Foreign Shareholders. Taxation of a shareholder who under United States law is a nonresident alien individual, foreign trust or estate, foreign corporation, or foreign partnership depends on whether the shareholder's income from the Fund is effectively connected with a U.S. trade or business carried on by such shareholder. If the income from the Fund is not effectively connected with a U.S. trade or business carried on by a foreign shareholder, ordinary income dividends paid to such foreign shareholder will be subject to U.S. withholding tax. The rate of the tax depends on a number of factors. If the income from the Fund is effectively connected with a U.S. trade or business carried on by a foreign shareholder, then ordinary income dividends, capital gain dividends, and any gains realized upon the sale of shares of the Fund will be subject to U.S. federal income tax at the rates applicable to U.S. citizens or domestic corporations. In the case of a foreign non-corporate shareholder, the Fund may be required to withhold U.S. federal income tax at a rate of 31% on distributions that are otherwise exempt from withholding tax (or taxable at a reduced treaty rate) unless the shareholder furnishes the Fund with proper notification of their foreign status. The tax consequences to a foreign shareholder entitled to claim the benefits of an applicable tax treaty may be different from those described herein. Foreign shareholders are urged to consult their own tax advisers with respect to the particular tax consequences to them of an investment in the Fund, including the applicability of foreign taxes. Dividend Reinvestment in Another Fund. Shareholders of the Fund may elect to reinvest all dividends and/or capital gains distributions in shares of the same class of any of the other Xxxxxxxxxxx funds listed above. Reinvestment will be made without sales charge at the net asset value per share in effect at the close of business on the payable date of the dividend or distribution. To elect this option, the shareholder must notify the Transfer Agent in writing and must have an existing account in the fund selected for reinvestment. Otherwise the shareholder first must obtain a prospectus for that fund and an application from the Distributor to establish an account. Dividends and/or distributions from shares of certain other Xxxxxxxxxxx funds (other than Xxxxxxxxxxx Cash Reserves) may be invested in shares of this Fund on the same basis. Additional Information About the Fund The Distributor. The Fund's shares are sold through dealers, brokers and other financial institutions that have a sales agreement with OppenheimerFunds Distributor, Inc., a subsidiary of the Manager that acts as the Fund's Distributor. The Distributor also distributes shares of the other Xxxxxxxxxxx funds and is sub-distributor for funds managed by a subsidiary of the Manager. The Transfer Agent. OppenheimerFunds Services, the Fund's Transfer Agent, is a division of the Manager. It is responsible for maintaining the Fund's shareholder registry and shareholder accounting records, and for paying dividends and distributions to shareholders. It also handles shareholder servicing and administrative functions. The Fund pays the Transfer Agent a fixed annual maintenance fee for each shareholder account and reimburses the Transfer Agent for its out-of-pocket expenses. It also acts as shareholder servicing agent for the other Xxxxxxxxxxx funds. Shareholders should direct inquiries about their accounts to the Transfer Agent at the address and toll-free numbers shown on the back cover.
Appears in 2 contracts
Samples: Oppenheimer Quest for Value Funds, Oppenheimer Quest for Value Funds
Foreign Shareholders. Taxation of a shareholder who under United States law is a nonresident alien individual, foreign trust or estate, foreign corporation, or foreign partnership depends on whether the shareholder's income from the Fund is effectively connected with a U.S. trade or business carried on by such shareholder. If the income from the Fund is not effectively connected with a U.S. trade or business carried on by a foreign shareholder, ordinary income dividends paid to such foreign shareholder will be subject to U.S. withholding tax. The rate of the tax depends on a number of factors. If the income from the Fund is effectively connected with a U.S. trade or business carried on by a foreign shareholder, then ordinary income dividends, capital gain dividends, and any gains realized upon the sale of shares of the Fund will be subject to U.S. federal income tax at the rates applicable to U.S. citizens or domestic corporations. In the case of a foreign non-corporate shareholder, the Fund may be required to withhold U.S. federal income tax at a rate of 31% on distributions that are otherwise exempt from withholding tax (or taxable at a reduced treaty rate) unless the shareholder furnishes the Fund with proper notification of their foreign status. The tax consequences to a foreign shareholder entitled to claim the benefits of an applicable tax treaty may be different from those described herein. Foreign shareholders are urged to consult their own tax advisers with respect to the particular tax consequences to them of an investment in the Fund, including the applicability of foreign taxes. Dividend Reinvestment in Another Fund. Shareholders of the Fund may elect to reinvest all dividends and/or capital gains distributions in shares of the same class of any of the other Xxxxxxxxxxx funds listed above. Reinvestment will be made without sales charge at the net asset value per share in effect at the close of business on the payable date of the dividend or distribution. To elect this option, the shareholder must notify the Transfer Agent in writing and must have an existing account in the fund selected for reinvestment. Otherwise the shareholder first must obtain a prospectus for that fund and an application from the Distributor to establish an account. Dividends and/or distributions from shares of certain other Xxxxxxxxxxx funds (other than Xxxxxxxxxxx Cash Reserves) may be invested in shares of this Fund on the same basis. Additional Information About the Fund The Distributor. The Fund's shares are sold through dealers, brokers and other financial institutions that have a sales agreement with OppenheimerFunds Distributor, Inc., a subsidiary of the Manager that acts as the Fund's Distributor. The Distributor also distributes shares of the other Xxxxxxxxxxx funds and is sub-distributor for funds managed by a subsidiary of the Manager. The Transfer Agent. OppenheimerFunds Services, the Fund's Transfer Agent, is a division of the Manager. It is responsible for maintaining the Fund's shareholder registry and shareholder accounting records, and for paying dividends and distributions to shareholders. It also handles shareholder servicing and administrative functions. The Fund pays the Transfer Agent a fixed annual maintenance fee for each shareholder account and reimburses It serves as the Transfer Agent for its out-of-pocket expensesan annual per account fee. It also acts as shareholder servicing agent for the other Xxxxxxxxxxx funds. Shareholders should direct inquiries about their accounts to the Transfer Agent at the address and toll-free numbers shown on the back cover.
Appears in 2 contracts
Samples: Oppenheimer Quest for Value Funds, Oppenheimer Quest for Value Funds
Foreign Shareholders. Taxation of a shareholder who under United States law is a nonresident alien individual, foreign trust or estate, foreign corporation, or foreign partnership depends on whether the shareholder's income from the Fund is effectively connected with a U.S. trade or business carried on by such shareholder. If the income from the Fund is not effectively connected with a U.S. trade or business carried on by a foreign shareholder, ordinary income dividends paid to such foreign shareholder will be subject to U.S. withholding tax. The rate of the tax depends on a number of factors. If the income from the Fund is effectively connected with a U.S. trade or business carried on by a foreign shareholder, then ordinary income dividends, capital gain dividends, and any gains realized upon the sale of shares of the Fund will be subject to U.S. federal income tax at the rates applicable to U.S. citizens or domestic corporations. In the case of a foreign non-corporate shareholder, the Fund may be required to withhold U.S. federal income tax at a rate of 31% on distributions that are otherwise exempt from withholding tax (or taxable at a reduced treaty rate) unless the shareholder furnishes the Fund with proper notification of their foreign status. The tax consequences to a foreign shareholder entitled to claim the benefits of an applicable tax treaty may be different from those described herein. Foreign shareholders are urged to consult their own tax advisers advisors with respect to the particular tax consequences to them of an investment in the Fund, including the applicability of foreign taxes. Dividend Reinvestment in Another Fund. Shareholders of the Fund may elect to reinvest all dividends and/or capital gains distributions in shares of the same class of any of the other Xxxxxxxxxxx funds listed above. Reinvestment will be made without sales charge at the net asset value per share in effect at the close of business on the payable date of the dividend or distribution. To elect this option, the shareholder must notify the Transfer Agent in writing and must have an existing account in the fund selected for reinvestment. Otherwise the shareholder first must obtain a prospectus for that fund and an application from the Distributor to establish an account. Dividends and/or distributions from shares of certain other Xxxxxxxxxxx funds (other than Xxxxxxxxxxx Cash Reserves) may be invested in shares of this Fund on the same basis. Additional Information About the Fund The Distributor. The Fund's shares are sold through dealers, brokers and other financial institutions that have a sales agreement with OppenheimerFunds Distributor, Inc., a subsidiary of the Manager that acts as the Fund's Distributor. The Distributor also distributes shares of the other Xxxxxxxxxxx funds and is sub-distributor for funds managed by a subsidiary of the Manager. The Transfer Agent. OppenheimerFunds Services, the Fund's Transfer Agent, is a division of the Manager. It is responsible for maintaining the Fund's shareholder registry and shareholder accounting records, and for paying dividends and distributions to shareholders. It also handles shareholder servicing and administrative functions. The Fund pays the Transfer Agent a fixed annual maintenance fee for each shareholder account and reimburses It serves as the Transfer Agent for its out-of-pocket expensesan annual per account fee. It also acts as shareholder servicing agent for the other Xxxxxxxxxxx funds. Shareholders should direct inquiries about their accounts to the Transfer Agent at the address and toll-free numbers shown on the back cover. The Custodian. The Bank of New York is the custodian of the Fund's assets. The custodian's responsibilities include safeguarding and controlling the Fund's portfolio securities and handling the delivery of such securities to and from the Fund. It will be the practice of the Fund to deal with the custodian in a manner uninfluenced by any banking relationship the custodian may have with the Manager and its affiliates. The Fund's cash balances with the custodian in excess of $100,000 are not protected by federal deposit insurance. Those uninsured balances at times may be substantial. Independent Auditors. KPMG LLP are the independent auditors of the Fund. They audit the Fund's financial statements and perform other related audit services. They also act as auditors for certain other funds advised by the Manager and its affiliates. INDEPENDENT AUDITORS' REPORT ================================================================================ The Board of Trustees and Shareholders of Xxxxxxxxxxx Emerging Technologies Fund: We have audited the accompanying statement of assets and liabilities of Xxxxxxxxxxx Emerging Technologies Fund, including the statement of investments, as of October 31, 2001, and the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for the year then ended, and the period from April 25, 2000 (inception of offering) to October 31, 2000. