UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
INVESTMENT COMPANIES
Investment Company Act file number 811-09333
Oppenheimer Main Street Small Cap 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
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: June 30
Date of reporting period: 06/30/2008
Item 1. Reports to Stockholders.
June 30, 2008 Oppenheimer Management Main Street Commentaries and Small Cap Fund® Annual Report M A N A G E M E N T C O M M E N TA R I E S Market Recap and Outlook Listing of Top Holdings A N N U A L R E P O RT Fund Performance Discussion Listing of Investments Financial Statements |
TOP HOLDINGS AND ALLOCATIONS
Top Ten Common Stock Holdings | ||||
Big Lots, Inc. | 0.5 | % | ||
Massey Energy Co. | 0.5 | |||
GrafTech International Ltd. | 0.4 | |||
Gardner Denver, Inc. | 0.4 | |||
Aeropostale, Inc. | 0.4 | |||
Schnitzer Steel Industries, Inc. | 0.4 | |||
DRS Technologies, Inc. | 0.4 | |||
Sims Group Ltd., Sponsored ADR | 0.4 | |||
CF Industries Holdings, Inc. | 0.4 | |||
Oil States International, Inc. | 0.4 |
Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2008, and are based on net assets.
Top Ten Common Stock Industries | ||||
Insurance | 6.4 | % | ||
Machinery | 5.5 | |||
Commercial Services & Supplies | 5.2 | |||
Semiconductors & Semiconductor Equipment | 5.0 | |||
Oil, Gas & Consumable Fuels | 4.9 | |||
Software | 4.6 | |||
Energy Equipment & Services | 4.3 | |||
Chemicals | 4.2 | |||
Specialty Retail | 3.6 | |||
Electronic Equipment & Instruments | 3.6 |
Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2008, and are based on net assets.
8 | OPPENHEIMER MAIN STREET SMALL CAP FUND
9 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FUND PERFORMANCE DISCUSSION
How has the Fund performed? Below is a discussion by OppenheimerFunds, Inc., of the Fund’s performance during its fiscal year ended June 30, 2008, followed by a graphical comparison of the Fund’s performance to an appropriate broad-based market index.
Management’s Discussion of Fund Performance. In a challenging investment environment characterized by a weakening U.S. economy and a persistent credit crisis in fixed-income markets, our top-down market capitalization model indicated that mid-cap companies were likely to produce better results than their small- and micro-cap counterparts. An overweighted position among mid-cap stocks proved favorable for the Fund’s relative performance, as the mid-cap stocks held up well compared to micro-cap stocks, which posted steep declines.
However, the positive impact of our market-cap allocations were offset by less favorable results from our bottom-up stock selection models, which consider momentum and value criteria, among other factors, in assigning allocations to individual stocks. Over much of the reporting period, value factors proved to be a relatively ineffective predictor of performance among the Fund’s mid-cap holdings. Instead, momentum factors dominated, as richly valued stocks with good earnings growth generally outperformed.
The Fund’s stock selections were particularly disappointing in the industrials, information technology and consumer discretionary sectors, where companies suffered from concerns that businesses and consumers would reduce spending on purchases of technology-related products and services in the struggling economy. While the Fund maintained a significantly underweighted position in the hard-hit financials sector, steep declines among financial stocks nonetheless had a materially negative impact on the Fund’s relative performance. On a more positive note, overweighted positions and strong stock selections in the materials and energy sectors contributed positively to the Fund’s relative performance.
Over the course of the reporting period, we made several changes to the Fund’s quantitative models in an effort to make them more effective when economic and market conditions deviate significantly from historical averages. These refinements were implemented in the spring, when it became clear that the economic downturn and credit crisis were intensifying.
As of the end of the reporting period, we have maintained our modestly overweighted exposure to mid-cap stocks, but recently pared back that position, redeploying assets to small-cap stocks. Our stock selection models have assigned higher rankings, on average, to information technology, industrials and materials stocks, while health care and financial stocks generally tended to receive lower rankings. We will continue to closely monitor the financial markets and the performance of our quantitative models.
10 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Comparing the Fund’s Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each class of shares of the Fund held until June 30, 2008. In the case of Class A, Class B, Class C and Class Y shares, performance is measured from inception of the classes on August 2, 1999. In the case of Class N shares, performance is measured from inception of the class on March 1, 2001. The Fund’s performance reflects the deduction of the maximum initial sales charge on Class A shares, the applicable contingent deferred sales charge on Class B, Class C and Class N shares, and reinvestments of all dividends and capital gains distributions. Past performance cannot guarantee future results.
The Fund’s performance is compared to the performance of the Russell 2000 Index. Index performance reflects the reinvestment of income but does not consider the effect of transaction costs, and none of the data in the graphs shows the effect of taxes. The Fund’s performance reflects the effects of the Fund’s business and operating expenses. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments in the index.
11 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FUND PERFORMANCE DISCUSSION
12 | OPPENHEIMER MAIN STREET SMALL CAP FUND
The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, visit us at www.oppenheimerfunds.com, or call us at 1.800.525.7048. Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 5.75%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C and N shares, the contingent 1% deferred sales charge for the 1-year period. There is no sales charge for Class Y shares. Because Class B shares convert to Class A shares 72 months after purchase, the “since inception” return for Class B does not include any contingent sales charges on redemption and uses Class A performance for the period after conversion. See page 17 for further information.
13 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FUND PERFORMANCE DISCUSSION
14 | OPPENHEIMER MAIN STREET SMALL CAP FUND
The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, visit us at www.oppenheimerfunds.com, or call us at 1.800.525.7048. Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 5.75%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C and N shares, the contingent 1% deferred sales charge for the 1-year period. There is no sales charge for Class Y shares. Because Class B shares convert to Class A shares 72 months after purchase, the “since inception” return for Class B does not include any contingent sales charges on redemption and uses Class A performance for the period after conversion. See page 17 for further information.
15 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FUND PERFORMANCE DISCUSSION
The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, visit us at www.oppenheimerfunds.com, or call us at 1.800.525.7048. Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 5.75%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C and N shares, the contingent 1% deferred sales charge for the 1-year period. There is no sales charge for Class Y shares. Because Class B shares convert to Class A shares 72 months after purchase, the “since inception” return for Class B does not include any contingent sales charges on redemption and uses Class A performance for the period after conversion. See page 17 for further information.
16 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES
Total returns and the ending account values in the graphs include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Fund’s total returns shown do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares. | |||
Investors should consider the Fund’s investment objectives, risks, and other charges and expenses carefully before investing. The Fund’s prospectus contains this and other information about the Fund, and may be obtained by asking your financial advisor, calling us at 1.800.525.7048 or visiting our website at www.oppenheimerfunds.com. Read the prospectus carefully before investing. | |||
The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc. | |||
Class A shares of the Fund were first publicly offered on 8/2/99. Unless otherwise noted, Class A returns include the current maximum initial sales charge of 5.75%. | |||
Class B shares of the Fund were first publicly offered on 8/2/99. Unless otherwise noted, Class B returns include the applicable contingent deferred sales charge of 5% (1-year) and 2% (5-year). Because Class B shares convert to Class A shares 72 months after purchase, the “since inception” return for Class B does not include any contingent sales charges on redemption and uses Class A performance for the period after conversion. Class B shares are subject to an annual 0.75% asset-based sales charge. | |||
Class C shares of the Fund were first publicly offered on 8/2/99. Unless otherwise noted Class C returns include the contingent deferred sales charge of 1% for the 1-year period. Class C shares are subject to an annual 0.75% asset-based sales charge. | |||
Class N shares of the Fund were first publicly offered on 3/1/01. Class N shares are offered only through retirement plans. Unless otherwise noted, Class N returns include the contingent deferred sales charge of 1% for the 1-year period. Class N shares are subject to an annual 0.25% asset-based sales charge. |
17 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES
Class Y shares of the Fund were first publicly offered on 8/2/99. Class Y shares are offered only to certain institutional investors under a special agreement with the Distributor, and to present or former officers, directors, trustees or employees (and their eligible family members) of the Fund, the Manager, its affiliates, its parent company and the subsidiaries of its parent company, and retirement plans established for the benefit of such individuals. | |||
An explanation of the calculation of performance is in the Fund’s Statement of Additional Information. |
18 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FUND EXPENSES
Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions; and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. | |||
The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended June 30, 2008. | |||
Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. | |||
Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds. | |||
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads), or a $12.00 fee imposed annually on accounts valued at less than $500.00 (subject to exceptions described in |
19 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FUND EXPENSES Continued
the Statement of Additional Information). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. |
Beginning | Ending | Expenses | ||||||||||
Account | Account | Paid During | ||||||||||
Value | Value | 6 Months Ended | ||||||||||
Actual | January 1, 2008 | June 30, 2008 | June 30, 2008 | |||||||||
Class A | $ | 1,000.00 | $ | 906.20 | $ | 5.90 | ||||||
Class B | 1,000.00 | 903.00 | 9.37 | |||||||||
Class C | 1,000.00 | 903.50 | 9.08 | |||||||||
Class N | 1,000.00 | 905.40 | 6.85 | |||||||||
Class Y | 1,000.00 | 908.40 | 3.76 | |||||||||
Hypothetical | ||||||||||||
(5% return before expenses) | ||||||||||||
Class A | 1,000.00 | 1,018.70 | 6.24 | |||||||||
Class B | 1,000.00 | 1,015.07 | 9.92 | |||||||||
Class C | 1,000.00 | 1,015.37 | 9.62 | |||||||||
Class N | 1,000.00 | 1,017.70 | 7.25 | |||||||||
Class Y | 1,000.00 | 1,020.93 | 3.98 |
Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated fund, based on the 6-month period ended June 30, 2008 are as follows:
Class | Expense Ratios | |||
Class A | 1.24 | % | ||
Class B | 1.97 | |||
Class C | 1.91 | |||
Class N | 1.44 | |||
Class Y | 0.79 |
The expense ratios reflect reduction to custodian expenses and voluntary waivers or reimbursements of expenses by the Fund’s Manager and Transfer Agent that can be terminated at any time, without advance notice. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.
20 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS June 30, 2008
Shares | Value | |||||||
Common Stocks—99.6% | ||||||||
Consumer Discretionary—13.6% | ||||||||
Auto Components—1.0% | ||||||||
American Axle & Manufacturing Holdings, Inc.1 | 605,600 | $ | 4,838,744 | |||||
Amerigon, Inc.1,2 | 17,300 | 123,003 | ||||||
ArvinMeritor, Inc.1 | 129,900 | 1,621,152 | ||||||
ATC Technology Corp.1,2 | 99,500 | 2,316,360 | ||||||
Autoliv, Inc. | 162,000 | 7,552,440 | ||||||
Borg-Warner Automotive, Inc. | 14,400 | 639,072 | ||||||
Cooper Tire & Rubber Co.1 | 212,820 | 1,668,509 | ||||||
Drew Industries, Inc.1,2 | 111,200 | 1,773,640 | ||||||
Exide Technologies1,2 | 252,700 | 4,235,252 | ||||||
Fuel Systems Solutions, Inc.1,2 | 58,600 | 2,256,100 | ||||||
Gentex Corp. | 382,500 | 5,523,300 | ||||||
Lear Corp.1,2 | 622,000 | 8,819,960 | ||||||
Shiloh Industries, Inc. | 16,900 | 158,691 | ||||||
Stoneridge, Inc.2 | 177,900 | 3,034,974 | ||||||
Tenneco, Inc.1,2 | 314,900 | 4,260,597 | ||||||
TRW Automotive Holdings Corp.2 | 184,200 | 3,402,174 | ||||||
WABCO Holdings, Inc. | 10,700 | 497,122 | ||||||
52,721,090 | ||||||||
Automobiles—0.2% | ||||||||
Thor Industries, Inc.1 | 375,000 | 7,972,500 | ||||||
Distributors—0.1% | ||||||||
Core-Mark Holding Co., Inc.1,2 | 19,600 | 513,520 | ||||||
LKQ Corp.1,2 | 277,400 | 5,012,618 | ||||||
5,526,138 | ||||||||
Diversified Consumer Services—0.7% | ||||||||
Capella Education Co.1,2 | 59,030 | 3,521,140 | ||||||
Coinstar, Inc.1,2 | 175,400 | 5,737,334 | ||||||
DeVry, Inc. | 204,800 | 10,981,376 | ||||||
Hillenbrand, Inc. | 12,000 | 256,800 | ||||||
K12, Inc.1,2 | 6,510 | 139,509 | ||||||
Learning Tree International, Inc.1,2 | 5,000 | 85,500 | ||||||
Matthews International Corp., Cl. A1 | 91,700 | 4,150,342 | ||||||
Noah Education Holdings Ltd., ADR2 | 133,220 | 719,388 | ||||||
Regis Corp. | 178,900 | 4,714,015 | ||||||
Service Corp. International | 378,000 | 3,727,080 | ||||||
Steiner Leisure Ltd.2 | 52,989 | 1,502,238 | ||||||
Stewart Enterprises, Inc.1 | 430,500 | 3,099,600 | ||||||
Strayer Education, Inc. | 4,200 | 878,094 | ||||||
39,512,416 | ||||||||
Hotels, Restaurants & Leisure—1.4% | ||||||||
Ambassadors Group, Inc.1 | 9,200 | 137,264 | ||||||
Bally Technologies, Inc.2 | 106,700 | 3,606,460 | ||||||
Bob Evans Farms, Inc.1 | 471,100 | 13,473,460 | ||||||
Brinker International, Inc.1 | 490,800 | 9,276,120 | ||||||
CBRL Group, Inc.1 | 278,026 | 6,814,417 | ||||||
CEC Entertainment, Inc.1,2 | 182,300 | 5,106,223 | ||||||
Churchill Downs, Inc.1 | 16,800 | 585,816 | ||||||
Denny’s Corp.1,2 | 913,500 | 2,594,340 | ||||||
International Speedway Corp. | 92,400 | 3,606,372 | ||||||
Jack in the Box, Inc.1,2 | 311,700 | 6,985,197 | ||||||
Krispy Kreme Doughnuts, Inc.2 | 129,600 | 646,704 | ||||||
Marcus Corp. (The) | 63,600 | 950,820 | ||||||
Papa John’s International, Inc.1,2 | 149,757 | 3,982,039 |
F1 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
Shares | Value | |||||||
Hotels, Restaurants & Leisure Continued | ||||||||
Riviera Holdings Corp.2 | 4,600 | $ | 46,690 | |||||
Speedway Motorsports, Inc.1 | 66,500 | 1,355,270 | ||||||
WMS Industries, Inc.1,2 | 332,300 | 9,892,571 | ||||||
Wyndham Worldwide Corp. | 334,200 | 5,985,522 | ||||||
75,045,285 | ||||||||
Household Durables—1.2% | ||||||||
American Greetings Corp., Cl. A1 | 694,200 | 8,566,428 | ||||||
Blyth, Inc.1 | 336,400 | 4,046,892 | ||||||
Cavco Industries, Inc.1,2 | 21,500 | 703,695 | ||||||
Centex Corp. | 12,500 | 167,125 | ||||||
Champion Enterprises, Inc.1,2 | 1,003,200 | 5,868,720 | ||||||
CSS Industries, Inc.1 | 72,392 | 1,753,334 | ||||||
Ethan Allen Interiors, Inc.1 | 96,700 | 2,378,820 | ||||||
Furniture Brands International, Inc.1 | 300,100 | 4,009,336 | ||||||
Helen of Troy Ltd.1,2 | 176,600 | 2,846,792 | ||||||
