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)
(Address of principal executive offices) (Zip code)
Robert G. Zack, Esq.
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008
(Name and address of agent for service)
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: 12/31/2008
Item 1. Reports to Stockholders.
TOP HOLDINGS AND ALLOCATIONS
Top Ten Common Stock Industries | ||||
Semiconductors & Semiconductor Equipment | 5.6 | % | ||
Specialty Retail | 5.4 | |||
Commercial Services & Supplies | 5.4 | |||
Machinery | 5.3 | |||
Insurance | 4.8 | |||
Commercial Banks | 4.6 | |||
Oil, Gas & Consumable Fuels | 3.6 | |||
Software | 3.3 | |||
Health Care Providers & Services | 3.2 | |||
Communications Equipment | 3.2 |
Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2008, and are based on net assets.
Top Ten Common Stock Holdings | ||||
EMCOR Group, Inc. | 0.4 | % | ||
QLogic Corp. | 0.4 | |||
AMERIGROUP Corp. | 0.3 | |||
Tractor Supply Co. | 0.3 | |||
Gardner Denver, Inc. | 0.3 | |||
GrafTech International Ltd. | 0.3 | |||
Acuity Brands, Inc. | 0.3 | |||
Perini Corp. | 0.3 | |||
Deluxe Corp. | 0.3 | |||
Toro Co. (The) | 0.3 |
Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2008, and are based on net assets. For more current Top 10 Fund holdings, please visit www.oppenheimerfunds.com.
9 | OPPENHEIMER MAIN STREET SMALL CAP FUND
TOP HOLDINGS AND ALLOCATIONS
10 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES
Total returns include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. Cumulative total returns are not annualized. The Fund’s total returns shown do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares. Investors should consider the Fund’s investment objectives, risks, and other charges and expenses carefully before investing. The Fund’s prospectus contains this and other information about the Fund, and may be obtained by asking your financial advisor, calling us at 1.800.525.7048 or visiting our website at www.oppenheimerfunds.com. Read the prospectus carefully before investing.
The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc.
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 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.
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.
11 | 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 December 31, 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
12 | OPPENHEIMER MAIN STREET SMALL CAP FUND
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 | July 1, 2008 | December 31, 2008 | December 31, 2008 | |||||||||
Class A | $ | 1,000.00 | $ | 681.00 | $ | 5.23 | ||||||
Class B | 1,000.00 | 678.50 | 8.47 | |||||||||
Class C | 1,000.00 | 678.20 | 8.34 | |||||||||
Class N | 1,000.00 | 680.30 | 6.25 | |||||||||
Class Y | 1,000.00 | 682.30 | 3.44 | |||||||||
Hypothetical (5% return before expenses) | ||||||||||||
Class A | 1,000.00 | 1,019.00 | 6.28 | |||||||||
Class B | 1,000.00 | 1,015.17 | 10.16 | |||||||||
Class C | 1,000.00 | 1,015.32 | 10.01 | |||||||||
Class N | 1,000.00 | 1,017.80 | 7.50 | |||||||||
Class Y | 1,000.00 | 1,021.12 | 4.13 |
Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated fund, based on the 6-month period ended December 31, 2008 are as follows:
Class | Expense Ratios | |||
Class A | 1.23 | % | ||
Class B | 1.99 | |||
Class C | 1.96 | |||
Class N | 1.47 | |||
Class Y | 0.81 |
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.
13 | OPPENHEIMER MAIN STREET SMALL CAP FUND
THIS PAGE INTENTIONALLY LEFT BLANK.
14 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS December 31, 2008 / Unaudited
Shares | Value | |||||||
Common Stocks—99.3% | ||||||||
Consumer Discretionary—16.5% | ||||||||
Auto Components—1.0% | ||||||||
American Axle & Manufacturing Holdings, Inc.1 | 823,882 | $ | 2,381,019 | |||||
Amerigon, Inc.1,2 | 17,300 | 56,398 | ||||||
ArvinMeritor, Inc.1 | 813,782 | 2,319,279 | ||||||
Autoliv, Inc.1 | 335,000 | 7,189,100 | ||||||
Cooper Tire &Rubber Co. | 675,555 | 4,161,419 | ||||||
Drew Industries, Inc.1,2 | 201,675 | 2,420,100 | ||||||
Exide Technologies1,2 | 245,400 | 1,298,166 | ||||||
Fuel Systems Solutions, Inc.2 | 3,312 | 108,501 | ||||||
Goodyear Tire & Rubber Co. (The)2 | 177,300 | 1,058,481 | ||||||
Hayes Lemmerz International, Inc.2 | 46,000 | 20,700 | ||||||
Lear Corp.1,2 | 851,600 | 1,200,756 | ||||||
Modine Manufacturing Co. | 162,291 | 790,357 | ||||||
Shiloh Industries, Inc. | 16,900 | 50,700 | ||||||
Stoneridge, Inc.2 | 274,061 | 1,249,718 | ||||||
Superior Industries International, Inc.1 | 186,507 | 1,962,054 | ||||||
Tenneco, Inc.1,2 | 872,196 | 2,572,978 | ||||||
TRW Automotive Holdings Corp.2 | 977,760 | 3,519,936 | ||||||
Visteon Corp.2 | 96,400 | 33,740 | ||||||
WABCO Holdings, Inc. | 246,900 | 3,898,551 | ||||||
36,291,953 | ||||||||
Automobiles—0.2% | ||||||||
Thor Industries,Inc.1 | 383,900 | 5,059,802 | ||||||
Winnebago Industries, Inc. | 183,328 | 1,105,468 | ||||||
6,165,270 | ||||||||
Distributors—0.0% | ||||||||
Core-Mark Holding Co., Inc.2 | 28,200 | 606,864 | ||||||
Diversified Consumer Services—0.6% | ||||||||
Career Education Corp.1,2 | 242,000 | 4,341,480 | ||||||
Coinstar, Inc.1,2 | 17,400 | 339,474 | ||||||
Learning Tree International, Inc.2 | 300 | 2,556 | ||||||
Noah Education Holdings Ltd., ADR1 | 120,320 | 379,008 | ||||||
Pre-Paid Legal Services, Inc.1,2 | 41,349 | 1,541,904 | ||||||
Regis Corp. | 387,395 | 5,628,849 | ||||||
Service Corp. International | 224,900 | 1,117,753 | ||||||
Steiner Leisure Ltd.2 | 137,783 | 4,067,354 | ||||||
Stewart Enterprises, Inc.1 | 589,271 | 1,773,706 | ||||||
Universal Technical Institute, Inc.1,2 | 110,800 | 1,902,436 | ||||||
21,094,520 | ||||||||
Hotels, Restaurants & Leisure—2.6% | ||||||||
AFC Enterprises, Inc.2 | 32,100 | 150,549 | ||||||
Ameristar Casinos, Inc.1 | 115,192 | 995,259 | ||||||
Bally Technologies, Inc.2 | 89,800 | 2,157,894 | ||||||
BJ’s Restaurants, Inc.2 | 52,800 | 568,656 | ||||||
Bob Evans Farms, Inc. | 401,500 | 8,202,645 | ||||||
Boyd Gaming Corp.1 | 669,642 | 3,167,407 | ||||||
Brinker International, Inc.1 | 643,780 | 6,785,441 | ||||||
California Pizza Kitchen, Inc.2 | 227,800 | 2,442,016 | ||||||
CEC Entertainment, Inc.1,2 | 308,900 | 7,490,825 | ||||||
Cheesecake Factory, Inc. (The)2 | 215,500 | 2,176,550 |
F1 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Shares | Value | |||||||
Hotels, Restaurants & Leisure Continued | ||||||||
Churchill Downs, Inc. | 24,000 | $ | 970,080 | |||||
CKE Restaurants, Inc. | 430,500 | 3,736,740 | ||||||
Cracker Barrel Old Country Store, Inc.1 | 240,757 | 4,957,187 | ||||||
Denny’s Corp.2 | 1,113,200 | 2,215,268 | ||||||
DineEquity, Inc.1 | 77,512 | 896,039 | ||||||
Domino’s Pizza, Inc.2 | 36,200 | 170,502 | ||||||
Dover Downs Gaming & Entertainment, Inc. | 12,230 | 38,891 | ||||||
International Speedway Corp., Cl. A | 122,940 | 3,532,066 | ||||||
Interval Leisure Group, Inc.2 | 84,060 | 453,083 | ||||||
Isle of Capri Casinos, Inc.1,2 | 101,300 | 324,160 | ||||||
Jack in the Box, Inc.2 | 267,600 | 5,911,284 | ||||||
Krispy Kreme Doughnuts, Inc.1,2 | 335,800 | 564,144 | ||||||
Life Time Fitness, Inc.1,2 | 97,509 | 1,262,742 | ||||||
Marcus Corp. (The) | 113,400 | 1,840,482 | ||||||
Morgans Hotel Group Co.2 | 21,000 | 97,860 | ||||||
O’Charley’s, Inc. | 33,490 | 66,980 | ||||||
Orient-Express Hotel Ltd., Cl. A1 | 148,942 | 1,140,896 | ||||||
Panera Bread Co., Cl. A1,2 | 85,900 | 4,487,416 | ||||||
Peet’s Coffee & Tea, Inc.1,2 | 22,900 | 532,425 | ||||||
Pinnacle Entertainment, Inc.1,2 | 209,594 | 1,609,682 | ||||||
Red Robin Gourmet Burgers, Inc.2 | 96,000 | 1,615,680 | ||||||
Riviera Holdings Corp.2 | 4,600 | 13,800 | ||||||
Ruby Tuesday, Inc.2 | 319,900 | 499,044 | ||||||
Shuffle Master, Inc.2 | 117,071 | 580,672 | ||||||
Sonic Corp.2 | 79,400 | 966,298 | ||||||
Speedway Motorsports, Inc. | 147,654 | 2,378,706 | ||||||
Steak n Shake Co. (The)1,2 | 126,811 | 754,525 | ||||||
Town Sports International Holdings, Inc.2 | 60,772 | 193,863 | ||||||
Vail Resorts, Inc.1,2 | 113,500 | 3,019,100 | ||||||
WMS Industries, Inc.1,2 | 286,900 | 7,717,610 | ||||||
Wyndham Worldwide Corp. | 423,661 | 2,774,980 | ||||||
89,459,447 | ||||||||
Household Durables—1.6% | ||||||||
American Greetings Corp., Cl. A | 577,080 | 4,368,496 | ||||||
Beazer Homes USA, Inc.1,2 | 480,044 | 758,470 | ||||||
Blyth, Inc. | 383,300 | 3,005,072 | ||||||
Brookfield Homes Corp. | 19,700 | 85,104 | ||||||
Cavco Industries, Inc.1,2 | 22,400 | 602,336 | ||||||
Centex Corp.1 | 249,900 | 2,658,936 | ||||||
Champion Enterprises, Inc.1,2 | 818,000 | 458,080 | ||||||
CSS Industries, Inc. | 72,092 | 1,278,912 | ||||||
Ethan Allen Interiors, Inc.1 | 156,100 | 2,243,157 | ||||||
Furniture Brands International, Inc.1 | 485,640 | 1,073,264 | ||||||
Harman International Industries, Inc.1 | 270,900 | 4,532,157 | ||||||
Helen of Troy Ltd.2 | 260,100 | 4,515,336 | ||||||
Hooker Furniture Corp.1 | 125,000 | 957,500 |
F2 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Shares | Value | |||||||
Household Durables Continued | ||||||||
Hovnanian Enterprises, Inc., Cl. A1,2 | 958,783 | $ | 1,649,107 | |||||
Jarden Corp.2 | 59,800 | 687,700 | ||||||
KB Home1 | 181,600 | 2,473,392 | ||||||
La-Z-Boy, Inc.1 | 574,506 | 1,246,678 | ||||||
Lennar Corp., Cl. A1 | 720,700 | 6,248,469 | ||||||
M/I Homes, Inc. | 178,276 | 1,879,029 | ||||||
MDC Holdings, Inc. | 20,800 | 630,240 | ||||||
Meritage Homes Corp.2 | 257,354 | 3,131,998 | ||||||
National Presto Industries, Inc. | 47,100 | 3,626,700 | ||||||
Palm Harbor Homes, Inc.1,2 | 39,467 | 196,546 | ||||||
Ryland Group, Inc. (The)1 | 290,500 | 5,133,135 | ||||||
Sealy Corp. | 343,742 | 862,792 | ||||||
Standard Pacific Corp.1,2 | 162,300 | 288,894 | ||||||
Tempur-Pedic International, Inc.1 | 438,914 | 3,111,900 | ||||||
Universal Electronics, Inc.2 | 1,870 | 30,331 | ||||||
57,733,731 | ||||||||
Internet & Catalog Retail—0.9% | ||||||||
1-800-FLOWERS.com, Inc.2 | 410,300 | 1,567,346 | ||||||
Bidz.com, Inc.1,2 | 25,600 | 117,760 | ||||||
Blue Nile, Inc.1,2 | 60,600 | 1,484,094 | ||||||
Expedia, Inc.2 | 253,100 | 2,085,544 | ||||||
Gaiam, Inc.2 | 49,800 | 230,076 | ||||||
HSN, Inc.2 | 76,560 | 556,591 | ||||||
Liberty Media Corp.-Interactive, Series A2 | 414,800 | 1,294,176 | ||||||
NetFlix.com, Inc.1,2 | 337,100 | 10,075,919 | ||||||
NutriSystem, Inc.1 | 296,535 | 4,326,446 | ||||||
Orbitz Worldwide, Inc.2 | 188,257 | 730,437 | ||||||
Overstock.com, Inc.2 | 149,108 | 1,607,384 | ||||||
PetMed Express, Inc.1,2 | 190,800 | 3,363,804 | ||||||
Priceline.com, Inc.1,2 | 15,545 | 1,144,889 | ||||||
Shutterfly, Inc.2 | 54,200 | 378,858 | ||||||
Stamps.com, Inc.1,2 | 209,964 | 2,063,946 | ||||||
Ticketmaster Entertainment, Inc.2 | 116,960 | 750,883 | ||||||
31,778,153 | ||||||||
Leisure Equipment & Products—0.8% | ||||||||
Brunswick Corp.1 | 1,338,100 | 5,633,401 | ||||||
Callaway Golf Co.1 | 959,250 | 8,911,433 | ||||||
JAKKS Pacific, Inc.2 | 232,700 | 4,800,601 | ||||||
Leapfrog Enterprises, Inc.1,2 | 411,100 | 1,438,850 | ||||||
Polaris Industries, Inc.1 | 149,757 | 4,290,538 | ||||||
Pool Corp. | 50,322 | 904,286 | ||||||
RC2 Corp.2 | 79,800 | 851,466 | ||||||
Steinway Musical Instruments, Inc.2 | 63,510 | 1,112,060 | ||||||
27,942,635 | ||||||||
Media—1.2% | ||||||||
Arbitron, Inc. | 46,300 | 614,864 | ||||||
Ascent Media Corp., Cl. A2 | 10,800 | 235,872 | ||||||
Belo Corp., Cl. A | 801,909 | 1,250,978 | ||||||
Cablevision Systems Corp. New York Group, Cl. A | 57,200 | 963,248 | ||||||
CBS Corp., Cl. B | 130,300 | 1,067,157 | ||||||
Central European Media Enterprises Ltd., Cl. A1,2 | 25,863 | 561,744 | ||||||
Charter Communications, Inc., Cl. A2 | 2,140,100 | 175,060 | ||||||
Clear Channel Outdoor Holdings, Inc., Cl. A2 | 58,850 | 361,928 |
F3 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Shares | Value | |||||||
Media Continued | ||||||||
Cox Radio, Inc., Cl. A1,2 | 293,200 | $ | 1,762,132 | |||||
CTC Media, Inc.2 | 23,600 | 113,280 | ||||||
Cumulus Media, Inc., Cl. A1,2 | 155,200 | 386,448 | ||||||
Dish Network Corp., Cl. A2 | 122,200 | 1,355,198 | ||||||
Entercom Communications Corp. | 63,400 | 77,982 | ||||||
Entravision Communications Corp.2 | 821,732 | 1,281,902 | ||||||
EW Scripps Co. (The), Cl. A1 | 363,000 | 802,230 | ||||||
Fisher Communications, Inc. | 5,177 | 106,853 | ||||||
Gannett Co., Inc.1 | 79,300 | 634,400 | ||||||
Global Sources Ltd.1,2 | 269,196 | 1,467,118 | ||||||
Harte-Hanks, Inc.1 | 199,410 | 1,244,318 | ||||||
Hearst-Argyle Television, Inc.1 | 23,700 | 143,622 | ||||||
Journal Communications, Inc. | 135,837 | 332,801 | ||||||
Knology, Inc.1,2 | 96,100 | 495,876 | ||||||
Lamar Advertising Co., Cl. A1,2 | 224,900 | 2,824,744 | ||||||
Liberty Media Holding Corp.-Capital, Series A2 | 50,200 | 236,442 | ||||||
Lin TV Corp., Cl. A2 | 169,130 | 184,352 | ||||||
McClatchy Co., Cl. A1 | 414,867 | 331,894 | ||||||
McGraw-Hill Cos., Inc. (The) | 70,400 | 1,632,576 | ||||||
Media General, Inc., Cl. A1 | 127,958 | 223,927 | ||||||
Mediacom Communications Corp.1,2 | 344,924 | 1,483,173 | ||||||
Meredith Corp.1 | 484,720 | 8,298,406 | ||||||
National CineMedia, Inc. | 206,200 | 2,090,868 | ||||||
RCN Corp.2 | 19,100 | 112,690 | ||||||
Scholastic Corp. | 387,700 | 5,264,966 | ||||||
Sinclair Broadcast Group, Inc., Cl. A | 644,700 | 1,998,570 | ||||||
Valassis Communications, Inc.2 | 55,150 | 72,798 | ||||||
Warner Music Group Corp.1 | 437,899 | 1,322,455 | ||||||
41,512,872 | ||||||||
Multiline Retail—0.5% | ||||||||
Big Lots, Inc.1,2 | 475,200 | 6,885,648 | ||||||
Dillard’s, Inc., Cl. A1 | 1,014,873 | 4,029,046 | ||||||
Fred’s, Inc.1 | 493,107 | 5,305,831 | ||||||
Macy’s, Inc. | 109,400 | 1,132,290 | ||||||
Nordstrom, Inc.1 | 62,900 | 837,199 | ||||||
Retail Ventures, Inc.2 | 16,700 | 57,949 | ||||||
18,247,963 | ||||||||
Specialty Retail—5.4% | ||||||||
Abercrombie & Fitch Co., Cl. A1 | 89,500 | 2,064,765 | ||||||
Aeropostale, Inc.1,2 | 587,950 | 9,465,995 | ||||||
America’s Car-Mart, Inc.1,2 | 116,500 | 1,608,865 | ||||||
American Eagle Outfitters, Inc. | 80,800 | 756,288 | ||||||
AnnTaylor Stores Corp.2 | 957,059 | 5,522,230 | ||||||
Asbury Automotive Group, Inc. | 356,460 | 1,629,022 | ||||||
AutoNation, Inc.1,2 | 787,781 | 7,783,276 | ||||||
Barnes & Noble, Inc.1 | 362,670 | 5,440,050 | ||||||
bebe stores, inc. | 356,400 | 2,662,308 | ||||||
Big 5 Sporting Goods Corp. | 17,600 | 91,696 |
F4 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Shares | Value | |||||||
Specialty Retail Continued | ||||||||
Blockbuster, Inc., Cl. A1,2 | 1,050,592 | $ | 1,292,228 | |||||
Books-A-Million, Inc. | 19,400 | 49,470 | ||||||
Borders Group, Inc.2 | 416,916 | 166,766 | ||||||
Brown Shoe Co., Inc. | 624,340 | 5,288,160 | ||||||
Buckle, Inc. (The)1 | 357,712 | 7,805,276 | ||||||
Cato Corp., Cl. A | 210,859 | 3,183,971 | ||||||
Charlotte Russe Holding, Inc.2 | 174,996 | 1,135,724 | ||||||
Charming Shoppes, Inc.1,2 | 603,998 | 1,473,755 | ||||||
Chico’s FAS, Inc.2 | 306,900 | 1,282,842 | ||||||
Children’s Place Retail Stores, Inc.1,2 | 359,200 | 7,787,456 | ||||||
Christopher & Banks Corp.1 | 236,100 | 1,322,160 | ||||||
Citi Trends, Inc.2 | 217,427 | 3,200,525 | ||||||
Coldwater Creek, Inc.2 | 453,460 | 1,292,361 | ||||||
Conn’s, Inc.1,2 | 108,700 | 921,776 | ||||||
Dress Barn, Inc. (The)1,2 | 725,700 | 7,794,018 | ||||||
Finish Line, Inc. (The), Cl. A | 710,400 | 3,978,240 | ||||||
Foot Locker, Inc. | 260,124 | 1,909,310 | ||||||
Genesco, Inc.1,2 | 218,615 | 3,698,966 | ||||||
Group 1 Automotive, Inc.1 | 247,312 | 2,663,550 | ||||||
Guess?, Inc. | 44,900 | 689,215 | ||||||
Gymboree Corp.2 | 75,919 | 1,980,727 | ||||||
Haverty Furniture Cos., Inc.1 | 304,025 | 2,836,553 | ||||||
