.59 | ||||||||||
Total Return, at Net Asset Value2 | 22.39 | % | (6.00 | )% | (3.98 | )% | 39.09 | % | 27.93 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 388,942 | $ | 257,960 | $ | 282,921 | $ | 333,271 | $ | 240,673 | ||||||||||
Average net assets (in thousands) | $ | 337,841 | $ | 174,883 | $ | 365,943 | $ | 294,086 | $ | 194,085 | ||||||||||
Ratios to average net assets:3 | ||||||||||||||||||||
Net investment income | 0.12 | % | 0.60 | % | 0.77 | % | 0.40 | % | 0.81 | % | ||||||||||
Total expenses | 1.83 | %4 | 2.07 | %4 | 1.69 | %4 | 1.75 | %4 | 1.75 | % | ||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.71 | % | 1.77 | % | 1.68 | % | 1.74 | % | 1.73 | % | ||||||||||
Portfolio turnover rate | 33 | % | 55 | % | 51 | % | 40 | % | 65 | % |
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: |
Year Ended August 31, 2010 | 1.83 | % | ||
Year Ended August 31, 2009 | 2.07 | % | ||
Year Ended August 31, 2008 | 1.69 | % | ||
Year Ended August 31, 2007 | 1.75 | % |
35 | OPPENHEIMER DEVELOPING MARKETS FUND
Class Y Year Ended August 31, | 2010 | 2009 | 2008 | 2007 | 20061 | |||||||||||||||
Per Share Operating Data | ||||||||||||||||||||
Net asset value, beginning of period | $ | 24.13 | $ | 41.18 | $ | 48.43 | $ | 38.28 | $ | 32.15 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income2 | .25 | .27 | .76 | .54 | .65 | |||||||||||||||
Net realized and unrealized gain (loss) | 5.35 | (8.21 | ) | (1.16 | ) | 13.93 | 7.15 | |||||||||||||
Total from investment operations | 5.60 | (7.94 | ) | (.40 | ) | 14.47 | 7.80 | |||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||
Dividends from net investment income | (.18 | ) | (.79 | ) | (.62 | ) | (.67 | ) | (.56 | ) | ||||||||||
Distributions from net realized gain | — | (8.32 | ) | (6.23 | ) | (3.65 | ) | (1.11 | ) | |||||||||||
Total dividends and/or distributions to shareholders | (.18 | ) | (9.11 | ) | (6.85 | ) | (4.32 | ) | (1.67 | ) | ||||||||||
Net asset value, end of period | $ | 29.55 | $ | 24.13 | $ | 41.18 | $ | 48.43 | $ | 38.28 | ||||||||||
Total Return, at Net Asset Value3 | 23.22 | % | (5.45 | )% | (3.29 | )% | 40.17 | % | 24.78 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 4,046,330 | $ | 1,788,541 | $ | 761,817 | $ | 518,186 | $ | 297,580 | ||||||||||
Average net assets (in thousands) | $ | 2,838,047 | $ | 1,073,863 | $ | 699,864 | $ | 416,051 | $ | 159,042 | ||||||||||
Ratios to average net assets:4 | ||||||||||||||||||||
Net investment income | 0.89 | % | 1.37 | % | 1.63 | % | 1.24 | % | 1.76 | % | ||||||||||
Total expenses | 1.04 | %5 | 1.08 | %5 | 0.95 | %5 | 0.94 | %5 | 0.97 | % | ||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.04 | % | 1.08 | % | 0.95 | % | 0.94 | % | 0.97 | % | ||||||||||
Portfolio turnover rate | 33 | % | 55 | % | 51 | % | 40 | % | 65 | % |
1. | For the period from September 7, 2005 (inception of offering) to August 31, 2006. | |
2. | Per share amounts calculated based on the average shares outstanding during the period. | |
3. | Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
4. | Annualized for periods less than one full year. | |
5. | Total expenses including indirect expenses from affiliated fund were as follows: |
Year Ended August 31, 2010 | 1.04 | % | ||
Year Ended August 31, 2009 | 1.08 | % | ||
Year Ended August 31, 2008 | 0.95 | % | ||
Year Ended August 31, 2007 | 0.94 | % |
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Foreign Currency Translation. The Fund’s accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the close of the Exchange, normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees.
