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 811-04797
Oppenheimer Quest Capital Value Fund, Inc.
(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: October 31
Date of reporting period: November 1, 2003 - April 30, 2004
Item 1. Reports to Stockholders.
STATEMENT OF INVESTMENTS April 30, 2004 / Unaudited
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MARKET VALUE
SHARES SEE NOTE 1
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COMMON STOCKS--94.0%
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CONSUMER DISCRETIONARY--19.0%
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HOTELS, RESTAURANTS & LEISURE--2.1%
Yum! Brands, Inc. 1 173,000 $ 6,710,670
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MEDIA--8.7%
Lamar Advertising
Co., Cl. A 1 327,900 13,463,574
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Liberty Media
Corp., Cl. A 1 217,000 2,373,980
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Omnicom
Group, Inc. 60,921 4,843,829
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WPP Group plc,
Sponsored ADR 154,600 7,620,234
-------------
28,301,617
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MULTILINE RETAIL--1.2%
Dollar
General Corp. 215,200 4,037,152
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SPECIALTY RETAIL--6.5%
Abercrombie & Fitch
Co., Cl. A 106,100 3,336,845
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Office Depot, Inc. 1 252,300 4,417,773
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Ross Stores, Inc. 336,200 10,254,100
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Weight Watchers
International, Inc. 1 80,300 3,131,700
-------------
21,140,418
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TEXTILES, APPAREL & LUXURY GOODS--0.5%
Columbia
Sportswear Co. 1 29,000 1,543,960
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ENERGY--7.7%
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ENERGY EQUIPMENT & SERVICES--4.4%
Nabors
Industries Ltd. 1 113,800 5,048,168
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National-Oilwell,
Inc. 1 332,600 9,286,192
-------------
14,334,360
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OIL & GAS--3.3%
Anadarko
Petroleum Corp. 141,100 7,560,138
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BP plc, ADR 62,000 3,279,800
-------------
10,839,938
MARKET VALUE
SHARES SEE NOTE 1
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FINANCIALS--12.4%
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COMMERCIAL BANKS--3.9%
M&T Bank Corp. 45,300 $ 3,850,500
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SouthTrust Corp. 183,100 5,690,748
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Trustmark Corp. 119,800 3,189,076
-------------
12,730,324
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DIVERSIFIED FINANCIAL SERVICES--2.8%
American
Express Co. 63,000 3,083,850
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Citigroup, Inc. 129,800 6,242,082
-------------
9,325,932
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INSURANCE--2.3%
Nationwide Financial
Services, Inc., Cl. A 133,200 4,582,080
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Platinum Underwriters
Holdings Ltd. 89,000 2,846,220
-------------
7,428,300
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THRIFTS & MORTGAGE FINANCE--3.4%
Freddie Mac 139,800 8,164,320
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Radian Group, Inc. 60,500 2,813,855
-------------
10,978,175
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HEALTH CARE--13.8%
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BIOTECHNOLOGY--2.4%
Charles River
Laboratories
International, Inc. 1 130,400 5,998,400
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United
Therapeutics Corp. 1 73,300 1,804,646
-------------
7,803,046
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HEALTH CARE EQUIPMENT & SUPPLIES--4.2%
Millipore Corp. 1 264,532 13,869,413
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HEALTH CARE PROVIDERS & SERVICES--7.2%
Community Health
Systems, Inc. 1 108,800 2,805,952
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Inveresk Research
Group, Inc. 1 298,100 8,448,154
12 | OPPENHEIMER QUEST CAPITAL VALUE FUND, INC.