hhgregg, Inc.2 | 13,269 | 115,175 | ||||||
Hibbett Sports, Inc.1,2 | 163,117 | 2,562,568 | ||||||
Hot Topic, Inc.2 | 519,262 | 4,813,559 | ||||||
J. Crew Group, Inc.2 | 25,800 | 314,760 | ||||||
Jo-Ann Stores, Inc.1,2 | 343,900 | 5,327,011 | ||||||
Limited Brands, Inc. | 126,300 | 1,268,052 | ||||||
Lumber Liquidators, Inc.1,2 | 83,431 | 881,031 | ||||||
Men’s Wearhouse, Inc. (The)1 | 379,100 | 5,133,014 | ||||||
Monro Muffler Brake, Inc. | 30,100 | 767,550 | ||||||
New York & Co., Inc.2 | 426,200 | 988,784 | ||||||
Office Depot, Inc.2 | 1,535,200 | 4,574,896 | ||||||
OfficeMax, Inc. | 684,400 | 5,228,816 | ||||||
Pacific Sunwear of California, Inc.2 | 696,800 | 1,107,912 | ||||||
Penske Automotive Group, Inc.1 | 522,000 | 4,008,960 | ||||||
Pep Boys-Manny, Moe & Jack1 | 418,096 | 1,726,736 | ||||||
Pier 1 Imports, Inc.2 | 98,763 | 36,542 | ||||||
RadioShack Corp. | 350,334 | 4,182,988 | ||||||
Rent-A-Center, Inc.2 | 598,200 | 10,558,230 | ||||||
Sally Beauty Holdings, Inc.1,2 | 711,188 | 4,046,660 | ||||||
Sonic Automotive, Inc.1 | 321,696 | 1,280,350 | ||||||
Stage Stores, Inc. | 414,304 | 3,418,008 | ||||||
Systemax, Inc.1 | 197,762 | 2,129,897 | ||||||
Talbots, Inc. (The)1 | 504,000 | 1,204,560 | ||||||
Tractor Supply Co.1,2 | 317,115 | 11,460,536 | ||||||
Tween Brands, Inc.2 | 272,408 | 1,176,803 | ||||||
Wet Seal, Inc., Cl. A2 | 958,900 | 2,847,933 | ||||||
Williams-Sonoma, Inc.1 | 815,000 | 6,405,900 | ||||||
Zale Corp.1,2 | 432,900 | 1,441,557 | ||||||
Zumiez, Inc.2 | 100,800 | 750,960 | ||||||
188,537,292 |
F5 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Shares | Value | |||||||
Textiles, Apparel & Luxury Goods—1.7% | ||||||||
American Apparel, Inc.1,2 | 66,600 | $ | 132,534 | |||||
Coach, Inc.2 | 92,000 | 1,910,840 | ||||||
Crocs, Inc.1,2 | 220,700 | 273,668 | ||||||
FGX International Holdings Ltd.2 | 21,048 | 289,200 | ||||||
Jones Apparel Group, Inc. | 982,912 | 5,759,864 | ||||||
K-Swiss, Inc., Cl. A | 41,400 | 471,960 | ||||||
Kenneth Cole Productions, Inc., Cl. A1 | 63,700 | 450,996 | ||||||
Liz Claiborne, Inc. | 1,796,700 | 4,671,420 | ||||||
Maidenform Brands, Inc.2 | 154,200 | 1,565,130 | ||||||
Movado Group, Inc. | 53,862 | 505,764 | ||||||
Oxford Industries, Inc. | 144,600 | 1,268,142 | ||||||
Perry Ellis International, Inc.2 | 215,800 | 1,368,172 | ||||||
Phillips/Van Heusen Corp. | 284,326 | 5,723,482 | ||||||
Polo Ralph Lauren Corp., Cl. A | 20,300 | 921,823 | ||||||
Quicksilver, Inc.2 | 1,449,038 | 2,666,230 | ||||||
Steven Madden Ltd.2 | 202,944 | 4,326,766 | ||||||
Timberland Co., Cl. A1,2 | 417,736 | 4,824,851 | ||||||
True Religion Apparel, Inc.1,2 | 180,000 | 2,239,200 | ||||||
Unifi, Inc.2 | 336,785 | 949,734 | ||||||
UniFirst Corp. | 89,916 | 2,669,606 | ||||||
Volcom, Inc.2 | 15,918 | 173,506 | ||||||
Warnaco Group, Inc. (The)2 | 426,111 | 8,364,559 | ||||||
Wolverine World Wide, Inc. | 379,700 | 7,988,888 | ||||||
59,516,335 | ||||||||
Consumer Staples—2.1% | ||||||||
Beverages—0.0% | ||||||||
Boston Beer Co., Inc., Cl. A1,2 | 37,300 | 1,059,320 | ||||||
Coca-Cola Bottling Co. Consolidated | 3,288 | 151,116 | ||||||
1,210,436 | ||||||||
Food & Staples Retailing—0.5% | ||||||||
Andersons, Inc. (The) | 9,200 | 151,616 | ||||||
Arden Group, Inc., Cl. A | 8,788 | 1,107,288 | ||||||
Casey’s General Stores, Inc. | 47,100 | 1,072,467 | ||||||
Ingles Markets, Inc., Cl. A | 47,000 | 826,730 | ||||||
Nash Finch Co.1 | 115,100 | 5,166,839 | ||||||
Pantry, Inc. (The)2 | 270,966 | 5,812,221 | ||||||
Spartan Stores, Inc. | 111,000 | 2,580,750 | ||||||
SUPERVALU, Inc. | 68,200 | 995,720 | ||||||
Winn-Dixie Stores, Inc.2 | 6,638 | 106,872 | ||||||
17,820,503 | ||||||||
Food Products—0.5% | ||||||||
Agria Corp., ADR2 | 5,700 | 8,493 | ||||||
B&G Foods, Inc., Cl. A | 24,100 | 130,140 | ||||||
Bunge Ltd. | 11,300 | 585,001 | ||||||
Chiquita Brands International, Inc.1,2 | 275,720 | 4,075,142 | ||||||
Darling International, Inc.2 | 966,561 | 5,306,420 | ||||||
Del Monte Foods Co. | 182,100 | 1,300,194 | ||||||
Diamond Foods, Inc. | 134,800 | 2,716,220 | ||||||
J&J Snack Foods Corp. | 9,000 | 322,920 | ||||||
Omega Protein Corp.2 | 225,298 | 903,445 |
F6 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Shares | Value | |||||||
Food Products Continued | ||||||||
Ralcorp Holdings, Inc.2 | 29,100 | $ | 1,699,440 | |||||
Reddy Ice Holdings, Inc. | 33,600 | 48,384 | ||||||
17,095,799 | ||||||||
Household Products—0.1% | ||||||||
Central Garden & Pet Co., Cl. A2 | 229,831 | 1,356,003 | ||||||
WD-40 Co. | 98,135 | 2,776,239 | ||||||
4,132,242 | ||||||||
Personal Products—0.8% | ||||||||
American Oriental Bioengineering, Inc.1,2 | 775,100 | 5,262,929 | ||||||
Bare Escentuals, Inc.2 | 202,200 | 1,057,506 | ||||||
Elizabeth Arden, Inc.2 | 147,449 | 1,859,332 | ||||||
Herbalife Ltd. | 295,508 | 6,406,613 | ||||||
Inter Parfums, Inc.1 | 159,660 | 1,226,189 | ||||||
NBTY, Inc.2 | 449,543 | 7,035,348 | ||||||
Nu Skin Asia Pacific, Inc., Cl. A | 118,556 | 1,236,539 | ||||||
Prestige Brands Holdings, Inc.2 | 414,973 | 4,377,965 | ||||||
Revlon, Inc., Cl. A2 | 10,900 | 72,703 | ||||||
28,535,124 | ||||||||
Tobacco—0.2% | ||||||||
Universal Corp.1 | 186,400 | 5,567,768 | ||||||
Energy—6.5% | ||||||||
Energy Equipment & Services—2.9% | ||||||||
Allis-Chalmers Energy, Inc.1,2 | 297,861 | 1,638,236 | ||||||
Basic Energy Services, Inc.1,2 | 307,860 | 4,014,494 | ||||||
BJ Services Co. | 138,900 | 1,620,963 | ||||||
Bronco Drilling Co., Inc.2 | 45,458 | 293,659 | ||||||
Complete Production Services, Inc.2 | 626,502 | 5,105,991 | ||||||
Dawson Geophysical Co.2 | 64,700 | 1,152,307 | ||||||
Dresser-Rand Group, Inc.2 | 141,600 | 2,442,600 | ||||||
Dril-Quip, Inc.2 | 84,773 | 1,738,694 | ||||||
ENGlobal Corp.1,2 | 226,900 | 737,425 | ||||||
ENSCO International, Inc. | 77,930 | 2,212,433 | ||||||
Exterran Holdings, Inc.1,2 | 165,375 | 3,522,488 | ||||||
Forbes Energy Services Ltd.2 | 145,200 | 183,782 | ||||||
Forbes Energy Services Ltd., Legend Shares2,3 | 575,300 | 728,168 | ||||||
Global Industries Ltd.1,2 | 210,300 | 733,947 | ||||||
Gulf Island Fabrication, Inc. | 207,996 | 2,997,222 | ||||||
Gulfmark Offshore, Inc.2 | 153,700 | 3,656,523 | ||||||
Helix Energy Solutions Group, Inc.2 | 211,400 | 1,530,536 | ||||||
Helmerich & Payne, Inc. | 22,100 | 502,775 | ||||||
Hercules Offshore, Inc.1,2 | 321,900 | 1,529,025 | ||||||
Hornbeck Offshore Services, Inc.2 | 128,260 | 2,095,768 | ||||||
ION Geophysical Corp.1,2 | 311,700 | 1,069,131 | ||||||
Key Energy Services, Inc.2 | 1,088,716 | 4,801,238 | ||||||
Matrix Service Co.2 | 90,600 | 694,902 | ||||||
Nabors Industries Ltd.1,2 | 194,400 | 2,326,968 |
F7 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Shares | Value | |||||||
Energy Equipment & Services Continued | ||||||||
NATCO Group, Inc., Cl. A2 | 58,708 | $ | 891,187 | |||||
Natural Gas Services Group2 | 106,000 | 1,073,780 | ||||||
Newpark Resources, Inc.2 | 681,299 | 2,520,806 | ||||||
Noble Corp. | 65,400 | 1,444,686 | ||||||
North American Energy Partners, Inc.2 | 115,800 | 386,772 | ||||||
Oceaneering International, Inc.2 | 53,100 | 1,547,334 | ||||||
Oil States International, Inc.1,2 | 519,893 | 9,716,800 | ||||||
Parker Drilling Co.2 | 1,176,248 | 3,411,119 | ||||||
Patterson-UTI Energy, Inc. | 341,300 | 3,928,363 | ||||||
Pioneer Drilling Co.2 | 342,800 | 1,909,396 | ||||||
Precision Drilling Trust1 | 344,352 | 2,850,024 | ||||||
Pride International, Inc.2 | 89,500 | 1,430,210 | ||||||
Seacor Holdings, Inc.1,2 | 127,220 | 8,479,213 | ||||||
Smith International, Inc. | 14,700 | 336,483 | ||||||
Superior Energy Services, Inc.2 | 127,440 | 2,030,119 | ||||||
T-3 Energy Services, Inc.2 | 3,461 | 32,672 | ||||||
Technicoil Corp.2 | 870,300 | 287,906 | ||||||
Technicoil Corp., Legend Shares2 | 92,900 | 30,733 | ||||||
Tetra Technologies, Inc.2 | 443,990 | 2,157,791 | ||||||
Tidewater, Inc. | 25,600 | 1,030,912 | ||||||
Union Drilling, Inc.1,2 | 190,700 | 989,733 | ||||||
Unit Corp.2 | 197,230 | 5,269,986 | ||||||
Weatherford International Ltd.2 | 138,100 | 1,494,242 | ||||||
Willbros, Group, Inc.2 | 178,298 | 1,510,184 | ||||||
102,089,726 | ||||||||
Oil, Gas & Consumable Fuels—3.6% | ||||||||
Abraxas Petroleum Corp.2 | 88,100 | 63,432 | ||||||
Alberta Clipper Energy, Inc.2 | 20,913 | 7,735 | ||||||
Alon USA Energy, Inc. | 18,800 | 172,020 | ||||||
Arena Resources, Inc.2 | 26,800 | 752,812 | ||||||
ATP Oil & Gas Corp.1,2 | 384,700 | 2,250,495 | ||||||
Berry Petroleum Co., Cl. A | 621,200 | 4,696,272 | ||||||
Bill Barrett Corp.1,2 | 262,700 | 5,550,851 | ||||||
BPZ Resources, Inc.1,2 | 84,815 | 542,816 | ||||||
Brigham Exploration Co.2 | 443,040 | 1,417,728 | ||||||
Callon Petroleum Co.2 | 285,587 | 742,526 | ||||||
Cano Petroleum, Inc.2 | 39,900 | 17,556 | ||||||
Carrizo Oil & Gas, Inc.2 | 44,100 | 710,010 | ||||||
Celtic Exploration Ltd., Legend Shares2 | 18,100 | 187,590 | ||||||
Cimarex Energy Co.1 | 178,300 | 4,774,874 | ||||||
Contango Oil & Gas Co.2 | 6,500 | 365,950 | ||||||
Crosstex Energy, Inc.1 | 57,900 | 225,810 | ||||||
CVR Energy, Inc.2 | 393,526 | 1,574,104 | ||||||
Delek US Holdings, Inc. | 232,680 | 1,230,877 | ||||||
Delphi Energy Corp., Legend Shares2 | 81,300 | 66,152 |
F8 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Shares | Value | |||||||
Oil, Gas & Consumable Fuels Continued | ||||||||
Denbury Resources, Inc.2 | 198,300 | $ | 2,165,436 | |||||
DHT Maritime, Inc. | 12,370 | 68,530 | ||||||
Enbridge Energy Management LLC2 | 2,622 | 64,108 | ||||||
Encore Acquisition Co.2 | 56,900 | 1,452,088 | ||||||
Energy Partners Ltd.2 | 398,180 | 537,543 | ||||||
Foundation Coal Holdings, Inc. | 543,800 | 7,624,076 | ||||||
Frontier Oil Corp. | 461,400 | 5,827,482 | ||||||
Frontline Ltd.1 | 22,300 | 660,303 | ||||||
Galleon Energy, Inc., Cl. A2 | 84,200 | 352,938 | ||||||
Galleon Energy, Inc., Subscription Receipts, Legend Shares2 | 138,750 | 581,594 | ||||||
Gasco Energy, Inc.1,2 | 553,500 | 215,865 | ||||||
General Maritime Corp.1 | 239,114 | 2,582,431 | ||||||
GeoResources, Inc.1,2 | 50,306 | 437,159 | ||||||
Great Plains Exploration, Inc.2 | 327,641 | 75,400 | ||||||
Gulfport Energy Corp.2 | 50,280 | 198,606 | ||||||
Holly Corp. | 136,858 | 2,494,921 | ||||||
Houston American Energy Corp. | 9,600 | 32,448 | ||||||
International Coal Group, Inc.1,2 | 151,870 | 349,301 | ||||||
Jura Energy Corp., Legend Shares2 | 750,700 | 58,615 | ||||||
Knightsbridge Tankers Ltd.1 | 170,673 | 2,500,359 | ||||||
Mariner Energy, Inc.2 | 759,300 | 7,744,860 | ||||||
Massey Energy Co. | 190,800 | 2,631,132 | ||||||
McMoRan Exploration Co.2 | 164,608 | 1,613,158 | ||||||
Meridian Resource Corp. (The)2 | 273,300 | 155,781 | ||||||
Midnight Oil Exploration Ltd.2 | 539,550 | 332,590 | ||||||
Overseas Shipholding Group, Inc. | 107,127 | 4,511,118 | ||||||
Paramount Resources Ltd., Cl. A2 | 28,800 | 162,617 | ||||||
PetroQuest Energy, Inc.1,2 | 426,573 | 2,883,633 | ||||||
Pioneer Natural Resources Co. | 42,300 | 684,414 | ||||||
Plains Exploration & Production Co.2 | 108,700 | 2,526,188 | ||||||
Quicksilver Resources, Inc.2 | 297,900 | 1,659,303 | ||||||
Rentech, Inc.2 | 72,200 | 49,096 | ||||||
Rosetta Resources, Inc.2 | 610,900 | 4,325,172 | ||||||
St. Mary Land & Exploration Co. | 34,400 | 698,664 | ||||||
Stone Energy Corp.2 | 551,724 | 6,079,998 | ||||||
Sunoco, Inc.1 | 38,200 | 1,660,172 | ||||||
Swift Energy Co.2 | 353,535 | 5,942,923 | ||||||
Teekay Tankers Ltd., Cl. A1 | 149,100 | 1,893,570 | ||||||
Tesoro Corp.1 | 453,600 | 5,973,912 | ||||||
Tristar Oil & Gas Ltd.2 | 47,500 | 445,447 | ||||||
Tusk Energy Corp.2 | 536,315 | 405,531 | ||||||
Tusk Energy Corp., Legend Shares2 | 397,100 | 300,265 | ||||||
Tusk Energy Corp., Legend Shares2,4 | 275,000 | 207,940 | ||||||
VAALCO Energy, Inc.2 | 740,200 | 5,507,088 | ||||||
Venoco, Inc.1,2 | 43,900 | 118,969 | ||||||
Vero Energy, Inc.2 | 124,317 | 555,835 |
F9 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Shares | Value | |||||||
Oil, Gas & Consumable Fuels Continued | ||||||||
W&T Offshore, Inc.1 | 457,700 | $ | 6,554,264 | |||||
Walter Industries, Inc. | 68,032 | 1,191,240 | ||||||
Warren Resources, Inc.1,2 | 149,600 | 297,704 | ||||||
Western Refining, Inc.1 | 316,474 | 2,455,838 | ||||||
Westmoreland Coal Co.2 | 23,700 | 263,070 | ||||||
Williams (Clayton) Energy, Inc.2 | 13,695 | 622,301 | ||||||
World Fuel Services Corp. | 20,000 | 740,000 | ||||||
124,822,606 | ||||||||
Financials—16.1% | ||||||||
Capital Markets—1.3% | ||||||||
Affiliated Managers Group, Inc.2 | 27,500 | 1,152,800 | ||||||
Ameriprise Financial, Inc. | 72,300 | 1,688,928 | ||||||
BGC Partners, Inc., Cl. A | 40,500 | 111,780 | ||||||
Cohen & Steers, Inc.1 | 37,530 | 412,455 | ||||||
E*TRADE Financial Corp.1,2 | 2,682,900 | 3,085,335 | ||||||
GAMCO Investors, Inc., Cl. A1 | 45,462 | 1,242,022 | ||||||
GFI Group, Inc. | 50,900 | 180,186 | ||||||
Investment Technology Group, Inc.2 | 75,300 | 1,710,816 | ||||||
Janus Capital Group, Inc. | 317,500 | 2,549,525 | ||||||
KBW, Inc.1,2 | 57,900 | 1,331,700 | ||||||
Knight Capital Group, Inc., Cl. A2 | 234,039 | 3,779,730 | ||||||
LaBranche & Co., Inc.1,2 | 726,527 | 3,480,064 | ||||||
Legg Mason, Inc. | 49,600 | 1,086,736 | ||||||
NGP Capital Resources Co. | 26,800 | 224,316 | ||||||
Penson Worldwide, Inc.1,2 | 133,200 | 1,014,984 | ||||||
Piper Jaffray Cos., Inc.2 | 122,653 | 4,876,683 | ||||||
Sanders Morris Harris Group, Inc. | 34,883 | 208,949 | ||||||
SEI Investments Co. | 16,000 | 251,360 | ||||||
Stifel Financial Corp.2 | 139,350 | 6,389,198 | ||||||
SWS Group, Inc. | 329,094 | 6,236,331 | ||||||
TD Ameritrade Holding Corp.2 | 978 | 13,937 | ||||||
thinkorswim Group, Inc.2 | 135,312 | 760,453 | ||||||
Thomas Weisel Partners Group, Inc.2 | 28,500 | 134,520 | ||||||
Tradestation Group, Inc.2 | 85,000 | 548,250 | ||||||
U.S. Global Investors, Inc., Cl. A | 7,650 | 37,409 | ||||||
Waddell & Reed Financial, Inc., Cl. A | 118,860 | 1,837,576 | ||||||
44,346,043 | ||||||||
Commercial Banks—4.6% | ||||||||
1st Source Corp. | 17,188 | 406,152 | ||||||
Amcore Financial, Inc. | 39,200 | 141,904 | ||||||
BancFirst Corp. | 21,700 | 1,148,364 | ||||||
Banco Latinoamericano de Exportaciones SA, Cl. E | 74,820 | 1,074,415 | ||||||
Boston Private Financial Holdings, Inc. | 230,804 | 1,578,699 | ||||||
Capitol Bancorp Ltd.1 | 16,982 | 132,460 | ||||||
Cascade Bancorp1 | 41,275 | 278,606 |
F10 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Shares | Value | |||||||
Commercial Banks Continued | ||||||||
Cathay Bancorp, Inc.1 | 152,257 | $ | 3,616,104 | |||||
Central Pacific Financial Corp.1 | 307,000 | 3,082,280 | ||||||
Chemical Financial Corp. | 61,100 | 1,703,468 | ||||||
Citizens Republic Bancorp, Inc. | 253,000 | 753,940 | ||||||
City Bank Lynnwood, WA1 | 25,302 | 131,570 | ||||||
City Holding Co. | 122,500 | 4,260,550 | ||||||
CoBiz Financial, Inc.1 | 55,500 | 540,570 | ||||||
Colonial BancGroup, Inc. (The)1 | 916,748 | 1,897,668 | ||||||
Columbia Banking System, Inc. | 46,000 | 548,780 | ||||||
Community Bank System, Inc. | 203,200 | 4,956,048 | ||||||
Community Trust Bancorp, Inc. | 80,100 | 2,943,675 | ||||||
East West Bancorp, Inc. | 447,885 | 7,152,723 | ||||||
F.N.B. Corp. | 21,400 | 282,480 | ||||||
First Community Bancshares, Inc.1 | 33,699 | 1,175,084 | ||||||
First Financial Bancorp | 92,000 | 1,139,880 | ||||||
First Horizon National Corp. | 942,373 | 9,960,883 | ||||||
First Merchants Corp. | 105,300 | 2,338,713 | ||||||
First Midwest Bancorp, Inc.1 | 175,598 | 3,506,692 | ||||||
First Security Group, Inc.1 | 88,480 | 408,778 | ||||||
Frontier Financial Corp.1 | 317,130 | 1,382,687 | ||||||
Glacier Bancorp, Inc. | 14,300 | 271,986 | ||||||