39 | OPPENHEIMER DEVELOPING MARKETS FUND
Net Unrealized | ||||||||||||||||
Appreciation | ||||||||||||||||
Based on | ||||||||||||||||
Cost of Securities and | ||||||||||||||||
Undistributed | Undistributed | Accumulated | Other Investments | |||||||||||||
Net Investment | Long-Term | Loss | for Federal Income | |||||||||||||
Income | Gain | Carryforward1,2,3 | Tax Purposes | |||||||||||||
$ | 43,156,998 | $ | — | $ | 1,147,873,727 | $ | 2,981,127,941 |
1. | As of August 31, 2010, the Fund had $1,147,873,727 of net capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. As of August 31, 2010, details of the capital loss carryforwards were as follows: |
Expiring | ||||
2015 | $ | 21,106,590 | ||
2016 | 3,478,061 | |||
2017 | 173,662,718 | |||
2018 | 949,626,358 | |||
Total | $ | 1,147,873,727 | ||
Of these losses, $24,584,651 are subject to loss limitation rules resulting from merger activity. These limitations generally reduce the utilization of these losses to a maximum of $3,478,061 per year. | ||
2. | During the fiscal year ended August 31, 2010, the Fund did not utilize any capital loss carryforward. | |
3. | During the fiscal year ended August 31, 2009, the Fund did not utilize any capital loss carryforward. |
40 | OPPENHEIMER DEVELOPING MARKETS FUND
Increase to | Increase to | |||||||||
Accumulated | Accumulated Net | |||||||||
Increase | Net Investment | Realized Loss | ||||||||
to Paid-in Capital | Loss | on Investments | ||||||||
$ | 25,851,492 | $ | 12,102,046 | $ | 13,749,446 |
Year Ended | Year Ended | |||||||
August 31, 2010 | August 31, 2009 | |||||||
Distributions paid from: | ||||||||
Ordinary income | $ | 43,744,993 | $ | 164,585,547 | ||||
Long-term capital gain | — | 1,519,573,256 | ||||||
Total | $ | 43,744,993 | $ | 1,684,158,803 | ||||
Federal tax cost of securities | $ | 11,270,463,410 | ||
Federal tax cost of other investments | 41,945,636 | |||
Total federal tax cost | $ | 11,312,409,046 | ||
Gross unrealized appreciation | $ | 3,362,443,911 | ||
Gross unrealized depreciation | (381,315,970 | ) | ||
Net unrealized appreciation | $ | 2,981,127,941 | ||
Projected Benefit Obligations Increased | $ | 25,663 | ||
Payments Made to Retired Trustees | 83,939 | |||
Accumulated Liability as of August 31, 2010 | 685,165 |
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42 | OPPENHEIMER DEVELOPING MARKETS FUND
Year Ended August 31, 2010 | Year Ended August 31, 2009 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Class A | ||||||||||||||||
Sold | 136,629,733 | $ | 3,897,325,382 | 88,209,250 | $ | 1,806,302,825 | ||||||||||
Dividends and/or distributions reinvested | 874,719 | 24,955,734 | 65,642,231 | 985,946,318 | ||||||||||||
Acquisition—Note 6 | — | — | 2,079,397 | 51,132,381 | ||||||||||||
Redeemed | (84,080,803 | ) | (2,366,472,190 | ) | (107,797,885 | ) | (2,512,757,685 | )1 | ||||||||
Net increase | 53,423,649 | $ | 1,555,808,926 | 48,132,993 | $ | 330,623,839 | ||||||||||
Class B | ||||||||||||||||
Sold | 2,673,119 | $ | 75,188,141 | 1,848,296 | $ | 37,446,107 | ||||||||||
Dividends and/or distributions reinvested | — | — | 2,476,298 | 37,094,950 | ||||||||||||
Acquisition—Note 6 | — | — | 334,527 | 8,159,111 | ||||||||||||
Redeemed | (2,948,769 | ) | (82,039,781 | ) | (2,970,555 | ) | (63,860,807 | )1 | ||||||||
Net increase (decrease) | (275,650 | ) | $ | (6,851,640 | ) | 1,688,566 | $ | 18,839,361 | ||||||||
Class C | ||||||||||||||||
Sold | 23,037,970 | $ | 633,031,001 | 12,525,228 | $ | 246,163,560 | ||||||||||
Dividends and/or distributions reinvested | 11,606 | 320,554 | 8,160,988 | 119,068,816 | ||||||||||||
Acquisition—Note 6 | — | — | 630,625 | 14,989,966 | ||||||||||||
Redeemed | (7,805,356 | ) | (212,961,669 | ) | (11,830,496 | ) | (253,443,842 | )1 | ||||||||
Net increase | 15,244,220 | $ | 420,389,886 | 9,486,345 | $ | 126,778,500 | ||||||||||
Class N | ||||||||||||||||
Sold | 7,347,398 | $ | 203,090,749 | 5,776,003 | $ | 115,636,245 | ||||||||||
Dividends and/or distributions reinvested | 23,455 | 649,470 | 3,666,133 | 53,525,542 | ||||||||||||
Acquisition—Note 6 | — | — | 76,729 | 1,829,216 | ||||||||||||
Redeemed | (4,810,139 | ) | (131,781,857 | ) | (5,643,906 | ) | (103,149,352 | )1 | ||||||||