Hooker Furniture Corp.1 | 143,000 | 2,476,760 | ||||||
La-Z-Boy, Inc.1 | 214,000 | 1,637,100 | ||||||
Lennar Corp., Cl. A1 | 478,500 | 5,904,690 | ||||||
National Presto Industries, Inc.1 | 29,700 | 1,906,146 | ||||||
NVR, Inc.1,2 | 17,500 | 8,751,400 | ||||||
Ryland Group, Inc. (The) | 401,700 | 8,761,077 | ||||||
Snap-On, Inc. | 114,300 | 5,944,743 | ||||||
Universal Electronics, Inc.1,2 | 11,400 | 238,260 | ||||||
65,961,318 | ||||||||
Internet & Catalog Retail—0.8% | ||||||||
1-800-FLOWERS.com, Inc.1,2 | 377,600 | 2,435,520 | ||||||
FTD Group, Inc. | 63,100 | 841,123 | ||||||
Gaiam, Inc.1,2 | 49,800 | 672,798 | ||||||
IAC/InterActiveCorp2 | 226,900 | 4,374,632 | ||||||
Liberty Media Corp.-Interactive, Series A2 | 476,000 | 7,025,760 | ||||||
NetFlix.com, Inc.1,2 | 516,700 | 13,470,369 | ||||||
Overstock.com, Inc.1,2 | 68,870 | 1,787,177 | ||||||
PetMed Express, Inc.1,2 | 120,600 | 1,477,350 | ||||||
Priceline.com, Inc.1,2 | 104,300 | 12,042,478 | ||||||
Stamps.com, Inc.2 | 72,900 | 909,792 | ||||||
45,036,999 | ||||||||
Leisure Equipment & Products—0.8% | ||||||||
Brunswick Corp.1 | 308,900 | 3,274,340 | ||||||
Callaway Golf Co.1 | 1,007,850 | 11,922,866 | ||||||
Hasbro, Inc. | 112,700 | 4,025,644 | ||||||
JAKKS Pacific, Inc.1,2 | 303,700 | 6,635,845 | ||||||
Leapfrog Enterprises, Inc.1,2 | 214,800 | 1,787,136 | ||||||
Polaris Industries, Inc.1 | 333,500 | 13,466,730 | ||||||
Steinway Musical Instruments, Inc.1,2 | 7,210 | 190,344 | ||||||
41,302,905 | ||||||||
Media—1.2% | ||||||||
Belo Corp., Cl. A1 | 181,000 | 1,323,110 | ||||||
Cablevision Systems Corp. New York Group, Cl. A2 | 165,300 | 3,735,780 | ||||||
Charter Communications, Inc., Cl. A1,2 | 1,470,300 | 1,543,815 | ||||||
Cox Radio, Inc., Cl. A1,2 | 134,000 | 1,581,200 | ||||||
CTC Media, Inc.2 | 45,400 | 1,119,564 | ||||||
Cumulus Media, Inc., Cl. A2 | 155,200 | 611,488 | ||||||
DG Fastchannel, Inc.1,2 | 21,100 | 363,975 | ||||||
DreamWorks Animation SKG, Inc., Cl. A2 | 244,700 | 7,294,507 |
F2 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Shares | Value | |||||||
Media Continued | ||||||||
Entravision Communications Corp.2 | 820,000 | $ | 3,296,400 | |||||
Gannett Co., Inc. | 144,200 | 3,124,814 | ||||||
Getty Images, Inc.2 | 205,300 | 6,965,829 | ||||||
Global Sources Ltd.1,2 | 320,386 | 4,863,459 | ||||||
Harte-Hanks, Inc.1 | 182,700 | 2,091,915 | ||||||
Lin TV Corp., Cl. A1,2 | 92,400 | 550,704 | ||||||
Marvel Entertainment, Inc.2 | 309,600 | 9,950,544 | ||||||
McClatchy Co., Cl. A1 | 110,200 | 747,156 | ||||||
Scholastic Corp.1,2 | 321,400 | 9,211,324 | ||||||
Sinclair Broadcast Group, Inc., Cl. A1 | 615,450 | 4,677,420 | ||||||
Warner Music Group Corp.1 | 73,500 | 524,790 | ||||||
63,577,794 | ||||||||
Multiline Retail—0.9% | ||||||||
99 Cents Only Stores1,2 | 145,300 | 958,980 | ||||||
Big Lots, Inc.1,2 | 855,600 | 26,728,944 | ||||||
Dollar Tree, Inc.2 | 399,400 | 13,056,386 | ||||||
Family Dollar Stores, Inc. | 141,200 | 2,815,528 | ||||||
Fred’s, Inc.1 | 207,036 | 2,327,085 | ||||||
Macy’s, Inc. | 209,900 | 4,076,258 | ||||||
49,963,181 | ||||||||
Specialty Retail—3.6% | ||||||||
Aaron Rents, Inc.1 | 52,600 | 1,174,558 | ||||||
Aeropostale, Inc.1,2 | 739,050 | 23,154,437 | ||||||
AnnTaylor Stores Corp.1,2 | 253,900 | 6,083,444 | ||||||
Asbury Automotive Group, Inc.1 | 215,100 | 2,764,035 | ||||||
AutoNation, Inc.1,2 | 519,200 | 5,202,384 | ||||||
AutoZone, Inc.2 | 23,900 | 2,892,139 | ||||||
bebe stores, inc.1 | 326,100 | 3,133,821 | ||||||
Blockbuster, Inc., Cl. A1,2 | 298,000 | 745,000 | ||||||
Books-A-Million, Inc.1 | 19,400 | 148,604 | ||||||
Brown Shoe Co., Inc. | 418,400 | 5,669,320 | ||||||
Buckle, Inc. (The)1 | 385,975 | 17,650,637 | ||||||
Children’s Place Retail Stores, Inc.1,2 | 121,700 | 4,393,370 | ||||||
Conn’s, Inc.1,2 | 80,300 | 1,290,421 | ||||||
Dress Barn, Inc. (The)1,2 | 608,100 | 8,136,378 | ||||||
Finish Line, Inc. (The), Cl. A1 | 597,300 | 5,196,510 | ||||||
Foot Locker, Inc. | 864,800 | 10,766,760 | ||||||
Group 1 Automotive, Inc. | 120,600 | 2,396,322 | ||||||
Gymboree Corp.2 | 189,100 | 7,577,237 | ||||||
Haverty Furniture Cos., Inc.1 | 12,200 | 122,488 | ||||||
Hot Topic, Inc.1,2 | 82,800 | 447,948 | ||||||
Jo-Ann Stores, Inc.1,2 | 231,100 | 5,322,233 | ||||||
Limited Brands, Inc. | 153,000 | 2,578,050 | ||||||
Lumber Liquidators, Inc.2 | 7,500 | 97,500 | ||||||
Monro Muffler Brake, Inc.1 | 22,800 | 353,172 | ||||||
New York & Co., Inc.1,2 | 291,000 | 2,656,830 | ||||||
Office Depot, Inc.2 | 450,800 | 4,931,752 | ||||||
OfficeMax, Inc. | 478,300 | 6,648,370 | ||||||
Penske Automotive Group, Inc.1 | 624,100 | 9,199,234 | ||||||
Pier 1 Imports, Inc.1,2 | 398,400 | 1,370,496 | ||||||
RadioShack Corp. | 1,003,200 | 12,309,264 | ||||||
Rent-A-Center, Inc.2 | 538,600 | 11,079,002 | ||||||
Ross Stores, Inc. | 214,945 | 7,634,846 | ||||||
Sally Beauty Holdings, Inc.1,2 | 1,407,300 | 9,091,158 | ||||||
Sonic Automotive, Inc.1 | 14,400 | 185,616 | ||||||
Systemax, Inc. | 97,500 | 1,720,875 | ||||||
Tractor Supply Co.1,2 | 271,100 | 7,872,744 | ||||||
Urban Outfitters, Inc.1,2 | 10,700 | 333,733 | ||||||
Wet Seal, Inc., Cl. A1,2 | 317,600 | 1,514,952 | ||||||
193,845,640 |
F3 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
Shares | Value | |||||||
Textiles, Apparel & Luxury Goods—1.7% | ||||||||
Carter’s, Inc.1,2 | 260,300 | $ | 3,597,346 | |||||
Columbia Sportswear Co.1 | 49,400 | 1,815,450 | ||||||
Deckers Outdoor Corp.1,2 | 43,590 | 6,067,728 | ||||||
Fossil, Inc.1,2 | 151,400 | 4,401,198 | ||||||
Hanesbrands, Inc.2 | 188,400 | 5,113,176 | ||||||
Jones Apparel Group, Inc. | 780,500 | 10,731,875 | ||||||
Liz Claiborne, Inc. | 808,700 | 11,443,105 | ||||||
Maidenform Brands, Inc.1,2 | 81,000 | 1,093,500 | ||||||
Movado Group, Inc.1 | 27,000 | 534,600 | ||||||
Perry Ellis International, Inc.2 | 185,800 | 3,942,676 | ||||||
Polo Ralph Lauren Corp., Cl. A1 | 19,800 | 1,243,044 | ||||||
Skechers USA, Inc., Cl. A1,2 | 197,300 | 3,898,648 | ||||||
Timberland Co., Cl. A1,2 | 54,200 | 886,170 | ||||||
True Religion Apparel, Inc.2 | 143,700 | 3,829,605 | ||||||
UniFirst Corp. | 14,900 | 665,434 | ||||||
Warnaco Group, Inc. (The)1,2 | 358,000 | 15,777,060 | ||||||
Wolverine World Wide, Inc.1 | 551,900 | 14,719,173 | ||||||
89,759,788 | ||||||||
Consumer Staples—3.4% | ||||||||
Beverages—0.1% | ||||||||
Boston Beer Co., Inc., Cl. A1,2 | 45,800 | 1,863,144 | ||||||
Coca-Cola Enterprises, Inc. | 80,800 | 1,397,840 | ||||||
Pepsi Bottling Group, Inc. (The) | 63,100 | 1,761,752 | ||||||
5,022,736 | ||||||||
Food & Staples Retailing—0.8% | ||||||||
Arden Group, Inc., Cl. A | 8,788 | 1,113,791 | ||||||
BJ’s Wholesale Club, Inc.2 | 293,200 | 11,346,840 | ||||||
Casey’s General Stores, Inc. | 466,800 | 10,815,756 | ||||||
China Nepstar Chain Drugstore Ltd., ADR | 17,760 | 153,802 | ||||||
Ingles Markets, Inc., Cl. A1 | 55,400 | 1,292,482 | ||||||
Longs Drug Stores, Inc.1 | 241,200 | 10,156,932 | ||||||
Nash Finch Co.1 | 103,300 | 3,540,091 | ||||||
Spartan Stores, Inc.1 | 148,400 | 3,413,200 | ||||||
41,832,894 | ||||||||
Food Products—1.3% | ||||||||
Agria Corp., ADR2 | 50,500 | 216,140 | ||||||
Chiquita Brands International, Inc.1,2 | 646,820 | 9,812,259 | ||||||
Darling International, Inc.2 | 973,400 | 16,080,568 | ||||||
Del Monte Foods Co. | 808,800 | 5,742,480 | ||||||
Diamond Foods, Inc. | 77,300 | 1,780,992 | ||||||
Flowers Foods, Inc.1 | 427,250 | 12,108,265 | ||||||
Fresh Del Monte Produce, Inc.2 | 411,500 | 9,699,055 | ||||||
Green Mountain Coffee, Inc.1,2 | 90,770 | 3,410,229 | ||||||
J&J Snack Foods Corp.1 | 6,600 | 180,906 | ||||||
Omega Protein Corp.1,2 | 69,950 | 1,045,753 | ||||||
Reddy Ice Holdings, Inc.1 | 33,600 | 459,648 | ||||||
TreeHouse Foods, Inc.1,2 | 80,100 | 1,943,226 | ||||||
Tyson Foods, Inc., Cl. A | 415,000 | 6,200,100 | ||||||
68,679,621 |
F4 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Shares | Value | |||||||
Household Products—0.0% | ||||||||
Central Garden & Pet Co., Cl. A2 | 17,200 | $ | 70,520 | |||||
WD-40 Co.1 | 80,835 | 2,364,424 | ||||||
2,434,944 | ||||||||
Personal Products—0.9% | ||||||||
American Oriental Bioengineering, Inc.1,2 | 775,100 | 7,650,237 | ||||||
Chattem, Inc.1,2 | 201,500 | 13,107,575 | ||||||
Elizabeth Arden, Inc.1,2 | 93,300 | 1,416,294 | ||||||
Herbalife Ltd. | 119,300 | 4,622,875 | ||||||
Inter Parfums, Inc.1 | 111,450 | 1,671,750 | ||||||
NBTY, Inc.2 | 336,630 | 10,792,358 | ||||||
Nu Skin Asia Pacific, Inc., Cl. A1 | 362,256 | 5,404,860 | ||||||
Prestige Brands Holdings, Inc.1,2 | 168,900 | 1,800,474 | ||||||
46,466,423 | ||||||||
Tobacco—0.3% | ||||||||
Universal Corp.1 | 353,100 | 15,967,182 | ||||||
Vector Group Ltd.1 | 118,055 | 1,904,227 | ||||||
17,871,409 | ||||||||
Energy—9.2% | ||||||||
Energy Equipment & Services—4.3% | ||||||||
Atwood Oceanics, Inc.1,2 | 42,800 | 5,321,752 | ||||||
Basic Energy Services, Inc.1,2 | 39,700 | 1,250,550 | ||||||
BJ Services Co. | 161,000 | 5,142,340 | ||||||
Bristow Group, Inc.1,2 | 146,400 | 7,245,336 | ||||||
Complete Production Services, Inc.1,2 | 118,000 | 4,297,560 | ||||||
Dawson Geophysical Co.1,2 | 16,100 | 957,306 | ||||||
Dresser-Rand Group, Inc.2 | 45,400 | 1,775,140 | ||||||
Dril-Quip, Inc.2 | 134,700 | 8,486,100 | ||||||
ENGlobal Corp.1,2 | 29,200 | 415,808 | ||||||
ENSCO International, Inc. | 187,230 | 15,116,950 | ||||||
FMC Technologies, Inc.2 | 182,600 | 14,047,418 | ||||||
Forbes Energy Services Ltd.2,3 | 575,300 | 4,507,843 | ||||||
Grey Wolf, Inc.1,2 | 2,025,600 | 18,291,168 | ||||||
Gulf Island Fabrication, Inc.1 | 121,700 | 5,954,781 | ||||||
Gulfmark Offshore, Inc.2 | 212,300 | 12,351,614 | ||||||
Hornbeck Offshore Services, Inc.1,2 | 148,700 | 8,403,037 | ||||||
ION Geophysical Corp.1,2 | 430,300 | 7,508,735 | ||||||
Lufkin Industries, Inc. | 97,000 | 8,078,160 | ||||||
NATCO Group, Inc., Cl. A1,2 | 143,500 | 7,825,055 | ||||||
Natural Gas Services Group1,2 | 43,300 | 1,319,784 | ||||||
Newpark Resources, Inc.1,2 | 531,900 | 4,180,734 | ||||||
North American Energy Partners, Inc.2 | 71,300 | 1,545,784 | ||||||
Oil States International, Inc.1,2 | 343,200 | 21,772,608 | ||||||
Patterson-UTI Energy, Inc.1 | 347,900 | 12,538,316 | ||||||
Pioneer Drilling Co.1,2 | 342,800 | 6,448,068 | ||||||
Pride International, Inc.2 | 106,900 | 5,055,301 | ||||||
Rowan Cos., Inc.1 | 88,800 | 4,151,400 | ||||||
Seacor Holdings, Inc.2 | 143,920 | 12,882,279 | ||||||
T-3 Energy Services, Inc.2 | 80,500 | 6,397,335 | ||||||
Technicoil Corp.2 | 92,900 | 115,704 | ||||||
Technicoil Corp.2 | 870,300 | 1,083,928 | ||||||
Union Drilling, Inc.1,2 | 89,200 | 1,933,856 | ||||||
Unit Corp.2 | 131,800 | 10,935,446 | ||||||
Willbros Group, Inc.2 | 25,770 | 1,128,984 | ||||||
228,466,180 |
F5 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESMENTS Continued
Shares | Value | |||||||
Oil, Gas & Consumable Fuels—4.9% | ||||||||
Alberta Clipper Energy, Inc.2 | 20,913 | $ | 69,936 | |||||
Alpha Natural Resources, Inc.1,2 | 141,300 | 14,736,177 | ||||||
Arena Resources, Inc.2 | 28,100 | 1,484,242 | ||||||
Arlington Tankers Ltd.1 | 33,600 | 780,192 | ||||||
Berry Petroleum Co., Cl. A1 | 212,695 | 12,523,482 | ||||||
Bill Barrett Corp.1,2 | 139,300 | 8,275,813 | ||||||
Bois d’Arc Energy, Inc.2 | 295,300 | 7,178,743 | ||||||
Brigham Exploration Co.1,2 | 170,640 | 2,701,231 | ||||||
Callon Petroleum Co.1,2 | 130,300 | 3,565,008 | ||||||
Celtic Exploration Ltd.2 | 18,100 | 350,924 | ||||||
Cimarex Energy Co. | 146,300 | 10,192,721 | ||||||
Concho Resources, Inc.2 | 97,700 | 3,644,210 | ||||||
Continental Resources, Inc.1,2 | 8,400 | 582,288 | ||||||
Delphi Energy Corp.2 | 81,300 | 245,566 | ||||||
Delta Petroleum Corp.1,2 | 67,200 | 1,714,944 | ||||||
Denbury Resources, Inc.2 | 213,000 | 7,774,500 | ||||||
Energy Partners Ltd.2 | 193,400 | 2,885,528 | ||||||
Galleon Energy, Inc., Cl. A2 | 31,300 | 632,323 | ||||||
Galleon Energy, Inc., Subscription Receipts2 | 138,750 | 2,803,030 | ||||||
Gasco Energy, Inc.1,2 | 650,100 | 2,697,915 | ||||||
General Maritime Corp. | 181,800 | 4,723,164 | ||||||
GMX Resources, Inc.1,2 | 3,790 | 280,839 | ||||||
Great Plains Exploration, Inc.2 | 327,641 | 305,246 | ||||||
Jura Energy Corp.2 | 750,700 | 368,098 | ||||||
Knightsbridge Tankers Ltd.1 | 89,000 | 2,866,690 | ||||||
Mariner Energy, Inc.1,2 | 550,900 | 20,366,773 | ||||||
Massey Energy Co. | 268,400 | 25,162,500 | ||||||
Midnight Oil Exploration Ltd.2 | 539,550 | 1,090,000 | ||||||
Noble Energy, Inc. | 18,000 | 1,810,080 | ||||||
Nordic American Tanker Shipping Ltd. | 29,800 | 1,156,836 | ||||||
Overseas Shipholding Group, Inc. | 78,000 | 6,202,560 | ||||||
Paramount Resources Ltd., Cl. A2 | 28,800 | 585,772 | ||||||
Petrohawk Energy Corp.1,2 | 335,500 | 15,537,005 | ||||||
PetroQuest Energy, Inc.1,2 | 306,900 | 8,255,610 | ||||||
Rosetta Resources, Inc.2 | 394,500 | 11,243,250 | ||||||
Stone Energy Corp.2 | 282,500 | 18,619,575 | ||||||
Swift Energy Co.1,2 | 316,900 | 20,934,414 | ||||||
Teekay Tankers Ltd., Cl. A | 94,600 | 2,195,666 | ||||||
Tristar Oil & Gas Ltd.2 | 47,500 | 960,528 | ||||||
Tusk Energy Corp.2 | 536,315 | 1,530,525 | ||||||
Tusk Energy Corp.2,4 | 275,000 | 784,790 | ||||||
Tusk Energy Corp.2 | 397,100 | 1,133,236 | ||||||
VAALCO Energy, Inc.1,2 | 728,500 | 6,170,395 | ||||||
Venoco, Inc.1,2 | 43,900 | 1,018,919 | ||||||
VeraSun Energy Corp.1,2 | 359,760 | 1,485,809 | ||||||
Vero Energy, Inc.2 | 124,317 | 1,326,438 | ||||||
W&T Offshore, Inc.1 | 322,300 | 18,857,773 | ||||||
Warren Resources, Inc.1,2 | 168,600 | 2,475,048 | ||||||
Whiting Petroleum Corp.2 | 21,700 | 2,301,936 | ||||||
264,588,248 |
F6 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Shares | Value | |||||||
Financials—12.9% | ||||||||
Capital Markets—0.8% | ||||||||
GAMCO Investors, Inc., Cl. A1 | 94,962 | $ | 4,712,014 | |||||
Invesco Ltd. | 299,600 | 7,184,408 | ||||||
Knight Capital Group, Inc., Cl. A2 | 1,049,300 | 18,866,414 | ||||||
NGP Capital Resources Co.1 | 40,000 | 616,400 | ||||||
optionsXpress Holdings, Inc.1 | 244,200 | 5,455,428 | ||||||
Prospect Capital Corp.1 | 14,900 | 196,382 | ||||||
Stifel Financial Corp.2 | 36,150 | 1,243,199 | ||||||
SWS Group, Inc.1 | 97,800 | 1,624,458 | ||||||
TD Ameritrade Holding Corp.2 | 285,500 | 5,164,695 | ||||||
U.S. Global Investors, Inc., Cl. A1 | 38,250 | 640,688 | ||||||
Waddell & Reed Financial, Inc., Cl. A | 2,100 | 73,521 | ||||||
45,777,607 | ||||||||
Commercial Banks—1.9% | ||||||||
BancFirst Corp. | 17,100 | 731,880 | ||||||
Banco Latinoamericano de Exportaciones SA, Cl. E | 59,320 | 960,391 | ||||||
Chemical Financial Corp.1 | 71,300 | 1,454,520 | ||||||
City Holding Co.1 | 115,200 | 4,696,704 | ||||||
Community Bank System, Inc.1 | 265,700 | 5,478,734 | ||||||
Community Trust Bancorp, Inc. | 39,000 | 1,024,140 | ||||||
First Community Bancshares, Inc.1 | 23,900 | 673,980 | ||||||
First Financial Bancorp1 | 72,500 | 667,000 | ||||||
First Horizon National Corp.1 | 583,400 | 4,334,662 | ||||||
First Merchants Corp.1 | 82,300 | 1,493,745 | ||||||
First Security Group, Inc. | 88,480 | 493,718 | ||||||
FirstMerit Corp.1 | 117,800 | 1,921,318 | ||||||
Frontier Financial Corp.1 | 149,100 | 1,270,332 | ||||||
Harleysville National Corp.1 | 5,000 | 55,800 | ||||||
IBERIABANK Corp.1 | 10,700 | 475,829 | ||||||
Independent Bank Corp., Massachusetts1 | 23,500 | 560,240 | ||||||
International Bancshares Corp. | 113,400 | 2,423,358 | ||||||
Investors Bancorp, Inc.2 | 30,700 | 400,942 | ||||||
MainSource Financial Group, Inc.1 | 22,200 | 344,100 | ||||||
National Penn Bancshares, Inc.1 | 270,800 | 3,596,224 | ||||||
NBT Bancorp, Inc.1 | 166,500 | 3,431,565 | ||||||
Old National Bancorp1 | 437,000 | 6,231,620 | ||||||
Oriental Financial Group, Inc.1 | 178,100 | 2,539,706 | ||||||
Pacific Capital Bancorp1 | 544,000 | 7,496,320 | ||||||
Park National Corp.1 | 28,700 | 1,546,930 | ||||||
Popular, Inc.1 | 468,730 | 3,088,931 | ||||||
Porter Bancorp, Inc. | 15,800 | 237,158 | ||||||
Renasant Corp.1 | 23,600 | 347,628 | ||||||
S&T Bancorp, Inc.1 | 16,000 | 464,960 | ||||||
Signature Bank2 | 11,700 | 301,392 | ||||||
Simmons First National Corp. | 39,200 | 1,096,424 | ||||||
Southside Bancshares, Inc.1 | 43,200 | 796,608 | ||||||
Sterling Bancorp1 | 163,300 | 1,951,435 | ||||||
Susquehanna Bancshares, Inc.1 | 395,000 | 5,407,550 | ||||||
SVB Financial Group2 | 117,200 | 5,638,492 | ||||||
TCF Financial Corp.1 | 745,700 | 8,970,771 | ||||||
