-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VwqndVFWbEDwipQOPkoicRK/1NwotF/ByaWAhBvYS3ztnciBM7oxNrUZrMbaedb1 lol9XT/ynfM1fG2iij86Rw== 0000935069-07-001690.txt : 20070727 0000935069-07-001690.hdr.sgml : 20070727 20070727164651 ACCESSION NUMBER: 0000935069-07-001690 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070531 FILED AS OF DATE: 20070727 DATE AS OF CHANGE: 20070727 EFFECTIVENESS DATE: 20070727 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER ENTERPRISE FUND CENTRAL INDEX KEY: 0000939801 IRS NUMBER: 133819189 STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-07265 FILM NUMBER: 071007172 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: N/A CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 303-768-3200 MAIL ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: N/A CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 FORMER COMPANY: FORMER CONFORMED NAME: OPPENHEIMER NEW ENTERPRISE FUND DATE OF NAME CHANGE: 19950901 FORMER COMPANY: FORMER CONFORMED NAME: OPPENHEIMER SMALL CAP FUND DATE OF NAME CHANGE: 19950228 0000939801 S000007509 OPPENHEIMER ENTERPRISE FUND C000020499 A C000020500 B C000020501 C C000020502 N C000020503 Y N-Q 1 rq885_40308nq.txt RQ885_40308NQ.TXT UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-07265 --------- OPPENHEIMER ENTERPRISE FUND --------------------------- (Exact name of registrant as specified in charter) 6803 SOUTH TUCSON WAY, CENTENNIAL, COLORADO 80112-3924 ------------------------------------------------------ (Address of principal executive offices) (Zip code) Robert G. Zack, Esq. OppenheimerFunds, Inc. TWO WORLD FINANCIAL CENTER, NEW YORK, NEW YORK 10281-1008 --------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (303) 768-3200 -------------- Date of fiscal year end: AUGUST 31 --------- Date of reporting period: MAY 31, 2007 ------------ ITEM 1. SCHEDULE OF INVESTMENTS. Oppenheimer Enterprise Fund STATEMENT OF INVESTMENTS MAY 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- COMMON STOCKS--97.9% - -------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--11.8% - -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--2.7% Darden Restaurants, Inc. 61,000 $ 2,779,770 - -------------------------------------------------------------------------------- Life Time Fitness, Inc. 1 25,000 1,279,500 - -------------------------------------------------------------------------------- Scientific Games Corp., CI. A 1 64,000 2,389,760 -------------- 6,449,030 - -------------------------------------------------------------------------------- HOUSEHOLD DURABLES--2.1% Harman International Industries, Inc. 43,200 5,125,680 - -------------------------------------------------------------------------------- MULTILINE RETAIL--1.3% J.C. Penney Co., Inc. (Holding Co.) 38,600 3,106,528 - -------------------------------------------------------------------------------- SPECIALTY RETAIL--3.7% Best Buy Co., Inc. 57,700 2,786,333 - -------------------------------------------------------------------------------- Staples, Inc. 160,500 4,022,130 - -------------------------------------------------------------------------------- Urban Outfitters, Inc. 1 72,000 1,913,760 -------------- 8,722,223 - -------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--2.0% Polo Ralph Lauren Corp., CI. A 48,900 4,769,217 - -------------------------------------------------------------------------------- CONSUMER STAPLES--4.5% - -------------------------------------------------------------------------------- BEVERAGES--2.5% PepsiCo, Inc. 87,700 5,992,541 - -------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--2.0% Procter & Gamble Co. (The) 77,000 4,893,350 - -------------------------------------------------------------------------------- ENERGY--5.8% - -------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--3.2% Halliburton Co. 76,500 2,750,175 - -------------------------------------------------------------------------------- Schlumberger Ltd. 62,500 4,866,875 -------------- 7,617,050 - -------------------------------------------------------------------------------- OIL & GAS--2.6% Hess Corp. 104,500 6,188,490 - -------------------------------------------------------------------------------- FINANCIALS--9.7% - -------------------------------------------------------------------------------- CAPITAL MARKETS--4.1% Goldman Sachs Group, Inc. (The) 22,500 5,193,450 - -------------------------------------------------------------------------------- Legg Mason, Inc. 44,400 4,485,732 -------------- 9,679,182 - -------------------------------------------------------------------------------- COMMERCIAL BANKS--3.3% East West Bancorp, Inc. 66,600 2,699,964 - -------------------------------------------------------------------------------- Marshall & Ilsley Corp. 108,900 5,226,111 -------------- 7,926,075 - -------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--1.6% Chicago Mercantile Exchange (The) 7,300 3,876,300 - -------------------------------------------------------------------------------- INSURANCE--0.7% Brown & Brown, Inc. 67,600 1,761,656 - -------------------------------------------------------------------------------- HEALTH CARE--16.9% - -------------------------------------------------------------------------------- BIOTECHNOLOGY--5.0% Celgene Corp. 1 62,400 3,821,376 - -------------------------------------------------------------------------------- Genentech, Inc. 1 50,100 3,996,477 - -------------------------------------------------------------------------------- Genzyme Corp. (General Division) 1 18,000 1,161,360 1 | OPPENHEIMER ENTERPRISE FUND Oppenheimer Enterprise Fund STATEMENT OF INVESTMENTS MAY 31, 2007 / UNAUDITED - ------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- COMMON STOCKS CONTINUED - -------------------------------------------------------------------------------- BIOTECHNOLOGY CONTINUED Gilead Sciences, Inc. 1 35,700 $ 2,954,889 -------------- 11,934,102 - -------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--4.2% Bard (C.R.), Inc. 39,500 3,334,195 - -------------------------------------------------------------------------------- IDEXX Laboratories, Inc. 1 22,900 2,021,841 - -------------------------------------------------------------------------------- Medtronic, Inc. 22,000 1,169,740 - -------------------------------------------------------------------------------- Varian Medical Systems, Inc. 1 84,500 3,405,350 -------------- 9,931,126 - -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--3.4% Coventry Health Care, Inc. 1 79,700 4,755,699 - -------------------------------------------------------------------------------- UnitedHealth Group, Inc. 63,100 3,455,987 -------------- 8,211,686 - -------------------------------------------------------------------------------- PHARMACEUTICALS--4.3% Novartis AG, ADR 122,300 6,870,814 - -------------------------------------------------------------------------------- Teva Pharmaceutical Industries Ltd., Sponsored ADR 87,700 3,437,840 -------------- 10,308,654 - -------------------------------------------------------------------------------- INDUSTRIALS--10.4% - -------------------------------------------------------------------------------- AEROSPACE & DEFENSE--3.7% Precision Castparts Corp. 24,200 2,893,352 - -------------------------------------------------------------------------------- Rockwell Collins, Inc. 83,800 5,922,146 -------------- 8,815,498 - -------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--1.9% Corporate Executive Board Co. (The) 17,300 1,150,623 - -------------------------------------------------------------------------------- Stericycle, Inc. 1 39,200 3,573,864 -------------- 4,724,487 - -------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--2.3% Rockwell Automation, Inc. 80,800 5,498,440 - -------------------------------------------------------------------------------- MACHINERY--1.1% Donaldson Co., Inc. 72,400 2,644,772 - -------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS--1.4% Fastenal Co. 76,600 3,319,844 - -------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--34.8% - -------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--6.7% Cisco Systems, Inc. 1 340,100 9,155,492 - -------------------------------------------------------------------------------- QUALCOMM, Inc. 161,400 6,932,130 -------------- 16,087,622 - -------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--4.2% Apple, Inc. 1 32,000 3,889,920 - -------------------------------------------------------------------------------- EMC Corp. 1 362,400 6,120,936 -------------- 10,010,856 - -------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--6.3% eBay, Inc. 1 135,600 4,415,136 - -------------------------------------------------------------------------------- Google, Inc., Cl. A 1 6,700 3,334,925 - -------------------------------------------------------------------------------- VistaPrint Ltd. 1 75,780 3,036,505 2 | OPPENHEIMER ENTERPRISE FUND Oppenheimer Enterprise Fund STATEMENT OF INVESTMENTS MAY 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- SHARES VALUE - -------------------------------------------------------------------------------- COMMON STOCKS CONTINUED - -------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES CONTINUED Yahoo!,Inc. 1 149,500 $ 4,290,650 -------------- 15,077,216 - -------------------------------------------------------------------------------- IT SERVICES--1.8% Cognizant Technology Solutions Corp. 1 54,300 4,265,808 - -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--6.4% Broadcom Corp., Cl. A 1 148,000 4,522,880 - -------------------------------------------------------------------------------- FormFactor, Inc. 1 44,600 1,774,188 - -------------------------------------------------------------------------------- Linear Technology Corp. 136,200 4,888,218 - -------------------------------------------------------------------------------- Maxim Integrated Products, Inc. 131,400 4,040,550 -------------- 15,225,836 - -------------------------------------------------------------------------------- SOFTWARE-9.4% Amdocs Ltd. 1 121,400 4,718,818 - -------------------------------------------------------------------------------- Autodesk, Inc. 1 98,300 4,467,735 - -------------------------------------------------------------------------------- Citrix Systems, Inc. 1 114,900 3,861,789 - -------------------------------------------------------------------------------- Electronic Arts, Inc. 1 111,800 5,463,666 - -------------------------------------------------------------------------------- Microsoft Corp. 52,300 1,604,041 - -------------------------------------------------------------------------------- Red Hat, Inc. 1 100,700 2,473,192 -------------- 22,589,241 - -------------------------------------------------------------------------------- MATERIAL-2.1% - -------------------------------------------------------------------------------- CHEMICALS--2.1% Monsanto Co. 81,000 4,989,600 - -------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--1.9% - -------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--1.9% American Tower Corp. 1 106,500 4,598,670 -------------- Total Common Stocks (Cost $194,637,632) 234,340,780 - -------------------------------------------------------------------------------- INVESTMENTS IN AFFILIATED COMPANIES--2.0% - -------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl.E, 5.29% 2,3 (Cost $4,919,497) 4,919,497 4,919,497 - -------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $199,557,129) 99.9% 239,260,277 - -------------------------------------------------------------------------------- OTHER ASSETS NET OF LIABILITIES 0.1 164,202 -------------------------- NET ASSETS 100.0% $ 239,424,479 ========================== FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Non-income producing security. 2. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended May 31, 2007 by virtue of the Fund, owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment advisor. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES AUGUST 31, 2006 ADDITIONS REDUCTIONS MAY 31, 2007 - ------------------------------------------------------------------------------------------------------------------ Oppenheimer Institutional Money Market Fund, Cl.E -- 61,888,459 56,968,962 4,919,497
