UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-09333
Oppenheimer Main Street Small Cap Fund
(Exact name of registrant as specified in charter)
6803 South Tucson Way, Centennial, Colorado 80112-3924
(Address of principal executive offices)
(Zip code)
Robert G. Zack, Esq.
OppenheimerFunds, Inc.
498 Seventh Avenue, New York, New York 10018
- --------------------------------------------------------------------------------
(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: July 1, 2002 - June 30, 2003
ITEM 1. REPORTS TO STOCKHOLDERS.
FUND PERFORMANCE DISCUSSION
How has the Fund performed? Below is a discussion by OppenheimerFunds, Inc., of
the Fund's performance during its fiscal year ended June 30, 2003, followed by a
graphical comparison of the Fund's performance to an appropriate broad-based
market index.
Management's Discussion of Fund Performance. Oppenheimer Main Street Small Cap
Fund[R] is managed using a quantitative approach. Our goal is to add relative
value to an investor's allocation of small-cap stocks. The essence of a
quantitative process is to research and understand repeatable patterns,
anomalies and other signals in the market that we believe can give us an edge.
We look at as many as 60 factors like this to try to develop a consistent
relative return advantage.
For the past 12 months ended June 30, 2003, the Fund's Class A shares
returned -2.25% (without sales charge), modestly underperforming its benchmark
index, the Russell 2000[R] Index, which generated a total return of -1.64%. Our
sector over- and underweights versus the Russell 2000 modestly detracted from
performance. Specifically, we were hurt by our overweight in consumer
discretionary and our underweights in financials and utilities.
Over the course of the Fund's fiscal year, the stock market has been very
volatile, with a number of sharp market declines followed by strong rallies. The
Fund performed best on a relative basis when the market declined, which we
attribute to the Fund's diversification and conservative positioning. Over the
course of the year, our quantitative models have favored companies that have
been high quality, with increasing earnings and profitability. In the month's
when the market had strong rallies, our quantitative models did not work well,
as investors scrambled to add risk to their portfolios. The best performing
stocks in these times were "turnaround" candidates, mainly in the technology
sector, which had poor valuations and fundamental momentum.
In late 2002, the Fund was transitioned to take advantage of the "January
effect." The January effect is a stock market anomaly where it is believed that
lower quality, higher risk small-cap stocks tend to outperform higher quality,
lower risk large-cap stocks during the month of January. We had positioned the
Fund to take advantage of this anomaly, although it didn't occur in January as
expected. This year the January effect was delayed by concerns and uncertainty
leading up to the war in Iraq. Instead many of the companies that our model
expected to do well in January, did well in April and May, and by that time, we
had transitioned the Fund away from lower quality stocks to the higher quality
stocks normally favored by our models.
In terms of positioning, we believe the Fund remains well diversified across
sectors. Deviations compared to the benchmark have been modest with overweights
in the consumer discretionary, energy and health care sectors. Consumer
discretionary stocks showed surprisingly good earnings during this period of
weakness. Many investors bet
5 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FUND PERFORMANCE DISCUSSION
that consumer spending would decline, but the resilience of consumer spending
has been one of the bright spots in the economy. The Fund's allocation of energy
stocks has increased in the last six months, as higher commodity prices have led
to better earnings. Finally, we have added to our health care holdings, as these
stocks have also had better earnings, mainly due to continued high medical
costs.
The Fund's largest underweight was in the financial sector, where it was at
times overweight small company banks and thrifts (currently neutral), but
underweight real estate investment trusts (REITS). In addition, the Fund has
been underweight utility stocks, a sector that has performed well, due to the
recent change in tax law that benefits dividend-paying stocks. However, utility
company earnings have been weak overall, and as a result, the Fund has been
underweight.
Comparing the Fund's Performance to the Market. The graphs that follow show the
performance of a hypothetical $10,000 investment in each Class of shares of the
Fund held until June 30, 2003. The performance for Class A, B, C and Y shares is
measured since inception of the classes on August 2, 1999. In the case of Class
N shares, performance is measured from inception of the Class on March 1, 2001.
The Fund's performance reflects the deduction of the maximum initial sales
charge on Class A shares and the applicable contingent deferred sales charge for
Class B, Class C and Class N shares. The graphs assume that all dividends and
capital gains distributions were reinvested in additional shares.
The Fund's performance is compared to the performance of the Russell 2000
Index and the Lipper Small-Cap Core Fund Index. The Russell 2000 Index is an
unmanaged index of small-capitalization stocks. The Lipper Small-Cap Core Fund
Index category includes the 30 largest mutual funds within the investment
category as defined by Lipper. Index performance reflects the reinvestment of
dividends but does not consider the effect of capital gains or transaction
costs, and none of the data in the graphs that follow shows the effect of taxes.
The Fund's performance reflects the effects of Fund business and operating
expenses. While index comparisons may be useful to provide a benchmark for the
Fund's performance, it must be noted that the Fund's investments are not limited
to the investments in the index.
6 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Class A Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:
Oppenheimer
Main Street Lipper
Small Cap Small-Cap
Fund[R] Core Fund Russell
(Class A) Index 2000 Index
08/02/1999 9,425 10,000 10,000
09/30/1999 9,557 9,626 9,632
12/31/1999 12,125 11,450 11,409
03/31/2000 12,994 12,632 12,217
06/30/2000 13,947 12,430 11,755
09/30/2000 14,608 12,779 11,885
12/31/2000 13,356 12,244 11,064
03/31/2001 12,916 11,313 10,344
06/30/2001 15,015 13,051 11,822
09/30/2001 12,756 10,768 9,364
12/31/2001 15,082 13,117 11,339
03/31/2002 15,562 13,585 11,791
06/30/2002 15,122 12,406 10,806
09/30/2002 12,572 10,014 8,493
12/31/2002 12,672 10,594 9,016
03/31/2003 12,162 10,047 8,611
06/30/2003 14,782 12,113 10,629
Average Annual Total Returns of Class A Shares of the Fund at 6/30/03*
1-Year -7.87% Since Inception 10.51%
Class B Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:
Oppenheimer
Main Street Lipper
Small Cap Small-Cap
Fund[R] Core Fund Russell
(Class B) Index 2000 Index
08/02/1999 10,000 10,000 10,000
09/30/1999 10,130 9,626 9,632
12/31/1999 12,824 11,450 11,409
03/31/2000 13,726 12,632 12,217
06/30/2000 14,708 12,430 11,755
09/30/2000 15,369 12,779 11,885
12/31/2000 14,020 12,244 11,064
03/31/2001 13,531 11,313 10,344
06/30/2001 15,707 13,051 11,822
09/30/2001 13,319 10,768 9,364
12/31/2001 15,725 13,117 11,339
03/31/2002 16,193 13,585 11,791
06/30/2002 15,704 12,406 10,806
09/30/2002 13,028 10,014 8,493
12/31/2002 13,113 10,594 9,016
03/31/2003 12,561 10,047 8,611
06/30/2003 14,937 12,113 10,629
Average Annual Total Returns of Class B Shares of the Fund at 6/30/03*
1-Year -7.83% Since Inception 10.80%
*See Notes on page 10 for further details.
7 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FUND PERFORMANCE DISCUSSION
Class C Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:
Oppenheimer
Main Street Lipper
Small Cap Small-Cap
Fund[R] Core Fund Russell
(Class C) Index 2000 Index
08/02/1999 10,000 10,000 10,000
09/30/1999 10,130 9,626 9,632
12/31/1999 12,824 11,450 11,409
03/31/2000 13,726 12,632 12,217
06/30/2000 14,708 12,430 11,755
09/30/2000 15,369 12,779 11,885
12/31/2000 14,030 12,244 11,064
03/31/2001 13,541 11,313 10,344
06/30/2001 15,717 13,051 11,822
09/30/2001 13,319 10,768 9,364
12/31/2001 15,725 13,117 11,339
03/31/2002 16,192 13,585 11,791
06/30/2002 15,703 12,406 10,806
09/30/2002 13,038 10,014 8,493
12/31/2002 13,113 10,594 9,016
03/31/2003 12,571 10,047 8,611
06/30/2003 15,247 12,113 10,629
Average Annual Total Returns of Class C Shares of the Fund at 6/30/03*
1-Year -3.88% Since Inception 11.39%
Class N Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:
Oppenheimer
Main Street Lipper
Small Cap Small-Cap
Fund[R] Core Fund Russell
(Class N) Index 2000 Index
03/01/2001 10,000 10,000 10,000
03/31/2001 9,542 9,527 9,511
06/30/2001 11,086 10,991 10,870
09/30/2001 9,409 9,068 8,610
12/31/2001 11,121 11,046 10,426
03/31/2002 11,469 11,440 10,841
06/30/2002 11,129 10,448 9,935
09/30/2002 9,258 8,433 7,809
12/31/2002 9,325 8,922 8,290
03/31/2003 8,947 8,461 7,918
06/30/2003 10,863 10,201 9,772
Average Annual Total Returns of Class N Shares of the Fund at 6/30/03*
1-Year -3.37% Since Inception 3.61%
*See Notes on page 10 for further details.
8 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Class Y Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:
Oppenheimer
Main Street Lipper
Small Cap Small-Cap
Fund[R] Core Fund Russell
(Class Y) Index 2000 Index
08/02/1999 10,000 10,000 10,000
09/30/1999 10,140 9,626 9,632
12/31/1999 12,874 11,450 11,409
03/31/2000 13,816 12,632 12,217
06/30/2000 14,848 12,430 11,755
09/30/2000 15,570 12,779 11,885
12/31/2000 14,240 12,244 11,064
03/31/2001 13,784 11,313 10,344
06/30/2001 16,021 13,051 11,822
09/30/2001 13,625 10,768 9,364
12/31/2001 16,135 13,117 11,339
03/31/2002 16,655 13,585 11,791
06/30/2002 16,199 12,406 10,806
09/30/2002 13,504 10,014 8,493
12/31/2002 13,632 10,594 9,016
03/31/2003 13,101 10,047 8,611
06/30/2003 15,944 12,113 10,629
Average Annual Total Returns of Class Y Shares of the Fund at 6/30/03*
1-Year -1.57% Since Inception 12.67%
*See Notes on page 10 for further details.
The performance information for both indices in the graphs begins on 7/31/99 for
Class A, B, C and Y, and 2/28/01 for Class N.
Past performance cannot guarantee future results. Graphs are not drawn to same
scale.
9 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES
In reviewing performance and rankings, please remember that past performance
cannot guarantee future results. Investment return and principal value of an
investment in the Fund will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than the original cost. Because of ongoing
market volatility, the Fund's performance may be subject to substantial
fluctuations, and current performance may be more or less than the results
shown. For updates on the Fund's performance, visit our website at
www.oppenheimerfunds.com.
Total returns and the ending account values in the graph includes changes in
share price and reinvestment of dividends and capital gains distributions in a
hypothetical investment for the periods shown. The Fund's total returns shown do
not reflect the deduction of income taxes on an individual's investment. Taxes
may reduce your actual investment returns on income or gains paid by the Fund or
any gains you may realize if you sell your shares. For more complete information
about the Fund, including charges, expenses and risks, please refer to the
prospectus. To obtain a copy, call your financial advisor, call OppenheimerFunds
Distributor, Inc. at 1.800.CALL OPP (1.800.225.5677). Read the prospectus
carefully before you invest or send money.
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 3% (since inception). 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 special agreement with
the Distributor.
An explanation of the calculation of performance is in the Fund's Statement of
Additional Information.
10 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS JUNE 30, 2003
Market Shares
Shares See Note 1
- ---------------------------------------------------------------
Common Stocks--96.3%
- ---------------------------------------------------------------
Consumer Discretionary--18.4%
- ---------------------------------------------------------------
Auto Components--0.6%
American Axle &
Manufacturing
Holdings, Inc. 1 28,900 $ 690,710
- ---------------------------------------------------------------
ArvinMeritor, Inc. 26,100 526,698
- ---------------------------------------------------------------
Dana Corp. 192,400 2,224,144
- ---------------------------------------------------------------
Dura Automotive
Systems, Inc. 1 700 6,867
- ---------------------------------------------------------------
Keystone Automotive
Industries, Inc. 1 27,800 507,628
- ---------------------------------------------------------------
Modine
Manufacturing Co. 68,000 1,317,160
- ---------------------------------------------------------------
Raytech Corp. 1 72,700 308,975
- ---------------------------------------------------------------
Spartan Motors, Inc. 67,600 559,052
- ---------------------------------------------------------------
Sports Resorts
International, Inc. 1 2,200 10,736
- ---------------------------------------------------------------
Stoneridge, Inc. 1 29,300 399,945
- ---------------------------------------------------------------
Strattec Security
Corp. 1 500 26,600
- ---------------------------------------------------------------
Tenneco
Automotive, Inc. 1 11,400 41,040
-------------
6,619,555
- ---------------------------------------------------------------
Automobiles--0.1%
Thor Industries, Inc. 20,700 844,974
- ---------------------------------------------------------------
Distributors--0.3%
Andersons,
Inc. (The) 9,100 111,475
- ---------------------------------------------------------------
Brightpoint, Inc. 1 104,700 1,287,810
- ---------------------------------------------------------------
Handleman Co. 1 125,800 2,012,800
-------------
3,412,085
- ---------------------------------------------------------------
Hotels, Restaurants & Leisure--4.0%
Alliance
Gaming Corp. 1 104,300 1,972,313
- ---------------------------------------------------------------
Ambassadors
Group, Inc. 1 40,300 562,991
- ---------------------------------------------------------------
Applebee's
International, Inc. 90,250 2,836,557
- ---------------------------------------------------------------
Aztar Corp. 1 206,600 3,328,326
- ---------------------------------------------------------------
Bob Evans
Farms, Inc. 54,200 1,497,546
- ---------------------------------------------------------------
Boyd Gaming Corp. 1 20,300 350,378
- ---------------------------------------------------------------
CBRL Group, Inc. 24,900 967,614
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Hotels, Restaurants & Leisure Continued
CEC Entertainment,
Inc. 1 6,200 $ 228,966
- ---------------------------------------------------------------
Checkers Drive-In
Restaurants, Inc. 1 2,100 24,024
- ---------------------------------------------------------------
Chicago Pizza &
Brewery, Inc. 1 3,000 30,000
- ---------------------------------------------------------------
Choice Hotels
International, Inc. 1 102,700 2,804,737
- ---------------------------------------------------------------
Dave & Buster's, Inc. 1 74,800 815,320
- ---------------------------------------------------------------
Dover Downs Gaming
& Entertainment, Inc. 35,500 328,375
- ---------------------------------------------------------------
Frisch's
Restaurants, Inc. 1,000 18,000
- ---------------------------------------------------------------
GTech Holdings
Corp. 1 71,100 2,676,915
- ---------------------------------------------------------------
Isle of Capri
Casinos, Inc. 1 77,800 1,286,034
- ---------------------------------------------------------------
Jack in the Box, Inc. 1 15,600 347,880
- ---------------------------------------------------------------
Multimedia
Games, Inc. 1 94,700 2,414,850
- ---------------------------------------------------------------
Navigant
International, Inc. 1 600 7,740
- ---------------------------------------------------------------
P.F. Chang's
China Bistro, Inc. 1 75,300 3,705,514
- ---------------------------------------------------------------
Panera Bread
Co., Cl. A 1 66,100 2,644,000
- ---------------------------------------------------------------
Penn National
Gaming, Inc. 1 53,300 1,095,315
- ---------------------------------------------------------------
Rare Hospitality
International, Inc. 1 112,000 3,660,160
- ---------------------------------------------------------------
Red Robin Gourmet
Burgers, Inc. 1 1,000 18,960
- ---------------------------------------------------------------
Ruby Tuesday, Inc. 46,400 1,147,472
- ---------------------------------------------------------------
Ryan's Family Steak
Houses, Inc. 1 108,950 1,525,300
- ---------------------------------------------------------------
Scientific Games
Corp., Cl. A 1 19,700 185,180
- ---------------------------------------------------------------
Shuffle Master, Inc. 1 121,750 3,578,233
- ---------------------------------------------------------------
Six Flags, Inc. 1 123,800 839,364
- ---------------------------------------------------------------
Sonic Corp. 1 68,900 1,752,127
- ---------------------------------------------------------------
Station Casinos, Inc. 1 136,900 3,456,725
- ---------------------------------------------------------------
Steak n Shake
Co. (The) 1 43,900 669,475
- ---------------------------------------------------------------
Total Entertainment
Restaurant Corp. 1 76,500 699,975
11 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Hotels, Restaurants & Leisure Continued
WMS Industries, Inc. 1 39,400 $ 614,246
-------------
48,090,612
- ---------------------------------------------------------------
Household Durables--3.2%
Applica, Inc. 63,000 535,500
- ---------------------------------------------------------------
Beazer Homes
USA, Inc. 1 39,231 3,275,788
- ---------------------------------------------------------------
Blyth, Inc. 38,800 1,055,360
- ---------------------------------------------------------------
Boyds Collection
Ltd. (The) 1 3,400 16,014
- ---------------------------------------------------------------
Brookfield Homes
Corp. 66,200 1,020,804
- ---------------------------------------------------------------
Chromcraft
Revington, Inc. 1 2,000 24,980
- ---------------------------------------------------------------
CSS Industries, Inc. 21,400 824,970
- ---------------------------------------------------------------
Department 56, Inc. 1 47,900 734,307
- ---------------------------------------------------------------
Dominion
Homes, Inc. 1 5,300 126,405
- ---------------------------------------------------------------
Emerson
Radio Corp. 1 117,000 786,240
- ---------------------------------------------------------------
Enesco Group, Inc. 1 8,900 65,860
- ---------------------------------------------------------------
Fedders Corp. 22,700 69,689
- ---------------------------------------------------------------
Flexsteel
Industries, Inc. 500 8,245
- ---------------------------------------------------------------
Harman International
Industries, Inc. 38,000 3,007,320
- ---------------------------------------------------------------
Helen of Troy Ltd. 1 152,700 2,314,932
- ---------------------------------------------------------------
Hovnanian
Enterprises, Inc., Cl. A 1 70,100 4,132,395
- ---------------------------------------------------------------
Kimball
International, Inc., Cl. B 26,900 419,640
- ---------------------------------------------------------------
M.D.C. Holdings, Inc. 53,878 2,601,230
- ---------------------------------------------------------------
M/I Schottenstein
Homes, Inc. 5,600 239,008
- ---------------------------------------------------------------
Meritage Corp. 1 69,100 3,403,866
- ---------------------------------------------------------------
Mestek, Inc. 1 3,200 57,600
- ---------------------------------------------------------------
Movado Group, Inc. 42,700 928,725
- ---------------------------------------------------------------
National Presto
Industries, Inc. 6,500 205,400
- ---------------------------------------------------------------
Oneida Ltd. 29,700 200,475
- ---------------------------------------------------------------
Palm Harbor
Homes, Inc. 1 9,700 183,718
- ---------------------------------------------------------------
Ryland Group,
Inc. (The) 30,900 2,144,460
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Household Durables Continued
Standard
Pacific Corp. 113,100 $ 3,750,396
- ---------------------------------------------------------------
Technical Olympic
USA, Inc. 1 6,200 146,506
- ---------------------------------------------------------------
Toro Co. (The) 91,600 3,641,100
- ---------------------------------------------------------------
Virco Mfg. Corp. 2,700 17,172
- ---------------------------------------------------------------
William Lyon
Homes, Inc. 1 16,100 512,785
- ---------------------------------------------------------------
Yankee Candle,
Inc. (The) 1 81,500 1,892,430
-------------
38,343,320
- ---------------------------------------------------------------
Internet & Catalog Retail--0.1%
FTD, Inc., Cl. A 1 2,400 48,432
- ---------------------------------------------------------------
J. Jill Group, Inc. 1 29,500 496,780
- ---------------------------------------------------------------
PC Connection, Inc. 1 1,400 9,520
- ---------------------------------------------------------------
School
Specialty, Inc. 1 12,900 367,134
-------------
921,866
- ---------------------------------------------------------------
Leisure Equipment & Products--0.8%
Action Performance
Cos., Inc. 71,775 1,363,725
- ---------------------------------------------------------------
Callaway Golf Co. 37,800 499,716
- ---------------------------------------------------------------
MarineMax, Inc. 1 44,700 625,800
- ---------------------------------------------------------------
Marvel
Enterprises, Inc. 1 198,200 3,785,620
- ---------------------------------------------------------------
Oakley, Inc. 1 32,500 382,525
- ---------------------------------------------------------------
RC2 Corp. 1 44,100 750,141
- ---------------------------------------------------------------
SCP Pool Corp. 1 71,000 2,442,400
-------------
9,849,927
- ---------------------------------------------------------------
Media--0.9%
Advo, Inc. 1 16,900 750,360
- ---------------------------------------------------------------
APAC
Teleservices, Inc. 1 21,600 55,080
- ---------------------------------------------------------------
Courier Corp. 6,600 339,900
- ---------------------------------------------------------------
Digital Generation
Systems, Inc. 1 27,200 52,224
- ---------------------------------------------------------------
Getty Images, Inc. 1 60,400 2,494,520
- ---------------------------------------------------------------
Grey Global
Group, Inc. 3,400 2,626,534
- ---------------------------------------------------------------
Harris
Interactive, Inc. 1 10,800 71,172
12 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Media Continued
Hollinger
International, Inc. 34,000 $ 366,180
- ---------------------------------------------------------------
Insight
Communications
Co., Inc. 1 27,600 363,768
- ---------------------------------------------------------------
Interactive Data Corp. 1 23,700 400,530
- ---------------------------------------------------------------
Liberty Corp. 28,700 1,219,750
- ---------------------------------------------------------------
LodgeNet
Entertainment Corp. 1,300 14,235
- ---------------------------------------------------------------
R.H. Donnelley Corp. 1 54,500 1,987,615
- ---------------------------------------------------------------
Reading
International, Inc. 700 3,885
- ---------------------------------------------------------------
Thomas Nelson, Inc. 1 6,200 77,500
-------------
10,823,253
- ---------------------------------------------------------------
Multiline Retail--0.0%
Fred's, Inc. 10,200 379,236
- ---------------------------------------------------------------
Specialty Retail--6.2%
Aeropostale, Inc. 1 49,200 1,056,816
- ---------------------------------------------------------------
America's
Car-Mart, Inc. 1 1,600 29,248
- ---------------------------------------------------------------
AnnTaylor Stores
Corp. 1 55,750 1,613,962
- ---------------------------------------------------------------
Big 5 Sporting
Goods Corp. 1 2,500 31,325
- ---------------------------------------------------------------
Blair Corp. 47,700 1,058,940
- ---------------------------------------------------------------
Blue Rhino Corp. 1 1,700 20,383
- ---------------------------------------------------------------
Bombay Co., Inc.
