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 811-21370
OPPENHEIMER INTERNATIONAL LARGE-CAP CORE TRUST
(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
(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: October 31, 2005
ITEM 1. REPORTS TO STOCKHOLDERS.
TOP HOLDINGS AND ALLOCATIONS
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TOP TEN COMMON STOCK HOLDINGS
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BP plc 2.9%
- --------------------------------------------------------------------------------
ENI SpA 2.7
- --------------------------------------------------------------------------------
Vodafone Group plc 2.7
- --------------------------------------------------------------------------------
Toyota Motor Corp. 2.7
- --------------------------------------------------------------------------------
Mitsubishi UFJ Financial Group, Inc. 2.5
- --------------------------------------------------------------------------------
Total SA, B Shares 2.4
- --------------------------------------------------------------------------------
Broken Hill Proprietary Co. Ltd. 2.2
- --------------------------------------------------------------------------------
Nestle SA 2.1
- --------------------------------------------------------------------------------
Telefonica SA 2.0
- --------------------------------------------------------------------------------
Roche Holdings AG 2.0
Portfolio holdings and allocations are subject to change. Percentages are as of
October 31, 2005, and are based on net assets.
TOP TEN GEOGRAPHICAL HOLDINGS
- --------------------------------------------------------------------------------
United Kingdom 23.5%
- --------------------------------------------------------------------------------
Japan 22.1
- --------------------------------------------------------------------------------
France 9.5
- --------------------------------------------------------------------------------
Germany 8.4
- --------------------------------------------------------------------------------
Switzerland 7.8
- --------------------------------------------------------------------------------
Spain 4.9
- --------------------------------------------------------------------------------
Australia 4.8
- --------------------------------------------------------------------------------
Italy 4.6
- --------------------------------------------------------------------------------
The Netherlands 3.7
- --------------------------------------------------------------------------------
United States 2.4
Portfolio holdings and allocations are subject to change. Percentages are as of
October 31, 2005, and are based on total market value of investments.
8 | OPPENHEIMER INTERNATIONAL LARGE-CAP CORE FUND
- --------------------------------------------------------------------------------
REGIONAL ALLOCATION
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Europe 65.9%
Asia 29.1
Latin America 2.6
United States/Canada 2.4
Portfolio holdings and allocations are subject to change. Percentages are as of
October 31, 2005, and are based on total market value of investments.
- --------------------------------------------------------------------------------
9 | OPPENHEIMER INTERNATIONAL LARGE-CAP CORE FUND
NOTES
- --------------------------------------------------------------------------------
Total returns include changes in share price and reinvestment of dividends and
capital gains distributions in a hypothetical investment for the periods shown.
Cumulative total returns are not annualized. The Fund's total returns shown do
not reflect the deduction of income taxes on an individual's investment. Taxes
may reduce your actual investment returns on income or gains paid by the Fund or
any gains you may realize if you sell your shares. INVESTORS SHOULD CONSIDER THE
FUND'S INVESTMENT OBJECTIVES, RISKS, AND OTHER CHARGES AND EXPENSES CAREFULLY
BEFORE INVESTING. THE FUND'S PROSPECTUS CONTAINS THIS AND OTHER INFORMATION
ABOUT THE FUND, AND MAY BE OBTAINED BY ASKING YOUR FINANCIAL ADVISOR, CALLING US
AT 1.800.525.7048 OR VISITING OUR WEBSITE AT WWW.OPPENHEIMERFUNDS.COM. READ THE
PROSPECTUS CAREFULLY BEFORE INVESTING.
The Fund's investment strategy and focus can change over time. The mention of
specific fund holdings does not constitute a recommendation by OppenheimerFunds,
Inc.
Please remember this Fund has a limited operating history.
CLASS A shares of the Fund were first offered on 8/12/03. Unless otherwise
noted, Class A returns include the current maximum initial sales charge of
5.75%.
An explanation of the calculation of performance is in the Fund's Statement of
Additional Information.
10 | OPPENHEIMER INTERNATIONAL LARGE-CAP CORE FUND
FUND EXPENSES
- --------------------------------------------------------------------------------
FUND EXPENSES. As a shareholder of the Fund, you incur two types of costs: (1)
transaction costs, which may include sales charges (loads) on purchase payments,
contingent deferred sales charges on redemptions; and redemption fees, if any;
and (2) ongoing costs, including management fees; distribution and service fees;
and other Fund expenses. These examples are intended to help you understand your
ongoing costs (in dollars) of investing in the Fund and to compare these costs
with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the beginning
of the period and held for the entire 6-month period ended October 31, 2005.
ACTUAL EXPENSES. The "actual" lines of the table provide information about
actual account values and actual expenses. You may use the information on this
line, together with the amount you invested, to estimate the expense that you
paid over the period. Simply divide your account value by $1,000.00 (for
example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply
the result by the number in the "actual" line under the heading entitled
"Expenses Paid During Period" to estimate the expenses you paid on your account
during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES. The "hypothetical" lines of the
table provide information about hypothetical account values and hypothetical
expenses based on the Fund's actual expense ratio, and an assumed rate of return
of 5% per year before expenses, which is not the Fund's actual return. The
hypothetical account values and expenses may not be used to estimate the actual
ending account balance or expenses you paid for the period. You may use this
information to compare the ongoing costs of investing in the Fund and other
funds. To do so, compare this 5% hypothetical example with the 5% hypothetical
examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front-end
or contingent deferred sales charges (loads), redemption fees, or a $12.00 fee
imposed annually on accounts valued at less than $500.00 (subject to exceptions
described in the Statement of Additional Information). Therefore, the
"hypothetical" lines of the table are
11 | OPPENHEIMER INTERNATIONAL LARGE-CAP CORE FUND
FUND EXPENSES
- --------------------------------------------------------------------------------
useful in comparing ongoing costs only, and will not help you determine the
relative total costs of owning different funds. In addition, if these
transactional costs were included, your costs would have been higher.
