SECURITIES AND EXCHANGE COMMISSION
INVESTMENT COMPANIES
(Address of principal executive offices) (Zip code)
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008
(Name and address of agent for service)
July 30, 2010 Conservative Management Commentary and Semiannual Report Investor Fund A Series of Oppenheimer Portfolio Series MANAGEMENT COMMENTARY An Interview with Your Fund’s Portfolio Managers SEMIANNUAL REPORT Listing of Top Holdings Listing of Investments Financial Statements |
Beginning | Ending | Expenses | ||||||||||
Account | Account | Paid During | ||||||||||
Value | Value | 6 Months Ended | ||||||||||
February 1, 2010 | July 30, 2010 | July 30, 2010 | ||||||||||
Actual | ||||||||||||
Class A | $ | 1,000.00 | $ | 1,050.10 | $ | 2.43 | ||||||
Class B | 1,000.00 | 1,044.90 | 6.78 | |||||||||
Class C | 1,000.00 | 1,045.00 | 6.42 | |||||||||
Class N | 1,000.00 | 1,047.60 | 3.89 | |||||||||
Class Y | 1,000.00 | 1,052.60 | 0.56 | |||||||||
Hypothetical (5% return before expenses) | ||||||||||||
Class A | 1,000.00 | 1,022.29 | 2.40 | |||||||||
Class B | 1,000.00 | 1,018.05 | 6.69 | |||||||||
Class C | 1,000.00 | 1,018.39 | 6.34 | |||||||||
Class N | 1,000.00 | 1,020.86 | 3.84 | |||||||||
Class Y | 1,000.00 | 1,024.12 | 0.55 |
Class | Expense Ratios | |||
Class A | 0.48 | % | ||
Class B | 1.34 | |||
Class C | 1.27 | |||
Class N | 0.77 | |||
Class Y | 0.11 |
Shares | Value | |||||||
Investment Companies—100.1%1 | ||||||||
Fixed Income Funds—64.3% | ||||||||
Oppenheimer Champion Income Fund, Cl. Y | 9,164,656 | $ | 17,046,260 | |||||
Oppenheimer Core Bond Fund, Cl. Y | 16,024,341 | 103,196,755 | ||||||
Oppenheimer International Bond Fund, Cl. Y | 5,809,815 | 37,705,699 | ||||||
Oppenheimer Limited-Term Government Fund, Cl. Y | 7,263,794 | 68,424,941 | ||||||
Oppenheimer Master Inflation Protected Securities Fund, LLC | 1,091,478 | 11,077,196 | ||||||
237,450,851 | ||||||||
Global Equity Funds—4.1% | ||||||||
Oppenheimer Developing Markets Fund, Cl. Y | 77,387 | 2,331,667 | ||||||
Oppenheimer International Growth Fund, Cl. Y | 327,517 | 8,004,517 | ||||||
Oppenheimer International Small Company Fund, Cl. Y | 38,999 | 772,574 | ||||||
Oppenheimer Quest International Value Fund, Cl. Y | 254,740 | 3,866,947 | ||||||
14,975,705 | ||||||||
Money Market Fund—3.2% | ||||||||
Oppenheimer Institutional Money Market Fund, Cl. E, 0.30%2 | 11,679,993 | 11,679,993 | ||||||
Specialty Funds—7.2% | ||||||||
Oppenheimer Commodity Strategy Total Return Fund, Cl. Y3 | 4,783,939 | 15,404,283 | ||||||
Oppenheimer Gold & Special Minerals Fund, Cl. A | 89,861 | 3,555,788 | ||||||
Oppenheimer Real Estate Fund, Cl. Y | 445,591 | 7,668,628 | ||||||
26,628,699 | ||||||||
U.S. Equity Funds—21.3% | ||||||||
Oppenheimer Capital Appreciation Fund, Cl. Y3 | 723,715 | 28,072,905 | ||||||
Oppenheimer Main Street Small Cap Fund, Cl. Y | 599,224 | 10,893,896 | ||||||
Oppenheimer Value Fund, Cl. Y | 2,047,730 | 39,664,521 | ||||||
78,631,322 | ||||||||
Total Investments, at Value (Cost $391,493,233) | 100.1 | % | 369,366,570 | |||||
Liabilities in Excess of Other Assets | (0.1 | ) | (186,712 | ) | ||||
Net Assets | 100.0 | % | $ | 369,179,858 | ||||
* | July 30, 2010 represents the last business day of the Fund’s 2010 semiannual period. See Note 1 of the accompanying Notes. | |
1. | Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended July 30, 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 | Shares | |||||||||||||||
January 31, | Gross | Gross | July 30, | |||||||||||||
2010 | Additions | Reductions | 2010 | |||||||||||||
Oppenheimer Capital Appreciation Fund, Cl.Y | 467,034 | 279,702 | 23,021 | 723,715 | ||||||||||||
Oppenheimer Champion Income Fund, Cl.Y | 13,191,935 | 1,545,026 | 5,572,305 | 9,164,656 | ||||||||||||
Oppenheimer Commodity Strategy Total Return Fund, Cl.Y | 5,164,765 | 454,082 | 834,908 | 4,783,939 | ||||||||||||
Oppenheimer Core Bond Fund, Cl.Y | 17,165,564 | 1,859,536 | 3,000,759 | 16,024,341 | ||||||||||||
Oppenheimer Developing Markets Fund, Cl.Y | — | 78,646 | 1,259 | 77,387 | ||||||||||||
Oppenheimer Global Fund, Cl.Y | 361,108 | 21,929 | 383,037 | — | ||||||||||||
Oppenheimer Gold & Special Minerals Fund, Cl.A | — | 91,329 | 1,468 | 89,861 | ||||||||||||
Oppenheimer Institutional Money Market Fund, Cl.E | 368,365 | 42,994,285 | 31,682,657 | 11,679,993 | ||||||||||||
Oppenheimer International Bond Fund, Cl.Y | 4,126,247 | 1,880,037 | 196,469 | 5,809,815 | ||||||||||||
Oppenheimer International Growth Fund, Cl.Y | — | 332,868 | 5,351 | 327,517 | ||||||||||||
Oppenheimer International Small Company Fund, Cl.Y | — | 39,636 | 637 | 38,999 | ||||||||||||
Oppenheimer Limited-Term Government Fund, Cl.Y | 7,462,861 | 757,167 | 956,234 | 7,263,794 | ||||||||||||
Oppenheimer Main Street Fund, Cl.Y | 679,045 | 40,989 | 720,034 | — | ||||||||||||
Oppenheimer Main Street Small Cap Fund, Cl.Y | — | 609,169 | 9,945 | 599,224 | ||||||||||||
Oppenheimer Master Inflation Protected Securities Fund, LLC | — | 1,117,528 | 26,050 | 1,091,478 | ||||||||||||
Oppenheimer Quest International Value Fund, Cl.Y | — | 258,884 | 4,144 | 254,740 | ||||||||||||
Oppenheimer Real Estate Fund, Cl.Y | 1,466,960 | 89,959 | 1,111,328 | 445,591 | ||||||||||||
Oppenheimer Value Fund, Cl.Y | 970,883 | 1,133,823 | 56,976 | 2,047,730 |
Realized | ||||||||||||
Value | Income | Gain (Loss) | ||||||||||
Oppenheimer Capital Appreciation Fund, Cl.Y | $ | 28,072,905 | $ | — | $ | (205,438 | ) | |||||
Oppenheimer Champion Income Fund, Cl.Y | 17,046,260 | 1,022,155 | (19,122,396 | ) | ||||||||
Oppenheimer Commodity Strategy Total Return Fund, Cl.Y | 15,404,283 | — | (3,400,543 | ) | ||||||||
Oppenheimer Core Bond Fund, Cl.Y | 103,196,755 | 3,061,531 | (9,057,523 | ) | ||||||||
Oppenheimer Developing Markets Fund, Cl.Y | 2,331,667 | — | (309 | ) | ||||||||
Oppenheimer Global Fund, Cl.Y | — | — | (2,457,187 | ) | ||||||||
Oppenheimer Gold & Special Minerals Fund, Cl.A | 3,555,788 | — | (302 | ) | ||||||||
Oppenheimer Institutional Money Market Fund, Cl.E | 11,679,993 | 5,658 | — | |||||||||
Oppenheimer International Bond Fund, Cl.Y | 37,705,699 | 649,092 | (40,828 | ) | ||||||||
Oppenheimer International Growth Fund, Cl.Y | 8,004,517 | — | (1,548 | ) | ||||||||
Oppenheimer International Small Company Fund, Cl.Y | 772,574 | — | (183 | ) | ||||||||
Oppenheimer Limited-Term Government Fund, Cl.Y | 68,424,941 | 1,230,348 | (110,213 | ) | ||||||||
Oppenheimer Main Street Fund, Cl.Y | — | — | (3,485,235 | ) | ||||||||
Oppenheimer Main Street Small Cap Fund, Cl.Y | 10,893,896 | — | (5,115 | ) | ||||||||
Oppenheimer Master Inflation Protected Securities Fund, LLC | 11,077,196 | 28,288 | a | 4,608 | a | |||||||
Oppenheimer Quest International Value Fund, Cl.Y | 3,866,947 | — | (709 | ) | ||||||||
Oppenheimer Real Estate Fund, Cl.Y | 7,668,628 | 105,256 | (2,718,934 | ) | ||||||||
Oppenheimer Value Fund, Cl.Y | 39,664,521 | — | (367,620 | ) | ||||||||
$ | 369,366,570 | $ | 6,102,328 | $ | (40,969,475 | ) | ||||||
a. | Represents the amount allocated to the Fund from Oppenheimer Master Inflation Protected Securities Fund, LLC. |
2. | Rate shown is the 7-day yield as of July 30, 2010. | |
3. | Non-income producing security. |
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). |
Level 3— | ||||||||||||||||
Level 1— | Level 2— | Significant | ||||||||||||||
Unadjusted | Other Significant | Unobservable | ||||||||||||||
Quoted prices | Observable Inputs | Inputs | Value | |||||||||||||
Assets Table | ||||||||||||||||
Investments, at Value: | ||||||||||||||||
Investment Companies | $ | 369,366,570 | $ | — | $ | — | $ | 369,366,570 | ||||||||
Total Assets | $ | 369,366,570 | $ | — | $ | — | $ | 369,366,570 | ||||||||
July 30, 20101 | ||||
Assets | ||||
Investments, at value—see accompanying statement of investments—affiliated companies (cost $391,493,233) | $ | 369,366,570 | ||
Cash | 89,247 | |||
Receivables and other assets: | ||||
Dividends | 913,918 | |||
Shares of beneficial interest sold | 794,351 | |||
Other | 15,201 | |||
Total assets | 371,179,287 | |||
Liabilities | ||||
Payables and other liabilities: | ||||
Investments purchased | 972,058 | |||
Shares of beneficial interest redeemed | 802,430 | |||
Transfer and shareholder servicing agent fees | 77,086 | |||
Distribution and service plan fees | 70,011 | |||
Shareholder communications | 29,495 | |||
Trustees’ compensation | 27,043 | |||
Other | 21,306 | |||
Total liabilities | 1,999,429 | |||
Net Assets | $ | 369,179,858 | ||
Composition of Net Assets | ||||
Par value of shares of beneficial interest | $ | 47,810 | ||
Additional paid-in capital | 497,642,774 | |||
Accumulated net investment income | 5,419,107 | |||
Accumulated net realized loss on investments | (111,803,170 | ) | ||
Net unrealized depreciation on investments | (22,126,663 | ) | ||
Net Assets | $ | 369,179,858 | ||
Net Asset Value Per Share | ||||
Class A Shares: | ||||
Net asset value and redemption price per share (based on net assets of $185,580,550 and 23,908,414 shares of beneficial interest outstanding) | $ | 7.76 | ||
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) | $ | 8.23 | ||
Class B Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $29,520,392 and 3,843,426 shares of beneficial interest outstanding) | $ | 7.68 | ||
Class C Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $97,694,029 and 12,751,060 shares of beneficial interest outstanding) | $ | 7.66 | ||
Class N Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $54,870,648 and 7,113,000 shares of beneficial interest outstanding) | $ | 7.71 | ||
Class Y Shares: | ||||
Net asset value, redemption price and offering price per share (based on net assets of $1,514,239 and 194,208 shares of beneficial interest outstanding) | $ | 7.80 |
1. | July 30, 2010 represents the last business day of the Fund’s 2010 semiannual period. See Note 1 of the accompanying Notes. |
For the Six Months Ended July 30, 20101 | ||||
Allocation of Income and Expenses from master fund2 | ||||
Net investment income allocated from Oppenheimer Master Inflation Protected Securities Fund, LLC: | ||||
Interest | $ | 28,288 | ||
Expenses | (7,611 | ) | ||
Net investment income allocated from Oppenheimer Master Inflation Protected Securities Fund, LLC | 20,677 | |||
Investment Income | ||||
Dividends from affiliated companies | 6,074,040 | |||
Interest | 33 | |||
Total investment income | 6,074,073 | |||
Expenses | ||||
Distribution and service plan fees: | ||||
Class A | 216,603 | |||
Class B | 143,319 | |||
Class C | 460,630 | |||
Class N | 132,965 | |||
Transfer and shareholder servicing agent fees: | ||||
Class A | 176,574 | |||
Class B | 43,214 | |||
Class C | 105,737 | |||
Class N | 80,541 | |||
Class Y | 408 | |||
Shareholder communications: | ||||
Class A | 16,524 | |||
Class B | 6,113 | |||
Class C | 10,102 | |||
Class N | 1,950 | |||
Class Y | 15 | |||
Trustees’ compensation | 3,063 | |||
Custodian fees and expenses | 1,969 | |||
Other | 23,429 | |||
Total expenses | 1,423,156 | |||
Less waivers and reimbursements of expenses | (16,303 | ) | ||
Net expenses | 1,406,853 | |||
Net Investment Income | 4,687,897 |
Realized and Unrealized Gain (Loss) | ||||
Net realized loss on investments from affiliated companies | $ | (40,974,083 | ) | |
Net realized gain allocated from Oppenheimer Master Inflation Protected Securities Fund, LLC | 4,608 | |||
Total net realized loss | (40,969,475 | ) | ||
Net change in unrealized appreciation/depreciation on investments | 52,754,400 | |||
Net change in unrealized appreciation/depreciation allocated from Oppenheimer Master Inflation Protected Securities Fund, LLC | 126,120 | |||
Total net change in unrealized appreciation/depreciation | 52,880,520 | |||
Net Increase in Net Assets Resulting from Operations | $ | 16,598,942 | ||
1. | July 30, 2010 represents the last business day of the Fund’s 2010 semiannual period. See Note 1 of the accompanying Notes. | |
2. | The Fund invests in an affiliated mutual fund that expects to be treated as a partnership for tax purposes. See Note 1 of the accompanying Notes. |
Six Months | Year | |||||||
Ended | Ended | |||||||
July 30, 2010 | January 31, | |||||||
(Unaudited)1 | 2010 | |||||||
Operations | ||||||||
Net investment income | $ | 4,687,897 | $ | 2,993,675 | ||||
Net realized loss | (40,969,475 | ) | (47,031,891 | ) | ||||
Net change in unrealized appreciation/depreciation | 52,880,520 | 96,404,998 | ||||||
Net increase in net assets resulting from operations | 16,598,942 | 52,366,782 | ||||||
Dividends and/or Distributions to Shareholders | ||||||||
Dividends from net investment income: | ||||||||
Class A | — | (1,706,377 | ) | |||||
Class B | — | (53,748 | ) | |||||
Class C | — | (268,094 | ) | |||||
Class N | — | (390,721 | ) | |||||
Class Y | — | (11,393 | ) | |||||
— | (2,430,333 | ) | ||||||
Beneficial Interest Transactions | ||||||||
Net increase (decrease) in net assets resulting from beneficial interest transactions: | ||||||||
Class A | 11,970,348 | 1,895,362 | ||||||
Class B | (644,739 | ) | (1,314,106 | ) | ||||
Class C | 6,706,794 | 766,304 | ||||||
Class N | (2,527,093 | ) | (572,470 | ) | ||||
Class Y | 484,426 | 401,139 | ||||||
15,989,736 | 1,176,229 | |||||||
Net Assets | ||||||||
Total increase | 32,588,678 | 51,112,678 | ||||||
Beginning of period | 336,591,180 | 285,478,502 | ||||||
End of period (including accumulated net investment income of $5,419,107 and $731,210, respectively) | $ | 369,179,858 | $ | 336,591,180 | ||||
1. | July 30, 2010 represents the last business day of the Fund’s 2010 semiannual period. See Note 1 of the accompanying Notes. |
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
July 30, 2010 | Year Ended January 31, | |||||||||||||||||||||||
Class A | (Unaudited)1 | 2010 | 2009 | 2008 | 2007 | 20062 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 7.39 | $ | 6.23 | $ | 10.75 | $ | 10.93 | $ | 10.53 | $ | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income3 | .11 | .10 | .13 | .55 | .46 | .38 | ||||||||||||||||||
Net realized and unrealized gain (loss) | .26 | 1.14 | (4.21 | ) | (.24 | ) | .29 | .33 | ||||||||||||||||
Total from investment operations | .37 | 1.24 | (4.08 | ) | .31 | .75 | .71 | |||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | — | (.08 | ) | (.13 | ) | (.43 | ) | (.33 | ) | (.18 | ) | |||||||||||||
Distributions from net realized gain | — | — | (.11 | ) | (.06 | ) | (.02 | ) | — | |||||||||||||||
Tax return of capital distribution | — | — | (.20 | ) | — | — | — | |||||||||||||||||
Total dividends and/or distributions to shareholders | — | (.08 | ) | (.44 | ) | (.49 | ) | (.35 | ) | (.18 | ) | |||||||||||||
Net asset value, end of period | $ | 7.76 | $ | 7.39 | $ | 6.23 | $ | 10.75 | $ | 10.93 | $ | 10.53 | ||||||||||||
Total Return, at Net Asset Value4 | 5.01 | % | 19.86 | % | (38.15 | )% | 2.81 | % | 7.11 | % | 7.15 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 185,581 | $ | 164,988 | $ | 138,965 | $ | 199,125 | $ | 110,378 | $ | 46,318 | ||||||||||||
Average net assets (in thousands) | $ | 178,423 | $ | 146,527 | $ | 196,986 | $ | 154,289 | $ | 76,542 | $ | 21,844 | ||||||||||||
Ratios to average net assets:5 | ||||||||||||||||||||||||
Net investment income | 2.98 | %6 | 1.50 | % | 1.42 | % | 4.93 | % | 4.24 | % | 4.50 | % | ||||||||||||
Total expenses7 | 0.48 | %6 | 0.50 | % | 0.40 | % | 0.35 | % | 0.38 | % | 0.53 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 0.48 | %6 | 0.50 | % | 0.40 | % | 0.35 | % | 0.38 | % | 0.51 | % | ||||||||||||
Portfolio turnover rate | 29 | % | 21 | % | 14 | % | 10 | % | 5 | % | 11 | % |
1. | July 30, 2010 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes. | |
2. | For the period from April 5, 2005 (commencement of operations) to January 31, 2006. | |
3. | Per share amounts calculated based on the average shares outstanding during the period. | |
4. | 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. | |
5. | Annualized for periods less than one full year. | |
6. | Includes the Fund’s share of the allocated expenses and/or net investment income from Oppenheimer Master Inflation Protected Securities Fund, LLC. | |
7. | Total expenses including all underlying fund expenses were as follows: |