Greene Bankshares, Inc.1 | 43,699 | 591,684 | ||||||
Guaranty Bancorp2 | 66,500 | 133,000 | ||||||
Hancock Holding Co.1 | 9,800 | 445,508 | ||||||
Hanmi Financial Corp. | 96,160 | 198,090 | ||||||
Huntington Bancshares, Inc.1 | 257,600 | 1,973,216 | ||||||
IBERIABANK Corp. | 29,107 | 1,397,136 | ||||||
Independent Bank Corp. | 27,700 | 724,632 | ||||||
International Bancshares Corp. | 87,500 | 1,910,125 | ||||||
MainSource Financial Group, Inc.1 | 50,700 | 785,850 | ||||||
MB Financial, Inc.1 | 21,500 | 600,925 | ||||||
National Penn Bancshares, Inc.1 | 466,800 | 6,773,268 | ||||||
NBT Bancorp, Inc.1 | 99,600 | 2,784,816 | ||||||
Old National Bancorp1 | 185,000 | 3,359,600 | ||||||
Old Second Bancorp, Inc. | 3,700 | 42,920 | ||||||
Oriental Financial Group, Inc. | 185,990 | 1,125,240 | ||||||
Pacific Capital Bancorp1 | 525,500 | 8,870,440 | ||||||
PacWest Bancorp1 | 186,600 | 5,019,540 | ||||||
Park National Corp.1 | 15,200 | 1,090,600 | ||||||
Popular, Inc.1 | 941,730 | 4,859,327 | ||||||
Porter Bancorp, Inc. | 16,590 | 254,657 | ||||||
Prosperity Bancshares, Inc. | 35,500 | 1,050,445 | ||||||
Provident Bankshares Corp.1 | 442,555 | 4,275,081 | ||||||
Regions Financial Corp. | 242,000 | 1,926,320 | ||||||
Renasant Corp.1 | 34,100 | 580,723 | ||||||
Republic Bancorp, Inc., Cl. A1 | 27,400 | 745,280 |
F11 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Shares | Value | |||||||
Commercial Banks Continued | ||||||||
Sandy Spring Bancorp, Inc.1 | 41,581 | $ | 907,713 | |||||
Santander BanCorp1 | 50,044 | 625,050 | ||||||
Signature Bank2 | 10,600 | 304,114 | ||||||
Simmons First National Corp. | 55,751 | 1,642,982 | ||||||
South Financial Group, Inc. (The) | 435,460 | 1,881,187 | ||||||
Southside Bancshares, Inc. | 48,800 | 1,146,800 | ||||||
Southwest Bancorp, Inc. | 2,200 | 28,512 | ||||||
Sterling Bancorp | 199,300 | 2,796,179 | ||||||
Sterling Financial Corp., Western US1 | 189,893 | 1,671,058 | ||||||
Susquehanna Bancshares, Inc.1 | 621,010 | 9,880,269 | ||||||
Tompkins Financial Corp.1 | 51,300 | 2,972,835 | ||||||
TowneBank | 4,200 | 104,118 | ||||||
Trustmark Corp.1 | 24,180 | 522,046 | ||||||
UCBH Holdings, Inc.1 | 492,575 | 3,388,916 | ||||||
UMB Financial Corp. | 22,800 | 1,120,392 | ||||||
Umpqua Holdings Corp.1 | 144,200 | 2,086,574 | ||||||
United Bankshares, Inc. | 7,100 | 235,862 | ||||||
United Community Banks, Inc.1 | 199,355 | 2,707,241 | ||||||
Webster Financial Corp.1 | 506,307 | 6,976,910 | ||||||
WesBanco, Inc.1 | 107,368 | 2,921,483 | ||||||
West Coast Bancorp | 25,700 | 169,363 | ||||||
Westamerica Bancorp | 10,600 | 542,190 | ||||||
Western Alliance Bancorp1,2 | 92,183 | 930,126 | ||||||
Whitney Holding Corp.1 | 220,200 | 3,520,998 | ||||||
Wintrust Financial Corp.1 | 142,800 | 2,937,396 | ||||||
160,353,896 | ||||||||
Consumer Finance—0.8% | ||||||||
Advance America Cash Advance Centers, Inc. | 23,900 | 45,171 | ||||||
Advanta Corp., Cl. B | 228,400 | 477,356 | ||||||
AmeriCredit Corp.1,2 | 763,282 | 5,831,474 | ||||||
Cash America International, Inc. | 283,100 | 7,742,785 | ||||||
Discover Financial Services | 229,400 | 2,186,182 | ||||||
Dollar Financial Corp.2 | 17,450 | 179,735 | ||||||
EZCORP, Inc., Cl. A2 | 159,859 | 2,431,455 | ||||||
First Cash Financial Services, Inc.2 | 218,000 | 4,155,080 | ||||||
First Marblehead Corp. (The)1,2 | 259,879 | 335,244 | ||||||
Nelnet, Inc., Cl. A | 113,083 | 1,620,479 | ||||||
Student Loan Corp. (The) | 6,600 | 270,600 | ||||||
World Acceptance Corp.1,2 | 177,300 | 3,503,448 | ||||||
28,779,009 | ||||||||
Diversified Financial Services—0.7% | ||||||||
Asset Acceptance Capital Corp.2 | 137,500 | 702,625 | ||||||
CIT Group, Inc. | 838,100 | 3,804,974 | ||||||
Encore Capital Group, Inc.1,2 | 26,600 | 191,520 | ||||||
Financial Federal Corp.1 | 220,500 | 5,131,035 | ||||||
Interactive Brokers Group, Inc., Cl. A2 | 225,590 | 4,035,805 |
F12 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Shares | Value | |||||||
Diversified Financial Services Continued | ||||||||
Life Partners Holdings, Inc.1 | 10,100 | $ | 440,764 | |||||
MarketAxess Holdings, Inc.1,2 | 98,065 | 800,210 | ||||||
NewStar Financial, Inc.2 | 21,600 | 86,184 | ||||||
NYSE Euronext | 58,400 | 1,598,992 | ||||||
PHH Corp.1,2 | 515,000 | 6,555,950 | ||||||
Pico Holdings, Inc.2 | 24,200 | 643,236 | ||||||
23,991,295 | ||||||||
Insurance—4.8% | ||||||||
Allied World Assurance Holdings Ltd. | 141,500 | 5,744,900 | ||||||
American Equity Investment Life Holding Co.1 | 377,200 | 2,640,400 | ||||||
American Financial Group, Inc. | 67,000 | 1,532,960 | ||||||
American Physicians Capital, Inc. | 123,060 | 5,919,186 | ||||||
Amerisafe, Inc.2 | 249,458 | 5,121,373 | ||||||
AmTrust Financial Services, Inc. | 334,400 | 3,879,040 | ||||||
Aspen Insurance Holdings Ltd. | 422,035 | 10,234,349 | ||||||
Assured Guaranty Ltd.1 | 37,000 | 421,800 | ||||||
Axis Capital Holdings Ltd. | 36,000 | 1,048,320 | ||||||
Citizens, Inc.1,2 | 30,900 | 299,730 | ||||||
CNA Financial Corp. | 119,900 | 1,971,156 | ||||||
CNA Surety Corp.2 | 179,732 | 3,450,854 | ||||||
Conseco, Inc.2 | 1,269,500 | 6,576,010 | ||||||
Delphi Financial Group, Inc., Cl. A | 284,245 | 5,241,478 | ||||||
Donegal Group, Inc., Cl. A | 6,600 | 110,682 | ||||||
eHealth, Inc.2 | 13,830 | 183,662 | ||||||
EMC Insurance Group, Inc. | 8,836 | 226,643 | ||||||
Employers Holdings, Inc. | 278,400 | 4,593,600 | ||||||
Endurance Specialty Holdings Ltd. | 59,710 | 1,822,946 | ||||||
FBL Financial Group, Inc., Cl. A | 159,826 | 2,469,312 | ||||||
First Mercury Financial Corp.2 | 18,000 | 256,680 | ||||||
FPIC Insurance Group, Inc.1,2 | 98,240 | 4,300,947 | ||||||
Genworth Financial, Inc., Cl. A | 498,600 | 1,411,038 | ||||||
Hallmark Financial Services, Inc.2 | 45,600 | 399,912 | ||||||
Harleysville Group, Inc. | 110,344 | 3,832,247 | ||||||
Horace Mann Educators Corp. | 265,000 | 2,435,350 | ||||||
Infinity Property & Casualty Corp. | 94,118 | 4,398,134 | ||||||
IPC Holdings Ltd. | 317,900 | 9,505,210 | ||||||
Lincoln National Corp. | 56,500 | 1,064,460 | ||||||
Maiden Holdings Ltd. | 12,800 | 40,064 | ||||||
Max Capital Group Ltd. | 602,101 | 10,657,188 | ||||||
Meadowbrook Insurance Group, Inc. | 228,780 | 1,473,343 | ||||||
National Financial Partners Corp. | 160,700 | 488,528 | ||||||
National Interstate Corp.1 | 59,900 | 1,070,413 | ||||||
National Western Life Insurance Co., Cl. A | 2,750 | 465,218 | ||||||
Nationwide Financial Services, Inc., Cl. A | 83,000 | 4,333,430 |
F13 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Shares | Value | |||||||
Insurance Continued | ||||||||
Navigators Group, Inc. (The)2 | 70,700 | $ | 3,882,137 | |||||
NYMAGIC, Inc. | 3,039 | 57,893 | ||||||
Old Republic International Corp. | 24,500 | 292,040 | ||||||
OneBeacon Insurance Group Ltd. | 109,420 | 1,142,345 | ||||||
Phoenix Cos., Inc. (The) | 506,200 | 1,655,274 | ||||||
Platinum Underwriters Holdings Ltd.1 | 262,600 | 9,474,608 | ||||||
PMA Capital Corp., Cl. A2 | 76,900 | 544,452 | ||||||
Presidential Life Corp. | 35,000 | 346,150 | ||||||
ProAssurance Corp.2 | 146,600 | 7,737,548 | ||||||
Protective Life Corp. | 398,860 | 5,723,641 | ||||||
RLI Corp. | 79,720 | 4,875,675 | ||||||
Safety Insurance Group, Inc. | 88,684 | 3,375,313 | ||||||
Seabright Insurance Holdings, Inc.2 | 122,400 | 1,436,976 | ||||||
Selective Insurance Group, Inc.1 | 251,939 | 5,776,961 | ||||||
StanCorp Financial Group, Inc. | 37,800 | 1,578,906 | ||||||
State Auto Financial Corp. | 16,300 | 489,978 | ||||||
Stewart Information Services Corp. | 44,144 | 1,036,943 | ||||||
Transatlantic Holdings, Inc. | 18,500 | 741,110 | ||||||
United America Indemnity Ltd., Cl. A2 | 182,853 | 2,342,347 | ||||||
United Fire & Casualty Co. | 38,764 | 1,204,397 | ||||||
Unitrin, Inc. | 258,100 | 4,114,114 | ||||||
UnumProvident Corp. | 129,050 | 2,400,330 | ||||||
Zenith National Insurance Corp. | 24,699 | 779,747 | ||||||
170,629,448 | ||||||||
Real Estate Investment Trusts—2.9% | ||||||||
Acadia Realty Trust | 14,600 | 208,342 | ||||||
Agree Realty Corp. | 54,800 | 993,524 | ||||||
Alexander’s, Inc.1 | 1,760 | 448,624 | ||||||
Alexandria Real Estate Equities, Inc. | 62,600 | 3,777,284 | ||||||
American Campus Communities, Inc. | 25,500 | 522,240 | ||||||
Arbor Realty Trust, Inc.1 | 23,400 | 69,030 | ||||||
Ashford Hospitality Trust1 | 288,300 | 331,545 | ||||||
Associated Estates Realty Corp. | 33,900 | 309,507 | ||||||
BioMed Realty Trust, Inc. | 289,390 | 3,391,651 | ||||||
Brandywine Realty Trust1 | 140,692 | 1,084,735 | ||||||
Capital Lease Funding, Inc.1 | 99,700 | 172,481 | ||||||
CBL & Associates Properties, Inc. | 113,800 | 739,700 | ||||||
Cedar Shopping Centers, Inc. | 61,900 | 438,252 | ||||||
Colonial Properties Trust1 | 57,400 | 478,142 | ||||||
Corporate Office Properties Trust | 76,760 | 2,356,532 | ||||||
DCT Industrial Trust, Inc. | 66,700 | 337,502 | ||||||
DiamondRock Hospitality Co. | 515,400 | 2,613,078 | ||||||
Digital Realty Trust, Inc.1 | 108,800 | 3,574,080 | ||||||
EastGroup Properties, Inc. | 79,700 | 2,835,726 |
F14 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Shares | Value | |||||||
Real Estate Investment Trusts Continued | ||||||||
Entertainment Properties Trust | 126,570 | $ | 3,771,786 | |||||
Equity Lifestyle Properties, Inc. | 26,500 | 1,016,540 | ||||||
Equity One, Inc.1 | 21,600 | 382,320 | ||||||
Extra Space Storage, Inc. | 160,600 | 1,657,392 | ||||||
FelCor Lodging Trust, Inc. | 427,400 | 786,416 | ||||||
First Industrial Realty Trust, Inc.1 | 256,800 | 1,938,840 | ||||||
First Potomac Realty Trust | 28,800 | 267,840 | ||||||
Glimcher Realty Trust | 28,700 | 80,647 | ||||||
Gramercy Capital Corp.1 | 34,600 | 44,288 | ||||||
Healthcare Realty Trust, Inc. | 92,600 | 2,174,248 | ||||||
Hersha Hospitality Trust | 61,300 | 183,900 | ||||||
Highwoods Properties, Inc.1 | 190,600 | 5,214,816 | ||||||
Home Properties of New York, Inc.1 | 92,100 | 3,739,260 | ||||||
Inland Real Estate Corp.1 | 228,000 | 2,959,440 | ||||||
Investors Real Estate Trust | 11,300 | 121,023 | ||||||
Kite Realty Group Trust | 131,000 | 728,360 | ||||||
LaSalle Hotel Properties1 | 118,500 | 1,309,425 | ||||||
Lexington Realty Trust1 | 191,200 | 956,000 | ||||||
LTC Properties, Inc. | 86,500 | 1,754,220 | ||||||
Medical Properties Trust, Inc.1 | 181,700 | 1,146,527 | ||||||
Mid-America Apartment Communities, Inc. | 97,200 | 3,611,952 | ||||||
National Health Investors, Inc. | 48,600 | 1,333,098 | ||||||
National Retail Properties, Inc.1 | 300,100 | 5,158,719 | ||||||
Nationwide Health Properties, Inc. | 181,700 | 5,218,424 | ||||||
Omega Healthcare Investors, Inc. | 294,110 | 4,696,937 | ||||||
Parkway Properties, Inc.1 | 71,800 | 1,292,400 | ||||||
Pennsylvania Real Estate Investment Trust1 | 140,100 | 1,043,745 | ||||||
Post Properties, Inc. | 29,200 | 481,800 | ||||||
Potlatch Corp. | 83,150 | 2,162,732 | ||||||
PS Business Parks, Inc. | 38,900 | 1,737,274 | ||||||
Ramco-Gershenson Properties Trust | 44,500 | 275,010 | ||||||
Realty Income Corp.1 | 139,100 | 3,220,164 | ||||||
Saul Centers, Inc. | 18,200 | 718,900 | ||||||
Senior Housing Properties Trust | 379,800 | 6,806,016 | ||||||
SL Green Realty Corp.1 | 78,200 | 2,025,380 | ||||||
Sovran Self Storage, Inc. | 28,700 | 1,033,200 | ||||||
Strategic Hotels & Resorts, Inc.1 | 241,700 | 406,056 | ||||||
Sunstone Hotel Investors, Inc.1 | 210,280 | 1,301,633 | ||||||
Tanger Factory Outlet Centers, Inc.1 | 56,700 | 2,133,054 | ||||||
Taubman Centers, Inc. | 63,800 | 1,624,348 | ||||||
Universal Health Realty Income Trust | 3,000 | 98,730 | ||||||
Urstadt Biddle Properties, Inc., Cl. A | 7,300 | 116,289 |
F15 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Shares | Value | |||||||
Real Estate Investment Trusts Continued | ||||||||
Washington Real Estate Investment Trust | 82,700 | $ | 2,340,410 | |||||
103,751,534 | ||||||||
Real Estate Management & Development—0.1% | ||||||||
Avatar Holdings, Inc.2 | 14,101 | 373,959 | ||||||
CB Richard Ellis Group, Inc., Cl. A2 | 236,542 | 1,021,861 | ||||||
Consolidated-Tomoka Land Co. | 2,500 | 95,475 | ||||||
Forest City Enterprises, Inc., Cl. A1 | 128,067 | 858,049 | ||||||
Forestar Group, Inc.2 | 14,900 | 141,848 | ||||||
Jones Lang LaSalle, Inc. | 54,800 | 1,517,960 | ||||||
Tejon Ranch Co.2 | 400 | 9,896 | ||||||
4,019,048 | ||||||||
Thrifts & Mortgage Finance—0.9% | ||||||||
Anchor BanCorp Wisconsin, Inc.1 | 64,600 | 178,296 | ||||||
Bank Mutual Corp. | 192,400 | 2,220,296 | ||||||
BankFinancial Corp. | 15,400 | 156,926 | ||||||
Corus Bankshares, Inc.1 | 24,377 | 27,058 | ||||||
Dime Community Bancshares, Inc. | 286,300 | 3,807,790 | ||||||
Doral Financial Corp.2 | 4,834 | 36,255 | ||||||
Encore Bancshares, Inc.1,2 | 52,600 | 578,600 | ||||||
First Niagara Financial Group, Inc. | 28,800 | 465,696 | ||||||
First Place Financial Corp. | 28,400 | 108,772 | ||||||
Flagstar Bancorp, Inc.2 | 98,334 | 69,817 | ||||||
Flushing Financial Corp. | 155,800 | 1,863,368 | ||||||
MGIC Investment Corp. | 1,324,111 | 4,607,906 | ||||||
NewAlliance Bancshares, Inc. | 64,200 | 845,514 | ||||||
OceanFirst Financial Corp. | 28,200 | 468,120 | ||||||
Ocwen Financial Corp.1,2 | 314,513 | 2,887,229 | ||||||
PMI Group, Inc. (The) | 969,900 | 1,891,305 | ||||||
Provident Financial Services, Inc.1 | 229,500 | 3,511,350 | ||||||
Provident New York Bancorp | 198,500 | 2,461,400 | ||||||
Radian Group, Inc.1 | 913,900 | 3,363,152 | ||||||
TierOne Corp.1 | 49,200 | 184,500 | ||||||
Tree.com, Inc.2 | 8,276 | 21,518 | ||||||
Trustco Bank Corp. NY | 17,800 | 169,278 | ||||||
WSFS Financial Corp. | 24,100 | 1,156,559 | ||||||
31,080,705 | ||||||||
Health Care—7.6% | ||||||||
Biotechnology—1.4% | ||||||||
Acorda Therapeutics, Inc.2 | 61,000 | 1,251,110 | ||||||
Alexion Pharmaceuticals, Inc.2 | 69,300 | 2,507,967 | ||||||
Allos Therapeutics, Inc.2 | 197,000 | 1,205,640 | ||||||
Alnylam Pharmaceuticals, Inc.1,2 | 24,700 | 610,831 | ||||||
Array BioPharma, Inc.2 | 30,815 | 124,801 | ||||||
Celldex Therapeutics, Inc.2 | 57,903 | 458,592 | ||||||
Cepheid, Inc.2 | 46,200 | 479,556 |
F16 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Shares | Value | |||||||
Biotechnology Continued | ||||||||
Cubist Pharmaceuticals, Inc.1,2 | 272,100 | $ | 6,573,936 | |||||
CV Therapeutics, Inc.2 | 225,885 | 2,080,401 | ||||||
Dendreon Corp.2 | 283,000 | 1,296,140 | ||||||
Emergent Biosolutions, Inc.1,2 | 185,500 | 4,843,405 | ||||||
Enzon Pharmaceuticals, Inc.1,2 | 420,867 | 2,453,655 | ||||||
Facet Biotech Corp.2 | 134,091 | 1,285,933 | ||||||
Geron Corp.1,2 | 100,300 | 468,401 | ||||||
GTx, Inc.1,2 | 66,600 | 1,121,544 | ||||||
Halozyme Therapeutics, Inc.2 | 26,100 | 146,160 | ||||||
Human Genome Sciences, Inc.2 | 292,600 | 620,312 | ||||||
Incyte Corp.2 | 147,130 | 557,623 | ||||||
Isis Pharmaceuticals, Inc.2 | 28,600 | 405,548 | ||||||
Ligand Pharmaceuticals, Inc., Cl. B2 | 49,000 | 134,260 | ||||||
MannKind Corp.1,2 | 172,100 | 590,303 | ||||||
Martek Biosciences Corp.1 | 110,600 | 3,352,286 | ||||||
Momenta Pharmaceuticals, Inc.1,2 | 251,800 | 2,920,880 | ||||||
Myriad Genetics, Inc.2 | 42,900 | 2,842,554 | ||||||
Nabi Biopharmaceuticals, Inc.2 | 45,352 | 151,929 | ||||||
NPS Pharmaceuticals, Inc.2 | 52,475 | 325,870 | ||||||
OSI Pharmaceuticals, Inc.2 | 14,300 | 558,415 | ||||||
Osiris Therapeutics, Inc.1,2 | 32,000 | 613,120 | ||||||
PDL BioPharma, Inc. | 670,457 | 4,143,424 | ||||||
Progenics Pharmaceuticals, Inc.1,2 | 137,100 | 1,413,501 | ||||||
Rigel Pharmaceuticals, Inc.1,2 | 61,700 | 493,600 | ||||||
RXi Pharmaceuticals Corp.1,2 | 23,700 | 136,275 | ||||||
Savient Pharmaceuticals, Inc.1,2 | 291,200 | 1,686,048 | ||||||