Tompkins Financial Corp.1 | 33,600 | 1,249,920 | ||||||
UMB Financial Corp. | 28,000 | 1,435,560 |
F7 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
Shares | Value | |||||||
Commercial Banks Continued | ||||||||
Webster Financial Corp.1 | 422,300 | $ | 7,854,780 | |||||
WesBanco, Inc.1 | 134,900 | 2,313,535 | ||||||
Westamerica Bancorp1 | 124,800 | 6,563,232 | ||||||
Wilmington Trust Corp.1 | 28,500 | 753,540 | ||||||
Wintrust Financial Corp.1 | 58,300 | 1,390,455 | ||||||
104,166,129 | ||||||||
Consumer Finance—0.6% | ||||||||
Advanta Corp., Cl. B1 | 235,700 | 1,482,553 | ||||||
AmeriCredit Corp.1,2 | 172,500 | 1,486,950 | ||||||
Cash America International, Inc.1 | 316,700 | 9,817,700 | ||||||
Discover Financial Services | 607,400 | 7,999,458 | ||||||
EZCORP, Inc., Cl. A1,2 | 334,400 | 4,263,600 | ||||||
World Acceptance Corp.1,2 | 166,500 | 5,606,055 | ||||||
30,656,316 | ||||||||
Diversified Financial Services—0.4% | ||||||||
Asset Acceptance Capital Corp.1 | 88,500 | 1,081,470 | ||||||
Encore Capital Group, Inc.2 | 6,900 | 60,927 | ||||||
Financial Federal Corp.1 | 170,500 | 3,744,180 | ||||||
Interactive Brokers Group, Inc., Cl. A1,2 | 8,700 | 279,531 | ||||||
Leucadia National Corp. | 181,600 | 8,524,304 | ||||||
MarketAxess Holdings, Inc.1,2 | 74,665 | 564,467 | ||||||
PHH Corp.1,2 | 283,500 | 4,351,725 | ||||||
Portfolio Recovery Associates, Inc.1,2 | 57,200 | 2,145,000 | ||||||
20,751,604 | ||||||||
Insurance—6.4% | ||||||||
Alleghany Corp.2 | 5,808 | 1,928,546 | ||||||
Allied World Assurance Holdings Ltd. | 197,100 | 7,809,102 | ||||||
American Equity Investment Life Holding Co.1 | 377,200 | 3,074,180 | ||||||
American Financial Group, Inc. | 192,400 | 5,146,700 | ||||||
American National Insurance Co. | 1,920 | 188,198 | ||||||
American Physicians Capital, Inc.1 | 121,550 | 5,887,882 | ||||||
Amerisafe, Inc.2 | 190,100 | 3,030,194 | ||||||
AmTrust Financial Services, Inc.1 | 422,200 | 5,319,720 | ||||||
Arch Capital Group Ltd.2 | 98,200 | 6,512,624 | ||||||
Argo Group International Holdings Ltd.2 | 44,147 | 1,481,573 | ||||||
Aspen Insurance Holdings Ltd. | 741,500 | 17,551,305 | ||||||
Assurant, Inc. | 209,200 | 13,798,832 | ||||||
Assured Guaranty Ltd. | 107,500 | 1,933,925 | ||||||
Axis Capital Holdings Ltd. | 264,800 | 7,893,688 | ||||||
Berkley (W.R.) Corp. | 308,700 | 7,458,192 | ||||||
Brown & Brown, Inc. | 189,400 | 3,293,666 | ||||||
Cincinnati Financial Corp. | 188,900 | 4,798,060 | ||||||
CNA Financial Corp.1 | 220,400 | 5,543,060 | ||||||
CNA Surety Corp.1,2 | 149,500 | 1,889,680 | ||||||
Conseco, Inc.2 | 695,300 | 6,897,376 | ||||||
Darwin Professional Underwriters, Inc.1,2 | 45,400 | 1,398,320 | ||||||
Delphi Financial Group, Inc., Cl. A1 | 272,975 | 6,316,642 | ||||||
Donegal Group, Inc., Cl. A | 6,600 | 104,742 | ||||||
eHealth, Inc.1,2 | 49,200 | 868,872 |
F8 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Shares | Value | |||||||
Insurance Continued | ||||||||
EMC Insurance Group, Inc.1 | 1,700 | $ | 40,936 | |||||
Employers Holdings, Inc.1 | 121,900 | 2,523,330 | ||||||
Endurance Specialty Holdings Ltd.1 | 302,800 | 9,323,212 | ||||||
Erie Indemnity Co., Cl. A | 17,400 | 803,010 | ||||||
FBL Financial Group, Inc., Cl. A | 169,900 | 3,377,612 | ||||||
Fidelity National Title Group, Inc., Cl. A1 | 421,200 | 5,307,120 | ||||||
First American Corp.1 | 74,000 | 1,953,600 | ||||||
FPIC Insurance Group, Inc.1,2 | 87,340 | 3,958,249 | ||||||
Genworth Financial, Inc., Cl. A | 529,200 | 9,425,052 | ||||||
Hallmark Financial Services, Inc.2 | 49,000 | 473,830 | ||||||
Hanover Insurance Group, Inc. | 92,100 | 3,914,250 | ||||||
Harleysville Group, Inc.1 | 166,700 | 5,639,461 | ||||||
HCC Insurance Holdings, Inc. | 223,600 | 4,726,904 | ||||||
Hilb, Rogal & Hamilton Co. | 22,500 | 977,850 | ||||||
Horace Mann Educators Corp. | 18,570 | 260,351 | ||||||
Infinity Property & Casualty Corp.1 | 108,700 | 4,513,224 | ||||||
IPC Holdings Ltd. | 492,200 | 13,067,910 | ||||||
Markel Corp.2 | 200 | 73,400 | ||||||
Max Capital Group Ltd.1 | 575,520 | 12,275,842 | ||||||
Montpelier Re Holdings Ltd.1 | 44,100 | 650,475 | ||||||
National Financial Partners Corp. | 160,700 | 3,185,074 | ||||||
National Interstate Corp.1 | 59,400 | 1,091,772 | ||||||
National Western Life Insurance Co., Cl. A1 | 3,350 | 731,975 | ||||||
Nationwide Financial Services, Inc., Cl. A1 | 83,000 | 3,984,830 | ||||||
Navigators Group, Inc. (The)1,2 | 124,500 | 6,729,225 | ||||||
Odyssey Re Holdings Corp.1 | 154,800 | 5,495,400 | ||||||
OneBeacon Insurance Group Ltd.1 | 47,500 | 834,575 | ||||||
Partnerre Holdings Ltd. | 100,000 | 6,913,000 | ||||||
Philadelphia Consolidated Holding Co.2 | 194,400 | 6,603,768 | ||||||
Phoenix Cos., Inc. (The)1 | 359,300 | 2,734,273 | ||||||
Platinum Underwriters Holdings Ltd. | 535,400 | 17,459,394 | ||||||
Presidential Life Corp.1 | 14,300 | 220,506 | ||||||
ProAssurance Corp.1,2 | 277,900 | 13,369,769 | ||||||
ProCentury Corp. | 73,300 | 1,161,072 | ||||||
Protective Life Corp. | 161,100 | 6,129,855 | ||||||
Reinsurance Group of America, Inc. | 44,800 | 1,949,696 | ||||||
RenaissanceRe Holdings Ltd. | 115,900 | 5,177,253 | ||||||
RLI Corp.1 | 137,020 | 6,778,379 | ||||||
Safeco Corp. | 187,000 | 12,558,920 | ||||||
Safety Insurance Group, Inc.1 | 43,100 | 1,536,515 | ||||||
Seabright Insurance Holdings, Inc.1,2 | 116,900 | 1,692,712 | ||||||
Selective Insurance Group, Inc.1 | 314,000 | 5,890,640 | ||||||
StanCorp Financial Group, Inc. | 143,400 | 6,734,064 | ||||||
State Auto Financial Corp. | 43,600 | 1,043,348 | ||||||
Torchmark Corp. | 23,100 | 1,354,815 |
F9 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
Shares | Value | |||||||
Insurance Continued | ||||||||
Transatlantic Holdings, Inc. | 40,400 | $ | 2,281,388 | |||||
United America Indemnity Ltd., Cl. A1,2 | 192,857 | 2,578,498 | ||||||
Unitrin, Inc. | 58,700 | 1,618,359 | ||||||
UnumProvident Corp. | 443,300 | 9,065,485 | ||||||
Wesco Financial Corp.1 | 800 | 305,600 | ||||||
White Mountains Insurance Group Ltd. | 4,500 | 1,930,500 | ||||||
Zenith National Insurance Corp. | 52,900 | 1,859,964 | ||||||
344,411,321 | ||||||||
Real Estate Investment Trusts—2.3% | ||||||||
Acadia Realty Trust1 | 14,600 | 337,990 | ||||||
Agree Realty Corp.1 | 54,800 | 1,208,340 | ||||||
Alexander’s, Inc.1,2 | 1,760 | 546,656 | ||||||
Alexandria Real Estate Equities, Inc.1 | 39,100 | 3,805,994 | ||||||
Arbor Realty Trust, Inc.1 | 42,300 | 379,431 | ||||||
Ashford Hospitality Trust1 | 288,300 | 1,331,946 | ||||||
Associated Estates Realty Corp.1 | 33,900 | 363,069 | ||||||
BioMed Realty Trust, Inc.1 | 8,500 | 208,505 | ||||||
Brandywine Realty Trust1 | 112,592 | 1,774,450 | ||||||
Capital Trust, Cl. A1 | 7,800 | 149,838 | ||||||
CBL & Associates Properties, Inc.1 | 113,800 | 2,599,192 | ||||||
Cedar Shopping Centers, Inc. | 58,900 | 690,308 | ||||||
Corporate Office Properties Trust1 | 48,700 | 1,671,871 | ||||||
DCT Industrial Trust, Inc. | 1,800 | 14,904 | ||||||
DiamondRock Hospitality Co. | 259,200 | 2,822,688 | ||||||
Digital Realty Trust, Inc.1 | 173,400 | 7,093,794 | ||||||
EastGroup Properties, Inc.1 | 56,700 | 2,432,430 | ||||||
Entertainment Properties Trust1 | 67,500 | 3,337,200 | ||||||
Equity Lifestyle Properties, Inc. | 48,400 | 2,129,600 | ||||||
Equity One, Inc.1 | 87,000 | 1,787,850 | ||||||
Extra Space Storage, Inc.1 | 71,800 | 1,102,848 | ||||||
FelCor Lodging Trust, Inc.1 | 273,300 | 2,869,650 | ||||||
First Industrial Realty Trust, Inc.1 | 206,000 | 5,658,820 | ||||||
Glimcher Realty Trust1 | 28,700 | 320,866 | ||||||
Gramercy Capital Corp.1 | 34,600 | 401,014 | ||||||
Hersha Hospitality Trust | 61,300 | 462,815 | ||||||
Highwoods Properties, Inc. | 134,500 | 4,225,990 | ||||||
Home Properties of New York, Inc.1 | 79,400 | 3,815,964 | ||||||
Inland Real Estate Corp.1 | 265,900 | 3,834,278 | ||||||
Kite Realty Group Trust1 | 57,200 | 715,000 | ||||||
LaSalle Hotel Properties1 | 68,600 | 1,723,918 | ||||||
Lexington Realty Trust1 | 140,400 | 1,913,652 | ||||||
LTC Properties, Inc.1 | 79,900 | 2,042,244 | ||||||
Medical Properties Trust, Inc.1 | 73,800 | 746,856 | ||||||
Mid-America Apartment Communities, Inc.1 | 61,200 | 3,123,647 | ||||||
National Health Investors, Inc.1 | 33,900 | 966,489 | ||||||
National Retail Properties, Inc.1 | 172,800 | 3,611,520 | ||||||
Nationwide Health Properties, Inc.1 | 337,900 | 10,640,471 |
F10 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Shares | Value | |||||||
Real Estate Investment Trusts Continued | ||||||||
Omega Healthcare Investors, Inc.1 | 198,500 | $ | 3,305,025 | |||||
Parkway Properties, Inc.1 | 52,900 | 1,784,317 | ||||||
Pennsylvania Real Estate Investment Trust1 | 140,100 | 3,241,914 | ||||||
PS Business Parks, Inc. | 38,900 | 2,007,240 | ||||||
Ramco-Gershenson Properties Trust | 44,500 | 914,030 | ||||||
Realty Income Corp.1 | 245,700 | 5,592,131 | ||||||
Saul Centers, Inc.1 | 25,800 | 1,212,342 | ||||||
Senior Housing Properties Trust1 | 286,100 | 5,587,533 | ||||||
Sovran Self Storage, Inc.1 | 33,800 | 1,404,728 | ||||||
Strategic Hotels & Resorts, Inc.1 | 152,500 | 1,428,925 | ||||||
Sunstone Hotel Investors, Inc. | 140,300 | 2,328,980 | ||||||
Tanger Factory Outlet Centers, Inc.1 | 139,100 | 4,997,863 | ||||||
Taubman Centers, Inc.1 | 63,800 | 3,103,870 | ||||||
Washington Real Estate Investment Trust1 | 101,200 | 3,041,060 | ||||||
122,812,056 | ||||||||
Real Estate Management & Development—0.1% | ||||||||
Jones Lang LaSalle, Inc.1 | 39,900 | 2,401,581 | ||||||
Tejon Ranch Co.1,2 | 11,100 | 400,266 | ||||||
2,801,847 | ||||||||
Thrifts & Mortgage Finance—0.4% | ||||||||
Anchor BanCorp Wisconsin, Inc.1 | 35,500 | 248,855 | ||||||
Bank Mutual Corp.1 | 150,800 | 1,514,032 | ||||||
BankFinancial Corp.1 | 3,800 | 49,438 | ||||||
Brookline Bancorp, Inc.1 | 122,500 | 1,169,875 | ||||||
Dime Community Bancshares, Inc.1 | 202,900 | 3,349,879 | ||||||
Encore Bancshares, Inc.1,2 | 52,600 | 823,190 | ||||||
Federal Agricultural Mortgage Corp., Non-Vtg.1 | 37,400 | 926,772 | ||||||
First Place Financial Corp.1 | 18,900 | 177,660 | ||||||
Flushing Financial Corp.1 | 124,100 | 2,351,695 | ||||||
Hudson City Bancorp, Inc. | 577,000 | 9,624,360 | ||||||
OceanFirst Financial Corp.1 | 10,300 | 185,915 | ||||||
Provident Financial Services, Inc.1 | 56,700 | 794,367 | ||||||
Provident New York Bancorp1 | 180,100 | 1,991,906 | ||||||
TierOne Corp. | 49,200 | 225,828 | ||||||
WSFS Financial Corp.1 | 20,700 | 923,220 | ||||||
24,356,992 | ||||||||
Health Care—6.8% | ||||||||
Biotechnology—0.7% | ||||||||
Allos Therapeutics, Inc.2 | 36,000 | 248,760 | ||||||
Alnylam Pharmaceuticals, Inc.1,2 | 207,300 | 5,541,129 | ||||||
BioMarin Pharmaceutical, Inc.1,2 | 54,000 | 1,564,920 | ||||||
Cubist Pharmaceuticals, Inc.2 | 327,700 | 5,852,722 | ||||||
Emergent Biosolutions, Inc.1,2 | 131,200 | 1,302,816 | ||||||
Enzon Pharmaceuticals, Inc.1,2 | 357,300 | 2,543,976 | ||||||
Martek Biosciences Corp.1,2 | 464,600 | 15,661,666 | ||||||
Momenta Pharmaceuticals, Inc.2 | 49,700 | 611,310 | ||||||
Myriad Genetics, Inc.1,2 | 14,500 | 660,040 | ||||||
Rigel Pharmaceuticals, Inc.1,2 | 21,600 | 489,456 |
F11 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
Shares | Value | |||||||
Biotechnology Continued | ||||||||
RXi Pharmaceuticals Corp.1,2 | 23,700 | $ | 189,600 | |||||
Savient Pharmaceuticals, Inc.1,2 | 80,400 | 2,034,120 | ||||||
United Therapeutics Corp.2 | 14,600 | 1,427,150 | ||||||
38,127,665 | ||||||||
Health Care Equipment & Supplies—1.4% | ||||||||
Abaxis, Inc.1,2 | 75,600 | 1,824,228 | ||||||
American Medical Systems Holdings, Inc.1,2 | 64,200 | 959,790 | ||||||
Analogic Corp. | 197,000 | 12,424,790 | ||||||
ConMed Corp.1,2 | 223,800 | 5,941,890 | ||||||
CryoLife, Inc.1,2 | 145,100 | 1,659,944 | ||||||
Cyberonics, Inc.2 | 65,200 | 1,414,840 | ||||||
Datascope Corp.1 | 84,711 | 3,981,417 | ||||||
Edwards Lifesciences Corp.1,2 | 66,300 | 4,113,252 | ||||||
Exactech, Inc.2 | 21,700 | 557,907 | ||||||
Hill-Rom Holdings, Inc.1 | 248,900 | 6,715,322 | ||||||
IRIS International, Inc.1,2 | 22,800 | 356,820 | ||||||
Kensey Nash Corp.2 | 95,500 | 3,060,775 | ||||||
Meridian Bioscience, Inc.1 | 126,726 | 3,411,464 | ||||||
Merit Medical Systems, Inc.2 | 157,200 | 2,310,840 | ||||||
Natus Medical, Inc.1,2 | 25,500 | 533,970 | ||||||
Neogen Corp.2 | 13,000 | 297,570 | ||||||
NuVasive, Inc.1,2 | 14,500 | 647,570 | ||||||
Quidel Corp.1,2 | 220,200 | 3,637,704 | ||||||
Sirona Dental Systems, Inc.1,2 | 70,400 | 1,824,768 | ||||||
Somanetics Corp.1,2 | 28,000 | 593,600 | ||||||
SonoSite, Inc.1,2 | 37,300 | 1,044,773 | ||||||
Steris Corp.1 | 435,100 | 12,513,476 | ||||||
Vital Signs, Inc.1 | 8,550 | 485,469 | ||||||
VNUS Medical Technologies, Inc.1,2 | 19,900 | 398,199 | ||||||
Zoll Medical Corp.2 | 163,800 | 5,515,146 | ||||||
76,225,524 | ||||||||
Health Care Providers & Services—2.6% | ||||||||
Air Methods Corp.1,2 | 2,699 | 67,475 | ||||||
Alliance Imaging, Inc.2 | 219,600 | 1,903,932 | ||||||
Amedisys, Inc.1,2 | 118,400 | 5,969,728 | ||||||
AMERIGROUP Corp.1,2 | 326,900 | 6,799,520 | ||||||
AMN Healthcare Services, Inc.1,2 | 84,400 | 1,428,048 | ||||||
AmSurg Corp.1,2 | 70,700 | 1,721,545 | ||||||
Apria Healthcare Group, Inc.1,2 | 284,300 | 5,512,577 | ||||||
Centene Corp.1,2 | 514,860 | 8,644,499 | ||||||
Chemed Corp.1 | 96,800 | 3,543,848 | ||||||
Chindex International, Inc.2 | 69,100 | 1,013,697 | ||||||
CorVel Corp.2 | 34,130 | 1,155,983 | ||||||
Cross Country Healthcare, Inc.1,2 | 38,000 | 547,580 | ||||||
Emergency Medical Services LP, Cl. A1,2 | 60,200 | 1,362,326 | ||||||
Gentiva Health Services, Inc.1,2 | 24,388 | 464,591 | ||||||
Hanger Orthopedic Group, Inc.1,2 | 149,200 | 2,460,308 | ||||||
Health Net, Inc.2 | 165,950 | 3,992,757 | ||||||
HealthExtras, Inc.1,2 | 33,200 | 1,000,648 | ||||||
Healthspring, Inc.1,2 | 752,500 | 12,702,200 | ||||||
HMS Holdings Corp.1,2 | 9,100 | 195,377 | ||||||
Kindred Healthcare, Inc.1,2 | 146,700 | 4,219,092 | ||||||
Landauer, Inc.1 | 69,800 | 3,925,552 | ||||||
LifePoint Hospitals, Inc.1,2 | 503,600 | 14,251,880 | ||||||
Lincare Holdings, Inc.2 | 575,200 | 16,335,680 | ||||||
Magellan Health Services, Inc.2 | 26,100 | 966,483 |
F12 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Shares | Value | |||||||
Health Care Providers & Services Continued | ||||||||
Molina Healthcare, Inc.1,2 | 212,900 | $ | 5,181,986 | |||||
Odyssey Healthcare, Inc.1,2 | 44,400 | 432,456 | ||||||
Owens & Minor, Inc.1 | 418,400 | 19,116,696 | ||||||
PharMerica Corp.1,2 | 143,900 | 3,250,701 | ||||||
Providence Service Corp.1,2 | 40,200 | 848,622 | ||||||
Psychiatric Solutions, Inc.1,2 | 18,000 | 681,120 | ||||||
RehabCare Group, Inc.1,2 | 161,400 | 2,587,242 | ||||||
Res-Care, Inc.1,2 | 94,000 | 1,671,320 | ||||||
Sun Healthcare Group, Inc.1,2 | 77,200 | 1,033,708 | ||||||
Universal American Corp.1,2 | 118,600 | 1,212,092 | ||||||
WellCare Health Plans, Inc.2 | 44,420 | 1,605,783 | ||||||
137,807,052 | ||||||||
Health Care Technology—0.1% | ||||||||
Eclipsys Corp.1,2 | 46,897 | 861,029 | ||||||
HLTH Corp.2 | 153,000 | 1,731,960 | ||||||
Phase Forward, Inc.1,2 | 164,200 | 2,950,674 | ||||||
Trizetto Group, Inc.2 | 38,600 | 825,268 | ||||||
6,368,931 | ||||||||
Life Sciences Tools & Services—1.0% | ||||||||
Albany Molecular Research, Inc.1,2 | 151,200 | 2,006,424 | ||||||
Dionex Corp.1,2 | 103,030 | 6,838,101 | ||||||
Enzo Biochem, Inc.2 | 25,600 | 287,232 | ||||||
eResearch Technology, Inc.1,2 | 390,200 | 6,805,088 | ||||||
Illumina, Inc.1,2 | 46,700 | 4,068,037 | ||||||
Invitrogen Corp.2 | 77,500 | 3,042,650 | ||||||
Luminex Corp.1,2 | 241,200 | 4,956,660 | ||||||
Parexel International Corp.1,2 | 346,900 | 9,126,939 | ||||||
PerkinElmer, Inc. | 74,100 | 2,063,685 | ||||||
Pharmaceutical Product Development, Inc. | 52,900 | 2,269,410 | ||||||
Varian, Inc.2 | 240,100 | 12,259,506 | ||||||
53,723,732 | ||||||||
Pharmaceuticals—1.0% | ||||||||
Adolor Corp.1,2 | 262,400 | 1,437,952 | ||||||
Alpharma, Inc., Cl. A1,2 | 251,700 | 5,670,801 | ||||||
Auxilium Pharmaceuticals, Inc.1,2 | 68,300 | 2,296,246 | ||||||
Bentley Pharmaceuticals, Inc.1,2 | 19,500 | 314,925 | ||||||
Durect Corp.2 | 53,700 | 197,079 | ||||||
Endo Pharmaceuticals Holdings, Inc.2 | 281,900 | 6,819,161 | ||||||
Forest Laboratories, Inc.2 | 85,980 | 2,986,945 | ||||||
King Pharmaceuticals, Inc.2 | 1,260,000 | 13,192,200 | ||||||
MiddleBrook Pharmaceuticals, Inc.1,2 | 123,400 | 417,092 | ||||||