Six Months Ended July 30, 2010 | 1.13 | % | ||
Year Ended January 31, 2010 | 1.10 | % | ||
Year Ended January 31, 2009 | 0.95 | % | ||
Year Ended January 31, 2008 | 0.91 | % | ||
Year Ended January 31, 2007 | 0.98 | % | ||
Period Ended January 31, 2006 | 1.19 | % |
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
July 30, 2010 | Year Ended January 31, | |||||||||||||||||||||||
Class B | (Unaudited)1 | 2010 | 2009 | 2008 | 2007 | 20062 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 7.35 | $ | 6.20 | $ | 10.67 | $ | 10.87 | $ | 10.49 | $ | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income3 | .08 | .05 | .06 | .44 | .36 | .32 | ||||||||||||||||||
Net realized and unrealized gain (loss) | .25 | 1.11 | (4.16 | ) | (.22 | ) | .30 | .32 | ||||||||||||||||
Total from investment operations | .33 | 1.16 | (4.10 | ) | .22 | .66 | .64 | |||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | — | (.01 | ) | (.06 | ) | (.36 | ) | (.26 | ) | (.15 | ) | |||||||||||||
Distributions from net realized gain | — | — | (.11 | ) | (.06 | ) | (.02 | ) | — | |||||||||||||||
Tax return of capital distribution | — | — | (.20 | ) | — | — | — | |||||||||||||||||
Total dividends and/or distributions to shareholders | — | (.01 | ) | (.37 | ) | (.42 | ) | (.28 | ) | (.15 | ) | |||||||||||||
Net asset value, end of period | $ | 7.68 | $ | 7.35 | $ | 6.20 | $ | 10.67 | $ | 10.87 | $ | 10.49 | ||||||||||||
Total Return, at Net Asset Value4 | 4.49 | % | 18.77 | % | (38.61 | )% | 1.93 | % | 6.28 | % | 6.44 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 29,520 | $ | 28,860 | $ | 25,821 | $ | 35,068 | $ | 21,991 | $ | 9,163 | ||||||||||||
Average net assets (in thousands) | $ | 29,069 | $ | 26,346 | $ | 35,491 | $ | 27,664 | $ | 15,882 | $ | 4,018 | ||||||||||||
Ratios to average net assets:5 | ||||||||||||||||||||||||
Net investment income | 2.12 | %6 | 0.72 | % | 0.62 | % | 4.01 | % | 3.36 | % | 3.74 | % | ||||||||||||
Total expenses7 | 1.36 | %6 | 1.45 | % | 1.25 | % | 1.18 | % | 1.23 | % | 1.39 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.34 | %6 | 1.40 | % | 1.25 | % | 1.18 | % | 1.23 | % | 1.34 | % | ||||||||||||
Portfolio turnover rate | 29 | % | 21 | % | 14 | % | 10 | % | 5 | % | 11 | % |
1. | July 30, 2010 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes. | |
2. | For the period from April 5, 2005 (commencement of operations) to January 31, 2006. | |
3. | Per share amounts calculated based on the average shares outstanding during the period. | |
4. | 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. | |
5. | Annualized for periods less than one full year. | |
6. | Includes the Fund’s share of the allocated expenses and/or net investment income from Oppenheimer Master Inflation Protected Securities Fund, LLC. | |
7. | Total expenses including all underlying fund expenses were as follows: |
Six Months Ended July 30, 2010 | 2.01 | % | ||
Year Ended January 31, 2010 | 2.05 | % | ||
Year Ended January 31, 2009 | 1.80 | % | ||
Year Ended January 31, 2008 | 1.74 | % | ||
Year Ended January 31, 2007 | 1.83 | % | ||
Period Ended January 31, 2006 | 2.05 | % |
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
July 30, 2010 | Year Ended January 31, | |||||||||||||||||||||||
Class C | (Unaudited)1 | 2010 | 2009 | 2008 | 2007 | 20062 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 7.33 | $ | 6.18 | $ | 10.64 | $ | 10.85 | $ | 10.48 | $ | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income3 | .08 | .03 | .06 | .46 | .37 | .32 | ||||||||||||||||||
Net realized and unrealized gain (loss) | .25 | 1.14 | (4.15 | ) | (.24 | ) | .29 | .31 | ||||||||||||||||
Total from investment operations | .33 | 1.17 | (4.09 | ) | .22 | .66 | .63 | |||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | — | (.02 | ) | (.06 | ) | (.37 | ) | (.27 | ) | (.15 | ) | |||||||||||||
Distributions from net realized gain | — | — | (.11 | ) | (.06 | ) | (.02 | ) | — | |||||||||||||||
Tax return of capital distribution | — | — | (.20 | ) | — | — | — | |||||||||||||||||
Total dividends and/or distributions to shareholders | — | (.02 | ) | (.37 | ) | (.43 | ) | (.29 | ) | (.15 | ) | |||||||||||||
Net asset value, end of period | $ | 7.66 | $ | 7.33 | $ | 6.18 | $ | 10.64 | $ | 10.85 | $ | 10.48 | ||||||||||||
Total Return, at Net Asset Value4 | 4.50 | % | 18.98 | % | (38.62 | )% | 1.94 | % | 6.28 | % | 6.37 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 97,694 | $ | 86,890 | $ | 73,346 | $ | 98,955 | $ | 50,876 | $ | 19,145 | ||||||||||||
Average net assets (in thousands) | $ | 93,300 | $ | 77,652 | $ | 100,987 | $ | 74,109 | $ | 35,277 | $ | 7,647 | ||||||||||||
Ratios to average net assets:5 | ||||||||||||||||||||||||
Net investment income | 2.19 | %6 | 0.50 | % | 0.65 | % | 4.15 | % | 3.46 | % | 3.78 | % | ||||||||||||
Total expenses7 | 1.27 | %6 | 1.35 | % | 1.21 | % | 1.15 | % | 1.19 | % | 1.36 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.27 | %6 | 1.35 | % | 1.21 | % | 1.15 | % | 1.19 | % | 1.33 | % | ||||||||||||
Portfolio turnover rate | 29 | % | 21 | % | 14 | % | 10 | % | 5 | % | 11 | % |
1. | July 30, 2010 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes. | |
2. | For the period from April 5, 2005 (commencement of operations) to January 31, 2006. | |
3. | Per share amounts calculated based on the average shares outstanding during the period. | |
4. | 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. | |
5. | Annualized for periods less than one full year. | |
6. | Includes the Fund’s share of the allocated expenses and/or net investment income from Oppenheimer Master Inflation Protected Securities Fund, LLC. | |
7. | Total expenses including all underlying fund expenses were as follows: |
Six Months Ended July 30, 2010 | 1.92 | % | ||
Year Ended January 31, 2010 | 1.95 | % | ||
Year Ended January 31, 2009 | 1.76 | % | ||
Year Ended January 31, 2008 | 1.71 | % | ||
Year Ended January 31, 2007 | 1.79 | % | ||
Period Ended January 31, 2006 | 2.02 | % |
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
July 30, 2010 | Year Ended January 31, | |||||||||||||||||||||||
Class N | (Unaudited)1 | 2010 | 2009 | 2008 | 2007 | 20062 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 7.36 | $ | 6.20 | $ | 10.70 | $ | 10.90 | $ | 10.51 | $ | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income3 | .10 | .03 | .10 | .53 | .44 | .41 | ||||||||||||||||||
Net realized and unrealized gain (loss) | .25 | 1.18 | (4.19 | ) | (.26 | ) | .28 | .28 | ||||||||||||||||
Total from investment operations | .35 | 1.21 | (4.09 | ) | .27 | .72 | .69 | |||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | — | (.05 | ) | (.10 | ) | (.41 | ) | (.31 | ) | (.18 | ) | |||||||||||||
Distributions from net realized gain | — | — | (.11 | ) | (.06 | ) | (.02 | ) | — | |||||||||||||||
Tax return of capital distribution | — | — | (.20 | ) | — | — | — | |||||||||||||||||
Total dividends and/or distributions to shareholders | — | (.05 | ) | (.41 | ) | (.47 | ) | (.33 | ) | (.18 | ) | |||||||||||||
Net asset value, end of period | $ | 7.71 | $ | 7.36 | $ | 6.20 | $ | 10.70 | $ | 10.90 | $ | 10.51 | ||||||||||||
Total Return, at Net Asset Value4 | 4.76 | % | 19.55 | % | (38.40 | )% | 2.43 | % | 6.84 | % | 6.98 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 54,871 | $ | 54,890 | $ | 46,872 | $ | 58,762 | $ | 21,277 | $ | 7,569 | ||||||||||||
Average net assets (in thousands) | $ | 54,029 | $ | 50,202 | $ | 59,625 | $ | 37,891 | $ | 13,671 | $ | 2,231 | ||||||||||||
Ratios to average net assets:5 | ||||||||||||||||||||||||
Net investment income | 2.69 | %6 | 0.45 | % | 1.09 | % | 4.74 | % | 4.08 | % | 4.82 | % | ||||||||||||
Total expenses7 | 0.82 | %6 | 0.96 | % | 0.76 | % | 0.66 | % | 0.66 | % | 0.72 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 0.77 | %6 | 0.88 | % | 0.76 | % | 0.66 | % | 0.66 | % | 0.71 | % | ||||||||||||
Portfolio turnover rate | 29 | % | 21 | % | 14 | % | 10 | % | 5 | % | 11 | % |
1. | July 30, 2010 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes. | |
2. | For the period from April 5, 2005 (commencement of operations) to January 31, 2006. | |
3. | Per share amounts calculated based on the average shares outstanding during the period. | |
4. | 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. | |
5. | Annualized for periods less than one full year. | |
6. | Includes the Fund’s share of the allocated expenses and/or net investment income from Oppenheimer Master Inflation Protected Securities Fund, LLC. | |
7. | Total expenses including all underlying fund expenses were as follows: |
Six Months Ended July 30, 2010 | 1.47 | % | ||
Year Ended January 31, 2010 | 1.56 | % | ||
Year Ended January 31, 2009 | 1.31 | % | ||
Year Ended January 31, 2008 | 1.22 | % | ||
Year Ended January 31, 2007 | 1.26 | % | ||
Period Ended January 31, 2006 | 1.38 | % |
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
July 30, 2010 | Year Ended January 31, | |||||||||||||||||||||||
Class Y | (Unaudited)1 | 2010 | 2009 | 2008 | 2007 | 20062 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 7.41 | $ | 6.25 | $ | 10.79 | $ | 10.96 | $ | 10.54 | $ | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)3 | .12 | (.05 | ) | .18 | .64 | .49 | .38 | |||||||||||||||||
Net realized and unrealized gain (loss) | .27 | 1.31 | (4.25 | ) | (.29 | ) | .30 | .35 | ||||||||||||||||
Total from investment operations | .39 | 1.26 | (4.07 | ) | .35 | .79 | .73 | |||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | — | (.10 | ) | (.16 | ) | (.46 | ) | (.35 | ) | (.19 | ) | |||||||||||||
Distributions from net realized gain | — | — | (.11 | ) | (.06 | ) | (.02 | ) | — | |||||||||||||||
Tax return of capital distribution | — | — | (.20 | ) | — | — | — | |||||||||||||||||
Total dividends and/or distributions to shareholders | — | (.10 | ) | (.47 | ) | (.52 | ) | (.37 | ) | (.19 | ) | |||||||||||||
Net asset value, end of period | $ | 7.80 | $ | 7.41 | $ | 6.25 | $ | 10.79 | $ | 10.96 | $ | 10.54 | ||||||||||||
Total Return, at Net Asset Value4 | 5.26 | % | 20.17 | % | (37.92 | )% | 3.15 | % | 7.50 | % | 7.34 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,514 | $ | 963 | $ | 475 | $ | 604 | $ | 135 | $ | 96 | ||||||||||||
Average net assets (in thousands) | $ | 952 | $ | 609 | $ | 732 | $ | 385 | $ | 127 | $ | 71 | ||||||||||||
Ratios to average net assets:5 | ||||||||||||||||||||||||
Net investment income (loss) | 3.30 | %6 | (0.74 | )% | 1.95 | % | 5.70 | % | 4.57 | % | 4.42 | % | ||||||||||||
Total expenses7 | 0.11 | %6 | 0.22 | % | 0.09 | % | 0.01 | % | 0.06 | % | 0.30 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 0.11 | %6 | 0.14 | % | 0.09 | % | 0.01 | % | 0.06 | % | 0.25 | % | ||||||||||||
Portfolio turnover rate | 29 | % | 21 | % | 14 | % | 10 | % | 5 | % | 11 | % |
1. | July 30, 2010 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes. | |
2. | For the period from April 5, 2005 (commencement of operations) to January 31, 2006. | |
3. | Per share amounts calculated based on the average shares outstanding during the period. | |
4. | 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. | |
5. | Annualized for periods less than one full year. | |
6. | Includes the Fund’s share of the allocated expenses and/or net investment income from Oppenheimer Master Inflation Protected Securities Fund, LLC. | |
7. | Total expenses including all underlying fund expenses were as follows: |
Six Months Ended July 30, 2010 | 0.76 | % | ||
Year Ended January 31, 2010 | 0.82 | % | ||
Year Ended January 31, 2009 | 0.64 | % | ||
Year Ended January 31, 2008 | 0.57 | % | ||
Year Ended January 31, 2007 | 0.66 | % | ||
Period Ended January 31, 2006 | 0.96 | % |
Expiring | ||||
2018 | $ | 14,489,934 |
Federal tax cost of securities | $ | 462,550,831 | ||
Gross unrealized appreciation | $ | 9,259,855 | ||
Gross unrealized depreciation | (102,444,116 | ) | ||
Net unrealized depreciation | $ | (93,184,261 | ) | |
Projected Benefit Obligations Increased | $ | 101 | ||
Payments Made to Retired Trustees | — | |||
Accumulated Liability as of July 30, 2010 | 15,790 |
Six Months Ended July 30, 2010 | Year Ended January 31, 2010 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Class A | ||||||||||||||||
Sold | 5,563,013 | $ | 42,237,340 | 8,550,982 | $ | 58,122,878 | ||||||||||
Dividends and/or distributions reinvested | — | — | 213,721 | 1,594,373 | ||||||||||||
Redeemed | (3,969,853 | ) | (30,266,992 | ) | (8,748,325 | ) | (57,821,889 | ) | ||||||||
Net increase | 1,593,160 | $ | 11,970,348 | 16,378 | $ | 1,895,362 | ||||||||||
Class B | ||||||||||||||||
Sold | 542,705 | $ | 4,101,531 | 1,529,708 | $ | 10,290,774 | ||||||||||
Dividends and/or distributions reinvested | — | — | 7,038 | 52,144 | ||||||||||||
Redeemed | (627,256 | ) | (4,746,270 | ) | (1,776,292 | ) | (11,657,024 | ) | ||||||||
Net decrease | (84,551 | ) | $ | (644,739 | ) | (239,546 | ) | $ | 1,314,106 | ) | ||||||
Class C | ||||||||||||||||
Sold | 2,533,316 | $ | 19,071,883 | 5,326,969 | $ | 35,510,868 | ||||||||||
Dividends and/or distributions reinvested | — | — | 33,654 | 249,159 | ||||||||||||
Redeemed | (1,642,381 | ) | (12,365,089 | ) | (5,363,793 | ) | (34,993,723 | ) | ||||||||
Net increase (decrease) | 890,935 | $ | 6,706,794 | (3,170 | ) | $ | 766,304 | |||||||||
Class N | ||||||||||||||||
Sold | 1,261,136 | $ | 9,524,446 | 3,310,518 | $ | 22,171,491 | ||||||||||
Dividends and/or distributions reinvested | — | — | 45,133 | 334,888 | ||||||||||||
Redeemed | (1,607,868 | ) | (12,051,539 | ) | (3,450,117 | ) | (23,078,849 | ) | ||||||||
Net decrease | (346,732 | ) | $ | (2,527,093 | ) | (94,466 | ) | $ | (572,470 | ) | ||||||
Class Y | ||||||||||||||||
Sold | 135,324 | $ | 1,023,183 | 103,489 | $ | 729,170 | ||||||||||
Dividends and/or distributions reinvested | — | — | 1,524 | 11,383 | ||||||||||||
Redeemed | (70,941 | ) | (538,757 | ) | (51,203 | ) | (339,414 | ) | ||||||||
Net increase | 64,383 | $ | 484,426 | 53,810 | $ | 401,139 | ||||||||||
Purchases | Sales | |||||||
Investment securities | $ | 111,293,267 | $ | 102,178,548 |
Class B | $ | 376,786 | ||
Class C | 1,177,429 | |||
Class N | 1,007,230 |
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 | ||||||||||||||||
Six Months Ended | Distributor | Distributor | Distributor | Distributor | Distributor | |||||||||||||||
July 30, 2010 | $ | 141,079 | $ | 1,443 | $ | 50,558 | $ | 10,447 | $ | 1,101 |
Class N | $ | 4,887 |
34 | CONSERVATIVE INVESTOR FUND
35 | CONSERVATIVE INVESTOR FUND
36 | CONSERVATIVE INVESTOR FUND
Trustees and Officers | Brian F. Wruble, Chairman of the Board of Trustees and Trustee | |
David K. Downes, Trustee | ||
Matthew P. Fink, Trustee | ||
Phillip A. Griffiths, Trustee | ||
Mary F. Miller, Trustee | ||
Joel W. Motley, Trustee | ||
Mary Ann Tynan, Trustee | ||
Joseph M. Wikler, Trustee | ||
Peter I. Wold, Trustee | ||
William F. Glavin, Jr., President and Principal Executive Officer | ||
Alan C. Gilston, Vice President and Portfolio Manager | ||
Krishna Memani, Vice President and Portfolio Manager | ||
Thomas W. Keffer, Vice President and Chief Business Officer | ||
Mark S. Vandehey, Vice President and Chief Compliance Officer | ||
Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer | ||
Robert G. Zack, Secretary | ||
Manager | OppenheimerFunds, Inc. | |
Distributor | OppenheimerFunds Distributor, Inc. | |
Transfer and Shareholder Servicing Agent | OppenheimerFunds Services | |
Independent Registered Public Accounting Firm | KPMG llp | |
Legal Counsel | Kramer Levin Naftalis & Frankel LLP | |
The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm. | ||
©2010 OppenheimerFunds, Inc. All rights reserved. |
37 | CONSERVATIVE INVESTOR FUND
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38 | CONSERVATIVE INVESTOR FUND
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39 | CONSERVATIVE INVESTOR FUND
July 30, 2010 Moderate Management Commentary Investor Fund and Semiannual A Series of Oppenheimer Portfolio Series Report MANAGEMENT COMMENTARY An Interview with Your Fund’s Portfolio Managers SEMIANNUAL REPORT Listing of Top Holdings Listing of Investments Financial Statements |
An explanation of the calculation of performance is in the Fund’s Statement of Additional Information.