ZymoGenetics, Inc.1,2 | 46,700 | 140,100 | ||||||
47,994,120 | ||||||||
Health Care Equipment & Supplies—1.6% | ||||||||
Abaxis, Inc.1,2 | 45,000 | 721,350 | ||||||
Advanced Medical Optics, Inc.2 | 188,700 | 1,247,307 | ||||||
Align Technology, Inc.1,2 | 205,000 | 1,793,750 | ||||||
American Medical Systems Holdings, Inc.2 | 46,200 | 415,338 | ||||||
Analogic Corp. | 178,600 | 4,872,208 | ||||||
AngioDynamics, Inc.2 | 71,000 | 971,990 | ||||||
Cardiac Science Corp.2 | 8,300 | 62,250 | ||||||
ConMed Corp.1,2 | 137,900 | 3,301,326 | ||||||
CryoLife, Inc.2 | 249,040 | 2,418,178 | ||||||
Cyberonics, Inc.2 | 246,500 | 4,084,505 | ||||||
Datascope Corp. | 84,711 | 4,425,303 | ||||||
Exactech, Inc.2 | 64,584 | 1,087,595 | ||||||
Invacare Corp. | 29,700 | 460,944 | ||||||
Inverness Medical Innovations, Inc.2 | 37,500 | 709,125 | ||||||
IRIS International, Inc.1,2 | 50,000 | 697,000 |
F17 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Shares | Value | |||||||
Health Care Equipment & Supplies Continued | ||||||||
Kensey Nash Corp.2 | 155,150 | $ | 3,011,462 | |||||
Merit Medical Systems, Inc.2 | 225,500 | 4,043,215 | ||||||
Natus Medical, Inc.1,2 | 157,133 | 2,034,872 | ||||||
Neogen Corp.2 | 11,000 | 274,780 | ||||||
Orthofix International NV2 | 43,470 | 666,395 | ||||||
Palomar Medical Technologies, Inc.2 | 63,800 | 735,614 | ||||||
Quidel Corp.2 | 245,400 | 3,207,378 | ||||||
Sirona Dental Systems, Inc.1,2 | 40,640 | 426,720 | ||||||
Somanetics Corp.2 | 139,600 | 2,304,796 | ||||||
SonoSite, Inc.1,2 | 84,053 | 1,603,731 | ||||||
Spectranetics Corp. (The)2 | 10,800 | 28,188 | ||||||
Stereotaxis, Inc.1,2 | 28,300 | 124,520 | ||||||
Steris Corp. | 115,500 | 2,759,295 | ||||||
Symmetry Medical, Inc.2 | 80,800 | 643,976 | ||||||
Synovis Life Technologies, Inc.2 | 89,200 | 1,671,608 | ||||||
VNUS Medical Technologies, Inc.2 | 90,100 | 1,461,422 | ||||||
Volcano Corp.2 | 31,800 | 477,000 | ||||||
Zoll Medical Corp.2 | 184,200 | 3,479,538 | ||||||
56,222,679 | ||||||||
Health Care Providers & Services—3.2% | ||||||||
Air Methods Corp.2 | 11,700 | 187,083 | ||||||
Alliance Imaging, Inc.1,2 | 249,500 | 1,988,515 | ||||||
Almost Family, Inc.1,2 | 24,476 | 1,100,930 | ||||||
AMERIGROUP Corp.2 | 409,000 | 12,073,680 | ||||||
AMN Healthcare Services, Inc.2 | 212,000 | 1,793,520 | ||||||
Assisted Living Concepts, Inc.1,2 | 66,100 | 274,315 | ||||||
athenahealth, Inc.2 | 10,500 | 395,010 | ||||||
Brookdale Senior Living, Inc.1 | 256,923 | 1,433,630 | ||||||
Catalyst Health Solutions, Inc.1,2 | 147,652 | 3,595,326 | ||||||
Centene Corp.2 | 505,360 | 9,960,646 | ||||||
Chemed Corp. | 146,900 | 5,842,213 | ||||||
Chindex International, Inc.2 | 29,300 | 232,935 | ||||||
CIGNA Corp. | 106,300 | 1,791,155 | ||||||
Community Health Systems, Inc.2 | 44,900 | 654,642 | ||||||
CorVel Corp.2 | 34,130 | 750,177 | ||||||
Coventry Health Care, Inc.2 | 46,200 | 687,456 | ||||||
Cross Country Healthcare, Inc.2 | 149,226 | 1,311,697 | ||||||
Enstar Group, Inc. (The) | 12,900 | 215,946 | ||||||
Gentiva Health Services, Inc.2 | 54,100 | 1,582,966 | ||||||
Hanger Orthopedic Group, Inc.2 | 266,200 | 3,862,562 | ||||||
Health Management Associates, Inc., Cl. A2 | 184,800 | 330,792 | ||||||
Health Net, Inc.2 | 252,000 | 2,744,280 | ||||||
HEALTHSOUTH Corp.2 | 21,300 | 233,448 | ||||||
Healthspring, Inc.2 | 410,300 | 8,193,691 | ||||||
Healthways, Inc.2 | 140,652 | 1,614,685 | ||||||
InVentiv Health, Inc.2 | 119,700 | 1,381,338 | ||||||
Kindred Healthcare, Inc.2 | 341,300 | 4,443,726 | ||||||
Landauer, Inc. | 77,000 | 5,644,100 | ||||||
LifePoint Hospitals, Inc.1,2 | 447,000 | 10,209,480 | ||||||
Lincare Holdings, Inc.1,2 | 180,900 | 4,871,637 | ||||||
MedCath Corp.2 | 64,418 | 672,524 | ||||||
Molina Healthcare, Inc.1,2 | 209,800 | 3,694,578 |
F18 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Shares | Value | |||||||
Health Care Providers & Services Continued | ||||||||
Odyssey Healthcare, Inc.2 | 108,810 | $ | 1,006,493 | |||||
Owens & Minor, Inc.1 | 6,400 | 240,960 | ||||||
Pediatrix Medical Group, Inc.2 | 55,900 | 1,772,030 | ||||||
PharMerica Corp.1,2 | 251,070 | 3,934,267 | ||||||
Providence Service Corp.2 | 27,090 | 39,281 | ||||||
RehabCare Group, Inc.2 | 217,714 | 3,300,544 | ||||||
Res-Care, Inc.2 | 134,580 | 2,021,392 | ||||||
Skilled Healthcare Group, Inc., Cl. A2 | 42,300 | 357,012 | ||||||
Sun Healthcare Group, Inc.2 | 45,098 | 399,117 | ||||||
Universal American Corp.1,2 | 153,986 | 1,358,157 | ||||||
WellCare Health Plans, Inc.2 | 281,851 | 3,624,604 | ||||||
111,822,540 | ||||||||
Health Care Technology—0.1% | ||||||||
Allscripts-Misys Healthcare Solutions, Inc. | 152,100 | 1,508,832 | ||||||
Computer Programs & Systems, Inc. | 40,483 | 1,084,944 | ||||||
IMS Health, Inc. | 26,600 | 403,256 | ||||||
Omnicell, Inc.2 | 134,700 | 1,644,687 | ||||||
4,641,719 | ||||||||
Life Sciences Tools & Services—0.6% | ||||||||
Albany Molecular Research, Inc.1,2 | 224,600 | 2,187,604 | ||||||
Bio-Rad Laboratories, Inc., Cl. A2 | 20,900 | 1,573,979 | ||||||
Bruker Corp.2 | 35,500 | 143,420 | ||||||
Dionex Corp.2 | 5,000 | 224,250 | ||||||
Enzo Biochem, Inc.2 | 13,100 | 64,059 | ||||||
eResearch Technology, Inc.2 | 382,800 | 2,537,964 | ||||||
Kendle International, Inc.2 | 21,200 | 545,264 | ||||||
Life Sciences Research, Inc.2 | 39,330 | 369,702 | ||||||
Luminex Corp.1,2 | 142,400 | 3,041,664 | ||||||
Medivation, Inc.1,2 | 118,100 | 1,720,717 | ||||||
Nektar Therapeutics2 | 209,118 | 1,162,696 | ||||||
Parexel International Corp.1,2 | 306,000 | 2,971,260 | ||||||
Sequenom, Inc.1,2 | 50,800 | 1,007,872 | ||||||
Varian, Inc.2 | 63,130 | 2,115,486 | ||||||
19,665,937 | ||||||||
Pharmaceuticals—0.7% | ||||||||
Adolor Corp.2 | 293,200 | 486,712 | ||||||
Auxilium Pharmaceuticals, Inc.2 | 82,000 | 2,332,080 | ||||||
BioMimetic Therapeutics, Inc.1,2 | 26,428 | 243,666 | ||||||
CPEX Pharmaceuticals, Inc.2 | 1,950 | 19,013 | ||||||
Cypress Bioscience, Inc.2 | 56,900 | 389,196 | ||||||
Durect Corp.1,2 | 25,202 | 85,435 | ||||||
Forest Laboratories, Inc.2 | 68,080 | 1,733,998 | ||||||
K-V Pharmaceutical Co., Cl. A1,2 | 42,417 | 122,161 | ||||||
King Pharmaceuticals, Inc.1,2 | 207,000 | 2,198,340 | ||||||
Medicis Pharmaceutical Corp., Cl. A1 | 618,700 | 8,599,930 | ||||||
MiddleBrook Pharmaceuticals, Inc.1,2 | 123,400 | 185,100 |
F19 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Shares | Value | |||||||
Pharmaceuticals Continued | ||||||||
Noven Pharmaceuticals, Inc.2 | 191,490 | $ | 2,106,390 | |||||
Optimer Pharmaceuticals, Inc.2 | 14,300 | 173,173 | ||||||
Pain Therapeutics, Inc.1,2 | 174,800 | 1,034,816 | ||||||
Par Pharmaceutical Cos., Inc.2 | 125,700 | 1,685,637 | ||||||
Pozen, Inc.1,2 | 97,900 | 493,416 | ||||||
Questcor Pharmaceuticals, Inc.2 | 28,500 | 265,335 | ||||||
Salix Pharmaceuticals Ltd.1,2 | 120,066 | 1,060,183 | ||||||
Valeant Pharmaceuticals International, Inc.1,2 | 21,300 | 487,770 | ||||||
ViroPharma, Inc.2 | 31,600 | 411,432 | ||||||
Vivus, Inc.1,2 | 250,200 | 1,331,064 | ||||||
25,444,847 | ||||||||
Industrials—21.2% | ||||||||
Aerospace & Defense—1.5% | ||||||||
Aerovironment, Inc.1,2 | 53,900 | 1,984,059 | ||||||
American Science & Engineering, Inc. | 9,400 | 695,224 | ||||||
Applied Signal Technology, Inc. | 5,700 | 102,258 | ||||||
Argon ST, Inc.2 | 74,100 | 1,397,526 | ||||||
Astronics Corp., Cl. B2 | 9,625 | 82,679 | ||||||
Axsys Technologies, Inc.2 | 18,310 | 1,004,487 | ||||||
BE Aerospace, Inc.2 | 574,200 | 4,415,598 | ||||||
Ceradyne, Inc.1,2 | 332,915 | 6,761,504 | ||||||
Cubic Corp. | 238,100 | 6,476,320 | ||||||
Ducommun, Inc. | 176,500 | 2,947,550 | ||||||
DynCorp International, Inc., Cl. A2 | 271,300 | 4,115,621 | ||||||
Esterline Technologies Corp.2 | 265,600 | 10,063,584 | ||||||
Gencorp, Inc.1,2 | 324,530 | 1,194,270 | ||||||
Goodrich Corp. | 37,000 | 1,369,740 | ||||||
Herley Industries, Inc.2 | 17,018 | 208,981 | ||||||
Ladish Co., Inc.2 | 39,800 | 551,230 | ||||||
Precision Castparts Corp. | 30,700 | 1,826,036 | ||||||
Taser International, Inc.2 | 124,358 | 656,610 | ||||||
Triumph Group, Inc. | 134,700 | 5,719,362 | ||||||
51,572,639 | ||||||||
Air Freight & Logistics—0.3% | ||||||||
Air Transport Services Group, Inc.2 | 68,400 | 12,312 | ||||||
Atlas Air Worldwide Holdings, Inc.2 | 174,213 | 3,292,626 | ||||||
Hub Group, Inc., Cl. A2 | 51,186 | 1,357,965 | ||||||
Pacer International, Inc. | 500,331 | 5,218,452 | ||||||
9,881,355 | ||||||||
Airlines—0.9% | ||||||||
Continental Airlines, Inc., Cl. B1,2 | 135,440 | 2,446,046 | ||||||
Hawaiian Holdings, Inc.2 | 505,500 | 3,225,090 | ||||||
Republic Airways Holdings, Inc.2 | 410,300 | 4,377,901 | ||||||
SkyWest, Inc. | 446,770 | 8,309,922 | ||||||
UAL Corp. | 424,000 | 4,672,480 | ||||||
US Airways Group, Inc.2 | 922,200 | 7,128,606 | ||||||
30,160,045 |
F20 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Shares | Value | |||||||
Building Products—1.3% | ||||||||
Aaon, Inc. | 171,025 | $ | 3,571,002 | |||||
American Woodmark Corp.1 | 62,900 | 1,146,667 | ||||||
Ameron International Corp. | 96,216 | 6,053,911 | ||||||
Apogee Enterprises, Inc. | 258,500 | 2,678,060 | ||||||
Armstrong World Industries, Inc. | 160,868 | 3,477,966 | ||||||
Gibraltar Industries, Inc.1 | 355,478 | 4,244,407 | ||||||
Griffon Corp.2 | 296,802 | 2,769,163 | ||||||
Insteel Industries, Inc.1 | 310,642 | 3,507,148 | ||||||
Lennox International, Inc. | 53,000 | 1,711,370 | ||||||
NCI Building Systems, Inc.1,2 | 288,800 | 4,707,440 | ||||||
Quanex Building Products Corp. | 416,925 | 3,906,587 | ||||||
Trex Co., Inc.1,2 | 182,656 | 3,006,518 | ||||||
Universal Forest Products, Inc.1 | 185,800 | 4,999,878 | ||||||
45,780,117 | ||||||||
Commercial Services & Supplies—5.4% | ||||||||
Acco Brands Corp.2 | 237,000 | 817,650 | ||||||
Administaff, Inc. | 324,500 | 7,035,160 | ||||||
Advisory Board Co. (The)2 | 11,900 | 265,370 | ||||||
American Ecology Corp. | 178,400 | 3,609,032 | ||||||
American Reprographics Co.2 | 291,515 | 2,011,454 | ||||||
AMREP Corp.1,2 | 10,173 | 318,211 | ||||||
ATC Technology Corp.2 | 148,160 | 2,167,581 | ||||||
Bowne & Co., Inc. | 248,900 | 1,463,532 | ||||||
Brink’s Co. (The) | 58,400 | 1,569,792 | ||||||
Casella Waste Systems, Inc., Cl. A2 | 64,200 | 261,936 | ||||||
CBIZ, Inc.1,2 | 526,890 | 4,557,599 | ||||||
CDI Corp. | 279,150 | 3,612,201 | ||||||
Cenveo, Inc.1,2 | 233,900 | 1,040,855 | ||||||
Clean Harbors, Inc.2 | 21,630 | 1,372,207 | ||||||
Comfort Systems USA, Inc. | 502,700 | 5,358,782 | ||||||
COMSYS IT Partners, Inc.2 | 58,900 | 131,936 | ||||||
Consolidated Graphics, Inc.2 | 167,422 | 3,790,434 | ||||||
Copart, Inc.2 | 11,800 | 320,842 | ||||||
Cornell Corrections, Inc.2 | 150,900 | 2,805,231 | ||||||
Corporate Executive Board Co. (The) | 138,400 | 3,053,104 | ||||||
CoStar Group, Inc.2 | 99,000 | 3,261,060 | ||||||
Courier Corp. | 25,958 | 464,648 | ||||||
CRA International, Inc.1,2 | 124,603 | 3,355,559 | ||||||
Deluxe Corp. | 721,200 | 10,789,152 | ||||||
EnergySolutions, Inc. | 229,430 | 1,296,280 | ||||||
Ennis, Inc.1 | 112,230 | 1,359,105 | ||||||
Equifax, Inc. | 42,600 | 1,129,752 | ||||||
Exponent, Inc.2 | 191,300 | 5,754,304 | ||||||
First Advantage Corp., Cl. A2 | 76,600 | 1,083,890 | ||||||
G&K Services, Inc., Cl. A | 133,200 | 2,693,304 | ||||||
Heidrick & Struggles International, Inc.1 | 154,092 | 3,319,142 | ||||||
Hill International, Inc.2 | 238,316 | 1,677,745 | ||||||
HNI Corp.1 | 426,900 | 6,762,096 | ||||||
Hudson Highland Group, Inc.1,2 | 183,900 | 616,065 | ||||||
ICF International, Inc.1,2 | 102,500 | 2,518,425 | ||||||
Interface, Inc., Cl. A | 747,200 | 3,467,008 | ||||||
Kelly Services, Inc., Cl. A | 218,257 | 2,839,524 |
F21 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Shares | Value | |||||||
Commercial Services & Supplies Continued | ||||||||
Kforce, Inc.2 | 127,800 | $ | 981,504 | |||||
Kimball International, Inc., Cl. B | 130,513 | 1,123,717 | ||||||
Knoll, Inc. | 357,000 | 3,220,140 | ||||||
Korn-Ferry International2 | 595,200 | 6,797,184 | ||||||
M&F Worldwide Corp.2 | 20,497 | 316,679 | ||||||
Manpower, Inc. | 64,080 | 2,178,079 | ||||||
McGrath Rentcorp | 74,500 | 1,591,320 | ||||||
Metalico, Inc.1,2 | 232,000 | 359,600 | ||||||
Miller (Herman), Inc. | 589,060 | 7,675,452 | ||||||
Monster Worldwide, Inc.1,2 | 719,234 | 8,695,539 | ||||||
MPS Group, Inc.1,2 | 1,187,600 | 8,942,628 | ||||||
On Assignment, Inc.2 | 205,036 | 1,162,554 | ||||||
PRG-Schultz International, Inc.2 | 8,800 | 35,904 | ||||||
R.R. Donnelley & Sons Co. | 195,200 | 2,650,816 | ||||||
Resources Connection, Inc.2 | 464,595 | 7,610,066 | ||||||
Schawk, Inc. | 158,082 | 1,811,620 | ||||||
School Specialty, Inc.1,2 | 129,900 | 2,483,688 | ||||||
Spherion Corp.2 | 306,620 | 677,630 | ||||||
Standard Parking Corp.2 | 36,000 | 696,240 | ||||||
Standard Register Co. (The) | 253,362 | 2,262,523 | ||||||
Steelcase, Inc., Cl. A | 1,075,400 | 6,043,748 | ||||||
Sykes Enterprises, Inc.2 | 133,800 | 2,558,256 | ||||||
Team, Inc.1,2 | 109,287 | 3,027,250 | ||||||
TrueBlue, Inc.2 | 614,800 | 5,883,636 | ||||||
United Stationers, Inc.1,2 | 143,627 | 4,810,068 | ||||||
Viad Corp.1 | 249,570 | 6,174,362 | ||||||
Waste Services, Inc.2 | 76,938 | 506,252 | ||||||
188,226,423 | ||||||||
Construction & Engineering—1.9% | ||||||||
Baker (Michael) Corp.2 | 85,850 | 3,168,724 | ||||||
Chicago Bridge & Iron Co. NV | 465,400 | 4,677,270 | ||||||
Dycom Industries, Inc.2 | 601,502 | 4,944,346 | ||||||
EMCOR Group, Inc.1,2 | 668,180 | 14,987,277 | ||||||
Fluor Corp.1 | 39,200 | 1,758,904 | ||||||
Furmanite Corp.2 | 45,300 | 244,167 | ||||||
Granite Construction, Inc. | 132,364 | 5,814,751 | ||||||
Insituform Technologies, Inc., Cl. A1,2 | 224,270 | 4,415,876 | ||||||
Integrated Electrical Services, Inc.1,2 | 96,600 | 846,216 | ||||||
KBR, Inc. | 7,295 | 110,884 | ||||||
Layne Christensen Co.2 | 23,370 | 561,114 | ||||||
MasTec, Inc.2 | 535,400 | 6,199,932 | ||||||
Northwest Pipe Co.1,2 | 85,700 | 3,651,677 | ||||||
Orion Marine Group, Inc.2 | 7,000 | 67,620 | ||||||
Perini Corp.2 | 463,246 | 10,830,691 | ||||||
Pike Electric Corp.2 | 202,150 | 2,486,445 | ||||||
Shaw Group, Inc. (The)2 | 95,300 | 1,950,791 | ||||||
66,716,685 | ||||||||
Electrical Equipment—2.0% | ||||||||
Acuity Brands, Inc.1 | 317,900 | 11,097,889 | ||||||
Advanced Battery Technologies, Inc.1,2 | 43,300 | 115,178 | ||||||
AZZ, Inc.1,2 | 135,100 | 3,391,010 | ||||||
Baldor Electric Co.1 | 471,460 | 8,415,561 |
F22 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Shares | Value | |||||||
Electrical Equipment Continued | ||||||||
Belden, Inc. | 493,820 | $ | 10,310,962 | |||||
Brady Corp., Cl. A | 76,200 | 1,824,990 | ||||||
C&D Technologies, Inc.1,2 | 117,210 | 366,867 | ||||||
Day4 Energy, Inc., Legend Shares2 | 522,900 | 373,899 | ||||||
Encore Wire Corp.1 | 257,754 | 4,887,016 | ||||||
EnerSys, Inc.2 | 70,585 | 776,435 | ||||||
FuelCell Energy, Inc.2 | 42,300 | 164,124 | ||||||
Fushi Copperweld, Inc.2 | 13,100 | 69,037 | ||||||
GrafTech International Ltd.2 | 1,338,600 | 11,137,152 | ||||||
Hubbell, Inc., Cl. B | 23,000 | 751,640 | ||||||
II-VI, Inc.2 | 29,600 | 565,064 | ||||||
LSI Industries, Inc. | 85,300 | 586,011 | ||||||
Plug Power, Inc.2 | 26,400 | 26,928 | ||||||
Polypore International, Inc.2 | 32,092 | 242,616 | ||||||
Powell Industries, Inc.2 | 111,100 | 3,224,122 | ||||||
Regal-Beloit Corp. | 8,760 | 332,792 | ||||||
Rockwell Automation, Inc. | 42,900 | 1,383,096 | ||||||
Smith (A.O.) Corp. | 249,230 | 7,357,270 | ||||||
Valence Technology, Inc.1,2 | 298,700 | 543,634 | ||||||
Vicor Corp. | 99,463 | 657,450 | ||||||
Woodward Governor Co. | 71,002 | 1,634,466 | ||||||
70,235,209 | ||||||||
