SECURITIES AND EXCHANGE COMMISSION
INVESTMENT COMPANIES
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008
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Top Ten Geographical Holdings | ||||
Brazil | 14.6 | % | ||
India | 14.1 | |||
Mexico | 11.2 | |||
Korea, Republic of South | 6.4 | |||
South Africa | 6.0 | |||
Taiwan | 5.7 | |||
Hong Kong | 5.5 | |||
United Kingdom | 4.9 | |||
China | 4.7 | |||
Russia | 4.7 |
Top Ten Common Stock Holdings | ||||
America Movil SAB de CV, ADR, Series L | 4.1 | % | ||
Infosys Ltd. | 3.6 | |||
NHN Corp. | 3.5 | |||
High Tech Computer Corp. | 2.6 | |||
Fomento Economico Mexicano SA de CV, Sponsored ADR | 2.3 | |||
Petroleo Brasileiro SA, Sponsored ADR | 2.2 | |||
Impala Platinum Holdings Ltd. | 2.1 | |||
BM&F BOVESPA SA | 2.0 | |||
CNOOC Ltd. | 2.0 | |||
E-Mart Co. Ltd. | 1.9 |
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Beginning | Ending | Expenses | ||||||||||
Account | Account | Paid During | ||||||||||
Value | Value | 6 Months Ended | ||||||||||
Actual | March 1, 2011 | August 31, 2011 | August 31, 2011 | |||||||||
Class A | $ | 1,000.00 | $ | 961.70 | $ | 6.50 | ||||||
Class B | 1,000.00 | 957.50 | 10.72 | |||||||||
Class C | 1,000.00 | 958.30 | 10.02 | |||||||||
Class N | 1,000.00 | 959.50 | 8.48 | |||||||||
Class Y | 1,000.00 | 963.10 | 5.01 |
Hypothetical | ||||||||||||
(5% return before expenses) | ||||||||||||
Class A | 1,000.00 | 1,018.60 | 6.69 | |||||||||
Class B | 1,000.00 | 1,014.32 | 11.03 | |||||||||
Class C | 1,000.00 | 1,015.02 | 10.31 | |||||||||
Class N | 1,000.00 | 1,016.59 | 8.73 | |||||||||
Class Y | 1,000.00 | 1,020.11 | 5.16 |
Class | Expense Ratios | |||
Class A | 1.31 | % | ||
Class B | 2.16 | |||
Class C | 2.02 | |||
Class N | 1.71 | |||
Class Y | 1.01 |
Shares | Value | |||||||
Common Stocks—98.2% | ||||||||
Consumer Discretionary—10.0% | ||||||||
Automobiles—1.0% | ||||||||
PT Astra International Tbk | 26,434,500 | $ | 213,554,232 | |||||
Distributors—0.7% | ||||||||
CFAO1 | 3,877,554 | 159,276,376 | ||||||
Diversified Consumer Services—1.8% | ||||||||
Ambow Education Holding Ltd., ADR1,2 | 2,272,028 | 13,564,007 | ||||||
Anhanguera Educacional Participacoes SA | 5,076,067 | 82,905,799 | ||||||
Estacio Participacoes SA1 | 10,866,000 | 124,161,405 | ||||||
Kroton Educacional SA1,2 | 4,379,100 | 49,240,461 | ||||||
MegaStudy Co. Ltd.1 | 499,330 | 66,609,372 | ||||||
New Oriental Education & Technology Group, Inc., Sponsored ADR2 | 1,857,640 | 56,658,020 | ||||||
Zee Learn Ltd.2 | 4,901,274 | 2,064,758 | ||||||
395,203,822 | ||||||||
Hotels, Restaurants & Leisure—1.8% | ||||||||
Ctrip.com International Ltd., ADR2 | 4,144,309 | 172,900,571 | ||||||
Genting Singapore plc2 | 25,647,000 | 35,458,154 | ||||||
Home Inns & Hotels Management, Inc., ADR2 | 1,882,915 | 72,002,670 | ||||||
Jollibee Foods Corp.1 | 55,136,213 | 113,434,243 | ||||||
393,795,638 | ||||||||
Internet & Catalog Retail—0.7% | ||||||||
B2W Companhia Global do Varejo1 | 15,109,458 | 152,717,620 | ||||||
Media—1.9% | ||||||||
Grupo Televisa SA, Sponsored GDR | 10,044,453 | 221,379,744 | ||||||
Network 18 Media & Investments Ltd.2 | 1,057,308 | 2,196,836 | ||||||
TV18 Broadcast Ltd.2 | 11,612,542 | 10,276,028 | ||||||
Zee Entertainment Enterprises Ltd.1 | 75,735,589 | 189,873,480 | ||||||
423,726,088 | ||||||||
Multiline Retail—1.7% | ||||||||
Lojas Americanas SA, Preference1 | 25,092,684 | 245,898,530 | ||||||
Shinsegae Co. Ltd. | 455,107 | 136,295,343 | ||||||
382,193,873 | ||||||||
Textiles, Apparel & Luxury Goods—0.4% | ||||||||
Li Ning Co. Ltd.1 | 66,944,500 | 92,001,021 | ||||||
Consumer Staples—24.6% | ||||||||
Beverages—9.2% | ||||||||
Anadolu Efes Biracilik ve Malt Sanayii AS | 4,677,843 | 52,273,457 | ||||||
Carlsberg AS, Cl. B | 5,294,683 | 397,152,273 | ||||||
Companhia de Bebidas das Americas, Sponsored ADR, Preference | 7,894,200 | 281,349,288 | ||||||
East African Breweries Ltd. | 7,528,848 | 14,046,358 | ||||||
Fomento Economico Mexicano SA de CV, Sponsored ADR | 7,485,439 | 515,896,456 | ||||||
Fomento Economico Mexicano SA de CV, UBD | 55,070,344 | 373,536,041 | ||||||
Grupo Modelo SA de CV, Series C1 | 9,512,617 | 55,510,311 | ||||||
Nigerian Breweries plc | 107,739,739 | 57,076,969 | ||||||
SABMiller plc | 8,181,624 | 296,436,615 | ||||||
2,043,277,768 | ||||||||
Food & Staples Retailing—8.8% | ||||||||
Almacenes Exito SA | 2,929,335 | 38,321,897 | ||||||
Almacenes Exito SA, GDR3 | 2,850,361 | 37,994,172 |
Shares | Value | |||||||
Food & Staples Retailing Continued | ||||||||
BIM Birlesik Magazalar AS | 3,368,029 | $ | 109,389,713 | |||||
Cencosud SA | 14,015,125 | 88,775,624 | ||||||
Companhia Brasileira de Distribuicao Grupo Pao de Acucar, Sponsored ADR1 | 8,616,546 | 357,241,997 | ||||||
CP ALL PCL | 5,839,500 | 9,985,798 | ||||||
Dairy Farm International Holdings Ltd. | 7,806,830 | 64,718,621 | ||||||
E-Mart Co. Ltd.1,2 | 1,453,022 | 431,980,950 | ||||||
Etablissements Economiques du Casino Guichard-Perrachon SA | 1,249,180 | 103,951,788 | ||||||
Magnit | 3,448,981 | 380,465,996 | ||||||
Magnit OJSC, Sponsored GDR | 1,041,270 | 24,782,226 | ||||||
Sun Art Retail Group Ltd.2 | 1,852,000 | 2,335,858 | ||||||
Wal-Mart de Mexico SAB de CV, Series V | 112,402,870 | 301,541,123 | ||||||
Wumart Stores, Inc. | 3,716,000 | 9,297,338 | ||||||
1,960,783,101 | ||||||||
Food Products—1.9% | ||||||||
Tingyi Holding Corp. (Cayman Islands) | 87,900,000 | 247,809,167 | ||||||
Want Want China Holdings Ltd. | 207,128,000 | 171,590,205 | ||||||
419,399,372 | ||||||||
Household Products—2.0% | ||||||||
Hindustan Unilever Ltd. | 44,846,213 | 313,387,701 | ||||||
Unilever Indonesia Tbk | 62,595,500 | 125,888,537 | ||||||
439,276,238 | ||||||||
Personal Products—2.6% | ||||||||
Colgate-Palmolive (India) Ltd.1 | 7,149,484 | 149,345,295 | ||||||
Dabur India Ltd. | 30,287,035 | 73,735,069 | ||||||
Marico Ltd. | 30,123,895 | 97,673,903 | ||||||
Natura Cosmeticos SA | 10,993,300 | 260,416,699 | ||||||
581,170,966 | ||||||||
Tobacco—0.1% | ||||||||
