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 - June 30, 2004
ITEM 1. REPORTS TO STOCKHOLDERS.
FUND PERFORMANCE DISCUSSION
- --------------------------------------------------------------------------------
HOW HAS THE FUND PERFORMED? BELOW IS A DISCUSSION BY OPPENHEIMERFUNDS, INC., OF
THE FUND'S PERFORMANCE DURING ITS FISCAL YEAR ENDED JUNE 30, 2004, FOLLOWED BY A
GRAPHICAL COMPARISON OF THE FUND'S PERFORMANCE TO AN APPROPRIATE BROAD-BASED
MARKET INDEX.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE. The Oppenheimer Main Street Small
Cap Fund enjoyed strong absolute returns during a mostly positive climate for
small-cap stock investing. The first six months were a particularly favorable
environment for the Fund, although performance was more subdued during the
second half of the period as stocks gave back some of their gains in response to
investors' fears of rising interest rates. The Fund's performance closely
tracked the Russell 2000 Index over this period. See page 2 for detailed
performance information.
The market environment for the Fund during the past 12 months can be
roughly divided into two parts. During the first part of the reporting period,
from July 1, 2003, until the second half of January 2004, stocks gained as
investors became more confident about economic growth and rising corporate
earnings. As their conviction increased that the economic rebound was
sustainable, investors became more willing to buy stocks instead of lower-risk
bonds. Against this backdrop, small-cap stocks, with their greater growth
potential, were the greatest beneficiaries. In particular, the smallest of these
stocks--so-called "micro caps"--as well as aggressive names in growth-oriented
sectors such as technology did especially well.
During the second part of the period, an increasing amount of data pointed
to rising inflation accompanying the fast-growing economy. This fact was
expected to convince the Federal Reserve Board to increase interest rates off of
their historic lows (an expectation that was met on June 30, 2004). The threat
of higher rates weighed on stock prices and reversed the growth trend in the
small-cap market. Gains in micro-cap and fundamentally weak technology stocks
were interrupted, and larger-cap and higher-quality names began enjoying
stronger results on a relative basis.
When selecting small-cap securities for the Fund, we use a proprietary
stock-selection model. This model leads us to those companies with
characteristics that have predicted success historically. As the 12-month
reporting period began, our model detected improvements in the economy and was
steering us toward technology and other cyclical investments that were expected
to benefit. Our model also led us to increase the Fund's weighting in micro-cap
stocks, from approximately 36% to 40% of the portfolio, while de-emphasizing
more defensive areas of the market such as consumer staples, utilities and parts
of the health care sector. These positioning decisions benefited performance
during the first part of the period.
10 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Toward the end of the period, our model was increasingly recommending a
shift away from micro caps and relatively aggressive growth stocks and into
larger companies as well as certain higher-quality cyclical stocks. For example,
we invested in selected companies in the industrials sector, which historically
has benefited most in the middle to later stages of an economic recovery. We
also purchased stocks in the energy and consumer discretionary sectors, both of
which we overweighted throughout the past 12 months. In hindsight, this shift in
emphasis proved to be a good move. However, our model did not anticipate the
shift quickly enough, and the delay resulted in a performance lag relative to
our benchmark and peers.
The significant position we maintained in the energy sector proved
beneficial to the Fund as energy stocks outperformed primarily due to sharply
rising oil prices. The Fund's performance was also positively influenced by
emphasizing the consumer discretionary sector, which fared well as companies
continued to benefit from the expanding economy and continued strength in
consumer spending. The Fund's limited position in financials and utilities also
helped performance; financials were hurt as investors grew concerned about the
impact of rising interest rates, while utilities and other defensive investments
historically have been overlooked during times of economic growth.
On the negative side, the Fund's relative performance was hurt by stock
selection within the technology sector. Early in the period, our model was
somewhat late in detecting a market shift and recommending a move in favor of
more aggressive, smaller-cap technology stocks. In addition, primarily in March
and April 2004, when market conditions changed to favor less aggressive and
larger small-cap technology names, we were unable to react quickly enough and
wound up owning certain underperforming stocks for longer than desirable. In
fact, many of the securities proving to be laggards late in the period were the
same names that had generated large gains for the Fund during the previous eight
months. We have however, greatly reduced the Fund's exposure to micro caps. As
previously mentioned, the Fund's exposure to micro caps was approximately 40%
during the period. We have since greatly reduced this allocation to 28%, and are
working to further reduce it, in anticipation of more favorable performance for
the larger companies within the small-cap market.
COMPARING THE FUND'S PERFORMANCE TO THE MARKET. The graphs that follow show the
performance of a hypothetical $10,000 investment in each class of shares of the
Fund held until June 30, 2004. In the case of Class A, Class B, Class C and
Class Y shares, performance is measured from inception of the classes on August
2, 1999. In the case of Class N shares, performance is measured from inception
of the class on March 1, 2001. The Fund's performance reflects the deduction of
the maximum initial sales charge on Class A
11 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FUND PERFORMANCE DISCUSSION
- --------------------------------------------------------------------------------
shares, the applicable contingent deferred sales charge on Class B, Class C and
Class N shares, and reinvestments of all dividends and capital gains
distributions. Past performance cannot guarantee future results.
The Fund's performance is compared to the performance of the Russell 2000
Index and the Lipper Small-Cap Core Fund Index. The Russell 2000 Index is an
unmanaged index of small-capitalization stocks. The Lipper Small-Cap Core Fund
category includes the 30 largest mutual funds within the investment category as
defined by Lipper. Index performance reflects the reinvestment of income but
does not consider the effect of transaction costs, and none of the data in the
graphs shows the effect of taxes. The Fund's performance reflects the effects of
the Fund's business and operating expenses. While index comparisons may be
useful to provide a benchmark for the Fund's performance, it must be noted that
the Fund's investments are not limited to the investments in the index.
12 | OPPENHEIMER MAIN STREET SMALL CAP FUND
CLASS A SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
OPPENHEIMER MAIN STREET SMALL CAP FUND(R) (CLASS A)
RUSSELL 2000 INDEX
LIPPER SMALL-CAP CORE FUND INDEX
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Lipper Small-Cap
Value of Investment Russell 2000 Core Fund
Date In Fund Index Index
08/02/1999 9,425 10,000 10,000
09/30/1999 9,557 9,632 9,626
12/31/1999 12,125 11,409 11,450
03/31/2000 12,994 12,217 12,632
06/30/2000 13,947 11,755 12,430
09/30/2000 14,608 11,885 12,779
12/31/2000 13,356 11,064 12,244
03/31/2001 12,916 10,344 11,313
06/30/2001 15,015 11,822 13,051
09/30/2001 12,756 9,364 10,768
12/31/2001 15,082 11,339 13,117
03/31/2002 15,562 11,791 13,585
06/30/2002 15,122 10,806 12,406
09/30/2002 12,572 8,493 10,014
12/31/2002 12,672 9,016 10,594
03/31/2003 12,162 8,611 10,047
06/30/2003 14,782 10,629 12,113
09/30/2003 16,123 11,593 12,997
12/31/2003 18,563 13,277 14,928
03/31/2004 19,493 14,108 15,838
06/30/2004 19,523 14,175 16,086
AVERAGE ANNUAL TOTAL RETURNS OF CLASS A SHARES WITH SALES CHARGE OF THE FUND AT
6/30/04
1-Year 5-Year Since Inception Inception Date
- ------ ------ --------------- --------------
24.48% N/A 14.59% 8/2/99
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT
GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE
DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM,
OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE,
REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE: FOR CLASS A SHARES,
THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 5.75%; FOR CLASS B SHARES, THE
CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR); AND FOR CLASS C
AND N SHARES, THE CONTINGENT 1% DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD.
THERE IS NO SALES CHARGE FOR CLASS Y SHARES. SEE PAGE 18 FOR FURTHER
INFORMATION.
13 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FUND PERFORMANCE DISCUSSION
- --------------------------------------------------------------------------------
CLASS B SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
OPPENHEIMER MAIN STREET SMALL CAP FUND(R) (CLASS B)
RUSSELL 2000 INDEX
LIPPER SMALL-CAP CORE FUND INDEX
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Lipper Small-Cap
Value of Investment Russell 2000 Core Fund
Date In Fund Index Index
08/02/1999 10,000 10,000 10,000
09/30/1999 10,130 9,632 9,626
12/31/1999 12,824 11,409 11,450
03/31/2000 13,726 12,217 12,632
06/30/2000 14,708 11,755 12,430
09/30/2000 15,369 11,885 12,779
12/31/2000 14,020 11,064 12,244
03/31/2001 13,531 10,344 11,313
06/30/2001 15,707 11,822 13,051
09/30/2001 13,319 9,364 10,768
12/31/2001 15,725 11,339 13,117
03/31/2002 16,193 11,791 13,585
06/30/2002 15,704 10,806 12,406
09/30/2002 13,028 8,493 10,014
12/31/2002 13,113 9,016 10,594
03/31/2003 12,561 8,611 10,047
06/30/2003 15,237 10,629 12,113
09/30/2003 16,585 11,593 12,997
12/31/2003 19,049 13,277 14,928
03/31/2004 19,962 14,108 15,838
06/30/2004 19,751 14,175 16,086
AVERAGE ANNUAL TOTAL RETURNS OF CLASS B SHARES WITH SALES CHARGE OF THE FUND AT
6/30/04
1-Year 5-Year Since Inception Inception Date
- ------ ------ --------------- --------------
25.94% N/A 14.87% 8/2/99
14 | OPPENHEIMER MAIN STREET SMALL CAP FUND
CLASS C SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
OPPENHEIMER MAIN STREET SMALL CAP FUND(R) (CLASS C)
RUSSELL 2000 INDEX
LIPPER SMALL-CAP CORE FUND INDEX
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Lipper Small-Cap
Value of Investment Russell 2000 Core Fund
Date In Fund Index Index
08/02/1999 10,000 10,000 10,000
09/30/1999 10,130 9,632 9,626
12/31/1999 12,824 11,409 11,450
03/31/2000 13,726 12,217 12,632
06/30/2000 14,708 11,755 12,430
09/30/2000 15,369 11,885 12,779
12/31/2000 14,030 11,064 12,244
03/31/2001 13,541 10,344 11,313
06/30/2001 15,717 11,822 13,051
09/30/2001 13,319 9,364 10,768
12/31/2001 15,725 11,339 13,117
03/31/2002 16,192 11,791 13,585
06/30/2002 15,703 10,806 12,406
09/30/2002 13,038 8,493 10,014
12/31/2002 13,113 9,016 10,594
03/31/2003 12,571 8,611 10,047
06/30/2003 15,247 10,629 12,113
09/30/2003 16,595 11,593 12,997
12/31/2003 19,069 13,277 14,928
03/31/2004 19,993 14,108 15,838
06/30/2004 19,982 14,175 16,086
AVERAGE ANNUAL TOTAL RETURNS OF CLASS C SHARES WITH SALES CHARGE OF THE FUND AT
6/30/04
1-Year 5-Year Since Inception Inception Date
- ------ ------ --------------- --------------
30.06% N/A 15.14% 8/2/99
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT
GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE
DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM,
OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE,
REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE: FOR CLASS A SHARES,
THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 5.75%; FOR CLASS B SHARES, THE
CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR); AND FOR CLASS C
AND N SHARES, THE CONTINGENT 1% DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD.
THERE IS NO SALES CHARGE FOR CLASS Y SHARES. SEE PAGE 18 FOR FURTHER
INFORMATION.
15 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FUND PERFORMANCE DISCUSSION
- --------------------------------------------------------------------------------
CLASS N SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
OPPENHEIMER MAIN STREET SMALL CAP FUND(R) (CLASS N)
RUSSELL 2000 INDEX
LIPPER SMALL-CAP CORE FUND INDEX
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Lipper Small-Cap
Value of Investment Russell 2000 Core Fund
Date In Fund Index Index
03/01/2001 10,000 10,000 10,000
03/31/2001 9,542 9,511 9,527
06/30/2001 11,086 10,870 10,991
09/30/2001 9,409 8,610 9,068
12/31/2001 11,121 10,426 11,046
03/31/2002 11,469 10,841 11,440
06/30/2002 11,129 9,935 10,448
09/30/2002 9,258 7,809 8,433
12/31/2002 9,325 8,290 8,922
03/31/2003 8,947 7,918 8,461
06/30/2003 10,863 9,772 10,201
09/30/2003 11,839 10,659 10,945
12/31/2003 13,613 12,207 12,571
03/31/2004 14,286 12,972 13,338
06/30/2004 14,294 13,033 13,546
AVERAGE ANNUAL TOTAL RETURNS OF CLASS N SHARES WITH SALES CHARGE OF THE FUND AT
6/30/04
1-Year 5-Year Since Inception Inception Date
- ------ ------ --------------- --------------
30.59% N/A 11.32% 3/1/01
16 | OPPENHEIMER MAIN STREET SMALL CAP FUND
CLASS Y SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
OPPENHEIMER MAIN STREET SMALL CAP FUND(R) (CLASS Y)
RUSSELL 2000 INDEX
LIPPER SMALL-CAP CORE FUND INDEX
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Lipper Small-Cap
Value of Investment Russell 2000 Core Fund
Date In Fund Index Index
08/02/1999 10,000 10,000 10,000
09/30/1999 10,140 9,632 9,626
12/31/1999 12,874 11,409 11,450
03/31/2000 13,816 12,217 12,632
06/30/2000 14,848 11,755 12,430
09/30/2000 15,570 11,885 12,779
12/31/2000 14,240 11,064 12,244
03/31/2001 13,784 10,344 11,313
06/30/2001 16,021 11,822 13,051
09/30/2001 13,625 9,364 10,768
12/31/2001 16,135 11,339 13,117
03/31/2002 16,655 11,791 13,585
06/30/2002 16,199 10,806 12,406
09/30/2002 13,504 8,493 10,014
12/31/2002 13,632 9,016 10,594
03/31/2003 13,101 8,611 10,047
06/30/2003 15,944 10,629 12,113
09/30/2003 17,408 11,593 12,997
12/31/2003 20,071 13,277 14,928
03/31/2004 21,100 14,108 15,838
06/30/2004 21,153 14,175 16,086
AVERAGE ANNUAL TOTAL RETURNS OF CLASS Y SHARES WITH SALES CHARGE OF THE FUND AT
6/30/04
1-Year 5-Year Since Inception Inception Date
- ------ ------ --------------- --------------
32.67% N/A 16.48% 8/2/99
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT
GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE
DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM,
OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE,
REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE: FOR CLASS A SHARES,
THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 5.75%; FOR CLASS B SHARES, THE
CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR); AND FOR CLASS C
AND N SHARES, THE CONTINGENT 1% DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD.
THERE IS NO SALES CHARGE FOR CLASS Y SHARES. SEE PAGE 18 FOR FURTHER
INFORMATION.
17 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES
- --------------------------------------------------------------------------------
TOTAL RETURNS AND THE ENDING ACCOUNT VALUES IN THE GRAPHS INCLUDE CHANGES IN
SHARE PRICE AND REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS DISTRIBUTIONS IN A
HYPOTHETICAL INVESTMENT FOR THE PERIODS SHOWN. THE FUND'S TOTAL RETURNS SHOWN DO
NOT REFLECT THE DEDUCTION OF INCOME TAXES ON AN INDIVIDUAL'S INVESTMENT. TAXES
MAY REDUCE YOUR ACTUAL INVESTMENT RETURNS ON INCOME OR GAINS PAID BY THE FUND OR
ANY GAINS YOU MAY REALIZE IF YOU SELL YOUR SHARES.
INVESTORS SHOULD CONSIDER THE FUND'S INVESTMENT OBJECTIVES, RISKS, AND OTHER
CHARGES AND EXPENSES CAREFULLY BEFORE INVESTING. THE FUND'S PROSPECTUS CONTAINS
THIS AND OTHER INFORMATION ABOUT THE FUND, AND MAY BE OBTAINED BY ASKING YOUR
FINANCIAL ADVISOR, CALLING US AT 1.800.525.7048 OR VISITING OUR WEBSITE AT
WWW.OPPENHEIMERFUNDS.COM. READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.
THE FUND'S INVESTMENT STRATEGY AND FOCUS CAN CHANGE OVER TIME. THE MENTION OF
SPECIFIC FUND HOLDINGS DOES NOT CONSTITUTE A RECOMMENDATION BY OPPENHEIMERFUNDS,
INC.
CLASS A shares of the Fund were first publicly offered on 8/2/99. Unless
otherwise noted, Class A returns include the current maximum initial sales
charge of 5.75%.
CLASS B shares of the Fund were first publicly offered on 8/2/99. Unless
otherwise noted, Class B returns include the applicable contingent deferred
sales charge of 5% (1-year) and 2% (5-year). Class B shares are subject to an
annual 0.75% asset-based sales charge.
CLASS C shares of the Fund were first publicly offered on 8/2/99. Unless
otherwise noted Class C returns include the contingent deferred sales charge of
1% for the 1-year period. Class C shares are subject to an annual 0.75%
asset-based sales charge.
CLASS N shares of the Fund were first publicly offered on 3/1/01. Class N shares
are offered only through retirement plans. Unless otherwise noted, Class N
returns include the contingent deferred sales charge of 1% for the 1-year
period. Class N shares are subject to an annual 0.25% asset-based sales charge.
CLASS Y shares of the Fund were first publicly offered on 8/2/99. Class Y shares
are offered only to certain institutional investors under special agreement with
the Distributor.
An explanation of the calculation of performance is in the Fund's Statement of
Additional Information.
18 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS June 30, 2004
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMON STOCKS--97.4%
- --------------------------------------------------------------------------------
CONSUMER DISCRETIONARY--17.4%
- --------------------------------------------------------------------------------
AUTO COMPONENTS--1.2%
Aftermarket Technology
Corp. 1 54,800 $ 904,200
- --------------------------------------------------------------------------------
ArvinMeritor, Inc. 23,200 454,024
- --------------------------------------------------------------------------------
Bandag, Inc. 4,900 218,197
- --------------------------------------------------------------------------------
Cooper Tire &
Rubber Co. 249,200 5,731,600
- --------------------------------------------------------------------------------
Dana Corp. 91,900 1,801,240
- --------------------------------------------------------------------------------
Drew Industries, Inc. 1 118,800 4,835,160
- --------------------------------------------------------------------------------
Dura Automotive
Systems, Inc. 1 15,000 137,250
- --------------------------------------------------------------------------------
Hayes Lemmerz
International, Inc. 1 31,500 475,650
- --------------------------------------------------------------------------------
Keystone Automotive
Industries, Inc. 1 36,100 1,006,829
- --------------------------------------------------------------------------------
Modine
Manufacturing Co. 52,600 1,675,310
- --------------------------------------------------------------------------------
Noble International
Ltd. 42,470 1,051,982
- --------------------------------------------------------------------------------
Sauer-Danfoss, Inc. 7,700 131,439
- --------------------------------------------------------------------------------
Spartan Motors, Inc. 36,000 441,000
- --------------------------------------------------------------------------------
Standard Motor
Products, Inc. 2,100 30,933
- --------------------------------------------------------------------------------
Stoneridge, Inc. 1 31,700 538,900
- --------------------------------------------------------------------------------
Tenneco
Automotive, Inc. 1 139,500 1,845,585
- --------------------------------------------------------------------------------
Tower
Automotive, Inc. 1 199,600 726,544
- --------------------------------------------------------------------------------
Visteon Corp. 269,700 3,147,399
--------------
25,153,242
- --------------------------------------------------------------------------------
AUTOMOBILES--0.2%
Monaco Coach Corp. 136,100 3,833,937
- --------------------------------------------------------------------------------
Winnebago
Industries, Inc. 14,500 540,560
--------------
4,374,497
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
DISTRIBUTORS--0.2%
Andersons,
Inc. (The) 8,700 $ 147,813
- --------------------------------------------------------------------------------
Handleman Co. 67,400 1,560,984
- --------------------------------------------------------------------------------
Pomeroy Computer
Resources, Inc. 7,100 84,632
- --------------------------------------------------------------------------------
WESCO
International, Inc. 1 124,500 2,290,800
--------------
4,084,229
- --------------------------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE--4.0%
Ambassadors
Group, Inc. 44,700 1,050,897
- --------------------------------------------------------------------------------
Ameristar
Casinos, Inc. 125,200 4,204,216
- --------------------------------------------------------------------------------
Applebee's
International, Inc. 114,300 2,631,186
- --------------------------------------------------------------------------------
Argosy Gaming Co. 1 77,300 2,906,480
- --------------------------------------------------------------------------------
Aztar Corp. 1 226,900 6,353,200
- --------------------------------------------------------------------------------
Boca Resorts,
Inc., Cl. A 1 69,300 1,373,526
- --------------------------------------------------------------------------------
California Pizza
Kitchen, Inc. 1 17,000 325,720
- --------------------------------------------------------------------------------
CBRL Group, Inc. 11,800 364,030
- --------------------------------------------------------------------------------
CEC
Entertainment, Inc. 1 137,850 4,067,954
- --------------------------------------------------------------------------------
Checkers Drive-In
Restaurants, Inc. 1 40,200 464,310
- --------------------------------------------------------------------------------
Choice Hotels
International, Inc. 121,900 6,114,504
- --------------------------------------------------------------------------------
Dave & Buster's, Inc. 1 161,200 3,028,948
- --------------------------------------------------------------------------------
Dover Downs
Gaming &
Entertainment, Inc. 44,000 495,000
- --------------------------------------------------------------------------------
Frisch's
Restaurants, Inc. 4,700 139,825
- --------------------------------------------------------------------------------
Isle of Capri
Casinos, Inc. 1 158,500 2,765,825
- --------------------------------------------------------------------------------
Jack in the Box, Inc. 1 222,600 6,611,220
- --------------------------------------------------------------------------------
La Quinta Corp. 1 436,300 3,664,920
- --------------------------------------------------------------------------------
Lakes Gaming, Inc. 1 33,400 387,106
- --------------------------------------------------------------------------------
Landry's
Restaurants, Inc. 63,300 1,892,037
19 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE Continued
Lone Star Steakhouse
& Saloon, Inc. 111,600 $ 3,034,404
- --------------------------------------------------------------------------------
Navigant
International, Inc. 1 74,200 1,320,018
- --------------------------------------------------------------------------------
Papa John's
International, Inc. 1 42,800 1,264,312
- --------------------------------------------------------------------------------
Penn National
Gaming, Inc. 1 197,100 6,543,720
- --------------------------------------------------------------------------------
Pinnacle
Entertainment, Inc. 1 300,300 3,786,783
- --------------------------------------------------------------------------------
Prime Hospitality
Corp. 1 99,400 1,055,628
- --------------------------------------------------------------------------------
Rare Hospitality
International, Inc. 1 133,200 3,316,680
- --------------------------------------------------------------------------------
Ryan's Restaurant
Group, Inc. 1 151,650 2,396,070
- --------------------------------------------------------------------------------
Scientific Games
Corp., Cl. A 1 166,500 3,186,810
- --------------------------------------------------------------------------------
Shuffle Master, Inc. 1 146,925 5,334,847
- --------------------------------------------------------------------------------
Sonic Corp. 1 41,850 952,088
- --------------------------------------------------------------------------------
Speedway
Motorsports, Inc. 65,400 2,186,976
- --------------------------------------------------------------------------------
Steak n Shake Co.