Net increase | 2,560,714 | $ | 71,958,362 | 3,874,959 | $ | 67,841,651 | ||||||||||
43 | OPPENHEIMER DEVELOPING MARKETS FUND
2. | Shares of Beneficial Interest Continued |
Year Ended August 31, 2010 | Year Ended August 31, 2009 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Class Y | ||||||||||||||||
Sold | 95,889,060 | $ | 2,711,872,608 | 53,732,954 | $ | 1,257,989,195 | ||||||||||
Dividends and/or distributions reinvested | 458,881 | 12,940,457 | 22,156,097 | 329,018,042 | ||||||||||||
Acquisition—Note 6 | — | — | 67,201 | 1,635,002 | ||||||||||||
Redeemed | (33,527,358 | ) | (929,237,934 | ) | (20,339,983 | ) | (419,248,177 | )1 | ||||||||
Net increase | 62,820,583 | $ | 1,795,575,131 | 55,616,269 | $ | 1,169,394,062 | ||||||||||
1. | Net of redemption fees of $63,874 $2,251, $8,724, $2,864 and $17,587 for Class A, Class B, Class C, Class N and Class Y, respectively. |
Purchases | Sales | |||||||
Investment securities | $ | 7,793,263,202 | $ | 3,639,465,811 |
Fee Schedule | ||||
Up to $250 million | 1.00 | % | ||
Next $250 million | 0.95 | |||
Next $500 million | 0.90 | |||
Next $6 billion | 0.85 | |||
Next $3 billion | 0.80 | |||
Over $10 billion | 0.75 |
44 | OPPENHEIMER DEVELOPING MARKETS FUND
Class C | $ | 16,233,872 | ||
Class N | 4,788,158 |
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 | ||||||||||||||||
Retained by | Retained by | Retained by | Retained by | Retained by | ||||||||||||||||
Year Ended | Distributor | Distributor | Distributor | Distributor | Distributor | |||||||||||||||
August 31, 2010 | $ | 2,820,826 | $ | 25,038 | $ | 326,425 | $ | 277,040 | $ | 22,585 |
45 | OPPENHEIMER DEVELOPING MARKETS FUND
Class N | $ | 401,062 |
46 | OPPENHEIMER DEVELOPING MARKETS FUND
Exchange | ||||||||||||||||
Ratio to | ||||||||||||||||
One Share of | Shares of | Value of Issued | ||||||||||||||
Oppenheimer | Beneficial | Shares of | Combined Net | |||||||||||||
Baring China | Interest Issued | Beneficial | Assets on | |||||||||||||
Fund | by the Fund | Interest | August 6, 20091 | |||||||||||||
Class A | 0.503493 | 2,079,397 | $ | 51,132,381 | $ | 5,313,123,294 | ||||||||||
Class B | 0.500797 | 334,527 | $ | 8,159,111 | $ | 179,567,799 | ||||||||||
Class C | 0.513272 | 630,625 | $ | 14,989,966 | $ | 746,359,438 | ||||||||||
Class N | 0.517196 | 76,729 | $ | 1,829,216 | $ | 256,933,034 | ||||||||||
Class Y | 0.511796 | 67,201 | $ | 1,635,002 | $ | 1,749,624,944 |
1. | The net assets acquired included net unrealized appreciation of $19,769,924 and an unused capital loss carryforward of $34,811,353, potential utilization subject to tax limitations. |
47 | OPPENHEIMER DEVELOPING MARKETS FUND
48 | OPPENHEIMER DEVELOPING MARKETS FUND
49 | OPPENHEIMER DEVELOPING MARKETS FUND
50 | OPPENHEIMER DEVELOPING MARKETS FUND
51 | OPPENHEIMER DEVELOPING MARKETS FUND
Name, Position(s) Held with the | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships | |
Fund, Length of Service, Age | Held; Number of Portfolios in the Fund Complex Currently Overseen | |
INDEPENDENT TRUSTEES | The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal. | |
Brian F. Wruble, Chairman of the Board of Trustees (since 2007), Trustee (since 2005) Age: 67 | Chairman (since August 2007) and Trustee (since August 1991) of the Board of Trustees of The Jackson Laboratory (non-profit); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Manager’s parent company) (since September 2004); Member of Zurich Financial Investment Management Advisory Council (insurance) (since 2004); Treasurer (since 2007) and Trustee of the Institute for Advanced Study (non-profit educational institute) (since May 1992); General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995- December 2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004). Oversees 58 portfolios in the OppenheimerFunds complex. Mr. Wruble has served on the Boards of certain Oppenheimer funds since April 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations. | |
