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
![(GRAPHICS)](https://capedge.com/proxy/N-CSRS/0000950123-12-002987/g60117g6011700.gif)
Decembeer 31,2011 oppenheimer gold & special minerals fund Management commentary and semiannual report Management commentary An interview with your fund’s portfolio Manager semiannual report listing of top holdings financial statements |
Barrick Gold Corp. | 6.2 | % | ||
Newmont Mining Corp. | 5.6 | |||
Goldcorp, Inc. | 4.9 | |||
Silver Wheaton Corp. | 4.0 | |||
Agnico-Eagle Mines Ltd. | 3.7 | |||
Kinross Gold Corp. | 3.5 | |||
New Gold, Inc. | 3.2 | |||
IAMGOLD Corp. | 2.9 | |||
Eldorado Gold Corp. | 2.9 | |||
Newcrest Mining Ltd. | 2.6 |
![(GRAPH)](https://capedge.com/proxy/N-CSRS/0000950123-12-002987/g60117g6011701.gif)
7 | OPPENHEIMER GOLD & SPECIAL MINERALS FUND
8 | OPPENHEIMER GOLD & SPECIAL MINERALS FUND
9 | OPPENHEIMER GOLD & SPECIAL MINERALS FUND
Beginning | Ending | Expenses | ||||||||||
Account | Account | Paid During | ||||||||||
Value | Value | 6 Months Ended | ||||||||||
Actual | July 1, 2011 | December 30, 2011 | December 30, 2011 | |||||||||
Class A | $ | 1,000.00 | $ | 825.00 | $ | 5.63 | ||||||
Class B | 1,000.00 | 821.80 | 8.93 | |||||||||
Class C | 1,000.00 | 822.40 | 8.38 | |||||||||
Class N | 1,000.00 | 823.90 | 6.64 | |||||||||
Class Y | 1,000.00 | 826.70 | 3.34 | |||||||||
Hypothetical | ||||||||||||
(5% return before expenses) | ||||||||||||
Class A | 1,000.00 | 1,018.85 | 6.23 | |||||||||
Class B | 1,000.00 | 1,015.25 | 9.87 | |||||||||
Class C | 1,000.00 | 1,015.85 | 9.26 | |||||||||
Class N | 1,000.00 | 1,017.75 | 7.34 | |||||||||
Class Y | 1,000.00 | 1,021.35 | 3.70 |
Class | Expense Ratios | |||
Class A | 1.23 | % | ||
Class B | 1.95 | |||
Class C | 1.83 | |||
Class N | 1.45 | |||
Class Y | 0.73 |
10 | OPPENHEIMER GOLD & SPECIAL MINERALS FUND
Shares | Value | |||||||
Wholly-Owned Subsidiary—2.6% | ||||||||
Oppenheimer Gold & Special Minerals Fund (Cayman) Ltd.1,2 (Cost $98,659,025) | 4,056 | $ | 92,032,048 | |||||
Common Stocks—97.1% | ||||||||
Energy—0.4% | ||||||||
Oil, Gas & Consumable Fuels—0.4% | ||||||||
Uranium Energy Corp.1,2,3 | 4,800,000 | 14,688,000 | ||||||
Materials—96.7% | ||||||||
Metals & Mining—96.7% | ||||||||
Agnico-Eagle Mines Ltd.3,4 | 3,617,838 | 131,399,876 | ||||||
Agnico-Eagle Mines Ltd.4 | 55,870 | 2,031,886 | ||||||
Alacer Gold Corp.2,3 | 3,920,300 | 40,367,065 | ||||||
Alacer Gold Corp., Legend Shares2 | 3,000,000 | 30,890,798 | ||||||
Alamos Gold, Inc.3 | 5,297,350 | 91,257,416 | ||||||
Allied Nevada Gold Corp.2,4 | 1,011,000 | 30,613,080 | ||||||
Allied Nevada | ||||||||
Gold Corp.2,3,4 | 2,405,200 | 73,070,861 | ||||||
AngloGold Ashanti | ||||||||
Ltd., Sponsored ADR | 1,180,000 | 50,091,000 | ||||||
Argonaut Gold, Inc.2 | 860,000 | 5,866,994 | ||||||
AuRico Gold, Inc.2,3,4 | 5,259,100 | 42,125,391 | ||||||
AuRico Gold, Inc.2,4 | 546,815 | 4,395,990 | ||||||
Aurizon Mines Ltd.2 | 4,792,757 | 23,522,734 | ||||||
Avion Gold Corp.2 | 7,899,933 | 12,562,347 | ||||||
B2Gold Corp.2 | 9,411,108 | 28,637,482 | ||||||
Banro Corp.2,3,4 | 2,727,268 | 10,090,892 | ||||||
Banro Corp.2,4 | 4,138,800 | 15,356,725 | ||||||
Barrick Gold Corp.3 | 4,887,015 | 221,137,429 | ||||||
Bear Creek Mining | ||||||||
Corp.2 | 4,070,333 | 14,143,783 | ||||||
Centamin plc2 | 18,400,000 | 23,840,982 | ||||||
Centerra Gold, Inc.3 | 1,447,151 | 25,569,294 | ||||||
Chesapeake Gold Corp.2 | 881,775 | 8,776,637 | ||||||
China Gold International | ||||||||
Resources Corp. Ltd.2 | 5,305,926 | 13,333,174 | ||||||
Claude Resources, Inc.2 | 1,424,790 | 1,902,051 | ||||||
Coeur d’Alene Mines | ||||||||
Corp.2 | 1,830,700 | 44,193,098 | ||||||
Colossus Minerals, Inc.2 | 4,991,767 | 29,546,361 | ||||||
Continental Gold Ltd.2 | 2,664,465 | 19,668,002 | ||||||
Detour Gold Corp.2,3 | 3,654,800 | 90,226,474 | ||||||
Duluth Metals Ltd.1,2 | 7,804,800 | 16,011,811 | ||||||
Dundee Precious Metals, Inc.2 | 2,200,000 | 17,751,166 | ||||||
Eldorado Gold Corp.3,4 | 7,365,400 | 101,362,364 | ||||||
Eldorado Gold Corp.3,4 | 2,316,278 | 31,756,171 | ||||||
Eldorado Gold Corp., CDI | 1,760,000 | 24,481,697 | ||||||
European Goldfields Ltd.2,3 | 4,197,114 | 48,944,014 | ||||||
Extorre Gold Mines Ltd.1,2,3 | 3,646,400 | 26,952,041 | ||||||
Extorre Gold Mines Ltd., Legend Shares1,2 | 4,942,922 | 36,535,168 | ||||||
First Majestic Silver Corp.2 | 2,360,000 | 39,798,577 | ||||||
Franco-Nevada Corp.3,4 | 480,000 | 18,273,600 | ||||||
Franco-Nevada Corp.4 | 581,823 | 22,147,824 | ||||||
Freeport-McMoRan Copper & Gold, Inc., Cl. B | 1,250,000 | 45,987,500 | ||||||
Fresnillo plc | 420,000 | 9,959,933 | ||||||
Globe Specialty Metals, Inc. | 73,500 | 984,165 | ||||||
Gold Fields Ltd., | ||||||||
Sponsored ADR | 1,450,000 | 22,112,500 | ||||||
Goldcorp, Inc.3,4 | 3,928,561 | 173,838,824 | ||||||
Goldcorp, Inc.4 | 1,999,704 | 88,742,692 | ||||||
Guyana Goldfields, Inc.2 | 1,156,500 | 8,514,110 | ||||||
Harmony Gold Mining Co. Ltd., Sponsored ADR | 300,000 | 3,492,000 |
11 | OPPENHEIMER GOLD & SPECIAL MINERALS FUND
Shares | Value | |||||||
Metals & Mining Continued | ||||||||
IAMGOLD Corp. | 6,419,845 | $ | 101,754,543 | |||||
International Minerals Corp.2 | 404,446 | 2,302,613 | ||||||
Ivanhoe Mines Ltd.2,3 | 3,279,447 | 58,111,801 | ||||||
Kinross Gold Corp.3,4 | 10,827,771 | 123,609,302 | ||||||
Kinross Gold Corp.3,4 | 6,808,890 | 77,621,346 | ||||||
Kirkland Lake Gold, Inc.2 | 2,360,300 | 35,725,964 | ||||||
Koza Altin Isletmeleri AS | 880,000 | 11,663,630 | ||||||
Lake Shore Gold Corp.1,2 | 19,003,718 | 23,877,064 | ||||||
Lydian International Ltd.1,2 | 1,985,907 | 4,503,014 | ||||||
Medusa Mining Ltd. | 3,000,000 | 13,654,356 | ||||||
Minefinders Corp. Ltd.2 | 3,156,989 | 33,464,083 | ||||||
New Gold, Inc.2,3 | 11,343,570 | 114,465,668 | ||||||
Newcrest Mining Ltd. | 3,039,013 | 92,005,589 | ||||||
Newmont Mining Corp.3 | 3,298,728 | 197,956,667 | ||||||
Osisko Mining Corp.2,3 | 6,275,653 | 60,615,878 | ||||||
Pan American Silver Corp.3 | 1,622,441 | 35,385,438 | ||||||
Paramount Gold & Silver Corp.2 | 114,760 | 245,586 | ||||||
Perseus Mining Ltd.2 | 2,700,000 | 6,731,779 | ||||||
Premier Gold Mines Ltd.1,2 | 7,158,900 | 31,762,678 | ||||||
Rainy River Resources Ltd.1,2 | 3,539,800 | 24,843,750 | ||||||
Randgold Resources Ltd., ADR3 | 214,514 | 21,901,879 | ||||||
Real Gold Mining Ltd. | 10,400,000 | 3,559,241 | ||||||
Rio Alto Mining Ltd.2 | 813,668 | 2,547,829 | ||||||
Romarco Minerals, Inc.1,2 | 29,927,000 | 31,726,292 | ||||||
Romarco Minerals, Inc., Legend Shares1,2,5 | 4,200,000 | 4,452,515 | ||||||
Royal Gold, Inc.3 | 303,050 | 20,434,662 | ||||||
Rubicon Minerals Corp.1,2,3 | 14,371,727 | 54,325,128 | ||||||
San Gold Corp.1,2 | 20,589,712 | 38,198,337 | ||||||
SEMAFO, Inc.3 | 11,589,748 | 75,084,502 | ||||||
Silver Standard Resources, Inc.2,3 | 402,530 | 5,562,965 | ||||||
Silver Wheaton Corp.3 | 4,919,200 | 142,460,032 | ||||||
Tahoe Resources, Inc.2 | 2,284,069 | 39,639,107 | ||||||
Timmins Gold Corp.2 | 5,781,224 | 11,065,901 | ||||||
Yamana Gold, Inc.3 | 5,051,400 | 74,475,610 | ||||||
Zhaojin Mining Industry Co. Ltd. | 22,694,000 | 36,057,470 | ||||||
3,434,056,198 | ||||||||
Total Common Stocks (Cost $2,898,026,589) | 3,448,744,198 |
Units | ||||||||
Rights, Warrants and Certificates—0.0% | ||||||||
Duluth Metals Ltd. Wts., Strike Price $0.001, Exp. 1/18/131,2 | 513,653 | — | ||||||
