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.
Two World Financial Center, New York, New York 10281-1008
- --------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: (303) 768-3200
--------------
Date of fiscal year end: JUNE 30
-------
Date of reporting period: JULY 1, 2003 - DECEMBER 31, 2003
ITEM 1. REPORTS TO STOCKHOLDERS.
STATEMENT OF INVESTMENTS DECEMBER 31, 2003 / UNAUDITED
- -----------------------------------------------------------------------------
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
COMMON STOCKS--99.7%
- -----------------------------------------------------------------------------
CONSUMER DISCRETIONARY--17.3%
- -----------------------------------------------------------------------------
AUTO COMPONENTS--1.4%
ArvinMeritor, Inc. 123,500 $ 2,978,820
- -----------------------------------------------------------------------------
Cooper Tire &
Rubber Co. 38,000 812,440
- -----------------------------------------------------------------------------
Dana Corp. 142,400 2,613,040
- -----------------------------------------------------------------------------
Drew Industries, Inc. 1 124,300 3,455,540
- -----------------------------------------------------------------------------
Dura Automotive
Systems, Inc. 1 32,900 420,133
- -----------------------------------------------------------------------------
Goodyear Tire &
Rubber Co. 1 122,000 958,920
- -----------------------------------------------------------------------------
IMPCO
Technologies, Inc. 1 69,300 604,296
- -----------------------------------------------------------------------------
Keystone Automotive
Industries, Inc. 1 32,800 831,808
- -----------------------------------------------------------------------------
Modine
Manufacturing Co. 119,700 3,229,506
- -----------------------------------------------------------------------------
Quantum Fuel Systems
Technologies
Worldwide, Inc. 1 169,900 1,365,996
- -----------------------------------------------------------------------------
Raytech Corp. 1 5,000 16,600
- -----------------------------------------------------------------------------
Sauer-Danfoss, Inc. 26,100 422,820
- -----------------------------------------------------------------------------
Spartan Motors, Inc. 53,700 542,370
- -----------------------------------------------------------------------------
Sports Resorts
International, Inc. 1 2,200 11,132
- -----------------------------------------------------------------------------
Stoneridge, Inc. 1 13,400 201,670
- -----------------------------------------------------------------------------
Strattec
Security Corp. 1 6,200 377,642
- -----------------------------------------------------------------------------
Tenneco
Automotive, Inc. 1 310,400 2,076,576
- -----------------------------------------------------------------------------
Tower
Automotive, Inc. 1 38,100 260,223
- -----------------------------------------------------------------------------
Universal Technical
Institute, Inc. 1 60,500 1,815,000
- -----------------------------------------------------------------------------
Visteon Corp. 142,900 1,487,589
--------------
24,482,121
- -----------------------------------------------------------------------------
AUTOMOBILES--0.1%
Coachmen
Industries, Inc. 24,700 447,317
- -----------------------------------------------------------------------------
Winnebago
Industries, Inc. 11,400 783,750
--------------
1,231,067
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
DISTRIBUTORS--0.2%
Andersons,
Inc. (The) 9,300 $ 148,493
- -----------------------------------------------------------------------------
Handleman Co. 97,600 2,003,728
- -----------------------------------------------------------------------------
Pomeroy Computer
Resources, Inc. 12,000 176,880
- -----------------------------------------------------------------------------
Source Information
Management
Co. (The) 1 89,000 945,180
- -----------------------------------------------------------------------------
WESCO
International, Inc. 1 3,200 28,320
- -----------------------------------------------------------------------------
3,302,601
--------------
- -----------------------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE--3.2%
Alliance
Gaming Corp. 1 169,500 4,178,175
- -----------------------------------------------------------------------------
Ambassadors
Group, Inc. 38,200 897,318
- -----------------------------------------------------------------------------
Argosy
Gaming Co. 1 32,600 847,274
- -----------------------------------------------------------------------------
Aztar Corp. 1 225,900 5,082,750
- -----------------------------------------------------------------------------
Buffalo Wild
Wings, Inc. 1 28,200 731,790
- -----------------------------------------------------------------------------
CBRL
Group, Inc. 27,800 1,063,628
- -----------------------------------------------------------------------------
CEC Entertainment,
Inc. 1 105,900 5,018,601
- -----------------------------------------------------------------------------
Checkers Drive-In
Restaurants, Inc. 1 27,000 281,070
- -----------------------------------------------------------------------------
Choice Hotels
International, Inc. 1 128,500 4,529,625
- -----------------------------------------------------------------------------
Dave &
Buster's, Inc. 1 153,000 1,940,040
- -----------------------------------------------------------------------------
Dover Downs
Gaming &
Entertainment, Inc. 33,300 315,018
- -----------------------------------------------------------------------------
Frisch's
Restaurants, Inc. 2,800 80,640
- -----------------------------------------------------------------------------
Isle of Capri
Casinos, Inc. 1 148,200 3,181,854
- -----------------------------------------------------------------------------
Jack in the
Box, Inc. 1 147,200 3,144,192
- -----------------------------------------------------------------------------
Multimedia
Games, Inc. 1 68,200 2,803,020
- -----------------------------------------------------------------------------
Orbitz, Inc., Cl. A 1 38,500 893,200
- -----------------------------------------------------------------------------
Papa John's
International, Inc. 1 45,000 1,502,100
9 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS UNAUDITED / CONTINUED
- -----------------------------------------------------------------------------
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE Continued
Penn National
Gaming, Inc. 1 100,600 $ 2,321,848
- -----------------------------------------------------------------------------
Pinnacle
Entertainment, Inc. 1 45,700 425,924
- -----------------------------------------------------------------------------
Prime
Hospitality Corp. 1 101,000 1,030,200
- -----------------------------------------------------------------------------
Rare Hospitality
International, Inc. 1 174,100 4,255,004
- -----------------------------------------------------------------------------
Ryan's Family Steak
Houses, Inc. 1 42,550 644,207
- -----------------------------------------------------------------------------
Scientific Games
Corp., Cl. A 1 172,700 2,937,627
- -----------------------------------------------------------------------------
Shuffle Master, Inc. 1 66,750 2,310,885
- -----------------------------------------------------------------------------
Six Flags, Inc. 1 292,000 2,195,840
- -----------------------------------------------------------------------------
Steak n Shake
Co. (The) 1 76,000 1,356,600
- -----------------------------------------------------------------------------
Total Entertainment
Restaurant Corp. 1 77,400 934,992
- -----------------------------------------------------------------------------
WMS Industries, Inc. 1 120,400 3,154,480
--------------
58,057,902
- -----------------------------------------------------------------------------
HOUSEHOLD DURABLES--2.9%
Beazer Homes
USA, Inc. 55,831 5,452,455
- -----------------------------------------------------------------------------
Blount
International, Inc. 1 5,300 41,711
- -----------------------------------------------------------------------------
Boyds Collection
Ltd. (The) 1 19,800 84,150
- -----------------------------------------------------------------------------
Brookfield
Homes Corp. 52,900 1,363,233
- -----------------------------------------------------------------------------
Chromcraft
Revington, Inc. 1 6,100 69,174
- -----------------------------------------------------------------------------
CSS
Industries, Inc. 49,450 1,533,445
- -----------------------------------------------------------------------------
Department 56, Inc. 1 44,200 579,020
- -----------------------------------------------------------------------------
Emerson
Radio Corp. 1 50,000 188,000
- -----------------------------------------------------------------------------
Enesco Group, Inc. 1 14,700 151,704
- -----------------------------------------------------------------------------
Flexsteel
Industries, Inc. 3,600 81,000
- -----------------------------------------------------------------------------
Helen of Troy Ltd. 1 143,100 3,312,765
- -----------------------------------------------------------------------------
Hooker
Furniture Corp. 21,800 889,440
- -----------------------------------------------------------------------------
Hovnanian
Enterprises,
Inc., Cl. A 1 18,500 1,610,610
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
HOUSEHOLD DURABLES Continued
Interface, Inc., Cl. A 1 42,600 $ 235,578
- -----------------------------------------------------------------------------
Jarden Corp. 1 150,200 4,106,468
- -----------------------------------------------------------------------------
Kimball
International,
Inc., Cl. B 33,500 520,925
- -----------------------------------------------------------------------------
Libbey, Inc. 2,400 68,352
- -----------------------------------------------------------------------------
M.D.C. Holdings, Inc. 42,878 2,765,631
- -----------------------------------------------------------------------------
M/I Schottenstein
Homes, Inc. 62,400 2,436,720
- -----------------------------------------------------------------------------
Meritage Corp. 1 73,700 4,887,047
- -----------------------------------------------------------------------------
Mestek, Inc. 1 14,900 286,974
- -----------------------------------------------------------------------------
Movado Group, Inc. 37,100 1,047,333
- -----------------------------------------------------------------------------
National Presto
Industries, Inc. 8,100 292,815
- -----------------------------------------------------------------------------
Russ Berrie &
Co., Inc. 13,600 461,040
- -----------------------------------------------------------------------------
Ryland Group,
Inc. (The) 13,400 1,187,776
- -----------------------------------------------------------------------------
Standard
Pacific Corp. 115,300 5,597,815
- -----------------------------------------------------------------------------
Stanley Furniture
Co., Inc. 8,100 255,150
- -----------------------------------------------------------------------------
Technical Olympic
USA, Inc. 1 94,900 2,612,597
- -----------------------------------------------------------------------------
Tempur-Pedic
International, Inc. 1 167,400 2,594,700
- -----------------------------------------------------------------------------
Tripath
Technology, Inc. 1 236,100 1,629,090
- -----------------------------------------------------------------------------
Universal
Electronics, Inc. 1 700 8,918
- -----------------------------------------------------------------------------
William Lyon
Homes, Inc. 1 48,800 3,063,176
- -----------------------------------------------------------------------------
Yankee Candle,
Inc. (The) 1 104,000 2,842,320
--------------
52,257,132
- -----------------------------------------------------------------------------
INTERNET & CATALOG RETAIL--0.2%
Coldwater
Creek, Inc. 1 15,000 165,000
- -----------------------------------------------------------------------------
FTD, Inc., Cl. A 1 5,700 140,448
- -----------------------------------------------------------------------------
PC Connection, Inc. 1 127,700 1,068,849
- -----------------------------------------------------------------------------
Provide
Commerce, Inc. 1 76,100 1,154,437
- -----------------------------------------------------------------------------
ValueVision Media,
Inc., Cl. A 1 28,300 472,610
--------------
3,001,344
10 | OPPENHEIMER MAIN STREET SMALL CAP FUND
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
LEISURE EQUIPMENT & PRODUCTS--1.2%
Action Performance
Cos., Inc. 129,675 $ 2,541,630
- -----------------------------------------------------------------------------
Arctic Cat, Inc. 3,900 96,330
- -----------------------------------------------------------------------------
Callaway Golf Co. 262,500 4,423,125
- -----------------------------------------------------------------------------
Concord
Camera Corp. 1 113,700 1,051,725
- -----------------------------------------------------------------------------
Marine
Products Corp. 6,900 129,720
- -----------------------------------------------------------------------------
MarineMax, Inc. 1 205,400 3,990,922
- -----------------------------------------------------------------------------
Marvel
Enterprises, Inc. 1 116,500 3,391,315
- -----------------------------------------------------------------------------
Nautilus Group,
Inc. (The) 191,800 2,694,790
- -----------------------------------------------------------------------------
RC2 Corp. 1 14,400 298,800
- -----------------------------------------------------------------------------
SCP Pool Corp. 1 60,100 1,964,068
- -----------------------------------------------------------------------------
Steinway Musical
Instruments, Inc. 1 5,700 140,790
- -----------------------------------------------------------------------------
Sturm, Ruger &
Co., Inc. 36,200 411,594
--------------
21,134,809
- -----------------------------------------------------------------------------
MEDIA--1.2%
Acme
Communications,
Inc. 1 4,800 42,192
- -----------------------------------------------------------------------------
Advo, Inc. 61,350 1,948,476
- -----------------------------------------------------------------------------
APAC
Teleservices, Inc. 1 8,900 23,140
- -----------------------------------------------------------------------------
Carmike
Cinemas, Inc. 1 4,700 163,795
- -----------------------------------------------------------------------------
Courier Corp. 12,150 467,423
- -----------------------------------------------------------------------------
Digital Generation
Systems, Inc. 1 192,300 430,752
- -----------------------------------------------------------------------------
Entravision
Communications
Corp. 1 89,600 994,560
- -----------------------------------------------------------------------------
Fisher
Communications,
Inc. 1 1,500 76,500
- -----------------------------------------------------------------------------
Grey Global
Group, Inc. 4,200 2,868,810
- -----------------------------------------------------------------------------
Hollinger
International, Inc. 67,700 1,057,474
- -----------------------------------------------------------------------------
Insight
Communications
Co., Inc. 1 220,300 2,271,293
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
MEDIA Continued
Knology, Inc. 1 140,000 $ 1,262,800
- -----------------------------------------------------------------------------
LodgeNet
Entertainment Corp. 1 900 16,452
- -----------------------------------------------------------------------------
Mediacom
Communications
Corp. 1 137,800 1,194,726
- -----------------------------------------------------------------------------
Pegasus
Communications
Corp. 1 1,700 47,736
- -----------------------------------------------------------------------------
R.H. Donnelley
Corp. 1 123,200 4,908,288
- -----------------------------------------------------------------------------
RCN Corp. 1 157,200 125,760
- -----------------------------------------------------------------------------
Reading
International, Inc. 1 4,900 29,008
- -----------------------------------------------------------------------------
Salem
Communications
Corp., Cl. A 1 14,600 395,952
- -----------------------------------------------------------------------------
Thomas Nelson, Inc. 70,200 1,356,966
- -----------------------------------------------------------------------------
TiVo, Inc. 1 289,400 2,141,560
- -----------------------------------------------------------------------------
Young Broadcasting,
Inc., Cl. A 1 7,400 148,296
--------------
21,971,959
- -----------------------------------------------------------------------------
MULTILINE RETAIL--0.0%
Bon-Ton Stores, Inc. 22,300 247,530
- -----------------------------------------------------------------------------
Shopko Stores, Inc. 1 16,200 247,050
--------------
494,580
- -----------------------------------------------------------------------------
SPECIALTY RETAIL--5.1%
Aeropostale, Inc. 1 141,800 3,888,156
- -----------------------------------------------------------------------------
America's
Car-Mart, Inc. 1 27,500 740,300
- -----------------------------------------------------------------------------
Asbury Automotive
Group, Inc. 1 15,700 281,187
- -----------------------------------------------------------------------------
Big 5 Sporting
Goods Corp. 1 62,700 1,313,565
- -----------------------------------------------------------------------------
Blair Corp. 40,600 988,204
- -----------------------------------------------------------------------------
Bombay Co.,
Inc. (The) 1 363,300 2,957,262
- -----------------------------------------------------------------------------
Borders Group, Inc. 1 32,900 721,168
- -----------------------------------------------------------------------------
Brookstone, Inc. 1 163,750 3,489,513
- -----------------------------------------------------------------------------
Buckle, Inc. (The) 8,900 197,135
- -----------------------------------------------------------------------------
Building Materials
Holding Corp. 122,200 1,897,766
- -----------------------------------------------------------------------------
Cache, Inc. 1 46,000 958,180
11 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS UNAUDITED / CONTINUED
- -----------------------------------------------------------------------------
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
SPECIALTY RETAIL Continued
Casual Male Retail
Group, Inc. 1 41,200 $ 285,928
- -----------------------------------------------------------------------------
Christopher &
Banks Corp. 158,650 3,098,435
- -----------------------------------------------------------------------------
Claire's Stores, Inc. 114,600 2,159,064
- -----------------------------------------------------------------------------
Cost Plus, Inc. 1 5,900 241,900
- -----------------------------------------------------------------------------
CSK Auto Corp. 1 89,300 1,676,161
- -----------------------------------------------------------------------------
Deb Shops, Inc. 2,200 47,300
- -----------------------------------------------------------------------------
Dress Barn, Inc. (The) 1 99,900 1,497,501
- -----------------------------------------------------------------------------
Finish Line, Inc.
(The), Cl. A 1 147,100 4,408,587
- -----------------------------------------------------------------------------
Finlay
Enterprises, Inc. 1 33,900 479,007
- -----------------------------------------------------------------------------
Footstar, Inc. 1 333,800 1,295,144
- -----------------------------------------------------------------------------
Friedman's, Inc., Cl. A 31,900 214,049
- -----------------------------------------------------------------------------
GameStop Corp. 1 96,100 1,480,901
- -----------------------------------------------------------------------------
Goody's Family
Clothing, Inc. 152,700 1,429,272
- -----------------------------------------------------------------------------
Guess?, Inc. 1 146,600 1,769,462
- -----------------------------------------------------------------------------
Hancock Fabrics, Inc. 85,900 1,243,832
- -----------------------------------------------------------------------------
Hibbett Sporting
Goods, Inc. 1 65,925 1,964,565
- -----------------------------------------------------------------------------
Hollywood
Entertainment Corp. 1 241,100 3,315,125
- -----------------------------------------------------------------------------
Hot Topic, Inc. 1 100,750 2,968,095
- -----------------------------------------------------------------------------
Jos. A. Banks
Clothiers, Inc. 1 79,800 2,768,262
- -----------------------------------------------------------------------------
Loehmann's
Holdings, Inc. 1 34,900 669,382
- -----------------------------------------------------------------------------
Men's Wearhouse,
Inc. (The) 1 168,400 4,211,684
- -----------------------------------------------------------------------------
Monro Muffler
Brake, Inc. 1 61,500 1,230,615
- -----------------------------------------------------------------------------
Movie Gallery, Inc. 1 148,325 2,770,711
- -----------------------------------------------------------------------------
NetFlix.com, Inc. 1 88,400 4,834,596
- -----------------------------------------------------------------------------
Noland Co. 4,500 186,750
- -----------------------------------------------------------------------------
Pacific Sunwear of
California, Inc. 136,725 2,887,632
- -----------------------------------------------------------------------------
Rent-Way, Inc. 1 33,400 273,546
- -----------------------------------------------------------------------------
Restoration
Hardware, Inc. 1 72,400 343,900
- -----------------------------------------------------------------------------
Rex Stores Corp. 1 30,200 427,632
- -----------------------------------------------------------------------------
Select Comfort
Corp. 1 135,500 3,354,980
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
SPECIALTY RETAIL Continued
Sharper Image
Corp. 1 127,800 $ 4,172,670
- -----------------------------------------------------------------------------
Shoe Carnival, Inc. 1 23,700 421,860
- -----------------------------------------------------------------------------
Sports Authority,
Inc. (The) 1 77,298 2,968,243
- -----------------------------------------------------------------------------
Syms Corp. 1 8,000 55,120
- -----------------------------------------------------------------------------
TBC Corp. 1 114,500 2,955,245
- -----------------------------------------------------------------------------
Tractor Supply Co. 1 49,600 1,928,944
- -----------------------------------------------------------------------------
Trans World
Entertainment Corp. 1 18,700 133,144
- -----------------------------------------------------------------------------
Tuesday
Morning Corp. 1 90,100 2,725,525
- -----------------------------------------------------------------------------
Tweeter Home
Entertainment
Group, Inc. 1 49,700 469,665
- -----------------------------------------------------------------------------
United Auto
Group, Inc. 104,200 3,261,460
- -----------------------------------------------------------------------------
Whitehall
Jewellers, Inc. 1 19,400 191,478
- -----------------------------------------------------------------------------
Wilsons The Leather
Experts, Inc. 1 54,600 190,554
- -----------------------------------------------------------------------------
Zale Corp. 1 19,100 1,016,120
--------------
91,456,482
- -----------------------------------------------------------------------------
TEXTILES, APPAREL & LUXURY GOODS--1.8%
Ashworth, Inc. 1 13,700 110,559
- -----------------------------------------------------------------------------
Brown Shoe Co., Inc. 113,600 4,308,848
- -----------------------------------------------------------------------------
Cherokee, Inc. 16,000 363,840
- -----------------------------------------------------------------------------
Culp, Inc. 1 45,300 493,770
- -----------------------------------------------------------------------------
Deckers Outdoor
Corp. 1 42,900 879,450
- -----------------------------------------------------------------------------
DHB Industries, Inc. 1 180,700 1,264,900
- -----------------------------------------------------------------------------
Escalade, Inc. 1 2,100 71,379
- -----------------------------------------------------------------------------
Gildan Activewear,
Inc., Cl. A 1 6,300 194,544
- -----------------------------------------------------------------------------
Hampshire
Group Ltd. 1 60,400 1,894,748
- -----------------------------------------------------------------------------
K-Swiss, Inc., Cl. A 205,000 4,932,300
- -----------------------------------------------------------------------------
Kellwood Co. 900 36,900
- -----------------------------------------------------------------------------
Kenneth Cole
Productions,
Inc., Cl. A 73,200 2,152,080
- -----------------------------------------------------------------------------
OshKosh B'Gosh,
Inc., Cl. A 30,000 643,800
- -----------------------------------------------------------------------------
Perry Ellis
International, Inc. 1 23,410 603,510
12 | OPPENHEIMER MAIN STREET SMALL CAP FUND
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
TEXTILES, APPAREL & LUXURY GOODS Continued
Russell Corp. 25,500 $ 447,780
- -----------------------------------------------------------------------------
Steven Madden Ltd. 1 92,400 1,884,960
- -----------------------------------------------------------------------------
Stride Rite Corp. 212,400 2,417,112
- -----------------------------------------------------------------------------
Timberland
Co., Cl. A 1 9,000 468,630
- -----------------------------------------------------------------------------
Tommy Hilfiger
Corp. 1 187,200 2,772,432
- -----------------------------------------------------------------------------
Unifi, Inc. 1 105,300 679,185
- -----------------------------------------------------------------------------
UniFirst Corp. 1,400 33,194
- -----------------------------------------------------------------------------
Vans, Inc. 1 46,700 532,847
- -----------------------------------------------------------------------------
Warnaco Group,
Inc. (The) 1 125,700 2,004,915
- -----------------------------------------------------------------------------
Weyco Group, Inc. 3,200 107,677
- -----------------------------------------------------------------------------
Wolverine World
Wide, Inc. 158,800 3,236,344
--------------
32,535,704
- -----------------------------------------------------------------------------
CONSUMER STAPLES--2.6%
- -----------------------------------------------------------------------------
BEVERAGES--0.0%
Coca-Cola Bottling
Co. Consolidated 3,300 176,517
- -----------------------------------------------------------------------------
National
Beverage Corp. 1 8,400 136,920
--------------
313,437
- -----------------------------------------------------------------------------
FOOD & STAPLES RETAILING--0.6%
Arden Group,
Inc., Cl. A 5,307 411,293
- -----------------------------------------------------------------------------
BJ's Wholesale
Club, Inc. 1 23,700 544,152
- -----------------------------------------------------------------------------
Casey's General
Stores, Inc. 35,259 622,674
- -----------------------------------------------------------------------------
Central European
Distribution Corp. 1 28,700 906,920
- -----------------------------------------------------------------------------
Chronimed, Inc. 1 130,300 1,104,944
- -----------------------------------------------------------------------------
Ingles Markets,
Inc., Cl. A 5,900 60,593
- -----------------------------------------------------------------------------
Longs Drug
Stores, Inc. 25,300 625,922
- -----------------------------------------------------------------------------
Pantry, Inc.
