UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-09333
OPPENHEIMER MAIN STREET SMALL CAP FUND
(Exact name of registrant as specified in charter)
6803 SOUTH TUCSON WAY, CENTENNIAL, COLORADO 80112-3924
(Address of principal executive offices) (Zip code)
ROBERT G. ZACK, ESQ.
OPPENHEIMERFUNDS, INC.
TWO WORLD FINANCIAL CENTER, NEW YORK, NEW YORK 10281-1008
(Name and address of agent for service)
Registrant's telephone number, including area code: (303) 768-3200
Date of fiscal year end: JUNE 30
Date of reporting period: DECEMBER 31, 2005
ITEM 1. REPORTS TO STOCKHOLDERS.
TOP HOLDINGS AND ALLOCATIONS
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TOP TEN COMMON STOCK INDUSTRIES
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Specialty Retail 6.4%
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Software 5.8
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Insurance 5.6
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Oil & Gas 5.3
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Semiconductors & Semiconductor Equipment 5.3
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Health Care Providers & Services 3.7
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Electronic Equipment & Instruments 3.3
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Commercial Services & Supplies 3.3
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Communications Equipment 3.3
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Energy Equipment & Services 3.2
Portfolio holdings and allocations are subject to change. Percentages are as of
December 31, 2005, and are based on net assets.
TOP TEN COMMON STOCK HOLDINGS
- --------------------------------------------------------------------------------
Charming Shoppes, Inc. 0.4%
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JLG Industries, Inc. 0.4
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Carpenter Technology Corp. 0.3
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Alkermes, Inc. 0.3
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Pediatrix Medical Group, Inc. 0.3
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Reliance Steel & Aluminum Co. 0.3
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Cymer, Inc. 0.3
- --------------------------------------------------------------------------------
Continental Airlines, Inc., Cl. B 0.3
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Imation Corp. 0.3
- --------------------------------------------------------------------------------
Websense, Inc. 0.3
Portfolio holdings and allocations are subject to change. Percentages are as of
December 31, 2005, and are based on net assets.
For up-to-date Top 10 Fund holdings, please visit www.oppenheimerfunds.com.
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8 | OPPENHEIMER MAIN STREET SMALL CAP FUND
- --------------------------------------------------------------------------------
SECTOR ALLOCATION
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Information Technology 25.3%
Software 5.9
Semiconductors &
Semiconductor Equipment 5.3
Electronic Equipment &
Instruments 3.4
Communications Equipment 3.3
Internet Software & Services 3.0
IT Services 2.7
Computers & Peripherals 1.7
Consumer Discretionary 18.4
Industrials 15.5
Financials 12.4
Health Care 9.2
Energy 8.6
Materials 5.3
Consumer Staples 3.0
Telecommunication Services 1.2
Utilities 1.1
Portfolio holdings and allocations are subject to change. Percentages are as of
December 31, 2005, and are based on the total market value of common stocks.
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9 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES
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Total returns include changes in share price and reinvestment of dividends and
capital gains distributions in a hypothetical investment for the periods shown.
Cumulative total returns are not annualized. The Fund's total returns shown do
not reflect the deduction of income taxes on an individual's investment. Taxes
may reduce your actual investment returns on income or gains paid by the Fund or
any gains you may realize if you sell your shares.
INVESTORS SHOULD CONSIDER THE FUND'S INVESTMENT OBJECTIVES, RISKS, AND OTHER
CHARGES AND EXPENSES CAREFULLY BEFORE INVESTING. THE FUND'S PROSPECTUS CONTAINS
THIS AND OTHER INFORMATION ABOUT THE FUND, AND MAY BE OBTAINED BY ASKING YOUR
FINANCIAL ADVISOR, CALLING US AT 1.800.525.7048 OR VISITING OUR WEBSITE AT
WWW.OPPENHEIMERFUNDS.COM. READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.
The Fund's investment strategy and focus can change over time. The mention of
specific fund holdings does not constitute a recommendation by OppenheimerFunds,
Inc.
CLASS A shares of the Fund were first publicly offered on 8/2/99. Unless
otherwise noted, Class A returns include the current maximum initial sales
charge of 5.75%.
CLASS B shares of the Fund were first publicly offered on 8/2/99. Unless
otherwise noted, Class B returns include the applicable contingent deferred
sales charge of 5% (1-year) and 2% (5-year). Class B shares are subject to an
annual 0.75% asset-based sales charge.
CLASS C shares of the Fund were first publicly offered on 8/2/99. Unless
otherwise noted Class C returns include the contingent deferred sales charge of
1% for the 1-year period. Class C shares are subject to an annual 0.75%
asset-based sales charge.
CLASS N shares of the Fund were first publicly offered on 3/1/01. Class N shares
are offered only through retirement plans. Unless otherwise noted, Class N
returns include the contingent deferred sales charge of 1% for the 1-year
period. Class N shares are subject to an annual 0.25% asset-based sales charge.
CLASS Y shares of the Fund were first publicly offered on 8/2/99. Class Y shares
are offered only to certain institutional investors under special agreement with
the Distributor.
An explanation of the calculation of performance is in the Fund's Statement of
Additional Information.
10 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FUND EXPENSES
- --------------------------------------------------------------------------------
FUND EXPENSES. As a shareholder of the Fund, you incur two types of costs: (1)
transaction costs, which may include sales charges (loads) on purchase payments,
contingent deferred sales charges on redemptions; and redemption fees, if any;
and (2) ongoing costs, including management fees; distribution and service fees;
and other Fund expenses. These examples are intended to help you understand your
ongoing costs (in dollars) of investing in the Fund and to compare these costs
with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the beginning
of the period and held for the entire 6-month period ended December 31, 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
11 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FUND EXPENSES
- --------------------------------------------------------------------------------
the Statement of Additional Information). Therefore, the "hypothetical" lines of
the table are useful in comparing ongoing costs only, and will not help you
determine the relative total costs of owning different funds. In addition, if
these transactional costs were included, your costs would have been higher.
- --------------------------------------------------------------------------------
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
(7/1/05) (12/31/05) DECEMBER 31, 2005
- --------------------------------------------------------------------------------
Class A Actual 1,000.00 $1,095.10 $6.20
- --------------------------------------------------------------------------------
Class A Hypothetical 1,000.00 1,019.31 5.97
- --------------------------------------------------------------------------------
Class B Actual 1,000.00 1,090.50 10.38
- --------------------------------------------------------------------------------
Class B Hypothetical 1,000.00 1,015.32 10.01
- --------------------------------------------------------------------------------
Class C Actual 1,000.00 1,090.80 10.01
- --------------------------------------------------------------------------------
Class C Hypothetical 1,000.00 1,015.68 9.65
- --------------------------------------------------------------------------------
Class N Actual 1,000.00 1,092.80 7.89
- --------------------------------------------------------------------------------
Class N Hypothetical 1,000.00 1,017.69 7.61
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Class Y Actual 1,000.00 1,097.70 3.55
- --------------------------------------------------------------------------------
Class Y Hypothetical 1,000.00 1,021.83 3.42
Hypothetical assumes 5% annual return before expenses.
Expenses are equal to the Fund's annualized expense ratio for that class,
multiplied by the average account value over the period, multiplied by 184/365
(to reflect the one-half year period). Those annualized expense ratios based on
the 6-month period ended December 31, 2005 are as follows:
CLASS EXPENSE RATIOS
- --------------------------------
Class A 1.17%
- --------------------------------
Class B 1.96
- --------------------------------
Class C 1.89
- --------------------------------
Class N 1.49
- --------------------------------
Class Y 0.67
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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12 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS December 31, 2005 / Unaudited
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMON STOCKS--98.9%
- --------------------------------------------------------------------------------
CONSUMER DISCRETIONARY--18.1%
- --------------------------------------------------------------------------------
AUTO COMPONENTS--1.6%
Aftermarket
Technology Corp. 1 104,500 $ 2,031,480
- --------------------------------------------------------------------------------
American Axle &
Manufacturing
Holdings, Inc. 2 174,800 3,204,084
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ArvinMeritor, Inc. 2 374,100 5,383,299
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Autoliv, Inc. 47,400 2,152,908
- --------------------------------------------------------------------------------
Borg-Warner
Automotive, Inc. 42,700 2,588,901
- --------------------------------------------------------------------------------
Dana Corp. 447,200 3,210,896
- --------------------------------------------------------------------------------
Drew Industries, Inc. 1,2 26,300 741,397
- --------------------------------------------------------------------------------
Goodyear Tire &
Rubber Co. (The) 1,2 284,400 4,942,872
- --------------------------------------------------------------------------------
Lear Corp. 2 114,600 3,261,516
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Midas, Inc. 1,2 81,700 1,500,012
- --------------------------------------------------------------------------------
Modine
Manufacturing Co. 216,000 7,039,440
- --------------------------------------------------------------------------------
Proliance
International, Inc. 1,2 11,738 62,094
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Sauer-Danfoss, Inc. 2 84,600 1,591,326
- --------------------------------------------------------------------------------
Shiloh Industries, Inc. 1 31,500 417,690
- --------------------------------------------------------------------------------
Spartan Motors, Inc. 1,100 11,319
- --------------------------------------------------------------------------------
Tenneco, Inc. 1 455,800 8,938,238
- --------------------------------------------------------------------------------
TRW Automotive
Holdings Corp. 1 84,100 2,216,035
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Visteon Corp. 1 682,000 4,269,320
- --------------------------------------------------------------------------------
53,562,827
- --------------------------------------------------------------------------------
AUTOMOBILES--0.1%
Fleetwood
Enterprises, Inc. 1 31,500 389,025
- --------------------------------------------------------------------------------
Monaco Coach
Corp. 2 30,800 409,640
- --------------------------------------------------------------------------------
Winnebago
Industries, Inc. 2 26,600 885,248
---------------
1,683,913
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
DISTRIBUTORS--0.0%
Audiovox Corp.,
Cl. A 1 18,300 $ 253,638
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Jorgensen
(Earle M.) Co. 1,2 82,700 763,321
---------------
1,016,959
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DIVERSIFIED CONSUMER SERVICES--1.0%
Alderwoods
Group, Inc. 1 81,700 1,296,579
- --------------------------------------------------------------------------------
Bright Horizons
Family
Solutions, Inc. 1 99,800 3,697,590
- --------------------------------------------------------------------------------
Career
Education Corp. 1 101,400 3,419,208
- --------------------------------------------------------------------------------
CPI Corp. 2 2,300 43,033
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Escala Group, Inc. 1,2 25,900 525,252
- --------------------------------------------------------------------------------
ITT Educational
Services, Inc. 1 14,500 857,095
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Jackson Hewitt
Tax Service, Inc. 335,000 9,282,850
- --------------------------------------------------------------------------------
Matthews
International Corp.,
Cl. A 2 1,200 43,692
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Pre-Paid Legal
Services, Inc. 2 67,700 2,586,817
- --------------------------------------------------------------------------------
Service Corp.
International 474,500 3,881,410
- --------------------------------------------------------------------------------
ServiceMaster
Co. (The) 154,900 1,851,055
- --------------------------------------------------------------------------------
Steiner Leisure Ltd. 1 75,700 2,691,892
- --------------------------------------------------------------------------------
Stewart
Enterprises, Inc. 2 270,300 1,462,323
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Vertrue, Inc. 1 14,600 515,818
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Weight Watchers
International, Inc. 1,2 17,200 850,196
---------------
33,004,810
- --------------------------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE--2.2%
Ambassadors
Group, Inc. 81,500 1,865,535
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Ameristar
Casinos, Inc. 2 199,600 4,530,920
13 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE Continued
Aztar Corp. 1,2 107,600 $ 3,269,964
- --------------------------------------------------------------------------------
Bluegreen Corp. 1,2 185,100 2,924,580
- --------------------------------------------------------------------------------
Brinker
International, Inc. 58,700 2,269,342
- --------------------------------------------------------------------------------
Caribou Coffee
Co., Inc. 1,2 9,100 91,364
- --------------------------------------------------------------------------------
CBRL Group, Inc. 105,800 3,718,870
- --------------------------------------------------------------------------------
CEC
Entertainment, Inc. 1 18,850 641,654
- --------------------------------------------------------------------------------
Checkers Drive-In
Restaurants, Inc. 1 18,800 285,008
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Choice Hotels
International, Inc. 78,000 3,257,280
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CKE Restaurants, Inc. 2 412,800 5,576,928
- --------------------------------------------------------------------------------
Ctrip.com International
Ltd., ADR 14,700 848,925
- --------------------------------------------------------------------------------
Darden
Restaurants, Inc. 104,100 4,047,408
- --------------------------------------------------------------------------------
Denny's Corp. 1,2 155,200 625,456
- --------------------------------------------------------------------------------
Domino's Pizza, Inc. 211,800 5,125,560
- --------------------------------------------------------------------------------
Dover Downs Gaming &
Entertainment, Inc. 74,000 1,047,100
- --------------------------------------------------------------------------------
IHOP Corp. 2 106,200 4,981,842
- --------------------------------------------------------------------------------
Jack in the Box, Inc. 1,2 173,900 6,074,327
- --------------------------------------------------------------------------------
Krispy Kreme
Doughnuts, Inc. 1,2 87,400 501,676
- --------------------------------------------------------------------------------
La Quinta Corp. 1 343,600 3,827,704
- --------------------------------------------------------------------------------
Lone Star Steakhouse &
Saloon, Inc. 2 52,900 1,255,846
- --------------------------------------------------------------------------------
Luby's, Inc. 1,2 148,500 1,975,050
- --------------------------------------------------------------------------------
McCormick &
Schmick's Seafood
Restaurants, Inc. 1 81,400 1,840,454
- --------------------------------------------------------------------------------
Monarch Casino &
Resort, Inc. 1,2 47,800 1,080,280
- --------------------------------------------------------------------------------
MTR Gaming
Group, Inc. 1 92,600 963,966
- --------------------------------------------------------------------------------
Multimedia
Games, Inc. 1,2 28,100 259,925
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE Continued
Navigant
International, Inc. 1,2 47,000 $ 509,950
- --------------------------------------------------------------------------------
O'Charley's, Inc. 1,2 78,800 1,222,188
- --------------------------------------------------------------------------------
Panera Bread
Co., Cl. A 1 900 59,112
- --------------------------------------------------------------------------------
Papa John's
International, Inc. 1 17,900 1,061,649
- --------------------------------------------------------------------------------
Six Flags, Inc. 1,2 305,400 2,354,634
- --------------------------------------------------------------------------------
Sunterra Corp. 1 134,600 1,914,012
- --------------------------------------------------------------------------------
Vail Resorts, Inc. 1,2 134,000 4,426,020
---------------
74,434,529
- --------------------------------------------------------------------------------
HOUSEHOLD DURABLES--1.5%
American Greetings
Corp., Cl. A 2 292,800 6,432,816
- --------------------------------------------------------------------------------
Avatar
Holdings, Inc. 1,2 2,500 137,300
- --------------------------------------------------------------------------------
Beazer Homes
USA, Inc. 2 43,500 3,168,540
- --------------------------------------------------------------------------------
Blount
International, Inc. 1 73,400 1,169,262
- --------------------------------------------------------------------------------
Brookfield
Homes Corp. 2 89,649 4,458,245
- --------------------------------------------------------------------------------
Champion
Enterprises, Inc. 1,2 284,600 3,876,252
- --------------------------------------------------------------------------------
CSS Industries, Inc. 2 9,192 282,470
- --------------------------------------------------------------------------------
Ethan Allen
Interiors, Inc. 2 75,700 2,765,321
- --------------------------------------------------------------------------------
Furniture Brands
International, Inc. 2 284,900 6,361,817
- --------------------------------------------------------------------------------
Interface, Inc., Cl. A 1,2 252,500 2,075,550
- --------------------------------------------------------------------------------
Kimball
International,
Inc., Cl. B 2 45,100 479,413
- --------------------------------------------------------------------------------
La-Z-Boy, Inc. 2 264,200 3,582,552
- --------------------------------------------------------------------------------
MDC Holdings, Inc. 12,900 799,542
- --------------------------------------------------------------------------------
Mestek, Inc. 1 4,800 62,880
- --------------------------------------------------------------------------------
Movado Group, Inc. 2 10,500 192,150
- --------------------------------------------------------------------------------
Palm Harbor
Homes, Inc. 1,2 14,600 274,480
14 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HOUSEHOLD DURABLES Continued
Ryland Group,
Inc. (The) 2 25,100 $ 1,810,463
- --------------------------------------------------------------------------------
Snap-On, Inc. 2 71,400 2,681,784
- --------------------------------------------------------------------------------
Stanley Furniture
Co., Inc. 99,100 2,297,138
- --------------------------------------------------------------------------------
Stanley Works (The) 43,200 2,075,328
- --------------------------------------------------------------------------------
Tupperware
Brands Corp. 242,400 5,429,760
- --------------------------------------------------------------------------------
WCI
Communities, Inc. 1,2 24,500 657,825
- --------------------------------------------------------------------------------
William Lyon
Homes, Inc. 1 9,100 918,190
---------------
51,989,078
- --------------------------------------------------------------------------------
INTERNET & CATALOG RETAIL--0.3%
Blue Nile, Inc. 1 68,800 2,773,328
- --------------------------------------------------------------------------------
Coldwater Creek, Inc. 1,2 18,700 570,911
- --------------------------------------------------------------------------------
Insight Enterprises, Inc. 1 186,400 3,655,304
- --------------------------------------------------------------------------------
PetMed Express, Inc. 1,2 77,300 1,095,341
- --------------------------------------------------------------------------------
Priceline.com, Inc. 1,2 28,600 638,352
- --------------------------------------------------------------------------------
Provide Commerce, Inc. 1,2 6,300 208,593
- --------------------------------------------------------------------------------
Sportsman's Guide, Inc. 1 22,600 539,010
- --------------------------------------------------------------------------------
Stamps.com, Inc. 1,2 31,500 723,240
- --------------------------------------------------------------------------------
ValueVision Media,
Inc., Cl. A 1 25,700 323,820
---------------
10,527,899
- --------------------------------------------------------------------------------
LEISURE EQUIPMENT & PRODUCTS--0.5%
Arctic Cat, Inc. 2 4,000 80,240
- --------------------------------------------------------------------------------
Callaway Golf Co. 147,000 2,034,480
- --------------------------------------------------------------------------------
Hasbro, Inc. 195,900 3,953,262
- --------------------------------------------------------------------------------
JAKKS Pacific, Inc. 1,2 161,100 3,373,434
- --------------------------------------------------------------------------------
Marvel
Entertainment, Inc. 1,2 87,900 1,439,802
- --------------------------------------------------------------------------------
Oakley, Inc. 2 241,100 3,541,759
- --------------------------------------------------------------------------------
RC2 Corp. 1,2 49,000 1,740,480
Steinway Musical
Instruments, Inc. 1,2 48,300 1,232,133
---------------
17,395,590
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
MEDIA--2.0%
Arbitron, Inc. 74,200 $ 2,818,116
- --------------------------------------------------------------------------------
Belo Corp., Cl. A 89,900 1,924,759
- --------------------------------------------------------------------------------
Catalina
Marketing Corp. 2 130,200 3,300,570
- --------------------------------------------------------------------------------
Charter
Communications,
Inc., Cl. A 1,2 1,585,300 1,934,066
- --------------------------------------------------------------------------------
Citadel
Broadcasting Corp. 2 237,900 3,197,376
- --------------------------------------------------------------------------------
Cox Radio, Inc.,
Cl. A 1,2 82,300 1,158,784
- --------------------------------------------------------------------------------
Cumulus Media,
Inc., Cl. A 1,2 180,000 2,233,800
- --------------------------------------------------------------------------------
Emmis
Communications
Corp., Cl. A 1,2 202,000 4,021,820
- --------------------------------------------------------------------------------
Entercom
Communications
Corp. 1,2 178,900 5,307,963
- --------------------------------------------------------------------------------
Entravision
Communications
Corp. 1 29,500 210,040
- --------------------------------------------------------------------------------
Focus Media
Holding Ltd., ADR 1,2 56,800 1,918,136
- --------------------------------------------------------------------------------
Interactive
Data Corp. 14,000 317,940
- --------------------------------------------------------------------------------
Interpublic Group of
Cos., Inc. 1,2 76,700 740,155
- --------------------------------------------------------------------------------
Journal
Communications,
Inc. 2 116,100 1,619,595
- --------------------------------------------------------------------------------
Journal Register Co. 2 12,500 186,875
- --------------------------------------------------------------------------------
Liberty Corp. 2 29,200 1,366,852
- --------------------------------------------------------------------------------
Media General,
Inc., Cl. A 69,476 3,522,433
- --------------------------------------------------------------------------------
Mediacom
Communications
Corp. 1,2 191,700 1,052,433
- --------------------------------------------------------------------------------
Meredith Corp. 52,000 2,721,680
- --------------------------------------------------------------------------------
Playboy
Enterprises,
Inc., Cl. B 1,2 87,000 1,208,430
- --------------------------------------------------------------------------------
PRIMEDIA, Inc. 1,2 104,200 167,762
15 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
MEDIA Continued
R.H. Donnelley Corp. 1 62,700 $ 3,863,574
- --------------------------------------------------------------------------------
Readers Digest Assn.,
Inc. (The),
Cl. A, Non-Vtg 400,500 6,095,610
- --------------------------------------------------------------------------------
Scholastic Corp. 1,2 97,500 2,779,725
- --------------------------------------------------------------------------------
Sinclair Broadcast
Group, Inc., Cl. A 2 375,100 3,450,920
- --------------------------------------------------------------------------------
TiVo, Inc. 1,2 539,700 2,763,264
- --------------------------------------------------------------------------------
Valassis
Communications,
Inc. 1 10,600 308,142
- --------------------------------------------------------------------------------
Westwood One, Inc. 154,800 2,523,240
- --------------------------------------------------------------------------------
Wiley (John) &
Sons, Inc., Cl. A 98,800 3,857,152
- --------------------------------------------------------------------------------
World Wrestling
Federation
Entertainment, Inc. 17,600 258,368
---------------
66,829,580
- --------------------------------------------------------------------------------
MULTILINE RETAIL--0.9%
99 Cents
Only Stores 1,2 154,500 1,616,070
- --------------------------------------------------------------------------------
Big Lots, Inc. 1,2 204,900 2,460,849
- --------------------------------------------------------------------------------
Bon-Ton Stores, Inc. 2 27,700 529,901
- --------------------------------------------------------------------------------
Conn's, Inc. 1,2 4,500 165,915
- --------------------------------------------------------------------------------
Dillard's, Inc., Cl. A 2 106,600 2,645,812
- --------------------------------------------------------------------------------
Dollar Tree
Stores, Inc. 1 186,900 4,474,386
- --------------------------------------------------------------------------------
Fred's, Inc. 2 61,100 994,097
- --------------------------------------------------------------------------------
Retail Ventures, Inc. 1,2 169,700 2,111,068
- --------------------------------------------------------------------------------
Saks, Inc. 1 113,100 1,906,866
- --------------------------------------------------------------------------------
Stage Stores, Inc. 272,200 8,106,116
- --------------------------------------------------------------------------------
Stein Mart, Inc. 2 212,200 3,851,430
---------------
28,862,510
- --------------------------------------------------------------------------------
SPECIALTY RETAIL--6.4%
Abercrombie &
Fitch Co., Cl. A 13,000 847,340
- --------------------------------------------------------------------------------
Advance Auto
Parts, Inc. 1 50,800 2,207,768
- --------------------------------------------------------------------------------
Aeropostale, Inc. 1 124,500 3,274,350
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SPECIALTY RETAIL Continued
American Eagle
Outfitters, Inc. 138,500 $ 3,182,730
- --------------------------------------------------------------------------------
Asbury Automotive
Group, Inc. 1 53,200 875,672
- --------------------------------------------------------------------------------
AutoNation, Inc. 1 118,400 2,572,832
- --------------------------------------------------------------------------------
Barnes & Noble, Inc. 2 119,700 5,107,599
- --------------------------------------------------------------------------------
bebe stores, inc. 2 181,887 2,551,875
- --------------------------------------------------------------------------------
Blair Corp. 10,907 424,719
- --------------------------------------------------------------------------------
Borders Group, Inc. 62,700 1,358,709
- --------------------------------------------------------------------------------
Buckle, Inc. (The) 2 72,100 2,324,504
- --------------------------------------------------------------------------------
Building Materials
Holding Corp. 2 96,894 6,609,140
- --------------------------------------------------------------------------------
Burlington Coat
Factory
Warehouse Corp. 90,500 3,639,005
- --------------------------------------------------------------------------------
Casual Male Retail
Group, Inc. 1,2 169,800 1,040,874
- --------------------------------------------------------------------------------
Cato Corp., Cl. A 166,050 3,561,773
- --------------------------------------------------------------------------------
Charlotte Russe
Holding, Inc. 1,2 144,700 3,014,101
- --------------------------------------------------------------------------------
Charming
Shoppes, Inc. 1,2 884,500 11,675,400
- --------------------------------------------------------------------------------
Children's Place
Retail Stores, Inc. 1,2 178,200 8,806,644
- --------------------------------------------------------------------------------
Christopher &
Banks Corp. 2 116,800 2,193,504
- --------------------------------------------------------------------------------
Circuit City Stores,
Inc./Circuit
City Group 159,500 3,603,105
- --------------------------------------------------------------------------------
Citi Trends, Inc. 1,2 8,600 367,134
- --------------------------------------------------------------------------------
Claire's Stores, Inc. 142,200 4,155,084
- --------------------------------------------------------------------------------
CSK Auto Corp. 1 237,600 3,583,008
- --------------------------------------------------------------------------------
Deb Shops, Inc. 2 3,800 112,974
- --------------------------------------------------------------------------------
Finish Line, Inc.