Kinross Gold Corp. Wts., Strike Price 21.939CAD, Exp. 9/17/142 | 483,450 | 688,101 | ||||||
Silver Range Resources Ltd. Wts., Strike Price $0.85, Exp. 2/10/132 | 83,328 | 44,169 | ||||||
Total Rights, Warrants and Certificates (Cost $148,711) | 732,270 | |||||||
Total Investments, at Value (Cost $2,996,834,325) | 99.7 | % | $ | 3,541,508,516 | ||||
Other Assets Net of Liabilities | 0.3 | 10,827,808 | ||||||
Net Assets | 100.0 | % | $ | 3,552,336,324 | ||||
12 | OPPENHEIMER GOLD & SPECIAL MINERALS FUND
* | December 30, 2011 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes. |
CAD | Canadian Dollar |
1. | Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended December 30, 2011, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows: |
Shares/Units | Gross | Gross | Shares/Units | |||||||||||||
June 30, 2011 | Additions | Reductions | December 30, 2011 | |||||||||||||
Duluth Metals Ltd. | 7,704,800 | 100,000 | — | 7,804,800 | ||||||||||||
Duluth Metals Ltd. Wts., | ||||||||||||||||
Strike Price $0.001, Exp. 1/18/13 | — | 513,653 | — | 513,653 | ||||||||||||
East Asia Minerals Corp. | 5,679,700 | — | 5,679,700 | — | ||||||||||||
Extorre Gold Mines Ltd. | 3,646,400 | — | — | 3,646,400 | ||||||||||||
Extorre Gold Mines Ltd., | ||||||||||||||||
Legend Shares | 4,942,922 | — | — | 4,942,922 | ||||||||||||
Golden Minerals Co. | 454,000 | — | 454,000 | — | ||||||||||||
Golden Minerals Co. | 335,952 | — | 335,952 | — | ||||||||||||
Lake Shore Gold Corp.a | 16,803,718 | 2,200,000 | — | 19,003,718 | ||||||||||||
Lake Shore Gold Corp., | ||||||||||||||||
Legend Shares | 2,906,171 | — | 2,906,171 | — | ||||||||||||
Lydian International Ltd.a | 4,757,937 | 50,000 | 2,822,030 | 1,985,907 | ||||||||||||
Lydian International Ltd., | ||||||||||||||||
Legend Shares | 1,313,454 | — | 1,313,454 | — | ||||||||||||
Oppenheimer Gold & Special | ||||||||||||||||
Minerals Fund (Cayman) Ltd.b | 4,056 | — | — | 4,056 | ||||||||||||
Oppenheimer Institutional | ||||||||||||||||
Money Market Fund, Cl. E | 22,339,401 | 383,678,299 | 406,017,700 | — | ||||||||||||
Premier Gold Mines Ltd. | 7,058,900 | 100,000 | — | 7,158,900 | ||||||||||||
Premier Gold Mines Ltd., | ||||||||||||||||
Legend Shares | 835,000 | — | 835,000 | — | ||||||||||||
Rainy River Resources Ltd.a | 3,489,800 | 50,000 | — | 3,539,800 | ||||||||||||
Rainy River Resources Ltd., | ||||||||||||||||
Legend Shares | 1,786,514 | — | 1,786,514 | — | ||||||||||||
Romarco Minerals, Inc. | 29,927,000 | — | — | 29,927,000 | ||||||||||||
Romarco Minerals, Inc., | ||||||||||||||||
Legend Shares | 4,200,000 | — | — | 4,200,000 | ||||||||||||
Rubicon Minerals Corp. | 14,371,727 | — | — | 14,371,727 | ||||||||||||
Rubicon Minerals Corp., | ||||||||||||||||
Legend Shares | 1,099,000 | — | 1,099,000 | — | ||||||||||||
San Gold Corp. | 19,989,712 | 600,000 | — | 20,589,712 | ||||||||||||
San Gold Corp., Legend Shares | 2,000,000 | — | 2,000,000 | — | ||||||||||||
Uranium Energy Corp. | 5,229,508 | — | 429,508 | 4,800,000 |
13 | OPPENHEIMER GOLD & SPECIAL MINERALS FUND
Realized | ||||||||||||
Value | Income | Gain (Loss) | ||||||||||
Duluth Metals Ltd. | $ | 16,011,811 | $ | 53,358 | $ | — | ||||||
Duluth Metals Ltd. Wts., Strike Price $0.001, Exp. 1/18/13 | — | — | — | |||||||||
East Asia Minerals Corp. | — | 577,873 | (15,217,979 | ) | ||||||||
Extorre Gold Mines Ltd. | 26,952,041 | — | — | |||||||||
Extorre Gold Mines Ltd., Legend Shares | 36,535,168 | — | — | |||||||||
Golden Minerals Co. | — | — | (5,137,088 | ) | ||||||||
Golden Minerals Co. | — | — | (3,363,424 | ) | ||||||||
Lake Shore Gold Corp.a | — | c | — | — | ||||||||
Lake Shore Gold Corp., Legend Shares | — | — | (5,238,958 | ) | ||||||||
Lydian International Ltd.a | — | c | — | (136,999 | ) | |||||||
Lydian International Ltd., Legend Shares | — | — | 385,001 | |||||||||
Oppenheimer Gold & Special Minerals | ||||||||||||
Fund (Cayman) Ltd.b | 92,032,048 | — | 51,210 | |||||||||
Oppenheimer Institutional Money | ||||||||||||
Market Fund, Cl. E | — | 10,642 | — | |||||||||
Premier Gold Mines Ltd. | 31,762,678 | — | — | |||||||||
Premier Gold Mines Ltd., Legend Shares | — | — | 1,777,118 | |||||||||
Rainy River Resources Ltd.a | — | c | — | — | ||||||||
Rainy River Resources Ltd., Legend Shares | — | — | 554,915 | |||||||||
Romarco Minerals, Inc. | 31,726,292 | — | — | |||||||||
Romarco Minerals, Inc., Legend Shares | 4,452,515 | — | — | |||||||||
Rubicon Minerals Corp. | 54,325,128 | — | — | |||||||||
Rubicon Minerals Corp., Legend Shares | — | — | (950,804 | ) | ||||||||
San Gold Corp. | 38,198,337 | — | — | |||||||||
San Gold Corp., Legend Shares | — | — | (3,723,894 | ) | ||||||||
Uranium Energy Corp. | 14,688,000 | — | (1,239,364 | ) | ||||||||
$ | 346,684,018 | $ | 641,873 | $ | (32,240,266 | ) | ||||||
a. | No longer an affiliate as of December 30, 2011. | |
b. | Investment in a wholly-owned subsidiary. See Note 1 of the accompanying Notes and individual financial statements of the entity included herein. | |
c. | The security is no longer an affiliate, therefore, the value has been excluded from this table. | |
2. | Non-income producing security. | |
3. | All or a portion of the security position is held in collateralized accounts to cover potential obligations with respect to outstanding written options. See Note 5 of the accompanying Notes. | |
4. | The Fund holds securities which have been issued by the same entity and that trade on separate exchanges. | |
5. | Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $4,452,515 or 0.13% of the Fund’s net assets as of December 30, 2011. |
1) | Level 1—unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) | ||
2) | Level 2—inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) | ||
3) | Level 3—significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability). |
14 | OPPENHEIMER GOLD & SPECIAL MINERALS FUND
Level 3— | ||||||||||||||||
Level 1— | Level 2— | Significant | ||||||||||||||
Unadjusted | Other Significant | Unobservable | ||||||||||||||
Quoted Prices | Observable Inputs | Inputs | Value | |||||||||||||
Assets Table | ||||||||||||||||
Investments, at Value: | ||||||||||||||||
Wholly-Owned Subsidiary | $ | — | $ | 92,032,048 | $ | — | $ | 92,032,048 | ||||||||
Common Stocks | ||||||||||||||||
Energy | 14,688,000 | — | — | 14,688,000 | ||||||||||||
Materials | 3,358,618,476 | 71,878,481 | 3,559,241 | 3,434,056,198 | ||||||||||||
Rights, Warrants and Certificates | 732,270 | — | — | 732,270 | ||||||||||||
Total Investments, at Value | 3,374,038,746 | 163,910,529 | 3,559,241 | 3,541,508,516 | ||||||||||||
Other Financial Instruments: | ||||||||||||||||
Foreign currency exchange contracts | — | 2,444 | — | 2,444 | ||||||||||||
Total Assets | $ | 3,374,038,746 | $ | 163,912,973 | $ | 3,559,241 | $ | 3,541,510,960 | ||||||||
Liabilities Table | ||||||||||||||||
Other Financial Instruments: | ||||||||||||||||
Appreciated options written, at value | $ | (888,156 | ) | $ | — | $ | — | $ | (888,156 | ) | ||||||
Depreciated options written, at value | (2,444,355 | ) | — | — | (2,444,355 | ) | ||||||||||
Foreign currency exchange contracts | — | (29,951 | ) | — | (29,951 | ) | ||||||||||
Total Liabilities | $ | (3,332,511 | ) | $ | (29,951 | ) | $ | — | $ | (3,362,462 | ) | |||||
Transfers into Level 1* | Transfers out of Level 2* | |||||||
Assets Table | ||||||||