- --------------------------------------------------------------------------------
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
(5/1/05) (10/31/05) OCTOBER 31, 2005
- --------------------------------------------------------------------------------
Class A Actual $1,000.00 $1,076.30 $7.46
- --------------------------------------------------------------------------------
Class A Hypothetical 1,000.00 1,018.05 7.25
Hypothetical assumes 5% annual return before expenses.
Expenses are equal to the Fund's annualized expense ratio, multiplied by the
average account value over the period, multiplied by 184/365 (to reflect the
one-half year period). The annualized expense ratio based on the 6-month period
ended October 31, 2005 is as follows:
CLASS EXPENSE RATIO
- --------------------------------------------
Class A 1.42%
- --------------------------------------------------------------------------------
12 | OPPENHEIMER INTERNATIONAL LARGE-CAP CORE FUND
STATEMENT OF INVESTMENTS October 31, 2005 / Unaudited
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- -------------------------------------------------------------------------------
COMMON STOCKS--97.3%
- -------------------------------------------------------------------------------
CONSUMER DISCRETIONARY--10.8%
- -------------------------------------------------------------------------------
AUTO COMPONENTS--0.5%
Denso Corp. 1,200 $ 34,244
- -------------------------------------------------------------------------------
AUTOMOBILES--3.2%
Bayerische Motoren Werke AG 790 34,359
- -------------------------------------------------------------------------------
Toyota Motor Corp. 4,100 190,348
-------------
224,707
- -------------------------------------------------------------------------------
HOUSEHOLD DURABLES--2.6%
Daito Trust Construction Co. Ltd. 900 44,378
- -------------------------------------------------------------------------------
Koninklijke (Royal) Philips Electronics NV 3,620 94,577
- -------------------------------------------------------------------------------
Sony Corp. 1,500 48,916
-------------
187,871
- -------------------------------------------------------------------------------
INTERNET & CATALOG RETAIL--0.4%
GUS plc 2,050 30,570
- -------------------------------------------------------------------------------
MEDIA--2.7%
British Sky Broadcasting Group plc 3,510 31,685
- -------------------------------------------------------------------------------
Grupo Televisa SA, Sponsored GDR 540 39,474
- -------------------------------------------------------------------------------
Reed Elsevier NV 2,160 29,096
- -------------------------------------------------------------------------------
Singapore Press Holdings Ltd. 5,652 14,950
- -------------------------------------------------------------------------------
Vivendi Universal SA 1,450 45,668
- -------------------------------------------------------------------------------
WPP Group plc, Sponsored ADR 660 32,512
-------------
193,385
- -------------------------------------------------------------------------------
TEXTILES, APPAREL & LUXURY GOODS--1.4%
Adidas-Salomon AG 150 25,159
- -------------------------------------------------------------------------------
LVMH Moet Hennessey Louis Vuitton 890 72,050
-------------
97,209
VALUE
SHARES SEE NOTE 1
- -------------------------------------------------------------------------------
CONSUMER STAPLES--9.8%
- -------------------------------------------------------------------------------
BEVERAGES--2.7%
Asahi Breweries Ltd. 2,000 $ 24,988
- -------------------------------------------------------------------------------
Diageo plc 7,000 103,457
- -------------------------------------------------------------------------------
Foster's Group Ltd. 4,380 18,996
- -------------------------------------------------------------------------------
InBev NV 1,100 43,965
-------------
191,406
- -------------------------------------------------------------------------------
FOOD & STAPLES RETAILING--1.9%
Seven & I Holdings Co. Ltd. 1 1,200 39,172
- -------------------------------------------------------------------------------
Tesco plc 18,000 95,819
-------------
134,991
- -------------------------------------------------------------------------------
FOOD PRODUCTS--3.5%
Cadbury Schweppes plc 7,000 68,889
- -------------------------------------------------------------------------------
Nestle SA 510 151,890
- -------------------------------------------------------------------------------
Nissin Food Products Co. Ltd. 1,200 31,441
-------------
252,220
- -------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS--0.7%
Kao Corp. 2,000 47,676
- -------------------------------------------------------------------------------
TOBACCO--1.0%
Imperial Tobacco
Group plc 2,550 73,119
- -------------------------------------------------------------------------------
ENERGY--10.0%
- -------------------------------------------------------------------------------
OIL & GAS--10.0%
BP plc 19,000 209,852
- -------------------------------------------------------------------------------
ENI SpA 7,280 195,085
- -------------------------------------------------------------------------------
Petroleo Brasileiro SA, ADR 850 54,315
