UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-09333
---------
OPPENHEIMER MAIN STREET SMALL CAP FUND
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(Exact name of registrant as specified in charter)
6803 SOUTH TUCSON WAY, CENTENNIAL, COLORADO 80112-3924
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(Address of principal executive offices) (Zip code)
ROBERT G. ZACK, ESQ.
OPPENHEIMERFUNDS, INC.
TWO WORLD FINANCIAL CENTER, NEW YORK, NEW YORK 10281-1008
---------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: (303) 768-3200
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Date of fiscal year end: JUNE 30
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Date of reporting period: DECEMBER 31, 2006
-----------------
ITEM 1. REPORTS TO STOCKHOLDERS.
TOP HOLDINGS AND ALLOCATIONS
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TOP TEN COMMON STOCK INDUSTRIES
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Specialty Retail 5.8%
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Commercial Services & Supplies 5.2
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Semiconductors & Semiconductor Equipment 4.9
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Software 4.7
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Chemicals 4.0
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Insurance 3.8
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Machinery 3.6
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Electronic Equipment & Instruments 3.5
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Real Estate Investment Trusts 3.2
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Health Care Providers & Services 3.1
Portfolio holdings and allocations are subject to change. Percentages are as of
December 31, 2006, and are based on net assets.
TOP TEN COMMON STOCK HOLDINGS
- --------------------------------------------------------------------------------
Greif, Inc., Cl. A 0.4%
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Payless ShoeSource, Inc. 0.4
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Cleveland-Cliffs, Inc. 0.4
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Hercules, Inc. 0.4
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AMERIGROUP Corp. 0.4
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Chaparral Steel Co. 0.4
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AK Steel Holding Corp. 0.4
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W.R. Grace & Co. 0.4
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Oregon Steel Mills, Inc. 0.4
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InterDigital Communications Corp. 0.3
Portfolio holdings and allocations are subject to change. Percentages are as of
December 31, 2006, and are based on net assets.
For up-to-date Top 10 Fund holdings, please visit www.oppenheimerfunds.com.
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9 | OPPENHEIMER MAIN STREET SMALL CAP FUND
TOP HOLDINGS AND ALLOCATIONS
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SECTOR ALLOCATION
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Information Technology 24.2%
Consumer Discretionary 18.5
Industrials 16.8
Financials 12.3
Materials 8.9
Health Care 8.2
Energy 5.1
Consumer Staples 2.7
Utilities 1.8
Telecommunication Services 1.5
Portfolio holdings and allocations are subject to change. Percentages are as of
December 31, 2006, and are based on the total market value of common stocks.
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10 | 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). Because Class B shares convert to
Class A shares 72 months after purchase, the "since inception" return for Class
B uses Class A performance for the period after conversion. Class B shares are
subject to an annual 0.75% asset-based sales charge.
CLASS C shares of the Fund were first publicly offered on 8/2/99. Unless
otherwise noted Class C returns include the contingent deferred sales charge of
1% for the 1-year period. Class C shares are subject to an annual 0.75%
asset-based sales charge.
CLASS N shares of the Fund were first publicly offered on 3/1/01. Class N shares
are offered only through retirement plans. Unless otherwise noted, Class N
returns include the contingent deferred sales charge of 1% for the 1-year
period. Class N shares are subject to an annual 0.25% asset-based sales charge.
CLASS Y shares of the Fund were first publicly offered on 8/2/99. Class Y shares
are offered only to certain institutional investors under special agreement with
the Distributor.
An explanation of the calculation of performance is in the Fund's Statement of
Additional Information.
11 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FUND EXPENSES
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FUND EXPENSES. As a shareholder of the Fund, you incur two types of costs: (1)
transaction costs, which may include sales charges (loads) on purchase payments,
contingent deferred sales charges on redemptions; and redemption fees, if any;
and (2) ongoing costs, including management fees; distribution and service fees;
and other Fund expenses. These examples are intended to help you understand your
ongoing costs (in dollars) of investing in the Fund and to compare these costs
with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the beginning
of the period and held for the entire 6-month period ended December 31, 2006.
ACTUAL EXPENSES. The "actual" lines of the table provide information about
actual account values and actual expenses. You may use the information on this
line for the class of shares you hold, together with the amount you invested, to
estimate the expense that you paid over the period. Simply divide your account
value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00
= 8.60), then multiply the result by the number in the "actual" line under the
heading entitled "Expenses Paid During Period" to estimate the expenses you paid
on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES. The "hypothetical" lines of the
table provide information about hypothetical account values and hypothetical
expenses based on the Fund's actual expense ratio for each class of shares, and
an assumed rate of return of 5% per year before expenses, which is not the
Fund's actual return. The hypothetical account values and expenses may not be
used to estimate the actual ending account balance or expenses you paid for the
period. You may use this information to compare the ongoing costs of investing
in the Fund and other funds. To do so, compare this 5% hypothetical example for
the class of shares you hold with the 5% hypothetical examples that appear in
the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front-end
or contingent deferred sales charges (loads), or a $12.00 fee imposed annually
on accounts valued at less than $500.00 (subject to exceptions described in
12 | OPPENHEIMER MAIN STREET SMALL CAP FUND
the Statement of Additional Information). Therefore, the "hypothetical" lines of
the table are useful in comparing ongoing costs only, and will not help you
determine the relative total costs of owning different funds. In addition, if
these transactional costs were included, your costs would have been higher.
- --------------------------------------------------------------------------------
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
(7/1/06) (12/31/06) DECEMBER 31, 2006
- --------------------------------------------------------------------------------------------
Class A Actual $ 1,000.00 $ 1,062.00 $ 5.94
- --------------------------------------------------------------------------------------------
Class A Hypothetical 1,000.00 1,019.46 5.82
- --------------------------------------------------------------------------------------------
Class B Actual 1,000.00 1,057.80 10.01
- --------------------------------------------------------------------------------------------
Class B Hypothetical 1,000.00 1,015.53 9.80
- --------------------------------------------------------------------------------------------
Class C Actual 1,000.00 1,058.10 9.64
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Class C Hypothetical 1,000.00 1,015.88 9.44
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Class N Actual 1,000.00 1,059.90 7.61
- --------------------------------------------------------------------------------------------
Class N Hypothetical 1,000.00 1,017.85 7.45
- --------------------------------------------------------------------------------------------
Class Y Actual 1,000.00 1,064.20 3.44
- --------------------------------------------------------------------------------------------
Class Y Hypothetical 1,000.00 1,021.88 3.77
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,
excluding affiliated fund indirect expenses, based on the 6-month period ended
December 31, 2006 are as follows:
CLASS EXPENSE RATIOS
- ---------------------------------
Class A 1.14%
- ---------------------------------
Class B 1.92
- ---------------------------------
Class C 1.85
- ---------------------------------
Class N 1.46
- ---------------------------------
Class Y 0.66
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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13 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS December 31, 2006 / Unaudited
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VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMON STOCKS--99.0%
- --------------------------------------------------------------------------------
CONSUMER DISCRETIONARY--18.3%
- --------------------------------------------------------------------------------
AUTO COMPONENTS--1.4%
Aftermarket Technology
Corp. 1 98,100 $ 2,087,568
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ArvinMeritor, Inc. 2 807,800 14,726,194
- --------------------------------------------------------------------------------
Autoliv, Inc. 85,600 5,161,680
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Fuel Systems Solutions,
Inc. 1,2 29,400 649,152
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GenTek, Inc. 1,2 33,100 1,144,929
- --------------------------------------------------------------------------------
Goodyear Tire &
Rubber Co. (The) 1,2 324,700 6,815,453
- --------------------------------------------------------------------------------
Lear Corp. 2 383,900 11,336,567
- --------------------------------------------------------------------------------
Modine Manufacturing
Co. 2 218,000 5,456,540
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Sauer-Danfoss, Inc. 2 162,800 5,250,300
- --------------------------------------------------------------------------------
Shiloh Industries, Inc. 1 31,500 596,925
- --------------------------------------------------------------------------------
Standard Motor
Products, Inc. 5,500 82,390
- --------------------------------------------------------------------------------
Tenneco, Inc. 1 565,700 13,984,104
-----------------
67,291,802
- --------------------------------------------------------------------------------
AUTOMOBILES--0.1%
Winnebago Industries,
Inc. 2 212,700 6,999,957
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DISTRIBUTORS--0.1%
Building Materials
Holding Corp. 123,800 3,056,622
- --------------------------------------------------------------------------------
DIVERSIFIED CONSUMER SERVICES--1.7%
Apollo Group, Inc.,
Cl. A 1 95,300 3,713,841
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Bright Horizons Family
Solutions, Inc. 1,2 67,800 2,621,148
- --------------------------------------------------------------------------------
Career Education
Corp. 1 202,500 5,017,950
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Coinstar, Inc. 1 180,200 5,508,714
- --------------------------------------------------------------------------------
Corinthian Colleges,
Inc. 1,2 458,200 6,245,266
- --------------------------------------------------------------------------------
CPI Corp. 23,300 1,083,217
- --------------------------------------------------------------------------------
DeVry, Inc 532,400 14,907,200
- --------------------------------------------------------------------------------
INVESTools, Inc. 1,2 255,600 3,524,724
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
DIVERSIFIED CONSUMER SERVICES Continued
ITT Educational
Services, Inc. 1 72,900 $ 4,838,373
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Jackson Hewitt Tax
Service, Inc. 2 279,400 9,491,218
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Regis Corp. 136,897 5,412,907
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Service Corp.
International 202,800 2,078,700
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Sotheby's 2 90,300 2,801,106
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Steiner Leisure Ltd. 1,2 122,100 5,555,550
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Stewart Enterprises,
Inc. 2 301,700 1,885,625
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Strayer Education,
Inc. 2 58,000 6,150,900
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Vertrue, Inc. 1,2 31,700 1,217,597
-----------------
82,054,036
- --------------------------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE--2.3%
AFC Enterprises, Inc. 1,2 78,000 1,378,260
- --------------------------------------------------------------------------------
Ambassadors Group,
Inc. 2 91,300 2,770,955
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Aztar Corp. 1,2 134,100 7,297,722
- --------------------------------------------------------------------------------
Bally Technologies,
Inc. 1,2 106,900 1,996,892
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Benihana, Inc., Cl. A 1 2,800 85,960
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Bob Evans Farms, Inc. 285,200 9,759,544
- --------------------------------------------------------------------------------
Brinker International,
Inc. 132,300 3,990,168
- --------------------------------------------------------------------------------
Buffalo Wild Wings,
Inc. 1 47,600 2,532,320
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CBRL Group, Inc. 2 106,200 4,753,512
- --------------------------------------------------------------------------------
CEC Entertainment,
Inc. 1 43,400 1,746,850
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Chipotle Mexican
Grill, Inc., Cl. A 1,2 34,800 1,983,600
- --------------------------------------------------------------------------------
Ctrip.com International
Ltd., ADR 2 47,200 2,949,056
- --------------------------------------------------------------------------------
Denny's Corp. 1 372,700 1,755,417
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Domino's Pizza, Inc. 433,100 12,126,800
- --------------------------------------------------------------------------------
Dover Downs Gaming &
Entertainment, Inc. 2 174,400 2,331,728
14 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE Continued
IHOP Corp. 2 160,000 $ 8,432,000
- --------------------------------------------------------------------------------
Jack in the Box, Inc. 1,2 255,700 15,607,928
- --------------------------------------------------------------------------------
Krispy Kreme
Doughnuts, Inc. 1,2 194,900 2,163,390
- --------------------------------------------------------------------------------
Luby's, Inc. 1,2 137,300 1,495,197
- --------------------------------------------------------------------------------
Marcus Corp. (The) 2 12,900 329,982
- --------------------------------------------------------------------------------
McCormick & Schmick's
Seafood Restaurants,
Inc. 1,2 81,400 1,956,856
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Monarch Casino &
Resort, Inc. 1,2 88,400 2,110,992
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MTR Gaming Group,
Inc. 1,2 92,600 1,131,572
- --------------------------------------------------------------------------------
Multimedia Games,
Inc. 1,2 111,600 1,071,360
- --------------------------------------------------------------------------------
O'Charley's, Inc. 1 79,900 1,700,272
- --------------------------------------------------------------------------------
Papa John's International,
Inc. 1,2 190,400 5,523,504
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Ruby Tuesday, Inc. 2 16,700 458,248
- --------------------------------------------------------------------------------
Vail Resorts, Inc. 1,2 102,100 4,576,122
- --------------------------------------------------------------------------------
Wendy's International,
Inc. 170,600 5,645,154
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WMS Industries, Inc. 1,2 160,300 5,588,058
-----------------
115,249,419
- --------------------------------------------------------------------------------
HOUSEHOLD DURABLES--1.5%
American Greetings
Corp., Cl. A 2 296,000 7,065,520
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Black & Decker Corp. 30,000 2,399,100
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Blyth, Inc. 2 265,000 5,498,750
- --------------------------------------------------------------------------------
CSS Industries, Inc. 2 4,492 158,882
- --------------------------------------------------------------------------------
Ethan Allen Interiors,
Inc. 2 236,200 8,529,182
- --------------------------------------------------------------------------------
Furniture Brands
International, Inc. 2 35,800 581,034
- --------------------------------------------------------------------------------
Interface, Inc., Cl. A 1,2 454,400 6,461,568
- --------------------------------------------------------------------------------
Jarden Corp. 1 111,900 3,893,001
- --------------------------------------------------------------------------------
Kimball International,
Inc., Cl. B 252,500 6,135,750
- --------------------------------------------------------------------------------
La-Z-Boy, Inc. 2 201,300 2,389,431
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HOUSEHOLD DURABLES Continued
Leggett & Platt, Inc. 61,900 $ 1,479,410
- --------------------------------------------------------------------------------
Meritage Homes
Corp. 1,2 129,500 6,179,740
- --------------------------------------------------------------------------------
Skyline Corp. 2 3,100 124,682
- --------------------------------------------------------------------------------
Snap-On, Inc. 2 133,400 6,355,176
- --------------------------------------------------------------------------------
Stanley Furniture Co.,
Inc. 2 88,700 1,902,615
- --------------------------------------------------------------------------------
Stanley Works (The) 43,600 2,192,644
- --------------------------------------------------------------------------------
Tempur-Pedic
International, Inc. 1,2 742,100 15,183,366
-----------------
76,529,851
- --------------------------------------------------------------------------------
INTERNET & CATALOG RETAIL--0.6%
Blue Nile, Inc. 1,2 51,300 1,892,457
- --------------------------------------------------------------------------------
Expedia, Inc. 1 80,600 1,690,988
- --------------------------------------------------------------------------------
FTD Group, Inc. 1,2 126,600 2,264,874
- --------------------------------------------------------------------------------
GSI Commerce, Inc. 1,2 22,900 429,375
- --------------------------------------------------------------------------------
IAC/InterActiveCorp 1 147,200 5,469,952
- --------------------------------------------------------------------------------
NetFlix.com, Inc. 1,2 294,100 7,605,426
- --------------------------------------------------------------------------------
NutriSystem, Inc. 1,2 25,800 1,635,462
- --------------------------------------------------------------------------------
Priceline.com, Inc. 1,2 170,900 7,452,949
- --------------------------------------------------------------------------------
Stamps.com, Inc. 1,2 30,000 472,500
- --------------------------------------------------------------------------------
Systemax, Inc. 1,2 41,400 722,430
-----------------
29,636,413
- --------------------------------------------------------------------------------
LEISURE EQUIPMENT & PRODUCTS--0.7%
Brunswick Corp. 54,300 1,732,170
- --------------------------------------------------------------------------------
Eastman Kodak Co. 2 240,500 6,204,900
- --------------------------------------------------------------------------------
Hasbro, Inc. 217,400 5,924,150
- --------------------------------------------------------------------------------
K2, Inc. 1 164,300 2,167,117
- --------------------------------------------------------------------------------
Marvel Entertainment,
Inc. 1,2 250,400 6,738,264
- --------------------------------------------------------------------------------
Mattel, Inc. 346,800 7,858,488
- --------------------------------------------------------------------------------
RC2 Corp. 1,2 62,500 2,750,000
- --------------------------------------------------------------------------------
Steinway Musical
Instruments, Inc. 1,2 40,300 1,251,315
- --------------------------------------------------------------------------------
Sturm, Ruger & Co.,
Inc. 1 15,600 149,760
-----------------
34,776,164
15 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
MEDIA--1.5%
Arbitron, Inc. 2 25,200 $ 1,094,688
- --------------------------------------------------------------------------------
Catalina Marketing
Corp. 30,500 838,750
- --------------------------------------------------------------------------------
Charter Communications,
Inc., Cl. A 1,2 1,949,400 5,965,164
- --------------------------------------------------------------------------------
Citadel Broadcasting
Corp. 2 274,400 2,733,024
- --------------------------------------------------------------------------------
Cox Radio, Inc., Cl. A 1,2 553,800 9,026,940
- --------------------------------------------------------------------------------
Cumulus Media, Inc.,
Cl. A 1,2 234,600 2,437,494
- --------------------------------------------------------------------------------
Emmis Communications
Corp., Cl. A 2 61,100 503,464
- --------------------------------------------------------------------------------
GateHouse Media, Inc. 2 65,800 1,221,248
- --------------------------------------------------------------------------------
Harris Interactive, Inc. 1 53,900 271,656
- --------------------------------------------------------------------------------
Journal Register Co. 2 180,000 1,314,000
- --------------------------------------------------------------------------------
Knology, Inc. 1 95,800 1,019,312
- --------------------------------------------------------------------------------
Lee Enterprises, Inc. 2 169,500 5,264,670
- --------------------------------------------------------------------------------
Lin TV Corp. 1 70,500 701,475
- --------------------------------------------------------------------------------
Live Nation, Inc. 1 234,900 5,261,760
- --------------------------------------------------------------------------------
LodgeNet Entertainment
Corp. 1,2 89,700 2,245,191
- --------------------------------------------------------------------------------
Mediacom Communications
Corp. 1,2 369,900 2,973,996
- --------------------------------------------------------------------------------
ProQuest Co. 1,2 22,900 239,305
- --------------------------------------------------------------------------------
Radio One, Inc., Cl. D 1,2 202,300 1,363,502
- --------------------------------------------------------------------------------
RCN Corp. 1 36,100 1,088,415
- --------------------------------------------------------------------------------
Readers Digest Assn., Inc.
(The), Cl. A, Non-Vtg. 199,800 3,336,660
- --------------------------------------------------------------------------------
Regal Entertainment
Group 111,900 2,385,708
- --------------------------------------------------------------------------------
Scholastic Corp. 1,2 190,400 6,823,936
- --------------------------------------------------------------------------------
Sinclair Broadcast Group,
Inc., Cl. A 2 452,100 4,747,050
- --------------------------------------------------------------------------------
Warner Music Group
Corp. 140,600 3,226,770
- --------------------------------------------------------------------------------
Westwood One, Inc. 2 268,100 1,892,786
- --------------------------------------------------------------------------------
World Wrestling Federation
Entertainment, Inc. 2 304,000 4,955,200
-----------------
72,932,164
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
MULTILINE RETAIL--0.8%
Big Lots, Inc. 1,2 699,700 $ 16,037,124
- --------------------------------------------------------------------------------
Dillard's, Inc., Cl. A 2 159,500 5,577,715
- --------------------------------------------------------------------------------
Dollar Tree Stores,
Inc. 1 232,100 6,986,210
- --------------------------------------------------------------------------------
Family Dollar Stores,
Inc. 205,400 6,024,382
- --------------------------------------------------------------------------------
Nordstrom, Inc. 40,600 2,003,204
- --------------------------------------------------------------------------------
Retail Ventures, Inc. 1 173,800 3,309,152
-----------------
39,937,787
- --------------------------------------------------------------------------------
SPECIALTY RETAIL--5.8%
Abercrombie & Fitch
Co., Cl. A 96,300 6,705,369
- --------------------------------------------------------------------------------
Aeropostale, Inc. 1 517,000 15,959,790
- --------------------------------------------------------------------------------
American Eagle
Outfitters, Inc. 209,700 6,544,737
- --------------------------------------------------------------------------------
AnnTaylor Stores
Corp. 1 149,000 4,893,160
- --------------------------------------------------------------------------------
Asbury Automotive
Group, Inc. 207,400 4,886,344
- --------------------------------------------------------------------------------
AutoNation, Inc. 1 183,428 3,910,685
- --------------------------------------------------------------------------------
AutoZone, Inc. 1 55,600 6,425,136
- --------------------------------------------------------------------------------
Barnes & Noble, Inc. 175,400 6,965,134
- --------------------------------------------------------------------------------
bebe stores, inc. 2 186,000 3,680,940
- --------------------------------------------------------------------------------
Blockbuster, Inc.,
Cl. A 1,2 908,600 4,806,494
- --------------------------------------------------------------------------------
Books-A-Million, Inc. 2 77,500 1,757,700
- --------------------------------------------------------------------------------
Buckle, Inc. (The) 2 166,150 8,448,728
- --------------------------------------------------------------------------------
Cache, Inc. 1,2 69,800 1,761,752
- --------------------------------------------------------------------------------
Casual Male Retail
Group, Inc. 1,2 240,100 3,133,305
- --------------------------------------------------------------------------------
Cato Corp., Cl. A 226,650 5,192,552
- --------------------------------------------------------------------------------
Charlotte Russe
Holding, Inc. 1,2 116,000 3,567,000
- --------------------------------------------------------------------------------
Charming Shoppes,
Inc. 1,2 1,030,000 13,935,900
- --------------------------------------------------------------------------------
Christopher & Banks
Corp. 359,000 6,698,940
- --------------------------------------------------------------------------------
Circuit City Stores, Inc./
Circuit City Group 164,600 3,124,108
16 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SPECIALTY RETAIL Continued
CSK Auto Corp. 1,2 133,400 $ 2,287,810
- --------------------------------------------------------------------------------
Dick's Sporting
Goods, Inc. 1 91,200 4,467,888
- --------------------------------------------------------------------------------
Dress Barn, Inc.