(The), Cl. A 95,600 1,665,352
- --------------------------------------------------------------------------------
GameStop Corp.,
Cl. A 1,2 94,995 3,022,741
- --------------------------------------------------------------------------------
Genesco, Inc. 1 216,500 8,398,035
- --------------------------------------------------------------------------------
Golf Galaxy, Inc. 1 2,500 47,875
- --------------------------------------------------------------------------------
Group 1
Automotive, Inc. 1,2 62,400 1,961,232
16 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SPECIALTY RETAIL Continued
Guess?, Inc. 1,2 223,000 $ 7,938,800
- --------------------------------------------------------------------------------
Gymboree Corp. 1,2 132,600 3,102,840
- --------------------------------------------------------------------------------
Hibbett Sporting
Goods, Inc. 1,2 257,080 7,321,638
- --------------------------------------------------------------------------------
Jos. A. Banks
Clothiers, Inc. 1,2 19,200 833,472
- --------------------------------------------------------------------------------
Linens `N
Things, Inc. 1 80,900 2,151,940
- --------------------------------------------------------------------------------
Lithia Motors, Inc.,
Cl. A 2 63,700 2,002,728
- --------------------------------------------------------------------------------
Men's Wearhouse,
Inc. (The) 1 270,200 7,954,688
- --------------------------------------------------------------------------------
NetFlix.com, Inc. 1,2 152,100 4,115,826
- --------------------------------------------------------------------------------
Office Depot, Inc. 1 25,300 794,420
- --------------------------------------------------------------------------------
OfficeMax, Inc. 161,000 4,082,960
- --------------------------------------------------------------------------------
Pacific Sunwear of
California, Inc. 1 118,825 2,961,119
- --------------------------------------------------------------------------------
Pantry, Inc. (The) 1 183,300 8,613,267
- --------------------------------------------------------------------------------
Payless
ShoeSource, Inc. 1 390,600 9,804,060
- --------------------------------------------------------------------------------
RadioShack Corp. 133,200 2,801,196
- --------------------------------------------------------------------------------
Rent-A-Center, Inc. 1,2 3,600 67,896
- --------------------------------------------------------------------------------
Rent-Way, Inc. 1,2 96,200 614,718
- --------------------------------------------------------------------------------
Restoration
Hardware, Inc. 1,2 36,200 217,924
- --------------------------------------------------------------------------------
Select
Comfort Corp. 1,2 205,700 5,625,895
- --------------------------------------------------------------------------------
Shoe Carnival, Inc. 1 23,700 519,504
- --------------------------------------------------------------------------------
Sonic
Automotive, Inc. 153,500 3,419,980
- --------------------------------------------------------------------------------
Sports Authority,
Inc. (The) 1,2 256,200 7,975,506
- --------------------------------------------------------------------------------
Syms Corp. 7,400 106,856
- --------------------------------------------------------------------------------
Talbots, Inc. (The) 2 229,900 6,395,818
- --------------------------------------------------------------------------------
Tiffany & Co. 88,600 3,392,494
- --------------------------------------------------------------------------------
Too, Inc. 1 278,600 7,859,306
- --------------------------------------------------------------------------------
Trans World
Entertainment Corp. 1,2 111,400 634,980
- --------------------------------------------------------------------------------
Tuesday Morning
Corp. 2 130,100 2,721,692
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SPECIALTY RETAIL Continued
United Auto
Group, Inc. 2 241,100 $ 9,210,020
- --------------------------------------------------------------------------------
West Marine, Inc. 1,2 3,300 46,134
- --------------------------------------------------------------------------------
Wet Seal, Inc., Cl. A 1,2 295,876 1,313,689
- --------------------------------------------------------------------------------
Wilsons The Leather
Experts, Inc. 1,2 56,900 206,547
- --------------------------------------------------------------------------------
Zale Corp. 1,2 282,600 7,107,390
---------------
214,100,382
- --------------------------------------------------------------------------------
TEXTILES, APPAREL & LUXURY GOODS--1.6%
Carter's, Inc. 1 20,600 1,212,310
- --------------------------------------------------------------------------------
Cherokee, Inc. 2 48,400 1,664,476
- --------------------------------------------------------------------------------
Columbia
Sportswear Co. 1,2 38,300 1,828,059
- --------------------------------------------------------------------------------
Hartmarx Corp. 1,2 45,400 354,574
- --------------------------------------------------------------------------------
Iconix Brand
Group, Inc. 1 90,200 919,138
- --------------------------------------------------------------------------------
Jones Apparel
Group, Inc. 100,400 3,084,288
- --------------------------------------------------------------------------------
K-Swiss, Inc., Cl. A 182,000 5,904,080
- --------------------------------------------------------------------------------
Kellwood Co. 2 8,300 198,204
- --------------------------------------------------------------------------------
Kenneth Cole
Productions, Inc.,
Cl. A 41,900 1,068,450
- --------------------------------------------------------------------------------
Liz Claiborne, Inc. 82,500 2,955,150
- --------------------------------------------------------------------------------
Oxford
Industries, Inc. 2 3,500 191,450
- --------------------------------------------------------------------------------
Phillips/Van
Heusen Corp. 144,700 4,688,280
- --------------------------------------------------------------------------------
Skechers U.S.A., Inc.,
Cl. A 1,2 128,800 1,973,216
- --------------------------------------------------------------------------------
Steven Madden Ltd. 2 91,500 2,674,545
- --------------------------------------------------------------------------------
Stride Rite Corp. 199,300 2,702,508
- --------------------------------------------------------------------------------
Timberland Co.,
Cl. A 1 79,500 2,587,725
- --------------------------------------------------------------------------------
Tommy
Hilfiger Corp. 1 330,800 5,372,192
- --------------------------------------------------------------------------------
Under Armour, Inc.,
Cl. A 1,2 56,900 2,179,839
- --------------------------------------------------------------------------------
UniFirst Corp. 30,100 936,110
- --------------------------------------------------------------------------------
Warnaco Group,
Inc. (The) 1,2 127,300 3,401,456
17 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
TEXTILES, APPAREL & LUXURY GOODS Continued
Wolverine World
Wide, Inc. 355,900 $ 7,993,514
---------------
53,889,564
- --------------------------------------------------------------------------------
CONSUMER STAPLES--2.9%
- --------------------------------------------------------------------------------
BEVERAGES--0.1%
Boston Beer Co.,
Inc., Cl. A 1 55,000 1,375,000
- --------------------------------------------------------------------------------
National
Beverage Corp. 2 11,600 113,332
- --------------------------------------------------------------------------------
PepsiAmericas,
Inc. 82,900 1,928,254
- --------------------------------------------------------------------------------
3,416,586
- --------------------------------------------------------------------------------
FOOD & STAPLES RETAILING--1.0%
Andersons,
Inc. (The) 2 8,000 344,640
- --------------------------------------------------------------------------------
Arden Group,
Inc., Cl. A 2 10,198 927,916
- --------------------------------------------------------------------------------
BJ's Wholesale
Club, Inc. 1 65,000 1,921,400
- --------------------------------------------------------------------------------
Casey's General
Stores, Inc. 2 218,600 5,421,280
- --------------------------------------------------------------------------------
Great Atlantic &
Pacific Tea Co.,
Inc. (The) 1,2 81,700 2,596,426
- --------------------------------------------------------------------------------
Ingles Markets,
Inc., Cl. A 11,500 179,975
- --------------------------------------------------------------------------------
Longs Drug
Stores, Inc. 2 131,500 4,785,285
- --------------------------------------------------------------------------------
Nash Finch Co. 2 23,800 606,424
- --------------------------------------------------------------------------------
Pathmark
Stores, Inc. 1 101,976 1,018,740
- --------------------------------------------------------------------------------
Performance Food
Group Co. 1,2 218,300 6,193,171
- --------------------------------------------------------------------------------
Rite Aid Corp. 1,2 497,900 1,732,692
- --------------------------------------------------------------------------------
Ruddick Corp. 109,100 2,321,648
- --------------------------------------------------------------------------------
Spartan Stores, Inc. 1 52,700 549,134
- --------------------------------------------------------------------------------
SUPERVALU, Inc. 132,100 4,290,608
- --------------------------------------------------------------------------------
Weis Markets, Inc. 2 11,400 490,656
---------------
33,379,995
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
FOOD PRODUCTS--1.0%
Chiquita Brands
International, Inc. 2 244,900 $ 4,900,449
- --------------------------------------------------------------------------------
Darling
International, Inc. 1,2 196,600 780,502
- --------------------------------------------------------------------------------
Del Monte
Foods Co. 1 291,900 3,044,517
- --------------------------------------------------------------------------------
Flowers Foods, Inc. 2 268,300 7,394,348
- --------------------------------------------------------------------------------
Gold Kist
Holdings, Inc. 1,2 141,200 2,110,940
- --------------------------------------------------------------------------------
Hain Celestial
Group, Inc. 1,2 137,100 2,901,036
- --------------------------------------------------------------------------------
Imperial Sugar Co. 1,300 17,654
- --------------------------------------------------------------------------------
J&J Snack
Foods Corp. 2 42,323 2,514,409
- --------------------------------------------------------------------------------
Lancaster
Colony Corp. 32,000 1,185,600
- --------------------------------------------------------------------------------
Lance, Inc. 2 28,900 538,407
- --------------------------------------------------------------------------------
M&F
Worldwide Corp. 1,2 23,900 390,048
- --------------------------------------------------------------------------------
McCormick & Co.,
Inc., Non-Vtg 21,900 677,148
- --------------------------------------------------------------------------------
Pilgrim's Pride
Corp., Cl. B 2 116,200 3,853,192
- --------------------------------------------------------------------------------
Premium Standard
Farms, Inc. 38,200 571,472
- --------------------------------------------------------------------------------
Ralcorp
Holdings, Inc. 1 36,100 1,440,751
- --------------------------------------------------------------------------------
Seaboard Corp. 2 1,900 2,870,900
---------------
35,191,373
- --------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS--0.4%
Chattem, Inc. 1,2 148,900 5,418,471
- --------------------------------------------------------------------------------
Church & Dwight
Co., Inc. 8,800 290,664
- --------------------------------------------------------------------------------
Energizer
Holdings, Inc. 1 79,700 3,968,263
- --------------------------------------------------------------------------------
Playtex
Products, Inc. 1,2 229,600 3,138,632
- --------------------------------------------------------------------------------
Spectrum
Brands, Inc. 1 67,100 1,362,801
---------------
14,178,831
18 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
PERSONAL PRODUCTS--0.2%
Inter Parfums, Inc. 5,700 $ 102,372
- --------------------------------------------------------------------------------
Mannatech, Inc. 2 38,327 529,296
- --------------------------------------------------------------------------------
Nature's Sunshine
Products, Inc. 89,200 1,612,736
- --------------------------------------------------------------------------------
Parlux
Fragrances, Inc. 1,2 91,400 2,790,442
- --------------------------------------------------------------------------------
USANA Health
Sciences, Inc. 1,2 41,800 1,603,448
---------------
6,638,294
- --------------------------------------------------------------------------------
TOBACCO--0.2%
Loews Corp./Carolina
Group 69,400 3,052,906
- --------------------------------------------------------------------------------
Vector Group Ltd. 2 147,660 2,682,982
---------------
5,735,888
- --------------------------------------------------------------------------------
ENERGY--8.5%
- --------------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES--3.2%
Atwood
Oceanics, Inc. 1,2 21,100 1,646,433
- --------------------------------------------------------------------------------
CHC Helicopter
Corp., Cl. A 58,600 1,376,718
- --------------------------------------------------------------------------------
Cooper
Cameron Corp. 1 79,200 3,278,880
- --------------------------------------------------------------------------------
Ensign Energy
Services, Inc. 152,400 6,151,325
- --------------------------------------------------------------------------------
Global
Industries Ltd. 1,2 428,548 4,864,020
- --------------------------------------------------------------------------------
Grant Prideco, Inc. 1 23,700 1,045,644
- --------------------------------------------------------------------------------
Grey Wolf, Inc. 1 1,252,600 9,682,598
- --------------------------------------------------------------------------------
Gulf Island
Fabrication, Inc. 2 8,500 206,635
- --------------------------------------------------------------------------------
Gulfmark
Offshore, Inc. 1,2 16,300 482,806
- --------------------------------------------------------------------------------
Helmerich &
Payne, Inc. 90,800 5,621,428
- --------------------------------------------------------------------------------
Hercules
Offshore, Inc. 1 121,000 3,437,610
- --------------------------------------------------------------------------------
Hornbeck Offshore
Services, Inc. 1,2 104,700 3,423,690
- --------------------------------------------------------------------------------
Hydril Co. 1 20,000 1,252,000
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES Continued
Lone Star
Technologies, Inc. 1 199,000 $ 10,280,340
- --------------------------------------------------------------------------------
Maverick
Tube Corp. 1,2 100,200 3,993,972
- --------------------------------------------------------------------------------
NS Group, Inc. 1 215,400 9,005,874
- --------------------------------------------------------------------------------
Oceaneering
International, Inc. 1 25,100 1,249,478
- --------------------------------------------------------------------------------
Offshore
Logistics, Inc. 1 600 17,520
- --------------------------------------------------------------------------------
Oil States
International, Inc. 1,2 105,000 3,326,400
- --------------------------------------------------------------------------------
Parker Drilling Co. 1,2 180,200 1,951,566
- --------------------------------------------------------------------------------
Pason Systems, Inc. 80,000 1,988,903
- --------------------------------------------------------------------------------
Prairie Schooner
Petroleum Ltd. 1,3 13,800 278,980
- --------------------------------------------------------------------------------
Precision
Drilling Trust 43,400 1,432,915
- --------------------------------------------------------------------------------
Pride
International, Inc. 1 63,000 1,937,250
- --------------------------------------------------------------------------------
Technicoil Corp. 1 92,900 311,678
- --------------------------------------------------------------------------------
Technicoil Corp. 1 577,100 1,936,161
- --------------------------------------------------------------------------------
Tetra
Technologies, Inc. 1,2 137,900 4,208,708
- --------------------------------------------------------------------------------
Trican Well
Service Ltd. 1 150,100 7,230,935
- --------------------------------------------------------------------------------
Universal
Compression
Holdings, Inc. 1,2 137,900 5,670,448
- --------------------------------------------------------------------------------
Veritas DGC, Inc. 1 272,000 9,653,280
---------------
106,944,195
- --------------------------------------------------------------------------------
OIL & GAS--5.3%
Alberta Clipper
Energy, Inc. 1 93,278 308,934
- --------------------------------------------------------------------------------
Alon USA
Energy, Inc. 1,2 17,100 336,015
- --------------------------------------------------------------------------------
Alpha Natural
Resources, Inc. 1 12,400 238,204
- --------------------------------------------------------------------------------
Atlas America, Inc. 1 50,600 3,047,132
- --------------------------------------------------------------------------------
Atlas Energy Ltd. 1 890,500 3,677,061
- --------------------------------------------------------------------------------
ATP Oil & Gas
Corp. 1,2 24,900 921,549
19 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
OIL & GAS Continued
Basic Energy
Services, Inc. 1 92,800 $ 1,851,360
- --------------------------------------------------------------------------------
Berry Petroleum
Co., Cl. A 2 16,000 915,200
- --------------------------------------------------------------------------------
Brigham
Exploration Co. 1 113,000 1,340,180
- --------------------------------------------------------------------------------
Callon
Petroleum Co. 1,2 149,200 2,633,380
- --------------------------------------------------------------------------------
Capital Energy
Resources Ltd. 1 275,500 1,187,367
- --------------------------------------------------------------------------------
Chamaelo
Exploration Ltd. 1 4,780 31,457
- --------------------------------------------------------------------------------
Clear Energy, Inc. 1 425,566 1,940,298
- --------------------------------------------------------------------------------
Comstock
Resources, Inc. 1,2 262,500 8,008,875
- --------------------------------------------------------------------------------
Crew Energy, Inc. 1 29,129 468,590
- --------------------------------------------------------------------------------
Cyries Energy, Inc. 1 32,100 414,488
- --------------------------------------------------------------------------------
Delphi Energy Corp. 1 315,000 1,541,873
- --------------------------------------------------------------------------------
Duvernay Oil Corp. 1 46,000 1,750,252
- --------------------------------------------------------------------------------
Edge
Petroleum Corp. 1,2 131,800 3,283,138
- --------------------------------------------------------------------------------
Ember
Resources, Inc. 1 93,278 621,880
- --------------------------------------------------------------------------------
Ember
Resources, Inc. 1 105,300 656,146
- --------------------------------------------------------------------------------
Energy Partners Ltd. 1 178,900 3,898,231
- --------------------------------------------------------------------------------
Find Energy Ltd. 1 45,800 365,234
- --------------------------------------------------------------------------------
Find Energy Ltd. 1 371,900 2,965,730
- --------------------------------------------------------------------------------
Forest Oil Corp. 1 75,300 3,431,421
- --------------------------------------------------------------------------------
Foundation Coal
Holdings, Inc. 13,100 497,800
- --------------------------------------------------------------------------------
Frontier Oil Corp. 2 32,100 1,204,713
- --------------------------------------------------------------------------------
Galleon Energy, Inc.,
Cl. A 1 81,600 1,719,816
- --------------------------------------------------------------------------------
Galleon Energy, Inc.,
Subscription
Receipts 1 92,500 1,949,546
- --------------------------------------------------------------------------------
General
Maritime Corp. 2 128,100 4,744,824
- --------------------------------------------------------------------------------
Giant
Industries, Inc. 1,2 140,500 7,300,380
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
OIL & GAS Continued
Highpine Oil &
Gas Ltd. 1 19,900 $ 354,364
- --------------------------------------------------------------------------------
Holly Corp. 38,700 2,278,269
- --------------------------------------------------------------------------------
Houston
Exploration Co. 1 111,200 5,871,360
- --------------------------------------------------------------------------------
KCS Energy, Inc. 1,2 352,000 8,525,440
- --------------------------------------------------------------------------------
Mahalo
Energy Ltd. 1,3 220,500 1,327,799
- --------------------------------------------------------------------------------
Maritrans, Inc. 72,500 1,886,450
- --------------------------------------------------------------------------------
Meridian Resource
Corp. (The) 1 99,200 416,640
- --------------------------------------------------------------------------------
Midnight Oil
Exploration Ltd. 1 556,050 2,114,277
- --------------------------------------------------------------------------------
Mission Oil &
Gas, Inc. 1 74,748 476,479
- --------------------------------------------------------------------------------
Mission Oil &
Gas, Inc. 1,4 79,100 504,220
- --------------------------------------------------------------------------------
OMI Corp. 2 242,800 4,406,820
- --------------------------------------------------------------------------------
Open Range
Energy Corp. 1 10,090 41,230
- --------------------------------------------------------------------------------
Overseas Shipholding
Group, Inc. 82,500 4,157,175
- --------------------------------------------------------------------------------
Paramount
Resources Ltd., Cl. A 1 280,100 7,445,559
- --------------------------------------------------------------------------------
Penn Virginia Corp. 2 11,700 671,580
- --------------------------------------------------------------------------------
Petrohawk
Energy Corp. 1 146,900 1,942,018
- --------------------------------------------------------------------------------
PetroQuest
Energy, Inc. 1,2 399,300 3,306,204
- --------------------------------------------------------------------------------
Pogo Producing Co. 44,600 2,221,526
- --------------------------------------------------------------------------------
ProEx Energy Ltd. 1 48,100 678,601
- --------------------------------------------------------------------------------
ProspEx
Resources Ltd. 1 369,740 1,113,244
- --------------------------------------------------------------------------------
Real Resources, Inc. 1 48,900 1,047,452
- --------------------------------------------------------------------------------
Remington Oil &
Gas Corp. 1 246,400 8,993,600
- --------------------------------------------------------------------------------
Resource America,
Inc., Cl. A 2 30,200 514,910
- --------------------------------------------------------------------------------
Sequoia Oil &
Gas Trust 3,475 60,595
- --------------------------------------------------------------------------------
Sequoia Oil &
Gas Trust 46,400 809,091
20 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
OIL & GAS Continued
St. Mary Land &
Exploration Co. 2 43,400 $ 1,597,554
- --------------------------------------------------------------------------------
Stone Energy Corp. 1,2 117,400 5,345,222
- --------------------------------------------------------------------------------
Swift Energy Co. 1,2 216,300 9,748,641
- --------------------------------------------------------------------------------
Tesoro Corp. 82,000 5,047,100
- --------------------------------------------------------------------------------
Thunder
Energy Trust 139,932 1,444,521
- --------------------------------------------------------------------------------
TransMontaigne,
Inc. 1 73,500 485,100
- --------------------------------------------------------------------------------
Trilogy Energy Trust 99,800 2,043,305
- --------------------------------------------------------------------------------
True Energy Trust 81,250 1,453,826
- --------------------------------------------------------------------------------
Tusk Energy Corp. 1 387,400 1,686,304
- --------------------------------------------------------------------------------
Tusk Energy Corp. 1,4 275,000 1,197,041
- --------------------------------------------------------------------------------
USEC, Inc. 2 293,300 3,504,935
- --------------------------------------------------------------------------------
Vault Energy Trust 11,950 117,192
- --------------------------------------------------------------------------------
Vero Energy, Inc. 1 30,617 139,857
- --------------------------------------------------------------------------------
Vintage
Petroleum, Inc. 156,200 8,330,146
- --------------------------------------------------------------------------------
W&T Offshore, Inc. 2 32,900 967,260
- --------------------------------------------------------------------------------
West Energy Ltd. 1 91,400 630,589
- --------------------------------------------------------------------------------
White Fire
Energy Ltd. 1 3,475 8,071
- --------------------------------------------------------------------------------
White Fire
Energy Ltd. 1 46,400 107,772
- --------------------------------------------------------------------------------
Whiting
Petroleum Corp. 1,2 185,400 7,416,000
- --------------------------------------------------------------------------------
Williams (Clayton)
Energy, Inc. 1 10,900 454,966
- --------------------------------------------------------------------------------
Zenas Energy Corp. 239,900 1,083,466
---------------
177,224,845
- --------------------------------------------------------------------------------
FINANCIALS--12.2%
- --------------------------------------------------------------------------------
CAPITAL MARKETS--0.2%
GAMCO Investors,
Inc., Cl. A 2 34,100 1,484,373
- --------------------------------------------------------------------------------
Knight Capital
Group, Inc., Cl. A 1,2 230,800 2,282,612
- --------------------------------------------------------------------------------
Stifel Financial
Corp. 1,2 15,000 563,850
- --------------------------------------------------------------------------------
SWS Group, Inc. 2 74,800 1,566,312
- --------------------------------------------------------------------------------
5,897,147
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL BANKS--2.8%
Anchor BanCorp
Wisconsin, Inc. 2 27,900 $ 846,486
- --------------------------------------------------------------------------------
Astoria
Financial Corp. 162,650 4,781,910
- --------------------------------------------------------------------------------
BancorpSouth, Inc. 2 11,900 262,633
- --------------------------------------------------------------------------------
Bank of
Hawaii Corp. 13,800 711,252
- --------------------------------------------------------------------------------
BankUnited
Financial Corp., Cl. A 20,500 544,685
- --------------------------------------------------------------------------------
Berkshire Hills
Bancorp, Inc. 2 6,900 231,150
- --------------------------------------------------------------------------------
Capital Corp. of
the West 2 5,959 193,370
- --------------------------------------------------------------------------------
Capital Crossing
Bank 1,2 800 26,720
- --------------------------------------------------------------------------------
Capitol
Bancorp Ltd. 2 13,800 516,672
- --------------------------------------------------------------------------------
Center
Financial Corp. 3,000 75,480
- --------------------------------------------------------------------------------