(The) 1 258,200 2,744,666
- ---------------------------------------------------------------
Brookstone, Inc. 1 78,300 1,585,575
- ---------------------------------------------------------------
Building Materials
Holding Corp. 119,800 1,774,238
- ---------------------------------------------------------------
Cache, Inc. 1 12,500 192,500
- ---------------------------------------------------------------
Chico's FAS, Inc. 1 53,600 1,128,280
- ---------------------------------------------------------------
Christopher
& Banks Corp. 1 19,900 736,101
- ---------------------------------------------------------------
Claire's Stores, Inc. 136,400 3,459,104
- ---------------------------------------------------------------
Cole National Corp. 1 14,500 181,540
- ---------------------------------------------------------------
Cost Plus, Inc. 1 58,200 2,075,412
- ---------------------------------------------------------------
Deb Shops, Inc. 6,900 129,720
- ---------------------------------------------------------------
Dick's Sporting
Goods, Inc. 1 600 22,008
- ---------------------------------------------------------------
Dress Barn,
Inc. (The) 1 76,200 965,454
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Specialty Retail Continued
Finish Line, Inc.
(The), Cl. A 1 103,800 $ 2,305,398
- ---------------------------------------------------------------
Finlay
Enterprises, Inc. 1 35,500 587,525
- ---------------------------------------------------------------
Footstar, Inc. 1 152,400 1,981,200
- ---------------------------------------------------------------
Friedman's, Inc., Cl. A 51,700 587,829
- ---------------------------------------------------------------
Goody's Family
Clothing, Inc. 1 47,000 406,550
- ---------------------------------------------------------------
Guitar Center, Inc. 1 111,800 3,242,200
- ---------------------------------------------------------------
Gymboree Corp. 1 152,700 2,562,306
- ---------------------------------------------------------------
Hancock Fabrics, Inc. 24,700 398,905
- ---------------------------------------------------------------
Haverty Furniture
Cos., Inc. 12,500 218,750
- ---------------------------------------------------------------
Hibbett Sporting
Goods, Inc. 1 37,150 1,223,721
- ---------------------------------------------------------------
Hollywood
Entertainment Corp. 1 40,800 701,760
- ---------------------------------------------------------------
Hot Topic, Inc. 1 121,400 3,266,874
- ---------------------------------------------------------------
Jo-Ann Stores, Inc.,
Cl. A 1 37,200 941,160
- ---------------------------------------------------------------
Jos. A. Banks
Clothiers, Inc. 1 57,400 1,918,882
- ---------------------------------------------------------------
Loehmann's
Holdings, Inc. 1 35,800 492,608
- ---------------------------------------------------------------
Men's Wearhouse,
Inc. (The) 1 129,700 2,833,945
- ---------------------------------------------------------------
Monro Muffler
Brake, Inc. 1 13,900 392,814
- ---------------------------------------------------------------
Mothers Work, Inc. 1 16,400 439,028
- ---------------------------------------------------------------
Movie Gallery, Inc. 1 83,025 1,531,811
- ---------------------------------------------------------------
OfficeMax, Inc. 1 16,800 110,040
- ---------------------------------------------------------------
Pacific Sunwear
of California, Inc. 1 141,750 3,414,758
- ---------------------------------------------------------------
Pier 1 Imports, Inc. 17,200 350,880
- ---------------------------------------------------------------
Regis Corp. 72,800 2,114,840
- ---------------------------------------------------------------
Ross Stores, Inc. 44,600 1,906,204
- ---------------------------------------------------------------
Select Comfort
Corp. 1 106,100 1,737,918
- ---------------------------------------------------------------
Sharper Image
Corp. 1 122,700 3,346,029
- ---------------------------------------------------------------
Shoe Carnival, Inc. 1 52,900 780,804
- ---------------------------------------------------------------
Sonic
Automotive, Inc. 1 83,600 1,831,676
- ---------------------------------------------------------------
Sports
Authority, Inc. (The) 1 205,400 2,197,780
13 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Specialty Retail Continued
- ---------------------------------------------------------------
Syms Corp. 1 9,800 $ 63,014
- ---------------------------------------------------------------
TBC Corp. 1 86,000 1,638,300
- ---------------------------------------------------------------
Tractor Supply Co. 78,000 3,724,500
- ---------------------------------------------------------------
Trans World
Entertainment Corp. 1 8,500 43,520
- ---------------------------------------------------------------
Tuesday Morning
Corp. 1 123,300 3,242,790
- ---------------------------------------------------------------
United Auto
Group, Inc. 1 35,800 779,724
- ---------------------------------------------------------------
Urban
Outfitters, Inc. 1 12,600 452,340
- ---------------------------------------------------------------
West Marine, Inc. 1 8,300 145,333
- ---------------------------------------------------------------
Zale Corp. 1 59,400 2,376,000
-------------
75,094,988
- ---------------------------------------------------------------
Textiles, Apparel & Luxury Goods--2.2%
Ashworth, Inc. 1 4,700 33,323
- ---------------------------------------------------------------
Brown Shoe Co., Inc. 106,200 3,164,760
- ---------------------------------------------------------------
Cherokee, Inc. 1 17,600 352,352
- ---------------------------------------------------------------
Columbia
Sportswear Co. 1 38,100 1,958,721
- ---------------------------------------------------------------
Culp, Inc. 1 38,000 262,200
- ---------------------------------------------------------------
First Years, Inc. (The) 700 8,526
- ---------------------------------------------------------------
Gildan Activewear,
Inc., Cl. A 1 6,300 165,816
- ---------------------------------------------------------------
Hampshire
Group Ltd. 1 300 8,952
- ---------------------------------------------------------------
K-Swiss, Inc., Cl. A 103,200 3,562,464
- ---------------------------------------------------------------
Kellwood Co. 126,200 3,991,706
- ---------------------------------------------------------------
Kenneth Cole
Productions, Inc., Cl. A 11,000 214,390
- ---------------------------------------------------------------
OshKosh
B'Gosh, Inc., Cl. A 12,600 340,200
- ---------------------------------------------------------------
Oxford Industries, Inc. 3,100 128,712
- ---------------------------------------------------------------
Perry Ellis
International, Inc. 1 19,610 382,787
- ---------------------------------------------------------------
Quicksilver, Inc. 1 46,900 773,381
- ---------------------------------------------------------------
Russell Corp. 134,800 2,561,200
- ---------------------------------------------------------------
Steven Madden Ltd. 1 64,000 1,397,760
- ---------------------------------------------------------------
Stride Rite Corp. 13,000 129,480
- ---------------------------------------------------------------
Timberland
Co., Cl. A 1 51,800 2,738,148
- ---------------------------------------------------------------
Tommy Hilfiger
Corp. 1 85,100 786,324
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Textiles, Apparel & Luxury Goods Continued
Warnaco Group,
Inc. (The) 1 46,200 $ 621,390
- ---------------------------------------------------------------
Wolverine World
Wide, Inc. 147,400 2,838,924
-------------
26,421,516
- ---------------------------------------------------------------
Consumer Staples--2.9%
- ---------------------------------------------------------------
Beverages--0.1%
Coca-Cola
Bottling Co. 13,000 709,800
- ---------------------------------------------------------------
Cott Corp. 1 25,800 533,802
- ---------------------------------------------------------------
National Beverage
Corp. 1 5,200 72,280
-------------
1,315,882
- ---------------------------------------------------------------
Food & Staples Retailing--0.6%
Arden
Group, Inc., Cl A 1 2,100 123,900
- ---------------------------------------------------------------
Casey's General
Stores, Inc. 53,459 755,910
- ---------------------------------------------------------------
Central European
Distribution Corp. 1 22,400 451,136
- ---------------------------------------------------------------
Chronimed, Inc. 1 81,700 803,111
- ---------------------------------------------------------------
Great Atlantic & Pacific
Tea Co., Inc. (The) 1 60,300 530,640
- ---------------------------------------------------------------
Pathmark Stores, Inc. 1 142,200 1,087,830
- ---------------------------------------------------------------
Penn Traffic Co. (The) 1,200 180
- ---------------------------------------------------------------
Ruddick Corp. 10,400 163,488
- ---------------------------------------------------------------
Smart & Final, Inc. 1 26,800 124,084
- ---------------------------------------------------------------
United Natural
Foods, Inc. 1 48,700 1,370,418
- ---------------------------------------------------------------
Weis Markets, Inc. 36,500 1,132,230
- ---------------------------------------------------------------
Winn-Dixie Stores, Inc. 43,800 539,178
-------------
7,082,105
- ---------------------------------------------------------------
Food Products--1.5%
Bunge Ltd. 93,300 2,668,380
- ---------------------------------------------------------------
Central Garden
& Pet Co. 1 53,300 1,271,205
- ---------------------------------------------------------------
Flowers Foods, Inc. 141,600 2,798,016
- ---------------------------------------------------------------
Fresh Del Monte
Produce, Inc. 94,500 2,427,705
- ---------------------------------------------------------------
Horizon Organic
Holding Corp. 1 3,500 83,405
14 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Food Products Continued
International
Multifoods Corp. 1 28,200 $ 646,062
- ---------------------------------------------------------------
J & J Snack
Foods Corp. 1 29,200 923,596
- ---------------------------------------------------------------
Lancaster Colony
Corp. 4,400 170,104
- ---------------------------------------------------------------
M&F Worldwide
Corp. 1 154,200 1,110,240
- ---------------------------------------------------------------
Omega Protein
Corp. 1 188,700 962,370
- ---------------------------------------------------------------
Peet's Coffee
& Tea, Inc. 1 98,900 1,726,794
- ---------------------------------------------------------------
Pilgrim's Pride
Corp., Cl. B 16,700 161,489
- ---------------------------------------------------------------
Ralcorp
Holdings, Inc. 1 16,600 414,336
- ---------------------------------------------------------------
Riviana Foods, Inc. 1,200 32,292
- ---------------------------------------------------------------
Sanderson Farms, Inc. 20,100 564,810
- ---------------------------------------------------------------
Sanfilippo (John B.) &
Son, Inc. 1 6,300 101,745
- ---------------------------------------------------------------
Seaboard Corp. 700 144,900
- ---------------------------------------------------------------
Seminis, Inc. 1,600 5,888
- ---------------------------------------------------------------
Seneca Foods
Corp., Cl. A 1 1,600 28,032
- ---------------------------------------------------------------
USANA Health
Sciences, Inc. 1 30,100 1,330,721
- ---------------------------------------------------------------
Virbac Corp. 1 3,200 19,392
--------------
17,591,482
- ---------------------------------------------------------------
Household Products--0.5%
Chattem, Inc. 1 122,000 2,293,600
- ---------------------------------------------------------------
Energizer
Holdings, Inc. 1 19,500 612,300
- ---------------------------------------------------------------
Nu Skin Asia Pacific,
Inc., Cl. A 74,600 779,570
- ---------------------------------------------------------------
WD-40 Co. 81,300 2,321,115
-------------
6,006,585
- ---------------------------------------------------------------
Personal Products--0.1%
Del Laboratories, Inc. 46,130 1,084,055
- ---------------------------------------------------------------
Nature's Sunshine
Products, Inc. 12,000 96,120
- ---------------------------------------------------------------
NBTY, Inc. 1 11,500 242,190
-------------
1,422,365
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Tobacco--0.1%
Schweitzer-Mauduit
International, Inc. 22,900 $ 552,806
- ---------------------------------------------------------------
Standard Commercial
Corp. 28,600 486,200
-------------
1,039,006
- ---------------------------------------------------------------
Energy--7.2%
- ---------------------------------------------------------------
Energy Equipment & Services--1.8%
CHC Helicopter
Corp., Cl. A 29,300 561,094
- ---------------------------------------------------------------
Ensign Resource Service
Group, Inc. 157,300 2,338,517
- ---------------------------------------------------------------
FMC
Technologies, Inc. 1 58,100 1,223,005
- ---------------------------------------------------------------
Grey Wolf, Inc. 1 139,200 562,368
- ---------------------------------------------------------------
Gulf Island
Fabrication, Inc. 1 42,600 720,792
- ---------------------------------------------------------------
Gulfmark
Offshore, Inc. 1 33,800 570,544
- ---------------------------------------------------------------
Helmerich &
Payne, Inc. 51,500 1,503,800
- ---------------------------------------------------------------
Key Energy
Services, Inc. 1 148,500 1,591,920
- ---------------------------------------------------------------
Oceaneering
International, Inc. 1,900 48,545
- ---------------------------------------------------------------
Offshore
Logistics, Inc. 1 40,600 883,050
- ---------------------------------------------------------------
Oil States
International, Inc. 1 215,000 2,601,500
- ---------------------------------------------------------------
Patterson-UTI
Energy, Inc. 1 21,500 696,600
- ---------------------------------------------------------------
Petroleum
Helicopters, Inc. 800 24,120
- ---------------------------------------------------------------
Superior Energy
Services, Inc. 1 19,400 183,912
- ---------------------------------------------------------------
Tesco Corp. 1 99,100 939,399
- ---------------------------------------------------------------
Tetra Technologies,
Inc. 1 8,900 263,885
- ---------------------------------------------------------------
Trican Well
Service Ltd. 1 147,600 2,096,544
- ---------------------------------------------------------------
Unit Corp. 1 183,100 3,828,621
- ---------------------------------------------------------------
Universal Compression
Holdings, Inc. 1 7,800 162,708
- ---------------------------------------------------------------
Willbros Group, Inc. 1 21,100 219,229
-------------
21,020,153
15 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Oil & Gas--5.4%
Baytex Energy Ltd. 1 139,000 $ 1,161,104
- ---------------------------------------------------------------
Berry Petroleum
Co., Cl. A 1,600 28,720
- ---------------------------------------------------------------
BlackRock
Ventures, Inc. 1 765,000 1,323,091
- ---------------------------------------------------------------
Brigham
Exploration Co. 1 3,900 19,890
- ---------------------------------------------------------------
Brown (Tom), Inc. 1 109,400 3,040,226
- ---------------------------------------------------------------
Callon
Petroleum Co. 1 101,800 724,816
- ---------------------------------------------------------------
Canadian Natural
Resources Ltd. 1,402 55,954
- ---------------------------------------------------------------
Canadian Superior
Energy, Inc. 1 1,524,424 1,783,871
- ---------------------------------------------------------------
Chesapeake Energy
Corp. 210,000 2,121,000
- ---------------------------------------------------------------
Cimarex Energy Co. 1 121,670 2,889,662
- ---------------------------------------------------------------
Clear Energy, Inc. 1 377,566 833,632
- ---------------------------------------------------------------
Compton Petroleum
Corp. 1 249,500 1,079,713
- ---------------------------------------------------------------
Comstock
Resources, Inc. 1 78,200 1,069,776
- ---------------------------------------------------------------
Crescent Point Energy
Ltd., Cl. A 1 155,600 710,006
- ---------------------------------------------------------------
Denbury
Resources, Inc. 1 184,600 2,479,178
- ---------------------------------------------------------------
Dominion Resources
Black Warrior Trust 12,300 324,720
- ---------------------------------------------------------------
Eastern American
Natural Gas Trust 700 14,882
- ---------------------------------------------------------------
Encore Acquisition
Co. 1 8,300 158,945
- ---------------------------------------------------------------
Energy Partners Ltd. 1 27,000 311,850
- ---------------------------------------------------------------
Esprit
Exploration Ltd. 1,2 428,200 756,342
- ---------------------------------------------------------------
Esprit
Exploration Ltd. 1 393,800 695,581
- ---------------------------------------------------------------
Forest Oil Corp. 1 45,600 1,145,472
- ---------------------------------------------------------------
Frontier Oil Corp. 140,000 2,128,000
- ---------------------------------------------------------------
Holly Corp. 73,800 2,036,880
- ---------------------------------------------------------------
Houston
Exploration Co. 1 50,800 1,762,760
- ---------------------------------------------------------------
Impact Energy, Inc. 1 617,400 745,197
- ---------------------------------------------------------------
KCS Energy, Inc. 1 41,500 223,685
- ---------------------------------------------------------------
Ketch
Resources Ltd. 1 171,900 917,222
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Oil & Gas Continued
Magnum Hunter
Resources, Inc. 1 81,800 $ 653,582
- ---------------------------------------------------------------
Maritrans, Inc. 39,000 571,350
- ---------------------------------------------------------------
Newfield
Exploration Co. 1 43,900 1,648,445
- ---------------------------------------------------------------
North Coast
Energy, Inc. 200 1,856
- ---------------------------------------------------------------
OMI Corp. 1 478,300 2,946,328
- ---------------------------------------------------------------
Paramount
Energy Trust 144,936 917,350
- ---------------------------------------------------------------
Paramount
Resources Ltd. 220,000 1,497,700
- ---------------------------------------------------------------
Patina Oil &
Gas Corp. 81,187 2,610,162
- ---------------------------------------------------------------
Penn Virginia Corp. 36,800 1,582,400
- ---------------------------------------------------------------
Pogo Producing Co. 53,400 2,282,850
- ---------------------------------------------------------------
Premcor, Inc. 1 75,000 1,616,250
- ---------------------------------------------------------------
Prima Energy Corp. 1 600 12,528
- ---------------------------------------------------------------
Progress Energy Ltd. 1 133,800 974,881
- ---------------------------------------------------------------
Purcell Energy Ltd. 1 588,100 1,038,778
- ---------------------------------------------------------------
Quicksilver
Resources, Inc. 1 37,800 905,310
- ---------------------------------------------------------------
Range Resources
Corp. 1 42,100 263,967
- ---------------------------------------------------------------
Real Resources, Inc. 1 150,300 497,774
- ---------------------------------------------------------------
Remington Oil
& Gas Corp. 1 97,400 1,790,212
- ---------------------------------------------------------------
Rio Alto Resources
International, Inc. 1 479,300 328,058
- ---------------------------------------------------------------
Spinnaker
Exploration Co. 1 92,600 2,426,120
- ---------------------------------------------------------------
St. Mary Land &
Exploration Co. 1 24,600 671,580
- ---------------------------------------------------------------
Stelmar Shipping Ltd. 1 39,500 662,020
- ---------------------------------------------------------------