- -------------------------------------------------------------------------------
Repsol YPF SA 1,470 43,761
- -------------------------------------------------------------------------------
Royal Dutch Shell plc, B Shares 1,090 35,557
- -------------------------------------------------------------------------------
Total SA, B Shares 690 173,749
-------------
712,319
13 | OPPENHEIMER INTERNATIONAL LARGE-CAP CORE FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
VALUE
SHARES SEE NOTE 1
- -------------------------------------------------------------------------------
FINANCIALS--24.7%
- -------------------------------------------------------------------------------
CAPITAL MARKETS--3.0%
Deutsche Bank AG 830 $ 77,558
- -------------------------------------------------------------------------------
UBS AG 1,640 139,279
-------------
216,837
- -------------------------------------------------------------------------------
COMMERCIAL BANKS--13.6%
Banco Bilbao Vizcaya Argentaria SA 6,770 119,350
- -------------------------------------------------------------------------------
Bank of Ireland 3,220 48,739
- -------------------------------------------------------------------------------
Barclays plc 6,990 69,285
- -------------------------------------------------------------------------------
DBS Group Holdings Ltd. 2,500 22,583
- -------------------------------------------------------------------------------
HBOS plc 3,120 46,085
- -------------------------------------------------------------------------------
HSBC Holdings plc 8,200 128,957
- -------------------------------------------------------------------------------
Lloyds TSB Group plc 6,000 49,065
- -------------------------------------------------------------------------------
Mitsubishi UFJ Financial Group, Inc. 14 176,532
- -------------------------------------------------------------------------------
Royal Bank of Scotland Group plc (The) 2,400 66,439
- -------------------------------------------------------------------------------
Societe Generale, Cl. A 820 93,605
- -------------------------------------------------------------------------------
UniCredito Italiano SpA 13,680 76,359
- -------------------------------------------------------------------------------
Westpac Banking Corp. Ltd. 4,840 75,096
-------------
972,095
- -------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES--3.9%
Credit Saison Co. Ltd. 1,400 63,600
- -------------------------------------------------------------------------------
Deutsche Boerse AG 490 46,087
- -------------------------------------------------------------------------------
ING Groep NV 3,670 105,780
- -------------------------------------------------------------------------------
Nomura Securities Co. Ltd. 4,000 61,594
-------------
277,061
- -------------------------------------------------------------------------------
INSURANCE--3.1%
Allianz AG 510 71,781
- -------------------------------------------------------------------------------
Aviva plc 6,590 77,801
- -------------------------------------------------------------------------------
Axa SA 2,370 68,622
-------------
218,204
VALUE
SHARES SEE NOTE 1
- -------------------------------------------------------------------------------
REAL ESTATE--1.1%
Mitsui Fudosan Co. Ltd. 3,000 $ 49,468
- -------------------------------------------------------------------------------
Sun Hung Kai Properties Ltd. 2,660 25,152
-------------
74,620
- -------------------------------------------------------------------------------
HEALTH CARE--10.1%
- -------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES--0.5%
Smith & Nephew plc 4,000 33,843
- -------------------------------------------------------------------------------
PHARMACEUTICALS--9.6%
Eisai Co. Ltd. 1,700 66,750
- -------------------------------------------------------------------------------
GlaxoSmithKline plc 4,000 104,006
- -------------------------------------------------------------------------------
Novartis AG 2,130 114,566
- -------------------------------------------------------------------------------
Roche Holdings AG 970 144,896
- -------------------------------------------------------------------------------
Sanofi-Aventis SA 1,241 99,350
- -------------------------------------------------------------------------------
Schering AG 620 38,133
- -------------------------------------------------------------------------------
Takeda Pharmaceutical Co. Ltd. 2,100 115,474
-------------
683,175
- -------------------------------------------------------------------------------
INDUSTRIALS--7.3%
- -------------------------------------------------------------------------------
AEROSPACE & DEFENSE--0.7%
BAE Systems plc 8,560 50,075
- -------------------------------------------------------------------------------
AIR FREIGHT & LOGISTICS--0.4%
TNT NV 1,360 32,093
- -------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES--1.2%
Brambles Industries Ltd. 8,510 53,938
- -------------------------------------------------------------------------------
DAI Nippon Printing Co. Ltd. 2,000 32,626
-------------
86,564
- -------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT--0.8%
Sumitomo Electric Industries, Inc. 4,200 55,387
