UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-21208
Oppenheimer Multi Cap Value Fund
(Exact name of registrant as specified in charter)
6803 SOUTH TUCSON WAY, CENTENNIAL, COLORADO 80112-3924
(Address of principal executive offices)
(Zip code)
Robert G. Zack, Esq.
OppenheimerFunds, Inc.
498 Seventh Avenue, New York, New York 10018
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(Name and address of agent for service)
Registrant's telephone number, including area code: (303) 768-3200
--------------
Date of fiscal year end: April 30
Date of reporting period: November 26, 2002 - April 30, 2003
ITEM 1. REPORTS TO STOCKHOLDERS.
STATEMENT OF INVESTMENTS April 30, 2003
Market Value
Shares See Note 1
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Common Stocks--95.2%
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Consumer Discretionary--21.1%
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Hotels, Restaurants & Leisure--1.0%
McDonald's Corp. 2,000 $ 34,200
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Media--13.8%
AMC Entertainment, Inc. 1 3,800 36,404
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EchoStar Communications
Corp., Cl. A 1 4,700 140,812
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General Motors Corp., Cl. H 1 6,700 79,060
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Liberty Media Corp., Cl. A 1 16,600 182,600
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Regal Entertainment Group 1,700 33,320
--------------
472,196
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Specialty Retail--3.6%
Casual Male Retail Group, Inc. 1 20,000 88,600
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OfficeMax, Inc. 1 6,300 35,595
--------------
124,195
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Textiles & Apparel--2.7%
Nike, Inc., Cl. B 1,700 91,001
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Consumer Staples--3.3%
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Food Products--2.6%
Bunge Ltd. 3,100 86,831
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Tobacco--0.7%
Altria Group, Inc. 800 24,608
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Energy--8.3%
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Oil & Gas--8.3%
BP plc, ADR 4,200 161,868
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EOG Resources, Inc. 2,400 89,712
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Frontier Oil Corp. 1,800 30,456
--------------
282,036
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Financials--21.5%
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Banks--9.4%
Bank of New York Co., Inc. (The) 3,000 79,350
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Commerce Bancshares, Inc. 900 34,065
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Wachovia Corp. 2,800 106,988
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Wells Fargo Co. 2,100 101,346
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321,749
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Diversified Financials--4.2%
Citigroup, Inc. 2,800 109,900
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Merrill Lynch & Co., Inc. 800 32,840
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142,740
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Insurance--6.0%
American International Group, Inc. 500 28,975
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Chubb Corp. 2,000 105,780
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IPC Holdings Ltd. 2,000 68,700
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203,455
Market Value
Shares See Note 1
Real Estate--1.9%
IStar Financial, Inc. 2,200 $ 65,846
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Health Care--4.5%
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Health Care Equipment & Supplies--1.0%
Guidant Corp. 1 900 35,091
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Health Care Providers & Services--3.5%
Aetna, Inc. 2,400 119,520
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Industrials--18.4%
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Aerospace & Defense--11.6%
Boeing Co. 3,400 92,752
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DRS Technologies, Inc. 1 3,100 86,831
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Northrop Grumman Corp. 1,400 123,130
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Orbital Sciences Corp. 1 17,000 94,860
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397,573
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Commercial Services & Supplies--3.2%
Cendant Corp. 1 5,000 71,400
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Danka Business Systems plc,
Sponsored ADR 1 9,300 36,177
--------------
107,577
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Road & Rail--3.6%
CNF Transportation, Inc. 4,100 124,394
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Information Technology--7.8%
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Computers & Peripherals--1.7%
Hewlett-Packard Co. 3,500 57,050
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Electronic Equipment & Instruments--4.4%
Flextronics International Ltd. 1 11,000 96,250
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Thermo Electron Corp. 1 2,900 52,693
--------------
148,943
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Internet Software & Services--0.8%
S1 Corp. 1 6,300 27,720
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Semiconductor Equipment & Products--0.9%
Brooks Automation, Inc. 1 3,800 32,186
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Materials--2.6%
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Containers & Packaging--2.6%
Smurfit-Stone Container Corp. 1 6,400 90,048
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Telecommunication Services--3.0%
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Diversified Telecommunication Services--2.0%
Verizon Communications, Inc. 1,800 67,284
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Wireless Telecommunication Services--1.0%
Vodafone Group plc, Sponsored ADR 1,700 33,592
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Utilities--4.7%
