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.
Two World Financial Center, New York, New York 10281-1008
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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: May 1, 2003 - October 31, 2003
ITEM 1. REPORTS TO STOCKHOLDERS.
STATEMENT OF INVESTMENTS OCTOBER 31, 2003 / UNAUDITED
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Market Value
Shares See Note 1
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Common Stocks--99.2%
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Consumer Discretionary--15.4%
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Hotels, Restaurants & Leisure--2.1%
McDonald's Corp. 3,700 $ 92,537
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Media--9.0%
AMC Entertainment, Inc. 1 3,800 51,680
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EchoStar Communications Corp., Cl. A 1 1,400 53,648
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Liberty Media Corp., Cl. A 1 20,300 204,827
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UGC Europe, Inc. 1 700 46,900
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UnitedGlobalCom, Inc., Cl. A 1 4,600 32,568
----------
389,623
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Specialty Retail--4.3%
Casual Male Retail Group, Inc. 1 11,600 103,240
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OfficeMax, Inc. 1 9,000 86,220
----------
189,460
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Consumer Staples--5.1%
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Food & Staples Retailing--1.4%
Costco Wholesale Corp. 1 1,700 60,129
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Tobacco--3.7%
Altria Group, Inc. 3,500 162,750
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Energy--10.4%
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Energy Equipment & Services--1.1%
Halliburton Co. 2,000 47,760
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Oil & Gas--9.3%
BP plc, ADR 4,900 207,662
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Energy Partners Ltd. 1 3,700 44,437
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Frontier Oil Corp. 5,500 88,000
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Spinnaker Exploration Co. 1 2,500 63,975
----------
404,074
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Financials--25.2%
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Capital Markets--2.2%
Bank of New York Co., Inc. (The) 3,000 93,570
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Commercial Banks--6.5%
SunTrust Banks, Inc. 1,900 127,433
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Wachovia Corp. 1,900 87,153
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Wells Fargo & Co. 1,200 67,584
----------
282,170
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Diversified Financial Services--6.0%
Citigroup, Inc. 2,800 132,720
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Merrill Lynch & Co., Inc. 800 47,360
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Morgan Stanley 1,500 82,305
----------
262,385
Market Value
Shares See Note 1
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Insurance--9.1%
American International Group, Inc. 500 $ 30,415
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Chubb Corp. 2,200 146,982
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Platinum Underwriters Holdings Ltd. 6,100 175,314
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Protective Life Corp. 1,300 42,211
----------
394,922
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Real Estate--1.4%
IStar Financial, Inc. 1,600 60,896
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Health Care--5.4%
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Health Care Providers & Services--4.2%
Aetna, Inc. 1,800 103,338
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Province Healthcare Co. 1 6,200 79,608
----------
182,946
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Pharmaceuticals--1.2%
Schering-Plough Corp. 3,400 51,918
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Industrials--14.8%
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Aerospace & Defense--8.3%
Boeing Co. 2,100 80,829
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Orbital Sciences Corp. 1 8,000 73,520
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Raytheon Co. 7,800 206,544
----------
360,893
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Commercial Services & Supplies--5.3%
Cendant Corp. 1 9,200 187,956
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ChoicePoint, Inc. 1 1,200 42,048
----------
230,004
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Industrial Conglomerates--1.2%
Tyco International Ltd. 2,500 52,200
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Information Technology--8.8%
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Communications Equipment--1.7%
QUALCOMM, Inc. 1,600 76,000
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Computers & Peripherals--2.3%
Hewlett-Packard Co. 4,500 100,395
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Electronic Equipment & Instruments--2.5%
Flextronics International Ltd. 1 4,500 63,000
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Thermo Electron Corp. 1 2,000 43,960
----------
106,960
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IT Services--1.9%
Titan Corp. (The) 1 4,000 84,480
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Semiconductors & Semiconductor Equipment--0.4%
National Semiconductor Corp. 1 400 16,252
6 | OPPENHEIMER MULTI CAP VALUE FUND
Market Value
Shares See Note 1
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Materials--4.6%
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Chemicals--2.7%
Dow Chemical Co. 3,100 $ 116,839
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Containers & Packaging--0.5%
Smurfit-Stone Container Corp. 1 1,400 21,700
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Paper & Forest Products--1.4%
Sappi Ltd., Sponsored ADR 4,900 62,720
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Telecommunication Services--4.7%
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Diversified Telecommunication Services--1.3%
IDT Corp., Cl. B 1 3,000 57,360
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Wireless Telecommunication Services--3.4%
AT&T Corp. 4,700 87,373
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Vodafone Group plc, Sponsored ADR 2,700 57,105
----------
144,478
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Utilities--4.8%
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Electric Utilities--3.8%
AES Corp. (The) 1 10,700 93,625
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PG&E Corp. 1 1,900 46,455
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Reliant Resources, Inc. 1 4,900 24,255
----------
164,335
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Multi-Utilities & Unregulated Power--1.0%
Equitable Resources, Inc. 1,100 45,320
----------
Total Common Stocks (Cost $3,567,897) 4,315,076
Principal Market Value
Amount See Note 1
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Joint Repurchase Agreements--0.8%
Undivided interest of 0.02% in joint repurchase
agreement (Principal Amount/Market Value
$149,808,000, with a maturity value of $149,820,109)
with Banc One Capital Markets, Inc., 0.97%,
dated 10/31/03, to be repurchased at $36,003
on 11/3/03, collateralized by U.S. Treasury
Bonds, 3.625%--9%, 3/31/04--8/15/23, with
a value of $152,949,680
(Cost $36,000) $36,000 $ 36,000
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Total Investments, at Value
(Cost $3,603,897) 100.0% 4,351,076
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Other Assets Net of Liabilities 0.0 52