(The) 1,2 643,400 15,010,522
- --------------------------------------------------------------------------------
DSW, Inc., Cl. A 1,2 308,800 11,910,416
- --------------------------------------------------------------------------------
Genesco, Inc. 1,2 170,000 6,341,000
- --------------------------------------------------------------------------------
Group 1 Automotive,
Inc. 271,900 14,062,668
- --------------------------------------------------------------------------------
Gymboree Corp. 1 409,900 15,641,784
- --------------------------------------------------------------------------------
Haverty Furniture
Cos., Inc. 2 97,500 1,443,000
- --------------------------------------------------------------------------------
Men's Wearhouse,
Inc. (The) 2 234,600 8,975,796
- --------------------------------------------------------------------------------
Midas, Inc. 1,2 41,700 959,100
- --------------------------------------------------------------------------------
Mothers Work, Inc. 1,2 21,200 835,068
- --------------------------------------------------------------------------------
OfficeMax, Inc. 138,100 6,856,665
- --------------------------------------------------------------------------------
Pacific Sunwear of
California, Inc. 1,2 69,000 1,351,020
- --------------------------------------------------------------------------------
Payless ShoeSource,
Inc. 1 585,000 19,199,700
- --------------------------------------------------------------------------------
PETsMART, Inc. 52,300 1,509,378
- --------------------------------------------------------------------------------
RadioShack Corp. 2 245,300 4,116,134
- --------------------------------------------------------------------------------
Rent-A-Center, Inc. 1,2 551,800 16,283,618
- --------------------------------------------------------------------------------
Ross Stores, Inc. 193,500 5,669,550
- --------------------------------------------------------------------------------
Select Comfort Corp. 1,2 414,750 7,212,503
- --------------------------------------------------------------------------------
Sherwin-Williams Co. 97,000 6,167,260
- --------------------------------------------------------------------------------
Shoe Carnival, Inc. 1,2 93,800 2,964,080
- --------------------------------------------------------------------------------
Sonic Automotive,
Inc. 2 184,300 5,352,072
- --------------------------------------------------------------------------------
Stage Stores, Inc. 99,800 3,032,922
- --------------------------------------------------------------------------------
Syms Corp. 1 7,400 147,334
- --------------------------------------------------------------------------------
Tween Brands, Inc. 1,2 241,700 9,651,081
- --------------------------------------------------------------------------------
United Retail Group,
Inc. 1 35,200 493,504
- --------------------------------------------------------------------------------
West Marine, Inc. 1,2 28,100 485,287
- --------------------------------------------------------------------------------
Wet Seal, Inc., Cl. A 1,2 393,400 2,623,978
-----------------
287,448,912
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
TEXTILES, APPAREL & LUXURY GOODS--1.8%
Brown Shoe Co., Inc. 355,800 $ 16,985,892
- --------------------------------------------------------------------------------
Carter's, Inc. 1 36,200 923,100
- --------------------------------------------------------------------------------
Cherokee, Inc. 2 25,900 1,111,369
- --------------------------------------------------------------------------------
Deckers Outdoor
Corp. 1,2 54,400 3,261,280
- --------------------------------------------------------------------------------
Jones Apparel
Group, Inc. 138,000 4,613,340
- --------------------------------------------------------------------------------
K-Swiss, Inc., Cl. A 2 58,900 1,810,586
- --------------------------------------------------------------------------------
Kellwood Co. 2 337,100 10,962,492
- --------------------------------------------------------------------------------
Liz Claiborne, Inc. 22,600 982,196
- --------------------------------------------------------------------------------
Maidenform Brands,
Inc. 1 76,900 1,393,428
- --------------------------------------------------------------------------------
Perry Ellis
International, Inc. 1,2 42,600 1,746,600
- --------------------------------------------------------------------------------
Phillips/Van Heusen
Corp. 33,500 1,680,695
- --------------------------------------------------------------------------------
Polo Ralph Lauren
Corp. 77,900 6,049,714
- --------------------------------------------------------------------------------
Skechers USA, Inc.,
Cl. A 1 349,300 11,635,183
- --------------------------------------------------------------------------------
Steven Madden Ltd. 303,550 10,651,570
- --------------------------------------------------------------------------------
True Religion Apparel,
Inc. 1,2 66,100 1,011,991
- --------------------------------------------------------------------------------
VF Corp. 25,700 2,109,456
- --------------------------------------------------------------------------------
Volcom, Inc. 1,2 9,700 286,829
- --------------------------------------------------------------------------------
Wolverine World
Wide, Inc. 499,400 14,242,888
-----------------
91,458,609
- --------------------------------------------------------------------------------
CONSUMER STAPLES--2.7%
- --------------------------------------------------------------------------------
BEVERAGES--0.2%
Boston Beer Co., Inc.,
Cl. A 1,2 34,700 1,248,506
- --------------------------------------------------------------------------------
Cott Corp. 1,2 74,700 1,068,957
- --------------------------------------------------------------------------------
Jones Soda Co. 1,2 31,600 388,680
- --------------------------------------------------------------------------------
MGP Ingredients,
Inc. 2 79,800 1,804,278
- --------------------------------------------------------------------------------
Molson Coors Brewing
Co., Cl. B 69,400 5,304,936
17 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
BEVERAGES Continued
National Beverage
Corp. 2 95,580 $ 1,340,987
-----------------
11,156,344
- --------------------------------------------------------------------------------
FOOD & STAPLES RETAILING--0.8%
Andersons, Inc.
(The) 2 9,400 398,466
- --------------------------------------------------------------------------------
Arden Group, Inc.,
Cl. A 2 10,198 1,262,614
- --------------------------------------------------------------------------------
Casey's General
Stores, Inc. 2 177,400 4,177,770
- --------------------------------------------------------------------------------
Ingles Markets, Inc.,
Cl. A 2 47,000 1,400,130
- --------------------------------------------------------------------------------
Longs Drug Stores,
Inc. 178,400 7,560,592
- --------------------------------------------------------------------------------
Nash Finch Co. 2 36,500 996,450
- --------------------------------------------------------------------------------
Pantry, Inc. (The) 1 275,900 12,923,156
- --------------------------------------------------------------------------------
Performance Food
Group Co. 1,2 96,300 2,661,732
- --------------------------------------------------------------------------------
Rite Aid Corp. 1,2 276,300 1,503,072
- --------------------------------------------------------------------------------
Smart & Final, Inc. 1,2 53,400 1,009,260
- --------------------------------------------------------------------------------
Spartan Stores, Inc. 2 99,600 2,084,628
- --------------------------------------------------------------------------------
Weis Markets, Inc. 2 25,800 1,034,838
- --------------------------------------------------------------------------------
Wild Oats Markets,
Inc. 1,2 61,600 885,808
-----------------
37,898,516
- --------------------------------------------------------------------------------
FOOD PRODUCTS--0.7%
Chiquita Brands
International, Inc. 2 104,300 1,665,671
- --------------------------------------------------------------------------------
Corn Products
International, Inc. 69,000 2,383,260
- --------------------------------------------------------------------------------
Dean Foods Co. 1 124,300 5,255,404
- --------------------------------------------------------------------------------
Delta & Pine Land Co. 207,900 8,409,555
- --------------------------------------------------------------------------------
Flowers Foods, Inc. 2 121,500 3,279,285
- --------------------------------------------------------------------------------
Gold Kist Holdings,
Inc. 1 12,000 252,240
- --------------------------------------------------------------------------------
J&J Snack Foods
Corp. 2 47,746 1,976,684
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
FOOD PRODUCTS Continued
Premium Standard
Farms, Inc. 89,200 $ 1,656,444
- --------------------------------------------------------------------------------
Reddy Ice Holdings,
Inc. 42,600 1,099,932
- --------------------------------------------------------------------------------
Seaboard Corp. 2 3,720 6,565,800
-----------------
32,544,275
- --------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS--0.1%
Energizer Holdings,
Inc. 1 76,500 5,430,735
- --------------------------------------------------------------------------------
Spectrum Brands,
Inc. 1,2 23,400 255,060
- --------------------------------------------------------------------------------
WD-40 Co. 2 17,900 624,173
-----------------
6,309,968
- --------------------------------------------------------------------------------
PERSONAL PRODUCTS--0.7%
Chattem, Inc. 1,2 117,700 5,894,416
- --------------------------------------------------------------------------------
Estee Lauder Cos.,
Inc. (The), Cl. A 58,200 2,375,724
- --------------------------------------------------------------------------------
Mannatech, Inc. 2 93,027 1,370,288
- --------------------------------------------------------------------------------
NBTY, Inc. 1 355,800 14,790,606
- --------------------------------------------------------------------------------
Physicians Formula
Holdings, Inc. 1 196,900 3,680,061
- --------------------------------------------------------------------------------
Playtex Products,
Inc. 1,2 124,100 1,785,799
- --------------------------------------------------------------------------------
USANA Health
Sciences, Inc. 1,2 119,000 6,147,540
-----------------
36,044,434
- --------------------------------------------------------------------------------
TOBACCO--0.2%
Loews Corp./Carolina
Group 47,400 3,067,728
- --------------------------------------------------------------------------------
UST, Inc. 124,400 7,240,080
-----------------
10,307,808
- --------------------------------------------------------------------------------
ENERGY--5.0%
- --------------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES--2.3%
Basic Energy Services,
Inc. 1,2 89,400 2,203,710
- --------------------------------------------------------------------------------
Dril-Quip, Inc. 1,2 132,500 5,188,700
18 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES Continued
Ensign Energy
Services, Inc. 243,500 $ 3,839,956
- --------------------------------------------------------------------------------
Global Industries
Ltd. 1 161,700 2,108,568
- --------------------------------------------------------------------------------
Grey Wolf, Inc. 1,2 1,741,100 11,943,946
- --------------------------------------------------------------------------------
Gulfmark Offshore,
Inc. 1 77,000 2,880,570
- --------------------------------------------------------------------------------
Horizon North
Logistics, Inc. 1 16,963 51,784
- --------------------------------------------------------------------------------
Hornbeck Offshore
Services, Inc. 1,2 125,300 4,473,210
- --------------------------------------------------------------------------------
Hydril Co. 1 82,400 6,195,656
- --------------------------------------------------------------------------------
Input/Output, Inc. 1,2 491,500 6,699,145
- --------------------------------------------------------------------------------
Leader Energy
Services Ltd. 1,3 612,800 867,058
- --------------------------------------------------------------------------------
Lone Star
Technologies, Inc. 1 318,900 15,437,949
- --------------------------------------------------------------------------------
Lufkin Industries, Inc. 2 4,900 284,592
- --------------------------------------------------------------------------------
Matrix Service Co. 1,2 100,500 1,618,050
- --------------------------------------------------------------------------------
NATCO Group, Inc.,
Cl. A 1,2 80,300 2,559,964
- --------------------------------------------------------------------------------
North American
Energy Partners, Inc. 1 257,200 4,187,216
- --------------------------------------------------------------------------------
Parker Drilling Co. 1 1,062,200 8,678,174
- --------------------------------------------------------------------------------
Pason Systems, Inc. 87,200 991,529
- --------------------------------------------------------------------------------
Patterson-UTI Energy,
Inc. 53,200 1,235,836
- --------------------------------------------------------------------------------
Savanna Energy
Services Corp. 1 45,952 746,328
- --------------------------------------------------------------------------------
Seacor Holdings, Inc. 1 56,300 5,581,582
- --------------------------------------------------------------------------------
Technicoil Corp. 1 92,900 83,647
- --------------------------------------------------------------------------------
Technicoil Corp. 1 896,900 807,568
- --------------------------------------------------------------------------------
Tidewater, Inc. 111,300 5,382,468
- --------------------------------------------------------------------------------
Trican Well Service
Ltd. 133,300 2,322,734
- --------------------------------------------------------------------------------
Trico Marine
Services, Inc. 1,2 72,900 2,792,799
- --------------------------------------------------------------------------------
Universal Compression
Holdings, Inc. 1,2 95,200 5,912,872
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES Continued
Veritas DGC, Inc. 1 99,900 $ 8,554,437
- --------------------------------------------------------------------------------
W-H Energy Services,
Inc. 1 36,900 1,796,661
-----------------
115,426,709
- --------------------------------------------------------------------------------
OIL & GAS--2.7%
Alberta Clipper
Energy, Inc. 1 93,278 482,328
- --------------------------------------------------------------------------------
Alon USA Energy,
Inc. 2 252,400 6,640,644
- --------------------------------------------------------------------------------
Atlas Energy Ltd. 1 728,400 2,560,940
- --------------------------------------------------------------------------------
Atlas Energy Ltd. 1 162,100 569,918
- --------------------------------------------------------------------------------
Birchcliff Energy Ltd. 1 44,200 155,021
- --------------------------------------------------------------------------------
Capitol Energy
Resources Ltd. 1 275,500 1,008,777
- --------------------------------------------------------------------------------
Celtic Exploration
Ltd. 1 66,100 788,450
- --------------------------------------------------------------------------------
Celtic Exploration
Ltd. 1 52,200 622,649
- --------------------------------------------------------------------------------
Comstock Resources,
Inc. 1,2 39,300 1,220,658
- --------------------------------------------------------------------------------
Cyries Energy, Inc. 1 143,100 1,553,527
- --------------------------------------------------------------------------------
Delek US Holdings,
Inc. 28,000 458,920
- --------------------------------------------------------------------------------
Delphi Energy Corp. 1 20,000 42,533
- --------------------------------------------------------------------------------
Delphi Energy Corp. 1 315,000 669,897
- --------------------------------------------------------------------------------
Duvernay Oil Corp. 1 15,800 467,842
- --------------------------------------------------------------------------------
Edge Petroleum
Corp. 1,2 12,000 218,880
- --------------------------------------------------------------------------------
Ember Resources, Inc. 1 49,278 108,600
- --------------------------------------------------------------------------------
Ember Resources, Inc. 1 105,300 232,064
- --------------------------------------------------------------------------------
Foundation Coal
Holdings, Inc. 402,700 12,789,752
- --------------------------------------------------------------------------------
Frontier Oil Corp. 183,600 5,276,664
- --------------------------------------------------------------------------------
Galleon Energy, Inc.,
Cl. A 1 122,400 1,897,691
- --------------------------------------------------------------------------------
Galleon Energy, Inc.,
Subscription Receipts 1 138,750 2,151,181
- --------------------------------------------------------------------------------
General Maritime
Corp. 2 218,400 7,685,496
19 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
OIL & GAS Continued
Giant Industries, Inc. 1 5,600 $ 419,720
- --------------------------------------------------------------------------------
Harvest Natural
Resources, Inc. 1,2 12,400 131,812
- --------------------------------------------------------------------------------
Highpine Oil & Gas
Ltd. 1 6,582 88,614
- --------------------------------------------------------------------------------
Highpine Oil & Gas
Ltd. 1 19,900 267,916
- --------------------------------------------------------------------------------
Holly Corp. 112,800 5,797,920
- --------------------------------------------------------------------------------
Kereco Energy Ltd. 1 277,684 1,766,853
- --------------------------------------------------------------------------------
Mahalo Energy Ltd. 1,3 220,500 665,575
- --------------------------------------------------------------------------------
Midnight Oil
Exploration Ltd. 1 556,050 1,130,076
- --------------------------------------------------------------------------------
Mission Oil & Gas,
Inc. 1 57,348 622,092
- --------------------------------------------------------------------------------
Mission Oil & Gas,
Inc. 1,4 79,100 858,050
- --------------------------------------------------------------------------------
Newfield Exploration
Co. 1 27,600 1,268,220
- --------------------------------------------------------------------------------
OMI Corp. 2 389,700 8,249,949
- --------------------------------------------------------------------------------
Open Range Energy
Corp. 1 10,090 28,553
- --------------------------------------------------------------------------------
Overseas Shipholding
Group, Inc. 87,800 4,943,140
- --------------------------------------------------------------------------------
Paramount Resources
Ltd., Cl. A 1 240,700 4,953,737
- --------------------------------------------------------------------------------
Pogo Producing Co. 2 30,700 1,487,108
- --------------------------------------------------------------------------------
ProEx Energy Ltd. 1 64,500 710,736
- --------------------------------------------------------------------------------
ProspEx Resources
Ltd. 1 369,740 1,407,748
- --------------------------------------------------------------------------------
Real Resources, Inc. 1 48,900 700,279
- --------------------------------------------------------------------------------
Redstar Oil & Gas,
Inc. 1 364,045 399,586
- --------------------------------------------------------------------------------
Rosetta Resources,
Inc. 1 9,700 181,099
- --------------------------------------------------------------------------------
Sound Energy Trust 125,183 548,544
- --------------------------------------------------------------------------------
St. Mary Land &
Exploration Co. 2 25,700 946,788
- --------------------------------------------------------------------------------
Sunoco, Inc. 117,400 7,321,064
- --------------------------------------------------------------------------------
Sure Energy, Inc. 1 70,941 57,184
- --------------------------------------------------------------------------------
Swift Energy Co. 1,2 95,600 4,283,836
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
OIL & GAS Continued
Teekay Shipping
Corp. 11,300 $ 492,906
- --------------------------------------------------------------------------------
Tesoro Corp. 77,000 5,064,290
- --------------------------------------------------------------------------------
Thunder Energy
Trust 102,132 496,581
- --------------------------------------------------------------------------------
True Energy Trust 16,836 108,135
- --------------------------------------------------------------------------------
Tusk Energy Corp. 1 387,400 1,046,443
- --------------------------------------------------------------------------------
Tusk Energy Corp. 1,4 275,000 742,829
- --------------------------------------------------------------------------------
Tusk Energy Corp. 1 397,100 1,072,645
- --------------------------------------------------------------------------------
USEC, Inc. 1,2 1,163,200 14,795,904
- --------------------------------------------------------------------------------
VAALCO Energy,
Inc. 1,2 344,200 2,323,350
- --------------------------------------------------------------------------------
Vero Energy, Inc. 1 30,617 159,104
- --------------------------------------------------------------------------------
Western Refining,
Inc. 2 372,400 9,481,304
- --------------------------------------------------------------------------------
Zenas Energy Corp. 1 239,900 641,845
-----------------
133,263,967
- --------------------------------------------------------------------------------
FINANCIALS--12.2%
- --------------------------------------------------------------------------------
CAPITAL MARKETS--1.0%
Cohen & Steers, Inc. 2 152,100 6,109,857
- --------------------------------------------------------------------------------
Janus Capital Group,
Inc. 230,000 4,965,700
- --------------------------------------------------------------------------------
KBW, Inc. 1 16,700 490,813
- --------------------------------------------------------------------------------
Knight Capital Group,
Inc., Cl. A 1,2 803,800 15,408,846
- --------------------------------------------------------------------------------
Lazard Ltd., Cl. A 2 25,400 1,202,436
- --------------------------------------------------------------------------------
Penson Worldwide,
Inc. 1,2 751 20,585
- --------------------------------------------------------------------------------
Piper Jaffray Cos.,
Inc. 1,2 218,700 14,248,305
- --------------------------------------------------------------------------------
Stifel Financial
Corp. 1,2 21,200 831,676
- --------------------------------------------------------------------------------
SWS Group, Inc. 2 85,600 3,055,920
-----------------
46,334,138
- --------------------------------------------------------------------------------
COMMERCIAL BANKS--0.9%
BancorpSouth, Inc. 45,500 1,220,310
- --------------------------------------------------------------------------------
Banner Corp. 2 16,100 713,874
20 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL BANKS Continued
Citizens Banking Corp. 12,000 $ 318,000
- --------------------------------------------------------------------------------
City Holding Co. 50,200 2,052,678
- --------------------------------------------------------------------------------
Columbia Banking
System, Inc. 2 35,406 1,243,459
- --------------------------------------------------------------------------------
Community Trust
Bancorp, Inc. 2 13,028 541,053
- --------------------------------------------------------------------------------
Financial Institutions,
Inc. 2 4,700 108,335
- --------------------------------------------------------------------------------
First Citizens BancShares,
Inc., Cl. A 9,100 1,844,024
- --------------------------------------------------------------------------------
First Security Group,
Inc. 122,800 1,415,884
- --------------------------------------------------------------------------------
First South Bancorp,
Inc. 2 4,300 137,127
- --------------------------------------------------------------------------------
Frontier Financial
Corp. 2 71,850 2,100,176
- --------------------------------------------------------------------------------
Greater Bay Bancorp 251,200 6,614,096