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Electric Utilities--0.9%
Pepco Holdings, Inc. 700 12,026
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Reliant Resources, Inc. 1 3,200 17,984
--------------
30,010
4 | OPPENHEIMER MULTI CAP VALUE FUND
Market Value
Shares See Note 1
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Multi-Utilities--3.8%
Equitable Resources, Inc. 3,400 $ 130,628
-----------------
Total Common Stocks (Cost $3,028,567) 3,250,473
Principal
Amount
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Joint Repurchase Agreements--5.1%
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Undivided interest of 0.05% in joint
repurchase agreement (Principal Amount/
Market Value $332,883,000, with a maturity
value of $332,894,651) with Banc One Capital
Markets, Inc., 1.26%, dated 4/30/03, to
be repurchased at $172,006 on 5/1/03,
collateralized by U.S. Treasury Nts.,
4.875%--5.875%, 11/15/04--2/15/12,
with a value of $327,261,153 and
U.S. Treasury Bonds, 2.125%, 8/31/04,
with a value of $12,489,849
(Cost $172,000) $ 172,000 172,000
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Total Investments,
at Value (Cost $3,200,567) 100.3% 3,422,473
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Liabilities in Excess of Other Assets (0.3) (11,129)
-------------------------------------
Net Assets 100.0% $ 3,411,344
=====================================
Footnotes to Statement of Investments
1. Non-income producing security.
See accompanying Notes to Financial Statements.
5 | OPPENHEIMER MULTI CAP VALUE FUND
STATEMENT OF ASSETS AND LIABILITIES April 30, 2003
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Assets
Investments, at value (cost $3,200,567)--see accompanying statement $ 3,422,473
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Cash 593
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Receivables and other assets:
Investments sold 53,132
Interest and dividends 1,983
Other 5
------------
Total assets 3,478,186
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Liabilities
Payables and other liabilities:
Investments purchased 53,836
Professional fees 11,621
Trustees' compensation 277
Transfer and shareholder servicing agent fees 12
Other 1,096
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Total liabilities 66,842
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Net Assets $3,411,344
============
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Composition of Net Assets
Par value of shares of beneficial interest $ 336
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Additional paid-in capital 3,332,885
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Accumulated net realized loss on investment transactions (143,783)
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Net unrealized appreciation on investments 221,906
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Net Assets $3,411,344
============
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Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$3,411,344 and 335,568 shares of beneficial interest outstanding) $10.17
Maximum offering price per share (net asset value plus sales
charge of 5.75% of offering price) $10.79
See accompanying Notes to Financial Statements.
6 | OPPENHEIMER MULTI CAP VALUE FUND
STATEMENT OF OPERATIONS For the Period Ended April 30, 2003 1
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Investment Income
Dividends (net of foreign withholding taxes of $193) $ 18,705
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Interest 1,398
----------
Total investment income 20,103
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Expenses
Management fees 9,836
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Distribution and service plan fees--Class A 3,279
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Transfer and shareholder servicing agent fees--Class A 52
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Professional fees 11,621
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Trustees' compensation 6,062
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Shareholder reports 2,005
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Registration and filing fees 717
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Custodian fees and expenses 391
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Other 1,029
----------
Total expenses 34,992
Less reduction to custodian expenses (170)
Less voluntary waiver of distribution and service plan fees--Class A (3,279)
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Net expenses 31,543
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Net Investment Loss (11,440)
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Realized and Unrealized Gain (Loss)
Net realized loss on investments (143,783)
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Net change in unrealized appreciation on investments 221,906
----------
Net realized and unrealized gain 78,123
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Net Increase in Net Assets Resulting from Operations $66,683
==========
1. For the period from November 26, 2002 (commencement of operations) to April
30, 2003.
See accompanying Notes to Financial Statements.
7 | OPPENHEIMER MULTI CAP VALUE FUND
STATEMENT OF CHANGES IN NET ASSETS
Period Ended April 30, 2003 1
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Operations
Net investment loss $ (11,440)
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Net realized loss (143,783)
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Net change in unrealized appreciation 221,906
--------------
Net increase in net assets resulting from operations 66,683
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Beneficial Interest Transactions
Net increase in net assets resulting from beneficial interest transactions--Class A 3,244,661
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Net Assets
Total increase 3,311,344
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Beginning of period 100,000 2
--------------
End of period $3,411,344
==============
1. For the period from November 26, 2002 (commencement of operations) to April
30, 2003.