Central Pacific
Financial Corp. 2 6,600 237,072
- --------------------------------------------------------------------------------
Chittenden Corp. 2 67,300 1,871,613
- --------------------------------------------------------------------------------
Citizens First
Bancorp, Inc. 23,500 554,130
- --------------------------------------------------------------------------------
City Holding Co. 70,300 2,527,285
- --------------------------------------------------------------------------------
Columbia Banking
System, Inc. 2 57,606 1,644,651
- --------------------------------------------------------------------------------
Commerce
Bancshares, Inc. 2 26,820 1,397,858
- --------------------------------------------------------------------------------
Community Bank
System, Inc. 2 206,100 4,647,555
- --------------------------------------------------------------------------------
Community Trust
Bancorp, Inc. 23,028 708,111
- --------------------------------------------------------------------------------
Corus
Bankshares, Inc. 2 109,900 6,184,073
- --------------------------------------------------------------------------------
Downey
Financial Corp. 2 79,900 5,464,361
- --------------------------------------------------------------------------------
F.N.B. Corp. 2 29,500 512,120
- --------------------------------------------------------------------------------
First BanCorp 2 90,500 1,123,105
- --------------------------------------------------------------------------------
First Citizens
BancShares,
Inc., Cl. A 2 9,000 1,569,780
21 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL BANKS Continued
First Commonwealth
Financial Corp. 2 230,400 $ 2,979,072
- --------------------------------------------------------------------------------
First Defiance
Financial Corp. 2 14,100 381,969
- --------------------------------------------------------------------------------
First Financial
Holdings, Inc. 2 19,900 611,328
- --------------------------------------------------------------------------------
First Indiana Corp. 2 23,300 801,054
- --------------------------------------------------------------------------------
First Midwest
Bancorp, Inc. 2 40,110 1,406,257
- --------------------------------------------------------------------------------
First Place
Financial Corp. 2 65,563 1,576,790
- --------------------------------------------------------------------------------
First Republic Bank 34,600 1,280,546
- --------------------------------------------------------------------------------
First Security
Group, Inc. 275,100 2,679,474
- --------------------------------------------------------------------------------
First South
Bancorp, Inc. 2 4,000 141,280
- --------------------------------------------------------------------------------
FirstFed
Financial Corp. 1,2 100,300 5,468,356
- --------------------------------------------------------------------------------
Flagstar
Bancorp, Inc. 2 43,100 620,640
- --------------------------------------------------------------------------------
Greater
Bay Bancorp 2 113,000 2,895,060
- --------------------------------------------------------------------------------
Greene County
Bancshares, Inc. 2 25,300 692,208
- --------------------------------------------------------------------------------
Harbor Florida
Bancshares, Inc. 2 49,300 1,826,565
- --------------------------------------------------------------------------------
Horizon
Financial Corp. 2 700 15,288
- --------------------------------------------------------------------------------
Hudson
United Bancorp 10,700 445,976
- --------------------------------------------------------------------------------
Independent
Bank Corp. 2 85,426 2,326,150
- --------------------------------------------------------------------------------
ITLA Capital Corp. 1,2 10,000 488,500
- --------------------------------------------------------------------------------
MAF Bancorp, Inc. 2 55,700 2,304,866
- --------------------------------------------------------------------------------
MainSource Financial
Group, Inc. 2 29,180 520,863
- --------------------------------------------------------------------------------
NASB Financial, Inc. 2 3,766 148,230
- --------------------------------------------------------------------------------
National
Bankshares, Inc. 2,000 94,000
- --------------------------------------------------------------------------------
Net.B@nk, Inc. 20,800 149,344
- --------------------------------------------------------------------------------
Pacific
Capital Bancorp 2 163,199 5,806,620
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL BANKS Continued
PFF Bancorp, Inc. 2 107,720 $ 3,287,614
- --------------------------------------------------------------------------------
Provident Bankshares
Corp. 137,184 4,632,704
- --------------------------------------------------------------------------------
Provident Financial
Holdings, Inc. 2 7,050 185,415
- --------------------------------------------------------------------------------
Provident Financial
Services, Inc. 19,700 364,647
- --------------------------------------------------------------------------------
Republic
Bancorp, Inc. 2 7,565 90,024
- --------------------------------------------------------------------------------
Republic Bancorp,
Inc., Cl. A 36,266 777,906
- --------------------------------------------------------------------------------
Seacoast Banking
Corp. of Florida 2 2,170 49,802
- --------------------------------------------------------------------------------
Southwest
Bancorp, Inc. 2 5,600 112,000
- --------------------------------------------------------------------------------
State Bancorp, Inc. 2 10,987 183,922
- --------------------------------------------------------------------------------
Sterling
Bancshares, Inc. 2 11,100 171,384
- --------------------------------------------------------------------------------
Sterling Financial
Corp., Western US 92,883 2,320,217
- --------------------------------------------------------------------------------
Susquehanna
Bancshares, Inc. 2 42,800 1,013,504
- --------------------------------------------------------------------------------
SVB
Financial Group 1,2 14,400 674,496
- --------------------------------------------------------------------------------
Taylor Capital
Group, Inc. 2 18,900 763,560
- --------------------------------------------------------------------------------
TCF Financial Corp. 57,700 1,565,978
- --------------------------------------------------------------------------------
TierOne Corp. 2 70,600 2,076,346
- --------------------------------------------------------------------------------
Union
Bankshares Corp. 2 10,400 448,240
- --------------------------------------------------------------------------------
W. Holding Co., Inc. 99,700 820,531
- --------------------------------------------------------------------------------
WesBanco, Inc. 2 5,800 176,378
- --------------------------------------------------------------------------------
WSFS
Financial Corp. 47,100 2,884,875
---------------
94,892,051
- --------------------------------------------------------------------------------
CONSUMER FINANCE--0.1%
ASTA Funding, Inc. 2 104,200 2,848,828
- --------------------------------------------------------------------------------
Nelnet, Inc., Cl. A 1,2 51,200 2,082,816
---------------
4,931,644
22 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES--1.3%
Ace Cash
Express, Inc. 1,2 11,500 $ 268,525
- --------------------------------------------------------------------------------
Advanta Corp., Cl. B 2 164,100 5,323,404
- --------------------------------------------------------------------------------
AmeriCredit Corp. 1 183,900 4,713,357
- --------------------------------------------------------------------------------
Apollo
Investment Corp. 74,600 1,337,578
- --------------------------------------------------------------------------------
Asset Acceptance
Capital Corp. 1 144,900 3,254,454
- --------------------------------------------------------------------------------
CompuCredit Corp. 1,2 52,000 2,000,960
- --------------------------------------------------------------------------------
Eaton Vance Corp. 2 56,800 1,554,048
- --------------------------------------------------------------------------------
Encore Capital
Group, Inc. 1,2 79,800 1,384,530
- --------------------------------------------------------------------------------
Investment
Technology
Group, Inc. 1,2 20,600 730,064
- --------------------------------------------------------------------------------
Janus Capital
Group, Inc. 200,000 3,726,000
- --------------------------------------------------------------------------------
Jefferies Group, Inc. 2 30,200 1,358,396
- --------------------------------------------------------------------------------
LaBranche &
Co., Inc. 1,2 365,000 3,690,150
- --------------------------------------------------------------------------------
Lazard Ltd., Cl. A 36,600 1,167,540
- --------------------------------------------------------------------------------
Medallion
Financial Corp. 36,000 405,360
- --------------------------------------------------------------------------------
Piper Jaffray
Cos., Inc. 1,2 64,700 2,613,880
- --------------------------------------------------------------------------------
Raymond James
Financial, Inc. 35,800 1,348,586
- --------------------------------------------------------------------------------
Sanders Morris
Harris Group, Inc. 2 33,200 544,148
- --------------------------------------------------------------------------------
SEI Investments Co. 12,700 469,900
- --------------------------------------------------------------------------------
Student Loan
Corp. (The) 11,400 2,385,222
- --------------------------------------------------------------------------------
WFS Financial, Inc. 1 51,000 3,883,650
- --------------------------------------------------------------------------------
World
Acceptance Corp. 1,2 19,500 555,750
---------------
42,715,502
- --------------------------------------------------------------------------------
INSURANCE--5.6%
21st Century
Insurance Group 2,800 45,304
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
INSURANCE Continued
Affirmative
Insurance
Holdings, Inc. 40,204 $ 586,576
- --------------------------------------------------------------------------------
Alfa Corp. 2 40,600 653,660
- --------------------------------------------------------------------------------
Alleghany Corp. 5,600 1,590,400
- --------------------------------------------------------------------------------
American Equity
Investment Life
Holding Co. 204,900 2,673,945
- --------------------------------------------------------------------------------
American Physicians
Capital, Inc. 1,2 63,600 2,912,244
- --------------------------------------------------------------------------------
AmerUs Group Co. 2 133,100 7,542,777
- --------------------------------------------------------------------------------
Arch Capital
Group Ltd. 1 119,800 6,559,050
- --------------------------------------------------------------------------------
Argonaut
Group, Inc. 1,2 169,300 5,547,961
- --------------------------------------------------------------------------------
Aspen Insurance
Holdings Ltd. 21,200 501,804
- --------------------------------------------------------------------------------
Assurant, Inc. 10,300 447,947
- --------------------------------------------------------------------------------
Baldwin & Lyons,
Inc., Cl. B, Non-Vtg. 2 1,800 43,740
- --------------------------------------------------------------------------------
Berkley (W.R.) Corp. 19,600 933,352
- --------------------------------------------------------------------------------
Bristol West
Holdings, Inc. 2 154,100 2,932,523
- --------------------------------------------------------------------------------
Clark, Inc. 30,000 397,500
- --------------------------------------------------------------------------------
Commerce Group,
Inc. (The) 38,400 2,199,552
- --------------------------------------------------------------------------------
Covanta
Holding Corp. 1,2 59,900 902,094
- --------------------------------------------------------------------------------
Delphi Financial
Group, Inc., Cl. A 153,650 7,069,437
- --------------------------------------------------------------------------------
Direct
General Corp. 2 134,500 2,273,050
- --------------------------------------------------------------------------------
Donegal Group,
Inc., Cl. A 2 62,701 1,457,171
- --------------------------------------------------------------------------------
Fidelity National
Financial, Inc. 1,156 42,529
- --------------------------------------------------------------------------------
Fidelity National
Title Group, Inc.,
Cl. A 202 4,919
- --------------------------------------------------------------------------------
FPIC Insurance
Group, Inc. 1,2 78,600 2,727,420
23 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
INSURANCE Continued
Great American
Financial
Resources, Inc. 2 23,700 $ 470,208
- --------------------------------------------------------------------------------
Harleysville
Group, Inc. 1,000 26,500
- --------------------------------------------------------------------------------
Hilb, Rogal &
Hamilton Co. 2 64,800 2,495,448
- --------------------------------------------------------------------------------
Horace Mann
Educators Corp. 2 321,200 6,089,952
- --------------------------------------------------------------------------------
Independence
Holding Co. 2 4,860 95,013
- --------------------------------------------------------------------------------
Infinity Property &
Casualty Corp. 200,600 7,464,326
- --------------------------------------------------------------------------------
James River
Group, Inc. 1 14,900 295,765
- --------------------------------------------------------------------------------
LandAmerica
Financial Group, Inc. 2 111,000 6,926,400
- --------------------------------------------------------------------------------
Mercury
General Corp. 22,800 1,327,416
- --------------------------------------------------------------------------------
National Financial
Partners Corp. 199,800 10,499,490
- --------------------------------------------------------------------------------
National Western
Life Insurance
Co., Cl. A 4,200 869,022
- --------------------------------------------------------------------------------
Navigators Group,
Inc. (The) 1,2 59,500 2,594,795
- --------------------------------------------------------------------------------
Odyssey Re
Holdings Corp. 2 135,700 3,403,356
- --------------------------------------------------------------------------------
Ohio
Casualty Corp. 366,600 10,382,112
- --------------------------------------------------------------------------------
Old Republic
International Corp. 155,800 4,091,308
- --------------------------------------------------------------------------------
Phoenix Cos.,
Inc. (The) 2 601,600 8,205,824
- --------------------------------------------------------------------------------
Presidential
Life Corp. 2 32,600 620,704
- --------------------------------------------------------------------------------
ProAssurance Corp. 1,2 78,900 3,837,696
- --------------------------------------------------------------------------------
ProCentury Corp. 125,100 1,344,825
- --------------------------------------------------------------------------------
Protective Life Corp. 59,300 2,595,561
- --------------------------------------------------------------------------------
Republic Cos
Group, Inc. 255,300 3,952,044
- --------------------------------------------------------------------------------
RLI Corp. 128,100 6,388,347
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
INSURANCE Continued
Safety Insurance
Group, Inc. 2 82,200 $ 3,318,414
- --------------------------------------------------------------------------------
Selective Insurance
Group, Inc. 2 192,700 10,232,370
- --------------------------------------------------------------------------------
StanCorp Financial
Group, Inc. 118,300 5,909,085
- --------------------------------------------------------------------------------
State Auto
Financial Corp. 103,100 3,759,026
- --------------------------------------------------------------------------------
Stewart Information
Services Corp. 2 101,700 4,949,739
- --------------------------------------------------------------------------------
UICI 126,500 4,492,015
- --------------------------------------------------------------------------------
United America
Indemnity Ltd., Cl. A 1 11,057 203,007
- --------------------------------------------------------------------------------
United Fire &
Casualty Co. 2 91,900 3,715,517
- --------------------------------------------------------------------------------
Unitrin, Inc. 80,500 3,626,525
- --------------------------------------------------------------------------------
Universal American
Financial Corp. 1 260,200 3,923,816
- --------------------------------------------------------------------------------
Zenith National
Insurance Corp. 177,400 8,181,688
---------------
186,332,269
- --------------------------------------------------------------------------------
REAL ESTATE--1.5%
Acadia Realty Trust 14,100 282,705
- --------------------------------------------------------------------------------
Agree Realty Corp. 2 56,600 1,635,740
- --------------------------------------------------------------------------------
Alexandria Real
Estate Equities, Inc. 13,000 1,046,500
- --------------------------------------------------------------------------------
Amli Residential
Properties Trust 9,200 350,060
- --------------------------------------------------------------------------------
Arden Realty, Inc. 29,800 1,335,934
- --------------------------------------------------------------------------------
Associated Estates
Realty Corp. 2 23,200 209,728
- --------------------------------------------------------------------------------
Brandywine
Realty Trust 55,900 1,560,169
- --------------------------------------------------------------------------------
Camden
Property Trust 8,600 498,112
- --------------------------------------------------------------------------------
Capital Trust, Cl. A 100 2,928
- --------------------------------------------------------------------------------
CarrAmerica
Realty Corp. 23,300 806,879
- --------------------------------------------------------------------------------
CB Richard Ellis
Group, Inc., Cl. A 1 21,300 1,253,505
24 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
REAL ESTATE Continued
CBL & Associates
Properties, Inc. 31,600 $ 1,248,516
- --------------------------------------------------------------------------------
CentraCore
Properties Trust 2 14,900 400,363
- --------------------------------------------------------------------------------
Colonial
Properties Trust 18,325 769,284
- --------------------------------------------------------------------------------
Consolidated-
Tomoka Land Co. 2 7,700 545,930
- --------------------------------------------------------------------------------
Corporate Office
Properties Trust 37,100 1,318,534
- --------------------------------------------------------------------------------
Entertainment
Properties Trust 2 6,400 260,800
- --------------------------------------------------------------------------------
Equity Inns, Inc. 113,100 1,532,505
- --------------------------------------------------------------------------------
Federal Realty
Investment Trust 15,700 952,205
- --------------------------------------------------------------------------------
First Industrial Realty
Trust, Inc. 2 32,600 1,255,100
- --------------------------------------------------------------------------------
Friedman, Billings,
Ramsey Group,
Inc., Cl. A 2 22,800 225,720
- --------------------------------------------------------------------------------
Glenborough Realty
Trust, Inc. 2 9,400 170,140
- --------------------------------------------------------------------------------
Glimcher
Realty Trust 2 24,900 605,568
- --------------------------------------------------------------------------------
Health Care
REIT, Inc. 2 37,600 1,274,640
- --------------------------------------------------------------------------------
Healthcare Realty
Trust, Inc. 37,300 1,240,971
- --------------------------------------------------------------------------------
Heritage Property
Investment Trust 2 25,000 835,000
- --------------------------------------------------------------------------------
Highwoods
Properties, Inc. 28,200 802,290
- --------------------------------------------------------------------------------
HouseValues, Inc. 1,2 25,300 329,659
- --------------------------------------------------------------------------------
HRPT
Properties Trust 50,700 524,745
- --------------------------------------------------------------------------------
Jones Lang
LaSalle, Inc. 53,300 2,683,655
- --------------------------------------------------------------------------------
Kilroy Realty Corp. 2 26,100 1,615,590
- --------------------------------------------------------------------------------
Lexington Corporate
Properties Trust 2 69,900 1,488,870
- --------------------------------------------------------------------------------
LTC Properties, Inc. 2 12,200 256,566
- --------------------------------------------------------------------------------
Macerich Co. (The) 6,400 429,696
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
REAL ESTATE Continued
Mack-Cali
Realty Corp. 18,800 $ 812,160
- --------------------------------------------------------------------------------
Maguire
Properties, Inc. 16,900 522,210
- --------------------------------------------------------------------------------
Mid-America
Apartment
Communities, Inc. 28,100 1,362,850
- --------------------------------------------------------------------------------
Mills Corp. 23,500 985,590
- --------------------------------------------------------------------------------
Nationwide Health
Properties, Inc. 2 47,100 1,007,940
- --------------------------------------------------------------------------------
Omega Healthcare
Investors, Inc. 14,100 177,519
- --------------------------------------------------------------------------------
Pan Pacific Retail
Properties, Inc. 16,000 1,070,240
- --------------------------------------------------------------------------------
Parkway
Properties, Inc. 2 5,500 220,770
- --------------------------------------------------------------------------------
Pennsylvania Real
Estate Investment
Trust 36,300 1,356,168
- --------------------------------------------------------------------------------
Prentiss
Properties Trust 6,800 276,624
- --------------------------------------------------------------------------------
PS Business
Parks, Inc. 2 6,600 324,720
- --------------------------------------------------------------------------------
RAIT
Investment Trust 7,400 191,808
- --------------------------------------------------------------------------------
Ramco-Gershenson
Properties Trust 26,500 706,225
- --------------------------------------------------------------------------------
Realty
Income Corp. 2 18,500 399,970
- --------------------------------------------------------------------------------
Redwood Trust, Inc. 2 9,400 387,844
- --------------------------------------------------------------------------------
Regency
Centers Corp. 9,700 571,815
- --------------------------------------------------------------------------------
Senior Housing
Properties Trust 2 40,000 676,400
- --------------------------------------------------------------------------------
Simon Property
Group, Inc. 1,702 130,424
- --------------------------------------------------------------------------------
SL Green
Realty Corp. 14,100 1,077,099
- --------------------------------------------------------------------------------
Spirit Finance Corp. 154,000 1,747,900
- --------------------------------------------------------------------------------
Stratus
Properties, Inc. 1 16,466 378,718
- --------------------------------------------------------------------------------
Tanger Factory
Outlet Centers, Inc. 2 67,800 1,948,572
25 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
REAL ESTATE Continued
Town &
Country Trust 2 11,300 $ 382,053
- --------------------------------------------------------------------------------
Trammell Crow Co. 1,2 118,900 3,049,785
- --------------------------------------------------------------------------------
Trizec
Properties, Inc. 18,900 433,188
- --------------------------------------------------------------------------------
United
Capital Corp. 1 2,300 56,741
- --------------------------------------------------------------------------------
United Dominion
Realty Trust, Inc. 27,800 651,632
- --------------------------------------------------------------------------------
Ventas, Inc. 23,500 752,470
- --------------------------------------------------------------------------------
Weingarten
Realty Investors 22,100 835,601
---------------
52,243,643
- --------------------------------------------------------------------------------
THRIFTS & MORTGAGE FINANCE--0.7%
Accredited Home
Lenders
Holding Co. 1,2 101,500 5,032,370
- --------------------------------------------------------------------------------
Bank Mutual Corp. 2 89,294 946,516
- --------------------------------------------------------------------------------
Commercial Capital
Bancorp, Inc. 2 98,015 1,678,017
- --------------------------------------------------------------------------------
Federal Agricultural
Mortgage Corp.,
Non-Vtg. 2 32,700 978,711
- --------------------------------------------------------------------------------
Fremont
General Corp. 2 203,700 4,731,951
- --------------------------------------------------------------------------------
KBNT Bancorp, Inc. 2 22,700 369,783
- --------------------------------------------------------------------------------
PMI Group,
Inc. (The) 73,400 3,014,538
- --------------------------------------------------------------------------------
Radian Group, Inc. 92,700 5,431,293
---------------
22,183,179
- --------------------------------------------------------------------------------
HEALTH CARE--9.1%
- --------------------------------------------------------------------------------
BIOTECHNOLOGY--2.0%
Abgenix, Inc. 1,2 437,900 9,419,229
- --------------------------------------------------------------------------------
Acadia
Pharmaceuticals,
Inc. 1,2 31,390 309,192
- --------------------------------------------------------------------------------
Albany Molecular
Research, Inc. 1,2 222,200 2,699,730
- --------------------------------------------------------------------------------
Alkermes, Inc. 1,2 579,700 11,083,864
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
BIOTECHNOLOGY Continued
Anadys
Pharmaceuticals,
Inc. 1 40,200 $ 353,760
- --------------------------------------------------------------------------------
Applera
Corp./Applied
Biosystems Group 225,500 5,989,280
- --------------------------------------------------------------------------------
Arena
Pharmaceuticals,
Inc. 1,2 168,500 2,396,070
- --------------------------------------------------------------------------------
ArQule, Inc. 1,2 129,200 790,704
- --------------------------------------------------------------------------------
Array
BioPharma, Inc. 1,2 132,700 930,227
- --------------------------------------------------------------------------------
BioMarin
Pharmaceutical,
Inc. 1,2 163,200 1,759,296
- --------------------------------------------------------------------------------
Cotherix, Inc. 1,2 8,000 84,960
- --------------------------------------------------------------------------------
Cubist
Pharmaceuticals,
Inc. 1,2 220,800 4,692,000
- --------------------------------------------------------------------------------
CV
Therapeutics, Inc. 1,2 34,300 848,239
- --------------------------------------------------------------------------------
deCODE
genetics, Inc. 1,2 193,700 1,599,962
- --------------------------------------------------------------------------------
Durect Corp. 1 226,600 1,148,862
- --------------------------------------------------------------------------------
ICOS Corp. 1,2 36,200 1,000,206
- --------------------------------------------------------------------------------
Idenix
Pharmaceuticals,
Inc. 1,2 14,464 247,479
- --------------------------------------------------------------------------------
Illumina, Inc. 1,2 82,300 1,160,430
- --------------------------------------------------------------------------------
