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, 2004 - December 31, 2004
ITEM 1. REPORTS TO STOCKHOLDERS.
TOP HOLDINGS AND ALLOCATIONS
- --------------------------------------------------------------------------------
TOP TEN COMMON STOCK INDUSTRIES
- --------------------------------------------------------------------------------
Oil & Gas 5.4%
- --------------------------------------------------------------------------------
Specialty Retail 5.0
- --------------------------------------------------------------------------------
Commercial Services & Supplies 5.0
- --------------------------------------------------------------------------------
Semiconductors & Semiconductor Equipment 4.6
- --------------------------------------------------------------------------------
Software 4.6
- --------------------------------------------------------------------------------
Health Care Providers & Services 4.5
- --------------------------------------------------------------------------------
Commercial Banks 4.3
- --------------------------------------------------------------------------------
Health Care Equipment & Supplies 4.0
- --------------------------------------------------------------------------------
Machinery 3.8
- --------------------------------------------------------------------------------
Insurance 3.6
Portfolio holdings and allocations are subject to change. Percentages are as of
December 31, 2004, and are based on net assets.
TOP TEN COMMON STOCK HOLDINGS
- --------------------------------------------------------------------------------
Pacific Capital Bancorp 0.3%
- --------------------------------------------------------------------------------
Toro Co. (The) 0.3
- --------------------------------------------------------------------------------
Cal Dive International, Inc. 0.3
- --------------------------------------------------------------------------------
Silgan Holdings, Inc. 0.3
- --------------------------------------------------------------------------------
TIBCO Software, Inc. 0.3
- --------------------------------------------------------------------------------
AK Steel Holding Corp. 0.3
- --------------------------------------------------------------------------------
EarthLink, Inc. 0.3
- --------------------------------------------------------------------------------
Genlyte Group, Inc. (The) 0.3
- --------------------------------------------------------------------------------
Affiliated Managers Group, Inc. 0.3
- --------------------------------------------------------------------------------
Paramount Resources Ltd. 0.3
Portfolio holdings and allocations are subject to changes. Percentages are as of
December 31, 2004, and are based on net assets.
For up-to-date Top 10 Fund holdings, please visit www.oppenheimerfunds.com.
9 | OPPENHEIMER MAIN STREET SMALL CAP FUND
TOP HOLDINGS AND ALLOCATIONS
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL]
- --------------------------------------------------------------------------------
SECTOR ALLOCATION
Information Technology 21.2%
Industrials 17.7
Consumer Discretionary 16.4
Financials 12.2
Health Care 11.3
Energy 7.9
Materials 7.2
Consumer Staples 3.5
Utilities 1.6
Telecommunication Services 1.0
Portfolio holdings and allocations are subject to change. Percentages are as of
December 31, 2004, and are based on common stocks.
- --------------------------------------------------------------------------------
10 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES
- --------------------------------------------------------------------------------
Total returns include changes in share price and reinvestment of dividends and
capital gains distributions in a hypothetical investment for the periods shown.
Cumulative total returns are not annualized. The Fund's total returns shown do
not reflect the deduction of income taxes on an individual's investment. Taxes
may reduce your actual investment returns on income or gains paid by the Fund or
any gains you may realize if you sell your shares.
INVESTORS SHOULD CONSIDER THE FUND'S INVESTMENT OBJECTIVES, RISKS, AND OTHER
CHARGES AND EXPENSES CAREFULLY BEFORE INVESTING. THE FUND'S PROSPECTUS CONTAINS
THIS AND OTHER INFORMATION ABOUT THE FUND, AND MAY BE OBTAINED BY ASKING YOUR
FINANCIAL ADVISOR, CALLING US AT 1.800.525.7048 OR VISITING OUR WEBSITE AT
WWW.OPPENHEIMERFUNDS.COM. READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.
The Fund's investment strategy and focus can change over time. The mention of
specific fund holdings does not constitute a recommendation by OppenheimerFunds,
Inc.
CLASS A shares of the Fund were first publicly offered on 8/2/99. Unless
otherwise noted, Class A returns include the current maximum initial sales
charge of 5.75%.
CLASS B shares of the Fund were first publicly offered on 8/2/99. Unless
otherwise noted, Class B returns include the applicable contingent deferred
sales charge of 5% (1-year) and 2% (5-year). 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.
11 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FUND EXPENSES
- --------------------------------------------------------------------------------
FUND EXPENSES. As a shareholder of the Fund, you incur two types of costs: (1)
transaction costs, which may include sales charges (loads) on purchase payments,
contingent deferred sales charges on redemptions; and redemption fees, if any;
and (2) ongoing costs, including management fees; distribution and service fees;
and other Fund expenses. These examples are intended to help you understand your
ongoing costs (in dollars) of investing in the Fund and to compare these costs
with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the beginning
of the period and held for the entire 6-month period ended December 31, 2004.
ACTUAL EXPENSES. The "actual" lines of the table provide information about
actual account values and actual expenses. You may use the information on this
line for the class of shares you hold, together with the amount you invested, to
estimate the expense that you paid over the period. Simply divide your account
value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00
= 8.60), then multiply the result by the number in the "actual" line under the
heading entitled "Expenses Paid During Period" to estimate the expenses you paid
on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES. The "hypothetical" lines of the
table provide information about hypothetical account values and hypothetical
expenses based on the Fund's actual expense ratio for each class of shares, and
an assumed rate of return of 5% per year before expenses, which is not the
Fund's actual return. The hypothetical account values and expenses may not be
used to estimate the actual ending account balance or expenses you paid for the
period. You may use this information to compare the ongoing costs of investing
in the Fund and other funds. To do so, compare this 5% hypothetical example for
the class of shares you hold with the 5% hypothetical examples that appear in
the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front-end
or contingent deferred sales charges (loads), or a $12.00 fee imposed annually
on accounts valued at less than $500.00 (subject to exceptions described in
12 | OPPENHEIMER MAIN STREET SMALL CAP FUND
the Statement of Additional Information). Therefore, the "hypothetical" lines of
the table are useful in comparing ongoing costs only, and will not help you
determine the relative total costs of owning different funds. In addition, if
these transactional costs were included, your costs would have been higher.
- --------------------------------------------------------------------------------
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
(7/1/04) (12/31/04) DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Class A Actual $1,000.00 $1,133.20 $ 6.45
- --------------------------------------------------------------------------------
Class A Hypothetical 1,000.00 1,019.10 6.11
- --------------------------------------------------------------------------------
Class B Actual 1,000.00 1,129.20 10.65
- --------------------------------------------------------------------------------
Class B Hypothetical 1,000.00 1,015.18 10.08
- --------------------------------------------------------------------------------
Class C Actual 1,000.00 1,129.50 10.27
- --------------------------------------------------------------------------------
Class C Hypothetical 1,000.00 1,015.53 9.72
- --------------------------------------------------------------------------------
Class N Actual 1,000.00 1,131.90 8.07
- --------------------------------------------------------------------------------
Class N Hypothetical 1,000.00 1,017.60 7.64
- --------------------------------------------------------------------------------
Class Y Actual 1,000.00 1,136.40 3.77
- --------------------------------------------------------------------------------
Class Y Hypothetical 1,000.00 1,021.62 3.56
Hypothetical assumes 5% annual return before expenses.
Expenses are equal to the Fund's annualized expense ratio for that class,
multiplied by the average account value over the period, multiplied by 184/366
(to reflect the one-half year period). Those annualized expense ratios based on
the 6-month period ended December 31, 2004 are as follows:
CLASS EXPENSE RATIOS
- --------------------------
Class A 1.20%
- --------------------------
Class B 1.98
- --------------------------
Class C 1.91
- --------------------------
Class N 1.50
- --------------------------
Class Y 0.70
The expense ratios reflect voluntary waivers or reimbursements of expenses by
the Fund's Transfer Agent that can be terminated at any time, without advance
notice. The "Financial Highlights" tables in the Fund's financial statements,
included in this report, also show the gross expense ratios, without such
waivers or reimbursements.
- --------------------------------------------------------------------------------
13 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS December 31, 2004 / Unaudited
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMON STOCKS--99.0%
- --------------------------------------------------------------------------------
CONSUMER DISCRETIONARY--16.3%
- --------------------------------------------------------------------------------
AUTO COMPONENTS--1.0%
Aftermarket Technology
Corp. 1 29,700 $ 478,170
- --------------------------------------------------------------------------------
ArvinMeritor, Inc. 130,300 2,914,811
- --------------------------------------------------------------------------------
Autoliv, Inc. 52,400 2,530,920
- --------------------------------------------------------------------------------
Collins &
Aikman Corp. 1 93,400 407,224
- --------------------------------------------------------------------------------
Cooper Tire &
Rubber Co. 62,200 1,340,410
- --------------------------------------------------------------------------------
Dana Corp. 62,300 1,079,659
- --------------------------------------------------------------------------------
Drew Industries, Inc. 1 33,000 1,193,610
- --------------------------------------------------------------------------------
Dura Automotive
Systems, Inc. 1 5,600 60,648
- --------------------------------------------------------------------------------
Goodyear Tire &
Rubber Co. 1 261,300 3,830,658
- --------------------------------------------------------------------------------
Keystone Automotive
Industries, Inc. 1 13,000 302,250
- --------------------------------------------------------------------------------
Midas, Inc. 1 145,000 2,900,000
- --------------------------------------------------------------------------------
Modine
Manufacturing Co. 1,700 57,409
- --------------------------------------------------------------------------------
Shiloh
Industries, Inc. 1 35,500 497,000
- --------------------------------------------------------------------------------
Spartan Motors, Inc. 33,500 399,655
- --------------------------------------------------------------------------------
Standard Motor
Products, Inc. 69,100 1,091,780
- --------------------------------------------------------------------------------
Stoneridge, Inc. 1 22,900 346,477
- --------------------------------------------------------------------------------
Tenneco
Automotive, Inc. 1 196,100 3,380,764
- --------------------------------------------------------------------------------
Visteon Corp. 318,300 3,109,791
-------------
25,921,236
- --------------------------------------------------------------------------------
AUTOMOBILES--0.3%
Monaco
Coach Corp. 88,100 1,812,217
- --------------------------------------------------------------------------------
Thor Industries, Inc. 31,900 1,181,895
- --------------------------------------------------------------------------------
Winnebago
Industries, Inc. 92,900 3,628,674
-------------
6,622,786
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
DISTRIBUTORS--0.4%
Andersons,
Inc. (The) 5,200 $ 132,600
- --------------------------------------------------------------------------------
BlueLinx
Holdings, Inc. 1 173,700 2,513,439
- --------------------------------------------------------------------------------
Handleman Co. 146,300 3,142,524
- --------------------------------------------------------------------------------
WESCO
International, Inc. 1 112,900 3,346,356
-------------
9,134,919
- --------------------------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE--3.0%
AFC
Enterprises, Inc. 1 7,400 175,454
- --------------------------------------------------------------------------------
Ambassadors
Group, Inc. 49,900 1,776,939
- --------------------------------------------------------------------------------
Ameristar
Casinos, Inc. 77,000 3,319,470
- --------------------------------------------------------------------------------
Applebee's
International, Inc. 17,400 460,230
- --------------------------------------------------------------------------------
Argosy Gaming Co. 1 57,400 2,680,580
- --------------------------------------------------------------------------------
Aztar Corp. 1 51,300 1,791,396
- --------------------------------------------------------------------------------
Bally Total Fitness
Holding Corp. 1 34,600 146,704
- --------------------------------------------------------------------------------
BJ's Restaurants, Inc. 1 26,700 373,800
- --------------------------------------------------------------------------------
Bluegreen Corp. 1 170,000 3,371,100
- --------------------------------------------------------------------------------
Caesars
Entertainment, Inc. 1 75,500 1,520,570
- --------------------------------------------------------------------------------
California Pizza
Kitchen, Inc. 1 111,298 2,559,854
- --------------------------------------------------------------------------------
CBRL Group, Inc. 47,300 1,979,505
- --------------------------------------------------------------------------------
CEC
Entertainment, Inc. 1 170,250 6,804,893
- --------------------------------------------------------------------------------
Checkers Drive-In
Restaurants, Inc. 1 26,800 359,120
- --------------------------------------------------------------------------------
Choice Hotels
International, Inc. 39,700 2,302,600
- --------------------------------------------------------------------------------
Ctrip.com
International
Ltd., ADR 1 35,100 1,615,302
14 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE Continued
Dave & Buster's, Inc. 1 134,900 $ 2,724,980
- --------------------------------------------------------------------------------
Domino's Pizza, Inc. 64,700 1,151,660
- --------------------------------------------------------------------------------
Dover Downs Gaming
& Entertainment, Inc. 42,400 555,440
- --------------------------------------------------------------------------------
Frisch's
Restaurants, Inc. 800 19,064
- --------------------------------------------------------------------------------
Gaylord Entertainment
Co., Cl. A 1 74,700 3,102,291
- --------------------------------------------------------------------------------
Great Wolf
Resorts, Inc. 1 125,500 2,803,670
- --------------------------------------------------------------------------------
Isle of Capri
Casinos, Inc. 1 176,000 4,514,400
- --------------------------------------------------------------------------------
Jack in the Box, Inc. 1 168,500 6,212,595
- --------------------------------------------------------------------------------
La Quinta Corp. 1 464,800 4,225,032
- --------------------------------------------------------------------------------
Landry's
Restaurants, Inc. 25,400 738,124
- --------------------------------------------------------------------------------
Lone Star Steakhouse
& Saloon, Inc. 29,400 823,200
- --------------------------------------------------------------------------------
Monarch Casino &
Resort, Inc. 1 40,850 1,656,468
- --------------------------------------------------------------------------------
Navigant
International, Inc. 1 60,700 738,719
- --------------------------------------------------------------------------------
O'Charley's, Inc. 1 10,100 197,455
- --------------------------------------------------------------------------------
Outback
Steakhouse, Inc. 10,000 457,800
- --------------------------------------------------------------------------------
P.F. Chang's China
Bistro, Inc. 1 31,359 1,767,080
- --------------------------------------------------------------------------------
Papa John's
International, Inc. 1 56,500 1,945,860
- --------------------------------------------------------------------------------
Pinnacle
Entertainment, Inc. 1 79,900 1,580,422
- --------------------------------------------------------------------------------
Rare Hospitality
International, Inc. 1 29,700 946,242
- --------------------------------------------------------------------------------
Red Robin Gourmet
Burgers, Inc. 1 9,900 529,353
- --------------------------------------------------------------------------------
Ryan's Restaurant
Group, Inc. 1 37,750 582,105
- --------------------------------------------------------------------------------
Scientific Games
Corp., Cl. A 1 24,100 574,544
- --------------------------------------------------------------------------------
Six Flags, Inc. 1 496,100 2,664,057
- --------------------------------------------------------------------------------
Sonic Corp. 1 89,450 2,728,225
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE Continued
Speedway
Motorsports, Inc. 14,800 $ 579,864
- --------------------------------------------------------------------------------
Steak n Shake
Co. (The) 1 66,500 1,335,320
- --------------------------------------------------------------------------------
The9 Ltd., ADR 1 50,500 1,192,810
- --------------------------------------------------------------------------------
Vail Resorts, Inc. 1 48,700 1,091,854
-------------
78,676,151
- --------------------------------------------------------------------------------
HOUSEHOLD DURABLES--2.2%
American Greetings
Corp., Cl. A 238,900 6,056,115
- --------------------------------------------------------------------------------
Avatar
Holdings, Inc. 1 2,500 120,250
- --------------------------------------------------------------------------------
Bassett Furniture
Industries, Inc. 11,700 229,613
- --------------------------------------------------------------------------------
Beazer Homes
USA, Inc. 19,600 2,865,716
- --------------------------------------------------------------------------------
Black &
Decker Corp. 27,600 2,437,908
- --------------------------------------------------------------------------------
Blount
International, Inc. 1 143,400 2,498,028
- --------------------------------------------------------------------------------
Brookfield
Homes Corp. 20,500 694,950
- --------------------------------------------------------------------------------
Champion
Enterprises, Inc. 1 37,800 446,796
- --------------------------------------------------------------------------------
Chromcraft
Revington, Inc. 1 5,300 65,190
- --------------------------------------------------------------------------------
Comstock
Homebuilding Cos.,
Inc., Cl. A 1 74,500 1,621,865
- --------------------------------------------------------------------------------
CSS Industries, Inc. 49,850 1,583,236
- --------------------------------------------------------------------------------
Enesco Group, Inc. 1 3,000 24,240
- --------------------------------------------------------------------------------
Ethan Allen
Interiors, Inc. 89,000 3,561,780
- --------------------------------------------------------------------------------
Furniture Brands
International, Inc. 190,000 4,759,500
- --------------------------------------------------------------------------------
Interface, Inc., Cl. A 1 36,400 362,908
- --------------------------------------------------------------------------------
KB Home 7,000 730,800
- --------------------------------------------------------------------------------
Kimball
International,
Inc., Cl. B 45,100 667,931
- --------------------------------------------------------------------------------
La-Z-Boy, Inc. 43,100 662,447
15 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HOUSEHOLD DURABLES Continued
Leggett & Platt, Inc. 38,400 $ 1,091,712
- --------------------------------------------------------------------------------
Levitt Corp., Cl. A 21,500 657,255
- --------------------------------------------------------------------------------
M.D.C. Holdings, Inc. 6,665 576,123
- --------------------------------------------------------------------------------
Maytag Corp. 29,200 616,120
- --------------------------------------------------------------------------------
Meritage
Homes Corp. 1 41,800 4,710,860
- --------------------------------------------------------------------------------
Mestek, Inc. 1 6,900 124,890
- --------------------------------------------------------------------------------
Movado Group, Inc. 7,900 147,335
- --------------------------------------------------------------------------------
National Presto
Industries, Inc. 3,700 168,350
- --------------------------------------------------------------------------------
Ryland Group,
Inc. (The) 37,900 2,180,766
- --------------------------------------------------------------------------------
Snap-On, Inc. 53,800 1,848,568
- --------------------------------------------------------------------------------
Standard
Pacific Corp. 22,300 1,430,322
- --------------------------------------------------------------------------------
Stanley Furniture
Co., Inc. 43,700 1,964,315
- --------------------------------------------------------------------------------
Stanley Works (The) 43,700 2,140,863
- --------------------------------------------------------------------------------
Technical Olympic
USA, Inc. 85,350 2,166,183
- --------------------------------------------------------------------------------
Tupperware Corp. 148,200 3,070,704
- --------------------------------------------------------------------------------
Universal
Electronics, Inc. 1 61,100 1,075,360
- --------------------------------------------------------------------------------
Whirlpool Corp. 17,000 1,176,570
- --------------------------------------------------------------------------------
William Lyon
Homes, Inc. 1 200 14,048
- --------------------------------------------------------------------------------
Yankee Candle,
Inc. (The) 1 75,700 2,511,726
-------------
57,061,343
- --------------------------------------------------------------------------------
INTERNET & CATALOG RETAIL--0.3%
1-800-FLOWERS.com,
Inc. 1 28,800 242,208
- --------------------------------------------------------------------------------
Audible, Inc. 1 68,300 1,779,215
- --------------------------------------------------------------------------------
GSI Commerce, Inc. 1 37,500 666,750
- --------------------------------------------------------------------------------
Insight Enterprises, Inc. 1 161,100 3,305,772
- --------------------------------------------------------------------------------
J. Jill Group, Inc. 1 49,900 743,011
- --------------------------------------------------------------------------------
Provide
Commerce, Inc. 1 22,200 824,730
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
INTERNET & CATALOG RETAIL Continued
ValueVision Media,
Inc., Cl. A 1 101,800 $ 1,416,038
-------------
8,977,724
- --------------------------------------------------------------------------------
LEISURE EQUIPMENT & PRODUCTS--1.1%
Action Performance
Cos., Inc. 125,675 1,381,168
- --------------------------------------------------------------------------------
Arctic Cat, Inc. 31,500 835,380
- --------------------------------------------------------------------------------
Callaway Golf Co. 106,400 1,436,400
- --------------------------------------------------------------------------------
Hasbro, Inc. 78,200 1,515,516
- --------------------------------------------------------------------------------
JAKKS Pacific, Inc. 1 67,400 1,490,214
- --------------------------------------------------------------------------------
Marine
Products Corp. 11,400 297,654
- --------------------------------------------------------------------------------
MarineMax, Inc. 1 22,400 666,624
- --------------------------------------------------------------------------------
Marvel
Enterprises, Inc. 1 199,800 4,091,904
- --------------------------------------------------------------------------------
Nautilus Group,
Inc. (The) 270,400 6,535,568
- --------------------------------------------------------------------------------
Oakley, Inc. 5,300 67,575
- --------------------------------------------------------------------------------
Polaris
Industries, Inc. 19,900 1,353,598
- --------------------------------------------------------------------------------
RC2 Corp. 1 95,200 3,103,520
- --------------------------------------------------------------------------------
SCP Pool Corp. 134,950 4,304,905
- --------------------------------------------------------------------------------
Steinway Musical
Instruments, Inc. 1 55,800 1,614,852
-------------
28,694,878
- --------------------------------------------------------------------------------
MEDIA--1.4%
4Kids Entertainment,
Inc. 1 71,500 1,502,930
- --------------------------------------------------------------------------------
Advo, Inc. 17,650 629,223
- --------------------------------------------------------------------------------
Beasley Broadcast
Group, Inc., Cl. A 1 800 14,024
- --------------------------------------------------------------------------------
Carmike
Cinemas, Inc. 10,400 379,600
- --------------------------------------------------------------------------------
Catalina
Marketing Corp. 171,500 5,081,545
- --------------------------------------------------------------------------------
Charter
Communications,
Inc., Cl. A 1 583,800 1,307,712
16 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
MEDIA Continued
Entravision
Communications
Corp. 1 70,700 $ 590,345
- --------------------------------------------------------------------------------
Gemstar-TV Guide
International, Inc. 1 130,200 770,784
- --------------------------------------------------------------------------------
Getty Images, Inc. 1 19,900 1,370,115
- --------------------------------------------------------------------------------
Gray Television, Inc. 25,900 401,450
- --------------------------------------------------------------------------------
Harte-Hanks, Inc. 14,000 363,720
- --------------------------------------------------------------------------------
Hearst-Argyle
Television, Inc. 15,600 411,528
- --------------------------------------------------------------------------------
Hollinger
International, Inc. 20,300 318,304
- --------------------------------------------------------------------------------
Insight
Communications
Co., Inc. 1 58,300 540,441
- --------------------------------------------------------------------------------
Lakes Gaming, Inc. 1 38,100 620,649
- --------------------------------------------------------------------------------
Lin TV Corp. 1 39,200 748,720
- --------------------------------------------------------------------------------
Martha Stewart
Living Omnimedia,
Inc., Cl. A 1 88,900 2,579,878
- --------------------------------------------------------------------------------
Media General, Inc.,
Cl. A 5,300 343,493
- --------------------------------------------------------------------------------
Mediacom
Communications
Corp. 1 348,500 2,178,125
- --------------------------------------------------------------------------------
Meredith Corp. 21,400 1,159,880
- --------------------------------------------------------------------------------
New Frontier
Media, Inc. 1 9,000 71,271
- --------------------------------------------------------------------------------
Playboy Enterprises,
Inc., Cl. B 1 31,400 385,906
- --------------------------------------------------------------------------------
PRIMEDIA, Inc. 1 50,200 190,760
- --------------------------------------------------------------------------------
ProQuest Co. 1 9,400 279,180
- --------------------------------------------------------------------------------
Pulitzer, Inc. 1,700 110,245
- --------------------------------------------------------------------------------
R.H.
