UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-09333
OPPENHEIMER MAIN STREET SMALL CAP FUND
(Exact name of registrant as specified in charter)
6803 SOUTH TUCSON WAY, CENTENNIAL, COLORADO 80112-3924
(Address of principal executive offices) (Zip code)
Robert G. Zack, Esq.
OppenheimerFunds, Inc.
TWO WORLD FINANCIAL CENTER, NEW YORK, NEW YORK 10281-1008
(Name and address of agent for service)
Registrant's telephone number, including area code: (303) 768-3200
Date of fiscal year end: JUNE 30
Date of reporting period: 06/30/2007
ITEM 1. REPORTS TO STOCKHOLDERS.
TOP HOLDINGS AND ALLOCATIONS
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TOP TEN COMMON STOCK HOLDINGS
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EMCOR Group, Inc. 0.4%
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Ohio Casualty Corp. 0.4
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Arris Group, Inc. 0.4
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Deluxe Corp. 0.4
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Tenneco, Inc. 0.4
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Chemed Corp. 0.4
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LandAmerica Financial Group, Inc. 0.4
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Watson Wyatt & Co. Holdings 0.4
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Infrasource Services, Inc. 0.4
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Priceline.com, Inc. 0.4
Portfolio holdings and allocations are subject to change. Percentages are as of
June 30, 2007, and are based on net assets.
TOP TEN COMMON STOCK INDUSTRIES
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Insurance 6.5%
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Commercial Services & Supplies 6.3
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Semiconductors & Semiconductor Equipment 4.9
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Specialty Retail 4.1
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Health Care Providers & Services 3.6
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Software 3.6
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Machinery 3.5
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Chemicals 3.5
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Real Estate Investment Trusts 3.1
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Communications Equipment 3.1
Portfolio holdings and allocations are subject to change. Percentages are a s of
June 30, 2007, and are based on net assets.
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8 | OPPENHEIMER MAIN STREET SMALL CAP FUND
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SECTOR ALLOCATION
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Information Technology 19.0%
Consumer Discretionary 18.9
Industrials 17.3
Financials 14.6
Health Care 8.9
Materials 7.3
Energy 4.8
Consumer Staples 3.7
Utilities 3.4
Telecommunication Services 2.1
Portfolio holdings and allocations are subject to change. Percentages are as of
June 30, 2007, and are based on the total market value of common stocks.
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9 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FUND PERFORMANCE DISCUSSION
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HOW HAS THE FUND PERFORMED? BELOW IS A DISCUSSION BY OPPENHEIMERFUNDS, INC., OF
THE FUND'S PERFORMANCE DURING ITS FISCAL YEAR ENDED JUNE 30, 2007, FOLLOWED BY A
GRAPHICAL COMPARISON OF THE FUND'S PERFORMANCE TO AN APPROPRIATE BROAD-BASED
MARKET INDEX.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE. For the 12-month period ended June
30, 2007, Oppenheimer Main Street Small Cap Fund produced total returns that
were in line with its benchmark, the Russell 2000 Index, and higher than the
median return of the funds reported in its peer group, the Lipper Small Cap-Core
category.
The Fund particularly benefited from its emphasis on stocks with market
capitalizations toward the larger end of the small-cap range, including a
larger-than-average number of holdings in the mid-cap category. This positioning
enabled the Fund to participate more fully in relative strength among mid-cap
companies, which generally produced higher returns than all other capitalization
categories for the reporting period. The Fund also benefited from its relatively
light exposure to micro-cap companies, where returns trailed all of the larger
capitalization categories. The Fund was overweight in midcap stocks which
helped; however, security selection did not help. In addition, the Fund achieved
strong relative performance from its security selections in the small-cap
category.
Our security selection models assigned relatively low rankings to most
banks, leading to a generally underweighted position in the financials sector.
As a result, the Fund avoided the full brunt of declines in the financials
sector's weakest industry group. The Fund also held relatively few real estate
investment trusts ("REITS"), which helped support relative performance when
REITS produced lackluster results in the wake of strong returns in previous
reporting periods.
Our statistical models found a number of highly ranked opportunities in
the materials sector, helping the Fund participate more heavily than its
benchmark in the sector's market-leading performance. A slightly overweighted
position in the relatively small telecommunications services sector also helped
support the Fund's returns. Conversely, the Fund's security selection models
proved to be less effective in the information technology area.
As of the end of the reporting period, the Fund remained tilted toward
larger companies. From a sector allocation perspective, the Fund maintained
significantly overweighted positions in the consumer discretionary and
industrials sectors, and relatively low exposure to the financials and health
care areas. As always, the Fund has remained fully invested and committed to our
quantitative approach to investing.
10 | OPPENHEIMER MAIN STREET SMALL CAP FUND
COMPARING THE FUND'S PERFORMANCE TO THE MARKET. The graphs that follow show the
performance of a hypothetical $10,000 investment in each class of shares of the
Fund held until June 30, 2007. In the case of Class A, Class B, Class C and
Class Y shares, performance is measured from inception of the classes on August
2, 1999. In the case of Class N shares, performance is measured from inception
of the class on March 1, 2001. The Fund's performance reflects the deduction of
the maximum initial sales charge on Class A shares, the applicable contingent
deferred sales charge on Class B, Class C and Class N shares, and reinvestments
of all dividends and capital gains distributions. Past performance cannot
guarantee future results.
The Fund's performance is compared to the performance of the Russell 2000
Index and the Lipper Small-Cap Core Fund Index. The Russell 2000 Index is an
unmanaged index of small-capitalization stocks. The Lipper Small-Cap Core Fund
category includes the 30 largest mutual funds within the investment category as
defined by Lipper. Index performance reflects the reinvestment of income but
does not consider the effect of transaction costs, and none of the data in the
graphs shows the effect of taxes. The Fund's performance reflects the effects of
the Fund's business and operating expenses. While index comparisons may be
useful to provide a benchmark for the Fund's performance, it must be noted that
the Fund's investments are not limited to the investments in the index.
11 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FUND PERFORMANCE DISCUSSION
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CLASS A SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer Main Street Small Cap Fund (Class A)
Russell 2000 Index
Lipper Small-Cap Core Fund Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Oppenheimer Main Street Lipper Small-Cap
Small Cap Fund (Class A) Russell 2000 Index Core Fund Index
08/02/1999 $ 9,425 $10,000 $10,000
09/30/1999 $ 9,557 $ 9,632 $ 9,626
12/31/1999 $12,125 $11,409 $11,450
03/31/2000 $12,994 $12,217 $12,632
06/30/2000 $13,947 $11,755 $12,430
09/30/2000 $14,608 $11,885 $12,779
12/31/2000 $13,356 $11,064 $12,244
03/31/2001 $12,916 $10,344 $11,313
06/30/2001 $15,015 $11,822 $13,051
09/30/2001 $12,756 $ 9,364 $10,768
12/31/2001 $15,082 $11,339 $13,117
03/31/2002 $15,562 $11,791 $13,585
06/30/2002 $15,122 $10,806 $12,406
09/30/2002 $12,572 $ 8,493 $10,014
12/31/2002 $12,672 $ 9,016 $10,594
03/31/2003 $12,162 $ 8,611 $10,047
06/30/2003 $14,782 $10,629 $12,113
09/30/2003 $16,123 $11,593 $12,997
12/31/2003 $18,563 $13,277 $14,928
03/31/2004 $19,493 $14,108 $15,838
06/30/2004 $19,523 $14,175 $16,086
09/30/2004 $19,313 $13,770 $15,856
12/31/2004 $22,122 $15,711 $17,669
03/31/2005 $21,494 $14,872 $17,116
06/30/2005 $22,222 $15,514 $17,641
09/30/2005 $23,577 $16,242 $18,693
12/31/2005 $24,335 $16,426 $19,005
03/31/2006 $27,438 $18,716 $21,212
06/30/2006 $26,270 $17,775 $20,202
09/30/2006 $25,739 $17,853 $19,995
12/31/2006 $27,899 $19,443 $21,608
03/31/2007 $29,022 $19,821 $22,287
06/30/2007 $30,599 $20,697 $23,670
AVERAGE ANNUAL TOTAL RETURNS OF CLASS A SHARES WITH SALES CHARGE OF THE FUND AT
6/30/07
1-Year 9.78% 5-Year 13.78% Since Inception (8/2/99) 15.18%
12 | OPPENHEIMER MAIN STREET SMALL CAP FUND
CLASS B SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer Main Street Small Cap Fund (Class B)
Russell 2000 Index
Lipper Small-Cap Core Fund Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Oppenheimer Main Street Lipper Small-Cap
Small Cap Fund (Class B) Russell 2000 Index Core Fund Index
08/02/1999 $10,000 $10,000 $10,000
09/30/1999 $10,130 $ 9,632 $ 9,626
12/31/1999 $12,824 $11,409 $11,450
03/31/2000 $13,726 $12,217 $12,632
06/30/2000 $14,708 $11,755 $12,430
09/30/2000 $15,369 $11,885 $12,779
12/31/2000 $14,020 $11,064 $12,244
03/31/2001 $13,531 $10,344 $11,313
06/30/2001 $15,707 $11,822 $13,051
09/30/2001 $13,319 $ 9,364 $10,768
12/31/2001 $15,725 $11,339 $13,117
03/31/2002 $16,193 $11,791 $13,585
06/30/2002 $15,704 $10,806 $12,406
09/30/2002 $13,028 $ 8,493 $10,014
12/31/2002 $13,113 $ 9,016 $10,594
03/31/2003 $12,561 $ 8,611 $10,047
06/30/2003 $15,237 $10,629 $12,113
09/30/2003 $16,585 $11,593 $12,997
12/31/2003 $19,049 $13,277 $14,928
03/31/2004 $19,962 $14,108 $15,838
06/30/2004 $19,951 $14,175 $16,086
09/30/2004 $19,707 $13,770 $15,856
12/31/2004 $22,530 $15,711 $17,669
03/31/2005 $21,837 $14,872 $17,116
06/30/2005 $22,541 $15,514 $17,641
09/30/2005 $23,896 $16,242 $18,693
12/31/2005 $24,665 $16,426 $19,005
03/31/2006 $27,809 $18,716 $21,212
06/30/2006 $26,626 $17,775 $20,202
09/30/2006 $26,088 $17,853 $19,995
12/31/2006 $28,277 $19,443 $21,608
03/31/2007 $29,415 $19,821 $22,287
06/30/2007 $31,014 $20,697 $23,670
AVERAGE ANNUAL TOTAL RETURNS OF CLASS B SHARES WITH SALES CHARGE OF THE FUND AT
6/30/07
1-Year 10.63% 5-Year 14.01% Since Inception (8/2/99) 15.38%
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT
GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE
DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM,
OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE,
REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE: FOR CLASS A SHARES,
THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 5.75%; FOR CLASS B SHARES, THE
CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR); AND FOR CLASS C
AND N SHARES, THE CONTINGENT 1% DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD.