- --------------------------------------------------------------------------------
Greene County
Bancshares, Inc. 2 9,500 377,435
- --------------------------------------------------------------------------------
Hancock Holding
Co. 2 113,500 5,997,340
- --------------------------------------------------------------------------------
Hanmi Financial
Corp. 142,300 3,206,019
- --------------------------------------------------------------------------------
Independent Bank
Corp. 2 40,982 1,036,435
- --------------------------------------------------------------------------------
Intervest Bancshares
Corp. 1,2 55,000 1,892,550
- --------------------------------------------------------------------------------
National Penn
Bancshares, Inc. 2 8,873 179,678
- --------------------------------------------------------------------------------
Porter Bancorp, Inc. 18,100 401,639
- --------------------------------------------------------------------------------
Preferred Bank 23,200 1,394,088
- --------------------------------------------------------------------------------
PrivateBancorp, Inc. 2 41,000 1,706,830
- --------------------------------------------------------------------------------
Provident Bankshares
Corp. 2 76,484 2,722,830
- --------------------------------------------------------------------------------
Republic Bancorp, Inc.,
Cl. A 2 16,700 419,003
- --------------------------------------------------------------------------------
Southwest Bancorp,
Inc. 18,600 518,196
- --------------------------------------------------------------------------------
Sterling Bancshares,
Inc. 2 48,250 628,215
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL BANKS Continued
Sterling Financial
Corp., Western US 2 183,183 $ 6,193,417
- --------------------------------------------------------------------------------
Taylor Capital
Group, Inc. 3,400 124,474
- --------------------------------------------------------------------------------
Union Bankshares
Corp. 2 2,200 67,298
- --------------------------------------------------------------------------------
United Community
Banks, Inc. 2 16,600 536,512
-----------------
45,710,975
- --------------------------------------------------------------------------------
CONSUMER FINANCE--1.1%
Advanta Corp., Cl. B 2 254,300 11,095,109
- --------------------------------------------------------------------------------
AmeriCredit Corp. 1 215,100 5,414,067
- --------------------------------------------------------------------------------
ASTA Funding, Inc. 2 88,000 2,678,720
- --------------------------------------------------------------------------------
Cash America
International, Inc. 266,900 12,517,610
- --------------------------------------------------------------------------------
Credit Acceptance
Corp. 1,2 23,879 795,887
- --------------------------------------------------------------------------------
Dollar Financial
Corp. 1 55,600 1,549,016
- --------------------------------------------------------------------------------
EZCORP, Inc., Cl. A 1,2 237,000 3,851,250
- --------------------------------------------------------------------------------
First Cash Financial
Services, Inc. 1 45,500 1,177,085
- --------------------------------------------------------------------------------
First Marblehead
Corp. (The) 2 102,450 5,598,893
- --------------------------------------------------------------------------------
World Acceptance
Corp. 1,2 244,500 11,479,275
-----------------
56,156,912
- --------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES--0.2%
IntercontinentalExchange,
Inc. 1 21,000 2,265,900
- --------------------------------------------------------------------------------
International Securities
Exchange, Inc., Cl. A 2 145,200 6,793,908
- --------------------------------------------------------------------------------
Medallion Financial
Corp. 2 14,800 183,076
- --------------------------------------------------------------------------------
Resource America,
Inc., Cl. A 2 10,300 271,920
-----------------
9,514,804
21 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
INSURANCE--3.8%
Affirmative Insurance Holdings, Inc. 28,204 $ 458,879
- --------------------------------------------------------------------------------
AMBAC Financial Group, Inc. 76,800 6,840,576
- --------------------------------------------------------------------------------
American Financial Group, Inc. 27,300 980,343
- --------------------------------------------------------------------------------
American Physicians Capital, Inc. 1 76,750 3,073,070
- --------------------------------------------------------------------------------
Argonaut Group, Inc. 1 201,300 7,017,318
- --------------------------------------------------------------------------------
Assurant, Inc. 128,100 7,077,525
- --------------------------------------------------------------------------------
Bristol West Holdings, Inc. 104,900 1,660,567
- --------------------------------------------------------------------------------
CNA Financial Corp. 1 90,400 3,644,928
- --------------------------------------------------------------------------------
CNA Surety Corp. 1 134,400 2,889,600
- --------------------------------------------------------------------------------
Commerce Group, Inc. (The) 81,200 2,415,700
- --------------------------------------------------------------------------------
Darwin Professional Underwriters, Inc. 1,2 44,400 1,041,180
- --------------------------------------------------------------------------------
Delphi Financial Group, Inc., Cl. A 2 258,775 10,470,037
- --------------------------------------------------------------------------------
Direct General Corp. 2 113,000 2,332,320
- --------------------------------------------------------------------------------
Donegal Group, Inc., Cl. A 2 65,200 1,277,268
- --------------------------------------------------------------------------------
EMC Insurance Group, Inc. 2 38,900 1,327,268
- --------------------------------------------------------------------------------
FBL Financial Group,Inc., Cl. A 2 33,100 1,293,548
- --------------------------------------------------------------------------------
First Mercury Financial Corp. 1 27,600 649,152
- --------------------------------------------------------------------------------
FPIC Insurance Group, Inc. 1,2 48,740 1,899,398
- --------------------------------------------------------------------------------
Great American Financial Resources, Inc. 2 13,400 308,870
- --------------------------------------------------------------------------------
Hanover Insurance Group, Inc. 101,600 4,958,080
- --------------------------------------------------------------------------------
Harleysville Group, Inc. 162,100 5,644,322
- --------------------------------------------------------------------------------
Horace Mann
Educators Corp. 179,900 3,633,980
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
INSURANCE Continued
Infinity Property &
Casualty Corp. 179,900 $ 8,705,361
- --------------------------------------------------------------------------------
IPC Holdings Ltd. 4,000 125,800
- --------------------------------------------------------------------------------
LandAmerica Financial
Group, Inc. 2 7,100 448,081
- --------------------------------------------------------------------------------
Markel Corp. 1 3,400 1,632,340
- --------------------------------------------------------------------------------
MBIA, Inc. 2 101,900 7,444,814
- --------------------------------------------------------------------------------
Meadowbrook
Insurance Group, Inc. 1 138,400 1,368,776
- --------------------------------------------------------------------------------
Midland Co. (The) 2 11,700 490,815
- --------------------------------------------------------------------------------
National Western
Life Insurance Co.,
Cl. A 2 4,200 966,588
- --------------------------------------------------------------------------------
Nationwide Financial
Services, Inc., Cl. A 77,400 4,195,080
- --------------------------------------------------------------------------------
Odyssey Re Holdings
Corp. 2 43,200 1,611,360
- --------------------------------------------------------------------------------
Ohio Casualty Corp. 424,100 12,642,421
- --------------------------------------------------------------------------------
Old Republic
International Corp. 116,350 2,708,628
- --------------------------------------------------------------------------------
OneBeacon Insurance
Group Ltd. 1 122,300 3,424,400
- --------------------------------------------------------------------------------
Partnerre Holdings
Ltd. 53,800 3,821,414
- --------------------------------------------------------------------------------
Phoenix Cos., Inc. (The) 562,700 8,941,303
- --------------------------------------------------------------------------------
Presidential Life
Corp. 2 56,800 1,246,760
- --------------------------------------------------------------------------------
ProCentury Corp. 106,700 1,973,950
- --------------------------------------------------------------------------------
Reinsurance Group
of America, Inc. 20,600 1,147,420
- --------------------------------------------------------------------------------
RenaissanceRe
Holdings Ltd. 33,100 1,986,000
- --------------------------------------------------------------------------------
RLI Corp. 76,300 4,304,846
- --------------------------------------------------------------------------------
Safeco Corp. 99,700 6,236,235
- --------------------------------------------------------------------------------
Safety Insurance
Group, Inc. 117,100 5,938,141
- --------------------------------------------------------------------------------
Seabright Insurance
Holdings, Inc. 1 38,300 689,783
- --------------------------------------------------------------------------------
Selective Insurance
Group, Inc. 2 151,400 8,673,706
22 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
INSURANCE Continued
State Auto Financial
Corp. 93,000 $ 3,229,890
- --------------------------------------------------------------------------------
Torchmark Corp. 36,500 2,327,240
- --------------------------------------------------------------------------------
Tower Group, Inc. 2 77,800 2,417,246
- --------------------------------------------------------------------------------
Transatlantic Holdings,
Inc. 4,700 291,870
- --------------------------------------------------------------------------------
U.S.I. Holdings
Corp. 1,2 42,300 649,728
- --------------------------------------------------------------------------------
United America
Indemnity Ltd., Cl. A 1 73,657 1,865,732
- --------------------------------------------------------------------------------
Universal American
Financial Corp. 1 42,000 782,880
- --------------------------------------------------------------------------------
Zenith National
Insurance Corp. 311,100 14,593,701
------------------
187,776,238
- --------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUSTS--3.2%
Acadia Realty Trust 2 31,600 790,632
- --------------------------------------------------------------------------------
Agree Realty Corp. 2 56,600 1,945,342
- --------------------------------------------------------------------------------
Alexandria Real Estate
Equities, Inc. 40,300 4,046,120
- --------------------------------------------------------------------------------
AMB Property Corp. 25,800 1,512,138
- --------------------------------------------------------------------------------
American Home
Mortgage Investment
Corp. 2 22,100 776,152
- --------------------------------------------------------------------------------
Ashford Hospitality
Trust 67,400 839,130
- --------------------------------------------------------------------------------
Associated Estates
Realty Corp. 2 35,000 480,900
- --------------------------------------------------------------------------------
BioMed Realty
Trust, Inc. 2 92,600 2,648,360
- --------------------------------------------------------------------------------
Brandywine Realty
Trust 125,192 4,162,634
- --------------------------------------------------------------------------------
BRE Properties, Inc.,
Cl. A 2 12,300 799,746
- --------------------------------------------------------------------------------
Camden Property
Trust 19,700 1,454,845
- --------------------------------------------------------------------------------
Capital Trust, Cl. A 2 8,700 434,478
- --------------------------------------------------------------------------------
CapitalSource, Inc. 2 131,600 3,593,996
- --------------------------------------------------------------------------------
CBL & Associates
Properties, Inc. 75,900 3,290,265
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUSTS Continued
Cedar Shopping
Centers, Inc. 29,800 $ 474,118
- --------------------------------------------------------------------------------
CentraCore Properties
Trust 2 14,900 481,717
- --------------------------------------------------------------------------------
Colonial Properties
Trust 2 65,825 3,085,876
- --------------------------------------------------------------------------------
Corporate Office
Properties Trust 67,500 3,406,725
- --------------------------------------------------------------------------------
Crescent Real
Estate Equities, Inc. 55,200 1,090,200
- --------------------------------------------------------------------------------
DCT Industrial
Trust, Inc. 189,800 2,239,640
- --------------------------------------------------------------------------------
DiamondRock
Hospitality Co. 206,400 3,717,264
- --------------------------------------------------------------------------------
Digital Realty Trust,
Inc. 88,300 3,022,509
- --------------------------------------------------------------------------------
Duke Realty
Investments, Inc. 18,300 748,470
- --------------------------------------------------------------------------------
EastGroup Properties,
Inc. 2 36,700 1,965,652
- --------------------------------------------------------------------------------
Entertainment
Properties Trust 33,700 1,969,428
- --------------------------------------------------------------------------------
Equity Inns, Inc. 2 157,100 2,507,316
- --------------------------------------------------------------------------------
Equity Lifestyle Properties,
Inc. 8,800 478,984
- --------------------------------------------------------------------------------
Equity One, Inc. 2 102,900 2,743,314
- --------------------------------------------------------------------------------
Federal Realty
Investment Trust 25,300 2,150,500
- --------------------------------------------------------------------------------
FelCor Lodging
Trust, Inc. 69,600 1,520,064
- --------------------------------------------------------------------------------
First Industrial
Realty Trust, Inc. 2 90,300 4,234,167
- --------------------------------------------------------------------------------
First Potomac
Realty Trust 6,200 180,482
- --------------------------------------------------------------------------------
Franklin Street
Properties Corp. 7,400 155,770
- --------------------------------------------------------------------------------
Friedman, Billings,
Ramsey Group, Inc.,
Cl. A 2 22,800 182,400
- --------------------------------------------------------------------------------
Glimcher Realty
Trust 2 46,300 1,236,673
23 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUSTS
Continued
Gramercy Capital
Corp. 2 36,300 $ 1,121,307
- --------------------------------------------------------------------------------
Health Care REIT, Inc. 2 48,900 2,103,678
- --------------------------------------------------------------------------------
Healthcare Realty
Trust, Inc. 2 47,500 1,878,150
- --------------------------------------------------------------------------------
Highland Hospitality Corp. 90,000 1,282,500
- --------------------------------------------------------------------------------
Highwoods Properties, Inc. 85,100 3,468,676
- --------------------------------------------------------------------------------
Home Properties of New York, Inc. 71,600 4,243,732
- --------------------------------------------------------------------------------
Hospitality Properties Trust 58,600 2,785,258
- --------------------------------------------------------------------------------
HRPT Properties Trust 2 50,700 626,145
- --------------------------------------------------------------------------------
Inland Real Estate Corp. 2 63,200 1,183,104
- --------------------------------------------------------------------------------
Innkeepers USA Trust 61,600 954,800
- --------------------------------------------------------------------------------
iStar Financial, Inc. 7,500 358,650
- --------------------------------------------------------------------------------
Kilroy Realty Corp. 26,100 2,035,800
- --------------------------------------------------------------------------------
Kimco Realty Corp. 4,979 223,806
- --------------------------------------------------------------------------------
Kite Realty Group Trust 7,400 137,788
- --------------------------------------------------------------------------------
KKR Financial Corp. 47,800 1,280,562
- --------------------------------------------------------------------------------
LaSalle Hotel Properties 37,800 1,733,130
- --------------------------------------------------------------------------------
Lexington Realty Trust 2 69,900 1,567,158
- --------------------------------------------------------------------------------
Liberty Property Trust 2 61,600 3,027,024
- --------------------------------------------------------------------------------
Longview Fibre Co.
Real Estate Investment Trust 120,381 2,642,363
- --------------------------------------------------------------------------------
LTC Properties, Inc. 2 52,500 1,433,775
- --------------------------------------------------------------------------------
Macerich Co. (The) 6,500 562,705
- --------------------------------------------------------------------------------
Mack-Cali Realty Corp. 42,200 2,152,200
- --------------------------------------------------------------------------------
Maguire Properties, Inc. 80,800 3,232,000
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUSTS Continued
Mid-America Apartment
Communities, Inc. 57,000 $ 3,262,680
- --------------------------------------------------------------------------------
National Retail
Properties, Inc. 2 129,100 2,962,845
- --------------------------------------------------------------------------------
Nationwide Health
Properties, Inc. 2 95,700 2,892,054
- --------------------------------------------------------------------------------
Newcastle Investment
Corp. 2 18,500 579,420
- --------------------------------------------------------------------------------
Omega Healthcare
Investors, Inc. 2 38,300 678,676
- --------------------------------------------------------------------------------
Parkway Properties,
Inc. 2 28,600 1,458,886
- --------------------------------------------------------------------------------
Pennsylvania Real Estate
Investment Trust 2 53,700 2,114,706
- --------------------------------------------------------------------------------
Post Properties, Inc. 48,000 2,193,600
- --------------------------------------------------------------------------------
PS Business Parks, Inc. 37,900 2,679,909
- --------------------------------------------------------------------------------
RAIT Financial Trust 2 7,400 255,152
- --------------------------------------------------------------------------------
Ramco-Gershenson
Properties Trust 2 26,500 1,010,710
- --------------------------------------------------------------------------------
Realty Income Corp. 2 66,700 1,847,590
- --------------------------------------------------------------------------------
Reckson Associates
Realty Corp. 12,300 560,880
- --------------------------------------------------------------------------------
Redwood Trust, Inc. 2 9,400 545,952
- --------------------------------------------------------------------------------
Regency Centers
Corp. 18,300 1,430,511
- --------------------------------------------------------------------------------
Senior Housing
Properties Trust 2 149,300 3,654,864
- --------------------------------------------------------------------------------
SL Green Realty Corp. 10,800 1,434,024
- --------------------------------------------------------------------------------
Sovran Self Storage,
Inc. 2 48,500 2,778,080
- --------------------------------------------------------------------------------
Spirit Finance Corp. 2 154,000 1,920,380
- --------------------------------------------------------------------------------
Strategic Hotels &
Resorts, Inc. 196,700 4,286,093
- --------------------------------------------------------------------------------
Sunstone Hotel
Investors, Inc. 102,800 2,747,844
- --------------------------------------------------------------------------------
Tanger Factory Outlet
Centers, Inc. 2 79,800 3,118,584
- --------------------------------------------------------------------------------
U-Store-It Real Estate
Investment Trust 2 39,800 817,890
- --------------------------------------------------------------------------------
United Dominion
Realty Trust, Inc. 2 77,500 2,463,725
24 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUSTS Continued
Ventas, Inc. 71,200 $ 3,013,184
- --------------------------------------------------------------------------------
Washington Real Estate
Investment Trust 2 67,900 2,716,000
- --------------------------------------------------------------------------------
Weingarten Realty
Investors 2 39,400 1,816,734
- --------------------------------------------------------------------------------
Winston Hotels, Inc. 2 32,900 435,925
------------------
160,077,216
- --------------------------------------------------------------------------------
REAL ESTATE MANAGEMENT & DEVELOPMENT--0.1%
CB Richard Ellis Group,
Inc., Cl. A 1 133,500 4,432,200
- --------------------------------------------------------------------------------
Stratus Properties, Inc. 1 16,166 517,312
------------------
4,949,512
- --------------------------------------------------------------------------------
THRIFTS & MORTGAGE FINANCE--1.9%
Bank Mutual Corp. 2 113,294 1,371,990
- --------------------------------------------------------------------------------
BankUnited Financial
Corp., Cl. A 2 47,700 1,333,692
- --------------------------------------------------------------------------------
Citizens First Bancorp,
Inc. 2 11,600 356,584
- --------------------------------------------------------------------------------
Corus Bankshares,
Inc. 2 489,100 11,283,537
- --------------------------------------------------------------------------------
Downey Financial
Corp. 2 2,300 166,934
- --------------------------------------------------------------------------------
Federal Agricultural Mortgage
Corp., Non-Vtg. 2 49,000 1,329,370
- --------------------------------------------------------------------------------
First Defiance
Financial Corp. 3,700 112,110
- --------------------------------------------------------------------------------
First Financial
Holdings, Inc. 2 17,000 666,060
- --------------------------------------------------------------------------------
First Niagara Financial
Group, Inc. 476,800 7,085,248
- --------------------------------------------------------------------------------
First Place Financial
Corp. 2 16,763 393,763
- --------------------------------------------------------------------------------
FirstFed Financial
Corp. 1,2 172,200 11,532,234
- --------------------------------------------------------------------------------
Fremont General
Corp. 2 523,800 8,490,798
- --------------------------------------------------------------------------------
ITLA Capital Corp. 2 3,900 225,849
- --------------------------------------------------------------------------------
KBNT Bancorp, Inc. 2 7,800 130,494
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
THRIFTS & MORTGAGE FINANCE Continued
MAF Bancorp, Inc. 2 112,700 $ 5,036,563
- --------------------------------------------------------------------------------
MGIC Investment
Corp. 83,900 5,247,106
- --------------------------------------------------------------------------------
NexCen Brands, Inc. 1,2 38,600 279,078
- --------------------------------------------------------------------------------
Ocwen Financial
Corp. 1,2 590,900 9,371,674
- --------------------------------------------------------------------------------
PFF Bancorp, Inc. 2 137,320 4,738,913
- --------------------------------------------------------------------------------
PMI Group, Inc.