Donnelley Corp. 1 43,700 2,580,485
- --------------------------------------------------------------------------------
Radio One,
Inc., Cl. D 1 33,400 538,408
- --------------------------------------------------------------------------------
Readers Digest Assn.,
Inc. (The),
Cl. A, Non-Vtg. 179,200 2,492,672
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
MEDIA Continued
Salem
Communications
Corp., Cl. A 1 92,300 $ 2,302,885
- --------------------------------------------------------------------------------
Thomas Nelson, Inc. 64,400 1,455,440
- --------------------------------------------------------------------------------
TiVo, Inc. 1 150,000 880,500
- --------------------------------------------------------------------------------
Westwood
One, Inc. 1 49,000 1,319,570
- --------------------------------------------------------------------------------
Wiley (John) & Sons,
Inc., Cl. A 30,000 1,045,200
- --------------------------------------------------------------------------------
World Wrestling
Federation
Entertainment, Inc. 161,000 1,952,930
- --------------------------------------------------------------------------------
WPT
Enterprises, Inc. 1 18,900 321,300
-------------
37,239,218
- --------------------------------------------------------------------------------
MULTILINE RETAIL--0.5%
Big Lots, Inc. 1 51,700 627,121
- --------------------------------------------------------------------------------
Dillard's, Inc., Cl. A 118,600 3,186,782
- --------------------------------------------------------------------------------
Shopko Stores, Inc. 1 143,000 2,671,240
- --------------------------------------------------------------------------------
Stage Stores, Inc. 1 81,100 3,367,272
- --------------------------------------------------------------------------------
Stein Mart, Inc. 1 254,900 4,348,594
-------------
14,201,009
- --------------------------------------------------------------------------------
SPECIALTY RETAIL--5.0%
A.C. Moore Arts &
Crafts, Inc. 1 13,800 397,578
- --------------------------------------------------------------------------------
Aaron Rents, Inc. 102,650 2,566,250
- --------------------------------------------------------------------------------
Abercrombie &
Fitch Co., Cl. A 54,500 2,558,775
- --------------------------------------------------------------------------------
Aeropostale, Inc. 1 153,900 4,529,277
- --------------------------------------------------------------------------------
American Eagle
Outfitters, Inc. 48,000 2,260,800
- --------------------------------------------------------------------------------
AnnTaylor
Stores Corp. 1 26,400 568,392
- --------------------------------------------------------------------------------
AutoNation, Inc. 1 27,700 532,117
- --------------------------------------------------------------------------------
Barnes & Noble, Inc. 1 107,000 3,452,890
- --------------------------------------------------------------------------------
bebe stores, inc. 56,025 1,511,555
- --------------------------------------------------------------------------------
Big 5 Sporting
Goods Corp. 99,100 2,887,774
- --------------------------------------------------------------------------------
Blair Corp. 36,100 1,287,326
- --------------------------------------------------------------------------------
Borders Group, Inc. 152,500 3,873,500
17 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SPECIALTY RETAIL Continued
Brookstone, Inc. 1 94,175 $ 1,841,121
- --------------------------------------------------------------------------------
Buckle, Inc. (The) 31,200 920,400
- --------------------------------------------------------------------------------
Build-A-Bear-
Workshop, Inc. 1 33,600 1,181,040
- --------------------------------------------------------------------------------
Building Materials
Holding Corp. 99,894 3,824,941
- --------------------------------------------------------------------------------
Burlington Coat
Factory
Warehouse Corp. 66,800 1,516,360
- --------------------------------------------------------------------------------
Casual Male Retail
Group, Inc. 1 42,200 229,990
- --------------------------------------------------------------------------------
Cato Corp., Cl. A 100,100 2,884,882
- --------------------------------------------------------------------------------
Charlotte Russe
Holding, Inc. 1 82,300 831,230
- --------------------------------------------------------------------------------
Charming
Shoppes, Inc. 1 682,400 6,394,088
- --------------------------------------------------------------------------------
Children's Place
Retail Stores, Inc. 1 86,700 3,210,501
- --------------------------------------------------------------------------------
Christopher &
Banks Corp. 43,100 795,195
- --------------------------------------------------------------------------------
Circuit City Stores,
Inc./Circuit
City Group 150,400 2,352,256
- --------------------------------------------------------------------------------
Claire's Stores, Inc. 143,800 3,055,750
- --------------------------------------------------------------------------------
CSK Auto Corp. 1 58,000 970,920
- --------------------------------------------------------------------------------
Deb Shops, Inc. 2,000 50,080
- --------------------------------------------------------------------------------
Dress Barn,
Inc. (The) 1 145,200 2,555,520
- --------------------------------------------------------------------------------
Electronics Boutique
Holdings Corp. 1 112,800 4,843,632
- --------------------------------------------------------------------------------
Finish Line, Inc.
(The), Cl. A 162,600 2,975,580
- --------------------------------------------------------------------------------
Finlay
Enterprises, Inc. 1 16,000 316,640
- --------------------------------------------------------------------------------
GameStop Corp. 1 184,200 4,118,712
- --------------------------------------------------------------------------------
GameStop
Corp., Cl. B 1 6,288 140,914
- --------------------------------------------------------------------------------
Genesco, Inc. 1 37,300 1,161,522
- --------------------------------------------------------------------------------
Goody's Family
Clothing, Inc. 150,700 1,377,398
- --------------------------------------------------------------------------------
Guess?, Inc. 1 219,900 2,759,745
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SPECIALTY RETAIL Continued
Haverty Furniture
Cos., Inc. 60,600 $ 1,121,100
- --------------------------------------------------------------------------------
Hibbett Sporting
Goods, Inc. 1 112,287 2,987,957
- --------------------------------------------------------------------------------
Hollywood
Entertainment
Corp. 1 46,100 603,449
- --------------------------------------------------------------------------------
Hot Topic, Inc. 1 26,200 450,378
- --------------------------------------------------------------------------------
Jo-Ann Stores, Inc. 1 23,100 636,174
- --------------------------------------------------------------------------------
Jos. A. Banks
Clothiers, Inc. 1 19,625 555,388
- --------------------------------------------------------------------------------
Men's Wearhouse,
Inc. (The) 1 122,400 3,911,904
- --------------------------------------------------------------------------------
Michaels Stores, Inc. 83,400 2,499,498
- --------------------------------------------------------------------------------
Movie Gallery, Inc. 79,100 1,508,437
- --------------------------------------------------------------------------------
NetFlix.com, Inc. 1 7,500 92,475
- --------------------------------------------------------------------------------
Office Depot, Inc. 1 153,100 2,657,816
- --------------------------------------------------------------------------------
Pacific Sunwear of
California, Inc. 1 218,625 4,866,593
- --------------------------------------------------------------------------------
Pantry, Inc. (The) 1 59,400 1,787,346
- --------------------------------------------------------------------------------
Party City Corp. 1 7,100 91,803
- --------------------------------------------------------------------------------
Payless
ShoeSource, Inc. 1 191,700 2,357,910
- --------------------------------------------------------------------------------
Petco Animal
Supplies, Inc. 1 32,600 1,287,048
- --------------------------------------------------------------------------------
PETsMART, Inc. 29,600 1,051,688
- --------------------------------------------------------------------------------
Pier 1 Imports, Inc. 59,500 1,172,150
- --------------------------------------------------------------------------------
Regis Corp. 31,600 1,458,340
- --------------------------------------------------------------------------------
Rent-A-Center, Inc. 1 29,700 787,050
- --------------------------------------------------------------------------------
Rent-Way, Inc. 1 14,700 117,747
- --------------------------------------------------------------------------------
Restoration
Hardware, Inc. 1 207,200 1,189,328
- --------------------------------------------------------------------------------
Sonic
Automotive, Inc. 25,000 620,000
- --------------------------------------------------------------------------------
Steiner Leisure Ltd. 1 34,300 1,024,884
- --------------------------------------------------------------------------------
Syms Corp. 1 7,400 89,910
- --------------------------------------------------------------------------------
Talbots, Inc. (The) 47,200 1,285,256
- --------------------------------------------------------------------------------
Too, Inc. 1 122,400 2,993,904
- --------------------------------------------------------------------------------
Toys R Us, Inc. 1 119,800 2,452,306
- --------------------------------------------------------------------------------
Trans World
Entertainment Corp. 1 173,100 2,158,557
18 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SPECIALTY RETAIL Continued
Tuesday
Morning Corp. 1 20,700 $ 634,041
- --------------------------------------------------------------------------------
Tweeter Home
Entertainment
Group, Inc. 1 37,800 258,930
- --------------------------------------------------------------------------------
United Auto
Group, Inc. 51,200 1,515,008
- --------------------------------------------------------------------------------
Zale Corp. 1 233,800 6,983,606
-------------
129,942,632
- --------------------------------------------------------------------------------
TEXTILES, APPAREL & LUXURY GOODS--1.1%
Brown Shoe Co., Inc. 2,700 80,541
- --------------------------------------------------------------------------------
Cherokee, Inc. 10,400 366,912
- --------------------------------------------------------------------------------
Deckers
Outdoor Corp. 1 34,100 1,602,359
- --------------------------------------------------------------------------------
Hartmarx Corp. 1 183,500 1,425,795
- --------------------------------------------------------------------------------
Jones Apparel
Group, Inc. 45,600 1,667,592
- --------------------------------------------------------------------------------
K-Swiss, Inc., Cl. A 131,100 3,817,632
- --------------------------------------------------------------------------------
Kellwood Co. 71,600 2,470,200
- --------------------------------------------------------------------------------
Kenneth Cole
Productions,
Inc., Cl. A 11,900 367,234
- --------------------------------------------------------------------------------
Phillips/Van
Heusen Corp. 63,300 1,709,100
- --------------------------------------------------------------------------------
Russell Corp. 22,800 444,144
- --------------------------------------------------------------------------------
Skechers U.S.A.,
Inc., Cl. A 1 169,400 2,195,424
- --------------------------------------------------------------------------------
Timberland Co.,
Cl. A 1 54,100 3,390,447
- --------------------------------------------------------------------------------
Tommy
Hilfiger Corp. 1 92,100 1,038,888
- --------------------------------------------------------------------------------
Warnaco Group,
Inc. (The) 1 47,100 1,017,360
- --------------------------------------------------------------------------------
Wolverine World
Wide, Inc. 203,800 6,403,396
-------------
27,997,024
- --------------------------------------------------------------------------------
CONSUMER STAPLES--3.5%
- --------------------------------------------------------------------------------
BEVERAGES--0.2%
Adolph Coors Co.,
Cl. B 1,600 121,072
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
BEVERAGES Continued
Boston Beer Co.,
Inc., Cl. A 1 64,400 $ 1,369,788
- --------------------------------------------------------------------------------
Hansen
Natural Corp. 1 45,700 1,663,937
- --------------------------------------------------------------------------------
National
Beverage Corp. 17,100 142,272
- --------------------------------------------------------------------------------
PepsiAmericas,
Inc. 71,700 1,522,908
-------------
4,819,977
- --------------------------------------------------------------------------------
FOOD & STAPLES RETAILING--1.1%
7-Eleven, Inc. 1 168,200 4,028,390
- --------------------------------------------------------------------------------
Arden Group,
Inc., Cl. A 10,198 1,024,639
- --------------------------------------------------------------------------------
BJ's Wholesale
Club, Inc. 1 137,900 4,017,027
- --------------------------------------------------------------------------------
Casey's General
Stores, Inc. 43,500 789,525
- --------------------------------------------------------------------------------
Great Atlantic &
Pacific Tea Co.,
Inc. (The) 1 75,400 772,850
- --------------------------------------------------------------------------------
Ingles Markets, Inc.,
Cl. A 8,968 111,114
- --------------------------------------------------------------------------------
Longs Drug
Stores, Inc. 139,000 3,832,230
- --------------------------------------------------------------------------------
Nash Finch Co. 92,400 3,489,024
- --------------------------------------------------------------------------------
Penn Traffic
Co. (The) 1 1,200 144
- --------------------------------------------------------------------------------
Rite Aid Corp. 1 543,000 1,987,380
- --------------------------------------------------------------------------------
Ruddick Corp. 155,700 3,377,133
- --------------------------------------------------------------------------------
Smart & Final, Inc. 1 48,000 690,720
- --------------------------------------------------------------------------------
SUPERVALU, Inc. 59,600 2,057,392
- --------------------------------------------------------------------------------
Weis Markets, Inc. 38,300 1,477,231
- --------------------------------------------------------------------------------
Winn-Dixie
Stores, Inc. 460,200 2,093,910
-------------
29,748,709
- --------------------------------------------------------------------------------
FOOD PRODUCTS--1.1%
Alico, Inc. 1 1,200 70,224
- --------------------------------------------------------------------------------
Cal-Maine
Foods, Inc. 162,500 1,964,625
19 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
FOOD PRODUCTS Continued
Chiquita Brands
International, Inc. 1 89,400 $ 1,972,164
- --------------------------------------------------------------------------------
Corn Products
International, Inc. 116,200 6,223,672
- --------------------------------------------------------------------------------
Darling
International, Inc. 1 466,600 2,034,376
- --------------------------------------------------------------------------------
Del Monte
Foods Co. 1 88,000 969,760
- --------------------------------------------------------------------------------
Farmer
Brothers Co. 1,000 24,240
- --------------------------------------------------------------------------------
Flowers Foods, Inc. 103,900 3,281,162
- --------------------------------------------------------------------------------
J&J Snack
Foods Corp. 1 25,823 1,266,102
- --------------------------------------------------------------------------------
Lancaster
Colony Corp. 49,300 2,113,491
- --------------------------------------------------------------------------------
Lance, Inc. 106,600 2,028,598
- --------------------------------------------------------------------------------
M&F
Worldwide Corp. 1 27,900 379,998
- --------------------------------------------------------------------------------
Omega
Protein Corp. 1 58,900 506,540
- --------------------------------------------------------------------------------
Pilgrim's Pride
Corp., Cl. B 60,200 1,846,936
- --------------------------------------------------------------------------------
Sanderson
Farms, Inc. 77,300 3,345,544
- --------------------------------------------------------------------------------
Smithfield
Foods, Inc. 1 16,400 485,276
-------------
28,512,708
- --------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS--0.6%
Chattem, Inc. 1 61,200 2,025,720
- --------------------------------------------------------------------------------
Energizer
Holdings, Inc. 1 39,000 1,937,910
- --------------------------------------------------------------------------------
Nu Skin Asia Pacific,
Inc., Cl. A 200,900 5,098,842
- --------------------------------------------------------------------------------
Rayovac Corp. 1 189,500 5,791,120
-------------
14,853,592
- --------------------------------------------------------------------------------
PERSONAL PRODUCTS--0.4%
Del
Laboratories, Inc. 1 36,592 1,271,572
- --------------------------------------------------------------------------------
Elizabeth Arden, Inc. 1 120,607 2,863,210
- --------------------------------------------------------------------------------
Inter Parfums, Inc. 14,600 232,140
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
PERSONAL PRODUCTS Continued
Mannatech, Inc. 186,200 $ 3,545,248
- --------------------------------------------------------------------------------
Nature's Sunshine
Products, Inc. 96,300 1,960,668
- --------------------------------------------------------------------------------
NBTY, Inc. 1 80,400 1,930,404
-------------
11,803,242
- --------------------------------------------------------------------------------
TOBACCO--0.1%
Star Scientific, Inc. 1 247,100 1,256,504
- --------------------------------------------------------------------------------
Vector Group Ltd. 26,700 444,021
-------------
1,700,525
- --------------------------------------------------------------------------------
ENERGY--7.8%
- --------------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES--2.4%
Atwood
Oceanics, Inc. 1 66,500 3,464,650
- --------------------------------------------------------------------------------
Cal Dive
International, Inc. 1 179,750 7,324,813
- --------------------------------------------------------------------------------
Carbo Ceramics, Inc. 31,400 2,166,600
- --------------------------------------------------------------------------------
CHC Helicopter
Corp., Cl. A 29,300 1,248,151
- --------------------------------------------------------------------------------
Diamond Offshore
Drilling, Inc. 79,800 3,195,990
- --------------------------------------------------------------------------------
Dril-Quip, Inc. 1 9,600 232,896
- --------------------------------------------------------------------------------
Ensign Resource
Service Group, Inc. 187,000 3,915,895
- --------------------------------------------------------------------------------
Grant Prideco, Inc. 1 146,100 2,929,305
- --------------------------------------------------------------------------------
Gulf Island
Fabrication, Inc. 71,200 1,554,296
- --------------------------------------------------------------------------------
Hydril Co. 1 55,000 2,503,050
- --------------------------------------------------------------------------------
Key Energy
Services, Inc. 1 55,000 649,000
- --------------------------------------------------------------------------------
Lone Star
Technologies, Inc. 1 76,400 2,556,344
- --------------------------------------------------------------------------------
Maverick
Tube Corp. 1 114,600 3,472,380
- --------------------------------------------------------------------------------
NS Group, Inc. 1 135,200 3,758,560
- --------------------------------------------------------------------------------
Oceaneering
International, Inc. 1 22,500 839,700
- --------------------------------------------------------------------------------
Offshore
Logistics, Inc. 1 45,600 1,480,632
- --------------------------------------------------------------------------------
Oil States
International, Inc. 1 181,200 3,495,348
20 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES Continued
Pason Systems, Inc. 40,000 $ 1,235,238
- --------------------------------------------------------------------------------
Pioneer Drilling Co. 1 70,600 712,354
- --------------------------------------------------------------------------------
Precision
Drilling Corp. 1 21,700 1,367,762
- --------------------------------------------------------------------------------
Pride
International, Inc. 1 62,500 1,283,750
- --------------------------------------------------------------------------------
RPC, Inc. 34,900 876,688
- --------------------------------------------------------------------------------
Superior Energy
Services, Inc. 1 1,500 23,115
- --------------------------------------------------------------------------------
Technicoil Corp. 1 92,900 202,869
- --------------------------------------------------------------------------------
Tetra
Technologies, Inc. 1 11,600 328,280
- --------------------------------------------------------------------------------
Todco, Cl. A 1 28,200 519,444
- --------------------------------------------------------------------------------
Total Energy
Services Ltd. 1 225,300 1,284,312
- --------------------------------------------------------------------------------
Trican Well
Service Ltd. 1 86,700 4,812,044
- --------------------------------------------------------------------------------
Universal
Compression
Holdings, Inc. 1 90,400 3,155,864
- --------------------------------------------------------------------------------
Veritas DGC, Inc. 1 41,200 923,292
-------------
61,512,622
- --------------------------------------------------------------------------------
OIL & GAS--5.4%
Ashland, Inc. 23,800 1,389,444
- --------------------------------------------------------------------------------
Atlas Energy Ltd. 1 584,000 1,657,222
- --------------------------------------------------------------------------------
ATP Oil &
Gas Corp. 1 14,200 263,836
- --------------------------------------------------------------------------------
Berry Petroleum
Co., Cl. A 39,000 1,860,300
- --------------------------------------------------------------------------------
Bill Barrett Corp. 1 78,000 2,495,220
- --------------------------------------------------------------------------------
Blizzard Energy, Inc. 1 1,343,600 2,915,628
- --------------------------------------------------------------------------------
Cabot Oil & Gas
Corp., Cl. A 70,400 3,115,200
- --------------------------------------------------------------------------------
Callon
Petroleum Co. 1 100,600 1,454,676
- --------------------------------------------------------------------------------
Canadian Superior
Energy, Inc. 1 297,224 473,812
- --------------------------------------------------------------------------------
Cimarex Energy Co. 1 175,070 6,635,153
- --------------------------------------------------------------------------------
Clear Energy, Inc. 1 377,566 1,701,670
- --------------------------------------------------------------------------------
Comstock
Resources, Inc. 1 105,500 2,326,275
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
OIL & GAS Continued
Crew Energy, Inc. 1 127,729 $ 890,153
- --------------------------------------------------------------------------------
Cyries Energy, Inc. 1 48,100 312,731
- --------------------------------------------------------------------------------
Daylight
Energy Trust 1 467,100 3,742,570
- --------------------------------------------------------------------------------
Denbury
Resources, Inc. 1 140,700 3,862,215
- --------------------------------------------------------------------------------
Duvernay Oil Corp. 1 86,000 1,398,222
- --------------------------------------------------------------------------------
Edge
Petroleum Corp. 1 13,100 190,998
- --------------------------------------------------------------------------------
Encore
Acquisition Co. 1 13,900 485,249
- --------------------------------------------------------------------------------
Energy Partners Ltd. 1 232,200 4,706,694
- --------------------------------------------------------------------------------
Esprit Energy Trust,
Cl. A 38,850 398,827
- --------------------------------------------------------------------------------
Fairborne
Energy Ltd. 1, 2 69,500 698,973
- --------------------------------------------------------------------------------
Find Energy Ltd. 1, 6 92,600 316,099
- --------------------------------------------------------------------------------
Find Energy Ltd. 1, 6 371,900 1,269,516
- --------------------------------------------------------------------------------
Forest Oil Corp. 1 71,900 2,280,668
- --------------------------------------------------------------------------------
Frontier Oil Corp. 204,000 5,438,640
- --------------------------------------------------------------------------------
General
Maritime Corp. 1 39,800 1,590,010
- --------------------------------------------------------------------------------
Giant
Industries, Inc. 1 39,600 1,049,796
- --------------------------------------------------------------------------------
Harvest Natural
Resources, Inc. 1 178,100 3,075,787
- --------------------------------------------------------------------------------
Holly Corp. 47,800 1,332,186
- --------------------------------------------------------------------------------
Houston
Exploration Co. 1 48,900 2,753,559
- --------------------------------------------------------------------------------
KCS Energy, Inc. 1 111,400 1,646,492
- --------------------------------------------------------------------------------
Ketch
Resources Ltd. 1 126,600 1,785,703
- --------------------------------------------------------------------------------
Lightning
Energy Ltd. 1 13,900 50,233
- --------------------------------------------------------------------------------
Lightning
Energy Ltd. 1, 3 185,600 635,326
- --------------------------------------------------------------------------------
Magnum Hunter
Resources, Inc. 1 398,400 5,139,360
- --------------------------------------------------------------------------------
Maritrans, Inc. 41,500 754,055
- --------------------------------------------------------------------------------
Meridian Resource
Corp. (The) 1 162,600 983,730
21 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
OIL & GAS Continued
Midnight Oil
Exploration Ltd. 1 233,550 $ 662,747
- --------------------------------------------------------------------------------
Mission
Resources Corp. 1 78,700 459,608
- --------------------------------------------------------------------------------
Noble Energy, Inc. 20,000 1,233,200
- --------------------------------------------------------------------------------
OMI Corp. 105,500 1,777,675
- --------------------------------------------------------------------------------
OPTI Canada, Inc. 1 53,700 870,835
- --------------------------------------------------------------------------------
Overseas Shipholding
Group, Inc. 14,500 800,400
- --------------------------------------------------------------------------------
Paramount
Resources Ltd. 1 312,000 7,004,799
- --------------------------------------------------------------------------------
Patina Oil &
Gas Corp. 58,900 2,208,750
- --------------------------------------------------------------------------------
Penn Virginia Corp. 78,900 3,200,973
- --------------------------------------------------------------------------------
Petroleum
Development Corp. 1 77,180 2,976,833
- --------------------------------------------------------------------------------
Plains Exploration &
Production Co. 1 133,701 3,476,226
- --------------------------------------------------------------------------------
ProEx Energy Ltd. 1 48,100 341,234
- --------------------------------------------------------------------------------
ProspEx
Resources Ltd. 1 85,640 235,874
- --------------------------------------------------------------------------------
ProspEx
Resources Ltd. 1, 3 49,700 125,623
- --------------------------------------------------------------------------------
Range
Resources Corp. 76,200 1,559,052
- --------------------------------------------------------------------------------
Real Resources, Inc. 1 186,800 1,845,939
- --------------------------------------------------------------------------------
Remington Oil &
Gas Corp. 1 115,500 3,147,375
- --------------------------------------------------------------------------------
Resource America,
Inc., Cl. A 35,000 1,137,500
- --------------------------------------------------------------------------------
Southwestern
Energy Co. 1 13,800 699,522
- --------------------------------------------------------------------------------
St. Mary Land &
Exploration Co. 80,800 3,372,592
- --------------------------------------------------------------------------------
StarPoint
Energy Ltd. 1 672,800 2,976,122
- --------------------------------------------------------------------------------
Stelmar
Shipping Ltd. 54,300 2,590,653
- --------------------------------------------------------------------------------
Stone Energy Corp. 1 13,900 626,751
- --------------------------------------------------------------------------------
Sunoco, Inc. 33,900 2,769,969
- --------------------------------------------------------------------------------
Swift Energy Co. 1 96,800 2,801,392
- --------------------------------------------------------------------------------
Tesoro Corp. 1 155,100 4,941,486
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
OIL & GAS Continued
Thunder
Energy, Inc. 1 279,863 $ 1,751,845
- --------------------------------------------------------------------------------
TKE Energy Trust 1 236,000 1,883,036
- --------------------------------------------------------------------------------
Tusk Energy Corp. 1 318,100 783,203
- --------------------------------------------------------------------------------
Tusk Energy Corp. 1, 3 275,000 641,292
- --------------------------------------------------------------------------------
VAALCO
Energy, Inc. 1 60,800 235,904
- --------------------------------------------------------------------------------
Vintage
Petroleum, Inc. 231,800 5,259,542
- --------------------------------------------------------------------------------
Whiting
Petroleum Corp. 1 60,100 1,818,025
- --------------------------------------------------------------------------------
World Fuel
Services Corp. 37,200 1,852,560
-------------
141,144,765
FINANCIALS--12.0%
- --------------------------------------------------------------------------------
CAPITAL MARKETS--0.3%
Harris & Harris
Group, Inc. 1 46,400 760,032
- --------------------------------------------------------------------------------
National Financial
Partners Corp. 131,100 5,086,680
- --------------------------------------------------------------------------------
SWS Group, Inc. 109,000 2,389,280
-------------
8,235,992
- --------------------------------------------------------------------------------
COMMERCIAL BANKS--4.3%
Alliance
Financial Corp. 4,100 125,050
- --------------------------------------------------------------------------------
AmericanWest
Bancorporation 35,510 719,078
- --------------------------------------------------------------------------------
Anchor BanCorp
Wisconsin, Inc. 47,600 1,387,540
- --------------------------------------------------------------------------------
Arrow
Financial Corp. 750 23,250
- --------------------------------------------------------------------------------
Associated
Banc-Corp. 50,878 1,689,658
- --------------------------------------------------------------------------------
Astoria
Financial Corp. 20,600 823,382
- --------------------------------------------------------------------------------
BancorpSouth, Inc. 11,900 290,003
- --------------------------------------------------------------------------------
Bank of
Hawaii Corp. 23,600 1,197,464
- --------------------------------------------------------------------------------
Bank of the
Ozarks, Inc. 9,200 313,076
22 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL BANKS Continued
BankAtlantic
Bancorp, Inc. 64,300 $ 1,279,570
- --------------------------------------------------------------------------------
Banner Corp. 10,000 311,900
- --------------------------------------------------------------------------------
Berkshire Hills
Bancorp, Inc. 21,200 787,580
- --------------------------------------------------------------------------------
Camco
Financial Corp. 5,000 77,000
- --------------------------------------------------------------------------------
Camden
National Corp. 1,700 66,997
- --------------------------------------------------------------------------------
Capital City Bank
Group, Inc. 3,525 147,345
- --------------------------------------------------------------------------------
Capital Corp. of
the West 4,700 220,905
- --------------------------------------------------------------------------------
Capitol Bancorp Ltd. 7,400 260,628
- --------------------------------------------------------------------------------
Center
Financial Corp. 21,400 428,428
- --------------------------------------------------------------------------------