MARKET VALUE
SHARES SEE NOTE 1
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HEALTH CARE PROVIDERS & SERVICES Continued
Laboratory Corp. of
America Holdings 1 179,900 $ 7,149,226
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Pharmaceutical
Product
Development, Inc. 1 167,714 4,959,303
-------------
23,362,635
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INDUSTRIALS--27.6%
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AEROSPACE & DEFENSE--5.6%
Alliant
Techsystems, Inc. 1 181,226 10,744,890
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General Dynamics
Corp. 26,500 2,480,930
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Rockwell Collins, Inc. 157,400 5,076,150
-------------
18,301,970
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COMMERCIAL SERVICES & SUPPLIES--5.1%
Aramark Corp.,
Cl. B 359,700 10,287,420
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Dun & Bradstreet
Corp. 1 64,600 3,375,350
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Viad Corp. 121,700 3,037,632
-------------
16,700,402
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ELECTRICAL EQUIPMENT--2.8%
AMETEK, Inc. 133,400 3,535,100
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Roper
Industries, Inc. 112,000 5,437,600
-------------
8,972,700
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INDUSTRIAL CONGLOMERATES--1.7%
General Electric Co. 185,100 5,543,745
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MACHINERY--7.8%
Actuant Corp.,
Cl. A 1 97,600 3,335,968
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Eaton Corp. 150,600 8,942,628
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Navistar
International Corp. 1 57,800 2,609,670
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Oshkosh
Truck Corp. 203,000 10,393,600
-------------
25,281,866
MARKET VALUE
SHARES SEE NOTE 1
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ROAD & RAIL--4.6%
Canadian National
Railway Co. 259,050 $ 9,784,319
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Pacer
International, Inc. 1 280,300 5,269,640
-------------
15,053,959
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INFORMATION TECHNOLOGY--10.2%
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ELECTRONIC EQUIPMENT & INSTRUMENTS--6.1%
Arrow
Electronics, Inc. 1 257,300 6,504,544
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Diebold, Inc. 135,800 6,259,022
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Jabil Circuit, Inc. 1 60,200 1,588,678
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Mettler-Toledo
International, Inc. 127,200 5,701,104
-------------
20,053,348
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IT SERVICES--2.7%
Gartner, Inc., Cl. A 1 369,600 4,413,024
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Unisys Corp. 1 328,293 4,277,658
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8,690,682
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SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--1.4%
Intel Corp. 180,000 4,631,400
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MATERIALS--1.5%
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METALS & MINING--1.5%
Inco Ltd. 1 167,400 4,812,750
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UTILITIES--1.8%
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ELECTRIC UTILITIES--1.8%
Cinergy Corp. 151,000 5,728,938
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Total Common Stocks
(Cost $255,174,088) 306,177,700
13 | OPPENHEIMER QUEST CAPITAL VALUE FUND, INC.
STATEMENT OF INVESTMENTS Unaudited / Continued
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PRINCIPAL MARKET VALUE
AMOUNT SEE NOTE 1
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SHORT-TERM NOTES--4.9%
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American Express
Credit Corp., 1%,
5/6/04 2 $5,000,000 $ 4,999,306
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Federal Home
Loan Bank, 0.93%,
5/25/04 5,000,000 4,996,900
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Student Loan
Marketing Assn.,
0.90%, 5/3/04 5,861,000 5,860,707
-------------
Total Short-Term
Notes
(Cost $15,856,913) 15,856,913
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TOTAL INVESTMENTS,
AT VALUE
(COST $271,031,001) 98.9% 322,034,613
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OTHER ASSETS
NET OF LIABILITIES 1.1 3,467,109
-------------------------
NET ASSETS 100.0% $325,501,722
=========================
FOOTNOTES TO STATEMENT OF INVESTMENTS
1. Non-income producing security.
2. Security issued in an exempt transaction without registration under the
Securities Act of 1933. Such securities amount to $4,999,306 or 1.54% of the
Fund's net assets, and have been determined to be liquid pursuant to guidelines
adopted by the Board of Directors.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
14 | OPPENHEIMER QUEST CAPITAL VALUE FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES Unaudited
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April 30, 2004
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ASSETS
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Investments, at value (cost $271,031,001)--see accompanying statement of investments $322,034,613
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Cash 71,586
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Receivables and other assets:
Investments sold 5,117,430
Shares of capital stock sold 658,833
Interest and dividends 132,430
Other 47,459
-------------
Total assets 328,062,351
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LIABILITIES
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Payables and other liabilities:
Investments purchased 1,872,019
Shares of capital stock redeemed 469,525
Distribution and service plan fees 64,381
Transfer and shareholder servicing agent fees 58,628
Shareholder communications 39,084
Directors' compensation 30,683
Other 26,309
-------------
Total liabilities 2,560,629
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NET ASSETS $325,501,722
=============
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COMPOSITION OF NET ASSETS
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Par value of shares of capital stock $ 1,305
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Additional paid-in capital 258,753,483
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Accumulated net investment loss (863,814)
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Accumulated net realized gain on investments 16,607,136
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Net unrealized appreciation on investments 51,003,612
-------------
NET ASSETS $325,501,722
=============
15 | OPPENHEIMER QUEST CAPITAL VALUE FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES Unaudited / Continued
- --------------------------------------------------------------------------------
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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
$225,150,751 and 8,859,775 shares of capital stock outstanding) $25.41
Maximum offering price per share (net asset value plus sales charge of
5.75% of offering price) $26.96
- ---------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $60,978,310
and 2,562,086 shares of capital stock outstanding) $23.80
- ---------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $30,575,808
and 1,283,185 shares of capital stock outstanding) $23.83
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Class N Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $8,796,853
and 349,100 shares of capital stock outstanding) $25.20
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
16 | OPPENHEIMER QUEST CAPITAL VALUE FUND, INC.