David K. Downes, Trustee (since 2007) Age: 70 | Director of THL Credit Inc. (since June 2009); Independent Chairman GSK Employee Benefit Trust (since April 2006); Trustee of Employee Trusts (since January 2006); Chief Executive Officer and Board Member of Community Capital Management (investment management company) (since January 2004); President of The Community Reinvestment Act Qualified Investment Fund (investment management company) (since 2004); Director of Internet Capital Group (information technology company) (since October 2003); Director of Correctnet (January 2006-2007); Independent Chairman of the Board of Trustees of Quaker Investment Trust (registered investment company) (2004-2007); Chief Operating Officer and Chief Financial Officer of Lincoln National Investment Companies, Inc. (subsidiary of Lincoln National Corporation, a publicly traded company) and Delaware Investments U.S., Inc. (investment management subsidiary of Lincoln National Corporation) (1993-2003); President, Chief Executive Officer and Trustee of Delaware Investment Family of Funds (1993-2003); President and Board Member of Lincoln National Convertible Securities Funds, Inc. and the Lincoln National Income Funds, TDC (1993-2003); Chairman and Chief Executive Officer of Retirement Financial Services, Inc. (registered transfer agent and investment adviser and subsidiary of Delaware Investments U.S., Inc.) (1993-2003); President and Chief Executive Officer of Delaware Service Company, Inc. (1995- 2003); Chief Administrative Officer, Chief Financial Officer, Vice Chairman and Director of Equitable Capital Management Corporation (investment subsidiary of Equitable Life Assurance Society) (1985-1992); Corporate Controller of Merrill Lynch & Company (financial services holding company) (1977-1985); held the following positions at the Colonial Penn Group, Inc. (insurance company): Corporate Budget Director (1974-1977), Assistant Treasurer (1972-1974) and Director of Corporate Taxes (1969-1972); held the following positions at Price Waterhouse & Company (financial services firm): Tax Manager (1967-1969), Tax Senior (1965-1967) and Staff Accountant (1963-1965); United States Marine Corps (1957-1959). Oversees 58 portfolios in the OppenheimerFunds complex. Mr. Downes has served on the Boards of certain Oppenheimer funds since December 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations. |
52 | OPPENHEIMER DEVELOPING MARKETS FUND
Name, Position(s) Held with the | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships | |
Fund, Length of Service, Age | Held; Number of Portfolios in the Fund Complex Currently Overseen | |
Matthew P. Fink, Trustee (since 2005) Age: 69 | Trustee of the Committee for Economic Development (policy research foundation) (since 2005); Director of ICI Education Foundation (education foundation) (October 1991-August 2006); President of the Investment Company Institute (trade association) (October 1991-June 2004); Director of ICI Mutual Insurance Company (insurance company) (October 1991-June 2004). Oversees 58 portfolios in the OppenheimerFunds complex. Mr. Fink has served on the Boards of certain Oppenheimer funds since January 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations. | |
Phillip A. Griffiths, Trustee (since 1999) Age: 71 | Fellow of the Carnegie Corporation (since 2007); Distinguished Presidential Fellow for International Affairs (since 2002) and Member (since 1979) of the National Academy of Sciences; Council on Foreign Relations (since 2002); Director of GSI Lumonics Inc. (precision technology products company) (since 2001); Senior Advisor of The Andrew W. Mellon Foundation (since 2001); Chair of Science Initiative Group (since 1999); Member of the American Philosophical Society (since 1996); Trustee of Woodward Academy (since 1983); Foreign Associate of Third World Academy of Sciences (since 2002); Director of the Institute for Advanced Study (1991-2004); Director of Bankers Trust New York Corporation (1994-1999); Provost at Duke University (1983-1991). Oversees 58 portfolios in the OppenheimerFunds complex. Mr. Griffiths has served on the Boards of certain Oppenheimer funds since June 1999, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations. | |