THERE IS NO SALES CHARGE FOR CLASS Y SHARES. BECAUSE CLASS B SHARES CONVERT TO
CLASS A SHARES 72 MONTHS AFTER PURCHASE, THE "SINCE INCEPTION" RETURN FOR CLASS
B DOES NOT INCLUDE ANY CONTINGENT SALES CHARGES ON REDEMPTION AND USES CLASS A
PERFORMANCE FOR THE PERIOD AFTER CONVERSION. SEE PAGE 17 FOR FURTHER
INFORMATION.
13 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FUND PERFORMANCE DISCUSSION
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CLASS C SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer Main Street Small Cap Fund (Class C)
Russell 2000 Index
Lipper Small-Cap Core Fund Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Oppenheimer Main Street Russell 2000 Lipper Small-Cap
Small Cap Fund (Class C) Index Core Fund Index
08/02/1999 $ 10,000 $ 10,000 $ 10,000
09/30/1999 $ 10,130 $ 9,632 $ 9,626
12/31/1999 $ 12,824 $ 11,409 $ 11,450
03/31/2000 $ 13,726 $ 12,217 $ 12,632
06/30/2000 $ 14,708 $ 11,755 $ 12,430
09/30/2000 $ 15,369 $ 11,885 $ 12,779
12/31/2000 $ 14,030 $ 11,064 $ 12,244
03/31/2001 $ 13,541 $ 10,344 $ 11,313
06/30/2001 $ 15,717 $ 11,822 $ 13,051
09/30/2001 $ 13,319 $ 9,364 $ 10,768
12/31/2001 $ 15,725 $ 11,339 $ 13,117
03/31/2002 $ 16,192 $ 11,791 $ 13,585
06/30/2002 $ 15,703 $ 10,806 $ 12,406
09/30/2002 $ 13,038 $ 8,493 $ 10,014
12/31/2002 $ 13,113 $ 9,016 $ 10,594
03/31/2003 $ 12,571 $ 8,611 $ 10,047
06/30/2003 $ 15,247 $ 10,629 $ 12,113
09/30/2003 $ 16,595 $ 11,593 $ 12,997
12/31/2003 $ 19,069 $ 13,277 $ 14,928
03/31/2004 $ 19,993 $ 14,108 $ 15,838
06/30/2004 $ 19,982 $ 14,175 $ 16,086
09/30/2004 $ 19,738 $ 13,770 $ 15,856
12/31/2004 $ 22,571 $ 15,711 $ 17,669
03/31/2005 $ 21,890 $ 14,872 $ 17,116
06/30/2005 $ 22,594 $ 15,514 $ 17,641
09/30/2005 $ 23,921 $ 16,242 $ 18,693
12/31/2005 $ 24,646 $ 16,426 $ 19,005
03/31/2006 $ 27,750 $ 18,716 $ 21,212
06/30/2006 $ 26,514 $ 17,775 $ 20,202
09/30/2006 $ 25,933 $ 17,853 $ 19,995
12/31/2006 $ 28,053 $ 19,443 $ 21,608
03/31/2007 $ 29,138 $ 19,821 $ 22,287
06/30/2007 $ 30,670 $ 20,697 $ 23,670
AVERAGE ANNUAL TOTAL RETURNS OF CLASS C SHARES WITH SALES CHARGE OF THE FUND AT
6/30/07
1-Year 14.68% 5-Year 14.33% Since Inception (8/2/99) 15.22%
14 | OPPENHEIMER MAIN STREET SMALL CAP FUND
CLASS N SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer Main Street Small Cap Fund (Class N)
Russell 2000 Index
Lipper Small-Cap Core Fund Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Oppenheimer Main Street Russell 2000 Lipper Small-Cap
Small Cap Fund (Class N) Index Core Fund Index
03/01/2001 $ 10,000 $ 10,000 $ 10,000
03/31/2001 $ 9,542 $ 9,511 $ 9,527
06/30/2001 $ 11,086 $ 10,870 $ 10,991
09/30/2001 $ 9,409 $ 8,610 $ 9,068
12/31/2001 $ 11,121 $ 10,426 $ 11,046
03/31/2002 $ 11,469 $ 10,841 $ 11,440
06/30/2002 $ 11,129 $ 9,935 $ 10,448
09/30/2002 $ 9,258 $ 7,809 $ 8,433
12/31/2002 $ 9,325 $ 8,290 $ 8,922
03/31/2003 $ 8,947 $ 7,918 $ 8,461
06/30/2003 $ 10,863 $ 9,772 $ 10,201
09/30/2003 $ 11,839 $ 10,659 $ 10,945
12/31/2003 $ 13,613 $ 12,207 $ 12,571
03/31/2004 $ 14,286 $ 12,972 $ 13,338
06/30/2004 $ 14,294 $ 13,033 $ 13,546
09/30/2004 $ 14,131 $ 12,661 $ 13,353
12/31/2004 $ 16,178 $ 14,445 $ 14,880
03/31/2005 $ 15,705 $ 13,674 $ 14,414
06/30/2005 $ 16,227 $ 14,264 $ 14,856
09/30/2005 $ 17,198 $ 14,933 $ 15,742
12/31/2005 $ 17,734 $ 15,103 $ 16,004
03/31/2006 $ 19,980 $ 17,208 $ 17,864
06/30/2006 $ 19,115 $ 16,343 $ 17,013
09/30/2006 $ 18,713 $ 16,415 $ 16,838
12/31/2006 $ 20,260 $ 17,877 $ 18,197
03/31/2007 $ 21,065 $ 18,225 $ 18,768
06/30/2007 $ 22,189 $ 19,029 $ 19,933
AVERAGE ANNUAL TOTAL RETURNS OF CLASS N SHARES WITH SALES CHARGE OF THE FUND AT
6/30/07
1-Year 15.08% 5-Year 14.80% Since Inception (3/1/01) 13.42%
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT
GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE
DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM,
OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE,
REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE: FOR CLASS A SHARES,
THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 5.75%; FOR CLASS B SHARES, THE
CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR); AND FOR CLASS C
AND N SHARES, THE CONTINGENT 1% DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD.
THERE IS NO SALES CHARGE FOR CLASS Y SHARES. BECAUSE CLASS B SHARES CONVERT TO
CLASS A SHARES 72 MONTHS AFTER PURCHASE, THE "SINCE INCEPTION" RETURN FOR CLASS
B DOES NOT INCLUDE ANY CONTINGENT SALES CHARGES ON REDEMPTION AND USES CLASS A
PERFORMANCE FOR THE PERIOD AFTER CONVERSION. SEE PAGE 17 FOR FURTHER
INFORMATION.