(The) 1 35,100 796,770
- -----------------------------------------------------------------------------
Pathmark
Stores, Inc. 1 98,900 751,640
- -----------------------------------------------------------------------------
Penn Traffic
Co. (The) 1 1,200 36
- -----------------------------------------------------------------------------
Ruddick Corp. 44,500 796,550
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
FOOD & STAPLES RETAILING Continued
Smart & Final, Inc. 1 49,700 $ 500,976
- -----------------------------------------------------------------------------
Weis Markets, Inc. 73,100 2,653,530
- -----------------------------------------------------------------------------
Winn-Dixie
Stores, Inc. 77,300 769,135
--------------
10,545,135
- -----------------------------------------------------------------------------
FOOD PRODUCTS--1.0%
Alico, Inc. 2,000 69,520
- -----------------------------------------------------------------------------
Central Garden &
Pet Co. 1 22,200 622,266
- -----------------------------------------------------------------------------
Chiquita Brands
International, Inc. 1 144,000 3,244,320
- -----------------------------------------------------------------------------
Corn Products
International, Inc. 15,200 523,640
- -----------------------------------------------------------------------------
Del Monte
Foods Co. 1 23,900 248,560
- -----------------------------------------------------------------------------
Flowers Foods, Inc. 168,100 4,336,980
- -----------------------------------------------------------------------------
Horizon Organic
Holding Corp. 1 3,500 83,825
- -----------------------------------------------------------------------------
International
Multifoods Corp. 1 17,800 320,400
- -----------------------------------------------------------------------------
J&J Snack
Foods Corp. 1 28,900 1,091,264
- -----------------------------------------------------------------------------
M&F
Worldwide Corp. 1 153,100 2,045,416
- -----------------------------------------------------------------------------
Maui Land &
Pineapple Co. 1 2,500 86,450
- -----------------------------------------------------------------------------
Omega
Protein Corp. 1 212,600 1,641,272
- -----------------------------------------------------------------------------
Peet's Coffee &
Tea, Inc. 1 69,500 1,209,995
- -----------------------------------------------------------------------------
Sanderson Farms, Inc. 66,400 2,675,920
- -----------------------------------------------------------------------------
Sanfilippo (John B.)
& Son, Inc. 1 3,600 183,744
- -----------------------------------------------------------------------------
Seaboard Corp. 2,100 592,200
- -----------------------------------------------------------------------------
Seneca Foods
Corp., Cl. A 1 200 4,300
- -----------------------------------------------------------------------------
Zapata Corp. 1 1,800 104,382
--------------
19,084,454
- -----------------------------------------------------------------------------
HOUSEHOLD PRODUCTS--0.5%
Chattem, Inc. 1 54,300 971,970
- -----------------------------------------------------------------------------
Energizer
Holdings, Inc. 1 19,500 732,420
- -----------------------------------------------------------------------------
Nu Skin Asia
Pacific, Inc., Cl. A 5,400 92,286
13 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS UNAUDITED / CONTINUED
- -----------------------------------------------------------------------------
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
HOUSEHOLD PRODUCTS Continued
Rayovac Corp. 1 161,900 $ 3,391,805
- -----------------------------------------------------------------------------
Revlon, Inc., Cl. A 1 2,600 5,824
- -----------------------------------------------------------------------------
WD-40 Co. 105,400 3,726,944
--------------
8,921,249
- -----------------------------------------------------------------------------
PERSONAL PRODUCTS--0.4%
Del
Laboratories, Inc. 48,891 1,222,275
- -----------------------------------------------------------------------------
First Years, Inc. (The) 20,100 300,294
- -----------------------------------------------------------------------------
Nature's Sunshine
Products, Inc. 12,800 108,160
- -----------------------------------------------------------------------------
NBTY, Inc. 1 12,200 327,692
- -----------------------------------------------------------------------------
USANA Health
Sciences, Inc. 1 164,200 5,024,520
--------------
6,982,941
- -----------------------------------------------------------------------------
TOBACCO--0.1%
Standard
Commercial Corp. 11,100 222,777
- -----------------------------------------------------------------------------
Star Scientific, Inc. 1 15,900 29,256
- -----------------------------------------------------------------------------
Universal Corp. 25,900 1,144,003
- -----------------------------------------------------------------------------
Vector Group Ltd. 5,600 91,392
--------------
1,487,428
- -----------------------------------------------------------------------------
ENERGY--5.9%
- -----------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES--1.0%
Carbo Ceramics, Inc. 5,700 292,125
- -----------------------------------------------------------------------------
CHC Helicopter
Corp., Cl. A 29,300 748,230
- -----------------------------------------------------------------------------
Ensign Resource
Service Group, Inc. 157,300 2,507,549
- -----------------------------------------------------------------------------
Gulf Island
Fabrication, Inc. 1 34,600 589,238
- -----------------------------------------------------------------------------
Gulfmark
Offshore, Inc. 1 19,400 271,600
- -----------------------------------------------------------------------------
Key Energy
Services, Inc. 1 238,900 2,463,059
- -----------------------------------------------------------------------------
Matrix Service Co. 1 120,800 2,192,520
- -----------------------------------------------------------------------------
Oil States
International, Inc. 1 248,800 3,468,272
- -----------------------------------------------------------------------------
Pason Systems, Inc. 40,000 780,035
- -----------------------------------------------------------------------------
Seabulk
International, Inc. 1 5,200 42,224
- -----------------------------------------------------------------------------
Tesco Corp. 1 99,100 809,058
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES Continued
Trican Well
Service Ltd. 1 147,600 $ 3,163,877
- -----------------------------------------------------------------------------
Unit Corp. 1 10,500 247,275
--------------
17,575,062
- -----------------------------------------------------------------------------
OIL & GAS--4.9%
BlackRock
Ventures, Inc. 1 765,000 2,456,761
- -----------------------------------------------------------------------------
Brown (Tom), Inc. 1 34,400 1,109,400
- -----------------------------------------------------------------------------
Cabot Oil & Gas
Corp., Cl. A 40,900 1,200,415
- -----------------------------------------------------------------------------
Callon
Petroleum Co. 1 100,600 1,043,222
- -----------------------------------------------------------------------------
Canadian Natural
Resources Ltd. 1,402 70,717
- -----------------------------------------------------------------------------
Canadian Superior
Energy, Inc. 1 1,466,224 3,698,890
- -----------------------------------------------------------------------------
Chesapeake Energy
Corp. 150,000 2,037,000
- -----------------------------------------------------------------------------
Cimarex Energy Co. 1 104,870 2,798,980
- -----------------------------------------------------------------------------
Clear Energy, Inc. 1 377,566 1,037,229
- -----------------------------------------------------------------------------
Compton
Petroleum Corp. 1 249,500 1,158,445
- -----------------------------------------------------------------------------
Comstock
Resources, Inc. 1 214,800 4,145,640
- -----------------------------------------------------------------------------
Crew Energy, Inc. 1 127,729 374,612
- -----------------------------------------------------------------------------
Denbury
Resources, Inc. 1 239,400 3,330,054
- -----------------------------------------------------------------------------
Dominion Resources
Black Warrior Trust 5,000 142,500
- -----------------------------------------------------------------------------
Encore
Acquisition Co. 1 21,100 520,115
- -----------------------------------------------------------------------------
Energy Partners Ltd. 1 103,000 1,431,700
- -----------------------------------------------------------------------------
Esprit
Exploration Ltd. 1,2 428,200 921,181
- -----------------------------------------------------------------------------
Esprit
Exploration Ltd. 1 393,800 847,177
- -----------------------------------------------------------------------------
Frontier Oil Corp. 201,700 3,473,274
- -----------------------------------------------------------------------------
Holly Corp. 92,900 2,554,750
- -----------------------------------------------------------------------------
Houston
Exploration Co. 1 65,100 2,377,452
- -----------------------------------------------------------------------------
Impact Energy, Inc. 1 1,259,400 1,315,682
- -----------------------------------------------------------------------------
Kaneb Services LLC 10,500 334,635
- -----------------------------------------------------------------------------
Ketch Resources Ltd. 1 171,900 1,197,214
- -----------------------------------------------------------------------------
Magnum Hunter
Resources, Inc. 1 125,000 1,188,750
14 | OPPENHEIMER MAIN STREET SMALL CAP FUND
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
OIL & GAS Continued
Maritrans, Inc. 49,500 $ 827,145
- -----------------------------------------------------------------------------
McMoRan
Exploration Co. 1 47,700 894,375
- -----------------------------------------------------------------------------
Meridian Resource
Corp. (The) 1 206,900 1,228,986
- -----------------------------------------------------------------------------
North Coast
Energy, Inc. 1 4,200 44,902
- -----------------------------------------------------------------------------
Nuevo Energy Co. 1 57,900 1,399,443
- -----------------------------------------------------------------------------
OMI Corp. 1 478,300 4,271,219
- -----------------------------------------------------------------------------
Overseas
Shipholding
Group, Inc. 29,600 1,007,880
- -----------------------------------------------------------------------------
Paramount
Resources Ltd. 220,000 1,779,068
- -----------------------------------------------------------------------------
Patina Oil &
Gas Corp. 75,187 3,683,411
- -----------------------------------------------------------------------------
Penn Virginia Corp. 60,700 3,377,955
- -----------------------------------------------------------------------------
Petroleum
Development Corp. 1 10,500 248,850
- -----------------------------------------------------------------------------
Pogo Producing Co. 13,100 632,730
- -----------------------------------------------------------------------------
Prima Energy Corp. 1 2,000 70,320
- -----------------------------------------------------------------------------
Progress Energy Ltd. 1 240,500 2,312,411
- -----------------------------------------------------------------------------
Purcell Energy Ltd. 1 95,000 187,464
- -----------------------------------------------------------------------------
Range Resources
Corp. 1 55,000 519,750
- -----------------------------------------------------------------------------
Real Resources, Inc. 1 150,300 639,698
- -----------------------------------------------------------------------------
Remington Oil &
Gas Corp. 1 109,600 2,158,024
- -----------------------------------------------------------------------------
Resource America,
Inc., Cl. A 9,900 148,500
- -----------------------------------------------------------------------------
Rio Alto Resources
International, Inc. 1 479,300 330,104
- -----------------------------------------------------------------------------
St. Mary Land &
Exploration Co. 20,900 595,650
- -----------------------------------------------------------------------------
StarPoint Energy
Ltd. 1 77,800 271,525
- -----------------------------------------------------------------------------
Stelmar Shipping
Ltd. 37,900 828,494
- -----------------------------------------------------------------------------
Stone Energy Corp. 1 91,100 3,867,195
- -----------------------------------------------------------------------------
Swift Energy Co. 1 41,500 699,275
- -----------------------------------------------------------------------------
Tesoro Petroleum
Corp. 1 329,200 4,796,444
- -----------------------------------------------------------------------------
TransMontaigne,
Inc. 1 2,900 18,705
- -----------------------------------------------------------------------------
Tusk Energy, Inc. 1 225,000 658,154
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
OIL & GAS Continued
Upton Resources,
Inc. 1 400,000 $ 1,507,448
- -----------------------------------------------------------------------------
Western Gas
Resources, Inc. 69,200 3,269,700
- -----------------------------------------------------------------------------
Whiting Petroleum
Corp. 1 48,700 896,080
- -----------------------------------------------------------------------------
Williams (Clayton)
Energy, Inc. 1 10,200 296,514
- -----------------------------------------------------------------------------
World Fuel Services
Corp. 103,800 3,524,010
--------------
87,757,224
- -----------------------------------------------------------------------------
FINANCIALS--16.6%
- -----------------------------------------------------------------------------
CAPITAL MARKETS--0.1%
National Financial
Partners Corp. 41,600 1,146,080
- -----------------------------------------------------------------------------
SWS Group, Inc. 41,800 744,040
--------------
1,890,120
- -----------------------------------------------------------------------------
COMMERCIAL BANKS--9.6%
Allegiant
Bancorp, Inc. 19,300 541,365
- -----------------------------------------------------------------------------
Alliance Financial
Corp. 15,900 507,687
- -----------------------------------------------------------------------------
AmericanWest
Bancorporation 47,100 1,073,880
- -----------------------------------------------------------------------------
Anchor BanCorp
Wisconsin, Inc. 127,200 3,167,280
- -----------------------------------------------------------------------------
Arrow
Financial Corp. 16,841 467,675
- -----------------------------------------------------------------------------
Bank of the
Ozarks, Inc. 21,000 472,710
- -----------------------------------------------------------------------------
BankAtlantic
Bancorp, Inc. 22,400 425,600
- -----------------------------------------------------------------------------
BankUnited
Financial Corp., Cl. A 1 48,400 1,248,236
- -----------------------------------------------------------------------------
Banner Corp. 3,000 75,450
- -----------------------------------------------------------------------------
Bay View
Capital Corp. 87,200 186,608
- -----------------------------------------------------------------------------
Berkshire Hills
Bancorp, Inc. 25,600 926,720
- -----------------------------------------------------------------------------
BFC Financial
Corp., Cl. A 1 2,350 32,759
- -----------------------------------------------------------------------------
Brookline
Bancorp, Inc. 119,865 1,838,729
- -----------------------------------------------------------------------------
Bryn Mawr
Bank Corp. 4,600 112,654
15 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS UNAUDITED / CONTINUED
- -----------------------------------------------------------------------------
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
COMMERCIAL BANKS Continued
BSB Bancorp, Inc. 1,400 $ 55,300
- -----------------------------------------------------------------------------
C&F Financial Corp. 3,700 146,890
- -----------------------------------------------------------------------------
Camco
Financial Corp. 23,900 414,187
- -----------------------------------------------------------------------------
Camden
National Corp. 6,100 185,196
- -----------------------------------------------------------------------------
Capital City Bank
Group, Inc. 18,025 828,970
- -----------------------------------------------------------------------------
Capital Corp of
the West 4,700 186,308
- -----------------------------------------------------------------------------
Capital
Crossing Bank 1 6,200 293,514
- -----------------------------------------------------------------------------
Capitol Bancorp Ltd. 30,000 852,000
- -----------------------------------------------------------------------------
Cascade Bancorp 16,300 313,938
- -----------------------------------------------------------------------------
Cavalry Bancorp, Inc. 3,400 59,738
- -----------------------------------------------------------------------------
CB Bancshares, Inc. 30,943 1,948,635
- -----------------------------------------------------------------------------
Chemical
Financial Corp. 4,895 178,129
- -----------------------------------------------------------------------------
Chester Valley
Bancorp, Inc. 1,845 42,730
- -----------------------------------------------------------------------------
Citizens First
Bancorp, Inc. 29,300 668,040
- -----------------------------------------------------------------------------
City Holding Co. 54,700 1,914,500
- -----------------------------------------------------------------------------
CNB Financial Corp. 4,200 176,736
- -----------------------------------------------------------------------------
CNB Florida
Bancshares, Inc. 8,300 190,900
- -----------------------------------------------------------------------------
Coastal Bancorp, Inc. 1,000 41,110
- -----------------------------------------------------------------------------
Coastal
Financial Corp. 5,268 92,928
- -----------------------------------------------------------------------------
Columbia Bancorp,
Eastern US 9,600 306,720
- -----------------------------------------------------------------------------
Columbia Banking
System, Inc. 114,500 2,480,070
- -----------------------------------------------------------------------------
Commercial
Bankshares, Inc. 800 26,848
- -----------------------------------------------------------------------------
Community Bank of
Northern Virginia 2,100 39,858
- -----------------------------------------------------------------------------
Community Bank
System, Inc. 64,200 3,145,800
- -----------------------------------------------------------------------------
Community
Banks, Inc. 1,000 39,310
- -----------------------------------------------------------------------------
Community First
Bankshares, Inc. 123,000 3,559,620
- -----------------------------------------------------------------------------
Community Trust
Bancorp, Inc. 12,980 391,996
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
COMMERCIAL BANKS Continued
Connecticut
Bancshares, Inc. 46,100 $ 2,375,994
- -----------------------------------------------------------------------------
CVB Financial Corp. 50,331 970,885
- -----------------------------------------------------------------------------
Dime Community
Bancshares, Inc. 111,750 3,437,430
- -----------------------------------------------------------------------------
East West
Bancorp, Inc. 75,800 4,068,944
- -----------------------------------------------------------------------------
ESB Financial Corp. 3,400 55,726
- -----------------------------------------------------------------------------
EverTrust Financial
Group, Inc. 2,500 79,600
- -----------------------------------------------------------------------------
Exchange National
Bancshares, Inc. 2,550 92,183
- -----------------------------------------------------------------------------
Fidelity
Bankshares, Inc. 88,465 2,777,801
- -----------------------------------------------------------------------------
First BanCorp,
Puerto Rico 89,100 3,523,905
- -----------------------------------------------------------------------------
First Busey Corp. 2,800 75,600
- -----------------------------------------------------------------------------
First Citizens
Banc Corp 2,300 65,320
- -----------------------------------------------------------------------------
First Citizens
BancShares, Inc., Cl. A 8,300 1,008,699
- -----------------------------------------------------------------------------
First Community
Bancshares, Inc. 36,430 1,208,019
- -----------------------------------------------------------------------------
First Defiance
Financial Corp. 13,700 365,105
- -----------------------------------------------------------------------------
First Essex
Bancorp, Inc. 8,300 482,562
- -----------------------------------------------------------------------------
First Federal
Capital Corp. 73,500 1,655,220
- -----------------------------------------------------------------------------
First Federal
Financial Corp.