Stone Energy Corp. 1 58,400 2,448,128
- ---------------------------------------------------------------
Tesoro Petroleum
Corp. 1 72,200 496,736
- ---------------------------------------------------------------
TransMontaigne, Inc. 1 1,700 11,016
- ---------------------------------------------------------------
Ultra Petroleum
Corp. 1 30,000 387,300
- ---------------------------------------------------------------
Upton
Resources, Inc. 1 400,000 1,089,236
- ---------------------------------------------------------------
Western Gas
Resources, Inc. 73,200 2,898,720
16 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Oil & Gas Continued
Westport
Resources Corp. 1 69,100 $ 1,572,025
-------------
65,344,837
- ---------------------------------------------------------------
Financials--15.8%
- ---------------------------------------------------------------
Commercial Banks--11.3%
Allegiant
Bancorp, Inc. 20,200 409,050
- ---------------------------------------------------------------
Alliance
Financial Corp. 15,400 415,800
- ---------------------------------------------------------------
AmericanWest
Bancorporation 42,300 686,529
- ---------------------------------------------------------------
Anchor BanCorp
Wisconsin, Inc. 88,900 2,123,821
- ---------------------------------------------------------------
Arrow Financial Corp. 16,493 550,371
- ---------------------------------------------------------------
BancFirst Corp. 1,000 51,860
- ---------------------------------------------------------------
BancTrust Financial
Group, Inc. 1 1,500 23,880
- ---------------------------------------------------------------
Bank Mutual Corp. 48,900 1,589,250
- ---------------------------------------------------------------
Bank of Hawaii Corp. 28,700 951,405
- ---------------------------------------------------------------
Bank of Kentucky
(The), Financial Corp. 500 15,375
- ---------------------------------------------------------------
Bank of the
Ozarks, Inc. 18,100 701,556
- ---------------------------------------------------------------
BankUnited Financial
Corp., Cl. A 83,400 1,680,510
- ---------------------------------------------------------------
Banner Corp. 1,100 22,539
- ---------------------------------------------------------------
Bay View
Capital Corp. 1 17,300 99,994
- ---------------------------------------------------------------
Berkshire Hills
Bancorp, Inc. 11,600 329,440
- ---------------------------------------------------------------
Brookline
Bancorp, Inc. 169,265 2,369,710
- ---------------------------------------------------------------
Bryn Mawr
Bank Corp. 3,200 118,624
- ---------------------------------------------------------------
C&F Financial Corp. 400 15,700
- ---------------------------------------------------------------
Camco Financial
Corp. 11,700 182,403
- ---------------------------------------------------------------
Camden
National Corp. 2,900 79,750
- ---------------------------------------------------------------
Capital City
Bank Group, Inc. 21,125 764,725
- ---------------------------------------------------------------
Capital Corp
of the West 1,000 25,360
- ---------------------------------------------------------------
Capital Crossing Bank 1 3,700 89,096
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Commercial Banks Continued
Capitol Bancorp Ltd. 28,800 $ 780,480
- ---------------------------------------------------------------
Cascade Bancorp 20,900 362,197
- ---------------------------------------------------------------
Cass Information
Systems, Inc. 500 14,625
- ---------------------------------------------------------------
Cathay Bancorp, Inc. 7,700 343,266
- ---------------------------------------------------------------
CB Bancshares, Inc. 30,943 1,922,179
- ---------------------------------------------------------------
Central Pacific
Financial Corp. 32,100 889,170
- ---------------------------------------------------------------
Chemical
Financial Corp. 3,995 119,051
- ---------------------------------------------------------------
Chester Valley
Bancorp, Inc. 2,400 45,864
- ---------------------------------------------------------------
Citizens &
Northern Corp. 450 11,713
- ---------------------------------------------------------------
Citizens First
Bancorp, Inc. 22,800 497,952
- ---------------------------------------------------------------
Citizens South
Banking Corp. 2,200 29,128
- ---------------------------------------------------------------
City Holding Co. 36,800 1,077,136
- ---------------------------------------------------------------
CNB Financial Corp. 1,400 62,972
- ---------------------------------------------------------------
CNB Florida
Bancshares, Inc. 5,700 89,205
- ---------------------------------------------------------------
Coastal Bancorp, Inc. 6,000 170,520
- ---------------------------------------------------------------
Coastal Financial
Corp. 880 11,361
- ---------------------------------------------------------------
Columbia Bancorp,
Eastern US 8,700 208,800
- ---------------------------------------------------------------
Columbia Banking
System, Inc. 104,400 1,869,804
- ---------------------------------------------------------------
Commercial
Bankshares, Inc. 2,951 87,704
- ---------------------------------------------------------------
Commercial National
Financial Corp. 500 13,164
- ---------------------------------------------------------------
Community Bank
System, Inc. 41,000 1,558,000
- ---------------------------------------------------------------
Community First
Bankshares, Inc. 80,900 2,208,570
- ---------------------------------------------------------------
Community Trust
Bancorp, Inc. 10,400 271,856
- ---------------------------------------------------------------
Connecticut
Bancshares, Inc. 57,900 2,272,575
- ---------------------------------------------------------------
CVB Financial Corp. 62,956 1,228,901
- ---------------------------------------------------------------
Dime Community
Bancshares, Inc. 107,450 2,734,602
- ---------------------------------------------------------------
East West
Bancorp, Inc. 65,500 2,367,170
17 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Commercial Banks Continued
EverTrust Financial
Group, Inc. 300 $ 6,897
- ---------------------------------------------------------------
F&M Bancorp 7,300 360,036
- ---------------------------------------------------------------
Fidelity
Bankshares, Inc. 85,165 1,899,179
- ---------------------------------------------------------------
First BanCorp,
Puerto Rico 87,400 2,399,130
- ---------------------------------------------------------------
First Busey Corp. 5,800 140,592
- ---------------------------------------------------------------
First Charter Corp. 14,800 257,520
- ---------------------------------------------------------------
First Citizens
BancShares, Inc., Cl. A 5,400 544,536
- ---------------------------------------------------------------
First Commonwealth
Financial Corp. 4,900 63,504
- ---------------------------------------------------------------
First Community
Bancshares, Inc. 36,300 1,281,390
- ---------------------------------------------------------------
First Defiance
Financial Corp. 8,600 170,624
- ---------------------------------------------------------------
First Federal Capital
Corp. 98,300 1,951,255
- ---------------------------------------------------------------
First Federal Financial
Corp. of Kentucky 1,479 48,319
- ---------------------------------------------------------------
First Financial
Bankshares, Inc. 5,375 179,847
- ---------------------------------------------------------------
First Financial Corp. 2,700 142,830
- ---------------------------------------------------------------
First Financial
Holdings, Inc. 53,800 1,454,752
- ---------------------------------------------------------------
First Indiana Corp. 15,900 272,208
- ---------------------------------------------------------------
First Merchants
Corp. 11,700 284,427
- ---------------------------------------------------------------
First Midwest
Bancorp, Inc. 4,750 136,848
- ---------------------------------------------------------------
First National Corp. 6,100 150,426
- ---------------------------------------------------------------
First Niagara
Financial Group, Inc. 130,599 1,823,162
- ---------------------------------------------------------------
First Oak Brook
Bancshares, Inc. 8,300 273,817
- ---------------------------------------------------------------
First of Long Island
Corp. (The) 300 11,970
- ---------------------------------------------------------------
First Place
Financial Corp. 33,400 578,488
- ---------------------------------------------------------------
First SecurityFed
Financial, Inc. 1,700 42,347
- ---------------------------------------------------------------
First Sentinel
Bancorp, Inc. 21,300 340,161
- ---------------------------------------------------------------
First South
Bancorp, Inc. 900 29,934
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Commercial Banks Continued
Firstbank Corp. 3,200 $ 97,216
- ---------------------------------------------------------------
FirstFed America
Bancorp, Inc. 33,400 1,152,300
- ---------------------------------------------------------------
FirstFed Financial
Corp. 1 57,900 2,043,291
- ---------------------------------------------------------------
Flagstar Bancorp, Inc. 151,200 3,696,840
- ---------------------------------------------------------------
FloridaFirst
Bancorp, Inc. 8,700 207,582
- ---------------------------------------------------------------
Flushing Financial
Corp. 53,360 1,182,991
- ---------------------------------------------------------------
FNB Corp. 1,100 29,777
- ---------------------------------------------------------------
Foothill Independent
Bancorp 4,800 88,896
- ---------------------------------------------------------------
Franklin Financial
Corp. 1,400 42,070
- ---------------------------------------------------------------
Frontier
Financial Corp. 100 2,841
- ---------------------------------------------------------------
GA Financial, Inc. 10,400 261,560
- ---------------------------------------------------------------
Glacier Bancorp, Inc. 56,100 1,381,182
- ---------------------------------------------------------------
Great Southern
Bancorp, Inc. 500 19,270
- ---------------------------------------------------------------
Greater Delaware
Valley Savings Bank 4,500 102,150
- ---------------------------------------------------------------
Hancock
Holding Co. 15,100 710,606
- ---------------------------------------------------------------
Hanmi Financial
Corp. 41,700 728,499
- ---------------------------------------------------------------
Harbor Florida
Bancshares, Inc. 94,100 2,254,636
- ---------------------------------------------------------------
Harleysville
National Corp. 23,000 622,380
- ---------------------------------------------------------------
Hawthorne
Financial Corp. 1 39,800 1,379,468
- ---------------------------------------------------------------
Home Federal
Bancorp 39,700 963,916
- ---------------------------------------------------------------
Horizon Financial
Corp. 1,900 29,982
- ---------------------------------------------------------------
Hudson United
Bancorp 36,600 1,249,890
- ---------------------------------------------------------------
Hudson Valley
Holding Corp. 2 300 18,675
- ---------------------------------------------------------------
IBERIABANK Corp. 40,750 1,988,600
- ---------------------------------------------------------------
Independence
Community
Bank Corp. 19,100 539,002
18 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Commercial Banks Continued
Independent Bank
Corp.-Massachusetts 34,400 $ 777,096
- ---------------------------------------------------------------
Independent Bank
Corp.-Michigan 89,069 2,288,183
- ---------------------------------------------------------------
International
Bancshares Corp. 37,656 1,339,047
- ---------------------------------------------------------------
Irwin Financial Corp. 52,900 1,370,110
- ---------------------------------------------------------------
ITLA Capital Corp. 1 56,700 2,292,381
- ---------------------------------------------------------------
Klamath First
Bancorp, Inc. 12,400 208,568
- ---------------------------------------------------------------
Lakeland
Financial Corp. 300 9,114
- ---------------------------------------------------------------
Local Financial Corp. 1 62,000 895,280
- ---------------------------------------------------------------
Macatawa Bank Corp. 9,135 220,062
- ---------------------------------------------------------------
MAF Bancorp, Inc. 76,900 2,850,683
- ---------------------------------------------------------------
MainSource
Financial Group, Inc. 5,800 141,346
- ---------------------------------------------------------------
MB Financial, Inc. 14,700 588,588
- ---------------------------------------------------------------
Mercantile Bank Corp. 2,900 82,824
- ---------------------------------------------------------------
Mid-State Bancshares 16,800 331,800
- ---------------------------------------------------------------
Middleburg
Financial Corp. 1,300 74,230
- ---------------------------------------------------------------
Nara Bancorp, Inc. 62,500 1,187,500
- ---------------------------------------------------------------
NASB Financial, Inc. 8,700 252,300
- ---------------------------------------------------------------
National
Bankshares, Inc. 11,800 463,858
- ---------------------------------------------------------------
National Penn
Bancshares, Inc. 3,785 106,283
- ---------------------------------------------------------------
NBT Bancorp, Inc. 60,500 1,170,675
- ---------------------------------------------------------------
Net.B@nk, Inc. 66,700 877,772
- ---------------------------------------------------------------
NewMil Bancorp, Inc. 200 4,380
- ---------------------------------------------------------------
North Valley Bancorp 6,750 101,250
- ---------------------------------------------------------------
Northern Empire
Bancshares 840 21,294
- ---------------------------------------------------------------
Northwest
Bancorp, Inc. 700 11,200
- ---------------------------------------------------------------
Oak Hill
Financial, Inc. 8,758 219,213
- ---------------------------------------------------------------
OceanFirst Financial
Corp. 29,000 708,470
- ---------------------------------------------------------------
Old National Bancorp 9,745 224,135
- ---------------------------------------------------------------
Old Second
Bancorp, Inc. 44,433 1,903,954
- ---------------------------------------------------------------
Oneida Financial
Corp. 1,515 33,921
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Commercial Banks Continued
Oriental Financial
Group, Inc. 55,675 $ 1,430,291
- ---------------------------------------------------------------
Pacific Capital
Bancorp 93,800 3,287,690
- ---------------------------------------------------------------
Pacific Northwest
Bancorp 7,600 264,176
- ---------------------------------------------------------------
Parkvale Financial
Corp. 2,300 56,534
- ---------------------------------------------------------------
Peapack-Gladstone
Financial Corp. 1,700 54,451
- ---------------------------------------------------------------
PennFed Financial
Services, Inc. 16,000 444,000
- ---------------------------------------------------------------
PennRock Financial
Services Corp. 6,300 170,163
- ---------------------------------------------------------------
Peoples Holding
Co. (The) 2,000 88,500
- ---------------------------------------------------------------
PFF Bancorp, Inc. 44,700 1,727,655
- ---------------------------------------------------------------
Port Financial Corp. 41,100 2,214,468
- ---------------------------------------------------------------
Progress
Financial Corp. 12,810 175,113
- ---------------------------------------------------------------
Prosperity
Bancshares, Inc. 66,600 1,282,050
- ---------------------------------------------------------------
Provident
Bancorp, Inc. 1,000 32,100
- ---------------------------------------------------------------
Provident
Bankshares Corp. 4,800 121,968
- ---------------------------------------------------------------
Quaker City
Bancorp, Inc. 1 40,525 1,663,551
- ---------------------------------------------------------------
R&G Financial
Corp., Cl. B 113,800 3,379,860
- ---------------------------------------------------------------
Redwood Empire
Bancorp 19,400 553,094
- ---------------------------------------------------------------
Republic Bancorp, Inc. 30,270 406,223
- ---------------------------------------------------------------
Republic Bancorp,
Inc., Cl. A 45,350 672,541
- ---------------------------------------------------------------
Republic
Bancshares, Inc. 100 2,501
- ---------------------------------------------------------------
S&T Bancorp, Inc. 77,000 2,112,110
- ---------------------------------------------------------------
S.Y. Bancorp, Inc. 4,500 159,165
- ---------------------------------------------------------------
Sandy Spring
Bancorp, Inc. 38,400 1,213,440
- ---------------------------------------------------------------
Santander BanCorp 2,100 34,356
- ---------------------------------------------------------------
Seacoast Banking
Corp. of Florida 81,800 1,393,872
- ---------------------------------------------------------------
Seacoast Financial
Services Corp. 1,346 26,651
19 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Commercial Banks Continued
Second Bancorp, Inc. 13,000 $ 335,400
- ---------------------------------------------------------------
Simmons First
National Corp. 11,100 222,111
- ---------------------------------------------------------------
Sky Financial
Group, Inc. 5,600 121,632
- ---------------------------------------------------------------
Sound Federal
Bancorp, Inc. 30,300 411,777
- ---------------------------------------------------------------
Southern Financial
Bancorp, Inc. 31,217 953,992
- ---------------------------------------------------------------
Southwest
Bancorp, Inc. 11,200 306,992
- ---------------------------------------------------------------
St. Francis
Capital Corp. 47,300 1,375,011
- ---------------------------------------------------------------
State Bancorp, Inc. 37,689 737,574
- ---------------------------------------------------------------
State Financial
Services Corp. 6,200 137,268
- ---------------------------------------------------------------
Sterling Bancorp 58,740 1,638,259
- ---------------------------------------------------------------
Sterling Financial
Corp., Eastern US 3,000 69,750
- ---------------------------------------------------------------
Sterling Financial
Corp., Western US 85,760 2,089,114
- ---------------------------------------------------------------
Sun Bancorp, Inc. 1,100 22,198
- ---------------------------------------------------------------
Sun Bancorp, Inc.,
New Jersey 34,835 693,217
- ---------------------------------------------------------------
Superior Financial
Corp. 46,200 1,108,800
- ---------------------------------------------------------------
Texas Regional
Bancshares, Inc., Cl. A 18,020 625,294
- ---------------------------------------------------------------
TierOne Corp. 1 3,900 75,933
- ---------------------------------------------------------------
Tompkins
Trustco, Inc. 700 31,255
- ---------------------------------------------------------------
Troy Financial Corp. 22,975 623,771
- ---------------------------------------------------------------
Trust Co. of
New Jersey (The) 25,400 769,620
- ---------------------------------------------------------------
U.S.B. Holding Co., Inc. 3,700 65,675
- ---------------------------------------------------------------
UCBH Holdings, Inc. 96,500 2,767,620
- ---------------------------------------------------------------
Union
Bankshares Corp. 10,900 308,143
- ---------------------------------------------------------------
United Community
Financial Corp. 2,500 23,100
- ---------------------------------------------------------------
United National
Bancorp 14,400 397,296
- ---------------------------------------------------------------
United Security
Bancshares, Inc.,
Southern US 2,300 103,868
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Commercial Banks Continued
Univest Corp.