(The) 1 168,100 3,062,782
- --------------------------------------------------------------------------------
Sunterra Corp. 1 29,398 370,415
- --------------------------------------------------------------------------------
Total Entertainment
Restaurant Corp. 1 56,900 769,857
--------------
87,422,294
- --------------------------------------------------------------------------------
HOUSEHOLD DURABLES--2.0%
Applica, Inc. 1 101,800 906,020
- --------------------------------------------------------------------------------
Bassett Furniture
Industries, Inc. 2,300 50,048
- --------------------------------------------------------------------------------
Beazer Homes
USA, Inc. 25,731 2,581,077
- --------------------------------------------------------------------------------
Blount
International, Inc. 1 6,800 86,564
- --------------------------------------------------------------------------------
Brookfield Homes
Corp. 20,000 523,800
- --------------------------------------------------------------------------------
Chromcraft
Revington, Inc. 1 8,300 105,825
- --------------------------------------------------------------------------------
CSS Industries, Inc. 57,250 2,006,040
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HOUSEHOLD DURABLES CONTINUED
Enesco Group, Inc. 1 37,400 $ 335,104
- --------------------------------------------------------------------------------
Furniture Brands
International, Inc. 16,800 420,840
- --------------------------------------------------------------------------------
Helen of Troy Ltd. 1 109,400 4,033,578
- --------------------------------------------------------------------------------
Jarden Corp. 1 150,500 5,416,495
- --------------------------------------------------------------------------------
Kimball International,
Inc., Cl. B 45,100 665,225
- --------------------------------------------------------------------------------
Lifetime Hoan Corp. 29,400 670,026
- --------------------------------------------------------------------------------
M.D.C. Holdings, Inc. 30,065 1,912,435
- --------------------------------------------------------------------------------
Meritage Corp. 1 67,700 4,657,760
- --------------------------------------------------------------------------------
Mestek, Inc. 1 11,200 186,032
- --------------------------------------------------------------------------------
Movado Group, Inc. 36,000 621,000
- --------------------------------------------------------------------------------
National Presto
Industries, Inc. 11,900 490,637
- --------------------------------------------------------------------------------
Ryland Group,
Inc. (The) 15,100 1,180,820
- --------------------------------------------------------------------------------
Standard Pacific
Corp. 44,100 2,174,130
- --------------------------------------------------------------------------------
Stanley Furniture
Co., Inc. 60,700 2,556,077
- --------------------------------------------------------------------------------
Technical Olympic
USA, Inc. 156,150 3,479,022
- --------------------------------------------------------------------------------
Tupperware Corp. 202,000 3,924,860
- --------------------------------------------------------------------------------
Universal
Electronics, Inc. 1 10,800 189,324
- --------------------------------------------------------------------------------
Yankee Candle,
Inc. (The) 1 113,800 3,328,650
--------------
42,501,389
- --------------------------------------------------------------------------------
INTERNET & CATALOG RETAIL--0.3%
1-800-FLOWERS.com,
Inc. 1 14,800 120,472
- --------------------------------------------------------------------------------
Coldwater
Creek, Inc. 1 63,300 1,675,551
- --------------------------------------------------------------------------------
J. Jill Group, Inc. 1 97,800 2,307,102
- --------------------------------------------------------------------------------
PC Connection, Inc. 1 118,600 780,388
- --------------------------------------------------------------------------------
Priceline.com, Inc. 1 66,800 1,798,924
- --------------------------------------------------------------------------------
Provide
Commerce, Inc. 1 9,100 179,361
------------
6,861,798
20 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
LEISURE EQUIPMENT & PRODUCTS--1.0%
Action Performance
Cos., Inc. 42,375 $ 638,591
- --------------------------------------------------------------------------------
Callaway Golf Co 7,500 85,050
- --------------------------------------------------------------------------------
Marine Products
Corp. 14,700 272,685
- --------------------------------------------------------------------------------
MarineMax, Inc. 1 198,400 5,690,112
- --------------------------------------------------------------------------------
Marvel
Enterprises, Inc. 1 99,800 1,948,096
- --------------------------------------------------------------------------------
Nautilus Group,
Inc. (The) 131,900 2,573,369
- --------------------------------------------------------------------------------
Polaris Industries,
Inc. 9,300 446,400
- --------------------------------------------------------------------------------
RC2 Corp. 1 57,200 2,030,600
- --------------------------------------------------------------------------------
SCP Pool Corp. 112,600 5,067,000
- --------------------------------------------------------------------------------
Steinway Musical
Instruments, Inc. 1 72,000 2,526,480
------------
21,278,383
- --------------------------------------------------------------------------------
MEDIA--1.2%
4Kids Entertainment,
Inc. 1 34,100 815,672
- --------------------------------------------------------------------------------
Advo, Inc. 33,950 1,117,634
- --------------------------------------------------------------------------------
Arbitron, Inc. 1 20,100 734,052
- --------------------------------------------------------------------------------
Beasley Broadcast
Group, Inc., Cl. A 800 11,968
- --------------------------------------------------------------------------------
Carmike
Cinemas, Inc. 1 27,700 1,092,765
- --------------------------------------------------------------------------------
Gray Television, Inc. 122,200 1,697,358
- --------------------------------------------------------------------------------
Hearst-Argyle
Television, Inc. 73,200 1,887,096
- --------------------------------------------------------------------------------
Information
Holdings, Inc. 1 54,900 1,502,613
- --------------------------------------------------------------------------------
Journal
Communications,
Inc. 22,300 419,909
- --------------------------------------------------------------------------------
Liberty Corp. 12,700 596,265
- --------------------------------------------------------------------------------
Media General,
Inc., Cl. A 24,400 1,566,968
- --------------------------------------------------------------------------------
R.H. Donnelley
Corp. 1 87,500 3,827,250
- --------------------------------------------------------------------------------
Readers Digest
Assn., Inc. (The),
Cl. A, Non-Vtg 206,300 3,298,737
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
MEDIA CONTINUED
Reading
International, Inc. 1 2,700 $ 23,490
- --------------------------------------------------------------------------------
Saga
Communications,
Inc., Cl. A 1 16,100 293,825
- --------------------------------------------------------------------------------
Salem
Communications
Corp., Cl. A 1 85,600 2,322,328
- --------------------------------------------------------------------------------
Thomas
Nelson, Inc. 116,100 2,640,114
- --------------------------------------------------------------------------------
World Wrestling
Federation
Entertainment, Inc. 166,600 2,124,150
--------------
25,972,194
- --------------------------------------------------------------------------------
MULTILINE RETAIL--0.6%
Bon-Ton Stores, Inc. 55,100 807,766
- --------------------------------------------------------------------------------
Dillard's, Inc., Cl. A 186,700 4,163,410
- --------------------------------------------------------------------------------
Saks, Inc. 69,800 1,047,000
- --------------------------------------------------------------------------------
Stage Stores, Inc. 1 80,600 3,035,396
- --------------------------------------------------------------------------------
Stein Mart, Inc. 1 250,300 4,069,878
--------------
13,123,450
- --------------------------------------------------------------------------------
SPECIALTY RETAIL--5.0%
A.C. Moore Arts
& Crafts, Inc. 1 28,100 773,031
- --------------------------------------------------------------------------------
Aaron Rents, Inc. 108,900 3,608,946
- --------------------------------------------------------------------------------
Aeropostale, Inc. 1 233,100 6,272,721
- --------------------------------------------------------------------------------
American Eagle
Outfitters, Inc. 1 113,100 3,269,721
- --------------------------------------------------------------------------------
AnnTaylor Stores
Corp. 1 159,900 4,633,902
- --------------------------------------------------------------------------------
Asbury Automotive
Group, Inc. 1 15,600 234,000
- --------------------------------------------------------------------------------
Barnes & Noble, Inc. 1 72,600 2,466,948
- --------------------------------------------------------------------------------
bebe stores, inc. 1 187,450 3,749,000
- --------------------------------------------------------------------------------
Big 5 Sporting
Goods Corp. 1 106,000 2,776,140
- --------------------------------------------------------------------------------
Blair Corp. 30,800 890,120
- --------------------------------------------------------------------------------
Borders Group, Inc. 135,800 3,183,152
- --------------------------------------------------------------------------------
Brookstone, Inc. 1 201,075 4,031,554
- --------------------------------------------------------------------------------
Buckle, Inc. (The) 32,400 915,300
21 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SPECIALTY RETAIL Continued
Building Materials
Holding Corp. 138,600 $ 2,623,698
- --------------------------------------------------------------------------------
Cabela's, Inc. 1 20,400 549,780
- --------------------------------------------------------------------------------
Cache, Inc. 1 31,750 428,943
- --------------------------------------------------------------------------------
Casual Male Retail
Group, Inc. 1 60,500 441,650
- --------------------------------------------------------------------------------
Charming
Shoppes, Inc. 1 630,000 5,625,900
- --------------------------------------------------------------------------------
Children's Place
Retail Stores, Inc. 1 58,200 1,368,864
- --------------------------------------------------------------------------------
Claire's Stores, Inc. 144,300 3,131,310
- --------------------------------------------------------------------------------
CSK Auto Corp. 2,500 42,850
- --------------------------------------------------------------------------------
Deb Shops, Inc. 3,700 89,022
- --------------------------------------------------------------------------------
Dress Barn, Inc.
(The) 1 144,300 2,470,416
- --------------------------------------------------------------------------------
Electronics Boutique
Holdings Corp. 1 34,300 903,462
- --------------------------------------------------------------------------------
Finish Line, Inc.
(The), Cl. A 1 46,100 1,390,837
- --------------------------------------------------------------------------------
Finlay
Enterprises, Inc. 1 26,800 504,376
- --------------------------------------------------------------------------------
GameStop Corp. 1 54,900 835,578
- --------------------------------------------------------------------------------
Goody's Family
Clothing, Inc. 193,500 2,006,595
- --------------------------------------------------------------------------------
Guess?, Inc. 1 206,000 3,316,600
- --------------------------------------------------------------------------------
Hibbett Sporting
Goods, Inc. 1 115,787 3,166,774
- --------------------------------------------------------------------------------
HNI Corp. 9,300 393,669
- --------------------------------------------------------------------------------
Hollywood
Entertainment
Corp. 1 115,500 1,543,080
- --------------------------------------------------------------------------------
Jo-Ann Stores, Inc. 1 82,600 2,428,440
- --------------------------------------------------------------------------------
Jos. A. Banks
Clothiers, Inc. 1 63,000 1,977,570
- --------------------------------------------------------------------------------
Lithia Motors,
Inc., Cl. A 14,100 349,398
- --------------------------------------------------------------------------------
Loehmann's
Holdings, Inc. 1 32,900 749,857
- --------------------------------------------------------------------------------
Monro Muffler
Brake, Inc. 1 59,300 1,438,618
- --------------------------------------------------------------------------------
Noland Co. 1,000 42,560
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SPECIALTY RETAIL CONTINUED
O'Reilly
Automotive, Inc. 1 45,600 $ 2,061,120
- --------------------------------------------------------------------------------
Pacific Sunwear
of California, Inc. 1 177,125 3,466,336
- --------------------------------------------------------------------------------
Payless
ShoeSource, Inc. 1 141,800 2,114,238
- --------------------------------------------------------------------------------
Pep Boys-Manny,
Moe & Jack 236,200 5,987,670
- --------------------------------------------------------------------------------
Select Comfort
Corp. 1 45,100 1,280,840
- --------------------------------------------------------------------------------
Sports Authority,
Inc. (The) 1 8,098 290,718
- --------------------------------------------------------------------------------
Talbots, Inc. (The) 58,300 2,282,445
- --------------------------------------------------------------------------------
TBC Corp. 1 79,200 1,884,960
- --------------------------------------------------------------------------------
Too, Inc. 23,700 395,790
- --------------------------------------------------------------------------------
Tractor Supply Co. 1 38,600 1,614,252
- --------------------------------------------------------------------------------
Trans World
Entertainment
Corp. 1 128,700 1,289,574
- --------------------------------------------------------------------------------
Tweeter Home
Entertainment
Group, Inc. 1 21,200 114,480
- --------------------------------------------------------------------------------
United Auto
Group, Inc. 134,300 4,116,295
- --------------------------------------------------------------------------------
Zale Corp. 1 228,600 6,231,636
--------------
107,754,736
- --------------------------------------------------------------------------------
TEXTILES, APPAREL & LUXURY GOODS--1.7%
Brown Shoe Co., Inc. 97,400 3,986,582
- --------------------------------------------------------------------------------
Cherokee, Inc. 15,700 393,913
- --------------------------------------------------------------------------------
Deckers Outdoor
Corp. 1 28,100 828,669
- --------------------------------------------------------------------------------
DHB Industries, Inc. 1 164,200 2,492,556
- --------------------------------------------------------------------------------
Escalade, Inc. 6,400 147,904
- --------------------------------------------------------------------------------
Fossil, Inc. 1 75,000 2,043,750
- --------------------------------------------------------------------------------
Hampshire
Group Ltd. 1 24,435 708,371
- --------------------------------------------------------------------------------
Hartmarx Corp. 1 159,700 1,006,110
- --------------------------------------------------------------------------------
K-Swiss, Inc., Cl. A 3,900 78,819
- --------------------------------------------------------------------------------
Kellwood Co. 141,400 6,157,970
22 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
TEXTILES, APPAREL & LUXURY GOODS Continued
Kenneth Cole
Productions,
Inc., Cl. A 53,400 $ 1,830,018
- --------------------------------------------------------------------------------
Maxwell Shoe
Co., Inc. 1 6,900 160,356
- --------------------------------------------------------------------------------
OshKosh B'Gosh,
Inc., Cl. A 600 14,982
- --------------------------------------------------------------------------------
Perry Ellis
International, Inc. 1 810 20,461
- --------------------------------------------------------------------------------
Quaker Fabric Corp. 4,200 32,378
- --------------------------------------------------------------------------------
Timberland Co.,
Cl. A 1 48,700 3,145,533
- --------------------------------------------------------------------------------
Tommy Hilfiger
Corp. 1 147,100 2,227,094
- --------------------------------------------------------------------------------
UniFirst Corp. 23,500 683,615
- --------------------------------------------------------------------------------
Vans, Inc. 1 98,100 2,015,955
- --------------------------------------------------------------------------------
Warnaco Group,
Inc. (The) 1 160,800 3,420,216
- --------------------------------------------------------------------------------
Weyco Group, Inc. 1,200 41,149
- --------------------------------------------------------------------------------
Wolverine World
Wide, Inc. 218,900 5,746,125
--------------
37,182,526
- --------------------------------------------------------------------------------
CONSUMER STAPLES--3.1%
- --------------------------------------------------------------------------------
Beverages--0.1%
Boston Beer Co.,
Inc., Cl. A 1 57,900 1,166,106
- --------------------------------------------------------------------------------
National Beverage
Corp 18,800 186,684
- --------------------------------------------------------------------------------
PepsiAmericas, Inc. 11,200 237,888
--------------
1,590,678
- --------------------------------------------------------------------------------
FOOD & STAPLES RETAILING--0.7%
7-Eleven, Inc. 1 184,100 3,286,185
- --------------------------------------------------------------------------------
Arden Group, Inc.,
Cl. A 10,598 949,793
- --------------------------------------------------------------------------------
BJ's Wholesale
Club, Inc. 1 40,200 1,005,000
- --------------------------------------------------------------------------------
Chronimed, Inc. 1 22,000 179,300
- --------------------------------------------------------------------------------
Ingles Markets, Inc.,
Cl. A 10,500 117,285
- --------------------------------------------------------------------------------
Longs Drug
Stores, Inc. 59,900 1,429,813
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
FOOD & STAPLES RETAILING CONTINUED
Nash Finch Co. 50,700 $ 1,269,021
- --------------------------------------------------------------------------------
Penn Traffic
Co. (The) 1 1,200 144
- --------------------------------------------------------------------------------
Ruddick Corp. 180,500 4,052,225
- --------------------------------------------------------------------------------
Smart & Final, Inc. 1 127,100 1,527,742
- --------------------------------------------------------------------------------
Weis Markets, Inc. 65,800 2,306,290
- --------------------------------------------------------------------------------
Wild Oats
Markets, Inc. 1 29,200 410,844
--------------
16,533,642
- --------------------------------------------------------------------------------
FOOD PRODUCTS--1.3%
Alico, Inc. 3,500 140,525
- --------------------------------------------------------------------------------
Central Garden
& Pet Co. 1 123,800 4,428,326
- --------------------------------------------------------------------------------
Corn Products
International, Inc. 116,200 5,409,110
- --------------------------------------------------------------------------------
Del Monte
Foods Co. 1 132,300 1,344,168
- --------------------------------------------------------------------------------
Farmer Brothers Co. 5,000 134,150
- --------------------------------------------------------------------------------
Flowers Foods, Inc. 205,900 5,384,285
- --------------------------------------------------------------------------------
Interstate
Bakeries Corp. 26,600 288,610
- --------------------------------------------------------------------------------
J&J Snack
Foods Corp. 1 29,100 1,188,153
- --------------------------------------------------------------------------------
Lance, Inc. 92,600 1,426,040
- --------------------------------------------------------------------------------
M&F Worldwide
Corp. 1 161,200 2,208,440
- --------------------------------------------------------------------------------
MGP
Ingredients, Inc. 9,200 355,948
- --------------------------------------------------------------------------------
Omega Protein
Corp. 1 187,600 1,819,720
- --------------------------------------------------------------------------------
Sanderson
Farms, Inc. 89,800 4,815,076
--------------
28,942,551
- --------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS--0.7%
Chattem, Inc. 1 149,300 4,310,291
- --------------------------------------------------------------------------------
Nu Skin Asia Pacific,
Inc., Cl. A 201,700 5,107,044
- --------------------------------------------------------------------------------
Rayovac Corp. 1 155,300 4,363,930
- --------------------------------------------------------------------------------
WD-40 Co. 23,000 688,620
--------------
14,469,885
23 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
PERSONAL PRODUCTS--0.3%
Del Laboratories, Inc. 40,092 $ 1,243,654
- --------------------------------------------------------------------------------
INTER PARFUMS, INC 45,500 948,675
- --------------------------------------------------------------------------------
Mannatech, Inc. 41,000 393,600
- --------------------------------------------------------------------------------
Nature's Sunshine
Products, Inc. 59,900 852,976
- --------------------------------------------------------------------------------
NBTY, Inc. 1 79,600 2,339,444
--------------
5,778,349
- --------------------------------------------------------------------------------
ENERGY--8.2%
- --------------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES--1.8%
Cal Dive
International, Inc. 1 178,100 5,399,992
- --------------------------------------------------------------------------------
Carbo Ceramics, Inc. 33,500 2,286,375
- --------------------------------------------------------------------------------
CHC Helicopter
Corp., Cl. A 29,300 854,470
- --------------------------------------------------------------------------------
Ensign Resource
Service Group, Inc. 157,300 2,486,062
- --------------------------------------------------------------------------------
Gulf Island
Fabrication, Inc. 58,800 1,271,844
- --------------------------------------------------------------------------------
Hydril Co. 1 15,900 500,850
- --------------------------------------------------------------------------------
Maverick Tube Corp. 1 146,200 1,213,212
- --------------------------------------------------------------------------------
NS Group, Inc. 1 67,500 1,109,700
- --------------------------------------------------------------------------------
Oceaneering
International, Inc. 1 97,700 3,346,225
- --------------------------------------------------------------------------------
Offshore
Logistics, Inc. 1 22,400 629,888
- --------------------------------------------------------------------------------
Oil States
International, Inc. 1 310,800 4,755,240
- --------------------------------------------------------------------------------
Pason Systems, Inc. 40,000 924,855
- --------------------------------------------------------------------------------
RPC, Inc. 32,800 517,912
- --------------------------------------------------------------------------------
Tesco Corp. 1 99,100 799,009
- --------------------------------------------------------------------------------
Total Energy
Services Ltd. 1 148,500 657,908
- --------------------------------------------------------------------------------
Trican Well
Service Ltd. 1 147,600 4,623,681
- --------------------------------------------------------------------------------
Unit Corp. 1 3,800 119,510
- --------------------------------------------------------------------------------
Universal
Compression
Holdings, Inc. 1 30,000 920,400
- --------------------------------------------------------------------------------
Veritas DGC, Inc. 1 250,900 5,808,335
- --------------------------------------------------------------------------------
Willbros Group, Inc. 1 35,800 539,506
--------------
38,764,974
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
OIL & GAS--6.4%
Atlas Energy Ltd. 1 584,000 $ 1,324,154
- --------------------------------------------------------------------------------
Berry Petroleum
CO., CL. A 42,000 1,235,220
- --------------------------------------------------------------------------------
Blizzard Energy, Inc. 1 1,343,600 1,402,976
- --------------------------------------------------------------------------------
Brigham
Exploration Co. 1 11,400 104,652
- --------------------------------------------------------------------------------
Cabot Oil & Gas
Corp., Cl. A 66,900 2,829,870
- --------------------------------------------------------------------------------
Callon Petroleum Co. 1 100,600 1,434,556
- --------------------------------------------------------------------------------
Canadian Superior
Energy, Inc. 1 1,247,424 1,860,785
- --------------------------------------------------------------------------------
Cimarex Energy Co. 1 221,770 6,704,107
- --------------------------------------------------------------------------------
Clear Energy, Inc. 1 377,566 985,628
- --------------------------------------------------------------------------------
Compton
Petroleum Corp. 1 249,500 1,395,674
- --------------------------------------------------------------------------------
Comstock
Resources, Inc. 1 111,100 2,162,006
- --------------------------------------------------------------------------------
Crew Energy, Inc. 1 127,729 495,388
- --------------------------------------------------------------------------------
Crosstex Energy, Inc. 200 8,020
- --------------------------------------------------------------------------------
Denbury
Resources, Inc. 1 199,900 4,187,905
- --------------------------------------------------------------------------------
Duvernay Oil Corp. 1 86,000 831,937
- --------------------------------------------------------------------------------
Encore Acquisition Co. 1 104,400 2,912,760
- --------------------------------------------------------------------------------
Energy Partners Ltd. 1 139,500 2,134,350
- --------------------------------------------------------------------------------
Esprit
Exploration Ltd. 1,2 428,200 1,114,613
- --------------------------------------------------------------------------------
Esprit
Exploration Ltd. 1 393,800 1,025,070
- --------------------------------------------------------------------------------
Frontier Oil Corp. 228,200 4,835,558
- --------------------------------------------------------------------------------
General
Maritime Corp. 1 143,300 3,932,152
- --------------------------------------------------------------------------------
Harvest Natural
Resources, Inc. 1 172,100 2,566,011