Kendle International,
Inc. 1,2 34,700 893,178
- --------------------------------------------------------------------------------
Medarex, Inc. 1,2 15,900 220,215
- --------------------------------------------------------------------------------
Myogen, Inc. 1 53,700 1,619,592
- --------------------------------------------------------------------------------
Myriad
Genetics, Inc. 1,2 88,800 1,847,040
- --------------------------------------------------------------------------------
NeoPharm, Inc. 1,2 54,700 590,213
- --------------------------------------------------------------------------------
Nuerocrine
Biosciences, Inc. 1 9,000 564,570
- --------------------------------------------------------------------------------
Onyx
Pharmaceuticals,
Inc. 1 11,700 336,492
- --------------------------------------------------------------------------------
Pharmion Corp. 1,2 105,000 1,865,850
26 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
BIOTECHNOLOGY Continued
Progenics
Pharmaceuticals,
Inc. 1 43,400 $ 1,085,434
- --------------------------------------------------------------------------------
Protein Design
Labs, Inc. 1 13,700 389,354
- --------------------------------------------------------------------------------
Regeneron
Pharmaceuticals, Inc. 1,2 106,600 1,700,270
- --------------------------------------------------------------------------------
Renovis, Inc. 1,2 75,300 1,152,090
- --------------------------------------------------------------------------------
Sirna
Therapeutics, Inc. 1,2 10,500 31,815
- --------------------------------------------------------------------------------
Techne Corp. 1 87,700 4,924,355
- --------------------------------------------------------------------------------
Telik, Inc. 1 13,500 229,365
- --------------------------------------------------------------------------------
Third Wave
Technologies, Inc. 1 162,500 484,250
- --------------------------------------------------------------------------------
United
Therapeutics Corp. 1,2 51,000 3,525,120
---------------
67,972,693
- --------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES--1.9%
Anika
Therapeutics, Inc. 1 56,700 662,823
- --------------------------------------------------------------------------------
Aspect Medical
Systems, Inc. 1,2 81,000 2,782,350
- --------------------------------------------------------------------------------
Bausch & Lomb, Inc. 23,300 1,582,070
- --------------------------------------------------------------------------------
Bio-Rad
Laboratories, Inc.,
Cl. A 1 33,900 2,218,416
- --------------------------------------------------------------------------------
Candela Corp. 1 18,000 259,920
- --------------------------------------------------------------------------------
Cutera, Inc. 1,2 59,800 1,576,328
- --------------------------------------------------------------------------------
Cynosure, Inc., Cl. A 1 95,200 1,998,248
- --------------------------------------------------------------------------------
Dade Behring
Holdings, Inc. 13,900 568,371
- --------------------------------------------------------------------------------
DJ
Orthopedics, Inc. 1,2 137,000 3,778,460
- --------------------------------------------------------------------------------
Edwards
Lifesciences Corp. 1 8,800 366,168
- --------------------------------------------------------------------------------
Foxhollow
Technologies, Inc. 1,2 6,000 178,740
- --------------------------------------------------------------------------------
Haemonetics Corp. 1 22,900 1,118,894
- --------------------------------------------------------------------------------
Hologic, Inc. 1,2 113,176 4,291,634
- --------------------------------------------------------------------------------
Idexx
Laboratories, Inc. 1 29,500 2,123,410
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES Continued
Inamed Corp. 1 12,450 $ 1,091,616
- --------------------------------------------------------------------------------
Integra LifeSciences
Holdings Corp. 1,2 12,600 446,796
- --------------------------------------------------------------------------------
Kinetic
Concepts, Inc. 1 44,200 1,757,392
- --------------------------------------------------------------------------------
Lifeline
Systems, Inc. 1,2 21,000 767,760
- --------------------------------------------------------------------------------
Medical Action
Industries, Inc. 1,2 3,500 71,540
- --------------------------------------------------------------------------------
Mentor Corp. 2 143,000 6,589,440
- --------------------------------------------------------------------------------
Meridian
Bioscience, Inc. 2 53,050 1,068,427
- --------------------------------------------------------------------------------
Millipore Corp. 1 48,300 3,189,732
- --------------------------------------------------------------------------------
Molecular Devices
Corp. 1 17,200 497,596
- --------------------------------------------------------------------------------
Natus Medical, Inc. 1,2 12,300 198,522
- --------------------------------------------------------------------------------
Neurometrix, Inc. 1,2 4,200 114,576
- --------------------------------------------------------------------------------
OraSure
Technologies, Inc. 1,2 283,100 2,496,942
- --------------------------------------------------------------------------------
Palomar Medical
Technologies, Inc. 1,2 18,300 641,232
- --------------------------------------------------------------------------------
PerkinElmer, Inc. 162,900 3,837,924
- --------------------------------------------------------------------------------
Somanetics Corp. 1,2 23,000 736,000
- --------------------------------------------------------------------------------
Syneron
Medical Ltd. 1,2 13,800 438,150
- --------------------------------------------------------------------------------
Thermo
Electron Corp. 1 84,000 2,530,920
- --------------------------------------------------------------------------------
Thoratec Corp. 1,2 240,100 4,967,669
- --------------------------------------------------------------------------------
Varian, Inc. 1 126,200 5,021,498
- --------------------------------------------------------------------------------
Ventana Medical
Systems, Inc. 1,2 7,700 326,095
- --------------------------------------------------------------------------------
Viasys
Healthcare, Inc. 1 18,400 472,880
- --------------------------------------------------------------------------------
Vital Signs, Inc. 13,000 556,660
- --------------------------------------------------------------------------------
Waters Corp. 1 48,700 1,840,860
---------------
63,166,059
- --------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES--3.7%
Allscripts Healthcare
Solutions, Inc. 1,2 143,200 1,918,880
- --------------------------------------------------------------------------------
American
Healthways, Inc. 1,2 185,500 8,393,875
27 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES Continued
American
Retirement Corp. 1 8,300 $ 208,579
- --------------------------------------------------------------------------------
AMERIGROUP
Corp. 1 38,900 756,994
- --------------------------------------------------------------------------------
AMICAS, Inc. 1,2 165,100 818,896
- --------------------------------------------------------------------------------
AMN Healthcare
Services, Inc. 1,2 177,400 3,508,972
- --------------------------------------------------------------------------------
Beverly
Enterprises, Inc. 1,2 516,500 6,027,555
- --------------------------------------------------------------------------------
Cantel
Medical Corp. 1,2 13,000 233,220
- --------------------------------------------------------------------------------
Cer Corp. 1 7,600 690,916
- --------------------------------------------------------------------------------
Chemed Corp. 69,900 3,472,632
- --------------------------------------------------------------------------------
Computer Programs
& Systems, Inc. 2 60,800 2,518,944
- --------------------------------------------------------------------------------
Cross Country
Healthcare, Inc. 1,2 63,200 1,123,696
- --------------------------------------------------------------------------------
Genesis
HealthCare Corp. 1,2 160,928 5,877,091
- --------------------------------------------------------------------------------
Health Net, Inc. 1 92,400 4,763,220
- --------------------------------------------------------------------------------
Humana, Inc. 1 67,400 3,661,842
- --------------------------------------------------------------------------------
IDX Systems Corp. 1 41,100 1,805,112
- --------------------------------------------------------------------------------
Kindred
Healthcare, Inc. 1,2 115,600 2,977,856
- --------------------------------------------------------------------------------
LCA-Vision, Inc. 2 122,186 5,805,057
- --------------------------------------------------------------------------------
LHC Group, Inc. 1 58,800 1,024,884
- --------------------------------------------------------------------------------
Magellan Health
Services, Inc. 1 114,100 3,588,445
- --------------------------------------------------------------------------------
Manor Care, Inc. 68,300 2,716,291
- --------------------------------------------------------------------------------
Matria
Healthcare, Inc. 1,2 102,849 3,986,427
- --------------------------------------------------------------------------------
MedCath Corp. 1,2 91,200 1,691,760
- --------------------------------------------------------------------------------
Merge
Technologies, Inc. 1,2 64,800 1,622,592
- --------------------------------------------------------------------------------
National
HealthCare Corp. 2 15,000 560,700
- --------------------------------------------------------------------------------
National Medical
Health Card
Systems, Inc. 1 3,600 97,920
- --------------------------------------------------------------------------------
NovaMed
Eyecare, Inc. 1 27,500 179,556
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES Continued
Odyssey
Healthcare, Inc. 1,2 206,700 $ 3,852,888
- --------------------------------------------------------------------------------
Owens &
Minor, Inc. 2 84,600 2,329,038
- --------------------------------------------------------------------------------
Parexel International
Corp. 1,2 7,200 145,872
- --------------------------------------------------------------------------------
Pediatrix Medical
Group, Inc. 1 124,300 11,009,251
- --------------------------------------------------------------------------------
Per-Se
Technologies, Inc. 1,2 231,600 5,410,176
- --------------------------------------------------------------------------------
Phase Forward, Inc. 1,2 25,000 243,750
- --------------------------------------------------------------------------------
PRA International 1 24,200 681,230
- --------------------------------------------------------------------------------
Res-Care, Inc. 1 70,000 1,215,900
- --------------------------------------------------------------------------------
Rural/Metro Corp. 1,2 91,201 823,545
- --------------------------------------------------------------------------------
Schein (Henry), Inc. 1 86,400 3,770,496
- --------------------------------------------------------------------------------
Sierra Health
Services, Inc. 1 51,700 4,133,932
- --------------------------------------------------------------------------------
Sunrise Senior
Living, Inc. 1,2 19,000 640,490
- --------------------------------------------------------------------------------
Symbion, Inc. 1,2 3,900 89,700
- --------------------------------------------------------------------------------
Trizetto Group, Inc. 1 267,200 4,539,728
- --------------------------------------------------------------------------------
U.S. Physical
Therapy, Inc. 1,2 59,300 1,095,271
- --------------------------------------------------------------------------------
United Surgical
Partners
International, Inc. 1,2 113,000 3,632,950
- --------------------------------------------------------------------------------
Universal Health
Services, Inc., Cl. B 51,700 2,416,458
- --------------------------------------------------------------------------------
VCA Antech, Inc. 1 8,300 234,060
- --------------------------------------------------------------------------------
WebMD Health
Corp., Cl. A 1,2 27,100 787,255
- --------------------------------------------------------------------------------
WellCare Health
Plans, Inc. 1,2 116,900 4,775,365
- --------------------------------------------------------------------------------
WellPoint, Inc. 1 12,043 960,911
---------------
122,820,178
- --------------------------------------------------------------------------------
PHARMACEUTICALS--1.5%
Alpharma, Inc., Cl. A 319,600 9,111,796
- --------------------------------------------------------------------------------
Andrx Corp. 1 369,400 6,084,018
- --------------------------------------------------------------------------------
Angiotech
Pharmaceuticals,
Inc. 1,2 124,200 1,633,230
28 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
PHARMACEUTICALS Continued
Barr
Pharmaceuticals,
Inc. 1 84,900 $ 5,288,421
- --------------------------------------------------------------------------------
CNS, Inc. 2 113,500 2,486,785
- --------------------------------------------------------------------------------
DepoMed, Inc. 1 67,800 406,800
- --------------------------------------------------------------------------------
Encysive
Pharmaceuticals,
Inc. 1 142,800 1,126,692
- --------------------------------------------------------------------------------
Endo Pharmaceuticals
Holdings, Inc. 1,2 130,000 3,933,800
- --------------------------------------------------------------------------------
Hi-Tech Pharmacal
Co., Inc. 1 46,200 2,046,198
- --------------------------------------------------------------------------------
Keryx
Biopharmaceuticals,
Inc. 1,2 4,100 60,024
- --------------------------------------------------------------------------------
King
Pharmaceuticals,
Inc. 1 340,400 5,759,568
- --------------------------------------------------------------------------------
Kos
Pharmaceuticals,
Inc. 1,2 66,800 3,455,564
- --------------------------------------------------------------------------------
Medicis
Pharmaceutical
Corp., Cl. A 2 103,700 3,323,585
- --------------------------------------------------------------------------------
Salix
Pharmaceuticals
Ltd. 1 71,200 1,251,696
- --------------------------------------------------------------------------------
Watson
Pharmaceuticals,
Inc. 1 137,200 4,460,372
---------------
50,428,549
- --------------------------------------------------------------------------------
INDUSTRIALS--15.4%
- --------------------------------------------------------------------------------
AEROSPACE & DEFENSE--1.3%
AAR Corp. 1 174,600 4,181,670
- --------------------------------------------------------------------------------
Alliant
Techsystems, Inc. 1 57,200 4,356,924
- --------------------------------------------------------------------------------
Armor
Holdings, Inc. 1,2 78,500 3,348,025
- --------------------------------------------------------------------------------
Astronics
Corp., Cl. B 1 7,900 79,000
- --------------------------------------------------------------------------------
Aviall, Inc. 1,2 35,500 1,022,400
- --------------------------------------------------------------------------------
BE Aerospace, Inc. 1 284,800 6,265,600
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
AEROSPACE & DEFENSE Continued
DRS
Technologies, Inc. 148,500 $ 7,635,870
- --------------------------------------------------------------------------------
ESCO
Technologies, Inc. 1 64,300 2,860,707
- --------------------------------------------------------------------------------
HEICO Corp., Cl. A 750 15,390
- --------------------------------------------------------------------------------
Innovative Solutions
& Support, Inc. 1,2 152,274 1,946,062
- --------------------------------------------------------------------------------
Kaman Corp., Cl. A 61,200 1,205,028
- --------------------------------------------------------------------------------
Moog, Inc., Cl. A 1 22,800 647,064
- --------------------------------------------------------------------------------
NCI, Inc., Cl. A 1 122,200 1,677,806
- --------------------------------------------------------------------------------
Precision
Castparts Corp. 35,400 1,834,074
- --------------------------------------------------------------------------------
Teledyne
Technologies, Inc. 1 161,500 4,699,650
- --------------------------------------------------------------------------------
Triumph
Group, Inc. 1,2 41,700 1,526,637
---------------
43,301,907
- --------------------------------------------------------------------------------
AIR FREIGHT & LOGISTICS--0.4%
ABX Air, Inc. 1 242,200 1,896,426
- --------------------------------------------------------------------------------
Dynamex, Inc. 1,2 4,700 89,582
- --------------------------------------------------------------------------------
EGL, Inc. 1 138,700 5,210,959
- --------------------------------------------------------------------------------
Forward Air Corp. 100,550 3,685,158
- --------------------------------------------------------------------------------
Hub Group,
Inc., Cl. A 1,2 94,800 3,351,180
---------------
14,233,305
- --------------------------------------------------------------------------------
AIRLINES--1.3%
Alaska Air
Group, Inc. 1,2 267,200 9,544,384
- --------------------------------------------------------------------------------
AMR Corp. 1,2 344,500 7,658,235
- --------------------------------------------------------------------------------
Continental Airlines,
Inc., Cl. B 1,2 507,700 10,814,010
- --------------------------------------------------------------------------------
ExpressJet
Holdings, Inc. 1,2 285,900 2,312,931
- --------------------------------------------------------------------------------
Frontier
Airlines, Inc. 1,2 157,800 1,458,072
- --------------------------------------------------------------------------------
Mesa Air
Group, Inc. 1,2 391,500 4,095,090
- --------------------------------------------------------------------------------
Republic Airways
Holdings, Inc. 1 90,800 1,380,160
- --------------------------------------------------------------------------------
SkyWest, Inc. 224,600 6,032,756
29 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
AIRLINES Continued
World Air
Holdings, Inc. 1 162,400 $ 1,562,288
---------------
44,857,926
- --------------------------------------------------------------------------------
BUILDING PRODUCTS--1.0%
Apogee
Enterprises, Inc. 96,500 1,565,230
- --------------------------------------------------------------------------------
Builders
FirstSource, Inc. 1,2 337,300 7,208,101
- --------------------------------------------------------------------------------
Crane Co. 122,500 4,320,575
- --------------------------------------------------------------------------------
Lennox
International, Inc. 2 122,300 3,448,860
- --------------------------------------------------------------------------------
NCI Building
Systems, Inc. 1,2 12,800 543,744
- --------------------------------------------------------------------------------
Universal Forest
Products, Inc. 2 95,500 5,276,375
- --------------------------------------------------------------------------------
USG Corp. 1 126,300 8,209,500
- --------------------------------------------------------------------------------
Watsco, Inc. 2 43,700 2,613,697
---------------
33,186,082
- --------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES--3.3%
Adesa, Inc. 18,800 459,096
- --------------------------------------------------------------------------------
Administaff, Inc. 2 192,200 8,082,010
- --------------------------------------------------------------------------------
American
Reprographics Co. 1 6,300 160,083
- --------------------------------------------------------------------------------
Banta Corp. 103,500 5,154,300
- --------------------------------------------------------------------------------
Brady Corp., Cl. A 2 30,100 1,089,018
- --------------------------------------------------------------------------------
Central
Parking Corp. 2 24,000 329,280
- --------------------------------------------------------------------------------
Cenveo, Inc. 1,2 173,000 2,276,680
- --------------------------------------------------------------------------------
Clean Harbors, Inc. 1,2 115,900 3,339,079
- --------------------------------------------------------------------------------
CompX
International, Inc. 5,900 94,518
- --------------------------------------------------------------------------------
Consolidated
Graphics, Inc. 1,2 32,700 1,548,018
- --------------------------------------------------------------------------------
Corporate Executive
Board Co. 38,100 3,417,570
- --------------------------------------------------------------------------------
Deluxe Corp. 2 127,300 3,836,822
- --------------------------------------------------------------------------------
DiamondCluster
International, Inc. 1,2 120,400 955,976
- --------------------------------------------------------------------------------
Dun &
Bradstreet Corp. 1 50,600 3,388,176
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES Continued
Equifax, Inc. 10,300 $ 391,606
- --------------------------------------------------------------------------------
Exponent, Inc. 1 54,900 1,558,062
- --------------------------------------------------------------------------------
Geo Group,
Inc. (The) 1 24,000 550,320
- --------------------------------------------------------------------------------
Global Cash
Access, Inc. 1 27,800 405,602
- --------------------------------------------------------------------------------
Harland
(John H.) Co. 62,800 2,361,280
- --------------------------------------------------------------------------------
Healthcare Services
Group, Inc. 2 67,075 1,389,123
- --------------------------------------------------------------------------------
Heidrick & Struggles
International, Inc. 1 17,858 572,349
- --------------------------------------------------------------------------------
HNI Corp. 79,300 4,355,949
- --------------------------------------------------------------------------------
IHS, Inc., Cl. A 1 85,600 1,756,512
- --------------------------------------------------------------------------------
Ikon Office
Solutions, Inc. 230,300 2,397,423
- --------------------------------------------------------------------------------
Kforce, Inc. 1 15,600 174,096
- --------------------------------------------------------------------------------
Knoll, Inc. 105,600 1,806,816
- --------------------------------------------------------------------------------
Korn-Ferry
International 1,2 168,100 3,141,789
- --------------------------------------------------------------------------------
Labor Ready, Inc. 1,2 223,000 4,642,860
- --------------------------------------------------------------------------------
Manpower, Inc. 67,600 3,143,400
- --------------------------------------------------------------------------------
McGrath Rentcorp 2 34,048 946,534
- --------------------------------------------------------------------------------
Miller (Herman), Inc. 126,500 3,566,035
- --------------------------------------------------------------------------------
PHH Corp. 1 340,200 9,532,404
- --------------------------------------------------------------------------------
Pico Holdings, Inc. 1,2 18,500 596,810
- --------------------------------------------------------------------------------
Portfolio Recovery
Associates, Inc. 1,2 73,600 3,417,984
- --------------------------------------------------------------------------------
Republic
Services, Inc. 27,300 1,025,115
- --------------------------------------------------------------------------------
Resources
Connection, Inc. 1,2 145,900 3,802,154
- --------------------------------------------------------------------------------
Robert Half
International, Inc. 21,500 814,635
- --------------------------------------------------------------------------------
Rollins, Inc. 51,050 1,006,196
- --------------------------------------------------------------------------------
Sirva, Inc. 1 280,600 2,244,800
- --------------------------------------------------------------------------------
SITEL Corp. 1 21,700 67,704
- --------------------------------------------------------------------------------
Sourcecorp, Inc. 1 13,000 311,740
- --------------------------------------------------------------------------------
Spherion Corp. 1,2 285,800 2,860,858
- --------------------------------------------------------------------------------
Standard
Register Co. (The) 2 60,600 958,086
30 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES Continued
Steelcase, Inc., Cl. A 2 48,700 $ 770,921
- --------------------------------------------------------------------------------
TeleTech
Holdings, Inc. 1,2 405,900 4,891,095
- --------------------------------------------------------------------------------
Tetra Tech, Inc. 1,2 131,167 2,055,387
- --------------------------------------------------------------------------------
United
Stationers, Inc. 1 135,600 6,576,600
- --------------------------------------------------------------------------------
Viad Corp. 2 65,300 1,915,249
- --------------------------------------------------------------------------------
Volt Information
Sciences, Inc. 1,2 25,600 486,912
- --------------------------------------------------------------------------------
Waste
Connections, Inc. 1 7,200 248,112
---------------
110,873,144
- --------------------------------------------------------------------------------
CONSTRUCTION & ENGINEERING--1.4%
Baker
(Michael) Corp. 1 47,700 1,218,735
- --------------------------------------------------------------------------------
Comfort Systems
USA, Inc. 2 109,800 1,010,160
- --------------------------------------------------------------------------------
EMCOR Group, Inc. 1 90,200 6,091,206
- --------------------------------------------------------------------------------
Granite
Construction, Inc. 146,600 5,264,406
- --------------------------------------------------------------------------------
Insituform
Technologies,
Inc., Cl. A 1,2 19,200 371,904
- --------------------------------------------------------------------------------
McDermott
International, Inc. 1,2 62,800 2,801,508
- --------------------------------------------------------------------------------
Perini Corp. 1,2 57,600 1,391,040
- --------------------------------------------------------------------------------
Quanta
Services, Inc. 1,2 621,100 8,179,887
- --------------------------------------------------------------------------------
URS Corp. 1 219,400 8,251,634
- --------------------------------------------------------------------------------
Washington Group
International, Inc. 2 95,400 5,053,338
- --------------------------------------------------------------------------------
Williams Scotsman
International, Inc. 1 339,400 5,875,014
---------------
45,508,832
- --------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT--1.2%
Acuity Brands, Inc. 240,300 7,641,540
- --------------------------------------------------------------------------------
American Power
Conversion Corp. 72,700 1,599,400
- --------------------------------------------------------------------------------
Artesyn
Technologies, Inc. 1,2 25,800 265,740
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT Continued
C&D
Technologies, Inc. 2 39,100 $ 297,942
- --------------------------------------------------------------------------------
General
Cable Corp. 1,2 246,400 4,854,080
- --------------------------------------------------------------------------------
Genlyte Group,
Inc. (The) 1,2 89,800 4,810,586
- --------------------------------------------------------------------------------
LaBarge, Inc. 1,2 71,300 1,024,581
- --------------------------------------------------------------------------------
LSI Industries, Inc. 93,800 1,468,908
- --------------------------------------------------------------------------------
Power-One, Inc. 1,2 143,800 865,676
- --------------------------------------------------------------------------------
Preformed Line
Products Co. 2 6,536 279,675
- --------------------------------------------------------------------------------
Roper Industries, Inc. 89,800 3,547,998
- --------------------------------------------------------------------------------
Smith (A.O.) Corp. 2 59,400 2,084,940
- --------------------------------------------------------------------------------
Suntech Power
Holdings Co.