Beginning | Ending | Expenses | ||||||||||
Account | Account | Paid During | ||||||||||
Value | Value | 6 Months Ended | ||||||||||
February 1, 2010 | July 30, 2010 | July 30, 2010 | ||||||||||
Actual | ||||||||||||
Class A | $ | 1,000.00 | $ | 1,044.00 | $ | 2.32 | ||||||
Class B | 1,000.00 | 1,040.70 | 6.76 | |||||||||
Class C | 1,000.00 | 1,040.70 | 6.26 | |||||||||
Class N | 1,000.00 | 1,043.00 | 3.68 | |||||||||
Class Y | 1,000.00 | 1,046.50 | 0.25 | |||||||||
Hypothetical (5% return before expenses) | ||||||||||||
Class A | 1,000.00 | 1,022.39 | 2.30 | |||||||||
Class B | 1,000.00 | 1,018.05 | 6.69 | |||||||||
Class C | 1,000.00 | 1,018.54 | 6.19 | |||||||||
Class N | 1,000.00 | 1,021.06 | 3.64 | |||||||||
Class Y | 1,000.00 | 1,024.41 | 0.25 |
Class | Expense Ratios | |||
Class A | 0.46 | % | ||
Class B | 1.34 | |||
Class C | 1.24 | |||
Class N | 0.73 | |||
Class Y | 0.05 |
Shares | Value | |||||||
Investment Companies—99.8%1 | ||||||||
Fixed Income Funds—42.9% | ||||||||
Oppenheimer Champion Income Fund, Cl.Y | 13,598,734 | $ | 25,293,645 | |||||
Oppenheimer Core Bond Fund, Cl.Y | 23,711,946 | 152,704,931 | ||||||
Oppenheimer International Bond Fund, Cl.Y | 12,215,648 | 79,279,555 | ||||||
Oppenheimer Limited-Term Government Fund, Cl.Y | 10,827,416 | 101,994,262 | ||||||
Oppenheimer Master Inflation Protected Securities Fund, LLC | 2,648,855 | 26,883,061 | ||||||
386,155,454 | ||||||||
Global Equity Funds—12.4% | ||||||||
Oppenheimer Developing Markets Fund, Cl.Y | 563,555 | 16,979,921 | ||||||
Oppenheimer International Growth Fund, Cl.Y | 2,453,146 | 59,954,877 | ||||||
Oppenheimer International Small Company Fund, Cl.Y | 283,954 | 5,625,122 | ||||||
Oppenheimer Quest International Value Fund, Cl.Y | 1,929,175 | 29,284,880 | ||||||
111,844,800 | ||||||||
Money Market Fund—1.9% | ||||||||
Oppenheimer Institutional Money Market Fund, Cl. E, 0.30%2 | 17,085,295 | 17,085,295 | ||||||
Specialty Funds—7.2% | ||||||||
Oppenheimer Commodity Strategy Total Return Fund, Cl. Y3 | 11,599,127 | 37,349,190 | ||||||
Oppenheimer Gold & Special Minerals Fund, Cl.A | 217,899 | 8,622,282 | ||||||
Oppenheimer Real Estate Fund, Cl.Y | 1,077,671 | 18,546,716 | ||||||
64,518,188 | ||||||||
U.S. Equity Funds—35.4% | ||||||||
Oppenheimer Capital Appreciation Fund, Cl. Y3 | 2,918,522 | 113,209,465 | ||||||
Oppenheimer Main Street Small Cap Fund, Cl.Y | 2,441,926 | 44,394,218 | ||||||
Oppenheimer Value Fund, Cl.Y | 8,282,553 | 160,433,060 | ||||||
318,036,743 | ||||||||
Total Investments, at Value (Cost $964,410,841) | 99.8 | % | 897,640,480 | |||||
Other Assets Net of Liabilities | 0.2 | 1,827,901 | ||||||
Net Assets | 100.0 | % | $ | 899,468,381 | ||||
* | July 30, 2010 represents the last business day of the Fund’s 2010 semiannual period. See Note 1 of the accompanying Notes. |
Shares | Gross | Gross | Shares | |||||||||||||
January 31, 2010 | Additions | Reductions | July 30, 2010 | |||||||||||||
Oppenheimer Capital Appreciation Fund, Cl.Y | 2,132,559 | 838,093 | 52,130 | 2,918,522 | ||||||||||||
Oppenheimer Champion Income Fund, Cl.Y | 21,403,362 | 1,589,387 | 9,394,015 | 13,598,734 | ||||||||||||
Oppenheimer Commodity Strategy Total Return Fund, Cl.Y | 11,766,716 | 453,756 | 621,345 | 11,599,127 | ||||||||||||
Oppenheimer Core Bond Fund, Cl.Y | 28,037,122 | 1,748,676 | 6,073,852 | 23,711,946 | ||||||||||||
Oppenheimer Developing Markets Fund, Cl.Y | — | 568,436 | 4,881 | 563,555 | ||||||||||||
Oppenheimer Global Fund, Cl.Y | 1,649,738 | 46,222 | 1,695,960 | — | ||||||||||||
Oppenheimer Gold & Special Minerals Fund, Cl.A | — | 219,876 | 1,977 | 217,899 | ||||||||||||
Oppenheimer Institutional Money Market Fund, Cl.E | 322,480 | 60,641,999 | 43,879,184 | 17,085,295 | ||||||||||||
Oppenheimer International Bond Fund, Cl.Y | 9,062,811 | 3,372,811 | 219,974 | 12,215,648 | ||||||||||||
Oppenheimer International Growth Fund, Cl.Y | — | 2,474,518 | 21,372 | 2,453,146 | ||||||||||||
Oppenheimer International Small Company Fund, Cl.Y | — | 286,438 | 2,484 | 283,954 | ||||||||||||
Oppenheimer Limited-Term Government Fund, Cl.Y | 12,037,400 | 650,671 | 1,860,655 | 10,827,416 | ||||||||||||
Oppenheimer Main Street Fund, Cl.Y | 3,101,627 | 87,066 | 3,188,693 | — | ||||||||||||
Oppenheimer Main Street Opportunity Fund, Cl.Y | 3,933,354 | 110,188 | 4,043,542 | — | ||||||||||||
Oppenheimer Main Street Small Cap Fund, Cl.Y | — | 2,464,111 | 22,185 | 2,441,926 | ||||||||||||
Oppenheimer Master Inflation Protected Securities Fund, LLC | — | 2,689,363 | 40,508 | 2,648,855 | ||||||||||||
Oppenheimer Quest International Value Fund, Cl.Y | — | 1,945,944 | 16,769 | 1,929,175 | ||||||||||||
Oppenheimer Real Estate Fund, Cl.Y | 3,357,821 | 99,979 | 2,380,129 | 1,077,671 | ||||||||||||
Oppenheimer Value Fund, Cl.Y | 4,436,789 | 3,973,371 | 127,607 | 8,282,553 | ||||||||||||
Realized | ||||||||||||||||
Value | Income | Gain (Loss) | ||||||||||||||
Oppenheimer Capital Appreciation Fund, Cl.Y | $ | 113,209,465 | $ | — | $ | (603,626 | ) | |||||||||
Oppenheimer Champion Income Fund, Cl.Y | 25,293,645 | 1,622,287 | (60,248,120 | ) | ||||||||||||
Oppenheimer Commodity Strategy Total Return Fund, Cl.Y | 37,349,190 | — | (2,799,859 | ) | ||||||||||||
Oppenheimer Core Bond Fund, Cl.Y | 152,704,931 | 4,862,974 | (18,331,557 | ) | ||||||||||||
Oppenheimer Developing Markets Fund, Cl.Y | 16,979,921 | — | 536 | |||||||||||||
Oppenheimer Global Fund, Cl.Y | — | — | (16,612,612 | ) | ||||||||||||
Oppenheimer Gold & Special Minerals Fund, Cl.A | 8,622,282 | — | (2,709 | ) | ||||||||||||
Oppenheimer Institutional Money Market Fund, Cl.E | 17,085,295 | 8,306 | — | |||||||||||||
Oppenheimer International Bond Fund, Cl.Y | 79,279,555 | 1,401,815 | (43,141 | ) | ||||||||||||
Oppenheimer International Growth Fund, Cl.Y | 59,954,877 | — | (3,222 | ) | ||||||||||||
Oppenheimer International Small Company Fund, Cl.Y | 5,625,122 | — | (575 | ) | ||||||||||||
Oppenheimer Limited-Term Government Fund, Cl.Y | 101,994,262 | 1,940,803 | (279,008 | ) | ||||||||||||
Oppenheimer Main Street Fund, Cl.Y | — | — | (21,994,770 | ) | ||||||||||||
Oppenheimer Main Street Opportunity Fund, Cl.Y | — | — | (8,015,625 | ) | ||||||||||||
Oppenheimer Main Street Small Cap Fund, Cl.Y | 44,394,218 | — | (17,252 | ) | ||||||||||||
Oppenheimer Master Inflation Protected Securities Fund, LLC | 26,883,061 | 69,324 | a | 13,771 | a | |||||||||||
Oppenheimer Quest International Value Fund, Cl.Y | 29,284,880 | — | (928 | ) | ||||||||||||
Oppenheimer Real Estate Fund, Cl.Y | 18,546,716 | 247,999 | (8,977,612 | ) | ||||||||||||
Oppenheimer Value Fund, Cl.Y | 160,433,060 | — | (952,097 | ) | ||||||||||||
$ | 897,640,480 | $ | 10,153,508 | $ | (138,868,406 | ) | ||||||||||
a. | Represents the amount allocated to the Fund from Oppenheimer Master Inflation Protected Securities Fund, LLC. | |
2. | Rate shown is the 7-day yield as of July 30, 2010. | |
3. | Non-income producing security. |
Level 3– | ||||||||||||||||
Level 1– | Level 2– | Significant | ||||||||||||||
Unadjusted | Other Significant | Unobservable | ||||||||||||||
Quoted Prices | Observable Inputs | Inputs | Value | |||||||||||||
Assets Table | ||||||||||||||||
Investments, at Value: | ||||||||||||||||
Investment Companies | $ | 897,640,480 | $ | — | $ | — | $ | 897,640,480 | ||||||||
Total Assets | $ | 897,640,480 | $ | — | $ | — | $ | 897,640,480 | ||||||||
July 30, 20101 | ||||
Assets | ||||
Investments, at value—see accompanying statement of investments— affiliated companies (cost $964,410,841) | $ | 897,640,480 | ||
Cash | 256,147 | |||
Receivables and other assets: | ||||
Shares of beneficial interest sold | 2,447,225 | |||
Dividends | 1,448,913 | |||
Investments sold | 971,739 | |||
Other | 34,047 | |||
Total assets | 902,798,551 | |||
Liabilities | ||||
Payables and other liabilities: | ||||
Investments purchased | 1,490,284 | |||
Shares of beneficial interest redeemed | 1,314,358 | |||
Transfer and shareholder servicing agent fees | 171,120 | |||
Distribution and service plan fees | 170,943 | |||
Shareholder communications | 87,282 | |||
Trustees’ compensation | 71,076 | |||
Other | 25,107 | |||
Total liabilities | 3,330,170 | |||
Net Assets | $ | 899,468,381 | ||
Composition of Net Assets | ||||
Par value of shares of beneficial interest | $ | 112,349 | ||
Additional paid-in capital | 1,196,624,118 | |||
Accumulated net investment income | 12,523,535 | |||
Accumulated net realized loss on investments | (243,021,260 | ) | ||
Net unrealized depreciation on investments | (66,770,361 | ) | ||
Net Assets | $ | 899,468,381 | ||
1. | July 30, 2010 represents the last business day of the Fund’s 2010 semiannual period. See Note 1 of the accompanying Notes. |
Net Asset Value Per Share | ||||
Class A Shares: | ||||
Net asset value and redemption price per share (based on net assets of $480,558,530 and 59,607,279 shares of beneficial interest outstanding) | $ | 8.06 | ||
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) | $ | 8.55 | ||
Class B Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $108,642,799 and 13,704,741 shares of beneficial interest outstanding) | $ | 7.93 | ||
Class C Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $205,100,310 and 25,905,690 shares of beneficial interest outstanding) | $ | 7.92 | ||
Class N Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $100,170,912 and 12,514,804 shares of beneficial interest outstanding) | $ | 8.00 | ||
Class Y Shares: | ||||
Net asset value, redemption price and offering price per share (based on net assets of $4,995,830 and 616,020 shares of beneficial interest outstanding) | $ | 8.11 |
For the Six Months Ended July 30, 20101 | ||||
Allocation of Income and Expenses from master fund2 | ||||
Net investment income allocated from Oppenheimer Master Inflation Protected Securities Fund, LLC: | ||||
Interest | $ | 69,324 | ||
Expenses | (18,643 | ) | ||
Net investment income allocated from Oppenheimer Master Inflation Protected Securities Fund, LLC | 50,681 | |||
Investment Income | ||||
Dividends from affiliated companies | 10,084,184 | |||
Interest | 81 | |||
Total investment income | 10,084,265 | |||
Expenses | ||||
Distribution and service plan fees: | ||||
Class A | 573,901 | |||
Class B | 537,487 | |||
Class C | 999,799 | |||
Class N | 241,496 | |||
Transfer and shareholder servicing agent fees: | ||||
Class A | 434,193 | |||
Class B | 157,907 | |||
Class C | 216,466 | |||
Class N | 104,629 | |||
Class Y | 548 | |||
Shareholder communications: | ||||
Class A | 43,950 | |||
Class B | 18,629 | |||
Class C | 18,468 | |||
Class N | 2,851 | |||
Class Y | 17 | |||
Trustees’ compensation | 7,781 | |||
Custodian fees and expenses | 3,675 | |||
Other | 35,549 | |||
Total expenses | 3,397,346 | |||
Less waivers and reimbursements of expenses | (3,680 | ) | ||
Net expenses | 3,393,666 | |||
Net Investment Income | 6,741,280 |
1. | July 30, 2010 represents the last business day of the Fund’s 2010 semiannual period. See Note 1 of the accompanying Notes. | |
2. | The Fund invests in an affiliated mutual fund that expects to be treated as a partnership for tax purposes. See Note 1 of the accompanying Notes. |
Realized and Unrealized Gain (Loss) | ||||
Net realized loss on investments from affiliated companies | $ | (138,882,177 | ) | |
Net realized gain allocated from Oppenheimer Master Inflation Protected Securities Fund, LLC | 13,771 | |||
Total net realized loss | (138,868,406 | ) | ||
Net change in unrealized appreciation/depreciation on investments | 168,138,849 | |||
Net change in unrealized appreciated/depreciated allocated from Oppenheimer Master Inflation Protected Securities Fund, LLC | 305,216 | |||
Total net change in unrealized appreciation/depreciation | 168,444,065 | |||
Net Increase in Net Assets Resulting from Operations | $ | 36,316,939 | ||
Six Months | Year | |||||||
Ended | Ended | |||||||
July 30, 2010 | January 31, | |||||||
(Unaudited)1 | 2010 | |||||||
Operations | ||||||||
Net investment income | $ | 6,741,280 | $ | 5,934,277 | ||||
Net realized loss | (138,868,406 | ) | (73,588,459 | ) | ||||
Net change in unrealized appreciation/depreciation | 168,444,065 | 238,409,967 | ||||||
Net increase in net assets resulting from operations | 36,316,939 | 170,755,785 | ||||||
Dividends and/or Distributions to Shareholders | ||||||||
Dividends from net investment income: | ||||||||
Class A | — | (500,127 | ) | |||||
Class B | — | — | ||||||
Class C | — | — | ||||||
Class N | — | — | ||||||
Class Y | — | (10,990 | ) | |||||
— | (511,117 | ) | ||||||
Beneficial Interest Transactions | ||||||||
Net increase (decrease) in net assets resulting from beneficial interest transactions: | ||||||||
Class A | 10,526,788 | 7,182,665 | ||||||
Class B | (1,496,919 | ) | (1,944,755 | ) | ||||
Class C | 3,109,616 | (2,345,081 | ) | |||||
Class N | 2,514,796 | 1,465,965 | ||||||
Class Y | 2,122,919 | 275,292 | ||||||
16,777,200 | 4,634,086 | |||||||
Net Assets | ||||||||
Total increase | 53,094,139 | 174,878,754 | ||||||
Beginning of period | 846,374,242 | 671,495,488 | ||||||
End of period (including accumulated net investment income of $12,523,535 and $5,782,255, respectively) | $ | 899,468,381 | $ | 846,374,242 | ||||
1. | July 30, 2010 represents the last business day of the Fund’s 2010 semiannual period. See Note 1 of the accompanying Notes. |
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
July 30, 2010 | Year Ended January 31, | |||||||||||||||||||||||
Class A | (Unaudited)1 | 2010 | 2009 | 2008 | 2007 | 20062 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 7.72 | $ | 6.12 | $ | 11.01 | $ | 11.42 | $ | 10.78 | $ | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income3 | .07 | .07 | .13 | .54 | .39 | .38 | ||||||||||||||||||
Net realized and unrealized gain (loss) | .27 | 1.54 | (4.53 | ) | (.41 | ) | .55 | .57 | ||||||||||||||||
Total from investment operations | .34 | 1.61 | (4.40 | ) | .13 | .94 | .95 | |||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | — | (.01 | ) | (.13 | ) | (.45 | ) | (.27 | ) | (.17 | ) | |||||||||||||
Distributions from net realized gain | — | — | (.25 | ) | (.09 | ) | (.03 | ) | — | |||||||||||||||
Tax return of capital distribution | — | — | (.11 | ) | — | — | — | |||||||||||||||||
Total dividends and/or distributions to shareholders | — | (.01 | ) | (.49 | ) | (.54 | ) | (.30 | ) | (.17 | ) | |||||||||||||
Net asset value, end of period | $ | 8.06 | $ | 7.72 | $ | 6.12 | $ | 11.01 | $ | 11.42 | $ | 10.78 | ||||||||||||
Total Return, at Net Asset Value4 | 4.40 | % | 26.28 | % | (40.17 | )% | 1.01 | % | 8.73 | % | 9.58 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 480,558 | $ | 450,074 | $ | 351,987 | $ | 497,377 | $ | 313,311 | $ | 107,686 | ||||||||||||
Average net assets (in thousands) | $ | 473,101 | $ | 403,150 | $ | 486,485 | $ | 423,981 | $ | 206,672 | $ | 43,984 | ||||||||||||
Ratios to average net assets:5 | ||||||||||||||||||||||||
Net investment income | 1.85 | %6 | 1.04 | % | 1.36 | % | 4.59 | % | 3.57 | % | 4.39 | % | ||||||||||||
Total expenses7 | 0.46 | %6 | 0.51 | % | 0.42 | % | 0.37 | % | 0.40 | % | 0.47 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 0.46 | %6 | 0.51 | % | 0.42 | % | 0.37 | % | 0.40 | % | 0.46 | % | ||||||||||||
Portfolio turnover rate | 39 | % | 13 | % | 9 | % | 3 | % | 4 | % | 0 | % |
1. | July 30, 2010 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes. | |
2. | For the period from April 5, 2005 (commencement of operations) to January 31, 2006. | |
3. | Per share amounts calculated based on the average shares outstanding during the period. | |
4. | 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. | |
5. | Annualized for periods less than one full year. | |
6. | Includes the Fund’s share of the allocated expenses and/or net investment income from Oppenheimer Master Inflation Protected Securities Fund, LLC. | |
7. | Total expenses including all underlying fund expenses were as follows: |
Six Months Ended July 30, 2010 | 1.14 | % | ||
Year Ended January 31, 2010 | 1.15 | % | ||
Year Ended January 31, 2009 | 1.00 | % | ||
Year Ended January 31, 2008 | 0.95 | % | ||
Year Ended January 31, 2007 | 1.01 | % | ||
Period Ended January 31, 2006 | 1.15 | % |
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
July 30, 2010 | Year Ended January 31, | |||||||||||||||||||||||
Class B | (Unaudited)1 | 2010 | 2009 | 2008 | 2007 | 20062 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 7.62 | $ | 6.09 | $ | 10.92 | $ | 11.34 | $ | 10.74 | $ | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income3 | .04 | .03 | .05 | .42 | .30 | .31 | ||||||||||||||||||
Net realized and unrealized gain (loss) | .27 | 1.50 | (4.47 | ) | (.39 | ) | .54 | .58 | ||||||||||||||||
Total from investment operations | .31 | 1.53 | (4.42 | ) | .03 | .84 | .89 | |||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | — | — | (.05 | ) | (.36 | ) | (.21 | ) | (.15 | ) | ||||||||||||||
Distributions from net realized gain | — | — | (.25 | ) | (.09 | ) | (.03 | ) | — | |||||||||||||||
Tax return of capital distribution | — | — | (.11 | ) | — | — | — | |||||||||||||||||
Total dividends and/or distributions to shareholders | — | — | (.41 | ) | (.45 | ) | (.24 | ) | (.15 | ) | ||||||||||||||
Net asset value, end of period | $ | 7.93 | $ | 7.62 | $ | 6.09 | $ | 10.92 | $ | 11.34 | $ | 10.74 | ||||||||||||
Total Return, at Net Asset Value4 | 4.07 | % | 25.12 | % | (40.64 | )% | 0.18 | % | 7.80 | % | 8.90 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 108,643 | $ | 105,937 | $ | 86,709 | $ | 132,233 | $ | 101,929 | $ | 36,956 | ||||||||||||