Mary F. Miller, Trustee (since 2004) Age: 67 | Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (since October 1998); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Oversees 58 portfolios in the OppenheimerFunds complex. Ms. Miller has served on the Boards of certain Oppenheimer funds since August 2004, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations. | |
Joel W. Motley, Trustee (since 2002) Age: 58 | Managing Director of Public Capital Advisors, LLC (privately held financial advisor) (since January 2006); Managing Director of Carmona Motley, Inc. (privately-held financial advisor) (since January 2002); Director of Columbia Equity Financial Corp. (privately-held financial advisor) (2002-2007); Managing Director of Carmona Motley Hoffman Inc. (privately-held financial advisor) (January 1998-December 2001); Member of the Finance and Budget Committee of the Council on Foreign Relations, Chairman of the Investment Committee of the Episcopal Church of America, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee of Historic Hudson Valley. Oversees 58 portfolios in the OppenheimerFunds complex. Mr. Motley has served on the Boards of certain Oppenheimer funds since October 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations. |
53 | OPPENHEIMER DEVELOPING MARKETS FUND
Name, Position(s) Held with the | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships | |
Fund, Length of Service, Age | Held; Number of Portfolios in the Fund Complex Currently Overseen | |
Mary Ann Tynan, Trustee (since 2008) Age: 64 | Vice Chair of Board of Trustees of Brigham and Women’s/Faulkner Hospitals (non-profit hospitals) (since 2000); Chair of Board of Directors of Faulkner Hospital (non-profit hospital) (since 1990); Member of Audit and Compliance Committee of Partners Health Care System (non-profit) (since 2004); Board of Trustees of Middlesex School (educational institution) (since 1994); Board of Directors of Idealswork, Inc. (financial services provider) (since 2003); Partner, Senior Vice President and Director of Regulatory Affairs of Wellington Management Company, LLP (global investment manager) (1976-2002); Vice President and Corporate Secretary, John Hancock Advisers, Inc. (mutual fund investment adviser) (1970-1976). Oversees 58 portfolios in the OppenheimerFunds complex. Ms. Tynan has served on the Boards of certain Oppenheimer funds since October 2008, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations. | |
Joseph M. Wikler, Trustee (since 2005) Age: 69 | Director of C-TASC (bio-statistics services) (since 2007); Director of the following medical device companies: Medintec (since 1992) and Cathco (since 1996); Member of the Investment Committee of the Associated Jewish Charities of Baltimore (since 1994); Director of Lakes Environmental Association (environmental protection organization) (1996-2008); Director of Fortis/Hartford mutual funds (1994-December 2001). Oversees 58 portfolios in the OppenheimerFunds complex. Mr. Wikler has served on the Boards of certain Oppenheimer funds since August 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations. | |
Peter I. Wold, Trustee (since 2005) Age: 62 | Director of Arch Coal, Inc. (since 2010); Director and Chairman of Wyoming Enhanced Oil Recovery Institute Commission (enhanced oil recovery study) (since 2004); President of Wold Oil Properties, Inc. (oil and gas exploration and production company) (since 1994); Vice President of American Talc Company, Inc. (talc mining and milling) (since 1999); Managing Member of Hole-in-the-Wall Ranch (cattle ranching) (since 1979); Director and Chairman of the Denver Branch of the Federal Reserve Bank of Kansas City (1993-1999); and Director of PacifiCorp. (electric utility) (1995-1999). Oversees 58 portfolios in the OppenheimerFunds complex. Mr. Wold has served on the Boards of certain Oppenheimer funds since August 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations. | |
OFFICERS OF THE FUND | The addresses of the Officers in the chart below are as follows: for Messrs. Leverenz, Glavin, Keffer and Zack, Two World Financial Center, 225 Liberty Street, New York, New York 10281-1008, for Messrs. Vandehey and Wixted, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal. | |