15 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FUND PERFORMANCE DISCUSSION
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CLASS Y SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer Main Street Small Cap Fund (Class Y)
Russell 2000 Index
Lipper Small-Cap Core Fund Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Oppenheimer Main Street Russell 2000 Lipper Small-Cap
Small Cap Fund (Class Y) Index Core Fund Index
08/02/1999 $ 10,000 $ 10,000 $ 10,000
09/30/1999 $ 10,140 $ 9,632 $ 9,626
12/31/1999 $ 12,874 $ 11,409 $ 11,450
03/31/2000 $ 13,816 $ 12,217 $ 12,632
06/30/2000 $ 14,848 $ 11,755 $ 12,430
09/30/2000 $ 15,570 $ 11,885 $ 12,779
12/31/2000 $ 14,240 $ 11,064 $ 12,244
03/31/2001 $ 13,784 $ 10,344 $ 11,313
06/30/2001 $ 16,021 $ 11,822 $ 13,051
09/30/2001 $ 13,625 $ 9,364 $ 10,768
12/31/2001 $ 16,135 $ 11,339 $ 13,117
03/31/2002 $ 16,655 $ 11,791 $ 13,585
06/30/2002 $ 16,199 $ 10,806 $ 12,406
09/30/2002 $ 13,504 $ 8,493 $ 10,014
12/31/2002 $ 13,632 $ 9,016 $ 10,594
03/31/2003 $ 13,101 $ 8,611 $ 10,047
06/30/2003 $ 15,944 $ 10,629 $ 12,113
09/30/2003 $ 17,408 $ 11,593 $ 12,997
12/31/2003 $ 20,071 $ 13,277 $ 14,928
03/31/2004 $ 21,100 $ 14,108 $ 15,838
06/30/2004 $ 21,153 $ 14,175 $ 16,086
09/30/2004 $ 20,962 $ 13,770 $ 15,856
12/31/2004 $ 24,037 $ 15,711 $ 17,669
03/31/2005 $ 23,384 $ 14,872 $ 17,116
06/30/2005 $ 24,200 $ 15,514 $ 17,641
09/30/2005 $ 25,704 $ 16,242 $ 18,693
12/31/2005 $ 26,565 $ 16,426 $ 19,005
03/31/2006 $ 30,002 $ 18,716 $ 21,212
06/30/2006 $ 28,757 $ 17,775 $ 20,202
09/30/2006 $ 28,209 $ 17,853 $ 19,995
12/31/2006 $ 30,601 $ 19,443 $ 21,608
03/31/2007 $ 31,877 $ 19,821 $ 22,287
06/30/2007 $ 33,644 $ 20,697 $ 23,670
AVERAGE ANNUAL TOTAL RETURNS OF CLASS Y SHARES OF THE FUND AT 6/30/07
1-Year 17.00% 5-Year 15.74% Since Inception (8/2/99) 16.57%
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT
GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE
DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM,
OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE,
REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE: FOR CLASS A SHARES,
THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 5.75%; FOR CLASS B SHARES, THE
CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR); AND FOR CLASS C
AND N SHARES, THE CONTINGENT 1% DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD.
THERE IS NO SALES CHARGE FOR CLASS Y SHARES. BECAUSE CLASS B SHARES CONVERT TO
CLASS A SHARES 72 MONTHS AFTER PURCHASE, THE "SINCE INCEPTION" RETURN FOR CLASS
B DOES NOT INCLUDE ANY CONTINGENT SALES CHARGES ON REDEMPTION AND USES CLASS A
PERFORMANCE FOR THE PERIOD AFTER CONVERSION. SEE PAGE 17 FOR FURTHER
INFORMATION.
16 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES
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Total returns and the ending account values in the graphs include changes in
share price and reinvestment of dividends and capital gains distributions in a
hypothetical investment for the periods shown. The Fund's total returns shown do
not reflect the deduction of income taxes on an individual's investment. Taxes
may reduce your actual investment returns on income or gains paid by the Fund or
any gains you may realize if you sell your shares. INVESTORS SHOULD CONSIDER THE
FUND'S INVESTMENT OBJECTIVES, RISKS, AND OTHER CHARGES AND EXPENSES CAREFULLY
BEFORE INVESTING. THE FUND'S PROSPECTUS CONTAINS THIS AND OTHER INFORMATION
ABOUT THE FUND, AND MAY BE OBTAINED BY ASKING YOUR FINANCIAL ADVISOR, CALLING US
AT 1.800.525.7048 OR VISITING OUR WEBSITE AT WWW.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 does not include any contingent sales charges on redemption and 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.
17 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FUND EXPENSES
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FUND EXPENSES. As a shareholder of the Fund, you incur two types of costs: (1)
transaction costs, which may include sales charges (loads) on purchase payments,
contingent deferred sales charges on redemptions; and redemption fees, if any;
and (2) ongoing costs, including management fees; distribution and service fees;
and other Fund expenses. These examples are intended to help you understand your
ongoing costs (in dollars) of investing in the Fund and to compare these costs
with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the beginning
of the period and held for the entire 6-month period ended June 30, 2007.
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 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.
18 | OPPENHEIMER MAIN STREET SMALL CAP FUND
- --------------------------------------------------------------------------------
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
(1/1/07) (6/30/07) JUNE 30, 2007
- --------------------------------------------------------------------------------
Class A Actual $1,000.00 $1,096.80 $5.73
- --------------------------------------------------------------------------------
Class A Hypothetical 1,000.00 1,019.34 5.52
- --------------------------------------------------------------------------------
Class B Actual 1,000.00 1,093.20 9.70
- --------------------------------------------------------------------------------
Class B Hypothetical 1,000.00 1,015.57 9.34
- --------------------------------------------------------------------------------
Class C Actual 1,000.00 1,093.30 9.49
- --------------------------------------------------------------------------------
Class C Hypothetical 1,000.00 1,015.77 9.14
- --------------------------------------------------------------------------------
Class N Actual 1,000.00 1,095.20 7.51
- --------------------------------------------------------------------------------
Class N Hypothetical 1,000.00 1,017.65 7.23
- --------------------------------------------------------------------------------
Class Y Actual 1,000.00 1,099.50 3.44
- --------------------------------------------------------------------------------
Class Y Hypothetical 1,000.00 1,021.52 3.31
Hypothetical assumes 5% annual return before expenses.
Expenses are equal to the Fund's annualized expense ratio for that class,
multiplied by the average account value over the period, multiplied by 181/365
(to reflect the one-half year period). Those annualized expense ratios,
excluding indirect expenses from affiliated fund, based on the 6-month period
ended June 30, 2007 are as follows:
CLASS EXPENSE RATIOS
- ------------------------
Class A 1.10%
- ------------------------
Class B 1.86
- ------------------------
Class C 1.82
- ------------------------
Class N 1.44
- ------------------------
Class Y 0.66
The expense ratio reflects reduction to custodian fees and voluntary waiver or
reimbursement by the Fund's Manager and 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.
- --------------------------------------------------------------------------------
19 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS June 30, 2007
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMON STOCKS--98.9%
- --------------------------------------------------------------------------------
CONSUMER DISCRETIONARY--18.7%
- --------------------------------------------------------------------------------
AUTO COMPONENTS--1.5%
Aftermarket
Technology Corp. 1,2 93,600 $ 2,778,048
- --------------------------------------------------------------------------------
American Axle &
Manufacturing
Holdings, Inc. 2 456,300 13,515,606
- --------------------------------------------------------------------------------
ArvinMeritor, Inc. 2 782,100 17,362,620
- --------------------------------------------------------------------------------
Cooper Tire &
Rubber Co. 118,100 3,261,922
- --------------------------------------------------------------------------------
Drew Industries,
Inc. 1 68,000 2,253,520
- --------------------------------------------------------------------------------
Fuel Systems
Solutions, Inc. 1,2 29,400 487,452
- --------------------------------------------------------------------------------
GenTek, Inc. 1,2 49,100 1,729,302
- --------------------------------------------------------------------------------
Gentex Corp. 396,400 7,805,116
- --------------------------------------------------------------------------------
Goodyear Tire &
Rubber Co. (The) 1 141,000 4,901,160
- --------------------------------------------------------------------------------
Lear Corp. 1 203,600 7,250,196
- --------------------------------------------------------------------------------
Modine
Manufacturing Co. 2 69,600 1,572,960
- --------------------------------------------------------------------------------
Sauer-Danfoss, Inc. 2 194,900 5,800,224
- --------------------------------------------------------------------------------
Shiloh Industries, Inc. 23,600 287,448
- --------------------------------------------------------------------------------
Standard Motor
Products, Inc. 2 89,000 1,337,670
- --------------------------------------------------------------------------------
Tenneco, Inc. 1,2 630,400 22,089,216
-----------------
92,432,460
- --------------------------------------------------------------------------------
AUTOMOBILES--0.1%
Monaco Coach
Corp. 2 127,700 1,832,495
- --------------------------------------------------------------------------------
Winnebago
Industries, Inc. 2 172,400 5,089,248
-----------------
6,921,743
- --------------------------------------------------------------------------------
DISTRIBUTORS--0.0%
Keystone
Automotive
Industries, Inc. 1,2 15,300 632,961
- --------------------------------------------------------------------------------
DIVERSIFIED CONSUMER SERVICES--1.8%
Coinstar, Inc. 1 360,100 11,335,948
- --------------------------------------------------------------------------------
CPI Corp. 29,900 2,078,050
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
DIVERSIFIED CONSUMER SERVICES Continued
DeVry, Inc. 539,600 $ 18,357,192
- --------------------------------------------------------------------------------
INVESTools, Inc. 1,2 71,400 711,144
- --------------------------------------------------------------------------------
ITT Educational
Services, Inc. 1 61,300 7,195,394
- --------------------------------------------------------------------------------
Jackson Hewitt Tax
Service, Inc. 2 192,500 5,411,175
- --------------------------------------------------------------------------------
Matthews
International Corp.,
Cl. A 7,600 331,436
- --------------------------------------------------------------------------------
Pre-Paid Legal
Services, Inc. 1 62,500 4,019,375
- --------------------------------------------------------------------------------
Regis Corp. 396,997 15,185,135
- --------------------------------------------------------------------------------
Service Corp.