Investments, at Value: | ||||||||
Common Stocks | ||||||||
Materials | $ | 173,258,757 | $ | (173,258,757 | ) | |||
Total Assets | $ | 173,258,757 | $ | (173,258,757 | ) | |||
* | Transferred from Level 2 to Level 1 due to the presence of a readily available unadjusted quoted market price. As of the prior reporting period end, these securities were absent of a readily available unadjusted quoted market price due to a significant event occurring before the Fund’s assets were valued but after the close of the securities’ respective exchanges. |
15 | OPPENHEIMER GOLD & SPECIAL MINERALS FUND
Geographic Holdings | Value | Percent | ||||||
Canada | $ | 2,502,694,202 | 70.7 | % | ||||
United States | 739,240,941 | 20.9 | ||||||
Australia | 136,232,706 | 3.9 | ||||||
South Africa | 75,695,500 | 2.1 | ||||||
China | 36,057,470 | 1.0 | ||||||
Jersey, Channel Islands | 26,404,893 | 0.7 | ||||||
Turkey | 11,663,630 | 0.3 | ||||||
United Kingdom | 9,959,933 | 0.3 | ||||||
Mongolia | 3,559,241 | 0.1 | ||||||
Total | $ | 3,541,508,516 | 100.0 | % | ||||
Contract | ||||||||||||||||||||||||
Counterparty/ | Amount | Expiration | Unrealized | Unrealized | ||||||||||||||||||||
Contract Description | Buy/Sell | (000’s) | Dates | Value | Appreciation | Depreciation | ||||||||||||||||||
Brown Brothers Harriman | ||||||||||||||||||||||||
Canadian Dollar (CAD) | Sell | 8,403 CAD | 1/3/12-1/9/12 | $ | 8,248,535 | $ | — | $ | 18,003 | |||||||||||||||
JP Morgan Chase: | ||||||||||||||||||||||||
Canadian Dollar (CAD) | Sell | 5,181 CAD | 1/4/12-1/5-12 | 5,085,352 | 2,444 | 8,880 | ||||||||||||||||||
New Turkish Lira (TRY) | Buy | 1,522 TRY | 1/3/12 | 803,783 | — | 3,068 | ||||||||||||||||||
2,444 | 11,948 | |||||||||||||||||||||||
$ | 2,444 | $ | 29,951 | |||||||||||||||||||||
Unrealized | ||||||||||||||||||||||||||||
Number of | Exercise | Expiration | Premiums | Appreciation/ | ||||||||||||||||||||||||
Description | Type | Contracts | Price | Date | Received | Value | (Depreciation) | |||||||||||||||||||||
Barrick Gold Corp. | Put | 2,000 | $ | 41.000 | 1/23/12 | $ | 296,109 | $ | (56,000 | ) | $ | 240,109 | ||||||||||||||||
Centerra Gold, Inc. | Put | 1,610 | 16.700 CAD | 1/23/12 | 210,616 | (59,264 | ) | 151,352 | ||||||||||||||||||||
Coeur d’Alene Mines Corp. | Put | 2,000 | 21.000 | 1/23/12 | 188,651 | (40,000 | ) | 148,651 | ||||||||||||||||||||
First Majestic Silver Corp. | Put | 1,000 | 15.000 | 1/23/12 | 121,975 | (30,000 | ) | 91,975 | ||||||||||||||||||||
First Quantum Minerals Ltd. | Put | 2,000 | 18.000 CAD | 1/23/12 | 275,649 | (68,712 | ) | 206,937 | ||||||||||||||||||||
Franco-Nevada Corp. | Put | 2,000 | 40.000 | 1/23/12 | 263,950 | (490,000 | ) | (226,050 | ) | |||||||||||||||||||
Franco-Nevada Corp. | Put | 2,000 | 40.000 CAD | 1/23/12 | 188,850 | (328,834 | ) | (139,984 | ) | |||||||||||||||||||
New Gold, Inc. | Put | 6,000 | 13.000 CAD | 1/23/12 | 567,282 | (1,625,521 | ) | (1,058,239 | ) | |||||||||||||||||||
NovaGold Resources, Inc. | Put | 2,000 | 9.000 | 1/23/12 | 203,951 | (180,000 | ) | 23,951 | ||||||||||||||||||||
Randgold Resources Ltd., ADR | Put | 2,000 | 87.500 | 1/23/12 | 347,248 | (50,000 | ) | 297,248 | ||||||||||||||||||||
Randgold Resources Ltd., ADR | Put | 1,000 | 90.000 | 1/23/12 | 94,776 | (45,000 | ) | 49,776 | ||||||||||||||||||||
Royal Gold, Inc. | Put | 2,000 | 60.000 | 1/23/12 | 195,771 | (80,000 | ) | 115,771 | ||||||||||||||||||||
Royal Gold, Inc. | Put | 1,012 | 50.000 | 1/23/12 | 123,439 | (15,180 | ) | 108,259 | ||||||||||||||||||||
Silver Wheaton Corp. | Put | 2,000 | 29.000 | 1/23/12 | 301,949 | (264,000 | ) | 37,949 | ||||||||||||||||||||
$ | 3,380,216 | $ | (3,332,511 | ) | $ | 47,705 | ||||||||||||||||||||||
CAD | Canadian Dollar |
16 | OPPENHEIMER GOLD & SPECIAL MINERALS FUND
Assets | ||||
Investments, at value—see accompanying statement of investments: | ||||
Unaffiliated companies (cost $2,639,153,617) | $ | 3,194,824,498 | ||
Affiliated companies (cost $259,021,683) | 254,651,970 | |||
Wholly-owned subsidiary (cost $98,659,025) | 92,032,048 | |||
3,541,508,516 | ||||
Unrealized appreciation on foreign currency exchange contracts | 2,444 | |||
Receivables and other assets: | ||||
Investments sold | 35,045,636 | |||
Shares of beneficial interest sold | 6,866,036 | |||
Dividends | 1,222,723 | |||
Other | 208,703 | |||
Total assets | 3,584,854,058 | |||
Liabilities | ||||
Bank overdraft | 1,808,556 | |||
Bank overdraft-foreign currencies | 4,809,526 | |||
Appreciated options written, at value (premiums received $2,360,134) | 888,156 | |||
Depreciated options written, at value (premiums received $1,020,082) | 2,444,355 | |||
Unrealized depreciation on foreign currency exchange contracts | 29,951 | |||
Payables and other liabilities: | ||||
Shares of beneficial interest redeemed | 19,483,936 | |||
Transfer and shareholder servicing agent fees | 1,108,274 | |||
Investments purchased | 803,783 | |||
Distribution and service plan fees | 657,750 | |||
Trustees’ compensation | 209,738 | |||
Shareholder communications | 155,166 | |||
Other | 118,543 | |||
Total liabilities | 32,517,734 | |||
Net Assets | $ | 3,552,336,324 | ||
Composition of Net Assets | ||||
Paid-in capital | $ | 3,341,514,542 | ||
Accumulated net investment loss | (468,994,246 | ) | ||
Accumulated net realized gain on investments and foreign currency transactions | 135,080,784 | |||
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies | 544,735,244 | |||
Net Assets | $ | 3,552,336,324 | ||
17 | OPPENHEIMER GOLD & SPECIAL MINERALS FUND
Net Asset Value Per Share | ||||
Class A Shares: | ||||
Net asset value and redemption price per share (based on net assets of $2,018,436,778 and 58,206,741 shares of beneficial interest outstanding) | $ | 34.68 | ||
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) | $ | 36.80 | ||
Class B Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $128,870,755 and 3,894,111 shares of beneficial interest outstanding) | $ | 33.09 | ||
Class C Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $515,564,626 and 15,728,449 shares of beneficial interest outstanding) | $ | 32.78 | ||
Class N Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $227,514,338 and 6,780,365 shares of beneficial interest outstanding) | $ | 33.55 | ||
Class Y Shares: | ||||
Net asset value, redemption price and offering price per share (based on net assets of $661,949,827 and 19,192,037 shares of beneficial interest outstanding) | $ | 34.49 |
18 | OPPENHEIMER GOLD & SPECIAL MINERALS FUND
Investment Income | ||||
Dividends: | ||||
Unaffiliated companies (net of foreign withholding taxes of $1,283,276) | $ | 12,449,029 | ||
Affiliated companies (net of foreign withholding taxes of $128,741) | 641,873 | |||
Interest | 919 | |||
Other income | 17,374 | |||
Total investment income | 13,109,195 | |||
Expenses | ||||
Management fees | 13,520,519 | |||
Distribution and service plan fees: | ||||
Class A | 3,481,759 | |||
Class B | 814,974 | |||
Class C | 3,163,391 | |||
Class N | 672,361 | |||
Transfer and shareholder servicing agent fees: | ||||
Class A | 4,965,153 | |||
Class B | 242,102 | |||
Class C | 603,653 | |||
Class N | 431,219 | |||
Class Y | 200,410 | |||
Shareholder communications: | ||||
Class A | 169,119 | |||
Class B | 19,820 | |||
Class C | 33,375 | |||
Class N | 13,657 | |||
Class Y | 18,917 | |||
Custodian fees and expenses | 85,914 | |||