Average net assets (in thousands) | $ | 108,912 | $ | 96,884 | $ | 123,999 | $ | 121,584 | $ | 70,066 | $ | 15,521 | ||||||||||||
Ratios to average net assets:5 | ||||||||||||||||||||||||
Net investment income | 0.98 | %6 | 0.43 | % | 0.49 | % | 3.61 | % | 2.73 | % | 3.56 | % | ||||||||||||
Total expenses7 | 1.34 | %6 | 1.41 | % | 1.26 | % | 1.18 | % | 1.21 | % | 1.31 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.34 | %6 | 1.40 | % | 1.26 | % | 1.18 | % | 1.21 | % | 1.29 | % | ||||||||||||
Portfolio turnover rate | 39 | % | 13 | % | 9 | % | 3 | % | 4 | % | 0 | % |
1. | July 30, 2010 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes. | |
2. | For the period from April 5, 2005 (commencement of operations) to January 31, 2006. | |
3. | Per share amounts calculated based on the average shares outstanding during the period. | |
4. | 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. | |
5. | Annualized for periods less than one full year. | |
6. | Includes the Fund’s share of the allocated expenses and/or net investment income from Oppenheimer Master Inflation Protected Securities Fund, LLC. | |
7. | Total expenses including all underlying fund expenses were as follows: |
Six Months Ended July 30, 2010 | 2.02 | % | ||
Year Ended January 31, 2010 | 2.05 | % | ||
Year Ended January 31, 2009 | 1.84 | % | ||
Year Ended January 31, 2008 | 1.76 | % | ||
Year Ended January 31, 2007 | 1.82 | % | ||
Period Ended January 31, 2006 | 1.99 | % |
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
July 30, 2010 | Year Ended January 31, | |||||||||||||||||||||||
Class C | (Unaudited)1 | 2010 | 2009 | 2008 | 2007 | 20062 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 7.61 | $ | 6.07 | $ | 10.90 | $ | 11.33 | $ | 10.73 | $ | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income3 | .04 | .03 | .05 | .45 | .30 | .31 | ||||||||||||||||||
Net realized and unrealized gain (loss) | .27 | 1.51 | (4.46 | ) | (.41 | ) | .54 | .57 | ||||||||||||||||
Total from investment operations | .31 | 1.54 | (4.41 | ) | .04 | .84 | .88 | |||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | — | — | (.06 | ) | (.38 | ) | (.21 | ) | (.15 | ) | ||||||||||||||
Distributions from net realized gain | — | — | (.25 | ) | (.09 | ) | (.03 | ) | — | |||||||||||||||
Tax return of capital distribution | — | — | (.11 | ) | — | — | — | |||||||||||||||||
Total dividends and/or distributions to shareholders | — | — | (.42 | ) | (.47 | ) | (.24 | ) | (.15 | ) | ||||||||||||||
Net asset value, end of period | $ | 7.92 | $ | 7.61 | $ | 6.07 | $ | 10.90 | $ | 11.33 | $ | 10.73 | ||||||||||||
Total Return, at Net Asset Value4 | 4.07 | % | 25.37 | % | (40.66 | )% | 0.24 | % | 7.85 | % | 8.82 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 205,100 | $ | 194,113 | $ | 158,155 | $ | 231,792 | $ | 142,351 | $ | 47,904 | ||||||||||||
Average net assets (in thousands) | $ | 202,593 | $ | 175,655 | $ | 223,472 | $ | 193,641 | $ | 95,773 | $ | 19,527 | ||||||||||||
Ratios to average net assets:5 | ||||||||||||||||||||||||
Net investment income | 1.07 | %6 | 0.45 | % | 0.56 | % | 3.88 | % | 2.78 | % | 3.64 | % | ||||||||||||
Total expenses7 | 1.24 | %6 | 1.30 | % | 1.20 | % | 1.14 | % | 1.16 | % | 1.23 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.24 | %6 | 1.30 | % | 1.20 | % | 1.14 | % | 1.16 | % | 1.22 | % | ||||||||||||
Portfolio turnover rate | 39 | % | 13 | % | 9 | % | 3 | % | 4 | % | 0 | % |
1. | July 30, 2010 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes. | |
2. | For the period from April 5, 2005 (commencement of operations) to January 31, 2006. | |
3. | Per share amounts calculated based on the average shares outstanding during the period. | |
4. | 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. | |
5. | Annualized for periods less than one full year. | |
6. | Includes the Fund’s share of the allocated expenses and/or net investment income from Oppenheimer Master Inflation Protected Securities Fund, LLC. | |
7. | Total expenses including all underlying fund expenses were as follows: |
Six Months Ended July 30, 2010 | 1.92 | % | ||
Year Ended January 31, 2010 | 1.94 | % | ||
Year Ended January 31, 2009 | 1.78 | % | ||
Year Ended January 31, 2008 | 1.72 | % | ||
Year Ended January 31, 2007 | 1.77 | % | ||
Period Ended January 31, 2006 | 1.91 | % |
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
July 30, 2010 | Year Ended January 31, | |||||||||||||||||||||||
Class N | (Unaudited)1 | 2010 | 2009 | 2008 | 2007 | 20062 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 7.67 | $ | 6.09 | $ | 10.96 | $ | 11.38 | $ | 10.76 | $ | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income3 | .06 | .04 | .11 | .51 | .40 | .40 | ||||||||||||||||||
Net realized and unrealized gain (loss) | .27 | 1.54 | (4.51 | ) | (.41 | ) | .51 | .53 | ||||||||||||||||
Total from investment operations | .33 | 1.58 | (4.40 | ) | .10 | .91 | .93 | |||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | — | — | (.11 | ) | (.43 | ) | (.26 | ) | (.17 | ) | ||||||||||||||
Distributions from net realized gain | — | — | (.25 | ) | (.09 | ) | (.03 | ) | — | |||||||||||||||
Tax return of capital distribution | — | — | (.11 | ) | — | — | — | |||||||||||||||||
Total dividends and/or distributions to shareholders | — | — | (.47 | ) | (.52 | ) | (.29 | ) | (.17 | ) | ||||||||||||||
Net asset value, end of period | $ | 8.00 | $ | 7.67 | $ | 6.09 | $ | 10.96 | $ | 11.38 | $ | 10.76 | ||||||||||||
Total Return, at Net Asset Value4 | 4.30 | % | 25.94 | % | (40.36 | )% | 0.72 | % | 8.47 | % | 9.35 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 100,171 | $ | 93,550 | $ | 72,712 | $ | 96,080 | $ | 51,620 | $ | 12,117 | ||||||||||||
Average net assets (in thousands) | $ | 98,264 | $ | 85,066 | $ | 96,842 | $ | 73,754 | $ | 27,110 | $ | 4,158 | ||||||||||||
Ratios to average net assets:5 | ||||||||||||||||||||||||
Net investment income | 1.58 | %6 | 0.61 | % | 1.13 | % | 4.36 | % | 3.58 | % | 4.56 | % | ||||||||||||
Total expenses7 | 0.73 | %6 | 0.78 | % | 0.69 | % | 0.64 | % | 0.65 | % | 0.68 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 0.73 | %6 | 0.78 | % | 0.69 | % | 0.64 | % | 0.65 | % | 0.67 | % | ||||||||||||
Portfolio turnover rate | 39 | % | 13 | % | 9 | % | 3 | % | 4 | % | 0 | % |
1. | July 30, 2010 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes. | |
2. | For the period from April 5, 2005 (commencement of operations) to January 31, 2006. | |
3. | Per share amounts calculated based on the average shares outstanding during the period. | |
4. | 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. | |
5. | Annualized for periods less than one full year. | |
6. | Includes the Fund’s share of the allocated expenses and/or net investment income from Oppenheimer Master Inflation Protected Securities Fund, LLC. | |
7. | Total expenses including all underlying fund expenses were as follows: |
Six Months Ended July 30, 2010 | 1.41 | % | ||
Year Ended January 31, 2010 | 1.42 | % | ||
Year Ended January 31, 2009 | 1.27 | % | ||
Year Ended January 31, 2008 | 1.22 | % | ||
Year Ended January 31, 2007 | 1.26 | % | ||
Period Ended January 31, 2006 | 1.36 | % |
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
July 30, 2010 | Year Ended January 31, | |||||||||||||||||||||||
Class Y | (Unaudited)1 | 2010 | 2009 | 2008 | 2007 | 20062 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 7.75 | $ | 6.14 | $ | 11.05 | $ | 11.45 | $ | 10.79 | $ | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income3 | .09 | .05 | .18 | .55 | .56 | .36 | ||||||||||||||||||
Net realized and unrealized gain (loss) | .27 | 1.60 | (4.57 | ) | (.38 | ) | .43 | .61 | ||||||||||||||||
Total from investment operations | .36 | 1.65 | (4.39 | ) | .17 | .99 | .97 | |||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | — | (.04 | ) | (.16 | ) | (.48 | ) | (.30 | ) | (.18 | ) | |||||||||||||
Distributions from net realized gain | — | — | (.25 | ) | (.09 | ) | (.03 | ) | — | |||||||||||||||
Tax return of capital distribution | — | — | (.11 | ) | — | — | — | |||||||||||||||||
Total dividends and/or distributions to shareholders | — | (.04 | ) | (.52 | ) | (.57 | ) | (.33 | ) | (.18 | ) | |||||||||||||
Net asset value, end of period | $ | 8.11 | $ | 7.75 | $ | 6.14 | $ | 11.05 | $ | 11.45 | $ | 10.79 | ||||||||||||
Total Return, at Net Asset Value4 | 4.65 | % | 26.81 | % | (39.90 | )% | 1.39 | % | 9.18 | % | 9.79 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 4,996 | $ | 2,700 | $ | 1,932 | $ | 1,860 | $ | 1,172 | $ | 316 | ||||||||||||
Average net assets (in thousands) | $ | 3,574 | $ | 2,137 | $ | 2,296 | $ | 1,315 | $ | 335 | $ | 216 | ||||||||||||
Ratios to average net assets:5 | ||||||||||||||||||||||||
Net investment income | 2.23 | %6 | 0.72 | % | 1.91 | % | 4.67 | % | 5.06 | % | 4.20 | % | ||||||||||||
Total expenses7 | 0.05 | %6 | 0.09 | % | 0.05 | % | 0.02 | % | 0.00 | %8 | 0.28 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 0.05 | %6 | 0.09 | % | 0.05 | % | 0.02 | % | 0.00 | %8 | 0.12 | % | ||||||||||||
Portfolio turnover rate | 39 | % | 13 | % | 9 | % | 3 | % | 4 | % | 0 | % |
1. | July 30, 2010 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes. | |
2. | For the period from April 5, 2005 (commencement of operations) to January 31, 2006. | |
3. | Per share amounts calculated based on the average shares outstanding during the period. | |
4. | 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. | |
5. | Annualized for periods less than one full year. | |
6. | Includes the Fund’s share of the allocated expenses and/or net investment income from Oppenheimer Master Inflation Protected Securities Fund, LLC. | |
7. | Total expenses including all underlying fund expenses were as follows: |
Six Months Ended July 30, 2010 | 0.73 | % | ||
Year Ended January 31, 2010 | 0.73 | % | ||
Year Ended January 31, 2009 | 0.63 | % | ||
Year Ended January 31, 2008 | 0.60 | % | ||
Year Ended January 31, 2007 | 0.61 | % | ||
Period Ended January 31, 2006 | 0.96 | % |
8. | Less than 0.005% |
through its internal valuation committee, in good faith determines the fair valuation of that Underlying Fund’s assets using consistently applied procedures under the supervision of the Board of Trustees. The methodologies used for valuing assets are not necessarily an indication of the risks associated with investing in those Underlying Funds.
Expiring | ||||
2018 | $ | 28,839,447 |
1. | Significant Accounting Policies Continued |
Federal tax cost of securities | $ | 964,410,841 | ||
Gross unrealized appreciation | $ | 19,273,659 | ||
Gross unrealized depreciation | (86,044,020 | ) | ||
Net unrealized depreciation | $ | (66,770,361 | ) | |
Projected Benefit Obligations Increased | $ | 253 | ||
Payments Made to Retired Trustees | — | |||
Accumulated Liability as of July 30, 2010 | 42,250 |
Indemnifications. The Fund’s organizational documents provide current and former trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows: |
Six Months Ended July 30, 2010 | Year Ended January 31, 2010 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Class A | ||||||||||||||||
Sold | 9,051,069 | $ | 72,382,281 | 17,143,278 | $ | 118,587,531 | ||||||||||
Dividends and/or distributions reinvested | — | — | 60,831 | 477,320 | ||||||||||||
Redeemed | (7,775,450 | ) | (61,855,493 | ) | (16,398,623 | ) | (111,882,186 | ) | ||||||||
Net increase | 1,275,619 | $ | 10,526,788 | 805,486 | $ | 7,182,665 | ||||||||||
Class B | ||||||||||||||||
Sold | 1,512,563 | $ | 11,899,750 | 3,603,022 | $ | 24,641,823 | ||||||||||
Dividends and/or distributions reinvested | — | — | — | — | ||||||||||||
Redeemed | (1,710,670 | ) | (13,396,669 | ) | (3,939,040 | ) | (26,586,578 | ) | ||||||||
Net decrease | (198,107 | ) | $ | (1,496,919 | ) | (336,018 | ) | $ | (1,944,755 | ) | ||||||
Class C | ||||||||||||||||
Sold | 3,570,687 | $ | 28,094,199 | 8,103,186 | $ | 55,242,942 | ||||||||||
Dividends and/or distributions reinvested | — | — | — | — | ||||||||||||
Redeemed | (3,184,365 | ) | (24,984,583 | ) | (8,622,965 | ) | (57,588,023 | ) | ||||||||
Net increase (decrease) | 386,322 | $ | 3,109,616 | (519,779 | ) | $ | (2,345,081 | ) | ||||||||
Class N | ||||||||||||||||
Sold | 1,865,372 | $ | 14,797,037 | 4,587,876 | $ | 31,183,577 | ||||||||||
Dividends and/or distributions reinvested | — | — | — | — | ||||||||||||
Redeemed | (1,546,567 | ) | (12,282,241 | ) | (4,324,663 | ) | (29,717,612 | ) | ||||||||
Net increase | 318,805 | $ | 2,514,796 | 263,213 | $ | 1,465,965 | ||||||||||
Class Y | ||||||||||||||||
Sold | 361,864 | $ | 2,877,199 | 242,353 | $ | 1,692,437 | ||||||||||
Dividends and/or distributions reinvested | — | — | 1,392 | 10,986 | ||||||||||||
Redeemed | (94,331 | ) | (754,280 | ) | (210,015 | ) | (1,428,131 | ) | ||||||||
Net increase | 267,533 | $ | 2,122,919 | 33,730 | $ | 275,292 | ||||||||||
Purchases | Sales | |||||||
Investment securities | $ | 345,485,208 | $ | 339,771,687 |
to the effective date of such termination. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations. The Distributor determines its uncompensated expenses under the Plans at calendar quarter ends. The Distributor’s aggregate uncompensated expenses under the Plans at June 30, 2010 were as follows:
Class B | $ | 1,894,098 | ||
Class C | 2,649,989 | |||
Class N | 1,482,090 |
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 | ||||||||||||||||
Six Months Ended | Distributor | Distributor | Distributor | Distributor | Distributor | |||||||||||||||
July 30, 2010 | $ | 392,509 | $ | 8 | $ | 146,736 | $ | 11,050 | $ | 2,715 |
Trustees and Officers | Brian F. Wruble, Chairman of the Board of Trustees and Trustee | |
David K. Downes, Trustee | ||
Matthew P. Fink, Trustee | ||
Phillip A. Griffiths, Trustee | ||
Mary F. Miller, Trustee | ||
Joel W. Motley, Trustee | ||
Mary Ann Tynan, Trustee | ||
Joseph M. Wikler, Trustee | ||
Peter I. Wold, Trustee | ||
William F. Glavin, Jr., President and Principal Executive Officer | ||
Alan C. Gilston, Vice President and Portfolio Manager | ||
Krishna Memani, Vice President and Portfolio Manager | ||
Thomas W. Keffer, Vice President and Chief Business Officer | ||
Mark S. Vandehey, Vice President and Chief Compliance Officer | ||
Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer | ||
Robert G. Zack, Secretary | ||
Manager | OppenheimerFunds, Inc. | |
Distributor | OppenheimerFunds Distributor, Inc. | |
Transfer and Shareholder Servicing Agent | OppenheimerFunds Services | |
Independent Registered Public Accounting Firm | KPMG llp | |
Legal Counsel | Kramer Levin Naftalis & Frankel LLP | |
The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm. |
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July 30, 2010 Active Allocation Fund A Series of Oppenheimer Portfolio Series Management Commentary and Semiannual Report M A N A G E M E N T C O M M E N TA R Y An Interview with Your Fund’s Portfolio Managers S E M I A N N U A L R E P O RT Listing of Top Holdings Listing of Investments Financial Statements OppenheimerFunds The Right Way to Invest |
Beginning | Ending | Expenses | ||||||||||
Account | Account | Paid During | ||||||||||
Value | Value | 6 Months Ended | ||||||||||
February 1, 2010 | July 30, 2010 | July 30, 2010 | ||||||||||
Actual | ||||||||||||
Class A | $ | 1,000.00 | $ | 1,047.60 | $ | 2.88 | ||||||
Class B | 1,000.00 | 1,043.50 | 7.18 | |||||||||
Class C | 1,000.00 | 1,044.80 | 6.68 | |||||||||
Class N | 1,000.00 | 1,047.90 | 3.84 | |||||||||
Class Y | 1,000.00 | 1,050.80 | 0.81 | |||||||||
Hypothetical (5% return before expenses) | ||||||||||||
Class A | 1,000.00 | 1,021.85 | 2.85 | |||||||||
Class B | 1,000.00 | 1,017.65 | 7.09 | |||||||||
Class C | 1,000.00 | 1,018.15 | 6.59 | |||||||||
Class N | 1,000.00 | 1,020.91 | 3.79 | |||||||||
Class Y | 1,000.00 | 1,023.87 | 0.80 |
Class | Expense Ratios | |||
Class A | 0.57 | % | ||
Class B | 1.42 | |||
Class C | 1.32 | |||
Class N | 0.76 | |||
Class Y | 0.16 |
Shares | Value | |||||||
Investment Companies—99.3%1 | ||||||||
Fixed Income Funds—25.7% | ||||||||
Oppenheimer Champion Income Fund, Cl. Y | 26,822,213 | $ | 49,889,316 | |||||
Oppenheimer Core Bond Fund, Cl. Y | 29,303,914 | 188,717,209 | ||||||
Oppenheimer International Bond Fund, Cl. Y | 17,266,975 | 112,062,668 | ||||||
Oppenheimer Limited-Term Government Fund, Cl. Y | 12,439,775 | 117,182,682 | ||||||
Oppenheimer Master Inflation Protected Securities Fund, LLC | 2,821,518 | 28,635,227 | ||||||
Oppenheimer Master Loan Fund, LLC | 1,823,362 | 19,909,406 | ||||||
516,396,508 | ||||||||
Global Equity Funds—24.8% | ||||||||
Oppenheimer Developing Markets Fund, Cl. Y | 3,083,936 | 92,918,988 | ||||||
Oppenheimer Global Fund, Cl. Y | 6,102 | 326,751 | ||||||
Oppenheimer International Growth Fund, Cl. Y | 10,247,686 | 250,453,454 | ||||||
Oppenheimer International Small Company Fund, Cl. Y | 1,400,869 | 27,751,216 | ||||||
Oppenheimer Quest International Value Fund, Cl. Y | 8,315,010 | 126,221,845 | ||||||
497,672,254 | ||||||||
Money Market Fund—3.4% | ||||||||
Oppenheimer Institutional Money Market Fund, Cl. E, 0.30%2 | 68,483,271 | 68,483,271 | ||||||
Specialty Funds—4.7% | ||||||||
Oppenheimer Commodity Strategy Total Return Fund, Cl. Y3 | 16,262,769 | 52,366,118 | ||||||
Oppenheimer Gold & Special Minerals Fund, Cl. A | 425,654 | 16,843,123 | ||||||