- -------------------------------------------------------------------------------
INDUSTRIAL CONGLOMERATES--2.0%
Siemens AG 1,510 112,090
- -------------------------------------------------------------------------------
Smiths Group plc 2,000 32,303
-------------
144,393
14 | OPPENHEIMER INTERNATIONAL LARGE-CAP CORE FUND
VALUE
SHARES SEE NOTE 1
- -------------------------------------------------------------------------------
MACHINERY--0.7%
Atlas Copco AB, A Shares 2,580 $ 47,143
- -------------------------------------------------------------------------------
TRADING COMPANIES & DISTRIBUTORS--1.0%
Mitsui & Co. Ltd. 6,000 73,344
- -------------------------------------------------------------------------------
TRANSPORTATION INFRASTRUCTURE--0.5%
BAA plc 3,000 32,577
- -------------------------------------------------------------------------------
INFORMATION TECHNOLOGY--4.2%
- -------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT--1.0%
Telefonaktiebolaget LM Ericsson, B Shares 21,980 72,112
- -------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS--1.7%
Keyence Corp. 200 46,255
- -------------------------------------------------------------------------------
Kyocera Corp., Sponsored ADR 790 51,318
- -------------------------------------------------------------------------------
TDK Corp. 400 27,107
-------------
124,680
- -------------------------------------------------------------------------------
OFFICE ELECTRONICS--1.5%
Canon, Inc. 2,000 105,837
- -------------------------------------------------------------------------------
MATERIALS--7.3%
- -------------------------------------------------------------------------------
CHEMICALS--2.4%
BASF AG 900 64,760
- -------------------------------------------------------------------------------
BOC Group plc 2,000 39,400
- -------------------------------------------------------------------------------
Shin-Etsu Chemical Co. 1,400 67,382
-------------
171,542
- -------------------------------------------------------------------------------
CONSTRUCTION MATERIALS--2.0%
Cemex SA de CV, Sponsored ADR 900 46,863
- -------------------------------------------------------------------------------
CRH plc 1,470 36,732
- -------------------------------------------------------------------------------
Lafarge SA, Sponsored ADR 2,920 60,210
-------------
143,805
- -------------------------------------------------------------------------------
METALS & MINING--2.9%
Broken Hill Proprietary Co. Ltd. 10,120 157,019
- -------------------------------------------------------------------------------
Companhia Vale do Rio Doce, ADR 1,100 45,463
-------------
202,482
VALUE
SHARES SEE NOTE 1
- -------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES--9.1%
- -------------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION SERVICES--5.0%
Deutsche Telekom AG, Sponsored ADR 1,900 $ 33,630
- -------------------------------------------------------------------------------
France Telecom SA 2,500 64,956
- -------------------------------------------------------------------------------
Telecom Corp. of New Zealand Ltd. 4,830 19,704
- -------------------------------------------------------------------------------
Telecom Italia SpA 19,890 57,507
- -------------------------------------------------------------------------------
Telefonica SA 9,141 145,812
- -------------------------------------------------------------------------------
Telstra Corp. Ltd., ADR 2,110 33,507
-------------
355,116
- -------------------------------------------------------------------------------
WIRELESS TELECOMMUNICATION SERVICES--4.1%
China Mobile Hong Kong Ltd., ADR 1,870 41,982
- -------------------------------------------------------------------------------
KDDI Corp. 11 62,744
- -------------------------------------------------------------------------------
Vodafone Group plc 72,850 191,161
-------------
295,887
- -------------------------------------------------------------------------------
UTILITIES--4.0%
- -------------------------------------------------------------------------------
ELECTRIC UTILITIES--2.7%
CLP Holdings Ltd. 5,000 28,670
- -------------------------------------------------------------------------------
E.ON AG 1,040 94,215
- -------------------------------------------------------------------------------
ScottishPower plc 7,100 69,496
-------------
192,381
- -------------------------------------------------------------------------------
GAS UTILITIES--0.7%
Tokyo Gas Co. Ltd. 13,000 51,208
- -------------------------------------------------------------------------------
WATER UTILITIES--0.6%
Sociedad General de Aguas de Barcelona SA, Cl. A 1,770 40,813
-------------
Total Common Stocks
(Cost $5,170,757) 6,932,991
15 | OPPENHEIMER INTERNATIONAL LARGE-CAP CORE FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------
JOINT REPURCHASE AGREEMENTS--2.4%
- -----------------------------------------------------------------------------------------------------------------------------
Undivided interest of 0.03% in joint repurchase agreement (Principal Amount/Value
$647,082,000, with a maturity value of $647,153,179) with UBS Warburg LLC, 3.96%,
dated 10/31/05, to be repurchased at $167,018 on 11/1/05, collateralized by Federal