2. Reflects the value of the Manager's initial seed money investment on
November 8, 2002.
See accompanying Notes to Financial Statements.
8 | OPPENHEIMER MULTI CAP VALUE FUND
FINANCIAL HIGHLIGHTS
Class A Period Ended April 30 2003 1
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Per Share Operating Data
Net asset value, beginning of period $ 10.00
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Income (loss) from investment operations:
Net investment loss (.03)
Net realized and unrealized gain .20
---------
Total from investment operations .17
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Net asset value, end of period $10.17
=========
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Total Return, at Net Asset Value 2 1.70%
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Ratios/Supplemental Data
Net assets, end of period (in thousands) $3,411
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Average net assets (in thousands) $3,151
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Ratios to average net assets: 3
Net investment loss (0.85)%
Expenses, gross 2.60%
Expenses, net 2.35% 4,5
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Portfolio turnover rate 66%
1. For the period from November 26, 2002 (commencement of operations) to April
30, 2003.
2. Assumes an investment at net asset value 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 return. Total returns are not annualized for
periods of less than one full year. Returns do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or the redemption of
Fund shares.
3. Annualized for periods of less than one full year.
4. Net of reduction to custodian expenses of 0.01%.
5. Net of waiver of distribution and
service plan fees.
See accompanying Notes to Financial Statements.
9 | OPPENHEIMER MULTI CAP VALUE FUND
NOTES TO FINANCIAL STATEMENTS
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1. Significant Accounting Policies
Oppenheimer Multi Cap Value Fund (the Fund) is registered under the Investment
Company Act of 1940, as amended, as an open-end management investment company.
The Fund's investment objective is to seek capital appreciation over the
long-term. The Fund's investment advisor is OppenheimerFunds, Inc. (the
Manager). As of April 30, 2003, 310,000 shares of Class A were owned by the
Manager.
The Fund currently offers Class A shares only. Class A shares are sold at
their offering price, which is normally net asset value plus a front-end sales
charge.
The following is a summary of significant accounting policies consistently
followed by the Fund.
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Securities Valuation. Securities listed or traded on National Stock Exchanges
or other domestic or foreign exchanges are valued based on the last sale price
of the security traded on that exchange prior to the time when the Fund's
assets and liabilities are valued. In the absence of a sale, the security is
valued at the last sale price on the prior trading day, if it is within the
spread of the current day's closing bid and asked prices, and if not, at the
current day's closing bid price. Securities (including restricted securities)
for which quotations are not readily available are valued primarily using
dealer-supplied valuations, a portfolio pricing service authorized by the Board
of Trustees, or at their fair value. Fair value is determined in good faith
under consistently applied procedures under the supervision of the Board of
Trustees. Short-term "money market type" debt securities with remaining
maturities of sixty days or less are valued at amortized cost (which
approximates market value).
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Joint Repurchase Agreements. The Fund, along with other affiliated funds of the
Manager, may transfer uninvested cash balances into one or more joint
repurchase agreement accounts. These balances are invested in one or more
repurchase agreements, secured by U.S. government securities. Securities
pledged as collateral for repurchase agreements are held by a custodian bank
until the agreements mature. Each agreement requires that the market value of
the collateral be sufficient to cover payments of interest and principal;
however, in the event of default by the other party to the agreement, retention
of the collateral may be subject to legal proceedings.
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Federal Taxes. The Fund intends to continue to comply with provisions of the
Internal Revenue Code applicable to regulated investment companies and to
distribute substantially all of its investment company taxable income,
including any net realized gain on investments not offset by capital loss
carryforwards, if any, to shareholders. Therefore, no federal income tax
provision is required, however, during the period ended April 30, 2003, the
Fund paid federal excise taxes of $161.
As of April 30, 2003, the Fund had approximately $144,000 of post-October
losses available to offset future capital gains, if any. Such losses, if
unutilized, will expire in 2012.
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Dividends and Distributions to Shareholders. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations,
are recorded on the ex-dividend date. Income and capital gain distributions, if
any, are declared and paid annually.
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Classification of Dividends and Distributions to Shareholders. Net investment
income (loss) and net realized gain (loss) may differ for financial statement
and tax purposes. The character of dividends and distributions made during the
fiscal year from net investment income or net realized gains may differ from
their ultimate characterization for federal income tax purposes. Also, due to
timing of dividends and distributions, the fiscal year in which amounts are
distributed may differ from the fiscal year in which the income or net realized
gain was recorded by the Fund.