of Pennsylvania 1,000 $ 33,100
- ---------------------------------------------------------------
Unizan Financial
Corp. 7,135 125,362
- ---------------------------------------------------------------
W. Holding Co., Inc. 39,800 673,416
- ---------------------------------------------------------------
Waypoint
Financial Corp. 71,700 1,293,468
- ---------------------------------------------------------------
Webster Financial
Corp. 26,900 1,016,820
- ---------------------------------------------------------------
WesBanco, Inc. 3,800 92,340
- ---------------------------------------------------------------
West Coast Bancorp 1,800 32,760
- ---------------------------------------------------------------
WGNB Corp. 1,000 25,250
- ---------------------------------------------------------------
Willow Grove
Bancorp, Inc. 83,300 1,413,601
- ---------------------------------------------------------------
Wilshire State Bank 1 1,800 27,666
- ---------------------------------------------------------------
WSFS Financial
Corp. 42,400 1,628,160
-------------
136,281,185
- ---------------------------------------------------------------
Diversified Financial Services--0.8%
Ace Cash Express, Inc. 1 5,800 63,046
- ---------------------------------------------------------------
Atalanta/Sosnoff
Capital Corp. 1 1,600 21,680
- ---------------------------------------------------------------
California First
National Bancorp 700 6,643
- ---------------------------------------------------------------
Cash America
International, Inc. 176,300 2,330,686
- ---------------------------------------------------------------
CompuCredit Corp. 1 75,900 922,185
- ---------------------------------------------------------------
Credit
Acceptance Corp. 1 79,900 806,191
- ---------------------------------------------------------------
E*TRADE
Group, Inc. 1 73,100 621,350
- ---------------------------------------------------------------
First Cash Financial
Services, Inc. 1 10,500 149,205
- ---------------------------------------------------------------
Gladstone Capital
Corp. 1,800 37,134
- ---------------------------------------------------------------
iDine Rewards
Network, Inc. 400 5,496
- ---------------------------------------------------------------
Newtek Business
Services, Inc. 500 2,655
- ---------------------------------------------------------------
Providian
Financial Corp. 1 121,800 1,127,868
- ---------------------------------------------------------------
Sanders Morris Harris
Group, Inc. 800 7,160
- ---------------------------------------------------------------
Student Loan
Corp. (The) 11,500 1,449,000
20 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Diversified Financial Services Continued
United PanAm
Financial Corp. 1 3,900 $ 47,736
- ---------------------------------------------------------------
WFS Financial, Inc. 1 19,400 650,094
- ---------------------------------------------------------------
World Acceptance
Corp. 1 67,900 1,105,412
-------------
9,353,541
- ---------------------------------------------------------------
Insurance--2.4%
21st Century
Insurance Group 700 10,010
- ---------------------------------------------------------------
Alfa Corp. 90,100 1,145,171
- ---------------------------------------------------------------
American Medical
Security Group, Inc. 1 66,400 1,268,240
- ---------------------------------------------------------------
American Physicians
Capital, Inc. 1 3,800 92,150
- ---------------------------------------------------------------
Arch Capital
Group Ltd. 1 56,400 1,958,772
- ---------------------------------------------------------------
Baldwin & Lyons, Inc.,
Cl. B, Non-Vtg. 4,800 114,000
- ---------------------------------------------------------------
Berkley (W.R.) Corp. 11,700 616,590
- ---------------------------------------------------------------
Brown & Brown, Inc. 33,600 1,092,000
- ---------------------------------------------------------------
CNA Surety Corp. 29,800 293,530
- ---------------------------------------------------------------
Crawford & Co., Cl. A,
Non-Vtg. 1,600 7,760
- ---------------------------------------------------------------
Delphi Financial
Group, Inc., Cl. A 47,400 2,218,320
- ---------------------------------------------------------------
Donegal Group,
Inc., Cl. A 300 4,056
- ---------------------------------------------------------------
EMC Insurance
Group, Inc. 1,600 29,680
- ---------------------------------------------------------------
FBL Financial Group,
Inc., Cl. A 24,000 483,600
- ---------------------------------------------------------------
Fidelity National
Financial, Inc. 69,971 2,152,308
- ---------------------------------------------------------------
Financial
Industries Corp. 7,700 113,498
- ---------------------------------------------------------------
Great American Financial
Resources, Inc. 6,300 82,593
- ---------------------------------------------------------------
Harleysville Group, Inc. 2,500 57,550
- ---------------------------------------------------------------
Hub International Ltd. 14,800 253,080
- ---------------------------------------------------------------
Independence
Holding Co. 2,200 46,442
- ---------------------------------------------------------------
Infinity Property &
Casualty Corp. 50,227 1,187,366
- ---------------------------------------------------------------
IPC Holdings Ltd. 9,700 324,950
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Insurance Continued
LandAmerica Financial
Group, Inc. 73,400 $ 3,486,500
- ---------------------------------------------------------------
Midland Co. (The) 8,400 186,564
- ---------------------------------------------------------------
National Western Life
Insurance Co., Cl. A 1 2,100 231,903
- ---------------------------------------------------------------
Navigators Group,
Inc. (The) 1 8,200 244,524
- ---------------------------------------------------------------
Odyssey Re Holdings
Corp. 116,800 2,464,480
- ---------------------------------------------------------------
Penn-America
Group, Inc. 1,500 16,875
- ---------------------------------------------------------------
Pico Holdings, Inc. 1 4,000 52,000
- ---------------------------------------------------------------
ProAssurance Corp. 1 58,600 1,581,614
- ---------------------------------------------------------------
Reinsurance Group
of America, Inc. 29,600 950,160
- ---------------------------------------------------------------
RenaissanceRe
Holdings Ltd. 36,600 1,666,032
- ---------------------------------------------------------------
RLI Corp. 47,600 1,566,040
- ---------------------------------------------------------------
State Auto
Financial Corp. 23,800 534,310
- ---------------------------------------------------------------
Stewart Information
Services Corp. 1 79,400 2,211,290
- ---------------------------------------------------------------
U.S.I. Holdings Corp. 1 15,000 176,400
- ---------------------------------------------------------------
United Fire &
Casualty Co. 800 25,992
- ---------------------------------------------------------------
Universal American
Financial Corp. 1,500 9,555
-------------
28,955,905
- ---------------------------------------------------------------
Real Estate--0.7%
American Financial
Realty Trust 93,200 1,389,612
- ---------------------------------------------------------------
Anworth Mortgage
Asset Corp. 19,150 295,293
- ---------------------------------------------------------------
Capital Automotive
REIT 9,700 271,503
- ---------------------------------------------------------------
Capital Trust, Cl. A 8,500 157,675
- ---------------------------------------------------------------
CBL & Associates
Properties, Inc. 11,700 503,100
- ---------------------------------------------------------------
Chelsea Property
Group, Inc. 5,800 233,798
- ---------------------------------------------------------------
Consolidated-Tomoka
Land Co. 1,200 30,144
- ---------------------------------------------------------------
Correctional
Properties Trust 11,600 324,800
21 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Real Estate Continued
Friedman, Billings, Ramsey
Group, Inc., Cl. A 64,800 $ 868,320
- ---------------------------------------------------------------
Getty Realty Corp. 7,300 162,936
- ---------------------------------------------------------------
LNR Property Corp. 10,700 400,180
- ---------------------------------------------------------------
Maguire
Properties, Inc. 1 67,600 1,301,300
- ---------------------------------------------------------------
Pan Pacific Retail
Properties, Inc. 6,800 267,580
- ---------------------------------------------------------------
Prentiss
Properties Trust 6,800 203,932
- ---------------------------------------------------------------
Ramco-Gershenson
Properties Trust 17,700 412,410
- ---------------------------------------------------------------
Regency
Centers Corp. 9,700 339,306
- ---------------------------------------------------------------
Stratus Properties, Inc. 21,666 211,027
- ---------------------------------------------------------------
Tanger Factory
Outlet Centers, Inc. 5,900 195,172
- ---------------------------------------------------------------
Trammell Crow Co. 1 56,700 601,587
- ---------------------------------------------------------------
Urstadt Biddle
Properties, Inc. 1,000 13,300
-------------
8,182,975
- ---------------------------------------------------------------
Thrifts & Mortgage Finance--0.6%
Accredited Home
Lenders Holding Co. 1 2,300 45,126
- ---------------------------------------------------------------
American Home
Mortgage
Holdings, Inc. 86,400 1,691,712
- ---------------------------------------------------------------
Charter Municipal
Mortgage
Acceptance Co. 51,900 986,619
- ---------------------------------------------------------------
Doral Financial Corp. 63,550 2,837,507
- ---------------------------------------------------------------
Fremont
General Corp. 34,100 467,170
- ---------------------------------------------------------------
New Century
Financial Corp. 24,100 1,051,965
-------------
7,080,099
- ---------------------------------------------------------------
Health Care--14.7%
- ---------------------------------------------------------------
Biotechnology--2.5%
Amylin
Pharmaceuticals, Inc. 1 96,500 2,112,385
- ---------------------------------------------------------------
Antigenics, Inc. 1 82,900 955,008
- ---------------------------------------------------------------
BioMarin
Pharmaceutical, Inc. 1 119,500 1,166,320
- ---------------------------------------------------------------
BioReliance Corp. 1 67,800 1,437,360
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Biotechnology Continued
Celgene Corp. 1 79,100 $ 2,404,640
- ---------------------------------------------------------------
Ciphergen
Biosystems, Inc. 1 14,700 150,675
- ---------------------------------------------------------------
Digene Corp. 1 46,000 1,252,580
- ---------------------------------------------------------------
Exact Sciences
Corp. 1 52,500 575,400
- ---------------------------------------------------------------
Gen-Probe, Inc. 1 58,200 2,378,634
- ---------------------------------------------------------------
Idexx
Laboratories, Inc. 1 104,800 3,514,992
- ---------------------------------------------------------------
Martek
Biosciences Corp. 1 40,900 1,756,246
- ---------------------------------------------------------------
Medicines Co. (The) 1 92,600 1,823,294
- ---------------------------------------------------------------
Nuerocrine
Biosciences, Inc. 1 33,100 1,653,014
- ---------------------------------------------------------------
QLT PhotoTherapeutics,
Inc. 1 92,200 1,170,848
- ---------------------------------------------------------------
Sepracor, Inc. 1 73,900 1,332,417
- ---------------------------------------------------------------
Tanox, Inc. 1 100,930 1,619,926
- ---------------------------------------------------------------
Telik, Inc. 1 139,900 2,248,193
- ---------------------------------------------------------------
United
Therapeutics Corp. 1 93,400 2,034,252
-------------
29,586,184
- ---------------------------------------------------------------
Health Care Equipment & Supplies--4.8%
Advanced Medical
Optics, Inc. 1 181,200 3,089,460
- ---------------------------------------------------------------
Advanced
Neuromodulation
Systems, Inc. 1 14,000 724,780
- ---------------------------------------------------------------
Aksys Ltd. 1 77,800 1,007,510
- ---------------------------------------------------------------
Alaris Medical, Inc. 167,700 2,171,715
- ---------------------------------------------------------------
Analogic Corp. 39,700 1,935,772
- ---------------------------------------------------------------
Arrow
International, Inc. 900 39,735
- ---------------------------------------------------------------
Bio-Rad Laboratories,
Inc., Cl. A 1 65,900 3,647,565
- ---------------------------------------------------------------
BioLase
Technology, Inc. 1 9,300 99,789
- ---------------------------------------------------------------
Biosite, Inc. 1 77,800 3,742,180
- ---------------------------------------------------------------
CNS, Inc. 1 2,700 22,950
- ---------------------------------------------------------------
Cooper Cos.,
Inc. (The) 134,100 4,662,657
- ---------------------------------------------------------------
Cyberonics, Inc. 1 29,500 634,545
- ---------------------------------------------------------------
Dade Behring
Holdings, Inc. 1 36,100 829,217
22 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Health Care Equipment & Supplies Continued
Edwards
Lifesciences Corp. 1 9,700 $ 311,758
- ---------------------------------------------------------------
Exactech, Inc. 1 59,900 862,560
- ---------------------------------------------------------------
HealthTronics
Surgical Services, Inc. 1 135,700 1,221,300
- ---------------------------------------------------------------
I-STAT Corp. 1 16,300 146,537
- ---------------------------------------------------------------
ICU Medical, Inc. 1 6,300 196,245
- ---------------------------------------------------------------
Immucor, Inc. 1 101,650 2,214,954
- ---------------------------------------------------------------
Inamed Corp. 1 55,000 2,952,950
- ---------------------------------------------------------------
Integra LifeSciences
Holdings Corp. 500 13,190
- ---------------------------------------------------------------
Kensey Nash Corp. 1 106,000 2,756,000
- ---------------------------------------------------------------
Lifeline Systems, Inc. 1 19,700 559,480
- ---------------------------------------------------------------
Matthews
International
Corp., Cl. A 25,600 633,856
- ---------------------------------------------------------------
Mentor Corp. 66,200 1,282,956
- ---------------------------------------------------------------
Meridian
Bioscience, Inc. 40,400 368,044
- ---------------------------------------------------------------
Merit Medical
Systems, Inc. 1 139,500 2,787,210
- ---------------------------------------------------------------
Microtek Medical
Holdings, Inc. 1 8,300 17,430
- ---------------------------------------------------------------
Novoste Corp. 1 7,000 42,000
- ---------------------------------------------------------------
Nutraceutical
International Corp. 1 43,800 470,850
- ---------------------------------------------------------------
PolyMedica Corp. 36,500 1,671,335
- ---------------------------------------------------------------
Possis Medical, Inc. 1 74,600 1,023,512
- ---------------------------------------------------------------
Quidel Corp. 1 69,000 429,180
- ---------------------------------------------------------------
Regeneration
Technologies, Inc. 1 14,400 191,376
- ---------------------------------------------------------------
ResMed, Inc. 1 9,700 380,240
- ---------------------------------------------------------------
Respironics, Inc. 1 29,100 1,091,832
- ---------------------------------------------------------------
Steris Corp. 1 99,600 2,299,764
- ---------------------------------------------------------------
SurModics, Inc. 1 10,900 332,450
- ---------------------------------------------------------------
Sybron Dental
Specialties, Inc. 1 144,500 3,410,200
- ---------------------------------------------------------------
Synovis Life
Technologies, Inc. 1 44,600 880,404
- ---------------------------------------------------------------
Thoratec Corp. 1 76,900 1,145,810
- ---------------------------------------------------------------
Viasys
Healthcare, Inc. 1 41,000 848,700
- ---------------------------------------------------------------
VISX, Inc. 1 52,900 917,815
- ---------------------------------------------------------------
Vital Images, Inc. 1 92,500 1,700,150
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Health Care Equipment & Supplies Continued
Young
Innovations, Inc. 1 89,000 $ 2,536,500
- ---------------------------------------------------------------
Zoll Medical Corp. 1 3,200 107,392
-------------
58,411,855
- ---------------------------------------------------------------
Health Care Providers & Services--4.7%
Advisory
Board Co. (The) 1 63,600 2,577,072
- ---------------------------------------------------------------
American
Healthways, Inc. 1 42,700 1,542,324
- ---------------------------------------------------------------
AMERIGROUP
Corp. 1 77,500 2,883,000
- ---------------------------------------------------------------
AmSurg Corp. 1 47,500 1,448,750
- ---------------------------------------------------------------
Apria Healthcare
Group, Inc. 1 136,400 3,393,632
- ---------------------------------------------------------------
Centene Corp. 1 62,500 2,431,250
- ---------------------------------------------------------------
Cobalt Corp. 1 124,600 2,560,530
- ---------------------------------------------------------------
Computer Programs
& Systems, Inc. 1,100 22,011
- ---------------------------------------------------------------
CorVel Corp. 1 58,050 2,089,800
- ---------------------------------------------------------------
Covance, Inc. 1 104,300 1,887,830
- ---------------------------------------------------------------
Coventry
Health Care, Inc. 1 16,000 738,560
- ---------------------------------------------------------------
Curative Health
Services, Inc. 1 16,400 278,800
- ---------------------------------------------------------------
DaVita, Inc. 1 96,200 2,576,236
- ---------------------------------------------------------------
Dendrite
International, Inc. 1 214,500 2,762,760
- ---------------------------------------------------------------
eResearch
Technology, Inc. 1 173,400 3,842,544
- ---------------------------------------------------------------
Gentiva Health
Services, Inc. 1 112,800 1,015,200
- ---------------------------------------------------------------
Hanger Orthopedic
Group, Inc. 1 119,000 1,362,550
- ---------------------------------------------------------------
IDX Systems Corp. 1 33,800 524,576
- ---------------------------------------------------------------
LabOne, Inc. 1 71,200 1,535,072
- ---------------------------------------------------------------
Mid Atlantic Medical
Services, Inc. 1 20,500 1,072,150
- ---------------------------------------------------------------
National
HealthCare Corp. 1 7,500 147,600
- ---------------------------------------------------------------
Odyssey
Healthcare, Inc. 1 80,850 2,991,450
- ---------------------------------------------------------------
Owens & Minor, Inc. 29,100 650,385
- ---------------------------------------------------------------
Oxford Health
Plans, Inc. 1 19,400 815,382
23 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Health Care Providers & Services Continued
PacifiCare Health
Systems, Inc. 1 66,800 $ 3,295,244
- ---------------------------------------------------------------
Parexel
International Corp. 1 46,700 651,465
- ---------------------------------------------------------------
Per-Se
Technologies, Inc. 1 5,400 60,642
- ---------------------------------------------------------------
Prime Medical
Services, Inc. 1 18,100 85,070
- ---------------------------------------------------------------
Renal Care
Group, Inc. 1 11,700 411,957
- ---------------------------------------------------------------
Select Medical
Corp. 1 137,500 3,414,125
- ---------------------------------------------------------------
SFBC
International, Inc. 1 3,000 54,300
- ---------------------------------------------------------------
Sierra Health
Services, Inc. 1 68,900 1,378,000
- ---------------------------------------------------------------
Sunrise Senior
Living, Inc. 1 37,100 830,298
- ---------------------------------------------------------------
U.S. Physical
Therapy, Inc. 1 49,400 631,332
- ---------------------------------------------------------------
United Surgical Partners
International, Inc. 1 30,100 679,959
- ---------------------------------------------------------------
US Oncology, Inc. 1 178,000 1,315,420
- ---------------------------------------------------------------
VCA Antech, Inc. 1 100,500 1,966,785
- ---------------------------------------------------------------
VitalWorks, Inc. 1 260,700 1,029,765
-------------
56,953,826
- ---------------------------------------------------------------
Pharmaceuticals--2.7%
aaiPharma, Inc. 1 68,950 1,370,726
- ---------------------------------------------------------------
Able
Laboratories, Inc. 1 24,700 489,060
- ---------------------------------------------------------------
Alpharma, Inc., Cl. A 112,900 2,438,640
- ---------------------------------------------------------------
American
Pharmaceutical
Partners, Inc. 1 123,100 4,173,090
- ---------------------------------------------------------------
AtheroGenics, Inc. 1 120,200 1,794,586
- ---------------------------------------------------------------
Bradley
Pharmaceuticals, Inc. 1 112,500 1,856,250
- ---------------------------------------------------------------
CollaGenex
Pharmaceuticals, Inc. 1 14,600 196,078
- ---------------------------------------------------------------
Connetics Corp. 1 134,400 2,011,968
- ---------------------------------------------------------------
Endo Pharmaceuticals
Holdings, Inc. 1 66,000 1,116,720
- ---------------------------------------------------------------
Eon Labs, Inc. 1 67,200 2,362,080
- ---------------------------------------------------------------
Hi-Tech Pharmacal
Co., Inc. 1 9,900 402,633
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Pharmaceuticals Continued
Inspire
Pharmaceuticals, Inc. 1,000 $ 10,800
- ---------------------------------------------------------------
Kos Pharmaceuticals,
Inc. 1 26,200 614,914
- ---------------------------------------------------------------
Lannett Co., Inc. 1 127,600 2,990,944
- ---------------------------------------------------------------
Perrigo Co. 219,300 3,429,852
- ---------------------------------------------------------------
Pharmaceutical
Resources, Inc. 1 68,100 3,313,746
- ---------------------------------------------------------------
SciClone
Pharmaceuticals, Inc. 2,000 17,120
- ---------------------------------------------------------------
Taro Pharmaceutical
Industries Ltd. 1 67,300 3,693,424
-------------
32,282,631
- ---------------------------------------------------------------
Industrials--13.7%
- ---------------------------------------------------------------
Aerospace & Defense--1.0%
AAR Corp. 30,300 213,918
- ---------------------------------------------------------------
Applied Signal
Technology, Inc. 104,400 1,774,800
- ---------------------------------------------------------------
Ducommun, Inc. 1 23,700 334,170
- ---------------------------------------------------------------
Engineered Support
Systems, Inc. 67,700 2,833,245
- ---------------------------------------------------------------
ESCO
Technologies, Inc. 1 51,400 2,261,600
- ---------------------------------------------------------------
Fairchild Corp., Cl. A 1,400 5,642
- ---------------------------------------------------------------
Mercury Computer
Systems, Inc. 1 15,700 285,112
- ---------------------------------------------------------------
MTC
Technologies, Inc. 500 11,730
- ---------------------------------------------------------------
Orbital Sciences
Corp. 1 69,700 508,810
- ---------------------------------------------------------------
Pemco Aviation
Group, Inc. 1 600 14,100
- ---------------------------------------------------------------
Teledyne
Technologies, Inc. 1 125,400 1,642,740
- ---------------------------------------------------------------
United Defense
Industries, Inc. 1 13,600 352,784
- ---------------------------------------------------------------
World Fuel
Services Corp. 74,800 1,839,332
-------------
12,077,983
- ---------------------------------------------------------------
Air Freight & Logistics--0.1%
Airborne, Inc. 51,500 1,076,350
- ---------------------------------------------------------------
EGL, Inc. 1 24,400 370,880
- ---------------------------------------------------------------
Forward Air Corp. 1 4,400 111,628
-------------
1,558,858
24 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Airlines--0.1%
ExpressJet
Holdings, Inc. 1 24,100 $ 363,910
- ---------------------------------------------------------------
Mesa Air Group, Inc. 1 13,900 111,200
- ---------------------------------------------------------------
Mesaba Holdings, Inc. 1 6,000 37,020
-------------
512,130
- ---------------------------------------------------------------
Building Products--1.5%
Aaon, Inc. 1 86,150 1,595,498
- ---------------------------------------------------------------
American
Woodmark Corp. 41,300 1,922,928
- ---------------------------------------------------------------
Apogee
Enterprises, Inc. 24,400 220,088
- ---------------------------------------------------------------
Drew Industries, Inc. 1 60,500 1,101,100
- ---------------------------------------------------------------
ElkCorp 9,700 218,250
- ---------------------------------------------------------------
Griffon Corp. 1 126,130 2,018,080
- ---------------------------------------------------------------
Jacuzzi Brands, Inc. 1 241,700 1,278,593
- ---------------------------------------------------------------
Lennox
International, Inc. 128,600 1,655,082
- ---------------------------------------------------------------
Simpson Manufacturing
Co., Inc. 72,300 2,646,180
- ---------------------------------------------------------------
Trex Co., Inc. 1 84,300 3,308,775
- ---------------------------------------------------------------
Universal Forest
Products, Inc. 28,700 600,978
- ---------------------------------------------------------------
USG Corp. 1 41,900 796,100
- ---------------------------------------------------------------
Water Pik
Technologies, Inc. 1 1,500 11,655
- ---------------------------------------------------------------
Watsco, Inc. 37,200 616,032
-------------
17,989,339
- ---------------------------------------------------------------
Commercial Services & Supplies--4.6%
Angelica Corp. 82,400 1,396,680
- ---------------------------------------------------------------
Arbitron, Inc. 1 69,600 2,484,720
- ---------------------------------------------------------------
Banta Corp. 52,700 1,705,899
- ---------------------------------------------------------------
Bowne & Co., Inc. 107,600 1,402,028
- ---------------------------------------------------------------
Bright Horizons
Family Solutions, Inc. 1 58,100 1,949,836
- ---------------------------------------------------------------
CDI Corp. 1 64,800 1,682,208
- ---------------------------------------------------------------
Century Business
Services, Inc. 1 65,600 213,200
- ---------------------------------------------------------------
Charles River
Associates, Inc. 1 17,900 506,033
- ---------------------------------------------------------------
Clean Harbors, Inc. 700 6,671
- ---------------------------------------------------------------
Coinstar, Inc. 1 36,100 680,846
- ---------------------------------------------------------------
Concorde Career
Colleges, Inc. 1 10,800 216,119
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Commercial Services & Supplies Continued
Consolidated
Graphics, Inc. 1 14,500 $ 331,760
- ---------------------------------------------------------------
Corinthian
Colleges, Inc. 1 49,200 2,389,644
- ---------------------------------------------------------------
Cornell
Corrections, Inc. 1 16,400 248,296
- ---------------------------------------------------------------
Corporate
Executive Board Co. 1 34,600 1,402,338
- ---------------------------------------------------------------
CPI Corp. 17,600 310,640
- ---------------------------------------------------------------
DeVry, Inc 1 114,500 2,666,705
- ---------------------------------------------------------------
Duratek, Inc. 1 3,362 26,325
- ---------------------------------------------------------------
Ennis Business
Forms, Inc. 79,000 1,149,450
- ---------------------------------------------------------------
Exponent, Inc. 1 61,600 954,800
- ---------------------------------------------------------------
General Binding
Corp. 1 29,900 358,800
- ---------------------------------------------------------------
Gevity HR, Inc. 30,300 358,146
- ---------------------------------------------------------------
Gundle/SLT
Environmental, Inc. 1 49,800 678,276
- ---------------------------------------------------------------
Harland (John H.) Co. 20,400 533,664
- ---------------------------------------------------------------
Headwaters, Inc. 1 100,845 1,481,413
- ---------------------------------------------------------------
Heidrick & Struggles
International, Inc. 1 6,000 75,720
- ---------------------------------------------------------------
ICT Group, Inc. 1 29,300 306,478
- ---------------------------------------------------------------
Imagistics
International, Inc. 1 131,800 3,400,440
- ---------------------------------------------------------------
Interpool, Inc. 47,900 786,518
- ---------------------------------------------------------------
ITT Educational
Services, Inc. 1 146,100 4,273,425
- ---------------------------------------------------------------
Kelly Services,
Inc., Cl. A 38,800 909,860
- ---------------------------------------------------------------
Labor Ready, Inc. 1 61,100 438,087
- ---------------------------------------------------------------
Landauer, Inc. 39,500 1,652,285
- ---------------------------------------------------------------
Layne
Christensen Co. 1 4,300 34,701
- ---------------------------------------------------------------
Moore Wallace, Inc. 1 36,300 532,884
- ---------------------------------------------------------------
NCO Group, Inc. 1 23,200 415,512
- ---------------------------------------------------------------