of Kentucky 4,779 120,192
- -----------------------------------------------------------------------------
First Financial Corp. 9,200 276,092
- -----------------------------------------------------------------------------
First Financial
Holdings, Inc. 53,800 1,681,788
- -----------------------------------------------------------------------------
First Indiana Corp. 9,000 168,750
- -----------------------------------------------------------------------------
First M&F Corp. 3,200 121,280
- -----------------------------------------------------------------------------
First
Merchants Corp. 27,210 694,399
- -----------------------------------------------------------------------------
First National Corp. 5,900 177,059
- -----------------------------------------------------------------------------
First Niagara Financial
Group, Inc. 50,399 751,449
- -----------------------------------------------------------------------------
First Oak Brook
Bancshares, Inc. 8,850 265,589
- -----------------------------------------------------------------------------
First of Long Island
Corp. (The) 2,500 107,500
16 | OPPENHEIMER MAIN STREET SMALL CAP FUND
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
COMMERCIAL BANKS Continued
First Place
Financial Corp. 39,300 $ 767,529
- -----------------------------------------------------------------------------
First Republic Bank 95,900 3,433,220
- -----------------------------------------------------------------------------
First SecurityFed
Financial, Inc. 2,500 75,850
- -----------------------------------------------------------------------------
First Sentinel
Bancorp, Inc. 36,100 760,266
- -----------------------------------------------------------------------------
First South
Bancorp, Inc. 2,800 102,200
- -----------------------------------------------------------------------------
First United Corp. 2,700 65,799
- -----------------------------------------------------------------------------
Firstbank Corp. 7,195 224,196
- -----------------------------------------------------------------------------
FirstFed America
Bancorp, Inc. 69,600 1,811,688
- -----------------------------------------------------------------------------
FirstFed
Financial Corp. 1 85,100 3,701,850
- -----------------------------------------------------------------------------
Flagstar Bancorp, Inc. 151,200 3,238,704
- -----------------------------------------------------------------------------
Flushing
Financial Corp. 83,190 1,520,713
- -----------------------------------------------------------------------------
FMS Financial Corp. 800 14,400
- -----------------------------------------------------------------------------
FNB Corp.,
North Carolina 7,000 148,260
- -----------------------------------------------------------------------------
Foothill Independent
Bancorp 5,900 139,594
- -----------------------------------------------------------------------------
Franklin
Financial Corp. 1,400 43,008
- -----------------------------------------------------------------------------
Frontier
Financial Corp. 10,200 338,232
- -----------------------------------------------------------------------------
GB&T
Bancshares, Inc. 2,100 49,623
- -----------------------------------------------------------------------------
German American
Bancorp 2,640 46,200
- -----------------------------------------------------------------------------
Glacier Bancorp, Inc. 57,500 1,863,000
- -----------------------------------------------------------------------------
Great Southern
Bancorp, Inc. 400 18,548
- -----------------------------------------------------------------------------
Hancock Holding Co. 7,000 381,990
- -----------------------------------------------------------------------------
Hanmi
Financial Corp. 51,300 1,014,201
- -----------------------------------------------------------------------------
Harbor Florida
Bancshares, Inc. 108,000 3,208,680
- -----------------------------------------------------------------------------
Harleysville
National Corp. 40,150 1,208,515
- -----------------------------------------------------------------------------
Hawthorne
Financial Corp. 1 63,350 1,772,533
- -----------------------------------------------------------------------------
Heritage
Commerce Corp. 1 1,100 13,475
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
COMMERCIAL BANKS Continued
Heritage
Financial Corp. 5,100 $ 111,588
- -----------------------------------------------------------------------------
Home Federal
Bancorp 38,300 1,079,294
- -----------------------------------------------------------------------------
Horizon
Financial Corp. 6,100 106,811
- -----------------------------------------------------------------------------
Hudson River
Bancorp, Inc. 3,100 120,993
- -----------------------------------------------------------------------------
Hudson United
Bancorp 3,300 121,935
- -----------------------------------------------------------------------------
Humboldt Bancorp 2,100 36,792
- -----------------------------------------------------------------------------
IBERIABANK Corp. 50,450 2,976,550
- -----------------------------------------------------------------------------
IBT Bancorp, Inc. 3,900 230,997
- -----------------------------------------------------------------------------
Independence
Community
Bank Corp. 19,100 687,027
- -----------------------------------------------------------------------------
Independent Bank
Corp., Massachusetts 26,400 760,848
- -----------------------------------------------------------------------------
Independent Bank
Corp., Michigan 81,815 2,320,273
- -----------------------------------------------------------------------------
Indymac Mortgage
Holdings, Inc. 60,000 1,787,400
- -----------------------------------------------------------------------------
International
Bancshares Corp. 26,456 1,247,400
- -----------------------------------------------------------------------------
Irwin Financial Corp. 88,100 2,766,340
- -----------------------------------------------------------------------------
ITLA Capital Corp. 1 58,000 2,905,800
- -----------------------------------------------------------------------------
Klamath First
Bancorp, Inc. 1,342 35,617
- -----------------------------------------------------------------------------
Lakeland Financial
Corp. 300 10,596
- -----------------------------------------------------------------------------
LNB Bancorp, Inc. 11,100 225,330
- -----------------------------------------------------------------------------
Local Financial
Corp. 1 73,000 1,521,320
- -----------------------------------------------------------------------------
Macatawa
Bank Corp. 10,935 309,570
- -----------------------------------------------------------------------------
MAF Bancorp, Inc. 149,667 6,271,047
- -----------------------------------------------------------------------------
MainSource
Financial Group, Inc. 5,145 157,797
- -----------------------------------------------------------------------------
Massbank Corp. 2,300 97,980
- -----------------------------------------------------------------------------
MB Financial, Inc. 21,150 769,860
- -----------------------------------------------------------------------------
MBT Financial Corp. 960 15,850
- -----------------------------------------------------------------------------
Middleburg
Financial Corp. 2,900 116,000
- -----------------------------------------------------------------------------
MutualFirst
Financial, Inc. 8,300 210,322
- -----------------------------------------------------------------------------
Nara Bancorp, Inc. 87,600 2,391,480
17 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS UNAUDITED / CONTINUED
- -----------------------------------------------------------------------------
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
COMMERCIAL BANKS Continued
NASB Financial, Inc. 19,558 $ 819,676
- -----------------------------------------------------------------------------
National
Bankshares, Inc. 13,100 658,210
- -----------------------------------------------------------------------------
National Penn
Bancshares, Inc. 89 2,859
- -----------------------------------------------------------------------------
NBC Capital Corp. 300 8,001
- -----------------------------------------------------------------------------
NBT Bancorp, Inc. 76,500 1,640,160
- -----------------------------------------------------------------------------
Net.B@nk, Inc. 208,100 2,778,135
- -----------------------------------------------------------------------------
NewMil Bancorp, Inc. 2,000 58,100
- -----------------------------------------------------------------------------
Oak Hill Financial, Inc. 9,100 280,371
- -----------------------------------------------------------------------------
OceanFirst
Financial Corp. 32,600 885,416
- -----------------------------------------------------------------------------
Old Point
Financial Corp. 500 15,855
- -----------------------------------------------------------------------------
Old Second
Bancorp, Inc. 6,800 336,600
- -----------------------------------------------------------------------------
Oneida
Financial Corp. 1,515 33,498
- -----------------------------------------------------------------------------
Oriental Financial
Group, Inc. 104,472 2,684,930
- -----------------------------------------------------------------------------
Pacific Capital
Bancorp 118,800 4,374,216
- -----------------------------------------------------------------------------
Parkvale
Financial Corp. 7,200 193,320
- -----------------------------------------------------------------------------
Patriot Bank Corp. 6,800 194,548
- -----------------------------------------------------------------------------
Peapack-Gladstone
Financial Corp. 2,400 74,400
- -----------------------------------------------------------------------------
PennFed Financial
Services, Inc. 13,700 458,950
- -----------------------------------------------------------------------------
PennRock Financial
Services Corp. 11,880 369,230
- -----------------------------------------------------------------------------
Penns Woods
Bancorp, Inc. 2,200 102,740
- -----------------------------------------------------------------------------
PFF Bancorp, Inc. 71,980 2,611,434
- -----------------------------------------------------------------------------
PrivateBancorp, Inc. 10,200 464,304
- -----------------------------------------------------------------------------
Progress
Financial Corp. 12,810 395,060
- -----------------------------------------------------------------------------
Prosperity
Bancshares, Inc. 40,900 921,068
- -----------------------------------------------------------------------------
Provident
Bancorp, Inc. 1,800 84,600
- -----------------------------------------------------------------------------
Provident
Bankshares Corp. 27,700 815,488
- -----------------------------------------------------------------------------
Provident Financial
Holdings, Inc. 4,200 152,334
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
COMMERCIAL BANKS Continued
Provident Financial
Services, Inc. 9,600 $ 181,440
- -----------------------------------------------------------------------------
Quaker City
Bancorp, Inc. 25,425 1,183,534
- -----------------------------------------------------------------------------
R&G Financial
Corp., Cl. B 120,600 4,799,880
- -----------------------------------------------------------------------------
Redwood Empire
Bancorp 30,450 809,209
- -----------------------------------------------------------------------------
Republic
Bancorp, Inc. 57,057 769,699
- -----------------------------------------------------------------------------
Republic Bancorp,
Inc., Cl. A 56,150 1,097,171
- -----------------------------------------------------------------------------
Republic
Bancshares, Inc. 2,600 81,822
- -----------------------------------------------------------------------------
Resource
Bankshares Corp. 600 18,918
- -----------------------------------------------------------------------------
S&T Bancorp, Inc. 69,900 2,090,010
- -----------------------------------------------------------------------------
S.Y. Bancorp, Inc. 3,800 78,128
- -----------------------------------------------------------------------------
Sandy Spring
Bancorp, Inc. 41,300 1,544,620
- -----------------------------------------------------------------------------
Seacoast Banking
Corp. of Florida 67,470 1,171,279
- -----------------------------------------------------------------------------
Second Bancorp, Inc. 12,600 332,640
- -----------------------------------------------------------------------------
Shore Bancshares, Inc. 2,100 79,989
- -----------------------------------------------------------------------------
Sierra Bancorp 2,700 42,336
- -----------------------------------------------------------------------------
Simmons First
National Corp. 11,100 309,690
- -----------------------------------------------------------------------------
Sky Financial
Group, Inc. 5,600 145,264
- -----------------------------------------------------------------------------
Sound Federal
Bancorp, Inc. 28,800 448,992
- -----------------------------------------------------------------------------
Southern Financial
Bancorp, Inc. 36,348 1,565,508
- -----------------------------------------------------------------------------
Southside
Bancshares, Inc. 1,000 18,500
- -----------------------------------------------------------------------------
Southwest Bancorp
of Texas, Inc. 14,000 543,900
- -----------------------------------------------------------------------------
Southwest
Bancorp, Inc. 64,100 1,146,108
- -----------------------------------------------------------------------------
State Bancorp, Inc. 38,889 943,447
- -----------------------------------------------------------------------------
State Financial
Services Corp. 15,600 414,336
- -----------------------------------------------------------------------------
Sterling Bancorp,
New York 94,825 2,702,513
- -----------------------------------------------------------------------------
Sterling
Financial Corp. 116,660 3,993,272
18 | OPPENHEIMER MAIN STREET SMALL CAP FUND
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
COMMERCIAL BANKS Continued
Sterling Financial
Corp., Eastern US 7,400 $ 205,350
- -----------------------------------------------------------------------------
Sun Bancorp, Inc.,
New Jersey 48,535 1,281,324
- -----------------------------------------------------------------------------
Texas Capital
Bancshares, Inc. 1 11,200 161,974
- -----------------------------------------------------------------------------
Troy Financial Corp. 22,975 804,125
- -----------------------------------------------------------------------------
Trust Co. of
New Jersey (The) 15,800 626,944
- -----------------------------------------------------------------------------
U.S.B. Holding
Co., Inc. 3,885 75,330
- -----------------------------------------------------------------------------
Union
Bankshares Corp. 17,800 542,900
- -----------------------------------------------------------------------------
Union
Bankshares, Inc. 3,600 95,220
- -----------------------------------------------------------------------------
United
Bankshares, Inc. 3,300 102,960
- -----------------------------------------------------------------------------
United Community
Financial Corp. 12,000 136,920
- -----------------------------------------------------------------------------
United Security
Bancshares, Inc.,
Southern US 3,600 104,220
- -----------------------------------------------------------------------------
United Security
Bancshares, Inc.,
Western US 1,200 32,736
- -----------------------------------------------------------------------------
Univest Corp. of
Pennsylvania 2,800 118,720
- -----------------------------------------------------------------------------
Virginia Commerce
Bancorp, Inc. 1 10,400 333,112
- -----------------------------------------------------------------------------
W. Holding Co., Inc. 74,511 1,386,650
- -----------------------------------------------------------------------------
Washington Trust
Bancorp, Inc. 4,000 104,800
- -----------------------------------------------------------------------------
Waypoint
Financial Corp. 80,585 1,747,889
- -----------------------------------------------------------------------------
West Coast Bancorp 1,700 36,278
- -----------------------------------------------------------------------------
Westcorp 43,700 1,597,235
- -----------------------------------------------------------------------------
Willow Grove
Bancorp, Inc. 74,800 1,328,448
- -----------------------------------------------------------------------------
Wilshire State Bank 9,000 174,771
- -----------------------------------------------------------------------------
WSFS Financial Corp. 51,100 2,291,835
- -----------------------------------------------------------------------------
Yadkin Valley Bank
& Trust Co. 2,000 34,200
--------------
172,869,155
- -----------------------------------------------------------------------------
CONSUMER FINANCE--0.4%
Education Lending
Group, Inc. 1 105,000 1,405,950
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
CONSUMER FINANCE Continued
First Marblehead
Corp. (The) 1 141,700 $ 3,100,396
- -----------------------------------------------------------------------------
Nelnet, Inc., Cl. A 1 72,500 1,624,000
- -----------------------------------------------------------------------------
Rewards
Network, Inc. 1 15,600 166,296
--------------
6,296,642
- -----------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES--2.1%
Ace Cash
Express, Inc. 1 20,600 437,915
- -----------------------------------------------------------------------------
Affiliated Managers
Group, Inc. 1 84,300 5,866,437
- -----------------------------------------------------------------------------
California First
National Bancorp 5,800 82,940
- -----------------------------------------------------------------------------
Cash America
International, Inc. 235,900 4,996,362
- -----------------------------------------------------------------------------
Chicago Mercantile
Exchange (The) 20,900 1,512,324
- -----------------------------------------------------------------------------
CompuCredit Corp. 1 223,700 4,760,336
- -----------------------------------------------------------------------------
Credit
Acceptance Corp. 1 87,600 1,340,280
- -----------------------------------------------------------------------------
First Albany
Cos., Inc. 47,600 668,304
- -----------------------------------------------------------------------------
First Cash Financial
Services, Inc. 1 126,300 3,238,458
- -----------------------------------------------------------------------------
Knight Trading
Group, Inc. 1 363,100 5,315,784
- -----------------------------------------------------------------------------
Marlin Business
Services, Inc. 1 94,000 1,635,600
- -----------------------------------------------------------------------------
MCG Capital Corp. 10,000 195,000
- -----------------------------------------------------------------------------
Medallion
Financial Corp. 9,600 91,104
- -----------------------------------------------------------------------------
Metris Cos., Inc. 1 318,500 1,414,140
- -----------------------------------------------------------------------------
Newtek Business
Services, Inc. 1 44,100 306,054
- -----------------------------------------------------------------------------
Piper Jaffray
Cos., Inc. 1 47,500 1,974,575
- -----------------------------------------------------------------------------
Sanders Morris
Harris Group, Inc. 11,600 143,840
- -----------------------------------------------------------------------------
United PanAm
Financial Corp. 1 12,300 205,533
- -----------------------------------------------------------------------------
WFS Financial, Inc. 1 31,600 1,341,736
- -----------------------------------------------------------------------------
World
Acceptance Corp. 1 128,400 2,556,444
--------------
38,083,166
19 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS UNAUDITED / CONTINUED
- -----------------------------------------------------------------------------
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
INSURANCE--2.8%
Alfa Corp. 94,200 $ 1,211,412
- -----------------------------------------------------------------------------
Allmerica
Financial Corp. 1 153,000 4,707,810
- -----------------------------------------------------------------------------
American Medical
Security Group, Inc. 1 115,600 2,591,752
- -----------------------------------------------------------------------------
American Physicians
Capital, Inc. 1 15,400 283,360
- -----------------------------------------------------------------------------
AmerUs Group Co. 137,500 4,808,375
- -----------------------------------------------------------------------------
Arch Capital
Group Ltd. 1 85,100 3,392,086
- -----------------------------------------------------------------------------
Argonaut
Group, Inc. 1 39,700 616,938
- -----------------------------------------------------------------------------
Aspen Insurance
Holdings Ltd. 1 42,800 1,061,868
- -----------------------------------------------------------------------------
Baldwin & Lyons, Inc.,
Cl. B, Non-Vtg. 7,100 199,226
- -----------------------------------------------------------------------------
Ceres Group, Inc. 1 31,300 182,792
- -----------------------------------------------------------------------------
Citizens, Inc. 15,003 141,478
- -----------------------------------------------------------------------------
Crawford & Co.,
Cl. A, Non-Vtg. 16,900 119,821
- -----------------------------------------------------------------------------
Delphi Financial
Group, Inc., Cl. A 115,650 4,163,400
- -----------------------------------------------------------------------------
Direct General Corp. 23,000 761,300
- -----------------------------------------------------------------------------
Donegal Group,
Inc., Cl. A 50,800 1,118,616
- -----------------------------------------------------------------------------
EMC Insurance
Group, Inc. 4,200 88,788
- -----------------------------------------------------------------------------
Enstar Group, Inc.