Ltd., ADR 1,2 189,600 5,166,600
- --------------------------------------------------------------------------------
Thomas &
Betts Corp. 1 35,200 1,476,992
- --------------------------------------------------------------------------------
Vicor Corp. 2 68,800 1,087,728
- --------------------------------------------------------------------------------
Woodward
Governor Co. 2 52,267 4,495,485
---------------
40,967,871
- --------------------------------------------------------------------------------
INDUSTRIAL CONGLOMERATES--0.1%
Raven
Industries, Inc. 2 2,500 72,125
- --------------------------------------------------------------------------------
Teleflex, Inc. 61,800 4,015,764
---------------
4,087,889
- --------------------------------------------------------------------------------
MACHINERY--3.1%
Accuride Corp. 1 21,600 278,640
- --------------------------------------------------------------------------------
AGCO Corp. 1 317,700 5,264,289
- --------------------------------------------------------------------------------
Albany International
Corp., Cl. A 241,300 8,725,408
- --------------------------------------------------------------------------------
Ampco-
Pittsburgh Corp. 4,700 68,197
- --------------------------------------------------------------------------------
Astec Industries, Inc. 1,2 144,300 4,712,838
- --------------------------------------------------------------------------------
Barnes Group, Inc. 2 94,600 3,121,800
- --------------------------------------------------------------------------------
Briggs &
Stratton Corp. 33,500 1,299,465
- --------------------------------------------------------------------------------
Bucyrus
International,
Inc., Cl. A 16,106 848,786
31 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
MACHINERY Continued
Cascade Corp. 2 30,200 $ 1,416,682
- --------------------------------------------------------------------------------
CIRCOR
International, Inc. 33,100 849,346
- --------------------------------------------------------------------------------
Columbus McKinnon
Corp. 1,2 106,200 2,334,276
- --------------------------------------------------------------------------------
Commercial Vehicle
Group, Inc. 1,2 33,600 631,008
- --------------------------------------------------------------------------------
Cummins, Inc. 34,600 3,104,658
- --------------------------------------------------------------------------------
Encore Wire Corp. 1,2 47,100 1,071,996
- --------------------------------------------------------------------------------
Esterline
Technologies Corp. 1 118,800 4,418,172
- --------------------------------------------------------------------------------
Flowserve Corp. 1 261,700 10,352,852
- --------------------------------------------------------------------------------
Freightcar
America, Inc. 2 41,200 1,980,896
- --------------------------------------------------------------------------------
Idex Corp. 31,700 1,303,187
- --------------------------------------------------------------------------------
JLG Industries, Inc. 2 255,000 11,643,300
- --------------------------------------------------------------------------------
Kaydon Corp. 2 40,000 1,285,600
- --------------------------------------------------------------------------------
Lincoln Electric
Holdings, Inc. 19,200 761,472
- --------------------------------------------------------------------------------
Manitowoc Co.,
Inc. (The) 58,800 2,952,936
- --------------------------------------------------------------------------------
Middleby
Corp. (The) 1,2 1,102 95,323
- --------------------------------------------------------------------------------
Miller
Industries, Inc. 1 30,000 608,700
- --------------------------------------------------------------------------------
Mueller
Industries, Inc. 38,200 1,047,444
- --------------------------------------------------------------------------------
NACCO
Industries, Inc., Cl. A 43,800 5,131,170
- --------------------------------------------------------------------------------
Navistar
International Corp. 1 45,300 1,296,486
- --------------------------------------------------------------------------------
Nordson Corp. 38,700 1,567,737
- --------------------------------------------------------------------------------
Omega Flex, Inc. 1 1,200 20,868
- --------------------------------------------------------------------------------
RBC Bearings, Inc. 1,2 13,000 211,250
- --------------------------------------------------------------------------------
SPX Corp. 92,300 4,224,571
- --------------------------------------------------------------------------------
Stewart & Stevenson
Services, Inc. 168,300 3,556,179
- --------------------------------------------------------------------------------
Sun
Hydraulics Corp. 2 56,800 1,097,944
- --------------------------------------------------------------------------------
Tennant Co. 23,200 1,206,400
- --------------------------------------------------------------------------------
Terex Corp. 1 89,000 5,286,600
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
MACHINERY Continued
Titan
International, Inc. 2 93,900 $ 1,619,775
- --------------------------------------------------------------------------------
Toro Co. (The) 2 81,600 3,571,632
- --------------------------------------------------------------------------------
Valmont
Industries, Inc. 2 4,900 163,954
- --------------------------------------------------------------------------------
Wabtec Corp. 166,000 4,465,400
---------------
103,597,237
- --------------------------------------------------------------------------------
MARINE--0.2%
American Commercial
Lines, Inc. 1,2 52,700 1,596,283
- --------------------------------------------------------------------------------
Horizon Lines,
Inc., Cl. A 2 223,000 2,704,990
- --------------------------------------------------------------------------------
Kirby Corp. 1 20,200 1,053,834
- --------------------------------------------------------------------------------
5,355,107
- --------------------------------------------------------------------------------
ROAD & RAIL--1.2%
Amerco, Inc. 2 57,100 4,114,055
- --------------------------------------------------------------------------------
Arkansas Best Corp. 2 204,900 8,950,032
- --------------------------------------------------------------------------------
Celadon
Group, Inc. 1,2 77,400 2,229,120
- --------------------------------------------------------------------------------
Genesee & Wyoming,
Inc., Cl. A 1,2 8,500 319,175
- --------------------------------------------------------------------------------
Laidlaw
International, Inc. 128,000 2,973,440
- --------------------------------------------------------------------------------
Landstar System, Inc. 75,900 3,168,066
- --------------------------------------------------------------------------------
Mullen Group
Income Fund 54,600 1,535,442
- --------------------------------------------------------------------------------
Pacer
International, Inc. 315,900 8,232,354
- --------------------------------------------------------------------------------
RailAmerica, Inc. 1,2 48,100 528,619
- --------------------------------------------------------------------------------
SCS
Transportation, Inc. 1 30,799 654,479
- --------------------------------------------------------------------------------
Swift Transportation
Co., Inc. 1 180,500 3,664,150
- --------------------------------------------------------------------------------
Universal Truckload
Services, Inc. 1 38,054 875,242
- --------------------------------------------------------------------------------
USA Truck, Inc. 1,2 36,400 1,060,332
---------------
38,304,506
32 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
TRADING COMPANIES & DISTRIBUTORS--0.9%
Applied Industrial
Technologies, Inc. 222,700 $ 7,502,763
- --------------------------------------------------------------------------------
GATX Corp. 52,200 1,883,376
- --------------------------------------------------------------------------------
MSC Industrial Direct
Co., Inc., Cl. A 46,100 1,854,142
- --------------------------------------------------------------------------------
UAP Holding Corp. 154,133 3,147,396
- --------------------------------------------------------------------------------
United Rentals, Inc. 1,2 387,700 9,068,303
- --------------------------------------------------------------------------------
WESCO
International, Inc. 1,2 154,400 6,597,512
---------------
30,053,492
- --------------------------------------------------------------------------------
TRANSPORTATION INFRASTRUCTURE--0.0%
Interpool, Inc. 2 3,000 56,640
- --------------------------------------------------------------------------------
INFORMATION TECHNOLOGY--25.1%
- --------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT--3.3%
ADC
Telecommunications,
Inc. 1,2 155,500 3,473,870
- --------------------------------------------------------------------------------
ADTRAN, Inc. 182,000 5,412,680
- --------------------------------------------------------------------------------
Anaren
Microwave, Inc. 1,2 25,200 393,876
- --------------------------------------------------------------------------------
Andrew Corp. 1 140,200 1,504,346
- --------------------------------------------------------------------------------
Arris Group, Inc. 1 261,100 2,472,617
- --------------------------------------------------------------------------------
Avaya, Inc. 1 107,500 1,147,025
- --------------------------------------------------------------------------------
Avocent Corp. 1 145,200 3,947,988
- --------------------------------------------------------------------------------
Black Box Corp. 50,900 2,411,642
- --------------------------------------------------------------------------------
Blue Coat
Systems, Inc. 1,2 14,200 649,224
- --------------------------------------------------------------------------------
Brocade
Communications
Systems, Inc. 1 1,508,800 6,140,816
- --------------------------------------------------------------------------------
Ciena Corp. 1 1,857,900 5,517,963
- --------------------------------------------------------------------------------
CommScope, Inc. 1 400,000 8,052,000
- --------------------------------------------------------------------------------
Comtech
Telecommunications
Corp. 1 102,550 3,131,877
- --------------------------------------------------------------------------------
Digi
International, Inc. 1,2 118,009 1,237,914
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT Continued
Ditech
Communications
Corp. 1,2 173,200 $ 1,446,220
- --------------------------------------------------------------------------------
Echelon Corp. 1,2 13,000 101,790
- --------------------------------------------------------------------------------
Emulex Corp. 1 510,200 10,096,858
- --------------------------------------------------------------------------------
Extreme
Networks, Inc. 1,2 577,200 2,741,700
- --------------------------------------------------------------------------------
Foundry
Networks, Inc. 1,2 404,100 5,580,621
- --------------------------------------------------------------------------------
Harmonic, Inc. 1 270,000 1,309,500
- --------------------------------------------------------------------------------
Inter-Tel, Inc. 2 27,300 534,261
- --------------------------------------------------------------------------------
MasTec, Inc. 1,2 174,400 1,825,968
- --------------------------------------------------------------------------------
Netgear, Inc. 1,2 323,000 6,217,750
- --------------------------------------------------------------------------------
Packeteer, Inc. 1,2 283,400 2,202,018
- --------------------------------------------------------------------------------
Performance
Technologies, Inc. 1 94,500 773,955
- --------------------------------------------------------------------------------
Plantronics, Inc. 2 12,600 356,580
- --------------------------------------------------------------------------------
Polycom, Inc. 1 605,000 9,256,500
- --------------------------------------------------------------------------------
Powerwave
Technologies, Inc. 1,2 246,800 3,102,276
- --------------------------------------------------------------------------------
QLogic Corp. 1 80,100 2,604,051
- --------------------------------------------------------------------------------
Redback
Networks, Inc. 1 379,100 5,330,146
- --------------------------------------------------------------------------------
SafeNet, Inc. 1 2,200 70,884
- --------------------------------------------------------------------------------
SpectraLink Corp. 23,500 278,945
- --------------------------------------------------------------------------------
Superior Essex, Inc. 1 6,400 129,024
- --------------------------------------------------------------------------------
Sycamore
Networks, Inc. 1,2 160,600 693,792
- --------------------------------------------------------------------------------
Symmetricom, Inc. 1,2 299,400 2,535,918
- --------------------------------------------------------------------------------
Tekelec, Inc. 1 198,800 2,763,320
- --------------------------------------------------------------------------------
Tellabs, Inc. 1 340,900 3,715,810
- --------------------------------------------------------------------------------
Terayon
Communication
Systems, Inc. 1,2 369,700 854,007
- --------------------------------------------------------------------------------
ViaSat, Inc. 1,2 22,600 604,098
---------------
110,619,830
33 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMPUTERS & PERIPHERALS--1.7%
Advanced Digital
Information Corp. 1 223,100 $ 2,184,149
- --------------------------------------------------------------------------------
Dot Hill
Systems Corp. 1,2 68,500 474,705
- --------------------------------------------------------------------------------
Electronics for
Imaging, Inc. 1,2 137,400 3,656,214
- --------------------------------------------------------------------------------
Imation Corp. 234,300 10,794,201
- --------------------------------------------------------------------------------
Intergraph Corp. 1,2 193,400 9,633,254
- --------------------------------------------------------------------------------
M-Systems Flash
Disk Pioneers Ltd. 1 96,800 3,206,016
- --------------------------------------------------------------------------------
Maxtor Corp. 1 667,900 4,635,226
- --------------------------------------------------------------------------------
NCR Corp. 1 35,200 1,194,688
- --------------------------------------------------------------------------------
Palm, Inc. 1,2 326,000 10,366,800
- --------------------------------------------------------------------------------
SimpleTech, Inc. 1 23,800 89,726
- --------------------------------------------------------------------------------
Synaptics, Inc. 1 36,000 889,920
- --------------------------------------------------------------------------------
Western
Digital Corp. 1 515,200 9,587,872
---------------
56,712,771
- --------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS--3.3%
Aeroflex, Inc. 1 47,800 513,850
- --------------------------------------------------------------------------------
Agilysys, Inc. 188,600 3,436,292
- --------------------------------------------------------------------------------
Anixter
International, Inc. 2 55,500 2,171,160
- --------------------------------------------------------------------------------
Arrow
Electronics, Inc. 1 144,300 4,621,929
- --------------------------------------------------------------------------------
Avnet, Inc. 1 190,200 4,553,388
- --------------------------------------------------------------------------------
Belden CDT, Inc. 2 82,500 2,015,475
- --------------------------------------------------------------------------------
Bell
Microproducts,
Inc. 1,2 162,100 1,240,065
- --------------------------------------------------------------------------------
Brightpoint, Inc. 1,2 245,350 6,803,556
- --------------------------------------------------------------------------------
CalAmp Corp. 1,2 15,800 165,742
- --------------------------------------------------------------------------------
CDW Corp. 49,500 2,849,715
- --------------------------------------------------------------------------------
Checkpoint
Systems, Inc. 1 84,800 2,090,320
- --------------------------------------------------------------------------------
Coherent, Inc. 1 247,400 7,342,832
- --------------------------------------------------------------------------------
CTS Corp. 2 26,100 288,666
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS Continued
Electro Scientific
Industries, Inc. 1,2 168,900 $ 4,078,935
- --------------------------------------------------------------------------------
Fargo
Electronics, Inc. 1 87,600 1,686,300
- --------------------------------------------------------------------------------
Hypercom Corp. 1 121,600 777,024
- --------------------------------------------------------------------------------
Itron, Inc. 1,2 95,800 3,835,832
- --------------------------------------------------------------------------------
Keithley
Instruments, Inc. 2 60,900 851,382
- --------------------------------------------------------------------------------
Komag, Inc. 1,2 260,800 9,039,328
- --------------------------------------------------------------------------------
Mettler-Toledo
International, Inc. 1 78,100 4,311,120
- --------------------------------------------------------------------------------
MTS Systems Corp. 2 78,100 2,705,384
- --------------------------------------------------------------------------------
Multi-Fineline
Electronix, Inc. 1,2 22,600 1,088,642
- --------------------------------------------------------------------------------
National
Instruments Corp. 2 82,200 2,634,510
- --------------------------------------------------------------------------------
Newport Corp. 1 34,100 461,714
- --------------------------------------------------------------------------------
Park Electrochemical
Corp. 132,400 3,439,752
- --------------------------------------------------------------------------------
PC Connection, Inc. 1 47,000 252,860
- --------------------------------------------------------------------------------
Plexus Corp. 1 382,600 8,700,324
- --------------------------------------------------------------------------------
RadiSys Corp. 1,2 122,700 2,127,618
- --------------------------------------------------------------------------------
Rofin-Sinar
Technologies, Inc. 1,2 36,600 1,591,002
- --------------------------------------------------------------------------------
Sanmina-SCI Corp. 1 1,122,300 4,780,998
- --------------------------------------------------------------------------------
ScanSource, Inc. 1,2 2,500 136,700
- --------------------------------------------------------------------------------
Solectron Corp. 1 1,214,300 4,444,338
- --------------------------------------------------------------------------------
SunPower
Corp., Cl. A 1,2 48,500 1,648,515
- --------------------------------------------------------------------------------
SYNNEX Corp. 1 5,300 80,083
- --------------------------------------------------------------------------------
Tech Data Corp. 1 121,700 4,829,056
- --------------------------------------------------------------------------------
Technitrol, Inc. 13,200 225,720
- --------------------------------------------------------------------------------
TTM
Technologies, Inc. 1,2 4,400 41,360
- --------------------------------------------------------------------------------
UNOVA, Inc. 1,2 217,900 7,365,020
- --------------------------------------------------------------------------------
Zygo Corp. 1,2 172,300 2,531,087
- --------------------------------------------------------------------------------
111,757,594
34 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES--3.0%
24/7 Real
Media, Inc. 1 196,800 $ 1,444,512
- --------------------------------------------------------------------------------
Akamai
Technologies, Inc. 1 71,700 1,428,981
- --------------------------------------------------------------------------------
AsiaInfo
Holdings, Inc. 1,2 167,700 667,446
- --------------------------------------------------------------------------------
Bankrate, Inc. 1,2 53,400 1,576,368
- --------------------------------------------------------------------------------
Covansys Corp. 1 52,700 717,247
- --------------------------------------------------------------------------------
CyberSource Corp. 1 103,391 682,381
- --------------------------------------------------------------------------------
Digital Insight Corp. 1 242,000 7,748,840
- --------------------------------------------------------------------------------
Digital River, Inc. 1,2 205,300 6,105,622
- --------------------------------------------------------------------------------
EarthLink, Inc. 1 838,000 9,310,180
- --------------------------------------------------------------------------------
HomeStore.com,
Inc. 1,2 633,400 3,230,340
- --------------------------------------------------------------------------------
InfoSpace, Inc. 1,2 284,600 7,348,372
- --------------------------------------------------------------------------------
Internet Security
Systems, Inc. 1 385,600 8,078,320
- --------------------------------------------------------------------------------
iPass, Inc. 1,2 35,800 234,848
- --------------------------------------------------------------------------------
j2 Global
Communications,
Inc. 1 49,400 2,111,356
- --------------------------------------------------------------------------------
Keynote
Systems, Inc. 1 8,400 107,940
- --------------------------------------------------------------------------------
MicroStrategy,
Inc., Cl. A 1,2 119,000 9,846,060
- --------------------------------------------------------------------------------
Online Resources &
Communications
Corp. 1,2 99,900 1,103,895
- --------------------------------------------------------------------------------
Open Text Corp. 1,2 67,100 946,781
- --------------------------------------------------------------------------------
Openwave
Systems, Inc. 1,2 149,400 2,610,018
- --------------------------------------------------------------------------------
RealNetworks, Inc. 1 220,700 1,712,632
- --------------------------------------------------------------------------------
Salesforce.com, Inc. 1,2 26,700 855,735
- --------------------------------------------------------------------------------
Selectica, Inc. 1 10,600 30,210
- --------------------------------------------------------------------------------
SonicWALL, Inc. 1,2 536,400 4,248,288
- --------------------------------------------------------------------------------
United Online, Inc. 579,450 8,239,779
- --------------------------------------------------------------------------------
ValueClick, Inc. 1,2 179,380 3,248,572
- --------------------------------------------------------------------------------
Vignette Corp. 1 194,200 3,167,402
- --------------------------------------------------------------------------------
WebEx
Communications,
Inc. 1,2 43,800 947,394
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES Continued
webMethods, Inc. 1 290,500 $ 2,239,755
- --------------------------------------------------------------------------------
Websense, Inc. 1,2 163,400 10,725,576
---------------
100,714,850
- --------------------------------------------------------------------------------
IT SERVICES--2.7%
Acxiom Corp. 121,000 2,783,000
- --------------------------------------------------------------------------------
Anteon International
Corp. 1 2,500 135,875
- --------------------------------------------------------------------------------
Aquantive, Inc. 1,2 30,100 759,724
- --------------------------------------------------------------------------------
BearingPoint, Inc. 1 433,100 3,404,166
- --------------------------------------------------------------------------------
BISYS Group,
Inc. (The) 1 301,900 4,229,619
- --------------------------------------------------------------------------------
CACI International,
Inc., Cl. A 1,2 64,000 3,672,320
- --------------------------------------------------------------------------------
Ceridian Corp. 1 190,800 4,741,380
- --------------------------------------------------------------------------------
CheckFree Corp. 1 70,600 3,240,540
- --------------------------------------------------------------------------------
CIBER, Inc. 1,2 186,600 1,231,560
- --------------------------------------------------------------------------------
CSG Systems
International, Inc. 1,2 452,000 10,088,640
- --------------------------------------------------------------------------------
Forrester
Research, Inc. 1 65,500 1,228,125
- --------------------------------------------------------------------------------
Gevity HR, Inc. 18,100 465,532
- --------------------------------------------------------------------------------
Global
Payments, Inc. 69,800 3,253,378
- --------------------------------------------------------------------------------
infoUSA, Inc. 2 222,368 2,430,482
- --------------------------------------------------------------------------------
Intrado, Inc. 1,2 156,600 3,604,932
- --------------------------------------------------------------------------------
Keane, Inc. 1,2 142,400 1,567,824
- --------------------------------------------------------------------------------
Lawson
Software, Inc. 1,2 657,400 4,831,890
- --------------------------------------------------------------------------------
Manhattan
Associates, Inc. 1 104,000 2,129,920
- --------------------------------------------------------------------------------
ManTech
International Corp. 1,2 91,000 2,535,260
- --------------------------------------------------------------------------------
Maximus, Inc. 2 175,200 6,428,088
- --------------------------------------------------------------------------------
MoneyGram
International, Inc. 43,800 1,142,304
- --------------------------------------------------------------------------------
MPS Group, Inc. 1 589,600 8,059,832
- --------------------------------------------------------------------------------
NAVTEQ Corp. 1 29,500 1,294,165
- --------------------------------------------------------------------------------
Perot Systems
Corp., Cl. A 1,2 320,100 4,526,214
35 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
IT SERVICES Continued
Sabre
Holdings Corp. 204,400 $ 4,928,084
- --------------------------------------------------------------------------------
SI International, Inc. 1 13,500 412,695
- --------------------------------------------------------------------------------
Startek, Inc. 2 17,600 316,800
- --------------------------------------------------------------------------------
Sykes
Enterprises, Inc. 1 216,100 2,889,257
- --------------------------------------------------------------------------------
TNS, Inc. 1 28,500 546,630
- --------------------------------------------------------------------------------
Total System
Services, Inc. 24,100 476,939
- --------------------------------------------------------------------------------
Tyler
Technologies, Inc. 1,2 7,700 67,606
- --------------------------------------------------------------------------------
Unisys Corp. 1 164,600 959,618
- --------------------------------------------------------------------------------
VeriFone
Holdings, Inc. 1 56,000 1,416,800
---------------
89,799,199
- --------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--5.3%
02Micro
International Ltd.,
ADR 1 28,000 285,040
- --------------------------------------------------------------------------------
ADE Corp. 1,2 163,100 3,924,186
- --------------------------------------------------------------------------------
Advanced Energy
Industries, Inc. 1,2 273,300 3,233,139
- --------------------------------------------------------------------------------
Asyst
Technologies, Inc. 1,2 30,300 173,316
- --------------------------------------------------------------------------------
ATMI, Inc. 1,2 96,900 2,710,293
- --------------------------------------------------------------------------------
Axcelis Technologies,
Inc. 1 544,200 2,595,834
- --------------------------------------------------------------------------------
Brooks
Automation, Inc. 1,2 217,405 2,724,085
- --------------------------------------------------------------------------------
Cirrus Logic, Inc. 1,2 417,300 2,787,564
- --------------------------------------------------------------------------------
Cohu, Inc. 2 154,500 3,533,415
- --------------------------------------------------------------------------------