- --------------------------------------------------------------------------------
Holly Corp. 123,100 4,603,940
- --------------------------------------------------------------------------------
Houston
Exploration Co. 1 77,300 4,007,232
- --------------------------------------------------------------------------------
Ketch
Resources Ltd. 1 171,900 1,474,436
- --------------------------------------------------------------------------------
Magnum Hunter
Resources, Inc. 1 506,200 5,254,356
- --------------------------------------------------------------------------------
Maritrans, Inc. 48,100 723,905
24 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
OIL & GAS Continued
Meridian Resource
Corp. (The) 1 287,700 $ 1,996,638
- --------------------------------------------------------------------------------
Midnight Oil &
Gas Ltd. 1 236,000 1,117,733
- --------------------------------------------------------------------------------
OMI Corp. 505,400 6,014,260
- --------------------------------------------------------------------------------
OPTI Canada, Inc. 1 75,000 1,048,853
- --------------------------------------------------------------------------------
Overseas Shipholding
Group, Inc. 64,200 2,833,146
- --------------------------------------------------------------------------------
Paramount
Resources Ltd. 1 312,000 3,350,960
- --------------------------------------------------------------------------------
Patina Oil & Gas
Corp. 100,374 2,998,171
- --------------------------------------------------------------------------------
Penn Virginia Corp. 104,600 3,777,106
- --------------------------------------------------------------------------------
Petroleum
Development Corp. 1 63,200 1,732,944
- --------------------------------------------------------------------------------
Plains Exploration &
Production Co. 1 131,601 2,414,878
- --------------------------------------------------------------------------------
Pogo Producing Co. 13,100 647,140
- --------------------------------------------------------------------------------
Prima Energy Corp. 1 4,600 182,022
- --------------------------------------------------------------------------------
Progress Energy Ltd. 1 240,500 2,665,545
- --------------------------------------------------------------------------------
Range Resources Corp. 311,500 4,547,900
- --------------------------------------------------------------------------------
Real Resources, Inc. 1 186,800 1,037,971
- --------------------------------------------------------------------------------
Remington Oil &
Gas Corp. 1 49,900 1,177,640
- --------------------------------------------------------------------------------
Resource America,
Inc., Cl. A 66,400 1,567,040
- --------------------------------------------------------------------------------
Rio Alto Resources
International, Inc. 1 479,300 482,607
- --------------------------------------------------------------------------------
Southwestern
Energy Co. 1 48,400 1,387,628
- --------------------------------------------------------------------------------
Spinnaker
Exploration Co. 1 49,400 1,945,372
- --------------------------------------------------------------------------------
St. Mary Land &
Exploration Co. 99,800 3,557,870
- --------------------------------------------------------------------------------
StarPoint Energy Ltd. 1 517,800 1,641,357
- --------------------------------------------------------------------------------
Stelmar Shipping Ltd. 54,300 1,800,045
- --------------------------------------------------------------------------------
Stone Energy Corp. 1 73,700 3,366,616
- --------------------------------------------------------------------------------
Swift Energy Co. 1 166,900 3,681,814
- --------------------------------------------------------------------------------
Teekay Shipping Corp. 32,600 1,218,588
- --------------------------------------------------------------------------------
Tesoro Petroleum
Corp. 1 215,500 5,947,800
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
OIL & GAS CONTINUED
Thunder Energy, Inc. 1 279,863 $ 1,484,114
- --------------------------------------------------------------------------------
TransMontaigne, Inc. 1 2,400 12,912
- --------------------------------------------------------------------------------
Tusk Energy, Inc. 1 472,000 1,548,984
- --------------------------------------------------------------------------------
Vintage
Petroleum, Inc. 200,000 3,394,000
- --------------------------------------------------------------------------------
Western Gas
Resources, Inc. 64,000 2,078,720
- --------------------------------------------------------------------------------
World Fuel
Services Corp. 69,000 3,110,520
--------------
137,316,155
- --------------------------------------------------------------------------------
FINANCIALS--14.5%
- --------------------------------------------------------------------------------
CAPITAL MARKETS--0.1%
Capital Southwest
Corp. 500 39,515
- --------------------------------------------------------------------------------
National Financial
Partners Corp. 31,500 1,111,005
- --------------------------------------------------------------------------------
Stifel Financial Corp. 1 4,100 111,520
- --------------------------------------------------------------------------------
SWS Group, Inc. 10,600 162,180
--------------
1,424,220
- --------------------------------------------------------------------------------
COMMERCIAL BANKS--6.7%
1st Source Corp. 5,900 147,382
- --------------------------------------------------------------------------------
Alliance
Financial Corp 10,100 284,214
- --------------------------------------------------------------------------------
AmericanWest
Bancorporation 42,510 814,067
- --------------------------------------------------------------------------------
Anchor BanCorp
Wisconsin, Inc. 88,500 2,339,940
- --------------------------------------------------------------------------------
Arrow Financial Corp. 7,241 220,488
- --------------------------------------------------------------------------------
Bancorp Bank (The) 1 9,200 162,932
- --------------------------------------------------------------------------------
BankAtlantic
Bancorp, Inc. 85,400 1,575,630
- --------------------------------------------------------------------------------
BankUnited
Financial Corp., Cl. A 1 3,000 77,400
- --------------------------------------------------------------------------------
Banner Corp. 10,900 316,754
- --------------------------------------------------------------------------------
Bay View
Capital Corp. 4,800 9,888
- --------------------------------------------------------------------------------
BB&T Corp. 808 29,872
- --------------------------------------------------------------------------------
Berkshire Hills
Bancorp, Inc. 24,800 920,080
25 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL BANKS Continued
BFC Financial
Corp., Cl. A 1 22 $ 260
- --------------------------------------------------------------------------------
Brookline Bancorp, Inc. 20,465 300,222
- --------------------------------------------------------------------------------
BSB Bancorp, Inc. 8,400 298,620
- --------------------------------------------------------------------------------
Camco Financial Corp. 10,600 148,400
- --------------------------------------------------------------------------------
Camden
National Corp. 5,000 165,350
- --------------------------------------------------------------------------------
Capital Bancorp Ltd. 11,000 286,110
- --------------------------------------------------------------------------------
Capital City Bank
Group, Inc. 8,525 337,505
- --------------------------------------------------------------------------------
Capital Corp. of
the West 4,700 182,548
- --------------------------------------------------------------------------------
Capital Crossing Bank 1 14,300 798,369
- --------------------------------------------------------------------------------
CB Bancshares, Inc. 30,943 2,883,888
- --------------------------------------------------------------------------------
Center Financial Corp. 29,200 442,380
- --------------------------------------------------------------------------------
CFS Bancorp, Inc. 4,600 60,950
- --------------------------------------------------------------------------------
Chemical Financial
Corp. 7,195 265,424
- --------------------------------------------------------------------------------
Citizens First
Bancorp, Inc. 38,700 921,447
- --------------------------------------------------------------------------------
City Holding Co. 94,000 2,968,520
- --------------------------------------------------------------------------------
CNB Florida
Bancshares, Inc. 8,000 189,048
- --------------------------------------------------------------------------------
Coastal Financial
Corp. 1,644 24,578
- --------------------------------------------------------------------------------
Colonial BancGroup,
Inc. (The) 177,300 3,221,541
- --------------------------------------------------------------------------------
Columbia Bancorp,
Eastern US 2,100 61,362
- --------------------------------------------------------------------------------
Columbia Banking
System, Inc. 130,305 2,892,771
- --------------------------------------------------------------------------------
Community Bank
System, Inc. 116,800 2,661,872
- --------------------------------------------------------------------------------
Community First
Bankshares, Inc. 92,300 2,971,137
- --------------------------------------------------------------------------------
Community Trust
Bancorp, Inc. 10,780 328,790
- --------------------------------------------------------------------------------
Corus Bankshares, Inc. 45,200 1,858,172
- --------------------------------------------------------------------------------
CVB Financial Corp. 36,831 802,179
- --------------------------------------------------------------------------------
Dime Community
Bancshares, Inc. 90,525 1,582,377
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL BANKS CONTINUED
East West
Bancorp, Inc. 168,000 $ 5,157,600
- --------------------------------------------------------------------------------
ESB Financial Corp. 800 10,008
- --------------------------------------------------------------------------------
EverTrust Financial
Group, Inc. 3,100 78,802
- --------------------------------------------------------------------------------
Exchange National
Bancshares, Inc. 2,850 83,220
- --------------------------------------------------------------------------------
Farmers Capital
Bank Corp. 1,000 35,750
- --------------------------------------------------------------------------------
Fidelity Bankshares,
Inc. 79,965 2,834,759
- --------------------------------------------------------------------------------
Fifth Third Bancorp 830 44,637
- --------------------------------------------------------------------------------
First BanCorp 39,800 1,621,850
- --------------------------------------------------------------------------------
First Citizens
BancShares,
Inc., Cl. A 11,300 1,378,600
- --------------------------------------------------------------------------------
First Commonwealth
Financial Corp. 37,300 483,781
- --------------------------------------------------------------------------------
First Community
Bancshares, Inc. 26,030 872,005
- --------------------------------------------------------------------------------
First Defiance
Financial Corp. 14,700 324,870
- --------------------------------------------------------------------------------
First Federal
Capital Corp. 46,400 1,291,312
- --------------------------------------------------------------------------------
First Financial Corp. 12,000 382,800
- --------------------------------------------------------------------------------
First Financial
Holdings, Inc. 47,600 1,371,356
- --------------------------------------------------------------------------------
First M&F Corp. 1,900 59,166
- --------------------------------------------------------------------------------
First Merchants Corp. 22,110 573,755
- --------------------------------------------------------------------------------
First National
Bankshares of
Florida, Inc. 30,385 575,796
- --------------------------------------------------------------------------------
First Niagara
Financial Group, Inc. 109,700 1,316,400
- --------------------------------------------------------------------------------
First Oak Brook
Bancshares, Inc. 4,050 122,715
- --------------------------------------------------------------------------------
First Place Financial
Corp. 68,563 1,273,215
- --------------------------------------------------------------------------------
First Republic Bank 114,800 4,945,584
- --------------------------------------------------------------------------------
First Sentinel
Bancorp, Inc. 36,100 741,855
- --------------------------------------------------------------------------------
26 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL BANKS Continued
FirstFed Financial
Corp. 1 3,600 $ 149,760
- --------------------------------------------------------------------------------
Flagstar Bancorp, Inc. 101,600 2,019,808
- --------------------------------------------------------------------------------
Flushing
Financial Corp. 71,690 1,265,329
- --------------------------------------------------------------------------------
Foothill Independent
Bancorp 5,431 113,345
- --------------------------------------------------------------------------------
Frontier Financial
Corp. 6,100 213,134
- --------------------------------------------------------------------------------
Glacier Bancorp, Inc. 41,400 1,166,238
- --------------------------------------------------------------------------------
Hancock Holding Co. 6,000 174,360
- --------------------------------------------------------------------------------
Hanmi Financial Corp. 29,267 863,377
- --------------------------------------------------------------------------------
Harbor Florida
Bancshares, Inc. 88,300 2,429,133
- --------------------------------------------------------------------------------
Harleysville
National Corp. 9,850 252,160
- --------------------------------------------------------------------------------
Home Federal Bancorp 32,300 807,500
- --------------------------------------------------------------------------------
Horizon Financial Corp. 4,300 85,570
- --------------------------------------------------------------------------------
Hudson River
Bancorp, Inc. 32,100 547,947
- --------------------------------------------------------------------------------
IBERIABANK Corp. 36,750 2,174,865
- --------------------------------------------------------------------------------
Independence
Community
Bank Corp. 79,400 2,890,160
- --------------------------------------------------------------------------------
Independent Bank
Corp., Michigan 52,615 1,336,421
- --------------------------------------------------------------------------------
Indymac Mortgage
Holdings, Inc. 88,000 2,780,800
- --------------------------------------------------------------------------------
International
Bancshares Corp. 39,240 1,591,182
- --------------------------------------------------------------------------------
ITLA Capital Corp. 1 28,000 1,135,960
- --------------------------------------------------------------------------------
Macatawa Bank Corp. 8,421 231,493
- --------------------------------------------------------------------------------
MAF Bancorp, Inc. 129,467 5,525,652
- --------------------------------------------------------------------------------
MainSource Financial
Group, Inc. 8,067 163,760
- --------------------------------------------------------------------------------
Massbank Corp. 300 10,383
- --------------------------------------------------------------------------------
Nara Bancorp, Inc. 104,400 1,788,372
- --------------------------------------------------------------------------------
NASB Financial, Inc. 16,904 713,518
- --------------------------------------------------------------------------------
National
Bankshares, Inc. 10,900 452,350
- --------------------------------------------------------------------------------
NBC Capital Corp. 200 5,398
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL BANKS CONTINUED
NBT Bancorp, Inc. 58,200 $ 1,300,188
- --------------------------------------------------------------------------------
Oak Hill
Financial, Inc. 6,000 189,000
- --------------------------------------------------------------------------------
OceanFirst
Financial Corp. 20,500 490,975
- --------------------------------------------------------------------------------
Old Second
Bancorp, Inc. 6,600 348,150
- --------------------------------------------------------------------------------
Oriental Financial
Group, Inc. 104,572 2,830,764
- --------------------------------------------------------------------------------
PAB Bankshares, Inc. 500 6,070
- --------------------------------------------------------------------------------
Pacific Capital
Bancorp 231,500 6,512,095
- --------------------------------------------------------------------------------
Parkvale
Financial Corp. 8,200 215,988
- --------------------------------------------------------------------------------
PennFed Financial
Services, Inc. 1,700 57,800
- --------------------------------------------------------------------------------
PennRock Financial
Services Corp. 15,380 464,476
- --------------------------------------------------------------------------------
PFF Bancorp, Inc. 73,180 2,725,223
- --------------------------------------------------------------------------------
Provident
Bankshares Corp. 8,384 241,795
- --------------------------------------------------------------------------------
Provident Financial
Holdings, Inc. 9,950 235,318
- --------------------------------------------------------------------------------
Quaker City
Bancorp, Inc. 27,225 1,495,742
- --------------------------------------------------------------------------------
R&G Financial
Corp., Cl. B 156,100 5,160,666
- --------------------------------------------------------------------------------
Republic
Bancorp, Inc. 51,357 713,862
- --------------------------------------------------------------------------------
Republic Bancorp,
Inc., Cl. A 50,182 1,013,175
- --------------------------------------------------------------------------------
S.Y. Bancorp, Inc. 3,600 84,276
- --------------------------------------------------------------------------------
Sandy Spring
Bancorp, Inc. 26,200 910,450
- --------------------------------------------------------------------------------
Santander BanCorp 11,200 276,864
- --------------------------------------------------------------------------------
Seacoast Banking
Corp. of Florida 50,270 1,052,151
- --------------------------------------------------------------------------------
Second Bancorp, Inc. 12,600 394,254
- --------------------------------------------------------------------------------
Silicon Valley
Bancshares 1 77,100 3,057,015
- --------------------------------------------------------------------------------
Sound Federal
Bancorp, Inc. 16,000 214,720
27 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL BANKS Continued
Southside
Bancshares, Inc. 3,700 $ 77,700
- --------------------------------------------------------------------------------
Southwest Bancorp, Inc. 63,200 1,153,400
- --------------------------------------------------------------------------------
State Bancorp, Inc. 16,973 414,650
- --------------------------------------------------------------------------------
State Financial
Services Corp. 27,100 803,786
- --------------------------------------------------------------------------------
Sterling Bancorp 99,825 2,757,167
- --------------------------------------------------------------------------------
Sterling
Financial Corp. 146,322 4,663,282
- --------------------------------------------------------------------------------
Sterling Financial
Corp., Eastern US 11,025 286,981
- --------------------------------------------------------------------------------
Sun Bancorp, Inc. 38,976 828,630
- --------------------------------------------------------------------------------
Susquehanna
Bancshares, Inc. 5,785 145,551
- --------------------------------------------------------------------------------
TierOne Corp. 46,200 993,762
- --------------------------------------------------------------------------------
U.S.B. Holding
Co., Inc. 4,385 100,504
- --------------------------------------------------------------------------------
Union Bankshares
Corp. 14,200 448,720
- --------------------------------------------------------------------------------
United Community
Financial Corp. 24,900 323,700
- --------------------------------------------------------------------------------
Univest Corp. of
Pennsylvania 8,100 413,100
- --------------------------------------------------------------------------------
Virginia Commerce
Bancorp, Inc. 1 600 17,706
- --------------------------------------------------------------------------------
W. Holding Co., Inc. 148,911 2,556,802
- --------------------------------------------------------------------------------
Waypoint
Financial Corp. 38,185 1,053,524
- --------------------------------------------------------------------------------
Webster
Financial Corp. 40,899 1,923,071
- --------------------------------------------------------------------------------
WesBanco, Inc. 11,400 332,082
- --------------------------------------------------------------------------------
Westcorp 54,500 2,477,025
- --------------------------------------------------------------------------------
Westfield
Financial, Inc. 2,400 48,816
- --------------------------------------------------------------------------------
Whitney Holding
Corp. 18,600 830,862
- --------------------------------------------------------------------------------
Wilshire State Bank 1 26,900 659,588
- --------------------------------------------------------------------------------
WSFS Financial Corp. 53,500 2,603,845
--------------
145,925,549
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
CONSUMER FINANCE--0.2%
ASTA Funding, Inc. 40,200 $ 699,480
- --------------------------------------------------------------------------------
Education Lending
Group, Inc. 1 40,400 717,100
- --------------------------------------------------------------------------------
First Marblehead
Corp. (The) 1 65,000 2,616,900
- --------------------------------------------------------------------------------
Nelnet, Inc., Cl. A 1 7,400 131,350
--------------
4,164,830
- --------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES--1.5%
Affiliated Managers
Group, Inc. 1 58,450 2,944,127
- --------------------------------------------------------------------------------
American Capital
Strategies Ltd. 38,800 1,087,176
- --------------------------------------------------------------------------------
Cash America
International, Inc. 135,000 3,105,000
- --------------------------------------------------------------------------------
Chicago Mercantile
Exchange (The) 7,400 1,068,338
- --------------------------------------------------------------------------------
CompuCredit Corp. 1 131,600 2,276,680
- --------------------------------------------------------------------------------
Credit Acceptance
Corp. 1 7,100 106,997
- --------------------------------------------------------------------------------
Encore Capital
Group, Inc. 1 29,100 384,411
- --------------------------------------------------------------------------------
First Albany Cos., Inc. 47,800 479,912
- --------------------------------------------------------------------------------
First Cash Financial
Services, Inc. 1 125,262 2,665,575
- --------------------------------------------------------------------------------
Gabelli Asset
Management, Inc 53,900 2,290,750
- --------------------------------------------------------------------------------
Instinet Group, Inc. 1 167,100 882,288
- --------------------------------------------------------------------------------
iShares Russell
2000 Index Fund 27,325 3,224,077
- --------------------------------------------------------------------------------
Knight Trading
Group, Inc. 1 306,000 3,066,120
- --------------------------------------------------------------------------------
Marlin Business
Services, Inc. 1 64,284 966,189
- --------------------------------------------------------------------------------
Newtek Business
Services, Inc. 1 15,951 59,816
- --------------------------------------------------------------------------------
Piper Jaffray
Cos., Inc. 1 71,800 3,247,514
- --------------------------------------------------------------------------------
Raymond James
Financial, Inc. 79,300 2,097,485
- --------------------------------------------------------------------------------
Sanders Morris
Harris Group, Inc. 37,900 559,025
28 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES Continued
United PanAm
Financial Corp. 1 13,900 $ 236,995
- --------------------------------------------------------------------------------
WFS Financial, Inc. 51,000 2,525,010
--------------
33,273,485
- --------------------------------------------------------------------------------
INSURANCE--3.7%
Alfa Corp. 70,700 989,800
- --------------------------------------------------------------------------------
Allmerica
Financial Corp. 1 167,000 5,644,600
- --------------------------------------------------------------------------------
American Medical
Security Group, Inc. 1 106,100 2,891,225
- --------------------------------------------------------------------------------
American Physicians
Capital, Inc. 1 12,400 287,060
- --------------------------------------------------------------------------------
AmerUs Group Co. 177,100 7,331,940
- --------------------------------------------------------------------------------
Arch Capital
Group Ltd. 1 94,900 3,784,612
- --------------------------------------------------------------------------------
Argonaut Group, Inc. 1 31,800 586,074
- --------------------------------------------------------------------------------
Aspen Insurance
Holdings Ltd. 31,900 741,037
- --------------------------------------------------------------------------------
Baldwin & Lyons,
Inc., Cl. B, Non-Vtg 7,800 209,352
- --------------------------------------------------------------------------------
Ceres Group, Inc. 1 14,626 89,804
- --------------------------------------------------------------------------------
Commerce Group,
Inc. (The) 73,300 3,618,821
- --------------------------------------------------------------------------------
Crawford & Co., Cl. A,
Non-Vtg 21,400 101,008
- --------------------------------------------------------------------------------
Delphi Financial
Group, Inc., Cl. A 132,450 5,894,025
- --------------------------------------------------------------------------------
Donegal Group,
Inc., CL. A 52,100 1,044,084
- --------------------------------------------------------------------------------
EMC Insurance
Group, Inc. 4,800 112,128
- --------------------------------------------------------------------------------
Enstar Group,
Inc. (The) 1 152 8,099
- --------------------------------------------------------------------------------
FBL Financial
Group, Inc., Cl. A 22,800 644,328
- --------------------------------------------------------------------------------
Fidelity National
Financial, Inc. 1,156 43,165
- --------------------------------------------------------------------------------
FPIC Insurance
Group, Inc. 1 24,200 597,498
