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
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(Exact name of registrant as specified in charter)
6803 South Tucson Way, Centennial, Colorado 80112-3924
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(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
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Date of fiscal year end: June 30
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Date of reporting period: June 30, 2005
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ITEM 1. REPORTS TO STOCKHOLDERS.
TOP HOLDINGS AND ALLOCATIONS
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TOP TEN COMMON STOCK INDUSTRIES
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Health Care Providers & Services 6.4%
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Specialty Retail 6.4
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Oil & Gas 5.9
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Insurance 5.7
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Commercial Services & Supplies 5.3
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Commercial Banks 4.9
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Software 4.0
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Hotels, Restaurants & Leisure 3.7
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Semiconductors & Semiconductor Equipment 3.5
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Machinery 3.2
Portfolio holdings and allocations are subject to change. Percentages are as of
June 30, 2005, and are based on net assets.
TOP TEN COMMON STOCK HOLDINGS
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Parametric Technology Corp. 0.3%
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Pacific Capital Bancorp 0.3
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United Surgical Partners International, Inc. 0.3
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GATX Corp. 0.3
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Quanex Corp. 0.3
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CEC Entertainment, Inc. 0.3
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Wolverine World Wide, Inc. 0.3
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Longs Drug Stores, Inc. 0.3
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Sierra Health Services, Inc. 0.3
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Washington Group International, Inc. 0.3
For up-to-date Top 10 Fund holdings, please visit www.oppenheimerfunds.com.
Portfolio holdings and allocations are subject to change. Percentages are as of
June 30, 2005, and are based on net assets.
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7 | OPPENHEIMER MAIN STREET SMALL CAP FUND
TOP HOLDINGS AND ALLOCATIONS
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SECTOR ALLOCATION
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Consumer Discretionary 18.4%
Industrials 16.9
Financials 15.7
Information Technology 15.5
Health Care 11.6
Energy 8.5
Materials 6.1
Consumer Staples 3.9
Utilities 2.7
Telecommunication Services 0.7
Portfolio holdings and allocations are subject to change. Percentages are as of
June 30, 2005, and are based on total market value of investments.
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8 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FUND PERFORMANCE DISCUSSION
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HOW HAS THE FUND PERFORMED? BELOW IS A DISCUSSION BY OPPENHEIMERFUNDS, INC., OF
THE FUND'S PERFORMANCE DURING ITS FISCAL YEAR ENDED JUNE 30, 2005, FOLLOWED BY A
GRAPHICAL COMPARISON OF THE FUND'S PERFORMANCE TO AN APPROPRIATE BROAD-BASED
MARKET INDEX.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE. The Fund performed well during a
mostly favorable but highly volatile environment for small-cap stocks. A
consistent overweighting in the energy sector added to results, thanks to oil
prices remaining near record highs for much of the period. Strong stock
selection also helped performance. Individual holdings in economically sensitive
stocks--including selected names in the energy, materials, technology and health
care sectors--boosted returns. By contrast, the Fund's underweighting in real
estate securities detracted from relative performance. Although the real estate
holdings in the portfolio did very well, owning considerably less of this sector
than the benchmark had a negative impact on results.
In selecting small-cap stocks for the portfolio, we rely on a proprietary
quantitative stock-selection model that favors companies with relatively
inexpensive valuations that are displaying positive momentum. This model
considers a large number of macroeconomic and company-specific factors. For
example, it analyzes certain corporate actions--such as stock buybacks, company
acquisitions and dividend changes--that historically have occurred at certain
stages in the business cycle and which we have found to be predictive of future
stock returns. Although we don't profess to be able to forecast the economy or
overall market returns, we do rely on our model to help us anticipate which
stocks might perform well when they encounter a similar set of conditions today.
Past performance, of course, is no guarantee of future results.
We are continually seeking to improve and refine our model. During the
past year, for instance, we looked to enhance the model's ability to anticipate
seasonal market conditions. In prior periods, we noted that stocks tended to
perform better during the fourth quarter and that the Fund could do a better job
of capturing these gains. Specifically, we added a counterbalance to our model
so that it would be more likely to favor more volatile, higher growth stocks in
the fourth quarter. We predicted that this approach would enable our stocks to
have a more level playing field in our system. As a result, our recent
adjustments helped add to the Fund's performance during the reporting period. In
anticipation of times when the model does not work as well, however, we make
frequent adjustments to generate the best possible long-term performance for our
shareholders.
Our other significant strategic focus during the period was to continue to
shift the portfolio away from "micro caps"--the smallest of the small-cap
stocks--and toward companies with larger market capitalizations. For the past
five years, small caps have outperformed large caps, but our model detected that
this trend could be set for a reversal.
9 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FUND PERFORMANCE DISCUSSION
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Although small caps continued their outperformance during the period, their
recent strong momentum began to weaken as the year went on. Accordingly, we sold
some of our micro-cap holdings and reinvested the proceeds in mid-cap stocks.
COMPARING THE FUND'S PERFORMANCE TO THE MARKET. The graphs that follow show the
performance of a hypothetical $10,000 investment in each class of shares of the
Fund held until June 30, 2005. In the case of Class A, Class B, Class C and
Class Y shares, performance is measured from inception of the classes on August
2, 1999. In the case of Class N shares, performance is measured from inception
of the class on March 1, 2001. The Fund's performance reflects the deduction of
the maximum initial sales charge on Class A shares, the applicable contingent
deferred sales charge on Class B, Class C and Class N shares, and reinvestments
of all dividends and capital gains distributions. Past performance cannot
guarantee future results.
The Fund's performance is compared to the performance of the Russell 2000
Index and the Lipper Small-Cap Core Fund Index. The Russell 2000 Index is an
unmanaged index of small-capitalization stocks. The Lipper Small-Cap Core Fund
category includes the 30 largest mutual funds within the investment category as
defined by Lipper. Index performance reflects the reinvestment of income but
does not consider the effect of transaction costs, and none of the data in the
graphs shows the effect of taxes. The Fund's performance reflects the effects of
the Fund's business and operating expenses. While index comparisons may be
useful to provide a benchmark for the Fund's performance, it must be noted that
the Fund's investments are not limited to the investments in the index.
10 | OPPENHEIMER MAIN STREET SMALL CAP FUND
CLASS A SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer Main Street Small Cap Fund (Class A)
Russell 2000 Index
Lipper Small-Cap Core Fund Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Oppenheimer Lipper Small-Cap
Main Street Small Core Fund Russell 2000
Date Cap Fund (Class A) Index Index
08/02/1999 yrs 9,425 10,000 10,000
09/30/1999 9,557 9,626 9,632
12/31/1999 12,125 11,450 11,409
03/31/2000 12,994 12,632 12,217
06/30/2000 13,947 12,430 11,755
09/30/2000 14,608 12,779 11,885
12/31/2000 13,356 12,244 11,064
03/31/2001 12,916 11,313 10,344
06/30/2001 15,015 13,051 11,822
09/30/2001 12,756 10,768 9,364
12/31/2001 15,082 13,117 11,339
03/31/2002 15,562 13,585 11,791
06/30/2002 15,122 12,406 10,806
09/30/2002 12,572 10,014 8,493
12/31/2002 12,672 10,594 9,016
03/31/2003 12,162 10,047 8,611
06/30/2003 14,782 12,113 10,629
09/30/2003 16,123 12,997 11,593
12/31/2003 18,563 14,928 13,277
03/31/2004 19,493 15,838 14,108
06/30/2004 19,523 16,086 14,175
09/30/2004 19,313 15,856 13,770
12/31/2004 22,122 17,669 15,711
03/31/2005 21,494 17,116 14,872
06/30/2005 5.92 22,222 17,641 15,514
AVERAGE ANNUAL TOTAL RETURNS OF CLASS A SHARES WITH SALES CHARGE OF THE FUND AT
6/30/05
1-Year 7.28% 5-Year 8.47% Since Inception (8/2/99) 14.46%
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT
GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE
DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM,
OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE,
REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE: FOR CLASS A SHARES,
THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 5.75%; FOR CLASS B SHARES, THE
CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR); AND FOR CLASS C
AND N SHARES, THE CONTINGENT 1% DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD.
THERE IS NO SALES CHARGE FOR CLASS Y SHARES. SEE PAGE 16 FOR FURTHER
INFORMATION.
11 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FUND PERFORMANCE DISCUSSION
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CLASS B SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer Main Street Small Cap Fund (Class B)
Russell 2000 Index
Lipper Small-Cap Core Fund Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Oppenheimer Lipper Small-Cap
Main Street Small Core Fund Russell 2000
Date Cap Fund (Class B) Index Index
08/02/1999 yrs 10,000 10,000 10,000
09/30/1999 10,130 9,626 9,632
12/31/1999 12,824 11,450 11,409
03/31/2000 13,726 12,632 12,217
06/30/2000 14,708 12,430 11,755
09/30/2000 15,369 12,779 11,885
12/31/2000 14,020 12,244 11,064
03/31/2001 13,531 11,313 10,344
06/30/2001 15,707 13,051 11,822
09/30/2001 13,319 10,768 9,364
12/31/2001 15,725 13,117 11,339
03/31/2002 16,193 13,585 11,791
06/30/2002 15,704 12,406 10,806
09/30/2002 13,028 10,014 8,493
12/31/2002 13,113 10,594 9,016
03/31/2003 12,561 10,047 8,611
06/30/2003 15,237 12,113 10,629
09/30/2003 16,585 12,997 11,593
12/31/2003 19,049 14,928 13,277
03/31/2004 19,962 15,838 14,108
06/30/2004 19,951 16,086 14,175
09/30/2004 19,707 15,856 13,770
12/31/2004 22,530 17,669 15,711
03/31/2005 21,837 17,116 14,872
06/30/2005 5.92 22,441 17,641 15,514
AVERAGE ANNUAL TOTAL RETURNS OF CLASS B SHARES WITH SALES CHARGE OF THE FUND AT
6/30/05
1-Year 7.98% 5-Year 8.63% Since Inception (8/2/99) 14.65%
12 | OPPENHEIMER MAIN STREET SMALL CAP FUND
CLASS C SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer Main Street Small Cap Fund (Class C)
Russell 2000 Index,
Lipper Small-Cap Core Fund Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Oppenheimer Lipper Small-Cap
Main Street Small Core Fund Russell 2000
Date Cap Fund (Class C) Index Index
08/02/1999 yrs 10,000 10,000 10,000
09/30/1999 10,130 9,626 9,632
12/31/1999 12,824 11,450 11,409
03/31/2000 13,726 12,632 12,217
06/30/2000 14,708 12,430 11,755
09/30/2000 15,369 12,779 11,885
12/31/2000 14,030 12,244 11,064
03/31/2001 13,541 11,313 10,344
06/30/2001 15,717 13,051 11,822
09/30/2001 13,319 10,768 9,364
12/31/2001 15,725 13,117 11,339
03/31/2002 16,192 13,585 11,791
06/30/2002 15,703 12,406 10,806
09/30/2002 13,038 10,014 8,493
12/31/2002 13,113 10,594 9,016
03/31/2003 12,571 10,047 8,611
06/30/2003 15,247 12,113 10,629
09/30/2003 16,595 12,997 11,593
12/31/2003 19,069 14,928 13,277
03/31/2004 19,993 15,838 14,108
06/30/2004 19,982 16,086 14,175
09/30/2004 19,738 15,856 13,770
12/31/2004 22,571 17,669 15,711
03/31/2005 21,890 17,116 14,872
06/30/2005 5.92 22,594 17,641 15,514
AVERAGE ANNUAL TOTAL RETURNS OF CLASS C SHARES WITH SALES CHARGE OF THE FUND AT
6/30/05
1-Year 12.07% 5-Year 8.97% Since Inception (8/2/99) 14.79%
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT
GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE
DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM,
OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE,
REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE: FOR CLASS A SHARES,
THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 5.75%; FOR CLASS B SHARES, THE
CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR); AND FOR CLASS C
AND N SHARES, THE CONTINGENT 1% DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD.
THERE IS NO SALES CHARGE FOR CLASS Y SHARES. SEE PAGE 16 FOR FURTHER
INFORMATION.
13 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FUND PERFORMANCE DISCUSSION
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CLASS N SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer Main Street Small Cap Fund (Class N)
Russell 2000 Index
Lipper Small-Cap Core Fund Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Oppenheimer Lipper Small-Cap
Main Street Small Core Fund Russell 2000
Date Cap Fund (Class N) Index Index
03/01/2001 yrs 10,000 10,000 10,000
03/31/2001 9,542 9,527 9,511
06/30/2001 11,086 10,991 10,870
09/30/2001 9,409 9,068 8,610
12/31/2001 11,121 11,046 10,426
03/31/2002 11,469 11,440 10,841
06/30/2002 11,129 10,448 9,935
09/30/2002 9,258 8,433 7,809
12/31/2002 9,325 8,922 8,290
03/31/2003 8,947 8,461 7,918
06/30/2003 10,863 10,201 9,772
09/30/2003 11,839 10,945 10,659
12/31/2003 13,613 12,571 12,207
03/31/2004 14,286 13,338 12,972
06/30/2004 14,294 13,546 13,033
09/30/2004 14,131 13,353 12,661
12/31/2004 16,178 14,880 14,445
03/31/2005 15,705 14,414 13,674
06/30/2005 4.33 16,227 14,856 14,264
AVERAGE ANNUAL TOTAL RETURNS OF CLASS N SHARES WITH SALES CHARGE OF THE FUND AT
6/30/05
1-Year 12.53% 5-Year N/A Since Inception (3/1/01) 11.83%
14 | OPPENHEIMER MAIN STREET SMALL CAP FUND
CLASS Y SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer Main Street Small Cap Fund (Class Y)
Russell 2000 Index
Lipper Small-Cap Core Fund Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Oppenheimer Lipper Small-Cap
Main Street Small Core Fund Russell 2000
Date Cap Fund (Class Y) Index Index
08/02/1999 yrs 10,000 10,000 10,000
09/30/1999 10,140 9,626 9,632
12/31/1999 12,874 11,450 11,409
03/31/2000 13,816 12,632 12,217
06/30/2000 14,848 12,430 11,755
09/30/2000 15,570 12,779 11,885
12/31/2000 14,240 12,244 11,064
03/31/2001 13,784 11,313 10,344
06/30/2001 16,021 13,051 11,822
09/30/2001 13,625 10,768 9,364
12/31/2001 16,135 13,117 11,339
03/31/2002 16,655 13,585 11,791
06/30/2002 16,199 12,406 10,806
09/30/2002 13,504 10,014 8,493
12/31/2002 13,632 10,594 9,016
03/31/2003 13,101 10,047 8,611
06/30/2003 15,944 12,113 10,629
09/30/2003 17,408 12,997 11,593
12/31/2003 20,071 14,928 13,277
03/31/2004 21,100 15,838 14,108
06/30/2004 21,153 16,086 14,175
09/30/2004 20,962 15,856 13,770
12/31/2004 24,037 17,669 15,711
03/31/2005 23,384 17,116 14,872
06/30/2005 5.92 24,200 17,641 15,514
AVERAGE ANNUAL TOTAL RETURNS OF CLASS Y SHARES WITH SALES CHARGE OF THE FUND AT
6/30/05
1-Year 14.41% 5-Year 10.26% Since Inception (8/2/99) 16.13%
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT
GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE
DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM,
OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE,
REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE: FOR CLASS A SHARES,
THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 5.75%; FOR CLASS B SHARES, THE
CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR); AND FOR CLASS C
AND N SHARES, THE CONTINGENT 1% DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD.
THERE IS NO SALES CHARGE FOR CLASS Y SHARES. SEE PAGE 16 FOR FURTHER
INFORMATION.
15 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES
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TOTAL RETURNS AND THE ENDING ACCOUNT VALUES IN THE GRAPHS INCLUDE CHANGES IN
SHARE PRICE AND REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS DISTRIBUTIONS IN A
HYPOTHETICAL INVESTMENT FOR THE PERIODS SHOWN. THE FUND'S TOTAL RETURNS SHOWN DO
NOT REFLECT THE DEDUCTION OF INCOME TAXES ON AN INDIVIDUAL'S INVESTMENT. TAXES
MAY REDUCE YOUR ACTUAL INVESTMENT RETURNS ON INCOME OR GAINS PAID BY THE FUND OR
ANY GAINS YOU MAY REALIZE IF YOU SELL YOUR SHARES.
INVESTORS SHOULD CONSIDER THE FUND'S INVESTMENT OBJECTIVES, RISKS, AND OTHER
CHARGES AND EXPENSES CAREFULLY BEFORE INVESTING. THE FUND'S PROSPECTUS CONTAINS
THIS AND OTHER INFORMATION ABOUT THE FUND, AND MAY BE OBTAINED BY ASKING YOUR
FINANCIAL ADVISOR, CALLING US AT 1.800.525.7048 OR VISITING OUR WEBSITE AT
WWW.OPPENHEIMER-FUNDS.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.
16 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FUND EXPENSES
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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 June 30, 2005.
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
17 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FUND EXPENSES
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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.
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BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
(1/1/05) (6/30/05) JUNE 30, 2005
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Class A Actual $1,000.00 $1,004.50 $5.93
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Class A Hypothetical 1,000.00 1,018.89 5.97
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Class B Actual 1,000.00 1,000.50 9.82
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Class B Hypothetical 1,000.00 1,015.03 9.89
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Class C Actual 1,000.00 1,001.00 9.47
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Class C Hypothetical 1,000.00 1,015.37 9.54
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Class N Actual 1,000.00 1,003.00 7.53
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Class N Hypothetical 1,000.00 1,017.31 7.58
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Class Y Actual 1,000.00 1,006.80 3.44
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Class Y Hypothetical 1,000.00 1,021.37 3.46
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 181/365
(to reflect the one-half year period). Those annualized expense ratios based on
the 6-month period ended June 30, 2005 are as follows:
CLASS EXPENSE RATIOS
- ---------------------------
Class A 1.19%
- ---------------------------
Class B 1.97
- ---------------------------
Class C 1.90
- ---------------------------
Class N 1.51
- ---------------------------
Class Y 0.69
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.
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18 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS June 30, 2005
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMON STOCKS--97.9%
- --------------------------------------------------------------------------------
CONSUMER DISCRETIONARY--18.0%
- --------------------------------------------------------------------------------
AUTO COMPONENTS--0.7%
Aftermarket
Technology Corp. 1 25,700 $ 447,951
- --------------------------------------------------------------------------------
Autoliv, Inc. 88,600 3,880,680
- --------------------------------------------------------------------------------
Goodyear Tire &
Rubber Co. (The) 1,2 359,700 5,359,530
- --------------------------------------------------------------------------------
Midas, Inc. 1,2 133,800 3,077,400
- --------------------------------------------------------------------------------
Modine
Manufacturing Co. 46,400 1,510,784
- --------------------------------------------------------------------------------
Sauer-Danfoss, Inc. 103,800 1,844,526
- --------------------------------------------------------------------------------
Shiloh Industries,
Inc. 1 33,100 405,475
- --------------------------------------------------------------------------------
Spartan Motors, Inc. 2 12,300 132,594
- --------------------------------------------------------------------------------
Standard Motor
Products, Inc. 2 54,000 712,800
- --------------------------------------------------------------------------------
Stoneridge, Inc. 1,2 6,700 44,220
- --------------------------------------------------------------------------------
Tenneco
Automotive, Inc. 1 210,300 3,499,392
----------------
20,915,352
- --------------------------------------------------------------------------------
AUTOMOBILES--0.0%
Winnebago
Industries, Inc. 2 26,400 864,600
- --------------------------------------------------------------------------------
DISTRIBUTORS--0.1%
Andersons, Inc.
(The) 5,200 186,212
- --------------------------------------------------------------------------------
Handleman Co. 87,900 1,451,229
- --------------------------------------------------------------------------------
Prestige Brands
Holdings, Inc. 1 67,100 1,308,450
----------------
2,945,891
- --------------------------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE--3.7%
AFC Enterprises,
Inc. 2 106,500 1,403,670
- --------------------------------------------------------------------------------
Ambassadors
Group, Inc. 53,300 1,982,227
- --------------------------------------------------------------------------------
Ameristar
Casinos, Inc. 210,200 5,484,118
- --------------------------------------------------------------------------------
Applebee's
International, Inc. 60,100 1,592,049
- --------------------------------------------------------------------------------
Argosy Gaming Co. 1 57,400 2,675,414
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE Continued
Bluegreen Corp. 1,2 105,200 $ 1,831,532
- --------------------------------------------------------------------------------
Bob Evans
Farms, Inc. 2 41,600 970,112
- --------------------------------------------------------------------------------
Brinker
International, Inc. 1 79,600 3,187,980
- --------------------------------------------------------------------------------
California Pizza
Kitchen, Inc. 1 79,398 2,165,183
- --------------------------------------------------------------------------------
CBRL Group, Inc. 36,200 1,406,732
- --------------------------------------------------------------------------------
CEC Entertainment,
Inc. 1 217,850 9,169,307
- --------------------------------------------------------------------------------
Checkers Drive-In
Restaurants, Inc. 1 23,400 318,708
- --------------------------------------------------------------------------------
Choice Hotels
International, Inc. 43,300 2,844,810
- --------------------------------------------------------------------------------
CKE Restaurants,
Inc. 2 446,000 6,208,320
- --------------------------------------------------------------------------------
Darden
Restaurants, Inc. 158,900 5,240,522
- --------------------------------------------------------------------------------
Dave & Buster's,
Inc. 1,2 82,900 1,528,676
- --------------------------------------------------------------------------------
Dover Downs
Gaming &
Entertainment, Inc. 74,000 981,240
- --------------------------------------------------------------------------------
Gravity Co. Ltd.,
Sponsored ADR 1 17,068 146,785
- --------------------------------------------------------------------------------
Harrah's
Entertainment, Inc. 16,695 1,203,209
- --------------------------------------------------------------------------------
IHOP Corp. 2 85,500 3,709,845
- --------------------------------------------------------------------------------
Isle of Capri
Casinos, Inc. 1,2 234,700 6,149,140
- --------------------------------------------------------------------------------
Jack in the Box, Inc. 1 174,900 6,632,208
- --------------------------------------------------------------------------------
La Quinta Corp. 1 547,100 5,104,443
- --------------------------------------------------------------------------------
Landry's
Restaurants, Inc. 2 133,100 4,004,979
- --------------------------------------------------------------------------------
Lone Star
Steakhouse &
Saloon, Inc. 82,500 2,508,825
- --------------------------------------------------------------------------------
Mikohn Gaming
Corp. 1 108,800 1,602,080
- --------------------------------------------------------------------------------
Monarch Casino
& Resort, Inc. 1,2 48,900 1,077,756
- --------------------------------------------------------------------------------
MTR Gaming
Group, Inc. 1 42,000 488,880
19 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE Continued
Navigant
International, Inc. 1,2 50,900 $ 747,721
- --------------------------------------------------------------------------------
O'Charley's, Inc. 1 95,000 1,677,700
- --------------------------------------------------------------------------------
P.F. Chang's
China Bistro, Inc. 1,2 57,259 3,377,136
- --------------------------------------------------------------------------------
Panera Bread Co.,
Cl. A 1 3,000 186,255
- --------------------------------------------------------------------------------
Papa John's
International, Inc. 1,2 77,600 3,101,672
- --------------------------------------------------------------------------------
Penn National
Gaming, Inc. 1 116,900 4,266,850
- --------------------------------------------------------------------------------
Sonic Corp. 1 52,750 1,610,458
- --------------------------------------------------------------------------------
Steak n Shake Co.
(The) 1,2 29,500 549,290
- --------------------------------------------------------------------------------
Sunterra Corp. 1,2 93,500 1,515,635
- --------------------------------------------------------------------------------
Vail Resorts, Inc. 1,2 156,300 4,392,030
- --------------------------------------------------------------------------------
Wendy's
International, Inc. 49,700 2,368,205
----------------
105,411,702
- --------------------------------------------------------------------------------
HOUSEHOLD DURABLES--1.7%
American Greetings
Corp., Cl. A 2 59,300 1,571,450
- --------------------------------------------------------------------------------
Avatar Holdings,
Inc. 1,2 2,500 125,675
- --------------------------------------------------------------------------------
Beazer Homes
USA, Inc. 2 35,800 2,045,970
- --------------------------------------------------------------------------------
Blount
International, Inc. 1 104,800 1,749,112
- --------------------------------------------------------------------------------
Blyth, Inc. 7,800 218,790
- --------------------------------------------------------------------------------
Brookfield Homes
Corp. 51,800 2,362,080
- --------------------------------------------------------------------------------
Chromcraft
Revington, Inc. 1 2,100 28,665
- --------------------------------------------------------------------------------
Comstock
Homebuilding
Cos., Inc., Cl. A 1,2 6,900 167,118
- --------------------------------------------------------------------------------
CSS Industries, Inc. 2 9,192 311,057
- --------------------------------------------------------------------------------
Furniture Brands
International, Inc. 2 138,200 2,986,502
- --------------------------------------------------------------------------------
Hovnanian
Enterprises, Inc.,
Cl. A 1 14,500 945,400
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HOUSEHOLD DURABLES Continued
Interface, Inc., Cl. A 1,2 134,300 $ 1,081,115
- --------------------------------------------------------------------------------
KB Home 30,600 2,332,638
- --------------------------------------------------------------------------------
Kimball
International,
Inc., Cl. B 45,100 595,320
- --------------------------------------------------------------------------------
MDC Holdings, Inc. 39,064 3,213,014
- --------------------------------------------------------------------------------
Meritage Homes
Corp. 1 900 71,550
- --------------------------------------------------------------------------------
Mestek, Inc. 1 6,600 168,234
- --------------------------------------------------------------------------------
Ryland Group, Inc.