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2001, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Xxxxxxxxxxx Emerging Technologies Fund as of October 31, 2001, the results of its operations for the year then ended, the changes in its net assets and the financial highlights for the year then ended and the period from April 25, 2000 (inception of offering) to October 31, 2000, in conformity with accounting principles generally accepted in the United States of America. /s/ KPMG LLP ------------ KPMG LLP Denver, Colorado November 21, 2001 STATEMENT OF INVESTMENTS October 31, 2001 Market Value Shares See Note 1 ================================================================================ Common Stocks--67.2% -------------------------------------------------------------------------------- Communication Services--12.7% -------------------------------------------------------------------------------- Telecommunications-Long Distance--6.1% Broadcom Corp., Cl. A/1/ 26,000 $ 894,660 -------------------------------------------------------------------------------- Corvis Corp./1/ 203,700 458,325 -------------------------------------------------------------------------------- Tellium, Inc./1/ 143,700 955,605 -------------------------------------------------------------------------------- Tellium, Inc./1/,2/ 333,334 2,216,671 -------------------------------------------------------------------------------- Verizon Communications, Inc. 145,000 7,222,450 ----------- 11,747,711 -------------------------------------------------------------------------------- Telephone Utilities--2.9% SBC Communications, Inc. 146,000 5,564,060 -------------------------------------------------------------------------------- Telecommunications-Wireless--3.7% Sprint Corp. (PCS Group)/1/ 320,000 7,136,000 -------------------------------------------------------------------------------- Consumer Cyclicals--1.2% -------------------------------------------------------------------------------- Consumer Services--1.2% eBay, Inc./1/ 45,000 2,361,600 -------------------------------------------------------------------------------- Consumer Staples--9.2% -------------------------------------------------------------------------------- Broadcasting--9.2% Charter Communications, Inc., Cl. A/1/ 455,000 6,433,700 -------------------------------------------------------------------------------- Comcast Corp., Cl. A Special/1/ 315,000 11,289,600 ----------- 17,723,300 -------------------------------------------------------------------------------- Technology--44.1% -------------------------------------------------------------------------------- Computer Hardware--5.0% EMCORE Corp./1/ 50,000 558,000 -------------------------------------------------------------------------------- Juniper Networks, Inc./1/ 160,000 3,550,400 -------------------------------------------------------------------------------- Marvell Technology Group Ltd./1/ 225,000 5,476,500 ----------- 9,584,900 -------------------------------------------------------------------------------- Computer Services--7.5% Cerner Corp./1/ 231,200 12,427,000 -------------------------------------------------------------------------------- Sonus Networks, Inc./1/ 460,700 1,939,547 ----------- 14,366,547 -------------------------------------------------------------------------------- Computer Software--22.5% Agile Software Corp./1/ 468,000 4,455,360 -------------------------------------------------------------------------------- AOL Time Warner, Inc./1/ 150,000 4,681,500 -------------------------------------------------------------------------------- Check Point Software Technologies Ltd./1/ 210,000 6,199,200 -------------------------------------------------------------------------------- EarthLink, Inc./1/ 198,000 2,900,700 -------------------------------------------------------------------------------- Mercury Interactive Corp./1/ 119,900 2,856,018 -------------------------------------------------------------------------------- Micromuse, Inc./1/ 205,000 1,896,250 -------------------------------------------------------------------------------- Microsoft Corp./1/ 142,000 8,257,300 14 | XXXXXXXXXXX EMERGING TECHNOLOGIES FUND Market Value Shares See Note 1 -------------------------------------------------------------------------------------- Computer Software Continued Quest Software, Inc./1/ 173,500 $ 2,567,800 -------------------------------------------------------------------------------------- Retek, Inc./1/ 80,000 1,625,600 -------------------------------------------------------------------------------------- VeriSign, Inc./1/ 117,000 4,529,070 -------------------------------------------------------------------------------------- Veritas Software Corp./1/ 114,125 3,238,867 ------------ 43,207,665 Communications Equipment--6.2% CIENA Corp./1/ 189,000 3,073,140 -------------------------------------------------------------------------------------- Nokia Corp., Sponsored ADR, A Shares 235,000 4,819,850 -------------------------------------------------------------------------------------- ONI Systems Corp./1/ 436,000 2,132,040 -------------------------------------------------------------------------------------- Scientific-Atlanta, Inc. 89,600 1,869,952 ------------ 11,894,982 -------------------------------------------------------------------------------------- Electronics--2.9% O2Micro International Ltd. 395,000 5,684,050 ------------ Total Common Stocks (Cost $237,296,408) 129,270,815 ====================================================================================== Preferred Stocks--3.5% ApplianceWare Holding Corp., Cv., Series B/1,2,3/ 524,781 601,399 -------------------------------------------------------------------------------------- Axsun Technologies, Inc., Cv., Series C/1,2,3/ 685,519 1,455,014 -------------------------------------------------------------------------------------- Blaze Network Products, Inc., 8% Cv., Series D/1,2,3/ 166,836 314,344 -------------------------------------------------------------------------------------- BroadBand Office, Inc., Cv., Series C/1,2/ 52,909 -- -------------------------------------------------------------------------------------- Centerpoint Broadband Technologies, Inc., Cv., Series D/1,2/ 463,822 1,795,919 -------------------------------------------------------------------------------------- fusionOne, Inc., 8% Non-Cum. Cv., Series D/1,2/ 264,186 243,051 -------------------------------------------------------------------------------------- MicroPhotonix Integration Corp., Cv., Series C/1,2,3/ 316,691 1,013,095 -------------------------------------------------------------------------------------- Multiplex, Inc., Cv., Series C/1,2/ 387,138 758,790 -------------------------------------------------------------------------------------- Questia Media, Inc., Cv., Series B/1,2/ 258,859 499,999 -------------------------------------------------------------------------------------- Zaffire, Inc., Cv., Series C/1,2/ 69,252 155,679 ------------- Total Preferred Stocks (Cost $25,151,599) 6,837,290 ====================================================================================== Other Securities--2.7% Nasdaq-100 Unit Investment Trust/1/ (Cost $5,400,212) 153,100 5,190,090 Principal Amount ====================================================================================== Convertible Corporate Bonds and Notes--2.9% Cyras Systems, Inc., 4.50% Cv. Unsec. Sub. Nts., 8/15/05/2/ $ 450,000 522,000 -------------------------------------------------------------------------------------- Solectron Corp., Zero Coupon Cv. Sr. Unsec. Unsub. Liquid Yield Option Nts., 3.61%, 5/8/20/4/ 9,700,000 4,995,500 ------------- Total Convertible Bonds (Cost $5,448,417) 5,517,500 15 | XXXXXXXXXXX EMERGING TECHNOLOGIES FUND STATEMENT OF INVESTMENTS Continued Principal Market Value Amount See Note 1 =============================================================================================== Repurchase Agreements--23.1% Repurchase agreement with Deutsche Bank Securities, Inc., 2.54%, dated 10/31/01, to be repurchased at $22,370,578 on 11/1/01, collateralized by U.S. Treasury Bonds, 8.125%--8.75%, 8/15/20--8/15/21, with a value of $22,900,445 $ 22,369,000 $ 22,369,000 ----------------------------------------------------------------------------------------------- Repurchase agreement with PaineWebber, Inc., 2.59%, dated 10/31/01, to be repurchased at $22,001,583 on 11/1/01, collateralized by Federal National Mortgage Assn., 7.50%, 6/1/31, with a value of $22,498,084 22,000,000 22,000,000 ------------- Total Repurchase Agreements (Cost $44,369,000) 44,369,000 Total Investments, at Value (Cost $317,665,636) 99.4% 191,184,695 Other Assets Net of Liabilities 0.6 1,178,754 ------------------------------ Net Assets 100.0% $ 192,363,449 ============================== Footnotes to Statement of Investments
Appears in 2 contracts
Samples: Oppenheimer Emerging Technologies Fund, Oppenheimer Emerging Technologies Fund