The Fund adjusts the classification of distributions to shareholders to
reflect the differences between financial statement amounts and distributions
determined in accordance with income tax regulations. Accordingly, during the
period ended April 30, 2003, amounts have been reclassified to reflect a
decrease in paid-in capital of $11,440. Accumulated net investment loss was
decreased by the same amount. Net assets of the Fund were unaffected by the
reclassifications.
No distributions were paid during the period ended April 30, 2003.
10 | OPPENHEIMER MULTI CAP VALUE FUND
As of April 30, 2003, the components of distributable earnings on a tax basis
were as follows:
Accumulated net realized loss $(143,783)
Net unrealized appreciation 221,906
----------
Total $ 78,123
==========
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Investment Income. Dividend income is recorded on the ex-dividend date or upon
ex-dividend notification in the case of certain foreign dividends where the
ex-dividend date may have passed. Non-cash dividends included in dividend
income, if any, are recorded at the fair market value of the securities
received. Interest income, which includes accretion of discount and
amortization of premium, is accrued as earned.
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Security Transactions. Security transactions are recorded on the trade date.
Realized gains and losses on securities sold are determined on the basis of
identified cost.
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Expense Offset Arrangement. The reduction of custodian fees represents earnings
on cash balances maintained by the Fund.
- --------------------------------------------------------------------------------
Other. The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts of income and
expenses during the reporting period. Actual results could differ from those
estimates.
- --------------------------------------------------------------------------------
2. Shares of Beneficial Interest
The Fund has authorized an unlimited number of $0.001 par value shares of
beneficial interest. Transactions in shares of beneficial interest were as
follows:
Period Ended April 30, 2003 1,2
Shares Amount
- ----------------------------------------------------------------
Class A
Sold 325,568 $ 3,244,661
--------------------------
Net increase 325,568 $3,244,661
==========================
1. For the period from November 26, 2002 (commencement of operations) to April
30, 2003.
2. The Fund sold 10,000 shares to the Manager upon seeding of the
Fund on November 8, 2002.
- --------------------------------------------------------------------------------
3. Purchases and Sales of Securities
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations, for the period ended April 30, 2003, were
$5,195,468 and $2,023,118, respectively.
As of April 30, 2003, unrealized appreciation (depreciation) based on cost of
securities for federal income tax purposes of $3,200,567 was composed of:
Gross unrealized appreciation $ 285,028
Gross unrealized depreciation (63,122)
---------
Net unrealized appreciation $ 221,906
=========
The difference between book-basis and tax-basis unrealized appreciation and
depreciation, if applicable, is attributable primarily to the tax deferral of
losses or the tax realization of unrealized gain or loss.
11 | OPPENHEIMER MULTI CAP VALUE FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
4. Fees and Other Transactions with Affiliates
Management Fees. Management fees paid to the Manager were in accordance with
the investment advisory agreement with the Fund which provides for a fee at an
annual rate of 0.75% of the first $200 million of average annual net assets of
the Fund, 0.72% of the next $200 million, 0.69% of the next $200 million, 0.66%
of the next $200 million, and 0.60% of average annual net assets in excess of
$800 million.
- --------------------------------------------------------------------------------
Transfer Agent Fees. OppenheimerFunds Services (OFS), a division of the
Manager, acts as the transfer and shareholder servicing agent for the Fund. The
Fund pays OFS a $19.75 per account fee.
OFS has voluntarily agreed to limit transfer and shareholder servicing agent
fees, up to an annual rate of 0.35% of average net assets of Class A shares.
This undertaking may be amended or withdrawn at any time.
- --------------------------------------------------------------------------------
Offering and Organizational Costs. The Manager assumed all offering and
organizational costs associated with the registration and seeding of the Fund.
- --------------------------------------------------------------------------------
Distribution and Service Plan (12b-1) Fees. Under its General Distributor's
Agreement with the Manager, OppenheimerFunds Distributor, Inc. (the
Distributor) acts as the Fund's principal underwriter in the continuous public
offering of the Class A shares of the Fund.