(The) 58,100 4,408,047
- --------------------------------------------------------------------------------
Snap-On, Inc. 45,700 1,567,510
- --------------------------------------------------------------------------------
Standard Pacific
Corp. 47,500 4,177,625
- --------------------------------------------------------------------------------
Stanley Furniture
Co., Inc. 2 86,600 2,126,896
- --------------------------------------------------------------------------------
Stanley Works (The) 5,900 268,686
- --------------------------------------------------------------------------------
Tempur-Pedic
International, Inc. 1,2 116,900 2,592,842
- --------------------------------------------------------------------------------
Tupperware Corp. 2 298,400 6,973,608
- --------------------------------------------------------------------------------
Whirlpool Corp. 29,900 2,096,289
- --------------------------------------------------------------------------------
William Lyon
Homes, Inc. 1 3,200 310,432
- --------------------------------------------------------------------------------
Yankee Candle,
Inc. (The) 108,300 3,476,430
----------------
47,972,055
- --------------------------------------------------------------------------------
INTERNET & CATALOG RETAIL--0.2%
Audible, Inc. 1,2 111,100 1,929,807
- --------------------------------------------------------------------------------
FTD Group, Inc. 1,2 4,500 51,075
- --------------------------------------------------------------------------------
GSI Commerce,
Inc. 1,2 21,500 360,125
- --------------------------------------------------------------------------------
Insight Enterprises,
Inc. 1 93,600 1,888,848
- --------------------------------------------------------------------------------
Stamps.com, Inc. 1,2 129,700 2,431,875
----------------
6,661,730
- --------------------------------------------------------------------------------
LEISURE EQUIPMENT & PRODUCTS--0.8%
Action Performance
Cos., Inc. 2 73,775 650,696
- --------------------------------------------------------------------------------
Brunswick Corp. 15,600 675,792
- --------------------------------------------------------------------------------
JAKKS Pacific, Inc. 1,2 142,000 2,727,820
20 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
LEISURE EQUIPMENT & PRODUCTS Continued
Marine Products
Corp. 2 34,100 $ 496,155
- --------------------------------------------------------------------------------
Marvel Enterprises,
Inc. 1,2 178,900 3,527,908
- --------------------------------------------------------------------------------
Nautilus, Inc. 2 281,800 8,031,300
- --------------------------------------------------------------------------------
Oakley, Inc. 2 122,900 2,092,987
- --------------------------------------------------------------------------------
Polaris Industries,
Inc. 2 15,800 853,200
- --------------------------------------------------------------------------------
SCP Pool Corp. 2 81,450 2,858,081
- --------------------------------------------------------------------------------
Steinway Musical
Instruments, Inc. 1,2 53,100 1,559,016
---------------
23,472,955
- --------------------------------------------------------------------------------
MEDIA--1.9%
4Kids Entertainment,
Inc. 1,2 72,200 1,435,336
- --------------------------------------------------------------------------------
Arbitron, Inc. 2 156,900 6,731,010
- --------------------------------------------------------------------------------
Belo Corp., Cl. A 17,500 419,475
- --------------------------------------------------------------------------------
Carmike Cinemas, Inc. 21,200 650,416
- --------------------------------------------------------------------------------
Catalina Marketing
Corp. 2 269,500 6,847,995
- --------------------------------------------------------------------------------
Getty Images, Inc. 1 42,300 3,141,198
- --------------------------------------------------------------------------------
Gray Television, Inc. 121,700 1,467,702
- --------------------------------------------------------------------------------
Harte-Hanks, Inc. 62,300 1,852,179
- --------------------------------------------------------------------------------
Insight
Communications
Co., Inc. 1,2 69,700 770,185
- --------------------------------------------------------------------------------
Interactive Data
Corp. 39,800 827,044
- --------------------------------------------------------------------------------
Journal
Communications,
Inc. 32,200 540,960
- --------------------------------------------------------------------------------
Liberty Corp. 2 20,500 754,605
- --------------------------------------------------------------------------------
Media General,
Inc., Cl. A 37,676 2,439,898
- --------------------------------------------------------------------------------
Mediacom
Communications
Corp. 1,2 131,000 899,970
- --------------------------------------------------------------------------------
Meredith Corp. 41,700 2,045,802
- --------------------------------------------------------------------------------
PRIMEDIA, Inc. 1,2 269,600 1,091,880
- --------------------------------------------------------------------------------
ProQuest Co. 1,2 118,600 3,888,894
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
MEDIA Continued
R.H. Donnelley
Corp. 1,2 46,600 $ 2,888,268
- --------------------------------------------------------------------------------
Readers Digest Assn.,
Inc. (The), Cl. A,
Non-Vtg. 281,200 4,639,800
- --------------------------------------------------------------------------------
Salem
Communications
Corp., Cl. A 1 17,400 345,216
- --------------------------------------------------------------------------------
Scholastic Corp. 1,2 119,500 4,606,725
- --------------------------------------------------------------------------------
Sinclair Broadcast
Group, Inc., Cl. A 2 49,700 451,276
- --------------------------------------------------------------------------------
Thomas Nelson, Inc. 2 24,800 539,648
- --------------------------------------------------------------------------------
Valassis
Communications,
Inc. 1 55,000 2,037,750
- --------------------------------------------------------------------------------
Wiley (John) &
Sons, Inc., Cl. A 75,800 3,011,534
- --------------------------------------------------------------------------------
World Wrestling
Federation
Entertainment, Inc. 27,800 317,476
---------------
54,642,242
- --------------------------------------------------------------------------------
MULTILINE RETAIL--0.8%
Big Lots, Inc. 1 80,600 1,067,144
- --------------------------------------------------------------------------------
Dillard's, Inc., Cl. A 2 103,300 2,419,286
- --------------------------------------------------------------------------------
Neiman Marcus
Group, Inc. (The),
Cl. A 6,900 668,748
- --------------------------------------------------------------------------------
Retail Ventures, Inc. 1 113,500 1,548,140
- --------------------------------------------------------------------------------
Shopko Stores, Inc. 1 141,200 3,432,572
- --------------------------------------------------------------------------------
Stage Stores, Inc. 1,2 170,400 7,429,440
- --------------------------------------------------------------------------------
Stein Mart, Inc. 279,800 6,155,600
---------------
22,720,930
- --------------------------------------------------------------------------------
SPECIALTY RETAIL--6.4%
Aaron Rents, Inc. 2 146,650 3,650,119
- --------------------------------------------------------------------------------
Abercrombie &
Fitch Co., Cl. A 64,500 4,431,150
- --------------------------------------------------------------------------------
Advance Auto
Parts, Inc. 1 84,600 5,460,930
- --------------------------------------------------------------------------------
American Eagle
Outfitters, Inc. 138,300 4,238,895
- --------------------------------------------------------------------------------
AutoNation, Inc. 1 118,400 2,429,568
21 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SPECIALTY RETAIL Continued
Barnes & Noble, Inc. 1 88,800 $ 3,445,440
- --------------------------------------------------------------------------------
bebe stores, inc. 2 133,887 3,543,989
- --------------------------------------------------------------------------------
Big 5 Sporting
Goods Corp. 9,200 261,096
- --------------------------------------------------------------------------------
Blair Corp. 36,100 1,425,950
- --------------------------------------------------------------------------------
Blockbuster, Inc.,
Cl. A 2 248,200 2,263,584
- --------------------------------------------------------------------------------
Borders Group, Inc. 67,100 1,698,301
- --------------------------------------------------------------------------------
Buckle, Inc. (The) 2 63,300 2,806,722
- --------------------------------------------------------------------------------
Building Materials
Holding Corp. 83,294 5,771,441
- --------------------------------------------------------------------------------
Burlington Coat
Factory Warehouse
Corp. 2 76,300 3,253,432
- --------------------------------------------------------------------------------
Casual Male Retail
Group, Inc. 1,2 115,400 843,574
- --------------------------------------------------------------------------------
Cato Corp., Cl. A 210,150 4,339,598
- --------------------------------------------------------------------------------
Charming Shoppes,
Inc. 1,2 860,400 8,027,532
- --------------------------------------------------------------------------------
Children's Place
Retail Stores, Inc. 1,2 147,800 6,897,826
- --------------------------------------------------------------------------------
Circuit City Stores,
Inc./Circuit City
Group 2 150,400 2,600,416
- --------------------------------------------------------------------------------
Claire's Stores, Inc. 3,000 72,150
- --------------------------------------------------------------------------------
CSK Auto Corp. 1 25,300 422,004
- --------------------------------------------------------------------------------
Deb Shops, Inc. 8,500 246,245
- --------------------------------------------------------------------------------
Electronics Boutique
Holdings Corp. 1,2 134,900 8,564,801
- --------------------------------------------------------------------------------
Finish Line, Inc.
(The), Cl. A 326,500 6,177,380
- --------------------------------------------------------------------------------
GameStop Corp. 1,2 165,500 5,413,505
- --------------------------------------------------------------------------------
GameStop Corp.,
Cl. B 1 23,188 693,321
- --------------------------------------------------------------------------------
Genesco, Inc. 1,2 149,700 5,552,373
- --------------------------------------------------------------------------------
Goody's Family
Clothing, Inc. 2 64,700 477,163
- --------------------------------------------------------------------------------
Guess?, Inc. 1,2 75,200 1,246,816
- --------------------------------------------------------------------------------
Guitar Center, Inc. 1,2 108,200 6,315,634
- --------------------------------------------------------------------------------
Hibbett Sporting
Goods, Inc. 1,2 143,187 5,418,196
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SPECIALTY RETAIL Continued
Jos. A. Banks
Clothiers, Inc. 1,2 17,200 $ 744,760
- --------------------------------------------------------------------------------
Men's Wearhouse,
Inc. (The) 1 241,500 8,314,845
- --------------------------------------------------------------------------------
Michaels Stores, Inc. 136,400 5,642,868
- --------------------------------------------------------------------------------
Movie Gallery, Inc. 2 237,000 6,263,910
- --------------------------------------------------------------------------------
Office Depot, Inc. 1 64,100 1,464,044
- --------------------------------------------------------------------------------
Pacific Sunwear
of California, Inc. 1 117,225 2,695,003
Pantry, Inc. (The) 1 169,900 6,580,227
- --------------------------------------------------------------------------------
Payless ShoeSource,
Inc. 1 354,100 6,798,720
- --------------------------------------------------------------------------------
Rent-A-Center, Inc. 1 28,200 656,778
- --------------------------------------------------------------------------------
Rent-Way, Inc. 1,2 111,400 1,096,176
- --------------------------------------------------------------------------------
Restoration
Hardware, Inc. 1,2 156,400 1,279,352
- --------------------------------------------------------------------------------
Select Comfort
Corp. 1,2 67,500 1,446,525
- --------------------------------------------------------------------------------
Shoe Carnival, Inc. 1,2 23,700 515,712
- --------------------------------------------------------------------------------
Sonic Automotive,
Inc. 44,800 952,448
- --------------------------------------------------------------------------------
Sports Authority,
Inc. (The) 1,2 64,500 2,051,100
- --------------------------------------------------------------------------------
Steiner Leisure Ltd. 1 75,700 2,806,199
- --------------------------------------------------------------------------------
Syms Corp. 7,400 108,706
- --------------------------------------------------------------------------------
Talbots, Inc. (The) 54,400 1,766,368
- --------------------------------------------------------------------------------
TBC Corp. 1 8,300 225,179
- --------------------------------------------------------------------------------
Too, Inc. 1 166,100 3,881,757
- --------------------------------------------------------------------------------
Toys R Us, Inc. 1 131,300 3,476,824
- --------------------------------------------------------------------------------
Trans World
Entertainment
Corp. 1 172,100 2,035,943
- --------------------------------------------------------------------------------
United Auto
Group, Inc. 2 183,200 5,459,360
- --------------------------------------------------------------------------------
Urban Outfitters,
Inc. 1 31,600 1,791,404
- --------------------------------------------------------------------------------
Weight Watchers
International, Inc. 1 27,600 1,424,436
- --------------------------------------------------------------------------------
Wilsons The Leather
Experts, Inc. 1 18,400 122,176
- --------------------------------------------------------------------------------
Zale Corp. 1 253,800 8,042,922
----------------
185,632,893
22 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
TEXTILES, APPAREL & LUXURY GOODS--1.7%
Brown Shoe Co., Inc. 23,900 $ 935,685
- --------------------------------------------------------------------------------
Carter's, Inc. 1 63,200 3,689,616
- --------------------------------------------------------------------------------
Cherokee, Inc. 53,100 1,838,322
- --------------------------------------------------------------------------------
Hartmarx Corp. 1,2 181,300 1,825,691
- --------------------------------------------------------------------------------
K-Swiss, Inc., Cl. A 211,400 6,836,676
- --------------------------------------------------------------------------------
Kellwood Co. 116,700 3,139,230
- --------------------------------------------------------------------------------
Kenneth Cole
Productions,
Inc., Cl. A 100 3,112
- --------------------------------------------------------------------------------
OshKosh B'Gosh,
Inc., Cl. A 2 2,400 62,376
- --------------------------------------------------------------------------------
Phillips/Van Heusen
Corp. 2 212,900 6,959,701
- --------------------------------------------------------------------------------
Skechers U.S.A.,
Inc., Cl. A 1 106,500 1,518,690
- --------------------------------------------------------------------------------
Stride Rite Corp. 141,000 1,944,390
- --------------------------------------------------------------------------------
Timberland Co.,
Cl. A 1 132,600 5,134,272
- --------------------------------------------------------------------------------
Tommy Hilfiger
Corp. 1 222,000 3,054,720
- --------------------------------------------------------------------------------
UniFirst Corp. 40,000 1,621,600
- --------------------------------------------------------------------------------
Volcom, Inc. 1 29,700 795,069
- --------------------------------------------------------------------------------
Warnaco Group,
Inc. (The) 1,2 72,000 1,674,000
- --------------------------------------------------------------------------------
Wolverine World
Wide, Inc. 374,800 8,998,948
----------------
50,032,098
- --------------------------------------------------------------------------------
CONSUMER STAPLES--3.9%
- --------------------------------------------------------------------------------
BEVERAGES--0.2%
Boston Beer Co.,
Inc., Cl. A 1 57,600 1,292,544
- --------------------------------------------------------------------------------
Hansen Natural
Corp. 1,2 22,800 1,931,616
- --------------------------------------------------------------------------------
National Beverage
Corp. 1 17,100 136,458
- --------------------------------------------------------------------------------
PepsiAmericas, Inc. 135,900 3,487,194
----------------
6,847,812
- --------------------------------------------------------------------------------
FOOD & STAPLES RETAILING--1.2%
7-Eleven, Inc. 1 177,400 5,364,576
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
FOOD & STAPLES RETAILING Continued
Arden Group, Inc.,
Cl. A 2 10,198 $ 808,497
- --------------------------------------------------------------------------------
BJ's Wholesale
Club, Inc. 1 98,600 3,203,514
- --------------------------------------------------------------------------------
Casey's General
Stores, Inc. 2 37,100 735,322
- --------------------------------------------------------------------------------
Ingles Markets,
Inc., Cl. A 2 11,500 158,355
- --------------------------------------------------------------------------------
Longs Drug
Stores, Inc. 2 207,800 8,945,790
- --------------------------------------------------------------------------------
Nash Finch Co. 2 75,300 2,766,522
- --------------------------------------------------------------------------------
Rite Aid Corp. 1,2 153,800 642,884
- --------------------------------------------------------------------------------
Ruddick Corp. 2 227,200 5,800,416
- --------------------------------------------------------------------------------
Spartan Stores, Inc. 1 14,100 206,847
- --------------------------------------------------------------------------------
SUPERVALU, Inc. 129,800 4,232,778
- --------------------------------------------------------------------------------
Weis Markets, Inc. 26,700 1,035,693
----------------
33,901,194
- --------------------------------------------------------------------------------
FOOD PRODUCTS--1.3%
American Italian
Pasta Co. 2 5,200 109,304
- --------------------------------------------------------------------------------
Cal-Maine Foods,
Inc. 9,900 59,895
- --------------------------------------------------------------------------------
Chiquita Brands
International, Inc. 297,200 8,161,112
- --------------------------------------------------------------------------------
Darling
International, Inc. 1,2 434,700 1,630,125
- --------------------------------------------------------------------------------
Flowers Foods, Inc. 2 186,400 6,591,104
- --------------------------------------------------------------------------------
Gold Kist Holdings,
Inc. 1,2 56,900 1,227,902
- --------------------------------------------------------------------------------
Hormel Foods Corp. 43,300 1,269,989
- --------------------------------------------------------------------------------
Imperial Sugar Co. 12,300 190,527
- --------------------------------------------------------------------------------
J&J Snack Foods
Corp. 33,723 1,765,399
- --------------------------------------------------------------------------------
Lancaster Colony
Corp. 105,000 4,506,600
- --------------------------------------------------------------------------------
Lance, Inc. 110,900 1,908,589
- --------------------------------------------------------------------------------
M&F Worldwide
Corp. 1,2 27,900 372,744
- --------------------------------------------------------------------------------
Omega Protein
Corp. 1 40,100 253,432
23 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
FOOD PRODUCTS Continued
Pilgrim's Pride
Corp., Cl. B 2 93,200 $ 3,180,916
- --------------------------------------------------------------------------------
Ralcorp Holdings,
Inc. 62,200 2,559,530
- --------------------------------------------------------------------------------
Sanderson Farms,
Inc. 2 16,800 763,392
- --------------------------------------------------------------------------------
Seaboard Corp. 1,400 2,329,600
----------------
36,880,160
- --------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS--0.7%
Central Garden
& Pet Co. 1,2 38,700 1,900,944
- --------------------------------------------------------------------------------
Chattem, Inc. 1,2 130,800 5,415,120
- --------------------------------------------------------------------------------
Energizer Holdings,
Inc. 1 72,500 4,507,325
- --------------------------------------------------------------------------------
Nu Skin Asia Pacific,
Inc., Cl. A 183,400 4,273,220
- --------------------------------------------------------------------------------
Spectrum Brands,
Inc. 1 160,900 5,309,700
----------------
21,406,309
- --------------------------------------------------------------------------------
PERSONAL PRODUCTS--0.3%
Elizabeth Arden, Inc. 1,2 127,407 2,980,050
- --------------------------------------------------------------------------------
Mannatech, Inc. 2 47,027 894,454
- --------------------------------------------------------------------------------
Nature's Sunshine
Products, Inc. 108,200 1,887,008
- --------------------------------------------------------------------------------
Parlux Fragrances,
Inc. 1,2 22,500 622,575
- --------------------------------------------------------------------------------
USANA Health
Sciences, Inc. 1,2 60,000 2,538,000
----------------
8,922,087
- --------------------------------------------------------------------------------
TOBACCO--0.2%
Loews Corp./
Carolina Group 87,300 2,908,836
- --------------------------------------------------------------------------------
Vector Group Ltd. 2 68,800 1,277,616
----------------
4,186,452
- --------------------------------------------------------------------------------
ENERGY--8.3%
- --------------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES--2.4%
Atwood Oceanics,
Inc. 1 64,600 3,976,776
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES Continued
Cal Dive
International, Inc. 1,2 142,850 $ 7,481,055
- --------------------------------------------------------------------------------
CHC Helicopter
Corp., Cl. A 58,600 1,142,155
- --------------------------------------------------------------------------------
Diamond Offshore
Drilling, Inc. 2 63,600 3,398,148
- --------------------------------------------------------------------------------
Ensign Energy
Services, Inc. 187,000 4,513,214
- --------------------------------------------------------------------------------
Global Industries
Ltd. 1 187,348 1,592,458
- --------------------------------------------------------------------------------
Grant Prideco, Inc. 1 107,700 2,848,665
- --------------------------------------------------------------------------------
Gulf Island
Fabrication, Inc. 59,300 1,178,884
- --------------------------------------------------------------------------------
Helmerich &
Payne, Inc. 90,800 4,260,336
- --------------------------------------------------------------------------------
Hydril Co. 1 61,000 3,315,350
- --------------------------------------------------------------------------------
Lone Star
Technologies, Inc. 1 21,600 982,800
- --------------------------------------------------------------------------------
Maverick Tube
Corp. 1,2 82,600 2,461,480
- --------------------------------------------------------------------------------
Offshore Logistics,
Inc. 1 46,900 1,540,196
- --------------------------------------------------------------------------------
Oil States
International, Inc. 1,2 135,100 3,400,467
- --------------------------------------------------------------------------------
Pason Systems, Inc. 80,000 1,390,793
- --------------------------------------------------------------------------------
Patterson-UTI
Energy, Inc. 18,500 514,855
- --------------------------------------------------------------------------------
Prairie Schooner
Petroleum Ltd. 1,3 13,800 140,919
- --------------------------------------------------------------------------------
Precision Drilling
Corp. 1 43,400 1,710,566
- --------------------------------------------------------------------------------
Pride International,
Inc. 1 62,500 1,606,250
- --------------------------------------------------------------------------------
RPC, Inc. 2 22,250 376,470
- --------------------------------------------------------------------------------
Technicoil Corp. 1 92,900 220,270
- --------------------------------------------------------------------------------
Technicoil Corp. 1 577,100 1,368,328
- --------------------------------------------------------------------------------
Todco, Cl. A 1 217,100 5,572,957
- --------------------------------------------------------------------------------
Total Energy
Trust Ltd. 157,900 1,304,234
- --------------------------------------------------------------------------------
Trican Well
Service Ltd. 1 170,100 4,181,694
- --------------------------------------------------------------------------------
Unit Corp. 1 14,000 616,140
24 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES Continued
Universal
Compression
Holdings, Inc. 1,2 135,000 $ 4,892,400
- --------------------------------------------------------------------------------
Veritas DGC, Inc. 1 140,600 3,900,244
----------------
69,888,104
- --------------------------------------------------------------------------------
OIL & GAS--5.9%
Alpha Natural
Resources, Inc. 1 15,700 374,916
- --------------------------------------------------------------------------------
Atlas Energy Ltd. 1 859,400 2,910,961
- --------------------------------------------------------------------------------
Bear Ridge
Resources Ltd. 1 50,640 135,569
- --------------------------------------------------------------------------------
Berry Petroleum
Co., Cl. A 2 76,000 4,018,880
- --------------------------------------------------------------------------------
Blizzard Energy, Inc. 1 1,343,600 2,971,887
- --------------------------------------------------------------------------------
Callon Petroleum
Co. 1,2 104,500 1,544,510
- --------------------------------------------------------------------------------
Chamaelo
Exploration Ltd. 1 4,780 29,651
- --------------------------------------------------------------------------------
Chesapeake Energy
Corp. 2 78,400 1,787,520
- --------------------------------------------------------------------------------
Cimarex Energy
Co. 1,2 222,385 8,653,000
- --------------------------------------------------------------------------------
Clear Energy, Inc. 1 425,566 1,684,619
- --------------------------------------------------------------------------------
Comstock
Resources, Inc. 1 234,500 5,930,505
- --------------------------------------------------------------------------------
CONSOL Energy, Inc. 63,900 3,423,762
- --------------------------------------------------------------------------------
Crew Energy, Inc. 1 127,729 1,454,309
- --------------------------------------------------------------------------------
Cyries Energy, Inc. 1 48,100 451,477
- --------------------------------------------------------------------------------
Daylight Energy
Trust 207,300 1,691,969
- --------------------------------------------------------------------------------
Denbury Resources,
Inc. 1,2 42,100 1,674,317
- --------------------------------------------------------------------------------
Duvernay Oil Corp. 1 86,000 2,288,981
- --------------------------------------------------------------------------------
Encore Acquisition
Co. 1 138,800 5,690,800
- --------------------------------------------------------------------------------
Energy Partners Ltd. 1 258,700 6,780,527
- --------------------------------------------------------------------------------
Fairborne Energy
Trust 115,600 1,019,001
- --------------------------------------------------------------------------------
Fairquest Energy Ltd. 1 38,494 216,788
- --------------------------------------------------------------------------------
Find Energy Ltd. 1,4 92,600 309,120
- --------------------------------------------------------------------------------
Find Energy Ltd. 1,4 371,900 1,241,488
- --------------------------------------------------------------------------------
Forest Oil Corp. 1 91,500 3,843,000
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
OIL & GAS Continued
Frontier Oil Corp. 2 194,000 $ 5,693,900
- --------------------------------------------------------------------------------
Galleon Energy, Inc.,
Cl. A 1 81,600 885,798
- --------------------------------------------------------------------------------
Galleon Energy, Inc.,
Subscription
Receipts 1 92,500 989,060
- --------------------------------------------------------------------------------
General Maritime
Corp. 2 56,700 2,404,080
- --------------------------------------------------------------------------------
Highpine Oil &
Gas Ltd. 1 19,900 337,027
- --------------------------------------------------------------------------------
Holly Corp. 91,600 4,274,972
- --------------------------------------------------------------------------------
Houston
Exploration Co. 1 131,400 6,970,770
- --------------------------------------------------------------------------------
Innova Exploration
Ltd. 1 46,100 269,030
- --------------------------------------------------------------------------------
KCS Energy, Inc. 1,2 111,000 1,928,070
- --------------------------------------------------------------------------------
Ketch Resources
Trust 19,800 184,231
- --------------------------------------------------------------------------------
Maritrans, Inc. 34,700 938,635
- --------------------------------------------------------------------------------
Midnight Oil
Exploration Ltd. 1 556,050 1,592,993
- --------------------------------------------------------------------------------
Mission Oil &
Gas, Inc. 1 74,748 488,071
- --------------------------------------------------------------------------------
Mission Oil &
Gas, Inc. 1,5 79,100 516,487
- --------------------------------------------------------------------------------
Mission Resources
Corp. 1 55,300 446,271
- --------------------------------------------------------------------------------
Newfield
Exploration Co. 1 120,200 4,794,778
- --------------------------------------------------------------------------------
Noble Energy, Inc. 18,600 1,407,090
- --------------------------------------------------------------------------------
OMI Corp. 2 158,700 3,016,887
- --------------------------------------------------------------------------------
Overseas
Shipholding
Group, Inc. 29,300 1,747,745
- --------------------------------------------------------------------------------
Paramount
Resources Ltd.,
Cl. A 1 312,000 4,578,648
- --------------------------------------------------------------------------------
Penn Virginia Corp. 2 2,800 125,076
- --------------------------------------------------------------------------------
Petroleum
Development
Corp. 1 140,680 4,480,658
- --------------------------------------------------------------------------------
Pogo Producing Co. 4,800 249,216
- --------------------------------------------------------------------------------
ProEx Energy Ltd. 1 48,100 418,107
25 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
OIL & GAS Continued
ProspEx
Resources Ltd. 1 369,740 $ 1,047,174
- --------------------------------------------------------------------------------
Real Resources, Inc. 1 186,800 2,515,671
- --------------------------------------------------------------------------------
Remington Oil &
Gas Corp. 1,2 165,200 5,897,640
- --------------------------------------------------------------------------------
Resource America,
Inc., Cl. A 2 59,800 2,304,094
- --------------------------------------------------------------------------------
Sequoia Oil &
Gas Trust 3,475 44,473
- --------------------------------------------------------------------------------
Sequoia Oil &
Gas Trust 46,400 593,823
- --------------------------------------------------------------------------------
Spinnaker
Exploration Co. 1,2 30,700 1,089,543
- --------------------------------------------------------------------------------
St. Mary Land &
Exploration Co. 2 251,300 7,282,674
- --------------------------------------------------------------------------------
Stone Energy Corp. 1,2 70,000 3,423,000
- --------------------------------------------------------------------------------
Sunoco, Inc. 13,500 1,534,680
- --------------------------------------------------------------------------------
Swift Energy Co. 1,2 217,400 7,787,268
- --------------------------------------------------------------------------------
Tesoro Corp. 95,400 4,438,008
- --------------------------------------------------------------------------------
Thunder Energy, Inc. 1 279,863 1,930,168
- --------------------------------------------------------------------------------
TKE Energy Trust 206,000 1,632,599
- --------------------------------------------------------------------------------
TransMontaigne,
Inc. 1,2 91,000 955,500
- --------------------------------------------------------------------------------
Trilogy Energy Trust 201,500 2,945,531
- --------------------------------------------------------------------------------
True Energy, Inc. 1 185,000 623,612
- --------------------------------------------------------------------------------