International 181,300 2,317,014
- --------------------------------------------------------------------------------
Sotheby's 2 167,200 7,694,544
- --------------------------------------------------------------------------------
Steiner Leisure Ltd. 1 116,800 5,737,216
- --------------------------------------------------------------------------------
Stewart
Enterprises, Inc. 2 657,600 5,122,704
- --------------------------------------------------------------------------------
Strayer Education,
Inc. 2 148,000 19,493,080
- --------------------------------------------------------------------------------
Vertrue, Inc. 1 41,100 2,004,858
-----------------
106,994,265
- --------------------------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE--3.1%
AFC Enterprises,
Inc. 1,2 132,600 2,292,654
- --------------------------------------------------------------------------------
Ambassadors
Group, Inc. 2 69,700 2,476,441
- --------------------------------------------------------------------------------
Ameristar
Casinos, Inc. 221,869 7,707,729
- --------------------------------------------------------------------------------
Applebee's
International, Inc. 550,700 13,271,870
- --------------------------------------------------------------------------------
Bally Technologies,
Inc. 1,2 150,100 3,965,642
- --------------------------------------------------------------------------------
Bob Evans Farms,
Inc. 496,800 18,307,080
- --------------------------------------------------------------------------------
Brinker
International, Inc. 219,900 6,436,473
- --------------------------------------------------------------------------------
Buffalo Wild
Wings, Inc. 1,2 97,500 4,055,025
- --------------------------------------------------------------------------------
California Pizza
Kitchen, Inc. 1,2 85,950 1,846,206
20 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE Continued
CBRL Group, Inc. 2 351,626 $ 14,937,072
- --------------------------------------------------------------------------------
CEC
Entertainment, Inc. 1 323,900 11,401,280
- --------------------------------------------------------------------------------
CKE Restaurants,
Inc. 2 595,100 11,943,657
- --------------------------------------------------------------------------------
Darden
Restaurants, Inc. 174,500 7,676,255
- --------------------------------------------------------------------------------
Denny's Corp. 1 535,400 2,382,530
- --------------------------------------------------------------------------------
Domino's Pizza, Inc. 2 641,500 11,720,205
- --------------------------------------------------------------------------------
Dover Downs
Gaming &
Entertainment, Inc. 2 19,800 297,198
- --------------------------------------------------------------------------------
IHOP Corp. 2 285,700 15,550,651
- --------------------------------------------------------------------------------
Jack in the Box, Inc. 1,2 182,700 12,960,738
- --------------------------------------------------------------------------------
Luby's, Inc. 1 94,200 909,972
- --------------------------------------------------------------------------------
McCormick &
Schmick's Seafood
Restaurants, Inc. 1,2 83,400 2,163,396
- --------------------------------------------------------------------------------
Monarch Casino &
Resort, Inc. 1,2 81,700 2,193,645
- --------------------------------------------------------------------------------
MTR Gaming
Group, Inc. 1 9,000 138,600
- --------------------------------------------------------------------------------
O'Charley's, Inc. 2 111,900 2,255,904
- --------------------------------------------------------------------------------
Premier
Exhibitions, Inc. 1,2 56,800 895,168
- --------------------------------------------------------------------------------
Ruby Tuesday, Inc. 2 201,100 5,294,963
- --------------------------------------------------------------------------------
Speedway
Motorsports, Inc. 27,800 1,111,444
- --------------------------------------------------------------------------------
Vail Resorts, Inc. 1,2 134,300 8,174,841
- --------------------------------------------------------------------------------
Wendy's
International, Inc. 221,700 8,147,475
- --------------------------------------------------------------------------------
WMS Industries,
Inc. 1,2 39,150 1,129,869
- --------------------------------------------------------------------------------
Wyndham
Worldwide Corp. 1 140,500 5,094,530
-----------------
186,738,513
- --------------------------------------------------------------------------------
HOUSEHOLD DURABLES--1.6%
American Greetings
Corp., Cl. A 2 689,000 19,519,370
- --------------------------------------------------------------------------------
Avatar Holdings,
Inc. 1,2 22,700 1,746,538
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HOUSEHOLD DURABLES Continued
Black & Decker
Corp. 48,700 $ 4,300,697
- --------------------------------------------------------------------------------
Blyth, Inc. 328,200 8,723,556
- --------------------------------------------------------------------------------
Champion
Enterprises, Inc. 1,2 366,400 3,601,712
- --------------------------------------------------------------------------------
CSS Industries, Inc. 18,492 732,468
- --------------------------------------------------------------------------------
Helen of Troy Ltd. 1 69,200 1,868,400
- --------------------------------------------------------------------------------
Hooker Furniture
Corp. 2 32,000 718,080
- --------------------------------------------------------------------------------
Kimball
International, Inc.,
Cl. B 2 361,430 5,063,634
- --------------------------------------------------------------------------------
La-Z-Boy, Inc. 2 175,100 2,006,646
- --------------------------------------------------------------------------------
Leggett & Platt, Inc. 2 111,300 2,454,165
- --------------------------------------------------------------------------------
Libbey, Inc. 2 41,300 890,841
- --------------------------------------------------------------------------------
Newell
Rubbermaid, Inc. 55,800 1,642,194
- --------------------------------------------------------------------------------
NVR, Inc. 1 5,500 3,738,625
- --------------------------------------------------------------------------------
Ryland Group, Inc.
(The) 2 106,400 3,976,168
- --------------------------------------------------------------------------------
Stanley Furniture
Co., Inc. 2 36,400 747,656
- --------------------------------------------------------------------------------
Tempur-Pedic
International, Inc. 2 654,600 16,954,140
- --------------------------------------------------------------------------------
Tupperware Brands
Corp. 598,000 17,186,520
- --------------------------------------------------------------------------------
Universal
Electronics, Inc. 1,2 47,800 1,736,096
-----------------
97,607,506
- --------------------------------------------------------------------------------
INTERNET & CATALOG RETAIL--0.8%
1-800-FLOWERS.com,
Inc. 1,2 152,500 1,438,075
- --------------------------------------------------------------------------------
Blue Nile, Inc. 1,2 105,000 6,342,000
- --------------------------------------------------------------------------------
Expedia, Inc. 1 326,015 9,548,979
- --------------------------------------------------------------------------------
FTD Group, Inc. 2 126,600 2,330,706
- --------------------------------------------------------------------------------
Gaiam, Inc. 1,2 42,100 767,483
- --------------------------------------------------------------------------------
GSI Commerce,
Inc. 1,2 100,700 2,286,897
- --------------------------------------------------------------------------------
PetMed Express,
Inc. 1,2 29,700 381,348
- --------------------------------------------------------------------------------
Priceline.com, Inc. 1,2 306,700 21,082,558
21 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
INTERNET & CATALOG RETAIL Continued
Systemax, Inc. 2 83,700 $ 1,741,797
- --------------------------------------------------------------------------------
ValueVision Media,
Inc., Cl. A 1,2 22,000 249,040
-----------------
46,168,883
- --------------------------------------------------------------------------------
LEISURE EQUIPMENT & PRODUCTS--0.8%
Brunswick Corp. 174,900 5,706,987
- --------------------------------------------------------------------------------
Hasbro, Inc. 251,500 7,899,615
- --------------------------------------------------------------------------------
JAKKS Pacific, Inc. 1,2 124,100 3,492,174
- --------------------------------------------------------------------------------
K2, Inc. 1 54,100 821,779
- --------------------------------------------------------------------------------
Mattel, Inc. 335,800 8,492,382
- --------------------------------------------------------------------------------
Nautilus, Inc. 2 159,000 1,914,360
- --------------------------------------------------------------------------------
Polaris
Industries, Inc. 2 236,900 12,830,504
- --------------------------------------------------------------------------------
RC2 Corp. 1,2 131,600 5,265,316
- --------------------------------------------------------------------------------
Steinway Musical
Instruments, Inc. 2 37,500 1,297,125
- --------------------------------------------------------------------------------
Sturm, Ruger &
Co., Inc. 1,2 129,100 2,003,632
-----------------
49,723,874
- --------------------------------------------------------------------------------
MEDIA--2.6%
Arbitron, Inc. 2 301,500 15,536,295
- --------------------------------------------------------------------------------
Belo Corp., Cl. A 452,100 9,308,739
- --------------------------------------------------------------------------------
Carmike
Cinemas, Inc. 2 22,300 489,708
- --------------------------------------------------------------------------------
Catalina Marketing
Corp. 30,500 960,750
- --------------------------------------------------------------------------------
Citadel
Broadcasting Corp. 2 158,000 1,019,100
- --------------------------------------------------------------------------------
Cox Radio, Inc.,
Cl. A 1,2 508,400 7,239,616
- --------------------------------------------------------------------------------
Cumulus Media,
Inc., Cl. A 1,2 177,300 1,657,755
- --------------------------------------------------------------------------------
DG Fastchannel,
Inc. 1,2 39,300 800,934
- --------------------------------------------------------------------------------
DreamWorks
Animation SKG,
Inc. 1,2 204,400 5,894,896
- --------------------------------------------------------------------------------
Entravision
Communications
Corp. 1 974,300 10,161,949
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
MEDIA Continued
Gemstar-TV Guide
International, Inc. 1 1,429,700 $ 7,034,124
- --------------------------------------------------------------------------------
Getty Images, Inc. 1 138,700 6,631,247