Foreign Shareholders. Taxation of a shareholder who under United States law is a nonresident alien individual, foreign trust or estate, foreign corporation, or foreign partnership depends on whether the shareholder's income from the Fund is effectively connected with a U.S. trade or business carried on by such shareholder. If the income from the Fund is not effectively connected with a U.S. trade or business carried on by a foreign shareholder, ordinary income dividends paid to such foreign shareholder will be subject to U.S. withholding tax. The rate of the tax depends on a number of factors. If the income from the Fund is effectively connected with a U.S. trade or business carried on by a foreign shareholder, then ordinary income dividends, capital gain dividends, and any gains realized upon the sale of shares of the Fund will be subject to U.S. federal income tax at the rates applicable to U.S. citizens or domestic corporations. In the case of a foreign non-corporate shareholder, the Fund may be required to withhold U.S. federal income tax at a rate of 31% on distributions that are otherwise exempt from withholding tax (or taxable at a reduced treaty rate) unless the shareholder furnishes the Fund with proper notification of their foreign status. The tax consequences to a foreign shareholder entitled to claim the benefits of an applicable tax treaty may be different from those described herein. Foreign shareholders are urged to consult their own tax advisers with respect to the particular tax consequences to them of an investment in the Fund, including the applicability of foreign taxes. Dividend Reinvestment in Another Fund. Shareholders of the Fund may elect to reinvest all dividends and/or capital gains distributions in shares of the same class of any of the other Xxxxxxxxxxx funds listed above. Reinvestment will be made without sales charge at the net asset value per share in effect at the close of business on the payable date of the dividend or distribution. To elect this option, the shareholder must notify the Transfer Agent in writing and must have an existing account in the fund selected for reinvestment. Otherwise the shareholder first must obtain a prospectus for that fund and an application from the Distributor to establish an account. Dividends and/or distributions from shares of certain other Xxxxxxxxxxx funds (other than Xxxxxxxxxxx Cash Reserves) may be invested in shares of this Fund on the same basis. Additional Information About the Fund The Distributor. The Fund's shares are sold through dealers, brokers and other financial institutions that have a sales agreement with OppenheimerFunds Distributor, Inc., a subsidiary of the Manager that acts as the Fund's Distributor. The Distributor also distributes shares of the other Xxxxxxxxxxx funds and is sub-distributor for funds managed by a subsidiary of the Manager. The Transfer Agent. OppenheimerFunds Services, the Fund's Transfer Agent, is a division of the Manager. It is responsible for maintaining the Fund's shareholder registry and shareholder accounting records, and for paying dividends and distributions to shareholders. It also handles shareholder servicing and administrative functions. The Fund pays the Transfer Agent a fixed annual maintenance fee for each shareholder account and reimburses It serves as the Transfer Agent for its out-of-pocket expensesan annual per account fee. It also acts as shareholder servicing agent for the other Xxxxxxxxxxx funds. Shareholders should direct inquiries about their accounts to the Transfer Agent at the address and toll-free numbers shown on the back cover. The Custodian. Citibank is the custodian of the Fund's assets. The custodian's responsibilities include safeguarding and controlling the Fund's portfolio securities and handling the delivery of such securities to and from the Fund. It will be the practice of the Fund to deal with the custodian in a manner uninfluenced by any banking relationship the custodian may have with the Manager and its affiliates. The Fund's cash balances with the custodian in excess of $100,000 are not protected by federal deposit insurance. Those uninsured balances at times may be substantial. Independent Auditors. Ernst & Young LLP are the independent auditors of the Fund. They audit the Fund's financial statements and perform other related audit services. They also act as auditors for certain other funds advised by the Manager and its affiliates.
Appears in 2 contracts
Samples: Oppenheimer Real Estate Fund, Oppenheimer Real Estate Fund
Foreign Shareholders. Taxation of a shareholder who under United States law is a nonresident alien individual, foreign trust or estate, foreign corporation, or foreign partnership depends on whether the shareholder's income from the Fund is effectively connected with a U.S. trade or business carried on by such shareholder. If the income from the Fund is not effectively connected with a U.S. trade or business carried on by a foreign shareholder, ordinary income dividends paid to such foreign shareholder will be subject to U.S. withholding tax. The rate of the tax depends on a number of factors. If the income from the Fund is effectively connected with a U.S. trade or business carried on by a foreign shareholder, then ordinary income dividends, capital gain dividends, and any gains realized upon the sale of shares of the Fund will be subject to U.S. federal income tax at the rates applicable to U.S. citizens or domestic corporations. In the case of a foreign non-corporate shareholder, the Fund may be required to withhold U.S. federal income tax at a rate of 31% on distributions that are otherwise exempt from withholding tax (or taxable at a reduced treaty rate) unless the shareholder furnishes the Fund with proper notification of their foreign status. The tax consequences to a foreign shareholder entitled to claim the benefits of an applicable tax treaty may be different from those described herein. Foreign shareholders are urged to consult their own tax advisers with respect to the particular tax consequences to them of an investment in the Fund, including the applicability of foreign taxes. Dividend Reinvestment in Another Fund. Shareholders of the Fund may elect to reinvest all dividends and/or capital gains distributions in shares of the same class of any of the other Xxxxxxxxxxx funds listed above. Reinvestment will be made without sales charge at the net asset value per share in effect at the close of business on the payable date of the dividend or distribution. To elect this option, the shareholder must notify the Transfer Agent in writing and must have an existing account in the fund selected for reinvestment. Otherwise the shareholder first must obtain a prospectus for that fund and an application from the Distributor to establish an account. Dividends and/or distributions from shares of certain other Xxxxxxxxxxx funds (other than Xxxxxxxxxxx Cash Reserves) may be invested in shares of this Fund on the same basis. Additional Information About the Fund The Distributor. The Fund's shares are sold through dealers, brokers and other financial institutions that have a sales agreement with OppenheimerFunds Distributor, Inc., a subsidiary of the Manager that acts as the Fund's Distributor. The Distributor also distributes shares of the other Xxxxxxxxxxx funds and is sub-distributor for funds managed by a subsidiary of the Manager. The Transfer Agent. OppenheimerFunds Services, the Fund's Transfer Agent, is a division of the Manager. It is responsible for maintaining the Fund's shareholder registry and shareholder accounting records, and for paying dividends and distributions to shareholders. It also handles shareholder servicing and administrative functions. The Fund pays the Transfer Agent a fixed annual maintenance fee for each shareholder account and reimburses It acts as the Transfer Agent for its out-of-pocket expensesan annual per account fee. It also acts as shareholder servicing agent for the other Xxxxxxxxxxx funds. The Fund's transfer agent has voluntarily agreed to limit transfer and shareholder servicing agent fees to 0.25% per annum of Class Y shares, effective January 1, 2001, and for all other classes, 0.35% per annum, effective October 1, 2001. That undertaking may be amended or withdrawn at any time. Shareholders should direct inquiries about their accounts to the Transfer Agent at the address and toll-free numbers shown on the back cover.. The Custodian. The Bank of New York is the Custodian of the Fund's assets. The Custodian's responsibilities include safeguarding and controlling the Fund's portfolio securities and handling the delivery of such securities to and from the Fund. It will be the practice of the Fund to deal with the Custodian in a manner uninfluenced by any banking relationship the Custodian may have with the Manager and its affiliates. The Fund's cash balances with the custodian in excess of $100,000 are not protected by Federal deposit insurance. Those uninsured balances at times may be substantial. Independent Auditors. KPMG LLP are the independent auditors of the Fund. They audit the Fund's financial statements and perform other related audit services. They also act as auditors for certain other funds advised by the Manager and its affiliates. INDEPENDENT AUDITORS' REPORT The Board of Trustees and Shareholders of Xxxxxxxxxxx International Growth Fund: We have audited the accompanying statement of assets and liabilities of Xxxxxxxxxxx International Growth Fund, including the statement of investments, as of November 30, 2001, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2001, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Xxxxxxxxxxx International Growth Fund as of November 30, 2001, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. /s/ KPMG LLP KPMG LLP Denver, Colorado December 14, 2001 STATEMENT OF INVESTMENTS November 30, 2001 Market Value Shares See Note 1 ------------------------------------------------------------------------------------------------ Common Stocks--91.1% Capital Goods--20.3% Aerospace/Defense--2.6% Empresa Brasileira de Aeronautica SA (Embraer), Preference 5,359,000 $ 23,401,284 Electrical Equipment--3.3% Halma plc 6,891,000 16,706,334 Toshiba Corp. 2,957,424 12,634,869 ------------ 29,341,203 Industrial Services--9.3% 3i Group plc 470,631 5,859,287 BTG plc/1/ 854,000 9,377,748 Xxxx plc 1,701,100 4,924,656 Hyundai Heavy Industries Co. Ltd. 429,663 8,320,196 ICTS International NV 211,200 1,424,438 Koninklijke Boskalis Westminster NV 1,292,891 38,202,602 Technip-Coflexip SA, Sponsored ADR/1/ 462,875 13,955,681 ------------ 82,064,608 Manufacturing--5.1% FKI plc 1,871,070 5,109,858 GSI Lumonics, Inc./1/ 1,125,000 8,583,750 Jenoptik AG 1,337,765 27,250,741 Xxxxx-Danfoss, Inc. 150,000 1,125,000 Shire Pharmaceuticals Group plc/1/ 259,800 3,093,682 ------------ 45,163,031 Communication Services--2.0% Telecommunications-Long Distance--1.3% Videsh Xxxxxxx Xxxxx Ltd. 2,081,700 10,110,990 Videsh Xxxxxxx Xxxxx Ltd., Sponsored ADR 175,504 1,598,841 ------------ 11,709,831 Telephone Utilities--0.7% Tele Norte Leste Participacoes SA (Telemar) 540,369,189 6,160,700 Consumer Cyclicals--13.3% Autos & Housing--1.6% Aucnet, Inc. 205,230 2,415,353 Ducati Motor Holding SpA/1/ 2,500,000 3,883,798 Porsche AG, Preferred 11,601 4,142,965 Solidere, GDR1/2/ 855,700 3,829,257 ------------ 14,271,373