(The) 1 2,100 98,807
- -----------------------------------------------------------------------------
FBL Financial Group,
Inc., Cl. A 48,200 1,243,560
- -----------------------------------------------------------------------------
Fidelity National
Financial, Inc. 29,771 1,154,519
- -----------------------------------------------------------------------------
Financial
Industries Corp. 3,900 54,990
- -----------------------------------------------------------------------------
FPIC Insurance
Group, Inc. 1 2,700 67,743
- -----------------------------------------------------------------------------
Great American
Financial
Resources, Inc. 16,800 272,496
- -----------------------------------------------------------------------------
Hub
International Ltd. 8,400 140,784
- -----------------------------------------------------------------------------
Independence
Holding Co. 4,300 102,856
- -----------------------------------------------------------------------------
IPC Holdings Ltd. 9,700 377,718
- -----------------------------------------------------------------------------
Kansas City Life
Insurance Co. 2,300 106,260
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
INSURANCE Continued
LandAmerica
Financial Group, Inc. 102,700 $ 5,367,102
- -----------------------------------------------------------------------------
National Western
Life Insurance Co.,
Cl. A 1 4,800 743,280
- -----------------------------------------------------------------------------
Navigators Group,
Inc. (The) 1 17,300 534,051
- -----------------------------------------------------------------------------
Ohio
Casualty Corp. 1 114,900 1,994,664
- -----------------------------------------------------------------------------
Penn-America
Group, Inc. 6,900 91,563
- -----------------------------------------------------------------------------
Phoenix Cos.,
Inc. (The) 212,600 2,559,704
- -----------------------------------------------------------------------------
PMA Capital
Corp., Cl. A 99,100 507,392
- -----------------------------------------------------------------------------
Presidential
Life Corp. 26,200 344,792
- -----------------------------------------------------------------------------
Reinsurance Group
of America, Inc. 27,000 1,043,550
- -----------------------------------------------------------------------------
RLI Corp. 5,900 221,014
- -----------------------------------------------------------------------------
StanCorp Financial
Group, Inc. 9,500 597,360
- -----------------------------------------------------------------------------
State Auto
Financial Corp. 31,800 743,802
- -----------------------------------------------------------------------------
Stewart Information
Services Corp. 121,300 4,918,715
- -----------------------------------------------------------------------------
Universal American
Financial Corp. 1 201,000 1,991,910
--------------
50,727,654
- -----------------------------------------------------------------------------
REAL ESTATE--0.7%
Agree Realty Corp. 48,300 1,365,924
- -----------------------------------------------------------------------------
American Financial
Realty Trust 93,200 1,589,060
- -----------------------------------------------------------------------------
Avatar Holdings, Inc. 1 2,500 92,350
- -----------------------------------------------------------------------------
Bluegreen Corp. 1 89,000 555,360
- -----------------------------------------------------------------------------
Capital
Automotive REIT 9,700 310,400
- -----------------------------------------------------------------------------
Capital
Trust, Cl. A 7,400 167,980
- -----------------------------------------------------------------------------
Chelsea Property
Group, Inc. 5,800 317,898
- -----------------------------------------------------------------------------
Consolidated-Tomoka
Land Co. 5,600 183,120
- -----------------------------------------------------------------------------
Correctional
Properties Trust 11,600 334,080
20 | OPPENHEIMER MAIN STREET SMALL CAP FUND
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
REAL ESTATE Continued
Friedman, Billings,
Ramsey Group,
Inc., Cl. A 64,800 $ 1,495,584
- -----------------------------------------------------------------------------
Maguire
Properties, Inc. 33,400 811,620
- -----------------------------------------------------------------------------
Orleans
Homebuilders, Inc. 1 63,000 1,784,790
- -----------------------------------------------------------------------------
Pan Pacific Retail
Properties, Inc. 6,800 324,020
- -----------------------------------------------------------------------------
Prentiss
Properties Trust 6,800 224,332
- -----------------------------------------------------------------------------
Ramco-Gershenson
Properties Trust 17,700 500,910
- -----------------------------------------------------------------------------
Regency Centers
Corp. 9,700 386,545
- -----------------------------------------------------------------------------
Stratus
Properties, Inc. 1 21,266 213,085
- -----------------------------------------------------------------------------
Tanger Factory
Outlet Centers, Inc. 5,900 240,130
- -----------------------------------------------------------------------------
Trammell Crow Co. 1 57,600 763,200
- -----------------------------------------------------------------------------
Urstadt Biddle
Properties, Inc. 1,000 13,610
--------------
11,673,998
- -----------------------------------------------------------------------------
THRIFTS & MORTGAGE FINANCE--0.9%
Accredited Home
Lenders Holding Co. 1 19,800 605,880
- -----------------------------------------------------------------------------
American Home
Mortgage
Investment Corp. 65,000 1,463,150
- -----------------------------------------------------------------------------
Bank Mutual Corp. 179,394 2,043,298
- -----------------------------------------------------------------------------
CharterMac 22,700 479,651
- -----------------------------------------------------------------------------
Federal Agricultural
Mortgage Corp.,
Non-Vtg. 1 22,900 731,884
- -----------------------------------------------------------------------------
Franklin Bank Corp. 1 42,300 803,700
- -----------------------------------------------------------------------------
Fremont
General Corp. 308,800 5,221,808
- -----------------------------------------------------------------------------
New Century
Financial Corp. 122,700 4,867,509
- -----------------------------------------------------------------------------
Ocwen
Financial Corp. 1 30,800 272,888
- -----------------------------------------------------------------------------
Partners Trust
Financial Group, Inc. 700 23,800
- -----------------------------------------------------------------------------
Severn Bancorp, Inc. 3,100 99,045
--------------
16,612,613
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
HEALTH CARE--13.2%
- -----------------------------------------------------------------------------
BIOTECHNOLOGY--2.1%
Aclara
Biosciences, Inc. 1 19,500 $ 71,175
- -----------------------------------------------------------------------------
Adolor Corp. 1 186,600 3,735,732
- -----------------------------------------------------------------------------
Aphton Corp. 1 65,300 391,800
- -----------------------------------------------------------------------------
Array
BioPharma, Inc. 1 32,200 183,218
- -----------------------------------------------------------------------------
Bentley
Pharmaceuticals,
Inc. 1 24,800 329,840
- -----------------------------------------------------------------------------
BioReliance Corp. 1 69,000 3,299,580
- -----------------------------------------------------------------------------
Caliper
Technologies Corp. 1 42,700 280,966
- -----------------------------------------------------------------------------
Celsion Corp. 1 207,500 271,825
- -----------------------------------------------------------------------------
Cepheid, Inc. 1 197,300 1,890,134
- -----------------------------------------------------------------------------
Ciphergen
Biosystems, Inc. 1 122,500 1,376,900
- -----------------------------------------------------------------------------
Cubist
Pharmaceuticals, Inc. 1 141,900 1,725,504
- -----------------------------------------------------------------------------
Curis, Inc. 1 205,700 925,650
- -----------------------------------------------------------------------------
Digene Corp. 1 71,800 2,879,180
- -----------------------------------------------------------------------------
Diversa Corp. 1 72,900 674,325
- -----------------------------------------------------------------------------
Gen-Probe, Inc. 1 159,200 5,806,024
- -----------------------------------------------------------------------------
Genaera Corp. 1 174,400 570,288
- -----------------------------------------------------------------------------
Gene Logic, Inc. 1 54,500 282,855
- -----------------------------------------------------------------------------
Geron Corp. 1 167,600 1,670,972
- -----------------------------------------------------------------------------
ID Biomedical Corp. 1 19,200 227,712
- -----------------------------------------------------------------------------
Idexx
Laboratories, Inc. 1 85,400 3,952,312
- -----------------------------------------------------------------------------
ImmunoGen, Inc. 1 39,500 199,475
- -----------------------------------------------------------------------------
Luminex Corp. 1 37,700 353,626
- -----------------------------------------------------------------------------
Neose
Technologies, Inc. 1 21,200 195,040
- -----------------------------------------------------------------------------
Peregrine
Pharmaceuticals, Inc. 1 316,600 699,686
- -----------------------------------------------------------------------------
QLT
PhotoTherapeutics,
Inc. 1 143,900 2,712,515
- -----------------------------------------------------------------------------
Regeneron
Pharmaceuticals, Inc. 1 127,200 1,871,112
- -----------------------------------------------------------------------------
Repligen Corp. 1 130,900 572,033
- -----------------------------------------------------------------------------
Savient
Pharmaceuticals, Inc. 1 113,500 523,235
- -----------------------------------------------------------------------------
Sirna
Therapeutics, Inc. 1 10,900 56,680
21 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS UNAUDITED / CONTINUED
- -----------------------------------------------------------------------------
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
BIOTECHNOLOGY Continued
Tanox, Inc. 1 20,730 $ 307,841
- -----------------------------------------------------------------------------
Telik, Inc. 1 11,500 264,615
- -----------------------------------------------------------------------------
Third Wave
Technologies, Inc. 1 1,100 5,005
--------------
38,306,855
- -----------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES--4.6%
Abaxis, Inc. 1 78,600 1,424,232
- -----------------------------------------------------------------------------
Advanced Medical
Optics, Inc. 1 145,600 2,861,040
- -----------------------------------------------------------------------------
Aksys Ltd. 1 29,700 262,251
- -----------------------------------------------------------------------------
Alaris Medical
Systems, Inc. 1 213,700 3,250,377
- -----------------------------------------------------------------------------
Analogic Corp. 6,600 270,600
- -----------------------------------------------------------------------------
Arrow
International, Inc. 43,000 1,074,140
- -----------------------------------------------------------------------------
ArthroCare Corp. 1 117,800 2,886,100
- -----------------------------------------------------------------------------
Bio-Rad
Laboratories,
Inc., Cl. A 1 35,000 2,018,450
- -----------------------------------------------------------------------------
Closure
Medical Corp. 1 21,700 736,281
- -----------------------------------------------------------------------------
CNS, Inc. 72,000 986,400
- -----------------------------------------------------------------------------
Cooper Cos.,
Inc. (The) 134,100 6,320,133
- -----------------------------------------------------------------------------
Cyberonics, Inc. 1 35,100 1,123,551
- -----------------------------------------------------------------------------
Cytyc Corp. 1 28,500 392,160
- -----------------------------------------------------------------------------
Dade Behring
Holdings, Inc. 1 62,800 2,244,472
- -----------------------------------------------------------------------------
Diagnostic
Products Corp. 48,300 2,217,453
- -----------------------------------------------------------------------------
DJ Orthopedics, Inc. 1 17,400 466,320
- -----------------------------------------------------------------------------
E-Z-EM, Inc. 9,100 117,845
- -----------------------------------------------------------------------------
Encore
Medical Corp. 1 128,200 1,044,830
- -----------------------------------------------------------------------------
EPIX Medical, Inc. 1 212,800 3,464,384
- -----------------------------------------------------------------------------
Exactech, Inc. 1 54,600 805,350
- -----------------------------------------------------------------------------
Haemonetics Corp. 1 65,200 1,557,628
- -----------------------------------------------------------------------------
HealthTronics
Surgical Services, Inc. 1 116,800 730,000
- -----------------------------------------------------------------------------
I-Flow Corp. 1 23,900 332,449
- -----------------------------------------------------------------------------
I-STAT Corp. 1 53,300 815,490
- -----------------------------------------------------------------------------
Illumina, Inc. 1 152,500 1,075,125
- -----------------------------------------------------------------------------
Immucor, Inc. 1 44,525 907,865
- -----------------------------------------------------------------------------
Inamed Corp. 1 57,450 2,761,047
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES Continued
Interpore
International, Inc. 1 70,900 $ 921,700
- -----------------------------------------------------------------------------
IVAX
Diagnostics, Inc. 1 8,800 42,680
- -----------------------------------------------------------------------------
Kensey Nash Corp. 1 143,586 3,338,375
- -----------------------------------------------------------------------------
Lifeline Systems, Inc. 1 58,000 1,102,000
- -----------------------------------------------------------------------------
Matthews
International
Corp., Cl. A 25,400 751,586
- -----------------------------------------------------------------------------
Medical Action
Industries, Inc. 1 9,500 177,745
- -----------------------------------------------------------------------------
Meridian
Bioscience, Inc. 88,300 920,969
- -----------------------------------------------------------------------------
Merit Medical
Systems, Inc. 1 198,434 4,417,141
- -----------------------------------------------------------------------------
Microtek Medical
Holdings, Inc. 1 142,500 712,500
- -----------------------------------------------------------------------------
Mine Safety
Applicances Co. 15,500 1,232,405
- -----------------------------------------------------------------------------
Nutraceutical
International Corp. 1 76,600 844,132
- -----------------------------------------------------------------------------
PolyMedica Corp. 83,000 2,183,730
- -----------------------------------------------------------------------------
Possis Medical, Inc. 1 51,100 1,009,225
- -----------------------------------------------------------------------------
Quidel Corp. 1 77,300 836,386
- -----------------------------------------------------------------------------
Regeneration
Technologies, Inc. 1 75,900 831,864
- -----------------------------------------------------------------------------
Respironics, Inc. 1 2,500 112,725
- -----------------------------------------------------------------------------
Retractable
Technologies, Inc. 1 1,900 11,438
- -----------------------------------------------------------------------------
Sola
International, Inc. 1 149,900 2,818,120
- -----------------------------------------------------------------------------
Spectranetics
Corp. (The) 1 3,500 13,125
- -----------------------------------------------------------------------------
SurModics, Inc. 1 56,700 1,355,130
- -----------------------------------------------------------------------------
Sybron Dental
Specialties, Inc. 1 184,700 5,190,070
- -----------------------------------------------------------------------------
Synovis Life
Technologies, Inc. 1 133,300 2,711,322
- -----------------------------------------------------------------------------
Theragenics Corp. 1 30,500 166,835
- -----------------------------------------------------------------------------
Ventana Medical
Systems, Inc. 1 36,800 1,449,920
- -----------------------------------------------------------------------------
Viasys
Healthcare, Inc. 1 43,400 894,040
- -----------------------------------------------------------------------------
VISX, Inc. 1 34,200 791,730
- -----------------------------------------------------------------------------
Vital Images, Inc. 1 135,100 2,410,184
22 | OPPENHEIMER MAIN STREET SMALL CAP FUND
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES Continued
West Pharmaceutical
Services, Inc. 6,800 $ 230,520
- -----------------------------------------------------------------------------
Young
Innovations, Inc. 94,800 3,412,800
--------------
83,036,370
- -----------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES--4.7%
Advisory Board
Co. (The) 1 78,200 2,729,962
- -----------------------------------------------------------------------------
American
Healthways, Inc. 1 110,900 2,647,183
- -----------------------------------------------------------------------------
AMERIGROUP
Corp. 1 81,800 3,488,770
- -----------------------------------------------------------------------------
Apria Healthcare
Group, Inc. 1 62,000 1,765,140
- -----------------------------------------------------------------------------
Bio-Reference
Laboratories, Inc. 1 148,300 1,942,730
- -----------------------------------------------------------------------------
Cantel
Medical Corp. 1 6,400 103,616
- -----------------------------------------------------------------------------
Centene Corp. 1 60,850 1,704,409
- -----------------------------------------------------------------------------
CorVel Corp. 1 58,250 2,190,200
- -----------------------------------------------------------------------------
Covance, Inc. 1 61,300 1,642,840
- -----------------------------------------------------------------------------
Coventry Health
Care, Inc. 1 16,000 1,031,840
- -----------------------------------------------------------------------------
Curative Health
Services, Inc. 1 35,800 494,040
- -----------------------------------------------------------------------------
DaVita, Inc. 1 96,200 3,751,800
- -----------------------------------------------------------------------------
Dendrite
International, Inc. 1 256,800 4,024,056
- -----------------------------------------------------------------------------
Eclipsys Corp. 1 213,600 2,486,304
- -----------------------------------------------------------------------------
Gentiva Health
Services, Inc. 1 162,500 2,054,000
- -----------------------------------------------------------------------------
Hanger Orthopedic
Group, Inc. 1 145,200 2,260,764
- -----------------------------------------------------------------------------
HealthExtras, Inc. 1 95,900 1,285,060
- -----------------------------------------------------------------------------
IDX Systems Corp. 1 103,400 2,773,188
- -----------------------------------------------------------------------------
Inveresk Research
Group, Inc. 1 63,300 1,565,409
- -----------------------------------------------------------------------------
LabOne, Inc. 1 76,900 2,496,943
- -----------------------------------------------------------------------------
LCA-Vision, Inc. 1 124,100 2,627,197
- -----------------------------------------------------------------------------
Mid Atlantic
Medical Services,
Inc. 1 20,500 1,328,400
- -----------------------------------------------------------------------------
Molina
Healthcare, Inc. 1 29,800 751,854
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES Continued
National
HealthCare Corp. 1 13,100 $ 260,690
- -----------------------------------------------------------------------------
Omnicell, Inc. 1 48,000 777,600
- -----------------------------------------------------------------------------
Option Care, Inc. 1 2,800 29,904
- -----------------------------------------------------------------------------
Owens & Minor, Inc. 121,700 2,666,447
- -----------------------------------------------------------------------------
Parexel
International Corp. 1 94,100 1,530,066
- -----------------------------------------------------------------------------
PDI, Inc. 1 16,500 442,365
- -----------------------------------------------------------------------------
Pediatrix Medical
Group, Inc. 1 76,500 4,214,385
- -----------------------------------------------------------------------------
Per-Se
Technologies, Inc. 1 197,000 3,006,220
- -----------------------------------------------------------------------------
Prime Medical
Services, Inc. 1 15,600 73,164
- -----------------------------------------------------------------------------
PSS World
Medical, Inc. 1 283,800 3,425,466
- -----------------------------------------------------------------------------
Res-Care, Inc. 1 146,000 1,182,600
- -----------------------------------------------------------------------------
Select Medical Corp. 272,800 4,441,184
- -----------------------------------------------------------------------------
SFBC
International, Inc. 1 50,700 1,346,592
- -----------------------------------------------------------------------------
Sunrise Senior
Living, Inc. 1 100,800 3,904,992
- -----------------------------------------------------------------------------
U.S. Physical
Therapy, Inc. 1 45,100 709,423
- -----------------------------------------------------------------------------
United Surgical
Partners
International, Inc. 1 83,600 2,798,928
- -----------------------------------------------------------------------------
US Oncology, Inc. 1 391,500 4,212,540
- -----------------------------------------------------------------------------
VCA Antech, Inc. 1 68,800 2,131,424
- -----------------------------------------------------------------------------
Ventiv Health, Inc. 1 19,100 174,765
- -----------------------------------------------------------------------------
VitalWorks, Inc. 1 140,600 621,452
--------------
85,095,912
- -----------------------------------------------------------------------------
PHARMACEUTICALS--1.8%
Able
Laboratories, Inc. 1 13,600 245,752
- -----------------------------------------------------------------------------
American
Pharmaceutical
Partners, Inc. 1 90,550 3,042,480