STATEMENT OF OPERATIONS Unaudited
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For the Six Months Ended April 30, 2004
- --------------------------------------------------------------------------------
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INVESTMENT INCOME
- ---------------------------------------------------------------------------------
Dividends (net of foreign withholding taxes of $14,090) $ 1,659,983
- ---------------------------------------------------------------------------------
Interest 95,165
------------
Total investment income 1,755,148
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EXPENSES
- ---------------------------------------------------------------------------------
Management fees 1,401,951
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Distribution and service plan fees:
Class A 254,901
Class B 295,919
Class C 159,868
Class N 19,252
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Transfer and shareholder servicing agent fees:
Class A 215,753
Class B 96,616
Class C 51,117
Class N 24,793
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Shareholder communications:
Class A 19,057
Class B 11,006
Class C 5,590
Class N 793
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Directors' compensation 15,938
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Custodian fees and expenses 2,195
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Other 33,535
------------
Total expenses 2,608,284
Less reduction to custodian expenses (502)
Less voluntary waiver of transfer and shareholder
servicing agent fees:
Class A (689)
Class N (11,472)
------------
Net expenses 2,595,621
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NET INVESTMENT LOSS (840,473)
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REALIZED AND UNREALIZED GAIN
- ---------------------------------------------------------------------------------
Net realized gain on investments 16,667,017
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Net change in unrealized appreciation on investments 6,373,899
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NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $22,200,443
============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
17 | OPPENHEIMER QUEST CAPITAL VALUE FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
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SIX MONTHS YEAR
ENDED ENDED
APRIL 30, 2004 OCTOBER 31,
(UNAUDITED) 2003
- -------------------------------------------------------------------------------------
OPERATIONS
- -------------------------------------------------------------------------------------
Net investment loss $ (840,473) $ (1,575,259)
- -------------------------------------------------------------------------------------
Net realized gain 16,667,017 8,272,859
- -------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) 6,373,899 46,887,264
----------------------------
Net increase in net assets resulting from operations 22,200,443 53,584,864
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DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- -------------------------------------------------------------------------------------
Distributions from net realized gain:
Class A (1,407,508) --
Class B (421,500) --
Class C (234,513) --
Class N (47,778) --
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CAPITAL STOCK TRANSACTIONS
- -------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from capital stock transactions:
Class A 17,320,829 6,104,178
Class B 1,840,712 3,216,603
Class C (2,011,213) 8,915,736
Class N 1,941,390 2,367,129
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NET ASSETS
- -------------------------------------------------------------------------------------
Total increase 39,180,862 74,188,510
- -------------------------------------------------------------------------------------
Beginning of period 286,320,860 212,132,350
----------------------------
End of period (including accumulated net investment
loss of $863,814 and $23,341, respectively) $325,501,722 $286,320,860
============================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
18 | OPPENHEIMER QUEST CAPITAL VALUE FUND, INC.
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
APRIL 30, 2004 OCT. 31,
CLASS A (UNAUDITED) 2003 2002 2001 2000 1999
- ---------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 23.71 $ 19.07 $ 20.91 $ 33.65 $ 33.66 $ 32.11
- ---------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.04) (.09) (.13) (.11) (.25) (.06)
Net realized and unrealized gain (loss) 1.91 4.73 (1.25) (2.59) 6.08 2.70
-------------------------------------------------------------------------------
Total from investment operations 1.87 4.64 (1.38) (2.70) 5.83 2.64
- ---------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income -- -- -- -- -- (.04)
Dividends in excess of net
investment income -- -- -- -- -- -- 1
Distributions from net realized gain (.17) -- (.46) (10.04) (5.84) (1.05)
-------------------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.17) -- (.46) (10.04) (5.84) (1.09)
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 25.41 $ 23.71 $ 19.07 $ 20.91 $33.65 $ 33.66
===============================================================================
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 7.93% 24.33% (6.90)% (9.91)% 20.63% 8.47%
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $225,151 $193,955 $150,161 $154,346 $177,876 $224,995
- ---------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $213,803 $165,906 $164,479 $161,187 $181,216 $256,450
- ---------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (0.27)% (0.43)% (0.61)% (0.44)% (0.73)% (0.17)%
Total expenses 1.39% 1.56% 1.71% 1.67% 1.73% 1.71%
Expenses after expense reimbursement
or fee waiver and reduction
to custodian expenses N/A 4,5 N/A 4,5 N/A 4,5 N/A 4 N/A 4 1.58%
- ---------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 29% 74% 75% 80% 77% 79%