Appears in 2 contracts
Samples: Oppenheimer International Growth Fund, Oppenheimer International Growth Fund
Foreign Shareholders. Taxation of a shareholder who under United States law is a nonresident alien individual, foreign trust or estate, foreign corporation, or foreign partnership depends on whether the shareholder's income from the Fund is effectively connected with a U.S. trade or business carried on by such shareholder. If the income from the Fund is not effectively connected with a U.S. trade or business carried on by a foreign shareholder, ordinary income dividends paid to such foreign shareholder will be subject to U.S. withholding tax. The rate of the tax depends on a number of factors. If the income from the Fund is effectively connected with a U.S. trade or business carried on by a foreign shareholder, then ordinary income dividends, capital gain dividends, and any gains realized upon the sale of shares of the Fund will be subject to U.S. federal income tax at the rates applicable to U.S. citizens or domestic corporations. In the case of a foreign non-corporate shareholder, the Fund may be required to withhold U.S. federal income tax at a rate of 31% on distributions that are otherwise exempt from withholding tax (or taxable at a reduced treaty rate) unless the shareholder furnishes the Fund with proper notification of their foreign status. The tax consequences to a foreign shareholder entitled to claim the benefits of an applicable tax treaty may be different from those described herein. Foreign shareholders are urged to consult their own tax advisers with respect to the particular tax consequences to them of an investment in the Fund, including the applicability of foreign taxes. Dividend Reinvestment in Another Fund. Shareholders of the Fund may elect to reinvest all dividends and/or capital gains distributions in shares of the same class of any of the other Xxxxxxxxxxx funds listed above. Reinvestment will be made without sales charge at the net asset value per share in effect at the close of business on the payable date of the dividend or distribution. To elect this option, the shareholder must notify the Transfer Agent in writing and must have an existing account in the fund selected for reinvestment. Otherwise the shareholder first must obtain a prospectus for that fund and an application from the Distributor to establish an account. Dividends and/or distributions from shares of certain other Xxxxxxxxxxx funds (other than Xxxxxxxxxxx Cash Reserves) may be invested in shares of this Fund on the same basis. Additional Information About the Fund The Distributor. The Fund's shares are sold through dealers, brokers and other financial institutions that have a sales agreement with OppenheimerFunds Distributor, Inc., a subsidiary of the Manager that acts as the Fund's Distributor. The Distributor also distributes shares of the other Xxxxxxxxxxx funds and is sub-distributor for funds managed by a subsidiary of the Manager. The Transfer Agent. OppenheimerFunds Services, the Fund's Transfer Agent, is a division of the Manager. It is responsible for maintaining the Fund's shareholder registry and shareholder accounting records, and for paying dividends and distributions to shareholders. It also handles shareholder servicing and administrative functions. The Fund pays the Transfer Agent a fixed annual maintenance fee for each shareholder account and reimburses the Transfer Agent for its out-of-pocket pocket-expenses. It also acts as shareholder servicing agent for the other Xxxxxxxxxxx funds. Shareholders should direct inquiries about their accounts to the Transfer Agent at the address and toll-free numbers shown on the back cover.
Appears in 2 contracts
Samples: Oppenheimer Quest Value Fund Inc, Oppenheimer Quest Value Fund Inc
Foreign Shareholders. Taxation of a shareholder who under United States law is a nonresident alien individual, foreign trust or estate, foreign corporation, or foreign partnership depends on whether the shareholder's income from the Fund is effectively connected with a U.S. trade or business carried on by such shareholder. If the income from the Fund is not effectively connected with a U.S. trade or business carried on by a foreign shareholder, ordinary income dividends paid to such foreign shareholder will be subject to U.S. withholding tax. The rate of the tax depends on a number of factors. If the income from the Fund is effectively connected with a U.S. trade or business carried on by a foreign shareholder, then ordinary income dividends, capital gain dividends, and any gains realized upon the sale of shares of the Fund will be subject to U.S. federal income tax at the rates applicable to U.S. citizens or domestic corporations. In the case of a foreign non-corporate shareholder, the Fund may be required to withhold U.S. federal income tax at a rate of 31% on distributions that are otherwise exempt from withholding tax (or taxable at a reduced treaty rate) unless the shareholder furnishes the Fund with proper notification of their foreign status. The tax consequences to a foreign shareholder entitled to claim the benefits of an applicable tax treaty may be different from those described herein. Foreign shareholders are urged to consult their own tax advisers with respect to the particular tax consequences to them of an investment in the Fund, including the applicability of foreign taxes. Dividend Reinvestment in Another Fund. Shareholders of the Fund may elect to reinvest all dividends and/or capital gains distributions in shares of the same class of any of the other Xxxxxxxxxxx funds listed above. Reinvestment will be made without sales charge at the net asset value per share in effect at the close of business on the payable date of the dividend or distribution. To elect this option, the shareholder must notify the Transfer Agent in writing and must have an existing account in the fund selected for reinvestment. Otherwise the shareholder first must obtain a prospectus for that fund and an application from the Distributor to establish an account. Dividends and/or distributions from shares of certain other Xxxxxxxxxxx funds (other than Xxxxxxxxxxx Cash Reserves) may be invested in shares of this Fund on the same basis. Additional Information About the Fund The Distributor. The Fund's shares are sold through dealers, brokers and other financial institutions that have a sales agreement with OppenheimerFunds Distributor, Inc., a subsidiary of the Manager that acts as the Fund's Distributor. The Distributor also distributes shares of the other Xxxxxxxxxxx funds and is sub-distributor for funds managed by a subsidiary of the Manager. The Transfer Agent. OppenheimerFunds Services, the Fund's Transfer Agent, is a division of the Manager. It is responsible for maintaining the Fund's shareholder registry and shareholder accounting records, and for paying dividends and distributions to shareholders. It also handles shareholder servicing and administrative functions. The Fund pays the Transfer Agent a fixed annual maintenance fee for each shareholder account and reimburses It serves as the Transfer Agent for its out-of-pocket expensesan annual per account fee. It also acts as shareholder servicing agent for the other Xxxxxxxxxxx funds. Shareholders should direct inquiries about their accounts to the Transfer Agent at the address and toll-free numbers shown on the back cover. The Custodian. Citibank is the custodian of the Fund's assets. The custodian's responsibilities include safeguarding and controlling the Fund's portfolio securities and handling the delivery of such securities to and from the Fund. It will be the practice of the Fund to deal with the custodian in a manner uninfluenced by any banking relationship the custodian may have with the Manager and its affiliates. The Fund's cash balances with the custodian in excess of $100,000 are not protected by federal deposit insurance. Those uninsured balances at times may be substantial. Independent Auditors. Ernst & Young LLP are the independent auditors of the Fund. They audit the Fund's financial statements and perform other related audit services. They also act as auditors for certain other funds advised by the Manager and its affiliates. Report of Independent Auditors To the Shareholder and Board of Trustees of Xxxxxxxxxxx Real Estate Fund We have audited the accompanying statement of assets and liabilities of Xxxxxxxxxxx Real Estate Fund (the "Fund") as of February 8, 2002. This statement of assets and liabilities is the responsibility of the Fund's management. Our responsibility is to express an opinion on this statement of assets and liabilities based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the statement of assets and liabilities is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the statement of assets and liabilities. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall statement of assets and liabilities presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the statement of assets and liabilities referred to above presents fairly, in all material respects, the financial position of Xxxxxxxxxxx Real Estate Fund at February 8, 2002, in conformity with accounting principles generally accepted in the United States. /s/ ERNST & YOUNG LLP --------------------- ERNST & YOUNG LLP New York, New York February 8, 2002 Xxxxxxxxxxx Real Estate Fund Statement of Assets and Liabilities February 8, 2002 ASSETS: Cash $100,000 LIABILITIES: $0 ------------------ Net Assets $100,000 -------- NET ASSETS - Applicable to 10,000 Class A shares of no par value, unlimited shares authorized of beneficial interest outstanding. $100,000 NET ASSET VALUE PER SHARE (net assets divided by 10,000 shares of beneficial interest for Class A.) $10.00 MAXIMUM OFFERING PRICE PER SHARE (net asset value plus sales charge of 5.75% of offering price for Class A shares). $10.61 Notes to Statement of Assets and Liabilities Note 1. Organization Xxxxxxxxxxx Real Estate Fund (the "Fund"), was organized as a business trust in the State of Massachusetts on November 27, 2001 as a non-diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund has had no operations through February 8, 2002 other than those related to organizational matters and the sale and issuance of 10,000 Class A Shares to OppenheimerFunds, Inc. (OFI or the "Adviser"). On February 12, 2002 the Fund's Board of Trustees (the "Board") approved an Investment Advisory Agreement with OFI and a Distributor's Agreement with OppenheimerFunds Distributor, Inc. (OFDI). Cornerstone Real Estate Advisors, Inc. (the "Subadviser), an affiliate of the Adviser, serves as the investment manager. The Fund's investment objective is total return through investment in real estate securities.