Eastern Tobacco Co. | 1,008,380 | 17,238,119 | ||||||
Energy—11.5% | ||||||||
Energy Equipment & Services—1.5% | ||||||||
Eurasia Drilling Co. Ltd., GDR4 | 4,613,801 | 102,887,762 | ||||||
Eurasia Drilling Co. Ltd., GDR3,4 | 149,700 | 3,338,310 | ||||||
Tenaris SA, ADR | 6,882,052 | 228,484,126 | ||||||
334,710,198 | ||||||||
Oil, Gas & Consumable Fuels—10.0% | ||||||||
Cairn Energy plc2 | 35,855,994 | 194,870,165 | ||||||
China Shenhua Energy Co. Ltd. | 55,770,500 | 258,586,416 | ||||||
CNOOC Ltd. | 213,102,000 | 433,543,817 | ||||||
NovaTek OAO, Sponsored GDR3,4 | 1,057,839 | 144,183,456 | ||||||
NovaTek OAO, Sponsored GDR4 | 2,741,734 | 373,698,344 | ||||||
Petroleo Brasileiro SA, Sponsored ADR | 18,342,800 | 488,835,620 | ||||||
Tullow Oil plc | 17,821,547 | 310,993,994 | ||||||
2,204,711,812 | ||||||||
Financials—16.6% | ||||||||
Capital Markets—0.2% | ||||||||
Egyptian Financial Group-Hermes Holding SAE2 | 18,074,296 | 49,457,067 | ||||||
Commercial Banks—6.0% | ||||||||
Banco Davivienda SA | 2,098,070 | 24,898,356 | ||||||
Banco Santander Chile SA | 951,207,861 | 82,624,971 | ||||||
Bancolombia SA, Sponsored ADR | 2,248,695 | 147,919,157 |
Shares | Value | |||||||
Commercial Banks Continued | ||||||||
Commercial International Bank | 20,266,818 | $ | 93,482,858 | |||||
Credicorp Ltd. | 1,294,190 | 128,953,092 | ||||||
Grupo Financiero Inbursa SA de CV | 52,758,322 | 107,112,427 | ||||||
HDFC Bank Ltd., ADR | 7,673,385 | 255,984,124 | ||||||
ICICI Bank Ltd., Sponsored ADR | 5,039,890 | 198,370,070 | ||||||
PT Bank Central Asia Tbk | 22,324,100 | 21,441,705 | ||||||
Siam Commercial Bank Public Co. Ltd. | 36,625,400 | 145,426,180 | ||||||
Standard Bank Group Ltd. | 8,542,028 | 121,898,105 | ||||||
1,328,111,045 | ||||||||
Diversified Financial Services—4.2% | ||||||||
BM&F BOVESPA SA | 74,847,798 | 439,617,383 | ||||||
Haci Omer Sabanci Holding AS | 69,722,054 | 250,621,783 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 11,420,800 | 214,836,417 | ||||||
JSE Ltd. | 1,389,475 | 13,786,469 | ||||||
918,862,052 | ||||||||
Insurance—1.1% | ||||||||
AIA Group Ltd. | 70,492,800 | 248,744,178 | ||||||
Real Estate Management & Development—3.2% | ||||||||
Hang Lung Group Ltd. | 19,209,750 | 112,699,804 | ||||||
Hang Lung Properties Ltd. | 43,624,881 | 162,420,931 | ||||||
Medinet Nasr for Housing & Development Co.2 | 1,118,820 | 2,858,481 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 4,807,200 | 100,075,764 | ||||||
SM Prime Holdings, Inc.1 | 1,178,547,358 | 326,077,543 | ||||||
704,132,523 | ||||||||
Thrifts & Mortgage Finance—1.9% | ||||||||
Housing Development Finance Corp. Ltd. | 29,056,013 | 421,984,241 | ||||||
Health Care—1.7% | ||||||||
Health Care Providers & Services—0.4% | ||||||||
Diagnosticos da America | 9,160,600 | 94,373,918 | ||||||
Pharmaceuticals—1.3% | ||||||||
Cipla Ltd. | 12,826,053 | 78,542,635 | ||||||
PT Kalbe Farma Tbk | 89,747,500 | 37,752,150 | ||||||
Sun Pharmaceutical Industries Ltd. | 16,549,664 | 177,671,885 | ||||||
293,966,670 | ||||||||
Industrials—3.6% | ||||||||
Aerospace & Defense—1.1% | ||||||||
Embraer SA, ADR1 | 9,140,652 | 232,995,219 | ||||||
Industrial Conglomerates—1.3% | ||||||||
Enka Insaat ve Sanayi AS | 74,035,226 | 167,952,780 | ||||||
SM Investments Corp. | 10,119,095 | 129,218,121 | ||||||
297,170,901 | ||||||||
Machinery—0.4% | ||||||||
Shanghai Zhenhua Port Machinery Co. Ltd., B Shares1,2 | 46,991,029 | 22,212,330 | ||||||
Vallourec SA | 724,080 | 64,898,690 | ||||||
87,111,020 | ||||||||
Transportation Infrastructure—0.8% | ||||||||
DP World Ltd.2 | 17,083,964 | 184,420,175 | ||||||
Information Technology—17.1% | ||||||||
Communications Equipment—2.6% | ||||||||
High Tech Computer Corp. | 22,119,127 | 580,817,707 | ||||||
Electronic Equipment & Instruments—0.7% | ||||||||
Synnex Technology International Corp. | 62,615,174 | 159,362,979 |
Shares | Value | |||||||
Internet Software & Services—6.6% | ||||||||
Baidu, Inc., ADR2 | 1,556,470 | $ | 226,902,197 | |||||
Netease.com, Inc., ADR2 | 2,046,977 | 103,495,157 | ||||||
NHN Corp.1,2 | 3,987,501 | 780,292,346 | ||||||
Tencent Holdings Ltd. | 12,504,400 | 298,336,200 | ||||||
Yandex NV, Cl. A2 | 1,361,620 | 42,169,371 | ||||||
1,451,195,271 | ||||||||
IT Services—4.7% | ||||||||
Infosys Ltd. | 15,536,345 | 796,262,323 | ||||||
Tata Consultancy Services Ltd. | 11,083,042 | 255,031,219 | ||||||
1,051,293,542 | ||||||||
Semiconductors & Semiconductor Equipment—2.4% | ||||||||
Epistar Corp.1 | 84,248,000 | 181,171,265 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 146,474,429 | 350,413,670 | ||||||
531,584,935 | ||||||||
Software—0.1% | ||||||||
Totvs SA | 1,231,800 | 21,937,012 | ||||||
Materials—6.4% | ||||||||
Chemicals—0.4% | ||||||||
Asian Paints Ltd. | 1,214,651 | 87,021,706 | ||||||
Metals & Mining—6.0% | ||||||||
Anglo American Platinum Ltd. | 3,401,202 | 284,750,664 | ||||||
Anglo American plc | 6,848,937 | 285,451,127 | ||||||
Impala Platinum Holdings Ltd. | 18,394,873 | 470,801,865 | ||||||
Vale SA, Sponsored ADR, Preference | 11,121,280 | 287,262,662 | ||||||
1,328,266,318 | ||||||||
Telecommunication Services—6.7% | ||||||||
Wireless Telecommunication Services—6.7% | ||||||||
America Movil SAB de CV, ADR, Series L | 35,592,472 | 909,743,584 | ||||||
MTN Group Ltd. | 20,924,092 | 431,556,593 | ||||||
Philippine Long Distance Telephone Co. | 2,427,640 | 138,739,988 | ||||||
1,480,040,165 | ||||||||
Total Common Stocks (Cost $18,558,725,613) | 21,765,884,888 | |||||||
Structured Securities—0.1% | ||||||||
UBS AG, Vietnam Dairy Products JSC Equity Linked Nts.3 (Cost $15,592,839) | 3,274,261 | 19,805,899 | ||||||
Investment Company—1.3% | ||||||||
Oppenheimer Institutional Money Market Fund, Cl. E, 0.14%1,5 (Cost $303,088,396) | 303,088,396 | 303,088,396 | ||||||
Total Investments, at Value (Cost $18,877,406,848) | 99.6 | % | 22,088,779,183 | |||||
Other Assets Net of Liabilities | 0.4 | 78,842,442 | ||||||
Net Assets | 100.0 | % | $ | 22,167,621,625 | ||||
Shares | Gross | Gross | Shares | |||||||||||||