Tusk Energy Corp. 1 387,400 1,685,310
- --------------------------------------------------------------------------------
Tusk Energy Corp. 1,5 275,000 1,196,335
- --------------------------------------------------------------------------------
USEC, Inc. 2 106,000 1,551,840
- --------------------------------------------------------------------------------
Vault Energy Trust 11,950 101,924
- --------------------------------------------------------------------------------
Vintage Petroleum, Inc. 185,900 5,664,373
- --------------------------------------------------------------------------------
W&T Offshore, Inc. 33,100 796,717
- --------------------------------------------------------------------------------
West Energy
Ltd. 1 161,900 627,673
- --------------------------------------------------------------------------------
White Fire Energy
Ltd. 1 3,475 7,459
- --------------------------------------------------------------------------------
White Fire Energy
Ltd. 1 46,400 99,602
- --------------------------------------------------------------------------------
Whiting Petroleum
Corp. 1,2 102,300 3,714,513
----------------
170,356,361
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
FINANCIALS--15.4%
- --------------------------------------------------------------------------------
CAPITAL MARKETS--0.2%
National Financial
Partners Corp. 140,900 $ 5,514,826
- --------------------------------------------------------------------------------
SWS Group, Inc. 99,300 1,705,974
----------------
7,220,800
- --------------------------------------------------------------------------------
COMMERCIAL BANKS--4.9%
Amcore Financial,
Inc. 5,800 173,304
- --------------------------------------------------------------------------------
AmericanWest
Bancorporation 1,2 19,610 391,220
- --------------------------------------------------------------------------------
Anchor BanCorp
Wisconsin, Inc. 2 36,100 1,092,386
- --------------------------------------------------------------------------------
Associated Banc-Corp. 44,378 1,493,763
- --------------------------------------------------------------------------------
Astoria Financial
Corp. 162,650 4,630,646
- --------------------------------------------------------------------------------
BancFirst Corp. 2,200 191,378
- --------------------------------------------------------------------------------
BancorpSouth, Inc. 2 72,100 1,701,560
- --------------------------------------------------------------------------------
Bank of Hawaii
Corp. 62,600 3,176,950
- --------------------------------------------------------------------------------
Bank of the
Ozarks, Inc. 2 7,300 239,732
- --------------------------------------------------------------------------------
Banner Corp. 12,500 350,125
- --------------------------------------------------------------------------------
Berkshire Hills
Bancorp, Inc. 2 17,000 566,440
- --------------------------------------------------------------------------------
BOK Financial Corp. 7,900 364,348
- --------------------------------------------------------------------------------
Camco Financial
Corp. 500 6,800
- --------------------------------------------------------------------------------
Camden National
Corp. 2 1,700 55,675
- --------------------------------------------------------------------------------
Capital Corp. of
the West 2 7,559 209,762
- --------------------------------------------------------------------------------
Capitol Bancorp Ltd. 2 7,400 248,714
- --------------------------------------------------------------------------------
Cathay Bancorp, Inc. 2 8,400 283,164
- --------------------------------------------------------------------------------
Central Pacific
Financial
Corp. 2 38,500 1,370,600
- --------------------------------------------------------------------------------
Chemical Financial
Corp. 2 17,909 592,967
- --------------------------------------------------------------------------------
Chittenden Corp. 68,100 1,852,320
- --------------------------------------------------------------------------------
Citizens First
Bancorp, Inc. 32,700 675,255
26 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL BANKS Continued
City Holding Co. 72,600 $ 2,651,352
- --------------------------------------------------------------------------------
City National Corp. 41,400 2,968,794
- --------------------------------------------------------------------------------
Columbia Banking
System, Inc. 2 65,832 1,620,784
- --------------------------------------------------------------------------------
Commerce
Bancshares, Inc. 14,200 715,822
- --------------------------------------------------------------------------------
Commercial
Federal Corp. 41,700 1,404,456
- --------------------------------------------------------------------------------
Community Bank
System, Inc. 2 239,300 5,836,527
- --------------------------------------------------------------------------------
Community Trust
Bancorp, Inc. 17,369 568,314
- --------------------------------------------------------------------------------
Corus Bankshares,
Inc. 38,700 2,147,463
- --------------------------------------------------------------------------------
Dime Community
Bancshares, Inc. 53,925 819,660
- --------------------------------------------------------------------------------
Downey Financial
Corp. 53,900 3,945,480
- --------------------------------------------------------------------------------
F.N.B. Corp. 2 11,000 216,150
- --------------------------------------------------------------------------------
Fidelity Bankshares,
Inc. 2 16,997 450,760
- --------------------------------------------------------------------------------
First BanCorp 2 42,000 1,686,300
- --------------------------------------------------------------------------------
First Citizens
BancShares, Inc.,
Cl. A 10,100 1,459,955
- --------------------------------------------------------------------------------
First
Commonwealth
Financial Corp. 2 269,000 3,685,300
- --------------------------------------------------------------------------------
First Community
Bancorp 2 17,300 821,750
- --------------------------------------------------------------------------------
First Defiance
Financial Corp. 18,700 499,103
- --------------------------------------------------------------------------------
First Financial
Bancorp 2 35,900 678,510
- --------------------------------------------------------------------------------
First Financial Corp. 2 5,800 166,634
- --------------------------------------------------------------------------------
First Financial
Holdings, Inc. 2 34,100 1,019,931
- --------------------------------------------------------------------------------
First Midwest
Bancorp, Inc. 2 30,700 1,079,719
- --------------------------------------------------------------------------------
First Place
Financial Corp. 65,563 1,317,161
- --------------------------------------------------------------------------------
First Republic Bank 95,200 3,363,416
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL BANKS Continued
First South
Bancorp, Inc. 4,600 $ 146,648
- --------------------------------------------------------------------------------
FirstFed Financial
Corp. 1,2 95,300 5,680,833
- --------------------------------------------------------------------------------
GB&T Bancshares,
Inc. 2 9,200 218,592
- --------------------------------------------------------------------------------
Greater Bay Bancorp 2 90,300 2,381,211
- --------------------------------------------------------------------------------
Greene County
Bancshares, Inc. 18,500 505,420
- --------------------------------------------------------------------------------
Harbor Florida
Bancshares, Inc. 2 89,900 3,365,856
- --------------------------------------------------------------------------------
Hibernia Corp., Cl. A 73,600 2,442,048
- --------------------------------------------------------------------------------
Horizon Financial
Corp. 2 1,900 42,180
- --------------------------------------------------------------------------------
Independent Bank
Corp. 2 102,915 2,926,903
- --------------------------------------------------------------------------------
Indymac Mortgage
Holdings, Inc. 111,000 4,521,030
- --------------------------------------------------------------------------------
ITLA Capital Corp. 1 8,700 468,930
- --------------------------------------------------------------------------------
MAF Bancorp, Inc. 43,800 1,867,194
- --------------------------------------------------------------------------------
MainSource Financial
Group, Inc. 2 41,380 748,564
- --------------------------------------------------------------------------------
Mercantile Bank
Corp. 460 20,226
- --------------------------------------------------------------------------------
Mercantile
Bankshares Corp. 12,900 664,737
- --------------------------------------------------------------------------------
NASB Financial, Inc. 2 5,466 239,684
- --------------------------------------------------------------------------------
National
Bankshares, Inc. 2,100 93,513
- --------------------------------------------------------------------------------
NBT Bancorp, Inc. 2 17,800 420,792
- --------------------------------------------------------------------------------
Net.B@nk, Inc. 137,400 1,280,568
- --------------------------------------------------------------------------------
Oak Hill Financial,
Inc. 2,300 67,137
- --------------------------------------------------------------------------------
Old National
Bancorp 2 23,500 502,900
- --------------------------------------------------------------------------------
Pacific Capital
Bancorp 2 266,199 9,870,659
- --------------------------------------------------------------------------------
Parkvale Financial
Corp. 2,700 73,305
- --------------------------------------------------------------------------------
PennRock Financial
Services Corp. 2 14,380 516,098
- --------------------------------------------------------------------------------
People's Bank 45,500 1,375,920
27 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL BANKS Continued
PFF Bancorp, Inc. 142,520 $ 4,316,931
- --------------------------------------------------------------------------------
Preferred Bank,
Los Angeles 5,100 202,470
- --------------------------------------------------------------------------------
PrivateBancorp, Inc. 2 9,600 339,648
- --------------------------------------------------------------------------------
Provident
Bankshares Corp. 121,584 3,879,745
- --------------------------------------------------------------------------------
Provident Financial
Holdings, Inc. 9,950 279,695
- --------------------------------------------------------------------------------
Republic Bancorp,
Inc. 37,132 556,237
- --------------------------------------------------------------------------------
Republic Bancorp,
Inc., Cl. A 44,266 961,017
- --------------------------------------------------------------------------------
Seacoast Banking
Corp. of Florida 2 23,270 458,186
- --------------------------------------------------------------------------------
Sound Federal
Bancorp, Inc. 3,600 58,176
- --------------------------------------------------------------------------------
Southside
Bancshares, Inc. 2 3,029 62,095
- --------------------------------------------------------------------------------
Southwest
Bancorp, Inc. 31,400 643,072
- --------------------------------------------------------------------------------
State Bancorp, Inc. 2 13,973 316,069
- --------------------------------------------------------------------------------
State Financial
Services Corp. 86,800 3,494,568
- --------------------------------------------------------------------------------
Sterling Bancorp 2 35,290 753,442
- --------------------------------------------------------------------------------
Sterling Bancshares,
Inc. 36,300 564,828
- --------------------------------------------------------------------------------
Sterling Financial
Corp. 1 204,322 7,641,643
- --------------------------------------------------------------------------------
SVB Financial
Group 1,2 158,200 7,577,780
- --------------------------------------------------------------------------------
TierOne Corp. 2 57,800 1,568,114
- --------------------------------------------------------------------------------
UMB Financial Corp. 1,100 62,733
- --------------------------------------------------------------------------------
Union Bankshares
Corp. 2 10,400 401,648
- --------------------------------------------------------------------------------
United Community
Financial Corp. 2 10,200 111,588
- --------------------------------------------------------------------------------
Vineyard National
Bancorp Co. 2 5,300 167,268
- --------------------------------------------------------------------------------
W. Holding Co., Inc. 67,700 691,894
- --------------------------------------------------------------------------------
Washington
Federal, Inc. 10,200 239,904
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL BANKS Continued
Webster Financial
Corp. 50,800 $ 2,371,852
- --------------------------------------------------------------------------------
WesBanco, Inc. 2 17,800 534,356
- --------------------------------------------------------------------------------
Whitney Holding
Corp. 33,100 1,080,053
- --------------------------------------------------------------------------------
Wilmington Trust
Corp. 20,000 720,200
- --------------------------------------------------------------------------------
WSFS Financial
Corp. 48,900 2,675,319
----------------
141,961,929
- --------------------------------------------------------------------------------
CONSUMER FINANCE--0.1%
ASTA Funding, Inc. 2 102,800 2,855,784
- --------------------------------------------------------------------------------
Dollar Financial
Corp. 1,2 11,937 126,652
- --------------------------------------------------------------------------------
Nelnet, Inc., Cl. A 1,2 44,200 1,470,534
----------------
4,452,970
- --------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES--2.0%
Advanta Corp., Cl. B 2 109,470 3,082,675
- --------------------------------------------------------------------------------
Affiliated Managers
Group, Inc. 1,2 94,350 6,446,936
- --------------------------------------------------------------------------------
American Capital
Strategies Ltd. 2 129,000 4,658,190
- --------------------------------------------------------------------------------
AmeriCredit Corp. 1 183,900 4,689,450
- --------------------------------------------------------------------------------
Apollo Investment
Corp. 147,700 2,722,111
- --------------------------------------------------------------------------------
Cash America
International, Inc. 50,200 1,010,024
- --------------------------------------------------------------------------------
CompuCredit Corp. 1,2 188,400 6,458,352
- --------------------------------------------------------------------------------
E*TRADE Financial
Corp. 1 71,400 998,886
- --------------------------------------------------------------------------------
Encore Capital
Group, Inc. 1,2 24,600 418,200
- --------------------------------------------------------------------------------
First Cash Financial
Services, Inc. 1 36,900 788,553
- --------------------------------------------------------------------------------
Gabelli Asset
Management, Inc. 2 52,200 2,306,718
- --------------------------------------------------------------------------------
Investment
Technology Group,
Inc. 1,2 294,800 6,196,696
- --------------------------------------------------------------------------------
Jefferies Group, Inc. 2 14,400 545,616
28 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES Continued
Ladenburg Thalmann
Financial Services,
Inc. 1 9,312 $ 5,308
- --------------------------------------------------------------------------------
Lazard Ltd., Cl. A 1 46,200 1,074,150
- --------------------------------------------------------------------------------
Medallion Financial
Corp. 13,500 127,575
- --------------------------------------------------------------------------------
Metris Cos., Inc. 1 139,400 2,015,724
- --------------------------------------------------------------------------------
Nasdaq Stock
Market, Inc. 1 9,800 184,828
- --------------------------------------------------------------------------------
Piper Jaffray Cos.,
Inc. 1 34,800 1,058,964
- --------------------------------------------------------------------------------
Providian Financial
Corp. 1 147,800 2,605,714
- --------------------------------------------------------------------------------
Raymond James
Financial, Inc. 25,000 706,250
- --------------------------------------------------------------------------------
Sanders Morris
Harris Group, Inc. 2 45,700 786,040
- --------------------------------------------------------------------------------
Student Loan Corp.
(The) 11,900 2,615,620
- --------------------------------------------------------------------------------
United PanAm
Financial Corp. 1,2 8,500 232,985
- --------------------------------------------------------------------------------
WFS Financial, Inc. 51,000 2,586,210
- --------------------------------------------------------------------------------
World Acceptance
Corp. 1 94,100 2,827,705
----------------
57,149,480
- --------------------------------------------------------------------------------
INSURANCE--5.7%
21st Century
Insurance Group 2 10,300 152,852
- --------------------------------------------------------------------------------
Affirmative
Insurance Holdings,
Inc. 40,204 637,233
- --------------------------------------------------------------------------------
Alfa Corp. 2 59,300 872,896
- --------------------------------------------------------------------------------
Allmerica Financial
Corp. 1 71,500 2,651,935
- --------------------------------------------------------------------------------
American Equity
Investment Life
Holding Co. 2 104,100 1,236,708
- --------------------------------------------------------------------------------
American Financial
Group, Inc. 53,900 1,806,728
- --------------------------------------------------------------------------------
American Physicians
Capital, Inc. 1 41,400 1,538,010
- --------------------------------------------------------------------------------
AmerUs Group Co. 2 133,100 6,395,455
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
INSURANCE Continued
Arch Capital
Group Ltd. 1 92,200 $ 4,153,610
- --------------------------------------------------------------------------------
Argonaut Group,
Inc. 1,2 72,800 1,680,952
- --------------------------------------------------------------------------------
Aspen Insurance
Holdings Ltd. 111,200 3,064,672
- --------------------------------------------------------------------------------
Assurant, Inc. 107,400 3,877,140
- --------------------------------------------------------------------------------
Baldwin & Lyons,
Inc., Cl. B, Non-Vtg. 2 3,800 91,580
- --------------------------------------------------------------------------------
Berkley (W.R.) Corp. 78,600 2,804,448
- --------------------------------------------------------------------------------
Bristol West
Holdings, Inc. 2 38,100 697,230
- --------------------------------------------------------------------------------
Clark, Inc. 7,400 106,042
- --------------------------------------------------------------------------------
Commerce Group,
Inc. (The) 63,800 3,962,618
- --------------------------------------------------------------------------------
Delphi Financial
Group, Inc., Cl. A 95,650 4,222,948
- --------------------------------------------------------------------------------
Direct General Corp. 2 20,800 387,088
- --------------------------------------------------------------------------------
Donegal Group,
Inc., Cl. A 2 62,700 1,251,492
- --------------------------------------------------------------------------------
Fidelity National
Financial, Inc. 1,156 41,258
- --------------------------------------------------------------------------------
First American
Corp. (The) 105,400 4,230,756
- --------------------------------------------------------------------------------
FPIC Insurance
Group, Inc. 1,2 63,700 1,868,321
- --------------------------------------------------------------------------------
Great American
Financial Resources,
Inc. 15,300 303,093
- --------------------------------------------------------------------------------
HCC Insurance
Holdings, Inc. 99,300 3,760,491
- --------------------------------------------------------------------------------
Hilb, Rogal &
Hamilton Co. 2 98,900 3,402,160
- --------------------------------------------------------------------------------
Horace Mann
Educators Corp. 287,600 5,412,632
- --------------------------------------------------------------------------------
Independence
Holding Co. 2 7,160 126,374
- --------------------------------------------------------------------------------
Infinity Property
& Casualty Corp. 2 116,000 4,046,080
- --------------------------------------------------------------------------------
IPC Holdings Ltd. 9,700 384,314
- --------------------------------------------------------------------------------
LandAmerica
Financial Group,
Inc. 2 137,300 8,151,501
29 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
INSURANCE Continued
Markel Corp. 1 6,300 $ 2,135,700
- --------------------------------------------------------------------------------
Meadowbrook
Insurance Group,
Inc. 1 100 524
- --------------------------------------------------------------------------------
Mercury General
Corp. 16,400 894,128
- --------------------------------------------------------------------------------
National Western
Life Insurance
Co., Cl. A 1 4,200 814,338
- --------------------------------------------------------------------------------
Odyssey Re
Holdings Corp. 2 141,400 3,489,752
- --------------------------------------------------------------------------------
Ohio Casualty Corp. 308,000 7,447,440
- --------------------------------------------------------------------------------
Old Republic
International Corp. 115,300 2,915,937
- --------------------------------------------------------------------------------
Partnerre Holdings
Ltd. 26,200 1,687,804
- --------------------------------------------------------------------------------
Philadelphia
Consolidated
Holding Co. 1 56,100 4,755,036
- --------------------------------------------------------------------------------
Phoenix Cos., Inc.
(The) 2 227,900 2,712,010
- --------------------------------------------------------------------------------
Presidential Life
Corp. 2 12,600 215,586
- --------------------------------------------------------------------------------
ProAssurance Corp. 1 75,400 3,148,704
- --------------------------------------------------------------------------------
ProCentury Corp. 126,600 1,269,798
- --------------------------------------------------------------------------------
Protective Life Corp. 63,100 2,664,082
- --------------------------------------------------------------------------------
Pxre Group Ltd. 9,500 239,590
- --------------------------------------------------------------------------------
Reinsurance Group
of America, Inc. 35,300 1,641,803
- --------------------------------------------------------------------------------
RLI Corp. 2 131,300 5,855,980
- --------------------------------------------------------------------------------
Safety Insurance
Group, Inc. 2 75,700 2,555,632
- --------------------------------------------------------------------------------
Selective Insurance
Group, Inc. 2 154,700 7,665,385
- --------------------------------------------------------------------------------
StanCorp Financial
Group, Inc. 73,100 5,597,998
- --------------------------------------------------------------------------------
State Auto
Financial Corp. 84,000 2,607,360
- --------------------------------------------------------------------------------
Stewart Information
Services Corp. 2 95,300 4,002,600
- --------------------------------------------------------------------------------
Triad Guaranty, Inc. 1,2 5,600 282,184
- --------------------------------------------------------------------------------
UICI 83,500 2,485,795
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
INSURANCE Continued
United America
Indemnity Ltd.,
Cl. A 1 14,357 $ 246,797
- --------------------------------------------------------------------------------
United Fire &
Casualty Co. 2 105,600 4,690,752
- --------------------------------------------------------------------------------
Unitrin, Inc. 78,400 3,849,440
- --------------------------------------------------------------------------------
Universal American
Financial Corp. 1,2 356,600 8,066,292
- --------------------------------------------------------------------------------
Vesta Insurance
Group, Inc. 2 37,900 98,540
- --------------------------------------------------------------------------------
Zenith National
Insurance Corp. 113,100 7,674,966
----------------
165,030,570
- --------------------------------------------------------------------------------
REAL ESTATE--2.1%
Acadia Realty Trust 14,100 262,965
- --------------------------------------------------------------------------------
Agree Realty Corp. 56,600 1,712,150
- --------------------------------------------------------------------------------
Alexandria Real
Estate Equities, Inc. 13,000 954,850
- --------------------------------------------------------------------------------
Amli Residential
Properties Trust 2 9,200 287,592
- --------------------------------------------------------------------------------
Arden Realty, Inc. 29,800 1,072,204
- --------------------------------------------------------------------------------
Associated Estates
Realty Corp. 23,200 214,136
- --------------------------------------------------------------------------------
Brandywine Realty
Trust 55,900 1,713,335
- --------------------------------------------------------------------------------
Camden Property
Trust 8,600 462,250
- --------------------------------------------------------------------------------
Capital Automotive
REIT 18,800 717,596
- --------------------------------------------------------------------------------
Capital Trust, Cl. A 100 3,341
- --------------------------------------------------------------------------------
Capstead Mortgage
Corp. 2 14,100 116,748
- --------------------------------------------------------------------------------
CarrAmerica
Realty Corp. 23,300 842,994
- --------------------------------------------------------------------------------
CBL & Associates
Properties, Inc. 31,600 1,361,012
- --------------------------------------------------------------------------------
Colonial Properties
Trust 2 18,326 806,344
- --------------------------------------------------------------------------------
Consolidated-Tomoka
Land Co. 2 15,700 1,350,200
- --------------------------------------------------------------------------------
Corporate Office
Properties Trust 37,100 1,092,595
30 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
REAL ESTATE Continued
Correctional
Properties Trust 14,900 $ 421,670
- --------------------------------------------------------------------------------
CRT Properties, Inc. 18,800 513,240
- --------------------------------------------------------------------------------
Entertainment
Properties Trust 6,400 294,400
- --------------------------------------------------------------------------------
Equity Inns, Inc. 113,100 1,504,230
- --------------------------------------------------------------------------------
Federal Realty
Investment Trust 15,700 926,300
- --------------------------------------------------------------------------------
First Industrial
Realty Trust, Inc. 2 32,600 1,300,740
- --------------------------------------------------------------------------------
Forest City
Enterprises, Inc.,
Cl. A 10,100 717,100
- --------------------------------------------------------------------------------
Friedman, Billings,
Ramsey Group,
Inc., Cl. A 2 46,300 662,090
- --------------------------------------------------------------------------------
Getty Realty Corp. 2 23,800 659,260
- --------------------------------------------------------------------------------
Glenborough Realty
Trust, Inc. 9,400 193,546
- --------------------------------------------------------------------------------
Glimcher Realty
Trust 2 24,900 690,975
- --------------------------------------------------------------------------------
Health Care REIT,
Inc. 2 37,600 1,417,144
- --------------------------------------------------------------------------------
Healthcare Realty
Trust, Inc. 2 37,300 1,440,153
- --------------------------------------------------------------------------------
Heritage Property
Investment Trust 2 25,000 875,500
- --------------------------------------------------------------------------------
Highwoods
Properties, Inc. 28,200 839,232
- --------------------------------------------------------------------------------
HRPT Properties
Trust 50,700 630,201
- --------------------------------------------------------------------------------
Jones Lang LaSalle,
Inc. 1 136,600 6,041,818
- --------------------------------------------------------------------------------
Kilroy Realty Corp. 26,100 1,239,489
- --------------------------------------------------------------------------------
Lexington Corporate
Properties Trust 69,900 1,699,269
- --------------------------------------------------------------------------------
LTC Properties, Inc. 12,200 252,540
- --------------------------------------------------------------------------------
Macerich Co. (The) 6,400 429,120
- --------------------------------------------------------------------------------
Mack-Cali Realty
Corp. 18,800 851,640
- --------------------------------------------------------------------------------
Maguire
Properties, Inc. 16,900 478,946
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
REAL ESTATE Continued
Mid-America
Apartment
Communities, Inc. 28,100 $ 1,276,302
- --------------------------------------------------------------------------------
Mills Corp. 23,500 1,428,565
- --------------------------------------------------------------------------------
Nationwide Health
Properties, Inc. 47,100 1,112,031
- --------------------------------------------------------------------------------
Omega Healthcare
Investors, Inc. 14,100 181,326
- --------------------------------------------------------------------------------
Pan Pacific Retail
Properties, Inc. 16,000 1,062,080
- --------------------------------------------------------------------------------
Parkway
Properties, Inc. 2 5,500 275,055
- --------------------------------------------------------------------------------
Pennsylvania Real
Estate Investment
Trust 2 36,300 1,724,250
- --------------------------------------------------------------------------------
Prentiss Properties
Trust 6,800 247,792
- --------------------------------------------------------------------------------
PS Business Parks, Inc. 6,600 293,370
- --------------------------------------------------------------------------------
RAIT Investment
Trust 2 7,400 221,630
- --------------------------------------------------------------------------------
Ramco-Gershenson
Properties Trust 2 26,500 775,920
- --------------------------------------------------------------------------------
Realty Income Corp. 2 18,500 463,240
- --------------------------------------------------------------------------------
Redwood Trust, Inc. 9,400 485,040
- --------------------------------------------------------------------------------
Regency Centers
Corp. 9,700 554,840
- --------------------------------------------------------------------------------
Senior Housing
Properties Trust 2 40,000 756,400
- --------------------------------------------------------------------------------
Simon Property
Group, Inc. 1,702 123,378
- --------------------------------------------------------------------------------
SL Green Realty
Corp. 14,100 909,450
- --------------------------------------------------------------------------------
Spirit Finance Corp. 154,000 1,809,500
- --------------------------------------------------------------------------------
Stratus Properties,
Inc. 1 16,466 293,095
- --------------------------------------------------------------------------------
Tanger Factory
Outlet Centers, Inc. 67,800 1,825,854
- --------------------------------------------------------------------------------
Town & Country
Trust 2 11,300 322,163
- --------------------------------------------------------------------------------
Trammell Crow Co. 1 157,800 3,825,072
- --------------------------------------------------------------------------------
Trizec Properties,
Inc. 18,900 388,773
31 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
REAL ESTATE Continued
United Capital
Corp. 1 3,500 $ 90,825
- --------------------------------------------------------------------------------
United Dominion
Realty Trust, Inc. 27,800 668,590
- --------------------------------------------------------------------------------
Ventas, Inc. 23,500 709,700
- --------------------------------------------------------------------------------
W.P. Carey & Co. LLC 16,800 491,904
- --------------------------------------------------------------------------------
Weingarten Realty
Investors 22,100 866,762
----------------
60,231,822
- --------------------------------------------------------------------------------
THRIFTS & MORTGAGE FINANCE--0.4%
Accredited Home
Lenders Holding
Co. 1,2 76,300 3,357,200
- --------------------------------------------------------------------------------
Bank Mutual Corp. 2 163,694 1,810,456
- --------------------------------------------------------------------------------
Clifton Savings Bancorp, Inc. 2 10,000 105,600
- --------------------------------------------------------------------------------
Fremont General Corp. 2 126,300 3,072,879
- --------------------------------------------------------------------------------
PMI Group, Inc.