CFS Bancorp, Inc. 2,300 32,821
- --------------------------------------------------------------------------------
Chemical
Financial Corp. 20,295 871,061
- --------------------------------------------------------------------------------
Citizens First
Bancorp, Inc. 36,300 877,734
- --------------------------------------------------------------------------------
City Holding Co. 90,800 3,290,592
- --------------------------------------------------------------------------------
Colonial BancGroup,
Inc. (The) 95,000 2,016,850
- --------------------------------------------------------------------------------
Columbia Banking
System, Inc. 46,406 1,159,686
- --------------------------------------------------------------------------------
Commercial
Federal Corp. 20,800 617,968
- --------------------------------------------------------------------------------
Community
Bancorp, Inc. 1 7,500 229,500
- --------------------------------------------------------------------------------
Community Bank
System, Inc. 150,200 4,243,150
- --------------------------------------------------------------------------------
Community Trust
Bancorp, Inc. 9,328 301,854
- --------------------------------------------------------------------------------
Corus
Bankshares, Inc. 10,800 518,508
- --------------------------------------------------------------------------------
CVB Financial Corp. 6,131 162,839
- --------------------------------------------------------------------------------
Dime Community
Bancshares, Inc. 44,325 793,861
- --------------------------------------------------------------------------------
Downey
Financial Corp. 28,500 1,624,500
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL BANKS Continued
East West
Bancorp, Inc. 27,600 $ 1,158,096
- --------------------------------------------------------------------------------
Fidelity
Bankshares, Inc. 40,765 1,743,111
- --------------------------------------------------------------------------------
First BanCorp 9,300 590,643
- --------------------------------------------------------------------------------
First Citizens
BancShares,
Inc., Cl. A 9,700 1,438,025
- --------------------------------------------------------------------------------
First Commonwealth
Financial Corp. 153,700 2,365,443
- --------------------------------------------------------------------------------
First Defiance
Financial Corp. 14,700 418,509
- --------------------------------------------------------------------------------
First Financial Corp. 5,800 203,174
- --------------------------------------------------------------------------------
First Financial
Holdings, Inc. 38,600 1,263,764
- --------------------------------------------------------------------------------
First
Merchants Corp. 7,310 206,873
- --------------------------------------------------------------------------------
First Midwest
Bancorp, Inc. 11,000 399,190
- --------------------------------------------------------------------------------
First National
Bankshares of
Florida, Inc. 28,285 676,012
- --------------------------------------------------------------------------------
First Place
Financial Corp. 65,563 1,467,956
- --------------------------------------------------------------------------------
First Republic Bank 52,900 2,803,700
- --------------------------------------------------------------------------------
FirstFed
Financial Corp. 1 29,500 1,530,165
- --------------------------------------------------------------------------------
Flagstar Bancorp, Inc. 38,400 867,840
- --------------------------------------------------------------------------------
Flushing
Financial Corp. 21,490 431,089
- --------------------------------------------------------------------------------
Foothill Independent
Bancorp 931 21,860
- --------------------------------------------------------------------------------
Frontier
Financial Corp. 2,400 92,664
- --------------------------------------------------------------------------------
GB&T
Bancshares, Inc. 22,300 537,876
- --------------------------------------------------------------------------------
Glacier Bancorp, Inc. 40,900 1,392,236
- --------------------------------------------------------------------------------
Greater Bay Bancorp 115,100 3,208,988
- --------------------------------------------------------------------------------
Hancock
Holding Co. 8,600 287,756
- --------------------------------------------------------------------------------
Harbor Florida
Bancshares, Inc. 48,000 1,661,280
23 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL BANKS Continued
Hibernia Corp., Cl. A 67,300 $ 1,986,023
- --------------------------------------------------------------------------------
Home
Federal Bancorp 12,500 315,238
- --------------------------------------------------------------------------------
Horizon
Financial Corp. 1,900 39,102
- --------------------------------------------------------------------------------
Hudson River
Bancorp, Inc. 29,600 585,784
- --------------------------------------------------------------------------------
Hudson
United Bancorp 16,300 641,894
- --------------------------------------------------------------------------------
Independence
Community
Bank Corp. 19,400 826,052
- --------------------------------------------------------------------------------
Independent Bank
Corp., Michigan 54,615 1,629,165
- --------------------------------------------------------------------------------
Indymac Mortgage
Holdings, Inc. 51,200 1,763,840
- --------------------------------------------------------------------------------
ITLA Capital Corp. 1 4,500 264,555
- --------------------------------------------------------------------------------
Macatawa
Bank Corp. 5,521 178,273
- --------------------------------------------------------------------------------
MainSource Financial
Group, Inc. 4,480 106,982
- --------------------------------------------------------------------------------
Mercantile
Bank Corp. 460 18,170
- --------------------------------------------------------------------------------
NASB Financial, Inc. 10,966 438,201
- --------------------------------------------------------------------------------
National
Bankshares, Inc. 6,100 326,472
- --------------------------------------------------------------------------------
NBT Bancorp, Inc. 31,000 797,320
- --------------------------------------------------------------------------------
Net.B@nk, Inc. 111,100 1,156,551
- --------------------------------------------------------------------------------
Oak Hill
Financial, Inc. 6,000 232,740
- --------------------------------------------------------------------------------
Old Second
Bancorp, Inc. 3,700 117,956
- --------------------------------------------------------------------------------
Oriental Financial
Group, Inc. 25,960 734,928
- --------------------------------------------------------------------------------
Pacific
Capital Bancorp 231,499 7,868,651
- --------------------------------------------------------------------------------
Parkvale
Financial Corp. 4,400 126,676
- --------------------------------------------------------------------------------
PennRock Financial
Services Corp. 14,380 559,526
- --------------------------------------------------------------------------------
PFF Bancorp, Inc. 72,380 3,353,365
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL BANKS Continued
Provident
Bankshares Corp. 40,284 $ 1,465,129
- --------------------------------------------------------------------------------
Provident Financial
Holdings, Inc. 9,950 287,058
- --------------------------------------------------------------------------------
R&G Financial
Corp., Cl. B 139,700 5,431,536
- --------------------------------------------------------------------------------
Republic
Bancorp, Inc. 128,632 1,965,497
- --------------------------------------------------------------------------------
Republic Bancorp,
Inc., Cl. A 44,382 1,140,617
- --------------------------------------------------------------------------------
S&T Bancorp, Inc. 5,900 222,371
- --------------------------------------------------------------------------------
Santander BanCorp 7,220 217,755
- --------------------------------------------------------------------------------
Seacoast Banking
Corp. of Florida 44,870 998,358
- --------------------------------------------------------------------------------
Silicon Valley
Bancshares 1 116,100 5,203,602
- --------------------------------------------------------------------------------
Sky Financial
Group, Inc. 8,000 229,360
- --------------------------------------------------------------------------------
Sound Federal
Bancorp, Inc. 3,600 58,500
- --------------------------------------------------------------------------------
Southside
Bancshares, Inc. 2,885 65,922
- --------------------------------------------------------------------------------
Southwest
Bancorp, Inc. 42,100 1,030,608
- --------------------------------------------------------------------------------
State Bancorp, Inc. 14,473 398,008
- --------------------------------------------------------------------------------
State Financial
Services Corp. 78,200 2,353,820
- --------------------------------------------------------------------------------
Sterling Bancorp 53,190 1,502,618
- --------------------------------------------------------------------------------
Sterling Financial
Corp. (Western US) 143,722 5,642,526
- --------------------------------------------------------------------------------
Sun Bancorp, Inc. 15,276 381,594
- --------------------------------------------------------------------------------
TCF Financial Corp. 13,800 443,532
- --------------------------------------------------------------------------------
Texas Capital
Bancshares, Inc. 1 10,000 216,200
- --------------------------------------------------------------------------------
TierOne Corp. 45,900 1,140,615
- --------------------------------------------------------------------------------
Union
Bankshares Corp. 10,400 399,672
- --------------------------------------------------------------------------------
United
Bankshares, Inc. 22,100 843,115
- --------------------------------------------------------------------------------
United Community
Financial Corp. 15,700 175,840
24 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL BANKS Continued
Univest Corp.
of Pennsylvania 2,500 $ 115,050
- --------------------------------------------------------------------------------
Vineyard National
Bancorp Co. 5,500 180,730
- --------------------------------------------------------------------------------
Waypoint
Financial Corp. 35,085 994,660
- --------------------------------------------------------------------------------
Webster
Financial Corp. 30,399 1,539,405
- --------------------------------------------------------------------------------
WesBanco, Inc. 15,600 498,732
- --------------------------------------------------------------------------------
WSFS
Financial Corp. 48,700 2,937,584
-------------
113,803,506
- --------------------------------------------------------------------------------
CONSUMER FINANCE--0.3%
Advance America
Cash Advance
Centers, Inc. 1 109,200 2,500,680
- --------------------------------------------------------------------------------
ASTA Funding, Inc. 66,300 1,779,492
- --------------------------------------------------------------------------------
MoneyGram
International, Inc. 156,500 3,308,410
-------------
7,588,582
- --------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES--1.4%
Ace Cash
Express, Inc. 1 7,200 213,552
- --------------------------------------------------------------------------------
Advanta Corp., Cl. B 44,700 1,084,869
- --------------------------------------------------------------------------------
Affiliated Managers
Group, Inc. 1 103,550 7,014,477
- --------------------------------------------------------------------------------
American Capital
Strategies Ltd. 26,900 897,115
- --------------------------------------------------------------------------------
AmeriCredit Corp. 1 23,100 564,795
- --------------------------------------------------------------------------------
Archipelago
Holdings, Inc. 1 15,300 320,994
- --------------------------------------------------------------------------------
Cash America
International, Inc. 65,500 1,947,315
- --------------------------------------------------------------------------------
CompuCredit Corp. 1 129,400 3,537,796
- --------------------------------------------------------------------------------
E*TRADE
Financial Corp. 1 175,800 2,628,210
- --------------------------------------------------------------------------------
First Albany
Cos., Inc. 15,500 150,350
- --------------------------------------------------------------------------------
First Cash Financial
Services, Inc. 1 49,100 1,311,461
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES Continued
Gabelli Asset
Management, Inc. 55,100 $ 2,673,452
- --------------------------------------------------------------------------------
Gladstone
Capital Corp. 600 14,220
- --------------------------------------------------------------------------------
Investment
Technology
Group, Inc. 1 54,100 1,082,000
- --------------------------------------------------------------------------------
MarketAxess
Holdings, Inc. 1 15,100 256,851
- --------------------------------------------------------------------------------
Medallion
Financial Corp. 20,900 202,730
- --------------------------------------------------------------------------------
Metris Cos., Inc. 1 139,400 1,777,350
- --------------------------------------------------------------------------------
Piper Jaffray
Cos., Inc. 43,800 2,100,210
- --------------------------------------------------------------------------------
Providian
Financial Corp. 1 83,600 1,376,892
- --------------------------------------------------------------------------------
Raymond James
Financial, Inc. 29,600 917,008
- --------------------------------------------------------------------------------
Sanders Morris
Harris Group, Inc. 49,700 885,157
- --------------------------------------------------------------------------------
SEI Investments Co. 40,800 1,710,744
- --------------------------------------------------------------------------------
United PanAm
Financial Corp. 1 8,500 162,010
- --------------------------------------------------------------------------------
WFS Financial, Inc. 51,000 2,589,780
- --------------------------------------------------------------------------------
World
Acceptance Corp. 1 41,400 1,138,914
-------------
36,558,252
- --------------------------------------------------------------------------------
INSURANCE--3.6%
- --------------------------------------------------------------------------------
Affirmative Insurance
Holdings, Inc. 94,404 1,589,763
- --------------------------------------------------------------------------------
Alfa Corp. 54,000 819,990
- --------------------------------------------------------------------------------
Allmerica
Financial Corp. 1 73,500 2,413,005
- --------------------------------------------------------------------------------
American Financial
Group, Inc. 69,900 2,188,569
- --------------------------------------------------------------------------------
American Physicians
Capital, Inc. 1 21,800 785,236
- --------------------------------------------------------------------------------
AmerUs Group Co. 133,100 6,029,430
- --------------------------------------------------------------------------------
Arch Capital
Group Ltd. 1 34,600 1,339,020
- --------------------------------------------------------------------------------
Argonaut
Group, Inc. 1 10,700 226,091
25 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
INSURANCE Continued
Aspen Insurance
Holdings Ltd. 31,800 $ 779,736
- --------------------------------------------------------------------------------
Baldwin & Lyons,
Inc., Cl. B, Non-Vtg. 3,800 101,802
- --------------------------------------------------------------------------------
Commerce Group,
Inc. (The) 48,500 2,960,440
- --------------------------------------------------------------------------------
Danielson
Holding Corp. 1 74,400 628,680
- --------------------------------------------------------------------------------
Delphi Financial
Group, Inc., Cl. A 96,750 4,465,013
- --------------------------------------------------------------------------------
Direct General Corp. 26,400 847,440
- --------------------------------------------------------------------------------
Donegal Group,
Inc., Cl. A 47,400 1,086,882
- --------------------------------------------------------------------------------
EMC Insurance
Group, Inc. 2,000 43,280
- --------------------------------------------------------------------------------
Fidelity National
Financial, Inc. 1,156 52,795
- --------------------------------------------------------------------------------
First American
Corp. (The) 36,000 1,265,040
- --------------------------------------------------------------------------------
FPIC Insurance
Group, Inc. 1 60,800 2,151,104
- --------------------------------------------------------------------------------
Great American
Financial
Resources, Inc. 15,300 265,761
- --------------------------------------------------------------------------------
HCC Insurance
Holdings, Inc. 25,400 841,248
- --------------------------------------------------------------------------------
Horace Mann
Educators Corp. 117,300 2,238,084
- --------------------------------------------------------------------------------
Independence
Holding Co. 7,160 132,102
- --------------------------------------------------------------------------------
Infinity Property &
Casualty Corp. 70,100 2,467,520
- --------------------------------------------------------------------------------
IPC Holdings Ltd. 28,000 1,218,280
- --------------------------------------------------------------------------------
LandAmerica
Financial Group, Inc. 104,000 5,608,720
- --------------------------------------------------------------------------------
Markel Corp. 1 1,300 473,200
- --------------------------------------------------------------------------------
Meadowbrook
Insurance
Group, Inc. 1 21,600 107,784
- --------------------------------------------------------------------------------
Mercury
General Corp. 16,000 958,720
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
INSURANCE Continued
National Western
Life Insurance
Co., Cl. A 1 4,200 $ 699,762
- --------------------------------------------------------------------------------
Odyssey Re
Holdings Corp. 115,100 2,901,671
- --------------------------------------------------------------------------------
Ohio
Casualty Corp. 1 220,800 5,124,768
- --------------------------------------------------------------------------------
Old Republic
International Corp. 69,500 1,758,350
- --------------------------------------------------------------------------------
Penn-America
Group, Inc. 29,600 446,960
- --------------------------------------------------------------------------------
Philadelphia
Consolidated
Holding Co. 1 49,500 3,273,930
- --------------------------------------------------------------------------------
Phoenix Cos.,
Inc. (The) 59,100 738,750
- --------------------------------------------------------------------------------
PMA Capital
Corp., Cl. A 1 55,200 571,320
- --------------------------------------------------------------------------------
ProCentury Corp. 141,200 1,750,880
- --------------------------------------------------------------------------------
Protective Life Corp. 34,800 1,485,612
- --------------------------------------------------------------------------------
Pxre Group Ltd. 15,200 383,192
- --------------------------------------------------------------------------------
Reinsurance Group
of America, Inc. 18,700 906,015
- --------------------------------------------------------------------------------
RLI Corp. 30,600 1,272,042
- --------------------------------------------------------------------------------
Safety Insurance
Group, Inc. 21,500 669,725
- --------------------------------------------------------------------------------
Selective Insurance
Group, Inc. 97,300 4,304,552
- --------------------------------------------------------------------------------
StanCorp Financial
Group, Inc. 56,500 4,661,250
- --------------------------------------------------------------------------------
State Auto
Financial Corp. 101,200 2,616,020
- --------------------------------------------------------------------------------
Stewart Information
Services Corp. 42,800 1,782,620
- --------------------------------------------------------------------------------
Triad Guaranty, Inc. 1 5,700 344,736
- --------------------------------------------------------------------------------
UICI 42,500 1,440,750
- --------------------------------------------------------------------------------
United Fire &
Casualty Co. 48,400 1,631,564
- --------------------------------------------------------------------------------
Unitrin, Inc. 4,600 209,070
- --------------------------------------------------------------------------------
Universal American
Financial Corp. 1 356,600 5,516,602
26 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
INSURANCE Continued
UnumProvident
Corp. 79,300 $ 1,422,642
- --------------------------------------------------------------------------------
Vesta Insurance
Group, Inc. 161,100 592,848
- --------------------------------------------------------------------------------
Zenith National
Insurance Corp. 53,100 2,646,504
-------------
93,236,870
- --------------------------------------------------------------------------------
REAL ESTATE--1.6%
Acadia Realty Trust 14,100 229,830
- --------------------------------------------------------------------------------
Agree Realty Corp. 56,600 1,793,654
- --------------------------------------------------------------------------------
Alexandria Real
Estate Equities, Inc. 6,600 491,172
- --------------------------------------------------------------------------------
Arden Realty, Inc. 18,800 709,136
- --------------------------------------------------------------------------------
Associated Estates
Realty Corp. 14,100 144,102
- --------------------------------------------------------------------------------
Brandywine
Realty Trust 28,200 828,798
- --------------------------------------------------------------------------------
Camden
Property Trust 20,700 1,055,700
- --------------------------------------------------------------------------------
Capital
Automotive REIT 18,800 667,870
- --------------------------------------------------------------------------------
Capital Trust, Cl. A 100 3,071
- --------------------------------------------------------------------------------
Capstead
Mortgage Corp. 14,100 148,614
- --------------------------------------------------------------------------------
CarrAmerica
Realty Corp. 14,100 465,300
- --------------------------------------------------------------------------------
CB Richard Ellis
Group, Inc., Cl. A 1 37,000 1,241,350
- --------------------------------------------------------------------------------
CBL & Associates
Properties, Inc. 9,400 717,690
- --------------------------------------------------------------------------------
Colonial
Properties Trust 9,400 369,138
- --------------------------------------------------------------------------------
Consolidated-Tomoka
Land Co. 6,700 288,100
- --------------------------------------------------------------------------------
Cornerstone Realty
Income Trust, Inc. 9,400 93,812
- --------------------------------------------------------------------------------
Corporate Office
Properties Trust 14,100 413,835
- --------------------------------------------------------------------------------
Correctional
Properties Trust 20,500 592,040
- --------------------------------------------------------------------------------
CRT Properties, Inc. 18,800 448,568
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
REAL ESTATE Continued
Equity Inns, Inc. 113,100 $ 1,327,794
- --------------------------------------------------------------------------------
First Industrial
Realty Trust, Inc. 23,500 957,155
- --------------------------------------------------------------------------------
Friedman, Billings,
Ramsey Group, Inc.,
Cl. A 64,800 1,256,472
- --------------------------------------------------------------------------------
Glenborough Realty
Trust, Inc. 9,400 200,032
- --------------------------------------------------------------------------------
Health Care
REIT, Inc. 37,600 1,434,440
- --------------------------------------------------------------------------------
Healthcare Realty
Trust, Inc. 18,900 769,230
- --------------------------------------------------------------------------------
Heritage Property
Investment Trust 6,600 211,794
- --------------------------------------------------------------------------------
Highwoods
Properties, Inc. 28,200 781,140
- --------------------------------------------------------------------------------
Impac Mortgage
Holdings, Inc. 18,800 426,196
- --------------------------------------------------------------------------------
Jones Lang
LaSalle, Inc. 1 86,600 3,239,706
- --------------------------------------------------------------------------------
Kilroy Realty Corp. 16,000 684,000
- --------------------------------------------------------------------------------
Lexington Corporate
Properties Trust 32,900 742,882
- --------------------------------------------------------------------------------
LTC Properties, Inc. 12,200 242,902
- --------------------------------------------------------------------------------
Mack-Cali
Realty Corp. 18,800 865,364
- --------------------------------------------------------------------------------
Maguire
Properties, Inc. 16,900 464,074
- --------------------------------------------------------------------------------
Mid-America
Apartment
Communities, Inc. 18,800 774,936
- --------------------------------------------------------------------------------
Mills Corp. 23,500 1,498,360
- --------------------------------------------------------------------------------
Nationwide Health
Properties, Inc. 47,100 1,118,625
- --------------------------------------------------------------------------------
Novastar
Financial, Inc. 18,800 930,600
- --------------------------------------------------------------------------------
Omega Healthcare
Investors, Inc. 14,100 166,380
- --------------------------------------------------------------------------------
Pan Pacific Retail
Properties, Inc. 16,000 1,003,200
- --------------------------------------------------------------------------------
Pennsylvania
Real Estate
Investment Trust 23,500 1,005,800
27 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
REAL ESTATE Continued
Prentiss
Properties Trust 6,800 $ 259,760
- --------------------------------------------------------------------------------
PS Business
Parks, Inc. 6,600 297,660
- --------------------------------------------------------------------------------
Ramco-Gershenson
Properties Trust 26,500 854,625
- --------------------------------------------------------------------------------
Redwood Trust, Inc. 9,400 583,646
- --------------------------------------------------------------------------------
Regency
Centers Corp. 9,700 537,380
- --------------------------------------------------------------------------------
Senior Housing
Properties Trust 40,000 757,600
- --------------------------------------------------------------------------------
Simon Property
Group, Inc. 1,702 110,068
- --------------------------------------------------------------------------------
SL Green
Realty Corp. 14,100 853,755
- --------------------------------------------------------------------------------
Spirit Finance Corp. 1 154,000 1,948,100
- --------------------------------------------------------------------------------
Stratus
Properties, Inc. 1 18,666 293,990
- --------------------------------------------------------------------------------
Tanger Factory
Outlet Centers, Inc. 67,800 1,793,988
- --------------------------------------------------------------------------------
Town &
Country Trust 11,300 312,219
- --------------------------------------------------------------------------------
Trammell Crow Co. 1 41,100 744,321
- --------------------------------------------------------------------------------
Trizec
Properties, Inc. 28,200 533,544
- --------------------------------------------------------------------------------
United
Capital Corp. 1 3,500 79,275
- --------------------------------------------------------------------------------
United Dominion
Realty Trust, Inc. 14,100 349,680
- --------------------------------------------------------------------------------
Ventas, Inc. 23,500 644,135
-------------
41,756,608
- --------------------------------------------------------------------------------
THRIFTS & MORTGAGE FINANCE--0.5%
Accredited
Home Lenders
Holding Co. 1 49,200 2,444,256
- --------------------------------------------------------------------------------
Bank Mutual Corp. 108,094 1,315,504
- --------------------------------------------------------------------------------
CharterMac 22,000 537,680
- --------------------------------------------------------------------------------
Clifton Savings
Bancorp, Inc. 27,200 330,480
- --------------------------------------------------------------------------------
Commercial Capital
Bancorp, Inc. 54,800 1,270,264
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
THRIFTS & MORTGAGE FINANCE Continued
Fremont
General Corp. 109,300 $ 2,752,174
- --------------------------------------------------------------------------------
KBNT Bancorp, Inc. 17,300 292,370
- --------------------------------------------------------------------------------
NewAlliance
Bancshares, Inc. 72,300 1,106,190
- --------------------------------------------------------------------------------
Radian Group, Inc. 48,300 2,571,492
-------------
12,620,410
- --------------------------------------------------------------------------------
HEALTH CARE--11.2%
- --------------------------------------------------------------------------------
BIOTECHNOLOGY--1.6%
Abgenix, Inc. 1 157,600 1,629,584
- --------------------------------------------------------------------------------
Affymetrix, Inc. 1 37,100 1,356,005
- --------------------------------------------------------------------------------
Alexion
Pharmaceuticals, Inc. 1 9,200 231,840
- --------------------------------------------------------------------------------
Aphton Corp. 1 19,600 60,956
- --------------------------------------------------------------------------------
Applera Corp./Applied
Biosystems Group 115,600 2,417,196
- --------------------------------------------------------------------------------
Array
BioPharma, Inc. 1 249,800 2,378,096
- --------------------------------------------------------------------------------
Bioenvision, Inc. 1 67,800 607,488
- --------------------------------------------------------------------------------
Bone Care
International, Inc. 1 95,000 2,645,750
- --------------------------------------------------------------------------------
Caliper Life
Sciences, Inc. 1 36,100 271,833
- --------------------------------------------------------------------------------
Celgene Corp. 1 44,800 1,188,544
- --------------------------------------------------------------------------------
Charles River
Laboratories
International, Inc. 1 14,820 681,868
- --------------------------------------------------------------------------------
Corgentech, Inc. 1 20,500 169,740
- --------------------------------------------------------------------------------
deCODE
genetics, Inc. 1 34,839 272,093
- --------------------------------------------------------------------------------
Durect Corp. 1 51,100 167,608
- --------------------------------------------------------------------------------
Dusa
Pharmaceuticals, Inc. 1 11,400 163,020
- --------------------------------------------------------------------------------
Enzo Biochem, Inc. 36,500 710,655
- --------------------------------------------------------------------------------
Gen-Probe, Inc. 1 32,500 1,469,325
- --------------------------------------------------------------------------------
ID Biomedical Corp. 1 68,900 1,025,921
- --------------------------------------------------------------------------------
ImmunoGen, Inc. 1 34,000 300,560
- --------------------------------------------------------------------------------
Incyte Corp. 1 60,200 601,398
- --------------------------------------------------------------------------------
Medarex, Inc. 1 125,000 1,347,500
- --------------------------------------------------------------------------------
Medicines Co. (The) 1 101,600 2,926,080
28 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
BIOTECHNOLOGY Continued
Millennium
Pharmaceuticals, Inc. 1 52,700 $ 638,724
- --------------------------------------------------------------------------------
Myriad
Genetics, Inc. 1 79,100 1,780,541
- --------------------------------------------------------------------------------
NeoPharm, Inc. 1 18,500 231,435
- --------------------------------------------------------------------------------
Northfield
Laboratories, Inc. 1 42,900 967,395
- --------------------------------------------------------------------------------
Onyx
Pharmaceuticals, Inc. 1 50,400 1,632,456
- --------------------------------------------------------------------------------
Orchid
Biosciences, Inc. 1 44,100 507,150
- --------------------------------------------------------------------------------
OSI
Pharmaceuticals, Inc. 1 38,900 2,911,665
- --------------------------------------------------------------------------------
Regeneron
Pharmaceuticals, Inc. 1 71,000 653,910