-----------------------
Net Assets 100.0% $4,351,128
=======================
Footnote to Statement of Investments
1. Non-income producing security.
See accompanying Notes to Financial Statements.
7 | OPPENHEIMER MULTI CAP VALUE FUND
STATEMENT OF ASSETS AND LIABILITIES UNAUDITED
October 31, 2003
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Assets
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Investments, at value (cost $3,603,897)--see accompanying statement $4,351,076
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Cash 365
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Receivables and other assets:
Investments sold 7,103
Interest and dividends 4,102
----------
Total assets 4,362,646
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Liabilities
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Payables and other liabilities:
Legal, auditing and other professional fees 7,398
Investments purchased 3,420
Trustees' compensation 518
Transfer and shareholder servicing agent fees 15
Other 167
----------
Total liabilities 11,518
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Net Assets $4,351,128
==========
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Composition of Net Assets
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Par value of shares of beneficial interest $ 347
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Additional paid-in capital 3,459,074
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Accumulated net investment loss (380)
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Accumulated net realized gain on investment transactions 144,908
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Net unrealized appreciation on investments 747,179
----------
Net Assets $4,351,128
==========
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Net Asset Value Per Share
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Class A Shares:
Net asset value and redemption price per share (based on net assets of $4,351,128 and 346,588 shares
of beneficial interest outstanding) $12.55
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) $13.32
See accompanying Notes to Financial Statements.
8 | OPPENHEIMER MULTI CAP VALUE FUND
STATEMENT OF OPERATIONS UNAUDITED
For the Six Months Ended October 31, 2003
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Investment Income
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Dividends (net of foreign withholding taxes of $396) $ 30,432
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Interest 345
--------
Total investment income 30,777
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Expenses
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Management fees 15,006
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Transfer and shareholder servicing agent fees--Class A 86
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Legal, auditing and other professional fees 7,471
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Trustees' compensation 5,083
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Shareholder reports 1,433
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Registration and filing fees 470
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Custodian fees and expenses 83
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Other 1,529
--------
Total expenses 31,161
Less reduction to custodian expenses (4)
--------
Net expenses 31,157
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Net Investment Loss (380)
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Realized and Unrealized Gain
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Net realized gain on investments 288,691
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Net change in unrealized appreciation on investments 525,273
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Net Increase in Net Assets Resulting from Operations $813,584
========
See accompanying Notes to Financial Statements.
9 | OPPENHEIMER MULTI CAP VALUE FUND
STATEMENTS OF CHANGES IN NET ASSETS
Six Months Period
Ended Ended
October 31, 2003 April 30,
(Unaudited) 2003 1
- -----------------------------------------------------------------------------------------------------------------------------
Operations
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Net investment loss $ (380) $ (11,440)
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Net realized gain (loss) 288,691 (143,783)
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Net change in unrealized appreciation 525,273 221,906
---------------------------
Net increase in net assets resulting from operations 813,584 66,683
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Beneficial Interest Transactions
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Net increase in net assets resulting from beneficial interest transactions--Class A 126,200 3,244,661
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Net Assets
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Total increase 939,784 3,311,344
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Beginning of period 3,411,344 100,000 2
---------------------------
End of period [including accumulated net investment loss of $380 for the
six months ended October 31, 2003] $4,351,128 $3,411,344
===========================
<FN>
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.
</FN>
See accompanying Notes to Financial Statements.
10 | OPPENHEIMER MULTI CAP VALUE FUND
FINANCIAL HIGHLIGHTS
Six Months Period
Ended Ended
Oct. 31, 2003 April 30,
CLASS A (Unaudited) 2003 1
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Per Share Operating Data
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Net asset value, beginning of period $ 10.17 $ 10.00
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Income (loss) from investment operations:
Net investment income (loss) -- 2 (.03)
Net realized and unrealized gain 2.38 .20
---------------------------
Total from investment operations 2.38 .17
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Net asset value, end of period $12.55 $10.17
===========================
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Total Return, at Net Asset Value 3 23.40% 1.70%
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Ratios/Supplemental Data
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Net assets, end of period (in thousands) $4,351 $3,411
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Average net assets (in thousands) $3,974 $3,151
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Ratios to average net assets: 4
Net investment loss (0.02)% (0.85)
Total expenses 1.56% 2.60%
Expenses after expense reimbursement or fee waiver and reduction to custodian expenses N/A 5 2.35%
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Portfolio turnover rate 63% 66%
<FN>
1. For the period from November 26, 2002 (commencement of operations) to April 30, 2003.
2. Less than $0.005 per share.
3. 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.