Conexant
Systems, Inc. 1 1,238,300 2,798,558
- --------------------------------------------------------------------------------
Cymer, Inc. 1 307,000 10,901,570
- --------------------------------------------------------------------------------
Diodes, Inc. 1,2 84,306 2,617,701
- --------------------------------------------------------------------------------
EMCORE Corp. 1,2 70,800 525,336
- --------------------------------------------------------------------------------
Entegris, Inc. 1 416,410 3,922,582
- --------------------------------------------------------------------------------
Exar Corp. 1 45,597 570,874
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
Continued
Fairchild
Semiconductor
International,
Inc., Cl. A 1 260,300 $ 4,401,673
- --------------------------------------------------------------------------------
FEI Co. 1,2 48,600 931,662
- --------------------------------------------------------------------------------
Freescale
Semiconductor,
Inc., Cl. A 1 14,200 357,698
- --------------------------------------------------------------------------------
Genesis
Microchip, Inc. 1,2 299,100 5,410,719
- --------------------------------------------------------------------------------
Hittite
Microwave Corp. 1 53,400 1,235,676
- --------------------------------------------------------------------------------
Ikanos
Communications,
Inc. 1 126,000 1,857,240
- --------------------------------------------------------------------------------
Intersil Corp., Cl. A 216,100 5,376,568
- --------------------------------------------------------------------------------
Intevac, Inc. 1,2 45,800 604,560
- --------------------------------------------------------------------------------
IXYS Corp. 1 85,700 1,001,833
- --------------------------------------------------------------------------------
Kopin Corp. 1,2 496,100 2,654,135
- --------------------------------------------------------------------------------
Kulicke & Soffa
Industries, Inc. 1,2 319,800 2,827,032
- --------------------------------------------------------------------------------
Lam Research Corp. 1 128,000 4,567,040
- --------------------------------------------------------------------------------
Lattice
Semiconductor
Corp. 1 127,400 550,368
- --------------------------------------------------------------------------------
LSI Logic Corp. 1 527,500 4,220,000
- --------------------------------------------------------------------------------
LTX Corp. 1 109,300 491,850
- --------------------------------------------------------------------------------
Mattson
Technology, Inc. 1 88,300 888,298
- --------------------------------------------------------------------------------
Micrel, Inc. 1 696,200 8,075,920
- --------------------------------------------------------------------------------
Microsemi Corp. 1,2 330,900 9,152,694
- --------------------------------------------------------------------------------
Microtune, Inc. 1,2 57,600 240,192
- --------------------------------------------------------------------------------
MIPS Technologies,
Inc., Cl. A 1,2 191,500 1,087,720
- --------------------------------------------------------------------------------
MKS
Instruments, Inc. 1 123,400 2,207,626
- --------------------------------------------------------------------------------
Netlogic
Microsystems, Inc. 1,2 108,600 2,958,264
- --------------------------------------------------------------------------------
Novellus
Systems, Inc. 1 177,500 4,281,300
36 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
Continued
NVIDIA Corp. 1 118,600 $ 4,336,016
- --------------------------------------------------------------------------------
OmniVision
Technologies, Inc. 1,2 440,800 8,798,368
- --------------------------------------------------------------------------------
ON Semiconductor
Corp. 1,2 1,035,900 5,728,527
- --------------------------------------------------------------------------------
PDF Solutions, Inc. 1,2 131,500 2,136,875
- --------------------------------------------------------------------------------
Photronics, Inc. 1,2 408,800 6,156,528
- --------------------------------------------------------------------------------
PortalPlayer, Inc. 1,2 88,300 2,500,656
- --------------------------------------------------------------------------------
Power
Integrations, Inc. 1,2 35,300 840,493
- --------------------------------------------------------------------------------
Sigmatel, Inc. 1,2 169,800 2,224,380
- --------------------------------------------------------------------------------
Silicon Image, Inc. 1 423,600 3,833,580
- --------------------------------------------------------------------------------
Silicon
Laboratories, Inc. 1 176,500 6,470,490
- --------------------------------------------------------------------------------
SiRF Technology
Holdings, Inc. 1,2 25,200 750,960
- --------------------------------------------------------------------------------
Skyworks
Solutions, Inc. 1,2 597,800 3,042,802
- --------------------------------------------------------------------------------
Supertex, Inc. 1,2 66,400 2,938,200
- --------------------------------------------------------------------------------
Trident
Microsystems, Inc. 1,2 71,200 1,281,600
- --------------------------------------------------------------------------------
TriQuint
Semiconductor, Inc. 1 739,700 3,291,665
- --------------------------------------------------------------------------------
Ultra Clean
Holdings, Inc. 1 13,000 93,730
- --------------------------------------------------------------------------------
Varian Semiconductor
Equipment
Associates, Inc. 1,2 154,100 6,769,613
- --------------------------------------------------------------------------------
Veeco
Instruments, Inc. 1,2 73,200 1,268,556
- --------------------------------------------------------------------------------
Zoran Corp. 1 292,300 4,738,183
---------------
175,884,783
- --------------------------------------------------------------------------------
SOFTWARE--5.8%
Activision, Inc. 1 156,500 2,150,310
- --------------------------------------------------------------------------------
Advent
Software, Inc. 1 94,000 2,717,540
- --------------------------------------------------------------------------------
Altiris, Inc. 1,2 101,300 1,710,957
- --------------------------------------------------------------------------------
Ansoft Corp. 1 84,773 2,886,521
- --------------------------------------------------------------------------------
Ansys, Inc. 1,2 141,700 6,049,173
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SOFTWARE Continued
Aspen
Technology, Inc. 1,2 256,500 $ 2,013,525
- --------------------------------------------------------------------------------
BEA Systems, Inc. 1 478,400 4,496,960
- --------------------------------------------------------------------------------
Blackbaud, Inc. 225,324 3,848,534
- --------------------------------------------------------------------------------
BMC Software, Inc. 1 243,800 4,995,462
- --------------------------------------------------------------------------------
Borland
Software Corp. 1 87,700 572,681
- --------------------------------------------------------------------------------
Bottomline
Technologies, Inc. 1,2 177,300 1,953,846
- --------------------------------------------------------------------------------
Cadence Design
Systems, Inc. 1 310,000 5,245,200
- --------------------------------------------------------------------------------
Captiva
Software Corp. 1 48,600 1,081,350
- --------------------------------------------------------------------------------
Catapult
Communications
Corp. 1,2 85,400 1,263,066
- --------------------------------------------------------------------------------
CCC Information
Services Group, Inc. 1 50,000 1,311,000
- --------------------------------------------------------------------------------
Citrix Systems, Inc. 1 157,000 4,518,460
- --------------------------------------------------------------------------------
Cognos, Inc. 1 10,100 350,571
- --------------------------------------------------------------------------------
Compuware Corp. 1 527,100 4,728,087
- --------------------------------------------------------------------------------
Concur
Technologies, Inc. 1,2 41,000 528,490
- --------------------------------------------------------------------------------
Entrust
Technologies, Inc. 1,2 318,200 1,540,088
- --------------------------------------------------------------------------------
Epicor
Software Corp. 1 163,400 2,308,842
- --------------------------------------------------------------------------------
EPIQ Systems, Inc. 1,2 68,000 1,260,720
- --------------------------------------------------------------------------------
ePlus, inc. 1 12,200 168,750
- --------------------------------------------------------------------------------
Fair Isaac Corp. 97,900 4,324,243
- --------------------------------------------------------------------------------
FileNet Corp. 1,2 323,000 8,349,550
- --------------------------------------------------------------------------------
Hyperion
Solutions Corp. 1 140,250 5,023,755
- --------------------------------------------------------------------------------
Informatica Corp. 1 540,500 6,486,000
- --------------------------------------------------------------------------------
InterVideo, Inc. 1,2 31,800 335,490
- --------------------------------------------------------------------------------
InterVoice-Brite, Inc. 1,2 168,800 1,343,648
- --------------------------------------------------------------------------------
JDA Software
Group, Inc. 1 209,700 3,566,997
- --------------------------------------------------------------------------------
Macrovision Corp. 1 113,800 1,903,874
- --------------------------------------------------------------------------------
Magma Design
Automation, Inc. 1,2 128,000 1,076,480
37 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SOFTWARE Continued
MapInfo Corp. 1,2 21,900 $ 276,159
- --------------------------------------------------------------------------------
McAfee, Inc. 1 205,400 5,572,502
- --------------------------------------------------------------------------------
Micromuse, Inc. 1 476,700 4,714,563
- --------------------------------------------------------------------------------
MICROS
Systems, Inc. 1 48,500 2,343,520
- --------------------------------------------------------------------------------
MRO
Software, Inc. 1,2 176,000 2,471,040
- --------------------------------------------------------------------------------
MSC
Software Corp. 1,2 100,200 1,703,400
- --------------------------------------------------------------------------------
Net 1 UEPS
Technologies, Inc. 1 22,900 660,665
- --------------------------------------------------------------------------------
NetIQ Corp. 1,2 69,000 848,010
- --------------------------------------------------------------------------------
Novell, Inc. 1,2 575,200 5,079,016
- --------------------------------------------------------------------------------
Nuance
Communications,
Inc. 1,2 54,300 414,309
- --------------------------------------------------------------------------------
Parametric
Technology Corp. 1 1,680,000 10,248,000
- --------------------------------------------------------------------------------
Progress
Software Corp. 1 170,800 4,847,304
- --------------------------------------------------------------------------------
Quest Software, Inc. 1 130,400 1,902,536
- --------------------------------------------------------------------------------
Radiant
Systems, Inc. 1,2 147,600 1,794,816
- --------------------------------------------------------------------------------
Red Hat, Inc. 1 203,800 5,551,512
- --------------------------------------------------------------------------------
Reynolds & Reynolds
Co., Cl. A 150,300 4,218,921
- --------------------------------------------------------------------------------
RSA Security, Inc. 1,2 388,200 4,359,486
- --------------------------------------------------------------------------------
SERENA
Software, Inc. 1,2 165,400 3,876,976
- --------------------------------------------------------------------------------
SPSS, Inc. 1,2 53,300 1,648,569
- --------------------------------------------------------------------------------
Sybase, Inc. 1 217,900 4,763,294
- --------------------------------------------------------------------------------
Synopsys, Inc. 1 331,600 6,651,896
- --------------------------------------------------------------------------------
Take-Two Interactive
Software, Inc. 1,2 375,900 6,653,430
- --------------------------------------------------------------------------------
THQ, Inc. 1,2 157,600 3,758,760
- --------------------------------------------------------------------------------
TIBCO
Software, Inc. 1 213,400 1,594,098
- --------------------------------------------------------------------------------
Transaction Systems
Architects,
Inc., Cl. A 1 332,231 9,564,930
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SOFTWARE Continued
Ultimate Software
Group, Inc. (The) 1,2 47,900 $ 913,453
- --------------------------------------------------------------------------------
Verint Systems, Inc. 1,2 38,600 1,330,542
- --------------------------------------------------------------------------------
Wind River
Systems, Inc. 1 331,700 4,899,209
- --------------------------------------------------------------------------------
Witness
Systems, Inc. 1,2 32,600 641,242
---------------
193,412,328
- --------------------------------------------------------------------------------
MATERIALS--5.3%
- --------------------------------------------------------------------------------
CHEMICALS--1.3%
Agrium, Inc. 2 235,700 5,183,043
- --------------------------------------------------------------------------------
Celanese Corp.
Series A 15,000 286,800
- --------------------------------------------------------------------------------
Compass Minerals
International, Inc. 2 77,200 1,894,488
- --------------------------------------------------------------------------------
Engelhard Corp. 17,600 530,640
- --------------------------------------------------------------------------------
Ferro Corp. 32,000 600,320
- --------------------------------------------------------------------------------
FMC Corp. 1 108,000 5,742,360
- --------------------------------------------------------------------------------
Fuller (H.B.) Co. 197,400 6,330,618
- --------------------------------------------------------------------------------
Headwaters, Inc. 1,2 107,900 3,823,976
- --------------------------------------------------------------------------------
Lubrizol Corp. (The) 37,400 1,624,282
- --------------------------------------------------------------------------------
MacDermid, Inc. 9,100 253,890
- --------------------------------------------------------------------------------
Pioneer Cos., Inc. 1,2 79,400 2,379,618
- --------------------------------------------------------------------------------
PolyOne Corp. 1 232,800 1,496,904
- --------------------------------------------------------------------------------
Rockwood
Holdings, Inc. 1 14,300 282,139
- --------------------------------------------------------------------------------
Schulman (A.), Inc. 2 7,000 150,640
- --------------------------------------------------------------------------------
Scotts Miracle-Gro
Co. (The), Cl. A 81,200 3,673,488
- --------------------------------------------------------------------------------
Stepan Co. 16,300 438,307
- --------------------------------------------------------------------------------
Tronox, Inc., Cl. A 1 288,600 3,772,002
- --------------------------------------------------------------------------------
Valhi, Inc. 2 4,100 75,850
- --------------------------------------------------------------------------------
W.R. Grace & Co. 1,2 136,200 1,280,280
- --------------------------------------------------------------------------------
Wellman, Inc. 2 4,700 31,866
- --------------------------------------------------------------------------------
Westlake
Chemical Corp. 2 89,500 2,578,495
---------------
42,430,006
38 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
CONSTRUCTION MATERIALS--0.2%
Eagle Materials, Inc. 2 4,700 $ 575,092
- --------------------------------------------------------------------------------
Eagle Materials,
Inc., Cl. B 1,300 153,101
- --------------------------------------------------------------------------------
Texas Industries, Inc. 2 131,300 6,543,992
- --------------------------------------------------------------------------------
U.S. Concrete, Inc. 15,400 145,992
---------------
7,418,177
- --------------------------------------------------------------------------------
CONTAINERS & PACKAGING--1.0%
AptarGroup, Inc. 12,300 642,060
- --------------------------------------------------------------------------------
Caraustar
Industries, Inc. 2 116,800 1,014,992
- --------------------------------------------------------------------------------
Crown
Holdings, Inc. 1 187,400 3,659,922
- --------------------------------------------------------------------------------
Greif, Inc., Cl. A 116,700 7,734,876
- --------------------------------------------------------------------------------
Longview Fibre Co. 135,800 2,825,998
- --------------------------------------------------------------------------------
Myers
Industries, Inc. 2 9,500 138,510
- --------------------------------------------------------------------------------
Owens-Illinois, Inc. 1 160,000 3,366,400
- --------------------------------------------------------------------------------
Rock-Tenn Co., Cl. A 2 86,500 1,180,725
- --------------------------------------------------------------------------------
Sealed Air Corp. 1 83,600 4,695,812
- --------------------------------------------------------------------------------
Silgan Holdings, Inc. 235,600 8,509,872
- --------------------------------------------------------------------------------
Temple-Inland, Inc. 23,900 1,071,915
---------------
34,841,082
- --------------------------------------------------------------------------------
METALS & MINING--2.6%
AK Steel
Holding Corp. 1,2 1,031,500 8,200,425
- --------------------------------------------------------------------------------
Aleris
International, Inc. 1,2 115,800 3,733,392
- --------------------------------------------------------------------------------
Allegheny
Technologies, Inc. 43,200 1,558,656
- --------------------------------------------------------------------------------
Amerigo
Resources Ltd. 779,600 1,569,327
- --------------------------------------------------------------------------------
Brush Engineered
Materials, Inc. 1 7,100 112,890
- --------------------------------------------------------------------------------
Carpenter
Technology Corp. 2 159,600 11,247,012
- --------------------------------------------------------------------------------
Castle
(A.M.) & Co. 1,2 44,100 963,144
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
METALS & MINING Continued
Century
Aluminum Co. 2 136,300 $ 3,572,423
- --------------------------------------------------------------------------------
Chaparral Steel Co. 1 200 6,050
- --------------------------------------------------------------------------------
Commercial
Metals Co. 92,900 3,487,466
- --------------------------------------------------------------------------------
Desert Sun
Mining Corp. 1 184,300 453,437
- --------------------------------------------------------------------------------
Dynatec Corp. 1 1,276,100 1,328,299
- --------------------------------------------------------------------------------
FNX
Mining Co., Inc. 1 36,900 431,391
- --------------------------------------------------------------------------------
Goldcorp, Inc. 27,575 614,386
- --------------------------------------------------------------------------------
HudBay
Minerals, Inc. 1 323,900 1,641,164
- --------------------------------------------------------------------------------
Inmet Mining Corp. 111,200 2,821,971
- --------------------------------------------------------------------------------
LionOre Mining
International Ltd. 1 300,700 1,280,455
- --------------------------------------------------------------------------------
Meridian Gold, Inc. 1 23,700 519,486
- --------------------------------------------------------------------------------
Metal
Management, Inc. 2 133,500 3,105,210
- --------------------------------------------------------------------------------
Olympic Steel, Inc. 1 10,100 250,985
- --------------------------------------------------------------------------------
Quanex Corp. 2 175,350 8,762,240
- --------------------------------------------------------------------------------
Reliance Steel &
Aluminum Co. 2 180,000 11,001,600
- --------------------------------------------------------------------------------
Ryerson Tull, Inc. 2 151,900 3,694,208
- --------------------------------------------------------------------------------
Steel Dynamics, Inc. 2 222,200 7,890,322
- --------------------------------------------------------------------------------
Steel
Technologies, Inc. 2 25,100 702,549
- --------------------------------------------------------------------------------
Stillwater
Mining Co. 1,2 178,500 2,065,245
- --------------------------------------------------------------------------------
United States
Steel Corp. 38,700 1,860,309
- --------------------------------------------------------------------------------
Worthington
Industries, Inc. 2 137,200 2,635,612
---------------
85,509,654
- --------------------------------------------------------------------------------
PAPER & FOREST PRODUCTS--0.2%
Bowater, Inc. 2 64,500 1,981,440
- --------------------------------------------------------------------------------
Buckeye
Technologies, Inc. 1 103,600 833,980
- --------------------------------------------------------------------------------
Louisiana-
Pacific Corp. 98,600 2,708,542
---------------
5,523,962
39 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES--1.2%
- --------------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION SERVICES--0.5%
Alaska
Communications
Systems Group, Inc. 2 231,100 $ 2,347,976
- --------------------------------------------------------------------------------
AXXENT, Inc. 1,4 100,000 --
- --------------------------------------------------------------------------------
Broadwing Corp. 1,2 206,100 1,246,905
- --------------------------------------------------------------------------------
CenturyTel, Inc. 67,200 2,228,352
- --------------------------------------------------------------------------------
Citizens
Communications
Co. 100,400 1,227,892
- --------------------------------------------------------------------------------
Commonwealth
Telephone
Enterprises, Inc. 44,500 1,502,765
- --------------------------------------------------------------------------------
CT Communications,
Inc. 26,700 324,138
- --------------------------------------------------------------------------------
FairPoint
Communications,
Inc. 121,500 1,258,740
- --------------------------------------------------------------------------------
Golden Telecom, Inc. 23,100 599,676
- --------------------------------------------------------------------------------
Iowa
Telecommunications
Services, Inc. 45,500 704,795
- --------------------------------------------------------------------------------
North Pittsburgh
Systems, Inc. 2 53,100 1,001,997
- --------------------------------------------------------------------------------
Shenandoah
Telecommunications
Co. 2 500 19,920
- --------------------------------------------------------------------------------
Talk America
Holdings, Inc. 1 179,400 1,548,222
- --------------------------------------------------------------------------------
Time Warner
Telecom, Inc., Cl. A 1,2 156,400 1,540,540
- --------------------------------------------------------------------------------
Valor
Communications
Group, Inc. 2 700 7,980
---------------
15,559,898
- --------------------------------------------------------------------------------
WIRELESS TELECOMMUNICATION SERVICES--0.7%
Centennial
Communications
Corp. 2 166,200 2,579,424
- --------------------------------------------------------------------------------
Cincinnati Bell, Inc. 1 700,000 2,457,000
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
WIRELESS TELECOMMUNICATION SERVICES Continued
Dobson
Communications
Corp., Cl. A 1,2 879,300 $ 6,594,750
- --------------------------------------------------------------------------------
Linktone Ltd., ADR 1 31,800 330,720
- --------------------------------------------------------------------------------
SBA Communications
Corp. 1,2 314,500 5,629,550
- --------------------------------------------------------------------------------
Syniverse
Holdings, Inc. 1,2 24,100 503,690
- --------------------------------------------------------------------------------
UbiquiTel, Inc. 2 588,500 5,820,265
- --------------------------------------------------------------------------------
Wireless
Facilities, Inc. 1,2 29,900 152,490
---------------
24,067,889
- --------------------------------------------------------------------------------
UTILITIES--1.1%
- --------------------------------------------------------------------------------
ELECTRIC UTILITIES--0.5%
ALLETE, Inc. 2 20,600 906,400
- --------------------------------------------------------------------------------
Aquila, Inc. 1 172,300 620,280
- --------------------------------------------------------------------------------
Black Hills Corp. 16,200 560,682
- --------------------------------------------------------------------------------
Canadian Hydro
Developers, Inc. 1 406,000 2,036,199
- --------------------------------------------------------------------------------
CenterPoint
Energy, Inc. 2 58,000 745,300
- --------------------------------------------------------------------------------
CH Energy
Group, Inc. 2 63,800 2,928,420
- --------------------------------------------------------------------------------
CMS Energy Corp. 1 104,400 1,514,844
- --------------------------------------------------------------------------------
DPL, Inc. 68,200 1,773,882
- --------------------------------------------------------------------------------
Green Mountain
Power Corp. 8,200 235,914
- --------------------------------------------------------------------------------
Ormat
Technologies, Inc. 2 195,400 5,107,756
- --------------------------------------------------------------------------------
Pinnacle West
Capital Corp. 32,100 1,327,335
- --------------------------------------------------------------------------------
Reliant Energy, Inc. 1 82,100 847,272
---------------
18,604,284
- --------------------------------------------------------------------------------
GAS UTILITIES--0.2%
Chesapeake
Utilities Corp. 2 1,700 52,360
- --------------------------------------------------------------------------------
ONEOK, Inc. 43,100 1,147,753
40 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
GAS UTILITIES Continued
Peoples
Energy Corp. 2 15,700 $ 550,599
- --------------------------------------------------------------------------------
Southwest
Gas Corp. 48,000 1,267,200
- --------------------------------------------------------------------------------
UGI Corp. 49,400 1,017,640
- --------------------------------------------------------------------------------
WGL
Holdings, Inc. 2 59,200 1,779,552
---------------
5,815,104
- --------------------------------------------------------------------------------
MULTI-UTILITIES & UNREGULATED POWER--0.4%
Avista Corp. 2 149,800 2,652,958
- --------------------------------------------------------------------------------
Dynegy, Inc. 1,2 350,100 1,694,484
- --------------------------------------------------------------------------------
Energy East Corp. 106,800 2,435,040
- --------------------------------------------------------------------------------
Sierra
Pacific Resources 1 443,700 5,785,848
---------------
12,568,330
---------------
Total Common Stocks
(Cost $2,749,295,296) 3,309,214,241
- --------------------------------------------------------------------------------
PREFERRED STOCKS--0.0%
- --------------------------------------------------------------------------------
Simon Property
Group, Inc., 6% Cv.,
Non-Vtg
(Cost $93,140) 1,740 111,875
UNITS
- --------------------------------------------------------------------------------
RIGHTS, WARRANTS AND CERTIFICATES--0.1%
- --------------------------------------------------------------------------------
Chamaelo
Exploration Ltd.