August 31, 2010 | Additions | Reductions | August 31, 2011 | |||||||||||||
Ambow Education Holding Ltd., ADRa | 2,071,070 | 328,667 | 127,709 | 2,272,028 | ||||||||||||
B2W Companhia Global do Varejo | 5,465,900 | 9,643,558 | b | — | 15,109,458 | |||||||||||
B2W Companhia Global do Varejo, | ||||||||||||||||
Subscription Receipts | — | 4,541,758 | 4,541,758 | b | — | |||||||||||
CFAO | 2,709,351 | 1,413,102 | 244,899 | 3,877,554 | ||||||||||||
Colgate-Palmolive (India) Ltd. | 2,205,211 | 4,976,521 | 32,248 | 7,149,484 | ||||||||||||
Companhia Brasileira de Distribuicao Grupo | ||||||||||||||||
Pao de Acucar, Sponsored ADR | — | 9,085,726 | b | 469,180 | 8,616,546 | |||||||||||
DNO International ASA | 39,239,244 | 20,003,122 | 59,242,366 | — | ||||||||||||
E-Mart Co. Ltd. | — | 1,453,022 | — | 1,453,022 | ||||||||||||
Embraer SA, ADRa | — | 10,194,172 | b | 1,053,520 | 9,140,652 | |||||||||||
Epistar Corp. | 59,037,000 | 28,405,000 | 3,194,000 | 84,248,000 | ||||||||||||
Estacio Participacoes SA | 1,253,900 | 9,612,100 | — | 10,866,000 | ||||||||||||
Grupo Modelo SA de CV, Series Ca | 29,723,291 | 10,783,721 | 30,994,395 | 9,512,617 | ||||||||||||
Jollibee Foods Corp. | 35,312,178 | 19,824,035 | — | 55,136,213 | ||||||||||||
Kroton Educacional SA | — | 4,379,100 | — | 4,379,100 | ||||||||||||
Li Ning Co. Ltd. | — | 66,944,500 | — | 66,944,500 | ||||||||||||
Lojas Americanas SA, Preference | 24,907,400 | 8,163,484 | b | 7,978,200 | 25,092,684 | |||||||||||
MegaStudy Co. Ltd. | 450,481 | 48,849 | — | 499,330 | ||||||||||||
NHN Corp. | 2,477,048 | 1,569,022 | 58,569 | 3,987,501 | ||||||||||||
Oppenheimer Institutional Money Market | ||||||||||||||||
Fund, Cl. E | 376,395,470 | 5,104,101,697 | 5,177,408,771 | 303,088,396 | ||||||||||||
SARE Holding SA de CV, Cl. B | 36,930,070 | 18,214,770 | 55,144,840 | — | ||||||||||||
Shanghai Zhenhua Port Machinery Co. Ltd., B Shares | 41,264,662 | 5,726,367 | — | 46,991,029 | ||||||||||||
SM Prime Holdings, Inc. | 967,445,737 | 211,101,621 | — | 1,178,547,358 | ||||||||||||
Sohu.com, Inc. | 2,315,490 | 392,836 | 2,708,326 | — | ||||||||||||
Zee Entertainment Enterprises Ltd. | 19,326,059 | 56,409,555 | b | 25 | 75,735,589 |
Realized | ||||||||||||
Value | Income | Gain (Loss) | ||||||||||
Ambow Education Holding Ltd., ADRa | $ | —c | $ | — | $ | 187,594 | ||||||
B2W Companhia Global do Varejo | 152,717,620 | 321,319 | — | |||||||||
B2W Companhia Global do Varejo, Subscription Receipts | — | — | — | |||||||||
CFAO | 159,276,376 | 4,559,531 | (770,302 | ) | ||||||||
Colgate-Palmolive (India) Ltd. | 149,345,295 | 2,811,863 | 57,828 | |||||||||
Companhia Brasileira de Distribuicao Grupo Pao de | ||||||||||||
Acucar, Sponsored ADR | 357,241,997 | 2,505,494 | 1,529,501 | |||||||||
DNO International ASA | — | — | 347,789 | |||||||||
E-Mart Co. Ltd. | 431,980,950 | 286,844,204 | — | |||||||||
Embraer SA, ADRa | —c | 6,766,012 | (13,084,268 | ) | ||||||||
Epistar Corp. | 181,171,265 | 10,487,754 | (943,004 | ) | ||||||||
Estacio Participacoes SA | 124,161,405 | 2,623,246 | — | |||||||||
Grupo Modelo SA de CV, Series Ca | —c | 6,040,505 | 35,955,974 | |||||||||
Jollibee Foods Corp. | 113,434,243 | 874,298 | — | |||||||||
Kroton Educacional SA | 49,240,461 | — | — |
24 | OPPENHEIMER DEVELOPING MARKETS FUND
Realized | ||||||||||||
Value | Income | Gain (Loss) | ||||||||||
Li Ning Co. Ltd. | $ | 92,001,021 | $ | 2,055,817 | $ | — | ||||||
Lojas Americanas SA, Preference | 245,898,530 | 1,127,138 | 17,852,698 | |||||||||
MegaStudy Co. Ltd. | 66,609,372 | 775,501 | — | |||||||||
NHN Corp. | 780,292,346 | — | (285,398 | ) | ||||||||
Oppenheimer Institutional Money Market Fund, Cl. E | 303,088,396 | 1,315,400 | — | |||||||||
SARE Holding SA de CV, Cl. B | — | — | (22,578,627 | ) | ||||||||
Shanghai Zhenhua Port Machinery Co. Ltd., B Shares | 22,212,330 | — | — | |||||||||
SM Prime Holdings, Inc. | 326,077,543 | 5,145,608 | — | |||||||||
Sohu.com, Inc. | — | — | 79,398,721 | |||||||||
Zee Entertainment Enterprises Ltd. | 189,873,480 | 4,310,761 | 40 | |||||||||
$ | 3,744,622,630 | $ | 338,564,451 | $ | 97,668,546 | |||||||
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). |
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 | $ | 1,928,043,472 | $ | 284,425,198 | $ | — | $ | 2,212,468,670 | ||||||||
Consumer Staples | 4,069,476,767 | 1,391,668,797 | — | 5,461,145,564 | ||||||||||||
Energy | 2,105,878,193 | 433,543,817 | — | 2,539,422,010 | ||||||||||||
Financials | 2,238,542,047 | 1,432,749,059 | — | 3,671,291,106 | ||||||||||||
Health Care | 94,373,918 | 293,966,670 | — | 388,340,588 | ||||||||||||
Industrials | 714,586,295 | 87,111,020 | — | 801,697,315 |
25 | OPPENHEIMER DEVELOPING MARKETS FUND
Level 2 — | Level 3 — | |||||||||||||||
Level 1 — | Other Significant | Significant | ||||||||||||||
Unadjusted | Observable | Unobservable | ||||||||||||||
Quoted Prices | Inputs | Inputs | Value | |||||||||||||
Information Technology | $ | 744,917,407 | $ | 3,051,274,039 | $ | — | $ | 3,796,191,446 | ||||||||
Materials | 857,464,453 | 557,823,571 | — | 1,415,288,024 | ||||||||||||
Telecommunication Services | 1,341,300,177 | 138,739,988 | — | 1,480,040,165 | ||||||||||||
Structured Securities | — | 19,805,899 | — | 19,805,899 | ||||||||||||
Investment Company | 303,088,396 | — | — | 303,088,396 | ||||||||||||
Total Investments, at Value | 14,397,671,125 | 7,691,108,058 | — | 22,088,779,183 | ||||||||||||
Other Financial Instruments: | ||||||||||||||||
Foreign currency exchange contracts | — | 165,041 | — | 165,041 | ||||||||||||
Total Assets | $ | 14,397,671,125 | $ | 7,691,273,099 | $ | — | $ | 22,088,944,224 | ||||||||
Liabilities Table | ||||||||||||||||
Other Financial Instruments: | ||||||||||||||||
Foreign currency exchange contracts | $ | — | $ | (88,039 | ) | $ | — | $ | (88,039 | ) | ||||||
Total Liabilities | $ | — | $ | (88,039 | ) | $ | — | $ | (88,039 | ) | ||||||
Transfers into | Transfers out | Transfers into | Transfers out | |||||||||||||
Level 1* | of Level 1** | Level 2** | of Level 2* | |||||||||||||