Trustees’ compensation | 38,288 | |||
Administration service fees | 750 | |||
Other | 274,113 | |||
Total expenses | 28,749,494 | |||
Less waivers and reimbursements of expenses | (134,181 | ) | ||
Net expenses | 28,615,313 | |||
Net Investment Loss | (15,506,118 | ) | ||
19 | OPPENHEIMER GOLD & SPECIAL MINERALS FUND
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investments from: | ||||
Unaffiliated companies (including premiums on options exercised) | $ | 151,046,144 | ||
Affiliated companies | (32,291,476 | ) | ||
Wholly-owned subsidiary | 51,210 | |||
Closing and expiration of option contracts written | 20,500,138 | |||
Foreign currency transactions | 2,482,487 | |||
Short positions | (207,401 | ) | ||
Net realized gain | 141,581,102 | |||
Net change in unrealized appreciation/depreciation on: | ||||
Investments | (792,884,200 | ) | ||
Translation of assets and liabilities denominated in foreign currencies | (100,757,465 | ) | ||
Option contracts written | (3,507,062 | ) | ||
Net change in unrealized appreciation/depreciation | (897,148,727 | ) | ||
Net Decrease in Net Assets Resulting from Operations | $ | (771,073,743 | ) | |
20 | OPPENHEIMER GOLD & SPECIAL MINERALS FUND
Six Months | Year | |||||||
Ended | Ended | |||||||
December 30, 20111 | June 30, | |||||||
(Unaudited) | 2011 | |||||||
Operations | ||||||||
Net investment loss | $ | (15,506,118 | ) | $ | (33,221,979 | ) | ||
Net realized gain | 141,581,102 | 627,230,028 | ||||||
Net change in unrealized appreciation/depreciation | (897,148,727 | ) | 249,128,839 | |||||
Net increase (decrease) in net assets resulting from operations | (771,073,743 | ) | 843,136,888 | |||||
Dividends and/or Distributions to Shareholders | ||||||||
Dividends from net investment income: | ||||||||
Class A | (34,810,346 | ) | (314,109,268 | ) | ||||
Class B | (1,171,268 | ) | (16,107,603 | ) | ||||
Class C | (6,072,427 | ) | (56,763,254 | ) | ||||
Class N | (3,728,853 | ) | (21,907,883 | ) | ||||
Class Y | (16,311,298 | ) | (4,636,534 | ) | ||||
(62,094,192 | ) | (413,524,542 | ) | |||||
Distributions from net realized gain: | ||||||||
Class A | (98,600,637 | ) | (69,442,499 | ) | ||||
Class B | (6,565,176 | ) | (3,870,155 | ) | ||||
Class C | (26,543,222 | ) | (13,387,420 | ) | ||||
Class N | (11,306,684 | ) | (4,974,613 | ) | ||||
Class Y | (31,961,434 | ) | (988,470 | ) | ||||
(174,977,153 | ) | (92,663,157 | ) | |||||
Beneficial Interest Transactions | ||||||||
Net increase (decrease) in net assets resulting from beneficial interest transactions: | ||||||||
Class A | (526,357,374 | ) | 357,261,110 | |||||
Class B | (6,726,648 | ) | 6,893,331 | |||||
Class C | 23,560,643 | 116,160,181 | ||||||
Class N | 28,119,862 | 92,585,780 | ||||||
Class Y | 606,574,974 | 241,731,148 | ||||||
125,171,457 | 814,631,550 | |||||||
Net Assets | ||||||||
Total increase (decrease) | (882,973,631 | ) | 1,151,580,739 | |||||
Beginning of period | 4,435,309,955 | 3,283,729,216 | ||||||
End of period (including accumulated net investment loss of $468,994,246 and $391,393,936, respectively) | $ | 3,552,336,324 | $ | 4,435,309,955 | ||||
1. | December 30, 2011 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes. |
21 | OPPENHEIMER GOLD & SPECIAL MINERALS FUND
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
December 30, 20111 | Year Ended June 30, | |||||||||||||||||||||||||
Class A | (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 44.89 | $ | 39.93 | $ | 26.21 | $ | 38.79 | $ | 31.81 | $ | 29.15 | ||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income (loss)2 | (.14 | ) | (.28 | ) | (.26 | ) | .78 | 3 | (.09 | ) | (.08 | ) | ||||||||||||||
Net realized and unrealized gain (loss) | (7.66 | ) | 10.76 | 14.65 | (12.42 | ) | 9.31 | 7.22 | ||||||||||||||||||
Total from investment operations | (7.80 | ) | 10.48 | 14.39 | (11.64 | ) | 9.22 | 7.14 | ||||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||||
Dividends from net investment income | (.63 | ) | (4.52 | ) | (.67 | ) | (.49 | ) | (.76 | ) | (.16 | ) | ||||||||||||||
Distributions from net realized gain | (1.78 | ) | (1.00 | ) | — | (.45 | ) | (1.48 | ) | (4.32 | ) | |||||||||||||||
Total dividends and/or distributions to shareholders | (2.41 | ) | (5.52 | ) | (.67 | ) | (.94 | ) | (2.24 | ) | (4.48 | ) | ||||||||||||||
Net asset value, end of period | $ | 34.68 | $ | 44.89 | $ | 39.93 | $ | 26.21 | $ | 38.79 | $ | 31.81 | ||||||||||||||
Total Return, at Net Asset Value4 | (17.50 | )% | 25.22 | % | 55.18 | % | (28.29 | )% | 29.43 | % | 25.97 | % | ||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 2,018,437 | $ | 3,140,551 | $ | 2,500,205 | $ | 1,439,082 | $ | 1,919,047 | $ | 1,003,705 | ||||||||||||||
Average net assets (in thousands) | $ | 2,845,696 | $ | 3,277,921 | $ | 1,983,223 | $ | 1,184,093 | $ | 1,518,510 | $ | 752,592 | ||||||||||||||
Ratios to average net assets:5 | ||||||||||||||||||||||||||
Net investment income (loss) | (0.64 | )% | (0.61 | )% | (0.74 | )% | 3.35 | %3 | (0.24 | )% | (0.26 | )% | ||||||||||||||
Total expenses6 | 1.24 | % | 1.07 | % | 1.12 | % | 1.20 | % | 1.06 | % | 1.10 | % | ||||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses7 | 1.23 | % | 1.07 | % | 1.12 | % | 1.19 | % | 1.06 | % | 1.10 | % | ||||||||||||||
Portfolio turnover rate | 22 | % | 37 | % | 20 | % | 81 | % | 45 | % | 46 | % |
1. | December 30, 2011 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes. | |
2. | Per share amounts calculated based on the average shares outstanding during the period. | |
3. | Net investment income per share and the net investment income ratio include $0.67 and 2.89%, respectively, resulting from a special dividend from Anglo Ferrous Brazil SA in July 2008. | |
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. | Ratio including all expenses of the wholly-owned subsidiary and indirect expenses from affiliated fund were as follows: |
Six Months Ended December 30, 2011 | 1.25 | % | ||
Year Ended June 30, 2011 | 1.07 | % | ||
Year Ended June 30, 2010 | 1.12 | % | ||
Year Ended June 30, 2009 | 1.20 | % | ||
Year Ended June 30, 2008 | 1.06 | % | ||
Year Ended June 30, 2007 | 1.10 | % |
7. | Ratio including expenses of the wholly-owned subsidiary and indirect expenses from affiliated fund were as follows: |
Six Months Ended December 30, 2011 | 1.24 | % | ||
Year Ended June 30, 2011 | 1.07 | % | ||
Year Ended June 30, 2010 | 1.12 | % | ||
Year Ended June 30, 2009 | 1.19 | % | ||
Year Ended June 30, 2008 | 1.06 | % | ||
Year Ended June 30, 2007 | 1.10 | % |
22 | OPPENHEIMER GOLD & SPECIAL MINERALS FUND
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
December 30, 20111 | Year Ended June 30, | |||||||||||||||||||||||
Class B | (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 42.76 | $ | 38.26 | $ | 25.17 | $ | 37.00 | $ | 30.44 | $ | 28.13 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)2 | (.29 | ) | (.64 | ) | (.54 | ) | .62 | 3 | (.36 | ) | (.30 | ) | ||||||||||||
Net realized and unrealized gain (loss) | (7.28 | ) | 10.30 | 14.06 | (11.78 | ) | 8.90 | 6.93 | ||||||||||||||||
Total from investment operations | (7.57 | ) | 9.66 | 13.52 | (11.16 | ) | 8.54 | 6.63 | ||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | (.32 | ) | (4.16 | ) | (.43 | ) | (.22 | ) | (.50 | ) | — | |||||||||||||
Distributions from net realized gain | (1.78 | ) | (1.00 | ) | — | (.45 | ) | (1.48 | ) | (4.32 | ) | |||||||||||||