1. Less than $0.005 per share.
2. Assumes an 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 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. Reduction to custodian expenses less than 0.01%.
5. Voluntary waiver of transfer agent fees less than 0.01%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
19 | OPPENHEIMER QUEST CAPITAL VALUE FUND, INC.
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
APRIL 30, 2004 OCT. 31,
CLASS B (UNAUDITED) 2003 2002 2001 2000 1999
- ----------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ----------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 22.31 $ 18.09 $ 19.99 $ 32.77 $ 33.07 $ 31.71
- ----------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) (.13) (.22) (.19) .05 (.34) (.19)
Net realized and unrealized gain (loss) 1.79 4.44 (1.25) (2.79) 5.88 2.60
-------------------------------------------------------------------
Total from investment operations 1.66 4.22 (1.44) (2.74) 5.54 2.41
- ----------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income -- -- -- -- -- --
Dividends in excess of net
investment income -- -- -- -- -- -- 1
Distributions from net realized gain (.17) -- (.46) (10.04) (5.84) (1.05)
-------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.17) -- (.46) (10.04) (5.84) (1.05)
- ----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 23.80 $ 22.31 $ 18.09 $ 19.99 $ 32.77 $ 33.07
===================================================================
- ----------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 7.48% 23.33% (7.53)% (10.48)% 20.02% 7.83%
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $60,978 $55,449 $42,010 $34,278 $17,429 $15,634
- ----------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $59,522 $46,785 $42,900 $27,144 $15,719 $14,112
- ----------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (1.17)% (1.23)% (1.30)% (1.13)% (1.26)% (0.80)%
Total expenses 2.30% 2.43% 2.41% 2.26% 2.27% 2.27%
Expenses after expense reimbursement
or fee waiver and reduction
to custodian expenses N/A 4 2.36% N/A 4,5 N/A 4 N/A 4 2.19%
- ----------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 29% 74% 75% 80% 77% 79%
1. Less than $0.005 per share.
2. Assumes an 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 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. Reduction to custodian expenses less than 0.01%.
5. Voluntary waiver of transfer agent fees less than 0.01%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
20 | OPPENHEIMER QUEST CAPITAL VALUE FUND, INC.
SIX MONTHS YEAR
ENDED ENDED
APRIL 30, 2004 OCT. 31,
CLASS C (UNAUDITED) 2003 2002 2001 2000 1999
- -----------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -----------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 22.34 $ 18.11 $ 20.01 $ 32.80 $33.09 $31.73
- -----------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) (.15) (.14) (.13) .11 (.38) (.17)
Net realized and unrealized gain (loss) 1.81 4.37 (1.31) (2.86) 5.93 2.58
--------------------------------------------------------------------
Total from investment operations 1.66 4.23 (1.44) (2.75) 5.55 2.41
- -----------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to
shareholders:
Dividends from net investment income -- -- -- -- -- --
Dividends in excess of net investment
income -- -- -- -- -- -- 1
Distributions from net realized gain (.17) -- (.46) (10.04) (5.84) (1.05)
--------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.17) -- (.46) (10.04) (5.84) (1.05)
- -----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 23.83 $ 22.34 $ 18.11 $ 20.01 $32.80 $33.09
====================================================================
- -----------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 7.47% 23.36% (7.52)% (10.50)% 20.05% 7.82%
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $30,576 $30,510 $16,979 $10,272 $5,053 $4,632
- -----------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $32,126 $20,901 $15,323 $ 7,898 $4,969 $4,117
- -----------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (1.14)% (1.24)% (1.30)% (1.13)% (1.25)% (0.80)%
Total expenses 2.28% 2.43% 2.41% 2.26% 2.27% 2.26%
Expenses after expense reimbursement or
fee waiver and reduction to custodian
expenses N/A 4 2.36% N/A 4,5 N/A 4 N/A 4 2.18%
- -----------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 29% 74% 75% 80% 77% 79%
1. Less than $0.005 per share.
2. Assumes an 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 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. Reduction to custodian expenses less than 0.01%.