Industrial Conglomerates—0.2% | ||||||||
McDermott International, Inc.2 | 35,700 | 352,716 | ||||||
Raven Industries, Inc.1 | 117,800 | 2,838,980 | ||||||
Standex International Corp. | 62,663 | 1,243,234 | ||||||
Tredegar Corp. | 255,785 | 4,650,171 | ||||||
9,085,101 | ||||||||
Machinery—5.3% | ||||||||
3D Systems Corp.2 | 3,800 | 30,172 | ||||||
Actuant Corp., Cl. A | 378,401 | 7,197,187 | ||||||
AGCO Corp.2 | 12,200 | 287,798 | ||||||
Albany International Corp., Cl. A | 12,500 | 160,500 | ||||||
Altra Holdings, Inc.2 | 185,384 | 1,466,387 | ||||||
American Railcar Industries, Inc.1 | 18,000 | 189,540 | ||||||
Ampco-Pittsburgh Corp. | 151,100 | 3,278,870 | ||||||
Astec Industries, Inc.1,2 | 8,550 | 267,872 | ||||||
Badger Meter, Inc.1 | 155,600 | 4,515,512 | ||||||
Barnes Group, Inc.1 | 451,700 | 6,549,650 | ||||||
Blount International, Inc.2 | 406,900 | 3,857,412 | ||||||
Briggs & Stratton Corp.1 | 192,200 | 3,380,798 | ||||||
Bucyrus International, Inc., Cl. A | 103,900 | 1,924,228 | ||||||
Cascade Corp.1 | 28,700 | 856,982 | ||||||
Chart Industries, Inc.2 | 358,288 | 3,808,601 | ||||||
CIRCOR International, Inc.1 | 206,874 | 5,689,035 | ||||||
Colfax Corp.1,2 | 66,325 | 689,117 | ||||||
Columbus McKinnon Corp.2 | 247,094 | 3,372,833 | ||||||
Commercial Vehicle Group, Inc.2 | 22,400 | 20,832 | ||||||
Crane Co. | 215,900 | 3,722,116 | ||||||
Cummins, Inc.1 | 99,500 | 2,659,635 | ||||||
Dover Corp. | 75,000 | 2,469,000 | ||||||
Dynamic Materials Corp. | 31,571 | 609,636 | ||||||
EnPro Industries, Inc.2 | 310,880 | 6,696,355 | ||||||
Federal Signal Corp. | 501,194 | 4,114,803 | ||||||
Flowserve Corp. | 6,800 | 350,200 | ||||||
Gardner Denver, Inc.2 | 488,460 | 11,400,656 |
F23 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Shares | Value | |||||||
Machinery Continued | ||||||||
Gorman-Rupp Co. (The)1 | 173,413 | $ | 5,396,613 | |||||
Graco, Inc. | 164,400 | 3,901,212 | ||||||
Graham Corp.1 | 75,000 | 811,500 | ||||||
Greenbrier Cos., Inc.1 | 36,800 | 252,816 | ||||||
Harsco Corp. | 68,700 | 1,901,616 | ||||||
Hurco Cos., Inc.1,2 | 31,414 | 376,968 | ||||||
IDEX Corp. | 41,500 | 1,002,225 | ||||||
Ingersoll-Rand Co. Ltd., Cl. A | 251,700 | 4,366,995 | ||||||
John Bean Technologies Corp. | 90,074 | 735,905 | ||||||
Joy Global, Inc. | 37,100 | 849,219 | ||||||
K-Tron International, Inc.2 | 5,750 | 459,425 | ||||||
Kadant, Inc.2 | 183,100 | 2,468,188 | ||||||
Kennametal, Inc. | 276,268 | 6,130,387 | ||||||
L.B. Foster Co., Cl. A2 | 66,900 | 2,092,632 | ||||||
Lincoln Electric Holdings, Inc.1 | 24,600 | 1,252,878 | ||||||
Lydall, Inc.2 | 99,720 | 573,390 | ||||||
Manitowoc Co., Inc. (The) | 563,952 | 4,883,824 | ||||||
McCoy Corp., Legend Shares3 | 315,600 | 350,177 | ||||||
Met-Pro Corp. | 12,384 | 164,955 | ||||||
Mueller Industries, Inc. | 333,100 | 8,354,148 | ||||||
Mueller Water Products, Inc., Cl. A1 | 547,687 | 4,600,571 | ||||||
NACCO Industries, Inc., Cl. A | 18,800 | 703,308 | ||||||
Navistar International Corp.2 | 56,400 | 1,205,832 | ||||||
NN, Inc. | 74,530 | 170,674 | ||||||
Nordson Corp.1 | 15,400 | 497,266 | ||||||
Oshkosh Corp.1 | 832,930 | 7,404,748 | ||||||
Parker-Hannifin Corp. | 28,200 | 1,199,628 | ||||||
RBC Bearings, Inc.2 | 24,429 | 495,420 | ||||||
Robbins & Myers, Inc. | 269,951 | 4,365,108 | ||||||
Sauer-Danfoss, Inc. | 112,721 | 986,309 | ||||||
Sun Hydraulics Corp.1 | 189,690 | 3,573,760 | ||||||
Tecumseh Products Co., Cl. A2 | 234,700 | 2,248,426 | ||||||
Tennant Co. | 64,308 | 990,343 | ||||||
Terex Corp.2 | 117,300 | 2,031,636 | ||||||
Thermadyne Holdings Corp.2 | 35,396 | 243,171 | ||||||
Timken Co. | 439,646 | 8,630,251 | ||||||
Titan International, Inc.1 | 524,949 | 4,330,829 | ||||||
Toro Co. (The)1 | 325,660 | 10,746,780 | ||||||
TriMas Corp.2 | 4,000 | 5,520 | ||||||
Trinity Industries, Inc.1 | 183,000 | 2,884,080 | ||||||
Twin Disc, Inc. | 26,900 | 185,341 | ||||||
Wabash National Corp. | 234,217 | 1,053,977 | ||||||
Watts Water Technologies, Inc., Cl. A | 8,910 | 222,483 | ||||||
Xerium Technologies, Inc.2 | 209,197 | 138,070 | ||||||
184,804,331 | ||||||||
Marine—0.4% | ||||||||
Alexander & Baldwin, Inc.1 | 16,500 | 413,490 | ||||||
American Commercial Lines, Inc.1,2 | 416,480 | 2,040,752 | ||||||
Excel Maritime Carriers Ltd.1 | 104,600 | 736,384 | ||||||
Genco Shipping & Trading Ltd.1 | 288,410 | 4,268,468 | ||||||
Horizon Lines, Inc., Cl. A1 | 69,404 | 242,220 | ||||||
Kirby Corp.2 | 52,800 | 1,444,608 |
F24 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Shares | Value | |||||||
Marine Continued | ||||||||
Safe Bulkers, Inc.1 | 323,300 | $ | 2,159,644 | |||||
Star Bulk Carriers Corp.1 | 339,302 | 872,006 | ||||||
TBS International Ltd., Cl. A1,2 | 304,100 | 3,050,123 | ||||||
Ultrapetrol Ltd. (Bahamas)2 | 15,200 | 48,488 | ||||||
15,276,183 | ||||||||
Road & Rail—0.8% | ||||||||
Amerco2 | 22,028 | 760,627 | ||||||
Arkansas Best Corp.1 | 300,600 | 9,051,066 | ||||||
Avis Budget Group, Inc.2 | 1,356,700 | 949,690 | ||||||
Celadon Group, Inc.2 | 82,100 | 700,313 | ||||||
Hertz Global Holdings, Inc.1,2 | 409,600 | 2,076,672 | ||||||
Marten Transport Ltd.2 | 205,206 | 3,890,706 | ||||||
Werner Enterprises, Inc.1 | 464,900 | 8,061,366 | ||||||
YRC Worldwide, Inc.1,2 | 748,900 | 2,149,343 | ||||||
27,639,783 | ||||||||
Trading Companies & Distributors—1.2% | ||||||||
Applied Industrial Technologies, Inc. | 375,000 | 7,095,000 | ||||||
Beacon Roofing Supply, Inc.1,2 | 219,000 | 3,039,720 | ||||||
BlueLinx Holdings, Inc.2 | 22,100 | 41,769 | ||||||
DXP Enterprises, Inc.2 | 37,600 | 549,336 | ||||||
GATX Corp.1 | 118,654 | 3,674,714 | ||||||
H&E Equipment Services, Inc.2 | 150,536 | 1,160,633 | ||||||
Houston Wire & Cable Co.1 | 235,829 | 2,195,568 | ||||||
Interline Brands, Inc.2 | 58,396 | 620,749 | ||||||
MSC Industrial Direct Co., Inc., Cl. A1 | 35,800 | 1,318,514 | ||||||
RSC Holdings, Inc.1,2 | 69,800 | 594,696 | ||||||
Rush Enterprises, Inc., Cl. A2 | 314,582 | 2,695,968 | ||||||
TAL International Group, Inc. | 55,189 | 778,165 | ||||||
Textainer Group Holdings Ltd.1 | 72,748 | 771,129 | ||||||
United Rentals, Inc.1,2 | 870,687 | 7,940,665 | ||||||
Watsco, Inc.1 | 17,500 | 672,000 | ||||||
WESCO International, Inc.2 | 521,000 | 10,018,830 | ||||||
43,167,456 | ||||||||
Transportation Infrastructure—0.0% | ||||||||
CAI International, Inc.2 | 206,400 | 654,288 | ||||||
Information Technology—21.2% | ||||||||
Communications Equipment—3.2% | ||||||||
3Com Corp.2 | 1,889,772 | 4,308,680 | ||||||
Acme Packet, Inc.1,2 | 155,300 | 816,878 | ||||||
ADTRAN, Inc. | 348,000 | 5,178,240 | ||||||
Avocent Corp.2 | 569,720 | 10,203,685 | ||||||
Bel Fuse, Inc., Cl. A | 36,200 | 653,048 | ||||||
BigBand Networks, Inc.2 | 113,504 | 626,542 | ||||||
Black Box Corp. | 94,770 | 2,475,392 | ||||||
Brocade Communications Systems, Inc.2 | 2,069,800 | 5,795,440 | ||||||
Ciena Corp.1,2 | 694,500 | 4,653,150 | ||||||
CommScope, Inc.2 | 327,400 | 5,087,796 | ||||||
Comtech Telecommunications Corp.2 | 36,500 | 1,672,430 | ||||||
DG Fastchannel, Inc.2 | 7,800 | 97,344 |
F25 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Shares | Value | |||||||
Communications Equipment Continued | ||||||||
Digi International, Inc.2 | 87,654 | $ | 710,874 | |||||
EchoStar Holding Corp.1,2 | 52,000 | 773,240 | ||||||
EMS Technologies, Inc.2 | 128,400 | 3,321,708 | ||||||
Emulex Corp.2 | 1,105,000 | 7,712,900 | ||||||
Extreme Networks, Inc.2 | 125,514 | 293,703 | ||||||
F5 Networks, Inc.2 | 50,500 | 1,154,430 | ||||||
Finisar Corp.2 | 582,300 | 221,274 | ||||||
Harris Stratex Networks, Inc., Cl. A2 | 61,803 | 318,903 | ||||||
Hughes Communications, Inc.2 | 25,200 | 401,688 | ||||||
InterDigital, Inc.1,2 | 268,313 | 7,378,608 | ||||||
Ixia2 | 366,291 | 2,117,162 | ||||||
JDS Uniphase Corp.2 | 2,084,079 | 7,606,888 | ||||||
Loral Space & Communications Ltd.2 | 2,200 | 31,966 | ||||||
Netgear, Inc.2 | 85,300 | 973,273 | ||||||
Oplink Communications, Inc.2 | 40,338 | 346,907 | ||||||
ParkerVision, Inc.1,2 | 95,500 | 235,885 | ||||||
Performance Technologies, Inc.2 | 20,200 | 67,468 | ||||||
Plantronics, Inc. | 685,400 | 9,047,280 | ||||||
Polycom, Inc.2 | 192,500 | 2,600,675 | ||||||
Powerwave Technologies, Inc.1,2 | 1,416,431 | 708,216 | ||||||
SeaChange International, Inc.2 | 197,162 | 1,421,538 | ||||||
ShoreTel, Inc.1,2 | 84,300 | 378,507 | ||||||
Sonus Networks, Inc.2 | 193,100 | 305,098 | ||||||
Starent Networks Corp.2 | 46,600 | 555,938 | ||||||
Symmetricom, Inc.2 | 30,500 | 120,475 | ||||||
Tekelec, Inc.2 | 475,300 | 6,340,502 | ||||||
Tellabs, Inc.2 | 2,274,234 | 9,369,844 | ||||||
UTStarcom, Inc.2 | 714,822 | 1,322,421 | ||||||
ViaSat, Inc.2 | 132,333 | 3,186,579 | ||||||
110,592,575 | ||||||||
Computers & Peripherals—1.6% | ||||||||
3PAR, Inc.2 | 158,800 | 1,211,644 | ||||||
Adaptec, Inc.2 | 725,890 | 2,395,437 | ||||||
Avid Technology, Inc.1,2 | 263,800 | 2,878,058 | ||||||
Compellent Technologies, Inc.2 | 19,800 | 192,654 | ||||||
Electronics for Imaging, Inc.2 | 424,742 | 4,060,534 | ||||||
Hutchinson Technology, Inc.1,2 | 92,230 | 320,960 | ||||||
Hypercom Corp.2 | 11,700 | 12,636 | ||||||
Imation Corp. | 258,254 | 3,504,507 | ||||||
Intermec, Inc.2 | 74,439 | 988,550 | ||||||
Lexmark International, Inc., Cl. A1,2 | 71,800 | 1,931,420 | ||||||
NCR Corp.2 | 112,200 | 1,586,508 | ||||||
NetApp, Inc.2 | 29,500 | 412,115 | ||||||
Netezza Corp.2 | 285,275 | 1,894,226 | ||||||
Palm, Inc.1,2 | 329,600 | 1,011,872 | ||||||
QLogic Corp.2 | 1,001,000 | 13,453,440 | ||||||
Rackable Systems, Inc.2 | 59,700 | 235,218 | ||||||
Seagate Technology | 523,200 | 2,317,776 | ||||||
STEC, Inc.1,2 | 527,840 | 2,248,598 | ||||||
Stratasys, Inc.1,2 | 25,800 | 277,350 | ||||||
Sun Microsystems, Inc.2 | 359,900 | 1,374,818 | ||||||
Synaptics, Inc.2 | 461,800 | 7,647,408 | ||||||
Teradata Corp.2 | 56,200 | 833,446 | ||||||
Western Digital Corp.2 | 395,900 | 4,533,055 |
F26 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Shares | Value | |||||||
Computers & Peripherals Continued | ||||||||
Xyratex Ltd.2 | 87,300 | $ | 257,535 | |||||
55,579,765 | ||||||||
Electronic Equipment & Instruments—3.1% | ||||||||
Acacia Research Corp.2 | 100,400 | 305,216 | ||||||
Agilent Technologies, Inc.2 | 126,100 | 1,970,943 | ||||||
Agilysys, Inc. | 28,100 | 120,549 | ||||||
Amphenol Corp., Cl. A | 90,400 | 2,167,792 | ||||||
Anixter International, Inc.1,2 | 94,083 | 2,833,780 | ||||||
Arrow Electronics, Inc.2 | 285,100 | 5,371,284 | ||||||
Avnet, Inc.2 | 60,600 | 1,103,526 | ||||||
Benchmark Electronics, Inc.2 | 804,140 | 10,268,868 | ||||||
Brightpoint, Inc.2 | 333,400 | 1,450,290 | ||||||
Cogent, Inc.1,2 | 141,900 | 1,925,583 | ||||||
Cognex Corp. | 214,500 | 3,174,600 | ||||||
Coherent, Inc.2 | 152,400 | 3,270,504 | ||||||
CPI International, Inc.2 | 500 | 4,330 | ||||||
CTS Corp. | 396,198 | 2,183,051 | ||||||
Daktronics, Inc.1 | 104,600 | 979,056 | ||||||
DTS, Inc.1,2 | 176,850 | 3,245,198 | ||||||
Electro Rent Corp. | 3,100 | 34,596 | ||||||
Electro Scientific Industries, Inc.1,2 | 156,200 | 1,060,598 | ||||||
Gerber Scientific, Inc.2 | 59,400 | 303,534 | ||||||
Ingram Micro, Inc., Cl. A2 | 137,600 | 1,842,464 | ||||||
Insight Enterprises, Inc.2 | 307,400 | 2,121,060 | ||||||
Itron, Inc.1,2 | 14,700 | 936,978 | ||||||
Jabil Circuit, Inc. | 112,420 | 758,835 | ||||||
L-1 Identity Solutions, Inc.2 | 16,070 | 108,312 | ||||||
Littlefuse, Inc.1,2 | 181,237 | 3,008,534 | ||||||
Measurement Specialties, Inc.2 | 1,600 | 11,120 | ||||||
Methode Electronics, Inc. | 441,438 | 2,975,292 | ||||||
Molex, Inc.1 | 117,300 | 1,699,677 | ||||||
MTS Systems Corp. | 115,300 | 3,071,592 | ||||||
Multi-Fineline Electronix, Inc.2 | 244,997 | 2,864,015 | ||||||
NAM TAI Electronics, Inc. | 94,200 | 518,100 | ||||||
National Instruments Corp. | 30,400 | 740,544 | ||||||
Newport Corp.1,2 | 162,610 | 1,102,496 | ||||||
OSI Systems, Inc.2 | 104,200 | 1,443,170 | ||||||
Park Electrochemical Corp. | 139,400 | 2,643,024 | ||||||
PC Connection, Inc.2 | 44,083 | 225,705 | ||||||
Plexus Corp.2 | 360,700 | 6,113,865 | ||||||
RadiSys Corp.2 | 5,400 | 29,862 | ||||||
Rofin-Sinar Technologies, Inc.2 | 325,500 | 6,698,790 | ||||||
Rogers Corp.1,2 | 109,900 | 3,051,923 | ||||||
Sanmina-SCI Corp.2 | 2,149,800 | 1,010,406 | ||||||
ScanSource, Inc.2 | 150,712 | 2,904,220 | ||||||
SYNNEX Corp.1,2 | 345,850 | 3,918,481 | ||||||
Tech Data Corp.2 | 326,472 | 5,824,260 | ||||||
Technitrol, Inc.1 | 349,703 | 1,216,966 | ||||||
Trimble Navigation Ltd.1,2 | 91,300 | 1,972,993 | ||||||
TTM Technologies, Inc.1,2 | 538,100 | 2,803,501 | ||||||
Universal Display Corp.2 | 15,109 | 142,780 |
F27 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Shares | Value | |||||||
Electronic Equipment & Instruments Continued | ||||||||
Vishay Intertechnology, Inc.2 | 1,825,638 | $ | 6,243,682 | |||||
Zygo Corp.2 | 9,310 | 64,332 | ||||||
109,840,277 | ||||||||
Internet Software & Services—2.1% | ||||||||
Akamai Technologies, Inc.1,2 | 40,700 | 614,163 | ||||||
Art Technology Group, Inc.2 | 314,100 | 606,213 | ||||||
AsiaInfo Holdings, Inc.2 | 343,000 | 4,061,120 | ||||||
Digital River, Inc.2 | 368,494 | 9,138,651 | ||||||
EarthLink, Inc.1,2 | 732,926 | 4,954,580 | ||||||
Imergent, Inc.1 | 78,400 | 325,360 | ||||||
Interwoven, Inc.2 | 147,200 | 1,854,720 | ||||||
j2 Global Communications, Inc.1,2 | 500,568 | 10,031,383 | ||||||
Knot, Inc. (The)2 | 75,300 | 626,496 | ||||||
Limelight Networks, Inc.2 | 8,800 | 21,560 | ||||||
LoopNet, Inc.1,2 | 199,900 | 1,363,318 | ||||||
Marchex, Inc., Cl. B | 214,680 | 1,251,584 | ||||||
ModusLink Global Solutions, Inc.1,2 | 186,984 | 540,384 | ||||||
Move, Inc.2 | 69,323 | 110,917 | ||||||
National Information Consortium, Inc.1 | 231,400 | 1,064,440 | ||||||
NaviSite, Inc.2 | 72,500 | 29,000 | ||||||
Open Text Corp.1,2 | 305,100 | 9,192,663 | ||||||
Perficient, Inc.2 | 39,400 | 188,332 | ||||||
RealNetworks, Inc.2 | 255,100 | 900,503 | ||||||
S1 Corp.2 | 661,760 | 5,221,286 | ||||||
Sohu.com, Inc.2 | 28,800 | 1,363,392 | ||||||
SonicWALL, Inc.2 | 382,287 | 1,521,502 | ||||||
SoundBite Communications, Inc.1,2 | 110,000 | 141,900 | ||||||
Switch & Data Facilities Co.1,2 | 56,908 | 420,550 | ||||||
TheStreet.com, Inc.1 | 99,920 | 289,768 | ||||||
United Online, Inc. | 626,558 | 3,803,207 | ||||||
ValueClick, Inc.2 | 843,361 | 5,768,589 | ||||||
VeriSign, Inc.2 | 57,400 | 1,095,192 | ||||||
Vignette Corp.2 | 315,700 | 2,970,737 | ||||||
VistaPrint Ltd.2 | 73,036 | 1,359,200 | ||||||
Vocus, Inc.2 | 99,000 | 1,802,790 | ||||||
Zix Corp.1,2 | 77,600 | 92,344 | ||||||
72,725,844 | ||||||||
IT Services—2.1% | ||||||||
Acxiom Corp. | 907,088 | 7,356,484 | ||||||
Cass Information Systems, Inc. | 1,000 | 30,460 | ||||||
CIBER, Inc.2 | 802,630 | 3,860,650 | ||||||
Computer Sciences Corp.1,2 | 55,060 | 1,934,808 | ||||||
Convergys Corp.1,2 | 1,323,596 | 8,484,250 | ||||||
CSG Systems International, Inc.2 | 417,226 | 7,288,938 | ||||||
DST Systems, Inc.1,2 | 19,400 | 736,812 | ||||||
Euronet Worldwide, Inc.1,2 | 61,280 | 711,461 | ||||||
Exlservice Holdings, Inc.2 | 74,800 | 641,036 | ||||||
Forrester Research, Inc.2 | 110,700 | 3,122,847 | ||||||
Gartner, Inc.1,2 | 148,100 | 2,640,623 | ||||||
Global Cash Access, Inc.2 | 327,538 | 727,134 | ||||||
Hackett Group, Inc. (The)2 | 22,800 | 66,576 | ||||||
Heartland Payment Systems, Inc.1 | 77,400 | 1,354,500 | ||||||
Hewitt Associates, Inc.2 | 56,700 | 1,609,146 |
F28 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Shares | Value | |||||||
IT Services Continued | ||||||||
iGate Corp.2 | 183,394 | $ | 1,193,895 | |||||
infoGROUP, Inc. | 93,200 | 441,768 | ||||||
Integral Systems, Inc.2 | 210,518 | 2,536,742 | ||||||
Mastech Holdings, Inc.2 | 3,280 | 7,806 | ||||||