- -----------------------------------------------------------------------------
Angiotech
Pharmaceuticals, Inc. 1 38,500 1,771,000
- -----------------------------------------------------------------------------
AtheroGenics, Inc. 1 122,600 1,832,870
- -----------------------------------------------------------------------------
Bradley
Pharmaceuticals, Inc. 1 168,600 4,287,498
23 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS UNAUDITED / CONTINUED
- -----------------------------------------------------------------------------
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
PHARMACEUTICALS Continued
Caraco
Pharmaceutical
Laboratories Ltd. 1 27,100 $ 202,708
- -----------------------------------------------------------------------------
CollaGenex
Pharmaceuticals, Inc. 1 59,400 665,874
- -----------------------------------------------------------------------------
DepoMed, Inc. 1 139,400 988,346
- -----------------------------------------------------------------------------
Encysive
Pharmaceuticals, Inc. 1 65,500 586,225
- -----------------------------------------------------------------------------
Endo Pharmaceuticals
Holdings, Inc. 1 66,000 1,271,160
- -----------------------------------------------------------------------------
Hi-Tech Pharmacal
Co., Inc. 1 48,200 1,132,700
- -----------------------------------------------------------------------------
Hollis-Eden
Pharmaceuticals, Inc. 1 10,500 115,605
- -----------------------------------------------------------------------------
InKine Pharmaceutical
Co., Inc. 1 48,900 236,187
- -----------------------------------------------------------------------------
Kos Pharmaceuticals,
Inc. 1 102,500 4,411,600
- -----------------------------------------------------------------------------
Lannett Co., Inc. 1 108,800 1,828,928
- -----------------------------------------------------------------------------
Nabi
Biopharmaceuticals 1 192,000 2,440,320
- -----------------------------------------------------------------------------
NexMed, Inc. 1 42,900 171,171
- -----------------------------------------------------------------------------
Orphan
Medical, Inc. 1 5,800 59,450
- -----------------------------------------------------------------------------
Perrigo Co. 146,900 2,309,268
- -----------------------------------------------------------------------------
PRAECIS
Pharmaceuticals, Inc. 1 109,700 706,468
- -----------------------------------------------------------------------------
Salix
Pharmaceuticals Ltd. 1 114,800 2,602,516
- -----------------------------------------------------------------------------
SciClone
Pharmaceuticals, Inc. 1 61,900 419,682
- -----------------------------------------------------------------------------
Virbac Corp. 1,2 1,500 7,800
--------------
31,335,608
- -----------------------------------------------------------------------------
INDUSTRIALS--15.1%
- -----------------------------------------------------------------------------
AEROSPACE & DEFENSE--1.5%
AAR Corp. 1 247,400 3,698,630
- -----------------------------------------------------------------------------
Applied Signal
Technology, Inc. 149,500 3,439,995
- -----------------------------------------------------------------------------
Aviall, Inc. 1 33,600 521,136
- -----------------------------------------------------------------------------
Ducommun, Inc. 1 27,000 603,450
- -----------------------------------------------------------------------------
Engineered Support
Systems, Inc. 58,900 3,243,034
- -----------------------------------------------------------------------------
ESCO
Technologies, Inc. 1 7,900 344,835
- -----------------------------------------------------------------------------
HEICO Corp. 7,500 136,500
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
AEROSPACE & DEFENSE Continued
Herley
Industries, Inc. 1 32,200 $ 666,540
- -----------------------------------------------------------------------------
KVH Industries, Inc. 1 84,800 2,329,456
- -----------------------------------------------------------------------------
Moog, Inc., Cl. A 1 89,000 4,396,600
- -----------------------------------------------------------------------------
MTC
Technologies, Inc. 1 43,600 1,404,792
- -----------------------------------------------------------------------------
Precision
Castparts Corp. 19,100 867,331
- -----------------------------------------------------------------------------
Sequa Corp., Cl A 1 4,600 225,400
- -----------------------------------------------------------------------------
Teledyne
Technologies, Inc. 1 120,900 2,278,965
- -----------------------------------------------------------------------------
United Defense
Industries, Inc. 1 75,400 2,403,752
--------------
26,560,416
- -----------------------------------------------------------------------------
AIR FREIGHT & LOGISTICS--0.1%
ABX Air, Inc. 1 398,700 1,714,410
- -----------------------------------------------------------------------------
Forward Air Corp. 1 7,500 206,250
--------------
1,920,660
- -----------------------------------------------------------------------------
AIRLINES--1.1%
AirTran
Holdings, Inc. 1 43,300 515,270
- -----------------------------------------------------------------------------
Alaska Air
Group, Inc. 1 83,800 2,286,902
- -----------------------------------------------------------------------------
America West
Holdings
Corp., Cl. B 1 180,700 2,240,680
- -----------------------------------------------------------------------------
Continental
Airlines, Inc., Cl. B 1 47,900 779,333
- -----------------------------------------------------------------------------
ExpressJet
Holdings, Inc. 1 230,100 3,451,500
- -----------------------------------------------------------------------------
Frontier Airlines, Inc. 1 177,300 2,528,298
- -----------------------------------------------------------------------------
Mair Holdings, Inc. 1 6,200 45,136
- -----------------------------------------------------------------------------
Mesa Air Group, Inc. 1 288,100 3,607,012
- -----------------------------------------------------------------------------
Northwest Airlines
Corp., Cl. A 1 354,900 4,478,838
- -----------------------------------------------------------------------------
SkyWest, Inc. 15,500 280,860
--------------
20,213,829
- -----------------------------------------------------------------------------
BUILDING PRODUCTS--0.7%
Aaon, Inc. 1 56,250 1,091,813
- -----------------------------------------------------------------------------
American
Woodmark Corp. 1,365 75,143
- -----------------------------------------------------------------------------
ElkCorp 900 24,030
- -----------------------------------------------------------------------------
Griffon Corp. 1 22,530 456,458
24 | OPPENHEIMER MAIN STREET SMALL CAP FUND
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
BUILDING PRODUCTS Continued
Jacuzzi Brands, Inc. 1 512,300 $ 3,632,207
- -----------------------------------------------------------------------------
Simpson
Manufacturing
Co., Inc. 1 80,300 4,084,058
- -----------------------------------------------------------------------------
Universal Forest
Products, Inc. 38,100 1,226,058
- -----------------------------------------------------------------------------
USG Corp. 1 41,900 694,283
- -----------------------------------------------------------------------------
Watsco, Inc. 12,700 288,671
--------------
11,572,721
- -----------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES--4.5%
Administaff, Inc. 1 181,600 3,156,208
- -----------------------------------------------------------------------------
Angelica Corp. 61,700 1,357,400
- -----------------------------------------------------------------------------
Arbitron, Inc. 1 39,800 1,660,456
- -----------------------------------------------------------------------------
Banta Corp. 108,000 4,374,000
- -----------------------------------------------------------------------------
Bowne & Co., Inc. 25,000 339,000
- -----------------------------------------------------------------------------
Bright Horizons
Family Solutions, Inc. 1 76,000 3,192,000
- -----------------------------------------------------------------------------
CDI Corp. 38,300 1,254,325
- -----------------------------------------------------------------------------
Charles River
Associates, Inc. 1 50,200 1,605,898
- -----------------------------------------------------------------------------
Concorde Career
Colleges, Inc. 1 41,500 1,036,255
- -----------------------------------------------------------------------------
Consolidated
Graphics, Inc. 1 49,700 1,569,526
- -----------------------------------------------------------------------------
Cornell
Corrections, Inc. 1 20,100 274,365
- -----------------------------------------------------------------------------
CPI Corp. 32,700 660,867
- -----------------------------------------------------------------------------
Darling
International, Inc. 1 691,000 1,907,160
- -----------------------------------------------------------------------------
Duratek, Inc. 1 8,700 113,448
- -----------------------------------------------------------------------------
Electro Rent Corp. 1 5,000 66,700
- -----------------------------------------------------------------------------
Ennis Business
Forms, Inc. 91,000 1,392,300
- -----------------------------------------------------------------------------
Exponent, Inc. 1 92,700 1,983,780
- -----------------------------------------------------------------------------
Exult, Inc. 1 334,600 2,382,352
- -----------------------------------------------------------------------------
General
Binding Corp. 1 23,600 424,800
- -----------------------------------------------------------------------------
Gevity HR, Inc. 168,700 3,751,888
- -----------------------------------------------------------------------------
Gundle/SLT
Environmental, Inc. 1 61,200 1,270,512
- -----------------------------------------------------------------------------
Harland
(John H.) Co. 17,600 480,480
- -----------------------------------------------------------------------------
Heidrick & Struggles
International, Inc. 1 67,658 1,474,944
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES Continued
ICT Group, Inc. 1 26,300 $ 309,025
- -----------------------------------------------------------------------------
Imagistics
International, Inc. 1 126,100 4,728,750
- -----------------------------------------------------------------------------
Interpool, Inc. 51,400 732,450
- -----------------------------------------------------------------------------
ITT Educational
Services, Inc. 1 14,900 699,853
- -----------------------------------------------------------------------------
Korn-Ferry
International 1 82,200 1,096,548
- -----------------------------------------------------------------------------
Labor Ready, Inc. 1 2,900 37,990
- -----------------------------------------------------------------------------
Layne
Christensen Co. 1 5,600 65,800
- -----------------------------------------------------------------------------
LECG Corp. 1 53,700 1,229,193
- -----------------------------------------------------------------------------
Mail-Well, Inc. 1 26,100 120,321
- -----------------------------------------------------------------------------
McGrath Rentcorp 4,400 119,900
- -----------------------------------------------------------------------------
MemberWorks, Inc. 1 6,500 176,605
- -----------------------------------------------------------------------------
Navigant
Consulting, Inc. 1 250,100 4,716,886
- -----------------------------------------------------------------------------
NCO Group, Inc. 1 142,100 3,235,617
- -----------------------------------------------------------------------------
New England
Business Service, Inc. 59,000 1,740,500
- -----------------------------------------------------------------------------
Pico Holdings, Inc. 1 5,800 90,886
- -----------------------------------------------------------------------------
Princeton Review,
Inc. (The) 1 12,200 118,950
- -----------------------------------------------------------------------------
Right Management
Consultants, Inc. 1 59,825 1,116,335
- -----------------------------------------------------------------------------
Rollins, Inc. 157,700 3,556,135
- -----------------------------------------------------------------------------
Schawk, Inc. 19,600 267,148
- -----------------------------------------------------------------------------
School Specialty, Inc. 1 118,600 4,033,586
- -----------------------------------------------------------------------------
Sotheby's Holdings,
Inc., Cl. A 1 210,900 2,880,894
- -----------------------------------------------------------------------------
Spherion Corp. 1 77,100 754,809
- -----------------------------------------------------------------------------
Strayer
Education, Inc. 15,200 1,654,216
- -----------------------------------------------------------------------------
Tetra Tech, Inc. 1 171,900 4,273,434
- -----------------------------------------------------------------------------
United Rentals, Inc. 1 30,300 583,578
- -----------------------------------------------------------------------------
United
Stationers, Inc. 1 59,400 2,430,648
- -----------------------------------------------------------------------------
University of
Phoenix Online 1 34,266 2,361,955
- -----------------------------------------------------------------------------
Wackenhut
Corrections Corp. 1 43,800 998,640
- -----------------------------------------------------------------------------
Watson Wyatt &
Co. Holdings 1 69,100 1,668,765
--------------
81,528,081
25 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS UNAUDITED / CONTINUED
- -----------------------------------------------------------------------------
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
CONSTRUCTION & ENGINEERING--0.9%
Comfort Systems
USA, Inc. 1 131,800 $ 722,264
- -----------------------------------------------------------------------------
Dycom
Industries, Inc. 1 150,500 4,036,410
- -----------------------------------------------------------------------------
Integrated Electrical
Services, Inc. 1 266,400 2,464,200
- -----------------------------------------------------------------------------
MasTec, Inc. 1 172,800 2,559,168
- -----------------------------------------------------------------------------
Perini Corp. 1 71,800 656,970
- -----------------------------------------------------------------------------
URS Corp. 1 151,700 3,794,017
- -----------------------------------------------------------------------------
Washington Group
International, Inc. 1 30,100 1,022,497
--------------
15,255,526
- -----------------------------------------------------------------------------
ELECTRICAL EQUIPMENT--0.8%
Acuity Brands, Inc. 179,700 4,636,260
- -----------------------------------------------------------------------------
Franklin Electric
Co., Inc. 29,300 1,772,357
- -----------------------------------------------------------------------------
General Cable Corp. 1 56,100 457,215
- -----------------------------------------------------------------------------
Genlyte Group,
Inc. (The) 1 37,100 2,165,898
- -----------------------------------------------------------------------------
II-VI, Inc. 1 158,013 4,076,735
- -----------------------------------------------------------------------------
LSI Industries, Inc. 9,000 121,500
- -----------------------------------------------------------------------------
Ultralife
Batteries, Inc. 1 55,900 692,042
- -----------------------------------------------------------------------------
Vicor Corp. 1 16,900 192,829
--------------
14,114,836
- -----------------------------------------------------------------------------
INDUSTRIAL CONGLOMERATES--0.2%
Raven Industries, Inc. 22,300 657,850
- -----------------------------------------------------------------------------
Standex
International Corp. 20,100 562,800
- -----------------------------------------------------------------------------
United Capital Corp. 6,700 138,824
- -----------------------------------------------------------------------------
United
Industrial Corp. 62,900 1,135,345
- -----------------------------------------------------------------------------
Walter
Industries, Inc. 122,900 1,640,715
--------------
4,135,534
- -----------------------------------------------------------------------------
MACHINERY--3.2%
A.S.V., Inc. 1 45,200 1,688,672
- -----------------------------------------------------------------------------
Actuant Corp., Cl. A 1 23,700 857,940
- -----------------------------------------------------------------------------
Alamo Group, Inc. 14,700 224,322
- -----------------------------------------------------------------------------
Albany International
Corp., Cl. A 137,800 4,671,420
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
MACHINERY Continued
Ampco-Pittsburgh
Corp. 24,900 $ 340,383
- -----------------------------------------------------------------------------
Badger Meter, Inc. 700 26,705
- -----------------------------------------------------------------------------
BHA Group,
Inc., Cl. A 27,200 684,080
- -----------------------------------------------------------------------------
Briggs &
Stratton Corp. 91,800 6,187,320
- -----------------------------------------------------------------------------
Cascade Corp. 124,200 2,769,660
- -----------------------------------------------------------------------------
Ceradyne, Inc. 1 98,300 3,348,098
- -----------------------------------------------------------------------------
Chicago Bridge &
Iron Co. NV 140,000 4,046,000
- -----------------------------------------------------------------------------
CIRCOR
International, Inc. 20,100 484,410
- -----------------------------------------------------------------------------
Clarcor, Inc. 16,900 745,290
- -----------------------------------------------------------------------------
Cuno, Inc. 1 22,900 1,031,187
- -----------------------------------------------------------------------------
Dionex Corp. 1 88,100 4,054,362
- -----------------------------------------------------------------------------
Encore Wire Corp. 1 19,600 347,116
- -----------------------------------------------------------------------------
EnPro Industries, Inc. 1 70,000 976,500
- -----------------------------------------------------------------------------
Flanders Corp. 1 56,800 373,744
- -----------------------------------------------------------------------------
Greenbrier Cos., Inc. 1 16,000 268,000
- -----------------------------------------------------------------------------
Joy Global, Inc. 1 49,800 1,302,270
- -----------------------------------------------------------------------------
Kadant, Inc. 1 97,100 2,102,215
- -----------------------------------------------------------------------------
Middleby
Corp. (The) 100,900 4,083,423
- -----------------------------------------------------------------------------
NACCO Industries,
Inc., Cl. A 8,100 724,788
- -----------------------------------------------------------------------------
Oshkosh Truck Corp. 41,800 2,133,054
- -----------------------------------------------------------------------------
Pall Corp. 14,300 383,669
- -----------------------------------------------------------------------------
Penn Engineering &
Manufacturing Corp. 12,500 237,875
- -----------------------------------------------------------------------------
Tennant Co. 1,100 47,630
- -----------------------------------------------------------------------------
Thomas
Industries, Inc. 15,800 547,628
- -----------------------------------------------------------------------------
Toro Co. (The) 109,200 5,066,880
- -----------------------------------------------------------------------------
Trinity Industries, Inc. 101,500 3,130,260
- -----------------------------------------------------------------------------
Wabash
National Corp. 1 126,100 3,694,730
- -----------------------------------------------------------------------------
Wabtec Corp. 86,600 1,475,664
--------------
58,055,295
- -----------------------------------------------------------------------------
MARINE--0.3%
Alexander &
Baldwin, Inc. 107,300 3,614,937
- -----------------------------------------------------------------------------
UTI Worldwide, Inc. 56,700 2,150,631
--------------
5,765,568
26 | OPPENHEIMER MAIN STREET SMALL CAP FUND
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
ROAD & RAIL--1.5%
Arkansas Best Corp. 27,200 $ 853,808
- -----------------------------------------------------------------------------
Central Freight
Lines, Inc. 1 53,100 942,525
- -----------------------------------------------------------------------------
Covenant Transport,
Inc., Cl. A 1 41,900 796,519
- -----------------------------------------------------------------------------
Florida East Coast
Industries, Inc., Cl. A 30,300 1,002,930
- -----------------------------------------------------------------------------
Genesee & Wyoming,
Inc., Cl. A 1 75,400 2,375,100
- -----------------------------------------------------------------------------
Heartland
Express, Inc. 59,100 1,429,629
- -----------------------------------------------------------------------------
Hunt (J.B.) Transport
Services, Inc. 1 83,300 2,249,933
- -----------------------------------------------------------------------------
Knight
Transportation, Inc. 1 17,500 448,875
- -----------------------------------------------------------------------------
Landstar System, Inc. 1 109,300 4,157,772
- -----------------------------------------------------------------------------
Marten
Transport Ltd. 1 3,600 55,368
- -----------------------------------------------------------------------------
Mullen
Transportation, Inc. 60,200 1,840,124
- -----------------------------------------------------------------------------
Old Dominion
Freight Line, Inc. 1 27,000 920,160
- -----------------------------------------------------------------------------
Overnite Corp. 1 107,700 2,450,175
- -----------------------------------------------------------------------------
Pacer
International, Inc. 1 141,800 2,867,196
- -----------------------------------------------------------------------------
Quality
Distribution, Inc. 1 42,400 828,920
- -----------------------------------------------------------------------------
Ryder Systems, Inc. 29,100 993,765
- -----------------------------------------------------------------------------
SCS
Transportation, Inc. 1 131,850 2,317,923
- -----------------------------------------------------------------------------
U.S. Xpress
Enterprises,
Inc., Cl. A 1 29,500 361,375
- -----------------------------------------------------------------------------
USF Corp. 8,700 297,453
- -----------------------------------------------------------------------------
Yellow
Roadway Corp. 1 4,785 173,073
--------------
27,362,623
- -----------------------------------------------------------------------------
TRADING COMPANIES & DISTRIBUTORS--0.3%
Aceto Corp. 3,900 99,606
- -----------------------------------------------------------------------------