- --------------------------------------------------------------------------------
Great American
Financial
Resources, Inc. 21,600 343,440
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
INSURANCE CONTINUED
Horace Mann
Educators Corp. 127,500 $ 2,228,700
- --------------------------------------------------------------------------------
Hub International Ltd. 8,100 154,629
- --------------------------------------------------------------------------------
Independence
Holding Co. 5,700 193,800
- --------------------------------------------------------------------------------
Infinity Property &
Casualty Corp. 43,300 1,428,900
- --------------------------------------------------------------------------------
IPC Holdings Ltd. 28,000 1,034,040
- --------------------------------------------------------------------------------
Kansas City Life
Insurance Co. 2,200 92,598
- --------------------------------------------------------------------------------
LandAmerica
Financial Group, Inc. 21,700 844,781
- --------------------------------------------------------------------------------
Meadowbrook
Insurance Group, Inc. 1 25,900 137,270
- --------------------------------------------------------------------------------
Midland Co. (The) 5,600 166,040
- --------------------------------------------------------------------------------
National Western Life
Insurance Co., Cl. A 1 5,700 875,235
- --------------------------------------------------------------------------------
Navigators Group,
Inc. (The) 1 5,000 144,450
- --------------------------------------------------------------------------------
NYMAGIC, Inc. 800 21,120
- --------------------------------------------------------------------------------
Odyssey Re
Holdings Corp. 86,400 2,073,600
- --------------------------------------------------------------------------------
Ohio Casualty Corp. 1 263,600 5,306,268
- --------------------------------------------------------------------------------
Penn-America
Group, Inc. 29,600 414,400
- --------------------------------------------------------------------------------
Philadelphia
Consolidated
Holding Co. 1 66,800 4,012,676
- --------------------------------------------------------------------------------
Phoenix Cos.,
Inc. (The) 352,700 4,320,575
- --------------------------------------------------------------------------------
ProCentury Corp. 1 141,200 1,373,876
- --------------------------------------------------------------------------------
Protective Life Corp. 17,900 692,193
- --------------------------------------------------------------------------------
Pxre Group Ltd. 34,400 869,288
- --------------------------------------------------------------------------------
Reinsurance Group
of America, Inc. 13,900 565,035
- --------------------------------------------------------------------------------
Safety Insurance
Group, Inc. 19,800 424,116
- --------------------------------------------------------------------------------
Selective Insurance
Group, Inc. 15,900 634,092
- --------------------------------------------------------------------------------
StanCorp Financial
Group, Inc. 51,200 3,430,400
29 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
INSURANCE Continued
State Auto
Financial Corp. 75,000 $ 2,304,000
- --------------------------------------------------------------------------------
UICI 1 157,800 3,757,218
- --------------------------------------------------------------------------------
United Fire &
Casualty Co. 13,200 762,300
- --------------------------------------------------------------------------------
Universal American
Financial Corp. 1 382,600 4,200,948
- --------------------------------------------------------------------------------
Vesta Insurance
Group, Inc. 139,100 899,977
- --------------------------------------------------------------------------------
Zenith National
Insurance Corp. 37,500 1,822,500
--------------
80,147,125
- --------------------------------------------------------------------------------
REAL ESTATE--1.7%
Acadia Realty Trust 14,100 193,734
- --------------------------------------------------------------------------------
Agree Realty Corp. 56,600 1,431,980
- --------------------------------------------------------------------------------
Alexandria Real
Estate Equities, Inc. 6,600 374,748
- --------------------------------------------------------------------------------
American Home
Mortgage
Investment Corp. 500 12,965
- --------------------------------------------------------------------------------
Arden Realty, Inc. 18,800 552,908
- --------------------------------------------------------------------------------
Associated Estates
Realty Corp. 14,100 113,505
- --------------------------------------------------------------------------------
Avatar Holdings, Inc. 1 2,500 104,000
- --------------------------------------------------------------------------------
Bluegreen Corp. 1 136,700 1,886,460
- --------------------------------------------------------------------------------
Brandywine
Realty Trust 28,200 766,758
- --------------------------------------------------------------------------------
Camden Property
Trust 20,700 948,060
- --------------------------------------------------------------------------------
Capital Automotive
REIT 18,800 551,404
- --------------------------------------------------------------------------------
Capital Trust, Cl. A 7,400 197,728
- --------------------------------------------------------------------------------
Capstead Mortgage
Corp. 14,100 189,645
- --------------------------------------------------------------------------------
CarrAmerica Realty
Corp. 14,100 426,243
- --------------------------------------------------------------------------------
CBL & Associates
Properties, Inc. 9,400 517,000
- --------------------------------------------------------------------------------
Chelsea Property
Group, Inc. 5,800 378,276
- --------------------------------------------------------------------------------
Colonial Properties
Trust 9,400 362,182
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
REAL ESTATE CONTINUED
Consolidated-Tomoka
Land Co. 6,700 $ 252,992
- --------------------------------------------------------------------------------
Cornerstone Realty
Income Trust, Inc. 9,400 82,438
- --------------------------------------------------------------------------------
Corporate Office
Properties Trust 14,100 350,385
- --------------------------------------------------------------------------------
Correctional
Properties Trust 20,500 599,625
- --------------------------------------------------------------------------------
Equity Inns, Inc. 113,100 1,050,699
- --------------------------------------------------------------------------------
First Industrial
Realty Trust, Inc. 23,500 866,680
- --------------------------------------------------------------------------------
Friedman, Billings,
Ramsey Group,
Inc., Cl. A 64,800 1,282,392
- --------------------------------------------------------------------------------
Glenborough Realty
Trust, Inc. 9,400 172,490
- --------------------------------------------------------------------------------
Health Care
REIT, Inc. 37,600 1,222,000
- --------------------------------------------------------------------------------
Healthcare Realty
Trust, Inc. 18,900 708,372
- --------------------------------------------------------------------------------
Heritage Property
Investment Trust 6,600 178,596
- --------------------------------------------------------------------------------
Highwoods
Properties, Inc. 28,200 662,700
- --------------------------------------------------------------------------------
Impac Mortgage
Holdings, Inc. 18,800 423,376
- --------------------------------------------------------------------------------
Jones Lang
LaSalle, Inc. 1 126,400 3,425,440
- --------------------------------------------------------------------------------
Kilroy Realty Corp. 16,000 545,600
- --------------------------------------------------------------------------------
Koger Equity, Inc. 18,800 434,656
- --------------------------------------------------------------------------------
Levitt Corp., Cl. A 1 11,800 303,968
- --------------------------------------------------------------------------------
Lexington Corporate
Properties Trust 32,900 655,039
- --------------------------------------------------------------------------------
LTC Properties, Inc. 12,200 202,520
- --------------------------------------------------------------------------------
Mack-Cali Realty Corp. 18,800 777,944
- --------------------------------------------------------------------------------
Maguire
Properties, Inc. 16,900 418,613
- --------------------------------------------------------------------------------
Mid-America
Apartment
Communities, Inc. 18,800 712,332
- --------------------------------------------------------------------------------
Mills Corp. 23,500 1,097,450
- --------------------------------------------------------------------------------
Nationwide Health
Properties, Inc. 47,100 890,190
30 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
REAL ESTATE Continued
Novastar
Financial, Inc. 18,800 $ 713,648
- --------------------------------------------------------------------------------
Omega Healthcare
Investors, Inc. 14,100 141,564
- --------------------------------------------------------------------------------
Pan Pacific Retail
Properties, Inc. 16,000 808,320
- --------------------------------------------------------------------------------
Pennsylvania
Real Estate
Investment Trust 23,500 804,875
- --------------------------------------------------------------------------------
Prentiss
Properties Trust 6,800 227,936
- --------------------------------------------------------------------------------
PS Business
Parks, Inc. 6,600 265,584
- --------------------------------------------------------------------------------
Ramco-Gershenson
Properties Trust 26,500 642,095
- --------------------------------------------------------------------------------
Redwood Trust, Inc. 9,400 523,392
- --------------------------------------------------------------------------------
Regency
Centers Corp. 9,700 416,130
- --------------------------------------------------------------------------------
Senior Housing
Properties Trust 40,000 671,600
- --------------------------------------------------------------------------------
SL Green
Realty Corp. 14,100 659,880
- --------------------------------------------------------------------------------
Stratus
Properties, Inc. 1 21,066 272,805
- --------------------------------------------------------------------------------
Tanger Factory
Outlet Centers, Inc. 33,900 1,325,490
- --------------------------------------------------------------------------------
Town &
Country Trust 11,300 285,212
- --------------------------------------------------------------------------------
Trammell
Crow Co. 1 70,500 994,050
- --------------------------------------------------------------------------------
Trizec Properties, Inc. 28,200 458,532
- --------------------------------------------------------------------------------
United Capital Corp. 8,200 139,646
- --------------------------------------------------------------------------------
United Dominion
Realty Trust, Inc. 14,100 278,898
- --------------------------------------------------------------------------------
Ventas, Inc. 23,500 548,725
--------------
36,502,475
- --------------------------------------------------------------------------------
THRIFTS & MORTGAGE FINANCE--0.6%
Bank Mutual Corp. 150,594 1,641,475
- --------------------------------------------------------------------------------
CharterMac 22,000 432,520
- --------------------------------------------------------------------------------
Clifton Savings
Bancorp, Inc. 1 28,100 331,861
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
THRIFTS & MORTGAGE FINANCE CONTINUED
Commercial Capital
Bancorp, Inc. 1 112,674 $ 1,957,147
- --------------------------------------------------------------------------------
Franklin Bank Corp. 1 4,400 69,608
- --------------------------------------------------------------------------------
Fremont
General Corp. 211,400 3,731,210
- --------------------------------------------------------------------------------
New Century
Financial Corp. 55,000 2,575,100
- --------------------------------------------------------------------------------
NewAlliance
Bancshares, Inc. 1 47,000 656,120
- --------------------------------------------------------------------------------
Ocwen Financial
Corp. 1 56,500 680,260
- --------------------------------------------------------------------------------
Partners Trust
Financial Group, Inc. 700 13,720
- --------------------------------------------------------------------------------
Wilshire Financial
Services Group, Inc. 1 7,500 69,675
--------------
12,158,696
- --------------------------------------------------------------------------------
HEALTH CARE--14.0%
- --------------------------------------------------------------------------------
BIOTECHNOLOGY--1.0%
Alexion
Pharmaceuticals, Inc. 1 28,200 524,520
- --------------------------------------------------------------------------------
Aphton Corp. 1 41,900 167,600
- --------------------------------------------------------------------------------
Arena
Pharmaceuticals, Inc. 1 9,400 51,324
- --------------------------------------------------------------------------------
ArQule, Inc. 1 50,100 264,027
- --------------------------------------------------------------------------------
Array BioPharma, Inc. 1 156,200 1,241,790
- --------------------------------------------------------------------------------
Axonyx, Inc. 1 141,000 738,840
- --------------------------------------------------------------------------------
Cepheid, Inc. 1 9,700 111,938
- --------------------------------------------------------------------------------
Charles River
Laboratories
International, Inc. 1 11,200 547,344
- --------------------------------------------------------------------------------
Ciphergen
Biosystems, Inc. 1 15,800 115,656
- --------------------------------------------------------------------------------
Curis, Inc. 1 251,969 1,113,703
- --------------------------------------------------------------------------------
deCODE
genetics, Inc. 1 99,439 845,232
- --------------------------------------------------------------------------------
Eyetech
Pharmaceuticals, Inc. 1 23,100 991,452
- --------------------------------------------------------------------------------
Gen-Probe, Inc. 1 108,100 5,115,292
- --------------------------------------------------------------------------------
Idexx
Laboratories, Inc. 1 60,000 3,776,400
- --------------------------------------------------------------------------------
LifeCell Corp. 1 40,700 459,503
31 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
BIOTECHNOLOGY Continued
Neurogen Corp. 1 9,200 $ 68,816
- --------------------------------------------------------------------------------
Pharmacyclics, Inc. 1 53,752 546,658
- --------------------------------------------------------------------------------
QLT
PhotoTherapeutics,
Inc. 1 143,900 2,880,878
- --------------------------------------------------------------------------------
Techne Corp. 1 19,000 825,550
- --------------------------------------------------------------------------------
Telik, Inc. 1 23,500 560,945
- --------------------------------------------------------------------------------
Third Wave
Technologies, Inc. 1 11,300 50,737
- --------------------------------------------------------------------------------
Transkaryotic
Therapies, Inc. 1 15,100 225,896
--------------
21,224,101
- --------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES--4.9%
Abaxis, Inc. 1 104,779 1,988,705
- --------------------------------------------------------------------------------
Advanced Medical
Optics, Inc. 1 112,400 4,784,868
- --------------------------------------------------------------------------------
Align Technology, Inc. 1 94,000 1,786,000
- --------------------------------------------------------------------------------
American Medical
Systems Holdings, Inc. 1 137,900 4,647,230
- --------------------------------------------------------------------------------
Animas Corp. 1 2,960 55,204
- --------------------------------------------------------------------------------
Arrow
International, Inc. 109,400 3,273,248
- --------------------------------------------------------------------------------
ArthroCare Corp. 1 81,600 2,372,928
- --------------------------------------------------------------------------------
Aspect Medical
Systems, Inc. 1 70,600 1,303,982
- --------------------------------------------------------------------------------
Bausch & Lomb, Inc. 9,300 605,151
- --------------------------------------------------------------------------------
Beckman Coulter, Inc. 9,300 567,300
- --------------------------------------------------------------------------------
CNS, Inc. 46,500 466,442
- --------------------------------------------------------------------------------
ConMed Corp. 1 7,400 202,760
- --------------------------------------------------------------------------------
Cooper Cos.,
Inc. (The) 48,400 3,057,428
- --------------------------------------------------------------------------------
Cutera, Inc. 1 2,230 30,306
- --------------------------------------------------------------------------------
Cytyc Corp. 1 235,700 5,979,709
- --------------------------------------------------------------------------------
Dade Behring
Holdings, Inc. 1 135,500 6,438,960
- --------------------------------------------------------------------------------
Datascope Corp. 7,900 313,551
- --------------------------------------------------------------------------------
DJ Orthopedics, Inc. 23,500 540,500
- --------------------------------------------------------------------------------
Encore Medical Corp. 1 51,800 326,340
- --------------------------------------------------------------------------------
EPIX Medical, Inc. 1 204,500 4,314,950
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES CONTINUED
Exactech, Inc. 1 51,700 $ 1,121,890
- --------------------------------------------------------------------------------
Haemonetics Corp. 1 95,900 2,843,435
- --------------------------------------------------------------------------------
Hologic, Inc. 1 76,288 1,773,696
- --------------------------------------------------------------------------------
Illumina, Inc. 1 17,594 111,722
- --------------------------------------------------------------------------------
Immucor, Inc. 11,200 364,560
- --------------------------------------------------------------------------------
Inamed Corp. 1 51,050 3,208,493
- --------------------------------------------------------------------------------
Integra LifeSciences
Holdings Corp. 1 9,400 331,538
- --------------------------------------------------------------------------------
Invacare Corp. 900 40,248
- --------------------------------------------------------------------------------
Kensey Nash Corp. 1 149,686 5,164,167
- --------------------------------------------------------------------------------
Kyphon, Inc. 1 5,200 146,536
- --------------------------------------------------------------------------------
Lifeline Systems, Inc. 1 38,900 920,374
- --------------------------------------------------------------------------------
Medical Action
Industries, Inc. 1 86,900 1,598,960
- --------------------------------------------------------------------------------
MedSource
Technologies, Inc. 1 55,900 396,890
- --------------------------------------------------------------------------------
Mentor Corp. 14,100 483,489
- --------------------------------------------------------------------------------
Meridian
Bioscience, Inc. 61,800 684,682
- --------------------------------------------------------------------------------
Merit Medical
Systems, Inc. 1 62,534 996,167
- --------------------------------------------------------------------------------
Mine Safety
Applicances Co. 109,600 3,693,520
- --------------------------------------------------------------------------------
Molecular
Devices Corp. 1 9,100 161,798
- --------------------------------------------------------------------------------
Nutraceutical
International Corp. 1 106,000 2,258,860
- --------------------------------------------------------------------------------
Ocular Sciences, Inc. 1 118,300 4,495,400
- --------------------------------------------------------------------------------
OrthoLogic Corp. 1 56,300 488,121
- --------------------------------------------------------------------------------
Palomar Medical
Technologies, Inc. 1 26,968 452,793
- --------------------------------------------------------------------------------
PolyMedica Corp. 131,800 4,091,072
- --------------------------------------------------------------------------------
ResMed, Inc. 1 18,800 958,048
- --------------------------------------------------------------------------------
Respironics, Inc. 1 21,600 1,269,000
- --------------------------------------------------------------------------------
Sonic Innovations, Inc. 1 57,500 326,600
- --------------------------------------------------------------------------------
Sybron Dental
Specialties, Inc. 1 177,100 5,286,435
- --------------------------------------------------------------------------------
Ventana Medical
Systems, Inc. 1 105,100 4,995,403
- --------------------------------------------------------------------------------
VISX, Inc. 1 248,200 6,631,904
32 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES Continued
West Pharmaceutical
Services, Inc. 32,500 $ 1,374,750
- --------------------------------------------------------------------------------
Wright Medical
Group, Inc. 1 101,100 3,599,160
- --------------------------------------------------------------------------------
Young
Innovations, Inc. 82,400 2,092,960
--------------
105,418,233
- --------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES--6.2%
Advisory Board
Co. (The) 1 29,000 1,032,400
- --------------------------------------------------------------------------------
Allied Healthcare
International, Inc. 1 16,700 82,164
- --------------------------------------------------------------------------------
Amedisys, Inc. 1 38,000 1,255,520
- --------------------------------------------------------------------------------
America Service
Group, Inc. 1 5,900 205,025
- --------------------------------------------------------------------------------
AMERIGROUP Corp. 1 41,600 2,046,720
- --------------------------------------------------------------------------------
Andrx Corp. 1 145,300 4,058,229
- --------------------------------------------------------------------------------
Beverly
Enterprises, Inc. 1 601,500 5,172,900
- --------------------------------------------------------------------------------
Bio-Reference
Laboratories, Inc. 1 138,074 1,830,861
- --------------------------------------------------------------------------------
Cantel Medical Corp. 1 7,800 168,090
- --------------------------------------------------------------------------------
Cerner Corp. 1 30,700 1,368,606
- --------------------------------------------------------------------------------
Computer Programs
& Systems, Inc. 7,000 142,660
- --------------------------------------------------------------------------------
CorVel Corp. 1 39,350 1,115,573
- --------------------------------------------------------------------------------
Covance, Inc. 1 139,200 5,370,336
- --------------------------------------------------------------------------------
Coventry Health
Care, Inc. 1 24,000 1,173,600
- --------------------------------------------------------------------------------
Cross Country
Healthcare, Inc. 1 52,600 954,690
- --------------------------------------------------------------------------------
DaVita, Inc. 1 54,750 1,687,943
- --------------------------------------------------------------------------------
Dendrite
International, Inc. 1 281,500 5,230,270
- --------------------------------------------------------------------------------
eResearch
Technology, Inc. 1 279,750 7,833,000
- --------------------------------------------------------------------------------
Genesis
HealthCare Corp. 1 38,800 1,126,752
- --------------------------------------------------------------------------------
Gentiva Health
Services, Inc. 1 179,000 2,910,540
- --------------------------------------------------------------------------------
HealthExtras, Inc. 1 81,900 1,357,083
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES CONTINUED
IDX Systems Corp. 1 145,300 $ 4,633,617
- --------------------------------------------------------------------------------
Inveresk Research
Group, Inc. 1 156,500 4,826,460
- --------------------------------------------------------------------------------
LabOne, Inc. 1 20,800 661,024
- --------------------------------------------------------------------------------
LCA-Vision, Inc. 1 100,424 2,925,351
- --------------------------------------------------------------------------------
LifePoint
Hospitals, Inc. 1 193,400 7,198,348
- --------------------------------------------------------------------------------
Magellan Health
Services, Inc. 1 21,600 722,520
- --------------------------------------------------------------------------------
MedCath Corp. 1 30,700 614,000
- --------------------------------------------------------------------------------
MIM Corp. 21,800 189,660
- --------------------------------------------------------------------------------
Molina
Healthcare, Inc. 1 21,800 832,324
- --------------------------------------------------------------------------------
National
HealthCare Corp. 16,100 450,961
- --------------------------------------------------------------------------------
National Medical
Health Card
Systems, Inc. 1 56,700 1,521,828
- --------------------------------------------------------------------------------
Option Care, Inc. 87,500 1,335,250
- --------------------------------------------------------------------------------
Owens & Minor, Inc. 223,300 5,783,470
- --------------------------------------------------------------------------------
Parexel
International Corp. 1 79,200 1,568,160
- --------------------------------------------------------------------------------
PDI, Inc. 1 82,200 2,493,126
- --------------------------------------------------------------------------------
Pediatrix Medical
Group, Inc. 1 118,200 8,256,270
- --------------------------------------------------------------------------------
Prime Medical
Services, Inc. 1 47,100 373,974
- --------------------------------------------------------------------------------
Province
Healthcare Co. 1 249,300 4,275,495
- --------------------------------------------------------------------------------
PSS World
Medical, Inc. 1 239,500 2,682,400
- --------------------------------------------------------------------------------
Psychiatric
Solutions, Inc. 1 23,200 578,376
- --------------------------------------------------------------------------------
RehabCare
Group, Inc. 1 141,900 3,778,797
- --------------------------------------------------------------------------------
Renal Care
Group, Inc. 1 66,750 2,211,428
- --------------------------------------------------------------------------------
Res-Care, Inc. 1 92,900 1,179,830
- --------------------------------------------------------------------------------
Select Medical Corp. 39,500 530,090
- --------------------------------------------------------------------------------
Service Corp.