Pain Therapeutics, Inc.1,2 | 91,400 | 722,060 | ||||||
Par Pharmaceutical Cos., Inc.1,2 | 82,100 | 1,332,483 | ||||||
Pozen, Inc.1,2 | 55,600 | 604,928 | ||||||
Sepracor, Inc.2 | 83,500 | 1,663,320 | ||||||
Valeant Pharmaceuticals International, Inc.1,2 | 227,906 | 3,899,472 | ||||||
Vivus, Inc.1,2 | 50,100 | 334,668 | ||||||
Warner Chilcott Ltd., Cl. A1,2 | 143,900 | 2,439,105 | ||||||
Watson Pharmaceuticals, Inc.2 | 228,400 | 6,205,628 | ||||||
Xenoport, Inc.1,2 | 80,800 | 3,153,624 | ||||||
53,687,689 |
F13 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
Shares | Value | |||||||
Industrials—20.8% | ||||||||
Aerospace & Defense—1.7% | ||||||||
Aeroviroment, Inc.1,2 | 34,900 | $ | 948,582 | |||||
Argon ST, Inc.1,2 | 39,500 | 979,600 | ||||||
Astronics Corp., Cl. B1,2 | 7,700 | 116,270 | ||||||
BE Aerospace, Inc.2 | 150,700 | 3,509,803 | ||||||
Ceradyne, Inc.1,2 | 151,650 | 5,201,595 | ||||||
Cubic Corp.1 | 268,700 | 5,986,636 | ||||||
Curtiss-Wright Corp.1 | 66,300 | 2,966,262 | ||||||
DRS Technologies, Inc. | 288,870 | 22,739,846 | ||||||
Ducommun, Inc.1,2 | 79,400 | 1,823,024 | ||||||
DynCorp International, Inc., Cl. A2 | 380,800 | 5,769,120 | ||||||
Esterline Technologies Corp.2 | 296,300 | 14,595,738 | ||||||
HEICO Corp.1 | 105,800 | 3,442,732 | ||||||
Stanley, Inc.1,2 | 124,800 | 4,183,296 | ||||||
Teledyne Technologies, Inc.2 | 162,500 | 7,928,375 | ||||||
TransDigm Group, Inc.1,2 | 71,500 | 2,401,685 | ||||||
Triumph Group, Inc.1 | 244,500 | 11,515,950 | ||||||
94,108,514 | ||||||||
Air Freight & Logistics—0.5% | ||||||||
Air Transport Services Group, Inc.2 | 76,664 | 76,664 | ||||||
Atlas Air Worldwide Holdings, Inc.1,2 | 163,613 | 8,092,299 | ||||||
Hub Group, Inc., Cl. A2 | 292,590 | 9,986,097 | ||||||
Pacer International, Inc. | 359,200 | 7,726,392 | ||||||
25,881,452 | ||||||||
Airlines—0.2% | ||||||||
Allegiant Travel Co.1,2 | 6,200 | 115,258 | ||||||
Hawaiian Holdings, Inc.1,2 | 505,500 | 3,513,225 | ||||||
Republic Airways Holdings, Inc.1,2 | 253,300 | 2,193,578 | ||||||
SkyWest, Inc. | 421,270 | 5,329,066 | ||||||
11,151,127 | ||||||||
Building Products—0.7% | ||||||||
Aaon, Inc. | 63,350 | 1,220,121 | ||||||
American Woodmark Corp.1 | 17,400 | 367,662 | ||||||
Ameron International Corp.1 | 60,600 | 7,270,788 | ||||||
Apogee Enterprises, Inc.1 | 166,800 | 2,695,488 | ||||||
Gibraltar Industries, Inc. | 36,400 | 581,308 | ||||||
Insteel Industries, Inc.1 | 97,300 | 1,781,563 | ||||||
Lennox International, Inc. | 404,500 | 11,714,320 | ||||||
NCI Building Systems, Inc.1,2 | 201,300 | 7,393,749 | ||||||
Quanex Building Products Corp.1 | 359,573 | 5,343,255 | ||||||
Universal Forest Products, Inc.1 | 24,200 | 725,032 | ||||||
39,093,286 | ||||||||
Commercial Services & Supplies—5.2% | ||||||||
ABM Industries, Inc.1 | 144,100 | 3,206,225 | ||||||
Administaff, Inc.1 | 303,300 | 8,459,037 | ||||||
Advisory Board Co. (The)2 | 8,600 | 338,238 | ||||||
American Ecology Corp.1 | 169,500 | 5,005,335 | ||||||
American Reprographics Co.1,2 | 66,100 | 1,100,565 | ||||||
AMREP Corp. | 7,000 | 333,130 | ||||||
Bowne & Co., Inc.1 | 248,900 | 3,173,475 | ||||||
Brink’s Co. (The) | 85,900 | 5,619,578 | ||||||
CBIZ, Inc.1,2 | 460,100 | 3,657,795 | ||||||
CDI Corp.1 | 141,300 | 3,594,672 | ||||||
ChoicePoint, Inc.2 | 258,200 | 12,445,240 | ||||||
Clean Harbors, Inc.1,2 | 182,000 | 12,932,920 | ||||||
Comfort Systems USA, Inc.1 | 484,500 | 6,511,680 | ||||||
COMSYS IT Partners, Inc.2 | 58,900 | 537,168 | ||||||
Consolidated Graphics, Inc.2 | 127,300 | 6,272,071 |
F14 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Shares | Value | |||||||
Commercial Services & Supplies Continued | ||||||||
Copart, Inc.1,2 | 10,600 | $ | 453,892 | |||||
Cornell Corrections, Inc.1,2 | 144,100 | 3,474,251 | ||||||
CRA International, Inc.1,2 | 33,300 | 1,203,795 | ||||||
Deluxe Corp. | 624,500 | 11,128,590 | ||||||
Ennis, Inc.1 | 123,900 | 1,939,035 | ||||||
Exponent, Inc.1,2 | 190,100 | 5,971,041 | ||||||
First Advantage Corp., Cl. A1,2 | 34,700 | 549,995 | ||||||
FTI Consulting, Inc.2 | 17,593 | 1,204,417 | ||||||
G&K Services, Inc., Cl. A | 53,300 | 1,623,518 | ||||||
GeoEye, Inc.1,2 | 3,400 | 60,214 | ||||||
Hill International, Inc.1,2 | 165,800 | 2,725,752 | ||||||
HNI Corp.1 | 96,100 | 1,697,126 | ||||||
Hudson Highland Group, Inc.2 | 147,300 | 1,542,231 | ||||||
ICF International, Inc.1,2 | 136,200 | 2,263,644 | ||||||
Ikon Office Solutions, Inc. | 517,553 | 5,837,998 | ||||||
Interface, Inc., Cl. A1 | 558,100 | 6,992,993 | ||||||
Kelly Services, Inc., Cl. A1 | 115,301 | 2,228,768 | ||||||
Kimball International, Inc., Cl. B1 | 120,330 | 996,332 | ||||||
Knoll, Inc.1 | 331,100 | 4,022,865 | ||||||
Korn-Ferry International1,2 | 488,100 | 7,677,813 | ||||||
Manpower, Inc. | 124,380 | 7,243,891 | ||||||
McGrath Rentcorp1 | 33,300 | 818,847 | ||||||
Metalico, Inc.1,2 | 232,000 | 4,064,640 | ||||||
Miller (Herman), Inc.1 | 663,260 | 16,508,541 | ||||||
Mine Safety Appliances Co.1 | 181,500 | 7,258,185 | ||||||
MPS Group, Inc.1,2 | 936,400 | 9,953,932 | ||||||
Navigant Consulting, Inc.1,2 | 323,300 | 6,323,748 | ||||||
R.R. Donnelley & Sons Co. | 273,500 | 8,120,215 | ||||||
Resources Connection, Inc.1 | 225,000 | 4,578,750 | ||||||
Robert Half International, Inc. | 321,500 | 7,706,355 | ||||||
Rollins, Inc. | 363,850 | 5,392,257 | ||||||
Schawk, Inc.1 | 59,500 | 713,405 | ||||||
School Specialty, Inc.1,2 | 109,500 | 3,255,435 | ||||||
Spherion Corp.2 | 234,100 | 1,081,542 | ||||||
Standard Parking Corp.1,2 | 28,700 | 522,340 | ||||||
Standard Register Co. (The)1 | 81,700 | 770,431 | ||||||
Steelcase, Inc., Cl. A | 676,000 | 6,780,280 | ||||||
Sykes Enterprises, Inc.1,2 | 309,400 | 5,835,284 | ||||||
Team, Inc.1,2 | 103,300 | 3,545,256 | ||||||
TeleTech Holdings, Inc.1,2 | 323,107 | 6,449,216 | ||||||
Tetra Tech, Inc.1,2 | 46,367 | 1,048,822 | ||||||
TrueBlue, Inc.2 | 533,700 | 7,050,177 | ||||||
United Stationers, Inc.1,2 | 260,427 | 9,622,778 | ||||||
Viad Corp.1 | 289,200 | 7,458,468 | ||||||
Volt Information Sciences, Inc.1,2 | 5,300 | 63,123 | ||||||
Waste Connections, Inc.1,2 | 122,635 | 3,915,736 | ||||||
Watson Wyatt & Co. Holdings | 138,800 | 7,341,132 | ||||||
280,204,185 | ||||||||
Construction & Engineering—1.2% | ||||||||
Aecom Technology Corp.2 | 200,700 | 6,528,771 | ||||||
Baker (Michael) Corp.2 | 57,600 | 1,260,288 | ||||||
Dycom Industries, Inc.1,2 | 174,500 | 2,533,740 | ||||||
EMCOR Group, Inc.1,2 | 581,500 | 16,590,195 |
F15 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
Shares | Value | |||||||
Construction & Engineering Continued | ||||||||
Furmanite Corp.1,2 | 24,800 | $ | 197,904 | |||||
Granite Construction, Inc.1 | 136,500 | 4,303,845 | ||||||
Insituform Technologies, Inc., Cl. A1,2 | 129,900 | 1,978,377 | ||||||
Integrated Electrical Services, Inc.1,2 | 66,900 | 1,150,680 | ||||||
KBR, Inc. | 232,100 | 8,102,611 | ||||||
Layne Christensen Co.1,2 | 98,730 | 4,323,387 | ||||||
MasTec, Inc.1,2 | 296,400 | 3,159,624 | ||||||
Northwest Pipe Co.1,2 | 62,000 | 3,459,600 | ||||||
Perini Corp.2 | 221,200 | 7,310,660 | ||||||
Pike Electric Corp.1,2 | 76,100 | 1,264,021 | ||||||
62,163,703 | ||||||||
Electrical Equipment—2.6% | ||||||||
Acuity Brands, Inc.1 | 395,300 | 19,006,024 | ||||||
AZZ, Inc.1,2 | 104,600 | 4,173,540 | ||||||
Belden, Inc.1 | 400,720 | 13,576,394 | ||||||
Brady Corp., Cl. A1 | 160,000 | 5,524,800 | ||||||
Day4 Energy, Inc.2 | 522,900 | 2,158,879 | ||||||
Encore Wire Corp.1 | 160,200 | 3,394,638 | ||||||
GrafTech International Ltd.2 | 898,900 | 24,117,487 | ||||||
II-VI, Inc.1,2 | 94,500 | 3,299,940 | ||||||
LSI Industries, Inc.1 | 68,300 | 554,596 | ||||||
Powell Industries, Inc.2 | 99,300 | 5,005,713 | ||||||
Regal-Beloit Corp.1 | 308,560 | 13,036,660 | ||||||
Smith (A.O.) Corp.1 | 198,330 | 6,511,174 | ||||||
Superior Essex, Inc.2 | 109,800 | 4,900,374 | ||||||
Thomas & Betts Corp.2 | 262,400 | 9,931,840 | ||||||
Valence Technology, Inc.1,2 | 218,100 | 966,183 | ||||||
Vicor Corp.1 | 76,563 | 764,099 | ||||||
Woodward Governor Co. | 599,802 | 21,388,939 | ||||||
138,311,280 | ||||||||
Industrial Conglomerates—0.2% | ||||||||
Otter Tail Corp.1 | 32,900 | 1,277,507 | ||||||
Raven Industries, Inc.1 | 68,700 | 2,251,986 | ||||||
Walter Industries, Inc. | 86,100 | 9,365,097 | ||||||
12,894,590 | ||||||||
Machinery—5.5% | ||||||||
Actuant Corp., Cl. A1 | 493,900 | 15,483,765 | ||||||
Altra Holdings, Inc.1,2 | 98,800 | 1,660,828 | ||||||
Ampco-Pittsburgh Corp.1 | 113,500 | 5,048,480 | ||||||
Astec Industries, Inc.1,2 | 229,850 | 7,387,379 | ||||||
Axsys Technologies, Inc.2 | 87,500 | 4,553,500 | ||||||
Badger Meter, Inc.1 | 155,600 | 7,862,468 | ||||||
Barnes Group, Inc.1 | 523,600 | 12,089,924 | ||||||
Blount International, Inc.1,2 | 353,100 | 4,099,491 | ||||||
Cascade Corp.1 | 34,700 | 1,468,504 | ||||||
Chart Industries, Inc.2 | 259,888 | 12,640,952 | ||||||
CIRCOR International, Inc.1 | 163,300 | 8,000,067 | ||||||
Colfax Corp.2 | 126,610 | 3,176,645 | ||||||
Columbus McKinnon Corp.1,2 | 201,900 | 4,861,752 | ||||||
Commercial Vehicle Group, Inc.1,2 | 22,400 | 209,440 | ||||||
Crane Co. | 95,500 | 3,679,615 | ||||||
Cummins, Inc. | 180,900 | 11,852,568 | ||||||
Dover Corp. | 32,200 | 1,557,514 | ||||||
EnPro Industries, Inc.1,2 | 247,280 | 9,233,435 | ||||||
ESCO Technologies, Inc.1,2 | 47,100 | 2,209,932 | ||||||
Federal Signal Corp.1 | 173,900 | 2,086,800 | ||||||
Gardner Denver, Inc.2 | 416,660 | 23,666,288 | ||||||
Gorman-Rupp Co. (The)1 | 137,513 | 5,478,518 | ||||||
Hurco Cos., Inc.1,2 | 39,600 | 1,223,244 | ||||||
IDEX Corp. | 176,900 | 6,516,996 | ||||||
Ingersoll-Rand Co. Ltd., Cl. A | 296,400 | 11,094,252 |
F16 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Shares | Value | |||||||
Machinery Continued | ||||||||
Joy Global, Inc. | 14,600 | $ | 1,107,118 | |||||
Kadant, Inc.1,2 | 172,800 | 3,905,280 | ||||||
Kaydon Corp.1 | 41,600 | 2,138,656 | ||||||
L.B. Foster Co., Cl. A1,2 | 32,679 | 1,084,943 | ||||||
Lincoln Electric Holdings, Inc. | 58,300 | 4,588,210 | ||||||
Lindsay Manufacturing Co.1 | 42,000 | 3,568,740 | ||||||
Lydall, Inc.2 | 26,900 | 337,595 | ||||||
McCoy Corp.3 | 315,600 | 1,432,998 | ||||||
Mueller Industries, Inc.1 | 429,600 | 13,833,120 | ||||||
Navistar International Corp.2 | 29,900 | 1,968,018 | ||||||
Nordson Corp.1 | 163,300 | 11,902,937 | ||||||
Oshkosh Corp.1 | 70,800 | 1,464,852 | ||||||
Pentair, Inc. | 128,600 | 4,503,572 | ||||||
RBC Bearings, Inc.1,2 | 70,000 | 2,332,400 | ||||||
Robbins & Myers, Inc.1 | 337,280 | 16,820,154 | ||||||
Sun Hydraulics Corp.1 | 139,100 | 4,488,757 | ||||||
Tecumseh Products Co., Cl. A1,2 | 207,400 | 6,798,572 | ||||||
Tennant Co.1 | 88,308 | 2,655,422 | ||||||
Timken Co. | 161,600 | 5,323,104 | ||||||
Titan International, Inc.1 | 91,000 | 3,241,420 | ||||||
Toro Co. (The)1 | 345,060 | 11,480,146 | ||||||
Twin Disc, Inc.1 | 3,500 | 73,255 | ||||||
Wabtec Corp. | 353,800 | 17,201,756 | ||||||
Watts Water Technologies, Inc., Cl. A1 | 141,200 | 3,515,880 | ||||||
292,909,262 | ||||||||
Marine—0.5% | ||||||||
Alexander & Baldwin, Inc. | 166,400 | 7,579,520 | ||||||
American Commercial Lines, Inc.1,2 | 212,300 | 2,320,439 | ||||||
Excel Maritime Carriers Ltd.1 | 180,900 | 7,100,325 | ||||||
Kirby Corp.2 | 14,500 | 696,000 | ||||||
Safe Bulkers, Inc.2 | 323,300 | 6,090,972 | ||||||
Star Bulk Carriers Corp.1 | 290,300 | 3,422,637 | ||||||
27,209,893 | ||||||||
Road & Rail—1.1% | ||||||||
Amerco2 | 8,200 | 390,976 | ||||||
Arkansas Best Corp.1 | 331,700 | 12,153,488 | ||||||
Avis Budget Group, Inc.2 | 602,900 | 5,046,273 | ||||||
Celadon Group, Inc.1,2 | 7,100 | 70,929 | ||||||
Genesee & Wyoming, Inc., Cl. A1,2 | 138,500 | 4,711,770 | ||||||
Heartland Express, Inc. | 131,300 | 1,957,683 | ||||||
Hertz Global Holdings, Inc.2 | 409,600 | 3,932,160 | ||||||
Marten Transport Ltd.2 | 51,300 | 819,261 | ||||||
Old Dominion Freight Line, Inc.2 | 93,200 | 2,797,864 | ||||||
Ryder Systems, Inc. | 137,300 | 9,457,224 | ||||||
Werner Enterprises, Inc.1 | 496,200 | 9,219,396 | ||||||
YRC Worldwide, Inc.1,2 | 524,100 | 7,793,367 | ||||||
58,350,391 | ||||||||
Trading Companies & Distributors—1.3% | ||||||||
Applied Industrial Technologies, Inc.1 | 512,000 | 12,375,040 | ||||||
Beacon Roofing Supply, Inc.1,2 | 50,100 | 531,561 | ||||||
GATX Corp. | 312,400 | 13,848,692 | ||||||
Houston Wire & Cable Co.1 | 129,400 | 2,575,060 | ||||||
Kaman Corp. | 9,900 | 225,324 | ||||||
MSC Industrial Direct Co., Inc., Cl. A | 31,200 | 1,376,232 | ||||||
Rush Enterprises, Inc., Cl. A1,2 | 134,900 | 1,620,149 |
F17 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
Shares | Value | |||||||
Trading Companies & Distributors Continued | ||||||||
Textainer Group Holdings Ltd.1 | 20,900 | $ | 408,177 | |||||
United Rentals, Inc.2 | 779,400 | 15,284,034 | ||||||
Watsco, Inc.1 | 72,600 | 3,034,680 | ||||||
WESCO International, Inc.2 | 440,700 | 17,645,628 | ||||||
68,924,577 | ||||||||
Transportation Infrastructure—0.1% | ||||||||
CAI International, Inc.2 | 179,400 | 3,121,560 | ||||||
Information Technology—21.5% | ||||||||
Communications Equipment—2.5% | ||||||||
Acme Packet, Inc.2 | 74,800 | 580,448 | ||||||
ADTRAN, Inc.1 | 382,200 | 9,111,648 | ||||||
Avocent Corp.2 | 356,020 | 6,621,972 | ||||||
Bel Fuse, Inc., Cl. A1 | 36,200 | 1,013,600 | ||||||
Black Box Corp.1 | 60,970 | 1,657,774 | ||||||
Brocade Communications Systems, Inc.2 | 1,445,400 | 11,910,096 | ||||||
Comtech Telecommunications Corp.2 | 302,400 | 14,817,600 | ||||||
EchoStar Holding Corp.1,2 | 94,800 | 2,959,656 | ||||||
EMS Technologies, Inc.2 | 144,500 | 3,155,880 | ||||||
Emulex Corp.2 | 897,700 | 10,458,205 | ||||||
Extreme Networks, Inc.1,2 | 759,400 | 2,156,696 | ||||||
Foundry Networks, Inc.1,2 | 680,900 | 8,048,238 | ||||||
Harmonic, Inc.1,2 | 82,800 | 787,428 | ||||||
Harris Corp. | 124,200 | 6,270,858 | ||||||
Ixia1,2 | 232,319 | 1,614,617 | ||||||
JDS Uniphase Corp.2 | 295,500 | 3,356,880 | ||||||
ParkerVision, Inc.1,2 | 22,100 | 219,453 | ||||||
Performance Technologies, Inc.2 | 20,200 | 102,212 | ||||||
Plantronics, Inc.1 | 685,400 | 15,298,128 | ||||||
Polycom, Inc.2 | 318,700 | 7,763,532 | ||||||
Powerwave Technologies, Inc.1,2 | 443,100 | 1,883,175 | ||||||
SeaChange International, Inc.1,2 | 74,000 | 529,840 | ||||||
ShoreTel, Inc.1,2 | 84,300 | 372,606 | ||||||
Sycamore Networks, Inc.2 | 125,100 | 402,822 | ||||||
Tekelec, Inc.1,2 | 609,600 | 8,967,216 | ||||||
Tellabs, Inc.2 | 1,564,500 | 7,274,925 | ||||||
UTStarcom, Inc.1,2 | 441,400 | 2,414,458 | ||||||
ViaSat, Inc.1,2 | 128,200 | 2,590,922 | ||||||
132,340,885 | ||||||||
Computers & Peripherals—1.7% | ||||||||
3PAR, Inc.1,2 | 70,000 | 548,800 | ||||||
Adaptec, Inc.1,2 | 120,500 | 385,600 | ||||||
Electronics for Imaging, Inc.1,2 | 211,200 | 3,083,520 | ||||||
Hypercom Corp.1,2 | 11,700 | 51,480 | ||||||
Imation Corp.1 | 184,400 | 4,226,448 | ||||||
Lexmark International, Inc., Cl. A2 | 273,700 | 9,149,791 | ||||||
NCR Corp.2 | 426,100 | 10,737,720 | ||||||
Netezza Corp.2 | 125,575 | 1,441,601 | ||||||
QLogic Corp.2 | 992,300 | 14,477,657 | ||||||
SanDisk Corp.2 | 57,500 | 1,075,250 | ||||||
Seagate Technology | 563,900 | 10,787,407 | ||||||
STEC, Inc.1,2 | 412,700 | 4,238,429 | ||||||
Stratasys, Inc.2 | 45,300 | 836,238 | ||||||
Synaptics, Inc.1,2 | 327,400 | 12,352,802 | ||||||
Western Digital Corp.2 | 492,800 | 17,016,384 | ||||||
Xyratex Ltd.2 | 87,300 | 1,453,545 | ||||||
91,862,672 | ||||||||
Electronic Equipment & Instruments—3.6% | ||||||||
Acacia Research Corp.1,2 | 100,400 | 449,792 | ||||||
Amphenol Corp., Cl. A | 153,000 | 6,866,640 |
F18 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Shares | Value | |||||||
Electronic Equipment & Instruments Continued | ||||||||
Arrow Electronics, Inc.2 | 302,300 | $ | 9,286,656 | |||||
Avnet, Inc.2 | 252,100 | 6,877,288 | ||||||
AVX Corp.1 | 193,393 | 2,187,275 | ||||||
Benchmark Electronics, Inc.2 | 606,840 | 9,915,766 | ||||||
Checkpoint Systems, Inc.1,2 | 301,600 | 6,297,408 | ||||||
Cogent, Inc.1,2 | 119,100 | 1,354,167 | ||||||
Cognex Corp.1 | 324,300 | 7,475,115 | ||||||
Coherent, Inc.1,2 | 58,000 | 1,733,620 | ||||||
CPI International, Inc.1,2 | 500 | 6,150 | ||||||
CTS Corp.1 | 311,400 | 3,129,570 | ||||||
DTS, Inc.1,2 | 126,000 | 3,946,320 | ||||||
Electro Scientific Industries, Inc.2 | 117,800 | 1,669,226 | ||||||
Excel Technology, Inc.2 | 21,500 | 479,880 | ||||||
FARO Technologies, Inc.2 | 12,900 | 324,693 | ||||||
FLIR Systems, Inc.1,2 | 154,800 | 6,280,236 | ||||||