Oppenheimer Real Estate Fund, Cl. Y | 1,396,786 | 24,038,692 | ||||||
93,247,933 | ||||||||
U.S. Equity Funds—40.7% | ||||||||
Oppenheimer Capital Appreciation Fund, Cl. Y3 | 6,864,237 | 266,263,749 | ||||||
Oppenheimer Discovery Fund, Cl. Y3 | 496,733 | 23,281,867 | ||||||
Oppenheimer Main Street Small Cap Fund, Cl. Y | 7,459,062 | 135,605,739 | ||||||
Oppenheimer Small- & Mid- Cap Value Fund, Cl. Y3 | 2 | 67 | ||||||
Oppenheimer Value Fund, Cl. Y | 20,266,223 | 392,556,741 | ||||||
817,708,163 | ||||||||
Total Investment Companies (Cost $1,968,876,242) | 1,993,508,129 | |||||||
U.S. Government Obligations—0.6% | ||||||||
U.S. Treasury Bills, 0.146%, 9/2/104 (Cost $11,998,240) | 12,000,000 | 11,998,240 | ||||||
Total Investments, at Value (Cost $1,980,874,482) | 99.9 | % | 2,005,506,369 | |||||
Other Assets Net of Liabilities | 0.1 | 1,322,477 | ||||||
Net Assets | 100.0 | % | $ | 2,006,828,846 | ||||
* | July 30, 2010 represents the last business day of the Fund’s 2010 semiannual period. See Note 1 of the accompanying Notes. |
Shares | ||||||||||||||||
January 31, | Gross | Gross | Shares | |||||||||||||
2010 | Additions | Reductions | July 30, 2010 | |||||||||||||
Oppenheimer Capital Appreciation Fund, Cl. Y | 5,800,866 | 2,129,465 | 1,066,094 | 6,864,237 | ||||||||||||
Oppenheimer Champion Income Fund, Cl. Y | 53,381,908 | 14,263,215 | 40,822,910 | 26,822,213 | ||||||||||||
Oppenheimer Commodity Strategy Total Return Fund, Cl.Y | 29,213,381 | 478,841 | 13,429,453 | 16,262,769 | ||||||||||||
Oppenheimer Core Bond Fund, Cl. Y | 34,522,291 | 1,561,892 | 6,780,269 | 29,303,914 | ||||||||||||
Oppenheimer Developing Markets Fund, Cl. Y | 3,527,318 | 598,493 | 1,041,875 | 3,083,936 | ||||||||||||
Oppenheimer Discovery Fund, Cl. Y | 708,254 | 5,290 | 216,811 | 496,733 | ||||||||||||
Oppenheimer Global Fund, Cl. Y | 2,746,831 | 313,643 | 3,054,372 | 6,102 | ||||||||||||
Oppenheimer Gold & Special Minerals Fund, Cl. A | — | 435,088 | 9,434 | 425,654 | ||||||||||||
Oppenheimer Institutional Money Market Fund, Cl. E | 434,897 | 211,582,850 | 143,534,476 | 68,483,271 | ||||||||||||
Oppenheimer International Bond Fund, Cl. Y | 12,095,699 | 5,790,617 | 619,341 | 17,266,975 | ||||||||||||
Oppenheimer International Growth Fund, Cl. Y | 6,529,838 | 4,387,774 | 669,926 | 10,247,686 | ||||||||||||
Oppenheimer International Small Company Fund, Cl. Y | 62 | 1,420,016 | 19,209 | 1,400,869 | ||||||||||||
Oppenheimer Limited-Term Government Fund, Cl. Y | — | 12,609,536 | 169,761 | 12,439,775 | ||||||||||||
Oppenheimer Main Street Fund, Cl. Y | 8,107,326 | 44,398 | 8,151,724 | — | ||||||||||||
Oppenheimer Main Street Small Cap Fund, Cl. Y | 9,753,662 | 151,483 | 2,446,083 | 7,459,062 | ||||||||||||
Oppenheimer Master Inflation Protected Securities Fund, LLC | — | 2,868,558 | 47,040 | 2,821,518 | ||||||||||||
Oppenheimer Master Loan Fund, LLC | — | 1,848,258 | 24,896 | 1,823,362 | ||||||||||||
Oppenheimer Quest International Value Fund, Cl. Y | — | 9,581,929 | 1,266,919 | 8,315,010 | ||||||||||||
Oppenheimer Real Estate Fund, Cl. Y | 5,568,421 | 61,214 | 4,232,849 | 1,396,786 | ||||||||||||
Oppenheimer Small- & Mid- Cap Value Fund, Cl. Y | 752,844 | 1,903 | 754,745 | 2 | ||||||||||||
Oppenheimer U.S. Government Trust, Cl. Y | 13,906,608 | 316,051 | 14,222,659 | — | ||||||||||||
Oppenheimer Value Fund, Cl. Y | 11,376,212 | 10,147,372 | 1,257,361 | 20,266,223 |
Realized | ||||||||||||
Value | Income | Gain (Loss) | ||||||||||
Oppenheimer Capital Appreciation Fund, Cl. Y | $ | 266,263,749 | $ | — | $ | 5,116,767 | ||||||
Oppenheimer Champion Income Fund, Cl. Y | 49,889,316 | 4,001,989 | (53,659,918 | ) | ||||||||
Oppenheimer Commodity Strategy Total Return Fund, Cl. Y | 52,366,118 | — | (13,280,013 | ) | ||||||||
Oppenheimer Core Bond Fund, Cl. Y | 188,717,209 | 5,920,076 | (15,932,108 | ) | ||||||||
Oppenheimer Developing Markets Fund, Cl. Y | 92,918,988 | — | 7,003,408 | |||||||||
Oppenheimer Discovery Fund, Cl. Y | 23,281,867 | — | 500,499 | |||||||||
Oppenheimer Global Fund, Cl. Y | 326,751 | — | (26,809,871 | ) | ||||||||
Oppenheimer Gold & Special Minerals Fund, Cl. A | 16,843,123 | — | (20,319 | ) | ||||||||
Oppenheimer Institutional Money Market Fund, Cl. E | 68,483,271 | 53,556 | — | |||||||||
Oppenheimer International Bond Fund, Cl. Y | 112,062,668 | 2,041,764 | (120,591 | ) | ||||||||
Oppenheimer International Growth Fund, Cl. Y | 250,453,454 | — | 822,159 | |||||||||
Oppenheimer International Small Company Fund, Cl. Y | 27,751,216 | — | (4,195 | ) | ||||||||
Oppenheimer Limited-Term Government Fund, Cl. Y | 117,182,682 | 505,091 | 1,240 | |||||||||
Oppenheimer Main Street Fund, Cl. Y | — | — | (57,895,128 | ) | ||||||||
Oppenheimer Main Street Small Cap Fund, Cl. Y | 135,605,739 | — | (10,510,623 | ) | ||||||||
Oppenheimer Master Inflation Protected Securities Fund, LLC | 28,635,227 | 74,048 | a | 12,187 | a | |||||||
Oppenheimer Master Loan Fund, LLC | 19,909,406 | 226,720 | b | (4,067 | )b | |||||||
Oppenheimer Quest International Value Fund, Cl. Y | 126,221,845 | — | (5,159 | ) |
Realized | ||||||||||||
Value | Income | Gain (Loss) | ||||||||||
Oppenheimer Real Estate Fund, Cl. Y | $ | 24,038,692 | $ | 367,078 | $ | (7,607,927 | ) | |||||
Oppenheimer Small- & Mid- Cap Value Fund, Cl. Y | 67 | — | 2,633,004 | |||||||||
Oppenheimer U.S. Government Trust, Cl. Y | — | 2,168,998 | 9,916,295 | |||||||||
Oppenheimer Value Fund, Cl. Y | 392,556,741 | — | (6,617,361 | ) | ||||||||
$ | 1,993,508,129 | $ | 15,359,320 | $ | (166,461,721 | ) | ||||||
a. | Represents the amount allocated to the Fund from Oppenheimer Master Inflation Protected Securities Fund, LLC. | |
b. | Represents the amount allocated to the Fund from Oppenheimer Master Loan Fund, LLC. | |
2. | Rate shown is the 7-day yield as of July 30, 2010. | |
3. | Non-income producing security. | |
4. | All or a portion of the security position is held in collateralized accounts to cover initial margin requirements on futures contracts and written options on futures, if applicable. The aggregate market value of such securities is $2,049,762. See Note 5 of accompanying Notes. |
Level 3– | ||||||||||||||||
Level 1– | Level 2– | Significant | ||||||||||||||
Unadjusted | Other Significant | Unobservable | ||||||||||||||
Quoted Prices | Observable Inputs | Inputs | Value | |||||||||||||
Assets Table | ||||||||||||||||
Investments, at Value: | ||||||||||||||||
Investment Companies | $ | 1,993,508,129 | $ | — | $ | — | $ | 1,993,508,129 | ||||||||
U.S. Government Obligations | — | 11,998,240 | — | 11,998,240 | ||||||||||||
Total Investments, at Value | 1,993,508,129 | 11,998,240 | — | 2,005,506,369 | ||||||||||||
Other Financial Instruments: | ||||||||||||||||
Appreciated swaps, at value | — | 5,001,702 | — | 5,001,702 | ||||||||||||
Total Assets | $ | 1,993,508,129 | $ | 16,999,942 | $ | — | $ | 2,010,508,071 | ||||||||
Liabilities Table | ||||||||||||||||
Other Financial Instruments: | �� | |||||||||||||||
Appreciated swaps, at value | $ | — | $ | (323,540 | ) | $ | — | $ | (323,540 | ) | ||||||
Depreciated swaps, at value | — | (1,563,820 | ) | — | (1,563,820 | ) | ||||||||||
Foreign currency exchange contracts | — | (946,712 | ) | — | (946,712 | ) | ||||||||||
Total Liabilities | $ | — | $ | (2,834,072 | ) | $ | — | $ | (2,834,072 | ) | ||||||
Contract Amount | Expiration | Unrealized | ||||||||||||||||
Counterparty/Contract Description | Buy/Sell | (000’s) | Date | Value | Depreciation | |||||||||||||
Citigroup: | ||||||||||||||||||
Czech Koruna (CZK) | Sell | 63,000 CZK | 9/7/10 | $ | 3,309,474 | $ | 225,773 | |||||||||||
Hong Kong Dollar (HKD) | Sell | 17,000 HKD | 9/7/10 | 2,189,203 | 7,198 | |||||||||||||
Hungarian Forint (HUF) | Sell | 450,000 HUF | 9/7/10 | 2,056,183 | 73,804 | |||||||||||||
Mexican Nuevo Peso (MXN) | Sell | 26,000 MXN | 9/7/10 | 2,045,807 | 67,116 | |||||||||||||
New Turkish Lira (TRY) | Sell | 3,800 TRY | 9/7/10 | 2,504,416 | 102,393 | |||||||||||||
Polish Zloty (PLZ) | Sell | 16,000 PLZ | 9/7/10 | 5,191,033 | 349,883 | |||||||||||||
Singapore Dollar (SGD) | Sell | 3,800 SGD | 9/7/10 | 2,794,708 | 60,895 | |||||||||||||
South African Rand (ZAR) | Sell | 8,000 ZAR | 9/7/10 | 1,089,251 | 59,650 | |||||||||||||
Total unrealized depreciation | $ | 946,712 | ||||||||||||||||
Pay/ | Upfront | |||||||||||||||||||||||||||
Buy/Sell | Notional | Receive | Payment | |||||||||||||||||||||||||
Reference Entity/ | Credit | Amount | Fixed | Termination | Received/ | Unrealized | ||||||||||||||||||||||
Swap Counterparty | Protection | (000’s) | Rate | Date | (Paid) | Value | Appreciation | |||||||||||||||||||||
CDX North America High Yield Index, Series 14 | ||||||||||||||||||||||||||||
Barclays Bank plc | Sell | $ | 19,000 | 5 | % | 6/20/15 | $ | 1,039,722 | $ | (323,540 | ) | $ | 716,182 | |||||||||||||||
Total | 19,000 | 1,039,722 | (323,540 | ) | 716,182 | |||||||||||||||||||||||
Grand Total Buys | — | — | — | |||||||||||||||||||||||||
Grand Total Sells | 1,039,722 | (323,540 | ) | 716,182 | ||||||||||||||||||||||||
Total Credit Default Swaps | $ | 1,039,722 | $ | (323,540 | ) | $ | 716,182 | |||||||||||||||||||||
Total Maximum Potential | ||||||||||||
Type of Reference Asset on which | Payments for Selling Credit | Reference Asset | ||||||||||
the Fund Sold Protection | Protection (Undiscounted) | Amount Recoverable* | Rating Range** | |||||||||
Non-Investment Grade Corporate | ||||||||||||
Debt Indexes | $ | 19,000,000 | $ | — | B+ |
* | The Fund has no amounts recoverable from related purchased protection. In addition, the Fund has no recourse provisions under the credit derivatives and holds no collateral which can offset or reduce potential payments under a triggering event. | |
** | The period end reference asset security ratings, as rated by any rating organization, are included in the equivalent Standard & Poor’s rating category. The reference asset rating represents the likelihood of a potential credit event on the reference asset which would result in a related payment by the Fund. |
Notional | ||||||||||||
Reference Entity/ | Amount | Paid by | Received by | Termination | ||||||||
Swap Counterparty | (000’s) | the Fund | the Fund | Date | Value | |||||||
MSCI Daily Net EMU USD Index: | ||||||||||||
Goldman Sachs Group, Inc. (The) | $24,942 | One-Month BBA LIBOR minus 53 basis points and if negative, the absolute value of the Total Return of the MSCI Daily Net EMU USD Index | If positive, the Total Return of the MSCI Daily Net EMU USD Index | 5/17/11 | $ | 1,418,900 | ||||||
Goldman Sachs Group, Inc. (The) | 21,142 | One-Month BBA LIBOR minus 60 basis points and if negative, the absolute value of the Total Return of the MSCI Daily Net EMU USD Index | If positive, the Total Return of the MSCI Daily Net EMU USD Index | 4/18/11 | 587,443 | |||||||
Goldman Sachs Group, Inc. (The) | 20,564 | One-Month BBA LIBOR minus 63 basis points and if negative, the absolute value of the Total Return of the MSCI Daily Net EMU USD Index | If positive, the Total Return of the MSCI Daily Net EMU USD Index | 5/3/11 | 1,568,057 | |||||||
Reference Entity Total | 3,574,400 | |||||||||||
MSCI Daily TR EAFE USD COM STK Index | ||||||||||||
UBS AG | $23,149 | One-Month BBA LIBOR plus 40 basis points and if negative, the absolute value of the Total Return of the MSCI Daily EAFE USD COM STK Index | If positive the Total Return of the MSCI Daily EAFE USD COM STK Index | 7/12/11 | 1,427,302 | |||||||
S&P 500 Growth Index | ||||||||||||
Goldman Sachs Group, Inc. (The) | 22,464 | If positive, the Total Return of the S&P 500 Growth Index | One-Month BBA LIBOR minus 4 basis points and if negative, absolute value of the Total Return of the S&P 500 Growth Index | 7/11/11 | (1,563,820 | ) | ||||||
Total of Total Return Swaps | $ | 3,437,882 | ||||||||||
Abbreviations are as follows: | ||
BBA LIBOR | British Bankers’ Association London-Interbank Offered Rate | |
EAFE | Europe, Australasia, Far East | |
EMU | European Economic and Monetary Union | |
MSCI | Morgan Stanley Capital International | |
S&P | Standard & Poor’s | |
TR | Total Return |
Notional | ||||||||||
Swap Type from | Amount | |||||||||
Swap Counterparty | Fund Perspective | (000’s) | Value | |||||||
Barclays Bank plc | Credit Default Sell Protection | $ | 19,000 | $ | (323,540 | ) | ||||
Goldman Sachs Group, Inc. (The) | Total Return | 89,112 | 2,010,580 | |||||||
UBS AG | Total Return | 23,149 | 1,427,302 | |||||||
Total Swaps | $ | 3,114,342 | ||||||||
Assets | ||||
Investments, at value—see accompanying statement of investments: | ||||
Unaffiliated companies (cost $11,998,240) | $ | 11,998,240 | ||
Affiliated companies (cost $1,968,876,242) | 1,993,508,129 | |||
2,005,506,369 | ||||
Cash | 690,196 | |||
Appreciated swaps, at value | 5,001,702 | |||
Receivables and other assets: | ||||
Dividends | 1,969,839 | |||
Investments sold | 1,082,401 | |||
Shares of beneficial interest sold | 981,570 | |||
Other | 85,099 | |||
Total assets | 2,015,317,176 | |||
Liabilities | ||||
Unrealized depreciation on foreign currency exchange contracts | 946,712 | |||
Appreciated swaps, at value (upfront payments received $1,039,722) | 323,540 | |||
Depreciated swaps, at value | 1,563,820 | |||
Payables and other liabilities: | ||||
Shares of beneficial interest redeemed | 2,416,636 | |||
Investments purchased | 2,014,422 | |||
Distribution and service plan fees | 380,900 | |||
Transfer and shareholder servicing agent fees | 371,197 | |||
Shareholder communications | 240,802 | |||
Trustees’ compensation | 196,508 | |||
Other | 33,793 | |||
Total liabilities | 8,488,330 | |||
Net Assets | $ | 2,006,828,846 | ||
Composition of Net Assets | ||||
Par value of shares of beneficial interest | $ | 235,837 | ||
Additional paid-in capital | 2,774,064,140 | |||
Accumulated net investment income | 20,277,697 | |||
Accumulated net realized loss on investments and foreign currency transactions | (815,588,066 | ) | ||
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies | 27,839,238 | |||
Net Assets | $ | 2,006,828,846 | ||
Net Asset Value Per Share | ||||
Class A Shares: | ||||
Net asset value and redemption price per share (based on net assets of $1,094,369,419 and 127,474,812 shares of beneficial interest outstanding) | $ | 8.58 | ||
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) | $ | 9.10 | ||
Class B Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $313,659,128 and 37,337,227 shares of beneficial interest outstanding) | $ | 8.40 | ||
Class C Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $449,495,453 and 53,538,113 shares of beneficial interest outstanding) | $ | 8.40 | ||
Class N Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $138,962,711 and 16,296,248 shares of beneficial interest outstanding) | $ | 8.53 | ||
Class Y Shares: | ||||
Net asset value, redemption price and offering price per share (based on net assets of $10,342,135 and 1,190,251 shares of beneficial interest outstanding) | $ | 8.69 |
1. | July��30, 2010 represents the last business day of the Fund’s 2010 semiannual period. See Note 1 of the accompanying Notes. |
Allocation of Income and Expenses from master funds2 | ||||
Net investment income allocated from Oppenheimer Master Inflation | ||||
Protected Securities Fund, LLC: | ||||
Interest | $ | 74,048 | ||
Expenses | (19,906 | ) | ||
Net investment income allocated from Oppenheimer Master Inflation Protected Securities Fund, LLC | 54,142 | |||
Net investment income allocated from Oppenheimer Master Loan Fund, LLC: | ||||
Interest | 226,486 | |||
Dividends | 234 | |||
Expenses3 | (10,282 | ) | ||
Net investment income allocated from Oppenheimer Master Loan Fund, LLC | 216,438 | |||
Total allocation of net investment income from master funds | 270,580 | |||
Investment Income | ||||
Dividends from affiliated companies | 15,058,552 | |||
Interest | 5,411 | |||
Total investment income | 15,063,963 | |||
Expenses | ||||
Distribution and service plan fees: | ||||
Class A | 1,342,049 | |||
Class B | 1,566,192 | |||
Class C | 2,241,237 | |||
Class N | 342,597 | |||
Transfer and shareholder servicing agent fees: | ||||
Class A | 1,025,818 | |||
Class B | 448,306 | |||
Class C | 440,790 | |||
Class N | 93,815 | |||
Class Y | 1,192 | |||
Shareholder communications: | ||||
Class A | 101,711 | |||
Class B | 47,893 | |||
Class C | 41,259 | |||
Class N | 4,353 | |||
Class Y | 46 | |||
Asset allocation fees | 1,000,798 | |||
Trustees’ compensation | 18,319 | |||
Custodian fees and expenses | 10,682 | |||
Other | 90,414 | |||
Total expenses | 8,817,471 | |||
Less waivers and reimbursements of expenses | (13,241 | ) | ||
Net expenses | 8,804,230 | |||
Net Investment Income | 6,530,313 |
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investments from: | ||||
Unaffiliated companies | $ | 1,048,474 | ||
Affiliated companies | (166,469,841 | ) | ||
Closing and expiration of futures contracts | (1,740,705 | ) | ||
Foreign currency transactions | 4,156,009 | |||
Swap contracts | (6,644,717 | ) | ||
Net realized gain (loss) allocated from: | ||||
Oppenheimer Master Inflation Protected Securities Fund, LLC | 12,187 | |||
Oppenheimer Master Loan Fund, LLC | (4,067 | ) | ||
Total net realized loss | (169,642,660 | ) | ||
Net change in unrealized appreciation/depreciation on: | ||||
Investments | 248,391,093 | |||
Translation of assets and liabilities denominated in foreign currencies | (946,712 | ) | ||
Futures contracts | 1,070,331 | |||
Swap contracts | 4,752,516 | |||