Assets Table | ||||||||||||||||
Investments, at Value: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Consumer Discretionary | $ | 82,142,746 | $ | (169,291,922 | ) | $ | 169,291,922 | $ | (82,142,746 | ) | ||||||
Consumer Staples | — | (342,837,818 | ) | 342,837,818 | — | |||||||||||
Energy | 380,343,463 | — | — | (380,343,463 | ) | |||||||||||
Financials | — | (762,680,073 | ) | 762,680,073 | — | |||||||||||
Health Care | — | (54,698,804 | ) | 54,698,804 | — | |||||||||||
Industrials | — | (22,736,829 | ) | 22,736,829 | — | |||||||||||
Information Technology | — | (1,566,604,118 | ) | 1,566,604,118 | — | |||||||||||
Materials | 440,702,736 | (287,172,710 | ) | 287,172,710 | (440,702,736 | ) | ||||||||||
Telecommunication Services | — | (69,656,489 | ) | 69,656,489 | — | |||||||||||
Total Assets | $ | 903,188,945 | $ | (3,275,678,763 | ) | $ | 3,275,678,763 | $ | (903,188,945 | ) | ||||||
* | 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. | |
** | 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. |
26 | OPPENHEIMER DEVELOPING MARKETS FUND
Geographic Holdings | Value | Percent | ||||||
Brazil | $ | 3,219,029,377 | 14.6 | % | ||||
India | 3,109,421,273 | 14.1 | ||||||
Mexico | 2,484,719,686 | 11.2 | ||||||
Korea, Republic of South | 1,415,178,011 | 6.4 | ||||||
South Africa | 1,322,793,696 | 6.0 | ||||||
Taiwan | 1,271,765,621 | 5.7 | ||||||
Hong Kong | 1,210,039,159 | 5.5 | ||||||
United Kingdom | 1,087,751,901 | 4.9 | ||||||
China | 1,039,056,755 | 4.7 | ||||||
Russia | 1,029,356,094 | 4.7 | ||||||
Philippines | 707,469,895 | 3.2 | ||||||
Cayman Islands | 706,298,544 | 3.2 | ||||||
Turkey | 580,237,733 | 2.6 | ||||||
Indonesia | 398,636,624 | 1.8 | ||||||
Denmark | 397,152,273 | 1.8 | ||||||
France | 328,126,854 | 1.5 | ||||||
United States | 303,088,396 | 1.4 | ||||||
Colombia | 249,133,582 | 1.1 | ||||||
Luxembourg | 228,484,126 | 1.0 | ||||||
United Arab Emirates | 184,420,175 | 0.8 | ||||||
Chile | 171,400,595 | 0.8 | ||||||
Egypt | 163,036,525 | 0.7 | ||||||
Thailand | 155,411,978 | 0.7 | ||||||
Peru | 128,953,092 | 0.6 | ||||||
Bermuda | 64,718,621 | 0.3 | ||||||
Nigeria | 57,076,969 | 0.3 | ||||||
The Netherlands | 42,169,371 | 0.2 | ||||||
Vietnam | 19,805,899 | 0.1 | ||||||
Kenya | 14,046,358 | 0.1 | ||||||
Total | $ | 22,088,779,183 | 100.0 | % | ||||
Counterparty/ | Contract | |||||||||||||||||||||||
Contract | Amount | Expiration | Unrealized | Unrealized | ||||||||||||||||||||
Description | Buy/Sell | (000’s) | Date | Value | Appreciation | Depreciation | ||||||||||||||||||
Barclay’s Capital | ||||||||||||||||||||||||
New Turkish Lira (TRY) | Buy | 5,007 TRY | 9/2/11 | $ | 2,919,757 | $ | 69,743 | $ | — | |||||||||||||||
Brown Brothers Harriman | ||||||||||||||||||||||||
Hong Kong Dollar (HKD) | Buy | 1,179 HKD | 9/1/11 | 151,414 | 162 | — | ||||||||||||||||||
Citigroup: | ||||||||||||||||||||||||
British Pound Sterling (GBP) | Sell | 11,654 GBP | 9/2/11 | 18,917,817 | 95,136 | — | ||||||||||||||||||
Mexican Nuevo Peso (MXN) | Sell | 23,002 MXN | 9/1/11 | 1,864,299 | — | 22,074 | ||||||||||||||||||
95,136 | 22,074 | |||||||||||||||||||||||
State Street | ||||||||||||||||||||||||
Mexican Nuevo Peso (MXN) | Sell | 95,464 MXN | 9/1/11 | 7,737,110 | — | 65,965 | ||||||||||||||||||
Total unrealized appreciation and depreciation | $ | 165,041 | $ | 88,039 | ||||||||||||||||||||
27 | OPPENHEIMER DEVELOPING MARKETS FUND
Assets | ||||
Investments, at value—see accompanying statement of investments: | ||||
Unaffiliated companies (cost $15,532,741,498) | $ | 18,344,156,553 | ||
Affiliated companies (cost $3,344,665,350) | 3,744,622,630 | |||
22,088,779,183 | ||||
Cash | 1,016,875 | |||
Cash—foreign currencies (cost $10,646,554) | 8,771,764 | |||
Unrealized appreciation on foreign currency exchange contracts | 165,041 | |||
Receivables and other assets: | ||||
Shares of beneficial interest sold | 84,279,088 | |||
Investments sold | 46,128,492 | |||
Dividends | 26,422,983 | |||
Other | 672,239 | |||
Total assets | 22,256,235,665 | |||
Liabilities | ||||
Unrealized depreciation on foreign currency exchange contracts | 88,039 | |||
Payables and other liabilities: | ||||
Shares of beneficial interest redeemed | 45,248,075 | |||
Investments purchased | 27,437,973 | |||
Foreign capital gains tax | 4,027,361 | |||
Transfer and shareholder servicing agent fees | 3,556,056 | |||
Distribution and service plan fees | 2,865,999 | |||
Trustees’ compensation | 1,258,626 | |||
Shareholder communications | 578,180 | |||
Other | 3,553,731 | |||
Total liabilities | 88,614,040 | |||
Net Assets | $ | 22,167,621,625 | ||
Composition of Net Assets | ||||
Paid-in capital | $ | 19,086,047,179 | ||
Accumulated net investment income | 337,219,806 | |||
Accumulated net realized loss on investments and foreign currency transactions | (461,090,217 | ) | ||
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies | 3,205,444,857 | |||
Net Assets | $ | 22,167,621,625 | ||
28 | 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 $10,802,874,147 and 325,877,712 shares of beneficial interest outstanding) | $ | 33.15 | ||
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) | $ | 35.17 | ||
Class B Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $228,170,240 and 7,024,343 shares of beneficial interest outstanding) | $ | 32.48 | ||
Class C Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $2,060,953,678 and 64,929,624 shares of beneficial interest outstanding) | $ | 31.74 | ||
Class N Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $595,681,138 and 18,612,871 shares of beneficial interest outstanding) | $ | 32.00 | ||
Class Y Shares: | ||||
Net asset value, redemption price and offering price per share (based on net assets of $8,479,942,422 and 258,108,792 shares of beneficial interest outstanding) | $ | 32.85 |
29 | OPPENHEIMER DEVELOPING MARKETS FUND
Investment Income | ||||
Dividends: | ||||
Unaffiliated companies (net of foreign withholding taxes of $29,964,935) | $ | 363,508,891 | ||