New England
Business Service, Inc. 31,500 945,000
- ---------------------------------------------------------------
Right Management
Consultants, Inc. 1 95,125 1,203,331
- ---------------------------------------------------------------
Rollins, Inc. 132,900 2,505,165
- ---------------------------------------------------------------
Roto-Rooter, Inc. 1,500 57,210
- ---------------------------------------------------------------
Schawk, Inc. 16,600 173,968
25 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Commercial Services & Supplies Continued
Stericycle, Inc. 1 19,500 $ 750,360
- ---------------------------------------------------------------
Strayer
Education, Inc. 35,500 2,820,475
- ---------------------------------------------------------------
Tetra Tech, Inc. 1 68,200 1,168,266
- ---------------------------------------------------------------
United
Stationers, Inc. 1 29,300 1,059,781
- ---------------------------------------------------------------
University of
Phoenix Online 1 58,966 2,989,576
- ---------------------------------------------------------------
Vermilion Energy
Trust 227,100 2,239,661
- ---------------------------------------------------------------
Wackenhut
Corrections Corp. 1 6,600 90,486
- ---------------------------------------------------------------
Waste
Connections, Inc. 1 28,300 991,915
- ---------------------------------------------------------------
Watson Wyatt &
Co. Holdings 1 35,300 818,254
-------------
55,773,855
- ---------------------------------------------------------------
Construction & Engineering--0.4%
Comfort
Systems USA, Inc. 1 139,600 367,148
- ---------------------------------------------------------------
Dycom
Industries, Inc. 1 84,200 1,372,460
- ---------------------------------------------------------------
Granite
Construction, Inc. 79,500 1,523,220
- ---------------------------------------------------------------
Integrated Electrical
Services, Inc. 1 136,600 990,350
- ---------------------------------------------------------------
Perini Corp. 300 2,385
- ---------------------------------------------------------------
URS Corp. 1 35,200 684,992
-------------
4,940,555
- ---------------------------------------------------------------
Electrical Equipment--1.0%
Acuity Brands, Inc. 86,400 1,569,888
- ---------------------------------------------------------------
AMETEK, Inc. 94,800 3,474,420
- ---------------------------------------------------------------
Baldor Electric Co. 23,100 475,860
- ---------------------------------------------------------------
C&D
Technologies, Inc. 22,400 321,664
- ---------------------------------------------------------------
Franklin
Electric Co., Inc. 30,500 1,697,325
- ---------------------------------------------------------------
Genlyte
Group, Inc. (The) 1 37,600 1,314,872
- ---------------------------------------------------------------
II-VI, Inc. 1 75,700 1,747,156
- ---------------------------------------------------------------
Preformed
Line Products Co. 500 7,625
- ---------------------------------------------------------------
Smith (A.O.) Corp. 36,000 1,013,400
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Electrical Equipment Continued
Tecumseh
Products Co., Cl. A 2,400 $ 91,944
--------------
11,714,154
- ---------------------------------------------------------------
Industrial Conglomerates--0.4%
Carlisle Cos., Inc. 78,300 3,301,128
- ---------------------------------------------------------------
Lydall, Inc. 1 8,800 94,160
- ---------------------------------------------------------------
Raven Industries, Inc. 10,700 213,144
- ---------------------------------------------------------------
Standex
International Corp. 15,400 323,400
- ---------------------------------------------------------------
United Capital Corp. 200 6,960
- ---------------------------------------------------------------
United Industrial
Corp. 46,400 756,320
-------------
4,695,112
- ---------------------------------------------------------------
Machinery--2.8%
A.S.V., Inc. 1 400 5,792
- ---------------------------------------------------------------
Actuant Corp., Cl. A 1 12,700 600,964
- ---------------------------------------------------------------
Alamo Group, Inc. 8,200 100,204
- ---------------------------------------------------------------
Albany International
Corp., Cl. A 121,400 3,326,360
- ---------------------------------------------------------------
Ampco-Pittsburg
Corp. 19,600 262,640
- ---------------------------------------------------------------
Badger Meter, Inc. 300 7,725
- ---------------------------------------------------------------
Barnes Group, Inc. 31,300 681,088
- ---------------------------------------------------------------
BHA Group, Inc.,
Cl. A 24,600 487,326
- ---------------------------------------------------------------
Briggs & Stratton
Corp. 83,000 4,191,500
- ---------------------------------------------------------------
Cascade Corp. 94,900 1,651,260
- ---------------------------------------------------------------
Chicago Bridge
& Iron Co. NV 140,000 3,175,200
- ---------------------------------------------------------------
CIRCOR
International, Inc. 17,400 310,242
- ---------------------------------------------------------------
Clarcor, Inc. 69,600 2,683,080
- ---------------------------------------------------------------
Cuno, Inc. 1 56,500 2,040,780
- ---------------------------------------------------------------
Dionex Corp. 1 96,000 3,816,000
- ---------------------------------------------------------------
Donaldson Co., Inc. 13,900 617,855
- ---------------------------------------------------------------
Graco, Inc. 51,325 1,642,400
- ---------------------------------------------------------------
Harsco Corp. 26,500 955,325
- ---------------------------------------------------------------
Kadant, Inc. 1 12,300 230,625
- ---------------------------------------------------------------
Middleby
Corp. (The) 1 37,500 525,000
- ---------------------------------------------------------------
Milacron, Inc. 67,400 329,586
26 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Machinery Continued
Nordson Corp. 9,900 $ 236,115
- ---------------------------------------------------------------
Oshkosh
Truck Corp. 39,600 2,349,072
- ---------------------------------------------------------------
Pall Corp. 14,300 321,750
- ---------------------------------------------------------------
Penn Engineering &
Manufacturing Corp. 12,500 170,625
- ---------------------------------------------------------------
Quixote Corp. 200 5,106
- ---------------------------------------------------------------
Thomas
Industries, Inc. 49,000 1,325,450
- ---------------------------------------------------------------
UNOVA, Inc. 1 18,400 204,240
- ---------------------------------------------------------------
Valmont
Industries, Inc. 56,600 1,101,436
- ---------------------------------------------------------------
Wabtec Corp. 8,300 115,453
- ---------------------------------------------------------------
Watts Industries,
Inc., Cl. A 22,600 403,410
-------------
33,873,609
- ---------------------------------------------------------------
Marine--0.1%
Seabulk
International, Inc. 1 1,000 8,870
- ---------------------------------------------------------------
UTI Worldwide, Inc. 24,300 757,917
-------------
766,787
- ---------------------------------------------------------------
Road & Rail--1.6%
Covenant
Transport, Inc., Cl. A 1 65,000 1,105,000
- ---------------------------------------------------------------
Florida East Coast
Industries, Inc., Cl. A 5,700 145,635
- ---------------------------------------------------------------
Heartland Express, Inc. 1 5,700 126,825
- ---------------------------------------------------------------
Hunt (J.B.) Transport
Services, Inc. 1 90,900 3,431,475
- ---------------------------------------------------------------
Knight
Transportation, Inc. 1 75,100 1,869,990
- ---------------------------------------------------------------
Landstar
System, Inc. 1 38,100 2,394,585
- ---------------------------------------------------------------
Mullen
Transportation, Inc. 60,200 1,373,468
- ---------------------------------------------------------------
Old Dominion
Freight Line, Inc. 1 84,100 1,818,242
- ---------------------------------------------------------------
P.A.M. Transportation
Services, Inc. 1 37,900 952,048
- ---------------------------------------------------------------
Roadway Corp. 29,100 830,223
- ---------------------------------------------------------------
Ryder Systems, Inc. 14,600 374,052
- ---------------------------------------------------------------
SCS
Transportation, Inc. 1 108,050 1,364,672
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Road & Rail Continued
U.S. Xpress Enterprises,
Inc., Cl. A 1 20,000 $ 213,200
- ---------------------------------------------------------------
Werner
Enterprises, Inc. 109,200 2,315,040
- ---------------------------------------------------------------
Yellow Corp. 1 48,200 1,115,830
-------------
19,430,285
- ---------------------------------------------------------------
Trading Companies & Distributors--0.1%
Aceto Corp. 2,300 42,780
- ---------------------------------------------------------------
Applied Industrial
Technologies, Inc. 32,000 675,200
- ---------------------------------------------------------------
Lawson Products, Inc. 6,900 190,019
-------------
907,999
- ---------------------------------------------------------------
Transportation Infrastructure--0.0%
Timco Aviation
Services, Inc. 1,146 436
- ---------------------------------------------------------------
Information Technology--17.8%
- ---------------------------------------------------------------
Communications Equipment--3.5%
Adaptec, Inc. 1 222,100 1,727,938
- ---------------------------------------------------------------
ADTRAN, Inc. 1 77,700 3,985,233
- ---------------------------------------------------------------
Allen Telecom, Inc. 1 162,400 2,682,848
- ---------------------------------------------------------------
Arris Group, Inc. 1 64,588 320,357
- ---------------------------------------------------------------
Aspect
Communications
Corp. 1 186,300 720,981
- ---------------------------------------------------------------
Audiovox
Corp., Cl. A 1 34,000 380,460
- ---------------------------------------------------------------
Avocent Corp. 1 141,600 4,238,088
- ---------------------------------------------------------------
Centillium
Communications, Inc. 1 54,600 541,086
- ---------------------------------------------------------------
Comtech
Telecommunications
Corp. 1 21,400 604,336
- ---------------------------------------------------------------
Comverse
Technology, Inc. 1 38,800 583,164
- ---------------------------------------------------------------
CyberGuard Corp. 1 63,500 450,850
- ---------------------------------------------------------------
Enterasys
Networks, Inc. 1 173,200 524,796
- ---------------------------------------------------------------
F5 Networks, Inc. 1 24,700 416,195
- ---------------------------------------------------------------
Foundry
Networks, Inc. 1 203,000 2,923,200
- ---------------------------------------------------------------
Harmonic, Inc. 1 313,800 1,277,166
- ---------------------------------------------------------------
InterDigital
Communications
Corp. 1 119,900 2,802,063
27 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Communications Equipment Continued
McDATA Corp., Cl. A 1 48,700 $ 714,429
- ---------------------------------------------------------------
McDATA Corp., Cl. B 1 73,100 1,059,950
- ---------------------------------------------------------------
NetScreen
Technologies, Inc. 1 132,000 2,976,600
- ---------------------------------------------------------------
Network Equipment
Technologies, Inc. 1,400 11,788
- ---------------------------------------------------------------
Packeteer, Inc. 1 165,500 2,576,835
- ---------------------------------------------------------------
PC-Tel, Inc. 1 14,600 173,156
- ---------------------------------------------------------------
Plantronics, Inc. 1 120,800 2,617,736
- ---------------------------------------------------------------
Scientific-Atlanta, Inc. 24,400 581,696
- ---------------------------------------------------------------
Sonus Networks, Inc. 1 348,300 1,751,949
- ---------------------------------------------------------------
Telular Corp. 300 1,446
- ---------------------------------------------------------------
Tollgrade
Communications, Inc. 1 89,100 1,661,715
- ---------------------------------------------------------------
UTStarcom, Inc. 1 100,100 3,560,557
- ---------------------------------------------------------------
Westell Technologies,
Inc., Cl. A 1 7,000 60,550
--------------
41,927,168
- ---------------------------------------------------------------
Computers & Peripherals--2.1%
Advanced Digital
Information Corp. 1 121,500 1,213,785
- ---------------------------------------------------------------
Avid Technology, Inc. 1 124,900 4,380,243
- ---------------------------------------------------------------
Cray, Inc. 1 111,400 880,060
- ---------------------------------------------------------------
Hutchinson
Technology, Inc. 1 129,500 4,259,255
- ---------------------------------------------------------------
Imation Corp. 43,200 1,633,824
- ---------------------------------------------------------------
Intergraph Corp. 1 34,100 733,150
- ---------------------------------------------------------------
Lexar Media, Inc. 1 39,300 374,922
- ---------------------------------------------------------------
Maxtor Corp. 1 154,900 1,163,299
- ---------------------------------------------------------------
Neoware
Systems, Inc. 1 6,400 98,176
- ---------------------------------------------------------------
Overland
Storage, Inc. 1 116,400 2,367,576
- ---------------------------------------------------------------
Pason Systems, Inc. 40,000 409,200
- ---------------------------------------------------------------
Presstek, Inc. 1 21,100 131,453
- ---------------------------------------------------------------
Rainbow
Technologies, Inc. 1 159,400 1,340,554
- ---------------------------------------------------------------
Storage
Technology Corp. 1 39,000 1,003,860
- ---------------------------------------------------------------
Stratasys, Inc. 1 29,200 1,026,964
- ---------------------------------------------------------------
Western Digital
Corp. 1 422,000 4,346,600
-------------
25,362,921
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Electronic Equipment & Instruments--1.7%
Arrow
Electronics, Inc. 1 25,300 $ 385,572
- ---------------------------------------------------------------
CellStar Corp. 1 65,400 257,022
- ---------------------------------------------------------------
Checkpoint
Systems, Inc. 1 39,800 563,170
- ---------------------------------------------------------------
Cognex Corp. 1 22,400 500,640
- ---------------------------------------------------------------
Coherent, Inc. 1 26,800 641,324
- ---------------------------------------------------------------
Daktronics, Inc. 1 142,900 2,336,415
- ---------------------------------------------------------------
Excel
Technology, Inc. 1 58,300 1,330,989
- ---------------------------------------------------------------
Fargo
Electronics, Inc. 1 84,187 819,139
- ---------------------------------------------------------------
FLIR Systems, Inc. 1 70,700 2,131,605
- ---------------------------------------------------------------
Global Imaging
Systems, Inc. 1 30,916 716,015
- ---------------------------------------------------------------
GTSI Corp. 1 25,700 223,590
- ---------------------------------------------------------------
Innovex, Inc. 1,200 12,120
- ---------------------------------------------------------------
Methode Electronics,
Inc., Cl. A 46,100 495,575
- ---------------------------------------------------------------
MTS Systems Corp. 137,600 2,028,224
- ---------------------------------------------------------------
PerkinElmer, Inc. 43,700 603,497
- ---------------------------------------------------------------
Pioneer-Standard
Electronics, Inc. 75,000 636,000
- ---------------------------------------------------------------
Planar Systems, Inc. 1 7,500 146,700
- ---------------------------------------------------------------
Rofin-Sinar
Technologies, Inc. 1 35,500 499,130
- ---------------------------------------------------------------
Rogers Corp. 1 57,800 1,924,740
- ---------------------------------------------------------------
Sypris Solutions, Inc. 19,300 199,369
- ---------------------------------------------------------------
Trimble
Navigation Ltd. 1 62,800 1,440,004
- ---------------------------------------------------------------
Varian, Inc. 1 28,800 998,496
- ---------------------------------------------------------------
Veeco
Instruments, Inc. 1 38,900 662,467
- ---------------------------------------------------------------
Woodhead
Industries, Inc. 25,700 321,764
- ---------------------------------------------------------------
X-Rite, Inc. 39,500 391,445
-------------
20,265,012
- ---------------------------------------------------------------
Internet Software & Services--1.8%
Akamai
Technologies, Inc. 1 196,300 954,018
- ---------------------------------------------------------------
Ariba, Inc. 1 44,600 132,462
- ---------------------------------------------------------------
Digital Insight Corp. 1 15,300 291,465
- ---------------------------------------------------------------
Digital River, Inc. 1 192,700 3,719,110
28 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Internet Software & Services Continued
Digitas, Inc. 1 118,072 $ 585,637
- ---------------------------------------------------------------
DoubleClick, Inc. 1 63,900 591,075
- ---------------------------------------------------------------
FindWhat.com 1 49,100 929,954
- ---------------------------------------------------------------
InfoSpace, Inc. 1 3,300 44,781
- ---------------------------------------------------------------
j2 Global
Communications, Inc. 1 59,200 2,722,016
- ---------------------------------------------------------------
LendingTree, Inc. 1 15,900 389,232
- ---------------------------------------------------------------
MicroStrategy, Inc.,
Cl. A 2,000 72,860
- ---------------------------------------------------------------
Netegrity, Inc. 394,900 2,306,216
- ---------------------------------------------------------------
Open Text Corp. 1 92,600 2,615,950
- ---------------------------------------------------------------
RADWARE Ltd. 1 14,600 250,098
- ---------------------------------------------------------------
Secure Computing
Corp. 1 22,800 199,044
- ---------------------------------------------------------------
SeeBeyond
Technology Corp. 1 151,300 349,503
- ---------------------------------------------------------------
SupportSoft, Inc. 1 33,000 214,170
- ---------------------------------------------------------------
United Online, Inc. 1 154,800 3,922,632
- ---------------------------------------------------------------
WebEx
Communications, Inc. 1 53,200 742,140
-------------
21,032,363
- ---------------------------------------------------------------
IT Services--1.0%
Alliance Data
Systems Corp. 1 8,400 196,560
- ---------------------------------------------------------------
Cognizant Technology
Solutions Corp. 1 100,200 2,440,872
- ---------------------------------------------------------------
CompuCom
Systems, Inc. 1 19,900 89,948
- ---------------------------------------------------------------
Convergys Corp. 1 24,300 388,800
- ---------------------------------------------------------------
Forrester
Research, Inc. 1 3,200 52,352
- ---------------------------------------------------------------
Gartner, Inc., Cl. B 1 8,200 61,500
- ---------------------------------------------------------------
Global
Payments, Inc. 47,900 1,700,450
- ---------------------------------------------------------------
iGate Corp. 1 2,400 8,328
- ---------------------------------------------------------------
infoUSA, Inc. 1 171,900 1,392,390
- ---------------------------------------------------------------
Integral Systems, Inc. 2,400 47,712
- ---------------------------------------------------------------
iPayment
Holdings, Inc. 1 28,243 674,160
- ---------------------------------------------------------------
Keane, Inc. 1 48,700 663,781
- ---------------------------------------------------------------
Lawson
Software, Inc. 1 44,366 344,724
- ---------------------------------------------------------------
Lightbridge, Inc. 1 72,900 638,604
Market Value
Shares See Note 1
- ---------------------------------------------------------------
IT Services Continued
MAPICS, Inc. 1 11,000 $ 90,200
- ---------------------------------------------------------------
PracticeWorks, Inc. 1 41,400 799,020
- ---------------------------------------------------------------
QAD, Inc. 800 5,936
- ---------------------------------------------------------------
SM&A 1 11,500 130,640
- ---------------------------------------------------------------
SS&C
Technologies, Inc. 1 117,600 1,875,720
- ---------------------------------------------------------------
Startek, Inc. 1 34,600 909,980
- ---------------------------------------------------------------
Tyler
Technologies, Inc. 1 10,100 42,925
-------------
12,554,602
- ---------------------------------------------------------------
Office Electronics--0.2%
Gerber
Scientific, Inc. 1 2,700 17,982
- ---------------------------------------------------------------
Zebra Technologies
Corp., Cl. A 1 31,200 2,345,928
-------------
2,363,910
- ---------------------------------------------------------------
Semiconductors & Semiconductor Equipment--3.0%
Artisan
Components, Inc. 1 73,100 1,652,791
- ---------------------------------------------------------------
ChipPAC, Inc. 1 77,700 595,959
- ---------------------------------------------------------------
Cohu, Inc. 16,500 257,400
- ---------------------------------------------------------------
Cree, Inc. 1 148,300 2,414,324
- ---------------------------------------------------------------
Cypress Semiconductor
Corp. 1 67,700 812,400
- ---------------------------------------------------------------
Diodes, Inc. 1 15,000 287,400
- ---------------------------------------------------------------
DSP Group, Inc. 1 85,700 1,845,121
- ---------------------------------------------------------------
Entegris, Inc. 1 23,200 311,808
- ---------------------------------------------------------------
ESS Technology, Inc. 1 12,600 122,850
- ---------------------------------------------------------------
FEI Co. 1 11,500 215,740
- ---------------------------------------------------------------
Genesis
Microchip, Inc. 1 165,000 2,234,100
- ---------------------------------------------------------------
GlobespanVirata,
Inc. 1 159,100 1,312,575
- ---------------------------------------------------------------
Integrated Circuit
Systems, Inc. 1 78,900 2,479,827
- ---------------------------------------------------------------
Kulicke & Soffa
Industries, Inc. 1 5,500 35,145
- ---------------------------------------------------------------
Lattice Semiconductor
Corp. 1 8,700 71,601
- ---------------------------------------------------------------
LTX Corp. 49,300 424,966
- ---------------------------------------------------------------
MEMC Electronic
Materials, Inc. 1 121,800 1,193,640
- ---------------------------------------------------------------
Microsemi Corp. 1 68,200 1,091,200
29 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Semiconductors & Semiconductor Equipment Continued
MKS
Instruments, Inc. 2,300 $ 41,561
- ---------------------------------------------------------------
Oak
Technology, Inc. 1 447,600 2,779,596
- ---------------------------------------------------------------
OmniVision
Technologies, Inc. 1 84,400 2,633,280
- ---------------------------------------------------------------
Photronics, Inc. 1 35,500 619,475
- ---------------------------------------------------------------
PMC-Sierra, Inc. 1 68,200 799,986
- ---------------------------------------------------------------
Power
Integrations, Inc. 1 145,200 3,531,264
- ---------------------------------------------------------------
Rambus, Inc. 1 83,000 1,375,310
- ---------------------------------------------------------------
Silicon
Laboratories, Inc. 1 88,000 2,344,320
- ---------------------------------------------------------------
Siliconix, Inc. 1 17,700 638,970
- ---------------------------------------------------------------
Supertex, Inc. 1 8,700 159,819
- ---------------------------------------------------------------
Transmeta Corp. 1 437,500 700,000
- ---------------------------------------------------------------
Ultratech, Inc. 1 84,500 1,562,405
- ---------------------------------------------------------------
White Electronic
Designs Corp. 1 151,200 1,601,208
- ---------------------------------------------------------------
Zoran Corp. 1 14,600 280,466
-------------
36,426,507
- ---------------------------------------------------------------
Software--4.5%
Altiris, Inc. 1 30,300 607,515
- ---------------------------------------------------------------
Amdocs Ltd. 1 87,500 2,100,000
- ---------------------------------------------------------------
Ansoft Corp. 1 73,000 775,260
- ---------------------------------------------------------------
Ansys, Inc. 1 47,900 1,489,690
- ---------------------------------------------------------------
Autodesk, Inc. 47,300 764,368
- ---------------------------------------------------------------
CCC Information
Services Group, Inc. 1 108,100 1,567,450
- ---------------------------------------------------------------
Citrix Systems, Inc. 1 92,300 1,879,228
- ---------------------------------------------------------------
Cognos, Inc. 1 43,800 1,182,600
- ---------------------------------------------------------------
Datastream
Systems, Inc. 1 23,400 247,806
- ---------------------------------------------------------------
Dynamics Research
Corp. 1 24,100 368,248
- ---------------------------------------------------------------
EPIQ Systems, Inc. 1 7,000 120,190
- ---------------------------------------------------------------
FactSet Research
Systems, Inc. 95,200 4,193,560
- ---------------------------------------------------------------
Fair Isaac Corp. 50,800 2,613,660
- ---------------------------------------------------------------
FileNet Corp. 1 99,000 1,785,960
- ---------------------------------------------------------------
Group 1
Software, Inc. 1 64,400 1,189,468
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Software Continued
Hyperion Solutions
Corp. 1 110,800 $ 3,740,608
- ---------------------------------------------------------------
Inet Technologies,
Inc. 1 65,900 657,023
- ---------------------------------------------------------------
Kronos, Inc. 1 46,400 2,357,584
- ---------------------------------------------------------------
Legato Systems, Inc. 1 111,000 931,290
- ---------------------------------------------------------------
Macromedia, Inc. 1 69,500 1,462,280
- ---------------------------------------------------------------
Mentor
Graphics Corp. 1 148,909 2,156,202
- ---------------------------------------------------------------
Micromuse, Inc. 1 379,400 3,031,406
- ---------------------------------------------------------------
OPNET
Technologies, Inc. 1 2,600 31,694
- ---------------------------------------------------------------
Pegasystems, Inc. 1 50,100 369,237
- ---------------------------------------------------------------
Plumtree
Software, Inc. 1 290,900 1,192,690
- ---------------------------------------------------------------
Progress
Software Corp. 1 137,600 2,852,448
- ---------------------------------------------------------------
Quality
Systems, Inc. 1 60,500 1,663,145
- ---------------------------------------------------------------
Radiant Systems, Inc. 1 130,100 876,874
- ---------------------------------------------------------------
Renaissance
Learning, Inc. 1 4,000 87,600
- ---------------------------------------------------------------
RSA Security, Inc. 1 162,500 1,746,875
- ---------------------------------------------------------------
Sanchez Computer
Associates, Inc. 1 28,200 146,640
- ---------------------------------------------------------------
ScanSoft, Inc. 1 129,200 701,556
- ---------------------------------------------------------------
SERENA
Software, Inc. 1 47,700 995,976
- ---------------------------------------------------------------
SPSS, Inc. 1 2,600 43,524
- ---------------------------------------------------------------
Sybase, Inc. 1 14,800 205,868
- ---------------------------------------------------------------
Take-Two Interactive
Software, Inc. 1 143,100 4,055,454
- ---------------------------------------------------------------
Ulticom, Inc. 1 40,500 384,750
- ---------------------------------------------------------------
Verint Systems, Inc. 1 74,900 1,903,209
- ---------------------------------------------------------------
Verity, Inc. 1 169,900 2,150,934
-------------
54,629,870
- ---------------------------------------------------------------
Materials--3.2%
- ---------------------------------------------------------------
Chemicals--1.4%
Agrium, Inc. 135,900 1,489,464
- ---------------------------------------------------------------
Airgas, Inc. 73,100 1,224,425
- ---------------------------------------------------------------
American
Vanguard Corp. 3,800 69,920
- ---------------------------------------------------------------
Arch Chemicals, Inc. 7,900 150,890
30 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Chemicals Continued
Balchem Corp. 1,000 $ 23,520
- ---------------------------------------------------------------
Cytec
Industries, Inc. 1 124,000 4,191,200
- ---------------------------------------------------------------
Ethyl Corp. 1 14,500 144,275
- ---------------------------------------------------------------
Georgia Gulf Corp. 46,100 912,780
- ---------------------------------------------------------------
Hawkins, Inc. 9,300 93,186
- ---------------------------------------------------------------
MacDermid, Inc. 44,000 1,157,200
- ---------------------------------------------------------------
Material
Sciences Corp. 31,800 308,460
- ---------------------------------------------------------------
Millennium
Chemicals, Inc. 137,500 1,307,625
- ---------------------------------------------------------------
Minerals
Technologies, Inc. 25,400 1,235,964
- ---------------------------------------------------------------
Octel Corp. 91,700 1,274,630
- ---------------------------------------------------------------
Omnova
Solutions, Inc. 1 102,100 412,484
- ---------------------------------------------------------------
Scotts Co.