Gerber Scientific, Inc.1,2 | 6,700 | 76,246 | ||||||
Ingram Micro, Inc., Cl. A2 | 87,100 | 1,546,025 | ||||||
Insight Enterprises, Inc.1,2 | 240,700 | 2,823,411 | ||||||
IPG Photonics Corp.1,2 | 90,100 | 1,694,781 | ||||||
Littlefuse, Inc.1,2 | 117,837 | 3,717,757 | ||||||
Measurement Specialties, Inc.1,2 | 6,800 | 119,612 | ||||||
Methode Electronics, Inc. | 218,390 | 2,282,176 | ||||||
Molex, Inc.1 | 257,200 | 6,278,252 | ||||||
MTS Systems Corp.1 | 87,900 | 3,153,852 | ||||||
Multi-Fineline Electronix, Inc.1,2 | 211,297 | 5,846,588 | ||||||
NAM TAI Electronics, Inc.1 | 94,200 | 1,232,136 | ||||||
National Instruments Corp. | 299,100 | 8,485,467 | ||||||
Newport Corp.2 | 41,000 | 466,990 | ||||||
OSI Systems, Inc.2 | 67,000 | 1,435,140 | ||||||
Park Electrochemical Corp. | 106,000 | 2,576,860 | ||||||
PC Connection, Inc.2 | 44,083 | 410,413 | ||||||
Plexus Corp.1,2 | 563,300 | 15,592,144 | ||||||
Rofin-Sinar Technologies, Inc.1,2 | 460,100 | 13,895,020 | ||||||
Rogers Corp.2 | 106,200 | 3,992,058 | ||||||
Sanmina-SCI Corp.2 | 1,006,500 | 1,288,320 | ||||||
ScanSource, Inc.1,2 | 88,800 | 2,376,288 | ||||||
SYNNEX Corp.2 | 257,400 | 6,458,166 | ||||||
Tech Data Corp.2 | 358,900 | 12,163,121 | ||||||
Technitrol, Inc.1 | 340,920 | 5,792,231 | ||||||
Trimble Navigation Ltd.1,2 | 193,300 | 6,900,810 | ||||||
TTM Technologies, Inc.1,2 | 495,000 | 6,538,950 | ||||||
Vishay Intertechnology, Inc.2 | 898,100 | 7,966,147 | ||||||
193,388,763 | ||||||||
Internet Software & Services—1.5% | ||||||||
AsiaInfo Holdings, Inc.1,2 | 380,000 | 4,491,600 | ||||||
Bankrate, Inc.1,2 | 56,900 | 2,223,083 | ||||||
CMGI, Inc.1,2 | 207,344 | 2,197,846 | ||||||
Digital River, Inc.1,2 | 82,800 | 3,194,424 | ||||||
Equinix, Inc.1,2 | 29,000 | 2,587,380 | ||||||
Greenfield Online, Inc.2 | 167,200 | 2,494,624 | ||||||
Imergent, Inc.1 | 78,400 | 928,256 | ||||||
Interwoven, Inc.1,2 | 282,500 | 3,392,825 | ||||||
j2 Global Communications, Inc.1,2 | 631,768 | 14,530,664 | ||||||
Marchex, Inc., Cl. B1 | 67,200 | 827,904 | ||||||
National Information Consortium, Inc. | 231,400 | 1,580,462 |
F19 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
Shares | Value | |||||||
Internet Software & Services Continued | ||||||||
NaviSite, Inc.1,2 | 72,500 | $ | 275,500 | |||||
Open Text Corp.1,2 | 384,000 | 12,326,400 | ||||||
RealNetworks, Inc.1,2 | 195,400 | 1,289,640 | ||||||
S1 Corp.2 | 554,700 | 4,199,079 | ||||||
Sohu.com, Inc.2 | 104,000 | 7,325,760 | ||||||
SonicWALL, Inc.2 | 271,700 | 1,752,465 | ||||||
SoundBite Communications, Inc.2 | 110,000 | 380,600 | ||||||
TheStreet.com, Inc.1 | 126,600 | 824,166 | ||||||
United Online, Inc.1 | 810,250 | 8,126,808 | ||||||
ValueClick, Inc.1,2 | 56,798 | 860,490 | ||||||
Vignette Corp.1,2 | 119,800 | 1,437,600 | ||||||
Vocus, Inc.1,2 | 66,100 | 2,126,437 | ||||||
Zix Corp.1,2 | 77,600 | 215,728 | ||||||
79,589,741 | ||||||||
IT Services—2.5% | ||||||||
Acxiom Corp.1 | 413,300 | 4,748,817 | ||||||
Affiliated Computer Services, Inc., Cl. A2 | 144,600 | 7,734,654 | ||||||
Broadridge Financial Solutions, Inc. | 201,400 | 4,239,470 | ||||||
CACI International, Inc., Cl. A2 | 210,140 | 9,618,108 | ||||||
CIBER, Inc.1,2 | 470,200 | 2,919,942 | ||||||
Computer Sciences Corp.2 | 151,760 | 7,108,438 | ||||||
Convergys Corp.2 | 988,800 | 14,693,568 | ||||||
CSG Systems International, Inc.2 | 274,900 | 3,029,398 | ||||||
CyberSource Corp.1,2 | 538,544 | 9,009,841 | ||||||
Electronic Data Systems Corp. | 86,300 | 2,126,432 | ||||||
Forrester Research, Inc.2 | 80,500 | 2,485,840 | ||||||
Gartner, Inc.1,2 | 442,600 | 9,170,672 | ||||||
Global Cash Access, Inc.1,2 | 119,100 | 817,026 | ||||||
Heartland Payment Systems, Inc.1 | 191,400 | 4,517,040 | ||||||
Hewitt Associates, Inc.2 | 300,700 | 11,525,831 | ||||||
infoGROUP, Inc. | 10,100 | 44,339 | ||||||
Integral Systems, Inc.1 | 57,559 | 2,227,533 | ||||||
ManTech International Corp.1,2 | 326,200 | 15,696,744 | ||||||
Maximus, Inc.1 | 162,080 | 5,643,626 | ||||||
Metavante Technologies, Inc. | 12,900 | 291,798 | ||||||
NCI, Inc., Cl. A1,2 | 65,000 | 1,487,200 | ||||||
Ness Technologies, Inc.1,2 | 1,400 | 14,168 | ||||||
Perot Systems Corp., Cl. A1,2 | 324,200 | 4,866,242 | ||||||
RightNow Technologies, Inc.1,2 | 126,800 | 1,733,356 | ||||||
SAIC, Inc.2 | 49,600 | 1,032,176 | ||||||
Sapient Corp.1,2 | 878,500 | 5,639,970 | ||||||
Syntel, Inc.1 | 44,700 | 1,507,284 | ||||||
TNS, Inc.1,2 | 2,600 | 62,296 | ||||||
Wright Express Corp.2 | 65,400 | 1,621,920 | ||||||
135,613,729 | ||||||||
Office Electronics—0.1% | ||||||||
Zebra Technologies Corp., Cl. A2 | 174,600 | 5,698,944 | ||||||
Semiconductors & Semiconductor Equipment—5.0% | ||||||||
Actel Corp.2 | 234,100 | 3,944,585 | ||||||
Advanced Energy Industries, Inc.1,2 | 236,900 | 3,245,530 | ||||||
Altera Corp. | 385,500 | 7,979,850 | ||||||
Amkor Technology, Inc.1,2 | 1,498,610 | 15,600,530 | ||||||
Analog Devices, Inc. | 215,800 | 6,855,966 | ||||||
Atmel Corp.2 | 2,622,600 | 9,126,648 | ||||||
ATMI, Inc.1,2 | 214,200 | 5,980,464 | ||||||
Brooks Automation, Inc.1,2 | 330,900 | 2,736,543 | ||||||
Cabot Microelectronics Corp.1,2 | 326,200 | 10,813,530 | ||||||
Cirrus Logic, Inc.1,2 | 100,800 | 560,448 |
F20 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Shares | Value | |||||||
Semiconductors & Semiconductor Equipment Continued | ||||||||
Cohu, Inc.1 | 117,700 | $ | 1,727,836 | |||||
Entegris, Inc.2 | 1,198,260 | 7,848,603 | ||||||
Fairchild Semiconductor International, Inc., Cl. A2 | 1,097,718 | 12,876,232 | ||||||
FEI Co.1,2 | 285,400 | 6,501,412 | ||||||
Integrated Device Technology, Inc.2 | 1,536,600 | 15,273,804 | ||||||
Intellon Corp.2 | 109,300 | 360,690 | ||||||
Intersil Corp., Cl. A | 440,900 | 10,722,688 | ||||||
IXYS Corp.2 | 6,900 | 82,386 | ||||||
KLA-Tencor Corp. | 251,900 | 10,254,849 | ||||||
Lattice Semiconductor Corp.2 | 665,800 | 2,083,954 | ||||||
LSI Corp.2 | 1,082,700 | 6,647,778 | ||||||
Marvell Technology Group Ltd.2 | 418,400 | 7,388,944 | ||||||
Mattson Technology, Inc.1,2 | 21,300 | 101,388 | ||||||
Micrel, Inc. | 657,200 | 6,013,380 | ||||||
Microtune, Inc.1,2 | 96,000 | 332,160 | ||||||
MKS Instruments, Inc.2 | 686,800 | 15,040,920 | ||||||
Monolithic Power Systems, Inc.1,2 | 343,900 | 7,435,118 | ||||||
Netlogic Microsystems, Inc.1,2 | 57,700 | 1,915,640 | ||||||
NVIDIA Corp.2 | 31,358 | 587,022 | ||||||
OmniVision Technologies, Inc.2 | 51,700 | 625,053 | ||||||
Pericom Semiconductor Corp.1,2 | 379,600 | 5,633,264 | ||||||
Semtech Corp.1,2 | 845,320 | 11,893,652 | ||||||
Silicon Image, Inc.1,2 | 474,100 | 3,437,225 | ||||||
Silicon Laboratories, Inc.1,2 | 256,800 | 9,267,912 | ||||||
Silicon Storage Technology, Inc.1,2 | 216,700 | 600,259 | ||||||
Skyworks Solutions, Inc.1,2 | 1,533,280 | 15,133,474 | ||||||
Standard Microsystems Corp.1,2 | 176,100 | 4,781,115 | ||||||
Techwell, Inc.2 | 5,400 | 66,528 | ||||||
Teradyne, Inc.2 | 953,200 | 10,551,924 | ||||||
TriQuint Semiconductor, Inc.2 | 432,800 | 2,622,768 | ||||||
Ultra Clean Holdings, Inc.1,2 | 25,300 | 201,388 | ||||||
Ultratech, Inc.2 | 136,500 | 2,118,480 | ||||||
Veeco Instruments, Inc.1,2 | 295,800 | 4,756,464 | ||||||
Verigy Ltd.2 | 308,400 | 7,003,764 | ||||||
Volterra Semiconductor Corp.1,2 | 277,700 | 4,793,102 | ||||||
Zoran Corp.2 | 225,700 | 2,640,690 | ||||||
266,165,960 | ||||||||
Software—4.6% | ||||||||
Activision, Inc.2 | 456,900 | 15,566,583 | ||||||
Actuate Corp.2 | 110,700 | 432,837 | ||||||
Advent Software, Inc.1,2 | 107,290 | 3,871,023 | ||||||
Amdocs Ltd.2 | 193,900 | 5,704,538 | ||||||
Ansoft Corp.1,2 | 75,846 | 2,760,794 | ||||||
Ansys, Inc.1,2 | 254,260 | 11,980,731 | ||||||
ArcSight, Inc.1,2 | 12,500 | 110,000 | ||||||
Aspen Technology, Inc.2 | 685,690 | 9,119,677 | ||||||
Autodesk, Inc.2 | 37,500 | 1,267,875 | ||||||
Blackbaud, Inc.1 | 161,924 | 3,465,174 | ||||||
BMC Software, Inc.2 | 376,600 | 13,557,600 | ||||||
CA, Inc. | 144,200 | 3,329,578 | ||||||
Cadence Design Systems, Inc.2 | 797,600 | 8,055,760 | ||||||
Check Point Software Technologies Ltd.2 | 329,600 | 7,801,632 | ||||||
Commvault Systems, Inc.1,2 | 88,560 | 1,473,638 | ||||||
Compuware Corp.1,2 | 1,428,000 | 13,623,120 |
F21 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
Shares | Value | |||||||
Software Continued | ||||||||
Concur Technologies, Inc.1,2 | 4,920 | $ | 163,492 | |||||
Double-Take Software, Inc.1,2 | 55,900 | 768,066 | ||||||
EPIQ Systems, Inc.1,2 | 174,450 | 2,477,190 | ||||||
Fair Isaac Corp.1 | 276,500 | 5,742,905 | ||||||
FalconStor Software, Inc.1,2 | 128,600 | 910,488 | ||||||
Henry (Jack) & Associates, Inc.1 | 57,200 | 1,237,808 | ||||||
Informatica Corp.1,2 | 634,300 | 9,539,872 | ||||||
Interactive Intelligence, Inc.1,2 | 87,100 | 1,013,844 | ||||||
Intervoice, Inc.1,2 | 72,500 | 413,250 | ||||||
JDA Software Group, Inc.2 | 273,200 | 4,944,920 | ||||||
Lawson Software, Inc.1,2 | 1,324,800 | 9,631,296 | ||||||
Manhattan Associates, Inc.1,2 | 185,600 | 4,404,288 | ||||||
Mentor Graphics Corp.1,2 | 351,400 | 5,552,120 | ||||||
MICROS Systems, Inc.2 | 64,500 | 1,966,605 | ||||||
MicroStrategy, Inc., Cl. A1,2 | 127,000 | 8,223,250 | ||||||
NAVTEQ Corp.2 | 41,800 | 3,218,600 | ||||||
Net 1 UEPS Technologies, Inc.2 | 383,700 | 9,323,910 | ||||||
NetScout Systems, Inc.2 | 152,800 | 1,631,904 | ||||||
Parametric Technology Corp.2 | 537,350 | 8,957,625 | ||||||
Phoenix Technologies Ltd.1,2 | 10,600 | 116,600 | ||||||
Progress Software Corp.1,2 | 231,100 | 5,909,227 | ||||||
PROS Holdings, Inc.1,2 | 42,225 | 474,187 | ||||||
Quest Software, Inc.1,2 | 644,100 | 9,539,121 | ||||||
Radiant Systems, Inc.1,2 | 221,900 | 2,380,987 | ||||||
Salesforce.com, Inc.2 | 26,900 | 1,835,387 | ||||||
SPSS, Inc.1,2 | 113,600 | 4,131,632 | ||||||
Sybase, Inc.2 | 314,400 | 9,249,648 | ||||||
Taleo Corp., Cl. A1,2 | 165,300 | 3,238,227 | ||||||
The9 Ltd., ADR1,2 | 15,657 | 353,535 | ||||||
TIBCO Software, Inc.1,2 | 1,935,200 | 14,804,280 | ||||||
Tyler Technologies, Inc.1,2 | 267,200 | 3,625,904 | ||||||
Ultimate Software Group, Inc. (The)1,2 | 98,600 | 3,513,118 | ||||||
Wind River Systems, Inc.1,2 | 481,134 | 5,239,549 | ||||||
246,653,395 | ||||||||
Materials—7.9% | ||||||||
Chemicals—4.2% | ||||||||
Arch Chemicals, Inc.1 | 267,400 | 8,864,310 | ||||||
Balchem Corp. | 12,700 | 293,751 | ||||||
Calgon Carbon Corp.1,2 | 430,800 | 6,660,168 | ||||||
Celanese Corp., Series A | 25,300 | 1,155,198 | ||||||
CF Industries Holdings, Inc. | 144,700 | 22,110,160 | ||||||
Chemtura Corp.1 | 977,360 | 5,707,782 | ||||||
Cytec Industries, Inc. | 57,800 | 3,153,568 | ||||||
Ferro Corp. | 258,300 | 4,845,708 | ||||||
Fuller (H.B.) Co.1 | 353,300 | 7,928,052 | ||||||
GenTek, Inc.1,2 | 13,300 | 357,637 | ||||||
Hercules, Inc. | 906,600 | 15,348,738 | ||||||
ICO, Inc.1,2 | 201,300 | 1,211,826 | ||||||
Innophos Holdings, Inc.1 | 172,400 | 5,508,180 | ||||||
Innospec, Inc. | 156,105 | 2,937,896 | ||||||
Koppers Holdings, Inc. | 263,700 | 11,041,119 | ||||||
Landec Corp.1,2 | 123,200 | 797,104 | ||||||
LSB Industries, Inc.1,2 | 12,500 | 247,500 | ||||||
Minerals Technologies, Inc.1 | 209,700 | 13,334,823 | ||||||
Nalco Holding Co. | 223,100 | 4,718,565 | ||||||
NewMarket Corp.1 | 192,660 | 12,759,872 | ||||||
NOVA Chemicals Corp. | 317,500 | 7,832,725 |
F22 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Shares | Value | |||||||
Chemicals Continued | ||||||||
Olin Corp. | 664,600 | $ | 17,399,228 | |||||
OM Group, Inc.1,2 | 319,000 | 10,460,010 | ||||||
Penford Corp.1 | 9,400 | 139,872 | ||||||
PolyOne Corp.2 | 414,700 | 2,890,459 | ||||||
Quaker Chemical Corp. | 47,200 | 1,258,352 | ||||||
Rockwood Holdings, Inc.1,2 | 7,100 | 247,080 | ||||||
RPM International, Inc. | 217,500 | 4,480,500 | ||||||
Schulman (A.), Inc. | 158,600 | 3,652,558 | ||||||
Scotts Miracle-Gro Co. (The), Cl. A | 78,200 | 1,373,974 | ||||||
Sensient Technologies Corp. | 383,490 | 10,799,078 | ||||||
ShengdaTech, Inc.1,2 | 93,400 | 927,462 | ||||||
Stepan Co.1 | 58,000 | 2,645,960 | ||||||
Terra Industries, Inc.1 | 339,254 | 16,742,185 | ||||||
Valhi, Inc. | 14,500 | 395,125 | ||||||
Valspar Corp. (The)1 | 456,400 | 8,630,524 | ||||||
Westlake Chemical Corp.1 | 202,700 | 3,012,122 | ||||||
Zep, Inc. | 191,575 | 2,850,636 | ||||||
224,719,807 | ||||||||
Containers & Packaging—1.0% | ||||||||
AptarGroup, Inc. | 89,800 | 3,767,110 | ||||||
Crown Holdings, Inc.2 | 267,400 | 6,949,726 | ||||||
Greif, Inc., Cl. A1 | 135,700 | 8,688,871 | ||||||
Myers Industries, Inc. | 115,600 | 942,140 | ||||||
Owens-Illinois, Inc.2 | 173,000 | 7,212,370 | ||||||
Rock-Tenn Co., Cl. A1 | 518,700 | 15,555,813 | ||||||
Sealed Air Corp. | 285,100 | 5,419,751 | ||||||
Silgan Holdings, Inc. | 21,600 | 1,095,984 | ||||||
Sonoco Products Co. | 155,700 | 4,818,915 | ||||||
54,450,680 | ||||||||
Metals & Mining—2.6% | ||||||||
A. M. Castle & Co.1 | 101,700 | 2,909,637 | ||||||
AK Steel Holding Corp. | 169,600 | 11,702,400 | ||||||
AMCOL International Corp.1 | 34,600 | 984,716 | ||||||
Amerigo Resources Ltd. | 757,900 | 1,144,617 | ||||||
Century Aluminum Co.1,2 | 115,100 | 7,652,999 | ||||||
Compass Minerals International, Inc. | 167,900 | 13,526,024 | ||||||
Esmark, Inc.1,2 | 7,900 | 151,048 | ||||||
Farallon Resources Ltd.2 | 1,036,200 | 792,621 | ||||||
Hecla Mining Co.1,2 | 1,676,500 | 15,524,390 | ||||||
Kaiser Aluminum Corp.1 | 56,700 | 3,035,151 | ||||||
Olympic Steel, Inc.1 | 67,700 | 5,139,784 | ||||||
Redcorp Ventures Ltd.2,3 | 4,502,900 | 861,102 | ||||||
Reliance Steel & Aluminum Co. | 147,700 | 11,386,193 | ||||||
Schnitzer Steel Industries, Inc. | 201,000 | 23,034,600 | ||||||
Sims Group Ltd., Sponsored ADR1 | 555,020 | 22,145,298 | ||||||
Universal Stainless & Alloy Products, Inc.1,2 | 8,200 | 303,728 | ||||||
Worthington Industries, Inc.1 | 790,600 | 16,207,300 | ||||||
Yamana Gold, Inc. | 51,405 | 854,986 | ||||||
137,356,594 | ||||||||
Paper & Forest Products—0.1% | ||||||||
Buckeye Technologies, Inc.2 | 126,700 | 1,071,882 | ||||||
Deltic Timber Corp.1 | 27,100 | 1,450,121 | ||||||
Glatfelter1 | 276,600 | 3,736,866 | ||||||
Mercer International, Inc.1,2 | 28,200 | 210,936 | ||||||
Schweitzer-Mauduit International, Inc.1 | 51,800 | 872,830 | ||||||
Wausau Paper Corp.1 | 97,500 | 751,725 | ||||||
8,094,360 |
F23 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
Shares | Value | |||||||
Telecommunication Services—1.8% | ||||||||
Diversified Telecommunication Services—1.2% | ||||||||
Alaska Communications Systems Group, Inc.1 | 184,225 | $ | 2,199,647 | |||||
Atlantic Tele-Network, Inc.1 | 90,385 | 2,486,491 | ||||||
Cincinnati Bell, Inc.2 | 2,540,300 | 10,110,394 | ||||||
Embarq Corp. | 188,900 | 8,929,303 | ||||||
Iowa Telecommunications Services, Inc.1 | 210,500 | 3,706,905 | ||||||
NTELOS Holdings Corp.1 | 471,000 | 11,949,270 | ||||||
Premiere Global Services, Inc.2 | 1,015,780 | 14,810,072 | ||||||
Windstream Corp. | 625,600 | 7,719,904 | ||||||
61,911,986 | ||||||||
Wireless Telecommunication Services—0.6% | ||||||||
Centennial Communications Corp.1,2 | 764,300 | 5,342,457 | ||||||
iPCS, Inc.1,2 | 37,100 | 1,099,273 | ||||||
Rural Cellular Corp., Cl. A1,2 | 36,700 | 1,633,517 | ||||||
Syniverse Holdings, Inc.2 | 792,565 | 12,839,553 | ||||||
Telephone & Data Systems, Inc. | 228,600 | 10,805,922 | ||||||
United States Cellular Corp.2 | 43,630 | 2,467,277 | ||||||
34,187,999 | ||||||||
Utilities—1.7% | ||||||||
Electric Utilities—0.2% | ||||||||
DPL, Inc. | 98,000 | 2,585,240 | ||||||
El Paso Electric Co.2 | 142,700 | 2,825,460 | ||||||
Hawaiian Electric Industries, Inc.1 | 72,700 | 1,797,871 | ||||||
UIL Holdings Corp.1 | 69,800 | 2,052,818 | ||||||
UniSource Energy Corp. | 98,500 | 3,054,485 | ||||||
12,315,874 | ||||||||
Energy Traders—0.4% | ||||||||
Canadian Hydro Developers, Inc.2 | 306,000 | 1,605,472 | ||||||
Mirant Corp.1,2 | 292,900 | 11,467,035 | ||||||
Reliant Energy, Inc.2 | 318,500 | 6,774,495 | ||||||
�� | 19,847,002 | |||||||
Gas Utilities—0.8% | ||||||||
Laclede Group, Inc. (The)1 | 174,100 | 7,028,417 | ||||||
New Jersey Resources Corp.1 | 49,400 | 1,612,910 | ||||||
Northwest Natural Gas Co.1 | 227,100 | 10,505,646 | ||||||
Piedmont Natural Gas Co., Inc. | 93,600 | 2,448,576 | ||||||
South Jersey Industries, Inc. | 10,500 | 392,280 | ||||||
Southwest Gas Corp.1 | 44,600 | 1,325,958 | ||||||
WGL Holdings, Inc.1 | 526,000 | 18,273,240 | ||||||
41,587,027 | ||||||||
Multi-Utilities—0.2% | ||||||||
Alliant Energy Corp. | 33,800 | 1,157,988 | ||||||