Applied Industrial
Technologies, Inc. 118,300 2,822,638
- -----------------------------------------------------------------------------
Lawson
Products, Inc. 8,000 265,440
- -----------------------------------------------------------------------------
MSC Industrial
Direct Co., Inc., Cl. A 66,500 1,828,750
--------------
5,016,434
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
TRANSPORTATION INFRASTRUCTURE--0.0%
Timco Aviation
Services, Inc. 1 1,146 $ 871
- -----------------------------------------------------------------------------
INFORMATION TECHNOLOGY--21.8%
- -----------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT--3.0%
Aspect
Communications
Corp. 1 255,611 4,028,429
- -----------------------------------------------------------------------------
Audiovox
Corp., Cl. A 1 49,500 635,580
- -----------------------------------------------------------------------------
C-COR.net Corp. 1 229,100 2,549,883
- -----------------------------------------------------------------------------
Computer Network
Technology Corp. 1 146,800 1,400,472
- -----------------------------------------------------------------------------
Comtech
Telecommunications
Corp. 1 174,950 5,050,807
- -----------------------------------------------------------------------------
CyberGuard Corp. 1 164,800 1,437,056
- -----------------------------------------------------------------------------
Digi
International, Inc. 1 95,100 912,960
- -----------------------------------------------------------------------------
Ditech
Communications
Corp. 1 115,000 2,196,500
- -----------------------------------------------------------------------------
Enterasys
Networks, Inc. 1 143,000 536,250
- -----------------------------------------------------------------------------
F5 Networks, Inc. 1 14,000 351,400
- -----------------------------------------------------------------------------
FalconStor
Software, Inc. 1 74,300 649,382
- -----------------------------------------------------------------------------
Glenayre
Technologies, Inc. 1 151,200 406,728
- -----------------------------------------------------------------------------
Harmonic, Inc. 1 444,800 3,224,800
- -----------------------------------------------------------------------------
McDATA
Corp., Cl. A 1 48,700 464,111
- -----------------------------------------------------------------------------
McDATA
Corp., Cl. B 1 87,200 831,016
- -----------------------------------------------------------------------------
Network Equipment
Technologies, Inc. 1 28,600 314,600
- -----------------------------------------------------------------------------
New Focus, Inc. 1 147,412 740,008
- -----------------------------------------------------------------------------
NICE Systems Ltd.,
Sponsored ADR 1 19,200 486,720
- -----------------------------------------------------------------------------
Packeteer, Inc. 1 272,400 4,625,352
- -----------------------------------------------------------------------------
Performance
Technologies, Inc. 1 107,300 1,529,025
- -----------------------------------------------------------------------------
Plantronics, Inc. 1 92,000 3,003,800
- -----------------------------------------------------------------------------
Powerwave
Technologies, Inc. 1 358,700 2,744,055
- -----------------------------------------------------------------------------
Proxim Corp., Cl. A 1 442,200 738,474
- -----------------------------------------------------------------------------
SCM
Microsystems, Inc. 1 3,500 27,020
27 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS UNAUDITED / CONTINUED
- -----------------------------------------------------------------------------
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT Continued
SeaChange
International, Inc. 1 188,200 $ 2,898,280
- -----------------------------------------------------------------------------
SpectraLink Corp. 204,600 3,922,182
- -----------------------------------------------------------------------------
Symmetricom, Inc. 1 145,500 1,059,240
- -----------------------------------------------------------------------------
Terayon
Communication
Systems, Inc. 1 115,000 517,500
- -----------------------------------------------------------------------------
Verso
Technologies, Inc. 1 727,900 2,329,280
- -----------------------------------------------------------------------------
Westell
Technologies,
Inc., Cl. A 1 438,400 2,766,304
- -----------------------------------------------------------------------------
Zhone
Technologies, Inc. 1 226,300 1,117,922
--------------
53,495,136
- -----------------------------------------------------------------------------
COMPUTERS & PERIPHERALS--1.8%
Advanced Digital
Information Corp. 1 206,600 2,892,400
- -----------------------------------------------------------------------------
Avid
Technology, Inc. 1 52,400 2,515,200
- -----------------------------------------------------------------------------
Hutchinson
Technology, Inc. 1 141,800 4,358,932
- -----------------------------------------------------------------------------
Immersion Corp. 1 16,100 95,795
- -----------------------------------------------------------------------------
InFocus Corp. 1 191,900 1,857,592
- -----------------------------------------------------------------------------
Maxtor Corp. 1 130,200 1,445,220
- -----------------------------------------------------------------------------
Neoware
Systems, Inc. 1 58,500 801,450
- -----------------------------------------------------------------------------
Network
Engines, Inc. 1 124,900 544,564
- -----------------------------------------------------------------------------
Overland
Storage, Inc. 1 58,700 1,103,560
- -----------------------------------------------------------------------------
Presstek, Inc. 1 128,700 935,649
- -----------------------------------------------------------------------------
Quantum Corp. 1 451,400 1,408,368
- -----------------------------------------------------------------------------
Rainbow
Technologies, Inc. 1 205,000 2,308,300
- -----------------------------------------------------------------------------
SimpleTech, Inc. 1 292,300 1,756,723
- -----------------------------------------------------------------------------
Storage
Technology Corp. 1 39,000 1,004,250
- -----------------------------------------------------------------------------
Stratasys, Inc. 1 127,550 3,477,013
- -----------------------------------------------------------------------------
Synaptics, Inc. 1 7,400 110,852
- -----------------------------------------------------------------------------
Western
Digital Corp. 1 402,000 4,739,580
- -----------------------------------------------------------------------------
Xybernaut Corp. 1 533,300 837,281
--------------
32,192,729
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS--3.3%
Agilysys, Inc. 203,700 $ 2,271,255
- -----------------------------------------------------------------------------
Brightpoint, Inc. 1 118,125 2,037,656
- -----------------------------------------------------------------------------
CellStar Corp. 1 168,000 2,121,840
- -----------------------------------------------------------------------------
Checkpoint
Systems, Inc. 1 196,900 3,723,379
- -----------------------------------------------------------------------------
Cognex Corp. 147,867 4,175,764
- -----------------------------------------------------------------------------
Daktronics, Inc. 1 126,100 3,172,676
- -----------------------------------------------------------------------------
Digital Theater
Systems, Inc. 1 71,500 1,765,335
- -----------------------------------------------------------------------------
Excel
Technology, Inc. 1 54,700 1,797,442
- -----------------------------------------------------------------------------
Fargo
Electronics, Inc. 1 24,687 314,019
- -----------------------------------------------------------------------------
FARO
Technologies, Inc. 1 40,000 999,200
- -----------------------------------------------------------------------------
GTSI Corp. 1 25,100 347,660
- -----------------------------------------------------------------------------
Hypercom Corp. 1 131,100 624,036
- -----------------------------------------------------------------------------
Innovex, Inc. 1 136,900 1,154,067
- -----------------------------------------------------------------------------
Kemet Corp. 1 23,800 325,822
- -----------------------------------------------------------------------------
Komag, Inc. 1 42,600 623,238
- -----------------------------------------------------------------------------
Landauer, Inc. 24,600 1,003,188
- -----------------------------------------------------------------------------
LeCroy Corp. 1 3,000 54,030
- -----------------------------------------------------------------------------
Maxwell
Technologies, Inc. 1 4,400 31,240
- -----------------------------------------------------------------------------
Measurement
Specialties, Inc. 1,2 44,400 907,092
- -----------------------------------------------------------------------------
Methode
Electronics, Inc., Cl. A 80,600 985,738
- -----------------------------------------------------------------------------
MTS Systems Corp. 139,800 2,688,354
- -----------------------------------------------------------------------------
Park Electrochemical
Corp. 51,900 1,374,831
- -----------------------------------------------------------------------------
Pemstar, Inc. 1 42,500 139,825
- -----------------------------------------------------------------------------
Planar Systems, Inc. 1 112,300 2,731,136
- -----------------------------------------------------------------------------
RadiSys Corp. 1 104,000 1,753,440
- -----------------------------------------------------------------------------
Richardson
Electronics Ltd. 1,900 23,351
- -----------------------------------------------------------------------------
Rofin-Sinar
Technologies, Inc. 1 146,500 5,063,040
- -----------------------------------------------------------------------------
ScanSource, Inc. 1 60,600 2,764,572
- -----------------------------------------------------------------------------
Superconductor
Technologies, Inc. 1 313,800 1,751,004
- -----------------------------------------------------------------------------
Sypris Solutions, Inc. 8,200 137,842
- -----------------------------------------------------------------------------
Trimble
Navigation Ltd. 1 62,800 2,338,672
28 | OPPENHEIMER MAIN STREET SMALL CAP FUND
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS Continued
UNOVA, Inc. 1 150,900 $ 3,463,155
- -----------------------------------------------------------------------------
Varian, Inc. 1 40,300 1,681,719
- -----------------------------------------------------------------------------
Veeco
Instruments, Inc. 1 121,200 3,417,840
- -----------------------------------------------------------------------------
WJ
Communications,
Inc. 1 12,800 65,523
- -----------------------------------------------------------------------------
Woodhead
Industries, Inc. 30,800 520,520
- -----------------------------------------------------------------------------
X-Rite, Inc. 34,900 395,068
- -----------------------------------------------------------------------------
Zomax, Inc. 1 63,100 314,869
--------------
59,059,438
- -----------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES--4.2%
24/7 Media, Inc. 1 543,200 727,888
- -----------------------------------------------------------------------------
Akamai
Technologies, Inc. 1 291,200 3,130,400
- -----------------------------------------------------------------------------
BroadVision, Inc. 1 56,100 238,986
- -----------------------------------------------------------------------------
Corillian Corp. 1 475,600 3,001,036
- -----------------------------------------------------------------------------
CyberSource Corp. 1 140,200 723,432
- -----------------------------------------------------------------------------
Digital Insight Corp. 1 161,900 4,031,310
- -----------------------------------------------------------------------------
Digital River, Inc. 1 66,600 1,471,860
- -----------------------------------------------------------------------------
Digitas, Inc. 1 436,972 4,072,579
- -----------------------------------------------------------------------------
EarthLink, Inc. 1 417,900 4,179,000
- -----------------------------------------------------------------------------
eCollege.com, Inc. 1 23,000 424,580
- -----------------------------------------------------------------------------
Embarcadero
Technologies, Inc. 1 183,619 2,928,723
- -----------------------------------------------------------------------------
FindWhat.com 1 74,400 1,395,000
- -----------------------------------------------------------------------------
HomeStore.com, Inc. 1 449,609 2,126,651
- -----------------------------------------------------------------------------
InfoSpace, Inc. 1 38,100 878,205
- -----------------------------------------------------------------------------
Internap Network
Services Corp. 1 1,276,438 3,127,273
- -----------------------------------------------------------------------------
Interwoven, Inc. 1 68,078 860,506
- -----------------------------------------------------------------------------
ITXC Corp. 1 20,800 89,856
- -----------------------------------------------------------------------------
Ivillage, Inc. 1 61,900 221,602
- -----------------------------------------------------------------------------
j2 Global
Communications,
Inc. 1 39,300 973,461
- -----------------------------------------------------------------------------
Lionbridge
Technologies, Inc. 1 178,300 1,713,463
- -----------------------------------------------------------------------------
LookSmart Ltd. 1 646,400 1,001,920
- -----------------------------------------------------------------------------
MatrixOne, Inc. 1 156,600 964,656
- -----------------------------------------------------------------------------
National Information
Consortium, Inc. 1 234,900 1,886,247
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES Continued
Netegrity, Inc. 1 382,300 $ 3,941,513
- -----------------------------------------------------------------------------
On2
Technologies, Inc. 1 519,600 680,676
- -----------------------------------------------------------------------------
Open Text Corp. 1 137,400 2,633,958
- -----------------------------------------------------------------------------
RADWARE Ltd. 1 86,000 2,343,500
- -----------------------------------------------------------------------------
Raindance
Communications,
Inc. 1 171,300 471,075
- -----------------------------------------------------------------------------
Retek, Inc. 1 129,700 1,203,616
- -----------------------------------------------------------------------------
S1 Corp. 1 267,900 2,156,595
- -----------------------------------------------------------------------------
Secure
Computing Corp. 1 320,600 5,741,946
- -----------------------------------------------------------------------------
SeeBeyond
Technology Corp. 1 356,600 1,529,814
- -----------------------------------------------------------------------------
Selectica, Inc. 1 92,900 397,612
- -----------------------------------------------------------------------------
SonicWALL, Inc. 1 339,900 2,651,220
- -----------------------------------------------------------------------------
Stellent, Inc. 1 33,700 331,608
- -----------------------------------------------------------------------------
SupportSoft, Inc. 1 351,900 4,627,485
- -----------------------------------------------------------------------------
TheStreet.com, Inc. 1 16,800 69,216
- -----------------------------------------------------------------------------
United Online, Inc. 1 178,650 2,999,534
- -----------------------------------------------------------------------------
ValueClick, Inc. 1 54,400 493,952
- -----------------------------------------------------------------------------
Vastera, Inc. 1 47,900 191,600
- -----------------------------------------------------------------------------
Vitria
Technology, Inc. 1 35,400 251,340
- -----------------------------------------------------------------------------
WatchGuard
Technologies, Inc. 1 69,400 403,908
- -----------------------------------------------------------------------------
WebEx
Communications,
Inc. 1 147,100 2,956,710
--------------
76,245,512
- -----------------------------------------------------------------------------
IT SERVICES--1.9%
Acxiom Corp. 1 155,900 2,895,063
- -----------------------------------------------------------------------------
Anteon
International Corp. 1 15,200 547,960
- -----------------------------------------------------------------------------
Aquantive, Inc. 1 179,400 1,838,850
- -----------------------------------------------------------------------------
CACI International,
Inc., Cl. A 1 12,600 612,612
- -----------------------------------------------------------------------------
Computer Horizons
Corp. 1 16,800 66,024
- -----------------------------------------------------------------------------
Convergys Corp. 1 9,800 171,108
- -----------------------------------------------------------------------------
Corio, Inc. 1 140,500 384,970
- -----------------------------------------------------------------------------
Euronet
Worldwide, Inc. 1 62,400 1,123,200
- -----------------------------------------------------------------------------
29 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS UNAUDITED / CONTINUED
- -----------------------------------------------------------------------------
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
IT SERVICES Continued
Evolving
Systems, Inc. 1 136,700 $ 1,818,110
- -----------------------------------------------------------------------------
Forrester
Research, Inc. 1 2,600 46,462
- -----------------------------------------------------------------------------
Gartner, Inc., Cl. B 1 105,300 1,145,664
- -----------------------------------------------------------------------------
Global
Payments, Inc. 29,800 1,404,176
- -----------------------------------------------------------------------------
Information
Resources, Inc. 1 76,300 137,340
- -----------------------------------------------------------------------------
infoUSA, Inc. 1 278,400 2,065,728
- -----------------------------------------------------------------------------
Intrado, Inc. 1 126,500 2,776,675
- -----------------------------------------------------------------------------
iPayment
Holdings, Inc. 1 2,943 100,062
- -----------------------------------------------------------------------------
Lawson
Software, Inc. 1 213,571 1,757,689
- -----------------------------------------------------------------------------
Lightbridge, Inc. 1 212,300 1,931,930
- -----------------------------------------------------------------------------
ManTech
International Corp. 1 41,600 1,037,920
- -----------------------------------------------------------------------------
MAPICS, Inc. 1 5,400 70,686
- -----------------------------------------------------------------------------
QAD, Inc. 1 144,600 1,772,796
- -----------------------------------------------------------------------------
SM&A 1 149,700 1,751,490
- -----------------------------------------------------------------------------
SS&C
Technologies, Inc. 165,000 4,611,750
- -----------------------------------------------------------------------------
Startek, Inc. 29,100 1,186,989
- -----------------------------------------------------------------------------
Sykes
Enterprises, Inc. 1 25,700 219,992
- -----------------------------------------------------------------------------
Tyler
Technologies, Inc. 1 198,700 1,913,481
--------------
33,388,727
- -----------------------------------------------------------------------------
OFFICE ELECTRONICS--0.4%
Gerber
Scientific, Inc. 1 127,700 1,016,492
- -----------------------------------------------------------------------------
Metrologic
Instruments, Inc. 1 215,600 5,821,200
--------------
6,837,692
- -----------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--3.1%
ADE Corp. 1 33,900 627,828
- -----------------------------------------------------------------------------
Advanced Energy
Industries, Inc. 1 14,200 369,910
- -----------------------------------------------------------------------------
AMIS Holdings, Inc. 1 61,200 1,118,736
- -----------------------------------------------------------------------------
ANADIGICS, Inc. 1 248,800 1,482,848
- -----------------------------------------------------------------------------
Asyst
Technologies, Inc. 1 80,000 1,388,000
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT Continued
August
Technology Corp. 1 23,900 $ 443,345
- -----------------------------------------------------------------------------
Axcelis
Technologies, Inc. 1 123,700 1,264,214
- -----------------------------------------------------------------------------
Brooks
Automation, Inc. 1 24,000 580,080
- -----------------------------------------------------------------------------
Cirrus Logic, Inc. 1 479,000 3,673,930
- -----------------------------------------------------------------------------
Credence
Systems Corp. 1 195,200 2,568,832
- -----------------------------------------------------------------------------
Diodes, Inc. 1 124,504 2,365,576
- -----------------------------------------------------------------------------
DSP Group, Inc. 1 17,500 435,925
- -----------------------------------------------------------------------------
Helix
Technology Corp. 50,000 1,029,000
- -----------------------------------------------------------------------------
Integrated Device
Technology, Inc. 1 105,600 1,813,152
- -----------------------------------------------------------------------------
Integrated Silicon
Solution, Inc. 1 114,500 1,794,215
- -----------------------------------------------------------------------------
Kulicke & Soffa
Industries, Inc. 1 135,200 1,944,176
- -----------------------------------------------------------------------------
Micrel, Inc. 1 28,700 447,146
- -----------------------------------------------------------------------------
Microsemi Corp. 1 86,000 2,113,880
- -----------------------------------------------------------------------------
Mindspeed
Technologies, Inc. 1 426,100 2,918,785
- -----------------------------------------------------------------------------
MKS
Instruments, Inc. 1 21,136 612,944
- -----------------------------------------------------------------------------
NPTest
Holding Corp. 1 140,900 1,555,536
- -----------------------------------------------------------------------------
NVE Corp. 1 47,600 2,441,880
- -----------------------------------------------------------------------------
O2Micro
International Ltd. 1 9,700 217,280
- -----------------------------------------------------------------------------
OmniVision
Technologies, Inc. 1 17,200 950,300
- -----------------------------------------------------------------------------
Photronics, Inc. 1 188,800 3,760,896
- -----------------------------------------------------------------------------
Power
Integrations, Inc. 1 600 20,076