- --------------------------------------------------------------------------------
Service Plan for Class A Shares. The Fund has adopted a Service Plan for Class
A shares. It reimburses the Distributor for a portion of its costs incurred for
services provided to accounts that hold Class A shares. Reimbursement is made
quarterly at an annual rate of up to 0.25% of the average annual net assets of
Class A shares of the Fund. For the period ended April 30, 2003, payments under
the Class A plan totaled $3,279 prior to the voluntary waiver of all such
current period fees by the Distributor. Any unreimbursed expenses the
Distributor incurs with respect to Class A shares in any fiscal year cannot be
recovered in subsequent years.
- --------------------------------------------------------------------------------
5. Borrowing and Lending Arrangements
Interfund Borrowing and Lending Arrangements. The Fund entered into an
"interfund borrowing and lending arrangement" with other funds in the
Oppenheimer funds complex, to allow funds to borrow for liquidity purposes. The
arrangement was initiated pursuant to exemptive relief granted by the
Securities and Exchange Commission to allow these affiliated funds to lend
money to, and borrow money from, each other, in an attempt to reduce borrowing
costs below those of bank loan facilities. Under the arrangement the Fund may
lend money to other Oppenheimer funds and may borrow from other Oppenheimer
funds at a rate set by the Fund's Board of Trustees, based upon a
recommendation by the Manager. The Fund's borrowings, if any, are subject to
asset coverage requirements under the Investment Company Act and the provisions
of the SEC order and other applicable regulations. If the Fund borrows money,
there is a risk that the loan could be called on one day's notice, in which
case the Fund might have to borrow from a bank at higher rates if a loan were
not available from another Oppenheimer fund. If the Fund lends money to another
fund, it will be subject to the risk that the other fund might not repay the
loan in a timely manner, or at all.
The Fund had no interfund borrowings or loans outstanding during the period
ended or at April 30, 2003.
12 | OPPENHEIMER MULTI CAP VALUE FUND
INDEPENDENT AUDITORS' REPORT
- --------------------------------------------------------------------------------
To the Shareholders and Board of Trustees of Oppenheimer Multi Cap Value Fund
We have audited the accompanying statement of assets and liabilities of
Oppenheimer Multi Cap Value Fund (the "Fund"), including the statement of
investments, as of April 30, 2003, and the related statements of operations and
changes in net assets and the financial highlights for the period from November
26, 2002 (commencement of operations) to April 30, 2003. These financial
statements and financial highlights are the responsibility of the Fund's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in the United States. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements
and financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. Our procedures included confirmation of securities
owned as of April 30, 2003, by correspondence with the custodian and others. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
Oppenheimer Multi Cap Value Fund at April 30, 2003, and the results of its
operations, the changes in its net assets and the financial highlights for the
period from November 26, 2002 to April 30, 2003, in conformity with accounting
principles generally accepted in the United States.
/s/ Ernst & Young LLP
New York, New York
June 6, 2003
13 | OPPENHEIMER MULTI CAP VALUE FUND
TRUSTEES AND OFFICERS Unaudited
Name, Position(s) Held with Principal Occupation(s) During Past 5 Years; Other Trusteeships/Directorships Held by Trustee;
Fund, Length of Service, Age Number of Portfolios in Fund Complex Currently Overseen by Trustee
- ----------------------------------------------------------------------------------------------------------------------------------
INDEPENDENT The address of each Trustee and Interested Trustee in the charts below is 6803 S. Tucson Way,
TRUSTEES Centennial, CO 80112-3924. Each Trustee serves for an indefinite term, until his or her
resignation, retirement, death or removal.
Ronald J. Abdow, President (since 1959) of Abdow Corporation (operator of restaurants); Trustee of
Trustee (since 2002) the following real estate businesses (owners and operators of restaurants):
Age: 71 G&R Realty Co. Trust (since 1978), G&R Trust (since 1973), Abdow Partnership (since 1975),
Auburn Associates (since 1983); Hazard Associates (since 1985); Chairman (since 1996) of Western
Mass Development Corp. (non-profit development); Chairman of American International College
(non-profit college); Trustee (since 1993) of MML Series Investment Fund and Trustee (since 1994)
of MassMutual Institutional Funds (MMIF) (open-end investment companies). Oversees 9 port- folios
in the OppenheimerFunds complex.