Appears in 1 contract
Samples: Oppenheimer Real Estate Fund
Foreign Shareholders. Taxation of a shareholder who under United States law is a nonresident alien individual, foreign trust or estate, foreign corporation, or foreign partnership depends on whether the shareholder's income from the Fund is effectively connected with a U.S. trade or business carried on by such shareholder. If the income from the Fund is not effectively connected with a U.S. trade or business carried on by a foreign shareholder, ordinary income dividends paid to such foreign shareholder will be subject to U.S. withholding tax. The rate of the tax depends on a number of factors. If the income from the Fund is effectively connected with a U.S. trade or business carried on by a foreign shareholder, then ordinary income dividends, capital gain dividends, and any gains realized upon the sale of shares of the Fund will be subject to U.S. federal income tax at the rates applicable to U.S. citizens or domestic corporations. In the case of a foreign non-corporate shareholder, the Fund may be required to withhold U.S. federal income tax at a rate of 31% on distributions that are otherwise exempt from withholding tax (or taxable at a reduced treaty rate) unless the shareholder furnishes the Fund with proper notification of their foreign status. The tax consequences to a foreign shareholder entitled to claim the benefits of an applicable tax treaty may be different from those described herein. Foreign shareholders are urged to consult their own tax advisers with respect to the particular tax consequences to them of an investment in the Fund, including the applicability of foreign taxes. Dividend Reinvestment in Another Fund. Shareholders of the Fund may elect to reinvest all dividends and/or capital gains distributions in shares of the same class of any of the other Xxxxxxxxxxx funds listed above. Reinvestment will be made without sales charge at the net asset value per share in effect at the close of business on the payable date of the dividend or distribution. To elect this option, the shareholder must notify the Transfer Agent in writing and must have an existing account in the fund selected for reinvestment. Otherwise the shareholder first must obtain a prospectus for that fund and an application from the Distributor to establish an account. Dividends and/or distributions from shares of certain other Xxxxxxxxxxx funds (other than Xxxxxxxxxxx Cash Reserves) may be invested in shares of this Fund on the same basis. Additional Information About the Fund The Distributor. The Fund's shares are sold through dealers, brokers and other financial institutions that have a sales agreement with OppenheimerFunds Distributor, Inc., a subsidiary of the Manager that acts as the Fund's Distributor. The Distributor also distributes shares of the other Xxxxxxxxxxx funds and is sub-distributor for funds managed by a subsidiary of the Manager. The Transfer Agent. OppenheimerFunds Services, the Fund's Transfer Agent, is a division of the Manager. It is responsible for maintaining the Fund's shareholder registry and shareholder accounting records, and for paying dividends and distributions to shareholders. It also handles shareholder servicing and administrative functions. The Fund pays the Transfer Agent a fixed annual maintenance fee for each shareholder account and reimburses the Transfer Agent for its out-of-pocket expenses. It also acts as shareholder servicing agent for the other Xxxxxxxxxxx funds. Shareholders should direct inquiries about their accounts to the Transfer Agent at the address and toll-free numbers shown on the back cover. The Custodian. Citibank, N.A. is the custodian of the Fund's assets. The custodian's responsibilities include safeguarding and controlling the Fund's portfolio securities and handling the delivery of such securities to and from the Fund. It will be the practice of the Fund to deal with the custodian in a manner uninfluenced by any banking relationship the custodian may have with the Manager and its affiliates. The Fund's cash balances with the custodian in excess of $100,000 are not protected by Federal deposit insurance. Those uninsured balances at times may be substantial. Independent Auditors. KPMG LLP are the independent auditors of the Fund. They audit the Fund's financial statements and perform other related audit services. They also act as auditors for certain other funds advised by the Manager. INDEPENDENT AUDITORS' REPORT ================================================================================ The Board of Directors and Shareholders of Xxxxxxxxxxx Quest Capital Value Fund, Inc.: We have audited the accompanying statement of assets and liabilities of Xxxxxxxxxxx Quest Capital Value Fund, Inc., including the statement of investments, as of October 31, 2001, and the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for each of the two years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for each of the two years in the period ended October 31, 1999, and the 10-month period ended October 31, 1997, were audited by other auditors whose report dated November 19, 1999, expressed an unqualified opinion on this information. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2001, by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Xxxxxxxxxxx Quest Capital Value Fund, Inc. as of October 31, 2001, the results of its operations for the year then ended, the changes in its net assets and the financial highlights for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. /s/ KPMG LLP -------------- KPMG LLP Denver, Colorado November 21, 2001 STATEMENT OF INVESTMENTS October 31, 2001 Market Value Shares See Note 1 ===================================================================================== Common Stocks--89.4% ------------------------------------------------------------------------------------- Basic Materials--2.6% ------------------------------------------------------------------------------------- Chemicals--2.6% Cambrex Corp. 138,000 $ 5,106,000 ------------------------------------------------------------------------------------- Capital Goods--10.4% ------------------------------------------------------------------------------------- Industrial Services--0.6% Xxxxxx (Xxxxxx), Inc. 55,000 1,163,250 ------------------------------------------------------------------------------------- Manufacturing--9.8% Actuant Corp., Cl. A(1) 59,200 1,571,168 ------------------------------------------------------------------------------------- Jabil Circuit, Inc.(1) 110,000 2,332,000 ------------------------------------------------------------------------------------- Xxxxxx-Xxxxxxxx Corp. 133,600 4,796,240 ------------------------------------------------------------------------------------- Xxxxx Industries, Inc. 150,000 6,360,000 ------------------------------------------------------------------------------------- Tektronix, Inc.(1) 104,000 2,048,800 ------------------------------------------------------------------------------------- Veeco Instruments, Inc.(1) 90,000 2,291,400 ------------ 19,399,608 ------------------------------------------------------------------------------------- Communication Services--1.5% ------------------------------------------------------------------------------------- Telecommunications: Long Distance--0.4% WorldCom, Inc./WorldCom Group(1) 60,000 807,000 ------------------------------------------------------------------------------------- Telephone Utilities--1.1% SBC Communications, Inc. 58,000 2,210,380 ------------------------------------------------------------------------------------- Consumer Cyclicals--14.0% ------------------------------------------------------------------------------------- Autos & Housing--2.0% Carlisle Cos., Inc. 130,100 3,887,388 ------------------------------------------------------------------------------------- Consumer Services--4.6% Xxxxx Advertising Co., Cl. A(1) 224,000 7,033,600 ------------------------------------------------------------------------------------- Omnicom Group, Inc. 28,000 2,149,840 ------------ 9,183,440 ------------------------------------------------------------------------------------- Leisure & Entertainment--2.9% Mattel, Inc.(1) 301,000 5,697,930 ------------------------------------------------------------------------------------- Media--2.8% WPP Group plc, Sponsored ADR 126,530 5,617,932 ------------------------------------------------------------------------------------- Retail: General--1.7% Dollar General Corp. 243,000 3,472,470 ------------------------------------------------------------------------------------- Consumer Staples--12.1% ------------------------------------------------------------------------------------- Broadcasting--3.8% Clear Channel Communications, Inc.(1) 141,466 5,392,684 ------------------------------------------------------------------------------------- EchoStar Communications Corp., Cl. A(1) 72,000 1,669,680 ------------------------------------------------------------------------------------- Emmis Communications Corp., Cl. A(1) 35,200 476,960 ------------ 7,539,324 ------------------------------------------------------------------------------------- Entertainment--2.7% Xxxx in the Box, Inc.(1) 82,600 2,031,960 ------------------------------------------------------------------------------------- Liberty Media Corp., Cl. A(1) 91,000 1,063,790 ------------------------------------------------------------------------------------- XxXxxxxx'x Corp. 86,000 2,242,020 ------------ 5,337,770
Appears in 1 contract