Net change in unrealized appreciation/depreciation allocated from: | ||||
Oppenheimer Master Inflation Protected Securities Fund, LLC | 328,338 | |||
Oppenheimer Master Loan Fund, LLC | 127,390 | |||
Total net change in unrealized appreciation/depreciation | 253,722,956 | |||
Net Increase in Net Assets Resulting from Operations | $ | 90,610,609 | ||
1. | July 30, 2010 represents the last business day of the Fund’s 2010 semiannual period. See Note 1 of the accompanying Notes. | |
2. | The Fund invests in certain affiliated mutual funds that expect to be treated as partnerships for tax purposes. See Note 1 of the accompanying Notes. | |
3. | Net of expense waivers and/or reimbursements of $79. |
Six Months | Year | |||||||
Ended | Ended | |||||||
July 30, 2010 | January 31, | |||||||
(Unaudited)1 | 2010 | |||||||
Operations | ||||||||
Net investment income | $ | 6,530,313 | $ | 5,317,251 | ||||
Net realized loss | (169,642,660 | ) | (309,836,374 | ) | ||||
Net change in unrealized appreciation/depreciation | 253,722,956 | 785,962,480 | ||||||
Net increase in net assets resulting from operations | 90,610,609 | 481,443,357 | ||||||
Dividends and/or Distributions to Shareholders | ||||||||
Dividends from net investment income: | ||||||||
Class A | — | (11,384,280 | ) | |||||
Class B | — | (942,877 | ) | |||||
Class C | — | (1,723,620 | ) | |||||
Class N | — | (1,244,659 | ) | |||||
Class Y | — | (47,386 | ) | |||||
— | (15,342,822 | ) | ||||||
Beneficial Interest Transactions | ||||||||
Net increase (decrease) in net assets resulting from beneficial interest transactions: | ||||||||
Class A | (27,164,877 | ) | (49,729,606 | ) | ||||
Class B | (11,987,840 | ) | (21,375,156 | ) | ||||
Class C | (11,896,476 | ) | (34,239,711 | ) | ||||
Class N | (1,683,728 | ) | (2,641,340 | ) | ||||
Class Y | 6,483,534 | 63,408 | ||||||
(46,249,387 | ) | (107,922,405 | ) | |||||
Net Assets | ||||||||
Total increase | 44,361,222 | 358,178,130 | ||||||
Beginning of period | 1,962,467,624 | 1,604,289,494 | ||||||
End of period (including accumulated net investment income of $20,277,697 and $13,747,384, respectively) | $ | 2,006,828,846 | $ | 1,962,467,624 | ||||
1. | July 30, 2010 represents the last business day of the Fund’s 2010 semiannual period. See Note 1 of the accompanying Notes. |
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
July 30, 2010 | Year Ended January 31, | |||||||||||||||||||||||
Class A | (Unaudited)1 | 2010 | 2009 | 2008 | 2007 | 20062 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 8.19 | $ | 6.28 | $ | 11.28 | $ | 12.05 | $ | 11.10 | $ | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income3 | .04 | .04 | .10 | .44 | .35 | .43 | ||||||||||||||||||
Net realized and unrealized gain (loss) | .35 | 1.96 | (4.74 | ) | (.61 | ) | .89 | .89 | ||||||||||||||||
Total from investment operations | .39 | 2.00 | (4.64 | ) | (.17 | ) | 1.24 | 1.32 | ||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | — | (.09 | ) | — | (.43 | ) | (.24 | ) | (.20 | ) | ||||||||||||||
Distributions from net realized gain | — | — | (.36 | ) | (.17 | ) | (.05 | ) | (.02 | ) | ||||||||||||||
Total dividends and/or distributions to shareholders | — | (.09 | ) | (.36 | ) | (.60 | ) | (.29 | ) | (.22 | ) | |||||||||||||
Net asset value, end of period | $ | 8.58 | $ | 8.19 | $ | 6.28 | $ | 11.28 | $ | 12.05 | $ | 11.10 | ||||||||||||
Total Return, at Net Asset Value4 | 4.76 | % | 31.77 | % | (41.33 | )% | (1.69 | )% | 11.14 | % | 13.31 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,094,369 | $ | 1,070,411 | $ | 868,187 | $ | 1,396,770 | $ | 956,520 | $ | 293,578 | ||||||||||||
Average net assets (in thousands) | $ | 1,102,976 | $ | 983,645 | $ | 1,267,124 | $ | 1,267,499 | $ | 605,517 | $ | 112,224 | ||||||||||||
Ratios to average net assets:5 | ||||||||||||||||||||||||
Net investment income | 0.97 | %6 | 0.59 | % | 1.00 | % | 3.54 | % | 3.10 | % | 4.94 | % | ||||||||||||
Total expenses7 | 0.57 | %6 | 0.61 | % | 0.53 | % | 0.48 | % | 0.51 | % | 0.56 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 0.57 | %6 | 0.60 | % | 0.53 | % | 0.48 | % | 0.50 | % | 0.55 | % | ||||||||||||
Portfolio turnover rate | 44 | % | 31 | % | 28 | % | 18 | % | 40 | % | 90 | % |
1. | July 30, 2010 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes. | |
2. | For the period from April 5, 2005 (commencement of operations) to January 31, 2006. | |
3. | Per share amounts calculated based on the average shares outstanding during the period. | |
4. | 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. | |
5. | Annualized for periods less than one full year. | |
6. | Includes the Fund’s share of the allocated expenses and/or net investment income from the master funds. | |
7. | Total expenses including all underlying fund expenses were as follows: |
Six Months Ended July 30, 2010 | 1.29 | % | ||
Year Ended January 31, 2010 | 1.30 | % | ||
Year Ended January 31, 2009 | 1.15 | % | ||
Year Ended January 31, 2008 | 1.11 | % | ||
Year Ended January 31, 2007 | 1.16 | % | ||
Period Ended January 31, 2006 | 1.28 | % |
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
July 30, 2010 | Year Ended January 31, | |||||||||||||||||||||||
Class B | (Unaudited)1 | 2010 | 2009 | 2008 | 2007 | 20062 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 8.05 | $ | 6.17 | $ | 11.20 | $ | 11.97 | $ | 11.07 | $ | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)3 | — | 4 | (.01 | ) | .01 | .33 | .26 | .36 | ||||||||||||||||
Net realized and unrealized gain (loss) | .35 | 1.91 | (4.68 | ) | (.59 | ) | .86 | .91 | ||||||||||||||||
Total from investment operations | .35 | 1.90 | (4.67 | ) | (.26 | ) | 1.12 | 1.27 | ||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | — | (.02 | ) | — | (.34 | ) | (.17 | ) | (.18 | ) | ||||||||||||||
Distributions from net realized gain | — | — | (.36 | ) | (.17 | ) | (.05 | ) | (.02 | ) | ||||||||||||||
Total dividends and/or distributions to shareholders | — | (.02 | ) | (.36 | ) | (.51 | ) | (.22 | ) | (.20 | ) | |||||||||||||
Net asset value, end of period | $ | 8.40 | $ | 8.05 | $ | 6.17 | $ | 11.20 | $ | 11.97 | $ | 11.07 | ||||||||||||
Total Return, at Net Asset Value5 | 4.35 | % | 30.85 | % | (41.90 | )% | (2.40 | )% | 10.15 | % | 12.72 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 313,659 | $ | 312,190 | $ | 258,625 | $ | 449,130 | $ | 349,024 | $ | 115,629 | ||||||||||||
Average net assets (in thousands) | $ | 317,135 | $ | 291,118 | $ | 389,957 | $ | 433,217 | $ | 229,365 | $ | 46,284 | ||||||||||||
Ratios to average net assets:6 | ||||||||||||||||||||||||
Net investment income (loss) | 0.11 | %7 | (0.18 | )% | 0.15 | % | 2.64 | % | 2.26 | % | 4.06 | % | ||||||||||||
Total expenses8 | 1.43 | %7 | 1.49 | % | 1.35 | % | 1.27 | % | 1.29 | % | 1.37 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.42 | %7 | 1.48 | % | 1.35 | % | 1.27 | % | 1.29 | % | 1.34 | % | ||||||||||||
Portfolio turnover rate | 44 | % | 31 | % | 28 | % | 18 | % | 40 | % | 90 | % |
1. | July 30, 2010 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes. | |
2. | For the period from April 5, 2005 (commencement of operations) to January 31, 2006. | |
3. | Per share amounts calculated based on the average shares outstanding during the period. | |
4. | Less than $0.005 per share. | |
5. | 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. | |
6. | Annualized for periods less than one full year. | |
7. | Includes the Fund’s share of the allocated expenses and/or net investment income from the master funds. | |
8. | Total expenses including all underlying fund expenses were as follows: |
Six Months Ended July 30, 2010 | 2.15 | % | ||
Year Ended January 31, 2010 | 2.18 | % | ||
Year Ended January 31, 2009 | 1.97 | % | ||
Year Ended January 31, 2008 | 1.90 | % | ||
Year Ended January 31, 2007 | 1.94 | % | ||
Period Ended January 31, 2006 | 2.09 | % |
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
July 30, 2010 | Year Ended January 31, | |||||||||||||||||||||||
Class C | (Unaudited)1 | 2010 | 2009 | 2008 | 2007 | 20062 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 8.04 | $ | 6.17 | $ | 11.18 | $ | 11.96 | $ | 11.06 | $ | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)3 | .01 | (.01 | ) | .02 | .34 | .27 | .37 | |||||||||||||||||
Net realized and unrealized gain (loss) | .35 | 1.91 | (4.67 | ) | (.60 | ) | .86 | .89 | ||||||||||||||||
Total from investment operations | .36 | 1.90 | (4.65 | ) | (.26 | ) | 1.13 | 1.26 | ||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | — | (.03 | ) | — | (.35 | ) | (.18 | ) | (.18 | ) | ||||||||||||||
Distributions from net realized gain | — | — | (.36 | ) | (.17 | ) | (.05 | ) | (.02 | ) | ||||||||||||||
Total dividends and/or distributions to shareholders | — | (.03 | ) | (.36 | ) | (.52 | ) | (.23 | ) | (.20 | ) | |||||||||||||
Net asset value, end of period | $ | 8.40 | $ | 8.04 | $ | 6.17 | $ | 11.18 | $ | 11.96 | $ | 11.06 | ||||||||||||
Total Return, at Net Asset Value4 | 4.48 | % | 30.80 | % | (41.79 | )% | (2.41 | )% | 10.21 | % | 12.66 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 449,496 | $ | 442,036 | $ | 369,953 | $ | 630,990 | $ | 433,213 | $ | 125,622 | ||||||||||||
Average net assets (in thousands) | $ | 453,949 | $ | 413,626 | $ | 560,138 | $ | 577,347 | $ | 272,038 | $ | 45,647 | ||||||||||||
Ratios to average net assets:5 | ||||||||||||||||||||||||
Net investment income (loss) | 0.21 | %6 | (0.07 | )% | 0.20 | % | 2.77 | % | 2.34 | % | 4.18 | % | ||||||||||||
Total expenses7 | 1.32 | %6 | 1.38 | % | 1.30 | % | 1.24 | % | 1.27 | % | 1.33 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.32 | %6 | 1.37 | % | 1.30 | % | 1.24 | % | 1.26 | % | 1.31 | % | ||||||||||||
Portfolio turnover rate | 44 | % | 31 | % | 28 | % | 18 | % | 40 | % | 90 | % |
1. | July 30, 2010 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes. | |
2. | For the period from April 5, 2005 (commencement of operations) to January 31, 2006. | |
3. | Per share amounts calculated based on the average shares outstanding during the period. | |
4. | 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. | |
5. | Annualized for periods less than one full year. | |
6. | Includes the Fund’s share of the allocated expenses and/or net investment income from the master funds. | |
7. | Total expenses including all underlying fund expenses were as follows: |
Six Months Ended July 30, 2010 | 2.04 | % | ||
Year Ended January 31, 2010 | 2.07 | % | ||
Year Ended January 31, 2009 | 1.92 | % | ||
Year Ended January 31, 2008 | 1.87 | % | ||
Year Ended January 31, 2007 | 1.92 | % | ||
Period Ended January 31, 2006 | 2.05 | % |
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
July 30, 2010 | Year Ended January 31, | |||||||||||||||||||||||
Class N | (Unaudited)1 | 2010 | 2009 | 2008 | 2007 | 20062 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 8.14 | $ | 6.24 | $ | 11.24 | $ | 12.02 | $ | 11.09 | $ | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income3 | .03 | .02 | .08 | .41 | .35 | .46 | ||||||||||||||||||
Net realized and unrealized gain (loss) | .36 | 1.96 | (4.72 | ) | (.61 | ) | .86 | .85 | ||||||||||||||||
Total from investment operations | .39 | 1.98 | (4.64 | ) | (.20 | ) | 1.21 | 1.31 | ||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | — | (.08 | ) | — | (.41 | ) | (.23 | ) | (.20 | ) | ||||||||||||||
Distributions from net realized gain | — | — | (.36 | ) | (.17 | ) | (.05 | ) | (.02 | ) | ||||||||||||||
Total dividends and/or distributions to shareholders | — | (.08 | ) | (.36 | ) | (.58 | ) | (.28 | ) | (.22 | ) | |||||||||||||
Net asset value, end of period | $ | 8.53 | $ | 8.14 | $ | 6.24 | $ | 11.24 | $ | 12.02 | $ | 11.09 | ||||||||||||
Total Return, at Net Asset Value4 | 4.79 | % | 31.62 | % | (41.47 | )% | (1.95 | )% | 10.88 | % | 13.18 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 138,963 | $ | 134,276 | $ | 104,818 | $ | 161,530 | $ | 109,146 | $ | 28,345 | ||||||||||||
Average net assets (in thousands) | $ | 138,591 | $ | 123,718 | $ | 149,553 | $ | 145,988 | $ | 62,929 | $ | 9,156 | ||||||||||||
Ratios to average net assets:5 | ||||||||||||||||||||||||
Net investment income | 0.78 | %6 | 0.27 | % | 0.82 | % | 3.31 | % | 3.07 | % | 5.28 | % | ||||||||||||
Total expenses7 | 0.76 | %6 | 0.79 | % | 0.74 | % | 0.70 | % | 0.70 | % | 0.73 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 0.76 | %6 | 0.78 | % | 0.74 | % | 0.69 | % | 0.70 | % | 0.72 | % | ||||||||||||
Portfolio turnover rate | 44 | % | 31 | % | 28 | % | 18 | % | 40 | % | 90 | % |
1. | July 30, 2010 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes. | |
2. | For the period from April 5, 2005 (commencement of operations) to January 31, 2006. | |
3. | Per share amounts calculated based on the average shares outstanding during the period. | |
4. | 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. | |
5. | Annualized for periods less than one full year. | |
6. | Includes the Fund’s share of the allocated expenses and/or net investment income from the master funds. | |
7. | Total expenses including all underlying fund expenses were as follows: |
Six Months Ended July 30, 2010 | 1.48 | % | ||
Year Ended January 31, 2010 | 1.48 | % | ||
Year Ended January 31, 2009 | 1.36 | % | ||
Year Ended January 31, 2008 | 1.33 | % | ||
Year Ended January 31, 2007 | 1.35 | % | ||
Period Ended January 31, 2006 | 1.45 | % |
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
July 30, 2010 | Year Ended January 31, | |||||||||||||||||||||||
Class Y | (Unaudited)1 | 2010 | 2009 | 2008 | 2007 | 20062 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 8.27 | $ | 6.33 | $ | 11.33 | $ | 12.10 | $ | 11.13 | $ | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income3 | .06 | .06 | .15 | .50 | .44 | .39 | ||||||||||||||||||
Net realized and unrealized gain (loss) | .36 | 2.00 | (4.79 | ) | (.63 | ) | .85 | .97 | ||||||||||||||||
Total from investment operations | .42 | 2.06 | (4.64 | ) | (.13 | ) | 1.29 | 1.36 | ||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | — | (.12 | ) | — | (.47 | ) | (.27 | ) | (.21 | ) | ||||||||||||||
Distributions from net realized gain | — | — | (.36 | ) | (.17 | ) | (.05 | ) | (.02 | ) | ||||||||||||||
Total dividends and/or distributions to shareholders | — | (.12 | ) | (.36 | ) | (.64 | ) | (.32 | ) | (.23 | ) | |||||||||||||
Net asset value, end of period | $ | 8.69 | $ | 8.27 | $ | 6.33 | $ | 11.33 | $ | 12.10 | $ | 11.13 | ||||||||||||
Total Return, at Net Asset Value4 | 5.08 | % | 32.47 | % | (41.15 | )% | (1.38 | )% | 11.56 | % | 13.72 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 10,342 | $ | 3,555 | $ | 2,706 | $ | 3,789 | $ | 2,783 | $ | 482 | ||||||||||||
Average net assets (in thousands) | $ | 5,800 | $ | 3,138 | $ | 3,724 | $ | 3,663 | $ | 1,317 | $ | 196 | ||||||||||||
Ratios to average net assets:5 | ||||||||||||||||||||||||
Net investment income | 1.31 | %6 | 0.77 | % | 1.56 | % | 3.98 | % | 3.79 | % | 4.44 | % | ||||||||||||
Total expenses7 | 0.16 | %6 | 0.19 | % | 0.15 | % | 0.13 | % | 0.11 | % | 0.33 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 0.16 | %6 | 0.18 | % | 0.15 | % | 0.13 | % | 0.11 | % | 0.21 | % | ||||||||||||
Portfolio turnover rate | 44 | % | 31 | % | 28 | % | 18 | % | 40 | % | 90 | % |
1. | July 30, 2010 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes. | |
2. | For the period from April 5, 2005 (commencement of operations) to January 31, 2006. | |
3. | Per share amounts calculated based on the average shares outstanding during the period. | |
4. | 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. | |
5. | Annualized for periods less than one full year. | |
6. | Includes the Fund’s share of the allocated expenses and/or net investment income from the master funds. | |
7. | Total expenses including all underlying fund expenses were as follows: |
Six Months Ended July 30, 2010 | 0.88 | % | ||
Year Ended January 31, 2010 | 0.88 | % | ||
Year Ended January 31, 2009 | 0.77 | % | ||
Year Ended January 31, 2008 | 0.76 | % | ||
Year Ended January 31, 2007 | 0.76 | % | ||
Period Ended January 31, 2006 | 1.05 | % |
Expiring | ||||
2017 | $ | 68,767,077 | ||
2018 | 398,262,485 | |||
Total | $ | 467,029,562 | ||
Federal tax cost of securities | $ | 2,251,501,335 | ||
Federal tax cost of other investments | (1,039,722 | ) | ||
Total federal tax cost | $ | 2,250,461,613 | ||
Gross unrealized appreciation | $ | 120,711,321 | ||
Gross unrealized depreciation | (362,552,223 | ) | ||
Net unrealized depreciation | $ | (241,840,902 | ) | |
Projected Benefit Obligations Increased | $ | 604 | ||
Payments Made to Retired Trustees | — | |||
Accumulated Liability as of July 30, 2010 | 119,250 |
Six Months Ended July 30, 2010 | Year Ended January 31, 2010 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Class A | ||||||||||||||||
Sold | 11,851,859 | $ | 101,055,195 | 25,261,114 | $ | 184,233,892 | ||||||||||
Dividends and/or distributions reinvested | — | — | 1,308,892 | 11,045,567 | ||||||||||||
Redeemed | (15,067,177 | ) | (128,220,072 | ) | (34,221,296 | ) | (245,009,065 | ) | ||||||||
Net decrease | (3,215,318 | ) | $ | (27,164,877 | ) | (7,651,290 | ) | $ | (49,729,606 | ) | ||||||
Six Months Ended July 30, 2010 | Year Ended January 31, 2010 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Class B | ||||||||||||||||
Sold | 2,863,211 | $ | 24,016,109 | 6,992,966 | $ | 49,591,508 | ||||||||||