Total dividends and/or distributions | ||||||||||||||||||||||||
to shareholders | (2.10 | ) | (5.16 | ) | (.43 | ) | (.67 | ) | (1.98 | ) | (4.32 | ) | ||||||||||||
Net asset value, end of period | $ | 33.09 | $ | 42.76 | $ | 38.26 | $ | 25.17 | $ | 37.00 | $ | 30.44 | ||||||||||||
Total Return, at Net Asset Value4 | (17.82 | )% | 24.19 | % | 53.86 | % | (28.91 | )% | 28.44 | % | 24.97 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 128,871 | $ | 171,961 | $ | 149,228 | $ | 111,935 | $ | 176,880 | $ | 138,568 | ||||||||||||
Average net assets (in thousands) | $ | 161,890 | $ | 178,499 | $ | 137,358 | $ | 101,129 | $ | 167,286 | $ | 121,560 | ||||||||||||
Ratios to average net assets:5 | ||||||||||||||||||||||||
Net investment income (loss) | (1.35 | )% | (1.44 | )% | (1.61 | )% | 2.79 | %3 | (1.03 | )% | (1.05 | )% | ||||||||||||
Total expenses6 | 1.96 | % | 1.91 | % | 1.98 | % | 2.09 | % | 1.86 | % | 1.90 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses7 | 1.95 | % | 1.91 | % | 1.98 | % | 2.03 | % | 1.86 | % | 1.90 | % | ||||||||||||
Portfolio turnover rate | 22 | % | 37 | % | 20 | % | 81 | % | 45 | % | 46 | % |
1. | December 30, 2011 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes. | |
2. | Per share amounts calculated based on the average shares outstanding during the period. | |
3. | Net investment income per share and the net investment income ratio include $0.65 and 2.89%, respectively, resulting from a special dividend from Anglo Ferrous Brazil SA in July 2008. | |
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. | Ratio including all expenses of the wholly-owned subsidiary and indirect expenses from affiliated fund were as follows: |
Six Months Ended December 30, 2011 | 1.97 | % | ||
Year Ended June 30, 2011 | 1.91 | % | ||
Year Ended June 30, 2010 | 1.98 | % | ||
Year Ended June 30, 2009 | 2.09 | % | ||
Year Ended June 30, 2008 | 1.86 | % | ||
Year Ended June 30, 2007 | 1.90 | % |
7. | Ratio including expenses of the wholly-owned subsidiary and indirect expenses from affiliated fund were as follows: |
Six Months Ended December 30, 2011 | 1.96 | % | ||
Year Ended June 30, 2011 | 1.91 | % | ||
Year Ended June 30, 2010 | 1.98 | % | ||
Year Ended June 30, 2009 | 2.03 | % | ||
Year Ended June 30, 2008 | 1.86 | % | ||
Year Ended June 30, 2007 | 1.90 | % |
23 | OPPENHEIMER GOLD & SPECIAL MINERALS FUND
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
December 30, 20111 | Year Ended June 30, | |||||||||||||||||||||||
Class C | (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 42.46 | $ | 38.04 | $ | 25.05 | $ | 36.89 | $ | 30.41 | $ | 28.10 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)2 | (.26 | ) | (.60 | ) | (.50 | ) | .61 | 3 | (.35 | ) | (.30 | ) | ||||||||||||
Net realized and unrealized gain (loss) | (7.23 | ) | 10.26 | 13.98 | (11.74 | ) | 8.88 | 6.93 | ||||||||||||||||
Total from investment operations | (7.49 | ) | 9.66 | 13.48 | (11.13 | ) | 8.53 | 6.63 | ||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | (.41 | ) | (4.24 | ) | (.49 | ) | (.26 | ) | (.57 | ) | — | |||||||||||||
Distributions from net realized gain | (1.78 | ) | (1.00 | ) | — | (.45 | ) | (1.48 | ) | (4.32 | ) | |||||||||||||
Total dividends and/or distributions | ||||||||||||||||||||||||
to shareholders | (2.19 | ) | (5.24 | ) | (.49 | ) | (.71 | ) | (2.05 | ) | (4.32 | ) | ||||||||||||
Net asset value, end of period | $ | 32.78 | $ | 42.46 | $ | 38.04 | $ | 25.05 | $ | 36.89 | $ | 30.41 | ||||||||||||
Total Return, at Net Asset Value4 | (17.76 | )% | 24.31 | % | 53.98 | % | (28.84 | )% | 28.45 | % | 25.00 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 515,564 | $ | 637,676 | $ | 476,835 | $ | 288,407 | $ | 422,169 | $ | 228,513 | ||||||||||||
Average net assets (in thousands) | $ | 627,632 | $ | 620,759 | $ | 396,328 | $ | 252,930 | $ | 343,807 | $ | 174,909 | ||||||||||||
Ratios to average net assets:5 | ||||||||||||||||||||||||
Net investment income (loss) | (1.23 | )% | (1.35 | )% | (1.51 | )% | 2.76 | %3 | (1.00 | )% | (1.03 | )% | ||||||||||||
Total expenses6 | 1.84 | % | 1.81 | % | 1.88 | % | 1.98 | % | 1.82 | % | 1.87 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses7 | 1.83 | % | 1.81 | % | 1.88 | % | 1.96 | % | 1.82 | % | 1.87 | % | ||||||||||||
Portfolio turnover rate | 22 | % | 37 | % | 20 | % | 81 | % | 45 | % | 46 | % |
1. | December 30, 2011 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes. | |
2. | Per share amounts calculated based on the average shares outstanding during the period. | |
3. | Net investment income per share and the net investment income ratio include $0.64 and 2.89%, respectively, resulting from a special dividend from Anglo Ferrous Brazil SA in July 2008. | |
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. | Ratio including all expenses of the wholly-owned subsidiary and indirect expenses from affiliated fund were as follows: |
Six Months Ended December 30, 2011 | 1.85 | % | ||
Year Ended June 30, 2011 | 1.81 | % | ||
Year Ended June 30, 2010 | 1.88 | % | ||
Year Ended June 30, 2009 | 1.98 | % | ||
Year Ended June 30, 2008 | 1.82 | % | ||
Year Ended June 30, 2007 | 1.87 | % |
7. | Ratio including expenses of the wholly-owned subsidiary and indirect expenses from affiliated fund were as follows: |
Six Months Ended December 30, 2011 | 1.84 | % | ||
Year Ended June 30, 2011 | 1.81 | % | ||
Year Ended June 30, 2010 | 1.88 | % | ||
Year Ended June 30, 2009 | 1.96 | % | ||
Year Ended June 30, 2008 | 1.82 | % | ||
Year Ended June 30, 2007 | 1.87 | % |
24 | OPPENHEIMER GOLD & SPECIAL MINERALS FUND
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
December 30, 20111 | Year Ended June 30, | |||||||||||||||||||||||
Class N | (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 43.53 | $ | 38.88 | $ | 25.58 | $ | 37.94 | $ | 31.18 | $ | 28.68 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)2 | (.18 | ) | (.44 | ) | (.39 | ) | .57 | 3 | (.21 | ) | (.17 | ) | ||||||||||||
Net realized and unrealized gain (loss) | (7.43 | ) | 10.49 | 14.30 | (12.04 | ) | 9.13 | 7.08 | ||||||||||||||||
Total from investment operations | (7.61 | ) | 10.05 | 13.91 | (11.47 | ) | 8.92 | 6.91 | ||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | (.59 | ) | (4.40 | ) | (.61 | ) | (.44 | ) | (.68 | ) | (.09 | ) | ||||||||||||
Distributions from net realized gain | (1.78 | ) | (1.00 | ) | — | (.45 | ) | (1.48 | ) | (4.32 | ) | |||||||||||||
Total dividends and/or distributions to shareholders | (2.37 | ) | (5.40 | ) | (.61 | ) | (.89 | ) | (2.16 | ) | (4.41 | ) | ||||||||||||
Net asset value, end of period | $ | 33.55 | $ | 43.53 | $ | 38.88 | $ | 25.58 | $ | 37.94 | $ | 31.18 | ||||||||||||
Total Return, at Net Asset Value4 | (17.61 | )% | 24.79 | % | 54.60 | % | (28.55 | )% | 29.04 | % | 25.52 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 227,514 | $ | 263,079 | $ | 157,461 | $ | 72,805 | $ | 71,049 | $ | 29,063 | ||||||||||||
Average net assets (in thousands) | $ | 266,898 | $ | 236,220 | $ | 115,927 | $ | 54,016 | $ | 49,137 | $ | 22,412 | ||||||||||||
Ratios to average net assets:5 | ||||||||||||||||||||||||
Net investment income (loss) | (0.85 | )% | (0.96 | )% | (1.12 | )% | 2.55 | %3 | (0.59 | )% | (0.57 | )% | ||||||||||||
Total expenses6 | 1.47 | % | 1.43 | % | 1.55 | % | 1.63 | % | 1.39 | % | 1.41 | % | ||||||||||||