International 1 260,600 1,920,622
33 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES Continued
Sierra Health
Services, Inc. 1 78,500 $ 3,508,950
- --------------------------------------------------------------------------------
Stewart
Enterprises, Inc. 1 512,700 4,173,378
- --------------------------------------------------------------------------------
Sunrise Senior
Living, Inc. 1 140,300 5,491,342
- --------------------------------------------------------------------------------
Symbion, Inc. 1 3,000 52,380
- --------------------------------------------------------------------------------
Triad Hospitals, Inc. 11,500 428,145
- --------------------------------------------------------------------------------
United Surgical
Partners
International, Inc. 1 122,700 4,842,969
- --------------------------------------------------------------------------------
US Oncology, Inc. 1 447,200 6,582,784
- --------------------------------------------------------------------------------
VCA Antech, Inc. 9,200 412,344
- --------------------------------------------------------------------------------
Ventiv Health, Inc. 1 127,100 1,967,508
--------------
135,126,143
- --------------------------------------------------------------------------------
PHARMACEUTICALS--1.9%
Alpharma, Inc., Cl. A 20,600 421,888
- --------------------------------------------------------------------------------
American
Pharmaceutical
Partners, Inc. 1 54,950 1,669,381
- --------------------------------------------------------------------------------
AtheroGenics, Inc. 1 122,600 2,333,078
- --------------------------------------------------------------------------------
Atrix
Laboratories, Inc. 1 68,662 2,353,733
- --------------------------------------------------------------------------------
Caraco
Pharmaceutical
Laboratories Ltd. 1 76,300 735,532
- --------------------------------------------------------------------------------
Connetics Corp. 1 23,600 476,720
- --------------------------------------------------------------------------------
Dendreon Corp. 1 222,600 2,726,850
- --------------------------------------------------------------------------------
DepoMed, Inc. 1 38,400 190,080
- --------------------------------------------------------------------------------
DOV
Pharmaceutical, Inc. 1 51,700 721,732
- --------------------------------------------------------------------------------
Encysive
Pharmaceuticals, Inc. 1 144,400 1,227,400
- --------------------------------------------------------------------------------
Endo Pharmaceuticals
Holdings, Inc. 1 66,000 1,547,700
- --------------------------------------------------------------------------------
Eon Labs, Inc. 1 85,000 3,479,050
- --------------------------------------------------------------------------------
First Horizon
Pharmaceutical Corp. 1 276,800 5,231,520
- --------------------------------------------------------------------------------
InKine Pharmaceutical
Co., Inc. 1 22,805 88,255
- --------------------------------------------------------------------------------
Lannett Co., Inc. 1 29,500 443,090
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
PHARMACEUTICALS CONTINUED
MGI Pharma, Inc. 1 12,800 $ 345,728
- --------------------------------------------------------------------------------
Nabi
Biopharmaceuticals,
Inc. 1 186,400 2,650,608
- --------------------------------------------------------------------------------
Nektar Therapeutics 1 80,000 1,596,800
- --------------------------------------------------------------------------------
Noven
Pharmaceuticals,
Inc. 1 79,400 1,748,388
- --------------------------------------------------------------------------------
Perrigo Co. 313,500 5,947,095
- --------------------------------------------------------------------------------
Pharmacopeia
Drug Discovery, Inc. 1 19,350 109,908
- --------------------------------------------------------------------------------
Salix Pharmaceuticals
Ltd. 1 80,100 2,639,295
- --------------------------------------------------------------------------------
Santarus, Inc. 1 89,009 1,312,883
- --------------------------------------------------------------------------------
Seattle
Genetics, Inc. 1 143,600 1,009,508
--------------
41,006,222
--------------
- --------------------------------------------------------------------------------
INDUSTRIALS--17.1%
- --------------------------------------------------------------------------------
AEROSPACE & DEFENSE--1.5%
AAR Corp. 1 42,900 486,915
- --------------------------------------------------------------------------------
Applied Signal
Technology, Inc. 152,700 5,352,135
- --------------------------------------------------------------------------------
Armor Holdings, Inc. 1 79,800 2,713,200
- --------------------------------------------------------------------------------
Astronics Corp.,
Cl. B 1,2 7,900 40,290
- --------------------------------------------------------------------------------
Aviall, Inc. 1 79,100 1,503,691
- --------------------------------------------------------------------------------
EDO Corp. 9,800 236,376
- --------------------------------------------------------------------------------
Engineered Support
Systems, Inc. 78,100 4,569,631
- --------------------------------------------------------------------------------
ESCO
Technologies, Inc. 1 9,300 496,248
- --------------------------------------------------------------------------------
HEICO Corp., Cl. A 750 10,463
- --------------------------------------------------------------------------------
Herley Industries, Inc. 1 3,400 66,436
- --------------------------------------------------------------------------------
Innovative Solutions
& Support, Inc. 1 96,249 1,878,780
- --------------------------------------------------------------------------------
Mercury Computer
Systems, Inc. 1 16,300 404,240
- --------------------------------------------------------------------------------
Moog, Inc., Cl. A 1 38,350 1,423,169
- --------------------------------------------------------------------------------
MTC
Technologies, Inc. 1 600 15,492
34 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
AEROSPACE & DEFENSE Continued
Orbital Sciences Corp. 1 270,300 $ 3,732,843
- --------------------------------------------------------------------------------
Precision
Castparts Corp. 19,100 1,044,579
- --------------------------------------------------------------------------------
Sequa Corp., Cl. A 1 4,400 257,268
- --------------------------------------------------------------------------------
SI International, Inc. 1 37,000 754,430
- --------------------------------------------------------------------------------
Sypris Solutions, Inc. 70,100 1,345,219
- --------------------------------------------------------------------------------
Teledyne
Technologies, Inc. 1 106,400 2,130,128
- --------------------------------------------------------------------------------
United Defense
Industries, Inc. 1 128,700 4,504,500
--------------
32,966,033
- --------------------------------------------------------------------------------
AIR FREIGHT & LOGISTICS--0.6%
ABX Air, Inc. 1 398,700 2,723,121
- --------------------------------------------------------------------------------
Dynamex, Inc. 1 18,100 251,771
- --------------------------------------------------------------------------------
EGL, Inc. 1 221,400 5,889,240
- --------------------------------------------------------------------------------
Forward Air Corp. 1 66,200 2,475,880
- --------------------------------------------------------------------------------
Hub Group,
Inc., Cl. A 1 61,400 2,093,740
--------------
13,433,752
- --------------------------------------------------------------------------------
AIRLINES--0.1%
AMR Corp. 1 216,500 2,621,815
- --------------------------------------------------------------------------------
BUILDING PRODUCTS--0.9%
Aaon, Inc. 1 16,550 334,145
- --------------------------------------------------------------------------------
Apogee
Enterprises, Inc. 45,800 476,320
- --------------------------------------------------------------------------------
Crane Co. 33,700 1,057,843
- --------------------------------------------------------------------------------
ElkCorp 25,700 615,258
- --------------------------------------------------------------------------------
Jacuzzi Brands, Inc. 1 278,200 2,242,292
- --------------------------------------------------------------------------------
NCI Building
Systems, Inc. 1 89,700 2,919,735
- --------------------------------------------------------------------------------
Simpson
Manufacturing
Co., Inc. 65,700 3,687,084
- --------------------------------------------------------------------------------
Universal Forest
Products, Inc. 85,400 2,754,150
- --------------------------------------------------------------------------------
Watsco, Inc. 108,800 3,054,016
- --------------------------------------------------------------------------------
York
International Corp. 60,900 2,501,163
--------------
19,642,006
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES--4.6%
ABM Industries, Inc. 99,800 $ 1,943,106
- --------------------------------------------------------------------------------
ADMINISTAFF, INC. 1 89,500 1,485,700
- --------------------------------------------------------------------------------
Angelica Corp. 53,500 1,343,385
- --------------------------------------------------------------------------------
Asset Acceptance
Capital Corp. 1 18,177 309,009
- --------------------------------------------------------------------------------
Banta Corp. 135,000 5,995,350
- --------------------------------------------------------------------------------
Brady Corp., Cl. A 80,000 3,688,000
- --------------------------------------------------------------------------------
Bright Horizons
Family Solutions, Inc. 1 83,100 4,454,991
- --------------------------------------------------------------------------------
Brink's Co. (The) 125,400 4,294,950
- --------------------------------------------------------------------------------
Casella Waste
Systems, Inc., Cl. A 1 10,300 135,445
- --------------------------------------------------------------------------------
Central Parking Corp. 27,900 521,451
- --------------------------------------------------------------------------------
Century Business
Services, Inc. 1 58,400 254,624
- --------------------------------------------------------------------------------
CompX
International, Inc. 6,500 97,500
- --------------------------------------------------------------------------------
Consolidated
Graphics, Inc. 1 85,200 3,753,060
- --------------------------------------------------------------------------------
Copart, Inc. 1 182,600 4,875,420
- --------------------------------------------------------------------------------
CPI Corp. 26,000 382,720
- --------------------------------------------------------------------------------
Darling
International, Inc. 1 688,800 2,892,960
- --------------------------------------------------------------------------------
Deluxe Corp. 15,400 669,900
- --------------------------------------------------------------------------------
DiamondCluster
International, Inc. 1 23,600 205,084
- --------------------------------------------------------------------------------
Duratek, Inc. 1 35,300 533,383
- --------------------------------------------------------------------------------
Electro Rent Corp. 13,400 140,298
- --------------------------------------------------------------------------------
Ennis Business
Forms, Inc. 67,200 1,310,400
- --------------------------------------------------------------------------------
Exponent, Inc. 1 89,600 2,407,552
- --------------------------------------------------------------------------------
General Binding Corp. 1 21,900 339,231
- --------------------------------------------------------------------------------
Geo Group, Inc. (The) 1 50,400 1,028,160
- --------------------------------------------------------------------------------
Gevity HR, Inc. 119,400 3,127,086
- --------------------------------------------------------------------------------
Healthcare Services
Group, Inc. 55,350 846,855
- --------------------------------------------------------------------------------
Heidrick & Struggles
International, Inc. 1 151,458 4,495,273
- --------------------------------------------------------------------------------
Hudson Highland
Group, Inc. 1 95,800 2,937,228
- --------------------------------------------------------------------------------
ICT Group, Inc. 1 9,200 84,088
35 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES Continued
Ikon Office
Solutions, Inc. 24,800 $ 284,456
- --------------------------------------------------------------------------------
Imagistics
International, Inc. 1 102,300 3,621,420
- --------------------------------------------------------------------------------
Insurance Auto
Auctions, Inc. 1 5,100 86,700
- --------------------------------------------------------------------------------
Interpool, Inc. 23,400 387,270
- --------------------------------------------------------------------------------
Intersections, Inc. 1 15,500 371,845
- --------------------------------------------------------------------------------
ITT Educational
Services, Inc. 1 2,400 91,248
- --------------------------------------------------------------------------------
Korn-Ferry
International 1 239,400 4,637,178
- --------------------------------------------------------------------------------
Labor Ready, Inc. 1 226,700 3,513,850
- --------------------------------------------------------------------------------
Laureate
Education, Inc. 1 168,600 6,447,264
- --------------------------------------------------------------------------------
Pico Holdings, Inc. 1 3,600 68,828
- --------------------------------------------------------------------------------
Resources
Connection, Inc. 1 127,200 4,974,792
- --------------------------------------------------------------------------------
Rollins, Inc. 174,300 4,010,643
- --------------------------------------------------------------------------------
Schawk, Inc. 19,900 278,003
- --------------------------------------------------------------------------------
School Specialty, Inc. 1 134,400 4,880,064
- --------------------------------------------------------------------------------
SITEL Corp. 1 100,800 425,376
- --------------------------------------------------------------------------------
Sotheby's Holdings,
Inc., Cl. A 29,600 472,416
- --------------------------------------------------------------------------------
Spherion Corp. 1 173,900 1,763,346
- --------------------------------------------------------------------------------
Strayer Education, Inc. 24,200 2,699,994
- --------------------------------------------------------------------------------
TeleTech
Holdings, Inc. 1 69,800 612,146
- --------------------------------------------------------------------------------
University of
Phoenix Online 1 23,166 2,029,110
- --------------------------------------------------------------------------------
Volt Information
Sciences, Inc. 1 18,300 576,633
- --------------------------------------------------------------------------------
Waste Industries
USA, Inc. 1,800 20,088
- --------------------------------------------------------------------------------
Watson Wyatt & Co.
Holdings 1 109,600 2,920,840
--------------
99,725,719
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
CONSTRUCTION & ENGINEERING--0.6%
Comfort Systems
USA, Inc. 1 113,800 $ 727,182
- --------------------------------------------------------------------------------
Dycom
Industries, Inc. 1 201,600 5,644,800
- --------------------------------------------------------------------------------
Integrated Electrical
Services, Inc. 1 265,600 2,138,080
- --------------------------------------------------------------------------------
Perini Corp. 1 12,000 128,040
- --------------------------------------------------------------------------------
URS Corp. 1 4,000 109,600
- --------------------------------------------------------------------------------
Washington Group
International, Inc. 1 110,700 3,973,023
--------------
12,720,725
- --------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT--1.4%
Acuity Brands, Inc. 232,900 6,288,300
- --------------------------------------------------------------------------------
AMETEK, Inc. 37,600 1,161,840
- --------------------------------------------------------------------------------
Belden, Inc. 10,300 220,729
- --------------------------------------------------------------------------------
Franklin Electric Co., Inc. 44,200 1,668,992
- --------------------------------------------------------------------------------
Genlyte Group,
Inc. (The) 1 101,200 6,363,456
- --------------------------------------------------------------------------------
Hubbell, Inc., Cl. B 34,500 1,611,495
- --------------------------------------------------------------------------------
II-VI, Inc. 1 148,113 4,541,145
- --------------------------------------------------------------------------------
Preformed Line
Products Co. 6,100 142,130
- --------------------------------------------------------------------------------
Thomas &
Betts Corp. 209,500 5,704,685
- --------------------------------------------------------------------------------
Ultralife
Batteries, Inc. 1 15,700 303,952
- --------------------------------------------------------------------------------
Vicor Corp. 1 13,000 237,510
- --------------------------------------------------------------------------------
Woodward
Governor Co. 26,300 1,896,493
--------------
30,140,727
- --------------------------------------------------------------------------------
INDUSTRIAL CONGLOMERATES--0.3%
Carlisle Cos., Inc. 40,900 2,546,025
- --------------------------------------------------------------------------------
Raven Industries, Inc. 49,000 1,740,970
- --------------------------------------------------------------------------------
Standex
International Corp. 11,700 318,240
- --------------------------------------------------------------------------------
United
Industrial Corp. 64,200 1,499,070
- --------------------------------------------------------------------------------
Walter
Industries, Inc. 35,000 476,700
--------------
6,581,005
36 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
MACHINERY--4.2%
A.S.V., Inc. 1 39,900 $ 1,249,269
- --------------------------------------------------------------------------------
Actuant Corp., Cl. A 1 38,800 1,512,812
- --------------------------------------------------------------------------------
Alamo Group, Inc. 14,500 230,550
- --------------------------------------------------------------------------------
Ampco-Pittsburgh
Corp. 15,800 203,188
- --------------------------------------------------------------------------------
Astec Industries, Inc. 1 17,300 325,759
- --------------------------------------------------------------------------------
Badger Meter, Inc. 800 35,400
- --------------------------------------------------------------------------------
BHA Group, Inc., Cl. A 28,800 1,090,080
- --------------------------------------------------------------------------------
Briggs &
Stratton Corp. 95,400 8,428,590
- --------------------------------------------------------------------------------
Cascade Corp. 77,300 2,415,625
- --------------------------------------------------------------------------------
CIRCOR
International, Inc. 20,700 422,073
- --------------------------------------------------------------------------------
Clarcor, Inc. 200 9,160
- --------------------------------------------------------------------------------
Cummins, Inc. 54,200 3,387,500
- --------------------------------------------------------------------------------
Cuno, Inc. 1 8,200 437,470
- --------------------------------------------------------------------------------
Encore Wire Corp. 1 86,600 2,387,562
- --------------------------------------------------------------------------------
EnPro
Industries, Inc. 1 14,800 340,104
- --------------------------------------------------------------------------------
Flanders Corp. 1 74,800 618,596
- --------------------------------------------------------------------------------
Flowserve Corp. 1 9,300 231,942
- --------------------------------------------------------------------------------
Gardner Denver, Inc. 1 99,600 2,778,840
- --------------------------------------------------------------------------------
Gorman-Rupp
Co. (The) 3,900 105,963
- --------------------------------------------------------------------------------
Graco, Inc. 29,950 929,948
- --------------------------------------------------------------------------------
Greenbrier Cos., Inc. 1 32,700 622,935
- --------------------------------------------------------------------------------
Harsco Corp. 9,300 437,100
- --------------------------------------------------------------------------------
Idex Corp. 104,500 3,589,575
- --------------------------------------------------------------------------------
Joy Global, Inc. 230,000 6,886,200
- --------------------------------------------------------------------------------
Kadant, Inc. 1 55,300 1,279,089
- --------------------------------------------------------------------------------
Kennametal, Inc. 161,100 7,378,380
- --------------------------------------------------------------------------------
Lincoln Electric
Holdings, Inc. 148,300 5,055,547
- --------------------------------------------------------------------------------
Middleby Corp. (The) 52,000 2,840,240
- --------------------------------------------------------------------------------
Mueller
Industries, Inc. 51,700 1,850,860
- --------------------------------------------------------------------------------
NACCO Industries,
Inc., Cl. A 9,900 940,500
- --------------------------------------------------------------------------------
Nordson Corp. 122,200 5,299,814
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
MACHINERY CONTINUED
Oshkosh Truck Corp. 55,900 $ 3,203,629
- --------------------------------------------------------------------------------
Penn Engineering &
Manufacturing Corp. 24,700 529,568
- --------------------------------------------------------------------------------
Reliance Steel &
Aluminum Co. 125,200 5,048,064
- --------------------------------------------------------------------------------
Robbins &
Myers, Inc. 15,600 350,220
- --------------------------------------------------------------------------------
Tennant Co. 9,000 373,050
- --------------------------------------------------------------------------------
Terex Corp. 1 85,900 2,931,767
- --------------------------------------------------------------------------------
Thomas
Industries, Inc. 11,300 375,160
- --------------------------------------------------------------------------------
Timken Co. 97,700 2,588,073
- --------------------------------------------------------------------------------
Toro Co. (The) 136,300 9,550,541
- --------------------------------------------------------------------------------
Trinity Industries,
Inc. 5,100 162,129
- --------------------------------------------------------------------------------
Wabtec Corp. 82,800 1,493,712
--------------
89,926,584
- --------------------------------------------------------------------------------
MARINE--0.3%
Alexander &
Baldwin, Inc. 50,800 1,699,260
- --------------------------------------------------------------------------------
Kirby Corp. 1 42,200 1,641,580
- --------------------------------------------------------------------------------
UTI Worldwide, Inc. 56,700 2,987,523
--------------
6,328,363
- --------------------------------------------------------------------------------
ROAD & RAIL--1.8%
Arkansas Best Corp. 80,900 2,663,228
- --------------------------------------------------------------------------------
CNF
Transportation, Inc. 84,100 3,495,196
- --------------------------------------------------------------------------------
Florida East Coast
Industries, Inc., Cl. A 40,200 1,553,730
- --------------------------------------------------------------------------------
Genesee & Wyoming,
Inc., Cl. A 1 145,600 3,450,720
- --------------------------------------------------------------------------------
Hunt (J.B.) Transport
Services, Inc. 96,900 3,738,402
- --------------------------------------------------------------------------------
Kansas City Southern 1 83,700 1,297,350
- --------------------------------------------------------------------------------
Landstar System, Inc. 1 63,700 3,367,819
- --------------------------------------------------------------------------------
Marten Transport Ltd. 1 41,700 777,705
- --------------------------------------------------------------------------------
Mullen
Transportation, Inc. 60,200 1,883,565
- --------------------------------------------------------------------------------
Old Dominion
Freight Line, Inc. 1 40,450 1,192,466
37 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
ROAD & RAIL Continued
Overnite Corp. 28,900 $ 849,660
- --------------------------------------------------------------------------------
Pacer
International, Inc. 1 237,900 4,401,150
- --------------------------------------------------------------------------------
Ryder Systems, Inc. 75,200 3,013,264
- --------------------------------------------------------------------------------
SCS
Transportation, Inc. 1 177,899 4,694,755
- --------------------------------------------------------------------------------
Swift Transportation
Co., Inc. 44,100 791,595
- --------------------------------------------------------------------------------
U.S. Xpress Enterprises,
Inc., Cl. A 1 40,800 641,784
--------------
37,812,389
- --------------------------------------------------------------------------------
TRADING COMPANIES & DISTRIBUTORS--0.8%
Aceto Corp. 31,900 561,440
- --------------------------------------------------------------------------------
Adesa, Inc. 1 42,100 1,012,084
- --------------------------------------------------------------------------------
Applied Industrial
Technologies, Inc. 122,900 3,701,748
- --------------------------------------------------------------------------------
Hughes Supply, Inc. 139,000 8,191,270
- --------------------------------------------------------------------------------
Lawson Products, Inc. 5,600 213,640
- --------------------------------------------------------------------------------
MSC Industrial Direct
Co., Inc., Cl. A 108,600 3,566,424
- --------------------------------------------------------------------------------
NuCo2, Inc. 1 18,500 364,450
--------------
17,611,056
- --------------------------------------------------------------------------------
INFORMATION TECHNOLOGY--16.2%
- --------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT--1.4%
Adaptec, Inc. 1 127,100 1,075,266
- --------------------------------------------------------------------------------
Airspan
Networks, Inc. 1 37,600 208,304
- --------------------------------------------------------------------------------
Anaren
Microwave, Inc. 1 87,700 1,433,018
- --------------------------------------------------------------------------------
Aspect
Communications
Corp. 1 184,211 2,615,796
- --------------------------------------------------------------------------------
Audiovox
Corp., Cl. A 1 34,900 589,112
- --------------------------------------------------------------------------------
Brocade
Communications
Systems, Inc. 1 186,300 1,114,074
- --------------------------------------------------------------------------------
Brooktrout, Inc. 1 45,000 486,450
- --------------------------------------------------------------------------------
Comtech
Telecommunications
Corp. 1 42,000 947,520
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT CONTINUED
Digi
International, Inc. 1 149,309 $ 1,600,592
- --------------------------------------------------------------------------------
Ditech
Communications
Corp. 1 97,000 2,263,980
- --------------------------------------------------------------------------------
F5 Networks, Inc. 1 60,200 1,594,096
- --------------------------------------------------------------------------------
Glenayre
Technologies, Inc. 1 53,400 122,820
- --------------------------------------------------------------------------------
Harris Corp. 11,200 568,400
- --------------------------------------------------------------------------------
InterDigital
Communications
Corp. 31,200 586,872
- --------------------------------------------------------------------------------
NMS
Communications
Corp. 1 66,100 487,818
- --------------------------------------------------------------------------------
Packeteer, Inc. 1 126,200 2,038,130
- --------------------------------------------------------------------------------
Paradyne
Networks, Inc. 1 85,600 470,800
- --------------------------------------------------------------------------------
Performance
Technologies, Inc. 1 179,600 1,690,036
- --------------------------------------------------------------------------------
Plantronics, Inc. 1 132,400 5,574,040
- --------------------------------------------------------------------------------
SCM
Microsystems, Inc. 1 1,500 9,750
- --------------------------------------------------------------------------------
SeaChange
International, Inc. 45,300 764,664
- --------------------------------------------------------------------------------
Symmetricom, Inc. 1 300,100 2,670,890
- --------------------------------------------------------------------------------
ViaSat, Inc. 1 18,300 456,585
- --------------------------------------------------------------------------------
Westell Technologies,
Inc., Cl. A 1 242,700 1,237,770
--------------
30,606,783
- --------------------------------------------------------------------------------
COMPUTERS & PERIPHERALS--0.9%
Avid Technology, Inc. 1 92,000 5,020,440
- --------------------------------------------------------------------------------
Electronics for
Imaging, Inc. 1 179,000 5,058,540
- --------------------------------------------------------------------------------
Imation Corp. 35,900 1,529,699
- --------------------------------------------------------------------------------
Presstek, Inc. 1 227,400 2,389,974
- --------------------------------------------------------------------------------
Rimage Corp. 1 6,600 99,066
- --------------------------------------------------------------------------------
SBS Technologies, Inc. 1 119,801 1,925,202
- --------------------------------------------------------------------------------
Storage Technology
Corp. 1 39,000 1,131,000
- --------------------------------------------------------------------------------
Synaptics, Inc. 1 173,400 3,320,610
--------------
20,474,531
38 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS--3.6%
Agilysys, Inc. 168,700 $ 2,326,373
- --------------------------------------------------------------------------------
Anixter
International, Inc. 166,100 5,652,383
- --------------------------------------------------------------------------------
BEI Technologies, Inc. 76,900 2,177,039
- --------------------------------------------------------------------------------
Checkpoint
Systems, Inc. 1 111,300 1,995,609
- --------------------------------------------------------------------------------
Cherokee
International Corp. 1 8,900 101,549
- --------------------------------------------------------------------------------
Cognex Corp. 189,367 7,286,842
- --------------------------------------------------------------------------------
Coherent, Inc. 1 67,800 2,023,830
- --------------------------------------------------------------------------------
Daktronics, Inc. 1 46,600 1,162,670
- --------------------------------------------------------------------------------
Dionex Corp. 1 77,200 4,259,124
- --------------------------------------------------------------------------------
Excel Technology, Inc. 1 45,300 1,506,225
- --------------------------------------------------------------------------------
FARO
Technologies, Inc. 1 1,931 49,569
- --------------------------------------------------------------------------------
FLIR Systems, Inc. 1 20,700 1,136,430
- --------------------------------------------------------------------------------
GTSI Corp. 1 5,200 59,540
- --------------------------------------------------------------------------------
Hypercom Corp. 1 258,000 2,180,100
- --------------------------------------------------------------------------------
Keithley
Instruments, Inc. 69,900 1,548,285
- --------------------------------------------------------------------------------
Kemet Corp. 1 12,000 146,640
- --------------------------------------------------------------------------------
Landauer, Inc. 15,800 705,628