(The) 11,600 452,168
- --------------------------------------------------------------------------------
Radian Group, Inc. 37,900 1,789,638
----------------
10,587,941
- --------------------------------------------------------------------------------
HEALTH CARE--11.3%
- --------------------------------------------------------------------------------
BIOTECHNOLOGY--0.9%
Affymetrix, Inc. 1,2 12,000 647,160
- --------------------------------------------------------------------------------
Albany Molecular
Research, Inc. 1 29,200 408,800
- --------------------------------------------------------------------------------
Alexion
Pharmaceuticals,
Inc. 1,2 27,700 638,208
- --------------------------------------------------------------------------------
Applera Corp./
Applied Biosystems
Group 172,200 3,387,174
- --------------------------------------------------------------------------------
Arena
Pharmaceuticals,
Inc. 1 72,300 493,086
- --------------------------------------------------------------------------------
Array BioPharma,
Inc. 1,2 235,500 1,483,650
- --------------------------------------------------------------------------------
BioMarin
Pharmaceutical, Inc. 1 41,400 310,086
- --------------------------------------------------------------------------------
Bone Care
International, Inc. 1 23,400 771,498
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
BIOTECHNOLOGY Continued
Caliper Life
Sciences, Inc. 1 1,500 $ 8,400
- --------------------------------------------------------------------------------
Enzo Biochem, Inc. 2 15,400 276,122
- --------------------------------------------------------------------------------
ID Biomedical Corp. 1 60,100 982,034
- --------------------------------------------------------------------------------
ImmunoGen, Inc. 1,2 35,100 203,229
- --------------------------------------------------------------------------------
Invitrogen Corp. 1,2 48,100 4,006,249
- --------------------------------------------------------------------------------
Medarex, Inc. 1,2 27,700 230,741
- --------------------------------------------------------------------------------
Myriad Genetics,
Inc. 1,2 78,800 1,233,220
- --------------------------------------------------------------------------------
Northfield
Laboratories, Inc. 1 17,400 248,994
- --------------------------------------------------------------------------------
Orchid Cellmark,
Inc. 1,2 69,500 751,295
- --------------------------------------------------------------------------------
Techne Corp. 1,2 83,700 3,842,667
- --------------------------------------------------------------------------------
Third Wave
Technologies, Inc. 1 244,400 960,492
- --------------------------------------------------------------------------------
United
Therapeutics Corp. 1,2 86,800 4,183,760
- --------------------------------------------------------------------------------
Vertex
Pharmaceuticals,
Inc. 1 23,000 387,320
----------------
25,454,185
- --------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES--3.1%
ABIOMED, Inc. 1,2 824 7,045
- --------------------------------------------------------------------------------
Adeza Biomedical
Corp. 1,2 19,500 331,110
- --------------------------------------------------------------------------------
Advanced Medical
Optics, Inc. 1 60,966 2,423,399
- --------------------------------------------------------------------------------
American Medical
Systems Holdings,
Inc. 1 217,100 4,483,115
- --------------------------------------------------------------------------------
Analogic Corp. 8,200 412,624
- --------------------------------------------------------------------------------
Anika Therapeutics,
Inc. 1,2 78,500 901,965
- --------------------------------------------------------------------------------
Arrow International,
Inc. 53,600 1,709,840
- --------------------------------------------------------------------------------
Aspect Medical
Systems, Inc. 1,2 120,100 3,571,774
- --------------------------------------------------------------------------------
Bausch & Lomb, Inc. 44,800 3,718,400
- --------------------------------------------------------------------------------
Bio-Rad
Laboratories,
Inc., Cl. A 1 22,900 1,355,909
32 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES Continued
ConMed Corp. 1,2 153,100 $ 4,710,887
- --------------------------------------------------------------------------------
Conor Medsystems,
Inc. 1,2 18,700 287,045
- --------------------------------------------------------------------------------
Cutera, Inc. 1,2 30,900 536,115
- --------------------------------------------------------------------------------
Dade Behring
Holdings, Inc. 40,900 2,658,909
- --------------------------------------------------------------------------------
Dentsply
International, Inc. 30,500 1,647,000
- --------------------------------------------------------------------------------
DJ Orthopedics, Inc. 1,2 103,900 2,849,977
- --------------------------------------------------------------------------------
Edwards
Lifesciences Corp. 1 68,200 2,933,964
- --------------------------------------------------------------------------------
Haemonetics Corp. 1,2 145,000 5,892,800
- --------------------------------------------------------------------------------
HealthTronics, Inc. 1,2 75,500 980,745
- --------------------------------------------------------------------------------
Hologic, Inc. 1,2 130,388 5,182,923
- --------------------------------------------------------------------------------
ICU Medical, Inc. 1 6,500 209,105
- --------------------------------------------------------------------------------
Inamed Corp. 1 12,450 833,777
- --------------------------------------------------------------------------------
Intuitive Surgical,
Inc. 1,2 93,000 4,337,520
- --------------------------------------------------------------------------------
Kensey Nash Corp. 1,2 13,986 422,937
- --------------------------------------------------------------------------------
Lifecore
Biomedical, Inc. 1 3,200 34,880
- --------------------------------------------------------------------------------
Lifeline Systems,
Inc. 1,2 55,300 1,776,236
- --------------------------------------------------------------------------------
Matthews
International
Corp., Cl. A 2 58,500 2,279,160
- --------------------------------------------------------------------------------
Medical Action
Industries, Inc. 1 23,700 423,045
- --------------------------------------------------------------------------------
Mentor Corp. 2 143,000 5,931,640
- --------------------------------------------------------------------------------
Meridian
Bioscience, Inc. 151,500 2,870,925
- --------------------------------------------------------------------------------
NuVasive, Inc. 1,2 27,600 458,712
- --------------------------------------------------------------------------------
OraSure
Technologies, Inc. 1,2 63,000 629,370
- --------------------------------------------------------------------------------
Palomar Medical
Technologies, Inc. 1,2 18,168 434,579
- --------------------------------------------------------------------------------
ResMed, Inc. 1,2 18,800 1,240,612
- --------------------------------------------------------------------------------
Respironics, Inc. 1 35,200 1,271,072
- --------------------------------------------------------------------------------
SonoSite, Inc. 1,2 39,700 1,232,288
- --------------------------------------------------------------------------------
SurModics, Inc. 1,2 29,700 1,288,089
- --------------------------------------------------------------------------------
Sybron Dental
Specialties, Inc. 1 139,900 5,263,038
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES Continued
Thermo Electron
Corp. 1 27,500 $ 738,925
- --------------------------------------------------------------------------------
Thoratec Corp. 1 9,300 142,662
- --------------------------------------------------------------------------------
Varian, Inc. 1 62,500 2,361,875
- --------------------------------------------------------------------------------
Ventana Medical
Systems, Inc. 1,2 119,200 4,795,416
- --------------------------------------------------------------------------------
Viasys Healthcare,
Inc. 1 97,100 2,193,489
- --------------------------------------------------------------------------------
Vital Signs, Inc. 12,600 545,832
- --------------------------------------------------------------------------------
West Pharmaceutical
Services, Inc. 2 69,300 1,943,865
----------------
90,254,595
- --------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES--6.4%
Advisory Board
Co. (The) 1,2 11,700 570,258
- --------------------------------------------------------------------------------
Alderwoods
Group, Inc. 1 4,000 57,480
- --------------------------------------------------------------------------------
Allscripts Healthcare
Solutions, Inc. 1,2 294,400 4,889,984
- --------------------------------------------------------------------------------
America Service
Group, Inc. 1 24,800 393,080
- --------------------------------------------------------------------------------
American
Healthways, Inc. 1,2 200,200 8,462,454
- --------------------------------------------------------------------------------
American
Retirement Corp. 1,2 91,600 1,339,192
- --------------------------------------------------------------------------------
AMERIGROUP
Corp. 1 13,600 546,720
- --------------------------------------------------------------------------------
AMN Healthcare
Services, Inc. 1,2 65,100 978,453
- --------------------------------------------------------------------------------
AmSurg Corp. 1,2 81,600 2,259,504
- --------------------------------------------------------------------------------
Apria Healthcare
Group, Inc. 1 186,200 6,449,968
- --------------------------------------------------------------------------------
Beverly Enterprises,
Inc. 1,2 516,500 6,580,210
- --------------------------------------------------------------------------------
Bio-Reference
Laboratories, Inc. 1 58,074 806,067
- --------------------------------------------------------------------------------
Cantel Medical
Corp. 1,2 30,800 503,888
- --------------------------------------------------------------------------------
Cerner Corp. 1,2 48,700 3,310,139
- --------------------------------------------------------------------------------
Chemed Corp. 128,500 5,253,080
- --------------------------------------------------------------------------------
Community Health
Systems, Inc. 1 82,700 3,125,233
33 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES Continued
Computer Programs
& Systems, Inc. 74,900 $ 2,791,523
- --------------------------------------------------------------------------------
CorVel Corp. 1 4,050 101,736
- --------------------------------------------------------------------------------
Covance, Inc. 1 43,400 1,947,358
- --------------------------------------------------------------------------------
Coventry Health
Care, Inc. 1 4,000 283,000
- --------------------------------------------------------------------------------
Cross Country
Healthcare, Inc. 1,2 75,700 1,286,900
- --------------------------------------------------------------------------------
Dendrite
International, Inc. 1,2 35,200 485,760
- --------------------------------------------------------------------------------
Emageon, Inc. 1,2 30,500 427,305
- --------------------------------------------------------------------------------
Genesis HealthCare
Corp. 1,2 174,428 8,072,528
- --------------------------------------------------------------------------------
Gentiva Health
Services, Inc. 1,2 152,200 2,718,292
- --------------------------------------------------------------------------------
Health Net, Inc. 1 97,900 3,735,864
- --------------------------------------------------------------------------------
HealthExtras, Inc. 1,2 16,800 337,176
- --------------------------------------------------------------------------------
Horizon Health
Corp. 1 4,000 93,560
- --------------------------------------------------------------------------------
Humana, Inc. 1 67,400 2,678,476
- --------------------------------------------------------------------------------
IDX Systems Corp. 1 44,600 1,344,244
- --------------------------------------------------------------------------------
Kindred
Healthcare, Inc. 1,2 216,600 8,579,526
- --------------------------------------------------------------------------------
LCA-Vision, Inc. 2 153,186 7,423,394
- --------------------------------------------------------------------------------
LHC Group, Inc. 1,2 120,100 2,183,418
- --------------------------------------------------------------------------------
Lincare Holdings,
Inc. 1 92,100 3,761,364
- --------------------------------------------------------------------------------
Magellan Health
Services, Inc. 1 8,200 289,542
- --------------------------------------------------------------------------------
Manor Care, Inc. 61,100 2,427,503
- --------------------------------------------------------------------------------
Matria Healthcare,
Inc. 1,2 84,749 2,731,460
- --------------------------------------------------------------------------------
MedCath Corp. 1,2 91,200 2,534,448
- --------------------------------------------------------------------------------
Merge Technologies,
Inc. 1,2 43,000 806,250
- --------------------------------------------------------------------------------
National HealthCare
Corp. 2 15,000 529,650
- --------------------------------------------------------------------------------
National Medical
Health Card Systems,
Inc. 1 13,700 329,622
- --------------------------------------------------------------------------------
Option Care, Inc. 2 248,750 3,507,375
- --------------------------------------------------------------------------------
Owens & Minor, Inc. 195,500 6,324,425
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES Continued
PacifiCare Health
Systems, Inc. 1 48,300 $ 3,451,035
- --------------------------------------------------------------------------------
Parexel International
Corp. 1,2 99,900 1,983,015
- --------------------------------------------------------------------------------
Pediatrix Medical
Group, Inc. 1 117,400 8,633,596
- --------------------------------------------------------------------------------
Per-Se
Technologies, Inc. 1,2 160,100 3,365,302
- --------------------------------------------------------------------------------
Pharmaceutical
Product
Development, Inc. 1 22,200 1,040,292
- --------------------------------------------------------------------------------
PRA International 1 7,300 195,494
- --------------------------------------------------------------------------------
PSS World Medical,
Inc. 1,2 105,200 1,309,740
- --------------------------------------------------------------------------------
RehabCare Group,
Inc. 1 101,000 2,699,730
- --------------------------------------------------------------------------------
Res-Care, Inc. 1,2 84,300 1,143,108
- --------------------------------------------------------------------------------
Service Corp.
International 328,200 2,632,164
- --------------------------------------------------------------------------------
Sierra Health
Services, Inc. 1,2 124,200 8,875,332
- --------------------------------------------------------------------------------
Stewart
Enterprises, Inc. 504,300 3,298,122
- --------------------------------------------------------------------------------
Sunrise Senior
Living, Inc. 1,2 140,000 7,557,200
- --------------------------------------------------------------------------------
Triad Hospitals, Inc. 1 84,900 4,638,936
- --------------------------------------------------------------------------------
Trizetto Group, Inc. 1 136,500 1,912,365
- --------------------------------------------------------------------------------
U.S. Physical
Therapy, Inc. 1 6,400 122,752
- --------------------------------------------------------------------------------
United Surgical
Partners
International, Inc. 1,2 188,400 9,811,872
- --------------------------------------------------------------------------------
Universal Health
Services, Inc., Cl. B 48,800 3,034,384
- --------------------------------------------------------------------------------
VCA Antech, Inc. 1 196,400 4,762,700
- --------------------------------------------------------------------------------
WellChoice, Inc. 1 43,900 3,049,733
----------------
186,774,281
- --------------------------------------------------------------------------------
PHARMACEUTICALS--0.9%
Alpharma, Inc., Cl. A 2 76,900 1,112,743
- --------------------------------------------------------------------------------
Barr Pharmaceuticals,
Inc. 1 84,900 4,138,026
34 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
PHARMACEUTICALS Continued
Caraco
Pharmaceutical
Laboratories Ltd. 1 20,800 $ 178,464
- --------------------------------------------------------------------------------
CNS, Inc. 2 49,500 1,131,075
- --------------------------------------------------------------------------------
DOV
Pharmaceutical, Inc. 1,2 7,600 141,816
- --------------------------------------------------------------------------------
Encysive
Pharmaceuticals, Inc. 1 142,800 1,543,668
- --------------------------------------------------------------------------------
Endo Pharmaceuticals
Holdings, Inc. 1,2 43,300 1,137,924
- --------------------------------------------------------------------------------
First Horizon
Pharmaceutical
Corp. 1,2 160,400 3,054,016
- --------------------------------------------------------------------------------
Hi-Tech Pharmacal
Co., Inc. 1 82,400 2,625,264
- --------------------------------------------------------------------------------
Kos Pharmaceuticals,
Inc. 1,2 44,100 2,888,550
- --------------------------------------------------------------------------------
Medicis
Pharmaceutical
Corp., Cl. A 2 261,600 8,300,568
- --------------------------------------------------------------------------------
Perrigo Co. 1,200 16,728
----------------
26,268,842
- --------------------------------------------------------------------------------
INDUSTRIALS--16.6%
- --------------------------------------------------------------------------------
AEROSPACE & DEFENSE--1.2%
AAR Corp. 1 59,900 941,029
- --------------------------------------------------------------------------------
Astronics Corp.,
Cl. B 1 7,900 69,915
- --------------------------------------------------------------------------------
Aviall, Inc. 1 141,900 4,482,621
- --------------------------------------------------------------------------------
BE Aerospace, Inc. 1 65,500 1,023,765
- --------------------------------------------------------------------------------
DRS Technologies,
Inc. 83,200 4,266,496
- --------------------------------------------------------------------------------
ESCO Technologies,
Inc. 1,2 68,400 6,894,720
- --------------------------------------------------------------------------------
Goodrich Corp. 107,700 4,411,392
- --------------------------------------------------------------------------------
HEICO Corp., Cl. A 750 13,515
- --------------------------------------------------------------------------------
Innovative Solutions
& Support, Inc. 1,2 104,849 3,519,781
- --------------------------------------------------------------------------------
Moog, Inc., Cl. A 1,2 83,400 2,626,266
- --------------------------------------------------------------------------------
Precision Castparts
Corp. 17,700 1,378,830
- --------------------------------------------------------------------------------
Teledyne
Technologies, Inc. 1 148,100 4,825,098
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
AEROSPACE & DEFENSE Continued
Triumph Group, Inc. 1 1,900 $ 66,044
----------------
34,519,472
- --------------------------------------------------------------------------------
AIR FREIGHT & LOGISTICS--0.1%
ABX Air, Inc. 1 183,700 1,497,155
- --------------------------------------------------------------------------------
Dynamex, Inc. 1 38,200 650,928
- --------------------------------------------------------------------------------
Forward Air Corp. 34,050 962,594
- --------------------------------------------------------------------------------
Hub Group, Inc.,
Cl. A 1 8,100 202,905
- --------------------------------------------------------------------------------
Park-Ohio
Holdings Corp. 1 4,700 78,349
----------------
3,391,931
- --------------------------------------------------------------------------------
AIRLINES--0.6%
Alaska Air
Group, Inc. 1,2 212,500 6,321,875
- --------------------------------------------------------------------------------
AMR Corp. 1,2 128,400 1,554,924
- --------------------------------------------------------------------------------
Continental
Airlines, Inc., Cl. B 1,2 137,500 1,826,000
- --------------------------------------------------------------------------------
ExpressJet
Holdings, Inc. 1,2 189,900 1,616,049
- --------------------------------------------------------------------------------
Frontier Airlines,
Inc. 1,2 134,400 1,388,352
- --------------------------------------------------------------------------------
Hawaiian Holdings,
Inc. 1 64,000 259,840
- --------------------------------------------------------------------------------
Mesa Air Group,
Inc. 1,2 234,700 1,574,837
- --------------------------------------------------------------------------------
Pinnacle Airlines
Corp. 1,2 30,000 257,700
- --------------------------------------------------------------------------------
SkyWest, Inc. 112,800 2,050,704
- --------------------------------------------------------------------------------
World Air
Holdings, Inc. 1 54,000 632,880
----------------
17,483,161
- --------------------------------------------------------------------------------
BUILDING PRODUCTS--1.0%
Apogee Enterprises,
Inc. 101,600 1,561,592
- --------------------------------------------------------------------------------
Builders FirstSource,
Inc. 1,2 374,900 6,073,380
- --------------------------------------------------------------------------------
Crane Co. 53,200 1,399,160
- --------------------------------------------------------------------------------
Lennox International,
Inc. 2 325,100 6,882,367
35 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
BUILDING PRODUCTS Continued
NCI Building
Systems, Inc. 1,2 22,600 $ 741,280
- --------------------------------------------------------------------------------
Universal Forest
Products, Inc. 2 87,200 3,614,440
- --------------------------------------------------------------------------------
USG Corp. 1,2 126,300 5,367,750
- --------------------------------------------------------------------------------
Watsco, Inc. 79,100 3,369,660
----------------
29,009,629
- --------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES--5.3%
ABM Industries, Inc. 104,000 2,028,000
- --------------------------------------------------------------------------------
Adesa, Inc. 87,400 1,902,698
- --------------------------------------------------------------------------------
Administaff, Inc. 2 179,400 4,262,544
- --------------------------------------------------------------------------------
American
Reprographics Co. 1 38,900 625,901
- --------------------------------------------------------------------------------
Asset Acceptance
Capital Corp. 1,2 35,400 917,214
- --------------------------------------------------------------------------------
Banta Corp. 123,500 5,601,960
- --------------------------------------------------------------------------------
Brady Corp., Cl. A 2 154,100 4,777,100
- --------------------------------------------------------------------------------
Bright Horizons
Family Solutions,
Inc. 1,2 158,000 6,433,760
- --------------------------------------------------------------------------------
Brink's Co. (The) 39,400 1,418,400
- --------------------------------------------------------------------------------
Clean Harbors, Inc. 1,2 119,800 2,597,264
- --------------------------------------------------------------------------------
CompX
International, Inc. 2 6,500 108,875
- --------------------------------------------------------------------------------
Consolidated
Graphics, Inc. 1 125,700 5,124,789
- --------------------------------------------------------------------------------
Copart, Inc. 1 58,100 1,382,780
- --------------------------------------------------------------------------------
Corporate Executive
Board Co. 26,300 2,060,079
- --------------------------------------------------------------------------------
CPI Corp. 8,200 148,010
- --------------------------------------------------------------------------------
DeVry, Inc 1 25,900 515,410
- --------------------------------------------------------------------------------
DiamondCluster
International, Inc. 1 150,900 1,705,170
- --------------------------------------------------------------------------------
Dun & Bradstreet
Corp. 1 56,600 3,489,390
- --------------------------------------------------------------------------------
Duratek, Inc. 1,2 42,900 994,422
- --------------------------------------------------------------------------------
Equifax, Inc. 132,600 4,735,146
- --------------------------------------------------------------------------------
Exponent, Inc. 1 55,800 1,594,764
- --------------------------------------------------------------------------------
G&K Services,
Inc., Cl. A 54,100 2,041,193
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES Continued
General Binding
Corp. 1 17,200 $ 377,024
- --------------------------------------------------------------------------------
Geo Group, Inc.
(The) 1 27,100 678,855
- --------------------------------------------------------------------------------
Harland (John H.) Co. 174,600 6,634,800
- --------------------------------------------------------------------------------
Healthcare Services
Group, Inc. 2 168,075 3,374,946
- --------------------------------------------------------------------------------
Heidrick & Struggles
International, Inc. 1,2 125,258 3,266,729
- --------------------------------------------------------------------------------
HNI Corp. 68,800 3,519,120
- --------------------------------------------------------------------------------
Hudson Highland
Group, Inc. 1,2 63,700 993,083
- --------------------------------------------------------------------------------
Ikon Office
Solutions, Inc. 105,400 1,002,354
- --------------------------------------------------------------------------------
Imagistics
International, Inc. 1,2 11,000 308,000
- --------------------------------------------------------------------------------
Integrated Alarm
Services Group,
Inc. 1,2 113,400 497,826
- --------------------------------------------------------------------------------
ITT Educational
Services, Inc. 1 8,000 427,360
- --------------------------------------------------------------------------------
Jackson Hewitt Tax
Service, Inc. 189,700 4,484,508
- --------------------------------------------------------------------------------
Knoll, Inc. 150,300 2,571,633
- --------------------------------------------------------------------------------
Korn-Ferry
International 1,2 292,000 5,183,000
- --------------------------------------------------------------------------------
Labor Ready, Inc. 1,2 349,800 8,153,838
- --------------------------------------------------------------------------------
McGrath RentCorp 2 68,648 1,626,958
- --------------------------------------------------------------------------------
Miller (Herman), Inc. 80,600 2,485,704
- --------------------------------------------------------------------------------
Mobile Mini, Inc. 1,2 31,800 1,096,464
- --------------------------------------------------------------------------------
PHH Corp. 1,2 199,000 5,118,280
- --------------------------------------------------------------------------------
Portfolio Recovery
Associates, Inc. 1,2 122,500 5,147,450
- --------------------------------------------------------------------------------
Pre-Paid Legal
Services, Inc. 2 47,100 2,103,015
- --------------------------------------------------------------------------------
PRG-Schultz
International, Inc. 1,2 92,200 260,004
- --------------------------------------------------------------------------------
Republic Services,
Inc. 97,100 3,496,571
- --------------------------------------------------------------------------------
Resources
Connection, Inc. 1,2 111,000 2,578,530
36 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES Continued
Robert Half
International, Inc. 53,200 $ 1,328,404
- --------------------------------------------------------------------------------
Rollins, Inc. 2 169,150 3,389,766
- --------------------------------------------------------------------------------
Rush Enterprises,
Inc., Cl. A 1,2 46,400 618,976
- --------------------------------------------------------------------------------
ServiceMaster
Co. (The) 193,100 2,587,540
- --------------------------------------------------------------------------------
SITEL Corp. 1,2 64,900 136,939
- --------------------------------------------------------------------------------
Sotheby's Holdings,
Inc., Cl. A 1 239,900 3,286,630
- --------------------------------------------------------------------------------
Spherion Corp. 1,2 149,100 984,060
- --------------------------------------------------------------------------------
Steelcase, Inc., Cl. A 108,600 1,504,110
- --------------------------------------------------------------------------------
TeleTech Holdings,
Inc. 1,2 382,900 3,120,635
- --------------------------------------------------------------------------------
United Stationers,
Inc. 1 91,600 4,497,560
- --------------------------------------------------------------------------------
Vertrue, Inc. 1,2 24,300 946,728
- --------------------------------------------------------------------------------
Viad Corp. 115,300 3,267,602
- --------------------------------------------------------------------------------
Volt Information
Sciences, Inc. 1 30,000 711,900
- --------------------------------------------------------------------------------
Waste Connections,
Inc. 1,2 110,200 4,109,358
- --------------------------------------------------------------------------------
Waste Industries
USA, Inc. 1,800 25,452
- --------------------------------------------------------------------------------
Watson Wyatt
& Co. Holdings 2 34,400 881,672
- --------------------------------------------------------------------------------
West Corp. 1,2 46,300 1,777,920
----------------
153,026,173
- --------------------------------------------------------------------------------
CONSTRUCTION & ENGINEERING--1.3%
Comfort Systems
USA, Inc. 1 105,900 696,822
- --------------------------------------------------------------------------------
EMCOR Group, Inc. 1 124,100 6,068,490
- --------------------------------------------------------------------------------
Granite
Construction, Inc. 44,800 1,258,880
- --------------------------------------------------------------------------------
Insituform
Technologies, Inc.,
Cl. A 1,2 39,100 626,773
- --------------------------------------------------------------------------------
McDermott
International, Inc. 1 160,700 3,374,700
- --------------------------------------------------------------------------------
Perini Corp. 1 125,900 2,067,278
- --------------------------------------------------------------------------------
Quanta Services,
Inc. 1,2 236,300 2,079,440
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
CONSTRUCTION & ENGINEERING Continued
Shaw Group, Inc.