- --------------------------------------------------------------------------------
Savient
Pharmaceuticals, Inc. 1 32,400 87,804
- --------------------------------------------------------------------------------
Techne Corp. 1 18,900 735,210
- --------------------------------------------------------------------------------
Telik, Inc. 1 31,200 597,168
- --------------------------------------------------------------------------------
Third Wave
Technologies, Inc. 1 228,800 1,967,680
- --------------------------------------------------------------------------------
Trimeris, Inc. 1 57,100 809,107
- --------------------------------------------------------------------------------
United
Therapeutics Corp. 1 66,000 2,979,900
- --------------------------------------------------------------------------------
Vertex
Pharmaceuticals, Inc. 1 178,600 1,887,802
-------------
41,011,007
- --------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES--4.0%
ABIOMED, Inc. 1 29,124 449,675
- --------------------------------------------------------------------------------
Adeza
Biomedical Corp. 1 30,300 531,765
- --------------------------------------------------------------------------------
Align Technology, Inc. 1 130,700 1,405,025
- --------------------------------------------------------------------------------
American Medical
Systems Holdings, Inc. 1 88,600 3,704,366
- --------------------------------------------------------------------------------
Anika
Therapeutics, Inc. 1 65,200 596,580
- --------------------------------------------------------------------------------
Arrow
International, Inc. 106,600 3,303,534
- --------------------------------------------------------------------------------
ArthroCare Corp. 1 54,800 1,756,888
- --------------------------------------------------------------------------------
Aspect Medical
Systems, Inc. 1 85,800 2,098,668
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES Continued
Bausch & Lomb, Inc. 12,500 $ 805,750
- --------------------------------------------------------------------------------
Bioveris Corp. 1 5,200 38,012
- --------------------------------------------------------------------------------
CNS, Inc. 35,600 446,780
- --------------------------------------------------------------------------------
Conceptus, Inc. 1 19,000 154,185
- --------------------------------------------------------------------------------
ConMed Corp. 1 88,000 2,500,960
- --------------------------------------------------------------------------------
Conor
Medsystems, Inc. 1 59,200 819,920
- --------------------------------------------------------------------------------
Cytyc Corp. 1 17,100 471,447
- --------------------------------------------------------------------------------
Dade Behring
Holdings, Inc. 1 57,600 3,225,600
- --------------------------------------------------------------------------------
Datascope Corp. 4,200 166,698
- --------------------------------------------------------------------------------
Diagnostic
Products Corp. 1,200 66,060
- --------------------------------------------------------------------------------
DJ Orthopedics, Inc. 1 6,900 147,798
- --------------------------------------------------------------------------------
Endologix, Inc. 1 30,000 204,900
- --------------------------------------------------------------------------------
EPIX
Pharmaceuticals, Inc. 1 125,300 2,244,123
- --------------------------------------------------------------------------------
Exactech, Inc. 1 16,600 303,614
- --------------------------------------------------------------------------------
Foxhollow
Technologies, Inc. 1 9,300 228,687
- --------------------------------------------------------------------------------
Haemonetics Corp. 1 110,100 3,986,721
- --------------------------------------------------------------------------------
HealthTronics, Inc. 1 44,500 473,035
- --------------------------------------------------------------------------------
Hologic, Inc. 1 109,488 3,007,635
- --------------------------------------------------------------------------------
Hospira, Inc. 1 109,000 3,651,500
- --------------------------------------------------------------------------------
Idexx
Laboratories, Inc. 1 10,400 567,736
- --------------------------------------------------------------------------------
Immucor, Inc. 1 38,950 915,715
- --------------------------------------------------------------------------------
Inamed Corp. 1 31,650 2,001,863
- --------------------------------------------------------------------------------
Kensey Nash Corp. 1 87,586 3,024,345
- --------------------------------------------------------------------------------
Kyphon, Inc. 1 65,920 1,698,099
- --------------------------------------------------------------------------------
Lifeline Systems, Inc. 1 31,100 801,136
- --------------------------------------------------------------------------------
Matthews
International Corp.,
Cl. A 106,500 3,919,200
- --------------------------------------------------------------------------------
Medical Action
Industries, Inc. 1 25,700 506,290
- --------------------------------------------------------------------------------
Meridian
Bioscience, Inc. 69,100 1,201,649
- --------------------------------------------------------------------------------
Millipore Corp. 1 4,400 219,164
29 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES Continued
Mine Safety
Applicances Co. 55,900 $ 2,834,130
- --------------------------------------------------------------------------------
Molecular
Devices Corp. 1 86,500 1,738,650
- --------------------------------------------------------------------------------
Occulogix, Inc. 1 10,100 103,828
- --------------------------------------------------------------------------------
Ocular Sciences, Inc. 1 118,300 5,797,883
- --------------------------------------------------------------------------------
OrthoLogic Corp. 1 86,800 542,500
- --------------------------------------------------------------------------------
Palomar Medical
Technologies, Inc. 1 83,268 2,170,797
- --------------------------------------------------------------------------------
PerkinElmer, Inc. 103,600 2,329,964
- --------------------------------------------------------------------------------
PolyMedica Corp. 106,400 3,967,656
- --------------------------------------------------------------------------------
Possis Medical, Inc. 1 81,000 1,091,880
- --------------------------------------------------------------------------------
Respironics, Inc. 1 19,800 1,076,328
- --------------------------------------------------------------------------------
SonoSite, Inc. 1 47,900 1,626,205
- --------------------------------------------------------------------------------
SurModics, Inc. 1 59,600 1,937,596
- --------------------------------------------------------------------------------
Sybron Dental
Specialties, Inc. 1 141,100 4,992,118
- --------------------------------------------------------------------------------
Symmetry
Medical, Inc. 1 50,100 1,054,605
- --------------------------------------------------------------------------------
Thermo
Electron Corp. 1 83,700 2,526,903
- --------------------------------------------------------------------------------
TriPath Imaging, Inc. 1 34,800 312,156
- --------------------------------------------------------------------------------
Urologix, Inc. 1 43,200 279,504
- --------------------------------------------------------------------------------
Varian Medical
Systems, Inc. 1 21,300 921,012
- --------------------------------------------------------------------------------
Varian, Inc. 1 44,000 1,804,440
- --------------------------------------------------------------------------------
Ventana Medical
Systems, Inc. 1 79,100 5,061,609
- --------------------------------------------------------------------------------
Viasys
Healthcare, Inc. 1 29,100 552,900
- --------------------------------------------------------------------------------
VISX, Inc. 1 253,200 6,550,284
- --------------------------------------------------------------------------------
West Pharmaceutical
Services, Inc. 54,000 1,351,620
- --------------------------------------------------------------------------------
Wright Medical
Group, Inc. 1 76,100 2,168,850
- --------------------------------------------------------------------------------
Young
Innovations, Inc. 7,300 246,229
-------------
104,684,770
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES--4.5%
Alderwoods
Group, Inc. 1 34,000 $ 386,920
- --------------------------------------------------------------------------------
Allscripts Healthcare
Solutions, Inc. 1 188,400 2,010,228
- --------------------------------------------------------------------------------
Amedisys, Inc. 1 79,800 2,584,722
- --------------------------------------------------------------------------------
America Service
Group, Inc. 1 41,000 1,097,570
- --------------------------------------------------------------------------------
American
Healthways, Inc. 1 9,700 320,488
- --------------------------------------------------------------------------------
AMERIGROUP Corp. 1 17,400 1,316,484
- --------------------------------------------------------------------------------
AMN Healthcare
Services, Inc. 1 9,700 154,327
- --------------------------------------------------------------------------------
AmSurg Corp. 1 19,000 561,260
- --------------------------------------------------------------------------------
Andrx Corp. 1 20,400 445,332
- --------------------------------------------------------------------------------
Beverly
Enterprises, Inc. 1 215,100 1,968,165
- --------------------------------------------------------------------------------
Bio-Reference
Laboratories, Inc. 1 59,974 1,043,548
- --------------------------------------------------------------------------------
Cantel
Medical Corp. 1 8,400 314,328
- --------------------------------------------------------------------------------
Centene Corp. 1 7,800 221,130
- --------------------------------------------------------------------------------
Cerner Corp. 1 46,600 2,477,722
- --------------------------------------------------------------------------------
Computer Programs
& Systems, Inc. 3,500 81,025
- --------------------------------------------------------------------------------
CorVel Corp. 1 25,450 681,551
- --------------------------------------------------------------------------------
Covance, Inc. 1 89,700 3,475,875
- --------------------------------------------------------------------------------
Coventry Health
Care, Inc. 1 34,500 1,831,260
- --------------------------------------------------------------------------------
Cross Country
Healthcare, Inc. 1 131,000 2,368,480
- --------------------------------------------------------------------------------
DaVita, Inc. 1 34,700 1,371,691
- --------------------------------------------------------------------------------
Dendrite
International, Inc. 1 54,000 1,047,600
- --------------------------------------------------------------------------------
Eclipsys Corp. 1 131,500 2,686,545
- --------------------------------------------------------------------------------
Express Scripts, Inc. 1 3,100 236,964
- --------------------------------------------------------------------------------
Genesis
HealthCare Corp. 1 120,928 4,236,108
- --------------------------------------------------------------------------------
Gentiva Health
Services, Inc. 1 158,100 2,643,432
- --------------------------------------------------------------------------------
HealthExtras, Inc. 1 151,200 2,464,560
- --------------------------------------------------------------------------------
Humana, Inc. 1 67,400 2,001,106
30 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES Continued
IDX Systems Corp. 1 65,800 $ 2,267,468
- --------------------------------------------------------------------------------
Kindred
Healthcare, Inc. 1 62,500 1,871,875
- --------------------------------------------------------------------------------
LCA-Vision, Inc. 148,286 3,468,410
- --------------------------------------------------------------------------------
LifePoint
Hospitals, Inc. 1 15,900 553,638
- --------------------------------------------------------------------------------
Magellan Health
Services, Inc. 1 68,600 2,343,376
- --------------------------------------------------------------------------------
Matria
Healthcare, Inc. 1 59,300 2,316,851
- --------------------------------------------------------------------------------
MedCath Corp. 1 33,300 820,512
- --------------------------------------------------------------------------------
Merge
Technologies, Inc. 1 43,400 965,650
- --------------------------------------------------------------------------------
National
HealthCare Corp. 15,200 536,560
- --------------------------------------------------------------------------------
National Medical
Health Card
Systems, Inc. 1 30,400 702,270
- --------------------------------------------------------------------------------
Omnicell, Inc. 1 15,100 166,100
- --------------------------------------------------------------------------------
Option Care, Inc. 171,200 2,942,928
- --------------------------------------------------------------------------------
Owens & Minor, Inc. 206,600 5,819,922
- --------------------------------------------------------------------------------
PacifiCare Health
Systems, Inc. 1 46,500 2,628,180
- --------------------------------------------------------------------------------
Parexel
International Corp. 1 111,800 2,269,540
- --------------------------------------------------------------------------------
PDI, Inc. 1 90,200 2,009,656
- --------------------------------------------------------------------------------
Pediatrix Medical
Group, Inc. 1 56,200 3,599,610
- --------------------------------------------------------------------------------
Per-Se
Technologies, Inc. 1 48,600 769,338
- --------------------------------------------------------------------------------
Pharmaceutical
Product
Development, Inc. 1 23,200 957,928
- --------------------------------------------------------------------------------
PRA International 1 31,800 788,004
- --------------------------------------------------------------------------------
Province
Healthcare Co. 1 126,700 2,831,745
- --------------------------------------------------------------------------------
PSS World
Medical, Inc. 1 104,600 1,309,069
- --------------------------------------------------------------------------------
Psychiatric
Solutions, Inc. 1 31,400 1,147,984
- --------------------------------------------------------------------------------
RehabCare
Group, Inc. 1 94,000 2,631,060
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES Continued
Res-Care, Inc. 1 90,700 $ 1,380,454
- --------------------------------------------------------------------------------
Select Medical Corp. 194,400 3,421,440
- --------------------------------------------------------------------------------
Service
Corp. International 1 343,600 2,559,820
- --------------------------------------------------------------------------------
SFBC
International, Inc. 1 10,800 426,600
- --------------------------------------------------------------------------------
Sierra Health
Services, Inc. 1 114,500 6,310,095
- --------------------------------------------------------------------------------
Stewart
Enterprises, Inc. 1 611,800 4,276,482
- --------------------------------------------------------------------------------
Sunrise Senior
Living, Inc. 1 88,900 4,121,404
- --------------------------------------------------------------------------------
United Surgical
Partners
International, Inc. 1 68,500 2,856,450
- --------------------------------------------------------------------------------
VCA Antech, Inc. 1 203,500 3,988,600
- --------------------------------------------------------------------------------
Ventiv Health, Inc. 1 83,100 1,688,592
- --------------------------------------------------------------------------------
VistaCare, Inc., Cl. A 1 19,300 320,959
- --------------------------------------------------------------------------------
WellChoice, Inc. 1 24,100 1,286,940
-------------
118,383,931
- --------------------------------------------------------------------------------
PHARMACEUTICALS--1.1%
Able
Laboratories, Inc. 1 71,300 1,622,075
- --------------------------------------------------------------------------------
Alpharma, Inc., Cl. A 75,500 1,279,725
- --------------------------------------------------------------------------------
AtheroGenics, Inc. 1 94,613 2,229,082
- --------------------------------------------------------------------------------
Barr
Pharmaceuticals, Inc. 1 30,900 1,407,186
- --------------------------------------------------------------------------------
Caraco
Pharmaceutical
Laboratories Ltd. 1 45,100 430,705
- --------------------------------------------------------------------------------
Connetics Corp. 1 37,900 920,591
- --------------------------------------------------------------------------------
DOV
Pharmaceutical, Inc. 1 98,700 1,781,535
- --------------------------------------------------------------------------------
Encysive
Pharmaceuticals, Inc. 1 23,100 229,383
- --------------------------------------------------------------------------------
Endo Pharmaceuticals
Holdings, Inc. 1 46,500 977,430
- --------------------------------------------------------------------------------
First Horizon
Pharmaceutical Corp. 1 256,900 5,880,441
31 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
PHARMACEUTICALS Continued
Indevus
Pharmaceuticals, Inc. 1 71,800 $ 427,928
- --------------------------------------------------------------------------------
InKine Pharmaceutical
Co., Inc. 1 13,900 75,477
- --------------------------------------------------------------------------------
Inspire
Pharmaceuticals, Inc. 1 51,000 855,270
- --------------------------------------------------------------------------------
Nabi
Biopharmaceuticals,
Inc. 1 191,600 2,806,940
- --------------------------------------------------------------------------------
Noven
Pharmaceuticals, Inc. 1 15,100 257,606
- --------------------------------------------------------------------------------
Par Pharmaceutical
Cos., Inc. 1 13,800 571,044
- --------------------------------------------------------------------------------
Perrigo Co. 172,600 2,980,802
- --------------------------------------------------------------------------------
Rigel
Pharmaceuticals, Inc. 1 55,600 1,357,752
- --------------------------------------------------------------------------------
Salix
Pharmaceuticals Ltd. 1 101,400 1,783,626
- --------------------------------------------------------------------------------
Seattle
Genetics, Inc. 1 54,400 355,232
-------------
28,229,830
- --------------------------------------------------------------------------------
INDUSTRIALS--17.5%
- --------------------------------------------------------------------------------
AEROSPACE & DEFENSE--1.1%
AAR Corp. 1 13,800 187,956
- --------------------------------------------------------------------------------
Applied Signal
Technology, Inc. 98,600 3,475,650
- --------------------------------------------------------------------------------
Astronics
Corp., Cl. B 1 7,900 37,525
- --------------------------------------------------------------------------------
Aviall, Inc. 1 120,800 2,774,776
- --------------------------------------------------------------------------------
BE Aerospace, Inc. 1 133,900 1,558,596
- --------------------------------------------------------------------------------
EDO Corp. 89,800 2,851,150
- --------------------------------------------------------------------------------
Engineered Support
Systems, Inc. 6,900 408,618
- --------------------------------------------------------------------------------
ESCO
Technologies, Inc. 1 28,500 2,184,525
- --------------------------------------------------------------------------------
Goodrich Corp. 26,400 861,696
- --------------------------------------------------------------------------------
HEICO Corp., Cl. A 750 12,968
- --------------------------------------------------------------------------------
Herley
Industries, Inc. 1 7,800 158,652
- --------------------------------------------------------------------------------
Innovative Solutions
& Support, Inc. 1 102,549 3,421,035
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
AEROSPACE & DEFENSE Continued
Moog, Inc., Cl. A 1 30,400 $ 1,378,640
- --------------------------------------------------------------------------------
Orbital
Sciences Corp. 1 364,700 4,314,401
- --------------------------------------------------------------------------------
SI International, Inc. 1 61,400 1,888,664
- --------------------------------------------------------------------------------
Teledyne
Technologies, Inc. 1 21,100 620,973
- --------------------------------------------------------------------------------
United Defense
Industries, Inc. 1 41,900 1,979,775
-------------
28,115,600
- --------------------------------------------------------------------------------
AIR FREIGHT & LOGISTICS--0.7%
ABX Air, Inc. 1 338,600 3,010,154
- --------------------------------------------------------------------------------
Dynamex, Inc. 1 64,100 1,187,773
- --------------------------------------------------------------------------------
EGL, Inc. 1 138,400 4,136,776
- --------------------------------------------------------------------------------
Forward Air Corp. 1 136,100 6,083,670
- --------------------------------------------------------------------------------
Hub Group,
Inc., Cl. A 1 49,600 2,590,112
- --------------------------------------------------------------------------------
Park-Ohio
Holdings Corp. 1 9,900 256,410
-------------
17,264,895
- --------------------------------------------------------------------------------
AIRLINES--1.1%
Alaska Air
Group, Inc. 1 118,000 3,951,820
- --------------------------------------------------------------------------------
America West
Holdings Corp., Cl. B 1 285,500 1,878,590
- --------------------------------------------------------------------------------
AMR Corp. 1 331,600 3,631,020
- --------------------------------------------------------------------------------
Continental
Airlines, Inc., Cl. B 1 389,800 5,277,892
- --------------------------------------------------------------------------------
Delta Air Lines, Inc. 1 343,800 2,571,624
- --------------------------------------------------------------------------------
ExpressJet
Holdings, Inc. 1 265,700 3,422,216
- -------------------------------------------------------------------------------
FLYi, Inc. 1 138,500 245,145
- -------------------------------------------------------------------------------
Frontier
Airlines, Inc. 1 167,900 1,915,739
- -------------------------------------------------------------------------------
Hawaiian
Holdings, Inc. 1 99,800 681,634
- -------------------------------------------------------------------------------
Mesa Air
Group, Inc. 1 157,200 1,248,168
- -------------------------------------------------------------------------------
Northwest Airlines
Corp., Cl. A 1 192,300 2,101,839
32 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- -------------------------------------------------------------------------------
AIRLINES Continued
Pinnacle
Airlines Corp. 1 47,300 $ 659,362
- -------------------------------------------------------------------------------
Republic Airways
Holdings, Inc. 1 18,500 245,495
- -------------------------------------------------------------------------------
SkyWest, Inc. 80,100 1,606,806
------------
29,437,350
- -------------------------------------------------------------------------------
BUILDING PRODUCTS--1.0%
American
Woodmark Corp. 13,100 572,208
- -------------------------------------------------------------------------------
Apogee
Enterprises, Inc. 140,000 1,877,400
- -------------------------------------------------------------------------------
Beacon Roofing
Supply, Inc. 1 48,700 967,182
- -------------------------------------------------------------------------------
Crane Co. 71,400 2,059,176
- -------------------------------------------------------------------------------
Jacuzzi Brands, Inc. 1 85,200 741,240
- -------------------------------------------------------------------------------
Lennox
International, Inc. 72,700 1,479,445
- -------------------------------------------------------------------------------
NCI Building
Systems, Inc. 1 104,800 3,930,000
- -------------------------------------------------------------------------------
Simpson
Manufacturing
Co., Inc. 100,900 3,521,410
- -------------------------------------------------------------------------------
Trex Co., Inc. 1 38,300 2,008,452
- -------------------------------------------------------------------------------
Universal Forest
Products, Inc. 92,300 4,005,820
- -------------------------------------------------------------------------------
USG Corp. 1 58,400 2,351,768
- -------------------------------------------------------------------------------
Watsco, Inc. 40,900 1,440,498
------------
24,954,599
- -------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES--5.0%
ABM Industries, Inc. 157,300 3,101,956
- -------------------------------------------------------------------------------
Adesa, Inc. 100,700 2,136,854
- -------------------------------------------------------------------------------
Administaff, Inc. 1 206,100 2,598,921
- -------------------------------------------------------------------------------
Angelica Corp. 21,700 586,985
- -------------------------------------------------------------------------------
Banta Corp. 75,700 3,388,332
- -------------------------------------------------------------------------------
Brady Corp., Cl. A 47,000 2,940,790
- -------------------------------------------------------------------------------
Bright Horizons
Family Solutions, Inc. 1 55,700 3,607,132
- -------------------------------------------------------------------------------
Brink's Co. (The) 115,600 4,568,512
- -------------------------------------------------------------------------------
Central
Parking Corp. 23,000 348,450
VALUE
SHARES SEE NOTE 1
- -------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES Continued
Century Business
Services, Inc. 1 21,400 $ 93,304
- -------------------------------------------------------------------------------
Clean Harbors, Inc. 1 12,300 185,484
- -------------------------------------------------------------------------------
Coinstar, Inc. 1 32,500 871,975
- -------------------------------------------------------------------------------
CompX
International, Inc. 6,500 107,445
- -------------------------------------------------------------------------------
Consolidated
Graphics, Inc. 1 95,200 4,369,680
- -------------------------------------------------------------------------------
Copart, Inc. 1 117,500 3,092,600
- -------------------------------------------------------------------------------
Corporate Executive
Board Co. 15,600 1,044,264
- -------------------------------------------------------------------------------
CoStar Group, Inc. 1 19,300 891,274
- -------------------------------------------------------------------------------
CPI Corp. 12,600 171,234
- -------------------------------------------------------------------------------
DiamondCluster
International, Inc. 1 155,200 2,224,016
- -------------------------------------------------------------------------------
Dun &
Bradstreet Corp. 1 44,200 2,636,530
- -------------------------------------------------------------------------------
Duratek, Inc. 1 60,800 1,514,528
- -------------------------------------------------------------------------------
Electro Rent Corp. 8,300 118,109
- -------------------------------------------------------------------------------
Ennis, Inc. 77,700 1,495,725
- -------------------------------------------------------------------------------
Equifax, Inc. 56,100 1,576,410
- -------------------------------------------------------------------------------
Exponent, Inc. 1 63,500 1,745,615
- -------------------------------------------------------------------------------
G&K
Services, Inc., Cl. A 63,400 2,752,828
- -------------------------------------------------------------------------------
General
Binding Corp. 1 18,900 248,346
- -------------------------------------------------------------------------------
Geo Group,
Inc. (The) 1 41,100 1,092,438
- -------------------------------------------------------------------------------
Gevity HR, Inc. 63,900 1,313,784
- -------------------------------------------------------------------------------
Harland
(John H.) Co. 78,900 2,848,290
- -------------------------------------------------------------------------------
Healthcare Services
Group, Inc. 108,550 2,262,182
- -------------------------------------------------------------------------------
Heidrick & Struggles
International, Inc. 1 171,758 5,886,147
- -------------------------------------------------------------------------------
HNI Corp. 47,900 2,062,095
- -------------------------------------------------------------------------------
Hudson Highland
Group, Inc. 1 95,000 2,736,000
- -------------------------------------------------------------------------------
Ikon Office
Solutions, Inc. 210,800 2,436,848
33 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- -------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- -------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES Continued
Imagistics
International, Inc. 1 51,400 $ 1,730,124
- -------------------------------------------------------------------------------
Interpool, Inc. 17,800 427,200
- -------------------------------------------------------------------------------
Intersections, Inc. 1 17,700 305,325
- -------------------------------------------------------------------------------
ITT Educational
Services, Inc. 1 26,400 1,255,320
- -------------------------------------------------------------------------------
Jackson Hewitt Tax
Service, Inc. 53,200 1,343,300
- -------------------------------------------------------------------------------
Kelly Services,
Inc., Cl. A 10,900 328,962
- -------------------------------------------------------------------------------
Kforce, Inc. 1 55,700 618,270
- -------------------------------------------------------------------------------
Knoll, Inc. 1 248,300 4,345,250
- -------------------------------------------------------------------------------
Korn-Ferry
International 1 230,600 4,784,950
- -------------------------------------------------------------------------------
Labor Ready, Inc. 1 323,300 5,470,236
- -------------------------------------------------------------------------------
McGrath RentCorp 21,974 958,286
- -------------------------------------------------------------------------------
Miller (Herman), Inc. 25,600 707,328
- -------------------------------------------------------------------------------
Mobile Mini, Inc. 1 6,900 227,976
- -------------------------------------------------------------------------------
NCO Group, Inc. 1 7,100 183,535
- -------------------------------------------------------------------------------
Portfolio Recovery
Associates, Inc. 1 97,900 4,035,438
- -------------------------------------------------------------------------------
Pre-Paid Legal
Services, Inc. 1 12,400 465,620
- -------------------------------------------------------------------------------
PRG-Schultz
International, Inc. 1 46,600 234,398
- -------------------------------------------------------------------------------
Resources
Connection, Inc. 1 32,600 1,770,506
- -------------------------------------------------------------------------------
Robert Half
International, Inc. 47,400 1,394,982
- -------------------------------------------------------------------------------
Rollins, Inc. 103,700 2,729,384
- -------------------------------------------------------------------------------
Rush Enterprises,
Inc., Cl. A 1 46,400 753,072
- -------------------------------------------------------------------------------
Schawk, Inc. 14,000 254,520
- -------------------------------------------------------------------------------
School
Specialty, Inc. 1 46,400 1,789,184
- -------------------------------------------------------------------------------
SITEL Corp. 1 151,100 371,706
- -------------------------------------------------------------------------------
Sotheby's Holdings,
Inc., Cl. A 1 178,900 3,248,824
- -------------------------------------------------------------------------------
Spherion Corp. 1 142,900 1,200,360
- -------------------------------------------------------------------------------
Standard
Register Co. (The) 15,200 214,624
VALUE
SHARES SEE NOTE 1
- -------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES Continued
Steelcase, Inc., Cl. A 113,200 $ 1,566,688
- -------------------------------------------------------------------------------
TeleTech
Holdings, Inc. 1 212,000 2,054,280
- -------------------------------------------------------------------------------
United
Stationers, Inc. 1 88,100 4,070,220
- -------------------------------------------------------------------------------
Universal Technical
Institute, Inc. 1 23,800 907,256
- -------------------------------------------------------------------------------
Viad Corp. 76,900 2,190,881
- -------------------------------------------------------------------------------
Volt Information
Sciences, Inc. 1 27,500 808,225
- -------------------------------------------------------------------------------
Waste
Connections, Inc. 1 94,900 3,250,325
- -------------------------------------------------------------------------------
Waste Industries
USA, Inc. 1,800 22,320
- -------------------------------------------------------------------------------
Watson Wyatt & Co.