5. Voluntary waiver of transfer agent fees less than 0.01%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
21 | OPPENHEIMER QUEST CAPITAL VALUE FUND, INC.
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
APRIL 30, 2004 OCT. 31,
CLASS N (UNAUDITED) 2003 2002 2001 1
- -----------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -----------------------------------------------------------------------------------------------
Net asset value, beginning of period $23.56 $19.00 $20.88 $ 23.25
- -----------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.09) (.15) (.17) (.03)
Net realized and unrealized gain (loss) 1.90 4.71 (1.25) (2.34)
-------------------------------------------
Total from investment operations 1.81 4.56 (1.42) (2.37)
- -----------------------------------------------------------------------------------------------
Dividends and/or distributions to
shareholders:
Dividends from net investment income -- -- -- --
Dividends in excess of net investment
income -- -- -- --
Distributions from net realized gain (.17) -- (.46) --
-------------------------------------------
Total dividends and/or distributions to
shareholders (.17) -- (.46) --
- -----------------------------------------------------------------------------------------------
Net asset value, end of period $25.20 $23.56 $19.00 $ 20.88
===========================================
- -----------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 7.73% 24.00% (7.10)% (10.19)%
- -----------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $8,797 $6,408 $2,983 $ 187
- -----------------------------------------------------------------------------------------------
Average net assets (in thousands) $7,751 $4,218 $1,475 $ 38
- -----------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (0.69)% (0.75)% (0.88)% (0.96)%
Total expenses 2.09% 1.97% 1.87% 1.75%
Expenses after expense reimbursement or
fee waiver and reduction to custodian
expenses 1.79% 1.87% N/A 4,5 N/A 4
- -----------------------------------------------------------------------------------------------
Portfolio turnover rate 29% 74% 75% 80%
1. For the period from March 1, 2001 (inception of offering) to October 31,
2001.
2. Assumes an 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 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. Reduction to custodian expenses less than 0.01%.
5. Voluntary waiver of transfer agent fees less than 0.01%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
22 | OPPENHEIMER QUEST CAPITAL VALUE FUND, INC.
NOTES TO FINANCIAL STATEMENTS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Oppenheimer Quest Capital Value Fund, Inc. (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. The
Fund's investment advisor is OppenheimerFunds, Inc. (the Manager). The Manager
has entered into a subadvisory agreement with OpCap Advisors.
The Fund offers Class A, Class B, Class C and Class N shares. Class A
shares are sold at their offering price, which is normally net asset value plus
a front-end sales charge. Class B, Class C and Class N shares are sold without a
front-end sales charge but may be subject to a contingent deferred sales charge
(CDSC). Class N shares are sold only through retirement plans. Retirement plans
that offer Class N shares may impose charges on those accounts. All classes of
shares have identical rights and voting privileges with respect to the Fund in
general and exclusive voting rights on matters that affect that class alone.
Earnings, net assets and net asset value per share may differ by minor amounts
due to each class having its own expenses directly attributable to that class.
Classes A, B, C and N have separate distribution and/or service plans. Class B
shares will automatically convert to Class A shares six years after the date of
purchase.
The following is a summary of significant accounting policies consistently
followed by the Fund.
- --------------------------------------------------------------------------------
SECURITIES VALUATION. The Fund calculates the net asset value of its shares as
of the close of The New York Stock Exchange (the Exchange), normally 4:00 P.M.
Eastern time, on each day the Exchange is open for business. 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 may be valued primarily using dealer-supplied valuations or a
portfolio pricing service authorized by the Board of Directors. Securities
(including restricted securities) for which market quotations are not readily
available are valued at their fair value. Foreign securities whose values have
been materially affected by what the Manager identifies as a significant event
occurring before the Fund's assets are valued but after the close of their
respective foreign exchanges will be fair valued. Fair value is determined in
good faith using consistently applied procedures under the supervision of the
Board of Directors. Short-term "money market type" debt securities with
remaining maturities of sixty days or less are valued at amortized cost (which
approximates market value).
- --------------------------------------------------------------------------------
FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in
U.S. dollars. Prices of securities denominated in foreign currencies are
translated into U.S. dollars at the closing rates of exchange. Amounts related
to the purchase and sale of foreign
23 | OPPENHEIMER QUEST CAPITAL VALUE FUND, INC.