(The) 115,800 5,462,286
- --------------------------------------------------------------------------------
Provident Financial
Services, Inc. 204,800 3,713,024
- --------------------------------------------------------------------------------
Radian Group, Inc. 92,200 4,970,502
- --------------------------------------------------------------------------------
TierOne Corp. 2 65,300 2,064,133
- --------------------------------------------------------------------------------
Triad Guaranty, Inc. 1,2 107,900 5,920,473
- --------------------------------------------------------------------------------
WSFS Financial Corp. 2 23,000 1,539,390
------------------
92,821,805
- --------------------------------------------------------------------------------
HEALTH CARE--8.1%
- --------------------------------------------------------------------------------
BIOTECHNOLOGY--0.3%
Alexion Pharmaceuticals,
Inc. 1,2 14,700 593,733
- --------------------------------------------------------------------------------
Alnylam Pharmaceuticals,
Inc. 1,2 10,000 214,000
- --------------------------------------------------------------------------------
Applera Corp./Celera
Genomics Group 1 59,200 828,208
- --------------------------------------------------------------------------------
Array BioPharma, Inc. 1 11,100 143,412
- --------------------------------------------------------------------------------
Digene Corp. 1 25,600 1,226,752
- --------------------------------------------------------------------------------
Enzon Pharmaceuticals,
Inc. 1,2 95,000 808,450
- --------------------------------------------------------------------------------
Indevus Pharmaceuticals, Inc. 1,2 29,200 207,320
- --------------------------------------------------------------------------------
Isis Pharmaceuticals,
Inc. 1 174,000 1,934,880
- --------------------------------------------------------------------------------
Ligand Pharmaceuticals,
Inc., Cl. B 1 24,400 267,180
- --------------------------------------------------------------------------------
Omrix Biopharmaceuticals,
Inc. 1 24,600 744,396
- --------------------------------------------------------------------------------
OSI Pharmaceuticals,
Inc. 1,2 18,400 643,632
25 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
BIOTECHNOLOGY Continued
QLT PhotoTherapeutics,
Inc. 1,2 112,900 $ 955,134
- --------------------------------------------------------------------------------
Regeneron Pharmaceuticals,
Inc. 1 55,000 1,103,850
- --------------------------------------------------------------------------------
Savient Pharmaceuticals,
Inc. 1 170,787 1,914,522
- --------------------------------------------------------------------------------
United Therapeutics
Corp. 1,2 57,000 3,099,090
-----------------
14,684,559
- --------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES--1.7%
Abaxis, Inc. 1,2 35,200 677,600
- --------------------------------------------------------------------------------
Advanced Medical
Optics, Inc. 1 50,200 1,767,040
- --------------------------------------------------------------------------------
Analogic Corp. 2 300 16,842
- --------------------------------------------------------------------------------
Biosite, Inc. 1,2 110,800 5,412,580
- --------------------------------------------------------------------------------
Candela Corp. 1 107,300 1,327,301
- --------------------------------------------------------------------------------
Cholestech Corp. 1,2 13,900 256,038
- --------------------------------------------------------------------------------
Dade Behring
Holdings, Inc. 63,600 2,531,916
- --------------------------------------------------------------------------------
Datascope Corp. 2 5,211 189,889
- --------------------------------------------------------------------------------
DJO, Inc. 1,2 64,800 2,774,736
- --------------------------------------------------------------------------------
Edwards Lifesciences
Corp. 1 121,500 5,715,360
- --------------------------------------------------------------------------------
Greatbatch, Inc. 1,2 78,100 2,102,452
- --------------------------------------------------------------------------------
Hillenbrand Industries,
Inc. 2 22,100 1,258,153
- --------------------------------------------------------------------------------
ICU Medical, Inc. 1,2 23,500 955,980
- --------------------------------------------------------------------------------
IDEXX Laboratories,
Inc. 1 21,400 1,697,020
- --------------------------------------------------------------------------------
Immucor, Inc. 1,2 537,750 15,718,433
- --------------------------------------------------------------------------------
Integra LifeSciences
Holdings Corp. 1,2 74,200 3,160,178
- --------------------------------------------------------------------------------
Invacare Corp. 2 16,600 407,530
- --------------------------------------------------------------------------------
Kinetic Concepts,
Inc. 1,2 95,100 3,761,205
- --------------------------------------------------------------------------------
Medical Action
Industries, Inc. 1,2 1,300 41,912
- --------------------------------------------------------------------------------
Mentor Corp. 2 94,800 4,632,876
- --------------------------------------------------------------------------------
Meridian Bioscience,
Inc. 2 28,550 700,332
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES Continued
Palomar Medical
Technologies, Inc. 1,2 212,800 $ 10,782,576
- --------------------------------------------------------------------------------
Quidel Corp. 1,2 124,100 1,690,242
- --------------------------------------------------------------------------------
West Pharmaceutical
Services, Inc. 262,200 13,432,506
- --------------------------------------------------------------------------------
Zoll Medical Corp. 1,2 73,900 4,303,936
-----------------
85,314,633
- --------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES--3.1%
Air Methods Corp. 1,2 52,800 1,474,176
- --------------------------------------------------------------------------------
AMERIGROUP
Corp. 1 507,100 18,199,819
- --------------------------------------------------------------------------------
AmerisourceBergen
Corp. 157,300 7,072,208
- --------------------------------------------------------------------------------
Apria Healthcare
Group, Inc. 1,2 345,300 9,202,245
- --------------------------------------------------------------------------------
Bio-Reference
Laboratories, Inc. 1,2 24,500 551,005
- --------------------------------------------------------------------------------
Centene Corp. 1,2 368,200 9,046,674
- --------------------------------------------------------------------------------
Chemed Corp. 291,900 10,794,462
- --------------------------------------------------------------------------------
CorVel Corp. 1 31,550 1,500,834
- --------------------------------------------------------------------------------
Coventry Health
Care, Inc. 1 126,000 6,306,300
- --------------------------------------------------------------------------------
Cross Country
Healthcare, Inc. 1 105,100 2,293,282
- --------------------------------------------------------------------------------
Emergency Medical
Services LP, Cl. A 1 10,000 209,800
- --------------------------------------------------------------------------------
Express Scripts, Inc. 1 32,100 2,298,360
- --------------------------------------------------------------------------------
Genesis HealthCare
Corp. 1,2 70,028 3,307,422
- --------------------------------------------------------------------------------
Healthspring, Inc. 1,2 299,300 6,090,755
- --------------------------------------------------------------------------------
Healthways, Inc. 1,2 218,300 10,415,093
- --------------------------------------------------------------------------------
HMS Holdings
Corp. 1 32,000 484,800
- --------------------------------------------------------------------------------
Humana, Inc. 1 145,200 8,031,012
- --------------------------------------------------------------------------------
InVentiv Health, Inc. 1,2 44,700 1,580,145
- --------------------------------------------------------------------------------
Kindred Healthcare,
Inc. 1 371,100 9,370,275
- --------------------------------------------------------------------------------
Laboratory Corp. of
America Holdings 1 108,800 7,993,536
26 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES Continued
Landauer, Inc. 2 1,700 $ 89,199
- --------------------------------------------------------------------------------
LCA-Vision, Inc. 2 39,386 1,353,303
- --------------------------------------------------------------------------------
Lincare
Holdings, Inc. 1 53,000 2,111,520
- --------------------------------------------------------------------------------
Magellan Health
Services, Inc. 1 256,600 11,090,252
- --------------------------------------------------------------------------------
Manor Care, Inc. 1,900 89,148
- --------------------------------------------------------------------------------
MedCath Corp. 1,2 52,800 1,444,608
- --------------------------------------------------------------------------------
Molina Healthcare,
Inc. 1,2 292,900 9,522,179
- --------------------------------------------------------------------------------
National HealthCare
Corp. 2 15,000 828,000
- --------------------------------------------------------------------------------
Odyssey Healthcare,
Inc. 1,2 90,400 1,198,704
- --------------------------------------------------------------------------------
Pediatrix Medical
Group, Inc. 1 4,300 210,270
- --------------------------------------------------------------------------------
PSS World Medical,
Inc. 1,2 216,500 4,228,245
- --------------------------------------------------------------------------------
Res-Care, Inc. 1,2 45,300 822,195
- --------------------------------------------------------------------------------
Visicu, Inc. 1,2 13,200 147,840
- --------------------------------------------------------------------------------
WellCare Health
Plans, Inc. 1 59,700 4,113,330
-----------------
153,470,996
- --------------------------------------------------------------------------------
HEALTH CARE TECHNOLOGY--0.4%
AMICAS, Inc. 1,2 66,000 194,040
- --------------------------------------------------------------------------------
Computer Programs
& Systems, Inc. 2 36,600 1,244,034
- --------------------------------------------------------------------------------
Dendrite International,
Inc. 1 116,960 1,252,642
- --------------------------------------------------------------------------------
Emdeon Corp. 1 452,700 5,608,953
- --------------------------------------------------------------------------------
IMS Health, Inc. 64,900 1,783,452
- --------------------------------------------------------------------------------
Omnicell, Inc. 1,2 141,600 2,638,008
- --------------------------------------------------------------------------------
Per-Se Technologies,
Inc. 1,2 58,610 1,628,186
- --------------------------------------------------------------------------------
Phase Forward, Inc. 1,2 136,800 2,049,264
- --------------------------------------------------------------------------------
Trizetto Group, Inc. 1,2 19,600 360,052
- --------------------------------------------------------------------------------
Vital Images, Inc. 1,2 20,600 716,880
-----------------
17,475,511
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
LIFE SCIENCES TOOLS & SERVICES--1.0%
Albany Molecular
Research, Inc. 1 3,200 $ 33,792
- --------------------------------------------------------------------------------
Applera Corp./Applied
Biosystems Group 223,800 8,211,222
- --------------------------------------------------------------------------------
Bio-Rad Laboratories,
Inc., Cl. A 1,2 49,200 4,059,984
- --------------------------------------------------------------------------------
Bruker BioSciences
Corp. 1,2 171,800 1,290,218
- --------------------------------------------------------------------------------
Charles River Laboratories
International, Inc. 1 20,000 865,000
- --------------------------------------------------------------------------------
Diversa Corp. 1,2 12,300 133,824
- --------------------------------------------------------------------------------
Illumina, Inc. 1 78,500 3,085,835
- --------------------------------------------------------------------------------
Invitrogen Corp. 1 43,100 2,439,029
- --------------------------------------------------------------------------------
Kendle International,
Inc. 1 72,500 2,280,125
- --------------------------------------------------------------------------------
Luminex Corp. 1,2 69,300 880,110
- --------------------------------------------------------------------------------
Molecular Devices
Corp. 1,2 73,400 1,546,538
- --------------------------------------------------------------------------------
Parexel International
Corp. 1 165,800 4,803,226
- --------------------------------------------------------------------------------
Pharmanet Development
Group, Inc. 1 75,900 1,675,113
- --------------------------------------------------------------------------------
Thermo Fisher
Scientific, Inc. 1 156,600 7,092,414
- --------------------------------------------------------------------------------
Varian, Inc. 1 203,000 9,092,370
- --------------------------------------------------------------------------------
Waters Corp. 1 58,300 2,854,951
-----------------
50,343,751
- --------------------------------------------------------------------------------
PHARMACEUTICALS--1.6%
Alpharma, Inc., Cl. A 398,200 9,596,620
- --------------------------------------------------------------------------------
BioMimetic Therapeutics,
Inc. 1,2 156,200 2,060,278
- --------------------------------------------------------------------------------
Bradley Pharmaceuticals,
Inc. 1,2 105,700 2,175,306
- --------------------------------------------------------------------------------
DepoMed, Inc. 1,2 26,336 90,859
- --------------------------------------------------------------------------------
Endo Pharmaceuticals
Holdings, Inc. 1,2 199,400 5,499,452
- --------------------------------------------------------------------------------
King Pharmaceuticals,
Inc. 1 290,500 4,624,760
- --------------------------------------------------------------------------------
Medicines Co.
(The) 1,2 141,500 4,488,380
27 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
PHARMACEUTICALS Continued
Medicis Pharmaceutical
Corp., Cl. A 2 319,000 $ 11,206,470
- --------------------------------------------------------------------------------
Mylan Laboratories,
Inc. 238,100 4,752,476
- --------------------------------------------------------------------------------
New River Pharmaceuticals,
Inc. 1,2 51,600 2,823,036
- --------------------------------------------------------------------------------
Noven Pharmaceuticals,
Inc. 1,2 111,200 2,830,040
- --------------------------------------------------------------------------------
Pain Therapeutics,
Inc. 1,2 252,700 2,249,030
- --------------------------------------------------------------------------------
Perrigo Co. 296,000 5,120,800
- --------------------------------------------------------------------------------
Pozen, Inc. 1,2 74,400 1,264,056
- --------------------------------------------------------------------------------
Sciele Pharma, Inc. 1,2 400,600 9,614,400
- --------------------------------------------------------------------------------
ViroPharma, Inc. 1 596,600 8,734,224
- --------------------------------------------------------------------------------
Watson Pharmaceuticals,
Inc. 1 158,200 4,117,946
-----------------
81,248,133
- --------------------------------------------------------------------------------
INDUSTRIALS--16.6%
- --------------------------------------------------------------------------------
AEROSPACE & DEFENSE--1.1%
AerCap Holdings NV 1 263,300 6,103,294
- --------------------------------------------------------------------------------
Armor Holdings,
Inc. 1,2 131,900 7,234,715
- --------------------------------------------------------------------------------
Astronics Corp.,
Cl. B 1 7,900 131,930
- --------------------------------------------------------------------------------
Ceradyne, Inc. 1,2 151,200 8,542,800
- --------------------------------------------------------------------------------
Cubic Corp. 2 10,000 217,000
- --------------------------------------------------------------------------------
Curtiss-Wright Corp. 2 15,900 589,572
- --------------------------------------------------------------------------------
DynCorp International,
Inc., Cl. A 1,2 79,100 1,255,317
- --------------------------------------------------------------------------------
K&F Industries
Holdings, Inc. 1,2 86,600 1,966,686
- --------------------------------------------------------------------------------
L-3 Communications
Holdings, Inc. 30,000 2,453,400
- --------------------------------------------------------------------------------
Orbital Sciences
Corp. 1,2 628,800 11,595,072
- --------------------------------------------------------------------------------
Spirit Aerosystems
Holdings, Inc., Cl. A 1 149,130 4,991,381
- --------------------------------------------------------------------------------
Teledyne Technologies,
Inc. 1 170,100 6,826,113
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
AEROSPACE & DEFENSE Continued
Triumph Group, Inc. 2 3,500 $ 183,505
- --------------------------------------------------------------------------------
United Industrial
Corp. 2 56,700 2,877,525
-----------------
54,968,310
- --------------------------------------------------------------------------------
AIR FREIGHT & LOGISTICS--0.7%
ABX Air, Inc. 1 88,400 612,612
- --------------------------------------------------------------------------------
Atlas Air Worldwide
Holdings, Inc. 1,2 96,900 4,312,050
- --------------------------------------------------------------------------------
EGL, Inc. 1 195,000 5,807,100
- --------------------------------------------------------------------------------
Hub Group, Inc.,
Cl. A 1 495,890 13,661,770
- --------------------------------------------------------------------------------
Pacer International,
Inc. 409,700 12,196,769
-----------------
36,590,301
- --------------------------------------------------------------------------------
AIRLINES--0.8%
Alaska Air Group,
Inc. 1,2 291,800 11,526,100
- --------------------------------------------------------------------------------
Allegiant Travel Co. 1 14,210 398,733
- --------------------------------------------------------------------------------
AMR Corp. 1 315,200 9,528,496
- --------------------------------------------------------------------------------
Continental Airlines,
Inc., Cl. B 1,2 219,300 9,046,125
- --------------------------------------------------------------------------------
ExpressJet Holdings,
Inc. 1,2 232,400 1,882,440
- --------------------------------------------------------------------------------
Frontier Airlines
Holdings, Inc. 1,2 136,100 1,007,140
- --------------------------------------------------------------------------------
Mesa Air Group, Inc. 1,2 7,900 67,703
- --------------------------------------------------------------------------------
SkyWest, Inc. 119,200 3,040,792
- --------------------------------------------------------------------------------
US Airways Group,
Inc. 1 21,500 1,157,775
-----------------
37,655,304
- --------------------------------------------------------------------------------
BUILDING PRODUCTS--0.6%
American Woodmark
Corp. 2 81,700 3,419,145
- --------------------------------------------------------------------------------
Ameron International
Corp. 2 42,800 3,268,636
- --------------------------------------------------------------------------------
Builders FirstSource,
Inc. 1,2 178,300 3,179,089
28 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
BUILDING PRODUCTS Continued
Goodman Global,
Inc. 1,2 139,500 $ 2,399,400
- --------------------------------------------------------------------------------
Insteel Industries,
Inc. 2 122,100 2,172,159
- --------------------------------------------------------------------------------
Jacuzzi Brands, Inc. 1 18,600 231,198
- --------------------------------------------------------------------------------
PW Eagle, Inc. 2 85,100 2,935,950
- --------------------------------------------------------------------------------
Universal Forest
Products, Inc. 2 215,800 10,060,596
-----------------
27,666,173
- --------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES--5.2%
ABM Industries, Inc. 2 17,000 386,070
- --------------------------------------------------------------------------------
Acco Brands Corp. 1 37,500 992,625
- --------------------------------------------------------------------------------
Administaff, Inc. 2 346,200 14,806,974
- --------------------------------------------------------------------------------
Allied Waste
Industries, Inc. 1 189,920 2,334,117
- --------------------------------------------------------------------------------
American Ecology
Corp. 2 14,300 264,693
- --------------------------------------------------------------------------------
American
Reprographics
Co. 1,2 110,100 3,667,431
- --------------------------------------------------------------------------------
AMREP Corp. 2 17,400 2,131,500
- --------------------------------------------------------------------------------
Avery-Dennison Corp. 35,500 2,411,515
- --------------------------------------------------------------------------------
Banta Corp. 186,600 6,792,240
- --------------------------------------------------------------------------------
Bowne & Co., Inc. 41,400 659,916
- --------------------------------------------------------------------------------
CBIZ, Inc. 1,2 283,100 1,973,207
- --------------------------------------------------------------------------------
CDI Corp. 2 4,700 117,030
- --------------------------------------------------------------------------------
Central Parking Corp. 2 87,400 1,573,200
- --------------------------------------------------------------------------------
Cenveo, Inc. 1,2 411,800 8,730,160
- --------------------------------------------------------------------------------
Clean Harbors, Inc. 1,2 130,500 6,317,505
- --------------------------------------------------------------------------------
COMSYS IT Partners,
Inc. 1,2 94,100 1,901,761
- --------------------------------------------------------------------------------
Consolidated
Graphics, Inc. 1 111,900 6,609,933
- --------------------------------------------------------------------------------
Cornell Corrections,
Inc. 1,2 24,500 449,085
- --------------------------------------------------------------------------------
Corrections Corp. of
America 1 68,500 3,098,255
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES Continued
Covanta Holding
Corp. 1 242,400 $ 5,342,496
- --------------------------------------------------------------------------------
CRA International,
Inc. 1,2 34,000 1,781,600
- --------------------------------------------------------------------------------
Deluxe Corp. 2 376,000 9,475,200
- --------------------------------------------------------------------------------
Diamond Management
& Technology
Consultants, Inc. 2 35,600 442,864
- --------------------------------------------------------------------------------
Donnelley (R.R.) &
Sons Co. 103,400 3,674,836
- --------------------------------------------------------------------------------
Ennis, Inc. 2 124,600 3,047,716
- --------------------------------------------------------------------------------
Exponent, Inc. 1,2 106,100 1,979,826
- --------------------------------------------------------------------------------
First Consulting
Group, Inc. 1,2 36,300 499,488
- --------------------------------------------------------------------------------
Geo Group, Inc.
(The) 1,2 42,800 1,605,856
- --------------------------------------------------------------------------------
Harland (John H.) Co. 318,600 15,993,720
- --------------------------------------------------------------------------------
Healthcare Services
Group, Inc. 2 53,475 1,548,636
- --------------------------------------------------------------------------------
Heidrick & Struggles
International, Inc. 1 85,758 3,632,709
- --------------------------------------------------------------------------------
ICT Group, Inc. 1,2 68,600 2,167,074
- --------------------------------------------------------------------------------
IHS, Inc., Cl. A 1 105,700 4,173,036
- --------------------------------------------------------------------------------
Ikon Office Solutions,
Inc. 910,200 14,899,974
- --------------------------------------------------------------------------------
Kelly Services, Inc.,
Cl. A 2 15,700 454,358
- --------------------------------------------------------------------------------
Kenexa Corp. 1,2 39,500 1,313,770
- --------------------------------------------------------------------------------
Kforce, Inc. 1,2 119,300 1,451,881
- --------------------------------------------------------------------------------
Knoll, Inc. 350,800 7,717,600
- --------------------------------------------------------------------------------
Korn-Ferry
International 1,2 655,200 15,043,392
- --------------------------------------------------------------------------------
Labor Ready, Inc. 1 773,200 14,172,756
- --------------------------------------------------------------------------------
Manpower, Inc. 93,200 6,983,476
- --------------------------------------------------------------------------------
Miller (Herman), Inc. 63,900 2,323,404
- --------------------------------------------------------------------------------
On Assignment, Inc. 1,2 104,400 1,226,700
- --------------------------------------------------------------------------------
PeopleSupport, Inc. 1,2 90,100 1,896,605
- --------------------------------------------------------------------------------
PHH Corp. 1,2 245,700 7,093,359
- --------------------------------------------------------------------------------
Pike Electric Corp. 1 76,700 1,252,511
29 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES Continued
Resources Connection,
Inc. 1,2 11,100 $ 353,424
- --------------------------------------------------------------------------------
Robert Half
International, Inc. 66,300 2,461,056
- --------------------------------------------------------------------------------
SAIC, Inc. 1,2 33,100 588,849
- --------------------------------------------------------------------------------
School Specialty, Inc. 1 21,700 813,533
- --------------------------------------------------------------------------------
SITEL Corp. 1 130,200 549,444
- --------------------------------------------------------------------------------
Spherion Corp. 1 316,800 2,353,824
- --------------------------------------------------------------------------------
Standard Register
Co. (The) 2 33,700 404,400
- --------------------------------------------------------------------------------
Steelcase, Inc., Cl. A 256,300 4,654,408
- --------------------------------------------------------------------------------
Team, Inc. 1,2 43,000 1,497,690
- --------------------------------------------------------------------------------
TeleTech Holdings,
Inc. 1,2 65,000 1,552,200
- --------------------------------------------------------------------------------
Tetra Tech, Inc. 1,2 606,867 10,978,224
- --------------------------------------------------------------------------------
United Stationers,
Inc. 1 73,900 3,450,391
- --------------------------------------------------------------------------------
Viad Corp. 279,600 11,351,760
- --------------------------------------------------------------------------------
Volt Information
Sciences, Inc. 1,2 96,900 4,865,349
- --------------------------------------------------------------------------------
Waste Industries
USA, Inc. 2 28,000 854,560
- --------------------------------------------------------------------------------
Watson Wyatt &
Co. Holdings 2 332,500 15,012,375
-----------------
258,153,547
- --------------------------------------------------------------------------------
CONSTRUCTION & ENGINEERING--0.9%
Baker (Michael)
Corp. 1,2 18,500 419,025
- --------------------------------------------------------------------------------
Chicago Bridge & Iron
Co. NV 146,000 3,991,640
- --------------------------------------------------------------------------------
Comfort Systems
USA, Inc. 218,800 2,765,632
- --------------------------------------------------------------------------------
EMCOR Group, Inc. 1 288,200 16,384,170
- --------------------------------------------------------------------------------
Granite Construction,
Inc. 95,200 4,790,464
- --------------------------------------------------------------------------------
Infrasource Services,
Inc. 1 421,300 9,171,701
- --------------------------------------------------------------------------------
Insituform Technologies,
Inc., Cl. A 1,2 17,300 447,378
- --------------------------------------------------------------------------------
Perini Corp. 1 57,000 1,754,460
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
CONSTRUCTION & ENGINEERING Continued
Quanta Services,
Inc. 1,2 204,600 $ 4,024,482
- --------------------------------------------------------------------------------
Sterling Construction
Co., Inc. 1,2 16,900 367,744
-----------------
44,116,696
- --------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT--1.8%
Acuity Brands, Inc. 306,100 15,929,444
- --------------------------------------------------------------------------------
AZZ, Inc. 1 2,500 128,000
- --------------------------------------------------------------------------------
Baldor Electric Co. 2 225,500 7,536,210
- --------------------------------------------------------------------------------
Belden CDT, Inc. 403,400 15,768,906
- --------------------------------------------------------------------------------
Cooper Industries
Ltd., Cl. A 30,300 2,740,029
- --------------------------------------------------------------------------------
EnerSys, Inc. 1,2 157,100 2,513,600
- --------------------------------------------------------------------------------
First Solar, Inc. 1 14,300 426,140
- --------------------------------------------------------------------------------
Franklin Electric Co.,
Inc. 2 8,100 416,259
- --------------------------------------------------------------------------------
General Cable Corp. 1 135,600 5,927,076
- --------------------------------------------------------------------------------
Genlyte Group, Inc.