- --------------------------------------------------------------------------------
Global Sources Ltd. 1 109,100 2,476,570
- --------------------------------------------------------------------------------
Gray Television, Inc. 2 35,400 328,158
- --------------------------------------------------------------------------------
Harris Interactive,
Inc. 1,2 153,500 821,225
- --------------------------------------------------------------------------------
Idearc, Inc. 220,000 7,772,600
- --------------------------------------------------------------------------------
Interactive Data
Corp. 11,200 299,936
- --------------------------------------------------------------------------------
Journal
Communications,
Inc. 2 222,200 2,890,822
- --------------------------------------------------------------------------------
Knology, Inc. 1,2 64,100 1,113,417
- --------------------------------------------------------------------------------
Lee Enterprises, Inc. 206,000 4,297,160
- --------------------------------------------------------------------------------
Lin TV Corp. 1,2 277,000 5,210,370
- --------------------------------------------------------------------------------
Live Nation, Inc. 1 203,000 4,543,140
- --------------------------------------------------------------------------------
Marvel
Entertainment, Inc. 1,2 250,400 6,380,192
- --------------------------------------------------------------------------------
Mediacom
Communications
Corp. 1,2 623,950 6,046,076
- --------------------------------------------------------------------------------
Meredith Corp. 96,400 5,938,240
- --------------------------------------------------------------------------------
Nexstar
Broadcasting
Group, Inc., Cl. A 1 24,000 315,360
- --------------------------------------------------------------------------------
R.H. Donnelley
Corp. 1 79,100 5,994,198
- --------------------------------------------------------------------------------
Regal Entertainment
Group 164,300 3,603,099
- --------------------------------------------------------------------------------
Scholastic Corp. 1 181,600 6,526,704
- --------------------------------------------------------------------------------
Sinclair Broadcast
Group, Inc., Cl. A 979,850 13,933,467
- --------------------------------------------------------------------------------
Tribune Co. 118,450 3,482,430
- --------------------------------------------------------------------------------
Westwood
One, Inc. 2 130,000 934,700
- --------------------------------------------------------------------------------
Wiley (John) & Sons,
Inc., Cl. A 50,000 2,414,500
- --------------------------------------------------------------------------------
World Wrestling
Federation
Entertainment, Inc. 2 136,600 2,184,234
-----------------
154,241,711
22 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
MULTILINE RETAIL--0.7%
99 Cents Only
Stores 1,2 242,100 $ 3,173,931
- --------------------------------------------------------------------------------
Big Lots, Inc. 1 315,100 9,270,242
- --------------------------------------------------------------------------------
Dillard's, Inc., Cl. A 138,300 4,969,119
- --------------------------------------------------------------------------------
Dollar Tree
Stores, Inc. 1 232,100 10,107,955
- --------------------------------------------------------------------------------
Family Dollar
Stores, Inc. 256,300 8,796,216
- --------------------------------------------------------------------------------
Fred's, Inc. 2 141,500 1,893,270
- --------------------------------------------------------------------------------
Saks, Inc. 184,700 3,943,345
-----------------
42,154,078
- --------------------------------------------------------------------------------
SPECIALTY RETAIL--4.1%
A.C. Moore Arts &
Crafts, Inc. 1,2 87,100 1,708,031
- --------------------------------------------------------------------------------
Aeropostale, Inc. 1 484,000 20,173,120
- --------------------------------------------------------------------------------
American Eagle
Outfitters, Inc. 227,500 5,837,650
- --------------------------------------------------------------------------------
AnnTaylor Stores
Corp. 1 138,900 4,919,838
- --------------------------------------------------------------------------------
Asbury Automotive
Group, Inc. 536,500 13,385,675
- --------------------------------------------------------------------------------
AutoZone, Inc. 1 65,900 9,003,258
- --------------------------------------------------------------------------------
Big 5 Sporting
Goods Corp. 2 38,400 979,200
- --------------------------------------------------------------------------------
Blockbuster, Inc.,
Cl. A 1,2 546,600 2,355,846
- --------------------------------------------------------------------------------
Books-A-Million,
Inc. 2 116,400 1,971,816
- --------------------------------------------------------------------------------
Brown Shoe Co., Inc. 195,100 4,744,832
- --------------------------------------------------------------------------------
Buckle, Inc. (The) 2 398,375 15,695,975
- --------------------------------------------------------------------------------
Casual Male Retail
Group, Inc. 1,2 94,600 955,460
- --------------------------------------------------------------------------------
Cato Corp., Cl. A 34,950 766,803
- --------------------------------------------------------------------------------
Charming
Shoppes, Inc. 1,2 282,400 3,058,392
- --------------------------------------------------------------------------------
Conn's, Inc. 1,2 26,300 751,128
- --------------------------------------------------------------------------------
CSK Auto Corp. 1 200,200 3,683,680
- --------------------------------------------------------------------------------
Dress Barn, Inc.
(The) 1,2 454,400 9,324,288
- --------------------------------------------------------------------------------
DSW, Inc., Cl. A 1,2 209,800 7,305,236
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SPECIALTY RETAIL Continued
GameStop Corp.,
Cl. A 1 15,000 $ 586,500
- --------------------------------------------------------------------------------
Genesco, Inc. 1,2 234,300 12,256,233
- --------------------------------------------------------------------------------
Gymboree Corp. 1 412,800 16,268,448
- --------------------------------------------------------------------------------
Haverty Furniture
Cos., Inc. 2 800 9,336
- --------------------------------------------------------------------------------
Jo-Ann Stores, Inc. 1,2 125,000 3,553,750
- --------------------------------------------------------------------------------
Jos. A. Banks
Clothiers, Inc. 1,2 57,000 2,363,790
- --------------------------------------------------------------------------------
Men's Wearhouse,
Inc. (The) 149,000 7,609,430
- --------------------------------------------------------------------------------
Midas, Inc. 1,2 86,500 1,960,955
- --------------------------------------------------------------------------------
Monro Muffler
Brake, Inc. 2 37,300 1,396,885
- --------------------------------------------------------------------------------
Office Depot, Inc. 1 107,200 3,248,160
- --------------------------------------------------------------------------------
Payless
ShoeSource, Inc. 1 324,500 10,237,975
- --------------------------------------------------------------------------------
Pep Boys-Manny,
Moe & Jack 2 180,300 3,634,848
- --------------------------------------------------------------------------------
RadioShack Corp. 2 264,900 8,778,786
- --------------------------------------------------------------------------------
Rent-A-Center, Inc. 1,2 752,400 19,735,452
- --------------------------------------------------------------------------------
Ross Stores, Inc. 229,900 7,080,920
- --------------------------------------------------------------------------------
Sally Beauty
Holdings, Inc. 1 802,000 7,218,000
- --------------------------------------------------------------------------------
Sherwin-Williams Co. 134,500 8,940,215
- --------------------------------------------------------------------------------
Shoe Carnival, Inc. 1,2 60,500 1,663,145
- --------------------------------------------------------------------------------
Sonic Automotive,
Inc. 2 430,700 12,477,379
- --------------------------------------------------------------------------------
Stage Stores, Inc. 365,950 7,670,312
- --------------------------------------------------------------------------------
Syms Corp. 1,2 7,400 146,002
- --------------------------------------------------------------------------------
TravelCenters of
America LLC 1 6,700 271,015
- --------------------------------------------------------------------------------
Tween Brands, Inc. 1,2 85,250 3,802,150
- --------------------------------------------------------------------------------
West Marine, Inc. 1,2 53,600 737,536
- --------------------------------------------------------------------------------
Wet Seal, Inc., Cl. A 1,2 354,700 2,131,747
-----------------
250,399,197
- --------------------------------------------------------------------------------
TEXTILES, APPAREL & LUXURY GOODS--1.6%
Cherokee, Inc. 2 37,400 1,366,596
- --------------------------------------------------------------------------------
Columbia
Sportswear Co. 2 90,500 6,215,540
23 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
TEXTILES, APPAREL & LUXURY GOODS Continued
Deckers
Outdoor Corp. 1,2 151,600 $ 15,296,440
- --------------------------------------------------------------------------------
Fossil, Inc. 1,2 376,600 11,105,934
- --------------------------------------------------------------------------------
Hanesbrands, Inc. 1 164,800 4,454,544
- --------------------------------------------------------------------------------
Kellwood Co. 2 214,800 6,040,176
- --------------------------------------------------------------------------------
Liz Claiborne, Inc. 193,000 7,198,900
- --------------------------------------------------------------------------------
Maidenform
Brands, Inc. 1 105,900 2,103,174
- --------------------------------------------------------------------------------
Movado Group, Inc. 152,600 5,148,724
- --------------------------------------------------------------------------------
Oxford
Industries, Inc. 2 74,400 3,298,896
- --------------------------------------------------------------------------------
Perry Ellis
International, Inc. 1,2 71,600 2,303,372
- --------------------------------------------------------------------------------
Phillips/Van
Heusen Corp. 40,300 2,440,971
- --------------------------------------------------------------------------------
Skechers USA, Inc.,
Cl. A 1 33,600 981,120
- --------------------------------------------------------------------------------
Steven Madden Ltd. 77,550 2,540,538
- --------------------------------------------------------------------------------
Stride Rite Corp. 63,600 1,288,536
- --------------------------------------------------------------------------------
UniFirst Corp. 2 40,300 1,775,215