Avista Corp. | 254,800 | 5,468,003 | ||||||
Integrys Energy Group, Inc.1 | 86,200 | 4,381,546 | ||||||
11,007,537 | ||||||||
Water Utilities—0.1% | ||||||||
Cascal NV2 | 289,300 | 3,558,390 | ||||||
SJW Corp.1 | 63,700 | 1,681,680 | ||||||
5,240,070 | ||||||||
Total Common Stocks (Cost $5,330,035,312) | 5,343,618,819 |
Units | ||||||||
Rights, Warrants and Certificates—0.0% | ||||||||
Redcorp Ventures Ltd. Wts., Strike Price 0.65 CAD, Exp. 7/5/092 (Cost $0) | 2,251,450 | 55,199 |
F24 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Shares | Value | |||||||
Investment Companies—0.7% | ||||||||
Oppenheimer Institutional Money Market Fund, Cl. E, 2.69%5,6 (Cost $38,604,527) | 38,604,527 | $ | 38,604,527 | |||||
Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $5,368,639,839) | 5,382,278,545 |
Principal | ||||||||
Amount | ||||||||
Investments Purchased with Cash Collateral from Securities Loaned—21.6%7 | ||||||||
Asset-Backed Floating Note—1.1% | ||||||||
Carrington Mortgage Loan Trust, Series 2007-RFC1, Cl. A1, 2.53%, 7/25/08 | $ | 15,154,570 | $ | 14,780,176 | ||||
Credit-Based Asset Servicing & Securitization LLC, 2.52%, 7/25/08 | 2,320,830 | 2,289,696 | ||||||
GSAA Home Equity Trust, Series 2005-15, Cl. 2A1, 2.57%, 7/25/08 | 2,333,267 | 2,308,178 | ||||||
Home Equity Asset Trust, Series 2006-6, Cl. 2A1, 2.54%, 7/25/08 | 2,822,397 | 2,779,369 | ||||||
Morgan Stanley ABS Capital I, Series 2007-NC2, Cl. A2A, 2.59%, 7/25/08 | 12,906,594 | 12,662,104 | ||||||
Morgan Stanley ABS Capital I, Series 2007-NC4, Cl. A2A, 2.56%, 7/25/08 | 17,385,228 | 14,701,540 | ||||||
Option One Mortgage Loan Trust, Series 2007-2, Cl. SA1, 2.57%, 7/25/08 | 8,322,974 | 8,169,765 | ||||||
Specialty Underwriting & Residential Finance Trust, Series 2006 BC1, Cl. A2A, 2.56%, 7/25/08 | 44,704 | 44,655 | ||||||
57,735,483 | ||||||||
Bank Floating Rate Note—0.6% | ||||||||
Wachovia Bank NA, 2.11%, 7/1/08 | 31,000,000 | 30,742,328 | ||||||
Domestic Floating Certificate of Deposit—2.5% | ||||||||
Comerica, 2.46%, 7/1/08 | 70,000,000 | 69,988,170 | ||||||
Manufactures & Traders, 2.72%, 7/15/08 | 64,909,460 | 64,944,815 | ||||||
134,932,985 | ||||||||
Funding Agreement/Guaranteed Investment Contract—0.6% | ||||||||
Protective Life Insurance Co., 3.06%, 7/28/08 | 15,000,000 | 15,000,000 | ||||||
Protective Life Insurance Co., 3.06%, 7/29/08 | 19,000,000 | 19,000,000 | ||||||
34,000,000 | ||||||||
Repurchase Agreements—8.0% | ||||||||
Repurchase agreement (Principal Amount/Value $20,000,000 with a maturity value of $20,001,278) with BNP Paribas Securities Corp., 2.30%, dated 6/30/08, to be repurchased at $20,001,278 on 7/1/08, collateralized by U.S. Agency Mortgages, 5%-6.50%, 9/1/36-5/1/38, with a value of $20,400,000 | 20,000,000 | 20,000,000 |
F25 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
Principal | ||||||||
Amount | Value | |||||||
Repurchase Agreements Continued | ||||||||
Repurchase agreement (Principal Amount/Value $409,303,748 with a maturity value of $409,334,446) with Barclays Capital, 2.70%, dated 6/30/08, to be repurchased at $409,334,446 on 7/1/08, collateralized by various securities, 0%-7.325%, 12/15/10-11/20/56, with a value of $427,149,823 | $ | 409,303,748 | $ | 409,303,748 | ||||
429,303,748 | ||||||||
Medium-Term Floating Note—8.8% | ||||||||
AIG Match Funding Corp., 2.11%, 7/1/08 | 40,000,000 | 39,742,411 | ||||||
American General Finance Corp., 2.73%, 7/9/08 | 13,000,000 | 12,771,564 | ||||||
American Honda Finance Corp., 2.69%, 9/9/08 | 13,504,840 | 13,481,195 | ||||||
American Honda Finance Corp., 2.77%, 9/16/08 | 49,008,302 | 48,990,935 | ||||||
Beta Finance, Inc., 2.13%, 7/1/08 | 24,993,299 | 24,690,875 | ||||||
CC USA, Inc., 2.13%, 7/1/08 | 25,493,156 | 25,203,920 | ||||||
Fifth Third Bancorp, 2.49%, 7/23/08 | 2,000,000 | 1,998,166 | ||||||
Goldman Sachs Group, Inc., 2.16%, 7/1/08 | 25,000,000 | 24,763,825 | ||||||
HBOS Treasury Services plc, 2.12%, 7/1/08 | 3,000,000 | 2,999,826 | ||||||
HSBC Finance Corp., 2.47%, 7/7/08 | 3,000,000 | 2,998,431 | ||||||
Jackson National Life Global Fund, 2.71%, 9/2/08 | 25,000,000 | 24,849,775 | ||||||
LINKS Finance LLC, 2.12%, 7/1/08 | 44,988,796 | 44,586,474 | ||||||
MBIA Global Funding LLC, 2.12%, 7/1/08 | 18,000,000 | 16,942,140 | ||||||
MBIA Global Funding LLC, 2.12%, 7/1/08 | 8,000,000 | 6,971,072 | ||||||
Merrill Lynch & Co., 2.16%, 7/1/08 | 30,000,000 | 29,358,270 | ||||||
Merrill Lynch & Co., 2.17%, 7/1/08 | 40,000,000 | 39,008,760 | ||||||
Metropolitan Life Global Funding, 2.48%, 7/22/08 | 38,500,000 | 38,491,492 | ||||||
Nationwide Global Fund I, 2.78%, 9/15/08 | 54,018,143 | 53,998,163 | ||||||
PACCAR Financial Corp., 2.65%, 8/28/08 | 7,501,825 | 7,493,790 | ||||||
Pricoa Global Funding I, 2.78%, 9/12/08 | 14,000,485 | 13,996,584 | ||||||
473,337,668 | ||||||||
Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $1,169,518,660) | 1,160,052,212 | |||||||
Total Investments, at Value (Cost $6,538,158,499) | 121.9 | % | 6,542,330,757 | |||||
Liabilities in Excess of Other Assets | (21.9 | ) | (1,174,707,784 | ) | ||||
Net Assets | 100.0 | % | $ | 5,367,622,973 | ||||
Industry classifications are unaudited.
F26 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Footnotes to Statement of Investments
Strike price is reported in U.S. Dollars, except for those denoted in the following currency:
CAD Canadian Dollar
1. Partial or fully-loaned security. See Note 7 of accompanying Notes.
2. Non-income producing security.
3. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $6,801,943 or 0.13% of the Fund’s net assets as of June 30, 2008.
4. Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of June 30, 2008 was $784,790, which represents 0.01% of the Fund’s net assets, all of which is considered restricted. See Note 6 of accompanying Notes. Information concerning restricted securities is as follows:
Acquisition | Unrealized | |||||||||||||||
Security | Date | Cost | Value | Appreciation | ||||||||||||
Tusk Energy Corp. | 11/15/04 | $ | 492,524 | $ | 784,790 | $ | 292,266 |
5. Rate shown is the 7-day yield as of June 30, 2008.
6. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended June 30, 2008, 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 adviser. Transactions during the period in which the issuer was an affiliate are as follows:
Shares | Gross | Gross | Shares | |||||||||||||
June 30, 2007 | Additions | Reductions | June 30, 2008 | |||||||||||||
Oppenheimer Institutional Money Market Fund, Cl. E | 59,435,689 | 1,611,846,325 | 1,632,677,487 | 38,604,527 |
Dividend | ||||||||
Value | Income | |||||||
Oppenheimer Institutional Money Market Fund, Cl. E | $ | 38,604,527 | $ | 2,098,237 |
7. The security/securities have been segregated to satisfy the forward commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 7 of accompanying Notes.
See accompanying Notes to Financial Statements.
F27 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF ASSETS AND LIABILITIES June 30, 2008
Assets | ||||
Investments, at value—see accompanying statement of investments: | ||||
Unaffiliated companies (cost $6,499,553,972) | $ | 6,503,726,230 | ||
Affiliated companies (cost $38,604,527) | 38,604,527 | |||
6,542,330,757 | ||||
Cash | 4,122,083 | |||
Receivables and other assets: | ||||
Investments sold | 116,074,208 | |||
Shares of beneficial interest sold | 21,044,343 | |||
Interest and dividends | 3,665,175 | |||
Other | 831,936 | |||
Total assets | 6,688,068,502 | |||
Liabilities | ||||
Return of collateral for securities loaned | 1,171,705,346 | |||
Payables and other liabilities: | ||||
Investments purchased | 124,649,549 | |||
Shares of beneficial interest redeemed | 19,102,643 | |||
Distribution and service plan fees | 2,776,892 | |||
Transfer and shareholder servicing agent fees | 1,476,521 | |||
Shareholder communications | 585,055 | |||
Trustees’ compensation | 42,894 | |||
Other | 106,629 | |||
Total liabilities | 1,320,445,529 | |||
Net Assets | $ | 5,367,622,973 | ||
Composition of Net Assets | ||||
Par value of shares of beneficial interest | $ | 301,774 | ||
Additional paid-in capital | 5,786,530,747 | |||
Accumulated net investment loss | (254,076 | ) | ||
Accumulated net realized loss on investments and foreign currency transactions | (423,127,722 | ) | ||
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies | 4,172,250 | |||
Net Assets | $ | 5,367,622,973 | ||
F28 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Net Asset Value Per Share | ||||
Class A Shares: | ||||
Net asset value and redemption price per share (based on net assets of $3,304,734,805 and 184,887,396 shares of beneficial interest outstanding) | $ | 17.87 | ||
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) | $ | 18.96 | ||
Class B Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $261,085,468 and 15,930,989 shares of beneficial interest outstanding) | $ | 16.39 | ||
Class C Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $505,403,872 and 30,687,757 shares of beneficial interest outstanding) | $ | 16.47 | ||
Class N Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $275,975,238 and 15,841,838 shares of beneficial interest outstanding) | $ | 17.42 | ||
Class Y Shares: | ||||
Net asset value, redemption price and offering price per share (based on net assets of $1,020,423,590 and 54,426,379 shares of beneficial interest outstanding) | $ | 18.75 |
See accompanying Notes to Financial Statements.
F29 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF OPERATIONS For the Year Ended June 30, 2008
Investment Income | ||||
Dividends: | ||||
Unaffiliated companies (net of foreign withholding taxes of $15,384) | $ | 43,956,653 | ||
Affiliated companies | 2,098,237 | |||
Portfolio lending fees | 10,263,500 | |||
Interest | 140,879 | |||
Other income | 62,079 | |||
Total investment income | 56,521,348 | |||
Expenses | ||||
Management fees | 34,222,387 | |||
Distribution and service plan fees: | ||||
Class A | 8,758,112 | |||
Class B | 3,585,437 | |||
Class C | 6,033,053 | |||
Class N | 1,447,500 | |||
Transfer and shareholder servicing agent fees: | ||||
Class A | 10,814,413 | |||
Class B | 953,344 | |||
Class C | 1,449,354 | |||
Class N | 1,216,778 | |||
Class Y | 1,013,575 | |||
Shareholder communications: | ||||
Class A | 734,151 | |||
Class B | 116,489 | |||
Class C | 120,586 | |||
Class N | 20,823 | |||
Class Y | 8,587 | |||
Trustees’ compensation | 95,845 | |||
Custodian fees and expenses | 30,244 | |||
Administration service fees | 1,500 | |||
Other | 184,569 | |||
Total expenses | 70,806,747 | |||
Less reduction to custodian expenses | (12,155 | ) | ||
Less waivers and reimbursements of expenses | (252,797 | ) | ||
Net expenses | 70,541,795 | |||
Net Investment Loss | (14,020,447 | ) |
F30 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investments from unaffiliated companies | $ | (261,494,100 | ) | |
Foreign currency transactions | 1,704,072 | |||
Short positions | 8,107 | |||
Net realized loss | (259,781,921 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | (908,139,793 | ) | ||
Translation of assets and liabilities denominated in foreign currencies | (778,628 | ) | ||
Net change in unrealized appreciation | (908,918,421 | ) | ||
Net Decrease in Net Assets Resulting from Operations | $ | (1,182,720,789 | ) | |
See accompanying Notes to Financial Statements.
F31 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENTS OF CHANGES IN NET ASSETS
Year Ended June 30, | 2008 | 2007 | ||||||
Operations | ||||||||
Net investment income (loss) | $ | (14,020,447 | ) | $ | 10,852,625 | |||
Net realized gain (loss) | (259,781,921 | ) | 475,646,147 | |||||
Net change in unrealized appreciation | (908,918,421 | ) | 301,071,630 | |||||
Net increase (decrease) in net assets resulting from operations | (1,182,720,789 | ) | 787,570,402 | |||||
Dividends and/or Distributions to Shareholders | ||||||||
Dividends from net investment income: | ||||||||
Class A | (8,491,179 | ) | — | |||||
Class B | — | — | ||||||
Class C | — | — | ||||||
Class N | — | — | ||||||
Class Y | (4,176,920 | ) | — | |||||
(12,668,099 | ) | — | ||||||
Tax return of capital distribution from net investment income: | ||||||||
Class A | (42,889 | ) | — | |||||
Class B | — | — | ||||||
Class C | — | — | ||||||
Class N | — | — | ||||||
Class Y | (21,097 | ) | — | |||||
(63,986 | ) | — | ||||||
Distributions from net realized gain: | ||||||||
Class A | (340,286,746 | ) | (198,184,565 | ) | ||||
Class B | (37,088,720 | ) | (34,084,425 | ) | ||||
Class C | (61,718,249 | ) | (45,157,710 | ) | ||||
Class N | (27,521,324 | ) | (16,187,088 | ) | ||||
Class Y | (59,781,758 | ) | (33,646,099 | ) | ||||
(526,396,797 | ) | (327,259,887 | ) | |||||
Tax return of capital distribution from net realized gain: | ||||||||
Class A | (2,724,625 | ) | — | |||||
Class B | (296,964 | ) | — | |||||
Class C | (494,169 | ) | — | |||||
Class N | (220,359 | ) | — | |||||
Class Y | (478,664 | ) | — | |||||
(4,214,781 | ) | — | ||||||
Beneficial Interest Transactions | ||||||||
Net increase (decrease) in net assets resulting from beneficial interest transactions: | ||||||||
Class A | 649,537,948 | 891,622,920 | ||||||
Class B | (94,267,351 | ) | (62,735,159 | ) | ||||
Class C | (9,343,656 | ) | 59,556,302 | |||||
Class N | 64,382,658 | 85,583,224 | ||||||
Class Y | 428,176,067 | 324,792,387 | ||||||
1,038,485,666 | 1,298,819,674 |
F32 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Year Ended June 30, | 2008 | 2007 | ||||||
Net Assets | ||||||||
Total increase (decrease) | $ | (687,578,786 | ) | $ | 1,759,130,189 | |||
Beginning of period | 6,055,201,759 | 4,296,071,570 | ||||||
End of period (including accumulated net investment income (loss) of $(254,076) and $12,539,689, respectively) | $ | 5,367,622,973 | $ | 6,055,201,759 | ||||
See accompanying Notes to Financial Statements.
F33 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FINANCIAL HIGHLIGHTS
Class A Year Ended June 30, | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||
Per Share Operating Data | ||||||||||||||||||||
Net asset value, beginning of period | $ | 24.25 | $ | 22.27 | $ | 20.17 | $ | 19.52 | $ | 14.78 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | (.04 | )1 | .08 | 1 | (.02 | )1 | (.04 | )1 | (.10 | ) | ||||||||||
Net realized and unrealized gain (loss) | (4.28 | ) | 3.45 | 3.59 | 2.65 | 4.84 | ||||||||||||||
Total from investment operations | (4.32 | ) | 3.53 | 3.57 | 2.61 | 4.74 | ||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||
Dividends from net investment income | (.05 | ) | — | — | — | — | ||||||||||||||
Distributions from net realized gain | (2.00 | ) | (1.55 | ) | (1.47 | ) | (1.96 | ) | — | |||||||||||
Tax return of capital distribution from net investment income | — | 2 | — | — | — | — | ||||||||||||||
Tax return of capital distribution from net realized gain | (.01 | ) | — | — | — | — | ||||||||||||||
Total dividends and/or distributions to shareholders | (2.06 | ) | (1.55 | ) | (1.47 | ) | (1.96 | ) | — | |||||||||||
Net asset value, end of period | $ | 17.87 | $ | 24.25 | $ | 22.27 | $ | 20.17 | $ | 19.52 | ||||||||||
Total Return, at Net Asset Value3 | (18.66 | )% | 16.48 | % | 18.22 | % | 13.82 | % | 32.07 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 3,304,735 | $ | 3,766,574 | $ | 2,584,254 | $ | 1,557,307 | $ | 1,177,389 | ||||||||||
Average net assets (in thousands) | $ | 3,576,817 | $ | 3,086,495 | $ | 2,040,757 | $ | 1,325,846 | $ | 904,397 | ||||||||||
Ratios to average net assets:4 | ||||||||||||||||||||
Net investment income (loss) | (0.17 | )% | 0.35 | % | (0.07 | )% | (0.20 | )% | (0.42 | )% | ||||||||||
Total expenses | 1.19 | %5,6 | 1.12 | %5,6 | 1.15 | %6 | 1.19 | %6,7 | 1.17 | %6,7 | ||||||||||
Portfolio turnover rate | 134 | % | 114 | % | 102 | % | 132 | % | 127 | % |
1. | Per share amounts calculated based on the average shares outstanding during the period. | |
2. | Less than $0.005 per share. | |
3. | Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
4. | Annualized for periods less than one full year. | |
5. | Total expenses including indirect expenses from affiliated fund were as follows: |
Year Ended June 30, 2008 | 1.19 | % | ||
Year Ended June 30, 2007 | 1.12 | % |
6. | Reduction to custodian expenses less than 0.005%. | |
7. | Voluntary waiver of transfer agent fees less than 0.005%. |
See accompanying Notes to Financial Statements.