National Mortgage Assn., 5%, 10/1/35, with a value of $661,717,556
(Cost $167,000) $ 167,000 $ 167,000
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE
(COST $5,337,757) 99.7% 7,099,991
- -----------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 0.3 22,869
---------------------------------
NET ASSETS 100.0% $ 7,122,860
=================================
FOOTNOTE TO STATEMENT OF INVESTMENTS
1. Non-income producing security.
DISTRIBUTION OF INVESTMENTS REPRESENTING GEOGRAPHIC HOLDINGS, AS A PERCENTAGE OF
TOTAL INVESTMENTS AT VALUE, IS AS FOLLOWS:
GEOGRAPHIC HOLDINGS VALUE PERCENT
- --------------------------------------------------------------------------------
United Kingdom $ 1,671,953 23.5%
Japan 1,567,789 22.1
France 678,210 9.5
Germany 597,772 8.4
Switzerland 550,631 7.8
Spain 349,736 4.9
Australia 338,556 4.8
Italy 328,951 4.6
The Netherlands 261,546 3.7
United States 167,000 2.4
Sweden 119,255 1.7
Brazil 99,778 1.4
Mexico 86,337 1.2
Ireland 85,471 1.2
Hong Kong 53,822 0.8
Belgium 43,965 0.6
China 41,982 0.6
Singapore 37,533 0.5
New Zealand 19,704 0.3
-----------------------
Total $ 7,099,991 100.0%
=======================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
16 | OPPENHEIMER INTERNATIONAL LARGE-CAP CORE FUND
STATEMENT OF ASSETS AND LIABILITIES Unaudited
- --------------------------------------------------------------------------------
October 31, 2005
- ---------------------------------------------------------------------------------------------------------
ASSETS
- ---------------------------------------------------------------------------------------------------------
Investments, at value (cost $5,337,757)--see accompanying statement of investments $ 7,099,991
- ---------------------------------------------------------------------------------------------------------
Cash 10,551
- ---------------------------------------------------------------------------------------------------------
Receivables and other assets:
Interest and dividends 29,016
Other 258
------------
Total assets 7,139,816
- ---------------------------------------------------------------------------------------------------------
LIABILITIES
- ---------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Legal, auditing and other professional fees 11,323
Shareholder communications 3,646
Trustees' compensation 781
Custodian fees 257
Other 949
------------
Total liabilities 16,956
- ---------------------------------------------------------------------------------------------------------
NET ASSETS $ 7,122,860
============
- ---------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- ---------------------------------------------------------------------------------------------------------
Par value of shares of beneficial interest $ 510
- ---------------------------------------------------------------------------------------------------------
Additional paid-in capital 5,098,611
- ---------------------------------------------------------------------------------------------------------
Accumulated net investment income 57,903
- ---------------------------------------------------------------------------------------------------------
Accumulated net realized gain on investments and foreign currency transactions 204,370
- ---------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments and translation of assets and liabilities
denominated in foreign currencies 1,761,466
------------
NET ASSETS $ 7,122,860
============
- ---------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- ---------------------------------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share (based on net assets of $7,122,860 and
510,000 shares of beneficial interest outstanding) $ 13.97
Maximum offering price per share (net asset value plus sales charge of 5.75% of
offering price) $ 14.82
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
17 | OPPENHEIMER INTERNATIONAL LARGE-CAP CORE FUND
STATEMENT OF OPERATIONS Unaudited
- --------------------------------------------------------------------------------
For the Six Months Ended October 31, 2005
- ----------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
- ----------------------------------------------------------------------------------------------------------
Dividends (net of foreign withholding taxes of $5,544) $ 87,975
- ----------------------------------------------------------------------------------------------------------
Interest 3,951
-------------
Total investment income 91,926
- ----------------------------------------------------------------------------------------------------------
EXPENSES
- ----------------------------------------------------------------------------------------------------------
Management fees 29,542
- ----------------------------------------------------------------------------------------------------------
Legal, auditing and other professional fees 12,699
- ----------------------------------------------------------------------------------------------------------
Shareholder communications--Class A 2,878
- ----------------------------------------------------------------------------------------------------------
Trustees' compensation 2,568
- ----------------------------------------------------------------------------------------------------------
Custodian fees and expenses 625
- ----------------------------------------------------------------------------------------------------------
Other 1,129
-------------
Total expenses 49,441
Less reduction to custodian expenses (7)
-------------
Net expenses 49,434
- ----------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 42,492
- ----------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
- ----------------------------------------------------------------------------------------------------------
Net realized gain on:
Investments 93,799
Foreign currency transactions 50,010
-------------
Net realized gain 143,809
- ----------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) on:
Investments 774,400
Translation of assets and liabilities denominated in foreign currencies (457,917)
-------------
Net change in unrealized appreciation 316,483
- ----------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 502,784
=============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
18 | OPPENHEIMER INTERNATIONAL LARGE-CAP CORE FUND
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
OCTOBER 31, 2005 APRIL 30,
(UNAUDITED) 2005
- ----------------------------------------------------------------------------------------
OPERATIONS
- ----------------------------------------------------------------------------------------
Net investment income $ 42,492 $ 66,926
- ----------------------------------------------------------------------------------------
Net realized gain 143,809 151,172
- ----------------------------------------------------------------------------------------
Net change in unrealized appreciation 316,483 600,594
----------------------------
Net increase in net assets resulting from operations 502,784 818,692
- ----------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- ----------------------------------------------------------------------------------------
Dividends from net investment income--Class A -- (59,736)
- ----------------------------------------------------------------------------------------
Distributions from net realized gain--Class A -- (186,283)
- ----------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- ----------------------------------------------------------------------------------------
Net decrease in net assets resulting from beneficial
interest transactions--Class A -- (6,658)
- ----------------------------------------------------------------------------------------
NET ASSETS
- ----------------------------------------------------------------------------------------
Total increase 502,784 566,015
- ----------------------------------------------------------------------------------------
Beginning of period 6,620,076 6,054,061
----------------------------
End of period (including accumulated net investment
income of $57,903 and $15,411, respectively) $ 7,122,860 $ 6,620,076
============================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
19 | OPPENHEIMER INTERNATIONAL LARGE-CAP CORE FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
OCTOBER 31, 2005 APRIL 30,
CLASS A (UNAUDITED) 2005 2004 1
- -------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 12.98 $ 11.86 $ 10.00
- -------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .08 2 .13 2 .04
Net realized and unrealized gain .91 1.48 1.91
-----------------------------------
Total from investment operations .99 1.61 1.95
- -------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income -- (.12) (.09)
Distributions from net realized gain -- (.37) --
-----------------------------------
Total dividends and distributions to shareholders -- (.49) (.09)
- -------------------------------------------------------------------------------------------------
Net asset value, end of period $ 13.97 $ 12.98 $ 11.86
===================================
- -------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 3 7.63% 13.53% 19.50%
- -------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 7,123 $ 6,620 $ 6,054
- -------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 6,897 $ 6,428 $ 5,824
- -------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment income 1.22% 1.04% 0.48%
Total expenses 1.42% 1.55% 2.26%
Expenses after waivers and reduction to custodian
expenses 1.42% 1.53% 1.70%
- -------------------------------------------------------------------------------------------------
Portfolio turnover rate 12% 11% 15%
1. For the period from August 12, 2003 (commencement of operations) to April 30,
2004.