Affiliated companies (net of foreign withholding taxes of $7,421,262) | 338,564,451 | |||
Interest | 24,135 | |||
Other income | 12,717 | |||
Total investment income | 702,110,194 | |||
Expenses | ||||
Management fees | 168,332,996 | |||
Distribution and service plan fees: | ||||
Class A | 27,159,338 | |||
Class B | 2,587,079 | |||
Class C | 20,126,547 | |||
Class N | 2,835,937 | |||
Transfer and shareholder servicing agent fees: | ||||
Class A | 22,343,181 | |||
Class B | 715,067 | |||
Class C | 3,157,824 | |||
Class N | 2,391,295 | |||
Class Y | 10,540,796 | |||
Shareholder communications: | ||||
Class A | 695,527 | |||
Class B | 52,957 | |||
Class C | 155,481 | |||
Class N | 29,155 | |||
Class Y | 336,307 | |||
Custodian fees and expenses | 10,836,692 | |||
Trustees’ compensation | 330,600 | |||
Administration service fees | 1,500 | |||
Other | 615,546 | |||
Total expenses | 273,243,825 | |||
Less waivers and reimbursements of expenses | (1,081,322 | ) | ||
Net expenses | 272,162,503 | |||
Net Investment Income | 429,947,691 |
30 | OPPENHEIMER DEVELOPING MARKETS FUND
Realized and Unrealized Gain (Loss) | ||||
Net realized gain on: | ||||
Investments from: | ||||
Unaffiliated companies (net of foreign capital gains tax of $18,080) | $ | 510,557,693 | ||
Affiliated companies | 97,668,546 | |||
Foreign currency transactions | 97,525,820 | |||
Net realized gain | 705,752,059 | |||
Net change in unrealized appreciation/depreciation on: | ||||
Investments | (197,634,674 | ) | ||
Translation of assets and liabilities denominated in foreign currencies | 311,603,295 | |||
Net change in unrealized appreciation/depreciation | 113,968,621 | |||
Net Increase in Net Assets Resulting from Operations | $ | 1,249,668,371 | ||
31 | OPPENHEIMER DEVELOPING MARKETS FUND
Year Ended August 31, | 2011 | 2010 | ||||||
Operations | ||||||||
Net investment income | $ | 429,947,691 | $ | 55,837,157 | ||||
Net realized gain | 705,752,059 | 57,767,904 | ||||||
Net change in unrealized appreciation/depreciation | 113,968,621 | 1,915,668,551 | ||||||
Net increase in net assets resulting from operations | 1,249,668,371 | 2,029,273,612 | ||||||
Dividends and/or Distributions to Shareholders | ||||||||
Dividends from net investment income: | ||||||||
Class A | (15,166,515 | ) | (28,115,725 | ) | ||||
Class B | — | — | ||||||
Class C | — | (420,808 | ) | |||||
Class N | — | (705,072 | ) | |||||
Class Y | (28,204,660 | ) | (14,503,388 | ) | ||||
(43,371,175 | ) | (43,744,993 | ) | |||||
Beneficial Interest Transactions | ||||||||
Net increase (decrease) in net assets resulting from | ||||||||
beneficial interest transactions: | ||||||||
Class A | 1,821,445,656 | 1,555,808,926 | ||||||
Class B | (7,640,832 | ) | (6,851,640 | ) | ||||
Class C | 577,810,493 | 420,389,886 | ||||||
Class N | 174,660,187 | 71,958,362 | ||||||
Class Y | 4,187,778,424 | 1,795,575,131 | ||||||
6,754,053,928 | 3,836,880,665 | |||||||
Net Assets | ||||||||
Total increase | 7,960,351,124 | 5,822,409,284 | ||||||
Beginning of period | 14,207,270,501 | 8,384,861,217 | ||||||
End of period (including accumulated net investment income (loss) of $337,219,806 and $(17,677,390), respectively) | $ | 22,167,621,625 | $ | 14,207,270,501 | ||||
32 | OPPENHEIMER DEVELOPING MARKETS FUND
Class A Year Ended August 31, | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||
Per Share Operating Data | ||||||||||||||||||||
Net asset value, beginning of period | $ | 29.83 | $ | 24.38 | $ | 41.13 | $ | 48.37 | $ | 38.23 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | .682 | .13 | .21 | .55 | .35 | |||||||||||||||
Net realized and unrealized gain (loss) | 2.69 | 5.44 | (8.08 | ) | (1.11 | ) | 13.94 | |||||||||||||
Total from investment operations | 3.37 | 5.57 | (7.87 | ) | (.56 | ) | 14.29 | |||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||
Dividends from net investment income | (.05 | ) | (.12 | ) | (.56 | ) | (.45 | ) | (.50 | ) | ||||||||||
Distributions from net realized gain | — | — | (8.32 | ) | (6.23 | ) | (3.65 | ) | ||||||||||||
Total dividends and/or distributions to shareholders | (.05 | ) | (.12 | ) | (8.88 | ) | (6.68 | ) | (4.15 | ) | ||||||||||
Net asset value, end of period | $ | 33.15 | $ | 29.83 | $ | 24.38 | $ | 41.13 | $ | 48.37 | ||||||||||
Total Return, at Net Asset Value3 | 11.28 | % | 22.85 | % | (5.68 | )% | (3.59 | )% | 39.63 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 10,802,874 | $ | 8,184,698 | $ | 5,388,513 | $ | 7,109,601 | $ | 8,577,017 | ||||||||||
Average net assets (in thousands) | $ | 11,015,700 | $ | 7,065,585 | $ | 3,900,019 | $ | 8,667,934 | $ | 8,202,261 | ||||||||||
Ratios to average net assets:4 | ||||||||||||||||||||
Net investment income | 1.94 | %2 | 0.47 | % | 0.97 | % | 1.16 | % | 0.80 | % | ||||||||||
Total expenses5 | 1.30 | % | 1.35 | % | 1.43 | % | 1.27 | % | 1.32 | % | ||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.30 | % | 1.35 | % | 1.43 | % | 1.27 | % | 1.32 | % | ||||||||||
Portfolio turnover rate | 34 | % | 33 | % | 55 | % | 51 | % | 40 | % |
Year Ended August 31, 2011 | 1.30 | % | ||
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 | % |
33 | OPPENHEIMER DEVELOPING MARKETS FUND
Class B Year Ended August 31, | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||
Per Share Operating Data | ||||||||||||||||||||
Net asset value, beginning of period | $ | 29.43 | $ | 24.17 | $ | 40.56 | $ | 47.75 | $ | 37.75 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)1 | .342 | (.12 | ) | .03 | .17 | .02 | ||||||||||||||
Net realized and unrealized gain (loss) | 2.71 | 5.38 | (7.88 | ) | (1.09 | ) | 13.80 | |||||||||||||
Total from investment operations | 3.05 | 5.26 | (7.85 | ) | (.92 | ) | 13.82 | |||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||
Dividends from net investment income | — | — | (.22 | ) | (.04 | ) | (.17 | ) | ||||||||||||
Distributions from net realized gain | — | — | (8.32 | ) | (6.23 | ) | (3.65 | ) | ||||||||||||