(The) 1,2 45,699 3,569,549
- --------------------------------------------------------------------------------
GrafTech International
Ltd. 1,2 260,100 1,799,892
- --------------------------------------------------------------------------------
II-VI, Inc. 1,2 42,700 1,193,038
- --------------------------------------------------------------------------------
Lamson & Sessions
Co. (The) 1,2 60,900 1,477,434
- --------------------------------------------------------------------------------
LSI Industries, Inc. 50,200 996,470
- --------------------------------------------------------------------------------
Regal-Beloit Corp. 2 210,700 11,063,857
- --------------------------------------------------------------------------------
Smith (A.O.) Corp. 2 27,700 1,040,412
- --------------------------------------------------------------------------------
Superior Essex, Inc. 1,2 143,440 4,769,380
- --------------------------------------------------------------------------------
Thomas & Betts Corp. 1 35,400 1,673,712
- --------------------------------------------------------------------------------
Vicor Corp. 2 129,163 1,435,001
- --------------------------------------------------------------------------------
Woodward Governor
Co. 2 233,801 9,284,238
-----------------
89,688,647
- --------------------------------------------------------------------------------
INDUSTRIAL CONGLOMERATES--0.1%
Sequa Corp., Cl. A 1 40,800 4,694,448
- --------------------------------------------------------------------------------
Teleflex, Inc. 24,200 1,562,352
- --------------------------------------------------------------------------------
Tredegar Corp. 2 49,700 1,123,717
-----------------
7,380,517
30 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
MACHINERY--3.6%
Actuant Corp., Cl. A 2 88,900 $ 4,236,085
- --------------------------------------------------------------------------------
AGCO Corp. 1,2 190,700 5,900,258
- --------------------------------------------------------------------------------
Albany International
Corp., Cl. A 2 85,700 2,820,387
- --------------------------------------------------------------------------------
American Railcar
Industries, Inc. 2 32,500 1,106,300
- --------------------------------------------------------------------------------
American Science &
Engineering, Inc. 1,2 12,400 737,924
- --------------------------------------------------------------------------------
Ampco-Pittsburgh
Corp. 77,000 2,577,960
- --------------------------------------------------------------------------------
Astec Industries, Inc. 1,2 58,100 2,039,310
- --------------------------------------------------------------------------------
Briggs & Stratton
Corp. 2 83,200 2,242,240
- --------------------------------------------------------------------------------
Bucyrus International,
Inc., Cl. A 2 111,124 5,751,778
- --------------------------------------------------------------------------------
Cascade Corp. 2 26,000 1,375,400
- --------------------------------------------------------------------------------
Commercial Vehicle
Group, Inc. 1,2 6,100 132,980
- --------------------------------------------------------------------------------
Cummins, Inc. 52,500 6,204,450
- --------------------------------------------------------------------------------
Dynamic Materials
Corp. 2 54,168 1,522,121
- --------------------------------------------------------------------------------
Eaton Corp. 60,000 4,508,400
- --------------------------------------------------------------------------------
Federal Signal Corp. 114,800 1,841,392
- --------------------------------------------------------------------------------
Flow International
Corp. 1 167,700 1,848,054
- --------------------------------------------------------------------------------
Freightcar America,
Inc. 2 62,500 3,465,625
- --------------------------------------------------------------------------------
Gardner Denver, Inc. 1 343,800 12,827,178
- --------------------------------------------------------------------------------
Gorman-Rupp Co.
(The) 2 8,850 327,185
- --------------------------------------------------------------------------------
Kadant, Inc. 1 60,200 1,467,676
- --------------------------------------------------------------------------------
Kaydon Corp. 2 316,100 12,561,814
- --------------------------------------------------------------------------------
Lindsay Manufacturing
Co. 2 56,300 1,838,195
- --------------------------------------------------------------------------------
Manitowoc Co., Inc.
(The) 77,100 4,582,053
- --------------------------------------------------------------------------------
Middleby Corp. (The) 1,2 16,400 1,716,588
- --------------------------------------------------------------------------------
Miller Industries,
Inc. 1,2 44,400 1,065,600
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
MACHINERY Continued
Mueller Industries,
Inc. 327,500 $ 10,381,750
- --------------------------------------------------------------------------------
NACCO Industries,
Inc., Cl. A 72,100 9,848,860
- --------------------------------------------------------------------------------
Navistar International
Corp. 1,2 42,900 1,434,147
- --------------------------------------------------------------------------------
Nordson Corp. 275,100 13,708,233
- --------------------------------------------------------------------------------
RBC Bearings, Inc. 1 52,700 1,510,382
- --------------------------------------------------------------------------------
Robbins & Myers,
Inc. 2 68,600 3,150,112
- --------------------------------------------------------------------------------
SPX Corp. 101,400 6,201,624
- --------------------------------------------------------------------------------
Sun Hydraulics
Corp. 2 16,300 334,313
- --------------------------------------------------------------------------------
Tennant Co. 2 75,200 2,180,800
- --------------------------------------------------------------------------------
Terex Corp. 1 30,200 1,950,316
- --------------------------------------------------------------------------------
Titan International,
Inc. 2 93,900 1,892,085
- --------------------------------------------------------------------------------
Toro Co. (The) 2 332,600 15,509,138
- --------------------------------------------------------------------------------
Valmont Industries,
Inc. 2 261,200 14,493,988
- --------------------------------------------------------------------------------
Wabtec Corp. 436,300 13,254,794
-----------------
180,547,495
- --------------------------------------------------------------------------------
MARINE--0.3%
American Commercial
Lines, Inc. 1 111,400 7,297,814
- --------------------------------------------------------------------------------
Horizon Lines, Inc.,
Cl. A 269,800 7,273,808
-----------------
14,571,622
- --------------------------------------------------------------------------------
ROAD & RAIL--0.7%
Arkansas Best Corp. 2 104,500 3,762,000
- --------------------------------------------------------------------------------
Dollar Thrifty Automotive
Group, Inc. 1,2 40,900 1,865,449
- --------------------------------------------------------------------------------
Genesee & Wyoming,
Inc., Cl. A 1,2 53,200 1,395,968
- --------------------------------------------------------------------------------
Heartland Express,
Inc. 2 55,200 829,104
- --------------------------------------------------------------------------------
Kansas City
Southern 1,2 124,600 3,610,908
31 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
ROAD & RAIL Continued
Laidlaw International,
Inc. 210,600 $ 6,408,558
- --------------------------------------------------------------------------------
P.A.M. Transportation
Services, Inc. 1 28,400 625,368
- --------------------------------------------------------------------------------
Quality Distribution,
Inc. 1 300 3,996
- --------------------------------------------------------------------------------
Ryder Systems, Inc. 34,200 1,746,252
- --------------------------------------------------------------------------------
Saia, Inc. 1 95,899 2,225,816
- --------------------------------------------------------------------------------
Swift Transportation
Co., Inc. 1 473,700 12,444,099
- --------------------------------------------------------------------------------
Universal Truckload
Services, Inc. 1 3,800 90,250
- --------------------------------------------------------------------------------
Werner Enterprises,
Inc. 65,700 1,148,436
-----------------
36,156,204
- --------------------------------------------------------------------------------
TRADING COMPANIES & DISTRIBUTORS--0.8%
Applied Industrial
Technologies, Inc. 430,200 11,318,562
- --------------------------------------------------------------------------------
BlueLinx Holdings,
Inc. 2 135,900 1,413,360
- --------------------------------------------------------------------------------
Houston Wire &
Cable Co. 1,2 57,700 1,205,930
- --------------------------------------------------------------------------------
Interline Brands, Inc. 1 169,900 3,817,653
- --------------------------------------------------------------------------------
Kaman Corp., Cl. A 2 34,900 781,411
- --------------------------------------------------------------------------------
Rush Enterprises, Inc.,
Cl. A 1,2 61,500 1,040,580
- --------------------------------------------------------------------------------
UAP Holding Corp. 2 338,733 8,529,297
- --------------------------------------------------------------------------------
United Rentals, Inc. 1,2 198,500 5,047,855
- --------------------------------------------------------------------------------
W.W. Grainger, Inc. 57,300 4,007,562
-----------------
37,162,210
- --------------------------------------------------------------------------------
INFORMATION TECHNOLOGY--24.0%
- --------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT--3.0%
ADTRAN, Inc. 431,600 9,797,320
- --------------------------------------------------------------------------------
Anaren Microwave,
Inc. 1,2 135,500 2,406,480
- --------------------------------------------------------------------------------
Andrew Corp. 1 36,600 374,418
- --------------------------------------------------------------------------------
Arris Group, Inc. 1 1,286,800 16,097,868
- --------------------------------------------------------------------------------
Avanex Corp. 1,2 217,700 411,453
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT Continued
Avaya, Inc. 1 510,300 $ 7,133,994
- --------------------------------------------------------------------------------
Avocent Corp. 1 72,500 2,454,125
- --------------------------------------------------------------------------------
Black Box Corp. 2 31,600 1,326,884
- --------------------------------------------------------------------------------
C-COR.net Corp. 1 160,400 1,786,856
- --------------------------------------------------------------------------------
Carrier Access
Corp. 1,2 68,500 449,360
- --------------------------------------------------------------------------------
CommScope, Inc. 1,2 554,900 16,913,352
- --------------------------------------------------------------------------------
Comtech
Telecommunications
Corp. 1,2 129,600 4,933,872
- --------------------------------------------------------------------------------
Digi International,
Inc. 1,2 104,609 1,442,558
- --------------------------------------------------------------------------------
Ditech Networks,
Inc. 1 147,000 1,017,240
- --------------------------------------------------------------------------------
Dycom Industries,
Inc. 1 53,300 1,125,696
- --------------------------------------------------------------------------------
EMS Technologies,
Inc. 1 86,100 1,724,583
- --------------------------------------------------------------------------------
Extreme Networks,
Inc. 1 366,800 1,536,892
- --------------------------------------------------------------------------------
Foundry Networks,
Inc. 1 431,300 6,460,874
- --------------------------------------------------------------------------------
Harmonic, Inc. 1,2 253,500 1,842,945
- --------------------------------------------------------------------------------
Inter-Tel, Inc. 2 8,400 186,144
- --------------------------------------------------------------------------------
InterDigital
Communications
Corp. 1,2 507,550 17,028,303
- --------------------------------------------------------------------------------
Oplink
Communications,
Inc. 1,2 82,800 1,702,368
- --------------------------------------------------------------------------------
Packeteer, Inc. 1,2 17,100 232,560
- --------------------------------------------------------------------------------
Performance
Technologies, Inc. 1 58,200 348,618
- --------------------------------------------------------------------------------
Plantronics, Inc. 2 24,400 517,280
- --------------------------------------------------------------------------------
Polycom, Inc. 1 527,000 16,289,570
- --------------------------------------------------------------------------------
Redback Networks,
Inc. 1,2 49,900 1,244,506
- --------------------------------------------------------------------------------
SafeNet, Inc. 1,2 45,500 1,089,270
- --------------------------------------------------------------------------------
Sonus Networks,
Inc. 1 905,900 5,969,881
32 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT Continued
Stratex Networks,
Inc. 1,2 75,200 $ 363,216
- --------------------------------------------------------------------------------
Symmetricom, Inc. 1,2 37,000 330,040
- --------------------------------------------------------------------------------
Tekelec, Inc. 1,2 390,500 5,791,115
- --------------------------------------------------------------------------------
Tellabs, Inc. 1 324,600 3,330,396
- --------------------------------------------------------------------------------
UTStarcom, Inc. 1,2 1,444,800 12,642,000
- --------------------------------------------------------------------------------
ViaSat, Inc. 1,2 135,400 4,036,274
-----------------
150,338,311
- --------------------------------------------------------------------------------
COMPUTERS & PERIPHERALS--1.8%
Adaptec, Inc. 1,2 139,100 648,206
- --------------------------------------------------------------------------------
Brocade
Communications
Systems, Inc. 1 2,073,200 17,020,972
- --------------------------------------------------------------------------------
Cray, Inc. 1,2 100,900 1,198,692
- --------------------------------------------------------------------------------
Diebold, Inc. 117,800 5,489,480
- --------------------------------------------------------------------------------
Electronics for
Imaging, Inc. 1,2 250,700 6,663,606
- --------------------------------------------------------------------------------
Emulex Corp. 1 870,800 16,989,308
- --------------------------------------------------------------------------------
Hypercom Corp. 1,2 252,300 1,602,105
- --------------------------------------------------------------------------------
Imation Corp. 193,300 8,974,919
- --------------------------------------------------------------------------------
Komag, Inc. 1,2 285,600 10,818,528
- --------------------------------------------------------------------------------
Lexmark International,
Inc., Cl. A 1 106,400 7,788,480
- --------------------------------------------------------------------------------
NCR Corp. 1 171,700 7,341,892
- --------------------------------------------------------------------------------
QLogic Corp. 1 209,700 4,596,624
- --------------------------------------------------------------------------------
Seagate Technology 30,522 808,833
-----------------
89,941,645
- --------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS--3.5%
Acacia Research
Corp. 1,2 129,100 1,727,358
- --------------------------------------------------------------------------------
Aeroflex, Inc. 1,2 135,200 1,584,544
- --------------------------------------------------------------------------------
Agilysys, Inc. 2 31,200 522,288
- --------------------------------------------------------------------------------
Avnet, Inc. 1 128,900 3,290,817
- --------------------------------------------------------------------------------
AVX Corp. 2 271,600 4,016,964
- --------------------------------------------------------------------------------
Bel Fuse, Inc., Cl. A 37,400 1,128,358
- --------------------------------------------------------------------------------
Benchmark Electronics,
Inc. 1,2 136,600 3,327,576
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS Continued
CDW Corp. 68,000 $ 4,781,760
- --------------------------------------------------------------------------------
Checkpoint Systems,
Inc. 1 76,300 1,541,260
- --------------------------------------------------------------------------------
Cogent, Inc. 1,2 49,600 546,096
- --------------------------------------------------------------------------------
Cognex Corp. 2 145,800 3,472,956
- --------------------------------------------------------------------------------
CPI International,
Inc. 1,2 49,100 736,500
- --------------------------------------------------------------------------------
CTS Corp. 2 148,200 2,326,740
- --------------------------------------------------------------------------------
Daktronics, Inc. 2 214,900 7,919,065
- --------------------------------------------------------------------------------
Dolby Laboratories,
Inc., Cl. A 1 130,500 4,048,110
- --------------------------------------------------------------------------------
DTS, Inc. 1,2 15,000 362,850
- --------------------------------------------------------------------------------
Excel Technology,
Inc. 1 32,000 818,880
- --------------------------------------------------------------------------------
FLIR Systems, Inc. 1,2 91,600 2,915,628
- --------------------------------------------------------------------------------
Gerber Scientific,
Inc. 1,2 108,900 1,367,784
- --------------------------------------------------------------------------------
Global Imaging
Systems, Inc. 1 414,800 9,104,860
- --------------------------------------------------------------------------------
Ingram Micro, Inc.,
Cl. A 1 140,300 2,863,523
- --------------------------------------------------------------------------------
Insight Enterprises,
Inc. 1 236,600 4,464,642
- --------------------------------------------------------------------------------
IPG Photonics
Corp. 1,2 84,020 2,016,480
- --------------------------------------------------------------------------------
Itron, Inc. 1,2 244,000 12,648,960
- --------------------------------------------------------------------------------
Kemet Corp. 1 151,200 1,103,760
- --------------------------------------------------------------------------------
Littlefuse, Inc. 1,2 156,300 4,982,844
- --------------------------------------------------------------------------------
Methode Electronics,
Inc., Cl. A 76,300 826,329
- --------------------------------------------------------------------------------
Mettler-Toledo
International, Inc. 1 55,100 4,344,635
- --------------------------------------------------------------------------------
MTS Systems Corp. 135,000 5,213,700
- --------------------------------------------------------------------------------
Newport Corp. 1 193,100 4,045,445
- --------------------------------------------------------------------------------
OYO Geospace
Corp. 1,2 10,500 609,945
- --------------------------------------------------------------------------------
Park Electrochemical
Corp. 2 122,600 3,144,690
- --------------------------------------------------------------------------------
Paxar Corp. 1,2 46,500 1,072,290
33 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS Continued
PC Connection,
Inc. 1,2 36,400 $ 539,812
- --------------------------------------------------------------------------------
Planar Systems, Inc. 1,2 44,000 425,480
- --------------------------------------------------------------------------------
Plexus Corp. 1 497,400 11,877,912
- --------------------------------------------------------------------------------
RadiSys Corp. 1,2 120,600 2,010,402
- --------------------------------------------------------------------------------
Rofin-Sinar
Technologies, Inc. 1,2 246,300 14,891,298
- --------------------------------------------------------------------------------
Rogers Corp. 1,2 189,000 11,179,350
- --------------------------------------------------------------------------------
Sanmina-SCI Corp. 1 395,100 1,363,095
- --------------------------------------------------------------------------------
ScanSource, Inc. 1,2 40,800 1,240,320
- --------------------------------------------------------------------------------
Solectron Corp. 1 542,300 1,746,206
- --------------------------------------------------------------------------------
Staktek Holdings, Inc. 1 7,600 39,140
- --------------------------------------------------------------------------------
SYNNEX Corp. 1 83,600 1,834,184
- --------------------------------------------------------------------------------
Tech Data Corp. 1 182,300 6,903,701
- --------------------------------------------------------------------------------
Technitrol, Inc. 225,700 5,391,973
- --------------------------------------------------------------------------------
Tektronix, Inc. 113,900 3,322,463
- --------------------------------------------------------------------------------
TTM Technologies,
Inc. 1 252,200 2,857,426
- --------------------------------------------------------------------------------
Vishay Intertechnology,
Inc. 1 349,600 4,733,584
- --------------------------------------------------------------------------------
Zygo Corp. 1,2 110,400 1,816,080
-----------------
175,050,063
- --------------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES--3.0%
24/7 Real Media, Inc. 1,2 175,700 1,590,085
- --------------------------------------------------------------------------------
Aquantive, Inc. 1,2 124,000 3,057,840
- --------------------------------------------------------------------------------
Art Technology Group,
Inc. 1,2 328,300 764,939
- --------------------------------------------------------------------------------
CMGI, Inc. 1 774,100 1,037,294
- --------------------------------------------------------------------------------
CyberSource Corp. 1 15,491 170,711
- --------------------------------------------------------------------------------
Digital Insight Corp. 1 302,400 11,639,376
- --------------------------------------------------------------------------------
Digital River, Inc. 1,2 125,100 6,979,329
- --------------------------------------------------------------------------------
Digitas, Inc. 1 497,000 6,664,770
- --------------------------------------------------------------------------------
EarthLink, Inc. 1,2 1,295,800 9,200,180
- --------------------------------------------------------------------------------
eCollege.com, Inc. 1,2 47,800 748,070
- --------------------------------------------------------------------------------
InfoSpace, Inc. 1,2 145,000 2,973,950
- --------------------------------------------------------------------------------
Internap Network
Services Corp. 1,2 143,500 2,851,345
- --------------------------------------------------------------------------------
Interwoven, Inc. 1,2 211,100 3,096,837
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES Continued
j2 Global
Communications,
Inc. 1,2 436,800 $ 11,902,800
- --------------------------------------------------------------------------------
Liquidity Services,
Inc. 1 14,400 247,824
- --------------------------------------------------------------------------------
National Information
Consortium, Inc. 1 32,800 163,016
- --------------------------------------------------------------------------------
Open Text Corp. 1,2 242,700 4,926,810
- --------------------------------------------------------------------------------
RealNetworks, Inc. 1,2 852,100 9,321,974
- --------------------------------------------------------------------------------
Savvis, Inc. 1,2 182,613 6,521,110
- --------------------------------------------------------------------------------
Sohu.com, Inc. 1 298,900 7,173,600
- --------------------------------------------------------------------------------
SonicWALL, Inc. 1 359,400 3,026,148
- --------------------------------------------------------------------------------
TheStreet.com, Inc. 2 179,100 1,593,990
- --------------------------------------------------------------------------------
Travelzoo, Inc. 1,2 69,600 2,084,520
- --------------------------------------------------------------------------------
United Online, Inc. 985,950 13,093,416
- --------------------------------------------------------------------------------
ValueClick, Inc. 1 219,698 5,191,464
- --------------------------------------------------------------------------------
VeriSign, Inc. 1 230,500 5,543,525
- --------------------------------------------------------------------------------
Vignette Corp. 1 107,800 1,840,146
- --------------------------------------------------------------------------------
WebEx
Communications,
Inc. 1 362,000 12,630,180
- --------------------------------------------------------------------------------
webMethods, Inc. 1 361,800 2,662,848
- --------------------------------------------------------------------------------
Websense, Inc. 1,2 382,100 8,723,343
-----------------
147,421,440
- --------------------------------------------------------------------------------
IT SERVICES--3.0%
Acxiom Corp. 190,400 4,883,760
- --------------------------------------------------------------------------------
Affiliated Computer
Services, Inc., Cl. A 1 49,200 2,402,928
- --------------------------------------------------------------------------------
BearingPoint, Inc. 1,2 53,925 424,390
- --------------------------------------------------------------------------------
BISYS Group, Inc.