4. Annualized for periods of less than one full year.
5. Reduction to custodian expenses less than 0.01%.
</FN>
See accompanying Notes to Financial Statements.
11 | OPPENHEIMER MULTI CAP VALUE FUND
NOTES TO FINANCIAL STATEMENTS UNAUDITED
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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).
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. As of October 31, 2003, 300,000 shares of Class A were owned by the
Manager and its affiliates.
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 are valued. Securities traded on NASDAQ are valued based on the closing
price provided by NASDAQ prior to the time when the Fund's assets 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 closing bid and asked
prices, and if not, at the 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 using 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).
- --------------------------------------------------------------------------------
Joint Repurchase Agreements. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the Fund, along with other affiliated funds
advised by the Manager, may transfer uninvested cash balances into joint
trading accounts on a daily basis. Secured by U.S. government securities, these
balances are invested in one or more repurchase agreements. 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. 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 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 or excise tax provision is
required.
As of October 31, 2003, the Fund had available for federal income tax
purposes an estimated unused capital loss carryforward of zero. This estimated
capital loss carryforward represents the carryforward as of the end of the last
fiscal year, increased for losses deferred under tax accounting rules to the
current fiscal year and increased or decreased by capital losses or gains
realized in the first six months of the current fiscal year. During the six
months ended October 31, 2003 and the period ended April 30, 2003, the Fund
did not use carryforward to offset capital gains realized.
No distributions were paid during the six months ended October 31, 2003 and
period ended April 30, 2003.
- --------------------------------------------------------------------------------
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.
12 | OPPENHEIMER MULTI CAP VALUE FUND
- --------------------------------------------------------------------------------
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.
- --------------------------------------------------------------------------------
Expense Offset Arrangement. The reduction of custodian fees represents earnings
on cash balances maintained by the Fund.
- --------------------------------------------------------------------------------
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.
- --------------------------------------------------------------------------------
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:
Six Months Ended October 31, 2003 Period Ended April 30, 2003 1,2
Shares Amount Shares Amount
- --------------------------------------------------------------------------------------------
Class A
Sold 11,020 $126,200 325,568 $3,244,661
----------------------------------------------------------------
Net increase 11,020 $126,200 325,568 $3,244,661
----------------------------------------------------------------
<FN>
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.
</FN>
- --------------------------------------------------------------------------------
3. Purchases and Sales of Securities
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations, for the six months ended October 31, 2003, were
$2,721,014 and $2,470,374, respectively.
- --------------------------------------------------------------------------------
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 per account fee. For the six months ended October 31, 2003, the
Fund paid $82 to OFS for services to the Fund.
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.
- --------------------------------------------------------------------------------
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.
13 | OPPENHEIMER MULTI CAP VALUE FUND
NOTES TO FINANCIAL STATEMENTS UNAUDITED / CONTINUED
- --------------------------------------------------------------------------------
4. Fees and Other Transactions with Affiliates Continued
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 six months ended October 31, 2003, expense
under the Class A plan was zero. 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
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 six
months ended or at October 31, 2003.
PORTFOLIO PROXY VOTING
POLICIES AND PROCEDURES UNAUDITED
- --------------------------------------------------------------------------------
The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which
the Fund votes proxies relating to securities ("portfolio proxies") held by the
Fund. A description of the Fund's Portfolio Proxy Voting Policies and
Procedures is available (i) without charge, upon request, by calling the Fund
toll-free at 1.800.225.5677, (ii) on the Fund's website at
www.oppenheimerfunds.com, and (iii) on the SEC's website at www.sec.gov. In
addition, the Fund will be required to file new Form N-PX, with its complete
proxy voting record for the 12 months ended June 30th, no later than August
31st of each year. The first such filing is due no later than August 31, 2004,
for the twelve months ended June 30, 2004. Once filed, the Fund's Form N-PX
filing will be available (i) without charge, upon request, by calling the Fund
toll-free at 1.800.225.5677, and (ii) on the SEC's website at www.sec.gov.
14 | OPPENHEIMER MULTI CAP VALUE FUND
ITEM 2. CODE OF ETHICS
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The Board of Trustees of the Fund has determined that Joseph M. Wikler, the
Chairman of the Board's Audit Committee, possesses the technical attributes
identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as an "audit
committee financial expert," and has designated Mr. Wikler as the Audit
Committee's financial expert. Mr. Wikler is an "independent" Trustee pursuant to
paragraph (a)(2) of Item 3 to Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES - NOT REQUIRED
ITEM 5. NOT APPLICABLE
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 October 31, 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.
(A) EXHIBIT ATTACHED HERETO. (ATTACH CODE OF ETHICS AS EXHIBIT)
(B) EXHIBITS ATTACHED HERETO. (ATTACH CERTIFICATIONS AS EXHIBITS)