- --------------------------------------------------------------------------------
LeCroy Corp. 1 40,620 731,566
- --------------------------------------------------------------------------------
Littlefuse, Inc. 1 135,100 5,729,591
- --------------------------------------------------------------------------------
Maxwell
Technologies, Inc. 1 35,600 459,240
- --------------------------------------------------------------------------------
Measurement
Specialties, Inc. 1,2 69,900 1,509,840
- --------------------------------------------------------------------------------
Mechanical
Technology, Inc. 1 11,550 69,069
- --------------------------------------------------------------------------------
MTS Systems Corp. 150,600 3,531,570
- --------------------------------------------------------------------------------
Nu Horizons
Electronics Corp. 1 14,400 129,600
- --------------------------------------------------------------------------------
Park Electrochemical
Corp. 6,800 171,700
- --------------------------------------------------------------------------------
Paxar Corp. 1 273,600 5,340,672
- --------------------------------------------------------------------------------
PerkinElmer, Inc. 106,200 2,128,248
- --------------------------------------------------------------------------------
RadiSys Corp. 1 82,100 1,524,597
- --------------------------------------------------------------------------------
Rofin-Sinar
Technologies, Inc. 1 68,700 1,744,293
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS CONTINUED
Rogers Corp. 1 68,500 $ 4,788,150
- --------------------------------------------------------------------------------
ScanSource, Inc. 1 58,600 3,482,012
- --------------------------------------------------------------------------------
Staktek
Holdings, Inc. 1 41,800 219,450
- --------------------------------------------------------------------------------
SYNNEX Corp. 1 4,500 70,650
- --------------------------------------------------------------------------------
Tech Data Corp. 1 27,700 1,083,901
- --------------------------------------------------------------------------------
Technitrol, Inc. 1 84,100 1,841,790
- --------------------------------------------------------------------------------
Trimble
Navigation Ltd. 1 115,300 3,204,187
- --------------------------------------------------------------------------------
Varian, Inc. 1 125,000 5,268,750
- --------------------------------------------------------------------------------
Woodhead
Industries, Inc. 31,400 485,444
- --------------------------------------------------------------------------------
Zygo Corp. 1 81,500 911,985
--------------
78,744,141
- --------------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES--2.3%
Corillian Corp. 1 172,813 870,978
- --------------------------------------------------------------------------------
Covansys Corp. 1 71,600 739,628
- --------------------------------------------------------------------------------
CyberSource Corp. 1 150,791 1,260,613
- --------------------------------------------------------------------------------
Digital River, Inc. 1 176,500 5,759,195
- --------------------------------------------------------------------------------
Digitas, Inc. 1 310,272 3,422,300
- --------------------------------------------------------------------------------
EarthLink, Inc. 1 568,500 5,883,975
- --------------------------------------------------------------------------------
Embarcadero
Technologies, Inc. 1 114,919 1,420,399
- --------------------------------------------------------------------------------
Equinix, Inc. 1 26,100 885,834
- --------------------------------------------------------------------------------
HomeStore.com, Inc. 1 65,109 259,785
- --------------------------------------------------------------------------------
InfoSpace, Inc. 1 134,100 5,101,164
- --------------------------------------------------------------------------------
Internet Security
Systems, Inc. 47,300 725,582
- --------------------------------------------------------------------------------
Ivillage, Inc. 1 7,100 45,085
- --------------------------------------------------------------------------------
j2 Global
Communications, Inc. 1 42,200 1,173,160
- --------------------------------------------------------------------------------
Jupitermedia Corp. 1 51,300 726,408
- --------------------------------------------------------------------------------
Keynote Systems, Inc. 1 10,000 137,500
- --------------------------------------------------------------------------------
MarketWatch.com,
Inc. 1 20,300 238,119
- --------------------------------------------------------------------------------
MicroStrategy,
Inc., Cl. A 1 24,100 1,029,070
- --------------------------------------------------------------------------------
Modem Media, Inc. 1 71,000 373,460
- --------------------------------------------------------------------------------
National Information
Consortium, Inc. 1 120,500 863,985
39 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES Continued
S1 Corp. 1 310,700 $ 3,088,358
- --------------------------------------------------------------------------------
Salesforce.com, Inc. 1 88,600 1,423,802
- --------------------------------------------------------------------------------
SeeBeyond
Technology Corp. 1 114,400 431,288
- --------------------------------------------------------------------------------
Selectica, Inc. 1 55,800 265,050
- --------------------------------------------------------------------------------
SonicWALL, Inc. 1 139,000 1,195,400
- --------------------------------------------------------------------------------
United Online, Inc. 1 143,950 2,534,960
- --------------------------------------------------------------------------------
ValueClick, Inc. 1 133,900 1,604,122
- --------------------------------------------------------------------------------
Vitria Technology, Inc. 1 29,744 91,344
- --------------------------------------------------------------------------------
WebEx
Communications,
Inc. 1 133,000 2,894,080
- --------------------------------------------------------------------------------
Websense, Inc. 1 110,700 4,121,361
--------------
48,566,005
- --------------------------------------------------------------------------------
IT SERVICES--1.7%
Acxiom Corp. 168,200 4,176,406
- --------------------------------------------------------------------------------
American
Software, Inc. 22,300 135,807
- --------------------------------------------------------------------------------
Answerthink, Inc. 1 133,600 765,528
- --------------------------------------------------------------------------------
Aquantive, Inc. 1 33,200 328,016
- --------------------------------------------------------------------------------
CheckFree Corp. 1 47,400 1,422,000
- --------------------------------------------------------------------------------
Clark, Inc. 1 4,100 76,055
- --------------------------------------------------------------------------------
CSG Systems
International, Inc. 1 307,000 6,354,900
- --------------------------------------------------------------------------------
DigitalNet
Holdings, Inc. 1 17,600 357,808
- --------------------------------------------------------------------------------
eFunds Corp. 12,500 218,750
- --------------------------------------------------------------------------------
Euronet
Worldwide, Inc. 1 147,900 3,420,927
- --------------------------------------------------------------------------------
Gartner, Inc., Cl. B 1 21,900 282,291
- --------------------------------------------------------------------------------
Global Payments, Inc. 1,800 81,036
- --------------------------------------------------------------------------------
Infocrossing, Inc. 1 21,700 292,950
- --------------------------------------------------------------------------------
Information
Resources, Inc. 1 76,300 226,611
- --------------------------------------------------------------------------------
infoUSA, Inc. 1 428,800 4,348,032
- --------------------------------------------------------------------------------
Integral Systems, Inc. 1,300 20,904
- --------------------------------------------------------------------------------
iPayment
Holdings, Inc. 1 14,100 578,100
- --------------------------------------------------------------------------------
Lawson Software, Inc. 1 340,171 2,408,411
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
IT SERVICES CONTINUED
ManTech
International Corp. 1 72,200 $ 1,355,194
- --------------------------------------------------------------------------------
MPS Group, Inc. 1 220,000 2,666,400
- --------------------------------------------------------------------------------
National
Processing, Inc. 1 49,600 1,426,000
- --------------------------------------------------------------------------------
Perot Systems
Corp., Cl. A 1 27,400 363,598
- --------------------------------------------------------------------------------
SS&C
Technologies, Inc. 140,050 2,618,935
- --------------------------------------------------------------------------------
Startek, Inc. 24,200 866,360
- --------------------------------------------------------------------------------
Syntel, Inc. 19,300 319,415
- --------------------------------------------------------------------------------
Tier Technologies,
Inc., Cl. B 1 48,700 474,338
- --------------------------------------------------------------------------------
Tyler
Technologies, Inc. 1 155,800 1,473,868
--------------
37,058,640
- --------------------------------------------------------------------------------
OFFICE ELECTRONICS--0.1%
Metrologic
Instruments, Inc. 1 27,900 556,326
- --------------------------------------------------------------------------------
TransAct
Technologies, Inc. 1 35,950 1,136,739
--------------
1,693,065
- --------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--2.1%
ADE Corp. 1 53,700 1,160,457
- --------------------------------------------------------------------------------
Alliance
Semiconductor Corp. 1 37,500 223,125
- --------------------------------------------------------------------------------
ANADIGICS, Inc. 1 111,300 574,197
- --------------------------------------------------------------------------------
Axcelis
Technologies, Inc. 1 227,500 2,830,100
- --------------------------------------------------------------------------------
California Micro
Devices Corp. 1 35,600 410,468
- --------------------------------------------------------------------------------
Cirrus Logic, Inc. 1 199,400 1,198,394
- --------------------------------------------------------------------------------
Cree, Inc. 1 176,800 4,115,904
- --------------------------------------------------------------------------------
Diodes, Inc. 1 102,504 2,428,320
- --------------------------------------------------------------------------------
DSP Group, Inc. 1 51,900 1,413,756
- --------------------------------------------------------------------------------
Entegris, Inc. 1 35,400 409,578
- --------------------------------------------------------------------------------
Exar Corp. 1 226,500 3,320,490
- --------------------------------------------------------------------------------
Fairchild
Semiconductor
International,
Inc., Cl. A 1 24,700 404,339
40 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
Continued
Integrated Device
Technology, Inc. 1 79,800 $ 1,104,432
- --------------------------------------------------------------------------------
MEMC Electronic
Materials, Inc. 1 194,500 1,921,660
- --------------------------------------------------------------------------------
Micrel, Inc. 1 301,900 3,668,085
- --------------------------------------------------------------------------------
Microsemi Corp. 1 440,200 6,255,242
- --------------------------------------------------------------------------------
Photronics, Inc. 27,900 528,426
- --------------------------------------------------------------------------------
Pixelworks, Inc. 1 242,000 3,707,440
- --------------------------------------------------------------------------------
PLX Technology, Inc. 1 65,100 1,123,626
- --------------------------------------------------------------------------------
Semtech Corp. 1 37,000 870,980
- --------------------------------------------------------------------------------
Silicon Image, Inc. 1 239,401 3,143,335
- --------------------------------------------------------------------------------
Silicon Storage
Technology, Inc. 1 194,200 2,000,260
- --------------------------------------------------------------------------------
Siliconix, Inc. 1 2,462 122,164
- --------------------------------------------------------------------------------
Standard
Microsystems Corp. 1 12,700 296,164
- --------------------------------------------------------------------------------
Supertex, Inc. 1 7,100 116,014
- --------------------------------------------------------------------------------
Transmeta Corp. 1 9,550 20,915
- --------------------------------------------------------------------------------
Transwitch Corp. 1 192,600 340,902
- --------------------------------------------------------------------------------
Trident
Microsystems, Inc. 1 9,250 103,693
- --------------------------------------------------------------------------------
Ultra Clean
Holdings, Inc. 1 52,200 381,060
- --------------------------------------------------------------------------------
ZiLOG, Inc. 1 22,800 249,888
--------------
44,443,414
- --------------------------------------------------------------------------------
SOFTWARE--4.1%
Activision, Inc. 1 127,050 2,020,095
- --------------------------------------------------------------------------------
Actuate Corp. 1 69,400 274,130
- --------------------------------------------------------------------------------
Ansoft Corp. 1 43,900 669,914
- --------------------------------------------------------------------------------
Ansys, Inc. 1 127,000 5,969,000
- --------------------------------------------------------------------------------
Aspen
Technology, Inc. 1 27,200 197,472
- --------------------------------------------------------------------------------
Borland Software
Corp. 32,500 275,925
- --------------------------------------------------------------------------------
Captaris, Inc. 1 55,800 360,468
- --------------------------------------------------------------------------------
Catapult
Communications
Corp. 1 23,000 529,000
- --------------------------------------------------------------------------------
CCC Information
Services Group, Inc. 1 19,600 329,084
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SOFTWARE CONTINUED
Compuware Corp. 1 85,700 $ 565,620
- --------------------------------------------------------------------------------
Entrust
Technologies, Inc. 1 490,900 2,209,050
- --------------------------------------------------------------------------------
Epicor Software
Corp. 1 14,700 206,535
- --------------------------------------------------------------------------------
ePlus, inc. 1 26,900 286,485
- --------------------------------------------------------------------------------
FactSet Research
Systems, Inc. 107,800 5,095,706
- --------------------------------------------------------------------------------
FileNet Corp. 1 221,100 6,980,127
- --------------------------------------------------------------------------------
Hyperion
Solutions Corp. 1 94,700 4,140,284
- --------------------------------------------------------------------------------
InterVoice-Brite, Inc. 1 166,600 1,910,902
- --------------------------------------------------------------------------------
Kronos, Inc. 1 31,800 1,310,160
- --------------------------------------------------------------------------------
Macromedia, Inc. 1 143,800 3,530,290
- --------------------------------------------------------------------------------
Macrovision Corp. 1 120,700 3,021,121
- --------------------------------------------------------------------------------
MICROS
Systems, Inc. 1 7,300 350,181
- --------------------------------------------------------------------------------
Mobius
Management
Systems, Inc. 1 120,500 738,665
- --------------------------------------------------------------------------------
MRO Software, Inc. 1 68,600 933,646
- --------------------------------------------------------------------------------
MSC.Software Corp. 1 8,700 77,865
- --------------------------------------------------------------------------------
OPNET
Technologies, Inc. 1 57,500 753,250
- --------------------------------------------------------------------------------
Parametric
Technology Corp. 1 484,400 2,422,000
- --------------------------------------------------------------------------------
Pegasystems, Inc. 1 300 2,625
- --------------------------------------------------------------------------------
Pervasive
Software, Inc. 1 2,700 16,875
- --------------------------------------------------------------------------------
Progress
Software Corp. 1 117,800 2,552,726
- --------------------------------------------------------------------------------
Quality Systems,
Inc. 1 63,200 3,102,488
- --------------------------------------------------------------------------------
Quest Software, Inc. 1 22,100 285,090
- --------------------------------------------------------------------------------
RSA Security, Inc. 1 316,300 6,474,661
- --------------------------------------------------------------------------------
SoftBrands, Inc. 1 23,613 28,336
- --------------------------------------------------------------------------------
Sonic Solutions, Inc. 1 150,900 3,206,625
- --------------------------------------------------------------------------------
Sybase, Inc. 1 189,500 3,411,000
- --------------------------------------------------------------------------------
Synplicity, Inc. 1 14,000 83,986
- --------------------------------------------------------------------------------
Take-Two
Interactive
Software, Inc. 1 11,800 361,552
41 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SOFTWARE Continued
THQ, Inc. 1 247,800 $ 5,674,620
- --------------------------------------------------------------------------------
TIBCO Software, Inc. 1 588,200 4,970,290
- --------------------------------------------------------------------------------
Transaction Systems
Architects, Inc., Cl. A 1 255,700 5,505,221
- --------------------------------------------------------------------------------
Ulticom, Inc. 1 146,849 1,718,133
- --------------------------------------------------------------------------------
Verity, Inc. 9,700 131,047
- --------------------------------------------------------------------------------
Wind River
Systems, Inc. 1 533,700 6,276,312
--------------
88,958,562
- --------------------------------------------------------------------------------
MATERIALS--5.0%
- --------------------------------------------------------------------------------
CHEMICALS--1.7%
Airgas, Inc. 110,400 2,639,664
- --------------------------------------------------------------------------------
American
Vanguard Corp. 25,350 855,056
- --------------------------------------------------------------------------------
Cabot Corp. 71,500 2,910,050
- --------------------------------------------------------------------------------
Compass Minerals
International, Inc. 32,200 624,036
- --------------------------------------------------------------------------------
Cytec Industries, Inc. 76,600 3,481,470
- --------------------------------------------------------------------------------
FMC Corp. 1 172,000 7,414,920
- --------------------------------------------------------------------------------
Georgia Gulf Corp. 126,300 4,529,118
- --------------------------------------------------------------------------------
Hawkins, Inc. 13,700 164,126
- --------------------------------------------------------------------------------
Lubrizol Corp. (The) 20,600 754,372
- --------------------------------------------------------------------------------
MacDermid, Inc. 103,700 3,510,245
- --------------------------------------------------------------------------------
NOVA Chemicals
Corp. 44,300 1,281,599
- --------------------------------------------------------------------------------
Octel Corp. 27,900 734,607
- --------------------------------------------------------------------------------
OM Group, Inc. 1 122,400 4,040,424
- --------------------------------------------------------------------------------
PolyOne Corp. 1 15,400 114,576
- --------------------------------------------------------------------------------
Schulman (A.), Inc. 41,700 896,133
- --------------------------------------------------------------------------------
Stepan Co. 21,300 556,995
- --------------------------------------------------------------------------------
Symyx
Technologies, Inc. 1 11,800 284,616
- --------------------------------------------------------------------------------
Terra Industries, Inc. 1 234,700 1,321,361
--------------
36,113,368
- --------------------------------------------------------------------------------
CONSTRUCTION MATERIALS--0.5%
AMCOL
International Corp. 300 5,685
- --------------------------------------------------------------------------------
Ameron
International Corp. 21,100 720,143
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
CONSTRUCTION MATERIALS CONTINUED
Eagle Materials, Inc. 67,000 $ 4,758,340
- --------------------------------------------------------------------------------
Florida Rock
Industries, Inc. 48,750 2,055,788
- --------------------------------------------------------------------------------
Martin Marietta
Materials, Inc. 43,000 1,906,190
- --------------------------------------------------------------------------------
Texas Industries, Inc. 32,800 1,350,376
--------------
10,796,522
- --------------------------------------------------------------------------------
CONTAINERS & PACKAGING--0.7%
AptarGroup, Inc. 19,000 830,110
- --------------------------------------------------------------------------------
Crown Holdings, Inc. 1 344,100 3,430,677
- --------------------------------------------------------------------------------
Graphic
Packaging Corp. 1 43,200 373,680
- --------------------------------------------------------------------------------
Greif, Inc., Cl. A 22,600 954,850
- --------------------------------------------------------------------------------
Longview Fibre Co. 24,100 354,993
- --------------------------------------------------------------------------------
Myers
Industries, Inc. 33,900 477,990
- --------------------------------------------------------------------------------
Owens-Illinois, Inc. 1 221,100 3,705,636
- --------------------------------------------------------------------------------
Packaging
Dynamics Corp. 11,780 163,153
- --------------------------------------------------------------------------------
Rock-Tenn Co., Cl. A 35,600 603,420
- --------------------------------------------------------------------------------
Silgan Holdings, Inc. 125,000 5,038,750
--------------
15,933,259
- --------------------------------------------------------------------------------
METALS & MINING--1.4%
AK Steel
Holding Corp. 1 457,400 2,410,498
- --------------------------------------------------------------------------------
Amerigo
Resources Ltd. 1 279,600 381,628
- --------------------------------------------------------------------------------
Brush Engineered
Materials, Inc. 1 40,000 756,000
- --------------------------------------------------------------------------------
Carpenter
Technology Corp. 175,100 5,962,155
- --------------------------------------------------------------------------------
Century
Aluminum Co. 1 39,300 974,247
- --------------------------------------------------------------------------------
Commercial
Metals Co. 9,700 314,765
- --------------------------------------------------------------------------------
Dynatec Corp. 1 1,276,100 1,313,457
- --------------------------------------------------------------------------------
Goldcorp, Inc. 68,500 795,484
- --------------------------------------------------------------------------------
Inmet Mining Corp. 1 136,200 1,879,321
- --------------------------------------------------------------------------------
Meridian Gold, Inc. 1 38,700 498,200
42 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
METALS & MINING Continued
Metal
Management, Inc. 1 45,900 $ 909,279
- --------------------------------------------------------------------------------
Metals USA, Inc. 1 26,100 466,668
- --------------------------------------------------------------------------------
NN, Inc. 31,300 397,823
- --------------------------------------------------------------------------------
Peabody Energy Corp. 58,400 3,269,816
- --------------------------------------------------------------------------------
Roanoke Electric
Steel Corp. 800 10,880
- --------------------------------------------------------------------------------
Schnitzer Steel
Industries, Inc. 31,200 1,059,552
- --------------------------------------------------------------------------------
Southern Peru
Copper Corp. 53,400 2,207,022
- --------------------------------------------------------------------------------
Steel
Technologies, Inc. 89,619 1,978,788
- --------------------------------------------------------------------------------
Titanium Metals Corp. 1 10,500 971,775
- --------------------------------------------------------------------------------
Westmoreland
Coal Co. 4,600 89,470
- --------------------------------------------------------------------------------
Wheaton River
Minerals Ltd. 1 383,900 1,070,883
- --------------------------------------------------------------------------------
Worthington
Industries, Inc. 125,000 2,566,250
--------------
30,283,961
- --------------------------------------------------------------------------------
PAPER & FOREST PRODUCTS--0.7%
Deltic Timber Corp. 13,400 514,560
- --------------------------------------------------------------------------------
Glatfelter 10,700 150,656
- --------------------------------------------------------------------------------
Louisiana-Pacific
Corp. 337,800 7,988,970
- --------------------------------------------------------------------------------
Potlatch Corp. 142,600 5,937,864
- --------------------------------------------------------------------------------
Wausau-Mosinee
Paper Corp. 52,400 906,520
--------------
15,498,570
- --------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES--0.3%
- --------------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION SERVICES--0.2%
Alaska
Communications
Systems Group, Inc. 1 3,500 21,350
- --------------------------------------------------------------------------------
AXXENT, Inc. 1,2 100,000 --
- --------------------------------------------------------------------------------
CT
Communications,
Inc. 41,500 624,575
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION SERVICES CONTINUED
D&E
Communications,
Inc. 10,400 $ 139,568
- --------------------------------------------------------------------------------
General
Communication,
Inc., Cl. A 1 96,900 769,386
- --------------------------------------------------------------------------------
North Pittsburgh
Systems, Inc. 75,100 1,505,755
- --------------------------------------------------------------------------------
Shenandoah
Telecommunications
Co. 6,700 180,900
- --------------------------------------------------------------------------------
Teleglobe
International
Holdings Ltd. 1 16,150 82,042
- --------------------------------------------------------------------------------
Warwick Valley
Telephone Co. 12,500 265,625
--------------
3,589,201
- --------------------------------------------------------------------------------
WIRELESS TELECOMMUNICATION SERVICES--0.1%
AirGate PCS, Inc. 1 3,800 69,540
- --------------------------------------------------------------------------------
Alamosa
Holdings, Inc. 1 87,000 639,450
- --------------------------------------------------------------------------------
Arch Wireless,
Inc., Cl. A 1 22,200 632,478
- --------------------------------------------------------------------------------
EMS
Technologies, Inc. 1 8,300 161,269
- --------------------------------------------------------------------------------
Linktone Ltd., ADR 1 24,400 267,180
- --------------------------------------------------------------------------------
Price
Communications
Corp. 22,305 329,222
- --------------------------------------------------------------------------------
UbiquiTel, Inc. 1 232,100 979,462
--------------
3,078,601
- --------------------------------------------------------------------------------
UTILITIES--1.6%
- --------------------------------------------------------------------------------
ELECTRIC UTILITIES--0.8%
Allegheny Energy, Inc. 1 51,300 790,533
- --------------------------------------------------------------------------------
Canadian Hydro
Developers, Inc. 1 406,000 802,461
- --------------------------------------------------------------------------------
Central Vermont
Public Service Corp. 6,500 133,185
- --------------------------------------------------------------------------------
CH Energy
Group, Inc. 67,800 3,148,632
- --------------------------------------------------------------------------------
Duquesne Light
Holdings, Inc. 85,000 1,641,350
43 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
ELECTRIC UTILITIES Continued
El Paso Electric Co. 1 126,100 $ 1,946,984
- --------------------------------------------------------------------------------
Green Mountain
Power Corp. 14,700 383,670
- --------------------------------------------------------------------------------
IDACORP, Inc. 67,700 1,827,900
- --------------------------------------------------------------------------------
MGE Energy, Inc. 200 6,526
- --------------------------------------------------------------------------------
Northeast Utilities Co. 41,200 802,164
- --------------------------------------------------------------------------------
PNM Resources, Inc. 71,200 1,478,824
- --------------------------------------------------------------------------------
UIL Holdings Corp. 27,100 1,319,499
- --------------------------------------------------------------------------------
Westar Energy, Inc. 78,200 1,556,962
---------------
15,838,690
- --------------------------------------------------------------------------------
GAS UTILITIES--0.7%
Chesapeake
Utilities Corp. 28,200 640,140
- --------------------------------------------------------------------------------
Energen Corp. 139,400 6,689,790
- --------------------------------------------------------------------------------
EnergySouth, Inc. 3,900 156,078
- --------------------------------------------------------------------------------
Laclede Group,
Inc. (The) 73,700 2,020,117
- --------------------------------------------------------------------------------
National Fuel
Gas Co. 38,100 952,500
- --------------------------------------------------------------------------------
New Jersey
Resources Corp. 47,600 1,979,208
- --------------------------------------------------------------------------------
NUI CORP 12,300 179,580
- --------------------------------------------------------------------------------
ONEOK, Inc. 41,600 914,784
- --------------------------------------------------------------------------------
South Jersey
Industries, Inc. 13,600 598,400
- --------------------------------------------------------------------------------
Southwest Gas Corp. 34,100 822,833
---------------
14,953,430
- --------------------------------------------------------------------------------
MULTI-UTILITIES & UNREGULATED POWER--0.1%
Avista Corp. 147,300 2,713,266
---------------
Total Common Stocks
(Cost $1,693,158,661) 2,104,330,234
VALUE
UNITS SEE NOTE 1
- --------------------------------------------------------------------------------
RIGHTS, WARRANTS AND CERTIFICATES--0.0%
- --------------------------------------------------------------------------------
Timco Aviation Services,
Inc. Wts., Exp. 2/28/071
(Cost $0) 3,661 $ --
PRINCIPAL
AMOUNT
- --------------------------------------------------------------------------------
NON-CONVERTIBLE CORPORATE BONDS AND NOTES--0.0%
- --------------------------------------------------------------------------------
Timco Aviation Services,
Inc., 8% Sub. Nts., 1/2/07 2,3
(Cost $1,381) $ 3,671 2,717
- --------------------------------------------------------------------------------
JOINT REPURCHASE AGREEMENTS--5.9%
- --------------------------------------------------------------------------------
Undivided interest of 31.98% in joint
repurchase agreement (Principal Amount/
Value $400,357,000, with a maturity value
of $400,370,679) with Cantor Fitzgerald
& Co./Cantor Fitzgerald Securities,
1.23%, dated 6/30/04, to be
repurchased at $128,023,374
on 7/1/04, collateralized by U.S.