Total dividends and/or distributions to shareholders | — | — | (8.54 | ) | (6.27 | ) | (3.82 | ) | ||||||||||||
Net asset value, end of period | $ | 32.48 | $ | 29.43 | $ | 24.17 | $ | 40.56 | $ | 47.75 | ||||||||||
Total Return, at Net Asset Value3 | 10.36 | % | 21.76 | % | (6.43 | )% | (4.30 | )% | 38.62 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 228,170 | $ | 212,590 | $ | 181,249 | $ | 235,659 | $ | 329,278 | ||||||||||
Average net assets (in thousands) | $ | 259,240 | $ | 205,371 | $ | 137,455 | $ | 307,320 | $ | 327,758 | ||||||||||
Ratios to average net assets:4 | ||||||||||||||||||||
Net investment income (loss) | 0.98 | %2 | (0.43 | )% | 0.14 | % | 0.35 | % | 0.04 | % | ||||||||||
Total expenses5 | 2.14 | % | 2.21 | % | 2.23 | % | 2.02 | % | 2.06 | % | ||||||||||
Expenses after payments, waivers and/or | ||||||||||||||||||||
reimbursements and reduction to | ||||||||||||||||||||
custodian expenses | 2.14 | % | 2.21 | % | 2.22 | % | 2.02 | % | 2.06 | % | ||||||||||
Portfolio turnover rate | 34 | % | 33 | % | 55 | % | 51 | % | 40 | % |
Year Ended August 31, 2011 | 2.14 | % | ||
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 | % |
34 | OPPENHEIMER DEVELOPING MARKETS FUND
Class C Year Ended August 31, | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||
Per Share Operating Data | ||||||||||||||||||||
Net asset value, beginning of period | $ | 28.72 | $ | 23.56 | $ | 39.91 | $ | 47.11 | $ | 37.33 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)1 | .432 | (.06 | ) | .05 | .20 | .04 | ||||||||||||||
Net realized and unrealized gain (loss) | 2.59 | 5.23 | (7.85 | ) | (1.08 | ) | 13.62 | |||||||||||||
Total from investment operations | 3.02 | 5.17 | (7.80 | ) | (.88 | ) | 13.66 | |||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||
Dividends from net investment income | — | (.01 | ) | (.23 | ) | (.09 | ) | (.23 | ) | |||||||||||
Distributions from net realized gain | — | — | (8.32 | ) | (6.23 | ) | (3.65 | ) | ||||||||||||
Total dividends and/or distributions to shareholders | — | (.01 | ) | (8.55 | ) | (6.32 | ) | (3.88 | ) | |||||||||||
Net asset value, end of period | $ | 31.74 | $ | 28.72 | $ | 23.56 | $ | 39.91 | $ | 47.11 | ||||||||||
Total Return, at Net Asset Value3 | 10.52 | % | 21.95 | % | (6.36 | )% | (4.28 | )% | 38.67 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 2,060,954 | $ | 1,374,711 | $ | 768,598 | $ | 923,115 | $ | 1,124,129 | ||||||||||
Average net assets (in thousands) | $ | 2,014,543 | $ | 1,127,812 | $ | 532,652 | $ | 1,126,359 | $ | 1,072,232 | ||||||||||
Ratios to average net assets:4 | ||||||||||||||||||||
Net investment income (loss) | 1.30 | %2 | (0.20 | )% | 0.25 | % | 0.43 | % | 0.09 | % | ||||||||||
Total expenses5 | 2.01 | % | 2.07 | % | 2.13 | % | 1.99 | % | 2.03 | % | ||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 2.01 | % | 2.07 | % | 2.13 | % | 1.99 | % | 2.03 | % | ||||||||||
Portfolio turnover rate | 34 | % | 33 | % | 55 | % | 51 | % | 40 | % |
1. | Per share amounts calculated based on the average shares outstanding during the period. | |
2. | Net investment income per share and the net investment income ratio include $0.45 and 1.35%, respectively, resulting from a special dividend from E-Mart Co. Ltd. in June 2011. | |
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, 2011 | 2.01 | % | ||
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 | % |
35 | OPPENHEIMER DEVELOPING MARKETS FUND
Class N Year Ended August 31, | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||
Per Share Operating Data | ||||||||||||||||||||
Net asset value, beginning of period | $ | 28.87 | $ | 23.64 | $ | 40.21 | $ | 47.44 | $ | 37.59 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | .552 | .03 | .12 | .36 | .17 | |||||||||||||||
Net realized and unrealized gain (loss) | 2.58 | 5.26 | (7.95 | ) | (1.09 | ) | 13.71 | |||||||||||||
Total from investment operations | 3.13 | 5.29 | (7.83 | ) | (.73 | ) | 13.88 | |||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||
Dividends from net investment income | — | (.06 | ) | (.42 | ) | (.27 | ) | (.38 | ) | |||||||||||
Distributions from net realized gain | — | — | (8.32 | ) | (6.23 | ) | (3.65 | ) | ||||||||||||
Total dividends and/or distributions to shareholders | — | (.06 | ) | (8.74 | ) | (6.50 | ) | (4.03 | ) | |||||||||||
Net asset value, end of period | $ | 32.00 | $ | 28.87 | $ | 23.64 | $ | 40.21 | $ | 47.44 | ||||||||||
Total Return, at Net Asset Value3 | 10.84 | % | 22.39 | % | (6.00 | )% | (3.98 | )% | 39.09 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 595,681 | $ | 388,942 | $ | 257,960 | $ | 282,921 | $ | 333,271 | ||||||||||
Average net assets (in thousands) | $ | 571,562 | $ | 337,841 | $ | 174,883 | $ | 365,943 | $ | 294,086 | ||||||||||
Ratios to average net assets:4 | ||||||||||||||||||||
Net investment income | 1.63 | %2 | 0.12 | % | 0.60 | % | 0.77 | % | 0.40 | % | ||||||||||
Total expenses5 | 1.77 | % | 1.83 | % | 2.07 | % | 1.69 | % | 1.75 | % | ||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.70 | % | 1.71 | % | 1.77 | % | 1.68 | % | 1.74 | % | ||||||||||
Portfolio turnover rate | 34 | % | 33 | % | 55 | % | 51 | % | 40 | % |
1. | Per share amounts calculated based on the average shares outstanding during the period. | |
2. | Net investment income per share and the net investment income ratio include $0.46 and 1.35%, respectively, resulting from a special dividend from E-Mart Co. Ltd. in June 2011. | |
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, 2011 | 1.77 | % | ||
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 | % |
36 | OPPENHEIMER DEVELOPING MARKETS FUND
Class Y Year Ended August 31, | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||
Per Share Operating Data | ||||||||||||||||||||
Net asset value, beginning of period | $ | 29.55 | $ | 24.13 | $ | 41.18 | $ | 48.43 | $ | 38.28 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income1 | .842 | .25 | .27 | .76 | .54 | |||||||||||||||
Net realized and unrealized gain (loss) | 2.60 | 5.35 | (8.21 | ) | (1.16 | ) | 13.93 | |||||||||||||