(The) 1,2 191,400 $ 4,117,014
- --------------------------------------------------------------------------------
URS Corp. 1 230,900 8,624,115
- --------------------------------------------------------------------------------
Washington Group
International, Inc. 1,2 170,600 8,721,072
----------------
37,634,584
- --------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT--1.0%
Active Power, Inc. 1 5,400 17,550
- --------------------------------------------------------------------------------
Acuity Brands, Inc. 2 106,200 2,728,278
- --------------------------------------------------------------------------------
American Power
Conversion Corp. 133,800 3,156,342
- --------------------------------------------------------------------------------
AMETEK, Inc. 10,400 435,240
- --------------------------------------------------------------------------------
Baldor Electric Co. 2 37,500 912,000
- --------------------------------------------------------------------------------
Energy Conversion
Devices, Inc. 1,2 127,200 2,846,736
- --------------------------------------------------------------------------------
Evergreen Solar,
Inc. 1,2 56,300 362,009
- --------------------------------------------------------------------------------
General Cable
Corp. 1,2 150,200 2,227,466
- --------------------------------------------------------------------------------
Genlyte Group,
Inc. (The) 1 112,900 5,502,746
- --------------------------------------------------------------------------------
II-VI, Inc. 1,2 17,326 318,625
- --------------------------------------------------------------------------------
LSI Industries, Inc. 14,500 202,130
- --------------------------------------------------------------------------------
Preformed Line
Products Co. 6,536 266,669
- --------------------------------------------------------------------------------
Smith (A.O.) Corp. 64,700 1,728,137
- --------------------------------------------------------------------------------
Thomas & Betts
Corp. 1 132,700 3,747,448
- --------------------------------------------------------------------------------
Vicor Corp. 2 79,200 1,077,120
- --------------------------------------------------------------------------------
Woodward
Governor Co. 2 38,367 3,223,979
----------------
28,752,475
- --------------------------------------------------------------------------------
INDUSTRIAL CONGLOMERATES--0.2%
Alleghany Corp. 6,600 1,960,200
- --------------------------------------------------------------------------------
Carlisle Cos., Inc. 27,000 1,853,010
- --------------------------------------------------------------------------------
Raven Industries,
Inc. 2 67,600 1,583,192
- --------------------------------------------------------------------------------
Teleflex, Inc. 16,500 979,605
- --------------------------------------------------------------------------------
Tredegar Corp. 49,600 773,760
----------------
7,149,767
37 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
MACHINERY--3.2%
Alamo Group, Inc. 6,200 $ 115,754
- --------------------------------------------------------------------------------
Albany International
Corp., Cl. A 153,600 4,932,096
- --------------------------------------------------------------------------------
American Science
& Engineering, Inc. 1 25,800 1,144,488
- --------------------------------------------------------------------------------
Ampco-Pittsburgh
Corp. 2 9,100 109,200
- --------------------------------------------------------------------------------
Astec Industries, Inc. 1 99,700 2,312,043
- --------------------------------------------------------------------------------
Barnes Group, Inc. 2 45,500 1,506,050
- --------------------------------------------------------------------------------
Bucyrus International,
Inc., Cl. A 2 102,106 3,877,986
- --------------------------------------------------------------------------------
Cascade Corp. 31,000 1,340,750
- --------------------------------------------------------------------------------
Chicago Bridge &
Iron Co. NV 133,800 3,058,668
- --------------------------------------------------------------------------------
CIRCOR
International, Inc. 28,600 705,562
- --------------------------------------------------------------------------------
Cummins, Inc. 53,100 3,961,791
- --------------------------------------------------------------------------------
EnPro Industries, Inc. 1 36,400 1,050,868
- --------------------------------------------------------------------------------
Flanders Corp. 1,2 16,700 150,300
- --------------------------------------------------------------------------------
Flowserve Corp. 1 261,700 7,919,042
- --------------------------------------------------------------------------------
Freightcar America,
Inc. 1 103,700 2,056,371
- --------------------------------------------------------------------------------
Harsco Corp. 66,900 3,649,395
- --------------------------------------------------------------------------------
Hexcel Corp. 1,2 149,500 2,529,540
- --------------------------------------------------------------------------------
Idex Corp. 2 6,900 266,409
- --------------------------------------------------------------------------------
JLG Industries, Inc. 2 101,000 2,775,480
- --------------------------------------------------------------------------------
Joy Global, Inc. 91,450 3,071,806
- --------------------------------------------------------------------------------
Kadant, Inc. 1,2 2,800 61,404
- --------------------------------------------------------------------------------
Lincoln Electric
Holdings, Inc. 2 7,900 261,885
- --------------------------------------------------------------------------------
Manitowoc Co.,
Inc. (The) 6,700 274,834
- --------------------------------------------------------------------------------
Middleby Corp.
(The) 1,2 14,102 745,432
- --------------------------------------------------------------------------------
Mueller Industries,
Inc. 146,500 3,970,150
- --------------------------------------------------------------------------------
NACCO Industries,
Inc., Cl. A 41,600 4,460,352
- --------------------------------------------------------------------------------
Nordson Corp. 26,100 894,708
- --------------------------------------------------------------------------------
Oshkosh Truck
Corp. 40,300 3,154,684
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
MACHINERY Continued
Pall Corp. 126,100 $ 3,828,396
- --------------------------------------------------------------------------------
Stewart & Stevenson
Services, Inc. 284,100 6,437,706
- --------------------------------------------------------------------------------
Sun Hydraulics
Corp. 2 16,800 611,352
- --------------------------------------------------------------------------------
Terex Corp. 1 108,300 4,267,020
- --------------------------------------------------------------------------------
Thomas Industries,
Inc. 14,700 587,412
- --------------------------------------------------------------------------------
Titan International,
Inc. 2 114,300 1,597,914
- --------------------------------------------------------------------------------
Toro Co. (The) 176,500 6,814,665
- --------------------------------------------------------------------------------
Wabash National
Corp. 2 152,100 3,685,383
- --------------------------------------------------------------------------------
Wabtec Corp. 180,100 3,868,548
----------------
92,055,444
- --------------------------------------------------------------------------------
MARINE--0.2%
Alexander &
Baldwin, Inc. 79,900 3,703,365
- --------------------------------------------------------------------------------
Frozen Food Express
Industries, Inc. 1 7,100 80,372
- --------------------------------------------------------------------------------
Kirby Corp. 1 30,400 1,371,040
- --------------------------------------------------------------------------------
Sea Containers
Ltd., Cl. A 2 16,300 260,311
----------------
5,415,088
- --------------------------------------------------------------------------------
ROAD & RAIL--1.6%
Amerco, Inc. 2 34,000 1,820,700
- --------------------------------------------------------------------------------
Arkansas Best Corp. 2 124,900 3,973,069
- --------------------------------------------------------------------------------
C.H. Robinson
Worldwide, Inc. 18,000 1,047,600
- --------------------------------------------------------------------------------
CNF Transportation,
Inc. 95,000 4,265,500
- --------------------------------------------------------------------------------
Dollar Thrifty
Automotive
Group, Inc. 1,2 115,200 4,375,296
- --------------------------------------------------------------------------------
Florida East Coast
Industries, Inc., C1. A 58,400 2,528,720
- --------------------------------------------------------------------------------
Genesee &
Wyoming, Inc.,
Cl. A 1,2 83,500 2,272,035
- --------------------------------------------------------------------------------
Heartland
Express, Inc. 2 59,950 1,164,829
38 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
ROAD & RAIL Continued
Hunt (J.B.) Transport
Services, Inc. 36,500 $ 704,450
- --------------------------------------------------------------------------------
Kansas City
Southern 1,2 71,500 1,442,870
- --------------------------------------------------------------------------------
Laidlaw
International, Inc. 1 202,600 4,882,660
- --------------------------------------------------------------------------------
Mullen
Transportation, Inc. 30,200 1,515,916
- --------------------------------------------------------------------------------
Overnite Corp. 58,900 2,531,522
- --------------------------------------------------------------------------------
Pacer International,
Inc. 1 144,000 3,137,760
- --------------------------------------------------------------------------------
SCS Transportation,
Inc. 1 47,099 838,362
- --------------------------------------------------------------------------------
Swift Transportation
Co., Inc. 1,2 327,900 7,636,791
- --------------------------------------------------------------------------------
Universal Truckload
Services, Inc. 1 52,854 892,704
- --------------------------------------------------------------------------------
USA Truck, Inc. 1,2 3,000 74,250
- --------------------------------------------------------------------------------
Werner Enterprises,
Inc. 7,500 147,300
- --------------------------------------------------------------------------------
Yellow Roadway
Corp. 1,2 29,366 1,491,793
----------------
46,744,127
- --------------------------------------------------------------------------------
TRADING COMPANIES & DISTRIBUTORS--0.9%
Applied Industrial
Technologies, Inc. 2 239,500 7,733,455
- --------------------------------------------------------------------------------
BlueLinx Holdings,
Inc. 100,876 1,067,268
- --------------------------------------------------------------------------------
GATX Corp. 2 280,500 9,677,250
- --------------------------------------------------------------------------------
Lawson Products,
Inc. 5,600 217,392
- --------------------------------------------------------------------------------
UAP Holding Corp. 176,700 2,933,220
- --------------------------------------------------------------------------------
United Rentals, Inc. 1,2 125,000 2,526,250
- --------------------------------------------------------------------------------
WESCO
International, Inc. 1 30,200 947,676
----------------
25,102,511
- --------------------------------------------------------------------------------
TRANSPORTATION INFRASTRUCTURE--0.0%
Interpool, Inc. 15,700 335,666
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
TRANSPORTATION INFRASTRUCTURE Continued
Macquarie
Infrastructure
Co. Trust 18,000 $ 510,840
----------------
846,506
- --------------------------------------------------------------------------------
INFORMATION TECHNOLOGY--15.2%
- --------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT--1.4%
ADTRAN, Inc. 248,900 6,170,231
- --------------------------------------------------------------------------------
Anaren
Microwave, Inc. 1,2 12,800 168,320
- --------------------------------------------------------------------------------
Black Box Corp. 64,100 2,269,140
- --------------------------------------------------------------------------------
Brocade
Communications
Systems, Inc. 1 665,400 2,581,752
- --------------------------------------------------------------------------------
Brooktrout, Inc. 1 1,800 20,088
- --------------------------------------------------------------------------------
CommScope, Inc. 1,2 45,000 783,450
- --------------------------------------------------------------------------------
Comtech
Telecommunications
Corp. 1,2 141,550 4,618,777
- --------------------------------------------------------------------------------
Comverse
Technology, Inc. 1 92,600 2,189,990
- --------------------------------------------------------------------------------
Digi International,
Inc. 1 205,409 2,436,151
- --------------------------------------------------------------------------------
Echelon Corp. 1 7,400 50,912
- --------------------------------------------------------------------------------
F5 Networks, Inc. 1,2 47,500 2,243,663
- --------------------------------------------------------------------------------
Foundry Networks,
Inc. 1,2 100,000 863,000
- --------------------------------------------------------------------------------
Harris Corp. 103,900 3,242,719
- --------------------------------------------------------------------------------
Netgear, Inc. 1,2 233,700 4,346,820
- --------------------------------------------------------------------------------
Packeteer, Inc. 1,2 124,200 1,751,220
- --------------------------------------------------------------------------------
Paradyne Networks,
Inc. 1 36,501 66,067
- --------------------------------------------------------------------------------
Performance
Technologies, Inc. 1,2 106,800 590,604
- --------------------------------------------------------------------------------
SiRF Technology
Holdings, Inc. 1 19,100 337,688
- --------------------------------------------------------------------------------
SpectraLink Corp. 2 84,900 893,148
- --------------------------------------------------------------------------------
Symmetricom, Inc. 1,2 380,800 3,948,896
----------------
39,572,636
39 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMPUTERS & PERIPHERALS--1.4%
Electronics for
Imaging, Inc. 1 304,200 $ 6,400,368
- --------------------------------------------------------------------------------
Hutchinson
Technology, Inc. 1 145,000 5,583,950
- --------------------------------------------------------------------------------
Imation Corp. 126,900 4,922,451
- --------------------------------------------------------------------------------
InFocus Corp. 1,2 37,100 153,594
- --------------------------------------------------------------------------------
Intergraph Corp. 1,2 183,900 6,337,194
- --------------------------------------------------------------------------------
M-Systems Flash
Disk Pioneers Ltd. 1 96,800 1,855,656
- --------------------------------------------------------------------------------
Maxtor Corp. 1 54,100 281,320
- --------------------------------------------------------------------------------
NCR Corp. 1 67,000 2,353,040
- --------------------------------------------------------------------------------
Pinnacle Systems,
Inc. 1 144,600 795,300
- --------------------------------------------------------------------------------
Quantum Corp. 1,2 301,400 895,158
- --------------------------------------------------------------------------------
Rimage Corp. 1 6,600 140,118
- --------------------------------------------------------------------------------
SimpleTech, Inc. 1 91,300 349,679
- --------------------------------------------------------------------------------
Storage Technology
Corp. 1 125,800 4,565,282
- --------------------------------------------------------------------------------
Stratasys, Inc. 1 7,000 228,760
- --------------------------------------------------------------------------------
Western Digital
Corp. 1 540,200 7,249,484
----------------
42,111,354
- --------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS--1.8%
Agilysys, Inc. 2 140,700 2,208,990
- --------------------------------------------------------------------------------
Amphenol Corp.,
Cl. A 114,800 4,611,516
- --------------------------------------------------------------------------------
Anixter
International, Inc. 1 60,500 2,248,785
- --------------------------------------------------------------------------------
BEI Technologies,
Inc. 2 5,400 144,072
- --------------------------------------------------------------------------------
Belden CDT, Inc. 2 82,800 1,755,360
- --------------------------------------------------------------------------------
Bell Microproducts,
Inc. 1,2 32,303 303,648
- --------------------------------------------------------------------------------
Brightpoint, Inc. 1,2 81,600 1,810,704
- --------------------------------------------------------------------------------
Coherent, Inc. 1,2 225,700 8,127,457
- --------------------------------------------------------------------------------
CyberOptics Corp. 1,2 6,600 85,800
- --------------------------------------------------------------------------------
Dionex Corp. 1,2 16,700 728,287
- --------------------------------------------------------------------------------
Electro Scientific
Industries, Inc. 1 152,000 2,717,760
- --------------------------------------------------------------------------------
Fargo Electronics,
Inc. 1 16,400 327,836
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS Continued
Hypercom Corp. 1,2 157,600 $ 1,019,672
- --------------------------------------------------------------------------------
Identix, Inc. 1,2 111,700 561,851
- --------------------------------------------------------------------------------
Ingram Micro,
Inc., Cl. A 1 51,200 801,792
- --------------------------------------------------------------------------------
Keithley
Instruments, Inc. 2 100,500 1,548,705
- --------------------------------------------------------------------------------
Komag, Inc. 1,2 41,400 1,174,518
- --------------------------------------------------------------------------------
LoJack Corp. 1,2 38,300 672,548
- --------------------------------------------------------------------------------
Methode
Electronics, Inc.,
Cl. A 15,000 178,050
- --------------------------------------------------------------------------------
Mettler-Toledo
International, Inc. 1 32,300 1,504,534
- --------------------------------------------------------------------------------
MTS Systems Corp. 2 102,700 3,448,666
- --------------------------------------------------------------------------------
PAR Technology
Corp. 1 11,800 377,600
- --------------------------------------------------------------------------------
Park Electrochemical
Corp. 109,500 2,759,400
- --------------------------------------------------------------------------------
Paxar Corp. 1 217,200 3,855,300
- --------------------------------------------------------------------------------
PC Connection, Inc. 1 61,500 382,530
- --------------------------------------------------------------------------------
RadiSys Corp. 1,2 60,000 969,000
- --------------------------------------------------------------------------------
Rofin-Sinar
Technologies, Inc. 1 12,000 393,600
- --------------------------------------------------------------------------------
Trimble
Navigation Ltd. 1 66,300 2,583,711
- --------------------------------------------------------------------------------
UNOVA, Inc. 1,2 129,400 3,445,922
- --------------------------------------------------------------------------------
Zygo Corp. 1 44,400 435,120
----------------
51,182,734
- --------------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES--1.6%
AsiaInfo Holdings,
Inc. 1,2 161,700 890,967
- --------------------------------------------------------------------------------
Blue Coat
Systems, Inc. 1 18,400 549,792
- --------------------------------------------------------------------------------
Corillian Corp. 1 102,380 317,378
- --------------------------------------------------------------------------------
Covansys Corp. 1 37,000 475,450
- --------------------------------------------------------------------------------
CyberSource Corp. 1 203,691 1,488,981
- --------------------------------------------------------------------------------
Digital Insight Corp. 1 155,228 3,713,054
- --------------------------------------------------------------------------------
EarthLink, Inc. 1 814,200 7,050,972
- --------------------------------------------------------------------------------
eCollege.com, Inc. 1,2 400 4,760
- --------------------------------------------------------------------------------
InfoSpace, Inc. 1,2 8,800 289,784
40 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES Continued
Internet Security Systems, Inc. 1 309,600 $ 6,281,784
- --------------------------------------------------------------------------------
Interwoven, Inc. 1 187,400 1,411,122
- --------------------------------------------------------------------------------
j2 Global Communications, Inc. 1 18,300 630,252
- --------------------------------------------------------------------------------
MicroStrategy, Inc., Cl. A 1,2 32,200 1,707,888
- --------------------------------------------------------------------------------
Online Resources & Communications Corp. 1,2 115,100 1,301,781
- --------------------------------------------------------------------------------
Salesforce.com, Inc. 1,2 23,100 473,088
- --------------------------------------------------------------------------------
SeeBeyond Technology Corp. 1,2 15,300 63,954
- --------------------------------------------------------------------------------
Selectica, Inc. 1 21,700 66,619
- --------------------------------------------------------------------------------
SonicWALL, Inc. 1 387,900 2,090,781
- --------------------------------------------------------------------------------
United Online, Inc. 492,850 5,352,351
- --------------------------------------------------------------------------------
ValueClick, Inc. 1,2 306,200 3,775,446
- --------------------------------------------------------------------------------
WebEx Communications,
Inc. 1,2 84,700 2,236,927
- --------------------------------------------------------------------------------
Websense, Inc. 1,2 126,000 6,054,300
----------------
46,227,431
- --------------------------------------------------------------------------------
IT SERVICES--1.5%
American Software, Inc. 8,500 49,130
- --------------------------------------------------------------------------------
Anteon
International Corp. 1 102,800 4,689,736
- --------------------------------------------------------------------------------
Aquantive, Inc. 1,2 41,500 735,380
- --------------------------------------------------------------------------------
CACI International,
Inc., Cl. A 1 51,300 3,240,108
- --------------------------------------------------------------------------------
CheckFree Corp. 1 62,000 2,111,720
- --------------------------------------------------------------------------------
CSG Systems
International, Inc. 1 307,600 5,838,248
- --------------------------------------------------------------------------------
eFunds Corp. 1 211,200 3,799,488
- --------------------------------------------------------------------------------
Euronet
Worldwide, Inc. 1,2 7,100 206,397
- --------------------------------------------------------------------------------
Fastclick, Inc. 1,2 92,200 839,020
- --------------------------------------------------------------------------------
Forrester Research,
Inc. 1,2 4,200 74,886
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
IT SERVICES Continued
Global Payments,
Inc. 34,900 $ 2,366,220
- --------------------------------------------------------------------------------
Information
Resources, Inc. 1 10,300 6,180
- --------------------------------------------------------------------------------
infoUSA, Inc. 234,468 2,743,276
- --------------------------------------------------------------------------------
Integral Systems, Inc. 800 18,104
- --------------------------------------------------------------------------------
Intrado, Inc. 1,2 19,200 287,232
- --------------------------------------------------------------------------------
iPayment
Holdings, Inc. 1,2 2,300 83,996
- --------------------------------------------------------------------------------
Keane, Inc. 1 99,400 1,361,780
- --------------------------------------------------------------------------------
ManTech
International Corp. 1,2 128,800 3,997,952
- --------------------------------------------------------------------------------
Maximus, Inc. 2 66,600 2,350,314
- --------------------------------------------------------------------------------
Pegasus Solutions,
Inc. 1,2 35,100 391,365
- --------------------------------------------------------------------------------
Perot Systems
Corp., Cl. A 1,2 170,200 2,420,244
- --------------------------------------------------------------------------------
Sabre Holdings Corp. 17,900 357,105
- --------------------------------------------------------------------------------
SI International, Inc. 1,2 11,100 332,556
- --------------------------------------------------------------------------------
SRA International,
Inc., Cl. A 1,2 87,500 3,038,000
- --------------------------------------------------------------------------------
SS&C Technologies,
Inc. 40,250 1,275,120
- --------------------------------------------------------------------------------
Startek, Inc. 2 21,400 351,388
- --------------------------------------------------------------------------------
Sykes Enterprises,
Inc. 1 31,000 293,880
- --------------------------------------------------------------------------------
Vasco Data Security
International, Inc. 1,2 128,800 1,249,360
----------------
44,508,185
- --------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--3.5%
ADE Corp. 1 138,200 3,876,510
- -------------------------------------------------------------------------------
Advanced Energy-
Industries, Inc. 1,2 107,700 846,522
- --------------------------------------------------------------------------------
AMIS Holdings,
Inc. 1,2 24,400 325,496
- --------------------------------------------------------------------------------
ATMI, Inc. 1,2 218,900 6,350,289
- --------------------------------------------------------------------------------
Axcelis
Technologies, Inc. 1 474,300 3,253,698
- --------------------------------------------------------------------------------
Cabot
Microelectronics
Corp. 1,2 55,700 1,614,743
41 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
Continued
Cascade Microtech,
Inc. 1,2 42,600 $ 621,960
- --------------------------------------------------------------------------------
Cohu, Inc. 35,400 709,770
- --------------------------------------------------------------------------------
Cree, Inc. 1,2 146,400 3,728,808
- --------------------------------------------------------------------------------
Cymer, Inc. 1,2 188,900 4,977,515
- --------------------------------------------------------------------------------
Cypress
Semiconductor
Corp. 1,2 286,000 3,600,740
- --------------------------------------------------------------------------------
Diodes, Inc. 1,2 68,504 2,137,325
- --------------------------------------------------------------------------------
DSP Group, Inc. 1 92,291 2,202,986
- --------------------------------------------------------------------------------
Entegris, Inc. 1,2 56,100 555,390
- --------------------------------------------------------------------------------
FEI Co. 1,2 77,200 1,760,932
- --------------------------------------------------------------------------------
Freescale
Semiconductor,
Inc., Cl. A 1 14,200 298,342
- --------------------------------------------------------------------------------
Genesis Microchip,
Inc. 1,2 18,400 339,664
- --------------------------------------------------------------------------------
Helix Technology
Corp. 42,200 560,416
- --------------------------------------------------------------------------------
Integrated Device
Technology, Inc. 1 681,600 7,327,200
- --------------------------------------------------------------------------------
International
Rectifier Corp. 1 16,400 782,608
- --------------------------------------------------------------------------------
Intersil Corp., Cl. A 78,400 1,471,568
- --------------------------------------------------------------------------------
IXYS Corp. 1,2 88,300 1,252,094
- --------------------------------------------------------------------------------
Lam Research Corp. 1 116,800 3,380,192
- --------------------------------------------------------------------------------
LSI Logic Corp. 1 401,200 3,406,188
- --------------------------------------------------------------------------------
MEMC Electronic
Materials, Inc. 1 148,200 2,337,114
- --------------------------------------------------------------------------------
Micrel, Inc. 1 602,200 6,937,344
- --------------------------------------------------------------------------------
Microsemi Corp. 1 324,800 6,106,240
- --------------------------------------------------------------------------------
Microtune, Inc. 1,2 193,300 969,400
- --------------------------------------------------------------------------------
MIPS Technologies,
Inc., Cl. A 1 215,100 1,548,720
- --------------------------------------------------------------------------------
Mykrolis Corp. 1 139,000 1,975,190
- --------------------------------------------------------------------------------
Nanometrics, Inc. 1,2 4,900 61,201
- --------------------------------------------------------------------------------
NVIDIA Corp. 1 87,500 2,338,000
- --------------------------------------------------------------------------------
OmniVision
Technologies, Inc. 1,2 463,200 6,294,888
- --------------------------------------------------------------------------------
PDF Solutions, Inc. 1,2 87,200 1,144,064
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
Continued
Photronics, Inc. 1 270,100 $ 6,304,134