2. Per share amounts calculated based on the average shares outstanding during
the period.
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 returns. Total returns are not annualized for
periods of less than one full year. Returns do not reflect the deduction of
taxes a shareholder would pay on Fund distributions or the redemption of Fund
shares.
4. Annualized for periods of less than one full year.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
20 | OPPENHEIMER INTERNATIONAL LARGE-CAP CORE FUND
NOTES TO FINANCIAL STATEMENTS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Oppenheimer International Large-Cap Core Fund (the Fund), a series of
Oppenheimer International Large-Cap Core Trust, is an open-end management
investment company registered under the Investment Company Act of 1940, as
amended. The Fund's investment objective is to seek long-term capital
appreciation. The Fund's investment advisor is OppenheimerFunds, Inc. (the
Manager). The Sub-Advisor is OFI Institutional Asset Management, Inc., a direct
wholly owned subsidiary of 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, 2005, the Manager owned 100% of the Fund's shares. The
Fund assesses a 2% fee on the proceeds of Fund shares that are redeemed (either
by selling or exchanging to another Oppenheimer fund) within 30 days of their
purchase. The fee, which is retained by the Fund, is accounted for as an
addition to paid-in capital.
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 may be
valued primarily using dealer-supplied valuations or a portfolio pricing service
authorized by the Board of Trustees. Securities listed or traded on National
Stock Exchanges or other domestic 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 traded on foreign
exchanges are valued based on the last sale price on the principal exchange on
which the security is traded, in the country that is identified by the portfolio
pricing service, prior to the time when the Fund's assets are valued. In the
absence of a sale, the security is valued at the official closing price on the
principal exchange. Corporate, government and municipal debt instruments having
a remaining maturity in excess of sixty days and all mortgage-backed securities
will be valued at the mean between the "bid" and "asked" prices. Futures
contracts traded on a commodities or futures exchange will be valued at the
final settlement price or official closing price on the principal exchange as
reported by such principal exchange at its trading session ending at, or most
recently prior to, the time when the Fund's assets are valued. Securities
(including restricted securities) for which market quotations are not readily
available are valued at their fair value. Foreign and domestic 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 exchanges will be fair valued. Fair value is
determined in good faith using consistently applied procedures under the
supervision of the Board
21 | OPPENHEIMER INTERNATIONAL LARGE-CAP CORE FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
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).
- --------------------------------------------------------------------------------
FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in
U.S. dollars. The values of securities denominated in foreign currencies and
amounts related to the purchase and sale of foreign securities and foreign
investment income are translated into U.S. dollars 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. Foreign exchange rates may be valued
primarily using dealer supplied valuations or a portfolio pricing service
authorized by the Board of Trustees.
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.
- --------------------------------------------------------------------------------
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. 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.
- --------------------------------------------------------------------------------
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.
22 | OPPENHEIMER INTERNATIONAL LARGE-CAP CORE FUND
- --------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. The Fund has adopted an unfunded retirement plan for the
Fund's independent trustees. Benefits are based on years of service and fees
paid to each trustee during the years of service.
The Board of Trustees has adopted a deferred compensation plan for
independent trustees that enables trustees to elect to defer receipt of all or a
portion of the annual compensation they are entitled to receive from the Fund.
For purposes of determining the amount owed to the Trustee 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 Trustee. The
Fund purchases shares of the funds selected for deferral by the Trustee 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 trustees' 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.
- --------------------------------------------------------------------------------
CUSTODIAN FEES. Custodian Fees and Expenses in the Statement of Operations may
include interest expense incurred by the Fund on any cash overdrafts of its
custodian account during the period. Such cash overdrafts may result from the
effects of failed trades in portfolio securities and from cash outflows
resulting from unanticipated shareholder redemption activity. The Fund pays
interest to its custodian on such cash overdrafts at a rate equal to the Federal
Funds Rate plus 0.50%. The Reduction to Custodian Expenses line item, if
applicable, represents earnings on cash balances maintained by the Fund during
the period. Such interest expense and other custodian fees may be paid with
these earnings.
- --------------------------------------------------------------------------------
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
23 | OPPENHEIMER INTERNATIONAL LARGE-CAP CORE FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
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 of each class. Transactions in shares of beneficial interest
were as follows:
SIX MONTHS ENDED OCTOBER 31, 2005 YEAR ENDED APRIL 30, 2005
SHARES AMOUNT SHARES AMOUNT
- --------------------------------------------------------------------------------
CLASS A
Sold -- $ -- -- $ --
Redeemed -- -- (509) (6,658)
----------------------------------------------------
Net decrease -- $ -- (509) $ (6,658)
====================================================
- --------------------------------------------------------------------------------
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, 2005, were as
follows:
PURCHASES SALES
- --------------------------------------------------------------------------------
Investment securities $ 811,794 $ 7,151,688
- --------------------------------------------------------------------------------
3. 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 0.85% of the first $500 million of average annual net assets of
the Fund, 0.75% of the next $500 million and 0.70% of average annual net assets
in excess of $1 billion.