F34 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Class B Year Ended June 30, | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||
Per Share Operating Data | ||||||||||||||||||||
Net asset value, beginning of period | $ | 22.53 | $ | 20.94 | $ | 19.19 | $ | 18.79 | $ | 14.35 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss | (.17 | )1 | (.10 | )1 | (.18 | )1 | (.18 | )1 | (.20 | ) | ||||||||||
Net realized and unrealized gain (loss) | (3.96 | ) | 3.24 | 3.40 | 2.54 | 4.64 | ||||||||||||||
Total from investment operations | (4.13 | ) | 3.14 | 3.22 | 2.36 | 4.44 | ||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||
Dividends from net investment income | — | — | — | — | — | |||||||||||||||
Distributions from net realized gain | (2.00 | ) | (1.55 | ) | (1.47 | ) | (1.96 | ) | — | |||||||||||
Tax return of capital distribution from net investment income | — | — | — | — | — | |||||||||||||||
Tax return of capital distribution from net realized gain | (.01 | ) | — | — | — | — | ||||||||||||||
Total dividends and/or distributions to shareholders | (2.01 | ) | (1.55 | ) | (1.47 | ) | (1.96 | ) | — | |||||||||||
Net asset value, end of period | $ | 16.39 | $ | 22.53 | $ | 20.94 | $ | 19.19 | $ | 18.79 | ||||||||||
Total Return, at Net Asset Value2 | (19.25 | )% | 15.63 | % | 17.29 | % | 12.98 | % | 30.94 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 261,085 | $ | 473,768 | $ | 501,742 | $ | 510,183 | $ | 482,028 | ||||||||||
Average net assets (in thousands) | $ | 357,794 | $ | 479,042 | $ | 512,657 | $ | 490,050 | $ | 432,160 | ||||||||||
Ratios to average net assets:3 | ||||||||||||||||||||
Net investment loss | (0.89 | )% | (0.46 | )% | (0.85 | )% | (0.98 | )% | (1.26 | )% | ||||||||||
Total expenses | 1.92 | %4,5 | 1.89 | %4,5 | 1.92 | %5 | 1.97 | %5 | 2.01 | %5,6 | ||||||||||
Portfolio turnover rate | 134 | % | 114 | % | 102 | % | 132 | % | 127 | % |
1. | Per share amounts calculated based on the average shares outstanding during the period. | |
2. | Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
3. | Annualized for periods less than one full year. | |
4. | Total expenses including indirect expenses from affiliated fund were as follows: |
Year Ended June 30, 2008 | 1.92 | % | ||
Year Ended June 30, 2007 | 1.89 | % |
5. | Reduction to custodian expenses less than 0.005%. | |
6. | Voluntary waiver of transfer agent fees less than 0.005%. |
See accompanying Notes to Financial Statements.
F35 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FINANCIAL HIGHLIGHTS Continued
Class C Year Ended June 30, | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||
Per Share Operating Data | ||||||||||||||||||||
Net asset value, beginning of period | $ | 22.62 | $ | 21.01 | $ | 19.24 | $ | 18.82 | $ | 14.36 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss | (.16 | )1 | (.08 | )1 | (.16 | )1 | (.17 | )1 | (.17 | ) | ||||||||||
Net realized and unrealized gain (loss) | (3.98 | ) | 3.24 | 3.40 | 2.55 | 4.63 | ||||||||||||||
Total from investment operations | (4.14 | ) | 3.16 | 3.24 | 2.38 | 4.46 | ||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||
Dividends from net investment income | — | — | — | — | — | |||||||||||||||
Distributions from net realized gain | (2.00 | ) | (1.55 | ) | (1.47 | ) | (1.96 | ) | — | |||||||||||
Tax return of capital distribution from net investment income | — | — | — | — | — | |||||||||||||||
Tax return of capital distribution from net realized gain | (.01 | ) | — | — | — | — | ||||||||||||||
Total dividends and/or distributions to shareholders | (2.01 | ) | (1.55 | ) | (1.47 | ) | (1.96 | ) | — | |||||||||||
Net asset value, end of period | $ | 16.47 | $ | 22.62 | $ | 21.01 | $ | 19.24 | $ | 18.82 | ||||||||||
Total Return, at Net Asset Value2 | (19.21 | )% | 15.68 | % | 17.35 | % | 13.07 | % | 31.06 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 505,404 | $ | 710,808 | $ | 600,331 | $ | 473,099 | $ | 402,056 | ||||||||||
Average net assets (in thousands) | $ | 602,381 | $ | 645,637 | $ | 543,420 | $ | 433,888 | $ | 340,201 | ||||||||||
Ratios to average net assets:3 | ||||||||||||||||||||
Net investment loss | (0.86 | )% | (0.39 | )% | (0.79 | )% | (0.91 | )% | (1.17 | )% | ||||||||||
Total expenses | 1.88 | %4,5 | 1.84 | %4,5 | 1.87 | %5 | 1.90 | %5,6 | 1.91 | %5,6 | ||||||||||
Portfolio turnover rate | 134 | % | 114 | % | 102 | % | 132 | % | 127 | % |
1. | Per share amounts calculated based on the average shares outstanding during the period. | |
2. | Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
3. | Annualized for periods less than one full year. | |
4. | Total expenses including indirect expenses from affiliated fund were as follows: |
Year Ended June 30, 2008 | 1.88 | % | ||
Year Ended June 30, 2007 | 1.84 | % |
5. | Reduction to custodian expenses less than 0.005%. | |
6. | Voluntary waiver of transfer agent fees less than 0.005%. |
See accompanying Notes to Financial Statements.
F36 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Class N Year Ended June 30, | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||
Per Share Operating Data | ||||||||||||||||||||
Net asset value, beginning of period | $ | 23.70 | $ | 21.87 | $ | 19.90 | $ | 19.33 | $ | 14.69 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | (.09 | )1 | .01 | 1 | (.09 | )1 | (.10 | )1 | (.14 | ) | ||||||||||
Net realized and unrealized gain (loss) | (4.18 | ) | 3.37 | 3.53 | 2.63 | 4.78 | ||||||||||||||
Total from investment operations | (4.27 | ) | 3.38 | 3.44 | 2.53 | 4.64 | ||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||
Dividends from net investment income | — | — | — | — | — | |||||||||||||||
Distributions from net realized gain | (2.00 | ) | (1.55 | ) | (1.47 | ) | (1.96 | ) | — | |||||||||||
Tax return of capital distribution from net investment income | — | — | — | — | — | |||||||||||||||
Tax return of capital distribution from net realized gain | (.01 | ) | — | — | — | — | ||||||||||||||
Total dividends and/or distributions to shareholders | (2.01 | ) | (1.55 | ) | (1.47 | ) | (1.96 | ) | — | |||||||||||
Net asset value, end of period | $ | 17.42 | $ | 23.70 | $ | 21.87 | $ | 19.90 | $ | 19.33 | ||||||||||
Total Return, at Net Asset Value2 | (18.87 | )% | 16.08 | % | 17.79 | % | 13.53 | % | 31.59 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 275,975 | $ | 300,360 | $ | 192,089 | $ | 129,631 | $ | 84,678 | ||||||||||
Average net assets (in thousands) | $ | 289,699 | $ | 245,298 | $ | 162,869 | $ | 105,497 | $ | 65,107 | ||||||||||
Ratios to average net assets:3 | ||||||||||||||||||||
Net investment income (loss) | (0.47 | )% | 0.02 | % | (0.40 | )% | (0.50 | )% | (0.77 | )% | ||||||||||
Total expenses | 1.55 | %4 | 1.45 | %4 | 1.49 | % | 1.54 | % | 1.61 | % | ||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.48 | % | 1.45 | % | 1.48 | % | 1.50 | % | 1.52 | % | ||||||||||
Portfolio turnover rate | 134 | % | 114 | % | 102 | % | 132 | % | 127 | % |
1. | Per share amounts calculated based on the average shares outstanding during the period. | |
2. | Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
3. | Annualized for periods less than one full year. | |
4. | Total expenses including indirect expenses from affiliated fund were as follows: |
Year Ended June 30, 2008 | 1.55 | % | ||
Year Ended June 30, 2007 | 1.45 | % |
See accompanying Notes to Financial Statements.
F37 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FINANCIAL HIGHLIGHTS Continued
Class Y Year Ended June 30, | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||
Per Share Operating Data | ||||||||||||||||||||
Net asset value, beginning of period | $ | 25.32 | $ | 23.09 | $ | 20.76 | $ | 19.94 | $ | 15.03 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | .05 | 1 | .20 | 1 | .10 | 1 | .08 | 1 | (.03 | ) | ||||||||||
Net realized and unrealized gain (loss) | (4.47 | ) | 3.58 | 3.70 | 2.70 | 4.94 | ||||||||||||||
Total from investment operations | (4.42 | ) | 3.78 | 3.80 | 2.78 | 4.91 | ||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||
Dividends from net investment income | (.14 | ) | — | — | — | — | ||||||||||||||
Distributions from net realized gain | (2.00 | ) | (1.55 | ) | (1.47 | ) | (1.96 | ) | — | |||||||||||
Tax return of capital distribution from net investment income | — | 2 | — | — | — | — | ||||||||||||||
Tax return of capital distribution from net realized gain | (.01 | ) | — | — | — | — | ||||||||||||||
Total dividends and/or distributions to shareholders | (2.15 | ) | (1.55 | ) | (1.47 | ) | (1.96 | ) | — | |||||||||||
Net asset value, end of period | $ | 18.75 | $ | 25.32 | $ | 23.09 | $ | 20.76 | $ | 19.94 | ||||||||||
Total Return, at Net Asset Value3 | (18.28 | )% | 17.00 | % | 18.83 | % | 14.41 | % | 32.67 | % | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,020,424 | $ | 803,692 | $ | 417,656 | $ | 229,463 | $ | 14,714 | ||||||||||
Average net assets (in thousands) | $ | 746,300 | $ | 570,576 | $ | 314,236 | $ | 84,470 | $ | 11,428 | ||||||||||
Ratios to average net assets:4 | ||||||||||||||||||||
Net investment income | 0.25 | % | 0.83 | % | 0.42 | % | 0.39 | % | 0.06 | % | ||||||||||
Total expenses | 0.76 | %5,6 | 0.66 | %5,6 | 0.66 | %6 | 0.69 | %6 | 0.70 | %6 | ||||||||||
Portfolio turnover rate | 134 | % | 114 | % | 102 | % | 132 | % | 127 | % |
1. | Per share amounts calculated based on the average shares outstanding during the period. | |
2. | Less than $0.005 per share. | |
3. | Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
4. | Annualized for periods less than one full year. | |
5. | Total expenses including indirect expenses from affiliated fund were as follows: |
Year Ended June 30, 2008 | 0.76 | % | ||
Year Ended June 30, 2007 | 0.66 | % |
6. | Reduction to custodian expenses less than 0.005%. |
See accompanying Notes to Financial Statements.
F38 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS
1. Significant Accounting Policies
Oppenheimer Main Street Small Cap Fund (the “Fund”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund’s investment objective is to seek capital appreciation. The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”).
The Fund offers Class A, Class B, Class C, Class N and Class Y shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class B, Class C and Class N shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class N shares are sold only through retirement plans. Retirement plans that offer Class N shares may impose charges on those accounts. Class Y shares are sold to certain institutional investors without either a front-end sales charge or a CDSC, however, the institutional investor may impose charges on those accounts. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B, C and N have separate distribution and/or service plans. No such plan has been adopted for Class Y shares. Class B shares will automatically convert to Class A shares 72 months after the date of purchase.
The following is a summary of significant accounting policies consistently followed by the Fund.
Securities Valuation. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the “Exchange”), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Securities may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities traded on a registered U.S. securities exchange 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 whose principal exchange is NASDAQ® are valued based on the closing price reported 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, collateralized mortgage obligations and other asset-backed securities will be valued at the mean between the “bid” and “asked” prices. Securities for which market quotations are not readily available are valued at their fair value. Securities whose values have been materially affected
F39 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS Continued
1. Significant Accounting Policies Continued
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. Shares of a registered investment company that are not traded on an exchange are valued at the acquired investment company’s net asset value per share. “Money market-type” debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value.
Securities Sold Short. The Fund may short sell when-issued securities for future settlement. The value of the open short position is recorded as a liability, and the Fund records an unrealized gain or loss for the value of the open short position. The Fund records a realized gain or loss when the short position is closed out. Short positions are reported on a schedule following the Statements of Investments. The Fund had no open short positions at period end.
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 Exchange, normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees.
Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations 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 appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies 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.
Investments 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”) to seek current income while preserving liquidity. 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 adviser of IMMF. The Fund’s investment in IMMF is included in the Statement of
F40 | OPPENHEIMER MAIN STREET SMALL CAP FUND
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.
Repurchase Agreements. The Fund requires its custodian bank to take possession, to have legally segregated in the Federal Reserve Book Entry System or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. The market value of the collateral is required to be sufficient to cover payments of interest and principal. If the seller of the agreement defaults and the value of the collateral declines, or if the seller enters an insolvency proceeding, realization of the value of the collateral by the Fund may be delayed or limited.
Investments With Off-Balance Sheet Risk. The Fund enters into financial instrument transactions (such as swaps, futures, options and other derivatives) that may have off-balance sheet market risk. Off-balance sheet market risk exists when the maximum potential loss on a particular financial instrument is greater than the value of such financial instrument, as reflected in the Fund’s Statement of Assets and Liabilities.
Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.
Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remain open for the three preceding fiscal reporting period ends.
The tax components of capital shown in the following table represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.
F41 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS Continued
1. Significant Accounting Policies Continued
Net Unrealized | ||||||||||||
Depreciation | ||||||||||||
Based on Cost of | ||||||||||||
Securities and | ||||||||||||
Undistributed | Undistributed | Accumulated | Other Investments | |||||||||
Net Investment | Long-Term | Loss | for Federal Income | |||||||||
Income | Gain | Carryforward1,2,3,4,5 | Tax Purposes | |||||||||
$— | $ | — | $ | 393,536,021 | $ | 25,630,360 |
1. | As of June 30, 2008, the Fund had $393,419,654 of post-October losses available to offset future realized capital gains, if any. Such losses, if unutilized, will expire in 2017. | |
2. | The Fund had $42,425 of post-October foreign currency losses which were deferred. | |
3. | The Fund had $73,942 of post-October passive foreign investment company losses which were deferred. | |
4. | During the fiscal year ended June 30, 2008, the Fund did not utilize any capital loss carryforward. | |
5. | During the fiscal year ended June 30, 2007, the Fund did not utilize any capital loss carryforward. |
Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.
Accordingly, the following amounts have been reclassified for June 30, 2008. Net assets of the Fund were unaffected by the reclassifications.
Reduction to | Reduction to | |||||||
Accumulated | Accumulated Net | |||||||
Reduction to | Net Investment | Realized Loss | ||||||
Paid-in Capital | Loss | on Investments | ||||||
$16,267,442 | $ | 13,958,767 | $ | 2,308,675 |
The tax character of distributions paid during the years ended June 30, 2008 and June 30, 2007 was as follows:
Year Ended | Year Ended | |||||||
June 30, 2008 | June 30, 2007 | |||||||
Distributions paid from: | ||||||||
Ordinary income | $ | 89,898,083 | $ | 104,420,100 | ||||
Long-term capital gain | 449,166,813 | 222,839,787 | ||||||
Return of capital | 4,278,767 | — | ||||||
Total | $ | 543,343,663 | $ | 327,259,887 | ||||
The 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 June 30, 2008 are noted in the following table. 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 or tax realization of financial statement unrealized gain or loss.
F42 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Federal tax cost of securities | $ | 6,567,955,067 | ||
Gross unrealized appreciation | $ | 561,703,238 | ||
Gross unrealized depreciation | (587,333,598 | ) | ||
Net unrealized depreciation | $ | (25,630,360 | ) | |
Trustees’ Compensation. The Board of Trustees has adopted a compensation deferral plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of trustees’ fees under the plan will not affect the net assets of the Fund, and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance to the compensation deferral plan.
Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles, are recorded on the ex-dividend date. Income and capital gain distributions, if any, are declared and paid annually or at other times as deemed necessary by the Manager.
Investment Income. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily.
Custodian Fees. “Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdrafts, to the extent they are not offset by positive cash balances maintained by the Fund, at a rate equal to the Federal Funds Rate plus 0.50%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.
F43 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS Continued
1. Significant Accounting Policies Continued
Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.
Indemnifications. The Fund’s organizational documents provide current and former trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Other. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
2. Shares of Beneficial Interest
The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:
Year Ended June 30, 2008 | Year Ended June 30, 2007 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Class A | ||||||||||||||||
Sold | 74,829,572 | $ | 1,550,589,036 | 60,720,498 | $ | 1,383,194,872 | ||||||||||
Dividends and/or distributions reinvested | 15,579,180 | 309,402,521 | 8,159,374 | 181,872,344 | ||||||||||||
Redeemed | (60,830,053 | ) | (1,210,453,609 | ) | (29,599,467 | ) | (673,444,296 | ) | ||||||||
Net increase | 29,578,699 | $ | 649,537,948 | 39,280,405 | $ | 891,622,920 | ||||||||||
Class B | ||||||||||||||||
Sold | 1,965,438 | $ | 38,140,367 | 2,210,418 | $ | 46,913,865 | ||||||||||
Dividends and/or distributions reinvested | 1,932,387 | 35,324,023 | 1,544,101 | 32,101,924 | ||||||||||||
Redeemed | (8,998,234 | ) | (167,731,741 | ) | (6,678,679 | ) | (141,750,948 | ) | ||||||||
Net decrease | (5,100,409 | ) | $ | (94,267,351 | ) | (2,924,160 | ) | $ | (62,735,159 | ) | ||||||
Class C | ||||||||||||||||
Sold | 6,125,949 | $ | 116,952,215 | 6,968,949 | $ | 148,591,292 | ||||||||||
Dividends and/or distributions reinvested | 2,924,696 | 53,726,666 | 1,882,487 | 39,287,502 | ||||||||||||
Redeemed | (9,789,740 | ) | (180,022,537 | ) | (5,993,375 | ) | (128,322,492 | ) | ||||||||
Net increase (decrease) | (739,095 | ) | $ | (9,343,656 | ) | 2,858,061 | $ | 59,556,302 | ||||||||
F44 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Year Ended June 30, 2008 | Year Ended June 30, 2007 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Class N | ||||||||||||||||
Sold | 7,050,097 | $ | 141,485,935 | 6,416,366 | $ | 142,597,904 | ||||||||||
Dividends and/or distributions reinvested | 1,318,108 | 25,544,924 | 695,844 | 15,183,321 | ||||||||||||
Redeemed | (5,197,414 | ) | (102,648,201 | ) | (3,223,643 | ) | (72,198,001 | ) | ||||||||
Net increase | 3,170,791 | $ | 64,382,658 | 3,888,567 | $ | 85,583,224 | ||||||||||
Class Y | ||||||||||||||||
Sold | 36,323,287 | $ | 751,401,917 | 15,743,029 | $ | 375,520,314 | ||||||||||
Dividends and/or distributions reinvested | 2,893,650 | 60,130,048 | 1,425,840 | 33,093,751 | ||||||||||||
Redeemed | (16,531,004 | ) | (383,355,898 | ) | (3,518,471 | ) | (83,821,678 | ) | ||||||||
Net increase | 22,685,933 | $ | 428,176,067 | 13,650,398 | $ | 324,792,387 | ||||||||||
3. Purchases and Sales of Securities
The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the year ended June 30, 2008, were as follows:
Purchases | Sales | |||||||
Investment securities | $ | 7,937,628,196 | $ | 7,415,363,487 |
4. Fees and Other Transactions with Affiliates
Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:
Fee Schedule | ||||
Up to $200 million | 0.75 | % | ||
Next $200 million | 0.72 | |||
Next $200 million | 0.69 | |||
Next $200 million | 0.66 | |||
Next $4.2 billion | 0.60 | |||
Over $5.0 billion | 0.58 |
Administration Service Fees. The Fund pays the Manager a fee of $1,500 per year for preparing and filing the Fund’s tax returns.
Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the year ended June 30, 2008, the Fund paid $14,783,071 to OFS for services to the Fund.
Additionally, Class Y shares are subject to minimum fees of $10,000 annually for assets of $10 million or more. The Class Y shares are subject to the minimum fees in the event that the per account fee does not equal or exceed the applicable minimum fees. OFS may voluntarily waive the minimum fees.
F45 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS Continued
4. Fees and Other Transactions with Affiliates Continued
Distribution and Service Plan (12b-1) Fees. Under its General Distributor’s Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the “Distributor”) acts as the Fund’s principal underwriter in the continuous public offering of the Fund’s classes of shares.
Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) for Class A shares under Rule 12b-1 of the Investment Company Act of 1940. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.25% of the average annual net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.
Distribution and Service Plans for Class B, Class C and Class N Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B, Class C and Class N shares under Rule 12b-1 of the Investment Company Act of 1940 to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and Class C shares and 0.25% on Class N shares. The Distributor also receives a service fee of 0.25% per year under each plan. If either the Class B, Class C or Class N plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. The Distributor’s aggregate uncompensated expenses under the Plans at June 30, 2008 for Class C and Class N shares were $9,241,280 and $3,978,228, respectively. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations.
Sales Charges. Front-end sales charges and contingent deferred sales charges (“CDSC”) do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the following table for the period indicated.
Class A | Class B | Class C | Class N | |||||||||||||||||
Class A | Contingent | Contingent | Contingent | Contingent | ||||||||||||||||
Front-End | Deferred | Deferred | Deferred | Deferred | ||||||||||||||||
Sales Charges | Sales Charges | Sales Charges | Sales Charges | Sales Charges | ||||||||||||||||
Retained by | Retained by | Retained by | Retained by | Retained by | ||||||||||||||||
Year Ended | Distributor | Distributor | Distributor | Distributor | Distributor | |||||||||||||||
June 30, 2008 | $ | 819,765 | $ | 79,495 | $ | 533,818 | $ | 63,346 | $ | 5,471 |
F46 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Waivers and Reimbursements of Expenses. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class. During the year ended June 30, 2008, OFS waived $202,830 for Class N shares. This undertaking may be amended or withdrawn at any time.
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. During the year ended June 30, 2008, the Manager waived $49,967 for IMMF management fees.
5. Foreign Currency Exchange Contracts
The Fund may enter into foreign currency exchange contracts (“forward contracts”) for the purchase or sale of a foreign currency at a negotiated rate at a future date.
Forward contracts are reported on a schedule following the Statement of Investments. Forward contracts will be valued daily based upon the closing prices of the forward currency rates determined at the close of the Exchange as provided by a bank, dealer or pricing service. The resulting unrealized appreciation (depreciation) is reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations within the change in unrealized appreciation (depreciation). At contract close, the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) in the Statement of Operations.