- --------------------------------------------------------------------------------
Rudolph
Technologies, Inc. 1,2 12,900 184,857
- --------------------------------------------------------------------------------
Silicon Storage
Technology, Inc. 2 70,900 285,727
- --------------------------------------------------------------------------------
Skyworks
Solutions, Inc. 1,2 201,800 1,487,266
- --------------------------------------------------------------------------------
Supertex, Inc. 1,2 3,800 67,108
- --------------------------------------------------------------------------------
Trident
Microsystems, Inc. 1,2 63,900 1,449,891
- --------------------------------------------------------------------------------
Ultra Clean
Holdings, Inc. 1 20,700 154,215
- --------------------------------------------------------------------------------
Varian
Semiconductor
Equipment
Associates, Inc. 1,2 179,900 6,656,300
- -------------------------------------------------------------------------------
Virage Logic Corp. 1,2 29,700 305,910
----------------
101,988,525
- --------------------------------------------------------------------------------
SOFTWARE--4.0%
Activision, Inc. 1 125,500 2,073,260
- --------------------------------------------------------------------------------
Ansoft Corp. 1,2 73,973 1,787,188
- --------------------------------------------------------------------------------
Ansys, Inc. 1,2 209,700 7,446,447
- --------------------------------------------------------------------------------
Aspect
Communications
Corp. 1 169,411 1,902,486
- --------------------------------------------------------------------------------
Atari, Inc. 1 69,700 193,766
- --------------------------------------------------------------------------------
BEA Systems, Inc. 1 119,500 1,049,210
- --------------------------------------------------------------------------------
Blackbaud, Inc. 79,400 1,071,900
- --------------------------------------------------------------------------------
Borland Software
Corp. 1 361,900 2,482,634
- --------------------------------------------------------------------------------
Bottomline
Technologies, Inc. 1 114,400 1,712,568
- --------------------------------------------------------------------------------
Cadence Design
Systems, Inc. 1 207,300 2,831,718
- --------------------------------------------------------------------------------
Captiva Software
Corp. 1 20,200 291,688
- --------------------------------------------------------------------------------
Catapult
Communications
Corp. 1 105,100 1,793,006
- --------------------------------------------------------------------------------
CCC Information
Services Group, Inc. 1 27,600 661,020
42 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SOFTWARE Continued
Compuware Corp. 1 322,200 $ 2,316,618
- --------------------------------------------------------------------------------
Entrust
Technologies, Inc. 1,2 234,500 1,123,255
- --------------------------------------------------------------------------------
EPIQ Systems, Inc. 1 11,000 179,960
- --------------------------------------------------------------------------------
ePlus, inc. 1 16,900 194,350
- --------------------------------------------------------------------------------
FactSet Research
Systems, Inc. 2 66,050 2,367,232
- --------------------------------------------------------------------------------
Fair Isaac Corp. 23,400 854,100
- --------------------------------------------------------------------------------
FileNet Corp. 1,2 176,300 4,432,182
- --------------------------------------------------------------------------------
Informatica Corp. 1,2 436,900 3,665,591
- --------------------------------------------------------------------------------
InterVideo, Inc. 1 22,700 326,426
- --------------------------------------------------------------------------------
InterVoice-Brite,
Inc. 1,2 121,600 1,049,408
- --------------------------------------------------------------------------------
Macromedia, Inc. 1 38,000 1,452,360
- --------------------------------------------------------------------------------
Macrovision Corp. 1 105,000 2,366,700
- --------------------------------------------------------------------------------
McAfee, Inc. 1 191,400 5,010,852
- --------------------------------------------------------------------------------
Micromuse, Inc. 1 46,200 261,492
- --------------------------------------------------------------------------------
MICROS Systems,
Inc. 1 153,100 6,851,225
- --------------------------------------------------------------------------------
Mobius
Management
Systems, Inc. 1 2,600 17,160
- --------------------------------------------------------------------------------
Moldflow Corp. 1,2 2,500 32,375
- --------------------------------------------------------------------------------
MRO Software, Inc. 1,2 120,900 1,766,349
- --------------------------------------------------------------------------------
MSC.Software
Corp. 1,2 32,200 442,750
- --------------------------------------------------------------------------------
Parametric
Technology Corp. 1 1,555,400 9,923,452
- --------------------------------------------------------------------------------
Pervasive
Software, Inc. 1 2,700 11,437
- --------------------------------------------------------------------------------
Progress Software
Corp. 1,2 212,700 6,412,905
- --------------------------------------------------------------------------------
Quality Systems, Inc. 2 15,200 720,176
- --------------------------------------------------------------------------------
Quest Software, Inc. 1 229,800 3,132,174
- --------------------------------------------------------------------------------
Radiant Systems,
Inc. 1 114,700 1,307,580
- --------------------------------------------------------------------------------
Reynolds & Reynolds
Co., Cl. A 15,500 418,965
- --------------------------------------------------------------------------------
Smith Micro
Software, Inc. 1 2,100 9,198
- --------------------------------------------------------------------------------
SPSS, Inc. 1 10,300 197,863
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SOFTWARE Continued
Sybase, Inc. 1 153,300 $ 2,813,055
- --------------------------------------------------------------------------------
Synopsys, Inc. 1 229,700 3,829,099
- --------------------------------------------------------------------------------
Take-Two Interactive
Software, Inc. 1,2 197,600 5,028,920
- --------------------------------------------------------------------------------
TALX Corp. 18,400 531,944
- --------------------------------------------------------------------------------
THQ, Inc. 1,2 134,200 3,928,034
- --------------------------------------------------------------------------------
Transaction Systems
Architects, Inc.,
Cl. A 1 328,331 8,086,793
- --------------------------------------------------------------------------------
Ulticom, Inc. 1 15,349 162,853
- --------------------------------------------------------------------------------
Ultimate Software
Group, Inc. (The) 1,2 108,900 1,785,960
- --------------------------------------------------------------------------------
Verint Systems, Inc. 1 9,000 289,440
- --------------------------------------------------------------------------------
Wind River
Systems, Inc. 1 226,500 3,551,520
- --------------------------------------------------------------------------------
Witness Systems,
Inc. 1,2 137,900 2,513,917
----------------
114,662,561
- --------------------------------------------------------------------------------
MATERIALS--5.9%
- --------------------------------------------------------------------------------
CHEMICALS--2.0%
Agrium, Inc. 235,700 4,622,077
- --------------------------------------------------------------------------------
Cabot Corp. 16,400 541,200
- --------------------------------------------------------------------------------
Compass Minerals
International, Inc. 129,700 3,034,980
- --------------------------------------------------------------------------------
Crompton Corp. 2 282,400 3,995,960
- --------------------------------------------------------------------------------
Eastman
Chemical Co. 83,700 4,616,055
- --------------------------------------------------------------------------------
Engelhard Corp. 94,900 2,709,395
- --------------------------------------------------------------------------------
FMC Corp. 1 123,000 6,905,220
- --------------------------------------------------------------------------------
Fuller (H.B.) Co. 209,100 7,121,946
- --------------------------------------------------------------------------------
Georgia Gulf Corp. 99,400 3,086,370
- --------------------------------------------------------------------------------
Great Lakes
Chemical Corp. 66,200 2,083,314
- --------------------------------------------------------------------------------
Hercules, Inc. 1 800 11,320
- --------------------------------------------------------------------------------
MacDermid, Inc. 108,500 3,380,860
- --------------------------------------------------------------------------------
NL Industries, Inc. 50,900 783,351
- --------------------------------------------------------------------------------
NOVA Chemicals
Corp. 29,400 898,464
- --------------------------------------------------------------------------------
OM Group, Inc. 1 126,400 3,120,816
- --------------------------------------------------------------------------------
PolyOne Corp. 1 291,700 1,931,054
43 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
CHEMICALS Continued
Scotts Miracle-Gro
Co. (The), Cl. A 1 40,600 $ 2,891,126
- --------------------------------------------------------------------------------
Sensient Technologies
Corp. 41,000 845,010
- --------------------------------------------------------------------------------
Stepan Co. 16,300 360,230
- --------------------------------------------------------------------------------
Valhi, Inc. 2 21,200 371,000
- --------------------------------------------------------------------------------
Valspar Corp. (The) 31,100 1,501,819
- --------------------------------------------------------------------------------
W.R. Grace & Co. 1,2 310,200 2,416,458
- --------------------------------------------------------------------------------
Wellman, Inc. 238,800 2,433,372
----------------
59,661,397
- --------------------------------------------------------------------------------
CONSTRUCTION MATERIALS--0.7%
AMCOL International
Corp. 2 800 15,032
- --------------------------------------------------------------------------------
Eagle Materials, Inc. 2 85,200 7,888,668
- --------------------------------------------------------------------------------
Eagle Materials,
Inc., Cl. B 2 1,300 117,637
- --------------------------------------------------------------------------------
Florida Rock
Industries, Inc. 17,800 1,305,630
- --------------------------------------------------------------------------------
Lafarge North
America, Inc. 42,600 2,659,944
- --------------------------------------------------------------------------------
Martin Marietta
Materials, Inc. 70,100 4,845,312
- --------------------------------------------------------------------------------
Texas Industries, Inc. 29,800 1,675,654
- --------------------------------------------------------------------------------
Vulcan Materials Co. 16,500 1,072,335
----------------
19,580,212
- --------------------------------------------------------------------------------
CONTAINERS & PACKAGING--0.9%
Ball Corp. 42,100 1,513,916
- --------------------------------------------------------------------------------
Caraustar
Industries, Inc. 1,2 114,800 1,205,400
- --------------------------------------------------------------------------------
Crown Holdings,
Inc. 1 311,700 4,435,491
- --------------------------------------------------------------------------------
Graphic Packaging
Corp. 1,2 62,100 226,665
- --------------------------------------------------------------------------------
Greif, Inc., Cl. A 98,200 6,000,020
- --------------------------------------------------------------------------------
Longview Fibre Co. 93,300 1,917,315
- --------------------------------------------------------------------------------
Myers Industries,
Inc. 2 14,500 181,250
- --------------------------------------------------------------------------------
Owens-Illinois, Inc. 1 200,000 5,010,000
- --------------------------------------------------------------------------------
Pactiv Corp. 1 29,400 634,452
- --------------------------------------------------------------------------------
Rock-Tenn Co., Cl. A 300 3,795
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
CONTAINERS & PACKAGING Continued
Silgan Holdings, Inc. 118,000 $ 6,636,320
----------------
27,764,624
- --------------------------------------------------------------------------------
METALS & MINING--1.8%
AK Steel Holding
Corp. 1,2 119,200 764,072
- --------------------------------------------------------------------------------
Aleris International,
Inc. 1 123,300 2,780,415
- --------------------------------------------------------------------------------
Amerigo Resources
Ltd. 1 779,600 1,145,348
- --------------------------------------------------------------------------------
Carpenter
Technology Corp. 2 154,600 8,008,280
- --------------------------------------------------------------------------------
Castle (A.M.) & Co. 1,2 44,100 681,786
- --------------------------------------------------------------------------------
Commercial
Metals Co. 186,700 4,447,194
- --------------------------------------------------------------------------------
Desert Sun
Mining Corp. 1 184,300 300,849
- --------------------------------------------------------------------------------
Dynatec Corp. 1 1,276,100 1,354,008
- --------------------------------------------------------------------------------
FNX Mining Co., Inc. 1 36,900 341,834
- --------------------------------------------------------------------------------
Goldcorp, Inc. 27,575 438,652
- --------------------------------------------------------------------------------
HudBay Minerals,
Inc. 1 323,900 679,418
- --------------------------------------------------------------------------------
Inmet Mining Corp. 1 136,200 1,761,974
- --------------------------------------------------------------------------------
LionOre Mining
International Ltd. 1 300,700 1,543,750
- --------------------------------------------------------------------------------
Meridian Gold, Inc. 1 23,700 425,563
- --------------------------------------------------------------------------------
Metal Management,
Inc. 2 147,400 2,852,190
- --------------------------------------------------------------------------------
Oregon Steel Mills,
Inc. 1,2 107,200 1,844,912
- --------------------------------------------------------------------------------
Quanex Corp. 2 175,350 9,295,304
- --------------------------------------------------------------------------------
Reliance Steel &
Aluminum Co. 140,600 5,212,042
- --------------------------------------------------------------------------------
Roanoke Electric
Steel Corp. 2 10,400 171,808
- --------------------------------------------------------------------------------
RTI International
Metals, Inc. 1,2 20,700 650,187
- --------------------------------------------------------------------------------
Schnitzer Steel
Industries, Inc. 2 13,500 319,950
- --------------------------------------------------------------------------------
Southern Peru
Copper Corp. 2 23,500 1,006,740
- --------------------------------------------------------------------------------
Steel Dynamics, Inc. 2 143,000 3,753,750
44 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
METALS & MINING Continued
United States Steel
Corp. 13,700 $ 470,869
- --------------------------------------------------------------------------------
Worthington
Industries, Inc. 71,200 1,124,960
----------------
51,375,855
- --------------------------------------------------------------------------------
PAPER & FOREST PRODUCTS--0.5%
Buckeye
Technologies, Inc. 1,2 135,700 1,081,529
- --------------------------------------------------------------------------------
Deltic Timber Corp. 2 4,300 163,529
- --------------------------------------------------------------------------------
Glatfelter 165,400 2,050,960
- --------------------------------------------------------------------------------
Louisiana-Pacific
Corp. 112,400 2,762,792
- --------------------------------------------------------------------------------
Neenah Paper, Inc. 2 25,500 789,735
- --------------------------------------------------------------------------------
Pope & Talbot, Inc. 116,300 1,290,930
- --------------------------------------------------------------------------------
Potlatch Corp. 112,900 5,908,057
----------------
14,047,532
- --------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES--0.6%
- --------------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION SERVICES--0.4%
Alaska
Communications
Systems Group, Inc. 2 217,900 2,159,389
- --------------------------------------------------------------------------------
AXXENT, Inc. 1,5 100,000 --
- --------------------------------------------------------------------------------
CenturyTel, Inc. 120,000 4,155,600
- --------------------------------------------------------------------------------
Commonwealth
Telephone
Enterprises, Inc. 27,500 1,152,525
- --------------------------------------------------------------------------------
CT Communications,
Inc. 38,500 502,425
- --------------------------------------------------------------------------------
FairPoint
Communications,
Inc. 28,200 455,430
- --------------------------------------------------------------------------------
North Pittsburgh
Systems, Inc. 2 66,200 1,294,872
- --------------------------------------------------------------------------------
Premiere Global
Services, Inc. 1,2 258,200 2,915,078
- --------------------------------------------------------------------------------
Shenandoah
Telecommunications
Co.2 4,300 170,925
- --------------------------------------------------------------------------------
Talk America
Holdings, Inc. 1 36,800 368,368
----------------
13,174,612
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
WIRELESS TELECOMMUNICATION SERVICES--0.2%
Centennial
Communications
Corp. 1,2 34,100 $ 473,308
- --------------------------------------------------------------------------------
Telephone & Data
Systems, Inc.,
Special Shares 22,900 877,986
- --------------------------------------------------------------------------------
UbiquiTel, Inc. 1,2 373,300 3,046,128
- --------------------------------------------------------------------------------
United States
Cellular Corp. 1 22,000 1,098,680
- --------------------------------------------------------------------------------
US Unwired, Inc.,
Cl. A 1 30,400 176,928
----------------
5,673,030
- --------------------------------------------------------------------------------
UTILITIES--2.7%
- --------------------------------------------------------------------------------
ELECTRIC UTILITIES--1.4%
ALLETE, Inc. 2 91,700 4,575,830
- --------------------------------------------------------------------------------
Black Hills Corp. 54,000 1,989,900
- --------------------------------------------------------------------------------
Canadian Hydro
Developers, Inc. 1 406,000 1,322,184
- --------------------------------------------------------------------------------
CenterPoint
Energy, Inc. 118,200 1,561,422
- --------------------------------------------------------------------------------
CH Energy
Group, Inc. 2 84,000 4,084,920
- --------------------------------------------------------------------------------
Cleco Corp. 2 11,100 239,427
- --------------------------------------------------------------------------------
CMS Energy Corp. 1,2 515,500 7,763,430
- --------------------------------------------------------------------------------
Green Mountain
Power Corp. 11,300 337,192
- --------------------------------------------------------------------------------
IDACORP, Inc. 7,100 217,473
- --------------------------------------------------------------------------------
Northeast
Utilities Co. 45,700 953,302
- --------------------------------------------------------------------------------
NRG Energy, Inc. 1,2 95,200 3,579,520
- --------------------------------------------------------------------------------
NSTAR, Inc. 36,300 1,119,129
- --------------------------------------------------------------------------------
Ormat Technologies,
Inc. 2 217,600 4,156,160
- --------------------------------------------------------------------------------
PNM Resources, Inc. 116,400 3,353,484
- --------------------------------------------------------------------------------
UIL Holdings Corp. 2 19,700 1,060,057
- --------------------------------------------------------------------------------
Wisconsin Energy
Corp. 95,000 3,705,000
- --------------------------------------------------------------------------------
WPS Resources
Corp. 37,600 2,115,000
----------------
42,133,430
45 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
GAS UTILITIES--0.9%
Atmos Energy Corp. 146,400 $ 4,216,320
- --------------------------------------------------------------------------------
Chesapeake Utilities
Corp. 12,200 372,710
- --------------------------------------------------------------------------------
Energen Corp. 28,500 998,925
- --------------------------------------------------------------------------------
New Jersey
Resources Corp. 13,100 632,075
- --------------------------------------------------------------------------------
Nicor, Inc. 2 64,700 2,663,699
- --------------------------------------------------------------------------------
Northwest Natural
Gas Co. 2 43,900 1,678,736
- --------------------------------------------------------------------------------
ONEOK, Inc. 99,400 3,245,410
- --------------------------------------------------------------------------------
Peoples Energy
Corp. 2 35,200 1,529,792
- --------------------------------------------------------------------------------
South Jersey
Industries, Inc. 12,600 770,112
- --------------------------------------------------------------------------------
Southwest Gas Corp. 88,500 2,257,635
- --------------------------------------------------------------------------------
UGI Corp. 69,800 1,947,420
- --------------------------------------------------------------------------------
WGL Holdings, Inc. 2 141,400 4,756,696
---------------
25,069,530
- --------------------------------------------------------------------------------
MULTI-UTILITIES & UNREGULATED POWER--0.4%
Avista Corp. 27,200 505,648
- --------------------------------------------------------------------------------
Energy East Corp. 114,600 3,321,108
- --------------------------------------------------------------------------------
MDU Resources
Group, Inc. 27,400 771,846
- --------------------------------------------------------------------------------
Sierra Pacific
Resources 1,2 474,200 5,903,790
---------------
10,502,392
---------------
Total Common Stocks
(Cost $2,347,367,288) 2,839,415,250
- --------------------------------------------------------------------------------
PREFERRED STOCKS--0.0%
- --------------------------------------------------------------------------------
Simon Property
Group Inc., 6% Cv.,
Non-Vtg.
(Cost $93,170) 1,740 107,880
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
NON-CONVERTIBLE CORPORATE BONDS AND
NOTES--0.0%
- --------------------------------------------------------------------------------
Mueller Industries,
Inc., 6% Sub. Nts.,
11/1/14 2 (Cost $655,000) $ 655,000 $ 651,725
- --------------------------------------------------------------------------------
MONEY MARKET DEPOSIT--0.0%
- --------------------------------------------------------------------------------
JPMorgan Chase,
Nassau Branch,
2.716%, 7/1/05
(Cost $584,655) 584,655 584,655
- --------------------------------------------------------------------------------
JOINT REPURCHASE AGREEMENTS--1.7%
- --------------------------------------------------------------------------------
Undivided interest of 96.70% in joint
repurchase agreement (Principal Amount/ Value
$50,624,000, with a maturity value
of $50,628,008) with Cantor Fitzgerald &
Co./Cantor Fitzgerald Securities, 2.85%,
dated 6/30/05, to be repurchased at
$48,956,875 on 7/1/05, collateralized
by U.S. Treasury Bonds, 9.125%--13.25%,
5/15/14--5/15/18, with a value of
$51,688,927 (Cost $48,953,000) 48,953,000 48,953,000
- --------------------------------------------------------------------------------
Total Investments, at Value
(excluding Investments Purchased with Cash
Collateral from Securities Loaned)
(Cost $2,397,653,113) 2,889,712,510
- --------------------------------------------------------------------------------
INVESTMENTS PURCHASED WITH CASH COLLATERAL
FROM SECURITIES LOANED--21.5%
- --------------------------------------------------------------------------------
ASSET BACKED FLOATING NOTE--1.3%
Trust Money Market
Securities, Series A-2,
3.295%, 7/15/05 6 7,000,000 7,000,000
- --------------------------------------------------------------------------------
Whitehawk CDO
Funding Corp.,
3.48%, 9/15/05 6 30,000,000 30,000,000
---------------
37,000,000
- --------------------------------------------------------------------------------
FUNDING AGREEMENT/GIC--0.6%
Protective Life
Insurance Co.,
3.31%, 7/29/05 6 18,000,000 18,000,000
46 | OPPENHEIMER MAIN STREET SMALL CAP FUND
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
JOINT REPURCHASE AGREEMENTS--9.2%
Undivided interest of 0.18% in joint
repurchase agreement (Principal Amount/Value
$4,000,000,000, with a maturity value of
$4,000,386,667) with Nomura Securities,
3.48%, dated 6/30/05, to be repurchased
at $7,233,072 on 7/1/05, collateralized by
U.S. Agency Mortgages, 0.00%--5.959%,
1/15/18--4/1/42, with a
value of $4,160,000,001 6 $ 7,232,373 $ 7,232,373
- --------------------------------------------------------------------------------
Undivided interest of 6.50% in joint
repurchase agreement (Principal Amount/Value
$4,000,000,000, with a maturity value of
$4,000,385,278) with Nomura Securities,
3.4675%, dated 6/30/05, to be repurchased
at $260,025,043 on 7/1/05, collateralized by
U.S. Agency Mortgages, 0.00%--5.959%,
1/15/18--4/1/42, with a value
of $4,160,000,001 6 260,000,000 260,000,000
----------------
267,232,373
- --------------------------------------------------------------------------------
MASTER FLOATING NOTES--2.2%
Bear Stearns, 3.618%,
7/1/05 6 17,000,000 17,000,000
- --------------------------------------------------------------------------------
Goldman Sachs
Group LP, 3.558%,
7/1/2005 6 25,000,000 25,000,000
- --------------------------------------------------------------------------------
Merrill Lynch
Mortgage Capital,
3.538%, 7/1/05 6 22,000,000 22,000,000
----------------
64,000,000
- --------------------------------------------------------------------------------
MEDIUM-TERM FLOATING NOTE--3.5%
American Express
Credit Corp., 3.27%,
7/11/05 6 4,000,130 4,000,130
- --------------------------------------------------------------------------------
American Express
Credit Corp.,
3.262%, 7/18/05 6 21,846,347 21,846,347
- --------------------------------------------------------------------------------
American Honda
Finance Corp.,
3.15%, 7/18/05 6 25,000,000 25,000,000
- --------------------------------------------------------------------------------
Countrywide
Home Loans, Inc.,
3.42%, 9/6/05 6 12,001,171 12,001,171
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
MEDIUM-TERM FLOATING NOTE Continued
General Electric
Capital Corp.,
3.568%, 7/1/05 6 $ 15,027,810 $ 15,027,810
- --------------------------------------------------------------------------------
Morgan Stanley,
3.325%, 7/1/05 6 22,000,000 22,000,000
----------------
99,875,458
- --------------------------------------------------------------------------------
TIME DEPOSIT--0.9%
Banesto SA Madrid,
3.439%, 9/27/05 6 25,000,000 25,000,000
- --------------------------------------------------------------------------------
U.S. AGENCIES--2.1%
Federal Home Loan
Mortgage Corp.,
3.335%, 9/9/05 6 37,000,000 37,000,000
- --------------------------------------------------------------------------------
Federal National
Mortgage Assn.,
3.09%, 7/21/05 6 24,991,798 24,991,798
----------------
61,991,798
- --------------------------------------------------------------------------------
YANKEE FLOATING CERTIFICATE OF DEPOSIT--1.7%
BNP Paribas NY,
3.335%, 7/1/05 6 20,110,037 20,110,037
- --------------------------------------------------------------------------------
Natexis Banques
Populaires NY,
3.247%, 7/18/05 6 18,992,189 18,992,189
- --------------------------------------------------------------------------------
Natexis Banques
Populaires NY,
3.553%, 7/1/05 6 9,998,000 9,998,000
----------------
49,100,226
----------------
Total Investments Purchased with
Cash Collateral from Securities
Loaned (Cost $622,199,855) 622,199,855
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS,
AT VALUE
(COST $3,019,852,968) 121.1% 3,511,912,365
- --------------------------------------------------------------------------------
LIABILITIES
IN EXCESS OF
OTHER ASSETS (21.1) (612,229,826)
--------------------------------
NET ASSETS 100.0% $ 2,899,682,539
================================
47 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
FOOTNOTES TO STATEMENT OF INVESTMENTS
1. Non-income producing security.
2. Partial or fully-loaned security--See Note 7 of Notes to Financial
Statements.
3. Represents securities sold under Rule 144A, which are exempt from
registration under the Securities Act of 1933, as amended. These securities have
been determined to be liquid under guidelines established by the Board of
Trustees. These securities amount to $140,919 or less than 0.005% of the Fund's
net assets as of June 30, 2005.
4. The Fund holds securities which have been issued by the same entity and that
trade on separate exchanges.
5. Illiquid or restricted security. The aggregate value of illiquid or
restricted securities as of June 30, 2005 was $1,712,822, which represents 0.06%
of the Fund's net assets, all of which is considered restricted. See Note 6 of
Notes to Financial Statements.