Foreign Shareholders. Taxation of a shareholder who under United States law is a nonresident alien individual, foreign trust or estate, foreign corporation, or foreign partnership depends on whether the shareholder's income from the Fund is effectively connected with a U.S. trade or business carried on by such shareholder. If the income from the Fund is not effectively connected with a U.S. trade or business carried on by a foreign shareholder, ordinary income dividends paid to such foreign shareholder will be subject to U.S. withholding tax. The rate of the tax depends on a number of factors. If the income from the Fund is effectively connected with a U.S. trade or business carried on by a foreign shareholder, then ordinary income dividends, capital gain dividends, and any gains realized upon the sale of shares of the Fund will be subject to U.S. federal income tax at the rates applicable to U.S. citizens or domestic corporations. In the case of a foreign non-corporate shareholder, the Fund may be required to withhold U.S. federal income tax at a rate of 31% on distributions that are otherwise exempt from withholding tax (or taxable at a reduced treaty rate) unless the shareholder furnishes the Fund with proper notification of their foreign status. The tax consequences to a foreign shareholder entitled to claim the benefits of an applicable tax treaty may be different from those described herein. Foreign shareholders are urged to consult their own tax advisers with respect to the particular tax consequences to them of an investment in the Fund, including the applicability of foreign taxes. Dividend Reinvestment in Another Fund. Shareholders of the Fund may elect to reinvest all dividends and/or capital gains distributions in shares of the same class of any of the other Xxxxxxxxxxx funds listed above. Reinvestment will be made without sales charge at the net asset value per share in effect at the close of business on the payable date of the dividend or distribution. To elect this option, the shareholder must notify the Transfer Agent in writing and must have an existing account in the fund selected for reinvestment. Otherwise the shareholder first must obtain a prospectus for that fund and an application from the Distributor to establish an account. Dividends and/or distributions from shares of certain other Xxxxxxxxxxx funds (other than Xxxxxxxxxxx Cash Reserves) may be invested in shares of this Fund on the same basis. Additional Information About the Fund The Distributor. The Fund's shares are sold through dealers, brokers and other financial institutions that have a sales agreement with OppenheimerFunds Distributor, Inc., a subsidiary of the Manager that acts as the Fund's Distributor. The Distributor also distributes shares of the other Xxxxxxxxxxx funds and is sub-distributor for funds managed by a subsidiary of the Manager. The Transfer Agent. OppenheimerFunds Services, the Fund's Transfer Agent, is a division of the Manager. It is responsible for maintaining the Fund's shareholder registry and shareholder accounting records, and for paying dividends and distributions to shareholders. It also handles shareholder servicing and administrative functions. The Fund pays the Transfer Agent a fixed annual maintenance fee for each shareholder account and reimburses the Transfer Agent for its out-of-pocket expenses. It also acts as shareholder servicing agent for the other Xxxxxxxxxxx funds. Shareholders should direct inquiries about their accounts to the Transfer Agent at the address and toll-free numbers shown on the back cover. The Custodian. Citibank, N.A. is the custodian of the Fund's assets. The custodian's responsibilities include safeguarding and controlling the Fund's portfolio securities and handling the delivery of such securities to and from the Fund. It will be the practice of the Fund to deal with the custodian in a manner uninfluenced by any banking relationship the custodian may have with the Manager and its affiliates. The Fund's cash balances with the custodian in excess of $100,000 are not protected by Federal deposit insurance. Those uninsured balances at times may be substantial. Independent Auditors. KPMG LLP are the independent auditors of the Fund. They audit the Fund's financial statements and perform other related audit services. They also act as auditors for certain other funds advised by the Manager. INDEPENDENT AUDITORS' REPORT ================================================================================ The Board of Directors and Shareholders of Xxxxxxxxxxx Quest Capital Value Fund, Inc.: We have audited the accompanying statement of assets and liabilities of Xxxxxxxxxxx Quest Capital Value Fund, Inc., including the statement of investments, as of October 31, 2001, and the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for each of the two years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for each of the two years in the period ended October 31, 1999, and the 10-month period ended October 31, 1997, were audited by other auditors whose report dated November 19, 1999, expressed an unqualified opinion on this information. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2001, by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Xxxxxxxxxxx Quest Capital Value Fund, Inc. as of October 31, 2001, the results of its operations for the year then ended, the changes in its net assets and the financial highlights for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. /s/ KPMG LLP ----------------- KPMG LLP Denver, Colorado November 21, 2001 STATEMENT OF INVESTMENTS October 31, 2001 Market Value Shares See Note 1 ===================================================================================== Common Stocks--89.4% ------------------------------------------------------------------------------------- Basic Materials--2.6% ------------------------------------------------------------------------------------- Chemicals--2.6% Cambrex Corp. 138,000 $ 5,106,000 ------------------------------------------------------------------------------------- Capital Goods--10.4% ------------------------------------------------------------------------------------- Industrial Services--0.6% Xxxxxx (Xxxxxx), Inc. 55,000 1,163,250 ------------------------------------------------------------------------------------- Manufacturing--9.8% Actuant Corp., Cl. A(1) 59,200 1,571,168 ------------------------------------------------------------------------------------- Jabil Circuit, Inc.(1) 110,000 2,332,000 ------------------------------------------------------------------------------------- Xxxxxx-Xxxxxxxx Corp. 133,600 4,796,240 ------------------------------------------------------------------------------------- Xxxxx Industries, Inc. 150,000 6,360,000 ------------------------------------------------------------------------------------- Tektronix, Inc.(1) 104,000 2,048,800 ------------------------------------------------------------------------------------- Veeco Instruments, Inc.(1) 90,000 2,291,400 ------------ 19,399,608 ------------------------------------------------------------------------------------- Communication Services--1.5% ------------------------------------------------------------------------------------- Telecommunications: Long Distance--0.4% WorldCom, Inc./WorldCom Group(1) 60,000 807,000 ------------------------------------------------------------------------------------- Telephone Utilities--1.1% SBC Communications, Inc. 58,000 2,210,380 ------------------------------------------------------------------------------------- Consumer Cyclicals--14.0% ------------------------------------------------------------------------------------- Autos & Housing--2.0% Carlisle Cos., Inc. 130,100 3,887,388 ------------------------------------------------------------------------------------- Consumer Services--4.6% Xxxxx Advertising Co., Cl. A(1) 224,000 7,033,600 ------------------------------------------------------------------------------------- Omnicom Group, Inc. 28,000 2,149,840 ------------ 9,183,440 ------------------------------------------------------------------------------------- Leisure & Entertainment--2.9% Mattel, Inc.(1) 301,000 5,697,930 ------------------------------------------------------------------------------------- Media--2.8% WPP Group plc, Sponsored ADR 126,530 5,617,932 ------------------------------------------------------------------------------------- Retail: General--1.7% Dollar General Corp. 243,000 3,472,470 ------------------------------------------------------------------------------------- Consumer Staples--12.1% ------------------------------------------------------------------------------------- Broadcasting--3.8% Clear Channel Communications, Inc.(1) 141,466 5,392,684 ------------------------------------------------------------------------------------- EchoStar Communications Corp., Cl. A(1) 72,000 1,669,680 ------------------------------------------------------------------------------------- Emmis Communications Corp., Cl. A(1) 35,200 476,960 ------------ 7,539,324 ------------------------------------------------------------------------------------- Entertainment--2.7% Xxxx in the Box, Inc.(1) 82,600 2,031,960 ------------------------------------------------------------------------------------- Liberty Media Corp., Cl. A(1) 91,000 1,063,790 ------------------------------------------------------------------------------------- XxXxxxxx'x Corp. 86,000 2,242,020 ------------ 5,337,770
Appears in 1 contract
Foreign Shareholders. Taxation of a shareholder who under United States law is a nonresident alien individual, foreign trust or estate, foreign corporation, or foreign partnership depends on whether the shareholder's income from the Fund is effectively connected with a U.S. trade or business carried on by such shareholder. If the income from the Fund is not effectively connected with a U.S. trade or business carried on by a foreign shareholder, ordinary income dividends paid to such foreign shareholder will be subject to U.S. withholding tax. The rate of the tax depends on a number of factors. If the income from the Fund is effectively connected with a U.S. trade or business carried on by a foreign shareholder, then ordinary income dividends, capital gain dividends, and any gains realized upon the sale of shares of the Fund will be subject to U.S. federal income tax at the rates applicable to U.S. citizens or domestic corporations. In the case of a foreign non-corporate shareholder, the Fund may be required to withhold U.S. federal income tax at a rate of 31% on distributions that are otherwise exempt from withholding tax (or taxable at a reduced treaty rate) unless the shareholder furnishes the Fund with proper notification of their foreign status. The tax consequences to a foreign shareholder entitled to claim the benefits of an applicable tax treaty may be different from those described herein. Foreign shareholders are urged to consult their own tax advisers with respect to the particular tax consequences to them of an investment in the Fund, including the applicability of foreign taxes. Dividend Reinvestment in Another Fund. Shareholders of the Fund may elect to reinvest all dividends and/or capital gains distributions in shares of the same class of any of the other Xxxxxxxxxxx funds listed above. Reinvestment will be made without sales charge at the net asset value per share in effect at the close of business on the payable date of the dividend or distribution. To elect this option, the shareholder must notify the Transfer Agent in writing and must have an existing account in the fund selected for reinvestment. Otherwise the shareholder first must obtain a prospectus for that fund and an application from the Distributor to establish an account. Dividends and/or distributions from shares of certain other Xxxxxxxxxxx funds (other than Xxxxxxxxxxx Cash Reserves) may be invested in shares of this Fund on the same basis. Additional Information About the Fund The Distributor. The Fund's shares are sold through dealers, brokers and other financial institutions that have a sales agreement with OppenheimerFunds Distributor, Inc., a subsidiary of the Manager that acts as the Fund's Distributor. The Distributor also distributes shares of the other Xxxxxxxxxxx funds and is sub-distributor for funds managed by a subsidiary of the Manager. The Transfer Agent. OppenheimerFunds Services, the Fund's Transfer Agent, is a division of the Manager. It is responsible for maintaining the Fund's shareholder registry and shareholder accounting records, and for paying dividends and distributions to shareholders. It also handles shareholder servicing and administrative functions. The Fund pays the Transfer Agent a fixed