- --------------------------------------------------------------------------------
SUB-ADVISOR FEES. The Manager, not the Fund, pays the Sub-Advisor an annual fee
under the Sub-Advisory Agreement between the Manager and the Sub-Advisor. The
fee is calculated as a percentage of the fee the Fund pays the Manager. The
Manager shall pay the Sub-Advisor a monthly fee equal to 30% of the investment
advisory fee collected by the Manager from the Fund during that period.
- --------------------------------------------------------------------------------
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.
- --------------------------------------------------------------------------------
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 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. Any
24 | OPPENHEIMER INTERNATIONAL LARGE-CAP CORE FUND
unreimbursed expenses the Distributor incurs with respect to Class A shares in
any fiscal year cannot be recovered in subsequent years.
- --------------------------------------------------------------------------------
WAIVERS AND REIMBURSEMENTS OF EXPENSES. The Manager has voluntarily agreed to
waive fees and/or reimburse the Fund for certain expenses such that the "Total
Expenses" will not exceed 1.70%. The voluntary waiver and/or expense
reimbursement described above may be amended or withdrawn at any time.
OFS has voluntarily agreed to limit transfer and shareholder servicing
agent fees to 0.35% of average annual net assets of the Fund. This undertaking
may be amended or withdrawn at any time.
- --------------------------------------------------------------------------------
4. FOREIGN CURRENCY CONTRACTS
A foreign currency contract is a commitment to purchase or sell a foreign
currency at a future date, at a negotiated rate. The Fund may enter into foreign
currency contracts to settle specific purchases or sales of securities
denominated in a foreign currency and for protection from adverse exchange rate
fluctuation. Risks to the Fund include the potential inability of the
counterparty to meet the terms of the contract.
The net U.S. dollar value of foreign currency underlying all contractual
commitments held by the Fund and the resulting unrealized appreciation or
depreciation are determined using prevailing foreign currency exchange rates.
Unrealized appreciation and depreciation on foreign currency contracts are
reported in the Statement of Assets and Liabilities as a receivable or payable
and in the Statement of Operations with the change in unrealized appreciation or
depreciation.
The Fund may realize a gain or loss upon the closing or settlement of the
foreign transaction. Contracts closed or settled with the same broker are
recorded as net realized gains or losses. Such realized gains and losses are
reported with all other foreign currency gains and losses in the Statement of
Operations.
As of October 31, 2005, the Fund had no outstanding foreign currency
contracts.
- --------------------------------------------------------------------------------
5. LITIGATION
A consolidated amended complaint has been filed as putative derivative and class
actions against the Manager, OFS and the Distributor, as well as 51 of the
Oppenheimer funds (as "Nominal Defendants") excluding the Fund, 30 present and
former Directors or Trustees and 8 present and former officers of the funds.
This complaint, initially filed in the U.S. District Court for the Southern
District of New York on January 10, 2005 and amended on March 4, 2005,
consolidates into a single action and amends six individual previously-filed
putative derivative and class action complaints. Like those prior complaints,
the complaint alleges that the Manager charged excessive fees for distribution
and other costs, improperly used assets of the funds in the form of directed
brokerage commissions and 12b-1 fees to pay brokers to promote sales of the
funds, and failed to properly disclose the use of assets of the funds to make
those payments in violation of the
25 | OPPENHEIMER INTERNATIONAL LARGE-CAP CORE FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
5. LITIGATION Continued
Investment Company Act of 1940 and the Investment Advisers Act of 1940. Also,
like those prior complaints, the complaint further alleges that by permitting
and/or participating in those actions, the Directors/Trustees and the Officers
breached their fiduciary duties to shareholders of the funds under the
Investment Company Act of 1940 and at common law. The complaint seeks
unspecified compensatory and punitive damages, rescission of the funds'
investment advisory agreements, an accounting of all fees paid, and an award of
attorneys' fees and litigation expenses.
The defendants believe that the allegations contained in the Complaints
are without merit and that they have meritorious defenses against the claims
asserted. The defendants intend to defend these lawsuits vigorously and to
contest any claimed liability. The defendants believe that it is premature to
render any opinion as to the likelihood of an outcome unfavorable to them and
that no estimate can yet be made with any degree of certainty as to the amount
or range of any potential loss.
26 | OPPENHEIMER INTERNATIONAL LARGE-CAP CORE FUND
REPORT OF SHAREHOLDER MEETING Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
On September 26, 2005, a shareholder meeting of the Oppenheimer International
Large-Cap Core Fund was held at which the eleven Trustees identified below were
elected (Proposal No. 1) and the sub-proposals in (Proposal No. 2) were approved
as described in the Fund's proxy statement for that meeting. The following is a
report of the votes cast:
- --------------------------------------------------------------------------------
PROPOSAL NO. 1
NOMINEE FOR WITHHELD TOTAL
- --------------------------------------------------------------------------------
TRUSTEES
Matthew P. Fink 510,000.000 0.000 510,000.000
Robert G. Galli 510,000.000 0.000 510,000.000
Phillip A. Griffiths 510,000.000 0.000 510,000.000
Mary F. Miller 510,000.000 0.000 510,000.000
Joel W. Motley 510,000.000 0.000 510,000.000
John V. Murphy 510,000.000 0.000 510,000.000
Kenneth A. Randall 510,000.000 0.000 510,000.000
Russell S. Reynolds, Jr. 510,000.000 0.000 510,000.000
Joseph M. Wikler 510,000.000 0.000 510,000.000
Peter I. Wold 510,000.000 0.000 510,000.000
Clayton K. Yeutter 510,000.000 0.000 510,000.000
- --------------------------------------------------------------------------------
PROPOSAL NO. 2 PROPOSAL TO CHANGE THE POLICY ON
FOR AGAINST ABSTAIN TOTAL
- --------------------------------------------------------------------------------
2B: Concentration of Investments
510,000.000 0.000 0.000 510,000.000
2E: Real Estate and Commodities
510,000.000 0.000 0.000 510,000.000
2F: Senior Securities
510,000.000 0.000 0.000 510,000.000
27 | OPPENHEIMER INTERNATIONAL LARGE-CAP CORE FUND
PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF
INVESTMENTS 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
1.800.525.7048, (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 is required to
file 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 Fund's voting record is
available (i) without charge, upon request, by calling the Fund toll-free at
1.800.525.7048, and (ii) in the Form N-PX filing on the SEC's website at
www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC for
the first quarter and the third quarter of each fiscal year on Form N-Q. The
Fund's Form N-Q filings are available on the SEC's website at
http://www.sec.gov. Those forms may be reviewed and copied at the SEC's Public
Reference Room in Washington D.C. Information on the operation of the Public
Reference Room may be obtained by calling 1-800-SEC-0330.