Rts., Exp. 1/16/06 1,3 539,700 3,424,895
- --------------------------------------------------------------------------------
Redstar Oil & Gas,
Inc. Wts., Exp
3/15/05 1,4 364,045 860,107
---------------
Total Rights,
Warrants and
Certificates
(Cost $3,971,972) 4,285,002
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
NON-CONVERTIBLE CORPORATE BONDS AND NOTES--0.0%
- --------------------------------------------------------------------------------
Mueller Industries,
Inc., 6% Sub. Nts.,
11/1/14 2,4
(Cost $655,000) $ 655,000 $ 632,075
- --------------------------------------------------------------------------------
JOINT REPURCHASE AGREEMENTS--1.5%
- --------------------------------------------------------------------------------
Undivided interest of 3.53% in joint
repurchase agreement (Principal Amount/
Value $1,414,200,000, with a maturity value
of $1,414,844,247) with UBS Warburg LLC,
4.10%, dated 12/30/05, to be repurchased
at $49,882,714 on 1/3/06, collateralized by
Federal Home Loan Mortgage Corp., 5%,
1/1/35, with a value of $157,513,104 and
Federal National Mortgage Assn.,
5%--5.50%, 3/1/34--10/1/35, with
a value of $1,301,420,187
(Cost $49,860,000) 49,860,000 49,860,000
- --------------------------------------------------------------------------------
Total Investments, at Value (excluding
Investments Purchased with
Cash Collateral from
Securities Loaned)
(Cost $2,803,875,408) 3,364,103,193
- --------------------------------------------------------------------------------
INVESTMENTS PURCHASED WITH CASH COLLATERAL
FROM SECURITIES LOANED--23.3%
ASSET BACKED FLOATING NOTE--2.2%
Ameriquest
Mortgage Securities,
Inc., Series 2005-
R10, Cl. A2A, 4.46%,
1/25/06 5 14,846,328 14,846,328
- --------------------------------------------------------------------------------
Countrywide Asset-
Backed Certificates,
4.49%, 1/25/06 5 5,000,000 5,000,000
- --------------------------------------------------------------------------------
GE-WMC Mortgage
Securities LLC,
Series 2005-2, Cl.A2A,
4.47%, 1/25/06 5 3,000,000 3,000,000
- --------------------------------------------------------------------------------
GSAA Home Equity
Trust, Series 2005-15,
Cl. 2A1, 4.47%,
1/25/06 5 5,000,000 5,000,000
41 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
ASSET BACKED FLOATING NOTE Continued
Structured Asset
Investment Loan Trust,
Series 2005-11,
Cl. A4, 4.47%,
1/25/06 5 $ 7,002,607 $ 7,002,607
- --------------------------------------------------------------------------------
Trust Money Market
Securities, Series A-2,
4.44%, 1/17/06 5 7,000,000 7,000,000
- --------------------------------------------------------------------------------
Whitehawk CDO
Funding Corp.,
4.56%, 3/15/06 5 30,000,000 30,000,000
---------------
71,848,935
- --------------------------------------------------------------------------------
BANK FLOATING RATE NOTE--1.6%
National City Bank
Cleveland, 4.36%,
1/3/06 5 11,997,677 11,997,677
- --------------------------------------------------------------------------------
U.S. Bank NA, 4.38%,
1/30/06 5 17,993,301 17,993,301
- --------------------------------------------------------------------------------
World Savings Bank
FSB, 4.37%, 1/23/06 5 25,000,000 25,000,000
---------------
54,990,978
- --------------------------------------------------------------------------------
DOMESTIC FLOATING CERTIFICATE OF DEPOSIT--0.1%
Washington Mutual
Bank, 4.36%, 1/20/06 5 3,499,911 3,499,911
- --------------------------------------------------------------------------------
EURODOLLAR FIXED CERTIFICATE OF DEPOSIT--0.6%
Credit Agricole SA
London, 4.19%,
1/24/06 5 10,002,567 10,002,567
- --------------------------------------------------------------------------------
Monte De Pasch
London, 4.21%,
1/30/06 5 10,000,000 10,000,000
---------------
20,002,567
- --------------------------------------------------------------------------------
FUNDING AGREEMENT/GIC--1.0%
Protective Life
Insurance Co., 4.28%,
1/26/06 5 15,000,000 15,000,000
- --------------------------------------------------------------------------------
Protective Life
Insurance Co., 4.36%,
1/30/06 5 18,000,000 18,000,000
---------------
33,000,000
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
JOINT REPURCHASE AGREEMENTS--4.7%
Undivided interest of 16.67% in joint
repurchase agreement (Principal
Amount/Value $300,000,000, with a
maturity value of $300,143,333) with
CDC Financial Products, Inc., 4.30%,
dated 12/30/05, to be repurchased at
$50,023,889 on 1/3/06, collateralized
by AAA Asset-Backed Securities,
0%, 7/20/06--10/25/35,
with a value of
$315,150,500 5 $50,000,000 $ 50,000,000
- --------------------------------------------------------------------------------
Undivided interest of 3.40% in joint
repurchase agreement (Principal
Amount/Value $3,150,000,000, with a
maturity value of $3,151,501,500) with
Nomura Securities, 4.29%, dated
12/30/05, to be repurchased at
$107,296,585 on 1/3/06, collateralized
by U.S. Agency Mortgages,
3.34%--9.50%, 6/1/08--5/1/38,
with a value of
$3,213,000,000 5 107,245,465 107,245,465
---------------
157,245,465
- --------------------------------------------------------------------------------
MASTER FLOATING NOTE--3.6%
Bear Stearns, 4.37%,
1/3/06 5 17,000,000 17,000,000
- --------------------------------------------------------------------------------
CDC Financial
Products, Inc., 4.35%,
1/3/06 5 30,000,000 30,000,000
- --------------------------------------------------------------------------------
Citigroup Global
Markets, Inc., 4.32%,
1/3/06 5 35,000,000 35,000,000
- --------------------------------------------------------------------------------
Merrill Lynch
Mortgage Capital,
4.35%, 1/3/06 5 24,500,000 24,500,000
- --------------------------------------------------------------------------------
Morgan Stanley,
4.43%, 1/3/06 5 15,000,000 15,000,000
---------------
121,500,000
- --------------------------------------------------------------------------------
MEDIUM-TERM FIXED NOTE--0.8%
Countrywide
Financial Corp.,
4.37%, 1/31/06 5 25,093,437 25,093,437
42 | OPPENHEIMER MAIN STREET SMALL CAP FUND
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
MEDIUM-TERM FLOATING NOTE--7.1%
American Express
Credit Corp., 4.40%,
1/17/06 5 $26,771,795 $ 26,771,795
- --------------------------------------------------------------------------------
American Honda
Finance Corp., 4.16%,
1/18/06 5 25,000,000 25,000,000
- --------------------------------------------------------------------------------
American Honda
Finance Corp., 4.46%,
3/8/06 5 25,000,000 25,000,000
- --------------------------------------------------------------------------------
Countrywide
Financial Corp., 4.59%,
3/21/06 5 11,999,299 11,999,299
- --------------------------------------------------------------------------------
Fifth Third Bancorp.,
4.35%, 1/23/06 5 2,000,000 2,000,000
- --------------------------------------------------------------------------------
General Electric
Capital Corp., 4.38%,
1/3/06 5 15,013,638 15,013,638
- --------------------------------------------------------------------------------
Goldman Sachs
Group, Inc., 4.41%,
1/3/06 5 5,000,000 5,000,000
- --------------------------------------------------------------------------------
Islandsbanki HF Corp.,
4.42%, 1/23/06 5 10,000,000 10,000,000
- --------------------------------------------------------------------------------
Landsbanki Island,
4.45%, 1/17/06 5 26,000,000 26,000,000
- --------------------------------------------------------------------------------
Morgan Stanley,
4.33%, 1/3/06 5 22,000,000 22,000,000
- --------------------------------------------------------------------------------
Sedna Finance, Inc.,
4.34%, 1/3/06 5 34,996,465 34,996,465
- --------------------------------------------------------------------------------
Tango Finance Corp.,
4.34%, 1/3/06 5 14,999,250 14,999,250
- --------------------------------------------------------------------------------
Tango Finance Corp.,
4.36%, 1/25/06 5 20,000,816 20,000,816
- --------------------------------------------------------------------------------
238,781,263
- --------------------------------------------------------------------------------
YANKEE FLOATING CERTIFICATE OF DEPOSIT--1.6%
Credit Suisse First
Boston NY, 4.37%,
1/30/06 5 25,000,000 25,000,000
- --------------------------------------------------------------------------------
Natexis Banques
Populaires NY, 4.38%,
1/17/06 5 27,991,942 27,991,942
---------------
52,991,942
VALUE
SEE NOTE 1
- --------------------------------------------------------------------------------
Total Investments Purchased
with Cash Collateral from
Securities Loaned
(Cost $778,954,498) $ 778,954,498
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS,
AT VALUE
(COST $3,582,829,906) 123.8% 4,143,057,691
- --------------------------------------------------------------------------------
LIABILITIES IN EXCESS
OF OTHER ASSETS (23.8) (796,382,480)
-------------------------------
NET ASSETS 100.0% $3,346,675,211
===============================
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 $5,031,674 or 0.15% of the Fund's net
assets as of December 31, 2005.
4. Illiquid or restricted security. The aggregate value of illiquid or
restricted securities as of December 31, 2005 was $3,193,443, which represents
0.10% of the Fund's net assets, of which $1,701,261 is considered restricted.
See Note 6 of Notes to Financial Statements.
5. The security has been segregated to satisfy the forward commitment to return
the cash collateral received in securities lending transactions upon the
borrower's return of the securities loaned. See Note 7 of Notes to Financial
Statements.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
43 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF ASSETS AND LIABILITIES Unaudited
- --------------------------------------------------------------------------------
December 31, 2005
- -------------------------------------------------------------------------------------------------
ASSETS
- -------------------------------------------------------------------------------------------------
Investments, at value (including securities loaned of $757,506,775)
(cost $3,582,829,906)--see accompanying statement of investments $4,143,057,691
- -------------------------------------------------------------------------------------------------
Cash 1,539,854
- -------------------------------------------------------------------------------------------------
Receivables and other assets:
Investments sold 7,641,804
Shares of beneficial interest sold 3,974,332
Interest and dividends 2,119,137
Other 29,466
---------------
Total assets 4,158,362,284
- -------------------------------------------------------------------------------------------------
LIABILITIES
- -------------------------------------------------------------------------------------------------
Return of collateral for securities loaned 778,954,498
- -------------------------------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased 25,315,600
Shares of beneficial interest redeemed 4,350,761
Distribution and service plan fees 1,834,876
Transfer and shareholder servicing agent fees 712,191
Shareholder communications 365,125
Trustees' compensation 38,523
Other 115,499
---------------
Total liabilities 811,687,073
- -------------------------------------------------------------------------------------------------
NET ASSETS $3,346,675,211
===============
- -------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- -------------------------------------------------------------------------------------------------
Par value of shares of beneficial interest $ 164,745
- -------------------------------------------------------------------------------------------------
Additional paid-in capital 2,702,514,974
- -------------------------------------------------------------------------------------------------
Accumulated net investment loss (5,212,770)
- -------------------------------------------------------------------------------------------------
Accumulated net realized gain on investments and foreign currency transactions 88,980,342
- -------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments and translation of assets and
liabilities denominated in foreign currencies 560,227,920
---------------
NET ASSETS $3,346,675,211
===============
44 | OPPENHEIMER MAIN STREET SMALL CAP FUND
- -----------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- -----------------------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$1,868,260,388 and 90,559,617 shares of beneficial interest outstanding) $20.63
Maximum offering price per share (net asset value plus sales charge of
5.75% of offering price) $21.89
- -----------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $501,759,888
and 25,766,738 shares of beneficial interest outstanding) $19.47
- -----------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $525,243,150
and 26,890,270 shares of beneficial interest outstanding) $19.53
- -----------------------------------------------------------------------------------------------
Class N Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $153,325,546
and 7,555,790 shares of beneficial interest outstanding) $20.29
- -----------------------------------------------------------------------------------------------
Class Y Shares:
Net asset value, redemption price and offering price per share (based on
net assets of $298,086,239 and 13,972,532 shares of beneficial interest outstanding) $21.33
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
45 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF OPERATIONS Unaudited
- --------------------------------------------------------------------------------
For the Six Months Ended December 31, 2005
- --------------------------------------------------------------------------------
INVESTMENT INCOME
- --------------------------------------------------------------------------------
Dividends (net of foreign withholding taxes of $118,688) $ 14,746,035
- --------------------------------------------------------------------------------
Portfolio lending fees 1,287,108
- --------------------------------------------------------------------------------
Interest 812,807
- --------------------------------------------------------------------------------
Other income 63,068
-------------
Total investment income 16,909,018
- --------------------------------------------------------------------------------
EXPENSES
- --------------------------------------------------------------------------------
Management fees 9,889,437
- --------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 2,145,127
Class B 2,550,953
Class C 2,524,018
Class N 363,970
- --------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 2,351,901
Class B 722,883
Class C 580,856
Class N 273,527
Class Y 37,450
- --------------------------------------------------------------------------------
Shareholder communications:
Class A 154,728
Class B 95,026
Class C 56,242
Class N 6,201
Class Y 36
- --------------------------------------------------------------------------------
Trustees' compensation 23,376
- --------------------------------------------------------------------------------
Custodian fees and expenses 18,527
- --------------------------------------------------------------------------------
Administration service fees 750
- --------------------------------------------------------------------------------
Other 119,183
- --------------------------------------------------------------------------------
Total expenses 21,914,191
Less reduction to custodian expenses (3,720)
Less waivers and reimbursements of expenses (18,066)
-------------
Net expenses 21,892,405
- --------------------------------------------------------------------------------
NET INVESTMENT LOSS (4,983,387)
46 | OPPENHEIMER MAIN STREET SMALL CAP FUND
- ----------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
- ----------------------------------------------------------------------------------------
Net realized gain on:
Investments $213,317,002
Foreign currency transactions 911,285
-------------
Net realized gain 214,228,287
- ----------------------------------------------------------------------------------------
Net change in unrealized appreciation on:
Investments 66,930,040
Translation of assets and liabilities denominated in foreign currencies 1,235,229
-------------
Net change in unrealized appreciation 68,165,269
- ----------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $277,410,169
=============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
47 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
DECEMBER 31, 2005 JUNE 30,
(UNAUDITED) 2005
- ---------------------------------------------------------------------------------------------
OPERATIONS
- ---------------------------------------------------------------------------------------------
Net investment loss $ (4,983,387) $ (11,564,146)
- ---------------------------------------------------------------------------------------------
Net realized gain 214,228,287 249,472,058
- ---------------------------------------------------------------------------------------------
Net change in unrealized appreciation 68,165,269 80,889,536
----------------------------------
Net increase in net assets resulting from operations 277,410,169 318,797,448
- ---------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- ---------------------------------------------------------------------------------------------
Distributions from net realized gain:
Class A (123,394,884) (125,319,501)
Class B (35,376,313) (49,474,404)
Class C (36,692,649) (43,432,706)
Class N (10,529,852) (10,035,672)
Class Y (18,625,659) (5,774,095)
- ---------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- ---------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
beneficial interest transactions:
Class A 281,347,541 330,405,181
Class B (17,501,867) 17,405,073
Class C 45,581,112 59,944,813
Class N 21,511,199 41,110,533
Class Y 63,263,875 205,189,367
- ---------------------------------------------------------------------------------------------
NET ASSETS
- ---------------------------------------------------------------------------------------------
Total increase 446,992,672 738,816,037
- ---------------------------------------------------------------------------------------------
Beginning of period 2,899,682,539 2,160,866,502
----------------------------------
End of period (including accumulated net investment
loss of $5,212,770 and $229,383, respectively) $3,346,675,211 $2,899,682,539
==================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
48 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
DECEMBER 31, 2005 JUNE 30,
CLASS A (UNAUDITED) 2005 2004 2003 2002 2001
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 20.17 $ 19.52 $ 14.78 $ 15.12 $ 15.02 $ 14.77
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.01) 1 (.04) 1 (.10) (.08) (.08) (.08)
Net realized and unrealized gain (loss) 1.94 2.65 4.84 (.26) .19 1.12
-----------------------------------------------------------------------------------
Total from investment operations 1.93 2.61 4.74 (.34) .11 1.04
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Distributions from net realized gain (1.47) (1.96) -- -- (.01) (.79)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 20.63 $ 20.17 $ 19.52 $ 14.78 $ 15.12 $ 15.02
===================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 9.51% 13.82% 32.07% (2.25)% 0.71% 7.66%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $1,868,260 $1,557,307 $1,177,389 $584,052 $512,337 $294,780
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $1,719,966 $1,325,846 $ 904,397 $490,057 $386,221 $205,916
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (0.10)% (0.20)% (0.42)% (0.59)% (0.50)% (0.60)%
Total expenses 1.17% 1.19% 1.17% 1.39% 1.37% 1.28%
Expenses after payments and waivers and
reduction to custodian expenses 1.17% 1.19% 1.17% 1.36% 1.37% 1.28%
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 57% 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.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
49 | OPPENHEIMER MAIN STREET SMALL CAP FUND
SIX MONTHS YEAR
ENDED ENDED
DECEMBER 31, 2005 JUNE 30,
CLASS B (UNAUDITED) 2005 2004 2003 2002 2001
- ---------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 19.19 $ 18.79 $ 14.35 $ 14.79 $ 14.80 $ 14.68
- ---------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.09) 1 (.18) 1 (.20) (.14) (.12) (.14)
Net realized and unrealized gain (loss) 1.84 2.54 4.64 (.30) .12 1.05
-----------------------------------------------------------------------------
Total from investment operations 1.75 2.36 4.44 (.44) -- .91
- ---------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Distributions from net realized gain (1.47) (1.96) -- -- (.01) (.79)
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 19.47 $ 19.19 $ 18.79 $ 14.35 $ 14.79 $ 14.80
=============================================================================
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 9.05% 12.98% 30.94% (2.98)% (0.02)% 6.79%
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $501,760 $510,183 $482,028 $330,174 $285,102 $177,479
- ---------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $506,289 $490,050 $432,160 $268,057 $218,939 $128,350
- ---------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (0.89)% (0.98)% (1.26)% (1.34)% (1.25)% (1.36)%
Total expenses 1.96% 1.97% 2.01% 2.21% 2.12% 2.05%
Expenses after payments and waivers and
reduction to custodian expenses 1.96% 1.97% 2.01% 2.11% 2.12% 2.05%
- ---------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 57% 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.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
50 | OPPENHEIMER MAIN STREET SMALL CAP FUND
SIX MONTHS YEAR
ENDED ENDED
DECEMBER 31, 2005 JUNE 30,
CLASS C (UNAUDITED) 2005 2004 2003 2002 2001
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
Net asset value, beginning of period $ 19.24 $ 18.82 $ 14.36 $ 14.79 $ 14.81 $ 14.68
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.08) 1 (.17) 1 (.17) (.13) (.10) (.13)
Net realized and unrealized gain (loss) 1.84 2.55 4.63 (.30) .09 1.05
---------------------------------------------------------------------------------
Total from investment operations 1.76 2.38 4.46 (.43) (.01) .92
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Distributions from net realized gain (1.47) (1.96) -- -- (.01) (.79)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 19.53 $ 19.24 $ 18.82 $ 14.36 $ 14.79 $ 14.81
=================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 9.08% 13.07% 31.06% (2.91)% (0.09)% 6.86%
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $525,243 $473,099 $402,056 $238,717 $186,108 $89,814
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $501,120 $433,888 $340,201 $186,380 $127,393 $60,762
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (0.82)% (0.91)% (1.17)% (1.30)% (1.23)% (1.36)%
Total expenses 1.89% 4 1.90% 4,5 1.91% 4,5 2.07% 4 2.12% 4 2.05% 4
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 57% 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.