- -----------------------------------------------------------------------------
Rambus, Inc. 1 39,700 1,218,790
- -----------------------------------------------------------------------------
Sigmatel, Inc. 1 40,700 1,004,476
- -----------------------------------------------------------------------------
Siliconix, Inc. 1 9,162 418,703
- -----------------------------------------------------------------------------
Sipex Corp. 1 46,700 360,057
- -----------------------------------------------------------------------------
Supertex, Inc. 1 14,500 276,950
- -----------------------------------------------------------------------------
Tessera
Technologies, Inc. 1 37,800 711,018
- -----------------------------------------------------------------------------
Transmeta Corp. 1 306,000 1,040,400
- -----------------------------------------------------------------------------
TranSwitch Corp. 1 857,100 1,971,330
30 | OPPENHEIMER MAIN STREET SMALL CAP FUND
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT Continued
Trident
Microsystems, Inc. 1 108,750 $ 1,894,425
- -----------------------------------------------------------------------------
TriQuint
Semiconductor, Inc. 1 547,300 3,869,411
- -----------------------------------------------------------------------------
Ultratech, Inc. 1 150,800 4,428,996
- -----------------------------------------------------------------------------
Vitesse
Semiconductor
Corp. 1 71,300 418,531
- -----------------------------------------------------------------------------
White Electronic
Designs Corp. 1 46,500 409,200
--------------
55,960,777
- -----------------------------------------------------------------------------
SOFTWARE--4.1%
Altiris, Inc. 1 16,300 594,624
- -----------------------------------------------------------------------------
Ansoft Corp. 1 47,800 613,274
- -----------------------------------------------------------------------------
Ansys, Inc. 1 96,800 3,842,960
- -----------------------------------------------------------------------------
Ascential
Software Corp. 1 192,400 4,988,932
- -----------------------------------------------------------------------------
Aspen
Technology, Inc. 1 311,800 3,199,068
- -----------------------------------------------------------------------------
BindView
Development Corp. 1 154,800 583,596
- -----------------------------------------------------------------------------
Bottomline
Technologies, Inc. 1 13,900 125,100
- -----------------------------------------------------------------------------
Callidus
Software, Inc. 1 10,000 176,900
- -----------------------------------------------------------------------------
Captaris, Inc. 1 110,300 619,886
- -----------------------------------------------------------------------------
CCC Information
Services Group, Inc. 1 32,600 550,940
- -----------------------------------------------------------------------------
Cognos, Inc. 1 14,500 443,990
- -----------------------------------------------------------------------------
Concord
Communications,
Inc. 1 56,600 1,130,302
- -----------------------------------------------------------------------------
Convera Corp. 1 1,800 6,138
- -----------------------------------------------------------------------------
Datastream
Systems, Inc. 1 53,100 416,835
- -----------------------------------------------------------------------------
Digimarc Corp. 1 28,600 380,380
- -----------------------------------------------------------------------------
Dynamics
Research Corp. 1 13,000 209,690
- -----------------------------------------------------------------------------
E.piphany, Inc. 1 214,700 1,547,987
- -----------------------------------------------------------------------------
Epicor
Software Corp. 1 296,700 3,785,892
- -----------------------------------------------------------------------------
ePlus, inc. 1 53,500 659,709
- -----------------------------------------------------------------------------
Group 1
Software, Inc. 1 76,700 1,351,454
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
SOFTWARE Continued
Hyperion
Solutions Corp. 1 21,300 $ 641,982
- -----------------------------------------------------------------------------
Inet
Technologies, Inc. 1 235,000 2,820,000
- -----------------------------------------------------------------------------
Informatica Corp. 1 128,900 1,327,670
- -----------------------------------------------------------------------------
InteliData
Technologies Corp. 1 42,200 69,630
- -----------------------------------------------------------------------------
InterVoice-Brite, Inc. 1 301,500 3,578,805
- -----------------------------------------------------------------------------
JDA Software
Group, Inc. 1 67,400 1,112,774
- -----------------------------------------------------------------------------
Kronos, Inc. 1 50,500 2,000,305
- -----------------------------------------------------------------------------
Macromedia, Inc. 1 34,000 606,560
- -----------------------------------------------------------------------------
Magma Design
Automation, Inc. 1 8,300 193,722
- -----------------------------------------------------------------------------
Manugistics
Group, Inc. 1 55,800 348,750
- -----------------------------------------------------------------------------
MapInfo Corp. 1 11,000 110,880
- -----------------------------------------------------------------------------
Midway Games, Inc. 1 260,000 1,008,800
- -----------------------------------------------------------------------------
Mobius Management
Systems, Inc. 1 168,500 2,131,525
- -----------------------------------------------------------------------------
MRO Software, Inc. 1 5,100 68,646
- -----------------------------------------------------------------------------
MSC.Software Corp. 1 91,000 859,950
- -----------------------------------------------------------------------------
Nuance
Communications,
Inc. 1 138,600 1,058,904
- -----------------------------------------------------------------------------
Open Solutions, Inc. 1 42,300 743,211
- -----------------------------------------------------------------------------
OPNET
Technologies, Inc. 1 24,500 403,270
- -----------------------------------------------------------------------------
Parametric
Technology Corp. 1 382,700 1,507,838
- -----------------------------------------------------------------------------
Pegasystems, Inc. 1 48,500 418,070
- -----------------------------------------------------------------------------
Plumtree
Software, Inc. 1 283,400 1,331,980
- -----------------------------------------------------------------------------
Progress
Software Corp. 1 174,200 3,564,132
- -----------------------------------------------------------------------------
Pumatech, Inc. 1 73,300 291,734
- -----------------------------------------------------------------------------
QRS Corp. 1 12,900 104,748
- -----------------------------------------------------------------------------
Quality
Systems, Inc. 1 82,800 3,692,052
- -----------------------------------------------------------------------------
Radiant
Systems, Inc. 1 105,400 886,414
- -----------------------------------------------------------------------------
Renaissance
Learning, Inc. 1 19,600 471,968
- -----------------------------------------------------------------------------
Roxio, Inc. 1 235,100 1,126,129
- -----------------------------------------------------------------------------
RSA Security, Inc. 1 228,900 3,250,380
31 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS UNAUDITED / CONTINUED
- -----------------------------------------------------------------------------
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
SOFTWARE Continued
Sanchez Computer
Associates, Inc. 1 32,100 $ 133,215
- -----------------------------------------------------------------------------
SCO Group,
Inc. (The) 1 76,600 1,302,200
- -----------------------------------------------------------------------------
SPSS, Inc. 1 20,700 370,116
- -----------------------------------------------------------------------------
Sybase, Inc. 1 144,500 2,973,810
- -----------------------------------------------------------------------------
Synplicity, Inc. 1 2,200 17,226
- -----------------------------------------------------------------------------
Systems & Computer
Technology Corp. 1 19,100 312,285
- -----------------------------------------------------------------------------
Take-Two Interactive
Software, Inc. 1 57,700 1,662,337
- -----------------------------------------------------------------------------
Tradestation
Group, Inc. 1 72,400 641,464
- -----------------------------------------------------------------------------
Transaction Systems
Architects, Inc., Cl. A 1 55,400 1,253,702
- -----------------------------------------------------------------------------
Ulticom, Inc. 1 205,600 1,984,040
- -----------------------------------------------------------------------------
VA Software Corp. 1 245,600 960,296
- -----------------------------------------------------------------------------
Wind River
Systems, Inc. 1 198,500 1,738,860
--------------
74,308,037
- -----------------------------------------------------------------------------
MATERIALS--4.7%
- -----------------------------------------------------------------------------
CHEMICALS--1.3%
Agrium, Inc. 83,700 1,377,702
- -----------------------------------------------------------------------------
American
Vanguard Corp. 11,600 432,332
- -----------------------------------------------------------------------------
Calgon Carbon Corp. 56,800 352,728
- -----------------------------------------------------------------------------
Cytec Industries, Inc. 1 72,500 2,783,275
- -----------------------------------------------------------------------------
Ethyl Corp. 1 44,700 977,589
- -----------------------------------------------------------------------------
Hawkins, Inc. 12,700 177,292
- -----------------------------------------------------------------------------
Headwaters, Inc. 1 46,145 905,365
- -----------------------------------------------------------------------------
Hercules, Inc. 1 248,300 3,029,260
- -----------------------------------------------------------------------------
MacDermid, Inc. 129,500 4,434,080
- -----------------------------------------------------------------------------
Material
Sciences Corp. 5,300 53,583
- -----------------------------------------------------------------------------
Octel Corp. 86,300 1,699,247
- -----------------------------------------------------------------------------
Olin Corp. 192,500 3,861,550
- -----------------------------------------------------------------------------
OM Group, Inc. 1 120,800 3,163,752
- -----------------------------------------------------------------------------
PolyOne Corp. 1 95,300 608,967
- -----------------------------------------------------------------------------
Stepan Co. 24,400 625,860
--------------
24,482,582
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
CONSTRUCTION MATERIALS--0.6%
AMCOL
International Corp. 238,200 $ 4,835,460
- -----------------------------------------------------------------------------
Ameron
International Corp. 48,200 1,672,058
- -----------------------------------------------------------------------------
Centex Construction
Products, Inc. 13,400 807,618
- -----------------------------------------------------------------------------
Florida Rock
Industries, Inc. 55,700 3,055,145
--------------
10,370,281
- -----------------------------------------------------------------------------
CONTAINERS & PACKAGING--0.3%
Caraustar
Industries, Inc. 1 28,900 398,820
- -----------------------------------------------------------------------------
Chesapeake Corp. 32,500 860,600
- -----------------------------------------------------------------------------
Graphic
Packaging Corp. 1 50,600 205,436
- -----------------------------------------------------------------------------
Mod-Pac Corp. 1 3,950 31,561
- -----------------------------------------------------------------------------
Packaging
Dynamics Corp. 1 17,080 175,582
- -----------------------------------------------------------------------------
Silgan Holdings, Inc. 1 85,400 3,637,186
--------------
5,309,185
- -----------------------------------------------------------------------------
METALS & MINING--1.9%
AK Steel
Holding Corp. 1 419,700 2,140,470
- -----------------------------------------------------------------------------
Allegheny
Technologies, Inc. 231,200 3,056,464
- -----------------------------------------------------------------------------
Brush Engineered
Materials, Inc. 1 8,000 122,480
- -----------------------------------------------------------------------------
Carpenter
Technology Corp. 136,000 4,021,520
- -----------------------------------------------------------------------------
Century
Aluminum Co. 101,300 1,925,713
- -----------------------------------------------------------------------------
Cleveland-Cliffs, Inc. 1 43,300 2,206,135
- -----------------------------------------------------------------------------
Gibraltar Steel Corp. 5,100 128,265
- -----------------------------------------------------------------------------
Goldcorp, Inc. 68,500 1,093,032
- -----------------------------------------------------------------------------
GrafTech
International Ltd. 1 19,100 257,850
- -----------------------------------------------------------------------------
IMCO
Recycling, Inc. 1 30,800 304,612
- -----------------------------------------------------------------------------
International Steel
Group, Inc. 1 29,100 1,133,445
- -----------------------------------------------------------------------------
Liquidmetal
Technologies, Inc. 1 58,600 166,424
- -----------------------------------------------------------------------------
Meridian Gold, Inc. 1 38,700 566,911
32 | OPPENHEIMER MAIN STREET SMALL CAP FUND
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
METALS & MINING Continued
Metal
Management, Inc. 1 84,900 $ 3,135,357
- -----------------------------------------------------------------------------
Metals USA, Inc. 1 60,300 607,221
- -----------------------------------------------------------------------------
NN, Inc. 86,300 1,086,517
- -----------------------------------------------------------------------------
Peabody
Energy Corp. 69,100 2,882,161
- -----------------------------------------------------------------------------
RTI International
Metals, Inc. 1 27,800 468,986
- -----------------------------------------------------------------------------
Schnitzer Steel
Industries, Inc. 110,300 6,673,150
- -----------------------------------------------------------------------------
Steel
Technologies, Inc. 24,600 435,174
- -----------------------------------------------------------------------------
Westmoreland
Coal Co. 16,700 292,250
- -----------------------------------------------------------------------------
Wheaton River
Minerals Ltd. 1 383,900 1,149,695
--------------
33,853,832
- -----------------------------------------------------------------------------
PAPER & FOREST PRODUCTS--0.6%
Buckeye
Technologies, Inc. 1 52,100 523,605
- -----------------------------------------------------------------------------
Deltic Timber Corp. 12,200 370,880
- -----------------------------------------------------------------------------
Louisiana-Pacific
Corp. 1 352,800 6,308,064
- -----------------------------------------------------------------------------
Pope & Talbot, Inc. 11,800 207,798
- -----------------------------------------------------------------------------
Potlatch Corp. 86,100 2,993,697
- -----------------------------------------------------------------------------
Schweitzer-Mauduit
International, Inc. 5,600 166,768
--------------
10,570,812
- -----------------------------------------------------------------------------
TELECOMMUNICATION SERVICES--1.3%
- -----------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION SERVICES--0.6%
AXXENT, Inc. 1,2 100,000 --
- -----------------------------------------------------------------------------
D&E
Communications,
Inc. 4,600 66,746
- -----------------------------------------------------------------------------
General
Communication,
Inc., Cl. A 1 89,600 779,520
- -----------------------------------------------------------------------------
Golden
Telecom, Inc. 1 54,900 1,523,475
- -----------------------------------------------------------------------------
Hungarian
Telephone &
Cable Corp. 1 3,400 33,524
- -----------------------------------------------------------------------------
McLeodUSA,
Inc., Cl. A 1 531,700 786,916
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION SERVICES Continued
North Pittsburgh
Systems, Inc. 72,200 $ 1,365,302
- -----------------------------------------------------------------------------
Primus
Telecommunications
Group, Inc. 1 87,600 891,768
- -----------------------------------------------------------------------------
PTEK Holdings, Inc. 1 28,600 251,966
- -----------------------------------------------------------------------------
Shenandoah
Telecommunications
Co. 2,200 112,772
- -----------------------------------------------------------------------------
Talk America
Holdings, Inc. 1 142,300 1,639,296
- -----------------------------------------------------------------------------
Time Warner
Telecom, Inc., Cl. A 1 256,300 2,596,319
- -----------------------------------------------------------------------------
US LEC Corp., Cl. A 1 21,600 170,208
- -----------------------------------------------------------------------------
Warwick Valley
Telephone Co. 14,000 414,260
--------------
10,632,072
- -----------------------------------------------------------------------------
WIRELESS TELECOMMUNICATION SERVICES--0.7%
Boston
Communications
Group, Inc. 1 91,500 850,035
- -----------------------------------------------------------------------------
Centennial
Communications
Corp. 1 93,200 490,232
- -----------------------------------------------------------------------------
Cincinnati Bell, Inc. 1 559,200 2,823,960
- -----------------------------------------------------------------------------
Dobson
Communications
Corp., Cl. A 1 157,100 1,032,147
- -----------------------------------------------------------------------------
Price
Communications
Corp. 1 53,500 734,555
- -----------------------------------------------------------------------------
Triton PCS Holdings,
Inc., Cl. A 1 156,100 871,038
- -----------------------------------------------------------------------------
UbiquiTel, Inc. 1 368,900 991,972
- -----------------------------------------------------------------------------
Wireless
Facilities, Inc. 1 282,000 4,190,520
--------------
11,984,459
- --------------------------------------------------------------------------------
UTILITIES--1.2%
- --------------------------------------------------------------------------------
ELECTRIC UTILITIES--0.5%
Aquila, Inc. 1 527,000 1,786,530
- -----------------------------------------------------------------------------
Black Hills Corp. 2,600 77,558
- -----------------------------------------------------------------------------
Canadian Hydro
Developers, Inc. 1 406,000 691,198
- -----------------------------------------------------------------------------
Central Vermont
Public Service Corp. 12,400 291,400
33 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS UNAUDITED / CONTINUED
- -----------------------------------------------------------------------------
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------
ELECTRIC UTILITIES Continued
CH Energy
Group, Inc. 48,000 $ 2,251,200
- -----------------------------------------------------------------------------
Green Mountain
Power Corp. 16,400 387,040
- -----------------------------------------------------------------------------
MGE Energy, Inc. 700 22,057
- -----------------------------------------------------------------------------
UniSource
Energy Corp. 5,400 133,164
- -----------------------------------------------------------------------------
Westar Energy, Inc. 168,000 3,402,000
--------------
9,042,147
- -----------------------------------------------------------------------------
GAS UTILITIES--0.7%
Chesapeake
Utilities Corp. 28,200 734,610
- -----------------------------------------------------------------------------
Energen Corp. 116,200 4,767,686
- -----------------------------------------------------------------------------
EnergySouth, Inc. 5,900 206,500
- -----------------------------------------------------------------------------
Laclede Group,
Inc. (The) 22,900 653,795
- -----------------------------------------------------------------------------
New Jersey
Resources Corp. 7,900 304,229
- -----------------------------------------------------------------------------
South Jersey
Industries, Inc. 4,500 182,250
- -----------------------------------------------------------------------------
Southwestern
Energy Co. 1 156,000 3,728,400
- -----------------------------------------------------------------------------
UGI Corp. 22,550 764,445
--------------
11,341,915
- -----------------------------------------------------------------------------
MULTI-UTILITIES & UNREGULATED POWER--0.0%
Avista Corp. 28,300 512,791
- -----------------------------------------------------------------------------
WATER UTILITIES--0.0%
SJW Corp. 2,800 249,900
--------------
Total Common Stocks
(Cost $1,391,690,875) 1,789,861,142
- -----------------------------------------------------------------------------
PREFERRED STOCKS--0.0%
Astronics Corp., Cl. B 1,2
(Cost $55,238) 7,900 41,475
MARKET VALUE
UNITS SEE NOTE 1
- -----------------------------------------------------------------------------
Rights, Warrants and Certificates--0.1%
Canadian Superior
Energy, Inc. Wts.,
Exp. 3/14/04 1,2 632,500 $ 623,659
- -----------------------------------------------------------------------------
Timco Aviation
Services, Inc. Wts.,
Exp. 2/28/07 1 3,661 --
--------------
Total Rights, Warrants
and Certificates
(Cost $507) 623,659
PRINCIPAL
AMOUNT
- -----------------------------------------------------------------------------
NON-CONVERTIBLE CORPORATE BONDS AND NOTES--0.0%
Timco Aviation
Services, Inc.,
8% Sub. Nts., 1/2/07 2,3
(Cost $826) $ 3,530 194
- -----------------------------------------------------------------------------
JOINT REPURCHASE AGREEMENTS--0.8%
Undivided interest of 13.07% in joint
repurchase agreement (Principal Amount/Market
Value $109,556,000, with a maturity value of
$109,560,869) with Banc One Capital
Markets, Inc., 0.80%, dated 12/31/03,
to be repurchased at $14,323,637
on 1/2/04, collateralized by U.S.
Treasury Bonds, 4.25%, 11/30/13,
with a value of $111,861,618
(Cost $14,323,000) 14,323,000 14,323,000
- -----------------------------------------------------------------------------
TOTAL INVESTMENTS,
AT VALUE
(COST $1,406,070,446) 100.6% 1,804,849,470
- -----------------------------------------------------------------------------
LIABILITIES IN
EXCESS OF
OTHER ASSETS (0.6) (10,343,439)
---------------------------
NET ASSETS 100.0% $1,794,506,031
===========================
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.