(The), Cl. A 1 40,300 1,994,850
- ---------------------------------------------------------------
Stepan Co. 20,400 461,040
- ---------------------------------------------------------------
Symyx
Technologies, Inc. 1 5,600 91,392
- ---------------------------------------------------------------
Terra Nitrogen
Co. LP 7,000 35,700
-------------
16,579,005
- ---------------------------------------------------------------
Construction Materials--0.3%
AMCOL
International Corp. 91,800 734,400
- ---------------------------------------------------------------
Ameron International
Corp. 32,000 1,112,640
- ---------------------------------------------------------------
Centex Construction
Products, Inc. 33,300 1,334,997
- ---------------------------------------------------------------
Florida Rock
Industries, Inc. 20,200 833,856
--------------
4,015,893
- ---------------------------------------------------------------
Containers & Packaging--0.6%
AptarGroup, Inc. 1,700 61,200
- ---------------------------------------------------------------
Ball Corp. 42,000 1,911,420
- ---------------------------------------------------------------
Caraustar
Industries, Inc. 1 50,600 405,306
- ---------------------------------------------------------------
Graphic Packaging
International Corp. 1 51,100 230,461
- ---------------------------------------------------------------
Jarden Corp. 1 97,400 2,695,058
- ---------------------------------------------------------------
Mod-Pac
Corp., Cl. B 1 3,950 26,267
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Containers & Packaging Continued
Myers
Industries, Inc. 31,725 $ 301,388
- ---------------------------------------------------------------
Packaging
Dynamics Corp. 1 15,580 112,799
- ---------------------------------------------------------------
Silgan Holdings, Inc. 1 52,800 1,651,584
-------------
7,395,483
- ---------------------------------------------------------------
Metals & Mining--0.6%
Carpenter
Technology Corp. 62,500 975,000
- ---------------------------------------------------------------
Century
Aluminum Co. 37,900 266,437
- ---------------------------------------------------------------
Gibraltar Steel Corp. 9,600 196,608
- ---------------------------------------------------------------
Goldcorp, Inc. 68,500 816,706
- ---------------------------------------------------------------
IMCO
Recycling, Inc. 1 64,000 424,960
- ---------------------------------------------------------------
Massey Energy Co. 88,300 1,161,145
- ---------------------------------------------------------------
Meridian Gold, Inc. 1 38,700 438,624
- ---------------------------------------------------------------
NN, Inc. 65,700 831,762
- ---------------------------------------------------------------
Quanex Corp. 9,600 285,312
- ---------------------------------------------------------------
Schnitzer Steel
Industries, Inc. 37,400 1,650,088
- ---------------------------------------------------------------
Southern Peru
Copper Corp. 8,000 122,400
- ---------------------------------------------------------------
Steel Technologies, Inc. 13,100 132,441
- ---------------------------------------------------------------
Westmoreland
Coal Co. 300 5,457
-------------
7,306,940
- ---------------------------------------------------------------
Paper & Forest Products--0.3%
Deltic Timber Corp. 11,100 315,795
- ---------------------------------------------------------------
Louisiana-Pacific
Corp. 1 282,100 3,057,964
-------------
3,373,759
- ---------------------------------------------------------------
Telecommunication Services--1.1%
- ---------------------------------------------------------------
Diversified Telecommunication Services--0.5%
American
Tower Corp. 1 188,400 1,667,340
- ---------------------------------------------------------------
AXXENT, Inc. 1,2 100,000 --
- ---------------------------------------------------------------
Commonwealth
Telephone
Enterprises, Inc. 1 29,300 1,288,321
- ---------------------------------------------------------------
General
Communication,
Inc., Cl. A 1 13,700 118,642
31 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Diversified Telecommunication Services Continued
Golden
Telecom, Inc. 1 15,900 $ 356,796
- ---------------------------------------------------------------
North Pittsburgh
Systems, Inc. 71,800 1,082,026
- ---------------------------------------------------------------
Primus
Telecommunications
Group, Inc. 1 138,900 713,946
- ---------------------------------------------------------------
PTEK Holdings, Inc. 1 21,500 104,275
- ---------------------------------------------------------------
SureWest
Communications 900 27,225
- ---------------------------------------------------------------
Talk America
Holdings, Inc. 101,400 1,106,274
- ---------------------------------------------------------------
US LEC Corp., Cl. A 1 1,900 7,258
- ---------------------------------------------------------------
Warwick Valley
Telephone Co. 300 24,612
-------------
6,496,715
- ---------------------------------------------------------------
Wireless Telecommunication Services--0.6%
Boston
Communications
Group, Inc. 1 189,100 3,239,283
- ---------------------------------------------------------------
Centennial
Communications
Corp. 1 1,700 6,800
- ---------------------------------------------------------------
Cincinnati Bell, Inc. 1 196,900 1,319,230
- ---------------------------------------------------------------
Dobson
Communications
Corp., Cl. A 1 49,600 270,320
- ---------------------------------------------------------------
Wireless
Facilities, Inc. 1 162,600 1,934,940
-------------
6,770,573
- ---------------------------------------------------------------
Utilities--1.5%
- ---------------------------------------------------------------
Electric Utilities--0.3%
BayCorp
Holdings Ltd. 1 103 1,432
- ---------------------------------------------------------------
Black Hills Corp. 400 12,280
- ---------------------------------------------------------------
Canadian Hydro
Developers, Inc. 1 406,000 582,668
- ---------------------------------------------------------------
Central Vermont
Public Service Corp. 2,700 52,785
- ---------------------------------------------------------------
CH Energy
Group, Inc. 52,200 2,349,000
- ---------------------------------------------------------------
Green Mountain
Power Corp. 16,400 328,000
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Electric Utilities Continued
MGE Energy, Inc. 14,100 $ 442,458
- ---------------------------------------------------------------
Opticnet, Inc. 2 13,300 --
- ---------------------------------------------------------------
WPS Resources
Corp. 400 16,080
-------------
3,784,703
- ---------------------------------------------------------------
Gas Utilities--1.0%
Chesapeake
Utilities Corp. 22,000 497,200
- ---------------------------------------------------------------
Energen Corp. 90,500 3,013,650
- ---------------------------------------------------------------
EnergySouth, Inc. 3,800 124,640
- ---------------------------------------------------------------
Laclede
Group, Inc. (The) 2,800 75,040
- ---------------------------------------------------------------
New Jersey
Resources Corp. 16,600 589,300
- ---------------------------------------------------------------
ONEOK, Inc. 58,400 1,146,392
- ---------------------------------------------------------------
South Jersey
Industries, Inc. 7,300 269,005
- ---------------------------------------------------------------
Southwest
Gas Corp. 6,700 141,906
- ---------------------------------------------------------------
Southwestern
Energy Co. 1 201,900 3,030,519
- ---------------------------------------------------------------
UGI Corp. 92,350 2,927,495
- ---------------------------------------------------------------
WGL Holdings, Inc. 1,500 40,050
-------------
11,855,197
- ---------------------------------------------------------------
Multi-Utilities & Unregulated Power--0.2%
Avista Corp. 9,000 127,350
- ---------------------------------------------------------------
Questar Corp. 67,700 2,265,919
-------------
2,393,269
- ---------------------------------------------------------------
Water Utilities--0.0%
American States
Water Co. 1,800 49,140
- ---------------------------------------------------------------
SJW Corp. 800 68,200
- ---------------------------------------------------------------
Southwest
Water Co. 600 8,382
- ---------------------------------------------------------------
York Water Co. (The) 2,200 36,124
-------------
161,846
-------------
Total Common Stocks
(Cost $915,196,650) 1,157,648,786
32 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Market Value
Shares See Note 1
- ---------------------------------------------------------------
Preferred Stocks--0.0%
Astronics Corp., Cl. B 1,2
(Cost $55,238) 7,900 $ 23,700
Units
- ---------------------------------------------------------------
Rights, Warrants and Certificates--0.0%
Canadian Superior
Energy, Inc. Wts.,
Exp. 3/14/04 1,2 632,500 465
- ---------------------------------------------------------------
Timco Aviation
Services, Inc.
Wts., Exp. 2/28/07 1 3,661 4
-------------
Total Rights, Warrants and
Certificates (Cost $507) 469
Principal
Amount
- ---------------------------------------------------------------
Non-Convertible Corporate Bonds and Notes--0.0%
Timco Aviation Services, Inc.,
8% Sub. Nts., 1/2/07 2,3
(Cost $372) $ 3,530 20
Principal Market Value
Amount See Note 1
- ---------------------------------------------------------------
Joint Repurchase Agreements--3.1%
Undivided interest of 8.37% in
joint repurchase agreement
(Principal Amount/Market Value
$440,796,000, with a maturity
value of $440,808,979) with
Banc One Capital Markets,
Inc., 1.06%, dated 6/30/03, to
be repurchased at $36,901,087
on 7/1/03, collateralized by
U.S. Treasury Bonds, 3.375%,
4/30/04, with a value of
$449,915,616
(Cost $36,900,000) $ 36,900,000 $ 36,900,000
- --------------------------------------------------------------
Total Investments,
at Value (Cost $952,152,767) 99.4% 1,194,572,975
- --------------------------------------------------------------
Other Assets Net
of Liabilities 0.6 7,482,726
-----------------------
Net Assets 100.0% $1,202,055,701
=======================
Footnotes to Statement of Investments
1. Non-income producing security.
2. Identifies issues considered to be illiquid or restricted--See Note 6 of
Notes to Financial Statements.
3. Interest or dividend is paid-in-kind.
See accompanying Notes to Financial Statements.
33 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF ASSETS AND LIABILITIES June 30, 2003
- --------------------------------------------------------------------------
Assets
Investments, at value (cost $952,152,767)--see
accompanying statement $1,194,572,975
- --------------------------------------------------------------------------
Cash 821,044
- --------------------------------------------------------------------------
Receivables and other assets:
Investments sold 56,347,325
Shares of beneficial interest sold 3,508,920
Interest and dividends 570,678
Other 4,599
---------------
Total assets 1,255,825,541
- --------------------------------------------------------------------------
Liabilities
Payables and other liabilities:
Investments purchased 48,545,894
Shares of beneficial interest redeemed 3,725,175
Distribution and service plan fees 677,110
Shareholder reports 394,382
Transfer and shareholder servicing agent fees 320,338
Trustees' compensation 2,840
Other 104,101
---------------
Total liabilities 53,769,840
- --------------------------------------------------------------------------
Net Assets $1,202,055,701
===============
- --------------------------------------------------------------------------
Composition of Net Assets
Par value of shares of beneficial interest $ 82,489
- --------------------------------------------------------------------------
Additional paid-in capital 1,103,360,090
- --------------------------------------------------------------------------
Accumulated net investment loss (56,970)
- --------------------------------------------------------------------------
Accumulated net realized loss on investments
and foreign currency transactions (143,751,903)
- --------------------------------------------------------------------------
Net unrealized appreciation on investments and
translation of assets and liabilities denominated
in foreign currencies 242,421,995
---------------
Net Assets $1,202,055,701
===============
34 | 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
$584,052,226 and 39,519,126 shares of beneficial interest outstanding) $14.78
Maximum offering price per share (net asset value plus sales charge
of 5.75% of offering price) $15.68
- ---------------------------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $330,174,350
and 23,011,810 shares of beneficial interest outstanding) $14.35
- ---------------------------------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $238,717,337
and 16,625,927 shares of beneficial interest outstanding) $14.36
- ---------------------------------------------------------------------------------------------------------------------------
Class N Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $41,474,332
and 2,823,832 shares of beneficial interest outstanding) $14.69
- ---------------------------------------------------------------------------------------------------------------------------
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net
assets of $7,637,456 and 508,258 shares of beneficial interest
outstanding) $15.03
See accompanying Notes to Financial Statements.
35 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF OPERATIONS For the Year Ended June 30, 2003
- ------------------------------------------------------------------------------------------------
Investment Income
Dividends (net of foreign withholding taxes of $70,449) $ 7,229,954
- ------------------------------------------------------------------------------------------------
Interest 276,526
--------------
Total investment income 7,506,480
- ------------------------------------------------------------------------------------------------
Expenses
Management fees 6,670,822
- ------------------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 1,205,325
Class B 2,679,333
Class C 1,862,350
Class N 121,714
- ------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 1,770,657
Class B 1,160,073
Class C 537,728
Class N 88,082
Class Y 299
- ------------------------------------------------------------------------------------------------
Shareholder reports 820,734
- ------------------------------------------------------------------------------------------------
Trustees' compensation 24,375
- ------------------------------------------------------------------------------------------------
Custodian fees and expenses 24,188
- ------------------------------------------------------------------------------------------------
Other 73,453
----------------
Total expenses 17,039,133
Less reduction to custodian expenses (4,662)
Less voluntary waiver of transfer and shareholder servicing agent fees--Class A (148,115)
Less voluntary waiver of transfer and shareholder servicing agent fees--Class B (278,986)
Less voluntary waiver of transfer and shareholder servicing agent fees--Class N (9,971)
----------------
Net expenses 16,597,399
- ------------------------------------------------------------------------------------------------
Net Investment Loss (9,090,919)
- ------------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments (130,655,454)
Foreign currency transactions 81,538
----------------
Net realized loss (130,573,916)
- ------------------------------------------------------------------------------------------------
Net change in unrealized appreciation on:
Investments 136,254,579
Translation of assets and liabilities denominated in foreign currencies 2,416,537
----------------
Net change in unrealized appreciation 138,671,116
- ------------------------------------------------------------------------------------------------
Net Decrease in Net Assets Resulting from Operations $ (993,719)
================
See accompanying Notes to Financial Statements.
36 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENTS OF CHANGES IN NET ASSETS
Year Ended June 30, 2003 2002
- -----------------------------------------------------------------------------
Operations
Net investment loss $ (9,090,919) $ (6,258,014)
- -----------------------------------------------------------------------------
Net realized loss (130,573,916) (7,761,696)
- -----------------------------------------------------------------------------
Net change in unrealized appreciation 138,671,116 21,476,231
-----------------------------------
Net increase (decrease) in net assets
resulting from operations (993,719) 7,456,521
- -----------------------------------------------------------------------------
Dividends and/or Distributions
to Shareholders
Distributions from net realized gain:
Class A -- (171,921)
Class B -- (99,876)
Class C -- (55,675)
Class N -- (1,787)
Class Y -- (266)
- -----------------------------------------------------------------------------
Beneficial Interest Transactions
Net increase in net assets resulting
from beneficial interest transactions:
Class A 72,951,719 212,551,970
Class B 48,632,931 106,799,632
Class C 53,042,666 95,276,969
Class N 23,607,252 13,316,809
Class Y 5,090,458 1,582,245
- -----------------------------------------------------------------------------
Net Assets
Total increase 202,331,307 436,654,621
- -----------------------------------------------------------------------------
Beginning of period 999,724,394 563,069,773
-----------------------------------
End of period (including
accumulated net investment
loss of $56,970 and $328,868,
respectively) $1,202,055,701 $999,724,394
===================================
See accompanying Notes to Financial Statements.