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
securities and investment income are translated at the rates of exchange
prevailing on the respective dates of such transactions.
Reported net realized foreign exchange gains or losses arise from sales of
portfolio securities, sales and maturities of short-term securities, sales of
foreign currencies, currency gains or losses realized between the trade and
settlement dates on securities transactions, and the difference between the
amounts of dividends, interest, and foreign withholding taxes recorded on the
Fund's books and the U.S. dollar equivalent of the amounts actually received or
paid. Net unrealized foreign exchange gains and losses arise from changes in the
values of assets and liabilities, including investments in securities at fiscal
period end, resulting from changes in exchange rates.
The effect of changes in foreign currency exchange rates on investments is
separately identified from the fluctuations arising from changes in market
values of securities held and reported with all other foreign currency gains and
losses in the Fund's Statement of Operations.
- --------------------------------------------------------------------------------
ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than
those attributable to a specific class), gains and losses are allocated on a
daily basis to each class of shares based upon the relative proportion of net
assets represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.
- --------------------------------------------------------------------------------
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.
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.
As of April 30, 2004, the Fund had no estimated unused capital loss
carryforward available for federal income tax purposes.
- --------------------------------------------------------------------------------
DIRECTORS' COMPENSATION. The Fund has adopted an unfunded retirement plan for
the Fund's independent directors. Benefits are based on years of service and
fees paid to each director during the years of service. During the six months
ended April 30, 2004, the Fund's projected benefit obligations were increased by
$2,439 and payments of $563 were made to retired directors, resulting in an
accumulated liability of $25,215 as of April 30, 2004.
The Board of Directors has adopted a deferred compensation plan for
independent directors, that enables directors to elect to defer receipt of all
or a portion of the annual
24 | OPPENHEIMER QUEST CAPITAL VALUE FUND, INC.
compensation they are entitled to receive from the Fund. For purposes of
determining the amount owed to them under the plan, deferred amounts are treated
as though equal dollar amounts had been invested in shares of the Fund or in
other Oppenheimer funds selected by the Director. The Fund does purchase shares
of the funds selected for deferral by the Director in amounts equal to his or
her deemed investment, resulting in a Fund asset equal to the deferred
compensation liability. Such assets are included as a component of "Other"
within the asset section of the Statement of Assets and Liabilities. Deferral of
directors' fees under the plan will not affect the net assets of the Fund, and
will not materially affect the Fund's assets, liabilities or net investment
income per share. Amounts will be deferred until distributed in accordance to
the Plan.
- --------------------------------------------------------------------------------
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.
- --------------------------------------------------------------------------------
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, if applicable,
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 U.S. generally
accepted accounting principles 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.
In the ordinary course of business, the Fund enters into contracts that
contain a variety of indemnifications. The Fund's maximum exposure under these
arrangements is unknown. However, the Fund has not had prior claims or losses
pursuant to these contracts and expects the risk of loss to be remote.
25 | OPPENHEIMER QUEST CAPITAL VALUE FUND, INC.
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
2. SHARES OF CAPITAL STOCK
The Fund has authorized one billion shares of $0.0001 par value capital stock in
the aggregate to be apportioned among each class of shares. Transactions in
shares of capital stock were as follows:
SIX MONTHS ENDED APRIL 30, 2004 YEAR ENDED OCTOBER 31, 2003
SHARES AMOUNT SHARES AMOUNT
- ----------------------------------------------------------------------------------------
CLASS A
Sold 1,285,857 $ 32,723,769 2,110,627 $ 42,829,597
Dividends and/or
distributions reinvested 49,931 1,200,853 -- --
Redeemed (657,362) (16,603,793) (1,805,326) (36,725,419)
------------------------------------------------------
Net increase 678,426 $ 17,320,829 305,301 $ 6,104,178
======================================================
- ----------------------------------------------------------------------------------------
CLASS B
Sold 370,542 $ 8,817,830 849,036 $ 16,481,174
Dividends and/or
distributions reinvested 17,259 390,235 -- --
Redeemed (310,796) (7,367,353) (686,631) (13,264,571)
------------------------------------------------------
Net increase 77,005 $ 1,840,712 162,405 $ 3,216,603
======================================================
- ----------------------------------------------------------------------------------------
CLASS C
Sold 246,641 $ 5,856,590 902,743 $ 18,309,043
Dividends and/or
distributions reinvested 8,074 182,716 -- --
Redeemed (337,396) (8,050,519) (474,437) (9,393,307)
------------------------------------------------------
Net increase (decrease) (82,681) $ (2,011,213) 428,306 $ 8,915,736
======================================================
- ----------------------------------------------------------------------------------------
CLASS N
Sold 116,016 $ 2,923,019 176,429 $ 3,643,164
Dividends and/or
distributions reinvested 1,999 47,770 -- --
Redeemed (40,932) (1,029,399) (61,386) (1,276,035)
------------------------------------------------------
Net increase 77,083 $ 1,941,390 115,043 $ 2,367,129
======================================================
- --------------------------------------------------------------------------------
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 April 30, 2004, were
$101,547,317 and $84,811,930, 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. Effective January 1, 2004, the
agreement provides for a fee at an annual rate of 0.90% of the first $400
million of average annual net assets of the Fund, 0.85% of the next $400
million, 0.80% of the next $400 million, 0.70% of the next $400 million, 0.65%
of the next $400 million and 0.60% of average
26 | OPPENHEIMER QUEST CAPITAL VALUE FUND, INC.