Expenses after payments, waivers and/or | ||||||||||||||||||||||||
reimbursements and reduction to | ||||||||||||||||||||||||
custodian expenses7 | 1.45 | % | 1.43 | % | 1.49 | % | 1.52 | % | 1.39 | % | 1.41 | % | ||||||||||||
Portfolio turnover rate | 22 | % | 37 | % | 20 | % | 81 | % | 45 | % | 46 | % |
1. | December 30, 2011 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes. | |
2. | Per share amounts calculated based on the average shares outstanding during the period. | |
3. | Net investment income per share and the net investment income ratio include $0.65 and 2.89%, respectively, resulting from a special dividend from Anglo Ferrous Brazil SA in July 2008. | |
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. | Ratio including all expenses of the wholly-owned subsidiary and indirect expenses from affiliated fund were as follows: |
Six Months Ended December 30, 2011 | 1.48 | % | ||
Year Ended June 30, 2011 | 1.43 | % | ||
Year Ended June 30, 2010 | 1.55 | % | ||
Year Ended June 30, 2009 | 1.63 | % | ||
Year Ended June 30, 2008 | 1.39 | % | ||
Year Ended June 30, 2007 | 1.41 | % |
7. | Ratio including expenses of the wholly-owned subsidiary and indirect expenses from affiliated fund were as follows: |
Six Months Ended December 30, 2011 | 1.46 | % | ||
Year Ended June 30, 2011 | 1.43 | % | ||
Year Ended June 30, 2010 | 1.49 | % | ||
Year Ended June 30, 2009 | 1.52 | % | ||
Year Ended June 30, 2008 | 1.39 | % | ||
Year Ended June 30, 2007 | 1.41 | % |
25 | OPPENHEIMER GOLD & SPECIAL MINERALS FUND
Six Months | ||||||||
Ended | ||||||||
December 30, 20111 | Period Ended | |||||||
Class Y | (Unaudited) | June 30, 20112 | ||||||
Per Share Operating Data | ||||||||
Net asset value, beginning of period | $ | 44.90 | $ | 45.55 | ||||
Income (loss) from investment operations: | ||||||||
Net investment loss3 | (.02 | ) | (.05 | ) | ||||
Net realized and unrealized gain (loss) | (7.70 | ) | 5.09 | |||||
Total from investment operations | (7.72 | ) | 5.04 | |||||
Dividends and/or distributions to shareholders: | ||||||||
Dividends from net investment income | (.91 | ) | (4.69 | ) | ||||
Distributions from net realized gain | (1.78 | ) | (1.00 | ) | ||||
Total dividends and/or distributions to shareholders | (2.69 | ) | (5.69 | ) | ||||
Net asset value, end of period | $ | 34.49 | $ | 44.90 | ||||
Total Return, at Net Asset Value4 | (17.33 | )% | 10.16 | % | ||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (in thousands) | $ | 661,950 | $ | 222,043 | ||||
Average net assets (in thousands) | $ | 452,782 | $ | 89,984 | ||||
Ratios to average net assets:5 | ||||||||
Net investment loss | (0.12 | )% | (0.13 | )% | ||||
Total expenses6 | 0.74 | % | 0.66 | % | ||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses7 | 0.73 | % | 0.66 | % | ||||
Portfolio turnover rate | 22 | % | 37 | % |
1. | December 30, 2011 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes. | |
2. | For the period from September 7, 2010 (inception of offering) to June 30, 2011. | |
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. | Ratio including all expenses of the wholly-owned subsidiary and indirect expenses from affiliated fund were as follows: |
Six Months Ended December 30, 2011 | 0.75 | % | ||
Period Ended June 30, 2011 | 0.66 | % |
7. | Ratio including expenses of the wholly-owned subsidiary and indirect expenses from affiliated fund were as follows: |
Six Months Ended December 30, 2011 | 0.74 | % | ||
Period Ended June 30, 2011 | 0.66 | % |
26 | OPPENHEIMER GOLD & SPECIAL MINERALS FUND
27 | OPPENHEIMER GOLD & SPECIAL MINERALS FUND
28 | OPPENHEIMER GOLD & SPECIAL MINERALS FUND
29 | OPPENHEIMER GOLD & SPECIAL MINERALS FUND
30 | OPPENHEIMER GOLD & SPECIAL MINERALS FUND
31 | OPPENHEIMER GOLD & SPECIAL MINERALS FUND
Federal tax cost of securities | $ | 3,001,785,078 | ||
Federal tax cost of other investments | (3,380,216 | ) | ||
Total federal tax cost | $ | 2,998,404,862 | ||
Gross unrealized appreciation | $ | 861,856,783 | ||
Gross unrealized depreciation | (322,085,640 | ) | ||
Net unrealized appreciation | $ | 539,771,143 | ||
Projected Benefit Obligations Increased | $ | 2,419 | ||
Payments Made to Retired Trustees | — | |||
Accumulated Liability as of December 30, 2011 | 100,667 |
32 | OPPENHEIMER GOLD & SPECIAL MINERALS FUND
33 | OPPENHEIMER GOLD & SPECIAL MINERALS FUND
Six Months Ended December 30, 2011 | Year Ended June 30, 20111 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Class A | ||||||||||||||||
Sold | 12,251,481 | $ | 541,026,552 | 35,306,719 | $ | 1,654,658,860 | ||||||||||
Dividends and/or | ||||||||||||||||
distributions reinvested | 3,441,456 | 121,759,004 | 5,521,055 | 268,488,537 | ||||||||||||
Redeemed | (27,442,755 | ) | (1,189,142,930 | ) | (33,491,892 | ) | (1,565,886,287 | ) | ||||||||
Net increase (decrease) | (11,749,818 | ) | $ | (526,357,374 | ) | 7,335,882 | $ | 357,261,110 | ||||||||
Class B | ||||||||||||||||
Sold | 375,967 | $ | 15,849,065 | 1,121,235 | $ | 50,449,505 | ||||||||||
Dividends and/or | ||||||||||||||||
distributions reinvested | 203,547 | 6,873,773 | 369,042 | 17,116,156 | ||||||||||||
Redeemed | (706,950 | ) | (29,449,486 | ) | (1,369,311 | ) | (60,672,330 | ) | ||||||||
Net increase (decrease) | (127,436 | ) | $ | (6,726,648 | ) | 120,966 | $ | 6,893,331 | ||||||||
Class C | ||||||||||||||||
Sold | 2,406,260 | $ | 98,196,995 | 5,160,896 | $ | 232,029,649 | ||||||||||
Dividends and/or | ||||||||||||||||
distributions reinvested | 769,655 | 25,744,947 | 1,154,815 | 53,156,150 | ||||||||||||
Redeemed | (2,466,868 | ) | (100,381,299 | ) | (3,832,423 | ) | (169,025,618 | ) | ||||||||
Net increase | 709,047 | $ | 23,560,643 | 2,483,288 | $ | 116,160,181 | ||||||||||
Class N | ||||||||||||||||
Sold | 1,794,871 | $ | 76,962,158 | 3,849,915 | $ | 175,742,106 | ||||||||||
Dividends and/or | ||||||||||||||||
distributions reinvested | 403,337 | 13,809,943 | 517,587 | 24,378,323 | ||||||||||||
Redeemed | (1,461,446 | ) | (62,652,239 | ) | (2,373,526 | ) | (107,534,649 | ) | ||||||||
Net increase | 736,762 | $ | 28,119,862 | 1,993,976 | $ | 92,585,780 | ||||||||||
Class Y | ||||||||||||||||
Sold | 16,399,724 | $ | 697,131,905 | 5,710,742 | $ | 276,643,602 | ||||||||||
Dividends and/or | ||||||||||||||||
distributions reinvested | 245,220 | 8,626,835 | 115,881 | 5,606,301 | ||||||||||||
Redeemed | (2,398,620 | ) | (99,183,766 | ) | (880,910 | ) | (40,518,755 | ) | ||||||||
Net increase | 14,246,324 | $ | 606,574,974 | 4,945,713 | $ | 241,731,148 | ||||||||||
1. | For the year ended June 30, 2011, for Class A, Class B, Class C and Class N shares, and for the period from September 7, 2010 (inception of offering) to June 30, 2011, for Class Y shares. |
Purchases | Sales | |||||||
Investment securities | $ | 927,729,597 | $ | 1,029,420,343 |
Fee Schedule Effective October 1, 2011 | ||||
Up to $200 million | 0.75 | % | ||
Next $200 million | 0.72 | |||
Next $200 million | 0.69 | |||
Next $200 million | 0.66 | |||
Next $2.2 billion | 0.60 | |||
Next $1 billion | 0.59 | |||
Next $2 billion | 0.58 | |||
Next $4 billion | 0.57 | |||
Over $10 billion | 0.56 |
Fee Schedule Thru Sept. 30, 2011 | ||||
Up to $200 million | 0.75 | % | ||
Next $200 million | 0.72 | |||
Next $200 million | 0.69 | |||
Next $200 million | 0.66 | |||
Next $2.2 billion | 0.60 | |||
Next $1 billion | 0.59 | |||