(The) 1 1,029,400 13,289,554
- --------------------------------------------------------------------------------
CACI International,
Inc., Cl. A 1 20,700 1,169,550
- --------------------------------------------------------------------------------
Ceridian Corp. 1 175,600 4,913,288
- --------------------------------------------------------------------------------
CIBER, Inc. 1,2 144,900 982,422
- --------------------------------------------------------------------------------
Computer Sciences
Corp. 1 131,800 7,034,166
- --------------------------------------------------------------------------------
Convergys Corp. 1 227,100 5,400,438
- --------------------------------------------------------------------------------
Covansys Corp. 1 165,300 3,793,635
34 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
IT SERVICES Continued
CSG Systems
International, Inc. 1 579,400 $ 15,487,362
- --------------------------------------------------------------------------------
DST Systems, Inc. 1 88,600 5,549,018
- --------------------------------------------------------------------------------
Fiserv, Inc. 1 134,300 7,040,006
- --------------------------------------------------------------------------------
Forrester Research,
Inc. 1,2 117,600 3,188,136
- --------------------------------------------------------------------------------
Gartner, Inc., Cl. A 1 339,400 6,716,726
- --------------------------------------------------------------------------------
Gevity HR, Inc. 2 45,700 1,082,633
- --------------------------------------------------------------------------------
Hewitt Associates,
Inc. 1 13,000 334,750
- --------------------------------------------------------------------------------
Infocrossing, Inc. 1,2 22,700 370,010
- --------------------------------------------------------------------------------
infoUSA, Inc. 217,168 2,586,471
- --------------------------------------------------------------------------------
Integral Systems, Inc. 2 17,600 407,792
- --------------------------------------------------------------------------------
Isilon Systems, Inc. 1,2 32,200 888,720
- --------------------------------------------------------------------------------
Keane, Inc. 1,2 163,700 1,949,667
- --------------------------------------------------------------------------------
Lightbridge, Inc. 1 172,200 2,331,588
- --------------------------------------------------------------------------------
ManTech International
Corp. 1 62,100 2,287,143
- --------------------------------------------------------------------------------
Maximus, Inc. 2 56,300 1,732,914
- --------------------------------------------------------------------------------
MPS Group, Inc. 1 1,035,500 14,683,390
- --------------------------------------------------------------------------------
NCI, Inc., Cl. A 1 98,900 1,512,181
- --------------------------------------------------------------------------------
Ness Technologies,
Inc. 1 20,300 289,478
- --------------------------------------------------------------------------------
Perot Systems Corp.,
Cl. A 1 414,700 6,796,933
- --------------------------------------------------------------------------------
Sabre Holdings Corp. 203,600 6,492,804
- --------------------------------------------------------------------------------
SRA International, Inc.,
Cl. A 1 153,200 4,096,568
- --------------------------------------------------------------------------------
Startek, Inc. 31,000 419,740
- --------------------------------------------------------------------------------
Sykes Enterprises,
Inc. 1 400,600 7,066,584
- --------------------------------------------------------------------------------
TNS, Inc. 1,2 2,700 51,975
- --------------------------------------------------------------------------------
Total System Services,
Inc. 2 78,100 2,061,059
- --------------------------------------------------------------------------------
Tyler Technologies,
Inc. 1,2 232,900 3,274,574
- --------------------------------------------------------------------------------
Unisys Corp. 1 247,000 1,936,480
- --------------------------------------------------------------------------------
VeriFone Holdings,
Inc. 1 32,400 1,146,960
-----------------
146,075,793
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
LIFE SCIENCES TOOLS & SERVICES--0.1%
Dionex Corp. 1,2 71,100 $ 4,032,081
- --------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT--4.9%
Actel Corp. 1,2 72,100 1,309,336
- --------------------------------------------------------------------------------
Advanced Analogic
Technologies, Inc. 1,2 7,800 42,042
- --------------------------------------------------------------------------------
Advanced Energy
Industries, Inc. 1,2 355,000 6,698,850
- --------------------------------------------------------------------------------
Agere Systems, Inc. 1 379,100 7,267,347
- --------------------------------------------------------------------------------
Altera Corp. 1 360,300 7,090,704
- --------------------------------------------------------------------------------
AMIS Holdings, Inc. 1 132,600 1,401,582
- --------------------------------------------------------------------------------
Amkor Technology,
Inc. 1,2 1,698,550 15,864,457
- --------------------------------------------------------------------------------
Applied Micro
Circuits Corp. 1 1,694,300 6,031,708
- --------------------------------------------------------------------------------
Asyst Technologies,
Inc. 1 355,700 2,600,167
- --------------------------------------------------------------------------------
Atheros
Communications,
Inc. 1,2 367,300 7,830,836
- --------------------------------------------------------------------------------
Atmel Corp. 1 643,900 3,895,595
- --------------------------------------------------------------------------------
ATMI, Inc. 1,2 220,900 6,744,077
- --------------------------------------------------------------------------------
Cirrus Logic, Inc. 1 287,100 1,975,248
- --------------------------------------------------------------------------------
Cohu, Inc. 2 88,600 1,786,176
- --------------------------------------------------------------------------------
Credence Systems
Corp. 1,2 294,300 1,530,360
- --------------------------------------------------------------------------------
Cree, Inc. 1,2 68,100 1,179,492
- --------------------------------------------------------------------------------
Cymer, Inc. 1,2 365,180 16,049,661
- --------------------------------------------------------------------------------
Diodes, Inc. 1 130,200 4,619,496
- --------------------------------------------------------------------------------
DSP Group, Inc. 1 26,100 566,370
- --------------------------------------------------------------------------------
Fairchild
Semiconductor
International, Inc.,
Cl. A 1 169,200 2,844,252
- --------------------------------------------------------------------------------
FormFactor, Inc. 1 44,200 1,646,450
- --------------------------------------------------------------------------------
Hittite Microwave
Corp. 1,2 240,500 7,772,960
- --------------------------------------------------------------------------------
Integrated Device
Technology, Inc. 1 316,000 4,891,680
- --------------------------------------------------------------------------------
Intersil Corp., Cl. A 225,900 5,403,528
- --------------------------------------------------------------------------------
Intevac, Inc. 1,2 143,200 3,716,040
35 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT Continued
Kulicke & Soffa
Industries, Inc. 1,2 335,300 $ 2,816,520
- --------------------------------------------------------------------------------
Linear Technology
Corp. 77,600 2,352,832
- --------------------------------------------------------------------------------
LSI Logic Corp. 1 618,000 5,562,000
- --------------------------------------------------------------------------------
LTX Corp. 1 527,800 2,955,680
- --------------------------------------------------------------------------------
Mattson Technology,
Inc. 1 178,900 1,667,348
- --------------------------------------------------------------------------------
Micrel, Inc. 1,2 1,206,200 13,002,836
- --------------------------------------------------------------------------------
Microtune, Inc. 1,2 122,800 577,160
- --------------------------------------------------------------------------------
MKS Instruments,
Inc. 1 355,900 8,036,222
- --------------------------------------------------------------------------------
National
Semiconductor
Corp. 319,800 7,259,460
- --------------------------------------------------------------------------------
Novellus Systems,
Inc. 1 190,100 6,543,242
- --------------------------------------------------------------------------------
OmniVision
Technologies, Inc. 1,2 793,900 10,836,735
- --------------------------------------------------------------------------------
PortalPlayer, Inc. 1 127,900 1,720,255
- --------------------------------------------------------------------------------
Power Integrations,
Inc. 1,2 25,500 597,975
- --------------------------------------------------------------------------------
RF Micro Devices,
Inc. 1,2 193,900 1,316,581
- --------------------------------------------------------------------------------
Semtech Corp. 1 259,000 3,385,130
- --------------------------------------------------------------------------------
Silicon Image, Inc. 1,2 923,400 11,745,648
- --------------------------------------------------------------------------------
Silicon Storage
Technology, Inc. 1,2 220,800 995,808
- --------------------------------------------------------------------------------
SiRF Technology
Holdings, Inc. 1,2 73,100 1,865,512
- --------------------------------------------------------------------------------
Supertex, Inc. 1,2 65,600 2,574,800
- --------------------------------------------------------------------------------
Techwell, Inc. 1 7,000 112,420
- --------------------------------------------------------------------------------
Teradyne, Inc. 1 353,800 5,292,848
- --------------------------------------------------------------------------------
Tessera Technologies,
Inc. 1,2 208,700 8,418,958
- --------------------------------------------------------------------------------
Transmeta Corp. 1,2 229,600 254,856
- --------------------------------------------------------------------------------
Trident Microsystems,
Inc. 1 22,400 407,232
- --------------------------------------------------------------------------------
TriQuint
Semiconductor,
Inc. 1 232,200 1,044,900
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT Continued
Varian
Semiconductor
Equipment
Associates, Inc. 1 127,100 $ 5,785,592
- --------------------------------------------------------------------------------
Veeco Instruments,
Inc. 1 123,300 2,309,409
- --------------------------------------------------------------------------------
Xilinx, Inc. 269,000 6,404,890
- --------------------------------------------------------------------------------
Zoran Corp. 1 456,900 6,661,602
-----------------
243,262,865
- --------------------------------------------------------------------------------
SOFTWARE--4.7%
Actuate Corp. 1,2 300,900 1,787,346
- --------------------------------------------------------------------------------
Advent Software,
Inc. 1,2 205,200 7,241,508
- --------------------------------------------------------------------------------
Altiris, Inc. 1 110,700 2,809,566
- --------------------------------------------------------------------------------
Amdocs Ltd. 1 107,100 4,150,125
- --------------------------------------------------------------------------------
Ansoft Corp. 1,2 174,046 4,838,479
- --------------------------------------------------------------------------------
Aspen Technology,
Inc. 1,2 285,900 3,150,618
- --------------------------------------------------------------------------------
Autodesk, Inc. 1 116,900 4,729,774
- --------------------------------------------------------------------------------
BEA Systems, Inc. 1 497,600 6,259,808
- --------------------------------------------------------------------------------
Blackbaud, Inc. 525,924 13,674,024
- --------------------------------------------------------------------------------
BMC Software, Inc. 1 267,000 8,597,400
- --------------------------------------------------------------------------------
Cadence Design
Systems, Inc. 1 338,300 6,058,953
- --------------------------------------------------------------------------------
Check Point
Software
Technologies Ltd. 1 101,400 2,222,688
- --------------------------------------------------------------------------------
Cognos, Inc. 1 94,600 4,016,716
- --------------------------------------------------------------------------------
Compuware Corp. 1 658,500 5,485,305
- --------------------------------------------------------------------------------
Double-Take
Software, Inc. 1 73,800 950,544
- --------------------------------------------------------------------------------
ePlus, inc. 1 1,000 10,450
- --------------------------------------------------------------------------------
Fair Isaac Corp. 185,700 7,548,705
- --------------------------------------------------------------------------------
Hyperion Solutions
Corp. 1 138,200 4,966,908
- --------------------------------------------------------------------------------
i2 Technoloogies,
Inc. 1,2 68,700 1,567,734
- --------------------------------------------------------------------------------
Interactive
Intelligence, Inc. 1,2 110,500 2,477,410
36 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SOFTWARE Continued
Intuit, Inc. 1 83,300 $ 2,541,483
- --------------------------------------------------------------------------------
JDA Software Group,
Inc. 1 115,700 1,593,189
- --------------------------------------------------------------------------------
Kronos, Inc. 1,2 136,200 5,003,988
- --------------------------------------------------------------------------------
Lawson Software,
Inc. 1,2 695,500 5,139,745
- --------------------------------------------------------------------------------
Magma Design
Automation, Inc. 1,2 51,700 461,681
- --------------------------------------------------------------------------------
Manhattan Associates,
Inc. 1,2 266,800 8,025,344
- --------------------------------------------------------------------------------
MapInfo Corp. 1,2 68,400 892,620
- --------------------------------------------------------------------------------
McAfee, Inc. 1 209,800 5,954,124
- --------------------------------------------------------------------------------
Mentor Graphics
Corp. 1,2 919,300 16,574,979
- --------------------------------------------------------------------------------
MICROS Systems,
Inc. 1 182,500 9,617,750
- --------------------------------------------------------------------------------
MicroStrategy, Inc.,
Cl. A 1,2 133,500 15,220,335
- --------------------------------------------------------------------------------
Net 1 UEPS
Technologies, Inc. 1,2 50,200 1,483,912
- --------------------------------------------------------------------------------
Novell, Inc. 1 574,000 3,558,800
- --------------------------------------------------------------------------------
Open Solutions,
Inc. 1,2 57,900 2,179,356
- --------------------------------------------------------------------------------
OPNET Technologies,
Inc. 1,2 28,200 407,490
- --------------------------------------------------------------------------------
Parametric Technology
Corp. 1 58,800 1,059,576
- --------------------------------------------------------------------------------
Progress Software
Corp. 1,2 23,200 647,976
- --------------------------------------------------------------------------------
Quality Systems, Inc. 2 152,300 5,676,221
- --------------------------------------------------------------------------------
Quest Software, Inc. 1 532,100 7,795,265
- --------------------------------------------------------------------------------
Sonic Solutions, Inc. 1,2 67,500 1,100,250
- --------------------------------------------------------------------------------
SPSS, Inc. 1 103,800 3,121,266
- --------------------------------------------------------------------------------
Sybase, Inc. 1 257,300 6,355,310
- --------------------------------------------------------------------------------
Synchronoss
Technologies, Inc. 1 12,400 170,128
- --------------------------------------------------------------------------------
Synopsys, Inc. 1 276,400 7,388,172
- --------------------------------------------------------------------------------
The9 Ltd., ADR 1,2 22,023 709,581
- --------------------------------------------------------------------------------
TIBCO Software, Inc. 1 1,325,300 12,510,832
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SOFTWARE Continued
Transaction Systems
Architects, Inc., Cl. A 1 214,431 $ 6,984,018
- --------------------------------------------------------------------------------
Ultimate Software
Group, Inc. (The) 1,2 41,900 974,594
- --------------------------------------------------------------------------------
VA Software Corp. 1 426,500 2,145,295
- --------------------------------------------------------------------------------
Vasco Data Security
International, Inc. 1,2 98,100 1,162,485
- --------------------------------------------------------------------------------
Verint Systems, Inc. 1,2 59,100 2,025,948
- --------------------------------------------------------------------------------
Wind River Systems,
Inc. 1 351,500 3,602,875
-----------------
234,628,649
- --------------------------------------------------------------------------------
MATERIALS--8.8%
- --------------------------------------------------------------------------------
CHEMICALS--4.0%
Albemarle Corp. 76,800 5,514,240
- --------------------------------------------------------------------------------
Arch Chemicals, Inc. 100,300 3,340,993
- --------------------------------------------------------------------------------
Ashland, Inc. 85,900 5,942,562
- --------------------------------------------------------------------------------
Cabot Corp. 12,700 553,339
- --------------------------------------------------------------------------------
CF Industries Holdings,
Inc. 2 457,900 11,740,556
- --------------------------------------------------------------------------------
Eastman Chemical Co. 20,300 1,203,993
- --------------------------------------------------------------------------------
FMC Corp. 57,000 4,363,350
- --------------------------------------------------------------------------------
Fuller (H.B.) Co. 611,100 15,778,602
- --------------------------------------------------------------------------------
Georgia Gulf Corp. 158,100 3,052,911
- --------------------------------------------------------------------------------
Hercules, Inc. 1 953,800 18,417,878
- --------------------------------------------------------------------------------
Innophos Holdings,
Inc. 1 146,800 2,155,024
- --------------------------------------------------------------------------------
Innospec, Inc. 2 4,500 209,475
- --------------------------------------------------------------------------------
Koppers Holdings,
Inc. 29,900 779,493
- --------------------------------------------------------------------------------
Landec Corp. 1,2 12,900 138,804
- --------------------------------------------------------------------------------
Lubrizol Corp. (The) 88,200 4,421,466
- --------------------------------------------------------------------------------
Lyondell Chemical
Co. 245,800 6,285,106
- --------------------------------------------------------------------------------
MacDermid, Inc. 98,600 3,362,260
- --------------------------------------------------------------------------------
NewMarket Corp. 250,300 14,780,215
- --------------------------------------------------------------------------------
Olin Corp. 281,900 4,656,988
- --------------------------------------------------------------------------------
OM Group, Inc. 1 342,700 15,517,456
37 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
CHEMICALS Continued
Pioneer Cos., Inc. 1 88,900 $ 2,547,874
- --------------------------------------------------------------------------------
PolyOne Corp. 1 1,164,200 8,731,500
- --------------------------------------------------------------------------------
Rockwood Holdings,
Inc. 1 101,100 2,553,786
- --------------------------------------------------------------------------------
Rohm & Haas Co. 19,000 971,280
- --------------------------------------------------------------------------------
Schulman (A.), Inc. 2 115,000 2,558,750
- --------------------------------------------------------------------------------
Sensient
Technologies Corp. 2 438,800 10,794,480
- --------------------------------------------------------------------------------
Spartech Corp. 507,600 13,309,272
- --------------------------------------------------------------------------------
Stepan Co. 31,000 981,770
- --------------------------------------------------------------------------------
Terra Industries, Inc. 1,2 816,900 9,786,462
- --------------------------------------------------------------------------------
Tronox, Inc., Cl. A 2 171,500 2,742,285
- --------------------------------------------------------------------------------
Valspar Corp. (The) 148,000 4,090,720
- --------------------------------------------------------------------------------
W.R. Grace & Co. 1,2 884,800 17,519,040
-----------------
198,801,930
- --------------------------------------------------------------------------------
CONSTRUCTION MATERIALS--0.6%
Eagle Materials, Inc. 341,100 14,745,753
- --------------------------------------------------------------------------------
Headwaters, Inc. 1,2 493,700 11,829,052
- --------------------------------------------------------------------------------
U.S. Concrete, Inc. 1,2 213,500 1,520,120
-----------------
28,094,925
- --------------------------------------------------------------------------------
CONTAINERS & PACKAGING--0.9%
AEP Industries, Inc. 1,2 30,100 1,604,631
- --------------------------------------------------------------------------------
Caraustar Industries,
Inc. 1,2 31,600 255,644
- --------------------------------------------------------------------------------
Chesapeake Corp. 2 29,300 498,686
- --------------------------------------------------------------------------------
Graphic Packaging
Corp. 1 53,900 233,387
- --------------------------------------------------------------------------------
Greif, Inc., Cl. A 2 164,000 19,417,600
- --------------------------------------------------------------------------------
Myers Industries, Inc. 127,100 1,990,386
- --------------------------------------------------------------------------------
Packaging Corp. of
America 89,800 1,984,580
- --------------------------------------------------------------------------------
Pactiv Corp. 1 231,900 8,276,511
- --------------------------------------------------------------------------------
Rock-Tenn Co., Cl. A 2 190,500 5,164,455
- --------------------------------------------------------------------------------
Silgan Holdings, Inc. 2 137,300 6,030,216
- --------------------------------------------------------------------------------
Sonoco Products Co. 21,100 803,066
-----------------
46,259,162
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
METALS & MINING--3.0%
A. M. Castle & Co. 2 74,100 $ 1,885,845
- --------------------------------------------------------------------------------
AK Steel Holding
Corp. 1,2 1,047,500 17,702,750
- --------------------------------------------------------------------------------
Amerigo Resources
Ltd. 779,600 1,450,698
- --------------------------------------------------------------------------------
Brush Engineered
Materials, Inc. 1,2 61,000 2,059,970
- --------------------------------------------------------------------------------
Carpenter Technology
Corp. 56,200 5,761,624
- --------------------------------------------------------------------------------
Century Aluminum
Co. 1,2 254,300 11,354,495
- --------------------------------------------------------------------------------
Chaparral Steel Co. 2 404,030 17,886,408
- --------------------------------------------------------------------------------
Cleveland-Cliffs, Inc. 2 396,000 19,182,240
- --------------------------------------------------------------------------------
Commercial Metals
Co. 40,000 1,032,000
- --------------------------------------------------------------------------------
Compass Minerals
International, Inc. 2 153,200 4,834,992
- --------------------------------------------------------------------------------
Dynatec Corp. 1 227,700 415,899
- --------------------------------------------------------------------------------
FNX Mining Co.,
Inc. 1 36,900 578,110
- --------------------------------------------------------------------------------
Gibraltar Industries,
Inc. 2 109,400 2,571,994
- --------------------------------------------------------------------------------
Inmet Mining Corp. 53,700 2,873,916
- --------------------------------------------------------------------------------
LionOre Mining
International Ltd. 1 256,900 2,918,943
- --------------------------------------------------------------------------------
Meridian Gold, Inc. 1 23,700 659,084
- --------------------------------------------------------------------------------
Metal Management,
Inc. 2 126,600 4,791,810
- --------------------------------------------------------------------------------
Olympic Steel, Inc. 2 51,500 1,144,845
- --------------------------------------------------------------------------------
Oregon Steel Mills,
Inc. 1 279,500 17,443,595
- --------------------------------------------------------------------------------
Quanex Corp. 2 420,473 14,544,161
- --------------------------------------------------------------------------------
RTI International
Metals, Inc. 1,2 28,800 2,252,736
- --------------------------------------------------------------------------------
Ryerson, Inc. 2 8,500 213,265
- --------------------------------------------------------------------------------
Schnitzer Steel
Industries, Inc. 2 63,300 2,513,010
- --------------------------------------------------------------------------------
Steel Dynamics, Inc. 2 153,500 4,981,075
- --------------------------------------------------------------------------------
Steel Technologies,
Inc. 2 29,000 508,950
38 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
METALS & MINING Continued
United States Steel
Corp. 93,300 $ 6,823,962
-----------------
148,386,377
- --------------------------------------------------------------------------------
PAPER & FOREST PRODUCTS--0.3%
Bowater, Inc. 2 386,000 8,685,000
- --------------------------------------------------------------------------------
Buckeye Technologies,
Inc. 1,2 81,400 975,172
- --------------------------------------------------------------------------------
Louisiana-Pacific
Corp. 184,800 3,978,744
- --------------------------------------------------------------------------------
Neenah Paper, Inc. 2 53,900 1,903,748
- --------------------------------------------------------------------------------
Schweitzer-Mauduit
International, Inc. 33,700 877,885
-----------------
16,420,549
- --------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES--1.5%
- --------------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION SERVICES--1.2%
Alaska
Communications
Systems Group, Inc. 2 200,800 3,050,152
- --------------------------------------------------------------------------------
Broadwing Corp. 1 59,300 926,266
- --------------------------------------------------------------------------------
Cbeyond, Inc. 1,2 233,300 7,136,647
- --------------------------------------------------------------------------------
CenturyTel, Inc. 168,100 7,339,246
- --------------------------------------------------------------------------------
Cincinnati Bell, Inc. 1 2,514,500 11,491,265
- --------------------------------------------------------------------------------
Citizens
Communications Co. 329,100 4,729,167
- --------------------------------------------------------------------------------
Cogent
Communications
Group, Inc. 1 132,200 2,144,284
- --------------------------------------------------------------------------------
Commonwealth
Telephone Enterprises,
Inc. 6,600 276,276
- --------------------------------------------------------------------------------
Consolidated
Communications
Holdings, Inc. 93,800 1,960,420
- --------------------------------------------------------------------------------
CT Communications,
Inc. 2 81,600 1,870,272
- --------------------------------------------------------------------------------
Embarq Corp. 123,600 6,496,416
- --------------------------------------------------------------------------------
FairPoint
Communications,
Inc. 2 157,200 2,978,940
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION SERVICES
Continued
General
Communication, Inc.,
Cl. A 1,2 211,000 $ 3,319,030
- --------------------------------------------------------------------------------
Golden Telecom, Inc. 2 43,300 2,028,172
- --------------------------------------------------------------------------------
Iowa
Telecommunications
Services, Inc. 2 105,900 2,087,289
- --------------------------------------------------------------------------------
North Pittsburgh
Systems, Inc. 2 47,200 1,139,408
-----------------
58,973,250
- --------------------------------------------------------------------------------
WIRELESS TELECOMMUNICATION SERVICES--0.3%
Dobson
Communications
Corp., Cl. A 1 908,300 7,911,293
- --------------------------------------------------------------------------------
FiberTower Corp. 1,2 125,900 740,292
- --------------------------------------------------------------------------------
Syniverse Holdings,
Inc. 1 11,400 170,886
- --------------------------------------------------------------------------------
Telephone & Data
Systems, Inc. 116,400 6,324,012
- --------------------------------------------------------------------------------
USA Mobility, Inc. 2 67,600 1,512,212
-----------------
16,658,695
- --------------------------------------------------------------------------------
UTILITIES--1.8%
- --------------------------------------------------------------------------------
ELECTRIC UTILITIES--0.6%
Central Vermont
Public Service Corp. 12,300 289,665
- --------------------------------------------------------------------------------
Cleco Corp. 166,300 4,195,749
- --------------------------------------------------------------------------------
El Paso Electric Co. 1 77,900 1,898,423
- --------------------------------------------------------------------------------
IDACORP, Inc. 2 185,500 7,169,575
- --------------------------------------------------------------------------------
Otter Tail Corp. 33,100 1,031,396
- --------------------------------------------------------------------------------
Reliant Energy, Inc. 1 124,100 1,763,461
- --------------------------------------------------------------------------------
UIL Holdings Corp. 2 155,366 6,554,892
- --------------------------------------------------------------------------------
UniSource Energy
Corp. 170,900 6,242,977
-----------------
29,146,138
- --------------------------------------------------------------------------------
ENERGY TRADERS--0.1%
Canadian Hydro
Developers, Inc. 1 406,000 2,071,517
39 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
GAS UTILITIES--0.6%
Cascade Natural Gas
Corp. 2 9,700 $ 251,424
- --------------------------------------------------------------------------------
Laclede Group, Inc.