annual net assets in excess of $2 billion. From June 15, 2003 through December
31, 2003, the annual advisory fee rate was 0.90% of the first $400 million of
average annual net assets of the Fund, 0.85% of the next $600 million, 0.80% of
the next $2 billion, 0.70% of the next $1 billion, 0.65% of the next $1 billion
and 0.60% of average annual net assets in excess of $5 billion.
- --------------------------------------------------------------------------------
ADMINISTRATION SERVICES. The Fund pays the Manager a fee of $1,500 per year for
preparing and filing the Fund's tax returns.
- --------------------------------------------------------------------------------
SUB-ADVISOR FEES. The Manager retains OpCap Advisors (the Sub-Advisor) to
provide the day-to-day portfolio management of the Fund. The Manager pays the
Sub-Advisor a monthly fee based on the fee schedule set forth in the Fund's
prospectus. For the six months ended April 30, 2004, the Manager paid $547,758
to the Sub-Advisor for its services to the Fund.
- --------------------------------------------------------------------------------
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 April 30, 2004, the Fund paid
$378,641 to OFS for services to the Fund.
OFS has voluntarily agreed to limit transfer and shareholder servicing
agent fees for all classes to 0.35% of average annual net assets per class. 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 Fund, OppenheimerFunds Distributor, Inc. (the Distributor)
acts as the Fund's principal underwriter in the continuous public offering of
the Fund's classes of shares.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLAN FOR CLASS A SHARES. The Fund has adopted a
Distribution and Service Plan for Class A shares. Under the Plan, the Fund pays
a service fee to the Distributor of 0.25% of the average annual net assets of
Class A shares. The Distributor currently uses all of those fees to pay dealers,
brokers, banks and other financial institutions quarterly for providing personal
services and maintenance of accounts of their customers that hold Class A
shares. Under the Plan, the Fund may also pay an asset-based sales charge to the
Distributor. The Board of Directors has set the annual asset-based sales charge
rate at zero. Fees incurred by the Fund under the Plan are detailed in the
Statement of Operations.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLANS FOR CLASS B, CLASS C AND CLASS N SHARES. The Fund
has adopted Distribution and Service Plans for Class B, Class C and Class N
shares to compensate the Distributor for its services in connection with the
distribution of those shares and servicing accounts. Under the plans, the Fund
pays the Distributor an annual asset-based sales charge of 0.75% per year on
Class B shares and on Class C shares and 0.25% per year on Class N shares. The
Distributor also receives a service fee of up to 0.25% per year under each plan.
If either the Class B, Class C or Class N plan is terminated by the Fund or by
the shareholders of a class, the Board of Directors and its
27 | OPPENHEIMER QUEST CAPITAL VALUE FUND, INC.
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
independent directors must determine whether the Distributor shall be entitled
to payment from the Fund of all or a portion of the service fee and/or
asset-based sales charge in respect to shares sold prior to the effective date
of such termination. The Distributor's aggregate uncompensated expenses under
the plan at April 30, 2004 for Class B, Class C and Class N shares were
$1,099,542, $330,794 and $108,417, respectively. Fees incurred by the Fund under
the plans are detailed in the Statement of Operations.