37 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FINANCIAL HIGHLIGHTS
CLASS A Year Ended June 30, 2003 2002 2001 2000 1
- --------------------------------------------------------------------------------------------------------------------
Per Share Operating Data
Net asset value, beginning of period $ 15.12 $ 15.02 $ 14.77 $ 10.00
- --------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.08) (.08) (.08) (.06)
Net realized and unrealized gain (loss) (.26) .19 1.12 4.85
---------------------------------------------------
Total from investment operations (.34) .11 1.04 4.79
- --------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Distributions from net realized gain -- (.01) (.79) (.02)
- --------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $14.78 $15.12 $15.02 $14.77
===================================================
- --------------------------------------------------------------------------------------------------------------------
Total Return, at Net Asset Value 2 (2.25)% 0.71% 7.66% 47.98%
- --------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
Net assets, end of period (in thousands) $584,052 $512,337 $294,780 $141,721
- --------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $490,057 $386,221 $205,916 $ 75,295
- --------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (0.59)% (0.50)% (0.60)% (0.82)%
Expenses, gross 1.39% 1.37% 1.28% 1.50%
Expenses, net 1.36% 4,5 1.37% 4 1.28% 4 1.50% 4
- --------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 117% 134% 181% 108%
1. For the period from August 2, 1999 (inception of offering) to June 30, 2000.
2. Assumes an investment on the business day before the first day of the fiscal
period (or inception of offering), with all dividends and distributions
reinvested in additional shares on the reinvestment date, and redemption at the
net asset value calculated on the last business day of the fiscal period. Sales
charges are not reflected in the total returns. Total returns are not annualized
for periods of less than one full year. Returns do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or the redemption of
Fund shares.
3. Annualized for periods of less than one full year.
4. Reduction to custodian expenses less than 0.01%.
5. Net of voluntary waiver of transfer agent fees.
See accompanying Notes to Financial Statements.
38 | OPPENHEIMER MAIN STREET SMALL CAP FUND
CLASS B Year Ended June 30, 2003 2002 2001 2000 1
- ---------------------------------------------------------------------------------------------------------------
Per Share Operating Data
Net asset value, beginning of period $14.79 $14.80 $14.68 $10.00
- ---------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.14) (.12) (.14) (.11)
Net realized and unrealized gain (loss) (.30) .12 1.05 4.81
-----------------------------------------------------
Total from investment operations (.44) -- .91 4.70
- ---------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Distributions from net realized gain -- (.01) (.79) (.02)
- ---------------------------------------------------------------------------------------------------------------
Net asset value, end of period $14.35 $14.79 $14.80 $14.68
=====================================================
- ---------------------------------------------------------------------------------------------------------------
Total Return, at Net Asset Value 2 (2.98)% (0.02)% 6.79% 47.08%
- ---------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
Net assets, end of period (in thousands) $330,174 $285,102 $177,479 $99,060
- ---------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $268,057 $218,939 $128,350 $51,951
- ---------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (1.34)% (1.25)% (1.36)% (1.53)%
Expenses, gross 2.21% 2.12% 2.05% 2.21%
Expenses, net 2.11% 4,5 2.12% 4 2.05% 4 2.21% 4
- ---------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 117% 134% 181% 108%
1. For the period from August 2, 1999 (inception of offering) to June 30, 2000.
2. Assumes an investment on the business day before the first day of the fiscal
period (or inception of offering), with all dividends and distributions
reinvested in additional shares on the reinvestment date, and redemption at the
net asset value calculated on the last business day of the fiscal period. Sales
charges are not reflected in the total returns. Total returns are not annualized
for periods of less than one full year. Returns do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or the redemption of
Fund shares.
3. Annualized for periods of less than one full year.
4. Reduction to custodian expenses less than 0.01%.
5. Net of voluntary waiver of transfer agent fees.
See accompanying Notes to Financial Statements.
39 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FINANCIAL HIGHLIGHTS Continued
CLASS C Year Ended June 30, 2003 2002 2001 2000 1
- ------------------------------------------------------------------------------------------------------
Per Share Operating Data
Net asset value, beginning of period $ 14.79 $ 14.81 $ 14.68 $ 10.00
- ------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.13) (.10) (.13) (.10)
Net realized and unrealized gain (loss) (.30) .09 1.05 4.80
------------------------------------------------------
Total from investment operations (.43) (.01) .92 4.70
- ------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Distributions from net realized gain -- (.01) (.79) (.02)
- ------------------------------------------------------------------------------------------------------
Net asset value, end of period $14.36 $14.79 $14.81 $14.68
=====================================================
- ------------------------------------------------------------------------------------------------------
Total Return, at Net Asset Value 2 (2.91)% (0.09)% 6.86% 47.08%
- ------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
Net assets, end of period (in thousands) $238,717 $186,108 $89,814 $43,695
- ------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $186,380 $127,393 $60,762 $21,984
- ------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (1.30)% (1.23)% (1.36)% (1.54)%
Expenses, gross 2.07% 2.12% 2.05% 2.21%
Expenses, net 2.07% 4 2.12% 4 2.05% 4 2.21% 4
- ------------------------------------------------------------------------------------------------------
Portfolio turnover rate 117% 134% 181% 108%
1. For the period from August 2, 1999 (inception of offering) to June 30, 2000.
2. Assumes an investment on the business day before the first day of the fiscal
period (or inception of offering), with all dividends and distributions
reinvested in additional shares on the reinvestment date, and redemption at the
net asset value calculated on the last business day of the fiscal period. Sales
charges are not reflected in the total returns. Total returns are not annualized
for periods of less than one full year. Returns do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or the redemption of
Fund shares.
3. Annualized for periods of less than one full year.
4. Reduction to custodian expenses less than 0.01%.
See accompanying Notes to Financial Statements.
40 | OPPENHEIMER MAIN STREET SMALL CAP FUND
CLASS N Year Ended June 30, 2003 2002 2001 1
- ----------------------------------------------------------------------------------------
Per Share Operating Data
Net asset value, beginning of period $15.05 $15.00 $13.53
- ----------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.11) (.12) (.02)
Net realized and unrealized gain (loss) (.25) .18 1.49
--------------------------------
Total from investment operations (.36) .06 1.47
- ----------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Distributions from net realized gain -- (.01) --
- ----------------------------------------------------------------------------------------
Net asset value, end of period $14.69 $15.05 $15.00
================================
- ----------------------------------------------------------------------------------------
Total Return, at Net Asset Value 2 (2.39)% 0.38% 10.87%
- ----------------------------------------------------------------------------------------
Ratios/Supplemental Data
Net assets, end of period (in thousands) $41,474 $14,557 $995
- ----------------------------------------------------------------------------------------
Average net assets (in thousands) $24,417 $ 5,924 $445
- ----------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (0.83)% (0.66)% (0.76)%
Expenses, gross 1.64% 1.65% 1.59%
Expenses, net 1.60% 4,5 1.65% 4 1.59% 4
- ----------------------------------------------------------------------------------------
Portfolio turnover rate 117% 134% 181%
1. For the period from March 1, 2001 (inception of offering) to June 30, 2001.
2. Assumes an investment on the business day before the first day of the fiscal
period (or inception of offering), with all dividends and distributions
reinvested in additional shares on the reinvestment date, and redemption at the
net asset value calculated on the last business day of the fiscal period. Sales
charges are not reflected in the total returns. Total returns are not annualized
for periods of less than one full year. Returns do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or the redemption of
Fund shares.
3. Annualized for periods of less than one full year.
4. Reduction to custodian expenses less than 0.01%.
5. Net of voluntary waiver of transfer agent fees.
See accompanying Notes to Financial Statements.
41 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FINANCIAL HIGHLIGHTS Continued
CLASS Y Year Ended June 30, 2003 2002 2001 2000 1
- ------------------------------------------------------------------------------------------------
Per Share Operating Data
Net asset value, beginning of period $15.27 $15.11 $ 14.82 $ 10.00
- ------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.07) (.10) (.05) (.04)
Net realized and unrealized gain (loss) (.17) .27 1.13 4.88
--------------------------------------------
Total from investment operations (.24) .17 1.08 4.84
- ------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Distributions from net realized gain -- (.01) (.79) (.02)
- ------------------------------------------------------------------------------------------------
Net asset value, end of period $15.03 $15.27 $15.11 $14.82
=============================================
- ------------------------------------------------------------------------------------------------
Total Return, at Net Asset Value 2 (1.57)% 1.11% 7.90% 48.48%
- ------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
Net assets, end of period (in thousands) $7,637 $1,619 $2 $1
- ------------------------------------------------------------------------------------------------
Average net assets (in thousands) $3,460 $ 813 $2 $1
- ------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income (loss) 0.00% 0.01% (0.23)% (0.37)%
Expenses, gross 0.79% 0.97% 0.89% 1.18%
Expenses, net 0.79% 4 0.93% 4,5 0.89% 4 1.18% 4
- ------------------------------------------------------------------------------------------------
Portfolio turnover rate 117% 134% 181% 108%
1. For the period from August 2, 1999 (inception of offering) to June 30, 2000.
2. Assumes an investment on the business day before the first day of the fiscal
period (or inception of offering), with all dividends and distributions
reinvested in additional shares on the reinvestment date, and redemption at the
net asset value calculated on the last business day of the fiscal period. Sales
charges are not reflected in the total returns. Total returns are not annualized
for periods of less than one full year. Returns do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or the redemption of
Fund shares.
3. Annualized for periods of less than one full year.
4. Reduction to custodian expenses less than 0.01%.
5. Net of voluntary waiver of transfer agent fees.
See accompanying Notes to Financial Statements.
42 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
1. Significant Accounting Policies
Oppenheimer Main Street Small Cap Fund (the Fund) is an open-end management
investment company registered under the Investment Company Act of 1940, as
amended. The Fund's investment objective is to seek capital appreciation. The
Fund's investment 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. All classes of shares have identical
rights and voting privileges. Earnings, net assets and net asset value per
share may differ by minor amounts due to each class having its own expenses
directly attributable to that class. Classes 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 six years
after the date of purchase.
The following is a summary of significant accounting policies consistently
followed by the Fund.
- --------------------------------------------------------------------------------
Securities Valuation. Securities listed or traded on National Stock Exchanges
or other domestic or foreign exchanges are valued based on the last sale price
of the security traded on that exchange prior to the time when the Fund's
assets are valued. Securities traded on NASDAQ are valued based on the closing
price provided by NASDAQ prior to the time when the Fund's assets are valued.
In the absence of a sale, the security is valued at the last sale price on the
prior trading day, if it is within the spread of the closing bid and asked
prices, and if not, at the closing bid price. Securities (including restricted
securities) for which quotations are not readily available are valued primarily
using dealer-supplied valuations, a portfolio pricing service authorized by the
Board of Trustees, or at their fair value. Fair value is determined in good
faith using consistently applied procedures under the supervision of the Board
of Trustees. Short-term "money market type" debt securities with remaining
maturities of sixty days or less are valued at amortized cost (which
approximates market value).
- --------------------------------------------------------------------------------
Foreign Currency Translation. The Fund's accounting records are maintained in
U.S. dollars. Prices of securities denominated in foreign currencies are
translated into U.S. dollars at the closing rates of exchange. Amounts related
to the purchase and sale of foreign securities and investment income are
translated at the rates of exchange prevailing on the respective dates of such
transactions.
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.
43 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
1. Significant Accounting Policies Continued
Joint Repurchase Agreements. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the Fund, along with other affiliated funds
advised by the Manager, may transfer uninvested cash balances into joint
trading accounts on a daily basis. Secured by U.S. government securities, these
balances are invested in one or more repurchase agreements. Securities pledged
as collateral for repurchase agreements are held by a custodian bank until the
agreements mature. Each agreement requires that the market value of the
collateral be sufficient to cover payments of interest and principal. In the
event of default by the other party to the agreement, retention of the
collateral may be subject to legal proceedings.
- --------------------------------------------------------------------------------
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 tax components of capital shown in the table below represent
distribution requirements the Fund must satisfy under the income tax
regulations, losses the Fund may be able to offset against income and gains
realized in future years and unrealized appreciation or depreciation of
investment for federal income tax purposes.
Net Unrealized
Appreciation
Undistributed Undistributed Accumulated Based on Cost of
Net Investment Long-Term Loss Securities for Federal
Income Gains Carryforward 1,2 Income Tax Purposes
------------------------------------------------------------------------
$-- $-- $141,978,957 $240,592,080
1. Accumulated losses noted above primarily represent net capital loss
carryforwards as of June 30, 2003 that may be available to offset future
realized capital gains and thereby reduce future taxable gain distributions.
These carryforwards expire 2010 and 2011.
2. As of June 30, 2003, the Fund had approximately $71,970,000 of post-October
losses available to offset future capital gains, if any. Such losses, if
unutilized, will expire in 2012. Additionally, the Fund had approximately
$7,000 of post-October foreign currency losses which were deferred.
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
44 | OPPENHEIMER MAIN STREET SMALL CAP FUND
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.
To From Net
Ordinary Capital Gain Tax Return Investment
Income (Loss) (Loss) of Capital Loss
- --------------------------------------------------------------------------
$9,362,817 $229,155 $-- $9,133,662
The tax character of distributions paid during the years ended June 30, 2003
and June 30, 2002 were as follows:
Year Ended Year Ended
June 30, 2003 June 30, 2002
- -----------------------------------------------------------------------
Distributions paid from:
Ordinary income $-- $329,525
The aggregate cost of investments and the composition of unrealized
appreciation and depreciation of investments for federal income tax purposes as
of June 30, 2003 are noted below. The primary difference between book and tax
appreciation or depreciation of investments, if applicable, is attributable to
the tax deferral of losses or tax realization of financial statement unrealized
gain or loss.
Federal Tax Cost $953,982,681
============
Gross unrealized appreciation $254,862,612
Gross unrealized depreciation (14,270,532)
------------
Net unrealized appreciation $240,592,080
============
- --------------------------------------------------------------------------------
Dividends and Distributions to Shareholders. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations,
are recorded on the ex-dividend date. Income and capital gain distributions, if
any, are declared and paid annually.
- --------------------------------------------------------------------------------
Investment Income. Dividend income is recorded on the ex-dividend date or upon
ex-dividend notification in the case of certain foreign dividends where the
ex-dividend date may have passed. Non-cash dividends included in dividend
income, if any, are recorded at the fair market value of the securities
received. Interest income, which includes accretion of discount and
amortization of premium, is accrued as earned.
- --------------------------------------------------------------------------------
Expense Offset Arrangement. The reduction of custodian fees represents earnings
on cash balances maintained by the Fund.
- --------------------------------------------------------------------------------
Security Transactions. Security transactions are recorded on the trade date.
Realized gains and losses on securities sold are determined on the basis of
identified cost.
- --------------------------------------------------------------------------------
Other. The preparation of financial statements in conformity with 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 income and
expenses during the reporting period. Actual results could differ from those
estimates.
45 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
2. Shares of Beneficial Interest
The Fund has authorized an unlimited number of $0.001 par value shares of
beneficial interest of each class. Transactions in shares of beneficial
interest were as follows:
- --------------------------------------------------------------------------------
Year Ended June 30, 2003 Year Ended June 30, 2002
Shares Amount Shares Amount
- ----------------------------------------------------------------------------------
Class A
Sold 28,842,216 $ 373,711,631 24,740,817 $ 363,788,096
Dividends and/or
distributions reinvested -- -- 11,094 160,197
Redeemed (23,218,757) (300,759,912) (10,479,777) (151,396,323)
---------------------------------------------------------
Net increase 5,623,459 $ 72,951,719 14,272,134 $ 212,551,970
===========================================================
- ----------------------------------------------------------------------------------
Class B
Sold 9,370,965 $ 119,637,485 10,930,651 $ 158,530,451
Dividends and/or
distributions reinvested -- -- 6,485 91,991
Redeemed (5,642,090) (71,004,554) (3,642,765) (51,822,810)
---------------------------------------------------------
Net increase 3,728,875 $ 48,632,931 7,294,371 $ 106,799,632
=========================================================
- ----------------------------------------------------------------------------------
Class C
Sold 8,888,859 $ 113,501,879 8,373,107 $ 121,560,427
Dividends and/or
distributions reinvested -- -- 3,456 49,019
Redeemed (4,846,737) (60,459,213) (1,858,077) (26,332,477)
---------------------------------------------------------
Net increase 4,042,122 $ 53,042,666 6,518,486 $ 95,276,969
=========================================================
- ----------------------------------------------------------------------------------
Class N
Sold 2,316,468 $ 29,545,217 981,003 $ 14,505,501
Dividends and/or
distributions reinvested -- -- 124 1,786
Redeemed (459,607) (5,937,965) (80,478) (1,190,478)
---------------------------------------------------------
Net increase 1,856,861 $ 23,607,252 900,649 $ 13,316,809
=========================================================
- ----------------------------------------------------------------------------------
Class Y
Sold 491,287 $ 6,261,675 117,268 $ 1,746,956
Dividends and/or
distributions reinvested -- -- 18 264
Redeemed (89,058) (1,171,217) (11,357) (164,975)
---------------------------------------------------------
Net increase 402,229 $ 5,090,458 105,929 $ 1,582,245
=========================================================
- --------------------------------------------------------------------------------
3. Purchases and Sales of Securities
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations, for the year ended June 30, 2003, were
$1,321,194,441 and $1,129,615,461, respectively.
46 | OPPENHEIMER MAIN STREET SMALL CAP FUND
- --------------------------------------------------------------------------------
4. Fees and Other Transactions with Affiliates
Management Fees. Management fees paid to the Manager were in accordance with
the investment advisory agreement with the Fund which provides for a fee at an
annual rate of 0.75% of the first $200 million of average annual net assets of
the Fund, 0.72% of the next $200 million, 0.69% of the next $200 million, 0.66%
of the next $200 million; and 0.60% of average annual net assets in excess of
$800 million.
- --------------------------------------------------------------------------------
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 $19.75 per account fee.
Additionally, Class Y shares are subject to minimum fees of $5,000 for
assets of less than $10 million and $10,000 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.
OFS has voluntarily agreed to limit transfer and shareholder servicing agent
fees up to an annual rate of 0.35% of average annual net assets for all
classes. This undertaking may be amended or withdrawn at any time.
- --------------------------------------------------------------------------------
Distribution and Service Plan (12b-1) Fees. Under its General Distributor's
Agreement with the Manager, OppenheimerFunds Distributor, Inc. (the
Distributor) acts as the Fund's principal underwriter in the continuous public
offering of the different classes of shares of the Fund.
The compensation paid to (or retained by) the Distributor from the sale of
shares or on the redemption of shares is shown in the table below for the
period indicated.
Aggregate Class A Concessions Concessions Concessions Concessions
Front-End Front-End on Class A on Class B on Class C on Class N
Sales Charges Sales Charges Shares Shares Shares Shares
on Class A Retained by Advanced by Advanced by Advanced by Advanced by
Year Ended Shares Distributor Distributor 1 Distributor 1 Distributor 1 Distributor 1
- ------------------------------------------------------------------------------------------------------
June 30, 2003 $2,445,893 $741,253 $155,284 $3,108,074 $843,856 $223,325
1. The Distributor advances concession payments to dealers for certain sales of
Class A shares and for sales of Class B, Class C and Class N shares from its
own resources at the time of sale.
Class A Class B Class C Class N
Contingent Contingent Contingent Contingent
Deferred Deferred Deferred Deferred
Sales Charges Sales Charges Sales Charges Sales Charges
Retained by Retained by Retained by Retained by
Year Ended Distributor Distributor Distributor Distributor
- --------------------------------------------------------------------------------
June 30, 2003 $4,587 $734,756 $62,791 $21,890
- --------------------------------------------------------------------------------
Service Plan for Class A Shares. The Fund has adopted a Service Plan for Class
A Shares. It reimburses the Distributor for a portion of its costs incurred for
services provided to accounts that hold Class A shares. Reimbursement is made
quarterly at an annual rate of up to 0.25% of the average annual net assets of
Class A shares of the Fund. For the year ended June 30, 2003, expense under the
Class A Plan totaled $1,205,325, all of which were paid by the Distributor to
recipients, which included $5,762 retained by
47 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
4. Fees and Other Transactions with Affiliates Continued
the Distributor and $74,979 which was paid to an affiliate of the Manager. Any
unreimbursed expenses the Distributor incurs with respect to Class A shares in
any fiscal year cannot be recovered in subsequent years.
- --------------------------------------------------------------------------------
Distribution and Service Plans for Class B, Class C and Class N Shares. The
Fund has adopted Distribution and Service Plans for Class B, Class C and Class
N shares. Under the plans, the Fund pays the Distributor an annual asset-based
sales charge of 0.75% per year on Class B shares and on Class C shares and the
Fund pays the Distributor an annual asset-based sales charge of 0.25% per year
on Class N shares. The Distributor also receives a service fee of 0.25% per
year under each plan.
Distribution fees paid to the Distributor for the year ended June 30, 2003,
were as follows:
Distributor's
Distributor's Aggregate
Aggregate Unreimbursed
Unreimbursed Expenses as %
Total Payments Amount Retained Expenses of Net Assets
Under Plan by Distributor Under Plan of Class
- --------------------------------------------------------------------------------
Class B Plan $2,679,333 $2,214,711 $7,686,665 2.33%
Class C Plan 1,862,350 834,963 3,044,048 1.28
Class N Plan 121,714 110,236 736,855 1.78
- --------------------------------------------------------------------------------
5. Foreign Currency Contracts
A foreign currency contract is a commitment to purchase or sell a foreign
currency at a future date, at a negotiated rate. The Fund may enter into
foreign currency contracts to settle specific purchases or sales of securities
denominated in a foreign currency and for protection from adverse exchange rate
fluctuation. Risks to the Fund include the potential inability of the
counterparty to meet the terms of the contract.
The net U.S. dollar value of foreign currency underlying all contractual
commitments held by the Fund and the resulting unrealized appreciation or
depreciation are determined using prevailing foreign currency exchange rates.