Over $4 billion | 0.58 |
Class B | $ | 732,431 | ||
Class C | 6,864,463 | |||
Class N | 2,998,829 |
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 | |||||||||||||||
December 30, 2011 | $ | 416,649 | $ | 44,267 | $ | 177,704 | $ | 81,622 | $ | 851 |
Class N | $ | 10,574 |
Asset Derivatives | Liability Derivatives | |||||||||||
Derivatives Not | Statement of Assets | Statement of Assets | ||||||||||
Accounted for as | and Liabilities | and Liabilities | ||||||||||
Hedging Instruments | Location | Value | Location | Value | ||||||||
Foreign exchange contracts | Unrealized appreciation on foreign currency exchange contracts | $ | 2,444 | Unrealized depreciation on foreign currency exchange contracts | $ | 29,951 | ||||||
Equity contracts | Appreciated options written, at value | 888,156 | ||||||||||
Equity contracts | Depreciated options written, at value | 2,444,355 | ||||||||||
Total | $ | 2,444 | $ | 3,362,462 | ||||||||
Amount of Realized Gain or (Loss) Recognized on Derivatives | ||||||||||||||||
Investments from | Closing and | |||||||||||||||
Derivatives Not | unaffiliated companies | expiration of | Foreign | |||||||||||||
Accounted for as | (including premiums | option contracts | currency | |||||||||||||
Hedging Instruments | on options exercised)* | written | transactions | Total | ||||||||||||
Equity contracts | $ | 6,018,819 | $ | 20,500,138 | $ | — | $ | 26,518,957 | ||||||||
Foreign exchange contracts | — | — | 833,522 | 833,522 | ||||||||||||
Total | $ | 6,018,819 | $ | 20,500,138 | $ | 833,522 | $ | 27,352,479 | ||||||||
* | Includes purchased option contracts, purchased swaption contracts and written option contracts exercised, if any. |
Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives | ||||||||||||
Derivatives Not Accounted | Option contracts | Translation of assets and liabilities | ||||||||||
for as Hedging Instruments | written | denominated in foreign currencies | Total | |||||||||
Equity contracts | $ | (3,507,062 | ) | $ | — | $ | (3,507,062 | ) | ||||
Foreign exchange contracts | — | 38,707 | 38,707 | |||||||||
Total | $ | (3,507,062 | ) | $ | 38,707 | $ | (3,468,355 | ) | ||||
Call Options | Put Options | |||||||||||||||
Number of | Amount of | Number of | Amount of | |||||||||||||
Contracts | Premiums | Contracts | Premiums | |||||||||||||
Options outstanding as of June 30, 2011 | 72,000 | $ | 9,166,073 | 94,500 | $ | 11,825,430 | ||||||||||
Options written | 87,000 | 10,259,780 | 71,000 | 8,577,245 | ||||||||||||
Options closed or expired | (136,000 | ) | (16,225,975 | ) | (114,333 | ) | (14,203,518 | ) | ||||||||
Options exercised | (23,000 | ) | (3,199,878 | ) | (22,545 | ) | (2,818,941 | ) | ||||||||
Options outstanding as of December 30, 2011 | — | $ | — | 28,622 | $ | 3,380,216 | ||||||||||
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 | ||
Shanquan Li, Vice President | ||
Arthur S. Gabinet, Secretary | ||
Christina M. Nasta, Vice President and Chief Business Officer | ||
Mark S. Vandehey, Vice President and Chief Compliance Officer | ||
Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer | ||
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. |
50 | Statement of Investments | |||
52 | Statement of Assets and Liabilities | |||
53 | Statement of Operations | |||
54 | Statements of Changes in Net Assets | |||
55 | Notes to Financial Statements |
Shares | Value | |||||||
Investment Company—100.7% | ||||||||
SPDR Gold Trust1,2 (Cost $100,708,915) | 610,000 | $ | 92,713,900 | |||||
Total Investments, at Value (Cost $100,708,915) | 100.7 | % | 92,713,900 | |||||
Liabilities in Excess of Other Assets | (0.7 | ) | (681,852 | ) | ||||
Net Assets | 100.0 | % | $ | 92,032,048 | ||||
* | December 30, 2011 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes. | |
1. | All or a portion of the security position is held in collateralized accounts to cover potential obligations with respect to outstanding written options. See Note 5 of the accompanying Notes. | |
2. | 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 or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) | ||
3) | Level 3—significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability). |
Level 3— | ||||||||||||||||
Level 1— | Level 2— | Significant | ||||||||||||||
Unadjusted | Other Significant | Unobservable | ||||||||||||||
Quoted Prices | Observable Inputs | Inputs | Value | |||||||||||||
Assets Table | ||||||||||||||||
Investments, at Value: | ||||||||||||||||
Investment Company | $ | 92,713,900 | $ | — | $ | — | $ | 92,713,900 | ||||||||
Total Assets | $ | 92,713,900 | $ | — | $ | — | $ | 92,713,900 | ||||||||
Liabilities Table | ||||||||||||||||
Other Financial Instruments: | ||||||||||||||||
Appreciated options written, at value | $ | (209,000 | ) | $ | — | $ | — | $ | (209,000 | ) | ||||||
Depreciated options written, at value | (387,000 | ) | — | — | (387,000 | ) | ||||||||||
Total Liabilities | $ | (596,000 | ) | $ | — | $ | — | $ | (596,000 | ) | ||||||
Unrealized | ||||||||||||||||||||||||||||
Number of | Exercise | Expiration | Premiums | Appreciation/ | ||||||||||||||||||||||||
Description | Type | Contracts | Price | Date | Received | Value | (Depreciation) | |||||||||||||||||||||
SPDR Gold Trust | Put | 1,000 | $ | 150.000 | 1/23/12 | $ | 234,413 | $ | (209,000 | ) | $ | 25,413 | ||||||||||||||||
SPDR Gold Trust | Put | 1,000 | 150.000 | 2/20/12 | 232,973 | (387,000 | ) | (154,027 | ) | |||||||||||||||||||
$ | 467,386 | $ | (596,000 | ) | $ | (128,614 | ) | |||||||||||||||||||||
Assets | ||||
Investments, at value (cost $100,708,915)—see accompanying statement of investments | $ | 92,713,900 | ||
Liabilities | ||||
Appreciated options written, at value (premiums received $234,413) | 209,000 | |||
Depreciated options written, at value (premiums received $232,973) | 387,000 | |||
Payables and other liabilities: | ||||
Management and administrative fees | 54,660 | |||
Investments purchased | 12,023 | |||
Other | 19,169 | |||
Total liabilities | 681,852 | |||
Net Assets | $ | 92,032,048 | ||
Composition of Net Assets | ||||
Par value of shares of beneficial interest | $ | 41 | ||
Additional paid-in capital | 98,623,771 | |||
Accumulated net investment loss | (168,128 | ) | ||
Accumulated net realized gain on investments | 1,699,993 | |||
Net unrealized depreciation on investments | (8,123,629 | ) | ||
Net Assets—applicable to 4,055.82 shares of beneficial interest outstanding | $ | 92,032,048 | ||
Net Asset Value, Redemption Price Per Share and Offering Price Per Share | $ | 22,691.35 |
1. | December 30, 2011 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes. |
Expenses | ||||
Management fees | $ | 116,636 | ||
Legal, auditing and other professional fees | 5,949 | |||
Directors’ compensation | 3,681 | |||
Custodian fees and expenses | 332 | |||
Other | 490 | |||
Total expenses | 127,088 | |||
Net Investment Loss | (127,088 | ) | ||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain on: | ||||
Investments (including premiums on options exercised) | 1,002,685 | |||
Closing and expiration of option contracts written | 697,308 | |||
Net realized gain | 1,699,993 | |||
Net change in unrealized appreciation/depreciation on: | ||||
Investments | (8,123,561 | ) | ||
Option contracts written | (128,614 | ) | ||
Net change in unrealized appreciation/depreciation | (8,252,175 | ) | ||