- --------------------------------------------------------------------------------
SALES CHARGES. Front-end sales charges and contingent deferred sales charges
(CDSC) do not represent expenses of the Fund. They are deducted from the
proceeds of sales of Fund shares prior to investment or from redemption proceeds
prior to remittance, as applicable. The sales charges retained by the
Distributor from the sale of shares and the CDSC retained by the Distributor on
the redemption of shares is shown in the table below for the period indicated.
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
- ----------------------------------------------------------------------------------------------
April 30, 2004 $92,490 $1,287 $57,475 $7,167 $1,140
- --------------------------------------------------------------------------------
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 (the SEC) 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. The SEC's
order requires the Fund's Board of Directors to adopt operating policies and
procedures to administer interfund borrowing and lending. 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 Directors, 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 April 30, 2004.
28 | OPPENHEIMER QUEST CAPITAL VALUE FUND, INC.
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.
29 | OPPENHEIMER QUEST CAPITAL VALUE FUND, INC.
Item 2. Code of Ethics
The registrant has adopted a code of ethics that applies to the
registrant's principal executive officer, principal financial officer, principal
accounting officer or controller or persons performing similar functions.
Item 3. Audit Committee Financial Expert
The Board of Directors of the registrant has determined that the
registrant does not have an audit committee financial expert serving on its
Audit Committee. In this regard, no member of the Audit Committee was identified
as having all of the technical attributes identified in Instruction 2(b) to Item
3 of Form N-CSR to qualify as an "audit committee financial expert," whether
through the type of specialized education or experience described in that
Instruction. The Board has concluded that while the members of the Audit
Committee collectively have the necessary attributes and experience required to
serve effectively as an Audit Committee, no single member possesses all of the
required technical attributes through the particular methods of education or
experience set forth in the Instructions to be designated as an audit committee
financial expert.
Item 4. Principal Accountant Fees and Services
Not applicable to semiannual reports.
Item 5. Not applicable
Item 6. Schedule of Investments
Not applicable
Item 7. Not applicable
Item 8. Not applicable
Item 9. Submission of Matters to a Vote of Security Holders
The Board is responsible for approving nominees for election as
directors. To assist in this task, the Board has designated the Audit Committee
as the nominating committee for the Board. It reviews and recommends nominees to
the Board. The Committee is comprised entirely of disinterested directors as
defined in Section 2(a)(19) of the Investment Company Act of 1940.
The Audit Committee charter describes the responsibilities of the
Committee in nominating candidates for election as independent Directors of the
Registrant. The Registrant's Board has adopted a written charter for the
Committee. A current copy of the Audit Committee charter is available to
shareholders on the OppenheimerFunds website at www.oppenheimerfunds.com.
Under the current policy, if the Board determines that a vacancy
exists or is likely to exist on the Board, the Audit Committee of the Board will
consider candidates for Board membership including recommended by Registrant
shareholders. The Audit Committee will consider nominees recommended by
independent Board members or recommended by any other Board members including
Board members affiliated with the Registrant's investment advisors. The
Committee may, upon Board approval, retain an executive search firm to assist in
screening potential candidates. Upon Board approval, the Audit Committee may
also use the services of legal, financial, or other external counsel that it
deems necessary or desirable in the screening process. Shareholders wishing to
submit a nominee for election to the Board may do so by mailing their submission
to the offices of OppenheimerFunds, Inc., 6803 South Tucson Way, Centennial, CO
80112, to the attention of the Board of Directors of the named Registrant, c/o
the Secretary of the Registrant.
The Committee's process for identifying and evaluating nominees for
directors includes a number of factors. In screening candidates for board
membership, whether the candidate is suggested by Board members, shareholders or
others, the Committee considers the candidate's professional experience,
soundness of judgment, integrity, ability to make independent, analytical
inquiries, collegiality, willingness and ability to devote the time required to
perform Board activities adequately, ability to represent the interests of all
shareholders of the Registrant, and diversity relative to the board's
composition. Candidates are expected to provide a mix of attributes, experience,
perspective and skills necessary to effectively advance the interests of
shareholders.
Item 10. 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, 2004,
registrant's principal executive officer and principal financial
officer found registrant's disclosure controls and procedures to
provide reasonable assurances 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 over financial reporting that occurred during the
registrant's last fiscal half-year that has materially affected,
or is reasonably likely to materially affect, the registrant's
internal control over financial reporting.
Item 11. Exhibits.
(a) Exhibit attached hereto. (Attach code of ethics as exhibit)
(b) Exhibits attached hereto. (Attach certifications as exhibits)