Dividends and/or distributions reinvested | — | — | 110,355 | 917,294 | ||||||||||||
Redeemed | (4,313,397 | ) | (36,003,949 | ) | (10,201,129 | ) | (71,883,958 | ) | ||||||||
Net decrease | (1,450,186 | ) | $ | (11,987,840 | ) | (3,097,808 | ) | $ | (21,375,156 | ) | ||||||
Class C | ||||||||||||||||
Sold | 4,953,675 | $ | 41,482,016 | 12,093,003 | $ | 86,048,789 | ||||||||||
Dividends and/or distributions reinvested | — | — | 200,618 | 1,663,225 | ||||||||||||
Redeemed | (6,393,948 | ) | (53,378,492 | ) | (17,300,364 | ) | (121,951,725 | ) | ||||||||
Net decrease | (1,440,273 | ) | $ | (11,896,476 | ) | (5,006,743 | ) | $ | (34,239,711 | ) | ||||||
Class N | ||||||||||||||||
Sold | 1,701,725 | $ | 14,420,275 | 4,699,462 | $ | 33,440,354 | ||||||||||
Dividends and/or distributions reinvested | — | — | 136,466 | 1,146,314 | ||||||||||||
Redeemed | (1,895,020 | ) | (16,104,003 | ) | (5,138,933 | ) | (37,228,008 | ) | ||||||||
Net decrease | (193,295 | ) | $ | (1,683,728 | ) | (303,005 | ) | $ | (2,641,340 | ) | ||||||
Class Y | ||||||||||||||||
Sold | 910,740 | $ | 7,767,408 | 193,982 | $ | 1,467,954 | ||||||||||
Dividends and/or distributions reinvested | — | — | 5,493 | 46,800 | ||||||||||||
Redeemed | (150,293 | ) | (1,283,874 | ) | (197,063 | ) | (1,451,346 | ) | ||||||||
Net increase | 760,447 | $ | 6,483,534 | 2,412 | $ | 63,408 | ||||||||||
Purchases | Sales | |||||||
Investment securities | $ | 868,386,082 | $ | 983,547,927 |
Class B | $ | 5,843,685 | ||
Class C | 6,088,235 | |||
Class N | 1,860,069 |
Class A | Class B | Class C | Class N | |||||||||||||||||
Class A | Contingent | Contingent | Contingent | Contingent | ||||||||||||||||
Front-End | Deferred | Deferred | Deferred | Deferred | ||||||||||||||||
Sales Charges | Sales Charges | Sales Charges | Sales Charges | Sales Charges | ||||||||||||||||
Six Months | Retained by | Retained by | Retained by | Retained by | Retained by | |||||||||||||||
Ended | Distributor | Distributor | Distributor | Distributor | Distributor | |||||||||||||||
July 30, 2010 | $ | 651,585 | $ | 1,408 | $ | 370,493 | $ | 24,607 | $ | 5,744 |
Asset Derivatives | Liability Derivatives | |||||||||||
Statement of | Statement of | |||||||||||
Derivatives Not Accounted | Assets and | Assets and | ||||||||||
for as Hedging | Liabilities | Liabilities | ||||||||||
Instruments | Location | Value | Location | Value | ||||||||
Credit contracts | Appreciated swaps, at value | $ | 323,540 | |||||||||
Equity contracts | Appreciated swaps, at value | $ | 5,001,702 | Depreciated swaps, at value | 1,563,820 | |||||||
Foreign exchange contracts | Unrealized depreciation on foreign currency exchange contracts | 946,712 | ||||||||||
Total | $ | 5,001,702 | $ | 2,834,072 | ||||||||
Foreign | ||||||||||||||||
Derivatives Not Accounted for | Closing and expiration | currency | ||||||||||||||
as Hedging Instruments | of futures contracts | transactions | Swap contracts | Total | ||||||||||||
Credit contracts | $ | — | $ | — | $ | (1,286,310 | ) | $ | (1,286,310 | ) | ||||||
Equity contracts | (512,130 | ) | — | (5,358,407 | ) | (5,870,537 | ) | |||||||||
Foreign exchange contracts | — | 4,156,009 | — | 4,156,009 | ||||||||||||
Interest rate contracts | (1,228,575 | ) | — | — | (1,228,575 | ) | ||||||||||
Total | $ | (1,740,705 | ) | $ | 4,156,009 | $ | (6,644,717 | ) | $ | (4,229,413 | ) | |||||
Translation of | ||||||||||||||||
assets and | ||||||||||||||||
liabilities | ||||||||||||||||
denominated | ||||||||||||||||
Derivatives Not Accounted for | in foreign | |||||||||||||||
as Hedging Instruments | Futures contracts | currencies | Swap contracts | Total | ||||||||||||
Credit contracts | $ | — | $ | — | $ | 975,116 | $ | 975,116 | ||||||||
Equity contracts | 933,680 | — | 3,777,400 | 4,711,080 | ||||||||||||
Foreign exchange contracts | — | (946,712 | ) | — | (946,712 | ) | ||||||||||
Interest rate contracts | 136,651 | — | — | 136,651 | ||||||||||||
Total | $ | 1,070,331 | $ | (946,712 | ) | $ | 4,752,516 | $ | 4,876,135 | |||||||
42 | ACTIVE ALLOCATION FUND
43 | ACTIVE ALLOCATION FUND
44 | ACTIVE ALLOCATION FUND
45 | ACTIVE ALLOCATION FUND
46 | ACTIVE ALLOCATION FUND
47 | ACTIVE ALLOCATION FUND
Trustees and Officers | Brian F. Wruble, Chairman of the Board of Trustees and Trustee | |
David K. Downes, Trustee | ||
Matthew P. Fink, Trustee | ||
Phillip A. Griffiths, Trustee | ||
Mary F. Miller, Trustee | ||
Joel W. Motley, Trustee | ||
Mary Ann Tynan, Trustee | ||
Joseph M. Wikler, Trustee | ||
Peter I. Wold, Trustee | ||
William F. Glavin, Jr., President and Principal Executive Officer | ||
Alan C. Gilston, Vice President and Portfolio Manager | ||
Krishna Memani, Vice President and Portfolio Manager | ||
Caleb Wong, Vice President and Portfolio Manager | ||
Thomas W. Keffer, Vice President and Chief Business Officer | ||
Mark S. Vandehey, Vice President and Chief Compliance Officer | ||
Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer | ||
Robert G. Zack, Secretary | ||
Manager | OppenheimerFunds, Inc. | |
Distributor | OppenheimerFunds Distributor, Inc. | |
Transfer and Shareholder Servicing Agent | OppenheimerFunds Services | |
Independent Registered Public Accounting Firm | KPMG llp | |
Legal Counsel | Kramer Levin Naftalis & Frankel LLP | |
The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm. |
48 | ACTIVE ALLOCATION FUND
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49 | ACTIVE ALLOCATION FUND
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50 | ACTIVE ALLOCATION FUND
July 30, 2010 Equity Investor Fund A Series of Oppenheimer Portfolio Series Management Commentary and Semiannual Report MANAGEMENT COMMENTARY An Interview with Your Fund’s Portfolio Manager S EMIANNUAL R E PORT Listing of Top Holdings Listing of Investments Financial Statements |
Beginning | Ending | Expenses | ||||||||||
Account | Account | Paid During | ||||||||||
Value | Value | 6 Months Ended | ||||||||||
February 1, 2010 | July 30, 2010 | July 30, 2010 | ||||||||||
Actual | ||||||||||||
Class A | $ | 1,000.00 | $ | 1,045.00 | $ | 2.63 | ||||||
Class B | 1,000.00 | 1,041.30 | 6.87 | |||||||||
Class C | 1,000.00 | 1,041.30 | 6.46 | |||||||||
Class N | 1,000.00 | 1,045.10 | 3.54 | |||||||||
Class Y | 1,000.00 | 1,048.10 | 0.20 | |||||||||
Hypothetical | ||||||||||||
(5% return before expenses) | ||||||||||||
Class A | 1,000.00 | 1,022.09 | 2.60 | |||||||||
Class B | 1,000.00 | 1,017.95 | 6.79 | |||||||||
Class C | 1,000.00 | 1,018.35 | 6.39 | |||||||||
Class N | 1,000.00 | 1,021.21 | 3.49 | |||||||||
Class Y | 1,000.00 | 1,024.46 | 0.20 |
Class | Expense Ratios | |||
Class A | 0.52 | % | ||
Class B | 1.36 | |||
Class C | 1.28 | |||
Class N | 0.70 | |||
Class Y | 0.04 |
Shares | Value | |||||||
Investment Companies—100.0%1 | ||||||||
Global Equity Funds—46.3% | ||||||||
Oppenheimer Developing Markets Fund, Cl. Y | 1,369,990 | $ | 41,277,791 | |||||
Oppenheimer International Growth Fund, Cl. Y | 5,874,918 | 143,582,997 | ||||||
Oppenheimer International Small Company Fund, Cl. Y | 680,045 | 13,471,682 | ||||||
Oppenheimer Quest International Value Fund, Cl. Y | 4,619,973 | 70,131,192 | ||||||
268,463,662 | ||||||||
Money Market Fund—0.0% | ||||||||
Oppenheimer Institutional Money Market Fund, Cl. E, 0.30%2 | 96,999 | 96,999 | ||||||
U.S. Equity Funds—53.7% | ||||||||
Oppenheimer Capital Appreciation Fund, Cl. Y3 | 2,855,395 | 110,760,773 | ||||||
Oppenheimer Main Street Small Cap Fund, Cl. Y | 2,415,411 | 43,912,180 | ||||||
Oppenheimer Value Fund, Cl. Y | 8,087,970 | 156,663,971 | ||||||
311,336,924 | ||||||||
Total Investments, at Value (Cost $583,594,913) | 100.0 | % | 579,897,585 | |||||
Liabilities in Excess of Other Assets | (0.0 | ) | (202,541 | ) | ||||
Net Assets | 100.0 | % | $ | 579,695,044 | ||||
* | July 30, 2010 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes. | |
1. | Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended July 30, 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 | |||||||||||||
January 31, 2010 | Additions | Reductions | July 30, 2010 | |||||||||||||
Oppenheimer Capital Appreciation Fund, Cl.Y | 2,749,314 | 178,211 | 72,130 | 2,855,395 | ||||||||||||
Oppenheimer Developing Markets Fund, Cl.Y | 2,064,082 | 72,749 | 766,841 | 1,369,990 | ||||||||||||
Oppenheimer Global Fund, Cl.Y | 2,127,522 | 57,676 | 2,185,198 | — | ||||||||||||
Oppenheimer Global Opportunities Fund, Cl.Y | 1,172,488 | 28,344 | 1,200,832 | — | ||||||||||||
Oppenheimer Institutional Money Market Fund, Cl. E | 284,387 | 25,892,807 | 26,080,195 | 96,999 | ||||||||||||
Oppenheimer International Growth Fund, Cl.Y | — | 5,940,818 | 65,900 | 5,874,918 | ||||||||||||
Oppenheimer International Small Company Fund, Cl.Y | — | 687,756 | 7,711 | 680,045 | ||||||||||||
Oppenheimer Main Street Fund, Cl.Y | 2,997,887 | 81,336 | 3,079,223 | — | ||||||||||||
Oppenheimer Main Street Opportunity Fund, Cl.Y | 2,547,450 | 68,606 | 2,616,056 | — | ||||||||||||
Oppenheimer Main Street Small Cap Fund, Cl.Y | 3,223,098 | 117,109 | 924,796 | 2,415,411 | ||||||||||||
Oppenheimer Quest International Value Fund, Cl.Y | — | 4,671,843 | 51,870 | 4,619,973 | ||||||||||||
Oppenheimer Value Fund, Cl.Y | 4,286,846 | 3,955,093 | 153,969 | 8,087,970 |
Realized | ||||||||||||
Value | Income | Loss | ||||||||||
Oppenheimer Capital Appreciation Fund, Cl. Y | $ | 110,760,773 | $ | — | $ | 887,592 | ||||||
Oppenheimer Developing Markets Fund, Cl. Y | 41,277,791 | — | 5,716,669 | |||||||||
Oppenheimer Global Fund, Cl. Y | — | — | 24,548,757 | |||||||||
Oppenheimer Global Opportunities Fund, Cl. Y | — | — | 1,792,647 | |||||||||
Oppenheimer Institutional Money Market Fund, Cl. E | 96,999 | 1,057 | — | |||||||||
Oppenheimer International Growth Fund, Cl. Y | 143,582,997 | — | 480 | |||||||||
Oppenheimer International Small Company Fund, Cl. Y | 13,471,682 | — | 2,053 | |||||||||
Oppenheimer Main Street Fund, Cl. Y | — | — | 22,588,116 | |||||||||
Oppenheimer Main Street Opportunity Fund, Cl. Y | — | — | 2,246,728 | |||||||||
Oppenheimer Main Street Small Cap Fund, Cl. Y | 43,912,180 | — | 5,172,464 | |||||||||
Oppenheimer Quest International Value Fund, Cl. Y | 70,131,192 | — | 3,132 | |||||||||
Oppenheimer Value Fund, Cl. Y | 156,663,971 | — | 1,522,055 | |||||||||
$ | 579,897,585 | $ | 1,057 | $ | 64,480,693 | |||||||
2. | Rate shown is the 7-day yield as of July 30, 2010. | |
3. | Non-income producing security. |
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). |
Level 3— | ||||||||||||||||
Level 1— | Level 2— | Significant | ||||||||||||||
Unadjusted | Other Significant | Unobservable | ||||||||||||||
Quoted Prices | Observable Inputs | Inputs | Value | |||||||||||||
Assets Table | ||||||||||||||||
Investments, at Value: | ||||||||||||||||
Investment Companies | $ | 579,897,585 | $ | — | $ | — | $ | 579,897,585 | ||||||||
Total Assets | $ | 579,897,585 | $ | — | $ | — | $ | 579,897,585 | ||||||||
Assets | ||||
Investments, at value—see accompanying statement of investments—affiliated companies (cost $583,594,913) | $ | 579,897,585 | ||
Cash | 148,446 | |||
Receivables and other assets: | ||||
Shares of beneficial interest sold | 481,077 | |||
Investments sold | 317,141 | |||
Dividends | 486 | |||
Other | 20,261 | |||
Total assets | 580,864,996 | |||
Liabilities | ||||
Payables and other liabilities: | ||||
Shares of beneficial interest redeemed | 804,457 | |||
Transfer and shareholder servicing agent fees | 127,287 | |||
Distribution and service plan fees | 118,307 | |||
Shareholder communications | 60,360 | |||
Trustees’ compensation | 38,753 | |||
Other | 20,788 | |||
Total liabilities | 1,169,952 | |||
Net Assets | $ | 579,695,044 | ||
Composition of Net Assets | ||||
Par value of shares of beneficial interest | $ | 61,281 | ||
Additional paid-in capital | 690,287,595 | |||
Accumulated net investment loss | (1,433,384 | ) | ||
Accumulated net realized loss on investments | (105,523,120 | ) | ||
Net unrealized depreciation on investments | (3,697,328 | ) | ||
Net Assets | $ | 579,695,044 | ||
Net Asset Value Per Share | ||||
Class A Shares: | ||||
Net asset value and redemption price per share (based on net assets of $301,123,178 and 31,585,395 shares of beneficial interest outstanding) | $ | 9.53 | ||
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) | $ | 10.11 | ||
Class B Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $80,497,352 and 8,621,967 shares of beneficial interest outstanding) | $ | 9.34 | ||
Class C Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $124,746,673 and 13,359,934 shares of beneficial interest outstanding) | $ | 9.34 | ||
Class N Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $65,761,823 and 6,924,671 shares of beneficial interest outstanding) | $ | 9.50 | ||
Class Y Shares: | ||||
Net asset value, redemption price and offering price per share (based on net assets of $7,566,018 and 788,845 shares of beneficial interest outstanding) | $ | 9.59 |
1. | July 30, 2010 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes. |
Investment Income | ||||
Dividends from affiliated companies | $ | 1,057 | ||
Interest | 55 | |||
Total investment income | 1,112 | |||
Expenses | ||||
Distribution and service plan fees: | ||||
Class A | 371,601 | |||
Class B | 398,278 | |||
Class C | 616,799 | |||
Class N | 161,360 | |||
Transfer and shareholder servicing agent fees: | ||||
Class A | 346,350 | |||
Class B | 124,010 | |||
Class C | 148,479 | |||
Class N | 59,328 | |||
Class Y | 694 | |||
Shareholder communications: | ||||
Class A | 38,211 | |||
Class B | 15,455 | |||
Class C | 13,928 | |||
Class N | 2,323 | |||
Class Y | 43 | |||
Trustees’ compensation | 4,950 | |||
Custodian fees and expenses | 2,307 | |||
Other | 31,845 | |||
Total expenses | 2,335,961 | |||
Net Investment Loss | (2,334,849 | ) | ||
Realized and Unrealized Gain (Loss) | ||||
Net realized loss on investments from affiliated companies | (64,480,693 | ) | ||
Net change in unrealized appreciation/depreciation on investments | 90,517,928 | |||
Net Increase in Net Assets Resulting from Operations | $ | 23,702,386 | ||
1. | July 30, 2010 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes. |
Six Months | Year | |||||||
Ended | Ended | |||||||
July 30, 2010 | January 31, | |||||||
(Unaudited)1 | 2010 | |||||||
Operations | ||||||||
Net investment income (loss) | $ | (2,334,849 | ) | $ | 989,416 | |||
Net realized loss | (64,480,693 | ) | (31,192,099 | ) | ||||
Net change in unrealized appreciation/depreciation | 90,517,928 | 189,841,524 | ||||||
Net increase in net assets resulting from operations | 23,702,386 | 159,638,841 | ||||||
Dividends and/or Distributions to Shareholders | ||||||||
Dividends from net investment income: | ||||||||
Class A | — | (1,415,394 | ) | |||||
Class B | — | — | ||||||
Class C | — | — | ||||||
Class N | — | (197,717 | ) | |||||
Class Y | — | (38,688 | ) | |||||
— | (1,651,799 | ) | ||||||
Distributions from net realized gain: | ||||||||
Class A | — | (5,254,584 | ) | |||||
Class B | — | (1,446,173 | ) | |||||
Class C | — | (2,231,372 | ) | |||||
Class N | — | (1,096,397 | ) | |||||
Class Y | — | (77,561 | ) | |||||
— | (10,106,087 | ) | ||||||
Beneficial Interest Transactions | ||||||||
Net increase in net assets resulting from beneficial interest transactions: | ||||||||
Class A | 1,826,020 | 29,701,827 | ||||||
Class B | 929,053 | 4,104,962 | ||||||
Class C | 1,189,300 | 8,628,643 | ||||||
Class N | 1,742,718 | 4,842,644 | ||||||
Class Y | 2,661,526 | 1,591,328 | ||||||
8,348,617 | 48,869,404 | |||||||
Net Assets | ||||||||
Total increase | 32,051,003 | 196,750,359 | ||||||
Beginning of period | 547,644,041 | 350,893,682 | ||||||
End of period (including accumulated net investment income (loss) of $(1,433,384) and $901,465, respectively) | $ | 579,695,044 | $ | 547,644,041 | ||||
1. | July 30, 2010 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes. |
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
July 30, 2010 | Year Ended January 31, | |||||||||||||||||||||||
Class A | (Unaudited)1 | 2010 | 2009 | 2008 | 2007 | 20062 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.12 | $ | 6.46 | $ | 11.83 | $ | 12.63 | $ | 11.60 | $ | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)3 | (.02 | ) | .04 | .08 | .38 | .25 | .22 | |||||||||||||||||
Net realized and unrealized gain (loss) | .43 | 2.84 | (4.91 | ) | (.65 | ) | 1.00 | 1.52 | ||||||||||||||||
Total from investment operations | .41 | 2.88 | (4.83 | ) | (.27 | ) | 1.25 | 1.74 | ||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | — | (.05 | ) | (.03 | ) | (.33 | ) | (.18 | ) | (.12 | ) | |||||||||||||
Distributions from net realized gain | — | (.17 | ) | (.51 | ) | (.20 | ) | (.04 | ) | (.02 | ) | |||||||||||||
Total dividends and distributions to shareholders | — | (.22 | ) | (.54 | ) | (.53 | ) | (.22 | ) | (.14 | ) | |||||||||||||
Net asset value, end of period | $ | 9.53 | $ | 9.12 | $ | 6.46 | $ | 11.83 | $ | 12.63 | $ | 11.60 | ||||||||||||
Total Return, at Net Asset Value4 | 4.50 | % | 44.42 | % | (41.14 | )% | (2.45 | )% | 10.85 | % | 17.46 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 301,123 | $ | 286,580 | $ | 180,042 | $ | 262,208 | $ | 173,539 | $ | 48,132 | ||||||||||||
Average net assets (in thousands) | $ | 302,666 | $ | 244,278 | $ | 245,247 | $ | 239,348 | $ | 109,318 | $ | 17,321 | ||||||||||||
Ratios to average net assets:5 | ||||||||||||||||||||||||
Net investment income (loss) | (0.52 | )% | 0.52 | % | 0.77 | % | 2.87 | % | 2.07 | % | 2.47 | % | ||||||||||||