annual maintenance fee for each shareholder account and reimburses It serves as the Transfer Agent for its out-of-pocket expensesan annual per account fee. It also acts as shareholder servicing agent for the other Xxxxxxxxxxx funds. Shareholders should direct inquiries about their accounts to the Transfer Agent at the address and toll-free numbers shown on the back cover.. The Custodian. The Bank of New York is the custodian of the Fund's assets. The custodian's responsibilities include safeguarding and controlling the Fund's portfolio securities and handling the delivery of such securities to and from the Fund. It will be the practice of the Fund to deal with the custodian in a manner uninfluenced by any banking relationship the custodian may have with the Manager and its affiliates. The Fund's cash balances with the custodian in excess of $100,000 are not protected by Federal deposit insurance. Those uninsured balances at times may be substantial. Independent Accountants. KPMG LLP are the independent accountants of the Fund. They audit the Fund's financial statements and perform other related audit services. They also act as accountants for certain other funds advised by the Manager and its affiliates. INDEPENDENT AUDITORS' REPORT -------------------------------------------------------------------------------- ================================================================================ THE BOARD OF TRUSTEES AND SHAREHOLDERS OF XXXXXXXXXXX MIDCAP FUND: We have audited the accompanying statement of assets and liabilities of Xxxxxxxxxxx XxxXxx Fund, including the statement of investments, as of October 31, 2001, and the related statement of operations for the year then ended, the statements of changes in net assets, and the financial highlights for each of the two years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for the year ended October 31, 1999, and the 11-month period ended October 31, 1998, were audited by other auditors whose report dated November 19, 1999, expresses an unqualified opinion on this information. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2001, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Xxxxxxxxxxx MidCap Fund as of October 31, 2001, the results of its operations for the year then ended, the changes in its net assets, and the financial highlights for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. /s/ KPMG LLP ------------ KPMG LLP Denver, Colorado November 21, 2001 STATEMENT OF INVESTMENTS OCTOBER 31, 2001 -------------------------------------------------------------------------------- MARKET VALUE SHARES SEE NOTE 1 ======================================================================================================================= COMMON STOCKS--80.1% ----------------------------------------------------------------------------------------------------------------------- CAPITAL GOODS--6.2% ----------------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--2.7% SPX Corp.(1) 305,000 $ 30,378,000 ----------------------------------------------------------------------------------------------------------------------- MANUFACTURING--3.5% Millipore Corp. 739,600 38,681,080 ----------------------------------------------------------------------------------------------------------------------- COMMUNICATION SERVICES--0.9% ----------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS: LONG DISTANCE--0.9% Corvis Corp.(1) 208,200 468,450 ----------------------------------------------------------------------------------------------------------------------- Corvis Corp.(1,2) 894,072 2,011,662 ----------------------------------------------------------------------------------------------------------------------- Tellium, Inc.(1) 416,600 2,770,390 ----------------------------------------------------------------------------------------------------------------------- Tellium, Inc.(1,2) 733,334 4,876,671 --------------- 10,127,173 ----------------------------------------------------------------------------------------------------------------------- CONSUMER CYCLICALS--12.2% ----------------------------------------------------------------------------------------------------------------------- CONSUMER SERVICES--2.6% IMS Health, Inc. 1,361,500 29,095,255 ----------------------------------------------------------------------------------------------------------------------- RETAIL: SPECIALTY--9.6% Bed Bath & Beyond, Inc.(1) 1,500,000 37,590,000 ----------------------------------------------------------------------------------------------------------------------- BJ's Wholesale Club, Inc.(1) 1,345,000 68,285,650 --------------- 105,875,650 ----------------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES--7.5% ----------------------------------------------------------------------------------------------------------------------- BROADCASTING--1.7% Charter Communications, Inc., Cl. A(1) 1,325,000 18,735,500 ----------------------------------------------------------------------------------------------------------------------- FOOD & DRUG RETAILERS--5.8% AmerisourceBergen Corp.(1) 762,600 48,470,856 ----------------------------------------------------------------------------------------------------------------------- Express Scripts, Inc.(1) 391,200 16,015,728 --------------- 64,486,584 ----------------------------------------------------------------------------------------------------------------------- FINANCIAL--15.2% ----------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL--7.7% AMBAC Financial Group, Inc. 575,000 27,600,000 ----------------------------------------------------------------------------------------------------------------------- Concord EFS, Inc.(1) 2,109,200 57,728,804 --------------- 85,328,804 ----------------------------------------------------------------------------------------------------------------------- INSURANCE--7.5% First Health Group Corp.(1) 1,170,000 31,590,000 ----------------------------------------------------------------------------------------------------------------------- MBIA Inc. 1,102,500 50,781,150 ----------------------------------------------------------------------------------------------------------------------- Radian Group, Inc. 30,000 1,016,100 --------------- 83,387,250 STATEMENT OF INVESTMENTS Continued -------------------------------------------------------------------------------- MARKET VALUE SHARES SEE NOTE 1 ----------------------------------------------------------------------------------------------------------------------- HEALTHCARE--30.8% ----------------------------------------------------------------------------------------------------------------------- HEALTHCARE/DRUGS--9.8% Gilead Sciences, Inc.(1) 985,000 $ 61,956,500 ----------------------------------------------------------------------------------------------------------------------- IDEC Pharmaceuticals Corp.(1) 540,000 32,389,200 ----------------------------------------------------------------------------------------------------------------------- King Pharmaceuticals, Inc.(1) 350,000 13,646,500 --------------- 107,992,200
Appears in 1 contract
Samples: Oppenheimer Midcap Fund
Foreign Shareholders. Taxation of a shareholder who under United States law is a nonresident alien individual, foreign trust or estate, foreign corporation, or foreign partnership depends on whether the shareholder's income from the Fund is effectively connected with a U.S. trade or business carried on by such shareholder. If the income from the Fund is not effectively connected with a U.S. trade or business carried on by a foreign shareholder, ordinary income dividends paid to such foreign shareholder will be subject to U.S. withholding tax. The rate of the tax depends on a number of factors. If the income from the Fund is effectively connected with a U.S. trade or business carried on by a foreign shareholder, then ordinary income dividends, capital gain dividends, and any gains realized upon the sale of shares of the Fund will be subject to U.S. federal income tax at the rates applicable to U.S. citizens or domestic corporations. In the case of a foreign non-corporate shareholder, the Fund may be required to withhold U.S. federal income tax at a rate of 31% on distributions that are otherwise exempt from withholding tax (or taxable at a reduced treaty rate) unless the shareholder furnishes the Fund with proper notification of their foreign status. The tax consequences to a foreign shareholder entitled to claim the benefits of an applicable tax treaty may be different from those described herein. Foreign shareholders are urged to consult their own tax advisers with respect to the particular tax consequences to them of an investment in the Fund, including the applicability of foreign taxes. Dividend Reinvestment in Another Fund. Shareholders of the Fund may elect to reinvest all dividends and/or capital gains distributions in shares of the same class of any of the other Xxxxxxxxxxx funds listed above. Reinvestment will be made without sales charge at the net asset value per share in effect at the close of business on the payable date of the dividend or distribution. To elect this option, the shareholder must notify the Transfer Agent in writing and must have an existing account in the fund selected for reinvestment. Otherwise the shareholder first must obtain a prospectus for that fund and an application from the Distributor to establish an account. Dividends and/or distributions from shares of certain other Xxxxxxxxxxx funds (other than Xxxxxxxxxxx Cash Reserves) may be invested in shares of this Fund on the same basis. Additional Information About the Fund The Distributor. The Fund's shares are sold through dealers, brokers and other financial institutions that have a sales agreement with OppenheimerFunds Distributor, Inc., a subsidiary of the Manager that acts as the Fund's Distributor. The Distributor also distributes shares of the other Xxxxxxxxxxx funds and is sub-distributor for funds managed by a subsidiary of the Manager. The Transfer Agent. OppenheimerFunds Services, the Fund's Transfer Agent, is a division of the Manager. It is responsible for maintaining the Fund's shareholder registry and shareholder accounting records, and for paying dividends and distributions to shareholders. It also handles shareholder servicing and administrative functions. The Fund pays the Transfer Agent a fixed annual maintenance fee for each shareholder account and reimburses It serves as the Transfer Agent for its out-of-pocket expensesan annual per account fee. It also acts as shareholder servicing agent for the other Xxxxxxxxxxx funds. Shareholders should direct inquiries about their accounts to the Transfer Agent at the address and toll-free numbers shown on the back cover.. The Custodian. Citibank is the custodian of the Fund's assets. The custodian's responsibilities include safeguarding and controlling the Fund's portfolio securities and handling the delivery of such securities to and from the Fund. It will be the practice of the Fund to deal with the custodian in a manner uninfluenced by any banking relationship the custodian may have with the Manager and its affiliates. The Fund's cash balances with the custodian in excess of $100,000 are not protected by federal deposit insurance. Those uninsured balances at times may be substantial. Independent Auditors. Ernst & Young LLP are the independent auditors of the Fund. They audit the Fund's financial statements and perform other related audit services. They also act as auditors for certain other funds advised by the Manager and its affiliates. Independent Auditors' Report ---------------------------- The Board of Trustees and Shareholder Xxxxxxxxxxx Real Estate Fund: Denver, Colorado _______ ______, 2002 Xxxxxxxxxxx Real Estate Fund Statement of Assets and Liabilities Appendix A Industry Classifications