Total from investment operations | 3.44 | 5.60 | (7.94 | ) | (.40 | ) | 14.47 | |||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||
Dividends from net investment income | (.14 | ) | (.18 | ) | (.79 | ) | (.62 | ) | (.67 | ) | ||||||||||
Distributions from net realized gain | — | — | (8.32 | ) | (6.23 | ) | (3.65 | ) | ||||||||||||
Total dividends and/or distributions to shareholders | (.14 | ) | (.18 | ) | (9.11 | ) | (6.85 | ) | (4.32 | ) | ||||||||||
Net asset value, end of period | $ | 32.85 | $ | 29.55 | $ | 24.13 | $ | 41.18 | $ | 48.43 | ||||||||||
Total Return, at Net Asset Value3 | 11.62 | % | 23.22 | % | (5.45 | )% | (3.29 | )% | 40.17 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 8,479,943 | $ | 4,046,330 | $ | 1,788,541 | $ | 761,817 | $ | 518,186 | ||||||||||
Average net assets (in thousands) | $ | 7,355,168 | $ | 2,838,047 | $ | 1,073,863 | $ | 699,864 | $ | 416,051 | ||||||||||
Ratios to average net assets:4 | ||||||||||||||||||||
Net investment income | 2.42 | %2 | 0.89 | % | 1.37 | % | 1.63 | % | 1.24 | % | ||||||||||
Total expenses5 | 1.00 | % | 1.04 | % | 1.08 | % | 0.95 | % | 0.94 | % | ||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.00 | % | 1.04 | % | 1.08 | % | 0.95 | % | 0.94 | % | ||||||||||
Portfolio turnover rate | 34 | % | 33 | % | 55 | % | 51 | % | 40 | % |
Year Ended August 31, 2011 | 1.00 | % | ||
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 | % |
37 | OPPENHEIMER DEVELOPING MARKETS FUND
Oppenheimer Developing Markets Fund (the “Fund”) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Fund’s investment objective is to aggressively seek capital appreciation. The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”).
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 | |||||||||
$398,488,526 | $ | — | $ | 415,073,903 | $ | 3,099,365,051 |
Expiring | ||||
2015 | $ | 13,912,245 | ||
2016 | 3,478,061 | |||
2018 | 397,683,597 | |||
Total | $ | 415,073,903 | ||
3. | During the fiscal year ended August 31, 2010, the Fund did not utilize any capital loss carryforward. |
Reduction | ||||||||
Reduction to | to Accumulated | |||||||
Accumulated | Net Realized | |||||||
Reduction | Net Investment | Loss on | ||||||
to Paid-in Capital | Income | Investments | ||||||
$1,531 | $ | 31,679,320 | $ | 31,680,851 |
Year Ended | Year Ended | |||||||
August 31, 2011 | August 31, 2010 | |||||||
Distributions paid from: | ||||||||
Ordinary income | $ | 43,371,175 | $ | 43,744,993 |
Federal tax cost of securities | $ | 18,983,409,814 | ||
Federal tax cost of other investments | (18,546,543 | ) | ||
Total federal tax cost | $ | 18,964,863,271 | ||
Gross unrealized appreciation | $ | 4,182,957,488 | ||
Gross unrealized depreciation | (1,083,592,437 | ) | ||
Net unrealized appreciation | $ | 3,099,365,051 | ||
Projected Benefit Obligations Increased | $ | 61,245 | ||
Payments Made to Retired Trustees | 80,642 | |||
Accumulated Liability as of August 31, 2011 | 665,768 |
The Fund has authorized an unlimited number of no par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:
Year Ended August 31, 2011 | Year Ended August 31, 2010 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Class A | ||||||||||||||||
Sold | 166,461,173 | $ | 5,807,838,793 | 136,629,733 | $ | 3,897,325,382 | ||||||||||
Dividends and/or distributions | ||||||||||||||||
reinvested | 388,240 | 13,747,601 | 874,719 | 24,955,734 | ||||||||||||
Redeemed | (115,373,222 | ) | (4,000,140,738 | ) | (84,080,803 | ) | (2,366,472,190 | ) | ||||||||
Net increase | 51,476,191 | $ | 1,821,445,656 | 53,423,649 | $ | 1,555,808,926 | ||||||||||
Year Ended August 31, 2011 | Year Ended August 31, 2010 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Class B | ||||||||||||||||
Sold | 2,792,119 | $ | 95,912,291 | 2,673,119 | $ | 75,188,141 | ||||||||||
Dividends and/or distributions | ||||||||||||||||
reinvested | — | — | — | — | ||||||||||||
Redeemed | (2,990,728 | ) | (103,553,123 | ) | (2,948,769 | ) | (82,039,781 | ) | ||||||||
Net decrease | (198,609 | ) | $ | (7,640,832 | ) | (275,650 | ) | $ | (6,851,640 | ) | ||||||
Class C | ||||||||||||||||
Sold | 29,349,957 | $ | 985,481,824 | 23,037,970 | $ | 633,031,001 | ||||||||||
Dividends and/or distributions | ||||||||||||||||
reinvested | — | — | 11,606 | 320,554 | ||||||||||||
Redeemed | (12,281,248 | ) | (407,671,331 | ) | (7,805,356 | ) | (212,961,669 | ) | ||||||||
Net increase | 17,068,709 | $ | 577,810,493 | 15,244,220 | $ | 420,389,886 | ||||||||||
Class N | ||||||||||||||||
Sold | 12,157,742 | $ | 411,777,303 | 7,347,398 | $ | 203,090,749 | ||||||||||
Dividends and/or distributions | ||||||||||||||||
reinvested | — | — | 23,455 | 649,470 | ||||||||||||
Redeemed | (7,017,028 | ) | (237,117,116 | ) | (4,810,139 | ) | (131,781,857 | ) | ||||||||
Net increase | 5,140,714 | $ | 174,660,187 | 2,560,714 | $ | 71,958,362 | ||||||||||
Class Y | ||||||||||||||||
Sold | 184,804,634 | $ | 6,367,640,129 | 95,889,060 | $ | 2,711,872,608 | ||||||||||
Dividends and/or distributions | ||||||||||||||||
reinvested | 606,528 | 21,240,598 | 458,881 | 12,940,457 | ||||||||||||
Redeemed | (64,236,700 | ) | (2,201,102,303 | ) | (33,527,358 | ) | (929,237,934 | ) | ||||||||
Net increase | 121,174,462 | $ | 4,187,778,424 | 62,820,583 | $ | 1,795,575,131 | ||||||||||
Purchases | Sales | |||||||
Investment securities | $ | 13,930,405,896 | $ | 6,869,806,163 |
Fee Schedule | Fee Schedule Effective October 1, 2011 | |||||||||||
Up to $250 million | 1.00 | % | Up to $250 million | 1.00 | % | |||||||
Next $250 million | 0.95 | Next $250 million | 0.95 | |||||||||
Next $500 million | 0.90 | Next $500 million | 0.90 | |||||||||
Next $6 billion | 0.85 | Next $6 billion | 0.85 | |||||||||
Next $3 billion | 0.80 | Next $3 billion | 0.80 | |||||||||
Over $10 billion | 0.75 | Next $20 billion | 0.75 | |||||||||
Over $30 billion | 0.74 |
Administration Service Fees. The Fund pays the Manager a fee of $1,500 per year for preparing and filing the Fund’s tax returns.