Joseph M. Wikler, Self-employed as an investment consultant; a director (since 1996) of Lakes Environmental
Trustee (since 2002) Association, and Medintec (since 1992) and Cathco (since 1995) (medical device companies); and a
Age: 62 member of the investment committee of the Associated Jewish Charities of Baltimore (since 1994);
formerly a director of Fortis/Hartford mutual funds (1994 - December 2001). Oversees 7 portfolios
in the OppenheimerFunds complex.
Peter I. Wold, President of Wold Properties, Inc. (an oil and gas exploration and production company); Vice
Trustee (since 2002) President, Secretary and Treasurer of Wold Trona Company, Inc. (soda ash processing and production);
Age: 55 Vice President of Wold Talc Company, Inc. (talc mining); Managing Member, Hole-in-the-Wall Ranch
(cattle ranching); formerly Director and Chairman of the Board, Denver Branch of the Federal
Reserve Bank of Kansas City (1993-1999) and Director of PacifiCorp. (1995 - 1999), an electric
utility. Oversees 7 portfolios in the OppenheimerFunds complex.
- ----------------------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEE
Eustis Walcott, Principal with Ardsley Associates (since 2000) (consulting firm); formerly Senior Vice
Trustee (since 2002) President, MassMutual Financial Group (May 1990 - July 2000). Trustee (since 2000) of Cornerstone
Age: 65 Real Estate Advisors and MML Investors Services, Trustee of OFI Trust Company (since 2001) and of the
American International College (since 1995). Oversees 7 portfolios in the OppenheimerFunds complex.
- ----------------------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEE The address of Mr. Murphy in the chart below is 498 Seventh Avenue, New York, NY 10018. Mr.
AND OFFICER Murphy serves for an indefinite term, until his resignation, death or removal.
John V. Murphy, Chairman, Chief Executive Officer and director (since June 2001) and President (since September
President, Trustee and 2000) of the Manager; President and a director or trustee of other Oppenheimer funds; President and a
Chairman of the Board, director (since July 2001) of Oppenheimer Acquisition Corp. (the Manager's parent holding company)
Trustee (since 2002) and of Oppenheimer Partnership Holdings, Inc. (a holding company subsidiary of the Manager); a
Age: 53 director (since November 2001) of OppenheimerFunds Distributor, Inc. (a subsidiary of the Manager);
Chairman and a director (since July 2001) of Shareholder Services, Inc. and of Shareholder
Financial Services, Inc. (transfer agent subsidiaries of the Manager); President and a director
(since July 2001) of OppenheimerFunds Legacy Program (a charitable trust program established by the
Manager); a director of the investment advisory subsidiaries of the Manager: OFI Institutional
Asset Management, Inc. and Centennial Asset Management Corporation (since November 2001),
HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since July 2001);
President (since November 1, 2001) and a director (since July 2001) of Oppenheimer Real Asset
Management, Inc.; a director (since November 2001) of Trinity Investment Management Corp. and
Tremont Advisers, Inc. (Investment advisory affiliates of the Manager); Executive Vice President
(since February 1997) of Massachusetts Mutual Life Insurance Company (the Manager's parent
company); a director (since June 1995) of DLB Acquisition Corporation (a holding company that owns
the shares of David L. Babson & Company, Inc.); formerly, Chief Operating Officer (September
2000-June 2001) of the Manager; President and trustee (November 1999-November 2001) of MML Series
Investment Fund and MassMutual Institutional Funds (open-end investment companies); a director
(September 1999-August 2000) of C.M. Life Insurance Company; President, Chief Executive Officer and
director (September 1999-August 2000) of MML Bay State Life Insurance Company; a director (June
1989-June 1998) of Emerald Isle Bancorp and Hibernia Savings Bank (a wholly- owned subsidiary of
Emerald Isle Bancorp). Oversees 74 portfolios in the OppenheimerFunds complex.
15 | OPPENHEIMER MULTI CAP VALUE FUND
TRUSTEES AND OFFICERS Unaudited / Continued
- ----------------------------------------------------------------------------------------------------------------------------------
OFFICERS The address of the Officers in the chart below is as follows: for Messrs. Leavy and Zack, 498
Seventh Avenue, New York, NY 10018, for Mr. Wixted, 6803 S. Tucson Way, Centennial, CO
80112-3924. Each Officer serves for an annual term or until his or her earlier resignation,
death or removal.
Christopher Leavy, Senior Vice President (since September 2000) of the Manager; an officer of 6 portfolios in the
Vice President (since 2002) OppenheimerFunds complex; prior to joining the Manager in September 2000, he was a portfolio
Age: 32 manager of Morgan Stanley Dean Witter Investment Management (from 1997) prior to which he was a
portfolio manager and equity analyst of Crestar Asset Management (from 1995).