Net Decrease in Net Assets Resulting from Operations | $ | (6,679,270 | ) | |
1. | December 30, 2011 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes. |
Six Months | ||||||||
Ended | ||||||||
December 30, 20111 | Period Ended | |||||||
(Unaudited) | June 30, 20112 | |||||||
Operations | ||||||||
Net investment loss | $ | (127,088 | ) | $ | (41,040 | ) | ||
Net realized gain | 1,699,993 | — | ||||||
Net change in unrealized appreciation/depreciation | (8,252,175 | ) | 128,546 | |||||
Net increase (decrease) in net assets resulting from operations | (6,679,270 | ) | 87,506 | |||||
Capital Transactions | ||||||||
Net increase in net assets resulting from capital transactions | 97,123,441 | 1,500,371 | ||||||
Net Assets | ||||||||
Total increase | 90,444,171 | 1,587,877 | ||||||
Beginning of period | 1,587,877 | — | ||||||
End of period (including accumulated net investment loss of $168,128 and $41,040, respectively) | $ | 92,032,048 | $ | 1,587,877 | ||||
1. | December 30, 2011 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes. | |
2. | For the period from December 8, 2010 (commencement of operations) to June 30, 2011. |
��
Six Months Ended | Period Ended | |||||||
December 30, 2011 | June 30, 20111 | |||||||
Amount | Amount | |||||||
Contributions | $ | 98,000,626 | $ | 1,500,371 | ||||
Withdrawals | (877,185 | ) | — | |||||
Net increase | $ | 97,123,441 | $ | 1,500,371 | ||||
1. | For the period from December 8, 2010 (commencement of operations) to June 30, 2011. |
Fee Schedule Effective October 1, 2011 | ||||
Up to $200 million | 0.75 | % | ||
Next $200 million | 0.72 | |||
Next $200 million | 0.69 | |||
Next $200 million | 0.66 | |||
Next $2.2 billion | 0.60 | |||
Next $1 billion | 0.59 | |||
Next $2 billion | 0.58 | |||
Next $4 billion | 0.57 | |||
Over $10 billion | 0.56 |
Fee Schedule Thru Sept. 30, 2011 | ||||
Up to $200 million | 0.75 | % | ||
Next $200 million | 0.72 | |||
Next $200 million | 0.69 | |||
Next $200 million | 0.66 | |||
Next $2.2 billion | 0.60 | |||
Next $1 billion | 0.59 | |||
Over $4 billion | 0.58 |
Fee Schedule Effective October 1, 2011 | ||||
Up to $200 million | 0.375 | % | ||
Next $200 million | 0.360 | |||
Next $200 million | 0.345 | |||
Next $200 million | 0.330 |
Fee Schedule Thru Sept. 30, 2011 | ||||
Up to $200 million | 0.375 | % | ||
Next $200 million | 0.360 | |||
Next $200 million | 0.345 | |||
Next $200 million | 0.330 |
Fee Schedule Effective October 1, 2011 | ||||
Next $2.2 billion | 0.300 | % | ||
Next $1 billion | 0.295 | |||
Next $2 billion | 0.290 | |||
Next $4 billion | 0.285 | |||
Over $10 billion | 0.280 |
Fee Schedule Thru Sept. 30, 2011 | ||||
Next $2.2 billion | 0.300 | % | ||
Next $1 billion | 0.295 | |||
Over $4 billion | 0.290 |
Six Months Ended December 30, 2011 | (50.01 | )% | ||
Period Ended June 30, 20111 | 2.34 | % |
Six Months Ended | Period Ended | |||||||
December 30, 2011 | June 30, 20111 | |||||||
Ratios to average net assets: | ||||||||
Net investment loss | (0.81 | )% | (6.18 | )% | ||||
Total expenses | 0.81 | % | 6.18 | % |
1. | For the period from December 8, 2010 (commencement of operations) to June 30, 2011. |
Liability Derivatives | ||||||||
Derivatives Not | Statement of Assets | |||||||
Accounted for as | and Liabilities | |||||||
Hedging Instruments | Location | Value | ||||||
Equity contracts | Appreciated options | |||||||
written, at value | $ | 209,000 | ||||||
Equity contracts | Depreciated options | |||||||
written, at value | 387,000 | |||||||
Total | $ | 596,000 | ||||||
Amount of Realized Gain or (Loss) Recognized on Derivatives | ||||||||||||
Closing and | ||||||||||||
Derivatives Not | Investments | expiration of | ||||||||||
Accounted for as | (including premiums | option contracts | ||||||||||
Hedging Instruments | on options exercised)* | written | Total | |||||||||
Equity contracts | $ | 512,935 | $ | 697,308 | $ | 1,210,243 |
* | Includes purchased option contracts, purchased swaption contracts and written option contracts exercised, if any. |
Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives | ||||
Derivatives Not Accounted | Option contracts | |||
for as Hedging Instruments | written | |||
Equity contracts | $ | (128,614 | ) |
Call Options | Put Options | |||||||||||||||
Number of | Amount of | Number of | Amount of | |||||||||||||
Contracts | Premiums | Contracts | Premiums | |||||||||||||
Options outstanding as of June 30, 2011 | — | $ | — | — | $ | — | ||||||||||
Options written | 4,000 | 745,375 | 4,000 | 980,321 | ||||||||||||
Options closed or expired | (4,000 | ) | (745,375 | ) | — | — | ||||||||||
Options exercised | — | — | (2,000 | ) | (512,935 | ) | ||||||||||
Options outstanding as of December 30, 2011 | — | $ | — | 2,000 | $ | 467,386 | ||||||||||
• | Applications or other forms | |
• | When you create a user ID and password for online account access | |
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• | 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. | |
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1. | The Fund’s Governance Committee (the “Committee”) will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds’ investment manager and its affiliates in making the selection. | |
2. | The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individual’s background, skills, and experience; whether the individual is an “interested person” as defined in the Investment Company Act of 1940; and whether the individual would be deemed an “audit committee financial expert” within the meaning of applicable SEC rules. The Committee also considers whether the individual’s background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder. | |
3. | The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following: |
• | the name, address, and business, educational, and/or other pertinent background of the person being recommended; | ||
• | a statement concerning whether the person is an “interested person” as defined in the Investment Company Act of 1940; | ||
• | any other information that the Funds would be required to include in a proxy statement concerning the person if he or she was nominated; and | ||
• | the name and address of the person submitting the recommendation and, if that person is a shareholder, the period for which that person held Fund shares. |
The recommendation also can include any additional information which the person submitting it believes would assist the Committee in evaluating the recommendation. | ||
4. | Shareholders should note that a person who owns securities issued by Massachusetts Mutual Life Insurance Company (the parent company of the Funds’ investment adviser) would be deemed an “interested person” under the Investment Company Act of 1940. In addition, certain other relationships with Massachusetts Mutual Life Insurance Company or its |
subsidiaries, with registered broker-dealers, or with the Funds’ outside legal counsel may cause a person to be deemed an “interested person.” | ||
5. | Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company. |
By: | /s/ William F. Glavin, Jr. | |||
William F. Glavin, Jr. | ||||
Principal Executive Officer | ||||
By: | /s/ William F. Glavin, Jr. | |||
William F. Glavin, Jr. | ||||
Principal Executive Officer | ||||
By: | /s/ Brian W. Wixted | |||
Brian W. Wixted | ||||
Principal Financial Officer | ||||