Treasury Bonds, 1.50%--8.125%,
7/31/05--8/15/21, with a value
of $338,098,960 and U.S.
Treasury Nts., 4.875%--6.75%,
5/15/05--2/15/12, with a
value of $70,754,600
(Cost $128,019,000) 128,019,000 128,019,000
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE
(COST $1,821,179,042) 103.3% 2,232,351,951
- --------------------------------------------------------------------------------
LIABILITIES IN EXCESS
OF OTHER ASSETS (3.3) (71,485,449)
--------------------------------
NET ASSETS 100.0% $2,160,866,502
================================
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.
44 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF ASSETS AND LIABILITIES June 30, 2004
- --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
ASSETS
- ----------------------------------------------------------------------------------------------------------
Investments, at value (including securities loaned of approximately
$404,629,000) (cost $1,821,179,042)--see accompanying statement
of investments $ 2,232,351,951
- ----------------------------------------------------------------------------------------------------------
Cash 1,935,971
- ----------------------------------------------------------------------------------------------------------
Collateral for securities loaned 410,325,548
- ----------------------------------------------------------------------------------------------------------
Receivables and other assets:
Investments sold 48,538,818
Shares of beneficial interest sold 6,294,156
Interest and dividends 1,077,514
Other 17,284
----------------
Total assets 2,700,541,242
- ----------------------------------------------------------------------------------------------------------
LIABILITIES
- ----------------------------------------------------------------------------------------------------------
Return of collateral for securities loaned 410,325,548
- ----------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased 124,039,167
Shares of beneficial interest redeemed 3,263,383
Distribution and service plan fees 1,259,172
Transfer and shareholder servicing agent fees 458,638
Shareholder communications 197,884
Trustees' compensation 18,146
Other 112,802
----------------
Total liabilities 539,674,740
- ----------------------------------------------------------------------------------------------------------
NET ASSETS $ 2,160,866,502
================
- ----------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- ----------------------------------------------------------------------------------------------------------
Par value of shares of beneficial interest $ 112,451
- ----------------------------------------------------------------------------------------------------------
Additional paid-in capital 1,640,081,188
- ----------------------------------------------------------------------------------------------------------
Accumulated net investment loss (1,079,117)
- ----------------------------------------------------------------------------------------------------------
Accumulated net realized gain on investments and foreign currency transactions 110,578,865
- ----------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments and translation of assets and liabilities
denominated in foreign currencies 411,173,115
----------------
Net Assets $ 2,160,866,502
================
45 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF ASSETS AND LIABILITIES Continued
- --------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- -------------------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$1,177,389,326 and 60,322,383 shares of beneficial interest outstanding) $19.52
Maximum offering price per share (net asset value plus sales charge of
5.75% of offering price) $20.71
- -------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $482,028,274
and 25,650,500 shares of beneficial interest outstanding) $18.79
- -------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $402,056,178
and 21,360,419 shares of beneficial interest outstanding) $18.82
- -------------------------------------------------------------------------------------------
Class N Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $84,678,375
and 4,380,338 shares of beneficial interest outstanding) $19.33
- -------------------------------------------------------------------------------------------
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net
assets of $14,714,349 and 737,806 shares of beneficial interest outstanding) $19.94
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
46 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF OPERATIONS For the Year Ended June 30, 2004
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
INVESTMENT INCOME
- --------------------------------------------------------------------------------
Dividends (net of foreign withholding taxes of $58,006) $ 11,626,592
- --------------------------------------------------------------------------------
Portfolio lending fees 1,155,964
- --------------------------------------------------------------------------------
Interest 310,941
-------------
Total investment income 13,093,497
- --------------------------------------------------------------------------------
EXPENSES
- --------------------------------------------------------------------------------
Management fees 11,357,615
- --------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 2,234,979
Class B 4,321,806
Class C 3,401,329
Class N 325,245
- --------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 2,302,583
Class B 1,392,313
Class C 829,133
Class N 289,879
Class Y 4,322
- --------------------------------------------------------------------------------
Shareholder communications:
Class A 112,838
Class B 125,306
Class C 44,505
Class N 2,016
- --------------------------------------------------------------------------------
Custodian fees and expenses 36,692
- --------------------------------------------------------------------------------
Trustees' compensation 34,712
- --------------------------------------------------------------------------------
Other 103,799
-------------
Total expenses 26,919,072
Less reduction to custodian expenses (8,518)
Less payments and waivers of expenses (78,184)
-------------
Net expenses 26,832,370
- --------------------------------------------------------------------------------
NET INVESTMENT LOSS (13,738,873)
47 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF OPERATIONS Continued
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
- -------------------------------------------------------------------------------------------
Net realized gain on:
Investments $ 266,561,733
Foreign currency transactions 726,344
Net increase from payment by affiliate 21,974
--------------
Net realized gain 267,310,051
- -------------------------------------------------------------------------------------------
Net change in unrealized appreciation on:
Investments 169,170,667
Translation of assets and liabilities denominated in foreign currencies (419,547)
--------------
Net change in unrealized appreciation 168,751,120
- -------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 422,322,298
==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
48 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
YEAR ENDED JUNE 30, 2004 2003
- -----------------------------------------------------------------------------------------------------------------------
OPERATIONS
- -----------------------------------------------------------------------------------------------------------------------
Net investment loss $ (13,738,873) $ (9,090,919)
- -----------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) 267,310,051 (130,573,916)
- -----------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation 168,751,120 138,671,116
--------------------------------------
Net increase (decrease) in net assets resulting from operations 422,322,298 (993,719)
- -----------------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- -----------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from beneficial interest transactions:
Class A 378,933,360 72,951,719
Class B 44,527,545 48,632,931
Class C 81,015,380 53,042,666
Class N 27,655,726 23,607,252
Class Y 4,356,492 5,090,458
- -----------------------------------------------------------------------------------------------------------------------
NET ASSETS
- -----------------------------------------------------------------------------------------------------------------------
Total increase 958,810,801 202,331,307
- -----------------------------------------------------------------------------------------------------------------------
Beginning of period 1,202,055,701 999,724,394
--------------------------------------
End of period (including accumulated net investment
loss of $1,079,117 and $56,970, respectively) $ 2,160,866,502 $ 1,202,055,701
======================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
49 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
CLASS A YEAR ENDED JUNE 30 2004 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 (.10) (.08) (.08) (.08) (.06)
Net realized and unrealized gain (loss) 4.84 (.26) .19 1.12 4.85
------------------------------------------------------------------------------
Total from investment operations 4.74 (.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 $ 19.52 $ 14.78 $ 15.12 $ 15.02 $ 14.77
==============================================================================
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 32.07% (2.25)% 0.71% 7.66% 47.98%
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 1,177,389 $ 584,052 $ 512,337 $ 294,780 $ 141,721
- ----------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 904,397 $ 490,057 $ 386,221 $ 205,916 $ 75,295
- ----------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (0.42)% (0.59)% (0.50)% (0.60)% (0.82)%
Total expenses 1.17% 1.39% 1.37% 1.28% 1.50%
Expenses after payments and waivers
and reduction to custodian expenses N/A 4,5 1.36% N/A 4 N/A 4 N/A 4
- ----------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 127% 117% 134% 181% 108%
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%.
5. Voluntary waiver of transfer agent fees less than 0.01%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
50 | OPPENHEIMER MAIN STREET SMALL CAP FUND
CLASS B YEAR ENDED JUNE 30 2004 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 (.20) (.14) (.12) (.14) (.11)
Net realized and unrealized gain (loss) 4.64 (.30) .12 1.05 4.81
----------------------------------------------------------------------------
Total from investment operations 4.44 (.44) -- .91 4.70
- -----------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Distributions from net realized gain -- -- (.01) (.79) (.02)
- -----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 18.79 $ 14.35 $ 14.79 $ 14.80 $ 14.68
============================================================================
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 30.94% (2.98)% (0.02)% 6.79% 47.08%
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $482,028 $ 330,174 $ 285,102 $ 177,479 $ 99,060
- -----------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $432,160 $ 268,057 $ 218,939 $ 128,350 $ 51,951
- -----------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (1.26)% (1.34)% (1.25)% (1.36)% (1.53)%
Total expenses 2.01% 2.21% 2.12% 2.05% 2.21%
Expenses after payments and waivers
and reduction to custodian expenses N/A 4,5 2.11% N/A 4 N/A 4 N/A 4
- -----------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 127% 117% 134% 181% 108%
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%.
5. Voluntary waiver of transfer agent fees less than 0.01%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
51 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
CLASS C YEAR ENDED JUNE 30 2004 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 (.17) (.13) (.10) (.13) (.10)
Net realized and unrealized gain (loss) 4.63 (.30) .09 1.05 4.80
-----------------------------------------------------------------------------
Total from investment operations 4.46 (.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 $ 18.82 $ 14.36 $ 14.79 $ 14.81 $ 14.68
=============================================================================
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 31.06% (2.91)% (0.09)% 6.86% 47.08%
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $402,056 $ 238,717 $ 186,108 $ 89,814 $ 43,695
- ------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $340,201 $ 186,380 $ 127,393 $ 60,762 $ 21,984
- ------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (1.17)% (1.30)% (1.23)% (1.36)% (1.54)%
Total expenses 1.91% 4,5 2.07% 4 2.12% 4 2.05% 4 2.21% 4
- ------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 127% 117% 134% 181% 108%
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%.
5. Voluntary waiver of transfer agent fees less than 0.01%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
52 | OPPENHEIMER MAIN STREET SMALL CAP FUND
CLASS N YEAR ENDED JUNE 30 2004 2003 2002 2001 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 (.14) (.11) (.12) (.02)
Net realized and unrealized gain (loss) 4.78 (.25) .18 1.49
------------------------------------------------------------------
Total from investment operations 4.64 (.36) .06 1.47
- -----------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Distributions from net realized gain -- -- (.01) --
- -----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 19.33 $ 14.69 $ 15.05 $ 15.00
==================================================================
- -----------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 31.59% (2.39)% 0.38% 10.87%
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 84,678 $ 41,474 $ 14,557 $ 995
- -----------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 65,107 $ 24,417 $ 5,924 $ 445
- -----------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (0.77)% (0.83)% (0.66)% (0.76)%
Total expenses 1.61% 1.64% 1.65% 1.59%
Expenses after payments and waivers
and reduction to custodian expenses 1.52% 1.60% N/A 4 N/A 4
- -----------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 127% 117% 134% 181%
1. For the period from March 1, 2001 (commencement of operations) to June 30,
2001.
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%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
53 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
CLASS Y YEAR ENDED JUNE 30 2004 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 (.03) (.07) (.10) (.05) (.04)
Net realized and unrealized gain (loss) 4.94 (.17) .27 1.13 4.88
---------------------------------------------------------------------
Total from investment operations 4.91 (.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 $ 19.94 $ 15.03 $ 15.27 $ 15.11 $ 14.82
=====================================================================
- ----------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 32.67% (1.57)% 1.11% 7.90% 48.48%
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 14,714 $ 7,637 $ 1,619 $ 2 $ 1
- ----------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 11,428 $ 3,460 $ 813 $ 2 $ 1
- ----------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income (loss) 0.06% 0.00% 0.01% (0.23)% (0.37)%
Total expenses 0.70% 0.79% 0.97% 0.89% 1.18%
Expenses after payments and waivers
and reduction to custodian expenses N/A 4 N/A 4 0.93% N/A 4 N/A 4
- ----------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 127% 117% 134% 181% 108%
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%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
54 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Oppenheimer Main Street Small Cap Fund (the Fund) is an open-end management
investment company registered under the Investment Company Act of 1940, as
amended. The Fund's investment objective is to seek capital appreciation. The
Fund's investment advisor is OppenheimerFunds, Inc. (the Manager).
The Fund offers Class A, Class B, Class C, Class N and Class Y shares.
Class A shares are sold at their offering price, which is normally net asset
value plus a front-end sales charge. Class B, Class C and Class N shares are
sold without a front-end sales charge but may be subject to a contingent
deferred sales charge (CDSC). Class N shares are sold only through retirement
plans. Retirement plans that offer Class N shares may impose charges on those
accounts. Class Y shares are sold to certain institutional investors without
either a front-end sales charge or a CDSC. All classes of shares have identical
rights and voting privileges with respect to the Fund in general and exclusive
voting rights on matters that affect that class alone. Earnings, net assets and
net asset value per share may differ due to each class having its own expenses,
such as transfer and shareholder servicing agent fees and shareholder
communications, directly attributable to that class. 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. The Fund calculates the net asset value of its shares as
of the close of The New York Stock Exchange (the Exchange), normally 4:00 P.M.
Eastern time, on each day the Exchange is open for business. Securities 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 may be valued primarily using dealer-supplied valuations or a
portfolio pricing service authorized by the Board of Trustees. Securities
(including restricted securities) for which market quotations are not readily
available are valued at their fair value. Foreign and domestic securities whose
values have been materially affected by what the Manager identifies as a
significant event occurring before the Fund's assets are valued but after the
close of their respective exchanges will be fair valued. Fair value is
determined in good faith using consistently applied procedures under the
supervision of the Board of Trustees. Short-term "money market type" debt
securities with remaining maturities of sixty days or less are valued at
amortized cost (which approximates market value).
55 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
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 as of the close of The New York Stock 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. Foreign exchange rates may be valued primarily using
dealer supplied valuations or a portfolio pricing service authorized by the
Board of Trustees.
Reported net realized foreign exchange gains or losses arise from sales of
portfolio securities, sales and maturities of short-term securities, sales of
foreign currencies, currency gains or losses realized between the trade and
settlement dates on securities transactions, and the difference between the
amounts of dividends, interest, and foreign withholding taxes recorded on the
Fund's books and the U.S. dollar equivalent of the amounts actually received or
paid. Net unrealized foreign exchange gains and losses arise from changes in the
values of assets and liabilities, including investments in securities at fiscal
period end, resulting from changes in exchange rates.
The effect of changes in foreign currency exchange rates on investments is
separately identified from the fluctuations arising from changes in market
values of securities held and reported with all other foreign currency gains and
losses in the Fund's Statement of Operations.
- --------------------------------------------------------------------------------
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. 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.
56 | OPPENHEIMER MAIN STREET SMALL CAP FUND
The tax components of capital shown in the table below represent distribution
requirements the Fund must satisfy under the income tax regulations, losses the
Fund may be able to offset against income and gains realized in future years and
unrealized appreciation or depreciation of securities and other investments for
federal income tax purposes.
NET UNREALIZED
APPRECIATION
BASED ON COST OF
SECURITIES AND
UNDISTRIBUTED UNDISTRIBUTED ACCUMULATED OTHER INVESTMENTS
NET INVESTMENT LONG-TERM LOSS FOR FEDERAL INCOME
INCOME GAIN CARRYFORWARD 1 TAX PURPOSES
-------------------------------------------------------------------
$-- $113,598,391 $-- $407,085,153
1. During the fiscal year ended June 30, 2004, the Fund utilized $70,002,232 of
capital loss carryforward to offset capital gains realized in that fiscal year.
Net investment income (loss) and net realized gain (loss) may differ for
financial statement and tax purposes. The character of dividends and
distributions made during the fiscal year from net investment income or net
realized gains may differ from their ultimate characterization for federal
income tax purposes. Also, due to timing of dividends and distributions, the
fiscal year in which amounts are distributed may differ from the fiscal year in
which the income or net realized gain was recorded by the Fund. Accordingly, the
following amounts have been reclassified for June 30, 2004. Net assets of the
Fund were unaffected by the reclassifications.
REDUCTION TO
REDUCTION TO ACCUMULATED NET
INCREASE TO PAID-IN ACCUMULATED NET REALIZED GAIN ON
CAPITAL INVESTMENT LOSS INVESTMENTS 2
---------------------------------------------------------------
$262,557 $12,716,726 $12,979,283
2. $13,062,750, all of which was long-term capital gain, was distributed in
connection with Fund share redemptions.
No distributions were paid during the years ended June 30, 2004 and June 30,
2003.
The aggregate cost of securities and other investments and the composition of
unrealized appreciation and depreciation of securities and other investments for
federal income tax purposes as of June 30, 2004 are noted below. The primary
difference between book and tax appreciation or depreciation of securities and
other investments, if applicable, is attributable to the tax deferral of losses
or tax realization of financial statement unrealized gain or loss.
Federal tax cost of securities $1,825,267,004
===============
Gross unrealized appreciation $ 429,416,346
Gross unrealized depreciation (22,331,193)
---------------
Net unrealized appreciation $ 407,085,153
===============
57 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS 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. For purposes of determining the amount owed to the
Trustee under the plan, deferred amounts are treated as though equal dollar
amounts had been invested in shares of the Fund or in other Oppenheimer funds
selected by the Trustee. The Fund does purchase shares of the funds selected for
deferral by the Trustee in amounts equal to his or her deemed investment,
resulting in a Fund asset equal to the deferred compensation liability. Such
assets are included as a component of "Other" within the asset section of the
Statement of Assets and Liabilities. Deferral of trustees' fees under the plan
will not affect the net assets of the Fund, and will not materially affect the
Fund's assets, liabilities or net investment income per share. Amounts will be
deferred until distributed in accordance to the 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 U.S. generally
accepted accounting principles 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.
58 | OPPENHEIMER MAIN STREET SMALL CAP FUND
- --------------------------------------------------------------------------------
2. SHARES OF BENEFICIAL INTEREST
The Fund has authorized an unlimited number of $0.001 par value shares of
beneficial interest of each class. Transactions in shares of beneficial interest
were as follows:
YEAR ENDED JUNE 30, 2004 YEAR ENDED JUNE 30, 2003
SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------------------------------------------------------
CLASS A
Sold 32,939,499 $ 598,701,241 28,842,216 $ 373,711,631
Redeemed (12,136,242) (219,767,881) (23,218,757) (300,759,912)
---------------------------------------------------------------------
Net increase 20,803,257 $ 378,933,360 5,623,459 $ 72,951,719
=====================================================================
- ---------------------------------------------------------------------------------------
CLASS B
Sold 6,984,210 $ 120,455,940 9,370,965 $ 119,637,485
Redeemed (4,345,520) (75,928,395) (5,642,090) (71,004,554)
---------------------------------------------------------------------
Net increase 2,638,690 $ 44,527,545 3,728,875 $ 48,632,931
=====================================================================
- ---------------------------------------------------------------------------------------
CLASS C
Sold 8,263,691 $ 143,367,935 8,888,859 $ 113,501,879
Redeemed (3,529,199) (62,352,555) (4,846,737) (60,459,213)
---------------------------------------------------------------------
Net increase 4,734,492 $ 81,015,380 4,042,122 $ 53,042,666
=====================================================================
- ---------------------------------------------------------------------------------------
CLASS N
Sold 2,411,657 $ 43,148,843 2,316,468 $ 29,545,217
Redeemed (855,151) (15,493,117) (459,607) (5,937,965)
---------------------------------------------------------------------
Net increase 1,556,506 $ 27,655,726 1,856,861 $ 23,607,252
=====================================================================
- ---------------------------------------------------------------------------------------
CLASS Y
Sold 477,927 $ 8,743,537 491,287 $ 6,261,675
Redeemed (248,379) (4,387,045) (89,058) (1,171,217)
---------------------------------------------------------------------
Net increase 229,548 $ 4,356,492 402,229 $ 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 year ended June 30, 2004, were
$2,697,938,742 and $2,187,267,462, 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.
- --------------------------------------------------------------------------------
ADMINISTRATION SERVICES. The Fund pays the Manager a fee of $1,500 per year for
preparing and filing the Fund's tax returns.
59 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
TRANSFER AGENT FEES. OppenheimerFunds Services (OFS), a division of the Manager,
acts as the transfer and shareholder servicing agent for the Fund. The Fund pays
OFS a per account fee. For the year ended June 30, 2004, the Fund paid
$4,601,748 to OFS for services to the Fund.
Additionally, Class Y shares are subject to minimum fees of $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.
- --------------------------------------------------------------------------------
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 all of those fees to
pay dealers, brokers, banks and other financial institutions quarterly for
providing personal services and maintenance of accounts of their customers that
hold Class A shares. Any unreimbursed expenses the Distributor incurs with
respect to Class A shares in any fiscal year cannot be recovered in subsequent
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 those 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 up to 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 June 30, 2004
for Class B, Class C and Class N shares were $7,850,039, $4,289,234 and
$1,149,185, respectively. Fees incurred by the Fund under the plans are detailed
in the Statement of Operations.
60 | OPPENHEIMER MAIN STREET SMALL CAP FUND
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
RETAINED BY RETAINED BY RETAINED BY RETAINED BY RETAINED BY
YEAR ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
- ----------------------------------------------------------------------------------------------
June 30, 2004 $1,170,448 $10,687 $669,259 $51,104 $87,171
- --------------------------------------------------------------------------------
PAYMENTS AND WAIVERS OF EXPENSES. Following a review of its use of brokerage
commissions for sales that is permitted under its investment advisory agreement,
the Fund's Manager terminated that practice in July 2003. Subsequently, the
Manager paid the Fund $21,974, an amount equivalent to certain of such
commissions incurred in prior years.
OFS has voluntarily agreed to limit transfer and shareholder servicing
agent fees for all classes to 0.35% of average annual net assets per class.
During the year ended June 30, 2004, OFS waived $5,541, $9,727, $4,002 and
$58,914 for Class A, Class B, Class C and Class N shares, respectively. This
undertaking may be amended or withdrawn at any time.
- --------------------------------------------------------------------------------
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 June 30, 2004, the Fund had no outstanding foreign currency
contracts.
61 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
6. ILLIQUID OR RESTRICTED SECURITIES
As of June 30, 2004, investments in securities included issues that are illiquid
or restricted. Restricted securities are purchased in private placement
transactions, are not registered under the Securities Act of 1933, may have
contractual restrictions on resale, and are valued under methods approved by the
Board of Trustees as reflecting fair value. A security may also be considered
illiquid if it lacks a readily available market or if its valuation has not
changed for a certain period of time. The Fund intends to invest no more than
10% of its net assets (determined at the time of purchase and reviewed
periodically) in illiquid or restricted securities. Certain restricted
securities, eligible for resale to qualified institutional investors, are not
subject to that limitation. The aggregate value of illiquid or restricted
securities subject to this limitation as of June 30, 2004 was $2,667,460, which
represents 0.12% of the Fund's net assets, of which $1,114,613 is considered
restricted. Information concerning restricted securities is as follows:
VALUATION
ACQUISITION AS OF UNREALIZED
SECURITY DATE COST JUNE 30, 2004 APPRECIATION
- --------------------------------------------------------------------------------
STOCKS AND/OR WARRANTS
Esprit Exploration Ltd. 6/4/02 $784,403 $1,114,613 $330,210
- --------------------------------------------------------------------------------
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. The Fund retains a portion of
the interest earned from the collateral. The Fund also continues to receive
interest or dividends paid on the securities loaned. As of June 30, 2004, the
Fund had on loan securities valued at approximately $404,629,000. Cash of
$410,325,548 was received as collateral for the loans, and has been invested in
approved instruments.