Class C | $24,372,407 | |
Class N | 7,351,371 |
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, 2011 | $ | 4,210,897 | $ | 138,224 | $ | 442,878 | $ | 496,352 | $ | 31,313 | ||||||||||
Class N | $389,811 |
The Fund’s investment objectives not only permit the Fund to purchase investment securities, they also allow the Fund to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, the Fund will employ strategies in differing combinations to permit it to increase, decrease, or change the level or types of exposure to market risk factors. Central to those strategies are features inherent to derivatives that make them more attractive for this purpose than equity and debt securities: they require little or no initial cash investment, they can focus exposure on only certain selected risk factors, and they may not require the ultimate receipt or delivery of the underlying security (or securities) to the contract. This may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of effecting a similar response to market factors.
Asset Derivatives | Liability Derivatives | |||||||||||||||
Derivatives Not Accounted | Statement of Assets and | Statement of Assets and | ||||||||||||||
for as Hedging Instruments | Liabilities Location | Value | Liabilities Location | Value | ||||||||||||
Unrealized appreciation on | Unrealized depreciation | |||||||||||||||
foreign currency exchange | on foreign currency | |||||||||||||||
Foreign exchange contracts | contracts | $ | 165,041 | exchange contracts | $ | 88,039 |
The effect of derivative instruments on the Statement of Operations is as follows:
Amount of Realized Gain or (Loss) Recognized on Derivatives | ||||
Derivatives Not Accounted | Foreign currency | |||
for as Hedging Instruments | transactions | |||
Foreign exchange contracts | $ | (5,746,987 | ) |
Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives | ||||
Translation of assets and | ||||
Derivatives Not Accounted | liabilities denominated in | |||
for as Hedging Instruments | foreign currencies | |||
Foreign exchange contracts | $ | 365,541 |
October 17, 2011
UPDATES TO STATEMENTS OF INVESTMENTS Unaudited
Name, Position(s) Held with the Fund, Length of Service, Age | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships 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: 68 | 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 59 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: 71 | 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 59 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. |
Matthew P. Fink, Trustee (since 2005) Age: 70 | 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 59 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: 72 | Fellow of the Carnegie Corporation (since 2007); Member of the National Academy of Sciences (since 1979); Council on Foreign Relations (since 2002); Foreign Associate of Third World Academy of Sciences (since 2002); Chair of Science Initiative Group (since 1999); Member of the American Philosophical Society (since 1996); Trustee of Woodward Academy (since 1983); Director of GSI Lumonics Inc. (precision technology products company) (2001-2010); Senior Advisor of The Andrew W. Mellon Foundation (2001-2010); Distinguished Presidential Fellow for International Affairs of the National Academy of Science (2002-2010); 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 59 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: 68 | 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 59 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: 59 | Board Member of Pulitzer center for Crisis Reporting (non-profit journalism) (since December 2010); 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 and Board of Historic Hudson Valley. Oversees 59 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. | |
Mary Ann Tynan, Trustee (since 2008) Age: 65 | Vice Chair of Board of Trustees of Brigham and Women’s/Faulkner Hospitals (non-profit hospital) (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 |
Mary Ann Tynan, Continued | 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 59 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: 70 | Director of C-TASC (bio-statistics services) (since 2007); formerly, Director of the following medical device companies: Medintec (1992-2011) and Cathco (1996- 2011); Member of the Investment Committee of the Associated Jewish Charities of Baltimore (since 1994); Director of Lakes Environmental Association (environ- mental protection organization) (1996-2008); Director of Fortis/Hartford mutual funds (1994-December 2001). Oversees 59 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: 63 | 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 59 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, regula- tory 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, Gabinet, Zack and Ms. Nasta, 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 (since 2007) Age: 43 | 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 2 portfolios in the OppenheimerFunds complex. | |
William F. Glavin, Jr., President and Principal Executive Officer (since 2009) Age: 53 | 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 |
William F. Glavin, Jr., Continued | 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 66 portfolios as a Trustee/Director and 96 portfolios as an officer in the OppenheimerFunds complex. | |
Arthur S. Gabinet, Secretary (since 2011) Age: 53 | Executive Vice President (since May 2010) and General Counsel (since January 2011) of the Manager; General Counsel of the Distributor (since January 2011); General Counsel of Centennial Asset Management Corporation (since January 2011); Executive Vice President and General Counsel of HarbourView Asset Management Corporation (since January 2011); Assistant Secretary (since January 2011) and Director (since January 2011) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc. (since January 2011); Director of Oppenheimer Real Asset Management, Inc. (since January 2011); Executive Vice President and General Counsel of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since January 2011); Executive Vice President and General Counsel of OFI Private Investments, Inc. (since January 2011); Vice President of OppenheimerFunds Legacy Program (since January 2011); Executive Vice President and General Counsel of OFI Institutional Asset Management, Inc. (since January 2011); General Counsel, Asset Management of the Manager (May 2010-December 2010); Principal, The Vanguard Group (November 2005-April 2010); District Administrator, U.S. Securities and Exchange Commission (January 2003-October 2005). An officer of 96 portfolios in the OppenheimerFunds complex. | |
Christina M. Nasta, Vice President and Chief Business Officer (since 2011) Age: 38 | Senior Vice President of the Manager (since July 2010); Vice President of the Manager (since January 2003); Vice President of OppenheimerFunds Distributor, Inc. (since January 2003). An officer of 96 portfolios in the OppenheimerFunds complex. | |
Mark S. Vandehey, Vice President and Chief Compliance Officer (since 2004) Age: 60 | 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: 51 | 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 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 OAC (March 1999-June 2008). An officer of 96 portfolios in the OppenheimerFunds complex. | |
Robert G. Zack, Vice President (since 2011) Age: 63 | Vice President, Secretary and General Counsel of OAC (since November 2001); Executive Vice President (since January 2004) and General Counsel (March 2002- December 2010) of the Manager; Executive Vice President, General Counsel and Director of OFI Trust Company (since November 2001); General Counsel of the Distributor (December 2001-December 2010); General Counsel of Centennial Asset Management Corporation (December 2001-December 2010); Senior Vice President and General Counsel of HarbourView Asset Management Corporation (December 2001-December 2010); Assistant Secretary (September 1997-December 2010) and Director (November 2001-December 2010) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc. (December 2002-December 2010); Director of Oppenheimer Real Asset Management, Inc. (November 2001-December 2010); Senior Vice President, General Counsel and Director of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (December 2001-December 2010); Senior Vice President, General Counsel and Director of OFI Private Investments, Inc. (November 2001-December 2010); Vice President of OppenheimerFunds Legacy Program (June 2003-December 2010); Senior Vice President and General Counsel of OFI Institutional Asset Management, Inc. (November 2001-December 2010). An officer of 96 portfolios in the OppenheimerFunds complex. |
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 |
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(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 $185,140 in fiscal 2011 and $397,438 in fiscal 2010 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. |
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. |
By: | /s/ William F. Glavin Jr. | |||
William F. Glavin, Jr. | ||||
Principal Executive Officer |
By: | /s/ William F. Glavin, Jr. | |||
William F. Glavin, Jr. | ||||
Principal Executive Officer |
By: | /s/ Brian W. Wixted | |||
Brian W. Wixted | ||||
Principal Financial Officer |