- --------------------------------------------------------------------------------
Warnaco Group,
Inc. (The) 1 169,700 6,675,998
- --------------------------------------------------------------------------------
Wolverine World
Wide, Inc. 605,300 16,772,863
-----------------
97,007,537
- --------------------------------------------------------------------------------
CONSUMER STAPLES--3.6%
- --------------------------------------------------------------------------------
BEVERAGES--0.2%
Boston Beer Co.,
Inc., Cl. A 1,2 49,600 1,951,760
- --------------------------------------------------------------------------------
Central European
Distribution Corp. 1,2 11,200 387,744
- --------------------------------------------------------------------------------
MGP
Ingredients, Inc. 2 73,400 1,240,460
- --------------------------------------------------------------------------------
Molson Coors
Brewing Co., Cl. B 9,900 915,354
- --------------------------------------------------------------------------------
National Beverage
Corp. 1,2 25,056 288,395
- --------------------------------------------------------------------------------
Pepsi Bottling
Group, Inc. (The) 218,000 7,342,240
-----------------
12,125,953
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
FOOD & STAPLES RETAILING--0.7%
Arden Group, Inc.,
Cl. A 2 9,898 $ 1,350,087
- --------------------------------------------------------------------------------
BJ's Wholesale
Club, Inc. 1 136,600 4,921,698
- --------------------------------------------------------------------------------
Casey's General
Stores, Inc. 2 190,800 5,201,208
- --------------------------------------------------------------------------------
Ingles Markets, Inc.,
Cl. A 153,100 5,274,295
- --------------------------------------------------------------------------------
Longs Drug Stores,
Inc. 171,200 8,991,424
- --------------------------------------------------------------------------------
Nash Finch Co. 2 72,400 3,583,800
- --------------------------------------------------------------------------------
Pathmark Stores,
Inc. 1 12,500 162,000
- --------------------------------------------------------------------------------
Performance Food
Group Co. 1,2 365,000 11,858,850
- --------------------------------------------------------------------------------
Spartan Stores, Inc. 67,400 2,218,134
- --------------------------------------------------------------------------------
Topps Co., Inc. (The) 10,400 109,304
- --------------------------------------------------------------------------------
Wild Oats Markets,
Inc. 1 46,600 781,016
-----------------
44,451,816
- --------------------------------------------------------------------------------
FOOD PRODUCTS--1.0%
Cal-Maine Foods,
Inc. 2 70,500 1,154,790
- --------------------------------------------------------------------------------
Corn Products
International, Inc. 26,200 1,190,790
- --------------------------------------------------------------------------------
Dean Foods Co. 211,400 6,737,318
- --------------------------------------------------------------------------------
Flowers Foods, Inc. 2 402,300 13,420,728
- --------------------------------------------------------------------------------
Fresh Del Monte
Produce, Inc. 2 138,200 3,461,910
- --------------------------------------------------------------------------------
Hain Celestial
Group, Inc. 1,2 17,031 462,221
- --------------------------------------------------------------------------------
Imperial Sugar Co. 2 81,500 2,509,385
- --------------------------------------------------------------------------------
J&J Snack Foods
Corp. 2 40,746 1,537,754
- --------------------------------------------------------------------------------
J.M. Smucker Co.
(The) 109,900 6,996,234
- --------------------------------------------------------------------------------
Lance, Inc. 2 14,500 341,620
- --------------------------------------------------------------------------------
Ralcorp Holdings,
Inc. 1,2 176,200 9,417,890
- --------------------------------------------------------------------------------
Reddy Ice Holdings,
Inc. 2 86,400 2,464,128
24 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
FOOD PRODUCTS Continued
Seaboard Corp. 2 2,520 $ 5,909,400
- --------------------------------------------------------------------------------
Tyson Foods, Inc.,
Cl. A 258,600 5,958,144
-----------------
61,562,312
- --------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS--0.3%
Clorox Co. (The) 143,300 8,898,930
- --------------------------------------------------------------------------------
Energizer Holdings,
Inc. 1 89,600 8,924,160
- --------------------------------------------------------------------------------
WD-40 Co. 2 45,500 1,495,585
-----------------
19,318,675
- --------------------------------------------------------------------------------
PERSONAL PRODUCTS--0.8%
Alberto-Culver Co. 274,300 6,506,396
- --------------------------------------------------------------------------------
Chattem, Inc. 1,2 163,800 10,381,644
- --------------------------------------------------------------------------------
Elizabeth Arden, Inc. 1 88,600 2,149,436
- --------------------------------------------------------------------------------
Estee Lauder Cos.,
Inc. (The), Cl. A 147,400 6,708,174
- --------------------------------------------------------------------------------
Inter Parfums, Inc. 2 12,800 340,736
- --------------------------------------------------------------------------------
Mannatech, Inc. 2 74,027 1,176,289
- --------------------------------------------------------------------------------
NBTY, Inc. 1 190,000 8,208,000
- --------------------------------------------------------------------------------
Nu Skin Asia
Pacific, Inc., Cl. A 2 115,500 1,905,750
- --------------------------------------------------------------------------------
Playtex Products,
Inc. 1,2 613,800 9,090,378
- --------------------------------------------------------------------------------
Prestige Brands
Holdings, Inc. 1,2 159,900 2,075,502
-----------------
48,542,305
- --------------------------------------------------------------------------------
TOBACCO--0.6%
Loews Corp./
Carolina Group 110,100 8,507,427
- --------------------------------------------------------------------------------
Universal Corp. 2 281,000 17,118,520
- --------------------------------------------------------------------------------
UST, Inc. 2 177,600 9,538,896
- --------------------------------------------------------------------------------
Vector Group Ltd. 2 9,300 209,529
-----------------
35,374,372
- --------------------------------------------------------------------------------
ENERGY--4.8%
- --------------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES--2.0%
Atwood Oceanics,
Inc. 1,2 111,200 7,630,544
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES Continued
Dawson
Geophysical Co. 1,2 33,300 $ 2,046,618
- --------------------------------------------------------------------------------
Dresser-Rand
Group, Inc. 1 58,400 2,306,800
- --------------------------------------------------------------------------------
ENSCO
International, Inc. 33,900 2,068,239
- --------------------------------------------------------------------------------
Ensign Energy
Services, Inc. 98,500 1,756,865
- --------------------------------------------------------------------------------
Global Industries
Ltd. 1 313,800 8,416,116
- --------------------------------------------------------------------------------
Grey Wolf, Inc. 1,2 1,587,900 13,084,296
- --------------------------------------------------------------------------------
Gulf Island
Fabrication, Inc. 2 1,600 55,520
- --------------------------------------------------------------------------------
Gulfmark
Offshore, Inc. 1,2 254,200 13,020,124
- --------------------------------------------------------------------------------
Hercules
Offshore, Inc. 1,2 320,600 10,381,028
- --------------------------------------------------------------------------------
Input/Output, Inc. 1,2 258,000 4,027,380
- --------------------------------------------------------------------------------
Leader Energy
Services Ltd. 1,3 612,800 431,448
- --------------------------------------------------------------------------------
Lufkin
Industries, Inc. 2 20,400 1,316,820
- --------------------------------------------------------------------------------
Matrix Service Co. 1,2 104,500 2,596,825
- --------------------------------------------------------------------------------
NATCO Group,
Inc., Cl. A 1 80,300 3,697,012
- --------------------------------------------------------------------------------
Newpark
Resources, Inc. 1,2 122,200 947,050
- --------------------------------------------------------------------------------
North American
Energy Partners,
Inc. 1,2 17,600 356,576
- --------------------------------------------------------------------------------
Oil States
International, Inc. 1,2 209,100 8,644,194
- --------------------------------------------------------------------------------
Parker Drilling Co. 1,2 382,100 4,027,334
- --------------------------------------------------------------------------------
Patterson-UTI
Energy, Inc. 22,600 592,346
- --------------------------------------------------------------------------------
Superior Offshore
International, Inc. 1 74,800 1,361,360
- --------------------------------------------------------------------------------
T-3 Energy
Services, Inc. 1 33,500 1,120,575
- --------------------------------------------------------------------------------
Technicoil Corp. 1 92,900 86,337
- --------------------------------------------------------------------------------
Technicoil Corp. 1 896,900 833,542
- --------------------------------------------------------------------------------
Tidewater, Inc. 2 124,700 8,838,736
25 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES Continued
Todco 1 125,100 $ 5,905,971
- --------------------------------------------------------------------------------
Trican Well
Service Ltd. 76,800 1,563,757
- --------------------------------------------------------------------------------
Trico Marine
Services, Inc. 1,2 83,800 3,425,744
- --------------------------------------------------------------------------------
Universal
Compression
Holdings, Inc. 1,2 103,300 7,486,151
-----------------
118,025,308
- --------------------------------------------------------------------------------
OIL & GAS--2.8%
Alberta Clipper
Energy, Inc. 1 46,013 134,767
- --------------------------------------------------------------------------------
Alon USA
Energy, Inc. 2 274,100 12,063,141
- --------------------------------------------------------------------------------
Alpha Natural
Resources, Inc. 1,2 316,600 6,582,114
- --------------------------------------------------------------------------------
Arlington Tankers
Ltd. 2 8,400 240,912
- --------------------------------------------------------------------------------
Berry Petroleum
Co., Cl. A 2 340,840 12,842,851