Brian W. Wixted, Senior Vice President and Treasurer (since March 1999) of the Manager; Treasurer (since March
Treasurer, Principal Financial 1999) of HarbourView Asset Management Corporation, Shareholder Services, Inc., Oppenheimer Real
and Accounting Officer Asset Management Corporation, Shareholder Financial Services, Inc., Oppenheimer Partnership
(since 2002) Holdings, Inc., OFI Private Investments, Inc. (since March 2000), OppenheimerFunds International
Age: 43 Ltd. and Oppenheimer Millennium Funds plc (since May 2000) and OFI Institutional Asset Management,
November 2000);
Treasurer and Chief Financial Officer (since May 2000) of Oppenheimer Trust Company (a trust
Inc. (since company subsidiary of the Manager); Assistant Treasurer (since March 1999) of
Oppenheimer Acquisition Corp. and OppenheimerFunds Legacy Program (since April 2000); formerly
Principal and Chief Operating Officer (March 1995-March 1999) of Bankers Trust Company-Mutual Fund
Services Division. An officer of 90 portfolios in the OppenheimerFunds complex.
Robert G. Zack, Senior Vice President (since May 1985) and General Counsel (since February 2002) of the
Secretary (since 2002) Manager; General Counsel and a director (since November 2001) of OppenheimerFunds
Age: 54 Distributor, Inc.; Senior Vice President and General Counsel (since November 2001) of
HarbourView Asset Management Corporation; Vice President and a director (since November 2000)
of Oppenheimer Partnership Holdings, Inc.; Senior Vice President, General Counsel and a
director (since November 2001) of Shareholder Services, Inc., Shareholder Financial Services,
Inc., OFI Private Investments, Inc., Oppenheimer Trust Company and OFI Institutional Asset
Management, Inc.; General Counsel (since November 2001) of Centennial Asset Management
Corporation; a director (since November 2001) of Oppenheimer Real Asset Management, Inc.;
Assistant Secretary and a director (since November 2001) of OppenheimerFunds International
Ltd.; Vice President (since November 2001) of OppenheimerFunds Legacy Program; Secretary
(since November 2001) of Oppenheimer Acquisition Corp.; formerly Acting General Counsel
(November 2001-February 2002) and Associate General Counsel (May 1981-October 2001) of the
Manager; Assistant Secretary of Shareholder Services, Inc. (May 1985-November 2001),
Shareholder Financial Services, Inc. (November 1989-November 2001); OppenheimerFunds
International Ltd. And Oppenheimer Millennium Funds plc (October 1997-November 2001). An
officer of 90 portfolios in
the OppenheimerFunds complex.
The Fund's Statement of Additional Information contains additional information
about the Fund's Trustees and is available without charge upon request.
16 | OPPENHEIMER MULTI CAP VALUE FUND
ITEM 2. CODE OF ETHICS - NOT REQUIRED
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT - NOT REQUIRED
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES - NOT REQUIRED
ITEM 5. RESERVED
ITEM 6. RESERVED
ITEM 7. NOT APPLICABLE
ITEM 8. RESERVED
ITEM 9. CONTROLS AND PROCEDURES
(a) Based on their evaluation of registrant's disclosure controls and
procedures (as defined in rule 30a-2(c) under the Investment Company
Act of 1940 (17 CFR 270.30a-2(c)) as of April 30, 2003, registrant's
principal executive officer and principal financial officer found
registrant's disclosure controls and procedures to be appropriately
designed to ensure that information required to be disclosed by
registrant in the reports that it files under the Securities Exchange
Act of 1934 (a) is accumulated and communicated to registrant's
management, including its principal executive officer and principal
financial officer, to allow timely decisions regarding required
disclosure, and (b) is recorded, processed, summarized and reported,
within the time periods specified in the rules and forms adopted by the
U.S. Securities and Exchange Commission.
(b) There have been no significant changes in registrant's internal
controls or in other factors that could significantly affect
registrant's internal controls subsequent to the date of the most
recent evaluation as indicated, including no significant deficiencies
or material weaknesses that required corrective action.
ITEM 10. EXHIBITS ATTACHED HERETO. (ATTACH CERTIFICATIONS AS EXHIBITS)