Holdings 104,200 2,808,190
- -------------------------------------------------------------------------------
West Corp. 1 41,800 1,383,998
------------
129,266,146
- -------------------------------------------------------------------------------
CONSTRUCTION & ENGINEERING--0.5%
Comfort Systems
USA, Inc. 1 157,600 1,210,368
- -------------------------------------------------------------------------------
Dycom
Industries, Inc. 1 59,500 1,815,940
- -------------------------------------------------------------------------------
EMCOR Group, Inc. 1 14,000 632,520
- -------------------------------------------------------------------------------
Granite
Construction, Inc. 69,900 1,859,340
- -------------------------------------------------------------------------------
Insituform
Technologies,
Inc., Cl. A 1 142,200 3,223,674
- -------------------------------------------------------------------------------
Integrated Electrical
Services, Inc. 1 72,600 351,384
- -------------------------------------------------------------------------------
MasTec, Inc. 1 31,400 317,454
- -------------------------------------------------------------------------------
McDermott
International, Inc. 1 54,800 1,006,128
- -------------------------------------------------------------------------------
Perini Corp. 1 56,000 934,640
- -------------------------------------------------------------------------------
Shaw Group,
Inc. (The) 1 86,500 1,544,025
- -------------------------------------------------------------------------------
URS Corp. 1 40,100 1,287,210
------------
14,182,683
34 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- -------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT--1.2%
Active Power, Inc. 1 41,600 $ 191,360
- -------------------------------------------------------------------------------
Acuity Brands, Inc. 89,400 2,842,920
- -------------------------------------------------------------------------------
American Power
Conversion Corp. 93,700 2,005,180
- -------------------------------------------------------------------------------
AMETEK, Inc. 7,000 249,690
- -------------------------------------------------------------------------------
AMX Corp. 1 65,900 1,085,373
- -------------------------------------------------------------------------------
Baldor Electric Co. 88,700 2,441,911
- -------------------------------------------------------------------------------
Energy Conversion
Devices, Inc. 1 128,000 2,472,960
- -------------------------------------------------------------------------------
Evergreen Solar, Inc. 1 69,400 303,278
- -------------------------------------------------------------------------------
Franklin
Electric Co., Inc. 14,900 629,674
- -------------------------------------------------------------------------------
Genlyte Group,
Inc. (The) 1 81,900 7,017,192
- -------------------------------------------------------------------------------
Hubbell, Inc., Cl. B 42,900 2,243,670
- -------------------------------------------------------------------------------
II-VI, Inc. 1 69,713 2,962,105
- -------------------------------------------------------------------------------
LSI Industries, Inc. 6,500 74,425
- -------------------------------------------------------------------------------
Plug Power, Inc. 1 31,000 189,410
- -------------------------------------------------------------------------------
Preformed Line
Products Co. 6,536 189,413
- -------------------------------------------------------------------------------
Tecumseh Products
Co., Cl. A 4,000 191,200
- -------------------------------------------------------------------------------
Thomas &
Betts Corp. 1 119,900 3,686,925
- -------------------------------------------------------------------------------
Vicor Corp. 55,200 723,672
- -------------------------------------------------------------------------------
Woodward
Governor Co. 20,800 1,489,488
------------
30,989,846
- -------------------------------------------------------------------------------
INDUSTRIAL CONGLOMERATES--0.3%
Alleghany Corp. 5,500 1,568,875
- -------------------------------------------------------------------------------
Carlisle Cos., Inc. 14,000 908,880
- -------------------------------------------------------------------------------
Raven Industries, Inc. 72,300 1,540,713
- -------------------------------------------------------------------------------
Standex
International Corp. 800 22,792
- -------------------------------------------------------------------------------
United
Industrial Corp. 117,700 4,559,698
------------
8,600,958
- -------------------------------------------------------------------------------
MACHINERY--3.8%
A.S.V., Inc. 1 43,400 2,078,860
VALUE
SHARES SEE NOTE 1
- -------------------------------------------------------------------------------
MACHINERY Continued
Actuant Corp., Cl. A 1 13,200 $ 688,380
- -------------------------------------------------------------------------------
Alamo Group, Inc. 8,800 239,008
- -------------------------------------------------------------------------------
Albany International
Corp., Cl. A 54,600 1,919,736
- -------------------------------------------------------------------------------
Ampco-Pittsburgh
Corp. 11,900 173,740
- -------------------------------------------------------------------------------
Astec Industries, Inc. 1 83,900 1,443,919
- -------------------------------------------------------------------------------
Bucyrus
International,
Inc., Cl. A 71,906 2,922,260
- --------------------------------------------------------------------------------
Cascade Corp. 49,600 1,981,520
- --------------------------------------------------------------------------------
Clarcor, Inc. 36,300 1,988,151
- --------------------------------------------------------------------------------
Cummins, Inc. 28,800 2,413,152
- --------------------------------------------------------------------------------
EnPro
Industries, Inc. 1 52,900 1,564,253
- --------------------------------------------------------------------------------
Federal Signal Corp. 81,600 1,441,056
- --------------------------------------------------------------------------------
Flanders Corp. 1 68,500 657,600
- --------------------------------------------------------------------------------
Flowserve Corp. 1 84,600 2,329,884
- --------------------------------------------------------------------------------
Gardner
Denver, Inc. 1 30,700 1,114,103
- --------------------------------------------------------------------------------
Graco, Inc. 31,450 1,174,658
- --------------------------------------------------------------------------------
Greenbrier Cos., Inc. 63,400 2,146,090
- --------------------------------------------------------------------------------
Harsco Corp. 36,700 2,045,658
- --------------------------------------------------------------------------------
Hexcel Corp. 1 295,600 4,286,200
- --------------------------------------------------------------------------------
Idex Corp. 19,900 805,950
- --------------------------------------------------------------------------------
JLG Industries, Inc. 128,100 2,514,603
- --------------------------------------------------------------------------------
Joy Global, Inc. 59,300 2,575,399
- --------------------------------------------------------------------------------
Kadant, Inc. 1 37,700 772,850
- --------------------------------------------------------------------------------
Kennametal, Inc. 96,300 4,792,851
- --------------------------------------------------------------------------------
Lincoln Electric
Holdings, Inc. 165,700 5,723,278
- --------------------------------------------------------------------------------
Manitowoc Co.,
Inc. (The) 79,300 2,985,645
- --------------------------------------------------------------------------------
Middleby
Corp. (The) 25,100 1,273,072
- --------------------------------------------------------------------------------
Mueller
Industries, Inc. 158,100 5,090,820
- --------------------------------------------------------------------------------
NACCO Industries,
Inc., Cl. A 26,400 2,782,560
- --------------------------------------------------------------------------------
Navistar
International Corp. 1 52,900 2,326,542
35 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
MACHINERY Continued
Nordson Corp. 102,100 $ 4,091,147
- --------------------------------------------------------------------------------
Oshkosh
Truck Corp. 23,600 1,613,768
- --------------------------------------------------------------------------------
Pall Corp. 51,000 1,476,450
- --------------------------------------------------------------------------------
Penn Engineering &
Manufacturing Corp. 30,400 550,240
- --------------------------------------------------------------------------------
Reliance Steel &
Aluminum Co. 116,700 4,546,632
- --------------------------------------------------------------------------------
Robbins &
Myers, Inc. 20,000 476,600
- --------------------------------------------------------------------------------
SPX Corp. 55,300 2,215,318
- --------------------------------------------------------------------------------
Stewart & Stevenson
Services, Inc. 45,600 922,488
- --------------------------------------------------------------------------------
Terex Corp. 1 69,800 3,325,970
- --------------------------------------------------------------------------------
Thomas
Industries, Inc. 17,800 710,576
- --------------------------------------------------------------------------------
Timken Co. 66,400 1,727,728
- --------------------------------------------------------------------------------
Titan
International, Inc. 62,200 939,220
- --------------------------------------------------------------------------------
Toro Co. (The) 95,200 7,744,520
- --------------------------------------------------------------------------------
Wabash
National Corp. 1 105,800 2,849,194
- --------------------------------------------------------------------------------
Wabtec Corp. 103,900 2,215,148
-------------
99,656,797
- --------------------------------------------------------------------------------
MARINE--0.2%
Alexander &
Baldwin, Inc. 52,600 2,231,292
- --------------------------------------------------------------------------------
Kirby Corp. 1 48,000 2,130,240
- --------------------------------------------------------------------------------
UTI Worldwide, Inc. 400 27,208
-------------
4,388,740
- --------------------------------------------------------------------------------
ROAD & RAIL--2.0%
Amerco, Inc. 1 4,100 188,518
- --------------------------------------------------------------------------------
Arkansas Best Corp. 140,600 6,311,534
- --------------------------------------------------------------------------------
CNF
Transportation, Inc. 77,200 3,867,720
- --------------------------------------------------------------------------------
Florida East Coast
Industries, Inc., Cl. A 30,400 1,371,040
- --------------------------------------------------------------------------------
Genesee & Wyoming,
Inc., Cl. A 1 152,300 4,284,199
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
ROAD & RAIL Continued
Heartland
Express, Inc. 167,250 $ 3,758,108
- --------------------------------------------------------------------------------
Hunt (J.B.) Transport
Services, Inc. 40,200 1,802,970
- --------------------------------------------------------------------------------
Kansas
City Southern 1 60,200 1,067,346
- --------------------------------------------------------------------------------
Knight
Transportation, Inc. 32,100 796,080
- --------------------------------------------------------------------------------
Laidlaw
International, Inc. 1 180,900 3,871,260
- --------------------------------------------------------------------------------
Landstar
System, Inc. 1 11,500 846,860
- --------------------------------------------------------------------------------
Marten
Transport Ltd. 1 18,900 429,597
- --------------------------------------------------------------------------------
Mullen
Transportation, Inc. 60,200 2,504,670
- --------------------------------------------------------------------------------
Old Dominion
Freight Line, Inc. 1 10,550 367,140
- --------------------------------------------------------------------------------
Overnite Corp. 27,900 1,038,996
- --------------------------------------------------------------------------------
Pacer
International, Inc. 1 100,300 2,132,378
- --------------------------------------------------------------------------------
RailAmerica, Inc. 1 16,400 214,020
- --------------------------------------------------------------------------------
SCS
Transportation, Inc. 1 92,299 2,157,028
- --------------------------------------------------------------------------------
Swift Transportation
Co., Inc. 1 283,600 6,091,728
- --------------------------------------------------------------------------------
U.S. Xpress
Enterprises, Inc.,
Cl. A 1 95,500 2,798,150
- --------------------------------------------------------------------------------
USF Corp. 61,700 2,341,515
- --------------------------------------------------------------------------------
Werner
Enterprises, Inc. 185,500 4,199,720
-------------
52,440,577
- --------------------------------------------------------------------------------
TRADING COMPANIES & DISTRIBUTORS--0.5%
Aceto Corp. 41,900 797,776
- --------------------------------------------------------------------------------
Applied Industrial
Technologies, Inc. 161,700 4,430,580
- --------------------------------------------------------------------------------
Hughes Supply, Inc. 59,300 1,918,355
- --------------------------------------------------------------------------------
Lawson
Products, Inc. 5,600 282,408
- --------------------------------------------------------------------------------
MSC Industrial
Direct Co., Inc., Cl. A 34,500 1,241,310
36 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
TRADING COMPANIES & DISTRIBUTORS Continued
UAP Holding Corp. 1 198,100 $ 3,421,187
- --------------------------------------------------------------------------------
W.W. Grainger, Inc. 28,100 1,872,022
-------------
13,963,638
- --------------------------------------------------------------------------------
TRANSPORTATION INFRASTRUCTURE--0.1%
Macquarie
Infrastructure
Co. Trust 1 87,000 2,553,450
- --------------------------------------------------------------------------------
INFORMATION TECHNOLOGY--21.0%
- --------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT--2.9%
3Com Corp. 1 183,600 765,612
- --------------------------------------------------------------------------------
ADTRAN, Inc. 87,100 1,667,094
- --------------------------------------------------------------------------------
Airspan
Networks, Inc. 1 61,800 335,574
- --------------------------------------------------------------------------------
Anaren
Microwave, Inc. 1 82,200 1,065,312
- --------------------------------------------------------------------------------
Aspect
Communications
Corp. 1 188,311 2,097,785
- --------------------------------------------------------------------------------
Audiovox
Corp., Cl. A 1 47,300 746,394
- --------------------------------------------------------------------------------
Bel Fuse, Inc. 2,200 74,338
- --------------------------------------------------------------------------------
Black Box Corp. 86,800 4,168,136
- --------------------------------------------------------------------------------
Brocade
Communications
Systems, Inc. 1 655,900 5,011,076
- --------------------------------------------------------------------------------
Brooktrout, Inc. 1 37,400 449,174
- --------------------------------------------------------------------------------
C-COR.net Corp. 1 64,300 597,990
- --------------------------------------------------------------------------------
Carrier Access Corp. 1 25,100 268,068
- --------------------------------------------------------------------------------
Ciena Corp. 1 722,600 2,413,484
- --------------------------------------------------------------------------------
CommScope, Inc. 1 91,600 1,731,240
- --------------------------------------------------------------------------------
Comtech
Telecommunications
Corp. 1 27,700 1,041,797
- --------------------------------------------------------------------------------
Comverse
Technology, Inc. 1 141,400 3,457,230
- --------------------------------------------------------------------------------
Digi
International, Inc. 1 207,709 3,570,518
- --------------------------------------------------------------------------------
Ditech
Communications
Corp. 1 222,300 3,323,385
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT Continued
Eagle
Broadband, Inc. 1 414,800 $ 273,768
- --------------------------------------------------------------------------------
Extreme
Networks, Inc. 1 317,600 2,080,280
- --------------------------------------------------------------------------------
F5 Networks, Inc. 1 35,300 1,719,816
- --------------------------------------------------------------------------------
Finisar Corp. 1 557,230 1,270,484
- --------------------------------------------------------------------------------
Foundry
Networks, Inc. 1 30,800 405,328
- --------------------------------------------------------------------------------
Harmonic, Inc. 1 193,000 1,609,620
- --------------------------------------------------------------------------------
Harris Corp. 29,600 1,828,984
- --------------------------------------------------------------------------------
Inter-Tel, Inc. 48,600 1,330,668
- --------------------------------------------------------------------------------
InterDigital
Communications
Corp. 1 10,500 232,050
- --------------------------------------------------------------------------------
McDATA
Corp., Cl. A 1 132,200 787,912
- --------------------------------------------------------------------------------
Mobility
Electronics, Inc. 1 119,500 1,025,310
- --------------------------------------------------------------------------------
MRV
Communications,
Inc. 1 162,200 595,274
- --------------------------------------------------------------------------------
Netgear, Inc. 1 144,200 2,622,998
- --------------------------------------------------------------------------------
NMS
Communications
Corp. 1 282,100 1,780,051
- --------------------------------------------------------------------------------
Optical
Communication
Products, Inc. 1 5,000 12,500
- --------------------------------------------------------------------------------
Packeteer, Inc. 1 162,900 2,353,905
- --------------------------------------------------------------------------------
Paradyne
Networks, Inc. 1 260,801 936,276
- --------------------------------------------------------------------------------
Performance
Technologies, Inc. 1 126,500 1,176,450
- --------------------------------------------------------------------------------
Plantronics, Inc. 15,400 638,638
- --------------------------------------------------------------------------------
Polycom, Inc. 1 127,200 2,966,304
- --------------------------------------------------------------------------------
Powerwave
Technologies, Inc. 1 227,100 1,925,808
- --------------------------------------------------------------------------------
QLogic Corp. 1 20,500 752,965
- --------------------------------------------------------------------------------
REMEC, Inc. 1 115,900 835,639
- --------------------------------------------------------------------------------
Scientific-
Atlanta, Inc. 34,700 1,145,447
37 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT Continued
SeaChange
International, Inc. 1 164,800 $ 2,874,112
- --------------------------------------------------------------------------------
Sonus
Networks, Inc. 1 333,200 1,909,236
- --------------------------------------------------------------------------------
SpectraLink Corp. 69,600 986,928
- --------------------------------------------------------------------------------
Superior Essex, Inc. 1 24,500 460,478
- --------------------------------------------------------------------------------
Sycamore
Networks, Inc. 1 450,700 1,829,842
- --------------------------------------------------------------------------------
Symmetricom, Inc. 1 360,200 3,497,542
- --------------------------------------------------------------------------------
Tellabs, Inc. 1 182,400 1,566,816
- --------------------------------------------------------------------------------
ViaSat, Inc. 1 5,800 140,766
-------------
76,356,402
- --------------------------------------------------------------------------------
COMPUTERS & PERIPHERALS--1.3%
ActivCard Corp. 1 36,200 322,180
- --------------------------------------------------------------------------------
Advanced Digital
Information Corp. 1 51,700 518,034
- --------------------------------------------------------------------------------
Avid
Technology, Inc. 1 30,800 1,901,900
- --------------------------------------------------------------------------------
Electronics for
Imaging, Inc. 1 145,700 2,536,637
- --------------------------------------------------------------------------------
Hutchinson
Technology, Inc. 1 60,500 2,091,485
- --------------------------------------------------------------------------------
InFocus Corp. 1 217,800 1,995,048
- --------------------------------------------------------------------------------
Maxtor Corp. 1 411,100 2,178,830
- --------------------------------------------------------------------------------
NCR Corp. 1 40,100 2,776,123
- --------------------------------------------------------------------------------
Novatel
Wireless, Inc. 1 104,800 2,031,024
- --------------------------------------------------------------------------------
Overland
Storage, Inc. 1 19,400 323,786
- --------------------------------------------------------------------------------
PalmOne, Inc. 1 31,600 996,980
- --------------------------------------------------------------------------------
Pinnacle
Systems, Inc. 1 285,100 1,739,110
- --------------------------------------------------------------------------------
Presstek, Inc. 1 82,000 793,760
- --------------------------------------------------------------------------------
Quantum Corp. 1 247,200 647,664
- --------------------------------------------------------------------------------
Rimage Corp. 1 6,600 105,996
- --------------------------------------------------------------------------------
SBS
Technologies, Inc. 1 86,401 1,206,158
- --------------------------------------------------------------------------------
Silicon
Graphics, Inc. 1 1,074,200 1,858,366
- --------------------------------------------------------------------------------
SimpleTech, Inc. 1 130,000 598,000
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMPUTERS & PERIPHERALS Continued
Storage
Technology Corp. 1 85,500 $ 2,702,655
- --------------------------------------------------------------------------------
Stratasys, Inc. 1 44,100 1,479,996
- --------------------------------------------------------------------------------
Synaptics, Inc. 1 48,500 1,483,130
- --------------------------------------------------------------------------------
Western
Digital Corp. 1 210,600 2,282,904
- --------------------------------------------------------------------------------
Xybernaut Corp. 1 262,200 322,506
-------------
32,892,272
- --------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS--3.5%
Agilysys, Inc. 223,900 3,837,646
- --------------------------------------------------------------------------------
Amphenol
Corp., Cl. A 1 59,400 2,182,356
- --------------------------------------------------------------------------------
Anixter
International, Inc. 84,100 3,026,759
- --------------------------------------------------------------------------------
AVX Corp. 170,000 2,142,000
- --------------------------------------------------------------------------------
BEI
Technologies, Inc. 97,800 3,020,064
- --------------------------------------------------------------------------------
Belden CDT, Inc. 108,500 2,517,200
- --------------------------------------------------------------------------------
Brightpoint, Inc. 1 185,200 3,618,808
- --------------------------------------------------------------------------------
Cogent, Inc. 1 7,300 240,900
- --------------------------------------------------------------------------------
Cognex Corp. 134,367 3,748,839
- --------------------------------------------------------------------------------
Coherent, Inc. 1 58,300 1,774,652
- --------------------------------------------------------------------------------
CTS Corp. 16,700 221,943
- --------------------------------------------------------------------------------
CyberOptics Corp. 1 18,100 269,147
- --------------------------------------------------------------------------------
Daktronics, Inc. 1 28,300 704,387
- --------------------------------------------------------------------------------
Dionex Corp. 1 72,600 4,114,242
- --------------------------------------------------------------------------------
Electro Scientific
Industries, Inc. 1 144,200 2,849,392
- --------------------------------------------------------------------------------
Excel
Technology, Inc. 1 16,200 421,200
- --------------------------------------------------------------------------------
GTSI Corp. 1 5,200 54,652
- --------------------------------------------------------------------------------
Hypercom Corp. 1 227,300 1,345,616
- --------------------------------------------------------------------------------
Identix, Inc. 1 351,700 2,595,546
- --------------------------------------------------------------------------------
Ingram
Micro, Inc., Cl. A 1 80,600 1,676,480
- --------------------------------------------------------------------------------
Jabil Circuit, Inc. 1 59,000 1,509,220
- --------------------------------------------------------------------------------
Keithley
Instruments, Inc. 89,800 1,769,060
- --------------------------------------------------------------------------------
Kemet Corp. 1 193,200 1,729,140
38 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS Continued
Landauer, Inc. 2,400 $ 109,680
- --------------------------------------------------------------------------------
LeCroy Corp. 1 18,020 420,587
- --------------------------------------------------------------------------------
Littlefuse, Inc. 1 86,800 2,965,088
- --------------------------------------------------------------------------------
LoJack Corp. 1 66,700 809,071
- --------------------------------------------------------------------------------
Maxwell
Technologies, Inc. 1 18,400 186,576
- --------------------------------------------------------------------------------
Measurement
Specialties, Inc. 1 52,600 1,339,196
- --------------------------------------------------------------------------------
Mettler-Toledo
International, Inc. 1 35,700 1,831,767
- --------------------------------------------------------------------------------
MTS Systems Corp. 77,000 2,603,370
- --------------------------------------------------------------------------------
Park
Electrochemical
Corp. 58,600 1,270,448
- --------------------------------------------------------------------------------
Paxar Corp. 1 263,700 5,846,229
- --------------------------------------------------------------------------------
PC Connection, Inc. 1 70,300 669,256
- --------------------------------------------------------------------------------
Photon
Dynamics, Inc. 1 71,300 1,731,164
- --------------------------------------------------------------------------------
Planar Systems, Inc. 1 110,600 1,242,038
- --------------------------------------------------------------------------------
Rofin-Sinar
Technologies, Inc. 1 22,200 942,390
- --------------------------------------------------------------------------------
Sanmina-SCI Corp. 1 197,900 1,676,213
- --------------------------------------------------------------------------------
ScanSource, Inc. 1 39,800 2,473,968
- --------------------------------------------------------------------------------
Solectron Corp. 1 21,900 116,727
- --------------------------------------------------------------------------------
SpatiaLight, Inc. 1 83,200 744,640
- --------------------------------------------------------------------------------
Symbol
Technologies, Inc. 21,400 370,220
- --------------------------------------------------------------------------------
Taser
International, Inc. 1 107,400 3,392,766
- --------------------------------------------------------------------------------
Tech Data Corp. 1 93,300 4,235,820
- --------------------------------------------------------------------------------
Tektronix, Inc. 2,600 78,546
- --------------------------------------------------------------------------------
Trimble
Navigation Ltd. 1 104,400 3,449,376
- --------------------------------------------------------------------------------
TTM
Technologies, Inc. 1 100,400 1,184,720
- --------------------------------------------------------------------------------
UNOVA, Inc. 1 85,500 2,162,295
- --------------------------------------------------------------------------------
Veeco
Instruments, Inc. 1 31,400 661,598
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS Continued
Viisage
Technology, Inc. 1 270,600 $ 2,438,106
- --------------------------------------------------------------------------------
Zygo Corp. 1 51,700 609,543
-------------
90,930,647
- --------------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES--2.3%
Akamai
Technologies, Inc. 1 69,400 904,282
- --------------------------------------------------------------------------------
Aladdin Knowledge
Systems Ltd. 1 18,500 457,875
- --------------------------------------------------------------------------------
AsiaInfo
Holdings, Inc. 1 165,800 988,168
- --------------------------------------------------------------------------------
Chordiant
Software, Inc. 1 243,600 555,408
- --------------------------------------------------------------------------------
CMGI, Inc. 1 756,900 1,930,095