Maximus, Inc. | 32,500 | 1,141,075 | ||||||
NCI, Inc., Cl. A2 | 41,100 | 1,238,343 | ||||||
Ness Technologies, Inc.2 | 113,400 | 485,352 | ||||||
NeuStar, Inc., Cl. A2 | 246,613 | 4,717,707 | ||||||
Online Resources & Communications Corp.2 | 6,300 | 29,862 | ||||||
Perot Systems Corp., Cl. A2 | 521,050 | 7,122,754 | ||||||
RightNow Technologies, Inc.2 | 264,328 | 2,043,255 | ||||||
Sapient Corp.2 | 1,025,800 | 4,554,552 | ||||||
Syntel, Inc. | 33,233 | 768,347 | ||||||
TeleTech Holdings, Inc.2 | 479,089 | 4,000,393 | ||||||
TNS, Inc.2 | 2,600 | 24,414 | ||||||
Total System Services, Inc. | 63,700 | 891,800 | ||||||
Unisys Corp.2 | 1,469,700 | 1,249,245 | ||||||
Wright Express Corp.2 | 55,710 | 701,946 | ||||||
73,714,981 | ||||||||
Office Electronics—0.2% | ||||||||
Xerox Corp. | 240,700 | 1,918,379 | ||||||
Zebra Technologies Corp., Cl. A2 | 275,500 | 5,581,630 | ||||||
7,500,009 | ||||||||
Semiconductors & Semiconductor Equipment—5.6% | ||||||||
Actel Corp.2 | 271,800 | 3,185,496 | ||||||
Advanced Analogic Technologies, Inc.2 | 14,000 | 42,280 | ||||||
Advanced Energy Industries, Inc.2 | 404,156 | 4,021,352 | ||||||
Advanced Micro Devices, Inc.1,2 | 145,000 | 313,200 | ||||||
Amkor Technology, Inc.1,2 | 2,132,310 | 4,648,436 | ||||||
Analog Devices, Inc. | 122,000 | 2,320,440 | ||||||
Applied Micro Circuits Corp.2 | 484,548 | 1,904,274 | ||||||
Atheros Communications, Inc.1,2 | 146,250 | 2,092,838 | ||||||
Atmel Corp.2 | 3,384,200 | 10,592,546 | ||||||
ATMI, Inc.2 | 296,641 | 4,577,171 | ||||||
Broadcom Corp., Cl. A2 | 133,700 | 2,268,889 | ||||||
Brooks Automation, Inc.2 | 565,756 | 3,287,042 | ||||||
Cabot Microelectronics Corp.1,2 | 208,900 | 5,446,023 | ||||||
Cirrus Logic, Inc.2 | 617,511 | 1,654,929 | ||||||
Cohu, Inc. | 111,600 | 1,355,940 | ||||||
Conexant Systems, Inc.2 | 113,800 | 77,953 | ||||||
Cymer, Inc.1,2 | 202,400 | 4,434,584 | ||||||
DSP Group, Inc.2 | 103,202 | 827,680 | ||||||
Entegris, Inc.2 | 1,667,560 | 3,651,956 | ||||||
Exar Corp.2 | 220,400 | 1,470,068 | ||||||
Fairchild Semiconductor International, Inc., Cl. A2 | 1,503,318 | 7,351,225 | ||||||
FEI Co.2 | 87,500 | 1,650,250 | ||||||
Integrated Device Technology, Inc.2 | 1,754,600 | 9,843,306 | ||||||
Intellon Corp.2 | 109,300 | 274,343 | ||||||
International Rectifier Corp.2 | 203,900 | 2,752,650 | ||||||
Intersil Corp., Cl. A | 444,300 | 4,083,117 | ||||||
IXYS Corp. | 114,967 | 949,627 | ||||||
KLA-Tencor Corp. | 53,900 | 1,174,481 |
F29 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Shares | Value | |||||||
Semiconductors & Semiconductor Equipment Continued | ||||||||
Kulicke & Soffa Industries, Inc.1,2 | 120,900 | $ | 205,530 | |||||
Lattice Semiconductor Corp.2 | 1,156,328 | 1,746,055 | ||||||
LSI Corp.2 | 1,082,700 | 3,562,083 | ||||||
Marvell Technology Group Ltd.2 | 318,300 | 2,123,061 | ||||||
Mattson Technology, Inc.2 | 65,631 | 92,540 | ||||||
MEMC Electronic Materials, Inc.2 | 88,000 | 1,256,640 | ||||||
Micrel, Inc. | 697,200 | 5,096,532 | ||||||
Microtune, Inc.2 | 96,000 | 195,840 | ||||||
MKS Instruments, Inc.2 | 548,900 | 8,118,231 | ||||||
Monolithic Power Systems, Inc.2 | 343,900 | 4,336,579 | ||||||
National Semiconductor Corp. | 77,800 | 783,446 | ||||||
Netlogic Microsystems, Inc.2 | 180,168 | 3,965,498 | ||||||
Novellus Systems, Inc.2 | 385,700 | 4,759,538 | ||||||
NVIDIA Corp.2 | 168,658 | 1,361,070 | ||||||
OmniVision Technologies, Inc.2 | 397,558 | 2,087,180 | ||||||
ON Semiconductor Corp.2 | 388,472 | 1,320,805 | ||||||
Pericom Semiconductor Corp.2 | 411,092 | 2,252,784 | ||||||
PMC-Sierra, Inc.2 | 1,557,000 | 7,567,020 | ||||||
RF Micro Devices, Inc.1,2 | 1,590,800 | 1,240,824 | ||||||
Rudolph Technologies, Inc.2 | 32,100 | 113,313 | ||||||
Semtech Corp.2 | 672,220 | 7,575,919 | ||||||
Silicon Image, Inc.2 | 1,008,335 | 4,235,007 | ||||||
Silicon Laboratories, Inc.1,2 | 329,000 | 8,152,620 | ||||||
Silicon Storage Technology, Inc.2 | 352,600 | 807,454 | ||||||
Skyworks Solutions, Inc.1,2 | 1,310,080 | 7,257,843 | ||||||
Spansion, Inc., Cl. A2 | 60,600 | 11,472 | ||||||
Standard Microsystems Corp.1,2 | 154,000 | 2,516,360 | ||||||
Supertex, Inc.2 | 114,300 | 2,744,343 | ||||||
Techwell, Inc.2 | 37,100 | 241,150 | ||||||
Teradyne, Inc.2 | 1,776,949 | 7,498,725 | ||||||
Tessera Technologies, Inc.2 | 26,000 | 308,880 | ||||||
TriQuint Semiconductor, Inc.2 | 432,800 | 1,488,832 | ||||||
Ultra Clean Holdings, Inc.2 | 25,300 | 50,853 | ||||||
Ultratech, Inc.2 | 264,519 | 3,163,647 | ||||||
Varian Semiconductor Equipment Associates, Inc.1,2 | 216,900 | 3,930,228 | ||||||
Veeco Instruments, Inc.1,2 | 412,700 | 2,616,518 | ||||||
Verigy Ltd.2 | 285,200 | 2,743,624 | ||||||
Volterra Semiconductor Corp.1,2 | 347,900 | 2,487,485 | ||||||
Zoran Corp.2 | 219,070 | 1,496,248 | ||||||
197,763,873 | ||||||||
Software—3.3% | ||||||||
Actuate Corp.1,2 | 13,818 | 40,901 | ||||||
Advent Software, Inc.1,2 | 39,300 | 784,821 | ||||||
ArcSight, Inc.2 | 9,900 | 79,299 | ||||||
Aspen Technology, Inc.2 | 572,190 | 4,245,650 | ||||||
Autodesk, Inc.2 | 103,000 | 2,023,950 | ||||||
Blackbaud, Inc. | 42,400 | 572,400 | ||||||
Bottomline Technologies, Inc.2 | 54,070 | 383,897 |
F30 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Shares | Value | |||||||
Software Continued | ||||||||
Cadence Design Systems, Inc.2 | 1,568,684 | $ | 5,741,383 | |||||
Commvault Systems, Inc.2 | 37,160 | 498,316 | ||||||
Compuware Corp.2 | 369,400 | 2,493,450 | ||||||
DemandTec, Inc.2 | 16,030 | 129,362 | ||||||
Double-Take Software, Inc.2 | 33,800 | 303,186 | ||||||
EPIQ Systems, Inc.1,2 | 159,150 | 2,659,397 | ||||||
FactSet Research Systems, Inc.1 | 19,200 | 849,408 | ||||||
Fair Isaac Corp.1 | 588,200 | 9,917,052 | ||||||
FalconStor Software, Inc.2 | 76,722 | 213,287 | ||||||
Henry (Jack) & Associates, Inc. | 47,800 | 927,798 | ||||||
i2 Technologies, Inc.1,2 | 34,700 | 221,733 | ||||||
Interactive Intelligence, Inc.1,2 | 76,500 | 490,365 | ||||||
JDA Software Group, Inc.2 | 320,700 | 4,210,791 | ||||||
Kenexa Corp.2 | 130,552 | 1,041,805 | ||||||
Lawson Software, Inc.2 | 179,200 | 849,408 | ||||||
Manhattan Associates, Inc.1,2 | 272,000 | 4,300,320 | ||||||
Mentor Graphics Corp.1,2 | 514,500 | 2,659,965 | ||||||
MICROS Systems, Inc.2 | 99,700 | 1,627,104 | ||||||
MicroStrategy, Inc., Cl. A2 | 95,429 | 3,543,279 | ||||||
MSC.Software Corp.2 | 64,800 | 432,864 | ||||||
Net 1 UEPS Technologies, Inc.2 | 449,500 | 6,158,150 | ||||||
NetScout Systems, Inc.2 | 159,900 | 1,378,338 | ||||||
Nuance Communications, Inc.2 | 23,700 | 245,532 | ||||||
Parametric Technology Corp.2 | 681,650 | 8,622,873 | ||||||
Pegasystems, Inc.1 | 51,400 | 635,304 | ||||||
Phoenix Technologies Ltd.2 | 23,400 | 81,900 | ||||||
Progress Software Corp.2 | 170,950 | 3,292,497 | ||||||
PROS Holdings, Inc.2 | 19,725 | 113,419 | ||||||
Quest Software, Inc.2 | 636,600 | 8,014,794 | ||||||
Radiant Systems, Inc.2 | 207,500 | 699,275 | ||||||
Renaissance Learning, Inc. | 2,100 | 18,879 | ||||||
Smith Micro Software, Inc.2 | 89,300 | 496,508 | ||||||
Solera Holdings, Inc.2 | 17,200 | 414,520 | ||||||
SPSS, Inc.1,2 | 126,700 | 3,415,832 | ||||||
Sybase, Inc.2 | 70,700 | 1,751,239 | ||||||
Symyx Technologies, Inc.2 | 42,100 | 250,074 | ||||||
Synchronoss Technologies, Inc.1,2 | 131,900 | 1,406,054 | ||||||
Synopsys, Inc.2 | 52,300 | 968,596 | ||||||
Take-Two Interactive Software, Inc. | 413,800 | 3,128,328 | ||||||
Taleo Corp., Cl. A2 | 164,790 | 1,290,306 | ||||||
The9 Ltd., ADR1,2 | 15,657 | 208,551 | ||||||
TIBCO Software, Inc.2 | 2,041,300 | 10,594,347 | ||||||
Tyler Technologies, Inc.1,2 | 241,100 | 2,888,378 | ||||||
Ultimate Software Group, Inc. (The)1,2 | 43,800 | 639,480 | ||||||
Wind River Systems, Inc.2 | 815,234 | 7,361,563 | ||||||
115,315,928 | ||||||||
Materials—5.6% | ||||||||
Chemicals—2.7% | ||||||||
American Vanguard Corp. | 38,100 | 445,770 | ||||||
Arch Chemicals, Inc. | 1,800 | 46,926 | ||||||
Ashland, Inc. | 667,881 | 7,019,429 | ||||||
Balchem Corp. | 60,900 | 1,517,019 |
F31 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Shares | Value | |||||||
Chemicals Continued | ||||||||
Cabot Corp. | 47,714 | $ | 730,024 | |||||
Calgon Carbon Corp.2 | 169,744 | 2,607,268 | ||||||
Celanese Corp., Series A | 25,800 | 320,694 | ||||||
CF Industries Holdings, Inc. | 34,200 | 1,681,272 | ||||||
Chemtura Corp. | 2,442,157 | 3,419,020 | ||||||
Cytec Industries, Inc. | 90,300 | 1,916,166 | ||||||
Eastman Chemical Co. | 26,000 | 824,460 | ||||||
Ferro Corp. | 443,400 | 3,125,970 | ||||||
Fuller (H.B.) Co.1 | 425,251 | 6,850,794 | ||||||
GenTek, Inc.1,2 | 14,600 | 219,730 | ||||||
ICO, Inc.1,2 | 201,300 | 636,108 | ||||||
Innophos Holdings, Inc. | 208,980 | 4,139,894 | ||||||
Innospec, Inc. | 216,433 | 1,274,790 | ||||||
Koppers Holdings, Inc. | 282,800 | 6,114,136 | ||||||
Landec Corp.2 | 123,200 | 810,656 | ||||||
LSB Industries, Inc.2 | 108,590 | 903,469 | ||||||
Minerals Technologies, Inc. | 103,400 | 4,229,060 | ||||||
NewMarket Corp.1 | 104,460 | 3,646,699 | ||||||
NOVA Chemicals Corp. | 565,700 | 2,698,389 | ||||||
Olin Corp. | 407,800 | 7,373,024 | ||||||
OM Group, Inc.1,2 | 203,910 | 4,304,540 | ||||||
Penford Corp.1 | 9,400 | 95,128 | ||||||
PolyOne Corp.2 | 854,500 | 2,691,675 | ||||||
Quaker Chemical Corp. | 91,400 | 1,503,530 | ||||||
Rockwood Holdings, Inc.2 | 199,100 | 2,150,280 | ||||||
Schulman (A.), Inc. | 230,429 | 3,917,293 | ||||||
ShengdaTech, Inc.1,2 | 34,448 | 121,257 | ||||||
Spartech Corp. | 230,871 | 1,445,252 | ||||||
Stepan Co.1 | 60,500 | 2,842,895 | ||||||
Terra Industries, Inc. | 187,154 | 3,119,857 | ||||||
Valhi, Inc. | 6,700 | 71,690 | ||||||
Valspar Corp. (The) | 211,393 | 3,824,099 | ||||||
W.R. Grace & Co.2 | 50,400 | 300,888 | ||||||
Zep, Inc.1 | 228,675 | 4,415,714 | ||||||
Zoltek Cos., Inc.1,2 | 136,300 | 1,225,337 | ||||||
94,580,202 | ||||||||
Construction Materials—0.1% | ||||||||
Headwaters, Inc.1,2 | 545,758 | 3,683,867 | ||||||
Containers & Packaging—0.4% | ||||||||
Myers Industries, Inc. | 244,407 | 1,955,256 | ||||||
Packaging Corp. of America | 8,800 | 118,448 | ||||||
Rock-Tenn Co., Cl. A | 125,400 | 4,286,172 | ||||||
Sealed Air Corp. | 49,400 | 738,036 | ||||||
Smurfit-Stone Container Corp.2 | 1,475,946 | 376,366 | ||||||
Sonoco Products Co. | 56,300 | 1,303,908 | ||||||
Temple-Inland, Inc.1 | 1,342,828 | 6,445,574 | ||||||
15,223,760 | ||||||||
Metals & Mining—1.9% | ||||||||
A. M. Castle & Co. | 196,502 | 2,128,117 | ||||||
AK Steel Holding Corp. | 654,600 | 6,100,872 | ||||||
Allegheny Technologies, Inc. | 48,900 | 1,248,417 | ||||||
Amerigo Resources Ltd. | 757,900 | 236,707 | ||||||
Brush Engineered Materials, Inc.2 | 171,884 | 2,186,364 | ||||||
Carpenter Technology Corp. | 440,364 | 9,045,077 | ||||||
Century Aluminum Co.1,2 | 586,586 | 5,865,860 | ||||||
Farallon Resources Ltd.2 | 1,036,200 | 127,747 | ||||||
General Steel Holdings, Inc.1,2 | 82,100 | 323,474 | ||||||
Haynes International, Inc.2 | 109,911 | 2,706,009 |
F32 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Shares | Value | |||||||
Metals & Mining Continued | ||||||||
Hecla Mining Co.1,2 | 778,400 | $ | 2,179,520 | |||||
Kaiser Aluminum Corp. | 67,017 | 1,509,223 | ||||||
Olympic Steel, Inc. | 152,277 | 3,101,882 | ||||||
Redcorp Ventures Ltd., Legend Shares2,3 | 4,502,900 | 148,036 | ||||||
Reliance Steel & Aluminum Co. | 178,400 | 3,557,296 | ||||||
RTI International Metals, Inc.1,2 | 356,675 | 5,104,019 | ||||||
Schnitzer Steel Industries, Inc.1 | 277,900 | 10,462,935 | ||||||
Sims Metal Management Ltd., Sponsored ADR | 382,940 | 4,756,115 | ||||||
Stillwater Mining Co.2 | 150,945 | 745,668 | ||||||
Sutor Technology Group Ltd.2 | 8,600 | 19,866 | ||||||
United States Steel Corp. | 32,700 | 1,216,440 | ||||||
Universal Stainless & Alloy Products, Inc.1,2 | 30,100 | 436,149 | ||||||
Worthington Industries, Inc. | 327,120 | 3,604,862 | ||||||
Yamana Gold, Inc. | 51,405 | 399,258 | ||||||
67,209,913 | ||||||||
Paper & Forest Products—0.5% | ||||||||
Buckeye Technologies, Inc.2 | 272,668 | 992,512 | ||||||
Clearwater Paper Corp.2 | 23,757 | 199,321 | ||||||
Deltic Timber Corp. | 19,400 | 887,550 | ||||||
Domtar Corp.2 | 1,211,800 | 2,023,706 | ||||||
Glatfelter | 308,400 | 2,868,120 | ||||||
International Paper Co. | 156,900 | 1,851,420 | ||||||
Louisiana-Pacific Corp. | 481,413 | 751,004 | ||||||
MeadWestvaco Corp. | 44,700 | 500,193 | ||||||
Mercer International, Inc.2 | 76,300 | 146,496 | ||||||
Neenah Paper, Inc. | 72,769 | 643,278 | ||||||
Schweitzer-Mauduit International, Inc. | 74,480 | 1,491,090 | ||||||
Verso Paper Corp. | 22,900 | 23,587 | ||||||
Wausau Paper Corp. | 424,216 | 4,853,031 | ||||||
17,231,308 | ||||||||
Telecommunication Services—2.0% | ||||||||
Diversified Telecommunication Services—1.4% | ||||||||
Alaska Communications Systems Group, Inc.1 | 180,925 | 1,697,077 | ||||||
Atlantic Tele-Network, Inc. | 95,385 | 2,532,472 | ||||||
Cbeyond, Inc.1,2 | 124,838 | 1,994,911 | ||||||
Cincinnati Bell, Inc.2 | 2,520,520 | 4,864,604 | ||||||
Cogent Communications Group, Inc.1,2 | 223,435 | 1,459,031 | ||||||
Embarq Corp. | 113,500 | 4,081,460 | ||||||
General Communication, Inc., Cl. A2 | 93,700 | 758,033 | ||||||
Global Crossing Ltd.2 | 119,680 | 950,259 | ||||||
Iowa Telecommunications Services, Inc.1 | 281,100 | 4,014,108 | ||||||
NTELOS Holdings Corp. | 368,600 | 9,089,676 | ||||||
PAETEC Holding Corp.2 | 59,400 | 85,536 | ||||||
Premiere Global Services, Inc.2 | 932,580 | 8,029,514 | ||||||
Qwest Communications International, Inc.1 | 498,200 | 1,813,448 | ||||||
tw telecom, Inc.2 | 893,600 | 7,568,792 | ||||||
48,938,921 | ||||||||
Wireless Telecommunication Services—0.6% | ||||||||
Centennial Communications Corp.2 | 1,107,300 | 8,924,838 |
F33 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Shares | Value | |||||||
Wireless Telecommunication Services Continued | ||||||||
ICO Global Communication Holdings Ltd.2 | 49,000 | $ | 55,370 | |||||
iPCS, Inc.2 | 104,954 | 719,984 | ||||||
NII Holdings, Inc.2 | 48,800 | 887,184 | ||||||
Syniverse Holdings, Inc.2 | 397,065 | 4,740,956 | ||||||
Telephone & Data Systems, Inc. | 37,300 | 1,184,275 | ||||||
United States Cellular Corp.2 | 38,230 | 1,653,065 | ||||||
USA Mobility, Inc. | 192,867 | 2,231,471 | ||||||
20,397,143 | ||||||||
Utilities—0.5% | ||||||||
Energy Traders—0.1% | ||||||||
Canadian Hydro Developers, Inc., Legend Shares2 | 306,000 | 749,470 | ||||||
Mirant Corp.2 | 60,800 | 1,147,296 | ||||||
1,896,766 | ||||||||
Gas Utilities—0.1% | ||||||||
Laclede Group, Inc. (The) | 29,100 | 1,363,044 | ||||||
Northwest Natural Gas Co.1 | 6,400 | 283,072 | ||||||
WGL Holdings, Inc.1 | 89,900 | 2,938,831 | ||||||
4,584,947 | ||||||||
Multi-Utilities—0.2% | ||||||||
Avista Corp. | 244,630 | 4,740,929 | ||||||
CH Energy Group, Inc. | 57,000 | 2,929,230 | ||||||
7,670,159 | ||||||||
Water Utilities—0.1% | ||||||||
Cascal NV | 289,300 | 1,162,989 | ||||||
SJW Corp. | 85,500 | 2,559,870 | ||||||
3,722,859 | ||||||||
Total Common Stocks (Cost $4,988,842,090) | 3,484,276,771 | |||||||
Units | Value | |||||||
Rights, Warrants and Certificates—0.0% | ||||||||
Redcorp Ventures Ltd. Wts., Strike Price 0.65CAD, Exp. 7/5/092,4 (Cost $0) | 2,251,450 | $ | — | |||||
Shares | ||||||||
Investment Companies—0.6% | ||||||||
Capital Southwest Corp. | 1,100 | 118,976 | ||||||
Oppenheimer Institutional Money Market Fund, Cl. E, 1.96%5,6 | 22,232,547 | 22,232,547 | ||||||
Total Investment Companies (Cost $22,373,489) | 22,351,523 | |||||||
Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $5,011,215,579) | 3,506,628,294 | |||||||
Principal | ||||||||
Amount | ||||||||
/Shares | ||||||||