Unrealized appreciation and depreciation on foreign currency contracts are
reported in the Statement of Assets and Liabilities as a receivable or payable
and in the Statement of Operations with the change in unrealized appreciation
or depreciation.
The Fund may realize a gain or loss upon the closing or settlement of the
foreign transaction. Contracts closed or settled with the same broker are
recorded as net realized gain or loss. Such realized gains and losses are
reported with all other foreign currency gains and losses in the Statement of
Operations.
As of June 30, 2003, the Fund had no outstanding foreign currency contracts.
48 | OPPENHEIMER MAIN STREET SMALL CAP FUND
- --------------------------------------------------------------------------------
6. Illiquid or Restricted Securities
As of June 30, 2003, investments in securities included issues that are
illiquid or restricted. Restricted securities are purchased in private
placement transactions, are not registered under the Securities Act of 1933,
may have contractual restrictions on resale, and are valued under methods
approved by the Board of Trustees as reflecting fair value. A security may also
be considered illiquid if it lacks a readily available market or if its
valuation has not changed for a certain period of time. The Fund intends to
invest no more than 10% of its net assets (determined at the time of purchase
and reviewed periodically) in illiquid or restricted securities. Certain
restricted securities, eligible for resale to qualified institutional
investors, are not subject to that limitation. The aggregate value of illiquid
or restricted securities subject to this limitation as of June 30, 2003 was
$799,202, which represents 0.07% of the Fund's net assets, of which $756,342 is
considered restricted. Information concerning restricted securities is as
follows:
Valuation
Acquisition as of Unrealized
Security Dates Cost June 30, 2003 Depreciation
- --------------------------------------------------------------------------------
Stocks and/or Warrants
Esprit Exploration Ltd. 6/4/02 $784,403 $756,342 $28,061
Opticnet, Inc. 10/26/00 -- -- --
- --------------------------------------------------------------------------------
7. Borrowing and Lending Arrangements
The Fund entered into an "interfund borrowing and lending arrangement" with
other funds in the Oppenheimer funds complex, to allow funds to borrow for
liquidity purposes. The arrangement was initiated pursuant to exemptive relief
granted by the Securities and Exchange Commission to allow these affiliated
funds to lend money to, and borrow money from, each other, in an attempt to
reduce borrowing costs below those of bank loan facilities. Under the
arrangement the Fund may lend money to other Oppenheimer funds and may borrow
from other Oppenheimer funds at a rate set by the Fund's Board of Trustees,
based upon a recommendation by the Manager. The Fund's borrowings, if any, are
subject to asset coverage requirements under the Investment Company Act and the
provisions of the SEC order and other applicable regulations. If the Fund
borrows money, there is a risk that the loan could be called on one day's
notice, in which case the Fund might have to borrow from a bank at higher rates
if a loan were not available from another Oppenheimer fund. If the Fund lends
money to another fund, it will be subject to the risk that the other fund might
not repay the loan in a timely manner, or at all.
The Fund had no interfund borrowings or loans outstanding during the year
ended or at June 30, 2003.
49 | OPPENHEIMER MAIN STREET SMALL CAP FUND
INDEPENDENT AUDITORS' REPORT
- --------------------------------------------------------------------------------
To the Board of Trustees and Shareholders of
Oppenheimer Main Street Small Cap Fund:
We have audited the accompanying statement of assets and liabilities of
Oppenheimer Main Street Small Cap Fund, including the statement of investments,
as of June 30, 2003, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the two years in the
period then ended, and the financial highlights for the periods indicated.
These financial statements and financial highlights are the responsibility of
the Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. Our procedures
included confirmation of securities owned as of June 30, 2003, by
correspondence with the custodian and brokers; where replies were not received
from brokers, we performed other auditing procedures. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
Oppenheimer Main Street Small Cap Fund as of June 30, 2003, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended, and the financial highlights for the
periods indicated, in conformity with accounting principles generally accepted
in the United States of America.
Deloitte & Touche LLP
Denver, Colorado
July 22, 2003
50 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FEDERAL INCOME TAX INFORMATION Unaudited
- --------------------------------------------------------------------------------
In early 2004, if applicable, shareholders of record will receive information
regarding all dividends and distributions paid to them by the Fund during
calendar year 2003. Regulations of the U.S. Treasury Department require the
Fund to report this information to the Internal Revenue Service.
The foregoing information is presented to assist shareholders in reporting
distributions received from the Fund to the Internal Revenue Service. Because
of the complexity of the federal regulations which may affect your individual
tax return and the many variations in state and local tax regulations, we
recommend that you consult your tax advisor for specific guidance.
PORTFOLIO PROXY VOTING
POLICIES AND PROCEDURES 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 1.800.225.5677, (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 will be required to file new 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 first such filing is due no later than August 31, 2004,
for the twelve months ended June 30, 2004. Once filed, the Fund's Form N-PX
filing will be available (i) without charge, upon request, by calling the Fund
toll-free at 1.800.225.5677, and (ii) on the SEC's website at www.sec.gov.
51 | OPPENHEIMER MAIN STREET SMALL CAP FUND
TRUSTEES AND OFFICERS Unaudited
- --------------------------------------------------------------------------------
Principal Occupation(s) During Past 5 Years;
Name, Position(s) Held Other Trusteeships/Directorships Held by Trustee;
with Fund, Length of Number of Portfolios in Fund Complex Currently
Service, Age Overseen by Trustee
INDEPENDENT TRUSTEES The address of each Trustee in the chart below is
6803 S. Tucson Way, Centennial, CO 80112-3924.
Each Trustee serves for an indefinite term, until
his or her resignation, retirement, death or
removal.
James C. Swain, Formerly, Chief Executive Officer (until August
Chairman and Trustee 27, 2002) of the Board II Funds, Vice Chairman
(since 1999) (until January 2, 2002) of OppenheimerFunds,
Age: 69 Inc., (the Manager) and President and a director
(until 1997) of Centennial Asset Management
Corporation (a wholly-owned investment advisory
subsidiary of the Manager). Oversees 42
portfolios in the OppenheimerFunds complex.
William L. Armstrong, Chairman of the following private mortgage
Vice Chairman (since 2003) banking companies: Cherry Creek Mortgage Company
and Trustee (since 1999) (since 1991), Centennial State Mortgage Company
Age: 66 (since 1994), The El Paso Mortgage Company (since
1993), Transland Financial Services, Inc. (since
1997); Chairman of the following private
companies: Great Frontier Insurance (insurance
agency) (since 1995), Ambassador Media
Corporation and Broadway Ventures (since 1984); a
director of the following public companies:
Helmerich & Payne, Inc. (oil and gas
drilling/production company) (since 1992) and
UNUMProvident (insurance company) (since 1991).
Mr. Armstrong is also a Director/Trustee of
Campus Crusade for Christ and the Bradley
Foundation. Formerly a director of the following:
Storage Technology Corporation (a publicly-held
computer equipment company) (1991-February 2003),
International Family Entertainment (television
channel) (1992-1997) and Natec Resources, Inc.
(air pollution control equipment and services
company) (1991-1995), Frontier Real Estate, Inc.
(residential real estate brokerage) (1994-1999),
and Frontier Title (title insurance agency)
(1995-June 1999); a U.S. Senator (January
1979-January 1991). Oversees 42 portfolios in the
OppenheimerFunds complex.
Robert G. Avis, Formerly, Director and President of A.G. Edwards
Trustee (since 1999) Capital, Inc. (General Partner of private equity
Age: 72 funds) (until February 2001); Chairman, President
and Chief Executive Officer of A.G. Edwards
Capital, Inc. (until March 2000); Vice Chairman
and Director of A.G. Edwards, Inc. and Vice
Chairman of A.G. Edwards & Sons, Inc. (its
brokerage company subsidiary) (until March 1999);
Chairman of A.G. Edwards Trust Company and A.G.E.
Asset Management (investment advisor) (until
March 1999); and a Director (until March 2000) of
A.G. Edwards & Sons and A.G. Edwards Trust
Company. Oversees 42 portfolios in the
OppenheimerFunds complex.
George C. Bowen, Formerly (until April 1999): Senior Vice
Trustee (since 1999) President (from September 1987) and Treasurer
Age: 66 (from March 1985) of the Manager; Vice President
(from June 1983) and Treasurer (since March 1985)
of OppenheimerFunds Distributor, Inc. (a
subsidiary of the Manager); Senior Vice President
(since February 1992), Treasurer (since July
1991) Assistant Secretary and a director (since
December 1991) of Centennial Asset Management
Corporation; Vice President (since October 1989)
and Treasurer (since April 1986) of HarbourView
Asset Management Corporation (an investment
advisory subsidiary of the Manager); President,
Treasurer and a director (June 1989-January 1990)
of Centennial Capital Corporation (an investment
advisory subsidiary of the Manager); Vice
President and Treasurer (since August 1978) and
Secretary (since April 1981) of Shareholder
Services, Inc. (a transfer agent subsidiary of
the Manager); Vice President, Treasurer and
Secretary (since November 1989) of Shareholder
Financial Services, Inc. (a transfer agent
subsidiary of the Manager); Assistant Treasurer
(since March 1998) of Oppenheimer Acquisition
Corp. (the Manager's parent corporation);
Treasurer (since November 1989) of Oppenheimer
52 | OPPENHEIMER MAIN STREET SMALL CAP FUND
George C. Bowen, Partnership Holdings, Inc. (a holding company
Continued subsidiary of the Manager); Vice President and
Treasurer (since July 1996) of Oppenheimer Real
Asset Management, Inc. (an investment advisory
subsidiary of the Manager); Chief Executive
Officer and director (since March 1996) of
MultiSource Services, Inc. (a broker-dealer
subsidiary of the Manager); Treasurer (since
October 1997) of OppenheimerFunds International
Ltd. and Oppenheimer Millennium Funds plc
(offshore fund management subsidiaries of the
Manager). Oversees 42 portfolios in the
OppenheimerFunds complex.
Edward L. Cameron, A member of The Life Guard of Mount Vernon,
Trustee (since 1999) George Washington's home (since June 2000).
Age: 64 Formerly (March 2001 - May 2002) Director of
Genetic ID, Inc. and its subsidiaries (a
privately held biotech company); a partner with
PricewaterhouseCoopers LLP (from 1974-1999) (an
accounting firm) and Chairman (from 1994-1998),
Price Waterhouse LLP Global Investment Management
Industry Services Group. Oversees 42 portfolios
in the OppenheimerFunds complex.
Jon S. Fossel, Chairman and Director (since 1998) of Rocky
Trustee (since 1999) Mountain Elk Foundation (a not-for-profit
Age: 61 foundation); and a director (since October 1999)
of P.R. Pharmaceuticals (a privately held
company) and UNUMProvident (an insurance company)
(since June 1, 2002). Formerly Chairman and a
director (until October 1996) and President and
Chief Executive Officer (until October 1995) of
the Manager; President, Chief Executive Officer
and a director of Oppenheimer Acquisition Corp.,
Shareholders Services Inc. and Shareholder
Financials Services, Inc. (until October 1995).
Oversees 42 portfolios in the OppenheimerFunds
complex.
Sam Freedman, Director of Colorado Uplift (a non-profit
Trustee (since 1999) charity) (since September 1984). Formerly (until
Age: 62 October 1994) Mr. Freedman held several positions
in subsidiary or affiliated companies of the
Manager. Oversees 42 portfolios in the
OppenheimerFunds complex.
Beverly L. Hamilton, Trustee (since 1996) of MassMutual Institutional
Trustee (since 2002) Funds and of MML Series Investment Fund (open-end
Age: 56 investment companies); Director of MML Services
(since April 1987) and America Funds Emerging
Markets Growth Fund (since October 1991) (both
are investment companies), The California
Endowment (a philanthropy organization) (since
April 2002), and Community Hospital of Monterey
Peninsula, (since February 2002); a trustee
(since February 2000) of Monterey International
Studies (an educational organization), and an
advisor to Unilever (Holland)'s pension fund and
to Credit Suisse First Boston's Sprout venture
capital unit. Mrs. Hamilton also is a member of
the investment committees of the Rockefeller
Foundation, the University of Michigan and
Hartford Hospital. Formerly, President (February
1991-April 2000) ARCO Investment Management
Company. Oversees 43 portfolios in the
OppenheimerFunds complex.
Robert J. Malone, Director (since 2001) of Jones Knowledge, Inc. (a
Trustee (since 2002) privately held company), U.S. Exploration, Inc.,
Age: 58 (since 1997), Colorado UpLIFT (a non-profit
organization) (since 1986) and a trustee of the
Gallagher Family Foundation (non-profit
organization) (since 2000). Formerly, Chairman of
U.S. Bank (a subsidiary of U.S. Bancorp and
formerly Colorado National Bank,) (July
1996-April 1, 1999) and a director of Commercial
Assets, Inc. (a REIT) (1993-2000). Oversees 43
portfolios in the OppenheimerFunds complex.
F. William Marshall, Trustee (since 1996) of MassMutual Institutional
Jr., Trustee Funds and of MML Series Investment Fund (open-end
(since 2000) investment companies); Trustee (since 1987),
Age: 61 Chairman of the Board (since 2003) and Chairman
of the investment committee
53 | OPPENHEIMER MAIN STREET SMALL CAP FUND
TRUSTEES AND OFFICERS Unaudited / Continued
F. William Marshall, Jr., (since 1994) for the Worcester Polytech
Continued Institute; President and Treasurer (since January
1999) of the SIS Fund (a private not for profit
charitable fund); Trustee (since 1995) of the
Springfield Library and Museum Association;
Trustee (since 1996) of the Community Music
School of Springfield. Formerly, member of the
investment committee of the Community Foundation
of Western Massachusetts (1998 - 2003); Chairman
(January 1999-July 1999) of SIS & Family Bank,
F.S.B. (formerly SIS Bank); President, Chief
Executive Officer and Director (May 1993-December
1998) of SIS Bankcorp, Inc. and SIS Bank
(formerly Springfield Institution for Savings)
and Executive Vice President (January 1999-July
1999) of Peoples Heritage Financial Group, Inc.
Oversees 42 portfolios in the OppenheimerFunds
complex.
- --------------------------------------------------------------------------------
INTERESTED TRUSTEE AND The address of Mr. Murphy in the chart below is
OFFICER 498 Seventh Avenue, New York, NY 10018. Mr.
Murphy serves for an indefinite term, until his
resignation, death or removal.
John V. Murphy, Chairman, Chief Executive Officer and director
President and Trustee (since June 2001) and President (since September
(since 2001) 2000) of the Manager; President and a director or
Age: 53 trustee of other Oppenheimer funds; President and
a director (since July 2001) of Oppenheimer
Acquisition Corp. and of Oppenheimer Partnership
Holdings, Inc.; a director (since November 2001)
of OppenheimerFunds Distributor, Inc.; Chairman
and a director (since July 2001) of Shareholder
Services, Inc. and of Shareholder Financial
Services, Inc.; President and a director (since
July 2001) of OppenheimerFunds Legacy Program (a
charitable trust program established by the
Manager); a director of the following investment
advisory subsidiaries of OppenheimerFunds, Inc.:
OFI Institutional Asset Management, Inc. and
Centennial Asset Management Corporation (since
November 2001), HarbourView Asset Management
Corporation and OFI Private Investments, Inc.
(since July 2001); President (since November 1,
2001) and a director (since July 2001) of
Oppenheimer Real Asset Management, Inc.; a
director (since November 2001) of Trinity
Investment Management Corp. and Tremont Advisers,
Inc. (investment advisory affiliates of the
Manager); Executive Vice President (since
February 1997) of Massachusetts Mutual Life
Insurance Company (the Manager's parent company);
a director (since June 1995) of DLB Acquisition
Corporation (a holding company that owns shares
of David L. Babson & Company, Inc.); formerly,
Chief Operating Officer (September 2000-June
2001) of the Manager; President and trustee
(November 1999-November 2001) of MML Series
Investment Fund and MassMutual Institutional
Funds (open-end investment companies); a director
(September 1999-August 2000) of C.M. Life
Insurance Company; President, Chief Executive
Officer and director (September 1999-August 2000)
of MML Bay State Life Insurance Company; a
director (June 1989-June 1998) of Emerald Isle
Bancorp and Hibernia Savings Bank (a wholly-owned
subsidiary of Emerald Isle Bancorp). Oversees 74
portfolios in the OppenheimerFunds complex.
- --------------------------------------------------------------------------------
OFFICERS The address of the Officers in the chart below is
as follows: for Messrs. Albers, Zack and
Zavanelli, 498 Seventh Avenue, New York, NY
10018, for Mr. Wixted, 6803 S. Tucson Way,
Centennial, CO 80112-3924. Each Officer serves
for an annual term or until his or her earlier
resignation, death or removal.
Charles Albers, Senior Vice President (since April 1998) of the
Vice President Manager; a Certified Financial Analyst; an
(since 1999) Age: 62 officer of 6 portfolios in the OppenheimerFunds
complex; formerly a Vice President and portfolio
manager for Guardian Investor Services, the
investment management subsidiary of The Guardian
Life Insurance Company (1972 - April 1998).
54 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Mark Zavanelli, Vice President (since November 2000) of the
Vice President Manager; a Chartered Financial Analyst; an
(since 1999) officer of 2 portfolios in the OppenheimerFunds
Age: 32 complex. Prior to joining the Manager in May 1998
he was President of Waterside Capital Management,
a registered investment advisor (August 1995 -
April 1998) and a financial research analyst for
Elder Research (June 1997 - April 1998).
Brian W. Wixted, Senior Vice President and Treasurer (since March
Treasurer 1999) of the Manager; Treasurer (since March
(since 1999) 1999) of HarbourView Asset Management
Age: 43 Corporation, Shareholder Services, Inc.,
Oppenheimer Real Asset Management Corporation,
Shareholder Financial Services, Inc., Oppenheimer
Partnership Holdings, Inc., OFI Private
Investments, Inc. (since March 2000),
OppenheimerFunds International Ltd. and
Oppenheimer Millennium Funds plc (since May 2000)
and OFI Institutional Asset Management, Inc.
(since November 2000); Treasurer and Chief
Financial Officer (since May 2000) of Oppenheimer
Trust Company (a trust company subsidiary of the
Manager); Assistant Treasurer (since March 1999)
of Oppenheimer Acquisition Corp. and
OppenheimerFunds Legacy Program (since April
2000); formerly Principal and Chief Operating
Officer (March 1995-March 1999), Bankers Trust
Company-Mutual Fund Services Division. An officer
of 90 portfolios in the OppenheimerFunds complex.
Robert G. Zack, Senior Vice President (since May 1985) and
Vice President and General Counsel (since February 2002) of the
Secretary (since 2001) Manager; General Counsel and a director (since
Age: 54 November 2001) of OppenheimerFunds Distributor,
Inc.; Senior Vice President and General Counsel
(since November 2001) of HarbourView Asset
Management Corporation; Vice President and a
director (since November 2000) of Oppenheimer
Partnership Holdings, Inc.; Senior Vice
President, General Counsel and a director (since
November 2001) of Shareholder Services, Inc.,
Shareholder Financial Services, Inc., OFI Private
Investments, Inc., Oppenheimer Trust Company and
OFI Institutional Asset Management, Inc.; General
Counsel (since November 2001) of Centennial Asset
Management Corporation; a director (since
November 2001) of Oppenheimer Real Asset
Management, Inc.; Assistant Secretary and a
director (since November 2001) of
OppenheimerFunds International Ltd.; Vice
President (since November 2001) of
OppenheimerFunds Legacy Program; Secretary (since
November 2001) of Oppenheimer Acquisition Corp.;
formerly Acting General Counsel (November
2001-February 2002) and Associate General Counsel
(May 1981-October 2001) of the Manager; Assistant
Secretary of Shareholder Services, Inc. (May
1985-November 2001), Shareholder Financial
Services, Inc. (November 1989-November 2001);
OppenheimerFunds International Ltd. And
Oppenheimer Millennium Funds plc (October
1997-November 2001). An officer of 90 portfolios
in the OppenheimerFunds complex.
The Fund's Statement of Additional Information contains additional information
about the Fund's Trustee's and is available without charge upon request.
55 | OPPENHEIMER MAIN STREET SMALL CAP FUND
ITEM 2. CODE OF ETHICS - NOT REQUIRED
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT - NOT REQUIRED
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES - NOT REQUIRED
ITEM 5. RESERVED
ITEM 6. RESERVED
ITEM 7. NOT APPLICABLE
ITEM 8. RESERVED
ITEM 9. CONTROLS AND PROCEDURES
(a) Based on their evaluation of registrant's disclosure controls and
procedures (as defined in rule 30a-2(c) under the Investment Company
Act of 1940 (17 CFR 270.30a-2(c)) as of June 30, 2003, registrant's
principal executive officer and principal financial officer found
registrant's disclosure controls and procedures to be appropriately
designed to ensure that information required to be disclosed by
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.
(b) There have been no significant changes in registrant's internal
controls or in other factors that could significantly affect
registrant's internal controls subsequent to the date of the most
recent evaluation as indicated, including no significant deficiencies
or material weaknesses that required corrective action.
ITEM 10. EXHIBITS ATTACHED HERETO. (ATTACH CERTIFICATIONS AS EXHIBITS)