6. 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.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
48 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF ASSETS AND LIABILITIES June 30, 2005
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ASSETS
- --------------------------------------------------------------------------------
Investments, at value (including securities
loaned of $608,411,910) (cost $3,019,852,968)--see
accompanying statement of investments $ 3,511,912,365
- --------------------------------------------------------------------------------
Cash 180,000
- --------------------------------------------------------------------------------
Collateral for securities loaned 1,999
- --------------------------------------------------------------------------------
Receivables and other assets:
Shares of beneficial interest sold 24,407,383
Investments sold 6,898,876
Interest and dividends 1,729,272
Other 28,819
----------------
Total assets 3,545,158,714
- --------------------------------------------------------------------------------
LIABILITIES
- --------------------------------------------------------------------------------
Return of collateral for securities loaned 622,201,854
- --------------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased 14,364,412
Shares of beneficial interest redeemed 6,248,925
Distribution and service plan fees 1,565,366
Transfer and shareholder servicing agent fees 630,362
Shareholder communications 292,533
Trustees' compensation 30,609
Other 142,114
----------------
Total liabilities 645,476,175
- --------------------------------------------------------------------------------
NET ASSETS $ 2,899,682,539
================
- --------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- --------------------------------------------------------------------------------
Par value of shares of beneficial interest $ 145,930
- --------------------------------------------------------------------------------
Additional paid-in capital 2,308,331,929
- --------------------------------------------------------------------------------
Accumulated net investment loss (229,383)
- --------------------------------------------------------------------------------
Accumulated net realized gain on investments
and foreign currency transactions 99,371,412
- --------------------------------------------------------------------------------
Net unrealized appreciation on investments and
translation of assets and liabilities
denominated in foreign currencies 492,062,651
----------------
NET ASSETS $ 2,899,682,539
================
49 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF ASSETS AND LIABILITIES Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- --------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share
(based on net assets of $1,557,306,952 and 77,191,576
shares of beneficial interest outstanding) $ 20.17
Maximum offering price per share (net asset value
plus sales charge of 5.75% of offering price) $ 21.40
- --------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes
applicable contingent deferred sales charge)
and offering price per share (based on net
assets of $510,182,823 and 26,583,940 shares of
beneficial interest outstanding) $ 19.19
- --------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes
applicable contingent deferred sales charge)
and offering price per share (based on net assets
of $473,098,744 and 24,589,002 shares of beneficial
interest outstanding) $ 19.24
- --------------------------------------------------------------------------------
Class N Shares:
Net asset value, redemption price (excludes
applicable contingent deferred sales charge)
and offering price per share (based on net assets
of $129,630,699 and 6,514,907 shares of beneficial
interest outstanding) $ 19.90
- --------------------------------------------------------------------------------
Class Y Shares:
Net asset value, redemption price and offering
price per share (based on net assets of $229,463,321
and 11,050,941 shares of beneficial interest outstanding) $ 20.76
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
50 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF OPERATIONS For the Year Ended June 30, 2005
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
INVESTMENT INCOME
- --------------------------------------------------------------------------------
Dividends (net of foreign withholding taxes of $139,309) $ 21,357,629
- --------------------------------------------------------------------------------
Portfolio lending fees 2,067,269
- --------------------------------------------------------------------------------
Interest 901,515
-------------
Total investment income 24,326,413
- --------------------------------------------------------------------------------
EXPENSES
- --------------------------------------------------------------------------------
Management fees 15,446,980
- --------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 3,276,160
Class B 4,890,256
Class C 4,330,080
Class N 526,010
- --------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 3,719,004
Class B 1,404,538
Class C 1,002,009
Class N 411,593
Class Y 38,976
- --------------------------------------------------------------------------------
Shareholder communications:
Class A 281,615
Class B 220,096
Class C 117,036
Class N 11,843
- --------------------------------------------------------------------------------
Custodian fees and expenses 51,109
- --------------------------------------------------------------------------------
Trustees' compensation 41,802
- --------------------------------------------------------------------------------
Other 175,203
-------------
Total expenses 35,944,310
Less reduction to custodian expenses (11,384)
Less waivers and reimbursements of expenses (42,367)
-------------
Net expenses 35,890,559
- --------------------------------------------------------------------------------
NET INVESTMENT LOSS (11,564,146)
51 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF OPERATIONS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
- --------------------------------------------------------------------------------
Net realized gain on:
Investments $ 247,390,520
Foreign currency transactions 2,081,538
-------------
Net realized gain 249,472,058
- --------------------------------------------------------------------------------
Net change in unrealized appreciation on:
Investments 79,740,640
Translation of assets and liabilities denominated in foreign
currencies 1,148,896
-------------
Net change in unrealized appreciation 80,889,536
- --------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 318,797,448
=============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
52 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
YEAR ENDED JUNE 30, 2005 2004
- -----------------------------------------------------------------------------------
OPERATIONS
- -----------------------------------------------------------------------------------
Net investment loss $ (11,564,146) $ (13,738,873)
- -----------------------------------------------------------------------------------
Net realized gain 249,472,058 267,310,051
Net change in unrealized appreciation 80,889,536 168,751,120
----------------------------------
Net increase in net assets resulting from
operations 318,797,448 422,322,298
- -----------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- -----------------------------------------------------------------------------------
Distributions from net realized gain:
Class A (125,319,501) --
Class B (49,474,404) --
Class C (43,432,706) --
Class N (10,035,672) --
Class Y (5,774,095) --
- -----------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- -----------------------------------------------------------------------------------
Net increase in net assets resulting from
beneficial interest transactions:
Class A 330,405,181 378,933,360
Class B 17,405,073 44,527,545
Class C 59,944,813 81,015,380
Class N 41,110,533 27,655,726
Class Y 205,189,367 4,356,492
- -----------------------------------------------------------------------------------
NET ASSETS
- -----------------------------------------------------------------------------------
Total increase 738,816,037 958,810,801
- -----------------------------------------------------------------------------------
Beginning of period 2,160,866,502 1,202,055,701
----------------------------------
End of period (including accumulated net
investment loss of $290,223 and $1,079,117,
respectively) $ 2,899,682,539 $ 2,160,866,502
==================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
53 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
CLASS A YEAR ENDED JUNE 30, 2005 2004 2003 2002 2001
- ------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 19.52 $ 14.78 $ 15.12 $ 15.02 $ 14.77
- ------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.04) 1 (.10) (.08) (.08) (.08)
Net realized and unrealized gain (loss) 2.65 4.84 (.26) .19 1.12
-----------------------------------------------------------------
Total from investment operations 2.61 4.74 (.34) .11 1.04
- ------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Distributions from net realized gain (1.96) -- -- (.01) (.79)
- ------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 20.17 $ 19.52 $ 14.78 $ 15.12 $ 15.02
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 13.82% 32.07% (2.25)% 0.71% 7.66%
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $1,557,307 $ 1,177,389 $ 584,052 $ 512,337 $ 294,780
- ------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $1,325,846 $ 904,397 $ 490,057 $ 386,221 $ 205,916
- ------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (0.20)% (0.42)% (0.59)% (0.50)% (0.60)%
Total expenses 1.19% 1.17% 1.39% 1.37% 1.28%
Expenses after payments and waivers and
reduction to custodian expenses N/A 4,5 N/A 4,5 1.36% N/A 4 N/A 4
- ------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 132% 127% 117% 134% 181%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods of less than one
full year. Returns do not reflect the deduction of taxes that a shareholder
would pay on Fund distributions or the redemption of Fund shares.
3. Annualized for periods of less than one full year.
4. Reduction to custodian expenses less than 0.01%.
5. Voluntary waiver of transfer agent fees less than 0.01%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
54 | OPPENHEIMER MAIN STREET SMALL CAP FUND
CLASS B YEAR ENDED JUNE 30, 2005 2004 2003 2002 2001
- ------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 18.79 $ 14.35 $ 14.79 $ 14.80 $ 14.68
- ------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.18) 1 (.20) (.14) (.12) (.14)
Net realized and unrealized gain (loss) 2.54 4.64 (.30) .12 1.05
----------------------------------------------------------------
Total from investment operations 2.36 4.44 (.44) -- .91
- ------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Distributions from net realized gain (1.96) -- -- (.01) (.79)
- ------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 19.19 $ 18.79 $ 14.35 $ 14.79 $ 14.80
================================================================
- ------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 12.98% 30.94% (2.98)% (0.02)% 6.79%
- ------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 510,183 $ 482,028 $ 330,174 $ 285,102 $ 177,479
- ------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 490,050 $ 432,160 $ 268,057 $ 218,939 $ 128,350
- ------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (0.98)% (1.26)% (1.34)% (1.25)% (1.36)%
Total expenses 1.97% 2.01% 2.21% 2.12% 2.05%
Expenses after payments and waivers and
reduction to custodian expenses N/A 4 N/A 4,5 2.11% N/A 4 N/A 4
- ------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 132% 127% 117% 134% 181%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods of less than one
full year. Returns do not reflect the deduction of taxes that a shareholder
would pay on Fund distributions or the redemption of Fund shares.
3. Annualized for periods of less than one full year.
4. Reduction to custodian expenses less than 0.01%.
5. Voluntary waiver of transfer agent fees less than 0.01%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
55 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FINANCIAL HIGHLIGHTS Continued
- -------------------------------------------------------------------------------
CLASS C YEAR ENDED JUNE 30, 2005 2004 2003 2002 2001
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 18.82 $ 14.36 $ 14.79 $ 14.81 $ 14.68
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.17) 1 (.17) (.13) (.10) (.13)
Net realized and unrealized gain (loss) 2.55 4.63 (.30) .09 1.05
-----------------------------------------------------------------------------------
Total from investment operations 2.38 4.46 (.43) (.01) .92
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Distributions from net realized gain (1.96) -- -- (.01) (.79)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 19.24 $ 18.82 $ 14.36 $ 14.79 $ 14.81
===================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 13.07% 31.06% (2.91)% (0.09)% 6.86%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 473,099 $ 402,056 $ 238,717 $ 186,108 $ 89,814
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 433,888 $ 340,201 $ 186,380 $ 127,393 $ 60,762
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (0.91)% (1.17)% (1.30)% (1.23)% (1.36)%
Total expenses 1.90% 4,5 1.91% 4,5 2.07% 4 2.12% 4 2.05% 4
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 132% 127% 117% 134% 181%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares
on the reinvestment date, and redemption at the net asset value calculated on
the last business day of the fiscal period. Sales charges are not reflected in
the total returns. Total returns are not annualized for periods of less than one
full year. Returns do not reflect the deduction of taxes that a shareholder
would pay on Fund distributions or the redemption of Fund shares.
3. Annualized for periods of less than one full year.
4. Reduction to custodian expenses less than 0.01%.
5. Voluntary waiver of transfer agent fees less than 0.01%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
56 | OPPENHEIMER MAIN STREET SMALL CAP FUND
CLASS N YEAR ENDED JUNE 30, 2005 2004 2003 2002 2001 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 (.10) 2 (.14) (.11) (.12) (.02)
Net realized and unrealized gain (loss) 2.63 4.78 (.25) .18 1.49
----------------------------------------------------------------------------------
Total from investment operations 2.53 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 $ 19.90 $ 19.33 $ 14.69 $ 15.05 $ 15.00
==================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 3 13.53% 31.59% (2.39)% 0.38% 10.87%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 129,631 $ 84,678 $ 41,474 $ 14,557 $ 995
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 105,497 $ 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 1.54% 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 132% 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
- -------------------------------------------------------------------------------
CLASS Y YEAR ENDED JUNE 30, 2005 2004 2003 2002 2001
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 19.94 $ 15.03 $ 15.27 $ 15.11 $ 14.82
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) .08 1 (.03) (.07) (.10) (.05)
Net realized and unrealized gain (loss) 2.70 4.94 (.17) .27 1.13
----------------------------------------------------------------------------------
Total from investment operations 2.78 4.91 (.24) .17 1.08
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Distributions from net realized gain (1.96) -- -- (.01) (.79)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 20.76 $ 19.94 $ 15.03 $ 15.27 $ 15.11
==================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 14.41% 32.67% (1.57)% 1.11% 7.90%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 229,463 $ 14,714 $ 7,637 $ 1,619 $ 2
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 84,470 $ 11,428 $ 3,460 $ 813 $ 2
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income (loss) 0.39% 0.06% 0.00% 0.01% (0.23)%
Total expenses 0.69% 0.70% 0.79% 0.97% 0.89%
Expenses after payments and waivers
and reduction to custodian expenses N/A 4 N/A 4 N/A 4 0.93% N/A 4
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 132% 127% 117% 134% 181%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods of less than one
full year. Returns do not reflect the deduction of taxes that a shareholder
would pay on Fund distributions or the redemption of Fund shares.
3. Annualized for periods of less than one full year.
4. Reduction to custodian expenses less than 0.01%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
58 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Oppenheimer Main Street Small Cap Fund (the Fund) is an open-end management
investment company registered under the Investment Company Act of 1940, as
amended. The Fund's investment objective is to seek capital appreciation. The
Fund's investment advisor is OppenheimerFunds, Inc. (the Manager).
The Fund offers Class A, Class B, Class C, Class N and Class Y shares.
Class A shares are sold at their offering price, which is normally net asset
value plus a front-end sales charge. Class B, Class C and Class N shares are
sold without a front-end sales charge but may be subject to a contingent
deferred sales charge (CDSC). Class N shares are sold only through retirement
plans. Retirement plans that offer Class N shares may impose charges on those
accounts. Class Y shares are sold to certain institutional investors without
either a front-end sales charge or a CDSC, 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 sixty days and all mortgage-backed securities will be valued at the
mean between the "bid" and "asked" prices. Futures contracts traded on a
commodities or futures exchange will be valued at the final settlement price or
official closing price on the principal exchange as reported by such principal
exchange at its trading session ending at, or most recently prior to, the time
when the Fund's assets are valued. 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
59 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
identifies as a significant event occurring before the Fund's assets are valued
but after the close of their respective exchanges will be fair valued. Fair
value is determined in good faith using consistently applied procedures under
the supervision of the Board of Trustees. Short-term "money market type" debt
securities with remaining maturities of sixty days or less are valued at
amortized cost (which approximates market value).
- --------------------------------------------------------------------------------
FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in
U.S. dollars. The values of securities denominated in foreign currencies and
amounts related to the purchase and sale of foreign securities and foreign
investment income are translated into U.S. dollars as of the close of The New
York Stock Exchange (the Exchange), normally 4:00 P.M. Eastern time, on each
day the Exchange is open for business. 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
60 | OPPENHEIMER MAIN STREET SMALL CAP FUND
its investment company taxable income, including any net realized gain on
investments not offset by capital loss carryforwards, if any, to shareholders,
therefore, no federal income or excise tax provision is required.
The tax components of capital shown in the table below represent distribution
requirements the Fund must satisfy under the income tax regulations, losses
the Fund may be able to offset against income and gains realized in future years
and unrealized appreciation or depreciation of securities and other
investments for federal income tax purposes.
NET UNREALIZED
APPRECIATION
BASED ON COST OF
SECURITIES AND
UNDISTRIBUTED UNDISTRIBUTED ACCUMULATED OTHER INVESTMENTS
NET INVESTMENT LONG-TERM LOSS FOR FEDERAL INCOME
INCOME GAIN CARRYFORWARD 1,2 TAX PURPOSES
------------------------------------------------------------------------
$22,097,469 $85,343,741 $-- $484,123,542
1. During the fiscal year ended June 30, 2005, the Fund did not utilize any
capital loss carryforward.
2. During the fiscal year ended June 30, 2004, the Fund utilized $70,002,232 of
capital loss carryforward to offset capital gains realized in that fiscal year.
Net investment income (loss) and net realized gain (loss) may differ for
financial statement and tax purposes. The character of dividends and
distributions made during the fiscal year from net investment income or net
realized gains may differ from their ultimate characterization for federal
income tax purposes. Also, due to timing of dividends and distributions, the
fiscal year in which amounts are distributed may differ from the fiscal year in
which the income or net realized gain was recorded by the Fund. Accordingly,
the following amounts have been reclassified for June 30, 2005. Net assets of
the Fund were unaffected by the reclassifications.
REDUCTION TO REDUCTION TO
ACCUMULATED ACCUMULATED NET
INCREASE TO NET INVESTMENT REALIZED GAIN
PAID-IN CAPITAL LOSS ON INVESTMENTS 3
------------------------------------------------------------------------
$14,229,253 $ 12,413,880 $26,643,133
3. $14,229,253, including $11,302,718 of long-term capital gain, was distributed
in connection with Fund share redemptions.
The tax character of distributions paid during the years ended June 30, 2005 and
June 30, 2004 was as follows:
YEAR ENDED YEAR ENDED
JUNE 30, 2005 JUNE 30, 2004
------------------------------------------------------------------------
Distributions paid from:
Long-term capital gain $234,036,378 --
The aggregate cost of securities and other investments and the composition of
unrealized appreciation and depreciation of securities and other investments for
federal income tax purposes as of June 30, 2005 are noted below. The primary
difference between book and tax appreciation or depreciation of securities and
other investments, if applicable,
61 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
is attributable to the tax deferral of losses or tax realization of financial
statement unrealized gain or loss.
Federal tax cost of securities $ 3,027,792,077
================
Gross unrealized appreciation $ 523,119,056
Gross unrealized depreciation (38,995,514)
----------------
Net unrealized appreciation $ 484,123,542
================
- --------------------------------------------------------------------------------
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.
62 | OPPENHEIMER MAIN STREET SMALL CAP FUND
- --------------------------------------------------------------------------------
SECURITY TRANSACTIONS. Security transactions are recorded on the trade date.
Realized gains and losses on securities sold are determined on the basis of
identified cost.
- --------------------------------------------------------------------------------
OTHER. The preparation of financial statements in conformity with U.S. generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of income and expenses during the reporting
period. Actual results could differ from those estimates.
- --------------------------------------------------------------------------------
2. SHARES OF BENEFICIAL INTEREST
The Fund has authorized an unlimited number of $0.001 par value shares of
beneficial interest of each class. Transactions in shares of beneficial interest
were as follows:
YEAR ENDED JUNE 30, 2005 YEAR ENDED JUNE 30, 2004
SHARES AMOUNT SHARES AMOUNT
- ------------------------------------------------------------------------------------------------
CLASS A
Sold 29,883,300 $ 581,531,206 32,939,499 $ 598,701,241
Dividends and/or
distributions reinvested 6,060,495 117,210,057 -- --
Redeemed (19,074,602) (368,336,082) (12,136,242) (219,767,881)
-------------------------------------------------------------------
Net increase 16,869,193 $ 330,405,181 20,803,257 $ 378,933,360
===================================================================
- ------------------------------------------------------------------------------------------------
CLASS B
Sold 3,932,600 $ 73,132,885 6,984,210 $ 120,455,940
Dividends and/or
distributions reinvested 2,487,110 45,961,791 -- --
Redeemed (5,486,270) (101,689,603) (4,345,520) (75,928,395)
-------------------------------------------------------------------
Net increase 933,440 $ 17,405,073 2,638,690 $ 44,527,545
===================================================================
- ------------------------------------------------------------------------------------------------
CLASS C
Sold 6,186,055 $ 115,132,419 8,263,691 $ 143,367,935
Dividends and/or
distributions reinvested 2,070,707 38,349,492 -- --
Redeemed (5,028,179) (93,537,098) (3,529,199) (62,352,555)
-------------------------------------------------------------------
Net increase 3,228,583 $ 59,944,813 4,734,492 $ 81,015,380
===================================================================
- ------------------------------------------------------------------------------------------------
CLASS N
Sold 3,124,670 $ 60,311,468 2,411,657 $ 43,148,843
Dividends and/or
distributions reinvested 506,098 9,671,541 -- --
Redeemed (1,496,199) (28,872,476) (855,151) (15,493,117)
-------------------------------------------------------------------
Net increase 2,134,569 $ 41,110,533 1,556,506 $ 27,655,726
===================================================================
63 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
2. SHARES OF BENEFICIAL INTEREST Continued
YEAR ENDED JUNE 30, 2005 YEAR ENDED JUNE 30, 2004
SHARES AMOUNT SHARES AMOUNT
- --------------------------------------------------------------------------------
CLASS Y
Sold 11,241,374 $223,482,775 477,927 $ 8,743,537
Dividends and/or
distributions reinvested 290,730 5,773,899 -- --
Redeemed (1,218,969) (24,067,307) (248,379) (4,387,045)
-----------------------------------------------------
Net increase 10,313,135 $205,189,367 229,548 $ 4,356,492
=====================================================
- --------------------------------------------------------------------------------
3. PURCHASES AND SALES OF SECURITIES
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations, for the year ended June 30, 2005, were
$3,597,918,650 and $3,192,780,244, 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 year ended June 30, 2005, the Fund paid
$6,362,029 to OFS for services to the Fund.
Additionally, Class Y shares are subject to minimum fees of $10,000 per
annum 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
64 | OPPENHEIMER MAIN STREET SMALL CAP FUND
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 each plan. If either
the Class B, Class C or Class N plan is terminated by the Fund or by the
shareholders of a class, the Board of Trustees and its independent trustees must
determine whether the Distributor shall be entitled to payment from the Fund of
all or a portion of the service fee and/or asset-based sales charge in respect
to shares sold prior to the effective date of such termination. The
Distributor's aggregate uncompensated expenses under the plan at June 30, 2005
for Class B, Class C and Class N shares were $6,017,174, $4,878,589 and
$1,402,635, respectively. Fees incurred by the Fund under the plans are detailed
in the Statement of Operations.
- --------------------------------------------------------------------------------
SALES CHARGES. Front-end sales charges and contingent deferred sales charges
(CDSC) do not represent expenses of the Fund. They are deducted from the
proceeds of sales of Fund shares prior to investment or from redemption proceeds
prior to remittance, as applicable. The sales charges retained by the
Distributor from the sale of shares and the CDSC retained by the Distributor on
the redemption of shares is shown in the table below for the period indicated.
CLASS A CLASS B CLASS C CLASS N
CLASS A CONTINGENT CONTINGENT CONTINGENT CONTINGENT
FRONT-END DEFERRED DEFERRED DEFERRED DEFERRED
SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES
RETAINED BY RETAINED BY RETAINED BY RETAINED BY RETAINED BY
YEAR ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
- ----------------------------------------------------------------------------------------------
June 30, 2005 $ 1,114,069 $ 31,225 $ 765,225 $ 56,730 $ 46,429
- ----------------------------------------------------------------------------------------------
WAIVERS AND REIMBURSEMENTS OF EXPENSES. OFS has voluntarily agreed to limit
transfer and shareholder servicing agent fees for all classes to 0.35% of
average annual net assets per class. During the year ended June 30, 2005, OFS
waived $9, $4 and $42,354 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.
65 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
5. FOREIGN CURRENCY CONTRACTS Continued
The net U.S. dollar value of foreign currency underlying all contractual
commitments held by the Fund and the resulting unrealized appreciation or
depreciation are determined using prevailing foreign currency exchange rates.
Unrealized appreciation and depreciation on foreign currency contracts are
reported in the Statement of Assets and Liabilities as a receivable or payable
and in the Statement of Operations with the change in unrealized appreciation or
depreciation.
The Fund may realize a gain or loss upon the closing or settlement of the
foreign transaction. Contracts closed or settled with the same broker are
recorded as net realized gains or losses. Such realized gains and losses are
reported with all other foreign currency gains and losses in the Statement of
Operations.
As of June 30, 2005, the Fund had no outstanding foreign currency
contracts.
- --------------------------------------------------------------------------------
6. ILLIQUID OR RESTRICTED SECURITIES
As of June 30, 2005, 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.
Securities that are illiquid or restricted are marked with the applicable
footnote on the Statement of Investments. Information concerning restricted
securities is as follows:
ACQUISITION VALUATION AS OF UNREALIZED
SECURITY DATES COST JUNE 30, 2005 APPRECIATION
- -----------------------------------------------------------------------------------
Mission Oil & Gas, Inc. 1/18/05 $ 426,485 $ 516,487 $ 90,002
Tusk Energy Corp. 11/15/04 492,524 1,196,335 703,811
-------------------------------------------
$ 919,009 $ 1,712,822 $ 793,813
===========================================
- --------------------------------------------------------------------------------
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.
66 | OPPENHEIMER MAIN STREET SMALL CAP FUND
The Fund retains a portion of the interest earned from the collateral. The Fund
also continues to receive interest or dividends paid on the securities loaned.
As of June 30, 2005, the Fund had on loan securities valued at $608,411,910.
Collateral of $622,201,854 was received for the loans, of which $622,199,855 was
received in cash and subsequently invested in approved instruments.
- --------------------------------------------------------------------------------
8. LITIGATION
A consolidated amended complaint has been filed as putative derivative and class
actions against the Manager, OFS and the Distributor, as well as 51 of the
Oppenheimer funds (as "Nominal Defendants") including the Fund, 30 present and
former Directors or Trustees and 8 present and former officers of the funds.
This complaint, initially filed in the U.S. District Court for the Southern
District of New York on January 10, 2005 and amended on March 4, 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 defendants believe that the allegations contained in the Complaints
are without merit and that they have meritorious defenses against the claims
asserted. The defendants intend to defend these lawsuits vigorously and to
contest any claimed liability. The 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.
67 | OPPENHEIMER MAIN STREET SMALL CAP FUND
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
TO THE BOARD OF TRUSTEES AND SHAREHOLDERS OF OPPENHEIMER MAIN STREET SMALL CAP
FUND:
We have audited the accompanying statement of assets and liabilities of
Oppenheimer Main Street Small Cap Fund, including the statement of investments,
as of June 30, 2005, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the two years in the
period then ended, and the financial highlights for each of the five years in
the period then ended. These financial statements and financial highlights are
the responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material misstatement.
The Fund is not required to have, nor were we engaged to perform, an audit of
its internal control over financial reporting. Our audit includes consideration
of internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Fund's internal control over
financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. Our procedures included confirmation
of securities owned as of June 30, 2005, by correspondence with the custodian
and brokers; where replies were not received from brokers, we performed other
auditing procedures. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
Oppenheimer Main Street Small Cap Fund as of June 30, 2005, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended, and the financial highlights for each of
the five years in the period then ended, in conformity with accounting
principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Denver, Colorado
August 15, 2005
68 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FEDERAL INCOME TAX INFORMATION Unaudited
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- --------------------------------------------------------------------------------
In early 2006, if applicable, shareholders of record will receive information
regarding all dividends and distributions paid to them by the Fund during
calendar year 2005. Regulations of the U.S. Treasury Department require the Fund
to report this information to the Internal Revenue Service.
Distributions of $1.9638 per share were paid to Class A, Class B, Class C,
Class N and Class Y shareholders, respectively, on December 9, 2004, all of
which was designated as a "capital gain distribution" for federal income tax
purposes. Whether received in stock or in cash, the capital gain distribution
should be treated by shareholders as a gain from the sale of the capital assets
held for more than one year (long-term capital gains).
Dividends, if any, paid by the Fund during the fiscal year ended June 30,
2005 which are not designated as capital gain distributions should be multiplied
by 71.60% to arrive at the amount eligible for the corporate dividend-received
deduction.
A portion, if any, of the dividends paid by the Fund during the fiscal
year ended June 30, 2005 which are not designated as capital gain distributions
are eligible for lower individual income tax rates to the extent that the Fund
has received qualified dividend income as stipulated by recent tax legislation.
$18,755,433 of the Fund's fiscal year taxable income may be eligible for the
lower individual income tax rates. In early 2006, shareholders of record will
receive information regarding the percentage of distributions that are eligible
for lower individual income tax rates.
The foregoing information is presented to assist shareholders in reporting
distributions received from the Fund to the Internal Revenue Service. Because of
the complexity of the federal regulations which may affect your individual tax
return and the many variations in state and local tax regulations, we recommend
that you consult your tax advisor for specific guidance.
69 | OPPENHEIMER MAIN STREET SMALL CAP FUND
PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES;
UPDATES TO STATEMENTS OF INVESTMENTS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which
the Fund votes proxies relating to securities ("portfolio proxies") held by the
Fund. A description of the Fund's Portfolio Proxy Voting Policies and Procedures
is available (i) without charge, upon request, by calling the Fund toll-free at
1.800.525.7048, (ii) on the Fund's website at www.oppenheimerfunds.com, and
(iii) on the SEC's website at www.sec.gov. In addition, the Fund is required to
file Form N-PX, with its complete proxy voting record for the 12 months ended
June 30th, no later than August 31st of each year. The Fund's voting record is
available (i) without charge, upon request, by calling the Fund toll-free at
1.800.525.7048, and (ii) in the Form N-PX filing on the SEC's website at
www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC
for the first quarter and the third quarter of each fiscal year on Form N-Q. The
Fund's Form N-Q filings are available on the SEC's website at
http://www.sec.gov. Those forms may be reviewed and copied at the SEC's Public
Reference Room in Washington D.C. Information on the operation of the Public
Reference Room may be obtained by calling 1-800-SEC-0330.
70 | OPPENHEIMER MAIN STREET SMALL CAP FUND
BOARD APPROVAL OF THE FUND'S INVESTMENT
ADVISORY AGREEMENT Unaudited
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- --------------------------------------------------------------------------------
Each year, the Board of Trustees (the "Board"), including a majority of the
independent Trustees, is required to determine whether to renew the Fund's
advisory agreement. The Investment Company Act of 1940, as amended, requires
that the Board request and evaluate, and that the Manager provide, such
information as may be reasonably necessary to evaluate the terms of the advisory
agreement. The Board employs an independent consultant to prepare a report that
provides information, including comparative information, that the Board requests
for this purpose. In addition, the Board receives information throughout the
year regarding Fund services, fees, expenses and performance.
NATURE AND EXTENT OF SERVICES. In considering the renewal of the Fund's
advisory agreement for the current year, the Board evaluated the nature and
extent of the services provided by the Manager and its affiliates. The Manager
provides the Fund with office space, facilities and equipment; administrative,
accounting, clerical, legal and compliance personnel; securities trading
services; oversight of third party service providers and the services of the
portfolio managers and the Manager's investment team, who provide research,
analysis and other advisory services in regard to the Fund's investments.