Investments Purchased with Cash Collateral from Securities Loaned—18.3%7 | ||||||||
American General Finance Corp., 4.34%, 1/9/09 | $ | 13,000,000 | 12,931,854 | |||||
American Honda Finance Corp., 2.25%, 3/9/09 | 13,500,000 | 13,485,541 | ||||||
Beta Finance, Inc., 0.35%, 2/17/09 | 25,000,000 | 24,870,075 | ||||||
Carrington Mortgage Loan Trust, Series 2007-RFC1, Cl. A1, 0.52%, 1/26/09 | 12,060,254 | 11,049,071 | ||||||
CC USA, Inc., 0.35%, 2/13/09 | 25,500,000 | 25,380,048 | ||||||
Credit-Based Asset Servicing & Securitization LLC, 0.51%, 1/26/09 | 962,312 | 936,380 |
F34 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Principal | ||||||||
Amount | ||||||||
/Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities Loaned Continued | ||||||||
Goldman Sachs Group, Inc., 0.41%, 3/27/09 | $ | 25,000,000 | $ | 24,873,475 | ||||
GSAA Home Equity Trust, Series 2005-15, Cl. 2A1, 0.56%, 1/26/09 | 1,786,597 | 1,579,471 | ||||||
Home Equity Asset Trust, Series 2006-6, Cl. 2A1, 0.53%, 1/26/09 | 1,743,887 | 1,631,984 | ||||||
Jackson National Life Global Fund, 2.25%, 6/2/09 | 25,000,000 | 24,920,475 | ||||||
LINKS Finance LLC, 0.35%, 6/29/09 | 45,000,000 | 44,595,495 | ||||||
MBIA Global Funding LLC, 0.37%, 3/13/09 | 8,000,000 | 7,901,024 | ||||||
Merrill Lynch & Co., 0.41%, 5/8/09 | 30,000,000 | 29,619,270 | ||||||
Merrill Lynch & Co., 0.42%, 6/29/09 | 40,000,000 | 39,332,920 | ||||||
Morgan Stanley ABS Capital I, Series 2007-NC2, Cl. A2A, 0.58%, 1/26/09 | 9,317,982 | 8,406,702 | ||||||
Morgan Stanley ABS Capital I, Series 2007-NC4, Cl. A2A, 0.55%, 1/26/09 | 12,386,735 | 9,170,616 | ||||||
OFI Liquid Assets Fund, LLC, 1.71%,5,6 | 323,882,776 | 323,882,776 | ||||||
Option One Mortgage Loan Trust, Series 2007-2, Cl. SA1, 0.56%, 1/26/09 | 6,058,325 | 5,538,470 | ||||||
Wachovia Bank NA, 0.36%, 2/23/09 | 31,000,000 | 30,808,792 | ||||||
Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $649,191,510) | 640,914,439 | |||||||
Total Investments, at Value (Cost $5,660,407,089) | 118.2 | % | 4,147,542,733 | |||||
Liabilities in Excess of Other Assets | (18.2 | ) | (639,144,259 | ) | ||||
Net Assets | 100.0 | % | $ | 3,508,398,474 | ||||
F35 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
Footnotes to Statement of Investments
Strike price is reported in U.S. Dollars, except those denoted in the following currency:
CAD Canadian Dollar
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 $1,226,381 or 0.03% of the Fund’s net assets as of December 31, 2008. | |
4. | Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of December 31, 2008 was $207,940, 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 | Dates | Cost | Value | Depreciation | ||||||||||||
Tusk Energy Corp. | 11/15/04 | $ | 492,524 | $ | 207,940 | $284,584 |
5. | Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended December 31, 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 | Shares | |||||||||||||||
June 30, | Gross | Gross | December 31, | |||||||||||||
2008 | Additions | Reductions | 2008 | |||||||||||||
OFI Liquid Assets Fund, LLC | — | 2,576,754,392 | 2,252,871,616 | 323,882,776 | ||||||||||||
Oppenheimer Institutional Money Market Fund, Cl. E | 38,604,527 | 665,992,374 | 682,364,354 | 22,232,547 |
Value | Income | |||||||
OFI Liquid Assets Fund, LLC | $ | 323,882,776 | $ | 9,146,519 | a | |||
Oppenheimer Institutional Money Market Fund, Cl. E | 22,232,547 | 560,045 | ||||||
$ | 346,115,323 | $ | 9,706,564 | |||||
a. | Net of compensation to the securities lending agent and rebates paid to the borrowing counterparties . | |
6. | Rate shown is the 7-day yield as of December 31, 2008. | |
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. |
Valuation Inputs
Various data inputs are used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:
1) | Level 1—quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) | ||
2) | Level 2—inputs other than quoted prices that are observable for the asset (such as quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) | ||
3) | Level 3—unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset). |
F36 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Footnotes to Statement of Investments Continued
The market value of the Fund’s investments was determined based on the following inputs as of December 31, 2008:
Investments in | Other Financial | |||||||
Valuation Description | Securities | Instruments* | ||||||
Level 1—Quoted Prices | $ | 3,830,503,264 | $ | — | ||||
Level 2—Other Significant Observable Inputs | 317,039,469 | — | ||||||
Level 3—Significant Unobservable Inputs | — | — | ||||||
Total | $ | 4,147,542,733 | $ | — | ||||
* | Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options written and swaps are reported at their market value at measurement date. |
See the accompanying Notes for further discussion of the methods used in determining value of the Fund’s investments, and a summary of changes to the valuation techniques, if any, during the reporting period.
See accompanying Notes to Financial Statements.
F37 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF ASSETS AND LIABILITIES Unaudited
December 31, 2008
Assets | ||||
Investments, at value—see accompanying statement of investments: | ||||
Unaffiliated companies (cost $5,314,291,766) | $ | 3,801,427,410 | ||
Affiliated companies (cost $346,115,323) | 346,115,323 | |||
4,147,542,733 | ||||
Cash | 11,693,740 | |||
Receivables and other assets: | ||||
Dividends | 3,945,558 | |||
Investments sold | 3,658,507 | |||
Shares of beneficial interest sold | 2,296,434 | |||
Due from Manager | 61 | |||
Other | 1,830,776 | |||
Total assets | 4,170,967,809 | |||
Liabilities | ||||
Return of collateral for securities loaned | 649,363,685 | |||
Payables and other liabilities: | ||||
Shares of beneficial interest redeemed | 9,839,154 | |||
Distribution and service plan fees | 1,664,393 | |||
Transfer and shareholder servicing agent fees | 837,358 | |||
Shareholder communications | 500,372 | |||
Investments purchased | 258,344 | |||
Trustees’ compensation | 22,331 | |||
Other | 83,698 | |||
Total liabilities | 662,569,335 | |||
Net Assets | $ | 3,508,398,474 | ||
Composition of Net Assets | ||||
Par value of shares of beneficial interest | $ | 289,396 | ||
Additional paid-in capital | 5,714,404,236 | |||
Accumulated net investment income | 16,086,941 | |||
Accumulated net realized loss on investments and foreign currency transactions | (709,345,099 | ) | ||
Net unrealized depreciation on investments and translation of assets and liabilities denominated in foreign currencies | (1,513,037,000 | ) | ||
Net Assets | $ | 3,508,398,474 | ||
F38 | 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 $1,968,440,376 and 162,147,043 shares of beneficial interest outstanding) | $ | 12.14 | ||
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) | $ | 12.88 | ||
Class B Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $143,106,407 and 12,909,447 shares of beneficial interest outstanding) | $ | 11.09 | ||
Class C Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $305,673,775 and 27,436,361 shares of beneficial interest outstanding) | $ | 11.14 | ||
Class N Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $194,503,791 and 16,460,617 shares of beneficial interest outstanding) | $ | 11.82 | ||
Class Y Shares: | ||||
Net asset value, redemption price and offering price per share (based on net assets of $896,674,125 and 70,442,592 shares of beneficial interest outstanding) | $ | 12.73 |
See accompanying Notes to Financial Statements.
F39 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF OPERATIONS Unaudited
For the Six Months Ended December 31, 2008 | ||||
Investment Income | ||||
Dividends: | ||||
Unaffiliated companies (net of foreign withholding taxes of $39,606) | $ | 36,379,197 | ||
Affiliated companies | 560,045 | |||
Income from investment of securities lending cash collateral, net: | ||||
Unaffiliated companies | 635,617 | |||
Affiliated companies | 9,146,519 | |||
Interest | 51,405 | |||
Other income | 60,364 | |||
Total investment income | 46,833,147 | |||
Expenses | ||||
Management fees | 14,063,270 | |||
Distribution and service plan fees: | ||||
Class A | 3,400,399 | |||
Class B | 992,667 | |||
Class C | 2,034,601 | |||
Class N | 593,721 | |||
Transfer and shareholder servicing agent fees: | ||||
Class A | 5,880,777 | |||
Class B | 404,245 | |||
Class C | 745,175 | |||
Class N | 637,807 | |||
Class Y | 881,767 | |||
Shareholder communications: | ||||
Class A | 175,180 | |||
Class B | 40,852 | |||
Class C | 31,132 | |||
Class N | 7,186 | |||
Class Y | 39,465 | |||
Trustees’ compensation | 52,427 | |||
Custodian fees and expenses | 15,635 | |||
Other | 180,656 | |||
Total expenses | 30,176,962 | |||
Less reduction to custodian expenses | (8,846 | ) | ||
Less waivers and reimbursements of expenses | (1,780,615 | ) | ||
Net expenses | 28,387,501 | |||
Net Investment Income | 18,445,646 |
F40 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investments from unaffiliated companies | $ | (278,195,512 | ) | |
Foreign currency transactions | 171,374 | |||
Net realized loss | (278,024,138 | ) | ||
Net change in unrealized depreciation on: | ||||
Investments | (1,512,832,946 | ) | ||
Translation of assets and liabilities denominated in foreign currencies | (4,376,304 | ) | ||
Net change in unrealized depreciation | (1,517,209,250 | ) | ||
Net Decrease in Net Assets Resulting from Operations | $ | (1,776,787,742 | ) | |
See accompanying Notes to Financial Statements.
F41 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENTS OF CHANGES IN NET ASSETS
Six Months | Year | |||||||
Ended | Ended | |||||||
December 31, 2008 | June 30, | |||||||
(Unaudited) | 2008 | |||||||
Operations | ||||||||
Net investment income (loss) | $ | 18,445,646 | $ | (14,020,447 | ) | |||
Net realized loss | (278,024,138 | ) | (259,781,921 | ) | ||||
Net change in unrealized appreciation (depreciation) | (1,517,209,250 | ) | (908,918,421 | ) | ||||
Net decrease in net assets resulting from operations | (1,776,787,742 | ) | (1,182,720,789 | ) | ||||
Dividends and/or Distributions to Shareholders | ||||||||
Dividends from net investment income: | ||||||||
Class A | — | (8,491,179 | ) | |||||
Class B | — | — | ||||||
Class C | — | — | ||||||
Class N | — | — | ||||||
Class Y | (2,104,629 | ) | (4,176,920 | ) | ||||
(2,104,629 | ) | (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 | (4,611,326 | ) | (340,286,746 | ) | ||||
Class B | (363,925 | ) | (37,088,720 | ) | ||||
Class C | (784,198 | ) | (61,718,249 | ) | ||||
Class N | (461,487 | ) | (27,521,324 | ) | ||||
Class Y | (1,972,303 | ) | (59,781,758 | ) | ||||
(8,193,239 | ) | (526,396,797 | ) | |||||
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 | ) |
F42 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Six Months | Year | |||||||
Ended | Ended | |||||||
December 31, 2008 | June 30, | |||||||
(Unaudited) | 2008 | |||||||
Beneficial Interest Transactions | ||||||||
Net increase (decrease) in net assets resulting from beneficial interest transactions: | ||||||||
Class A | (277,965,618 | ) | 649,537,948 | |||||
Class B | (42,653,333 | ) | (94,267,351 | ) | ||||
Class C | (43,069,023 | ) | (9,343,656 | ) | ||||
Class N | 9,457,183 | 64,382,658 | ||||||
Class Y | 282,091,902 | 428,176,067 | ||||||
(72,138,889 | ) | 1,038,485,666 | ||||||
Net Assets | ||||||||
Total decrease | (1,859,224,499 | ) | (687,578,786 | ) | ||||
Beginning of period | 5,367,622,973 | 6,055,201,759 | ||||||
End of period (including accumulated net investment income (loss) of $16,086,941 and $(254,076), respectively) | $ | 3,508,398,474 | $ | 5,367,622,973 | ||||
See accompanying Notes to Financial Statements.
F43 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FINANCIAL HIGHLIGHTS
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
December 31, 2008 | Year Ended June 30, | |||||||||||||||||||||||
Class A | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 17.87 | $ | 24.25 | $ | 22.27 | $ | 20.17 | $ | 19.52 | $ | 14.78 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) | .06 | 1 | (.04 | )1 | .08 | 1 | (.02 | )1 | (.04 | )1 | (.10 | ) | ||||||||||||
Net realized and unrealized gain (loss) | (5.76 | ) | (4.28 | ) | 3.45 | 3.59 | 2.65 | 4.84 | ||||||||||||||||
Total from investment operations | (5.70 | ) | (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 | (.03 | ) | (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 | (.03 | ) | (2.06 | ) | (1.55 | ) | (1.47 | ) | (1.96 | ) | — | |||||||||||||
Net asset value, end of period | $ | 12.14 | $ | 17.87 | $ | 24.25 | $ | 22.27 | $ | 20.17 | $ | 19.52 | ||||||||||||
Total Return, at Net Asset Value3 | (31.90 | )% | (18.66 | )% | 16.48 | % | 18.22 | % | 13.82 | % | 32.07 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,968,440 | $ | 3,304,735 | $ | 3,766,574 | $ | 2,584,254 | $ | 1,557,307 | $ | 1,177,389 | ||||||||||||
Average net assets (in thousands) | $ | 2,696,535 | $ | 3,576,817 | $ | 3,086,495 | $ | 2,040,757 | $ | 1,325,846 | $ | 904,397 | ||||||||||||
Ratios to average net assets:4 | ||||||||||||||||||||||||
Net investment income (loss) | 0.81 | % | (0.17 | )% | 0.35 | % | (0.07 | )% | (0.20 | )% | (0.42 | )% | ||||||||||||
Total expenses | 1.32 | % 5 | 1.19 | % | 1.12 | % | 1.15 | % | 1.19 | % | 1.17 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.23 | % | 1.19 | % | 1.12 | % | 1.15 | % | 1.19 | % | 1.17 | % | ||||||||||||
Portfolio turnover rate | 56 | % | 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: |
Six Months Ended December 31, 2008 | 1.32 | % | ||
Year Ended June 30, 2008 | 1.19 | % | ||
Year Ended June 30, 2007 | 1.12 | % |
See accompanying Notes to Financial Statements.
F44 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
December 31, 2008 | Year Ended June 30, | |||||||||||||||||||||||
Class B | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 16.39 | $ | 22.53 | $ | 20.94 | $ | 19.19 | $ | 18.79 | $ | 14.35 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) | — | 1,2 | (.17 | )1 | (.10 | )1 | (.18 | )1 | (.18 | )1 | (.20 | ) | ||||||||||||
Net realized and unrealized gain (loss) | (5.27 | ) | (3.96 | ) | 3.24 | 3.40 | 2.54 | 4.64 | ||||||||||||||||
Total from investment operations | (5.27 | ) | (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 | (.03 | ) | (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 | (.03 | ) | (2.01 | ) | (1.55 | ) | (1.47 | ) | (1.96 | ) | — | |||||||||||||
Net asset value, end of period | $ | 11.09 | $ | 16.39 | $ | 22.53 | $ | 20.94 | $ | 19.19 | $ | 18.79 | ||||||||||||
Total Return, at Net Asset Value3 | (32.15 | )% | (19.25 | )% | 15.63 | % | 17.29 | % | 12.98 | % | 30.94 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 143,106 | $ | 261,085 | $ | 473,768 | $ | 501,742 | $ | 510,183 | $ | 482,028 | ||||||||||||
Average net assets (in thousands) | $ | 197,275 | $ | 357,794 | $ | 479,042 | $ | 512,657 | $ | 490,050 | $ | 432,160 | ||||||||||||
Ratios to average net assets:4 | ||||||||||||||||||||||||
Net investment income (loss) | 0.04 | % | (0.89 | )% | (0.46 | )% | (0.85 | )% | (0.98 | )% | (1.26 | )% | ||||||||||||
Total expenses | 2.07 | % 5 | 1.92 | %5 | 1.89 | % 5 | 1.92 | % | 1.97 | % | 2.01 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.99 | % | 1.92 | % | 1.89 | % | 1.92 | % | 1.97 | % | 2.01 | % | ||||||||||||
Portfolio turnover rate | 56 | % | 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: |
Six Months Ended December 31, 2008 | 2.07 | % | ||
Year Ended June 30, 2008 | 1.92 | % | ||
Year Ended June 30, 2007 | 1.89 | % |
See accompanying Notes to Financial Statements.