(The) 2 107,200 3,755,216
- --------------------------------------------------------------------------------
New Jersey Resources
Corp. 2 158,000 7,675,640
- --------------------------------------------------------------------------------
Northwest Natural
Gas Co. 2 2,500 106,100
- --------------------------------------------------------------------------------
ONEOK, Inc. 117,100 5,049,352
- --------------------------------------------------------------------------------
Peoples Energy
Corp. 2 150,900 6,725,613
- --------------------------------------------------------------------------------
Southwest Gas
Corp. 2 149,200 5,724,804
- --------------------------------------------------------------------------------
UGI Corp. 54,200 1,478,571
-----------------
30,766,720
- --------------------------------------------------------------------------------
MULTI-UTILITIES & UNREGULATED POWER--0.5%
Avista Corp. 2 543,400 13,753,454
- --------------------------------------------------------------------------------
CenterPoint Energy,
Inc. 2 318,200 5,275,756
- --------------------------------------------------------------------------------
CH Energy Group,
Inc. 2 56,800 2,999,040
- --------------------------------------------------------------------------------
CMS Energy Corp. 1 146,000 2,438,200
-----------------
24,466,450
-----------------
Total Common Stocks
(Cost $4,165,187,712) 4,911,656,526
- --------------------------------------------------------------------------------
PREFERRED STOCKS--0.0%
- --------------------------------------------------------------------------------
Simon Property Group,
Inc., 6% Cv., Non-Vtg.
(Cost $93,170) 1,740 141,636
- --------------------------------------------------------------------------------
MONEY MARKET FUND--0.7%
- --------------------------------------------------------------------------------
Oppenheimer Institutional
Money Market Fund,
Cl. E, 5.25% 5,6
(Cost $35,081,683) 35,081,683 35,081,683
- --------------------------------------------------------------------------------
Total Investments, at Value (excluding
Investments Purchased with Cash
Collateral from Securities Loaned)
(Cost $4,200,362,565) 4,946,879,845
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
INVESTMENTS PURCHASED WITH CASH COLLATERAL
FROM SECURITIES LOANED--22.0% 7
- --------------------------------------------------------------------------------
ASSET BACKED FLOATING NOTE--1.8%
Ameriquest Mortgage
Securities, Inc., Series
2005-R10, Cl. A2A,
5.43%, 1/25/07 $ 2,592,816 $ 2,592,816
- --------------------------------------------------------------------------------
Countrywide Asset-Backed
Certificates, Series
2005-17, Cl. 4AV1,
5.46%, 1/25/07 1,672,670 1,672,670
- --------------------------------------------------------------------------------
Credit-Based Asset Servicing
& Securitization LLC,
5.39%, 1/25/07 9,363,948 9,363,948
- --------------------------------------------------------------------------------
GE-WMC Mortgage
Securities LLC, Series
2005-2, Cl. A2A,
5.45%, 1/25/07 1,165,688 1,165,688
- --------------------------------------------------------------------------------
GSAA Home Equity
Trust, Series 2005-15,
Cl. 2A1, 5.44%,
1/25/07 3,099,074 3,099,074
- --------------------------------------------------------------------------------
Home Equity Asset
Trust, Series 2006-6,
Cl. 2A1, 5.39%,
1/25/07 6,939,222 6,939,222
- --------------------------------------------------------------------------------
Money Market Trust,
Series A-2, 5.43%,
1/16/07 14,000,000 14,000,000
- --------------------------------------------------------------------------------
Specialty Underwriting
& Residential Finance
Trust, Series 2006
BC1, Cl. A2A,
5.43%, 1/25/07 10,673,917 10,673,917
- --------------------------------------------------------------------------------
Structured Asset
Investment Loan
Trust, Series 2005-11,
Cl. A4, 5.44%,
1/25/07 7,226,344 7,226,344
- --------------------------------------------------------------------------------
Whitehawk CDO
Funding Corp.,
5.41%, 3/15/07 36,000,000 36,000,000
-----------------
92,733,679
40 | OPPENHEIMER MAIN STREET SMALL CAP FUND
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
BANK FLOATING RATE NOTES--1.1%
National City Bank
Cleveland, 5.36%,
1/2/07 $ 11,998,839 $ 11,998,839
- --------------------------------------------------------------------------------
U.S. Bank NA, 5.31%,
1/2/07 17,996,507 17,996,507
- --------------------------------------------------------------------------------
World Savings Bank
FSB, 5.35%, 1/19/07 25,000,000 25,000,000
-----------------
54,995,346
- --------------------------------------------------------------------------------
FUNDING AGREEMENT/GUARANTEED INVESTMENT
CONTRACT--1.1%
Metropolitan Life
Insurance Co., 5.41%,
1/2/07 20,000,000 20,000,000
- --------------------------------------------------------------------------------
Protective Life
Insurance Co.,
5.45%, 1/26/07 15,000,000 15,000,000
- --------------------------------------------------------------------------------
Protective Life
Insurance Co., 5.50%,
1/29/07 19,000,000 19,000,000
-----------------
54,000,000
- --------------------------------------------------------------------------------
JOINT REPURCHASE AGREEMENTS--8.5%
Undivided interest of 1.59% in joint
repurchase agreement (Principal
Amount/Value $3,000,000,000,
with a maturity value of
$3,001,776,667) with Morgan
Stanley, 5.33%, dated 12/29/06,
to be repurchased at
$47,817,225 on 1/2/07,
collateralized by U.S.
Agency Mortgages,
4%-6.50%, 1/1/18-11/1/46,
with a value of
$3,060,000,000 47,788,923 47,788,923
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
JOINT REPURCHASE AGREEMENTS Continued
Undivided interest of 9.09% in joint
repurchase agreement (Principal
Amount/Value $4,100,000,000,
with a maturity value of
$4,102,437,222) with Nomura
Securities, 5.35%, dated 12/29/06,
to be repurchased at
$372,848,545 on 1/2/07,
collateralized by U.S.
Agency Mortgages,
0.00%-22.12%,
3/15/14-5/1/46,
with a value of
$4,182,000,000 $372,627,039 $ 372,627,039
-----------------
420,415,962
- --------------------------------------------------------------------------------
MASTER FLOATING NOTE--2.0%
CDC Financial
Products, Inc.,
5.36%, 1/2/07 34,000,000 34,000,000
- --------------------------------------------------------------------------------
Citigroup Global
Markets, Inc.,
5.38%, 1/2/07 40,000,000 40,000,000
- --------------------------------------------------------------------------------
Morgan Stanley,
5.49%, 1/2/07 25,000,000 25,000,000
-----------------
99,000,000
- --------------------------------------------------------------------------------
MEDIUM-TERM FLOATING NOTE--5.8%
American Express
Credit Corp.,
5.36%, 1/16/07 4,000,000 4,000,000
- --------------------------------------------------------------------------------
American General
Finance Corp.,
5.39%, 1/5/07 10,003,833 10,003,833
- --------------------------------------------------------------------------------
American Honda
Finance Corp.,
5.35%, 3/8/07 25,000,000 25,000,000
- --------------------------------------------------------------------------------
Bear Stearns,
5.37%, 1/2/07 19,000,000 19,000,000
- --------------------------------------------------------------------------------
Beta Finance, Inc.,
5.37%, 1/2/07 4,999,099 4,999,099
- --------------------------------------------------------------------------------
CC USA, Inc.,
5.37%, 1/2/07 6,000,000 6,000,000
41 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
MEDIUM-TERM FLOATING NOTE Continued
CC USA, Inc.,
5.37%, 1/2/07 $ 5,000,000 $ 5,000,000
- --------------------------------------------------------------------------------
CC USA, Inc.,
5.38%, 1/2/07 13,996,494 13,996,494
- --------------------------------------------------------------------------------
CC USA, Inc.,
5.38%, 1/2/07 6,998,245 6,998,245
- --------------------------------------------------------------------------------
Dorada Finance, Inc.,
5.37%, 1/2/07 6,000,000 6,000,000
- --------------------------------------------------------------------------------
Fifth Third Bancorp,
5.35%, 1/23/07 2,000,000 2,000,000
- --------------------------------------------------------------------------------
Five Finance, Inc.,
5.38%, 1/2/07 3,999,519 3,999,519
- --------------------------------------------------------------------------------
Five Finance, Inc.,
5.38%, 1/2/07 18,997,621 18,997,621
- --------------------------------------------------------------------------------
Goldman Sachs
Group, Inc.,
5.47%, 1/2/07 5,000,000 5,000,000
- --------------------------------------------------------------------------------
HBOS Treasury
Services plc,
5.37%, 1/2/07 3,000,000 3,000,000
- --------------------------------------------------------------------------------
HSBC Finance Corp.,
5.34%, 1/8/07 3,000,000 3,000,000
- --------------------------------------------------------------------------------
Islandsbanki HF
Corp., 5.42%,
1/22/07 10,000,000 10,000,000
- --------------------------------------------------------------------------------
Jackson National
Life Global Fund,
5.39%, 3/2/07 25,000,000 25,000,000
- --------------------------------------------------------------------------------
K2 (USA) LLC,
5.39%, 1/2/07 5,998,122 5,998,122
- --------------------------------------------------------------------------------
Landsbanki Islands
HF, 5.43%, 1/16/07 26,000,000 26,000,000
- --------------------------------------------------------------------------------
LINKS Finance LLC,
5.37%, 1/2/07 4,000,189 4,000,189
- --------------------------------------------------------------------------------
MBIA Global Funding
LLC, 5.36%, 1/30/07 3,000,000 3,000,000
- --------------------------------------------------------------------------------
MBIA Global
Funding LLC,
5.37%, 1/2/07 18,000,000 18,000,000
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
MEDIUM-TERM FLOATING NOTE Continued
MBIA Global
Funding LLC,
5.37%, 1/2/07 $ 30,000,000 $ 30,000,000
- --------------------------------------------------------------------------------
Morgan Stanley,
5.43%, 1/2/07 22,000,000 22,000,000
- --------------------------------------------------------------------------------
Sigma Finance, Inc.,
5.37%, 1/2/07 7,000,000 7,000,000
-----------------
287,993,122
- --------------------------------------------------------------------------------
YANKEE FLOATING CERTIFICATE OF DEPOSIT--1.7%
Credit Suisse First
Boston NY,
5.34%, 1/29/07 25,000,000 25,000,000
- --------------------------------------------------------------------------------
Natexis Banques
Populaires NY,
5.34%, 1/2/07 5,000,000 5,000,000
- --------------------------------------------------------------------------------
Natexis Banques
Populaires NY,
5.36%, 1/16/07 27,998,868 27,998,868
- --------------------------------------------------------------------------------
Natexis Banques
Populaires NY,
5.37%, 1/2/07 2,000,000 2,000,000
- --------------------------------------------------------------------------------
Natexis Banques
Populaires NY,
5.39%, 1/2/07 3,999,516 3,999,516
- --------------------------------------------------------------------------------
Nordea Bank New York,
5.32%, 1/2/07 20,299,360 20,299,360
-----------------
84,297,744
-----------------
Total Investments Purchased
with Cash Collateral from
Securities Loaned
(Cost $1,093,435,853) 1,093,435,853
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE
(COST $5,293,798,418) 121.7% 6,040,315,698
- --------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF
OTHER ASSETS (21.7) (1,077,137,077)
---------------------------------
NET ASSETS 100.0% $ 4,963,178,621
=================================
42 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FOOTNOTES TO STATEMENT OF INVESTMENTS
1. Non-income producing security.
2. Partial or fully-loaned security. See Note 7 of accompanying Notes.
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 $1,532,633 or 0.03% of the Fund's net
assets as of December 31, 2006.
4. Illiquid or restricted security. The aggregate value of illiquid or
restricted securities as of December 31, 2006 was $1,600,879, which represents
0.03% of the Fund's net assets, all of which is considered restricted. See Note
6 of accompanying Notes.
5. Rate shown is the 7-day yield as of December 31, 2006.
6. Represents ownership of an affiliated fund, at or during the period ended
December 31, 2006. Transactions during the period in which the issuer was an
affiliate are as follows:
SHARES GROSS GROSS SHARES
JUNE 30, 2006 ADDITIONS REDUCTIONS DECEMBER 31, 2006
- --------------------------------------------------------------------------------------------------
Oppenheimer Institutional Money
Market Fund, Cl. E, 5.25%* -- 262,483,682 227,401,999 35,081,683
VALUE DIVIDEND
SEE NOTE 1 INCOME
- --------------------------------------------------------------------------------------------------
Oppenheimer Institutional Money
Market Fund, Cl. E, 5.25%* $ 35,081,683 $ 554,418
* The money market fund and the Fund are affiliated by having the same
investment advisor.
7. The security/securities have 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
accompanying Notes.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
43 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF ASSETS AND LIABILITIES Unaudited
- --------------------------------------------------------------------------------
December 31, 2006
- -------------------------------------------------------------------------------------
ASSETS
- -------------------------------------------------------------------------------------
Investments, at value--see accompanying statement of investments:
Unaffiliated companies (cost $5,258,716,735) $ 6,005,234,015
Affiliated companies (cost $35,081,683) 35,081,683
-----------------
6,040,315,698
- -------------------------------------------------------------------------------------
Cash 5,154,081
- -------------------------------------------------------------------------------------
Unrealized appreciation on foreign currency contracts 232
- -------------------------------------------------------------------------------------
Receivables and other assets:
Shares of beneficial interest sold 24,708,777
Interest and dividends 4,533,932
Investments sold 2,737,770
Other 58,179
-----------------
Total assets 6,077,508,669
- -------------------------------------------------------------------------------------
LIABILITIES
- -------------------------------------------------------------------------------------
Return of collateral for securities loaned 1,093,551,766
- -------------------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased 8,929,044
Shares of beneficial interest redeemed 7,790,553
Distribution and service plan fees 2,669,792
Transfer and shareholder servicing agent fees 956,726
Shareholder communications 339,561
Trustees' compensation 39,596
Other 53,010
-----------------
Total liabilities 1,114,330,048
- -------------------------------------------------------------------------------------
NET ASSETS $ 4,963,178,621
=================
- -------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- -------------------------------------------------------------------------------------
Par value of shares of beneficial interest $ 227,337
- -------------------------------------------------------------------------------------
Additional paid-in capital 4,131,440,224
- -------------------------------------------------------------------------------------
Accumulated net investment income 389,765
- -------------------------------------------------------------------------------------
Accumulated net realized gain on investments and foreign
currency transactions 84,604,212
- -------------------------------------------------------------------------------------
Net unrealized appreciation on investments and
translation of assets and liabilities denominated
in foreign currencies 746,517,083
-----------------
NET ASSETS $ 4,963,178,621
=================
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 $3,032,213,075 and
137,169,366 shares of beneficial interest outstanding) $ 22.11
Maximum offering price per share (net asset value plus sales charge
of 5.75% of offering price) $ 23.46
- ---------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent
deferred sales charge) and offering price per share (based on net
assets of $483,835,850 and 23,475,571 shares of beneficial
interest outstanding) $ 20.61
- ---------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent
deferred sales charge) and offering price per share (based on
net assets of $645,330,377 and 31,191,615 shares of beneficial
interest outstanding) $ 20.69
- ---------------------------------------------------------------------------------
Class N Shares:
Net asset value, redemption price (excludes applicable contingent
deferred sales charge) and offering price per share (based on net
assets of $245,245,113 and 11,331,977 shares of beneficial interest
outstanding) $ 21.64
- ---------------------------------------------------------------------------------
Class Y Shares:
Net asset value, redemption price and offering price per share
(based on net assets of $556,554,206 and 24,168,053 shares of
beneficial interest outstanding) $ 23.03
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
45 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF OPERATIONS Unaudited
- --------------------------------------------------------------------------------
For the Six Months Ended December 31, 2006
- -------------------------------------------------------------------------------------
INVESTMENT INCOME
- -------------------------------------------------------------------------------------
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $53,093) $ 25,663,445
Affiliated companies 554,418
- -------------------------------------------------------------------------------------
Portfolio lending fees 2,560,441
- -------------------------------------------------------------------------------------
Interest 1,021,745
- -------------------------------------------------------------------------------------
Other income 62,282
--------------
Total investment income 29,862,331
- -------------------------------------------------------------------------------------
EXPENSES
- -------------------------------------------------------------------------------------
Management fees 14,029,516
- -------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 3,408,200
Class B 2,407,013
Class C 3,059,818
Class N 532,980
- -------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 3,529,099
Class B 633,289
Class C 662,698
Class N 358,342
Class Y 95,854
- -------------------------------------------------------------------------------------
Shareholder communications:
Class A 171,416
Class B 78,110
Class C 49,325
Class N 6,050
Class Y 420
- -------------------------------------------------------------------------------------
Trustees' compensation 33,475
- -------------------------------------------------------------------------------------
Custodian fees and expenses 26,224
- -------------------------------------------------------------------------------------
Administration service fees 750
- -------------------------------------------------------------------------------------
Other 61,254
--------------
Total expenses 29,143,833
Less reduction to custodian expenses (2,180)
Less waivers and reimbursements of expenses (12,797)
--------------
Net expenses 29,128,856
- -------------------------------------------------------------------------------------
NET INVESTMENT INCOME 733,475
46 | OPPENHEIMER MAIN STREET SMALL CAP FUND
- ------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
- ------------------------------------------------------------------------------------------
Net realized gain on:
Investments $ 148,838,782
Foreign currency transactions 1,793,853
---------------
Net realized gain 150,632,635
- ------------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) on:
Investments 138,090,638
Translation of assets and liabilities denominated in foreign currencies (3,592,596)
---------------
Net change in unrealized appreciation 134,498,042
- ------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 285,864,152
===============
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, 2006 JUNE 30,
(UNAUDITED) 2006
- -------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
- -------------------------------------------------------------------------------------------------------------------------------
Net investment income (loss) $ 733,475 $ (9,502,679)
- -------------------------------------------------------------------------------------------------------------------------------
Net realized gain 150,632,635 426,572,465
- -------------------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation 134,498,042 119,956,390
--------------------------------------
Net increase in net assets resulting from operations 285,864,152 537,026,176
- -------------------------------------------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- -------------------------------------------------------------------------------------------------------------------------------
Distributions from net realized gain:
Class A (198,179,408) (123,396,354)
Class B (34,085,052) (35,378,149)
Class C (45,156,988) (36,694,343)
Class N (16,187,094) (10,529,852)
Class Y (33,646,099) (18,625,659)
--------------------------------------
(327,254,641) (224,624,357)
- -------------------------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- -------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A 468,935,111 849,583,069
Class B (9,913,070) (55,527,250)
Class C 54,466,206 81,658,704
Class N 55,428,804 48,842,294
Class Y 139,580,489 159,430,395
--------------------------------------
708,497,540 1,083,987,212
- -------------------------------------------------------------------------------------------------------------------------------
NET ASSETS
- -------------------------------------------------------------------------------------------------------------------------------
Total increase 667,107,051 1,396,389,031
- -------------------------------------------------------------------------------------------------------------------------------
Beginning of period 4,296,071,570 2,899,682,539
--------------------------------------
End of period (including accumulated net investment
income (loss) of $389,765 and $(343,710), respectively) $ 4,963,178,621 $ 4,296,071,570
======================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
48 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
DECEMBER 31, 2006 JUNE 30,
CLASS A (UNAUDITED) 2006 2005 2004 2003 2002
- ----------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 22.27 $ 20.17 $ 19.52 $ 14.78 $ 15.12 $ 15.02
- ----------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment income (loss) .02 1 (.02) 1 (.04) 1 (.10) (.08) (.08)
Net realized and unrealized gain (loss) 1.37 3.59 2.65 4.84 (.26) .19
---------------------------------------------------------------------------------
Total from investment operations 1.39 3.57 2.61 4.74 (.34) .11
- ----------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Distributions from net realized gain (1.55) (1.47) (1.96) -- -- (.01)
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 22.11 $ 22.27 $ 20.17 $ 19.52 $ 14.78 $ 15.12
=================================================================================
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 6.20% 18.22% 13.82% 32.07% (2.25)% 0.71%
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period
(in thousands) $3,032,213 $2,584,254 $1,557,307 $1,177,389 $584,052 $512,337
- ----------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $2,737,013 $2,040,757 $1,325,846 $ 904,397 $490,057 $386,221
- ----------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income (loss) 0.18% (0.07)% (0.20)% (0.42)% (0.59)% (0.50)%
Total expenses 1.14% 4 1.15% 1.19% 1.17% 1.39% 1.37%
Expenses after payments and waivers and
reduction to custodian expenses 1.14% 1.15% 1.19% 1.17% 1.36% 1.37%
- ----------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 59% 102% 132% 127% 117% 134%
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. Expenses including indirect expenses from affiliated fund were as follows:
Six Months Ended December 31, 2006 1.14%
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
49 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
DECEMBER 31, 2006 JUNE 30,
CLASS B (UNAUDITED) 2006 2005 2004 2003 2002
- ------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 20.94 $ 19.19 $ 18.79 $ 14.35 $ 14.79 $ 14.80
- ------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.06) 1 (.18) 1 (.18) 1 (.20) (.14) (.12)
Net realized and unrealized gain (loss) 1.28 3.40 2.54 4.64 (.30) .12
-------------------------------------------------------------------------
Total from investment operations 1.22 3.22 2.36 4.44 (.44) --
- ------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Distributions from net realized gain (1.55) (1.47) (1.96) -- -- (.01)
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 20.61 $ 20.94 $ 19.19 $ 18.79 $ 14.35 $ 14.79
=========================================================================
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 5.78% 17.29% 12.98% 30.94% (2.98)% (0.02)%
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $483,836 $501,742 $510,183 $482,028 $330,174 $285,102
- ------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $477,775 $512,657 $490,050 $432,160 $268,057 $218,939
- ------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (0.61)% (0.85)% (0.98)% (1.26)% (1.34)% (1.25)%
Total expenses 1.92% 4 1.92% 1.97% 2.01% 2.21% 2.12%
Expenses after payments and waivers and
reduction to custodian expenses 1.92% 1.92% 1.97% 2.01% 2.11% 2.12%
- ------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 59% 102% 132% 127% 117% 134%