34 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF ASSETS AND LIABILITIES UNAUDITED
- --------------------------------------------------------------------------------
DECEMBER 31, 2003
- ----------------------------------------------------------------------------------------------------
ASSETS
- ----------------------------------------------------------------------------------------------------
Investments, at value (including securities loaned of approximately $273,004,000)
(cost $1,406,070,446)--see accompanying statement $1,804,849,470
- ----------------------------------------------------------------------------------------------------
Cash 442,771
- ----------------------------------------------------------------------------------------------------
Collateral for securities loaned 282,660,911
- ----------------------------------------------------------------------------------------------------
Receivables and other assets:
Investments sold 24,849,346
Shares of beneficial interest sold 6,072,811
Interest and dividends 520,363
Other 9,609
---------------
Total assets 2,119,405,281
- ----------------------------------------------------------------------------------------------------
LIABILITIES
- ----------------------------------------------------------------------------------------------------
Return of collateral for securities loaned 282,660,911
- ----------------------------------------------------------------------------------------------------
Unrealized depreciation on foreign currency contracts 121
- ----------------------------------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased 36,467,997
Shares of beneficial interest redeemed 4,033,221
Distribution and service plan fees 1,024,012
Transfer and shareholder servicing agent fees 396,161
Shareholder reports 255,452
Trustees' compensation 6,332
Other 55,043
---------------
Total liabilities 324,899,250
- ----------------------------------------------------------------------------------------------------
NET ASSETS $1,794,506,031
===============
- ----------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- ----------------------------------------------------------------------------------------------------
Par value of shares of beneficial interest $ 98,173
- ----------------------------------------------------------------------------------------------------
Additional paid-in capital 1,366,250,652
- ----------------------------------------------------------------------------------------------------
Accumulated net investment loss (6,258,661)
- ----------------------------------------------------------------------------------------------------
Accumulated net realized gain on investments and foreign currency transactions 35,635,736
- ----------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments and translation of assets and
liabilities denominated in foreign currencies 398,780,131
---------------
NET ASSETS $1,794,506,031
===============
35 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF ASSETS AND LIABILITIES UNAUDITED / CONTINUED
- ----------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- ----------------------------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$910,926,218 and 49,082,812 shares of beneficial interest outstanding) $18.56
Maximum offering price per share (net asset value plus sales charge of
5.75% of offering price) $19.69
- ----------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $450,761,490
and 25,121,196 shares of beneficial interest outstanding) $17.94
- ----------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $353,962,407
and 19,704,334 shares of beneficial interest outstanding) $17.96
- ----------------------------------------------------------------------------------------------------
Class N Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $66,673,869
and 3,620,844 shares of beneficial interest outstanding) $18.41
- ----------------------------------------------------------------------------------------------------
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net
assets of $12,182,047 and 643,838 shares of beneficial interest outstanding) $18.92
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
36 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF OPERATIONS UNAUDITED
- --------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED DECEMBER 31, 2003
- --------------------------------------------------------------------------------------------------
INVESTMENT INCOME
- --------------------------------------------------------------------------------------------------
Dividends (net of foreign withholding taxes of $42,464) $ 5,130,831
- --------------------------------------------------------------------------------------------------
Portfolio lending fees 393,215
- --------------------------------------------------------------------------------------------------
Interest 144,004
-------------
Total investment income 5,668,050
- --------------------------------------------------------------------------------------------------
EXPENSES
- --------------------------------------------------------------------------------------------------
Management fees 4,947,031
- --------------------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 921,841
Class B 1,977,251
Class C 1,501,025
Class N 136,954
- --------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 1,047,406
Class B 707,345
Class C 401,560
Class N 133,516
Class Y 57
- --------------------------------------------------------------------------------------------------
Shareholder reports:
Class A 56,010
Class B 29,525
Class C 21,917
Class N 197
Class Y 3,915
- --------------------------------------------------------------------------------------------------
Trustees' compensation 16,727
- --------------------------------------------------------------------------------------------------
Custodian fees and expenses 11,986
- --------------------------------------------------------------------------------------------------
Other 18,677
-------------
Total expenses 11,932,940
Less reduction to custodian expenses (1,994)
Less voluntary waiver of transfer and shareholder servicing agent fees--Class A (5,564)
Less voluntary waiver of transfer and shareholder servicing agent fees--Class B (15,342)
Less voluntary waiver of transfer and shareholder servicing agent fees--Class C (4,007)
Less voluntary waiver of transfer and shareholder servicing agent fees--Class N (36,292)
-------------
Net expenses 11,869,741
- --------------------------------------------------------------------------------------------------
NET INVESTMENT LOSS (6,201,691)
- --------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
- --------------------------------------------------------------------------------------------------
Net realized gain on:
Investments 178,896,957
Foreign currency transactions 490,682
-------------
Net realized gain 179,387,639
- --------------------------------------------------------------------------------------------------
Net change in unrealized appreciation on:
Investments 155,611,498
Translation of assets and liabilities denominated in foreign currencies 746,638
-------------
Net change in unrealized appreciation 156,358,136
- --------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $329,544,084
=============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
37 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
DECEMBER 31, 2003 JUNE 30,
(UNAUDITED) 2003
- --------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment loss $ (6,201,691) $ (9,090,919)
- --------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) 179,387,639 (130,573,916)
- --------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation 156,358,136 138,671,116
-----------------------------------
Net increase (decrease) in net assets resulting from operations 329,544,084 (993,719)
- --------------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- --------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from beneficial interest transactions:
Class A 162,781,319 72,951,719
Class B 34,382,707 48,632,931
Class C 50,094,716 53,042,666
Class N 13,165,128 23,607,252
Class Y 2,482,376 5,090,458
- --------------------------------------------------------------------------------------------------------------------
NET ASSETS
- --------------------------------------------------------------------------------------------------------------------
Total increase 592,450,330 202,331,307
- --------------------------------------------------------------------------------------------------------------------
Beginning of period 1,202,055,701 999,724,394
-----------------------------------
End of period [including accumulated net investment
loss of $6,258,661 and $56,970, respectively] $1,794,506,031 $1,202,055,701
===================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
38 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
DECEMBER 31, 2003 JUNE 30,
CLASS A (UNAUDITED) 2003 2002 2001 2000 1
- -------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $14.78 $15.12 $15.02 $14.77 $10.00
- -------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.05) (.08) (.08) (.08) (.06)
Net realized and unrealized gain (loss) 3.83 (.26) .19 1.12 4.85
----------------------------------------------------------------------
Total from investment operations 3.78 (.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 $18.56 $14.78 $15.12 $15.02 $14.77
======================================================================
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 25.58% (2.25)% 0.71% 7.66% 47.98%
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $910,926 $584,052 $512,337 $294,780 $141,721
- -------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $743,812 $490,057 $386,221 $205,916 $ 75,295
- -------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (0.45)% (0.59)% (0.50)% (0.60)% (0.82)%
Total expenses 1.20% 1.39% 1.37% 1.28% 1.50%
Expenses after expense reimbursement or fee
waiver and reduction to custodian expenses N/A 4,5 1.36% N/A 4 N/A 4 N/A 4
- -------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 54% 117% 134% 181% 108%
<FN>
1. For the period from August 2, 1999 (commencement of operations) to June 30,
2000.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distribu- tions 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. Voluntary waiver of transfer agent fees less than 0.01%.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
39 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FINANCIAL HIGHLIGHTS CONTINUED
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
DECEMBER 31, 2003 JUNE 30,
CLASS B (UNAUDITED) 2003 2002 2001 2000 1
- -------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $14.35 $14.79 $14.80 $14.68 $10.00
- -------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.09) (.14) (.12) (.14) (.11)
Net realized and unrealized gain (loss) 3.68 (.30) .12 1.05 4.81
----------------------------------------------------------------------
Total from investment operations 3.59 (.44) -- .91 4.70
- -------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Distributions from net realized gain -- -- (.01) (.79) (.02)
- -------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $17.94 $14.35 $14.79 $14.80 $14.68
======================================================================
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 25.02% (2.98)% (0.02)% 6.79% 47.08%
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $450,761 $330,174 $285,102 $177,479 $99,060
- -------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $392,884 $268,057 $218,939 $128,350 $51,951
- -------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (1.28)% (1.34)% (1.25)% (1.36)% (1.53)%
Total expenses 2.03% 2.21% 2.12% 2.05% 2.21%
Expenses after expense reimbursement or fee
waiver and reduction to custodian expenses 2.02% 2.11% N/A 4 N/A 4 N/A 4
- -------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 54% 117% 134% 181% 108%
<FN>
1. For the period from August 2, 1999 (commencement of operations) to June 30,
2000.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distribu- tions 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%.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
40 | OPPENHEIMER MAIN STREET SMALL CAP FUND
SIX MONTHS YEAR
ENDED ENDED
DECEMBER 31, 2003 JUNE 30,
CLASS C (UNAUDITED) 2003 2002 2001 2000 1
- -------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $14.36 $14.79 $14.81 $14.68 $10.00
- -------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.08) (.13) (.10) (.13) (.10)
Net realized and unrealized gain (loss) 3.68 (.30) .09 1.05 4.80
----------------------------------------------------------------------
Total from investment operations 3.60 (.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 $17.96 $14.36 $14.79 $14.81 $14.68
======================================================================
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 25.07% (2.91)% (0.09)% 6.86% 47.08%
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $353,962 $238,717 $186,108 $89,814 $43,695
- -------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $298,385 $186,380 $127,393 $60,762 $21,984
- -------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (1.19)% (1.30)% (1.23)% (1.36)% (1.54)%
Total expenses 1.94% 4,5 2.07% 4 2.12% 4 2.05% 4 2.21% 4
- -------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 54% 117% 134% 181% 108%
<FN>
1. For the period from August 2, 1999 (commencement of operations) to June 30,
2000.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distribu- tions 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. Voluntary waiver of transfer agent fees less than 0.01%.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
41 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FINANCIAL HIGHLIGHTS CONTINUED
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
DECEMBER 31, 2003 JUNE 30,
CLASS N (UNAUDITED) 2003 2002 2000 1
- ---------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ---------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $14.69 $15.05 $15.00 $13.53
- ---------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.07) (.11) (.12) (.02)
Net realized and unrealized gain (loss) 3.79 (.25) .18 1.49
-----------------------------------------------------
Total from investment operations 3.72 (.36) .06 1.47
- ---------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Distributions from net realized gain -- -- (.01) --
- ---------------------------------------------------------------------------------------------------------------
Net asset value, end of period $18.41 $14.69 $15.05 $15.00
======================================================
- ---------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 25.32% (2.39)% 0.38% 10.87%
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $66,674 $41,474 $14,557 $995
- ---------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $54,478 $24,417 $ 5,924 $445
- ---------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (0.77)% (0.83)% (0.66)% (0.76)%
Total expenses 1.65% 1.64% 1.65% 1.59%
Expenses after expense reimbursement or fee
waiver and reduction to custodian expenses 1.52% 1.60% N/A 4 N/A 4
- ---------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 54% 117% 134% 181%
<FN>
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, with all dividends and distribu- tions 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%.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
42 | OPPENHEIMER MAIN STREET SMALL CAP FUND
SIX MONTHS YEAR
ENDED ENDED
DECEMBER 31, 2003 JUNE 30,
CLASS Y (UNAUDITED) 2003 2002 2001 2000 1
- -------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $15.03 $15.27 $15.11 $14.82 $ 10.00
- -------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.02) (.07) (.10) (.05) (.04)
Net realized and unrealized gain (loss) 3.91 (.17) .27 1.13 4.88
---------------------------------------------------------------------
Total from investment operations 3.89 (.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 $18.92 $15.03 $15.27 $15.11 $14.82
=====================================================================
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 25.88% (1.57)% 1.11% 7.90% 48.48%
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $12,182 $7,637 $1,619 $2 $1
- -------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 9,218 $3,460 $ 813 $2 $1
- -------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income (loss) 0.09% 0.00% 0.01% (0.23)% (0.37)%
Total expenses 0.74% 0.79% 0.97% 0.89% 1.18%
Expenses after expense reimbursement or fee
waiver and reduction to custodian expenses N/A 4 N/A 4 0.93% N/A 4 N/A 4
- -------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 54% 117% 134% 181% 108%
<FN>
1. For the period from August 2, 1999 (commencement of operations) to June 30,
2000.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods 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%.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
43 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS UNAUDITED
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Oppenheimer Main Street Small Cap Fund (the Fund) is an open-end management
investment company registered under the Investment Company Act of 1940, as
amended. The Fund's investment objective is to seek capital appreciation. The
Fund's investment advisor is OppenheimerFunds, Inc. (the Manager).
The Fund offers Class A, Class B, Class C, Class N and Class Y shares. Class
A shares are sold at their offering price, which is normally net asset value
plus a front-end sales charge. Class B, Class C and Class N shares are sold
without a front-end sales charge but may be subject to a contingent deferred
sales charge (CDSC). Class N shares are sold only through retirement plans.
Retirement plans that offer Class N shares may impose charges on those
accounts. Class Y shares are sold to certain institutional investors without
either a front-end sales charge or a CDSC. All classes of shares have identical
rights and voting privileges with respect to the Fund in general and exclusive
voting rights on matters that affect that class alone. Earnings, net assets and
net asset value per share may differ 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. Securities whose values have been
materially affected by what the Manager identifies as a significant event
occurring before the Fund's assets are valued but after the close of their
respective foreign exchanges will be fair valued. 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.
44 | OPPENHEIMER MAIN STREET SMALL CAP FUND
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.
- --------------------------------------------------------------------------------
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.
As of December 31, 2003, the Fund had available for federal income tax
purposes an estimated unused capital loss carryforward of zero. This estimated
capital loss carryforward represents carryforward as of the end of the last
fiscal year, increased for losses deferred under tax accounting rules to the
current fiscal year and is increased or decreased by capital losses or gains
realized in the first six months of the current fiscal year. During the six
months ended December 31, 2003 and the year ended June 30, 2003, the Fund used
$70,002,232 and $0, respectively, of carryforward to offset capital gains
realized.
As of June 30, 2003, the Fund had available for federal income tax purposes
unused capital loss carryforwards as follows:
EXPIRING
--------------------------------
2010 $ 9,288,506
2011 60,713,726
------------
Total $70,002,232
============
45 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS UNAUDITED / CONTINUED
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
TRUSTEES' COMPENSATION. The Board of Trustees has adopted a deferred
compensation plan for independent trustees that enables trustees to elect to
defer receipt of all or a portion of the annual compensation they are entitled
to receive from the Fund. Under the plan, deferred amounts are treated as
though equal dollar amounts had been invested in shares of the Fund or are
invested in other Oppenheimer funds selected by the Trustee. Deferral of
trustees' fees under the plan will not affect the net assets of the Fund, and
will not materially affect the Fund's assets, liabilities or net investment
income per share. Amounts will be deferred until distributed in accordance to
the Plan.
- --------------------------------------------------------------------------------
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, if applicable,
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.
- --------------------------------------------------------------------------------
2. SHARES OF BENEFICIAL INTEREST
The Fund has authorized an unlimited number of $0.001 par value shares of
beneficial interest of each class. Transactions in shares of beneficial
interest were as follows:
SIX MONTHS ENDED DECEMBER 31, 2003 YEAR ENDED JUNE 30, 2003
SHARES AMOUNT SHARES AMOUNT
- -------------------------------------------------------------------------------------------------------------
CLASS A
Sold 14,494,039 $245,502,042 28,842,216 $ 373,711,631
Redeemed (4,930,353) (82,720,723) (23,218,757) (300,759,912)
---------------------------------------------------------------------------------
Net increase 9,563,686 $162,781,319 5,623,459 $ 72,951,719
================================================================================
46 | OPPENHEIMER MAIN STREET SMALL CAP FUND
SIX MONTHS ENDED DECEMBER 31, 2003 YEAR ENDED JUNE 30, 2003
SHARES AMOUNT SHARES AMOUNT
- -------------------------------------------------------------------------------------------------------------
CLASS B
Sold 3,953,181 $ 64,263,798 9,370,965 $119,637,485
Redeemed (1,843,795) (29,881,091) (5,642,090) (71,004,554)
---------------------------------------------------------------------------------
Net increase 2,109,386 $ 34,382,707 3,728,875 $48,632,931
================================================================================
- -------------------------------------------------------------------------------------------------------------
CLASS C
Sold 4,407,657 $ 71,831,161 8,888,859 $113,501,879
Redeemed (1,329,250) (21,736,445) (4,846,737) (60,459,213)
---------------------------------------------------------------------------------
Net increase 3,078,407 $ 50,094,716 4,042,122 $ 53,042,666
================================================================================
- -------------------------------------------------------------------------------------------------------------
CLASS N
Sold 1,172,520 $ 19,567,460 2,316,468 $ 29,545,217
Redeemed (375,508) (6,402,332) (459,607) (5,937,965)
---------------------------------------------------------------------------------
Net increase 797,012 $ 13,165,128 1,856,861 $ 23,607,252
================================================================================
- -------------------------------------------------------------------------------------------------------------
CLASS Y
Sold 278,830 $ 4,800,812 491,287 $ 6,261,675
Redeemed (143,250) (2,318,436) (89,058) (1,171,217)
---------------------------------------------------------------------------------
Net increase 135,580 $ 2,482,376 402,229 $ 5,090,458
================================================================================
- --------------------------------------------------------------------------------
3. PURCHASES AND SALES OF SECURITIES
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations, for the six months ended December 31, 2003, were
$1,086,639,328 and $789,530,630, respectively.
- --------------------------------------------------------------------------------
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 per account fee. For the six months ended December 31, 2003,
the Fund paid $2,152,856 to OFS for services to the Fund.
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
47 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS UNAUDITED / CONTINUED
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
DISTRIBUTION AND SERVICE PLAN (12B-1) FEES. Under its General Distributor's
Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the Distributor)
acts as the Fund's principal underwriter in the continuous public offering of
the Fund's classes of shares.
- --------------------------------------------------------------------------------
SERVICE PLAN FOR CLASS A SHARES. The Fund has adopted a Service Plan 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. The Distributor currently uses the fees it receives
from the Fund to pay brokers, dealers and other financial institutions for
personal services and account maintenance services they provide for their
customers who hold Class A shares. Any unreimbursed expenses the Distributor
incurs with respect to Class A shares in any fiscal year cannot be recovered in
subsequent years. Fees incurred by the Fund under the plan are detailed in the
Statement of Operations.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLANS FOR CLASS B, CLASS C AND CLASS N SHARES. The
Fund has adopted Distribution and Service Plans for Class B, Class C and Class
N shares to compensate the Distributor for its services in connection with the
distribution of these shares and servicing accounts. 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 0.25% per year on Class N shares. The
Distributor also receives a service fee of 0.25% per year under each plan. If
either the Class B, Class C or Class N plan is terminated by the Fund or by the
shareholders of a class, the Board of Trustees and its independent trustees
must determine whether the Distributor shall be entitled to payment from the
Fund of all or a portion of the service fee and/or asset-based sales charge in
respect to shares sold prior to the effective date of such termination. The
Distributor's aggregate uncompensated expenses under the plan at December 31,
2003 for Class B, Class C and Class N shares was $7,946,348, $3,727,342 and
$945,833, respectively. Fees incurred by the Fund under the plans are detailed
in the Statement of Operations.
- --------------------------------------------------------------------------------
SALES CHARGES. Front-end sales charges and contingent deferred sales charges
(CDSC) do not represent expenses of the Fund. They are deducted from the
proceeds of sales of fund shares prior to investment or from redemption
proceeds prior to remittance, as applicable. The sales charges retained by the
Distributor from the sale of shares and the CDSC retained by the Distributor on
the redemption of shares is shown in the table below for the period indicated.
CLASS A CLASS B CLASS C CLASS N
CLASS A CONTINGENT CONTINGENT CONTINGENT CONTINGENT
FRONT-END DEFERRED DEFERRED DEFERRED DEFERRED
SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES
SIX MONTHS RETAINED BY RETAINED BY RETAINED BY RETAINED BY RETAINED BY
ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
- --------------------------------------------------------------------------------------------------
December 31, 2003 $506,334 $3,761 $324,839 $24,158 $64,680
48 | OPPENHEIMER MAIN STREET SMALL CAP FUND
- --------------------------------------------------------------------------------
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 gains or losses. Such realized gains and losses are
reported with all other foreign currency gains and losses in the Statement of
Operations.
As of December 31, 2003, the Fund had outstanding foreign currency contracts as
follows:
NUMBER OF
EXPIRATION CONTRACTS VALUATION AS OF UNREALIZED
CONTRACT DESCRIPTION DATE (000S) DEC. 31, 2003 DEPRECIATION
- ------------------------------------------------------------------------------------------
CONTRACTS TO SELL
Canadian Dollar [CAD] 1/2/04 83CAD $63,983 $121
- --------------------------------------------------------------------------------
6. ILLIQUID OR RESTRICTED SECURITIES
As of December 31, 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 December 31, 2003 was
$2,501,401, which represents 0.14% of the Fund's net assets, of which $921,181
is considered restricted. Information concerning restricted securities is as
follows:
VALUATION
AS OF UNREALIZED
SECURITY ACQUISITION DATE COST PER UNIT DEC. 31, 2003 APPRECIATION
- ------------------------------------------------------------------------------------------------------
STOCKS AND/OR WARRANTS
Esprit Exploration Ltd. 6/4/02 $784,403 $921,181 $136,778
49 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS UNAUDITED / CONTINUED
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
7. SECURITIES LENDING
The Fund lends portfolio securities from time to time in order to earn
additional income. In return, the Fund receives collateral in the form of US
Treasury obligations or cash, against the loaned securities and maintains
collateral in an amount not less than 100% of the market value of the loaned
securities during the period of the loan. The market value of the loaned
securities is determined at the close of business of the funds and any
additional required collateral is delivered to the Fund on the next business
day. If the borrower defaults on its obligation to return the securities loaned
because of insolvency or other reasons, the Fund could experience delays and
cost in recovering the securities loaned or in gaining access to the
collateral. Cash collateral is invested in cash equivalents. As of December 31,
2003, the Fund had on loan securities valued at approximately $273,004,000.
Cash of $282,660,911 was received as collateral for the loans, and has been
invested in approved instruments.
- --------------------------------------------------------------------------------
8. 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 (the SEC) 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. The
SEC's order requires the Fund's Board of Trustees to adopt operating policies
and procedures to administer interfund borrowing and lending. 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 six
months ended or at December 31, 2003.
50 | OPPENHEIMER MAIN STREET SMALL CAP FUND
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
ITEM 2. CODE OF ETHICS
The registrant has adopted a code of ethics that applies to the
registrant's principal executive officer, principal financial officer, principal
accounting officer or controller or persons performing similar functions.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The Board of Trustees of the Trust has determined that Edward L.
Cameron, the Chairman of the Board's Audit Committee, and George C. Bowen, a
member of the Board's Audit Committee, possess the technical attributes
identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as "audit
committee financial experts," and has designated Messrs. Cameron and Bowen as
the Audit Committee's financial experts. Messrs. Cameron and Bowen are
"independent" Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not applicable to semiannual reports.
ITEM 5. NOT APPLICABLE
ITEM 6. RESERVED
ITEM 7. NOT APPLICABLE
ITEM 8. NOT APPLICABLE
Item 9. Submission of Matters to a Vote of Security Holders
Not applicable for fiscal periods ending December 31, 2003.
ITEM 10. 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 December 31, 2003, registrant's
principal executive officer and principal financial officer found
registrant's disclosure controls and procedures to provide reasonable
assurances 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 over financial reporting that occurred during the registrant's
last fiscal half-year that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
ITEM 11. EXHIBITS.
(A) EXHIBIT ATTACHED HERETO. (ATTACH CODE OF ETHICS AS EXHIBIT)
(B) EXHIBITS ATTACHED HERETO. (ATTACH CERTIFICATIONS AS EXHIBITS)