51 | OPPENHEIMER MAIN STREET SMALL CAP FUND
SIX MONTHS YEAR
ENDED ENDED
DECEMBER 31, 2005 JUNE 30,
CLASS N (UNAUDITED) 2005 2004 2003 2002 2001 1
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 19.90 $ 19.33 $ 14.69 $ 15.05 $ 15.00 $13.53
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.04) 2 (.10) 2 (.14) (.11) (.12) (.02)
Net realized and unrealized gain (loss) 1.90 2.63 4.78 (.25) .18 1.49
---------------------------------------------------------------------------------
Total from investment operations 1.86 2.53 4.64 (.36) .06 1.47
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Distributions from net realized gain (1.47) (1.96) -- -- (.01) --
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 20.29 $ 19.90 $ 19.33 $ 14.69 $ 15.05 $15.00
=================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 3 9.28% 13.53% 31.59% (2.39)% 0.38% 10.87%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $153,326 $129,631 $84,678 $41,474 $14,557 $995
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $144,597 $105,497 $65,107 $24,417 $ 5,924 $445
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment loss (0.42)% (0.50)% (0.77)% (0.83)% (0.66)% (0.76)%
Total expenses 1.52% 1.54% 1.61% 1.64% 1.65% 1.59%
Expenses after payments and waivers and
reduction to custodian expenses 1.49% 1.50% 1.52% 1.60% 1.65% 1.59%
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 57% 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.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
52 | OPPENHEIMER MAIN STREET SMALL CAP FUND
SIX MONTHS YEAR
ENDED ENDED
DECEMBER 31, 2005 JUNE 30,
CLASS Y (UNAUDITED) 2005 2004 2003 2002 2001
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 20.76 $ 19.94 $ 15.03 $15.27 $15.11 $14.82
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) .04 1 .08 1 (.03) (.07) (.10) (.05)
Net realized and unrealized gain (loss) 2.00 2.70 4.94 (.17) .27 1.13
------------------------------------------------------------------------------
Total from investment operations 2.04 2.78 4.91 (.24) .17 1.08
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Distributions from net realized gain (1.47) (1.96) -- -- (.01) (.79)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 21.33 $ 20.76 $ 19.94 $15.03 $15.27 $15.11
==============================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 9.77% 14.41% 32.67% (1.57)% 1.11% 7.90%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $298,086 $229,463 $14,714 $7,637 $1,619 $ 2
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $260,167 $ 84,470 $11,428 $3,460 $ 813 $ 2
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income (loss) 0.41% 0.39% 0.06% 0.00% 0.01% (0.23)%
Total expenses 0.67% 0.69% 0.70% 0.79% 0.97% 0.89%
Expenses after payments and waivers and
reduction to custodian expenses 0.67% 0.69% 0.70% 0.79% 0.93% 0.89%
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 57% 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.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
53 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Oppenheimer Main Street Small Cap Fund (the Fund) is an open-end management
investment company registered under the Investment Company Act of 1940, as
amended. The Fund's investment objective is to seek capital appreciation. The
Fund's investment advisor is OppenheimerFunds, Inc. (the Manager).
The Fund offers Class A, Class B, Class C, Class N and Class Y shares.
Class A shares are sold at their offering price, which is normally net asset
value plus a front-end sales charge. Class B, Class C and Class N shares are
sold without a front-end sales charge but may be subject to a contingent
deferred sales charge (CDSC). Class N shares are sold only through retirement
plans. Retirement plans that offer Class N shares may impose charges on those
accounts. Class Y shares are sold to certain institutional investors without
either a front-end sales charge or a CDSC, however, the institutional investor
may impose charges on those accounts. All classes of shares have identical
rights and voting privileges with respect to the Fund in general and exclusive
voting rights on matters that affect that class alone. Earnings, net assets and
net asset value per share may differ due to each class having its own expenses,
such as transfer and shareholder servicing agent fees and shareholder
communications, directly attributable to that class. Class A, B, C and N have
separate distribution and/or service plans. No such plan has been adopted for
Class Y shares. Class B shares will automatically convert to Class A shares six
years after the date of purchase.
The following is a summary of significant accounting policies consistently
followed by the Fund.
- --------------------------------------------------------------------------------
SECURITIES VALUATION. The Fund calculates the net asset value of its shares as
of the close of The New York Stock Exchange (the Exchange), normally 4:00 P.M.
Eastern time, on each day the Exchange is open for business. Securities may be
valued primarily using dealer-supplied valuations or a portfolio pricing service
authorized by the Board of Trustees. Securities listed or traded on National
Stock Exchanges or other domestic exchanges are valued based on the last sale
price of the security traded on that exchange prior to the time when the Fund's
assets are valued. Securities traded on NASDAQ are valued based on the closing
price provided by NASDAQ prior to the time when the Fund's assets are valued. In
the absence of a sale, the security is valued at the last sale price on the
prior trading day, if it is within the spread of the closing "bid" and "asked"
prices, and if not, at the closing bid price. Securities traded on foreign
exchanges are valued based on the last sale price on the principal exchange on
which the security is traded, in the country that is identified by the portfolio
pricing service, prior to the time when the Fund's assets are valued. In the
absence of a sale, the security is valued at the official closing price on the
principal exchange. 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
54 | OPPENHEIMER MAIN STREET SMALL CAP FUND
Fund's assets are valued. Securities (including restricted securities) for which
market quotations are not readily available are valued at their fair value.
Foreign and domestic securities whose values have been materially affected by
what the Manager identifies as a significant event occurring before the Fund's
assets are valued but after the close of their respective exchanges will be fair
valued. Fair value is determined in good faith using consistently applied
procedures under the supervision of the Board of Trustees. Short-term "money
market type" debt securities with remaining maturities of sixty days or less are
valued at amortized cost (which approximates market value).
- --------------------------------------------------------------------------------
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.
55 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
FEDERAL TAXES. The Fund intends to comply with provisions of the Internal
Revenue Code applicable to regulated investment companies and to distribute
substantially all of its investment company taxable income, including any net
realized gain on investments not offset by capital loss carryforwards, if any,
to shareholders, therefore, no federal income or excise tax provision is
required.
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.
- --------------------------------------------------------------------------------
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 to the extent they are not
offset by positive cash balances maintained by the Fund. 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.
56 | 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:
SIX MONTHS ENDED DECEMBER 31, 2005 YEAR ENDED JUNE 30, 2005
SHARES AMOUNT SHARES AMOUNT
- -------------------------------------------------------------------------------------------------------
CLASS A
Sold 16,414,576 $ 346,794,127 29,883,300 $ 581,531,206
Dividends and/or
distributions reinvested 5,536,114 115,206,284 6,060,495 117,210,057
Redeemed (8,582,649) (180,652,870) (19,074,602) (368,336,082)
-------------------------------------------------------------------
Net increase 13,368,041 $ 281,347,541 16,869,193 $ 330,405,181
====================================================================
- -------------------------------------------------------------------------------------------------------
CLASS B
Sold 1,277,635 $ 25,546,932 3,932,600 $ 73,132,885
Dividends and/or
distributions reinvested 1,686,608 33,158,769 2,487,110 45,961,791
Redeemed (3,781,445) (76,207,568) (5,486,270) (101,689,603)
-------------------------------------------------------------------
Net increase (decrease) (817,202) $ (17,501,867) 933,440 $ 17,405,073
===================================================================
- -------------------------------------------------------------------------------------------------------
CLASS C
Sold 2,859,819 $ 57,283,953 6,186,055 $ 115,132,419
Dividends and/or
distributions reinvested 1,629,062 32,125,021 2,070,707 38,349,492
Redeemed (2,187,613) (43,827,862) (5,028,179) (93,537,098)
-------------------------------------------------------------------
Net increase 2,301,268 $ 45,581,112 3,228,583 $ 59,944,813
===================================================================
- -------------------------------------------------------------------------------------------------------
CLASS N
Sold 1,543,248 $ 32,029,717 3,124,670 $ 60,311,468
Dividends and/or
distributions reinvested 490,823 10,052,147 506,098 9,671,541
Redeemed (993,188) (20,570,665) (1,496,199) (28,872,476)
-------------------------------------------------------------------
Net increase 1,040,883 $ 21,511,199 2,134,569 $ 41,110,533
===================================================================
- -------------------------------------------------------------------------------------------------------
CLASS Y
Sold 3,265,675 $ 70,656,114 11,241,374 $ 223,482,775
Dividends and/or
distributions reinvested 864,309 18,599,939 290,730 5,773,899
Redeemed (1,208,393) (25,992,178) (1,218,969) (24,067,307)
-------------------------------------------------------------------
Net increase 2,921,591 $ 63,263,875 10,313,135 $ 205,189,367
===================================================================
57 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
3. PURCHASES AND SALES OF SECURITIES
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations, for the six months ended December 31, 2005, were as
follows:
PURCHASES SALES
- --------------------------------------------------------------------------------
Investment securities $1,943,277,691 $1,751,305,917
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Effective January 1, 2006, 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, 0.60% of the next $4.2
billion and 0.58% of average annual net assets in excess of $5 billion. Prior to
January 1, 2006, the Fund provided 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 SERVICE FEES. The Fund pays the Manager a fee of $1,500 per year
for preparing and filing the Fund's tax returns.
- --------------------------------------------------------------------------------
TRANSFER AGENT FEES. OppenheimerFunds Services (OFS), a division of the Manager,
acts as the transfer and shareholder servicing agent for the Fund. The Fund pays
OFS a per account fee. For the six months ended December 31, 2005, the Fund paid
$3,866,722 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
periodically 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 periodically for
providing personal services and maintenance of accounts of their customers that
hold Class A shares. Any unreimbursed expenses the Distributor incurs with
respect to Class A shares in any fiscal year cannot be recovered in subsequent
years. Fees incurred by the Fund under the plan are detailed in the Statement of
Operations.
58 | OPPENHEIMER MAIN STREET SMALL CAP FUND
- --------------------------------------------------------------------------------
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% on Class B and
Class C shares and 0.25% on Class N shares. The Distributor also receives a
service fee of 0.25% per year under each plan. If either the Class B, Class C or
Class N plan is terminated by the Fund or by the shareholders of a class, the
Board of Trustees and its independent trustees must determine whether the
Distributor shall be entitled to payment from the Fund of all or a portion of
the service fee and/or asset-based sales charge in respect to shares sold prior
to the effective date of such termination. The Distributor's aggregate
uncompensated expenses under the plan at December 31, 2005 for Class B, Class C
and Class N shares were $4,777,727, $5,245,367 and $1,498,802, respectively.
Fees incurred by the Fund under the plans are detailed in the Statement of
Operations.
- --------------------------------------------------------------------------------
SALES CHARGES. Front-end sales charges and contingent deferred sales charges
(CDSC) do not represent expenses of the Fund. They are deducted from the
proceeds of sales of Fund shares prior to investment or from redemption proceeds
prior to remittance, as applicable. The sales charges retained by the
Distributor from the sale of shares and the CDSC retained by the Distributor on
the redemption of shares is shown in the table below for the period indicated.
CLASS A CLASS B CLASS C CLASS N
CLASS A CONTINGENT CONTINGENT CONTINGENT CONTINGENT
FRONT-END SALES DEFERRED SALES DEFERRED SALES DEFERRED SALES DEFERRED SALES
CHARGES CHARGES CHARGES CHARGES CHARGES
SIX MONTHS RETAINED BY RETAINED BY RETAINED BY RETAINED BY RETAINED BY
ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
- --------------------------------------------------------------------------------------------------------------
December 31, 2005 $506,974 $-- $320,829 $25,047 $54,940
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 six months ended December 31,
2005, OFS waived $18,066 for Class N shares. This undertaking may be amended or
withdrawn at any time.
- --------------------------------------------------------------------------------
5. FOREIGN CURRENCY CONTRACTS
A foreign currency contract is a commitment to purchase or sell a foreign
currency at a future date, at a negotiated rate. The Fund may enter into foreign
currency contracts to settle specific purchases or sales of securities
denominated in a foreign currency and for protection from adverse exchange rate
fluctuation. Risks to the Fund include the potential inability of the
counterparty to meet the terms of the contract.
The net U.S. dollar value of foreign currency underlying all contractual
commitments held by the Fund and the resulting unrealized appreciation or
depreciation are determined using prevailing foreign currency exchange rates.
Unrealized appreciation and
59 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
5. FOREIGN CURRENCY CONTRACTS Continued
depreciation on foreign currency contracts are reported in the Statement of
Assets and Liabilities as a receivable or payable and in the Statement of
Operations with the change in unrealized appreciation or depreciation.
The Fund may realize a gain or loss upon the closing or settlement of the
foreign transaction. Contracts closed or settled with the same broker are
recorded as net realized gains or losses. Such realized gains and losses are
reported with all other foreign currency gains and losses in the Statement of
Operations.
As of December 31, 2005, the Fund had no outstanding foreign currency
contracts.
- --------------------------------------------------------------------------------
6. ILLIQUID OR RESTRICTED SECURITIES
As of December 31, 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:
VALUATION AS OF
ACQUISITION DECEMBER 31, UNREALIZED
SECURITY DATES COST 2005 APPRECIATION
- ---------------------------------------------------------------------------------------------
Mission Oil & Gas, Inc. 1/18/05 $426,484 $ 504,220 $ 77,736
Tusk Energy Corp. 11/15/04 492,524 1,197,041 704,517
---------------------------------------------
$919,008 $1,701,261 $782,253
=============================================
- --------------------------------------------------------------------------------
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 U.S.
Treasury obligations or cash, against the loaned securities and maintains
collateral in an amount not less than 100% of the market value of the loaned
securities during the period of the loan. The market value of the loaned
securities is determined at the close of business of the funds and any
additional required collateral is delivered to the Fund on the next business
day. If the borrower defaults on its obligation to return the securities loaned
because of insolvency or other reasons, the Fund could experience delays and
cost in recovering the securities loaned or in gaining access to the collateral.
Cash collateral is invested in cash equivalents. The Fund retains a portion of
the interest earned from the collateral. The Fund continues to receive the
economic benefit of interest or dividends paid on the securities loaned in
60 | OPPENHEIMER MAIN STREET SMALL CAP FUND
- --------------------------------------------------------------------------------
the form of a substitute payment received from the borrower. As of December 31,
2005, the Fund had on loan securities valued at $757,506,775. Collateral of
$784,240,574 was received for the loans, of which $778,954,498 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.
61 | 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.
62 | OPPENHEIMER MAIN STREET SMALL CAP FUND
BOARD APPROVAL OF THE FUND'S INVESTMENT
ADVISORY AGREEMENT Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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
investment advisory agreement (the "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 Agreement. The Board employs an independent consultant to prepare a
report that provides information, including comparative information, that the
Board requests for that purpose. In addition, the Board receives information
throughout the year regarding Fund services, fees, expenses and performance.
The Manager and the independent consultant provided information to the
Board on the following factors: (i) the nature, quality and extent of the
Manager's services, (ii) the investment performance of the Fund and the Manager,
(iii) the fees and expenses of the Fund, including comparative expense
information, (iv) the profitability of the Manager, including an analysis of the
cost of providing services, (v) whether economies of scale are realized as the
Fund grows and whether fee levels reflect these economies of scale for Fund
investors and (vi) other benefits to the Manager from its relationship with the
Fund. Outlined below is a summary of the principal information considered by the
Board as well as the Board's conclusions.
NATURE, QUALITY, AND EXTENT OF SERVICES. The Board considered information
on the nature and extent of the services provided to the Fund and information
regarding the Manager's key personnel that provide such services. The Manager's
duties include providing the Fund with 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; securities trading
services; oversight of third party service providers; monitoring compliance with
applicable Fund policies and procedures and adherence to the Fund's investment
restrictions. The Manager is responsible for providing certain administrative
services to the Fund as well. Those services include providing and supervising
all administrative and clerical personnel that are necessary in order to provide
effective corporate administration for the Fund; compiling and maintaining
records with respect to the Fund's operations; preparing and filing reports
required by the Securities and Exchange Commission; preparing periodic reports
regarding the operations of the Fund for its shareholders; preparing proxy
materials for shareholder meetings; and preparing the registration statements
required by Federal and state securities laws for the sale of the Fund's shares.
The Manager also provides the Fund with office space, facilities and equipment.
63 | OPPENHEIMER MAIN STREET SMALL CAP FUND
BOARD APPROVAL OF THE TRUST'S INVESTMENT
ADVISORY AGREEMENT Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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
took account of the fact 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 has received regarding the experience and professional qualifications of
the Manager's key personnel and the size and functions of its staff providing
investment management services to the Fund. The Board also considered compliance
reports from the Fund's Chief Compliance Officer. In its evaluation of the
quality of the portfolio management services provided, the Board considered the
experience of Nikolaos Monoyios and Mark Zavanelli and the Manager's Main Street
investment team and analysts. Messrs. Monoyios and Zavanelli have had over 28
and 14 years of experience managing equity and international investments. The
Board members also considered the totality of their experiences with the
Manager, as directors or trustees of the Fund and other funds advised by the
Manager. In light of the foregoing, the Board concluded that the Fund benefits
from the services provided under the Agreement as a result of the Manager's
experience, reputation, personnel, operations, and resources.
INVESTMENT PERFORMANCE OF THE MANAGER AND THE FUND. During the year, the
Manager provided information on the performance of the Fund and the Manager at
each Board meeting, including comparative performance information. 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 (including both
funds advised by the Manager and funds advised by other investment advisers).
The Board noted that the Fund's one-year, three-year and five-year performance
were all better than its peer group median.
COSTS OF SERVICES AND PROFITS REALIZED BY THE MANAGER. The Board
considered information regarding the Manager's costs in serving as the Fund's
investment adviser, including the costs associated with the personnel and
systems necessary to manage the Fund, and information regarding the Manager's
profitability from its relationship with the Fund. The Board reviewed the fees
paid to the Manager and the other expenses borne by the Fund. The Board also
evaluated the comparability of the fees charged and the services provided to the
Fund to the fees and services for other clients or accounts advised by the
Manager. 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 contractual
64 | OPPENHEIMER MAIN STREET SMALL CAP FUND
and actual management fees and its total expenses are all lower than its peer
group median and average.
ECONOMIES OF SCALE. The Board considered whether the Manager may realize
economies of scale in managing and supporting the Fund, whether those economies
of scale benefit the Fund's shareholders and the current level of Fund assets in
relation to the Fund's management fee breakpoints, which are intended to share
with shareholders economies of scale that may exist as the Fund grows. Based on
this evaluation, the Manager agreed to a revised breakpoint schedule that,
effective January 1, 2006, reduced the management fee on average annual net
assets over $5 billion to 0.58%.
OTHER BENEFITS TO THE MANAGER. In addition to considering the profits
realized by the Manager, 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). The Board also considered the
nature and quality of services provided by affiliates of the Manager, which it
reviews at other times during the year in connection with the renewal of the
Fund's service agreements. 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.
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,
decided 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.
65 | OPPENHEIMER MAIN STREET SMALL CAP FUND
ITEM 2. CODE OF ETHICS.
Not applicable to semiannual reports.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to semiannual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to semiannual reports.
ITEM 5. 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 FUND'S GOVERNANCE COMMITTEE PROVISIONS WITH RESPECT TO NOMINATIONS OF
DIRECTORS/TRUSTEES TO THE RESPECTIVE BOARDS
1. The Fund's 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 December 31, 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 have materially affected, or are reasonably
likely to materially affect, the registrant's internal control over financial
reporting.
ITEM 12. EXHIBITS.
(a) (1) Not applicable to semiannual reports.
(2) Exhibits attached hereto.
(3) Not applicable.
(b) Exhibit attached hereto.
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
------------------
John V. Murphy
Principal Executive Officer
Date: February 14, 2006
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: February 14, 2006
By: /s/ Brian W. Wixted
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Brian W. Wixted
Principal Financial Officer
Date: February 14, 2006