Risks to the Fund include both market and credit risk. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. Credit risk arises from the possibility that the counterparty will default. If the counterparty defaults, the Fund’s loss will consist of the net amount of contractual payments that the Fund has not yet received.
As of June 30, 2008, the Fund had no outstanding forward contracts.
6. Illiquid or Restricted Securities
As of June 30, 2008, investments in securities included issues that are illiquid or restricted. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. A restricted security may have a contractual restriction on its resale and is valued under methods approved by the Board of Trustees as reflecting fair value. The Fund will not invest more than 10% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid and restricted securities. Certain restricted securities, eligible for resale to qualified institutional purchasers, may not be subject to that limitation. Securities that are illiquid or restricted are marked with an applicable footnote on the Statement of Investments. Restricted securities are reported on a schedule following the Statement of Investments.
F47 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS Continued
7. Securities Lending
The Fund lends portfolio securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The loans are secured by collateral (either securities, letters of credit, or cash) in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and cost in recovering the securities loaned or in gaining access to the collateral. The Fund continues to receive the economic benefit of interest or dividends paid on the securities loaned in the form of a substitute payment received from the borrower and recognizes the gain or loss in the fair value of the securities loaned that may occur during the term of the loan. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. As of June 30, 2008, the Fund had on loan securities valued at $1,128,721,865. Collateral of $1,171,705,346 was received for the loans, all of which was received in cash and subsequently invested in approved instruments or held as cash.
8. Recent Accounting Pronouncements
In September 2006, the Financial Accounting Standards Board (“FASB”) 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 June 30, 2008, 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.
In March 2008, FASB issued SFAS No. 161, Disclosures about Derivative Instruments and Hedging Activities. This standard requires enhanced disclosures about derivative and hedging activities, including qualitative disclosures about how and why the Fund uses derivative instruments, how these activities are accounted for, and their effect on the Fund’s financial position, financial performance and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years beginning after November 15, 2008 and interim periods within those fiscal years. At this time, management is evaluating the implications of SFAS No. 161 and its impact on the Fund’s financial statements and related disclosures.
F48 | OPPENHEIMER MAIN STREET SMALL CAP FUND
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees and Shareholders of
Oppenheimer Main Street Small Cap Fund:
Oppenheimer Main Street Small Cap Fund:
We have audited the accompanying statement of assets and liabilities of Oppenheimer Main Street Small Cap Fund (the “Fund”), including the statement of investments, as of June 30, 2008, 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 the standards of the Public Company Accounting Oversight Board (United States). 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. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of June 30, 2008, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. 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 the Fund as of June 30, 2008, 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.
Deloitte & Touche LLP
Denver, Colorado
August 8, 2008
August 8, 2008
F49 | OPPENHEIMER MAIN STREET SMALL CAP FUND
THIS PAGE INTENTIONALLY LEFT BLANK.
F50 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FEDERAL INCOME TAX INFORMATION Unaudited
In early 2008, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2007. Regulations of the U.S. Treasury Department require the Fund to report this information to the Internal Revenue Service.
Capital gain distributions of $1.7178 per share were paid to Class A, Class B, Class C, Class N and Class Y shareholders, respectively, on December 12, 2007. Whether received in stock or in cash, the capital gain distribution should be treated by shareholders as a gain from the sale of the capital assets held for more than one year (long-term capital gains).
None of the dividends paid by the Fund during the fiscal year ended June 30, 2008 are eligible for the corporate dividend-received deduction.
A portion, if any, of the dividends paid by the Fund during the fiscal year ended June 30, 2008 which are not designated as capital gain distributions are eligible for lower individual income tax rates to the extent that the Fund has received qualified dividend income as stipulated by recent tax legislation. $33,688,611 of the Fund’s fiscal year taxable income may be eligible for the lower individual income tax rates. In early 2008, shareholders of record received information regarding the percentage of distributions that are eligible for lower individual income tax rates.
The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.
21 | OPPENHEIMER MAIN STREET SMALL CAP FUND
PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES;
UPDATES TO STATEMENTS OF INVESTMENTS Unaudited
UPDATES TO STATEMENTS OF INVESTMENTS Unaudited
The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, (ii) on the Fund’s website at www.oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at http://www.sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
22 | OPPENHEIMER MAIN STREET SMALL CAP FUND
TRUSTEES AND OFFICERS Unaudited
Name, Position(s) Held with the Fund, Length of Service, Age | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen | |
INDEPENDENT TRUSTEES | The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal. | |
William L. Armstrong, Chairman of the Board of Trustees (since 2003), Trustee (since 1999) Age: 71 | President, Colorado Christian University (since 2006); Chairman, Cherry Creek Mortgage Company (since 1991), Chairman, Centennial State Mortgage Company (since 1994), Chairman, The El Paso Mortgage Company (since 1993); Chairman, Ambassador Media Corporation (since 1984); Chairman, Broadway Ventures (since 1984); Director of Helmerich & Payne, Inc. (oil and gas drilling/production company) (since 1992), Campus Crusade for Christ (non-profit) (since 1991); Former Director, The Lynde and Harry Bradley Foundation, Inc. (non-profit organization) (2002-2006); former Chairman of: Transland Financial Services, Inc. (private mortgage banking company) (1997-2003), Great Frontier Insurance (1995-2000), Frontier Real Estate, Inc. (residential real estate brokerage) (1994-2000) and Frontier Title (title insurance agency) (1995-2000); former Director of the following: UNUMProvident (insurance company) (1991-2004), Storage Technology Corporation (computer equipment company) (1991-2003) and International Family Entertainment (television channel) (1992-1997); U.S. Senator (January 1979-January 1991). Oversees 39 portfolios in the OppenheimerFunds complex. | |
George C. Bowen, Trustee (since 1999) Age: 71 | Assistant Secretary and Director of Centennial Asset Management Corporation (December 1991-April 1999); President, Treasurer and Director of Centennial Capital Corporation (June 1989-April 1999); Chief Executive Officer and Director of MultiSource Services, Inc. (March 1996-April 1999); Mr. Bowen held several positions with the Manager and with subsidiary or affiliated companies of the Manager (September 1987-April 1999). Oversees 39 portfolios in the OppenheimerFunds complex. | |
Edward L. Cameron, Trustee (since 1999) Age: 69 | Member of The Life Guard of Mount Vernon (George Washington historical site) (June 2000-June 2006); Partner of PricewaterhouseCoopers LLP (accounting firm) (July 1974-June 1999); Chairman of Price Waterhouse LLP Global Investment Management Industry Services Group (financial services firm) (July 1994-June 1998). Oversees 39 portfolios in the OppenheimerFunds complex. | |
Jon S. Fossel, Trustee (since 1999) Age: 66 | Director of UNUMProvident (insurance company) (since June 2002); Director of Northwestern Energy Corp. (public utility corporation) (since November 2004); Director of P.R. Pharmaceuticals (October 1999-October 2003); Director of Rocky Mountain Elk Foundation (non-profit organization) (February 1998-February 2003 and February 2005-February 2007); Chairman and Director (until October 1996) and President and Chief Executive Officer (until October 1995) of the Manager; President, Chief Executive Officer and Director of the following: Oppenheimer Acquisition Corp. (“OAC”) (parent holding company of the Manager), Shareholders Services, Inc. and Shareholder Financial Services, Inc. (until October 1995). Oversees 39 portfolios in the OppenheimerFunds complex. | |
Sam Freedman, Trustee (since 1999) Age: 67 | Director of Colorado UpLIFT (charitable organization) (since September 1984). Mr. Freedman held several positions with the Manager and with subsidiary or affiliated companies of the Manager (until October 1994). Oversees 39 portfolios in the OppenheimerFunds complex. |
23 | OPPENHEIMER MAIN STREET SMALL CAP FUND
TRUSTEES AND OFFICERS Unaudited / Continued
Name, Position(s) Held with the Fund, Length of Service, Age | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen | |
Beverly L. Hamilton, Trustee (since 2002) Age: 61 | Trustee of Monterey Institute for International Studies (educational organization) (since February 2000); Board Member of Middlebury College (educational organization) (since December 2005); Director of The California Endowment (philanthropic organization) (since April 2002); Director (February 2002-2005) and Chairman of Trustees (2006-2007) of the Community Hospital of Monterey Peninsula; Director (October 1991-2005) and Vice Chairman (since 2006) of American Funds’ Emerging Markets Growth Fund, Inc. (mutual fund); President of ARCO Investment Management Company (February 1991-April 2000); Member of the investment committees of The Rockefeller Foundation (2001-2006) and The University of Michigan (since 2000); Advisor at Credit Suisse First Boston’s Sprout venture capital unit (venture capital fund) (1994-January 2005); Trustee of MassMutual Institutional Funds (investment company) (1996-June 2004); Trustee of MML Series Investment Fund (investment company) (April 1989-June 2004); Member of the investment committee of Hartford Hospital (2000-2003); and Advisor to Unilever (Holland) pension fund (2000-2003). Oversees 39 portfolios in the OppenheimerFunds complex. | |
Robert J. Malone, Trustee (since 2002) Age: 63 | Board of Directors of Opera Colorado Foundation (non-profit organization) (since March 2008); Director of Jones Knowledge, Inc. (since 2006); Director of Jones International University (educational organization) (since August 2005); Chairman, Chief Executive Officer and Director of Steele Street Bank & Trust (commercial banking) (since August 2003); Director of Colorado UpLIFT (charitable organization) (since 1986); Trustee of the Gallagher Family Foundation (non-profit organization) (since 2000); Former Chairman of U.S. Bank-Colorado (subsidiary of U.S. Bancorp and formerly Colorado National Bank) (July 1996-April 1999); Director of Commercial Assets, Inc. (real estate investment trust) (1993-2000); Director of Jones Knowledge, Inc. (2001-July 2004); and Director of U.S. Exploration, Inc. (oil and gas exploration) (1997-February 2004). Oversees 39 portfolios in the OppenheimerFunds complex. | |
F. William Marshall, Jr., Trustee (since 2000) Age: 66 | Trustee of MassMutual Select Funds (formerly MassMutual Institutional Funds) (investment company) (since 1996) and MML Series Investment Fund (investment company) (since 1996); Trustee of Worcester Polytech Institute (since 1985); Chairman (since 1994) of the Investment Committee of the Worcester Polytech Institute (private university); President and Treasurer of the SIS Funds (private charitable fund) (since January 1999); Chairman of SIS & Family Bank, F.S.B. (formerly SIS Bank) (commercial bank) (January 1999-July 1999); and Executive Vice President of Peoples Heritage Financial Group, Inc. (commercial bank) (January 1999-July 1999). Oversees 41 portfolios in the OppenheimerFunds complex. | |
INTERESTED TRUSTEE AND OFFICER | The address of Mr. Murphy is Two World Financial Center, 225 Liberty Street, 11th Floor, New York, New York 10281-1008. Mr. Murphy serves as a Trustee for an indefinite term, or until his resignation, retirement, death or removal and as an Officer for an indefinite term, or until his resignation, retirement, death or removal. Mr. Murphy is an interested Trustee due to his positions with OppenheimerFunds, Inc. and its affiliates. | |
John V. Murphy, Trustee, President and Principal Executive Officer (since 2001) Age: 59 | Chairman, Chief Executive Officer and Director of the Manager (since June 2001); President of the Manager (September 2000-February 2007); President and director or trustee of other Oppenheimer funds; President and Director of Oppenheimer Acquisition Corp. (“OAC”) (the Manager’s parent holding company) and of Oppenheimer Partnership Holdings, Inc. (holding company subsidiary of the Manager) (since July 2001); Director of OppenheimerFunds Distributor, Inc. (subsidiary of the Manager) (November 2001-December 2006); Chairman and Director of Shareholder Services, Inc. and of Shareholder Financial |
24 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Name, Position(s) Held with the Fund, Length of Service, Age | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen | |
John V. Murphy, Continued | Services, Inc. (transfer agent subsidiaries of the Manager) (since July 2001); President and Director of OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since July 2001); Director of the following investment advisory subsidiaries of the Manager: OFI Institutional Asset Management, Inc., Centennial Asset Management Corporation, Trinity Investment Management Corporation and Tremont Capital Management, Inc. (since November 2001), HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since July 2001); President (since November 2001) and Director (since July 2001) of Oppenheimer Real Asset Management, Inc.; Executive Vice President of Massachusetts Mutual Life Insurance Company (OAC’s parent company) (since February 1997); Director of DLB Acquisition Corporation (holding company parent of Babson Capital Management LLC) (since June 1995); Chairman (since October 2007) and Member of the Investment Company Institute’s Board of Governors (since October 2003). Oversees 103 portfolios in the OppenheimerFunds complex. | |
OTHER OFFICERS OF THE FUND | The addresses of the Officers in the chart below are as follows: for Messrs. Reinganum, Zavanelli, Zack and Ms. Bloomberg, Two World Financial Center, 225 Liberty Street, New York, New York 10281-1008, for Messrs. Vandehey, Wixted, Petersen, Szilagyi and Ms. Ives, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal. | |
Dr. Marc Reinganum, Vice President and Portfolio Manager (since 2008) Age: 55 | Vice President of the Manager (since September 2002). Director of Quantitative Research and Portfolio Strategist for Equities; the Mary Jo Vaughn Rauscher Chair in Financial Investments at Southern Methodist University (since 1995). At Southern Methodist University, Director of the Finance Institute, Chairman of the Finance Department, President of the Faculty at the Cox School of Business and member of the Board of Trustee Investment Committee. A portfolio manager and officer of 6 portfolios in the OppenheimerFunds complex. | |
Mark Zavanelli, Vice President and Portfolio Manager (since 1999) Age: 37 | Vice President of the Manager (since November 2000). A Chartered Financial Analyst. A portfolio manager and officer of 6 portfolios in the OppenheimerFunds complex. | |
Mark S. Vandehey, Vice President and Chief Compliance Officer (since 2004) Age: 57 | Senior Vice President and Chief Compliance Officer of the Manager (since March 2004); Chief Compliance Officer of OppenheimerFunds Distributor, Inc., Centennial Asset Management and Shareholder Services, Inc. (since March 2004); Vice President of OppenheimerFunds Distributor, Inc., Centennial Asset Management Corporation and Shareholder Services, Inc. (since June 1983); Former Vice President and Director of Internal Audit of the Manager (1997-February 2004). An officer of 103 portfolios in the OppenheimerFunds complex. | |
Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 1999) Age: 48 | Senior Vice President and Treasurer of the Manager (since March 1999); Treasurer of the following: HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management, Inc. and Oppenheimer Partnership Holdings, Inc. (since March 1999), OFI Private Investments, Inc. (since March 2000), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (since November 2000), and OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since June 2003); Treasurer and Chief Financial Officer of OFI Trust Company (trust company subsidiary of the Manager) (since May 2000); Assistant Treasurer of the following: OAC (since March 1999), Centennial Asset |
25 | OPPENHEIMER MAIN STREET SMALL CAP FUND
TRUSTEES AND OFFICERS Unaudited / Continued
Name, Position(s) Held with the Fund, Length of Service, Age | Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen | |
Brian W. Wixted, Continued | Management Corporation (March 1999-October 2003) and OppenheimerFunds Legacy Program (April 2000-June 2003). An officer of 103 portfolios in the OppenheimerFunds complex. | |
Brian S. Petersen, Assistant Treasurer (since 2004) Age: 37 | Vice President of the Manager (since February 2007); Assistant Vice President of the Manager (August 2002-February 2007); Manager/Financial Product Accounting of the Manager (November 1998-July 2002). An officer of 103 portfolios in the OppenheimerFunds complex | |
Brian C. Szilagyi, Assistant Treasurer (since 2005) Age: 38 | Assistant Vice President of the Manager (since July 2004); Director of Financial Reporting and Compliance of First Data Corporation (April 2003-July 2004); Manager of Compliance of Berger Financial Group LLC (May 2001-March 2003). An officer of 103 portfolios in the OppenheimerFunds complex. | |
Robert G. Zack, Vice President and Secretary (since 2001) Age: 60 | Executive Vice President (since January 2004) and General Counsel (since March 2002) of the Manager; General Counsel and Director of the Distributor (since December 2001); General Counsel of Centennial Asset Management Corporation (since December 2001); Senior Vice President and General Counsel of HarbourView Asset Management Corporation (since December 2001); Secretary and General Counsel of OAC (since November 2001); Assistant Secretary (since September 1997) and Director (since November 2001) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc. (since December 2002); Director of Oppenheimer Real Asset Management, Inc. (since November 2001); Senior Vice President, General Counsel and Director of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since December 2001); Senior Vice President, General Counsel and Director of OFI Private Investments, Inc. and OFI Trust Company (since November 2001); Vice President of OppenheimerFunds Legacy Program (since June 2003); Senior Vice President and General Counsel of OFI Institutional Asset Management, Inc. (since November 2001); Director of OppenheimerFunds (Asia) Limited (since December 2003); Senior Vice President (May 1985-December 2003). An officer of 103 portfolios in the OppenheimerFunds complex. | |
Lisa I. Bloomberg, Assistant Secretary (since 2004) Age: 40 | Vice President (since 2004) and Deputy General Counsel (since May 2008); of the Manager; Associate Counsel of the Manager (May 2004-May 2008); First Vice President (April 2001-April 2004), Associate General Counsel (December 2000-April 2004) of UBS Financial Services, Inc. An officer of 103 portfolios in the OppenheimerFunds complex. | |
Kathleen T. Ives, Assistant Secretary (since 2001) Age: 42 | Vice President (since June 1998), Deputy General Counsel (since May 2008) and Assistant Secretary (since October 2003) of the Manager; Vice President (since 1999) and Assistant Secretary (since October 2003) of the Distributor; Assistant Secretary of Centennial Asset Management Corporation (since October 2003); Vice President and Assistant Secretary of Shareholder Services, Inc. (since 1999); Assistant Secretary of OppenheimerFunds Legacy Program and Shareholder Financial Services, Inc. (since December 2001); Senior Counsel of the Manager (October 2003-May 2008). An officer of 103 portfolios in the OppenheimerFunds complex. |
The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers and is available without charge, upon request.
26 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions.
Item 3. Audit Committee Financial Expert.
The Board of Trustees of the registrant has determined that George C. Bowen, the Chairman of the Board’s Audit Committee, and Edward L. Cameron, a member of the Board’s Audit Committee, are audit committee financial experts and that Messrs. Cameron and Bowen are “independent” for purposes of this Item 3.
Item 4. Principal Accountant Fees and Services.
(a) | Audit Fees |
The principal accountant for the audit of the registrant’s annual financial statements billed $34,975 in fiscal 2008 and $30,600 in fiscal 2007.
(b) | Audit-Related Fees |
The principal accountant for the audit of the registrant’s annual financial statements billed no such fees during the last two fiscal years.
The principal accountant for the audit of the registrant’s annual financial statements billed no such fees during the last two fiscal years to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.
(c) | Tax Fees |
The principal accountant for the audit of the registrant’s annual financial statements billed no such fees to the registrant during the last two fiscal years.
The principal accountant for the audit of the registrant’s annual financial statements billed no such fees to the registrant during the last two fiscal years to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.
(d) | All Other Fees |
The principal accountant for the audit of the registrant’s annual financial statements billed no such fees during the last two fiscal years.
The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2008 and $12,000 in fiscal 2007 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.
Such fees would include professional services for the 22c-2 program.
(e) | (1) During its regularly scheduled periodic meetings, the registrant’s audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the registrant. |
The audit committee has delegated pre-approval authority to its Chairman for any subsequent new engagements that arise between regularly scheduled meeting dates provided that any fees such pre-approved are presented to the audit committee at its next regularly scheduled meeting. | ||
Under applicable laws, pre-approval of non-audit services maybe waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to it principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit. | ||
(2) 100% | ||
(f) | Not applicable as less than 50%. | |
(g) | The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2008 and $12,000 in fiscal 2007 to the registrant and the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934. | |
(h) | The registrant’s audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. No such services were rendered. |
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments.
Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
The Fund’s Governance Committee Provisions with Respect to Nominations of Directors/Trustees to the Respective Boards
1. | The Fund’s Governance Committee (the “Committee”) will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds’ investment manager and its affiliates in making the selection. |
2. | The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individual’s background, skills, and experience; whether the individual is an “interested person” as defined in the Investment Company Act of 1940; and whether the individual would be deemed an “audit committee financial expert” within the meaning of applicable SEC rules. The Committee also considers whether the individual’s background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder. |
3. | The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the |
Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following: |
• | the name, address, and business, educational, and/or other pertinent background of the person being recommended; | ||
• | a statement concerning whether the person is an “interested person” as defined in the Investment Company Act of 1940; | ||
• | any other information that the Funds would be required to include in a proxy statement concerning the person if he or she was nominated; and | ||
• | the name and address of the person submitting the recommendation and, if that person is a shareholder, the period for which that person held Fund shares. |
The recommendation also can include any additional information which the person submitting it believes would assist the Committee in evaluating the recommendation.
4. | Shareholders should note that a person who owns securities issued by Massachusetts Mutual Life Insurance Company (the parent company of the Funds’ investment adviser) would be deemed an “interested person” under the Investment Company Act of 1940. In addition, certain other relationships with Massachusetts Mutual Life Insurance Company or its subsidiaries, with registered broker-dealers, or with the Funds’ outside legal counsel may cause a person to be deemed an “interested person.” |
5. | Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company. |
Item 11. Controls and Procedures.
Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 06/30/2008, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.
There have been no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits.
(a) | (1) Exhibit attached hereto. | |
(2) Exhibits attached hereto. | ||
(3) Not applicable. | ||
(b) | Exhibit attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Oppenheimer Main Street Small Cap Fund | ||||
By: | /s/ John V. Murphy | |||
John V. Murphy | ||||
Principal Executive Officer | ||||
Date: 08/07/2008 |
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 | |||
Principal Executive Officer | ||||
Date: 08/07/2008 |
By: | /s/ Brian W. Wixted | |||
Principal Financial Officer | ||||
Date: 08/07/2008 |