- --------------------------------------------------------------------------------
Corillian Corp. 1 299,680 1,474,426
- --------------------------------------------------------------------------------
Covansys Corp. 1 78,000 1,193,400
- --------------------------------------------------------------------------------
CyberSource Corp. 1 207,291 1,482,131
- --------------------------------------------------------------------------------
Digital River, Inc. 1 26,300 1,094,343
- --------------------------------------------------------------------------------
DoubleClick, Inc. 1 373,600 2,906,608
- --------------------------------------------------------------------------------
EarthLink, Inc. 1 609,900 7,026,048
- --------------------------------------------------------------------------------
Embarcadero
Technologies, Inc. 1 77,319 727,572
- --------------------------------------------------------------------------------
HouseValues, Inc. 1 24,200 363,484
- --------------------------------------------------------------------------------
InfoSpace, Inc. 1 76,800 3,651,840
- --------------------------------------------------------------------------------
Internet
Capital Group, Inc. 1 93,000 837,000
- --------------------------------------------------------------------------------
Internet Security
Systems, Inc. 1 139,500 3,243,375
- --------------------------------------------------------------------------------
Interwoven, Inc. 1 188,400 2,049,792
- --------------------------------------------------------------------------------
Ivillage, Inc. 1 283,700 1,753,266
- --------------------------------------------------------------------------------
Keynote
Systems, Inc. 1 36,900 513,648
- --------------------------------------------------------------------------------
Lionbridge
Technologies, Inc. 1 19,900 133,728
- --------------------------------------------------------------------------------
LookSmart Ltd. 1 347,300 760,587
- --------------------------------------------------------------------------------
MarketWatch, Inc. 1 9,700 174,600
- --------------------------------------------------------------------------------
MatrixOne, Inc. 1 141,900 929,445
- --------------------------------------------------------------------------------
MicroStrategy,
Inc., Cl. A 1 16,400 988,100
- --------------------------------------------------------------------------------
NetRatings, Inc. 1 37,000 709,290
39 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES Continued
OpenTV Corp. 1 117,800 $ 452,352
- --------------------------------------------------------------------------------
PEC Solutions, Inc. 1 24,400 345,748
- --------------------------------------------------------------------------------
Retek, Inc. 1 229,300 1,410,195
- --------------------------------------------------------------------------------
S1 Corp. 1 290,500 2,631,930
- --------------------------------------------------------------------------------
Selectica, Inc. 1 42,300 151,434
- --------------------------------------------------------------------------------
SonicWALL, Inc. 1 428,700 2,709,384
- --------------------------------------------------------------------------------
SupportSoft, Inc. 1 109,400 728,604
- --------------------------------------------------------------------------------
United Online, Inc. 1 382,150 4,406,190
- --------------------------------------------------------------------------------
ValueClick, Inc. 1 270,200 3,601,766
- --------------------------------------------------------------------------------
VeriSign, Inc. 1 46,000 1,541,920
- --------------------------------------------------------------------------------
WebEx
Communications,
Inc. 1 5,700 135,546
- --------------------------------------------------------------------------------
webMethods, Inc. 1 50,200 361,942
- --------------------------------------------------------------------------------
Websense, Inc. 1 68,400 3,469,248
-------------
58,794,770
- --------------------------------------------------------------------------------
IT SERVICES--1.8%
Acxiom Corp. 209,600 5,512,480
- --------------------------------------------------------------------------------
Alliance Data
Systems Corp. 1 21,800 1,035,064
- --------------------------------------------------------------------------------
American
Software, Inc. 38,000 229,140
- --------------------------------------------------------------------------------
Answerthink, Inc. 1 133,600 622,576
- --------------------------------------------------------------------------------
Anteon
International Corp. 1 18,100 757,666
- --------------------------------------------------------------------------------
Aquantive, Inc. 1 53,600 479,184
- --------------------------------------------------------------------------------
BISYS Group,
Inc. (The) 1 148,400 2,441,180
- --------------------------------------------------------------------------------
CheckFree Corp. 1 77,200 2,939,776
- --------------------------------------------------------------------------------
Convergys Corp. 1 107,800 1,615,922
- --------------------------------------------------------------------------------
CSG Systems
International, Inc. 1 177,000 3,309,900
- --------------------------------------------------------------------------------
eFunds Corp. 1 186,700 4,482,667
- --------------------------------------------------------------------------------
Euronet
Worldwide, Inc. 1 50,400 1,311,408
- --------------------------------------------------------------------------------
Information
Resources, Inc. 1 76,300 77,063
- --------------------------------------------------------------------------------
infoUSA, Inc. 1 225,468 2,522,987
- --------------------------------------------------------------------------------
Integral Systems, Inc. 1,300 25,285
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
IT SERVICES Continued
iPayment
Holdings, Inc. 1 31,200 $ 1,545,024
- --------------------------------------------------------------------------------
Keane, Inc. 1 20,300 298,410
- --------------------------------------------------------------------------------
Lawson
Software, Inc. 1 302,071 2,075,228
- --------------------------------------------------------------------------------
Manhattan
Associates, Inc. 1 2,900 69,252
- --------------------------------------------------------------------------------
ManTech
International Corp. 1 29,800 707,452
- --------------------------------------------------------------------------------
MPS Group, Inc. 1 175,500 2,151,630
- --------------------------------------------------------------------------------
NetScout
Systems, Inc. 1 2,500 17,450
- --------------------------------------------------------------------------------
Pegasus
Solutions, Inc. 1 36,700 462,420
- --------------------------------------------------------------------------------
Perot Systems
Corp., Cl. A 1 38,600 618,758
- --------------------------------------------------------------------------------
RightNow
Technologies, Inc. 1 58,000 936,700
- --------------------------------------------------------------------------------
Sabre
Holdings Corp. 79,800 1,768,368
- --------------------------------------------------------------------------------
Sapient Corp. 1 481,600 3,809,456
- --------------------------------------------------------------------------------
SRA International,
Inc., Cl. A 1 20,600 1,322,520
- --------------------------------------------------------------------------------
SS&C
Technologies, Inc. 100,850 2,082,553
- --------------------------------------------------------------------------------
Startek, Inc. 54,600 1,553,370
- --------------------------------------------------------------------------------
TNS, Inc. 1 11,700 255,645
-------------
47,036,534
- --------------------------------------------------------------------------------
OFFICE ELECTRONICS--0.0%
TransAct
Technologies, Inc. 1 40,950 874,692
- --------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--4.6%
Actel Corp. 1 119,500 2,096,030
- --------------------------------------------------------------------------------
ADE Corp. 1 55,300 1,035,216
- --------------------------------------------------------------------------------
Advanced Energy
Industries, Inc. 1 168,400 1,537,492
- --------------------------------------------------------------------------------
Agere Systems,
Inc., Cl. A 1 1,017,600 1,394,112
- --------------------------------------------------------------------------------
Applied Micro
Circuits Corp. 1 912,000 3,839,520
40 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
Continued
Atheros
Communications,
Inc. 1 59,419 $ 609,045
- --------------------------------------------------------------------------------
Atmel Corp. 1 1,385,900 5,432,728
- --------------------------------------------------------------------------------
ATMI, Inc. 1 145,100 3,269,103
- --------------------------------------------------------------------------------
Axcelis
Technologies, Inc. 1 372,900 3,031,677
- --------------------------------------------------------------------------------
Cabot
Microelectronics
Corp. 1 73,200 2,931,660
- --------------------------------------------------------------------------------
Cascade
Microtech, Inc. 1 62,000 832,040
- --------------------------------------------------------------------------------
Cirrus Logic, Inc. 1 361,300 1,990,763
- --------------------------------------------------------------------------------
Cohu, Inc. 65,000 1,206,400
- --------------------------------------------------------------------------------
Cree, Inc. 1 122,200 4,897,776
- --------------------------------------------------------------------------------
Cymer, Inc. 1 46,000 1,358,840
- --------------------------------------------------------------------------------
Cypress
Semiconductor
Corp. 1 85,300 1,000,569
- --------------------------------------------------------------------------------
Diodes, Inc. 1 99,404 2,249,513
- --------------------------------------------------------------------------------
DSP Group, Inc. 1 133,091 2,971,922
- --------------------------------------------------------------------------------
Entegris, Inc. 1 99,200 987,040
- --------------------------------------------------------------------------------
Exar Corp. 1 59,700 847,143
- --------------------------------------------------------------------------------
Fairchild
Semiconductor
International,
Inc., Cl. A 1 133,700 2,173,962
- --------------------------------------------------------------------------------
FormFactor, Inc. 1 64,900 1,761,386
- --------------------------------------------------------------------------------
Genesis
Microchip, Inc. 1 16,200 262,764
- --------------------------------------------------------------------------------
Helix
Technology Corp. 136,000 2,365,040
- --------------------------------------------------------------------------------
Integrated Circuit
Systems, Inc. 1 89,600 1,874,432
- --------------------------------------------------------------------------------
Integrated Device
Technology, Inc. 1 294,800 3,407,888
- --------------------------------------------------------------------------------
International
Rectifier Corp. 1 10,400 463,528
- --------------------------------------------------------------------------------
Intersil Corp., Cl. A 212,300 3,553,902
- --------------------------------------------------------------------------------
Kopin Corp. 1 130,700 505,809
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
Continued
Kulicke & Soffa
Industries, Inc. 1 134,400 $ 1,158,528
- --------------------------------------------------------------------------------
Lam Research Corp. 1 59,600 1,723,036
- --------------------------------------------------------------------------------
Lattice
Semiconductor
Corp. 1 355,700 2,027,490
- --------------------------------------------------------------------------------
LSI Logic Corp. 1 476,700 2,612,316
- --------------------------------------------------------------------------------
MEMC Electronic
Materials, Inc. 1 141,600 1,876,200
- --------------------------------------------------------------------------------
Micrel, Inc. 1 492,200 5,424,044
- --------------------------------------------------------------------------------
Microsemi Corp. 1 338,500 5,876,360
- --------------------------------------------------------------------------------
Microtune, Inc. 1 303,700 1,855,607
- --------------------------------------------------------------------------------
Mindspeed
Technologies, Inc. 1 97,200 270,216
- --------------------------------------------------------------------------------
MIPS Technologies,
Inc., Cl. A 1 147,000 1,447,950
- --------------------------------------------------------------------------------
Monolithic System
Technology, Inc. 1 12,500 77,875
- --------------------------------------------------------------------------------
Mykrolis Corp. 1 200,200 2,836,834
- --------------------------------------------------------------------------------
Nanometrics, Inc. 1 46,300 746,310
- --------------------------------------------------------------------------------
OmniVision
Technologies, Inc. 1 17,500 321,125
- --------------------------------------------------------------------------------
PDF Solutions, Inc. 1 41,000 660,510
- --------------------------------------------------------------------------------
Photronics, Inc. 1 165,800 2,735,700
- --------------------------------------------------------------------------------
Pixelworks, Inc. 1 83,300 944,622
- --------------------------------------------------------------------------------
PLX
Technology, Inc. 1 57,400 596,960
- --------------------------------------------------------------------------------
PMC-Sierra, Inc. 1 159,600 1,795,500
- --------------------------------------------------------------------------------
Rambus, Inc. 1 85,200 1,959,600
- --------------------------------------------------------------------------------
RF Micro
Devices, Inc. 1 72,700 497,268
- --------------------------------------------------------------------------------
Rudolph
Technologies, Inc. 1 89,400 1,534,998
- --------------------------------------------------------------------------------
Semtech Corp. 1 50,900 1,113,183
- --------------------------------------------------------------------------------
Sigmatel, Inc. 1 60,200 2,138,906
- --------------------------------------------------------------------------------
Silicon Image, Inc. 1 257,601 4,240,112
- --------------------------------------------------------------------------------
Silicon Storage
Technology, Inc. 1 485,100 2,886,345
- --------------------------------------------------------------------------------
Siliconix, Inc. 1 1,362 49,699
41 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
Continued
Skyworks
Solutions, Inc. 1 165,500 $ 1,560,665
- --------------------------------------------------------------------------------
Standard
Microsystems Corp. 1 39,100 697,153
- --------------------------------------------------------------------------------
Supertex, Inc. 1 3,800 82,460
- --------------------------------------------------------------------------------
Teradyne, Inc. 1 71,800 1,225,626
- --------------------------------------------------------------------------------
Tessera
Technologies, Inc. 1 58,800 2,187,948
- --------------------------------------------------------------------------------
Trident
Microsystems, Inc. 1 68,000 1,136,960
- --------------------------------------------------------------------------------
Ultra Clean
Holdings, Inc. 1 36,100 218,766
- --------------------------------------------------------------------------------
Ultratech, Inc. 1 83,100 1,566,435
- --------------------------------------------------------------------------------
Varian
Semiconductor
Equipment
Associates, Inc. 1 25,000 921,250
- --------------------------------------------------------------------------------
Virage Logic Corp. 1 75,600 1,403,892
-------------
120,295,749
- --------------------------------------------------------------------------------
SOFTWARE--4.6%
Activision, Inc. 1 127,350 2,569,923
- --------------------------------------------------------------------------------
Actuate Corp. 1 69,400 176,970
- --------------------------------------------------------------------------------
Advent
Software, Inc. 1 47,900 980,992
- --------------------------------------------------------------------------------
Agile
Software Corp. 1 53,600 437,912
- --------------------------------------------------------------------------------
Amdocs Ltd. 1 29,000 761,250
- --------------------------------------------------------------------------------
Ansoft Corp. 1 48,800 985,760
- --------------------------------------------------------------------------------
Ansys, Inc. 1 192,800 6,181,168
- --------------------------------------------------------------------------------
Ascential
Software Corp. 1 84,300 1,374,933
- --------------------------------------------------------------------------------
Aspen
Technology, Inc. 1 69,200 429,732
- --------------------------------------------------------------------------------
Autodesk, Inc. 31,400 1,191,630
- --------------------------------------------------------------------------------
BEA Systems, Inc. 1 172,200 1,525,692
- --------------------------------------------------------------------------------
Blackbaud, Inc. 1 7,900 115,656
- --------------------------------------------------------------------------------
BMC Software, Inc. 1 130,300 2,423,580
- --------------------------------------------------------------------------------
Borland
Software Corp. 1 264,200 3,085,856
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SOFTWARE Continued
Cadence Design
Systems, Inc. 1 25,100 $ 346,631
- --------------------------------------------------------------------------------
Catapult
Communications
Corp. 1 78,000 1,884,480
- --------------------------------------------------------------------------------
CCC Information
Services Group, Inc. 1 4,400 97,724
- --------------------------------------------------------------------------------
Cognos, Inc. 1 32,400 1,427,544
- --------------------------------------------------------------------------------
Compuware Corp. 1 268,700 1,738,489
- --------------------------------------------------------------------------------
Concur
Technologies, Inc. 1 7,100 63,261
- --------------------------------------------------------------------------------
E.piphany, Inc. 1 103,800 501,354
- --------------------------------------------------------------------------------
Entrust
Technologies, Inc. 1 262,000 992,980
- --------------------------------------------------------------------------------
ePlus, inc. 1 21,300 251,553
- --------------------------------------------------------------------------------
FactSet Research
Systems, Inc. 63,000 3,681,720
- --------------------------------------------------------------------------------
Fair Isaac Corp. 55,400 2,032,072
- --------------------------------------------------------------------------------
FileNet Corp. 1 79,000 2,035,040
- --------------------------------------------------------------------------------
Hyperion
Solutions Corp. 1 28,000 1,305,360
- --------------------------------------------------------------------------------
Informatica Corp. 1 227,200 1,844,864
- --------------------------------------------------------------------------------
InterVoice-Brite, Inc. 1 152,900 2,041,215
- --------------------------------------------------------------------------------
JDA Software
Group, Inc. 1 16,700 227,454
- --------------------------------------------------------------------------------
Kronos, Inc. 1 72,800 3,722,264
- --------------------------------------------------------------------------------
Macromedia, Inc. 1 62,300 1,938,776
- --------------------------------------------------------------------------------
Macrovision Corp. 1 114,000 2,932,080
- --------------------------------------------------------------------------------
Manugistics
Group, Inc. 1 183,200 525,784
- --------------------------------------------------------------------------------
McAfee, Inc. 1 94,100 2,722,313
- --------------------------------------------------------------------------------
Micromuse, Inc. 1 204,100 1,132,755
- --------------------------------------------------------------------------------
MICROS
Systems, Inc. 1 18,200 1,420,692
- --------------------------------------------------------------------------------
Midway Games, Inc. 1 78,300 822,150
- --------------------------------------------------------------------------------
Mobius
Management
Systems, Inc. 1 49,400 358,348
- --------------------------------------------------------------------------------
MRO Software, Inc. 1 69,300 902,286
- --------------------------------------------------------------------------------
MSC.Software Corp. 1 7,400 77,478
42 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SOFTWARE Continued
NetIQ Corp. 1 140,700 $ 1,717,947
- --------------------------------------------------------------------------------
Open Solutions, Inc. 1 6,800 176,528
- --------------------------------------------------------------------------------
OPNET
Technologies, Inc. 1 18,700 157,454
- --------------------------------------------------------------------------------
PalmSource, Inc. 1 54,996 700,649
- --------------------------------------------------------------------------------
Parametric
Technology Corp. 1 1,144,700 6,742,283
- --------------------------------------------------------------------------------
Pervasive
Software, Inc. 1 2,700 13,095
- --------------------------------------------------------------------------------
Progress
Software Corp. 1 19,900 464,665
- --------------------------------------------------------------------------------
Quality
Systems, Inc. 1 36,500 2,182,700
- --------------------------------------------------------------------------------
Quest Software, Inc. 1 26,800 427,460
- --------------------------------------------------------------------------------
RSA Security, Inc. 1 218,600 4,385,116
- --------------------------------------------------------------------------------
Siebel Systems, Inc. 1 92,500 971,250
- --------------------------------------------------------------------------------
SoftBrands, Inc. 1 23,613 51,949
- --------------------------------------------------------------------------------
Sonic Solutions, Inc. 1 76,300 1,712,172
- --------------------------------------------------------------------------------
Sybase, Inc. 1 339,700 6,777,015
- --------------------------------------------------------------------------------
Synopsys, Inc. 1 104,400 2,048,328
- --------------------------------------------------------------------------------
Synplicity, Inc. 1 14,000 82,880
- --------------------------------------------------------------------------------
Take-Two Interactive
Software, Inc. 1 127,200 4,425,288
- --------------------------------------------------------------------------------
THQ, Inc. 1 194,200 4,454,948
- --------------------------------------------------------------------------------
TIBCO
Software, Inc. 1 543,300 7,247,622
- --------------------------------------------------------------------------------
Transaction Systems
Architects, Inc., Cl. A 1 67,931 1,348,430
- --------------------------------------------------------------------------------
Ulticom, Inc. 1 135,949 2,179,262
- --------------------------------------------------------------------------------
Verint Systems, Inc. 1 34,100 1,238,853
- --------------------------------------------------------------------------------
Verity, Inc. 1 134,900 1,769,888
- --------------------------------------------------------------------------------
Wind River Systems,
Inc. 1 436,500 5,914,575
- --------------------------------------------------------------------------------
Witness
Systems, Inc. 1 186,600 3,258,036
-------------
119,716,114
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
MATERIALS--7.1%
- --------------------------------------------------------------------------------
CHEMICALS--2.4%
Agrium, Inc. 79,500 $ 1,339,575
- --------------------------------------------------------------------------------
Albemarle Corp. 43,400 1,680,014
- --------------------------------------------------------------------------------
American
Vanguard Corp. 10,050 369,639
- --------------------------------------------------------------------------------
Arch Chemicals, Inc. 86,200 2,480,836
- --------------------------------------------------------------------------------
Cabot Corp. 130,800 5,059,344
- --------------------------------------------------------------------------------
Cambrex Corp. 31,000 840,100
- --------------------------------------------------------------------------------
Compass Minerals
International, Inc. 147,300 3,569,079
- --------------------------------------------------------------------------------
Crompton Corp. 209,000 2,466,200
- --------------------------------------------------------------------------------
Cytec Industries, Inc. 30,600 1,573,452
- --------------------------------------------------------------------------------
Eastman
Chemical Co. 34,200 1,974,366
- --------------------------------------------------------------------------------
Engelhard Corp. 28,100 861,827
- --------------------------------------------------------------------------------
FMC Corp. 1 135,600 6,549,480
- --------------------------------------------------------------------------------
Fuller (H.B.) Co. 36,500 1,040,615
- --------------------------------------------------------------------------------
Georgia Gulf Corp. 115,400 5,746,920
- --------------------------------------------------------------------------------
Great Lakes
Chemical Corp. 107,100 3,051,279
- --------------------------------------------------------------------------------
Hercules, Inc. 1 18,500 274,725
- --------------------------------------------------------------------------------
MacDermid, Inc. 134,500 4,855,450
- --------------------------------------------------------------------------------
Material
Sciences Corp. 1 4,300 77,357
- --------------------------------------------------------------------------------
Minerals
Technologies, Inc. 18,500 1,233,950
- --------------------------------------------------------------------------------
Mosaic Co. (The) 1 60,100 980,832
- --------------------------------------------------------------------------------
OM Group, Inc. 1 77,300 2,506,066
- --------------------------------------------------------------------------------
Omnova
Solutions, Inc. 1 40,100 225,362
- --------------------------------------------------------------------------------
PolyOne Corp. 1 170,100 1,541,106
- --------------------------------------------------------------------------------
Schulman (A.), Inc. 51,800 1,109,038
- --------------------------------------------------------------------------------
Scotts Co. (The),
Cl. A 1 34,100 2,507,032
- --------------------------------------------------------------------------------
Stepan Co. 16,300 397,068
- --------------------------------------------------------------------------------
Terra Industries, Inc. 1 441,000 3,916,080
- --------------------------------------------------------------------------------
Valspar Corp. (The) 8,000 400,080
- --------------------------------------------------------------------------------
W.R. Grace & Co. 1 186,300 2,535,543
43 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
CHEMICALS Continued
Westlake
Chemical Corp. 65,100 $ 2,174,340
-------------
63,336,755
- --------------------------------------------------------------------------------
CONSTRUCTION MATERIALS--0.6%
AMCOL
International Corp. 60,100 1,207,409
- --------------------------------------------------------------------------------
Eagle Materials, Inc. 68,000 5,871,800
- --------------------------------------------------------------------------------
Eagle Materials,
Inc., Cl. B 1,300 109,590
- --------------------------------------------------------------------------------
Florida Rock
Industries, Inc. 17,300 1,029,869
- --------------------------------------------------------------------------------
Martin Marietta
Materials, Inc. 58,200 3,123,012
- --------------------------------------------------------------------------------
Texas Industries, Inc. 38,300 2,389,154
- --------------------------------------------------------------------------------
Vulcan Materials Co. 30,100 1,643,761
-------------
15,374,595
- --------------------------------------------------------------------------------
CONTAINERS & PACKAGING--1.3%
AptarGroup, Inc. 43,600 2,301,208
- --------------------------------------------------------------------------------
Ball Corp. 22,400 985,152
- --------------------------------------------------------------------------------
Bemis Co., Inc. 11,200 325,808
- --------------------------------------------------------------------------------
Caraustar
Industries, Inc. 1 55,800 938,556
- --------------------------------------------------------------------------------
Crown
Holdings, Inc. 1 389,200 5,347,608
- --------------------------------------------------------------------------------
Graphic
Packaging Corp. 1 108,900 784,080
- --------------------------------------------------------------------------------
Greif, Inc., Cl. A 98,200 5,499,200
- --------------------------------------------------------------------------------
Longview Fibre Co. 81,800 1,483,852
- --------------------------------------------------------------------------------
Owens-Illinois, Inc. 1 200,000 4,530,000
- --------------------------------------------------------------------------------
Packaging
Corp. of America 20,200 475,710
- --------------------------------------------------------------------------------
Packaging
Dynamics Corp. 8,280 119,232
- --------------------------------------------------------------------------------