Justin Leverenz, Vice President and Portfolio Manager (since 2007) Age: 42 | Vice President of the Manager (since July 2004); Senior Analyst of Oppenheimer Global Fund and the Manager’s International Equity Team (since July 2004); a Chartered Financial Analyst. Prior to joining the Manager, Head of Research for Goldman Sachs in Taiwan and Head of Asian Technology Research Pan- Asia (2002-2004); Head of Equity Research Hong Kong +Taipei (1993-1995) and (1997-2000). A portfolio manager and officer of 1 portfolio in the OppenheimerFunds complex. |
54 | OPPENHEIMER DEVELOPING MARKETS FUND
Name, Position(s) Held with the | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships | |
Fund, Length of Service, Age | Held; Number of Portfolios in the Fund Complex Currently Overseen | |
William F. Glavin, Jr., President and Principal Executive Officer (since 2009) Age: 52 | Chairman of the Manager (since December 2009); Chief Executive Officer and Director of the Manager (since January 2009); President of the Manager (since May 2009); Director of Oppenheimer Acquisition Corp. (“OAC”) (the Manager’s parent holding company) (since June 2009); Executive Vice President (March 2006-February 2009) and Chief Operating Officer (July 2007-February 2009) of Massachusetts Mutual Life Insurance Company (OAC’s parent company); Director (May 2004-March 2006) and Chief Operating Officer and Chief Compliance Officer (May 2004-January 2005), President (January 2005-March 2006) and Chief Executive Officer (June 2005- March 2006) of Babson Capital Management LLC; Director (March 2005- March 2006), President (May 2003-March 2006) and Chief Compliance Officer (July 2005-March 2006) of Babson Capital Securities, Inc. (a broker- dealer); President (May 2003-March 2006) of Babson Investment Company, Inc.; Director (May 2004-August 2006) of Babson Capital Europe Limited; Director (May 2004-October 2006) of Babson Capital Guernsey Limited; Director (May 2004-March 2006) of Babson Capital Management LLC; Non- Executive Director (March 2005-March 2007) of Baring Asset Management Limited; Director (February 2005-June 2006) Baring Pension Trustees Limited; Director and Treasurer (December 2003-November 2006) of Charter Oak Capital Management, Inc.; Director (May 2006-September 2006) of C.M. Benefit Insurance Company; Director (May 2008-June 2009) and Executive Vice President (June 2007-July 2009) of C.M. Life Insurance Company; President (March 2006-May 2007) of MassMutual Assignment Company; Director (January 2005-December 2006), Deputy Chairman (March 2005- December 2006) and President (February 2005-March 2005) of MassMutual Holdings (Bermuda) Limited; Director (May 2008-June 2009) and Executive Vice President (June 2007-July 2009) of MML Bay State Life Insurance Company; Chief Executive Officer and President (April 2007-January 2009) of MML Distributors, LLC; and Chairman (March 2006-December 2008) and Chief Executive Officer (May 2007-December 2008) of MML Investors Services, Inc. Oversees 65 portfolios as a Trustee/Director and 96 portfolios as an Officer in the OppenheimerFunds complex. | |
Thomas W. Keffer, Vice President and Chief Business Officer (since 2009) Age: 55 | Senior Vice President of the Manager (since March 1997); Director of Investment Brand Management of the Manager (since November 1997); Senior Vice President of OppenheimerFunds Distributor, Inc. (since December 1997). An officer of 96 portfolios in the OppenheimerFunds complex. | |
Mark S. Vandehey, Vice President and Chief Compliance Officer (since 2004) Age: 59 | Senior Vice President and Chief Compliance Officer of the Manager (since March 2004); Chief Compliance Officer of OppenheimerFunds Distributor, Inc., Centennial Asset Management and Shareholder Services, Inc. (since March 2004); Vice President of OppenheimerFunds Distributor, Inc., Centennial Asset Management Corporation and Shareholder Services, Inc. (since June 1983). An officer of 96 portfolios in the OppenheimerFunds complex. | |
Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 1999) Age: 50 | Senior Vice President of the Manager (since March 1999); Treasurer of the Manager and the following: HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management, Inc. and Oppenheimer Partnership Holdings, Inc. (March 1999-June 2008), OFI Private Investments, Inc. (March 2000-June 2008), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (since November 2000), and OppenheimerFunds Legacy Program (charitable trust program established by |
55 | OPPENHEIMER DEVELOPING MARKETS FUND
Name, Position(s) Held with the | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships | |
Fund, Length of Service, Age | Held; Number of Portfolios in the Fund Complex Currently Overseen | |
Brian W. Wixted, Continued | the Manager) (since June 2003); Treasurer and Chief Financial Officer of OFI Trust Company (trust company subsidiary of the Manager) (since May 2000); Assistant Treasurer of the following: OAC (March 1999-June 2008). An officer of 96 portfolios in the OppenheimerFunds complex. | |
Robert G. Zack, Secretary (since 2001) Age: 62 | Executive Vice President (since January 2004) and General Counsel-Corporate (since March 2002) of the Manager; General Counsel of the Distributor (since December 2001); General Counsel of Centennial Asset Management Corporation (since December 2001); Senior Vice President and General Counsel of HarbourView Asset Management Corporation (since December 2001); Secretary and General Counsel of OAC (since November 2001); Assistant Secretary (since September 1997) and Director (since November 2001) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc. (since December 2002); Director of Oppenheimer Real Asset Management, Inc. (since November 2001); Senior Vice President, General Counsel and Director of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since December 2001); Senior Vice President, General Counsel and Director of OFI Private Investments, Inc. and OFI Trust Company (since November 2001); Vice President of OppenheimerFunds Legacy Program (since June 2003); Senior Vice President and General Counsel of OFI Institutional Asset Management, Inc. (since November 2001). An officer of 96 portfolios in the OppenheimerFunds complex. |
56 | OPPENHEIMER DEVELOPING MARKETS FUND
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 |
57 | OPPENHEIMER DEVELOPING MARKETS FUND
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58 | OPPENHEIMER DEVELOPING MARKETS FUND
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59 | OPPENHEIMER DEVELOPING MARKETS FUND
(a) | Audit Fees |
(b) | Audit-Related Fees |
(c) | Tax Fees |
(d) | All Other Fees |
(e) | (1) During its regularly scheduled periodic meetings, the registrant’s audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the registrant. | |
The audit committee has delegated pre-approval authority to its Chairman for any subsequent new engagements that arise between regularly scheduled meeting dates provided that any fees such pre-approved are presented to the audit committee at its next regularly scheduled meeting. | ||
Under applicable laws, pre-approval of non-audit services maybe waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to it principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit. | ||
(2) 100% | ||
(f) | Not applicable as less than 50%. | |
(g) | The principal accountant for the audit of the registrant’s annual financial statements billed $376,438 in fiscal 2010 and $233,352 in fiscal 2009 to the registrant and the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include |
any prohibited non-audit services as defined by the Securities Exchange Act of 1934. | ||
(h) | The registrant’s audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. No such services were rendered. |
b) Not applicable.
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) Exhibit attached hereto. |
(2) | Exhibits attached hereto. | ||
(3) | Not applicable. |
(b) | Exhibit attached hereto. |
Oppenheimer Developing Markets Fund | ||||
By: | /s/ William F. Glavin, Jr. | |||
Principal Executive Officer | ||||
Date: 10/11/2010 |
By: | /s/ William F. Glavin, Jr. | |||
Principal Executive Officer | ||||
Date: 10/11/2010 | ||||
By: | /s/ Brian W. Wixted | |||
Principal Financial Officer | ||||
Date: 10/11/2010 |