Total expenses6 | 0.52 | % | 0.58 | % | 0.54 | % | 0.45 | % | 0.50 | % | 0.70 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 0.52 | % | 0.58 | % | 0.54 | % | 0.45 | % | 0.50 | % | 0.68 | % | ||||||||||||
Portfolio turnover rate | 53 | % | 11 | % | 5 | % | 2 | % | 2 | % | 7 | % |
1. | July 30, 2010 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes. | |
2. | For the period from April 5, 2005 (commencement of operations) to January 31, 2006. | |
3. | Per share amounts calculated based on the average shares outstanding during the period. | |
4. | 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. | |
5. | Annualized for periods less than one full year. | |
6. | Total expenses including all underlying fund expenses were as follows: |
Six Months Ended July 30, 2010 | 1.27 | % | ||
Year Ended January 31, 2010 | 1.30 | % | ||
Year Ended January 31, 2009 | 1.18 | % | ||
Year Ended January 31, 2008 | 1.08 | % | ||
Year Ended January 31, 2007 | 1.15 | % | ||
Period Ended January 31, 2006 | 1.39 | % |
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
July 30, 2010 | Year Ended January 31, | |||||||||||||||||||||||
Class B | (Unaudited)1 | 2010 | 2009 | 2008 | 2007 | 20062 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 8.97 | $ | 6.38 | $ | 11.73 | $ | 12.54 | $ | 11.55 | $ | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)3 | (.06 | ) | (.03 | ) | (.01 | ) | .26 | .14 | .16 | |||||||||||||||
Net realized and unrealized gain (loss) | .43 | 2.79 | (4.83 | ) | (.63 | ) | 1.01 | 1.50 | ||||||||||||||||
Total from investment operations | .37 | 2.76 | (4.84 | ) | (.37 | ) | 1.15 | 1.66 | ||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | — | — | — | (.24 | ) | (.12 | ) | (.09 | ) | |||||||||||||||
Distributions from net realized gain | — | (.17 | ) | (.51 | ) | (.20 | ) | (.04 | ) | (.02 | ) | |||||||||||||
Total dividends and distributions to shareholders | — | (.17 | ) | (.51 | ) | (.44 | ) | (.16 | ) | (.11 | ) | |||||||||||||
Net asset value, end of period | $ | 9.34 | $ | 8.97 | $ | 6.38 | $ | 11.73 | $ | 12.54 | $ | 11.55 | ||||||||||||
Total Return, at Net Asset Value4 | 4.13 | % | 43.19 | % | (41.58 | )% | (3.23 | )% | 9.97 | % | 16.70 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 80,497 | $ | 76,495 | $ | 51,358 | $ | 79,187 | $ | 59,406 | $ | 19,078 | ||||||||||||
Average net assets (in thousands) | $ | 80,413 | $ | 66,935 | $ | 71,695 | $ | 75,204 | $ | 38,569 | $ | 7,050 | ||||||||||||
Ratios to average net assets:5 | ||||||||||||||||||||||||
Net investment income (loss) | (1.36 | )% | (0.33 | )% | (0.07 | )% | 1.98 | % | 1.19 | % | 1.83 | % | ||||||||||||
Total expenses6 | 1.36 | % | 1.45 | % | 1.36 | % | 1.25 | % | 1.31 | % | 1.53 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.36 | % | 1.41 | % | 1.36 | % | 1.25 | % | 1.31 | % | 1.50 | % | ||||||||||||
Portfolio turnover rate | 53 | % | 11 | % | 5 | % | 2 | % | 2 | % | 7 | % |
1. | July 30, 2010 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes. | |
2. | For the period from April 5, 2005 (commencement of operations) to January 31, 2006. | |
3. | Per share amounts calculated based on the average shares outstanding during the period. | |
4. | 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. | |
5. | Annualized for periods less than one full year. | |
6. | Total expenses including all underlying fund expenses were as follows: |
Six Months Ended July 30, 2010 | 2.11 | % | ||
Year Ended January 31, 2010 | 2.17 | % | ||
Year Ended January 31, 2009 | 2.00 | % | ||
Year Ended January 31, 2008 | 1.88 | % | ||
Year Ended January 31, 2007 | 1.96 | % | ||
Period Ended January 31, 2006 | 2.22 | % |
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
July 30, 2010 | Year Ended January 31, | |||||||||||||||||||||||
Class C | (Unaudited)1 | 2010 | 2009 | 2008 | 2007 | 20062 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 8.97 | $ | 6.37 | $ | 11.72 | $ | 12.53 | $ | 11.54 | $ | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)3 | (.06 | ) | (.02 | ) | —4 | .28 | .14 | .15 | ||||||||||||||||
Net realized and unrealized gain (loss) | .43 | 2.79 | (4.84 | ) | (.64 | ) | 1.01 | 1.51 | ||||||||||||||||
Total from investment operations | .37 | 2.77 | (4.84 | ) | (.36 | ) | 1.15 | 1.66 | ||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | — | — | — | (.25 | ) | (.12 | ) | (.10 | ) | |||||||||||||||
Distributions from net realized gain | — | (.17 | ) | (.51 | ) | (.20 | ) | (.04 | ) | (.02 | ) | |||||||||||||
Total dividends and distributions to shareholders | — | (.17 | ) | (.51 | ) | (.45 | ) | (.16 | ) | (.12 | ) | |||||||||||||
Net asset value, end of period | $ | 9.34 | $ | 8.97 | $ | 6.37 | $ | 11.72 | $ | 12.53 | $ | 11.54 | ||||||||||||
Total Return, at Net Asset Value5 | 4.13 | % | 43.41 | % | (41.62 | )% | (3.15 | )% | 10.00 | % | 16.64 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 124,747 | $ | 118,730 | $ | 77,667 | $ | 110,383 | $ | 70,691 | $ | 20,034 | ||||||||||||
Average net assets (in thousands) | $ | 124,415 | $ | 102,982 | $ | 103,851 | $ | 98,098 | $ | 45,312 | $ | 6,131 | ||||||||||||
Ratios to average net assets:6 | ||||||||||||||||||||||||
Net investment income (loss) | (1.28 | )% | (0.26 | )% | 0.01 | % | 2.15 | % | 1.23 | % | 1.71 | % | ||||||||||||
Total expenses7 | 1.28 | % | 1.35 | % | 1.31 | % | 1.23 | % | 1.29 | % | 1.48 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.28 | % | 1.34 | % | 1.31 | % | 1.23 | % | 1.29 | % | 1.45 | % | ||||||||||||
Portfolio turnover rate | 53 | % | 11 | % | 5 | % | 2 | % | 2 | % | 7 | % |
1. | July 30, 2010 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes. | |
2. | For the period from April 5, 2005 (commencement of operations) to January 31, 2006. | |
3. | Per share amounts calculated based on the average shares outstanding during the period. | |
4. | Less than $0.005 per share. | |
5. | 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. | |
6. | Annualized for periods less than one full year. | |
7. | Total expenses including all underlying fund expenses were as follows: |
Six Months Ended July 30, 2010 | 2.03 | % | ||
Year Ended January 31, 2010 | 2.07 | % | ||
Year Ended January 31, 2009 | 1.95 | % | ||
Year Ended January 31, 2008 | 1.86 | % | ||
Year Ended January 31, 2007 | 1.94 | % | ||
Period Ended January 31, 2006 | 2.17 | % |
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
July 30, 2010 | Year Ended January 31, | |||||||||||||||||||||||
Class N | (Unaudited)1 | 2010 | 2009 | 2008 | 2007 | 20062 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.09 | $ | 6.44 | $ | 11.80 | $ | 12.60 | $ | 11.59 | $ | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)3 | (.03 | ) | .03 | .06 | .35 | .29 | .24 | |||||||||||||||||
Net realized and unrealized gain (loss) | .44 | 2.82 | (4.90 | ) | (.65 | ) | .94 | 1.49 | ||||||||||||||||
Total from investment operations | .41 | 2.85 | (4.84 | ) | (.30 | ) | 1.23 | 1.73 | ||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | — | (.03 | ) | (.01 | ) | (.30 | ) | (.18 | ) | (.12 | ) | |||||||||||||
Distributions from net realized gain | — | (.17 | ) | (.51 | ) | (.20 | ) | (.04 | ) | (.02 | ) | |||||||||||||
Total dividends and distributions to shareholders | — | (.20 | ) | (.52 | ) | (.50 | ) | (.22 | ) | (.14 | ) | |||||||||||||
Net asset value, end of period | $ | 9.50 | $ | 9.09 | $ | 6.44 | $ | 11.80 | $ | 12.60 | $ | 11.59 | ||||||||||||
Total Return, at Net Asset Value4 | 4.51 | % | 44.18 | % | (41.30 | )% | (2.63 | )% | 10.67 | % | 17.34 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 65,762 | $ | 61,344 | $ | 39,757 | $ | 54,336 | $ | 35,652 | $ | 5,608 | ||||||||||||
Average net assets (in thousands) | $ | 65,105 | $ | 52,200 | $ | 52,669 | $ | 48,745 | $ | 18,874 | $ | 1,717 | ||||||||||||
Ratios to average net assets:5 | ||||||||||||||||||||||||
Net investment income (loss) | (0.70 | )% | 0.31 | % | 0.59 | % | 2.67 | % | 2.47 | % | 2.62 | % | ||||||||||||
Total expenses6 | 0.70 | % | 0.76 | % | 0.72 | % | 0.68 | % | 0.69 | % | 0.79 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 0.70 | % | 0.76 | % | 0.72 | % | 0.68 | % | 0.69 | % | 0.78 | % | ||||||||||||
Portfolio turnover rate | 53 | % | 11 | % | 5 | % | 2 | % | 2 | % | 7 | % |
1. | July 30, 2010 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes. | |
2. | For the period from April 5, 2005 (commencement of operations) to January 31, 2006. | |
3. | Per share amounts calculated based on the average shares outstanding during the period. | |
4. | 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. | |
5. | Annualized for periods less than one full year. | |
6. | Total expenses including all underlying fund expenses were as follows: |
Six Months Ended July 30, 2010 | 1.45 | % | ||
Year Ended January 31, 2010 | 1.48 | % | ||
Year Ended January 31, 2009 | 1.36 | % | ||
Year Ended January 31, 2008 | 1.31 | % | ||
Year Ended January 31, 2007 | 1.34 | % | ||
Period Ended January 31, 2006 | 1.48 | % |
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
July 30, 2010 | Year Ended January 31, | |||||||||||||||||||||||
Class Y | (Unaudited)1 | 2010 | 2009 | 2008 | 2007 | 20062 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.15 | $ | 6.48 | $ | 11.88 | $ | 12.67 | $ | 11.61 | $ | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)3 | —4 | .10 | .15 | .43 | .29 | .24 | ||||||||||||||||||
Net realized and unrealized gain (loss) | .44 | 2.83 | (4.96 | ) | (.64 | ) | 1.03 | 1.52 | ||||||||||||||||
Total from investment operations | .44 | 2.93 | (4.81 | ) | (.21 | ) | 1.32 | 1.76 | ||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | — | (.09 | ) | (.08 | ) | (.38 | ) | (.22 | ) | (.13 | ) | |||||||||||||
Distributions from net realized gain | — | (.17 | ) | (.51 | ) | (.20 | ) | (.04 | ) | (.02 | ) | |||||||||||||
Total dividends and distributions to shareholders | — | (.26 | ) | (.59 | ) | (.58 | ) | (.26 | ) | (.15 | ) | |||||||||||||
Net asset value, end of period | $ | 9.59 | $ | 9.15 | $ | 6.48 | $ | 11.88 | $ | 12.67 | $ | 11.61 | ||||||||||||
Total Return, at Net Asset Value5 | 4.81 | % | 45.03 | % | (40.84 | )% | (2.00 | )% | 11.42 | % | 17.69 | % | ||||||||||||
Ratios/Supplemental Data | �� | |||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 7,566 | $ | 4,495 | $ | 2,070 | $ | 2,530 | $ | 2,021 | $ | 711 | ||||||||||||
Average net assets (in thousands) | $ | 5,401 | $ | 3,087 | $ | 2,596 | $ | 2,508 | $ | 1,267 | $ | 331 | ||||||||||||
Ratios to average net assets:6 | ||||||||||||||||||||||||
Net investment income (loss) | (0.04 | )% | 1.23 | % | 1.49 | % | 3.25 | % | 2.46 | % | 2.67 | % | ||||||||||||
Total expenses7 | 0.04 | % | 0.07 | % | 0.03 | % | 0.02 | % | 0.03 | % | 0.30 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 0.04 | % | 0.07 | % | 0.03 | % | 0.02 | % | 0.03 | % | 0.27 | % | ||||||||||||
Portfolio turnover rate | 53 | % | 11 | % | 5 | % | 2 | % | 2 | % | 7 | % |
1. | July 30, 2010 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes. | |
2. | For the period from April 5, 2005 (commencement of operations) to January 31, 2006. | |
3. | Per share amounts calculated based on the average shares outstanding during the period. | |
4. | Less than $0.005 per share. | |
5. | 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. | |
6. | Annualized for periods less than one full year. | |
7. | Total expenses including all underlying fund expenses were as follows: |
Six Months Ended July 30, 2010 | 0.79 | % | ||
Year Ended January 31, 2010 | 0.79 | % | ||
Year Ended January 31, 2009 | 0.67 | % | ||
Year Ended January 31, 2008 | 0.65 | % | ||
Year Ended January 31, 2007 | 0.68 | % | ||
Period Ended January 31, 2006 | 0.99 | % |
Expiring | ||||
2018 | $ | 14,379,045 |
Federal tax cost of securities | $ | 666,505,320 | ||
Gross unrealized appreciation | $ | 26,212,181 | ||
Gross unrealized depreciation | (112,819,916 | ) | ||
Net unrealized depreciation | $ | (86,607,735 | ) | |
Projected Benefit Obligations Increased | $ | 150 | ||
Payments Made to Retired Trustees | — | |||
Accumulated Liability as of July 30, 2010 | 22,975 |
Six Months Ended July 30, 2010 | Year Ended January 31, 2010 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Class A | ||||||||||||||||
Sold | 3,974,200 | $ | 37,907,811 | 9,294,329 | $ | 75,215,517 | ||||||||||
Dividends and/or distributions reinvested | — | — | 683,481 | 6,493,315 | ||||||||||||
Redeemed | (3,808,189 | ) | (36,081,791 | ) | (6,426,456 | ) | (52,007,005 | ) | ||||||||
Net increase | 166,011 | $ | 1,826,020 | 3,551,354 | $ | 29,701,827 | ||||||||||
Class B | ||||||||||||||||
Sold | 882,207 | $ | 8,283,535 | 2,042,368 | $ | 16,159,548 | ||||||||||
Dividends and/or distributions reinvested | — | — | 152,226 | 1,421,781 | ||||||||||||
Redeemed | (788,256 | ) | (7,354,482 | ) | (1,719,644 | ) | (13,476,367 | ) | ||||||||
Net increase | 93,951 | $ | 929,053 | 474,950 | $ | 4,104,962 | ||||||||||
Six Months Ended July 30, 2010 | Year Ended January 31, 2010 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Class C | ||||||||||||||||
Sold | 1,719,452 | $ | 16,171,605 | 4,049,309 | $ | 31,989,806 | ||||||||||
Dividends and/or distributions reinvested | — | — | 233,807 | 2,183,507 | ||||||||||||
Redeemed | (1,600,236 | ) | (14,982,305 | ) | (3,231,711 | ) | (25,544,670 | ) | ||||||||
Net increase | 119,216 | $ | 1,189,300 | 1,051,405 | $ | 8,628,643 | ||||||||||
Class N | ||||||||||||||||
Sold | 1,070,819 | $ | 10,237,421 | 2,434,609 | $ | 19,781,223 | ||||||||||
Dividends and/or distributions reinvested | — | — | 119,104 | 1,127,917 | ||||||||||||
Redeemed | (891,337 | ) | (8,494,703 | ) | (1,978,220 | ) | (16,066,496 | ) | ||||||||
Net increase | 179,482 | $ | 1,742,718 | 575,493 | $ | 4,842,644 | ||||||||||
Class Y | ||||||||||||||||
Sold | 396,791 | $ | 3,599,213 | 250,671 | $ | 2,212,228 | ||||||||||
Dividends and/or distributions reinvested | — | — | 12,062 | 114,954 | ||||||||||||
Redeemed | (98,986 | ) | (937,687 | ) | (91,215 | ) | (735,854 | ) | ||||||||
Net increase | 297,805 | $ | 2,661,526 | 171,518 | $ | 1,591,328 | ||||||||||
Purchases | Sales | |||||||
Investment securities | $ | 309,916,927 | $ | 303,097,162 |
Class B | $ | 1,542,425 | ||
Class C | 1,405,598 | |||
Class N | 757,809 |
Class A | Class B | Class C | Class N | |||||||||||||||||
Class A | Contingent | Contingent | Contingent | Contingent | ||||||||||||||||
Front-End | Deferred | Deferred | Deferred | Deferred | ||||||||||||||||
Sales Charges | Sales Charges | Sales Charges | Sales Charges | Sales Charges | ||||||||||||||||
Six Months | Retained by | Retained by | Retained by | Retained by | Retained by | |||||||||||||||
Ended | Distributor | Distributor | Distributor | Distributor | Distributor | |||||||||||||||
July 30, 2010 | $ | 228,152 | $ | 191 | $ | 88,138 | $ | 6,705 | $ | 483 |
Trustees and Officers | Brian F. Wruble, Chairman of the Board of Trustees and Trustee | |
David K. Downes, Trustee | ||
Matthew P. Fink, Trustee | ||
Phillip A. Griffiths, Trustee | ||
Mary F. Miller, Trustee | ||
Joel W. Motley, Trustee | ||
Mary Ann Tynan, Trustee | ||
Joseph M. Wikler, Trustee | ||
Peter I. Wold, Trustee | ||
William F. Glavin, Jr., President and Principal Executive Officer | ||
Alan C. Gilston, Vice President and Portfolio Manager | ||
Thomas W. Keffer, Vice President and Chief Business Officer | ||
Mark S. Vandehey, Vice President and Chief Compliance Officer | ||
Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer | ||
Robert G. Zack, Secretary | ||
Manager | OppenheimerFunds, Inc. | |
Distributor | OppenheimerFunds Distributor, Inc. | |
Transfer and Shareholder Servicing Agent | OppenheimerFunds Services | |
Independent Registered Public Accounting Firm | KPMG llp | |
Legal Counsel | Kramer Levin Naftalis & Frankel LLP | |
The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm. |
• | Applications or other forms | |
• | When you create a user ID and password for online account access | |
• | When you enroll in eDocs Direct, our electronic document delivery service | |
• | Your transactions with us, our affiliates or others |
• | A software program on our website, often referred to as a “cookie,” which indicates which parts of our site you’ve visited | |
• | When you set up challenge questions to reset your password online |
• | All transactions, including redemptions, exchanges and purchases, are secured by SSL and 128-bit encryption. SSL is used to establish a secure connection between your PC and OppenheimerFunds’ server. It transmits information in an encrypted and scrambled format. | |
• | Encryption is achieved through an electronic scrambling technology that uses a “key” to code and then decode the data. Encryption acts like the cable converter box you may have on your television set. It scrambles data with a secret code so that no one can make sense of it while it is being transmitted. When the data reaches its destination, the same software unscrambles the data. | |
• | You can exit the secure area by either closing your browser, or for added security, you can use the Log Out button before you close your browser. |
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. |
By: | /s/ William F. Glavin, Jr. | |||
Principal Executive Officer | ||||
Date: | 09/13/2010 |
By: | /s/ William F. Glavin, Jr. | |||
Principal Executive Officer | ||||
Date: | 09/13/2010 | |||
By: | /s/ Brian W. Wixted | |||
Principal Financial Officer | ||||
Date: | 09/13/2010 |