Pactiv Corp. 1 24,100 609,489
- --------------------------------------------------------------------------------
Rock-Tenn Co., Cl. A 69,100 1,047,556
- --------------------------------------------------------------------------------
Silgan Holdings, Inc. 119,100 7,260,336
- --------------------------------------------------------------------------------
Smurfit-Stone
Container Corp. 51,800 967,624
-------------
32,675,411
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
METALS & MINING--2.0%
AK Steel
Holding Corp. 1 499,600 $ 7,229,212
- --------------------------------------------------------------------------------
Aleris
International, Inc. 1 40,900 692,028
- --------------------------------------------------------------------------------
Amerigo
Resources Ltd. 1 279,600 450,384
- --------------------------------------------------------------------------------
Brush Engineered
Materials, Inc. 1 65,500 1,211,750
- --------------------------------------------------------------------------------
Carpenter
Technology Corp. 71,100 4,156,506
- --------------------------------------------------------------------------------
Castle (A.M.) & Co. 1 43,500 519,390
- --------------------------------------------------------------------------------
Cleveland-Cliffs, Inc. 27,000 2,804,220
- --------------------------------------------------------------------------------
Commercial
Metals Co. 41,700 2,108,352
- --------------------------------------------------------------------------------
Dynatec Corp. 1 1,276,100 1,171,565
- --------------------------------------------------------------------------------
FNX
Mining Co., Inc. 1 232,800 1,006,472
- --------------------------------------------------------------------------------
Foundation Coal
Holdings, Inc. 1 42,900 989,274
- --------------------------------------------------------------------------------
Goldcorp, Inc. 68,500 1,032,517
- --------------------------------------------------------------------------------
Inmet Mining Corp. 1 136,200 2,448,565
- --------------------------------------------------------------------------------
Massey Energy Co. 38,500 1,345,575
- --------------------------------------------------------------------------------
Meridian Gold, Inc. 1 38,700 734,497
- --------------------------------------------------------------------------------
Metal
Management, Inc. 103,500 2,781,045
- --------------------------------------------------------------------------------
Olympic Steel, Inc. 1 106,400 2,820,664
- --------------------------------------------------------------------------------
Oregon
Steel Mills, Inc. 1 104,200 2,114,218
- --------------------------------------------------------------------------------
Quanex Corp. 3,500 239,995
- --------------------------------------------------------------------------------
Roanoke
Electric Steel Corp. 5,800 119,892
- --------------------------------------------------------------------------------
RTI International
Metals, Inc. 1 35,100 720,954
- --------------------------------------------------------------------------------
Ryerson Tull, Inc. 143,500 2,260,125
- --------------------------------------------------------------------------------
Southern
Peru Copper Corp. 41,700 1,968,657
- --------------------------------------------------------------------------------
Steel Dynamics, Inc. 29,400 1,113,672
- --------------------------------------------------------------------------------
Steel
Technologies, Inc. 48,219 1,326,505
- --------------------------------------------------------------------------------
Stillwater
Mining Co. 1 114,700 1,291,522
44 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
METALS & MINING Continued
Titanium
Metals Corp. 1 33,800 $ 815,932
- --------------------------------------------------------------------------------
United States
Steel Corp. 34,600 1,773,250
- --------------------------------------------------------------------------------
Wheaton River
Minerals Ltd. 1 383,900 1,249,601
- --------------------------------------------------------------------------------
Wheeling-
Pittsburgh Corp. 1 28,100 1,082,974
- --------------------------------------------------------------------------------
Worthington
Industries, Inc. 157,800 3,089,724
-------------
52,669,037
- --------------------------------------------------------------------------------
PAPER & FOREST PRODUCTS--0.8%
Bowater, Inc. 31,100 1,367,467
- --------------------------------------------------------------------------------
Buckeye
Technologies, Inc. 1 64,200 835,242
- --------------------------------------------------------------------------------
Deltic Timber Corp. 4,300 182,535
- --------------------------------------------------------------------------------
Glatfelter 143,700 2,195,736
- --------------------------------------------------------------------------------
Louisiana-
Pacific Corp. 106,100 2,837,114
- --------------------------------------------------------------------------------
Neenah Paper, Inc. 1 72,900 2,376,540
- --------------------------------------------------------------------------------
Pope & Talbot, Inc. 150,400 2,573,344
- --------------------------------------------------------------------------------
Potlatch Corp. 126,300 6,388,254
- --------------------------------------------------------------------------------
Wausau-Mosinee
Paper Corp. 104,400 1,864,584
-------------
20,620,816
- --------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES--1.0%
- --------------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION SERVICES--0.3%
Alaska
Communications
Systems Group, Inc. 1 61,300 529,019
- --------------------------------------------------------------------------------
Arbinet
Holdings, Inc. 1 44,400 1,103,340
- --------------------------------------------------------------------------------
AXXENT, Inc. 1,3 100,000 --
- --------------------------------------------------------------------------------
CenturyTel, Inc. 58,500 2,074,995
- --------------------------------------------------------------------------------
Commonwealth
Telephone
Enterprises, Inc. 1 900 44,694
- --------------------------------------------------------------------------------
Crown Castle
International Corp. 1 39,900 663,936
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION SERVICES Continued
CT
Communications,
Inc. 41,500 $ 510,450
- --------------------------------------------------------------------------------
D&E
Communications,
Inc. 4,000 48,200
- --------------------------------------------------------------------------------
Iowa
Telecommunications
Services, Inc. 1 82,700 1,783,839
- --------------------------------------------------------------------------------
North Pittsburgh
Systems, Inc. 64,600 1,597,558
- --------------------------------------------------------------------------------
Shenandoah
Telecommunications
Co. 5,200 155,740
- --------------------------------------------------------------------------------
Time Warner
Telecom, Inc., Cl. A 1 18,700 81,532
-------------
8,593,303
- --------------------------------------------------------------------------------
WIRELESS TELECOMMUNICATION SERVICES--0.7%
@Road, Inc. 1 111,100 767,701
- --------------------------------------------------------------------------------
AirGate PCS, Inc. 1 18,800 669,280
- --------------------------------------------------------------------------------
Alamosa
Holdings, Inc. 1 191,100 2,383,017
- --------------------------------------------------------------------------------
Boston
Communications
Group, Inc. 1 22,200 205,128
- --------------------------------------------------------------------------------
InPhonic, Inc. 1 38,100 1,046,988
- --------------------------------------------------------------------------------
Nextel
Partners, Inc., Cl. A 1 78,700 1,537,798
- --------------------------------------------------------------------------------
Price
Communications
Corp. 36,500 678,535
- --------------------------------------------------------------------------------
SBA
Communications
Corp. 1 193,000 1,791,040
- --------------------------------------------------------------------------------
Telephone & Data
Systems, Inc. 16,300 1,254,285
- --------------------------------------------------------------------------------
UbiquiTel, Inc. 1 636,000 4,528,320
- --------------------------------------------------------------------------------
United States
Cellular Corp. 1 25,000 1,119,000
- --------------------------------------------------------------------------------
USA Mobility, Inc. 1 66,000 2,330,460
-------------
18,311,552
45 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
UTILITIES--1.6%
- --------------------------------------------------------------------------------
ELECTRIC UTILITIES--1.2%
ALLETE, Inc. 63,300 $ 2,326,275
- --------------------------------------------------------------------------------
Aquila, Inc. 1 470,800 1,737,252
- --------------------------------------------------------------------------------
Calpine Corp. 1 340,400 1,341,176
- --------------------------------------------------------------------------------
Canadian Hydro
Developers, Inc. 1 406,000 1,148,721
- --------------------------------------------------------------------------------
CH Energy
Group, Inc. 81,200 3,901,660
- --------------------------------------------------------------------------------
CMS Energy Corp. 1 515,500 5,386,975
- --------------------------------------------------------------------------------
Duquesne Light
Holdings, Inc. 900 16,965
- --------------------------------------------------------------------------------
El Paso Electric Co. 1 63,400 1,200,796
- --------------------------------------------------------------------------------
Green Mountain
Power Corp. 12,800 369,024
- --------------------------------------------------------------------------------
IDACORP, Inc. 159,700 4,882,029
- --------------------------------------------------------------------------------
Northeast
Utilities Co. 59,300 1,117,805
- --------------------------------------------------------------------------------
NRG Energy, Inc. 1 15,800 569,590
- --------------------------------------------------------------------------------
Ormat
Technologies, Inc. 1 224,600 3,656,488
- --------------------------------------------------------------------------------
PNM Resources, Inc. 125,100 3,163,779
- --------------------------------------------------------------------------------
Reliant Energy, Inc. 1 33,400 455,910
---------------
31,274,445
- --------------------------------------------------------------------------------
GAS UTILITIES--0.3%
Atmos Energy Corp. 90,700 2,480,645
- --------------------------------------------------------------------------------
Chesapeake
Utilities Corp. 15,600 416,520
- --------------------------------------------------------------------------------
Energen Corp. 27,200 1,603,426
- --------------------------------------------------------------------------------
Laclede Group,
Inc. (The) 8,000 249,200
- --------------------------------------------------------------------------------
New Jersey
Resources Corp. 12,500 541,750
- --------------------------------------------------------------------------------
Nicor, Inc. 18,400 679,696
- --------------------------------------------------------------------------------
ONEOK, Inc. 22,200 630,924
- --------------------------------------------------------------------------------
Southwest Gas Corp. 29,800 756,920
- --------------------------------------------------------------------------------
WGL Holdings, Inc. 2,800 86,352
---------------
7,445,433
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
MULTI-UTILITIES & UNREGULATED POWER--0.1%
Dynegy, Inc. 1 104,900 $ 484,638
- --------------------------------------------------------------------------------
Energy East Corp. 14,200 378,856
- --------------------------------------------------------------------------------
Sierra
Pacific Resources 1 184,200 1,934,100
---------------
2,797,594
---------------
Total Common Stocks
(Cost $2,070,741,232) 2,580,486,218
- --------------------------------------------------------------------------------
PREFERRED STOCKS--0.0%
- --------------------------------------------------------------------------------
Simon Property
Group Inc., 6% Cv.,
Non-Vtg.
(Cost $93,170) 1,740 103,043
UNITS
- --------------------------------------------------------------------------------
RIGHTS, WARRANTS AND CERTIFICATES--0.0%
- --------------------------------------------------------------------------------
Timco Aviation
Services, Inc. Wts.,
Exp. 2/28/07 1,3
(Cost $0) 3,661 37
PRINCIPAL
AMOUNT
- --------------------------------------------------------------------------------
NON-CONVERTIBLE CORPORATE BONDS AND
NOTES--0.0%
- --------------------------------------------------------------------------------
Mueller Industries,
Inc., 6% Sub. Nts.,
11/1/14 $ 655,000 645,175
- --------------------------------------------------------------------------------
Timco Aviation
Services, Inc., 8%
Sub. Nts., 1/2/07 3,4 3,969 278
---------------
Total Non-
Convertible
Corporate Bonds
and Notes (Cost $657,052) 645,453
46 | OPPENHEIMER MAIN STREET SMALL CAP FUND
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
JOINT REPURCHASE AGREEMENTS--0.8%
- --------------------------------------------------------------------------------
Undivided interest of 1.46% in joint
repurchase agreement (Principal Amount/
Value $1,443,703,000, with a maturity value
of $1,443,962,867) with UBS Warburg LLC,
2.16%, dated 12/31/04, to be repurchased
at $21,124,802 on 1/3/05, collateralized by
Federal National Mortgage Assn., 5%--6%,
4/1/34--10/1/34, with a value of
1,474,609,071
(Cost $21,121,000) $21,121,000 $ 21,121,000
- --------------------------------------------------------------------------------
Total Investments, at value (excluding
Investments Purchased with Cash
Collateral from Securities Loaned)
(Cost $2,092,612,454) 2,602,355,751
- --------------------------------------------------------------------------------
INVESTMENTS PURCHASED WITH CASH COLLATERAL
FROM SECURITIES LOANED--21.4%
- --------------------------------------------------------------------------------
ASSET BACKED FLOATING NOTE--1.3%
Money Market Trust,
Series A, 2.478%,
1/18/05 5 7,000,000 7,000,000
- --------------------------------------------------------------------------------
Whitehawk CDO
Funding Corp.,
2.56%, 3/15/05 5 27,000,000 27,000,000
-----------------
34,000,000
- --------------------------------------------------------------------------------
FUNDING AGREEMENT/GIC--0.7%
Protective Life
Insurance Co.,
2.25%, 1/31/05 5 18,000,000 18,000,000
- --------------------------------------------------------------------------------
MASTER FLOATING NOTES--1.5%
Bear Stearns,
2.493%, 1/3/05 5 17,000,000 17,000,000
- --------------------------------------------------------------------------------
Merrill Lynch
Mortgage Capital,
2.413%, 1/3/05 5 21,000,000 21,000,000
-----------------
38,000,000
- --------------------------------------------------------------------------------
MEDIUM-TERM FLOATING NOTE--4.5%
American Express
Credit Corp., 2.45%
Nts., Series B,
1/11/05 5 4,000,530 4,000,530
American Express
Credit Corp., 2.432%
Sr. Nts., 1/18/05 5 20,028,750 20,028,750
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
MEDIUM-TERM FLOATING NOTE Continued
CIT Group, Inc.,
2.187% Sr. Nts.,
1/31/05 5 $ 13,852,762 $ 13,852,762
- --------------------------------------------------------------------------------
Countrywide Home
Loans, Inc., 2.436%
Unsec. Unsub. Nts.,
Series M, 2/22/05 5 11,998,956 11,998,956
Countrywide Home
Loans, Inc., 2.11%
Nts., Series L,
1/18/05 5 11,759,145 11,759,145
- --------------------------------------------------------------------------------
Deutsche
Bank AG (New
York), 2.208%
Deposit Nts.,
1/14/05 5 24,000,000 24,000,000
- --------------------------------------------------------------------------------
General Electric
Capital Corp.,
2.443% Nts.,
1/3/05 5 10,027,734 10,027,734
- --------------------------------------------------------------------------------
Morgan Stanley,
2.365% Sr. Nts.,
1/3/05 5 22,000,000 22,000,000
-----------------
117,667,877
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS--9.2%
Undivided interest of 33.33% in joint
repurchase agreement (Principal Amount/
Value $300,000,000, with a maturity value
of $300,059,063) with CDC Financial
Products, Inc., 2.3625%, dated 12/31/04,
to be repurchased at $100,019,688 on
1/3/05, collateralized by AAA Asset-Backed
Securities, 0%-4.725%, 10/15/08-
2/15/34, with a value
of $315,062,016 5 100,000,000 100,000,000
- --------------------------------------------------------------------------------
Undivided interest of 5.03% in joint
repurchase agreement (Principal Amount/
Value $2,800,000,000, with a maturity value
of $2,800,550,669) with Nomura Securities,
2.36%, dated 12/31/04, to be repurchased
at $140,974,504 on 1/3/05, collateralized
by U.S. Government Mortgage
Agencies, 2.58%-7.50%, 1/15/08-
10/15/44, with a value
of $2,908,566,289 5 140,946,784 140,946,784
-----------------
240,946,784
47 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
TIME DEPOSIT--0.7%
Bank Nederlandse
Gemeenten BNG,
1.929%, 1/31/05 5 $18,000,000 $ 18,000,000
- --------------------------------------------------------------------------------
U.S. AGENCIES--2.4%
Federal Home Loan
Mortgage Corp.,
2.415% Unsec. Nts.,
3/9/05 5 37,000,000 37,000,000
- --------------------------------------------------------------------------------
Federal National
Mortgage Assn.,
2.021% Unsec. Nts.,
1/21/05 5 24,983,640 24,983,640
---------------
61,983,640
- --------------------------------------------------------------------------------
YANKEE FLOATING CERTIFICATE OF DEPOSIT--1.1%
BNP Paribas (NY
Branch), 2.336%
Deposit Nts.,
1/3/05 5 20,107,500 20,107,500
- --------------------------------------------------------------------------------
Natexis Banque NY,
2.193% Deposit
Nts., 1/3/05 5 9,996,000 9,996,000
---------------
30,103,500
---------------
Total Investments Purchased with
Cash Collateral from Securities
Loaned
(Cost $558,701,801) 558,701,801
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS,
AT VALUE
(COST $2,651,314,255) 121.2% $ 3,161,057,552
- --------------------------------------------------------------------------------
LIABILITIES IN EXCESS
OF OTHER ASSETS (21.2) (553,461,951)
----------------------------------
NET ASSETS 100.0% $ 2,607,595,601
==================================
FOOTNOTES TO STATEMENT OF INVESTMENTS
1. Non-income producing security.
2. Represents securities sold under Rule 144A, which are exempt from
registration under the Securities Act of 1933, as amended. These securities have
been determined to be liquid under guidelines established by the Board of
Trustees. These securities amount to $698,973 or 0.03% of the Fund's net assets
as of December 31, 2004.
3. Illiquid or restricted security. The aggregate value of illiquid or
restricted securities as of December 31, 2004 was $1,402,556, which represents
0.05% of the Fund's net assets, of which $1,402,241 is considered restricted.
See Note 6 of Notes to Financial Statements.
4. Interest or dividend is paid-in-kind.
5. The security has been segregated to satisfy the forward commitment to return
the cash collateral received in securities lending transactions upon the
borrower's return of the securities loaned. See Note 7 of Notes to Financial
Statements.
6. The Fund holds securities which have been issued by the same entity and that
trade on separate exchanges.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
48 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF ASSETS AND LIABILITIES Unaudited
- ------------------------------------------------------------------------------------------------
December 31, 2004
- ------------------------------------------------------------------------------------------------
ASSETS
- ------------------------------------------------------------------------------------------------
Investments, at value (including securities loaned of $546,079,426)
(cost $2,651,314,255)--see accompanying statement of investments $3,161,057,552
- ------------------------------------------------------------------------------------------------
Cash 1,661,185
- ------------------------------------------------------------------------------------------------
Receivables and other assets:
Investments sold 6,212,509
Shares of beneficial interest sold 5,706,931
Interest and dividends 1,357,526
Other 16,749
---------------
Total assets 3,176,012,452
- ------------------------------------------------------------------------------------------------
LIABILITIES
- ------------------------------------------------------------------------------------------------
Return of collateral for securities loaned 558,701,801
- ------------------------------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased 3,706,025
Shares of beneficial interest redeemed 3,641,920
Distribution and service plan fees 1,459,979
Transfer and shareholder servicing agent fees 561,457
Shareholder communications 238,508
Trustees' compensation 26,144
Other 81,017
----------------
Total liabilities 568,416,851
- ------------------------------------------------------------------------------------------------
NET ASSETS $ 2,607,595,601
================
- ------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- ------------------------------------------------------------------------------------------------
Par value of shares of beneficial interest $ 132,128
- ------------------------------------------------------------------------------------------------
Additional paid-in capital 2,018,861,417
- ------------------------------------------------------------------------------------------------
Accumulated net investment loss (6,736,408)
- ------------------------------------------------------------------------------------------------
Accumulated net realized gain on investments and foreign currency 85,594,187
transactions
- ------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments and translation of assets and
liabilities denominated in foreign currencies 509,744,277
----------------
NET ASSETS $ 2,607,595,601
================
49 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF ASSETS AND LIABILITIES Unaudited / Continued
- ------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- ------------------------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$1,418,136,794 and 70,611,164 shares of beneficial interest outstanding) $20.08
Maximum offering price per share (net asset value plus sales charge of
5.75% of offering price) $21.31
- ------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $534,005,789
and 27,844,051 shares of beneficial interest outstanding) $19.18
- ------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $473,645,731
and 24,642,727 shares of beneficial interest outstanding) $19.22
- ------------------------------------------------------------------------------------------------
Class N Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $111,806,585
and 5,635,635 shares of beneficial interest outstanding) $19.84
- ------------------------------------------------------------------------------------------------
Class Y Shares:
Net asset value, redemption price and offering price per share (based on
net assets of $70,000,702 and 3,394,370 shares of beneficial interest outstanding) $20.62
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
50 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF OPERATIONS Unaudited
- ------------------------------------------------------------------------------
For the Six Months Ended December 31, 2004
- ------------------------------------------------------------------------------
INVESTMENT INCOME
- ------------------------------------------------------------------------------
Dividends (net of foreign withholding taxes of $34,041) $10,127,591
- ------------------------------------------------------------------------------
Portfolio lending fees 652,556
- ------------------------------------------------------------------------------
Interest 424,033
------------
Total investment income 11,204,180
- ------------------------------------------------------------------------------
EXPENSES
- ------------------------------------------------------------------------------
Management fees 7,170,418
- ------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 1,515,407
Class B 2,391,702
Class C 2,062,026
Class N 232,818
- ------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 1,733,439
Class B 704,003
Class C 488,619
Class N 189,210
Class Y 10,531
- ------------------------------------------------------------------------------
Shareholder communications:
Class A 113,879
Class B 104,935
Class C 50,477
Class N 5,187
- ------------------------------------------------------------------------------
Custodian fees and expenses 24,730
- ------------------------------------------------------------------------------
Trustees' compensation 21,668
- ------------------------------------------------------------------------------
Other 76,658
------------
Total expenses 16,895,707
Less reduction to custodian expenses (5,306)
Less payments and waivers of expenses (28,930)
------------
Net expenses 16,861,471
- ------------------------------------------------------------------------------
NET INVESTMENT LOSS (5,657,291)
51 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF OPERATIONS Unaudited / Continued
- ---------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
- ---------------------------------------------------------------------------------------
Net realized gain on:
Investments $208,071,690
Foreign currency transactions 976,555
-------------
Net realized gain 209,048,245
- ---------------------------------------------------------------------------------------
Net change in unrealized appreciation on:
Investments 100,550,662
Translation of assets and liabilities denominated in foreign currencies (1,979,500)
-------------
Net change in unrealized appreciation 98,571,162
- ---------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $301,962,116
=============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
52 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR
DECEMBER 31, ENDED
2004 JUNE 30,
(UNAUDITED) 2004
- ---------------------------------------------------------------------------------------------------
OPERATIONS
- ---------------------------------------------------------------------------------------------------
Net investment loss $ (5,657,291) $ (13,738,873)
- ---------------------------------------------------------------------------------------------------
Net realized gain 209,048,245 267,310,051
- ---------------------------------------------------------------------------------------------------
Net change in unrealized appreciation 98,571,162 168,751,120
-----------------------------------
Net increase in net assets resulting from operations 301,962,116 422,322,298
- ---------------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- ---------------------------------------------------------------------------------------------------
Distributions from net realized gain:
Class A (125,308,831) --
Class B (49,477,346) --
Class C (43,436,980) --
Class N (10,035,671) --
Class Y (5,774,095) --
- ---------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- ---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from beneficial interest
transactions:
Class A 201,261,329 378,933,360
Class B 40,810,488 44,527,545
Class C 61,113,712 81,015,380
Class N 24,121,737 27,655,726
Class Y 51,492,640 4,356,492
- ---------------------------------------------------------------------------------------------------
NET ASSETS
- ---------------------------------------------------------------------------------------------------
Total increase 446,729,099 958,810,801
- ---------------------------------------------------------------------------------------------------
Beginning of period 2,160,866,502 1,202,055,701
-----------------------------------
End of period (including accumulated net investment
loss of $6,736,408 and $1,079,117, respectively) $ 2,607,595,601 $ 2,160,866,502
===================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
53 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR
DECEMBER 31, ENDED
2004 JUNE 30,
CLASS A (UNAUDITED) 2004 2003 2002 2001 2000 1
- ------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 19.52 $ 14.78 $ 15.12 $ 15.02 $ 14.77 $ 10.00
- ------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment loss (.03) 2 (.10) (.08) (.08) (.08) (.06)
Net realized and unrealized gain
(loss) 2.55 4.84 (.26) .19 1.12 4.85
----------------------------------------------------------------------------------
Total from investment operations 2.52 4.74 (.34) .11 1.04 4.79
- ------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Distributions from net realized gain (1.96) -- -- (.01) (.79) (.02)
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 20.08 $ 19.52 $ 14.78 $ 15.12 $ 15.02 $ 14.77
==================================================================================
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 3 13.32% 32.07% (2.25)% 0.71% 7.66% 47.98%
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in
thousands) $1,418,137 $1,177,389 $584,052 $512,337 $294,780 $141,721
- ------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $1,218,244 $ 904,397 $490,057 $386,221 $205,916 $ 75,295
- ------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment loss (0.20)% (0.42)% (0.59)% (0.50)% (0.60)% (0.82)%
Total expenses 1.20% 1.17% 1.39% 1.37% 1.28% 1.50%
Expenses after payments and
waivers and reduction to custodian
expenses N/A 5,6 N/A 5,6 1.36% N/A 5 N/A 5 N/A 5
- ------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 75% 127% 117% 134% 181% 108%
1. For the period from August 2, 1999 (commencement of operations) to June 30,
2000.