QUALITY OF SERVICES. The Board also considered the quality of the services
provided and the quality of the Manager's resources that are available to the
Fund. The Board noted that the Manager has had over forty years of experience as
an investment adviser and that its assets under management rank it among the top
mutual fund managers in the United States. The Board evaluated the Manager's
administrative, accounting, legal and compliance services and information the
Board received regarding the experience and professional qualifications of the
Manager's personnel and the size and functions of its staff. The Board members
also considered their experiences as directors or trustees of the Fund and other
funds advised by the Manager. The Board received and reviewed information
regarding the quality of services provided by affiliates of the Manager, which
it also reviews at other times during the year in connection with the renewal of
the Fund's service agreements. The Board considered that the relatively low
redemption rate for funds advised by the Manager provided an indication of
shareholder satisfaction with the overall level of services provided by the
Manager. The Board was aware that there are alternatives to retaining the
Manager.
PORTFOLIO MANAGEMENT SERVICES AND PERFORMANCE. In its evaluation of the
quality of the portfolio management services to be provided, the Board
considered the experience of Nikolaos D. Monoyios and Mark Zavanelli and the
Manager's Equity Growth investment team and analysts. The Fund's portfolio is
managed by Mr. Monoyios and Mr. Zavanelli who are Vice Presidents of the Fund
and have been primarily responsible for the day-to-day management of the Fund's
investments since October 2003 and August
71 | OPPENHEIMER MAIN STREET SMALL CAP FUND
BOARD APPROVAL OF THE FUND'S INVESTMENT
ADVISORY AGREEMENT Unaudited / Continued
- --------------------------------------------------------------------------------
1999, respectively. Mr. Monoyios is a Certified Financial Analyst and has been a
Senior Vice President of the Manager since October 2003. He is an officer of
other portfolios in the OppenheimerFunds complex. Mr. Zavanelli has been a Vice
President of the Manager since November 2000 and is an officer and portfolio
manager of other Oppenheimer funds. Mr. Monoyios has had over 27 years of
experience and Mr. Zavanelli has had over 13 years of experience managing equity
investments.
The Board also reviewed information, prepared by the Manager and by the
independent consultant, comparing the Fund's historical performance to relevant
market indices and to the performance of other small-cap core funds advised by
other investment advisers. The Board also receives and reviews comparative
performance information regarding the Fund and other funds at each Board
meeting. The Board noted that the Fund's one-year performance was below its peer
group average. However, its three-year and five-year performance was better than
its peer group average. The Board noted that the longer term performance of the
Fund has been good and that market factors late in the one-year period had
adversely impacted the Fund's performance.
MANAGEMENT FEES AND EXPENSES. The Board also reviewed information,
including comparative information, regarding the fees paid to the Manager and
its affiliates and the other expenses borne by the Fund. The independent
consultant provided comparative data in regard to the fees and expenses of the
Fund, other small-cap core funds and other funds with comparable asset levels
and distribution features. The Board noted that the Fund's management fees and
its total expenses are both lower than its peer group average. In addition, the
Board evaluated the comparability of the fees charged and the services provided
to the Fund to the fees charged and services provided to other types of entities
advised by the Manager.
PROFITABILITY OF THE MANAGER AND AFFILIATES. The Board also reviewed
information regarding the cost of services provided by the Manager and its
affiliates and the Manager's profitability. The Board considered that the
Manager must be able to pay and retain experienced professional personnel at
competitive rates to provide services to the Fund and that maintaining the
financial viability of the Manager is important in order for the Manager to
continue to provide significant services to the Fund and its shareholders. In
addition the Board considered information that was provided regarding the direct
and indirect benefits the Manager receives as a result of its relationship with
the Fund, including compensation paid to the Manager's affiliates and research
provided to the Manager in connection with permissible brokerage arrangements
(soft dollar arrangements).
ECONOMIES OF SCALE. The Board reviewed the extent to which the Manager may
realize economies of scale in managing and supporting the Fund and the current
level of
72 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Fund assets in relation to the Fund's breakpoint schedule for its management
fees. The Board considered that the Fund has recently experienced moderate asset
growth and that, based on current asset levels, the Fund has passed its last
management fee breakpoint.
CONCLUSIONS. These factors were also considered by the independent
Trustees meeting separately from the full Board, assisted by experienced counsel
to the Fund and to the independent Trustees. Fund counsel and the independent
Trustees' counsel are both independent of the Manager within the meaning and
intent of the Securities and Exchange Commission Rules.
Based on its review of the information it received and its evaluations
described above, the Board, including a majority of the independent Trustees,
concluded that the nature, extent and quality of the services provided to the
Fund by the Manager are a benefit to the Fund and in the best interest of the
Fund's shareholders and that the amount and structure of the compensation
received by the Manager and its affiliates are reasonable in relation to the
services provided. Accordingly, the Board elected to continue the advisory
agreement for another year. In arriving at this decision, the Board did not
single out any factor or factors as being more important than others, but
considered all of the factors together. The Board judged the terms and
conditions of the advisory agreement, including the management fee, in light of
all of the surrounding circumstances.
73 | OPPENHEIMER MAIN STREET SMALL CAP FUND
TRUSTEES AND OFFICERS Unaudited
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NAME, POSITION(S) HELD PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS; OTHER TRUSTEESHIPS/DIRECTORSHIPS
WITH FUND, LENGTH OF HELD BY TRUSTEE; NUMBER OF PORTFOLIOS IN FUND COMPLEX CURRENTLY OVERSEEN BY
SERVICE, AGE TRUSTEE
INDEPENDENT TRUSTEES THE ADDRESS OF EACH TRUSTEE IN THE CHART BELOW IS 6803 S. TUCSON
WAY, CENTENNIAL, CO 80112-3924. EACH TRUSTEE SERVES FOR AN INDEFINITE TERM,
UNTIL HIS OR HER RESIGNATION, RETIREMENT, DEATH OR REMOVAL.
WILLIAM L. ARMSTRONG, Chairman of the following private mortgage banking companies: Cherry Creek
Chairman (since 2003) Mortgage Company (since 1991), Centennial State Mortgage Company (since 1994),
and Trustee (since 1999) and The El Paso Mortgage Company (since 1993); Chairman of the following private
Age: 68 companies: Ambassador Media Corporation (since 1984) and Broadway Ventures
(since 1984); Director of the following: Helmerich & Payne, Inc. (oil and gas
drilling/production company) (since 1992), Campus Crusade for Christ (since
1991) and the Bradley Foundation (since 2002); former Chairman of the following:
Transland Financial Services, Inc. (private mortgage banking company)
(1997-2003), Great Frontier Insurance (insurance agency) (1995-2000), Frontier
Real Estate, Inc. (residential real estate brokerage) (1994-2000) and Frontier
Title (title insurance agency) (1995-2000); former Director of the following:
UNUMProvident (insurance company) (1991-2004), Storage Technology Corporation
(computer equipment company) (1991-2003) and International Family Entertainment
(television channel) (1992-1997); U.S. Senator (January 1979-January 1991).
Oversees 38 portfolios in the OppenheimerFunds complex.
ROBERT G. AVIS, Director and President of A.G. Edwards Capital, Inc. (General Partner of
Trustee (since 1999) private equity funds) (until February 2001); Chairman, President and Chief
Age: 74 Executive Officer of A.G. Edwards Capital, Inc. (until March 2000); Director
of A.G. Edwards & Sons, Inc. (brokerage company) (until 2000) and A.G.
Edwards Trust Company (investment adviser) (until 2000); Vice Chairman and
Director of A.G. Edwards, Inc. (until March 1999); Vice Chairman of A.G.
Edwards & Sons, Inc. (until March 1999); Chairman of A.G. Edwards Trust
Company (until March 1999) and A.G.E. Asset Management (investment adviser)
(until March 1999). Oversees 38 portfolios in the OppenheimerFunds complex.
GEORGE C. BOWEN, Assistant Secretary and Director of Centennial Asset Management Corporation
Trustee (since 1999) (December 1991-April 1999); President, Treasurer and Director of Centennial
Age: 68 Capital Corporation (June 1989-April 1999); Chief Executive Officer and
Director of MultiSource Services, Inc. (March 1996-April 1999); Mr. Bowen
held several positions with the Manager and with subsidiary or affiliated
companies of the Manager (September 1987-April 1999). Oversees 38 portfolios
in the OppenheimerFunds complex.
EDWARD L. CAMERON, Member of The Life Guard of Mount Vernon (George Washington historical
Trustee (since 1999) site) (since June 2000); Director of Genetic ID, Inc. (biotech company)
Age: 66 (March 2001-May 2002); Partner at PricewaterhouseCoopers LLP (accounting firm)
(July 1974-June 1999); Chairman of Price Waterhouse LLP Global Investment Management
Industry Services Group (July 1994-June 1998). Oversees 38 portfolios in the
OppenheimerFunds complex.
JON S. FOSSEL, Director of UNUMProvident (insurance company) (since June 2002); Director of
Trustee (since 1999) Northwestern Energy Corp. (public utility corporation) (since November 2004);
Age: 63 Director of P.R. Pharmaceuticals (October 1999-October 2003); Director of
Rocky Mountain Elk Foundation (February 1998-February 2003); Chairman and Director
(until October 1996) and President and Chief Executive Officer (until October
1995) of the Manager; President, Chief Executive Officer and Director of the
following: Oppenheimer Acquisition Corp. ("OAC") (parent holding company of the
Manager), Shareholder Services, Inc. and Shareholder Financial
74 | OPPENHEIMER MAIN STREET SMALL CAP FUND
JON S. FOSSEL, Services, Inc. (until October 1995). Oversees 38 portfolios in the OppenheimerFunds
Continued complex.
SAM FREEDMAN, Director of Colorado Uplift (charitable organization) (since September 1984).
Trustee (since 1999) Mr. Freedman held several positions with the Manager and with subsidiary or
Age: 64 affiliated companies of the Manager (until October 1994). Oversees 38
portfolios in the OppenheimerFunds complex.
BEVERLY L. HAMILTON, Trustee of Monterey Institute for International Studies (educational
Trustee (since 2002) organization) (since February 2000); Director of The California Endowment
Age: 58 (philanthropic organization) (since April 2002); Director of Community
Hospital of Monterey Peninsula (since February 2002); Director of Emerging
Markets Growth Fund, Inc. (mutual fund) (since October 1991); President of
ARCO Investment Management Company (February 1991-April 2000); Member of the
investment committees of The Rockefeller Foundation and The University of
Michigan; Advisor at Credit Suisse First Boston's Sprout venture capital unit
(venture capital fund) (1994- January 2005); Trustee of MassMutual Institutional
Funds (investment company) (1996-June 2004); Trustee of MML Series Investment
Fund (investment company) (April 1989-June 2004); Member of the investment
committee of Hartford Hospital (2000-2003); and Advisor to Unilever (Holland)
pension fund (2000- 2003). Oversees 38 portfolios in the OppenheimerFunds complex.
ROBERT J. MALONE, Chairman, Chief Executive Officer and Director of Steele Street State Bank
Trustee (since 2002) (commercial banking) (since August 2003); Director of Colorado UpLIFT
Age: 60 (charitable organization) (since 1986); Trustee of the Gallagher Family
Foundation (non-profit organization) (since 2000); Former Chairman of U.S.
Bank-Colorado (subsidiary of U.S. Bancorp and formerly Colorado National
Bank) (July 1996-April 1999); Director of Commercial Assets, Inc. (REIT)
(1993-2000); Director of Jones Knowledge, Inc. (2001-July 2004); and Director
of U.S. Exploration, Inc. (oil and gas exploration) (1997-February 2004).
Oversees 38 portfolios in the OppenheimerFunds complex.
F. WILLIAM MARSHALL, JR., Trustee of MassMutual Select Funds (formerly MassMutual Institutional Funds)
Trustee (since 2002) (investment company) (since 1996) and MML Series Investment Fund (investment
Age: 63 company) (since 1996), the Springfield Library and Museum Association
(museums) (since 1995) and the Community Music School of Springfield (music
school) (since 1996); Chairman and Trustee (since 2003) and Chairman of the
Investment Committee (since 1994) of the Worcester Polytech Institute
(private university); President and Treasurer of the SIS Funds (private
charitable fund) (since January 1999); Chairman of SIS & Family Bank, F.S.B.
(formerly SIS Bank) (commercial bank) (January 1999-July 1999); Member of the
Investment Committee of the Community Foundation of Western Massachusetts
(1998-2003); and Executive Vice President of Peoples Heritage Financial Group,
Inc. (commercial bank) (January 1999-July 1999). Oversees 38 portfolios in the
OppenheimerFunds complex.
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INTERESTED TRUSTEE THE ADDRESS OF MR. MURPHY IN THE CHART BELOW IS TWO WORLD FINANCIAL CENTER,
AND OFFICER 225 LIBERTY STREET, 11TH FLOOR, NEW YORK, NY 10281-1008. MR. MURPHY SERVES
FOR AN INDEFINITE TERM, UNTIL HIS RESIGNATION, DEATH OR REMOVAL.
JOHN V. MURPHY, Chairman, Chief Executive Officer and Director (since June 2001) and
President and Trustee President (since September 2000) of the Manager; President and Director or
(since 2001) Trustee of other Oppenheimer funds; President and Director of OAC and of
Age: 55 Oppenheimer Partnership Holdings, Inc. (holding company subsidiary of the
Manager) (since
75 | OPPENHEIMER MAIN STREET SMALL CAP FUND
TRUSTEES AND OFFICERS Unaudited / Continued
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JOHN V. MURPHY, July 2001); Director of OppenheimerFunds Distributor, Inc. (subsidiary of the
Continued Manager) (since November 2001); Chairman and Director of Shareholder
Services, Inc. and of Shareholder Financial Services, Inc. transfer
agent subsidiaries of the Manager) (since July 2001); President and
Director of OppenheimerFunds Legacy Program (charitable trust program
established by the Manager) (since July 2001); Director of the following
investment advisory subsidiaries of the Manager: OFI Institutional Asset
Management, Inc., Centennial Asset Management Corporation, Trinity Investment
Management Corporation and Tremont Capital Management, Inc. (since November
2001), HarbourView Asset Management Corporation and OFI Private Investments,
Inc. (since July 2001); President (since November 2001) and Director (since
July 2001) of Oppenheimer Real Asset Management, Inc.; Executive Vice President
of Massachusetts Mutual Life Insurance Company (OAC's parent company) (since
February 1997); Director of DLB Acquisition Corporation (holding company parent
of Babson Capital Management LLC) (since June 1995); Member of the Investment Company
Institute's Board of Governors (since October 3, 2003); Chief Operating
Officer of the Manager (September 2000-June 2001); President and Trustee of
MML Series Investment Fund and MassMutual Select Funds (open-end investment
companies) (November 1999-November 2001); Director of C.M. Life Insurance
Company (September 1999-August 2000); President, Chief Executive Officer and
Director of MML Bay State Life Insurance Company (September 1999-August
2000); Director of Emerald Isle Bancorp and Hibernia Savings Bank
(wholly-owned subsidiary of Emerald Isle Bancorp) (June 1989-June 1998).
Oversees 66 portfolios as a trustee or director and 20 additional portfolios
as officer in the OppenheimerFunds complex.
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OFFICERS THE ADDRESS OF THE OFFICERS IN THE CHART BELOW IS AS FOLLOWS: FOR MESSRS. MONOYIOS,
ZACK AND ZAVANELLI, TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET, 11TH FLOOR,
NEW YORK, NY 10281-1008, FOR MESSRS. VANDEHEY AND WIXTED, 6803 S. TUCSON WAY,
CENTENNIAL, CO 80112-3924. EACH OFFICER SERVES FOR AN ANNUAL TERM OR UNTIL HIS
OR HER EARLIER RESIGNATION, DEATH OR REMOVAL.
NIKOLAOS MONOYIOS, Vice President of the Manager since April 1998; a Certified Financial Analyst.
Vice President (since An officer of 6 portfolios in the OppenheimerFunds complex.
1999) Age: 55
MARK ZAVANELLI, Vice President of the Manager since November 2000; a Chartered Financial
Vice President (since Analyst; an officer of 2 portfolios in the OppenheimerFunds complex. Prior
1999) to joining the Manager in May 1998 he was President of Waterside Capital
Age: 34 Management, a registered investment advisor (August 1995 - April 1998).
BRIAN W. WIXTED, Senior Vice President and Treasurer of the Manager (since March 1999); Treasurer
Treasurer (since 1999) of the following: HarbourView Asset Management Corporation, Shareholder Financial
Age: 45 Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management
Corporation, and Oppenheimer Partnership Holdings, Inc. (since March 1999),
OFI Private Investments, Inc. (since March 2000), OppenheimerFunds International
Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management,
Inc. (since November 2000), and OppenheimerFunds Legacy Program (since June 2003);
Treasurer and Chief Financial Officer of OFI Trust Company (trust company subsidiary
of the Manager) (since May 2000); Assistant Treasurer of the following: OAC (since March
1999), Centennial Asset Management Corporation (March 1999-October 2003) and
OppenheimerFunds Legacy Program (April 2000-June 2003); Principal and Chief
Operating Officer of Bankers Trust Company-Mutual Fund Services Division (March
1995-March 1999). An officer of 86 portfolios in the OppenheimerFunds complex.
76 | OPPENHEIMER MAIN STREET SMALL CAP FUND
ROBERT G. ZACK, Executive Vice President (since January 2004) and General Counsel (since March
Vice President & 2002) of the Manager; General Counsel and Director of the Distributor (since
Secretary (since 2001) December 2001); General Counsel of Centennial Asset Management Corporation (since
Age: 56 December 2001); Senior Vice President and General Counsel of HarbourView Asset
Management Corporation (since December 2001); Secretary and General Counsel of
OAC (since November 2001); Assistant Secretary (since September 1997) and Director
(since November 2001) of OppenheimerFunds International Ltd. and OppenheimerFunds
plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc. (since
December 2002); Director of Oppenheimer Real Asset Management, Inc. (since November
2001); Senior Vice President, General Counsel and Director of Shareholder Financial
Services, Inc. and Shareholder Services, Inc. (since December 2001); Senior Vice
President, General Counsel and Director of OFI Private Investments, Inc. and OFI
Trust Company (since November 2001); Vice President of OppenheimerFunds Legacy
Program (since June 2003); Senior Vice President and General Counsel of OFI
Institutional Asset Management, Inc. (since November 2001); Director of
OppenheimerFunds (Asia) Limited (since December 2003); Senior Vice President (May
1985-December 2003), Acting General Counsel (November 2001-February 2002) and
Associate General Counsel (May 1981-October 2001) of the Manager; Assistant
Secretary of the following: Shareholder Services, Inc. (May 1985-November 2001),
Shareholder Financial Services, Inc. (November 1989-November 2001), and
OppenheimerFunds International Ltd. (September 1997-November 2001). An officer
of 86 portfolios in the OppenheimerFunds complex.
MARK S. VANDEHEY, Senior Vice President and Chief Compliance Officer of the Manager (since
Vice President and March 2004); Vice President of OppenheimerFunds Distributor, Inc., Centennial
Chief Compliance Officer Asset Management Corporation and Shareholder Services, Inc. (since June 1983);
(since 2004) Vice President and Director of Internal Audit of the Manager (1997-February
Age: 54 2004). An officer of 86 portfolios in the OppenheimerFunds complex.
THE FUND'S STATEMENT OF ADDITIONAL INFORMATION CONTAINS ADDITIONAL INFORMATION
ABOUT THE FUND'S TRUSTEES AND IS AVAILABLE WITHOUT CHARGE UPON REQUEST.
77 | OPPENHEIMER MAIN STREET SMALL CAP FUND
ITEM 2. CODE OF ETHICS.
The registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller or persons performing similar functions.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The Board of Trustees of the registrant has determined that Edward L. Cameron,
the Chairman of the Board's Audit Committee, and George C. Bowen, a member of
the Board's Audit Committee, possess the technical attributes identified in
Instruction 2(b) of Item 3 to Form N-CSR to qualify as "audit committee
financial experts," and has designated Messrs. Cameron and
Bowen as the Audit Committee's financial experts. Messrs. Cameron and Bowen are
"independent" Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Audit Fees
The principal accountant for the audit of the registrant's annual financial
statements billed $24,000 in fiscal 2005 and $23,000 in fiscal 2004.
(b) Audit-Related Fees
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees during the last two fiscal years.
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees in fiscal 2005 and $5,525 in fiscal 2004 to the
registrant's investment adviser or any entity controlling, controlled by, or
under common control with the adviser that provides ongoing services to the
registrant.
Such services include: internal control reviews.
(c) Tax Fees
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees to the registrant during the last two fiscal
years.
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees to the registrant during the last two fiscal
years to the registrant's investment adviser or any entity controlling,
controlled by, or under common control with the adviser that provides ongoing
services to the registrant.
(d) All Other Fees
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees to the registrant during the last two fiscal
years.
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees during the last two fiscal years to the
registrant's investment adviser or any entity controlling, controlled by, or
under common control with the adviser that provides ongoing services to the
registrant.
(e) (1) During its regularly scheduled periodic meetings, the registrant's
audit committee will pre-approve all audit, audit-related, tax and other
services to be provided by the principal accountants of the registrant.
The audit committee has delegated pre-approval authority to its Chairman
for any subsequent new engagements that arise between regularly scheduled
meeting dates provided that any fees such pre-approved are presented to
the audit committee at its next regularly scheduled meeting.
Under applicable laws, pre-approval of non-audit services maybe waived
provided that: 1) the aggregate amount of all such services provided
constitutes no more than five percent of the total amount of fees paid by
the registrant to it principal accountant during the fiscal year in which
services are provided 2) such services were not recognized by the
registrant at the time of engagement as non-audit services and 3) such
services are promptly brought to the attention of the audit committee of
the registrant and approved prior to the completion of the audit.
(2) 100%
(f) Not applicable as less than 50%.
(g) The principal accountant for the audit of the registrant's annual
financial statements billed no such fees in fiscal 2005 and $5,525 in
fiscal 2004 to the registrant and the registrant's investment adviser or
any entity controlling, controlled by, or under common control with the
adviser that provides ongoing services to the registrant related to
non-audit fees. Those billings did not include any prohibited non-audit
services as defined by the Securities Exchange Act of 1934.
(h) The registrant's audit committee of the board of trustees has considered
whether the provision of non-audit services that were rendered to the
registrant's investment adviser, and any entity controlling, controlled
by, or under common control with the investment adviser that provides
ongoing services to the registrant that were not pre-approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with
maintaining the principal accountant's independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
THE FUNDS' GOVERNANCE COMMITTEE PROVISIONS WITH RESPECT TO NOMINATIONS OF
DIRECTORS/TRUSTEES TO THE RESPECTIVE BOARDS
1. The Funds' Governance Committee (the "Committee") will evaluate
potential Board candidates to assess their qualifications. The
Committee shall have the authority, upon approval of the Board, to
retain an executive search firm to assist in this effort. The
Committee may consider recommendations by business and personal
contacts of current Board members and by executive search firms
which the Committee may engage from time to time and may also
consider shareholder recommendations. The Committee may consider
the advice and recommendation of the Funds' investment manager and
its affiliates in making the selection.
2. The Committee shall screen candidates for Board membership. The
Committee has not established specific qualifications that it
believes must be met by a trustee nominee. In evaluating trustee
nominees, the Committee considers, among other things, an
individual's background, skills, and experience; whether the
individual is an "interested person" as defined in the Investment
Company Act of 1940; and whether the individual would be deemed an
"audit committee financial expert" within the meaning of applicable
SEC rules. The Committee also considers whether the individual's
background, skills, and experience will complement the background,
skills, and experience of other nominees and will contribute to the
Board. There are no differences in the manner in which the
Committee evaluates nominees for trustees based on whether the
nominee is recommended by a shareholder.
3. The Committee may consider nominations from shareholders for the
Board at such times as the Committee meets to consider new nominees
for the Board. The Committee shall have the sole discretion to
determine the
candidates to present to the Board and, in such cases where
required, to shareholders. Recommendations for trustee nominees
should, at a minimum, be accompanied by the following:
o the name, address, and business, educational, and/or
other pertinent background of the person being
recommended;
o a statement concerning whether the person is an
"interested person" as defined in the Investment
Company Act of 1940;
o any other information that the Funds would be required
to include in a proxy statement concerning the person
if he or she was nominated; and
o the name and address of the person submitting the
recommendation and, if that person is a shareholder,
the period for which that person held Fund shares.
The recommendation also can include any additional information
which the person submitting it believes would assist the Committee
in evaluating the recommendation.
4. Shareholders should note that a person who owns securities issued
by Massachusetts Mutual Life Insurance Company (the parent company
of the Funds' investment adviser) would be deemed an "interested
person" under the Investment Company Act of 1940. In addition,
certain other relationships with Massachusetts Mutual Life
Insurance Company or its subsidiaries, with registered
broker-dealers, or with the Funds' outside legal counsel may cause
a person to be deemed an "interested person."
5. Before the Committee decides to nominate an individual as a
trustee, Committee members and other directors customarily
interview the individual in person. In addition, the individual
customarily is asked to complete a detailed questionnaire which is
designed to elicit information which must be disclosed under SEC
and stock exchange rules and to determine whether the individual is
subject to any statutory disqualification from serving as a trustee
of a registered investment company.
ITEM 11. CONTROLS AND PROCEDURES.
Based on their evaluation of the registrant's disclosure controls and
procedures (as defined in rule 30a-3(c) under the Investment Company Act of
1940 (17 CFR 270.30a-3(c)) as of June 30, 2005, the registrant's principal
executive officer and principal financial officer found the registrant's
disclosure controls and procedures to provide reasonable assurances that
information
required to be disclosed by the registrant in the reports that it files under
the Securities Exchange Act of 1934 (a) is accumulated and communicated to
registrant's management, including its principal executive officer and
principal financial officer, to allow timely decisions regarding required
disclosure, and (b) is recorded, processed, summarized and reported, within the
time periods specified in the rules and forms adopted by the U.S. Securities
and Exchange Commission.
There have been no changes in the registrant's internal controls over financial
reporting that occurred during the registrant's second fiscal quarter of the
period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over financial
reporting.
ITEM 12. EXHIBITS.
(a) (1) Exhibit attached hereto.
(2) Exhibits attached hereto.
(3) Not applicable.
(b) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.
Oppenheimer Main Street Small Cap Fund
By: /s/John V. Murphy
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John V. Murphy
Principal Executive Officer
Date: August 10, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/John V. Murphy
-----------------
John V. Murphy
Principal Executive Officer
Date: August 10, 2005
By: /s/Brian W. Wixted
-----------------
Brian W. Wixted
Principal Financial Officer
Date: August 10, 2005