62 | OPPENHEIMER MAIN STREET SMALL CAP FUND
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE BOARD OF TRUSTEES AND SHAREHOLDERS OF
OPPENHEIMER MAIN STREET SMALL CAP FUND:
We have audited the accompanying statement of assets and liabilities of
Oppenheimer Main Street Small Cap Fund, including the statement of investments,
as of June 30, 2004, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the two years in the
period then ended, and the financial highlights for the periods indicated. These
financial statements and financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. Our procedures included
confirmation of securities owned as of June 30, 2004, by correspondence with the
custodian and brokers; where replies were not received from brokers, we
performed other auditing procedures. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
Oppenheimer Main Street Small Cap Fund as of June 30, 2004, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended, and the financial highlights for the
periods indicated, in conformity with accounting principles generally accepted
in the United States of America.
DELOITTE & TOUCHE LLP
Denver, Colorado
August 13, 2004
63 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FEDERAL INCOME TAX INFORMATION Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
In early 2005, if applicable, shareholders of record will receive information
regarding all dividends and distributions paid to them by the Fund during
calendar year 2004. Regulations of the U.S. Treasury Department require the Fund
to report this information to the Internal Revenue Service.
Dividends, if any, paid by the Fund during the fiscal year ended June 30,
2004 which are not designated as capital gain distributions, may be eligible for
lower individual income tax rates to the extent that the Fund has received
qualified dividend income as stipulated by recent tax legislation. In early
2005, shareholders of record will receive information regarding the percentage
of distributions that are eligible for lower individual income tax rates. The
amount will be the maximum amount allowed.
The foregoing information is presented to assist shareholders in reporting
distributions received from the Fund to the Internal Revenue Service. Because of
the complexity of the federal regulations which may affect your individual tax
return and the many variations in state and local tax regulations, we recommend
that you consult your tax advisor for specific guidance.
PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which
the Fund votes proxies relating to securities ("portfolio proxies") held by the
Fund. A description of the Fund's Portfolio Proxy Voting Policies and Procedures
is available (i) without charge, upon request, by calling the Fund toll-free at
1.800.525.7048, (ii) on the Fund's website at www.oppenheimerfunds.com, and
(iii) on the SEC's website at www.sec.gov. In addition, the Fund is required to
file 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 Fund's Form N-PX
filing is available (i) without charge, upon request, by calling the Fund
toll-free at 1.800.525.7048, and (ii) on the SEC's website at www.sec.gov.
64 | OPPENHEIMER MAIN STREET SMALL CAP FUND
TRUSTEES AND OFFICERS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NAME, POSITION(S) HELD WITH PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS; OTHER
FUND, LENGTH OF SERVICE, AGE TRUSTEESHIPS/DIRECTORSHIPS HELD BY TRUSTEE; NUMBER OF
PORTFOLIOS IN FUND COMPLEX CURRENTLY OVERSEEN BY TRUSTEE
INDEPENDENT THE ADDRESS OF EACH TRUSTEE IN THE CHART BELOW IS 6803
TRUSTEES S. TUCSON WAY, CENTENNIAL, CO 80112-3924. EACH TRUSTEE
SERVES FOR AN INDEFINITE TERM, UNTIL HIS OR HER
RESIGNATION, RETIREMENT, DEATH OR REMOVAL.
WILLIAM L. ARMSTRONG, Chairman of the following private mortgage banking
Vice Chairman (since 2003) companies: Cherry Creek Mortgage Company (since 1991),
and Trustee (since 1999) Centennial State Mortgage Company (since 1994), The El
Age: 67 Paso Mortgage Company (since 1993), Transland Financial
Services, Inc. (since 1997); Chairman of the following
private companies: Great Frontier Insurance (insurance
agency) (since 1995), Ambassador Media Corporation and
Broadway Ventures (since 1984); a director of the
following public companies: Helmerich & Payne, Inc. (oil
and gas drilling/production company) (since 1992) and
UNUMProvident (insurance company) (since 1991). Mr.
Armstrong is also a Director/Trustee of Campus Crusade
for Christ and the Bradley Foundation. Formerly a
director of the following: Storage Technology
Corporation (a publicly-held computer equipment company)
(1991-February 2003), and International Family
Entertainment (television channel) (1992-1997), Frontier
Real Estate, Inc. (residential real estate brokerage)
(1994-1999), and Frontier Title (title insurance agency)
(1995-June 1999); a U.S. Senator (January 1979-January
1991). Oversees 38 portfolios in the OppenheimerFunds
complex.
ROBERT G. AVIS, Formerly, Director and President of A.G. Edwards
Trustee (since 1999) Capital, Inc. (General Partner of private equity funds)
Age: 73 (until February 2001); Chairman, President and Chief
Executive Officer of A.G. Edwards Capital, Inc. (until
March 2000); Vice Chairman and Director of A.G. Edwards,
Inc. and Vice Chairman of A.G. Edwards & Sons, Inc. (its
brokerage company subsidiary) (until March 1999);
Chairman of A.G. Edwards Trust Company and A.G.E. Asset
Management (investment advisor) (until March 1999); and
a Director (until March 2000) of A.G. Edwards & Sons and
A.G. Edwards Trust Company. Oversees 38 portfolios in
the OppenheimerFunds complex.
GEORGE C. BOWEN, Formerly Assistant Secretary and a director (December
Trustee (since 1999) 1991-April 1999) of Centennial Asset Management
Age: 67 Corporation; President, Treasurer and a director (June
1989-April 1999) of Centennial Capital Corporation;
Chief Executive Officer and a director of MultiSource
Services, Inc. (March 1996-April 1999). Until April 1999
Mr. Bowen held several positions in subsidiary or
affiliated companies of the Manager. Oversees 38
portfolios in the OppenheimerFunds complex.
EDWARD L. CAMERON, A member of The Life Guard of Mount Vernon, George
Trustee (since 1999) Washington's home (since June 2000). Formerly Director
Age: 65 (March 2001-May 2002) of Genetic ID, Inc. and its
subsidiaries (a privately held biotech company); a
partner (July 1974-June 1999) with
PricewaterhouseCoopers LLP (an accounting firm); and
Chairman (July 1994-June 1998) of Price Waterhouse LLP
Global Investment Management Industry Services Group.
Oversees 38 portfolios in the OppenheimerFunds complex.
JON S. FOSSEL, Director (since February 1998) of Rocky Mountain Elk
Trustee (since 1999) Foundation (a not-for-profit foundation); a director
Age: 62 (since 1997) of Putnam Lovell Finance (finance company);
a director (since June 2002) of UNUMProvident (an
insurance company). Formerly a director (October
1999-October 2003) of P.R. Pharmaceuticals (a privately
held company); Chairman and a director (until October
1996) and President and Chief Executive Officer (until
October 1995) of the Manager; President, Chief Executive
Officer and a director (until October 1995) of
Oppenheimer Acquisition Corp., Shareholders Services
Inc. and Shareholder Financial Services, Inc. Oversees
38 portfolios in the OppenheimerFunds complex.
65 | OPPENHEIMER MAIN STREET SMALL CAP FUND
TRUSTEES AND OFFICERS Unaudited / Continued
- --------------------------------------------------------------------------------
SAM FREEDMAN, Director of Colorado Uplift (a non-profit charity)
Trustee (since 1999) (since September 1984). Formerly (until October 1994)
Age: 63 Mr. Freedman held several positions in subsidiary or
affiliated companies of the Manager. Oversees 38
portfolios in the OppenheimerFunds complex.
BEVERLY L. HAMILTON, Trustee of Monterey International Studies (an
Trustee (since 2002) educational organization) (since February 2000); a
Age: 57 director of The California Endowment (a philanthropic
organization) (since April 2002) and of Community
Hospital of Monterey Peninsula (educational
organization) (since February 2002); a director of
America Funds Emerging Markets Growth Fund (since
October 1991) (an investment company); an advisor to
Credit Suisse First Boston's Sprout venture capital
unit. Mrs. Hamilton also is a member of the investment
committees of the Rockefeller Foundation and of the
University of Michigan. Formerly, Trustee of MassMutual
Institutional Funds (open-end investment company)
(1996-May 2004); a director of MML Series Investment
Fund (April 1989-May 2004) and MML Services (April
1987-May 2004) (investment companies); member of the
investment committee (2000-2003) of Hartford Hospital;
an advisor (2000-2003) to Unilever (Holland)'s pension
fund; and President (February 1991-April 2000) of ARCO
Investment Management Company. Oversees 37 portfolios in
the OppenheimerFunds complex.
ROBERT J. MALONE, Director of Steele Street State Bank (a commercial
Trustee (since 2002) banking entity) (since August 2003), Jones Knowledge,
Age: 59 Inc. (a privately held company) (since 2001), U.S.
Exploration, Inc. (oil and gas exploration) (since 1997)
and Colorado UpLIFT (a non-profit organization) (since
1986); a trustee (since 2000) of the Gallagher Family
Foundation (non-profit organization). Formerly, Chairman
of U.S. Bank-Colorado (a subsidiary of U.S. Bancorp and
formerly Colorado National Bank,) (July 1996-April 1,
1999) and a director of Commercial Assets, Inc. (a REIT)
(1993-2000). Oversees 37 portfolios in the
OppenheimerFunds complex.
F. WILLIAM MARSHALL, JR., Trustee of MassMutual Institutional Funds (since 1996)
Trustee (since 2002) and MML Series Investment Fund (since 1987) (both
Age: 62 open-end investment companies) and the Springfield
Library and Museum Association (since 1995) (museums)
and the Community Music School of Springfield (music
school) (since 1996); Trustee (since 1987), Chairman of
the Board (since 2003) and Chairman of the investment
committee (since 1994) for the Worcester Polytech
Institute (private university); and President and
Treasurer (since January 1999) of the SIS Fund (a
private not for profit charitable fund). Formerly,
member of the investment committee of the Community
Foundation of Western Massachusetts (1998 - 2003);
Chairman (January 1999-July 1999) of SIS & Family Bank,
F.S.B. (formerly SIS Bank) (commercial bank); and
Executive Vice President (January 1999-July 1999) of
Peoples Heritage Financial Group, Inc. (commercial
bank). Oversees 38 portfolios in the OppenheimerFunds
complex.
- ------------------------------------------------------------------------------------------
INTERESTED TRUSTEE THE ADDRESS OF MR. MURPHY IN THE CHART BELOW IS TWO
AND OFFICER WORLD FINANCIAL CENTER, 225 LIBERTY STREET, 11TH FLOOR,
NEW YORK, NY 10281-1008. MR. MURPHY SERVES FOR AN
INDEFINITE TERM, UNTIL HIS RESIGNATION, DEATH OR
REMOVAL.
JOHN V. MURPHY, Chairman, Chief Executive Officer and director (since
President and Trustee June 2001) and President (since September 2000) of the
(since 2001) Manager; President and a director or trustee of other
Age: 55 Oppenheimer funds; President and a director (since July
2001) of Oppenheimer Acquisition Corp. (the Manager's
parent holding company) and of Oppenheimer Partnership
Holdings, Inc. (a holding company subsidiary of the
Manager); a director (since November 2001) of
OppenheimerFunds Distributor, Inc. (a subsidiary of the
Manager); Chairman and a director (since July 2001) of
Shareholder Services, Inc. and of Shareholder Financial
Services, Inc. (transfer
66 | OPPENHEIMER MAIN STREET SMALL CAP FUND
JOHN V. MURPHY, agent subsidiaries of the Manager); President and a
Continued director (since July 2001) of OppenheimerFunds Legacy
Program (a charitable trust program established by the
Manager); a director of the following investment
advisory subsidiaries of the Manager: OFI Institutional
Asset Management, Inc., Centennial Asset Management
Corporation, Trinity Investment Management Corporation
and Tremont Capital Management, Inc. (since November
2001), HarbourView Asset Management Corporation and OFI
Private Investments, Inc. (since July 2001); President
(since November 1, 2001) and a director (since July
2001) of Oppenheimer Real Asset Management, Inc.;
Executive Vice President (since February 1997) of
Massachusetts Mutual Life Insurance Company (the
Manager's parent company); a director (since June 1995)
of DLB Acquisition Corporation (a holding company that
owns the shares of Babson Capital Management LLC); a
member of the Investment Company Institute's Board of
Governors (elected to serve from October 3, 2003 through
September 30, 2006). Formerly, Chief Operating Officer
(September 2000-June 2001) of the Manager; President and
trustee (November 1999-November 2001) of MML Series
Investment Fund and MassMutual Institutional Funds
(open-end investment companies); a director (September
1999-August 2000) of C.M. Life Insurance Company;
President, Chief Executive Officer and director
(September 1999-August 2000) of MML Bay State Life
Insurance Company; a director (June 1989-June 1998) of
Emerald Isle Bancorp and Hibernia Savings Bank (a
wholly-owned subsidiary of Emerald Isle Bancorp).
Oversees 73 portfolios as Trustee/ Director and 10
portfolios as Officer in the OppenheimerFunds complex.
- --------------------------------------------------------------------------------
OFFICERS THE ADDRESS OF THE OFFICERS IN THE CHART BELOW IS AS
FOLLOWS: FOR MESSRS. MONOYIOS, ZACK AND ZAVANELLI, TWO
WORLD FINANCIAL CENTER, 225 LIBERTY STREET, 11TH FLOOR,
NEW YORK, NY 10281-1008, FOR MESSRS. VANDEHEY AND
WIXTED, 6803 S. TUCSON WAY, CENTENNIAL, CO 80112-3924.
EACH OFFICER SERVES FOR AN ANNUAL TERM OR UNTIL HIS OR
HER EARLIER RESIGNATION, DEATH OR REMOVAL.
NIKOLAOS MONOYIOS, Vice President of the Manager since April 1998; a
Vice President (since 1999) Certified Financial Analyst. An officer of 6 portfolios
Age: 54 in the OppenheimerFunds complex.
MARK ZAVANELLI, Vice President of the Manager since November 2000; a
Vice President (since 1999) Chartered Financial Analyst; an officer of 2 portfolios
Age: 33 in the OppenheimerFunds complex. Prior to joining the
Manager in May 1998 he was President of Waterside
Capital Management, a registered investment advisor
(August 1995 - April 1998).
BRIAN W. WIXTED, Senior Vice President and Treasurer (since March 1999)
Treasurer (since 1999) of the Manager; Treasurer of HarbourView Asset
Age: 44 Management Corporation, Shareholder Financial Services,
Inc., Shareholder Services, Inc., Oppenheimer Real Asset
Management Corporation, and Oppenheimer Partnership
Holdings, Inc. (since March 1999), of OFI Private
Investments, Inc. (since March 2000), of
OppenheimerFunds International Ltd. and OppenheimerFunds
plc (since May 2000), of OFI Institutional Asset
Management, Inc. (since November 2000), and of
OppenheimerFunds Legacy Program (a Colorado non-profit
corporation) (since June 2003); Treasurer and Chief
Financial Officer (since May 2000) of OFI Trust Company
(a trust company subsidiary of the Manager); Assistant
Treasurer (since March 1999) of Oppenheimer Acquisition
Corp. Formerly Assistant Treasurer of Centennial Asset
Management Corporation (March 1999-October 2003) and
OppenheimerFunds Legacy Program (April 2000-June 2003);
Principal and Chief Operating Officer (March 1995-March
1999) at Bankers Trust Company-Mutual Fund Services
Division. An officer of 83 portfolios in the
OppenheimerFunds complex.
67 | OPPENHEIMER MAIN STREET SMALL CAP FUND
TRUSTEES AND OFFICERS Unaudited / Continued
- --------------------------------------------------------------------------------
ROBERT G. ZACK, Executive Vice President (since January 2004) and
Vice President & Secretary General Counsel (since February 2002) of the Manager;
(since 2001) General Counsel and a director (since November 2001) of
Age: 56 the Distributor; General Counsel (since November 2001)
of Centennial Asset Management Corporation; Senior Vice
President and General Counsel (since November 2001) of
HarbourView Asset Management Corporation; Secretary and
General Counsel (since November 2001) of Oppenheimer
Acquisition Corp.; Assistant Secretary and a director
(since October 1997) of OppenheimerFunds International
Ltd. and OppenheimerFunds plc; Vice President and a
director (since November 2001) of Oppenheimer
Partnership Holdings, Inc.; a director (since November
2001) of Oppenheimer Real Asset Management, Inc.; Senior
Vice President, General Counsel and a director (since
November 2001) of Shareholder Financial Services, Inc.,
Shareholder Services, Inc., OFI Private Investments,
Inc. and OFI Trust Company; Vice President (since
November 2001) of OppenheimerFunds Legacy Program;
Senior Vice President and General Counsel (since
November 2001) of OFI Institutional Asset Management,
Inc.; a director (since June 2003) of OppenheimerFunds
(Asia) Limited. Formerly Senior Vice President (May
1985-December 2003), Acting General Counsel (November
2001-February 2002) and Associate General Counsel (May
1981-October 2001) of the Manager; Assistant Secretary
of Shareholder Services, Inc. (May 1985-November 2001),
Shareholder Financial Services, Inc. (November
1989-November 2001); and OppenheimerFunds International
Ltd. (October 1997-November 2001). An officer of 83
portfolios in the OppenheimerFunds complex.
MARK S. VANDEHEY, Senior Vice President and Chief Compliance Officer
Vice President (since 2004) (since March 2004) of the Manager; Vice President (since
Age: 53 June 1983) of OppenheimerFunds Distributor, Inc.,
Centennial Asset Management Corporation and Shareholder
Services, Inc. Formerly (until February 2004) Vice
President and Director of Internal Audit of
OppenheimerFunds, Inc. An officer of 83 portfolios in
the OppenheimerFunds complex.
THE FUND'S STATEMENT OF ADDITIONAL INFORMATION CONTAINS ADDITIONAL INFORMATION
ABOUT THE FUND'S TRUSTEES AND IS AVAILABLE WITHOUT CHARGE UPON REQUEST.
68 | OPPENHEIMER MAIN STREET SMALL CAP FUND
ITEM 2. CODE OF ETHICS
The registrant has adopted a code of ethics that applies to the
registrant's principal executive officer, principal financial officer, principal
accounting officer or controller or persons performing similar functions.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The Board of Trustees of the registrant has determined that 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
(a) Audit Fees
The principal accountant for the audit of the registrant's annual
financial statements billed $23,000 in fiscal 2004 and $19,000 in
fiscal 2003.
(b) Audit-Related Fees
The principal accountant for the audit of the registrant's annual
financial statements billed no such fees to the registrant during
the last two fiscal years.
The principal accountant for the audit of the registrant's annual
financial statements billed $5,525 in fiscal 2004 and $51,734 in
fiscal 2003 to the registrant's investment adviser or any entity
controlling, controlled by, or under common control with the
adviser that provides ongoing services to the registrant.
Such fees would include, among others: due diligence related to
mergers and acquisitions, accounting consultations and audits in
connection with acquisitions, internal control reviews and
consultation concerning financial accounting and reporting
standards.
(c) Tax Fees
The principal accountant for the audit of the registrant's annual
financial statements billed no such fees to the registrant during
the last two fiscal years.
The principal accountant for the audit of the registrant's annual
financial statements billed $0 in fiscal 2004 and $7,370 in fiscal
2003 to the registrant's investment adviser or any entity
controlling, controlled by, or under common control with the
adviser that provides ongoing services to the registrant.
Such fees would include, among others: tax compliance, tax
planning and tax advice. Tax compliance generally involves
preparation of original and amended tax returns, claims for a
refund and tax payment-planning services. Tax planning and tax
advice includes assistance with tax audits and appeals, tax advice
related to mergers and acquisitions and requests for rulings or
technical advice from taxing authorities.
(d) All Other Fees
The principal accountant for the audit of the registrant's annual
financial statements billed no such fees to the registrant during
the last two fiscal years.
The principal accountant for the audit of the registrant's annual
financial statements billed $0 in fiscal 2004 and $3,500 in fiscal
2003 to the registrant's investment adviser or any entity
controlling, controlled by, or under common control with the
adviser that provides ongoing services to the registrant.
Such fees would include services provided to the registrant's
Board of Trustees with respect to the annual renewal of the
registrant's investment advisory agreement.
(e) (1) During its regularly scheduled periodic meetings, the
registrant's audit committee will pre-approve all audit,
audit-related, tax and other services to be provided by the
principal accountants of the registrant.
The audit committee has delegated pre-approval authority to its
Chairman for any subsequent new engagements that arise between
regularly scheduled meeting dates provided that any fees such
pre-approved are presented to the audit committee at its next
regularly scheduled meeting.
Pre-approval of non-audit services is waived provided that: 1) the
aggregate amount of all such services provided constitutes no more
than five percent of the total amount of fees paid by the
registrant to it principal accountant during the fiscal year in
which services are provided 2) such services were not recognized
by the registrant at the time of engagement as non-audit services
and 3) such services are promptly brought to the attention of the
audit committee of the registrant and approved prior to the
completion of the audit.
(2) 100%
(f) Not applicable as less than 50%.
(g) The principal accountant for the audit of the registrant's annual
financial statements billed $5,525 in fiscal 2004 and $62,604 in
fiscal 2003 to the registrant and the registrant's investment
adviser or any entity controlling, controlled by, or under common
control with the adviser that provides ongoing services to the
registrant related to non-audit fees. Those billings did not
include any prohibited non-audit services as defined by the
Securities Exchange Act of 1934.
(h) The registrant's audit committee of the board of trustees has
considered whether the provision of non-audit services that were
rendered to the registrant's investment adviser, and any entity
controlling, controlled by, or under common control with the
investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph
(c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with
maintaining the principal account's independence. No such services
were rendered.
ITEM 5. NOT APPLICABLE
ITEM 6. SCHEDULE OF INVESTMENTS
Not applicable
ITEM 7. NOT APPLICABLE
ITEM 8. NOT APPLICABLE
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The Board is responsible for approving nominees for election as
trustees. To assist in this task, the Board has designated the Audit Committee
as the nominating committee for the Board. It reviews and recommends nominees to
the Board. The Committee is comprised entirely of disinterested trustees as
defined in Section 2(a)(19) of the Investment Company Act of 1940.
The Audit Committee charter describes the responsibilities of the Committee in
nominating candidates for election as independent Trustees of the Registrant.
The Registrant's Board has adopted a written charter for the Committee. A
current copy of the Audit Committee charter is available to shareholders on the
OppenheimerFunds website at www.oppenheimerfunds.com.
Under the current policy, if the Board determines that a vacancy exists or is
likely to exist on the Board, the Audit Committee of the Board will consider
candidates for Board membership including recommended by Registrant
shareholders. The Audit Committee will consider nominees recommended by
independent Board members or recommended by any other Board members including
Board members affiliated with the Registrant's investment advisors. The
Committee may, upon Board approval, retain an executive search firm to assist in
screening potential candidates. Upon Board approval, the Audit Committee may
also use the services of legal, financial, or other external counsel that it
deems necessary or desirable in the screening process. Shareholders wishing to
submit a nominee for election to the Board may do so by mailing their submission
to the offices of OppenheimerFunds, Inc., 6803 South Tucson Way, Centennial, CO
80112, to the attention of the Board of Trustees of the named Registrant, c/o
the Secretary of the Registrant.
The Committee's process for identifying and evaluating nominees for trustees
includes a number of factors. In screening candidates for board membership,
whether the candidate is suggested by Board members, shareholders or others, the
Committee considers the candidate's professional experience, soundness of
judgment, integrity, ability to make independent, analytical inquiries,
collegiality, willingness and ability to devote the time required to perform
Board activities adequately, ability to represent the interests of all
shareholders of the Registrant, and diversity relative to the board's
composition. Candidates are expected to provide a mix of attributes, experience,
perspective and skills necessary to effectively advance the interests of
shareholders.
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 June 30, 2004,
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)