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. Expenses including indirect expenses from affiliated fund were as follows:
Six Months Ended December 31, 2006 1.92%
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
50 | OPPENHEIMER MAIN STREET SMALL CAP FUND
SIX MONTHS YEAR
ENDED ENDED
DECEMBER 31, 2006 JUNE 30,
CLASS C (UNAUDITED) 2006 2005 2004 2003 2002
- -----------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 21.01 $ 19.24 $ 18.82 $ 14.36 $ 14.79 $ 14.81
- -----------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.06) 1 (.16) 1 (.17) 1 (.17) (.13) (.10)
Net realized and unrealized gain (loss) 1.29 3.40 2.55 4.63 (.30) .09
------------------------------------------------------------------------------
Total from investment operations 1.23 3.24 2.38 4.46 (.43) (.01)
- -----------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Distributions from net realized gain (1.55) (1.47) (1.96) -- -- (.01)
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 20.69 $ 21.01 $ 19.24 $ 18.82 $ 14.36 $ 14.79
==============================================================================
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 5.81% 17.35% 13.07% 31.06% (2.91)% (0.09)%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $645,331 $600,331 $473,099 $402,056 $238,717 $186,108
- -----------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $607,387 $543,420 $433,888 $340,201 $186,380 $127,393
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (0.54)% (0.79)% (0.91)% (1.17)% (1.30)% (1.23)%
Total expenses 1.86% 4 1.87% 1.90% 1.91% 2.07% 2.12%
Expenses after payments and waivers and
reduction to custodian expenses 1.85% 1.87% 1.90% 1.91% 2.07% 2.12%
- -----------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 59% 102% 132% 127% 117% 134%
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. Expenses including indirect expenses from affiliated fund were as follows:
Six Months Ended December 31, 2006 1.85%
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
51 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
DECEMBER 31, 2006 JUNE 30,
CLASS N (UNAUDITED) 2006 2005 2004 2003 2002
- -----------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 21.87 $ 19.90 $ 19.33 $ 14.69 $ 15.05 $ 15.00
- -----------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.02) 1 (.09) 1 (.10) 1 (.14) (.11) (.12)
Net realized and unrealized gain (loss) 1.34 3.53 2.63 4.78 (.25) .18
------------------------------------------------------------------------------
Total from investment operations 1.32 3.44 2.53 4.64 (.36) .06
- -----------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Distributions from net realized gain (1.55) (1.47) (1.96) -- -- (.01)
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 21.64 $ 21.87 $ 19.90 $ 19.33 $ 14.69 $ 15.05
==============================================================================
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 5.99% 17.79% 13.53% 31.59% (2.39)% 0.38%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands) $245,245 $192,089 $129,631 $84,678 $41,474 $14,557
- -----------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $211,825 $162,869 $105,497 $65,107 $24,417 $ 5,924
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (0.14)% (0.40)% (0.50)% (0.77)% (0.83)% (0.66)%
Total expenses 1.46% 4 1.49% 1.54% 1.61% 1.64% 1.65%
Expenses after payments and waivers and
reduction to custodian expenses 1.46% 1.48% 1.50% 1.52% 1.60% 1.65%
- -----------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 59% 102% 132% 127% 117% 134%
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. Expenses including indirect expenses from affiliated fund were as follows:
Six Months Ended December 31, 2006 1.46%
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
52 | OPPENHEIMER MAIN STREET SMALL CAP FUND
SIX MONTHS YEAR
ENDED ENDED
DECEMBER 31, 2006 JUNE 30,
CLASS Y (UNAUDITED) 2006 2005 2004 2003 2002
- -----------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 23.09 $ 20.76 $ 19.94 $ 15.03 $15.27 $15.11
- -----------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) .08 1 .10 1 .08 1 (.03) (.07) (.10)
Net realized and unrealized gain (loss) 1.41 3.70 2.70 4.94 (.17) .27
------------------------------------------------------------------------------
Total from investment operations 1.49 3.80 2.78 4.91 (.24) .17
- -----------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Distributions from net realized gain (1.55) (1.47) (1.96) -- -- (.01)
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 23.03 $ 23.09 $ 20.76 $ 19.94 $15.03 $15.27
==============================================================================
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 6.42% 18.83% 14.41% 32.67% (1.57)% 1.11%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $556,554 $417,656 $229,463 $14,714 $7,637 $1,619
- -----------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $467,986 $314,236 $ 84,470 $11,428 $3,460 $ 813
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 0.66% 0.42% 0.39% 0.06% 0.00% 0.01%
Total expenses 0.66% 4 0.66% 0.69% 0.70% 0.79% 0.97%
Expenses after payments and waivers and
reduction to custodian expenses 0.66% 0.66% 0.69% 0.70% 0.79% 0.93%
- -----------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 59% 102% 132% 127% 117% 134%
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. Expenses including indirect expenses from affiliated fund were as follows:
Six Months Ended December 31, 2006 0.66%
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(R) 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, as 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
54 | OPPENHEIMER MAIN STREET SMALL CAP FUND
trading session ending at, or most recently prior to, the time when the Fund's
assets are valued. Options are valued daily based upon the last sale price on
the principal exchange on which the option is traded. 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. Investments in open-end registered investment companies (including
affiliated funds) are valued at that fund's net asset value. 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.
- --------------------------------------------------------------------------------
AFFILIATED FUNDS. The Fund is permitted to invest daily available cash balances
in affiliated money market funds. Each day, the Fund invests the available cash
in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") which
seeks current income and stability of principal. IMMF is a registered open-end
management investment company, regulated as a money market fund under the
Investment Company Act of 1940, as amended. The Manager is also the investment
advisor of IMMF. The Fund's investment in IMMF is included in the Statement of
Investments. As a shareholder, the Fund is subject to its proportional share of
IMMF's Class E expenses, including its management fee. The Manager will waive
fees and/or reimburse Fund expenses in an amount equal to the indirect
management fees incurred through the Fund's investment in IMMF.
55 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
JOINT REPURCHASE AGREEMENTS. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the Fund, along with other affiliated funds
advised by the Manager, may transfer uninvested cash balances into joint trading
accounts on a daily basis. These balances are invested in one or more repurchase
agreements. Securities pledged as collateral for repurchase agreements are held
by a custodian bank until the agreements mature. Each agreement requires that
the market value of the collateral be sufficient to cover payments of interest
and principal. In the event of default by the other party to the agreement,
retention of the collateral may be subject to legal proceedings.
- --------------------------------------------------------------------------------
ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than
those attributable to a specific class), gains and losses are allocated on a
daily basis to each class of shares based upon the relative proportion of net
assets represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.
- --------------------------------------------------------------------------------
FEDERAL TAXES. The Fund intends to comply with provisions of the Internal
Revenue Code applicable to regulated investment companies and to distribute
substantially all of its investment company taxable income, including any net
realized gain on investments not offset by capital loss carryforwards, if any,
to shareholders, therefore, no federal income or excise tax provision is
required.
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.
As of December 31, 2006, the Fund had no available estimated capital loss
for federal income tax purposes. This estimated capital loss carryforward
represents carryforward as of the end of the last fiscal year, increased for
losses deferred under tax accounting rules to the current fiscal year and is
increased or decreased by capital losses or gains realized in the first six
months of the current fiscal year. As of December 31, 2006, it is estimated that
the Fund will utilize $113,394 of capital loss carryforward to offset realized
capital gains. During the year ended June 30, 2006, the Fund did not utilize any
capital loss carryforward to offset realized capital gains realized in that
fiscal year.
As of June 30, 2006, the Fund had available for federal income tax
purposes post-October passive foreign investment company losses of $113,394.
- --------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. The Board of Trustees has adopted a compensation
deferral 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
56 | OPPENHEIMER MAIN STREET SMALL CAP FUND
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, at a rate equal to the
Federal Funds Rate plus 0.50%. The "Reduction to custodian expenses" line item,
if applicable, represents earnings on cash balances maintained by the Fund
during the period. Such interest expense and other custodian fees may be paid
with these earnings.
- --------------------------------------------------------------------------------
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.
- --------------------------------------------------------------------------------
INDEMNIFICATIONS. The Fund's organizational documents provide current and former
trustees and officers with a limited indemnification against liabilities arising
in connection with the performance of their duties to the Fund. In the normal
course of business, the Fund may also enter into contracts that provide general
indemnifications. The Fund's maximum exposure under these arrangements is
unknown as this would be dependent on future claims that may be made against the
Fund. The risk of material loss from such claims is considered remote.
57 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
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, 2006 YEAR ENDED JUNE 30, 2006
SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------------------------------------------------------------------------
CLASS A
Sold 27,102,478 $ 598,697,851 52,995,248 $ 1,162,183,582
Dividends and/or
distributions reinvested 8,159,028 181,864,700 5,536,169 115,207,421
Redeemed (14,120,432) (311,627,440) (19,694,701) (427,807,934)
-----------------------------------------------------------------
Net increase 21,141,074 $ 468,935,111 38,836,716 $ 849,583,069
=================================================================
- ---------------------------------------------------------------------------------------------------------
CLASS B
Sold 1,128,782 $ 23,356,760 3,108,091 $ 64,354,603
Dividends and/or
distributions reinvested 1,544,141 32,102,686 1,686,726 33,161,089
Redeemed (3,152,910) (65,372,516) (7,423,199) (153,042,942)
-----------------------------------------------------------------
Net decrease (479,987) $ (9,913,070) (2,628,382) $ (55,527,250)
=================================================================
- ---------------------------------------------------------------------------------------------------------
CLASS C
Sold 3,405,844 $ 70,795,942 7,327,220 $ 152,216,805
Dividends and/or
distributions reinvested 1,882,439 39,286,501 1,629,148 32,126,716
Redeemed (2,665,459) (55,616,237) (4,976,579) (102,684,817)
-----------------------------------------------------------------
Net increase 2,622,824 $ 54,466,206 3,979,789 $ 81,658,704
=================================================================
- ---------------------------------------------------------------------------------------------------------
CLASS N
Sold 3,196,870 $ 69,486,632 4,247,927 $ 91,418,231
Dividends and/or
distributions reinvested 695,844 15,183,313 490,823 10,052,147
Redeemed (1,343,217) (29,241,141) (2,471,177) (52,628,084)
-----------------------------------------------------------------
Net increase 2,549,497 $ 55,428,804 2,267,573 $ 48,842,294
=================================================================
- ---------------------------------------------------------------------------------------------------------
CLASS Y
Sold 6,216,565 $ 142,580,243 8,542,508 $ 193,792,968
Dividends and/or
distributions reinvested 1,425,840 33,093,751 864,309 18,599,939
Redeemed (1,564,400) (36,093,505) (2,367,710) (52,962,512)
-----------------------------------------------------------------
Net increase 6,078,005 $ 139,580,489 7,039,107 $ 159,430,395
=================================================================
58 | OPPENHEIMER MAIN STREET SMALL CAP FUND
- --------------------------------------------------------------------------------
3. PURCHASES AND SALES OF SECURITIES
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations and money market funds, for the six months ended
December 31, 2006, were as follows:
PURCHASES SALES
---------------------------------------------------------
Investment securities $ 3,040,470,653 $ 2,657,262,255
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Management fees paid to the Manager were in accordance with the
investment advisory agreement with the Fund which provides for a fee at an
annual rate of average net assets as shown in the following table:
FEE SCHEDULE
--------------------------------------
Up to $200 million 0.75%
Next $200 million 0.72
Next $200 million 0.69
Next $200 million 0.66
Next $4.2 billion 0.60
Over $5 billion 0.58
- --------------------------------------------------------------------------------
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, 2006, the Fund paid
$5,145,125 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
periods. Fees incurred by the Fund under the plan are detailed in the Statement
of Operations.
59 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
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 up to 0.25% per year under each plan. If either the Class B,
Class C or Class N plan is terminated by the Fund or by the shareholders of a
class, the Board of Trustees and its independent trustees must determine whether
the Distributor shall be entitled to payment from the Fund of all or a portion
of the service fee and/or asset-based sales charge in respect to shares sold
prior to the effective date of such termination. The Distributor determines its
uncompensated expenses under the plan at calendar quarter ends. The
Distributor's aggregate uncompensated expenses under the plan at December 31,
2006 for Class B, Class C and Class N shares were $2,823,290, $7,326,695 and
$2,302,789, 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 following table 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, 2006 $ 528,584 $ 5,995 $ 300,402 $ 30,711 $ 2,029
- --------------------------------------------------------------------------------
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,
2006, OFS waived $2,212 for Class N shares. This undertaking may be amended or
withdrawn at any time.
The Manager will waive fees and/or reimburse Fund expenses in an amount
equal to the indirect management fees incurred through the Fund's investment in
IMMF. During the six months ended December 31, 2006, the Manager waived $10,585
for IMMF management fees.
60 | OPPENHEIMER MAIN STREET SMALL CAP FUND
- --------------------------------------------------------------------------------
5. FOREIGN CURRENCY CONTRACTS
A foreign currency contract is a commitment to purchase or sell a foreign
currency at a future date, at a negotiated rate. The Fund may enter into foreign
currency contracts to settle specific purchases or sales of securities
denominated in a foreign currency and for protection from adverse exchange rate
fluctuation. Risks to the Fund include the potential inability of the
counterparty to meet the terms of the contract.
The net U.S. dollar value of foreign currency underlying all contractual
commitments held by the Fund and the resulting unrealized appreciation or
depreciation are determined using prevailing foreign currency exchange rates.
Unrealized appreciation and depreciation on foreign currency contracts are
reported in the Statement of Assets and Liabilities as a receivable or payable
and in the Statement of Operations with the change in unrealized appreciation or
depreciation.
The Fund may realize a gain or loss upon the closing or settlement of the
foreign transaction. Contracts closed or settled with the same broker are
recorded as net realized gains or losses. Such realized gains and losses are
reported with all other foreign currency gains and losses in the Statement of
Operations.
As of December 31, 2006, the Fund had outstanding foreign currency contracts as
follows:
CONTRACT
EXPIRATION AMOUNT VALUATION AS OF UNREALIZED
CONTRACT DESCRIPTION DATE (000S) DECEMBER 31, 2006 APPRECIATION
- --------------------------------------------------------------------------------------------------
CONTRACT TO SELL
Canadian Dollar (CAD) 1/2/07 48CAD $ 40,806 $ 232
- --------------------------------------------------------------------------------
6. ILLIQUID OR RESTRICTED SECURITIES
As of December 31, 2006, 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 2006 APPRECIATION
- ------------------------------------------------------------------------------------------------
Mission Oil & Gas, Inc. 1/18/05 $ 426,485 $ 858,050 $ 431,565
Tusk Energy Corp. 11/15/04 492,524 742,829 250,305
--------------------------------------------
$ 919,009 $ 1,600,879 $ 681,870
============================================
61 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
7. SECURITIES LENDING
The Fund lends portfolio securities from time to time in order to earn
additional income. In return, the Fund receives collateral in the form of
securities, letters of credit 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 each day. If the Fund is
undercollateralized at the close of business due to an increase in market value
of securities on loan, additional collateral is requested from the borrowing
counterparty and is delivered to the Fund on the next business day. Cash
collateral may be invested in approved investments and the Fund bears the risk
of any loss in value of these investments. The Fund retains a portion of the
interest earned from the collateral. 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. The Fund continues to receive the economic
benefit of interest or dividends paid on the securities loaned in the form of a
substitute payment received from the borrower. As of December 31, 2006, the Fund
had on loan securities valued at $1,062,692,775, which are included in the
Statement of Assets and Liabilities as "Investments, at value" and, when
applicable, as "Receivable for Investments sold." Collateral of $1,093,551,766
was received for the loans, $1,093,435,853 of which was received in cash and
subsequently invested in approved investments or held as cash.
- --------------------------------------------------------------------------------
8. RECENT ACCOUNTING PRONOUNCEMENTS
In June 2006, the Financial Accounting Standards Board ("FASB") issued FASB
Interpretation No. 48 ("FIN 48"), ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES.
FIN 48 clarifies the accounting for uncertainty in income taxes recognized in an
enterprise's financial statements in accordance with FASB Statement No. 109,
ACCOUNTING FOR INCOME TAXES. FIN 48 requires the evaluation of tax positions
taken in the course of preparing the Fund's tax returns to determine whether it
is "more-likely-than-not" that tax positions taken in the Fund's tax return will
be ultimately sustained. A tax liability and expense must be recorded in respect
of any tax position that, in Management's judgment, will not be fully realized.
FIN 48 is effective for fiscal years beginning after December 15, 2006. As of
December 31, 2006, the Manager has evaluated the implications of FIN 48 and does
not currently anticipate a material impact to the Fund's financial statements.
The Manager will continue to monitor the Fund's tax positions prospectively for
potential future impacts.
In September 2006, the FASB issued Statement of Financial Accounting
Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a
single authoritative definition of fair value, sets out a framework for
measuring fair value and expands disclosures about fair value measurements. SFAS
No. 157 applies to fair value measurements already required or permitted by
existing standards. SFAS No. 157 is effective for financial statements issued
for fiscal years beginning after November 15, 2007, and interim periods within
those fiscal years. As of December 31, 2006, the Manager does not believe the
62 | OPPENHEIMER MAIN STREET SMALL CAP FUND
adoption of SFAS No. 157 will materially impact the financial statement amounts;
however, additional disclosures may be required about the inputs used to develop
the measurements and the effect of certain of the measurements on changes in net
assets for the period.
- -------------------------------------------------------------------------------
9. LITIGATION
A consolidated amended complaint was filed as a putative class action against
the Manager and the Transfer Agent and other defendants (including 51 of the
Oppenheimer funds including the Fund) in the U.S. District Court for the
Southern District of New York on January 10, 2005 and was amended on March 4,
2005. The complaint alleged, among other things, that the Manager charged
excessive fees for distribution and other costs, and that by permitting and/or
participating in those actions, the Directors/Trustees and the Officers of the
funds breached their fiduciary duties to fund shareholders under the Investment
Company Act of 1940 and at common law. The plaintiffs sought unspecified
damages, an accounting of all fees paid, and an award of attorneys' fees and
litigation expenses.
In response to the defendants' motions to dismiss the suit, seven of the
eight counts in the complaint, including the claims against certain of the
Oppenheimer funds, as nominal defendants, and against certain present and former
Directors, Trustees and Officers of the funds, and the Distributor, as
defendants, were dismissed with prejudice, by court order dated March 10, 2006,
and the remaining count against the Manager and the Transfer Agent was dismissed
with prejudice by court order dated April 5, 2006. The plaintiffs filed an
appeal of those dismissals on May 11, 2006.
The Manager believes that the allegations contained in the complaint are
without merit and that there are substantial grounds to sustain the district
court's rulings. The Manager also believes that it is premature to render any
opinion as to the likelihood of an outcome unfavorable to it, the funds, the
Directors/Trustees or the Officers on the appeal of the decisions of the
district court, and that no estimate can yet be made with any degree of
certainty as to the amount or range of any potential loss.
63 | 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.
64 | 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 and its affiliates, 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.
The Board was aware that there are alternatives to retaining the Manager.
The Board considered information about the nature and extent of the
services provided to the Fund and information regarding the Manager's key
personnel who 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 who 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.
65 | OPPENHEIMER MAIN STREET SMALL CAP FUND
BOARD APPROVAL OF THE FUND'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. 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. Mr. Monoyios has been a portfolio manager of the Fund since
October 2003 and Mr. Zavanelli has been a portfolio manager of the Fund since
July 1999. 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 investment 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 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
66 | OPPENHEIMER MAIN STREET SMALL CAP FUND
asset levels and distribution features. The Board noted that the Fund's
contractual and actual management fees are lower than its peer group median.
ECONOMIES OF SCALE. The Board reviewed 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.
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
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 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 Agreement, including the management fee,
in light of all of the surrounding circumstances.
67 | OPPENHEIMER MAIN STREET SMALL CAP FUND
ITEM 2. CODE OF ETHICS.
Not applicable to semiannual reports.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to semiannual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to semiannual reports.
ITEM 5. 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, 2006, 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 8, 2007
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 8, 2007
By: /s/ Brian W. Wixted
---------------------------
Brian W. Wixted
Principal Financial Officer
Date: February 8, 2007