Appears in 1 contract
Samples: Oppenheimer Real Estate Fund
Foreign Shareholders. Taxation of a shareholder who under United States law is a nonresident alien individual, foreign trust or estate, foreign corporation, or foreign partnership depends on whether the shareholder's income from the Fund is effectively connected with a U.S. trade or business carried on by such shareholder. If the income from the Fund is not effectively connected with a U.S. trade or business carried on by a foreign shareholder, ordinary income dividends paid to such foreign shareholder will be subject to U.S. withholding tax. The rate of the tax depends on a number of factors. If the income from the Fund is effectively connected with a U.S. trade or business carried on by a foreign shareholder, then ordinary income dividends, capital gain dividends, and any gains realized upon the sale of shares of the Fund will be subject to U.S. federal income tax at the rates applicable to U.S. citizens or domestic corporations. In the case of a foreign non-corporate shareholder, the Fund may be required to withhold U.S. federal income tax at a rate of 31% on distributions that are otherwise exempt from withholding tax (or taxable at a reduced treaty rate) unless the shareholder furnishes the Fund with proper notification of their foreign status. The tax consequences to a foreign shareholder entitled to claim the benefits of an applicable tax treaty may be different from those described herein. Foreign shareholders are urged to consult their own tax advisers with respect to the particular tax consequences to them of an investment in the Fund, including the applicability of foreign taxes. Dividend Reinvestment in Another Fund. Shareholders of the Fund may elect to reinvest all dividends and/or capital gains distributions in shares of the same class of any of the other Xxxxxxxxxxx funds listed above. Reinvestment will be made without sales charge at the net asset value per share in effect at the close of business on the payable date of the dividend or distribution. To elect this option, the shareholder must notify the Transfer Agent in writing and must have an existing account in the fund selected for reinvestment. Otherwise the shareholder first must obtain a prospectus for that fund and an application from the Distributor to establish an account. Dividends and/or distributions from shares of certain other Xxxxxxxxxxx funds (other than Xxxxxxxxxxx Cash Reserves) may be invested in shares of this Fund on the same basis. Additional Information About the Fund The Distributor. The Fund's shares are sold through dealers, brokers and other financial institutions that have a sales agreement with OppenheimerFunds Distributor, Inc., a subsidiary of the Manager that acts as the Fund's Distributor. The Distributor also distributes shares of the other Xxxxxxxxxxx funds and is sub-distributor for funds managed by a subsidiary of the Manager. The Transfer Agent. OppenheimerFunds Services, the Fund's Transfer Agent, is a division of the Manager. It is responsible for maintaining the Fund's shareholder registry and shareholder accounting records, and for paying dividends and distributions to shareholders. It also handles shareholder servicing and administrative functions. The Fund pays the Transfer Agent a fixed annual maintenance fee for each shareholder account and reimburses It serves as the Transfer Agent for its out-of-pocket expensesan annual per account fee. It also acts as shareholder servicing agent for the other Xxxxxxxxxxx funds. Shareholders should direct inquiries about their accounts to the Transfer Agent at the address and toll-free numbers shown on the back cover.. The Custodian. The Bank of New York is the custodian of the Fund's assets. The custodian's responsibilities include safeguarding and controlling the Fund's portfolio securities and handling the delivery of such securities to and from the Fund. It will be the practice of the Fund to deal with the custodian in a manner uninfluenced by any banking relationship the custodian may have with the Manager and its affiliates. The Fund's cash balances with the custodian in excess of $100,000 are not protected by Federal deposit insurance. Those uninsured balances at times may be substantial. Independent Accountants. KPMG LLP are the independent accountants of the Fund. They audit the Fund's financial statements and perform other related audit services. They also act as accountants for certain other funds advised by the Manager and its affiliates. INDEPENDENT AUDITORS' REPORT -------------------------------------------------------------------------------- ================================================================================ THE BOARD OF TRUSTEES AND SHAREHOLDERS OF XXXXXXXXXXX MIDCAP FUND: We have audited the accompanying statement of assets and liabilities of Xxxxxxxxxxx XxxXxx Fund, including the statement of investments, as of October 31, 2001, and the related statement of operations for the year then ended, the statements of changes in net assets, and the financial highlights for each of the two years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for the year ended October 31, 1999, and the 11-month period ended October 31, 1998, were audited by other auditors whose report dated November 19, 1999, expresses an unqualified opinion on this information. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2001, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Xxxxxxxxxxx MidCap Fund as of October 31, 2001, the results of its operations for the year then ended, the changes in its net assets, and the financial highlights for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. /s/ KPMG LLP ------------ KPMG LLP Denver, Colorado November 21, 2001 STATEMENT OF INVESTMENTS OCTOBER 31, 2001 -------------------------------------------------------------------------------- MARKET VALUE SHARES SEE NOTE 1 ======================================================================================================================= COMMON STOCKS--80.1% ----------------------------------------------------------------------------------------------------------------------- CAPITAL GOODS--6.2% ----------------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--2.7% SPX Corp.(1) 305,000 $ 30,378,000 ----------------------------------------------------------------------------------------------------------------------- MANUFACTURING--3.5% Millipore Corp. 739,600 38,681,080 ----------------------------------------------------------------------------------------------------------------------- COMMUNICATION SERVICES--0.9% ----------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATIONS: LONG DISTANCE--0.9% Corvis Corp.(1) 208,200 468,450 ----------------------------------------------------------------------------------------------------------------------- Corvis Corp.(1,2) 894,072 2,011,662 ----------------------------------------------------------------------------------------------------------------------- Tellium, Inc.(1) 416,600 2,770,390 ----------------------------------------------------------------------------------------------------------------------- Tellium, Inc.(1,2) 733,334 4,876,671 --------------- 10,127,173 ----------------------------------------------------------------------------------------------------------------------- CONSUMER CYCLICALS--12.2% ----------------------------------------------------------------------------------------------------------------------- CONSUMER SERVICES--2.6% IMS Health, Inc. 1,361,500 29,095,255 ----------------------------------------------------------------------------------------------------------------------- RETAIL: SPECIALTY--9.6% Bed Bath & Beyond, Inc.(1) 1,500,000 37,590,000 ----------------------------------------------------------------------------------------------------------------------- BJ's Wholesale Club, Inc.(1) 1,345,000 68,285,650 --------------- 105,875,650 ----------------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES--7.5% ----------------------------------------------------------------------------------------------------------------------- BROADCASTING--1.7% Charter Communications, Inc., Cl. A(1) 1,325,000 18,735,500 ----------------------------------------------------------------------------------------------------------------------- FOOD & DRUG RETAILERS--5.8% AmerisourceBergen Corp.(1) 762,600 48,470,856 ----------------------------------------------------------------------------------------------------------------------- Express Scripts, Inc.(1) 391,200 16,015,728 --------------- 64,486,584 ----------------------------------------------------------------------------------------------------------------------- FINANCIAL--15.2% ----------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL--7.7% AMBAC Financial Group, Inc. 575,000 27,600,000 ----------------------------------------------------------------------------------------------------------------------- Concord EFS, Inc.(1) 2,109,200 57,728,804 --------------- 85,328,804 ----------------------------------------------------------------------------------------------------------------------- INSURANCE--7.5% First Health Group Corp.(1) 1,170,000 31,590,000 ----------------------------------------------------------------------------------------------------------------------- MBIA Inc. 1,102,500 50,781,150 ----------------------------------------------------------------------------------------------------------------------- Radian Group, Inc. 30,000 1,016,100 --------------- 83,387,250 STATEMENT OF INVESTMENTS Continued -------------------------------------------------------------------------------- MARKET VALUE SHARES SEE NOTE 1 ----------------------------------------------------------------------------------------------------------------------- HEALTHCARE--30.8% ----------------------------------------------------------------------------------------------------------------------- HEALTHCARE/DRUGS--9.8% Gilead Sciences, Inc.(1) 985,000 $ 61,956,500 ----------------------------------------------------------------------------------------------------------------------- IDEC Pharmaceuticals Corp.(1) 540,000 32,389,200 ----------------------------------------------------------------------------------------------------------------------- King Pharmaceuticals, Inc.(1) 350,000 13,646,500 --------------- 107,992,200
Appears in 1 contract