F45 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FINANCIAL HIGHLIGHTS Continued
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
December 31, 2008 | Year Ended June 30, | |||||||||||||||||||||||
Class C | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 16.47 | $ | 22.62 | $ | 21.01 | $ | 19.24 | $ | 18.82 | $ | 14.36 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) | .01 | 1 | (.16 | )1 | (.08 | )1 | (.16 | )1 | (.17 | )1 | (.17 | ) | ||||||||||||
Net realized and unrealized gain (loss) | (5.31 | ) | (3.98 | ) | 3.24 | 3.40 | 2.55 | 4.63 | ||||||||||||||||
Total from investment operations | (5.30 | ) | (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 | (.03 | ) | (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 | (.03 | ) | (2.01 | ) | (1.55 | ) | (1.47 | ) | (1.96 | ) | — | |||||||||||||
Net asset value, end of period | $ | 11.14 | $ | 16.47 | $ | 22.62 | $ | 21.01 | $ | 19.24 | $ | 18.82 | ||||||||||||
Total Return, at Net Asset Value2 | (32.18 | )% | (19.21 | )% | 15.68 | % | 17.35 | % | 13.07 | % | 31.06 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 305,674 | $ | 505,404 | $ | 710,808 | $ | 600,331 | $ | 473,099 | $ | 402,056 | ||||||||||||
Average net assets (in thousands) | $ | 403,613 | $ | 602,381 | $ | 645,637 | $ | 543,420 | $ | 433,888 | $ | 340,201 | ||||||||||||
Ratios to average net assets:3 | ||||||||||||||||||||||||
Net investment income (loss) | 0.08 | % | (0.86 | )% | (0.39 | )% | (0.79 | )% | (0.91 | )% | (1.17 | )% | ||||||||||||
Total expenses | 2.01 | % 4 | 1.88 | %4 | 1.84 | % 4 | 1.87 | % | 1.90 | % | 1.91 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.96 | % | 1.88 | % | 1.84 | % | 1.87 | % | 1.90 | % | 1.91 | % | ||||||||||||
Portfolio turnover rate | 56 | % | 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: |
Six Months Ended December 31, 2008 | 2.01 | % | ||
Year Ended June 30, 2008 | 1.88 | % | ||
Year Ended June 30, 2007 | 1.84 | % |
See accompanying Notes to Financial Statements.
F46 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
December 31, 2008 | Year Ended June 30, | |||||||||||||||||||||||
Class N | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 17.42 | $ | 23.70 | $ | 21.87 | $ | 19.90 | $ | 19.33 | $ | 14.69 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) | .04 | 1 | (.09 | )1 | .01 | 1 | (.09 | )1 | (.10 | )1 | (.14 | ) | ||||||||||||
Net realized and unrealized gain (loss) | (5.61 | ) | (4.18 | ) | 3.37 | 3.53 | 2.63 | 4.78 | ||||||||||||||||
Total from investment operations | (5.57 | ) | (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 | (.03 | ) | (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 | (.03 | ) | (2.01 | ) | (1.55 | ) | (1.47 | ) | (1.96 | ) | — | |||||||||||||
Net asset value, end of period | $ | 11.82 | $ | 17.42 | $ | 23.70 | $ | 21.87 | $ | 19.90 | $ | 19.33 | ||||||||||||
Total Return, at Net Asset Value2 | (31.97 | )% | (18.87 | )% | 16.08 | % | 17.79 | % | 13.53 | % | 31.59 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 194,504 | $ | 275,975 | $ | 300,360 | $ | 192,089 | $ | 129,631 | $ | 84,678 | ||||||||||||
Average net assets (in thousands) | $ | 235,611 | $ | 289,699 | $ | 245,298 | $ | 162,869 | $ | 105,497 | $ | 65,107 | ||||||||||||
Ratios to average net assets:3 | ||||||||||||||||||||||||
Net investment income (loss) | 0.60 | % | (0.47 | )% | 0.02 | % | (0.40 | )% | (0.50 | )% | (0.77 | )% | ||||||||||||
Total expenses | 1.67 | % 4 | 1.55 | %4 | 1.45 | % 4 | 1.49 | % | 1.54 | % | 1.61 | % | ||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.47 | % | 1.48 | % | 1.45 | % | 1.48 | % | 1.50 | % | 1.52 | % | ||||||||||||
Portfolio turnover rate | 56 | % | 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: |
Six Months Ended December 31, 2008 | 1.67 | % | ||
Year Ended June 30, 2008 | 1.55 | % | ||
Year Ended June 30, 2007 | 1.45 | % |
See accompanying Notes to Financial Statements.
F47 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FINANCIAL HIGHLIGHTS Continued
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
December 31, 2008 | Year Ended June 30, | |||||||||||||||||||||||
Class Y | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 18.75 | $ | 25.32 | $ | 23.09 | $ | 20.76 | $ | 19.94 | $ | 15.03 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) | .10 | 1 | .05 | 1 | .20 | 1 | .10 | 1 | .08 | 1 | (.03 | ) | ||||||||||||
Net realized and unrealized gain (loss) | (6.06 | ) | (4.47 | ) | 3.58 | 3.70 | 2.70 | 4.94 | ||||||||||||||||
Total from investment operations | (5.96 | ) | (4.42 | ) | 3.78 | 3.80 | 2.78 | 4.91 | ||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | (.03 | ) | (.14 | ) | — | — | — | — | ||||||||||||||||
Distributions from net realized gain | (.03 | ) | (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 | (.06 | ) | (2.15 | ) | (1.55 | ) | (1.47 | ) | (1.96 | ) | — | |||||||||||||
Net asset value, end of period | $ | 12.73 | $ | 18.75 | $ | 25.32 | $ | 23.09 | $ | 20.76 | $ | 19.94 | ||||||||||||
Total Return, at Net Asset Value3 | (31.77 | )% | (18.28 | )% | 17.00 | % | 18.83 | % | 14.41 | % | 32.67 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 896,674 | $ | 1,020,424 | $ | 803,692 | $ | 417,656 | $ | 229,463 | $ | 14,714 | ||||||||||||
Average net assets (in thousands) | $ | 987,223 | $ | 746,300 | $ | 570,576 | $ | 314,236 | $ | 84,470 | $ | 11,428 | ||||||||||||
Ratios to average net assets:4 | ||||||||||||||||||||||||
Net investment income | 1.32 | % | 0.25 | % | 0.83 | % | 0.42 | % | 0.39 | % | 0.06 | % | ||||||||||||
Total expenses | 0.81 | %5,6,7 | 0.76 | % 5,6 | 0.66 | % 5,6 | 0.66 | %6 | 0.69 | %6 | 0.70 | %6 | ||||||||||||
Portfolio turnover rate | 56 | % | 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: |
Six Months Ended December 31, 2008 | 0.81 | % | ||
Year Ended June 30, 2008 | 0.76 | % | ||
Year Ended June 30, 2007 | 0.66 | % |
6. | Reduction to custodian expenses less than 0.005%. | |
7. | Waiver or reimbursement of indirect management fees less than 0.005%. |
See accompanying Notes to Financial Statements.
F48 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS Unaudited
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 advisor 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.
Effective for fiscal periods beginning after November 15, 2007, FASB Statement of Financial Accounting Standards No. 157, Fair Value Measurements, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1”, inputs other than quoted prices for an asset that are observable are classified as “Level 2” and unobservable inputs, including the Manager’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3”. The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund’s investments under these levels of classification is included following the Statement of Investments.
Securities are valued using quoted market prices, when available, as supplied primarily either by portfolio pricing services approved by the Board of Trustees or dealers. These securities are typically classified within Level 1 or 2; however, they may be designated as Level 3 if the dealer or portfolio pricing service values a security through an internal model with significant unobservable market data inputs.
F49 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
1. Significant Accounting Policies Continued
Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which traded, prior to the time when the Fund’s assets are valued. Securities whose principal exchange is NASDAQ® are valued based on the official closing prices 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 current day’s closing “bid” and “asked” prices, and if not, at the current day’s closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded.
Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.
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 are valued at the mean between the “bid” and “asked” prices.
“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. These securities are typically designated as Level 2.
In the absence of a readily available quoted market price, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund’s assets are valued but after the close of the securities’ respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.
Fair valued securities may be classified as “Level 3” if the valuation primarily reflects the Manager’s own assumptions about the inputs that market participants would use in valuing such securities.
F50 | OPPENHEIMER MAIN STREET SMALL CAP FUND
There have been no significant changes to the fair valuation methodologies during the period.
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.
Investment in Oppenheimer Institutional Money Market Fund. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund (“IMMF”) 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 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.
Investments in OFI Liquid Assets Fund, LLC. The Fund is permitted to invest cash collateral received in connection with its securities lending activities. Pursuant to the Fund’s Securities Lending Procedures, the Fund may invest cash collateral in, among other investments, an affiliated money market fund. OFI Liquid Assets Fund, LLC (“LAF”) is a limited liability company whose investment objective is to seek current income and stability of principal. The Manager is also the investment adviser of LAF. LAF is not registered under the Investment Company Act of 1940. However, LAF does comply with the investment restrictions applicable to registered money market funds set forth in Rule 2a-7 adopted
F51 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
1. Significant Accounting Policies Continued
under the Investment Company Act. The Fund’s investment in LAF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of LAF’s expenses, including its management fee of 0.08%.
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.
During the fiscal year ended June 30, 2008, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. As of June 30, 2008, the Fund had available for federal income tax purposes post-October losses of $393,419,654, post-October foreign currency losses of $42,425 and post-October passive foreign investment company losses of $73,942.
As of December 31, 2008, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $671,560,159. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended December 31, 2008, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.
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.
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 December 31, 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.
F52 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Federal tax cost of securities | $ | 5,713,849,017 | ||
Federal tax cost of other investments | (4,667,904 | ) | ||
Total federal tax cost | $ | 5,709,181,113 | ||
Gross unrealized appreciation | $ | 143,532,555 | ||
Gross unrealized depreciation | (1,710,011,483 | ) | ||
Net unrealized depreciation | $ | (1,566,478,928 | ) | |
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.
F53 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / 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:
Six Months Ended December 31, 2008 | Year Ended June 30, 2008 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Class A | ||||||||||||||||
Sold | 28,863,774 | $ | 435,836,617 | 74,829,572 | $ | 1,550,589,036 | ||||||||||
Dividends and/or distributions reinvested | 352,825 | 3,990,003 | 15,579,180 | 309,402,521 | ||||||||||||
Redeemed | (51,956,952 | ) | (717,792,238 | ) | (60,830,053 | ) | (1,210,453,609 | ) | ||||||||
Net increase (decrease) | (22,740,353 | ) | $ | (277,965,618 | ) | 29,578,699 | $ | 649,537,948 | ||||||||
Class B | ||||||||||||||||
Sold | 777,617 | $ | 10,584,844 | 1,965,438 | $ | 38,140,367 | ||||||||||
Dividends and/or distributions reinvested | 33,509 | 346,066 | 1,932,387 | 35,324,023 | ||||||||||||
Redeemed | (3,832,668 | ) | (53,584,243 | ) | (8,998,234 | ) | (167,731,741 | ) | ||||||||
Net decrease | (3,021,542 | ) | $ | (42,653,333 | ) | (5,100,409 | ) | $ | (94,267,351 | ) | ||||||
Class C | ||||||||||||||||
Sold | 2,561,370 | $ | 34,205,922 | 6,125,949 | $ | 116,952,215 | ||||||||||
Dividends and/or distributions reinvested | 65,706 | 682,034 | 2,924,696 | 53,726,666 | ||||||||||||
Redeemed | (5,878,472 | ) | (77,956,979 | ) | (9,789,740 | ) | (180,022,537 | ) | ||||||||
Net decrease | (3,251,396 | ) | $ | (43,069,023 | ) | (739,095 | ) | $ | (9,343,656 | ) | ||||||
F54 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Six Months Ended December 31, 2008 | Year Ended June 30, 2008 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Class N | ||||||||||||||||
Sold | 3,191,680 | $ | 46,164,610 | 7,050,097 | $ | 141,485,935 | ||||||||||
Dividends and/or distributions reinvested | 38,068 | 419,125 | 1,318,108 | 25,544,924 | ||||||||||||
Redeemed | (2,610,969 | ) | (37,126,552 | ) | (5,197,414 | ) | (102,648,201 | ) | ||||||||
Net increase | 618,779 | $ | 9,457,183 | 3,170,791 | $ | 64,382,658 | ||||||||||
Class Y | ||||||||||||||||
Sold | 26,138,163 | $ | 438,123,565 | 36,323,287 | $ | 751,401,917 | ||||||||||
Dividends and/or distributions reinvested | 315,754 | 3,744,848 | 2,893,650 | 60,130,048 | ||||||||||||
Redeemed | (10,437,704 | ) | (159,776,511 | ) | (16,531,004 | ) | (383,355,898 | ) | ||||||||
Net increase | 16,016,213 | $ | 282,091,902 | 22,685,933 | $ | 428,176,067 | ||||||||||
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 Oppenheimer Institutional Money Market Fund and OFI Liquid Assets Fund, LLC, for the six months ended December 31, 2008, were as follows:
Purchases | Sales | |||||||
Investment securities | $ | 2,559,131,424 | $ | 2,621,120,915 |
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 |
Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the six months ended December 31, 2008, the Fund paid $7,428,951 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.
F55 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / 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.
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 December 31, 2008 for Class C and Class N shares were $9,551,830 and $4,385,353, 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 Sales | Deferred Sales | Deferred Sales | Deferred Sales | Deferred Sales | ||||||||||||||||
Charges | Charges | Charges | Charges | Charges | ||||||||||||||||
Six Months | Retained by | Retained by | Retained by | Retained by | Retained by | |||||||||||||||
Ended | Distributor | Distributor | Distributor | Distributor | Distributor | |||||||||||||||
December 31, 2008 | $ | 211,266 | $ | 8,789 | $ | 179,028 | $ | 17,671 | $ | 1,869 |
F56 | 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 six months ended December 31, 2008, OFS waived $1,330,203, $84,987, $106,394, and $238,399 for Class A, Class B, Class C, and Class N shares, respectively. 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 six months ended December 31, 2008, the Manager waived $20,632 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 December 31, 2008, the Fund had no outstanding forward contracts.
6. Illiquid or Restricted Securities
As of December 31, 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.
F57 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / 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 December 31, 2008, the Fund had on loan securities valued at $647,218,648. Collateral of $649,363,685 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 Pronouncement
In March 2008, the Financial Accounting Standards Board (“FASB”) issued Statement on Financial Accounting Standards (“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 and interim periods beginning after November 15, 2008. At this time, management is evaluating the implications of SFAS No. 161 and its impact on the Fund’s financial statements and related disclosures.
9. Change In Independent Registered Public Accounting Firm
At a meeting held on August 20, 2008, the Board of Trustees of the Fund appointed KPMG LLP as the independent registered public accounting firm to the Fund for fiscal year 2009, replacing the firm of Deloitte & Touche LLP, effective at the conclusion of the fiscal 2008 audit. During the two most recent fiscal years the audit reports of Deloitte & Touche LLP contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. Further, there were no disagreements between the Fund and Deloitte & Touche LLP on accounting principles, financial statement disclosure or audit scope, which if not resolved to the satisfaction of Deloitte & Touche LLP would have caused it to make reference to the disagreements in connection with its reports.
F58 | OPPENHEIMER MAIN STREET SMALL CAP FUND
BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AGREEMENT Unaudited
Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to renew the Fund’s investment advisory agreement (the “Agreement”). The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Manager provide, such information as may be reasonably necessary to evaluate the terms of the Agreement. The Board employs an independent consultant to prepare a report that provides information, including comparative information, the Board requests for that purpose. In addition, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.
The Manager and the independent consultant provided information to the Board on the following factors: (i) the nature, quality and extent of the Manager’s services, (ii) the investment performance of the Fund and the Manager, (iii) the fees and expenses of the Fund, including comparative expense information, (iv) the profitability of the Manager and its affiliates, including an analysis of the cost of providing services, (v) whether economies of scale are realized as the Fund grows and whether fee levels reflect these economies of scale for Fund investors and (vi) other benefits to the Manager from its relationship with the Fund. The Board was aware that there are alternatives to retaining the Manager.
Outlined below is a summary of the principal information considered by the Board as well as the Board’s conclusions.
Nature, Quality and Extent of Services. The Board considered information about the nature, quality and extent of the services provided to the Fund and information regarding the Manager’s key personnel who provide such services. The Manager’s duties include providing the Fund with the services of the portfolio managers and the Manager’s investment team, who provide research, analysis and other advisory services in regard to the Fund’s investments; securities trading services; oversight of third party service providers; monitoring compliance with applicable Fund policies and procedures and adherence to the Fund’s investment restrictions. The Manager is responsible for providing certain administrative services to the Fund as well. Those services include providing and supervising all administrative and clerical personnel who are necessary in order to provide effective corporate administration for the Fund; compiling and maintaining records with respect to the Fund’s operations; preparing and filing reports required by the Securities and Exchange Commission; preparing periodic reports regarding the operations of the Fund for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by Federal and state securities laws for the
15 | OPPENHEIMER MAIN STREET SMALL CAP FUND
BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AGREEMENT Unaudited / Continued
sale of the Fund’s shares. The Manager also provides the Fund with office space, facilities and equipment.
The Board also considered the quality of the services provided and the quality of the Manager’s resources that are available to the Fund. The Board took account of the fact that the Manager has had over forty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Manager’s advisory, administrative, accounting, legal and compliance services, and information the Board has received regarding the experience and professional qualifications of the Manager’s key personnel and the size and functions of its staff. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Mark Zavanelli and Marc Reinganum, the portfolio managers for the Fund, and the Manager’s investment team and analysts. The Board members also considered the totality of their experiences with the Manager as Directors or Trustees of the Fund and other funds advised by the Manager. The Board considered information regarding the quality of services provided by affiliates of the Manager, which its members have become knowledgeable about in connection with the renewal of the Fund’s service agreements. The Board concluded in light of the Manager’s experience, reputation, personnel, operations and resources, the Fund benefits from the services provided under the Agreement.
Investment Performance of the Manager and the Fund. Throughout the year, the Manager provided information on the investment performance of the Fund and the Manager, including comparative performance information. The Board also reviewed information, prepared by the Manager and by the independent consultant, comparing the Fund’s historical performance to relevant market indices and to the performance of other retail front-end load and no-load small-cap core funds advised by other investment advisers. The Board considered that the Fund outperformed its performance universe median during the three- and five-year periods, though the Fund underperformed its performance universe median during the one-year period.
Costs of Services by the Manager. The Board reviewed the fees paid to the Manager and the other expenses borne by the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund to the fees and services for other clients or accounts advised by the Manager. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and small-cap core funds with comparable asset levels and distribution features. The Board considered that the Fund’s actual management fees and total expenses were lower than its expense group median.
16 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Economies of Scale and Profits Realized by the Manager. The Board considered information regarding the Manager’s costs in serving as the Fund’s investment adviser, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Manager’s profitability from its relationship with the Fund. The Board reviewed whether the Manager may realize economies of scale in managing and supporting the Fund. The Board noted that the Fund currently has management fee breakpoints, which are intended to share with Fund shareholders economies of scale that may exist as the Fund’s assets grow.
Other Benefits to the Manager. In addition to considering the profits realized by the Manager, the Board considered information that was provided regarding the direct and indirect benefits the Manager receives as a result of its relationship with the Fund, including compensation paid to the Manager’s affiliates and research provided to the Manager in connection with permissible brokerage arrangements (soft dollar arrangements). The Board also considered that the Manager must be able to pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund and that maintaining the financial viability of the Manager is important in order for the Manager to continue to provide significant services to the Fund and its shareholders.
Conclusions. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Fund and to the independent Trustees. Fund counsel and the independent Trustees’ counsel are independent of the Manager within the meaning and intent of the Securities and Exchange Commission Rules.
Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreement for another year. In arriving at this decision, the Board did not single out any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreement, including the management fee, in light of all of the surrounding circumstances.
17 | OPPENHEIMER MAIN STREET SMALL CAP FUND
PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited
The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, (ii) on the Fund’s website at www.oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at http://www.sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
18 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Item 2. Code of Ethics.
Not applicable to semiannual reports.
Item 3. Audit Committee Financial Expert.
Not applicable to semiannual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable to semiannual reports.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments.
a) Not applicable.
b) 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 12/31/2008, 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) Not applicable to semiannual reports. |
(2) | Exhibits attached hereto. | ||
(3) | Not applicable. |
(b) | Exhibit attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Oppenheimer Main Street Small Cap Fund | ||||
By: | /s/ John V. Murphy | |||
Principal Executive Officer | ||||
Date: | 02/11/2009 |
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: | 02/11/2009 | |||
By: | /s/ Brian W. Wixted | |||
Principal Financial Officer | ||||
Date: | 02/11/2009 |