- --------------------------------------------------------------------------------
Cabot Oil & Gas
Corp., Cl. A 15,000 553,200
- --------------------------------------------------------------------------------
Celtic Exploration
Ltd. 1 49,500 674,250
- --------------------------------------------------------------------------------
Continental
Resources, Inc. 1 427,100 6,833,600
- --------------------------------------------------------------------------------
Copano Energy LLC 2 76,800 3,277,056
- --------------------------------------------------------------------------------
Delek US
Holdings, Inc. 145,800 3,885,570
- --------------------------------------------------------------------------------
Delphi Energy Corp. 1 12,600 21,646
- --------------------------------------------------------------------------------
Delphi Energy Corp. 1 126,300 216,972
- --------------------------------------------------------------------------------
Frontier Oil Corp. 174,000 7,615,980
- --------------------------------------------------------------------------------
Frontline Ltd. 2 120,300 5,515,755
- --------------------------------------------------------------------------------
Galleon Energy,
Inc., Cl. A 1 114,900 1,891,900
- --------------------------------------------------------------------------------
Galleon Energy, Inc.,
Subscription
Receipts 1 138,750 2,284,605
- --------------------------------------------------------------------------------
General Maritime
Corp. 2 309,300 8,283,054
- --------------------------------------------------------------------------------
Golar LNG Ltd. 40,500 674,730
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
OIL & GAS Continued
Holly Corp. 112,800 $ 8,368,632
- --------------------------------------------------------------------------------
Jura Energy Corp. 1 750,700 634,245
- --------------------------------------------------------------------------------
Kereco Energy Ltd. 1 48,984 271,303
- --------------------------------------------------------------------------------
Knightsbridge
Tankers Ltd. 2 58,800 1,793,988
- --------------------------------------------------------------------------------
Mariner Energy, Inc. 1 306,200 7,425,350
- --------------------------------------------------------------------------------
MarkWest
Hydrocarbon, Inc. 2 27,700 1,590,811
- --------------------------------------------------------------------------------
Meridian Resource
Corp. (The) 1 50,700 153,114
- --------------------------------------------------------------------------------
Midnight Oil
Exploration Ltd. 1 556,050 897,823
- --------------------------------------------------------------------------------
Noble Energy, Inc. 76,300 4,760,357
- --------------------------------------------------------------------------------
Overseas
Shipholding
Group, Inc. 2 101,400 8,253,960
- --------------------------------------------------------------------------------
Paramount
Resources Ltd.,
Cl. A 1 109,600 2,124,609
- --------------------------------------------------------------------------------
Petroleum
Development Corp. 1,2 35,700 1,695,036
- --------------------------------------------------------------------------------
PetroQuest Energy,
Inc. 1,2 122,400 1,779,696
- --------------------------------------------------------------------------------
Plains Exploration
& Production Co. 1 69,300 3,313,233
- --------------------------------------------------------------------------------
ProEx Energy Ltd. 1 64,500 908,238
- --------------------------------------------------------------------------------
Real Resources, Inc. 1 48,900 424,160
- --------------------------------------------------------------------------------
Redstar Oil & Gas,
Inc. 1 364,045 358,833
- --------------------------------------------------------------------------------
Rosetta Resources,
Inc. 1,2 323,300 6,963,882
- --------------------------------------------------------------------------------
Ship Finance
International Ltd. 2 112,800 3,347,904
- --------------------------------------------------------------------------------
Sound Energy Trust 125,183 474,761
- --------------------------------------------------------------------------------
Sunoco, Inc. 117,400 9,354,432
- --------------------------------------------------------------------------------
Sure Energy, Inc. 1 70,941 86,574
- --------------------------------------------------------------------------------
Swift Energy Co. 1,2 11,200 478,912
- --------------------------------------------------------------------------------
Teekay Corp. 2 44,100 2,553,831
- --------------------------------------------------------------------------------
Tesoro Corp. 154,000 8,801,100
- --------------------------------------------------------------------------------
Thunder Energy
Trust 102,132 382,546
26 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
OIL & GAS Continued
True Energy Trust 16,836 $ 90,877
- --------------------------------------------------------------------------------
Tusk Energy Corp. 1 632,115 1,174,924
- --------------------------------------------------------------------------------
Tusk Energy Corp. 1,4 275,000 511,148
- --------------------------------------------------------------------------------
Tusk Energy Corp. 1 397,100 738,097
- --------------------------------------------------------------------------------
USEC, Inc. 1,2 556,700 12,236,266
- --------------------------------------------------------------------------------
Vero Energy, Inc. 1 30,617 215,562
- --------------------------------------------------------------------------------
Western
Refining, Inc. 2 96,800 5,595,040
-----------------
171,351,347
- --------------------------------------------------------------------------------
FINANCIALS--14.5%
- --------------------------------------------------------------------------------
CAPITAL MARKETS--0.8%
Apollo Investment
Corp. 2 135,800 2,922,416
- --------------------------------------------------------------------------------
Ares Capital Corp. 2 154,500 2,603,325
- --------------------------------------------------------------------------------
Cohen & Steers, Inc. 2 129,100 5,609,395
- --------------------------------------------------------------------------------
GAMCO Investors,
Inc., Cl. A 2 29,600 1,659,080
- --------------------------------------------------------------------------------
GFI Group, Inc. 1,2 43,300 3,138,384
- --------------------------------------------------------------------------------
Janus Capital
Group, Inc. 320,000 8,908,800
- --------------------------------------------------------------------------------
Knight Capital
Group, Inc., Cl. A 1,2 290,700 4,825,620
- --------------------------------------------------------------------------------
MCG Capital Corp. 2 88,000 1,409,760
- --------------------------------------------------------------------------------
Piper Jaffray Cos.,
Inc. 1,2 268,900 14,985,797
- --------------------------------------------------------------------------------
Prospect Capital
Corp. 2 12,600 220,122
- --------------------------------------------------------------------------------
SWS Group, Inc. 95,600 2,066,872
- --------------------------------------------------------------------------------
Technology
Investment Capital
Corp. 2 4,200 66,318
- --------------------------------------------------------------------------------
U.S. Global
Investors, Inc., Cl. A 2 36,800 834,256
- --------------------------------------------------------------------------------
W.P. Carey & Co. LLC 42,100 1,324,045
-----------------
50,574,190
- --------------------------------------------------------------------------------
COMMERCIAL BANKS--1.1%
Amcore
Financial, Inc. 2 15,815 458,477
- --------------------------------------------------------------------------------
BancorpSouth, Inc. 59,200 1,448,032
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL BANKS Continued
BankFinancial Corp. 2 12,000 $ 185,400
- --------------------------------------------------------------------------------
Central Pacific
Financial Corp. 2 65,800 2,172,058
- --------------------------------------------------------------------------------
Citizens Republic
Bancorp, Inc. 2 147,200 2,693,760
- --------------------------------------------------------------------------------
City Holding Co. 2 50,000 1,916,500
- --------------------------------------------------------------------------------
Colonial BancGroup,
Inc. (The) 41,700 1,041,249
- --------------------------------------------------------------------------------
Columbia Banking
System, Inc. 2 3,206 93,776
- --------------------------------------------------------------------------------
Comerica, Inc. 158,600 9,431,942
- --------------------------------------------------------------------------------
F.N.B. Corp. 2 278,400 4,660,416
- --------------------------------------------------------------------------------
First Citizens
BancShares, Inc., Cl. A 6,600 1,283,040
- --------------------------------------------------------------------------------
First Security
Group, Inc. 112,100 1,210,680
- --------------------------------------------------------------------------------
FirstMerit Corp. 2 147,300 3,082,989
- --------------------------------------------------------------------------------
Frontier Financial
Corp. 2 9,450 212,909
- --------------------------------------------------------------------------------
Greater Bay Bancorp 191,200 5,323,008
- --------------------------------------------------------------------------------
Hanmi Financial
Corp. 2 105,700 1,803,242
- --------------------------------------------------------------------------------
Huntington
Bancshares, Inc. 302,800 6,885,672
- --------------------------------------------------------------------------------
International
Bancshares Corp. 2 28,040 718,385
- --------------------------------------------------------------------------------
Intervest
Bancshares Corp. 22,000 619,520
- --------------------------------------------------------------------------------
National Penn
Bancshares, Inc. 2 85,973 1,434,030
- --------------------------------------------------------------------------------
Oriental Financial
Group, Inc. 2 7,500 81,825
- --------------------------------------------------------------------------------
Park National Corp. 2 27,700 2,348,683
- --------------------------------------------------------------------------------
Porter Bancorp, Inc. 17,000 386,920
- --------------------------------------------------------------------------------
Preferred Bank 21,350 854,000
- --------------------------------------------------------------------------------
Republic Bancorp,
Inc., Cl. A 2 12,990 215,504
- --------------------------------------------------------------------------------
Southwest
Bancorp, Inc. 2 5,800 139,432
- --------------------------------------------------------------------------------
SVB Financial
Group 1,2 226,100 12,008,171
- --------------------------------------------------------------------------------