DIVIDEND VALUE INCOME - ------------------------------------------------------------------------------------------------------------------ Oppenheimer Institutional Money Market Fund, Cl.E $ 4,919,497 $ 150,580
3 | OPPENHEIMER ENTERPRISE FUND Oppenheimer Enterprise Fund STATEMENT OF INVESTMENTS MAY 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- 3. Rate shown is the 7-day yield as of May 31, 2007. NOTES TO STATEMENT OF INVESTMENTS SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Securities may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities listed or traded on National Stock Exchanges or other domestic exchanges are valued based on the last sale price of the security traded on that exchange prior to the time when the Fund's assets are valued. Securities traded on NASDAQ(R) are valued based on the closing price provided by NASDAQ prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the closing "bid" and "asked" prices, and if not, at the closing bid price. Securities traded on foreign exchanges are valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the official closing price on the principal exchange. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities will be valued at the mean between the "bid" and "asked" prices. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund's assets are valued. Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value. Foreign and domestic securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of their respective exchanges will be fair valued. Fair value is determined in good faith using consistently applied procedures under the supervision of the Board of Trustees. Investments in open-end registered investment companies (including affiliated funds) are valued at that fund's net asset value. Short-term "money market type" debt securities with remaining maturities of sixty days or less are valued at amortized cost (which approximates market value). FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Foreign exchange rates may be valued primarily using dealer supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations in the annual and semiannual reports. INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") which seeks current income and stability of principal. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment advisor of IMMF. The Fund's investment in IMMF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. 4 | OPPENHEIMER ENTERPRISE FUND Oppenheimer Enterprise Fund STATEMENT OF INVESTMENTS MAY 31, 2007 / UNAUDITED - -------------------------------------------------------------------------------- RECENT ACCOUNTING PRONOUNCEMENTS In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. As of May 31, 2007, the Manager does not believe the adoption of SFAS No. 157 will materially impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period. FEDERAL TAX. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of May 31, 2007 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses. Federal tax cost of securities $ 199,557,129 ============== Gross unrealized appreciation $ 43,863,967 Gross unrealized depreciation (4,160,819) -------------- Net unrealized appreciation $ 39,703,148 ============== 5 | OPPENHEIMER ENTERPRISE FUND ITEM 2. CONTROLS AND PROCEDURES. (a) Based on their evaluation of the registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of May 31, 2007, the registrant's principal executive officer and principal financial officer found the registrant's disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to the registrant's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission. (b) There have been no significant changes in the registrant's internal controls over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. Exhibits attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Oppenheimer Enterprise Fund By: /s/ John V. Murphy --------------------------- John V. Murphy Principal Executive Officer Date: July 12, 2007 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ John V. Murphy --------------------------- John V. Murphy Principal Executive Officer Date: July 12, 2007 By: /s/ Brian W. Wixted --------------------------- Brian W. Wixted Principal Financial Officer Date: July 12, 2007 EX-99.CERT 2 rq885_40308cert302.txt RQ885_40308CERT302.TXT Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, John V. Murphy, certify that: 1. I have reviewed this report on Form N-Q of Oppenheimer Enterprise Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of Trustees (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. By: /s/ John V. Murphy --------------------------- John V. Murphy Principal Executive Officer Date: July 12, 2007 Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, Brian W. Wixted, certify that: 1. I have reviewed this report on Form N-Q of Oppenheimer Enterprise Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of Trustees (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. By: /s/ Brian W. Wixted --------------------------- Brian W. Wixted Principal Financial Officer Date: July 12, 2007 -----END PRIVACY-ENHANCED MESSAGE-----