28 | OPPENHEIMER INTERNATIONAL LARGE-CAP CORE FUND
ITEM 2. CODE OF ETHICS.
Not applicable to semiannual reports.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to semiannual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to semiannual reports.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
THE FUND'S GOVERNANCE COMMITTEE PROVISIONS WITH RESPECT TO NOMINATIONS OF
DIRECTORS/TRUSTEES TO THE RESPECTIVE BOARDS
1. The Fund's Governance Committee (the "Committee") will evaluate potential
Board candidates to assess their qualifications. The Committee shall have
the authority, upon approval of the Board, to retain an executive search
firm to assist in this effort. The Committee may consider recommendations
by business and personal contacts of current Board members and by
executive search firms which the Committee may engage from time to time
and may also consider shareholder recommendations. The Committee may
consider the advice and recommendation of the Funds' investment manager
and its affiliates in making the selection.
2. The Committee shall screen candidates for Board membership. The Committee
has not established specific qualifications that it believes must be met
by a trustee nominee. In evaluating trustee nominees, the Committee
considers, among other things, an individual's
background, skills, and experience; whether the individual is an
"interested person" as defined in the Investment Company Act of 1940; and
whether the individual would be deemed an "audit committee financial
expert" within the meaning of applicable SEC rules. The Committee also
considers whether the individual's background, skills, and experience will
complement the background, skills, and experience of other nominees and
will contribute to the Board. There are no differences in the manner in
which the Committee evaluates nominees for trustees based on whether the
nominee is recommended by a shareholder.
3. The Committee may consider nominations from shareholders for the Board at
such times as the Committee meets to consider new nominees for the Board.
The Committee shall have the sole discretion to determine the candidates
to present to the Board and, in such cases where required, to
shareholders. Recommendations for trustee nominees should, at a minimum,
be accompanied by the following:
o the name, address, and business, educational, and/or other pertinent
background of the person being recommended;
o a statement concerning whether the person is an "interested person"
as defined in the Investment Company Act of 1940;
o any other information that the Funds would be required to include in
a proxy statement concerning the person if he or she was nominated;
and
o the name and address of the person submitting the recommendation
and, if that person is a shareholder, the period for which that
person held Fund shares.
The recommendation also can include any additional information which the
person submitting it believes would assist the Committee in evaluating the
recommendation.
4. Shareholders should note that a person who owns securities issued by
Massachusetts Mutual Life Insurance Company (the parent company of the
Funds' investment adviser) would be deemed an "interested person" under
the Investment Company Act of 1940. In addition, certain other
relationships with Massachusetts Mutual Life Insurance Company or its
subsidiaries, with registered broker-dealers, or with the Funds' outside
legal counsel may cause a person to be deemed an "interested person."
5. Before the Committee decides to nominate an individual as a trustee,
Committee members and other directors customarily interview the individual
in person. In addition, the individual customarily is asked to complete a
detailed questionnaire which is designed to elicit information which must
be disclosed under SEC and stock exchange rules and to determine whether
the individual is subject to any statutory disqualification from serving
as a trustee of a registered investment company.
ITEM 11. CONTROLS AND PROCEDURES.
Based on their evaluation of the registrant's disclosure controls and procedures
(as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR
270.30a-3(c)) as of October 31, 2005, the registrant's principal executive
officer and principal financial officer found the registrant's disclosure
controls and procedures to provide reasonable assurances that information
required to be disclosed by the 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.
There have been no changes in the registrant's internal controls over financial
reporting that occurred during the registrant's second fiscal quarter of the
period covered by this report that have materially affected, or are reasonably
likely to materially affect, the registrant's internal control over financial
reporting.
ITEM 12. EXHIBITS.
(a) (1) Not applicable to semiannual reports.
(2) Exhibits attached hereto.
(3) Not applicable.
(b) Exhibit attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Oppenheimer International Large-Cap Core Trust
By: /s/ John V. Murphy
------------------
John V. Murphy
Principal Executive Officer
Date: December 20, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ John V. Murphy
------------------
John V. Murphy
Principal Executive Officer
Date: December 20, 2005
By: /s/ Brian W. Wixted
-------------------
Brian W. Wixted
Principal Financial Officer
Date: December 20, 2005