2. Per share amounts calculated based on the average shares outstanding during
the period.
3. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods 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.
4. Annualized for periods of less than one full year.
5. Reduction to custodian expenses less than 0.01%.
6. Voluntary waiver of transfer agent fees less than 0.01%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
54 | OPPENHEIMER MAIN STREET SMALL CAP FUND
SIX MONTHS
ENDED YEAR
DECEMBER 31, ENDED
2004 JUNE 30,
CLASS B (UNAUDITED) 2004 2003 2002 2001 2000 1
- ----------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ----------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 18.79 $ 14.35 $ 14.79 $ 14.80 $ 14.68 $ 10.00
- ----------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment loss (.09) 2 (.20) (.14) (.12) (.14) (.11)
Net realized and unrealized
gain (loss) 2.44 4.64 (.30) .12 1.05 4.81
----------------------------------------------------------------------------------
Total from investment operations 2.35 4.44 (.44) -- .91 4.70
- ----------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Distributions from net realized gain (1.96) -- -- (.01) (.79) (.02)
- ----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 19.18 $ 18.79 $ 14.35 $ 14.79 $ 14.80 $ 14.68
==================================================================================
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 3 12.92% 30.94% (2.98)% (0.02)% 6.79% 47.08%
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in
thousands) $534,006 $482,028 $330,174 $285,102 $177,479 $ 99,060
- ----------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $476,303 $432,160 $268,057 $218,939 $128,350 $ 51,951
- ----------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment loss (0.99)% (1.26)% (1.34)% (1.25)% (1.36)% (1.53)%
Total expenses 1.98% 2.01% 2.21% 2.12% 2.05% 2.21%
Expenses after payments and
waivers and reduction to
custodian expenses N/A 5 N/A 5,6 2.11% N/A 5 N/A 5 N/A 5
- ----------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 75% 127% 117% 134% 181% 108%
1. For the period from August 2, 1999 (commencement of operations) to June 30,
2000.
2. Per share amounts calculated based on the average shares outstanding during
the period.
3. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods 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.
4. Annualized for periods of less than one full year.
5. Reduction to custodian expenses less than 0.01%.
6. Voluntary waiver of transfer agent fees less than 0.01%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
55 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FINANCIAL HIGHLIGHTS Continued
SIX MONTHS
ENDED YEAR
DECEMBER 31, ENDED
2004 JUNE 30,
CLASS C (UNAUDITED) 2004 2003 2002 2001 2000 1
- ---------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ---------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 18.82 $ 14.36 $ 14.79 $ 14.81 $ 14.68 $ 10.00
- ---------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment loss (.09) 2 (.17) (.13) (.10) (.13) (.10)
Net realized and unrealized
gain (loss) 2.45 4.63 (.30) .09 1.05 4.80
---------------------------------------------------------------------------------
Total from investment operations 2.36 4.46 (.43) (.01) .92 4.70
- ---------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Distributions from net realized
gain (1.96) -- -- (.01) (.79) (.02)
- ---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 19.22 $ 18.82 $ 14.36 $ 14.79 $ 14.81 $ 14.68
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 3 12.95% 31.06% (2.91)% (0.09)% 6.86% 47.08%
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in
thousands) $473,646 $402,056 $238,717 $186,108 $ 89,814 $ 43,695
- ---------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $410,652 $340,201 $186,380 $127,393 $ 60,762 $ 21,984
- ---------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment loss (0.91)% (1.17)% (1.30)% (1.23)% (1.36)% (1.54)%
Total expenses 1.91% 5,6 1.91% 5,6 2.07% 5 2.12% 5 2.05% 5 2.21% 5
- ---------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 75% 127% 117% 134% 181% 108%
1. For the period from August 2, 1999 (commencement of operations) to June 30,
2000.
2. Per share amounts calculated based on the average shares outstanding during
the period.
3. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods 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.
4. Annualized for periods of less than one full year.
5. Reduction to custodian expenses less than 0.01%.
6. Voluntary waiver of transfer agent fees less than 0.01%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
56 | OPPENHEIMER MAIN STREET SMALL CAP FUND
SIX MONTHS
ENDED YEAR
DECEMBER 31, ENDED
2004 JUNE 30,
CLASS N (UNAUDITED) 2004 2003 2002 2000 1
- -------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 19.33 $ 14.69 $ 15.05 $ 15.00 $ 13.53
- -------------------------------------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment loss (.05) 2 (.14) (.11) (.12) (.02)
Net realized and unrealized gain (loss) 2.52 4.78 (.25) .18 1.49
-------------------------------------------------------------
Total from investment operations 2.47 4.64 (.36) .06 1.47
- -------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Distributions from net realized gain (1.96) -- -- (.01) --
- -------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 19.84 $ 19.33 $ 14.69 $ 15.05 $ 15.00
=============================================================
- -------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 3 13.19% 31.59% (2.39)% 0.38% 10.87%
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $111,807 $ 84,678 $ 41,474 $ 14,557 $ 995
- -------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 92,811 $ 65,107 $ 24,417 $ 5,924 $ 445
- -------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment loss (0.50)% (0.77)% (0.83)% (0.66)% (0.76)%
Total expenses 1.56% 1.61% 1.64% 1.65% 1.59%
Expenses after payments and waivers and
reduction to custodian expenses 1.50% 1.52% 1.60% N/A 5 N/A 5
- -------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 75% 127% 117% 134% 181%
1. For the period from March 1, 2001 (commencement of operations) to June 30,
2001.
2. Per share amounts calculated based on the average shares outstanding during
the period.
3. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods 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.
4. Annualized for periods of less than one full year.
5. Reduction to custodian expenses less than 0.01%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
57 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FINANCIAL HIGHLIGHTS Continued
- ---------------------------------------------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR
DECEMBER 31, ENDED
2004 JUNE 30,
CLASS Y (UNAUDITED) 2004 2003 2002 2001 2000 1
- ---------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ---------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 19.94 $ 15.03 $ 15.27 $ 15.11 $ 14.82 $ 10.00
- ---------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) .04 2 (.03) (.07) (.10) (.05) (.04)
Net realized and unrealized gain (loss) 2.60 4.94 (.17) .27 1.13 4.88
---------------------------------------------------------------------------
Total from investment operations 2.64 4.91 (.24) .17 1.08 4.84
- ---------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Distributions from net realized gain (1.96) -- -- (.01) (.79) (.02)
- ---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 20.62 $ 19.94 $ 15.03 $ 15.27 $ 15.11 $ 14.82
===========================================================================
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 3 13.64% 32.67% (1.57)% 1.11% 7.90% 48.48%
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 70,001 $ 14,714 $ 7,637 $ 1,619 $ 2 $ 1
- ---------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 41,573 $ 11,428 $ 3,460 $ 813 $ 2 $ 1
- ---------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment income (loss) 0.36% 0.06% 0.00% 0.01% (0.23)% (0.37)%
Total expenses 0.70% 0.70% 0.79% 0.97% 0.89% 1.18%
Expenses after payments and waivers and
reduction to custodian expenses N/A 5 N/A 5 N/A 5 0.93% N/A 5 N/A
- ---------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 75% 127% 117% 134% 181% 108%
1. For the period from August 2, 1999 (commencement of operations) to June 30,
2000.
2. Per share amounts calculated based on the average shares outstanding during
the period.
3. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods 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.
4. Annualized for periods of less than one full year.
5. Reduction to custodian expenses less than 0.01%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
58 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Oppenheimer Main Street Small Cap Fund (the Fund) is an open-end
management investment company registered under the Investment Company Act of
1940, as amended. The Fund's investment objective is to seek capital
appreciation. The Fund's investment advisor is OppenheimerFunds, Inc. (the
Manager).
The Fund offers Class A, Class B, Class C, Class N and Class Y shares.
Class A shares are sold at their offering price, which is normally net asset
value plus a front-end sales charge. Class B, Class C and Class N shares are
sold without a front-end sales charge but may be subject to a contingent
deferred sales charge (CDSC). Class N shares are sold only through retirement
plans. Retirement plans that offer Class N shares may impose charges on those
accounts. Class Y shares are sold to certain institutional investors without
either a front-end sales charge or a CDSC, however, the institutional investor
may impose charges on those accounts. All classes of shares have identical
rights and voting privileges with respect to the Fund in general and exclusive
voting rights on matters that affect that class alone. Earnings, net assets and
net asset value per share may differ due to each class having its own expenses,
such as transfer and shareholder servicing agent fees and shareholder
communications, directly attributable to that class. Class A, B, C and N have
separate distribution and/or service plans. No such plan has been adopted for
Class Y shares. Class B shares will automatically convert to Class A shares 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.
Corporate, government and municipal debt instruments having a remaining maturity
in excess of 60 days and all mortgage-backed securities will be valued at the
mean between the "bid" and "asked" prices. 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
59 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
remaining maturities of sixty days or less are valued at amortized cost (which
approximates market value).
- --------------------------------------------------------------------------------
FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in
U.S. dollars. Prices of securities denominated in foreign currencies are
translated into U.S. dollars 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. 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
60 | OPPENHEIMER MAIN STREET SMALL CAP FUND
not offset by capital loss carryforwards, if any, to shareholders, therefore, no
federal income or excise tax provision is required.
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.
At December 31, 2004, the Fund did not utilize any capital loss
carryforward. During the year ended June 30, 2004, the Fund did utilize
$70,002,232 of capital loss carryforward to offset realized capital gains.
- --------------------------------------------------------------------------------
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 purchases shares of the funds selected for
deferral by the Trustee in amounts equal to his or her deemed investment,
resulting in a Fund asset equal to the deferred compensation liability. Such
assets are included as a component of "Other" within the asset section of the
Statement of Assets and Liabilities. Deferral of trustees' fees under the plan
will not affect the net assets of the Fund, and will not materially affect the
Fund's assets, liabilities or net investment income per share. Amounts will be
deferred until distributed in accordance to the 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.
- --------------------------------------------------------------------------------
CUSTODIAN FEES. Custodian Fees and Expenses in the Statement of Operations may
include interest expense incurred by the Fund on any cash overdrafts of its
custodian account during the period. Such cash overdrafts may result from the
effects of failed trades in portfolio securities and from cash outflows
resulting from unanticipated shareholder redemption activity. The Fund pays
interest to its custodian on such cash overdrafts at a rate equal to the Federal
Funds Rate plus 0.50%. The Reduction to Custodian Expenses line item, if
applicable, represents earnings on cash balances maintained by the Fund during
the period. Such interest expense and other custodian fees may be paid with
these earnings.
61 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
SECURITY TRANSACTIONS. Security transactions are recorded on the trade date.
Realized gains and losses on securities sold are determined on the basis of
identified cost.
- --------------------------------------------------------------------------------
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.
- --------------------------------------------------------------------------------
2. SHARES OF BENEFICIAL INTEREST
The Fund has authorized an unlimited number of $0.001 par value shares of
beneficial interest of each class. Transactions in shares of beneficial interest
were as follows:
SIX MONTHS ENDED DECEMBER 31, 2004 YEAR ENDED JUNE 30, 2004
SHARES AMOUNT SHARES AMOUNT
- --------------------------------------------------------------------------------------------------------
CLASS A
Sold 12,621,277 $ 245,125,728 32,939,499 $ 598,701,241
Dividends and/or
distributions reinvested 6,059,391 117,188,697 -- --
Redeemed (8,391,887) (161,053,096) (12,136,242) (219,767,881)
-------------------------------------------------------------------
Net increase 10,288,781 $ 201,261,329 20,803,257 $ 378,933,360
===================================================================
- --------------------------------------------------------------------------------------------------------
CLASS B
Sold 2,017,463 $ 37,604,672 6,984,210 $ 120,455,940
Dividends and/or
distributions reinvested 2,487,163 45,962,786 -- --
Redeemed (2,311,075) (42,756,970) (4,345,520) (75,928,395)
-------------------------------------------------------------------
Net increase 2,193,551 $ 40,810,488 2,638,690 $ 44,527,545
===================================================================
- --------------------------------------------------------------------------------------------------------
CLASS C
Sold 3,008,924 $ 56,092,847 8,263,691 $ 143,367,935
Dividends and/or
distributions reinvested 2,070,937 38,353,765 -- --
Redeemed (1,797,553) (33,332,900) (3,529,199) (62,352,555)
-------------------------------------------------------------------
Net increase 3,282,308 $ 61,113,712 4,734,492 $ 81,015,380
===================================================================
- --------------------------------------------------------------------------------------------------------
CLASS N
Sold 1,342,345 $ 25,923,166 2,411,657 $ 43,148,843
Dividends and/or
distributions reinvested 506,098 9,671,541 -- --
Redeemed (593,146) (11,472,970) (855,151) (15,493,117)
-------------------------------------------------------------------
Net increase 1,255,297 $ 24,121,737 1,556,506 $ 27,655,726
===================================================================
- --------------------------------------------------------------------------------------------------------
CLASS Y
Sold 2,619,302 $ 50,788,546 477,927 $ 8,743,537
Dividends and/or
distributions reinvested 290,730 5,773,898 -- --
Redeemed (253,468) (5,069,804) (248,379) (4,387,045)
-------------------------------------------------------------------
Net increase 2,656,564 $ 51,492,640 229,548 $ 4,356,492
===================================================================
62 | OPPENHEIMER MAIN STREET SMALL CAP FUND
- --------------------------------------------------------------------------------
3. PURCHASES AND SALES OF SECURITIES
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations, for the six months ended December 31, 2004, were
$1,845,936,078 and $1,677,036,963, 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.
- --------------------------------------------------------------------------------
TRANSFER AGENT FEES. OppenheimerFunds Services (OFS), a division of the Manager,
acts as the transfer and shareholder servicing agent for the Fund. The Fund pays
OFS a per account fee. For the six months ended December 31, 2004, the Fund paid
$2,994,053 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 and 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
63 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
each plan. If either the Class B, Class C or Class N plan is terminated by the
Fund or by the shareholders of a class, the Board of Trustees and its
independent trustees must determine whether the Distributor shall be entitled to
payment from the Fund of all or a portion of the service fee and/or asset-based
sales charge in respect to shares sold prior to the effective date of such
termination. The Distributor's aggregate uncompensated expenses under the plan
at December 31, 2004 for Class B, Class C and Class N shares were $6,902,649,
$4,474,906 and $1,216,699, respectively. Fees incurred by the Fund under the
plans are detailed in the Statement of Operations.
- -------------------------------------------------------------------------------
SALES CHARGES. Front-end sales charges and contingent deferred sales charges
(CDSC) do not represent expenses of the Fund. They are deducted from the
proceeds of sales of Fund shares prior to investment or from redemption proceeds
prior to remittance, as applicable. The sales charges retained by the
Distributor from the sale of shares and the CDSC retained by the Distributor on
the redemption of shares is shown in the table below for the period indicated.
CLASS A CLASS B CLASS C CLASS N
CLASS A CONTINGENT CONTINGENT CONTINGENT CONTINGENT
FRONT-END SALES DEFERRED SALES DEFERRED SALES DEFERRED SALES DEFERRED SALES
CHARGES CHARGES CHARGES CHARGES CHARGES
SIX MONTHS RETAINED BY RETAINED BY RETAINED BY RETAINED BY RETAINED BY
ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
- ----------------------------------------------------------------------------------------------------------
December 31, 2004 $543,591 $ 29,827 $349,122 $ 27,780 $23,315
- --------------------------------------------------------------------------------
PAYMENTS AND WAIVERS OF EXPENSES. OFS has voluntarily agreed to limit transfer
and shareholder servicing agent fees for all classes to 0.35% of average annual
net assets per class. During the six months ended December 31, 2004, OFS waived
$9, $4 and $28,917 for Class A, 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.
64 | OPPENHEIMER MAIN STREET SMALL CAP FUND
The Fund may realize a gain or loss upon the closing or settlement of the
foreign transaction. Contracts closed or settled with the same broker are
recorded as net realized gains or losses. Such realized gains and losses are
reported with all other foreign currency gains and losses in the Statement of
Operations.
As of December 31, 2004, the Fund had no outstanding foreign currency contracts.
- --------------------------------------------------------------------------------
6. ILLIQUID OR RESTRICTED SECURITIES
As of December 31, 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 will not invest 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.
Information concerning restricted securities is as follows:
VALUATION AS OF UNREALIZED
ACQUISITION DECEMBER 31, APPRECIATION
SECURITY DATES COST 2004 (DEPRECIATION)
- -------------------------------------------------------------------------------------------------------
Lightning Energy Ltd. 11/8/04 $691,667 $635,326 $ (56,341)
ProspEx Resources Ltd. 11/17/04 120,752 125,623 4,871
Tusk Energy Corp. 11/15/04 492,524 641,292 148,768
- --------------------------------------------------------------------------------
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 December 31, 2004,
the Fund had on loan securities valued at $546,079,426. Cash of $558,701,801 was
received as collateral for the loans, all of which was invested in approved
instruments.
65 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
8. LITIGATION
A consolidated amended complaint has been filed as putative derivative and class
actions against the Manager, OFS and the Distributor (collectively, the
"Oppenheimer defendants"), as well as 51 of the Oppenheimer funds (as "Nominal
Defendants") including the Fund, 31 present and former Directors or Trustees and
9 present and former officers of the funds. This complaint, filed in the U.S.
District Court for the Southern District of New York on January 10, 2005,
consolidates into a single action and amends six individual previously-filed
putative derivative and class action complaints. Like those prior complaints,
the complaint alleges that the Manager charged excessive fees for distribution
and other costs, improperly used assets of the funds in the form of directed
brokerage commissions and 12b-1 fees to pay brokers to promote sales of the
funds, and failed to properly disclose the use of assets of the funds to make
those payments in violation of the Investment Company Act of 1940 and the
Investment Advisers Act of 1940. Also, like those prior complaints, the
complaint further alleges that by permitting and/or participating in those
actions, the Directors/Trustees and the Officers breached their fiduciary duties
to shareholders of the funds under the Investment Company Act of 1940 and at
common law. The complaint seeks unspecified compensatory and punitive damages,
rescission of the funds' investment advisory agreements, an accounting of all
fees paid, and an award of attorneys' fees and litigation expenses.
The Oppenheimer defendants believe that the allegations contained in the
Complaints are without merit and that they, the funds named as Nominal
Defendants, and the Directors/Trustees of those funds have meritorious defenses
against the claims asserted. The Oppenheimer defendants intend to defend these
lawsuits vigorously and to contest any claimed liability, and they have retained
legal counsel to defend such suits. The Oppenheimer defendants believe that it
is premature to render any opinion as to the likelihood of an outcome
unfavorable to them and that no estimate can yet be made with any degree of
certainty as to the amount or range of any potential loss.
66 | OPPENHEIMER MAIN STREET SMALL CAP FUND
PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES;
UPDATES TO STATEMENTS OF INVESTMENTS Unaudited
- --------------------------------------------------------------------------------
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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.
The Fund files its complete schedule of portfolio holdings with the SEC
for the first quarter and the third quarter of each fiscal year on Form N-Q. The
Fund's Form N-Q filings are available on the SEC's website at
http://www.sec.gov. Those forms may be reviewed and copied at the SEC's Public
Reference Room in Washington D.C. Information on the operation of the Public
Reference Room may be obtained by calling 1-800-SEC-0330.
67 | OPPENHEIMER MAIN STREET SMALL CAP FUND
ITEM 2. CODE OF ETHICS
Not applicable to semiannual reports.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
Not applicable to semiannual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not applicable to semiannual reports.
ITEM 5. 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 registrant's Board of Trustees has established a Governance Committee,
one function of which is to create and oversee the process by which shareholders
can submit nominees for positions on the Board. The Governance Committee has not
yet adopted a charter, but anticipates that it will do so by the end of this
calendar year. The Committee has temporarily adopted the process previously
adopted by the Audit Committee regarding shareholder submission of nominees for
board positions. Shareholders may submit names of individuals, accompanied by
complete and properly supported resumes, for the Governance Committee's
consideration by mailing such information to the Committee in care of the Fund.
The Committee may consider such persons at such time as it meets to consider
possible nominees. The Committee, however, reserves solo discretion to determine
the candidates for trustees and independent trustees to recommend to the Board
and/or shareholders and may identify candidates other than those submitted by
Shareholders. The Committee may, but need not, consider the advice and
recommendation of the Manager and its affiliates in selecting nominees. The full
Board elects new trustees except for those instances when a shareholder vote is
required.
Shareholders who desire to communicate with the Board should address
correspondence to the Board of Trustees of the registrant, or to an individual
Trustee c/o the Secretary of the Fund at 6803 South Tucson Way, Centennial,
Colorado 80112 and may submit their correspondence electronically at
WWW.OPPENHEIMERFUNDS.COM under the caption "contact us." If your correspondence
is intended for a particular Trustee, please indicate the name of the Trustee
for whom it is intended. The sender should indicate in the address whether it is
intended for the entire board, the Independent Trustees as group, or to an
individual Trustee. The Governance Committee will consider if a different
process should be recommended to the Board.
ITEM 10. CONTROLS AND PROCEDURES
(a) Based on their evaluation of registrant's disclosure controls and
procedures (as defined in rule 30a-3(c) under the Investment Company
Act of 1940 (17 CFR 270.30a-3(c)) as of December 31, 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 changes in registrant's internal controls over
financial reporting that occurred during the registrant's last
fiscal quarter 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)(NOT
APPLICABLE TO SEMIANNUAL REPORTS)
(B) EXHIBITS ATTACHED HERETO. (ATTACH CERTIFICATIONS AS EXHIBITS)