TCF Financial Corp. 30,000 834,000
27 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL BANKS Continued
Texas Capital
Bancshares, Inc. 1 10,300 $ 230,205
- --------------------------------------------------------------------------------
UMB Financial Corp. 2 64,400 2,374,428
- --------------------------------------------------------------------------------
WesBanco, Inc. 2 18,100 533,950
-----------------
66,682,203
- --------------------------------------------------------------------------------
CONSUMER FINANCE--0.8%
Advance America
Cash Advance
Centers, Inc. 165,200 2,930,648
- --------------------------------------------------------------------------------
Advanta Corp., Cl. B 2 471,600 14,685,624
- --------------------------------------------------------------------------------
AmeriCredit Corp. 1,2 285,200 7,572,060
- --------------------------------------------------------------------------------
Cash America
International, Inc. 281,900 11,177,335
- --------------------------------------------------------------------------------
Dollar Financial
Corp. 1,2 41,600 1,185,600
- --------------------------------------------------------------------------------
EZCORP, Inc., Cl. A 1 130,700 1,730,468
- --------------------------------------------------------------------------------
World Acceptance
Corp. 1,2 140,900 6,020,657
-----------------
45,302,392
- --------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES--0.5%
Asset Acceptance
Capital Corp. 1 81,300 1,439,010
- --------------------------------------------------------------------------------
ASTA Funding, Inc. 2 75,700 2,909,151
- --------------------------------------------------------------------------------
CIT Group, Inc. 27,000 1,480,410
- --------------------------------------------------------------------------------
International
Securities Exchange,
Inc., Cl. A 2 267,500 17,481,125
- --------------------------------------------------------------------------------
MarketAxess
Holdings, Inc. 1,2 79,100 1,423,009
- --------------------------------------------------------------------------------
Portfolio Recovery
Associates, Inc. 2 102,100 6,128,042
- --------------------------------------------------------------------------------
Resource America,
Inc., Cl. A 2 29,700 612,117
-----------------
31,472,864
- --------------------------------------------------------------------------------
INSURANCE--6.5%
Affirmative Insurance
Holdings, Inc. 2 25,404 387,411
- --------------------------------------------------------------------------------
Alfa Corp. 2 43,300 674,181
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
INSURANCE Continued
Allied World
Assurance
Holdings Ltd. 70,400 $ 3,608,000
- --------------------------------------------------------------------------------
AMBAC Financial
Group, Inc. 109,800 9,573,462
- --------------------------------------------------------------------------------
American Equity
Investment Life
Holding Co. 2 182,800 2,208,224
- --------------------------------------------------------------------------------
American Financial
Group, Inc. 166,300 5,679,145
- --------------------------------------------------------------------------------
American Physicians
Capital, Inc. 1 73,650 2,982,825
- --------------------------------------------------------------------------------
Amerisafe, Inc. 1 71,200 1,397,656
- --------------------------------------------------------------------------------
AmTrust Financial
Services, Inc. 2 174,000 3,269,460
- --------------------------------------------------------------------------------
Arch Capital
Group Ltd. 1 17,300 1,254,942
- --------------------------------------------------------------------------------
Argonaut
Group, Inc. 2 293,400 9,157,014
- --------------------------------------------------------------------------------
Aspen Insurance
Holdings Ltd. 307,800 8,639,946
- --------------------------------------------------------------------------------
Assurant, Inc. 163,400 9,627,528
- --------------------------------------------------------------------------------
Assured
Guaranty Ltd. 194,000 5,734,640
- --------------------------------------------------------------------------------
Bristol West
Holdings, Inc. 100,200 2,241,474
- --------------------------------------------------------------------------------
Cincinnati Financial
Corp. 71,700 3,111,780
- --------------------------------------------------------------------------------
CNA Surety Corp. 1,2 217,100 4,105,361
- --------------------------------------------------------------------------------
Commerce Group,
Inc. (The) 2 191,300 6,641,936
- --------------------------------------------------------------------------------
Darwin Professional
Underwriters, Inc. 1,2 40,700 1,024,419
- --------------------------------------------------------------------------------
Delphi Financial
Group, Inc., Cl. A 2 460,675 19,265,429
- --------------------------------------------------------------------------------
Donegal Group,
Inc., Cl. A 2 26,600 396,340
- --------------------------------------------------------------------------------
EMC Insurance
Group, Inc. 2 37,200 923,304
- --------------------------------------------------------------------------------
Endurance Specialty
Holdings Ltd. 95,700 3,831,828
- --------------------------------------------------------------------------------
Enstar Group Ltd. 1,2 100 12,071
28 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
INSURANCE Continued
FBL Financial
Group, Inc., Cl. A 2 112,700 $ 4,431,364
- --------------------------------------------------------------------------------
Fidelity National Title
Group, Inc., Cl. A 359,500 8,520,150
- --------------------------------------------------------------------------------
First American
Corp. (The) 2 133,800 6,623,100
- --------------------------------------------------------------------------------
FPIC Insurance
Group, Inc. 1,2 65,740 2,680,220
- --------------------------------------------------------------------------------
Great American
Financial Resources,
Inc. 2 12,400 299,956
- --------------------------------------------------------------------------------
Greenlight Capital
Re Ltd., Cl. A 1 12,700 286,131
- --------------------------------------------------------------------------------
Harleysville
Group, Inc. 149,200 4,977,312
- --------------------------------------------------------------------------------
Hilb, Rogal &
Hamilton Co. 2 151,900 6,510,434
- --------------------------------------------------------------------------------
Horace Mann
Educators Corp. 453,700 9,636,588
- --------------------------------------------------------------------------------
Infinity Property &
Casualty Corp. 261,600 13,270,968
- --------------------------------------------------------------------------------
IPC Holdings Ltd. 358,900 11,588,881
- --------------------------------------------------------------------------------
LandAmerica
Financial Group, Inc. 2 224,300 21,642,707
- --------------------------------------------------------------------------------
Markel Corp. 1 4,000 1,938,240
- --------------------------------------------------------------------------------
Max Capital
Group Ltd. 179,000 5,065,700
- --------------------------------------------------------------------------------
MBIA, Inc. 2 136,200 8,474,364
- --------------------------------------------------------------------------------
Meadowbrook
Insurance Group,
Inc. 1,2 195,200 2,139,392
- --------------------------------------------------------------------------------
Midland Co. (The) 2 43,900 2,060,666
- --------------------------------------------------------------------------------
Montpelier Re
Holdings Ltd. 278,500 5,163,390
- --------------------------------------------------------------------------------
National Western Life
Insurance Co., Cl. A 2 4,700 1,188,724
- --------------------------------------------------------------------------------
Nationwide Financial
Services, Inc., Cl. A 119,600 7,561,112
- --------------------------------------------------------------------------------
NYMAGIC, Inc. 2 47,100 1,893,420
- --------------------------------------------------------------------------------
Odyssey Re Holdings
Corp. 2 91,700 3,933,013
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
INSURANCE Continued
Ohio Casualty Corp. 552,000 $ 23,907,120
- --------------------------------------------------------------------------------
Old Republic
International Corp. 17,350 368,861
- --------------------------------------------------------------------------------
Partnerre
Holdings Ltd. 2 79,600 6,169,000
- --------------------------------------------------------------------------------
Philadelphia
Consolidated
Holding Co. 1 51,500 2,152,700
- --------------------------------------------------------------------------------
Phoenix Cos., Inc.
(The) 999,000 14,994,990
- --------------------------------------------------------------------------------
Platinum
Underwriters
Holdings Ltd. 197,200 6,852,700
- --------------------------------------------------------------------------------
ProAssurance
Corp. 1,2 220,500 12,275,235
- --------------------------------------------------------------------------------
ProCentury Corp. 102,100 1,711,196
- --------------------------------------------------------------------------------
Pxre Group Ltd. 1 103,800 481,632
- --------------------------------------------------------------------------------
Reinsurance Group
of America, Inc. 87,500 5,271,000
- --------------------------------------------------------------------------------
RenaissanceRe
Holdings Ltd. 83,300 5,163,767
- --------------------------------------------------------------------------------
RLI Corp. 2 293,500 16,421,325
- --------------------------------------------------------------------------------
Safeco Corp. 149,000 9,276,740
- --------------------------------------------------------------------------------
Safety Insurance
Group, Inc. 2 54,100 2,239,740
- --------------------------------------------------------------------------------
Seabright Insurance
Holdings, Inc. 1,2 113,800 1,989,224
- --------------------------------------------------------------------------------
Security Capital
Assurance Ltd. 120,100 3,707,487
- --------------------------------------------------------------------------------
Selective Insurance
Group, Inc. 2 326,500 8,776,320
- --------------------------------------------------------------------------------
State Auto
Financial Corp. 114,700 3,515,555
- --------------------------------------------------------------------------------
Transatlantic
Holdings, Inc. 21,500 1,529,295
- --------------------------------------------------------------------------------
United America
Indemnity Ltd.,
Cl. A 1 295,557 7,350,503
- --------------------------------------------------------------------------------
United Fire &
Casualty Co. 2 53,700 1,899,906
- --------------------------------------------------------------------------------
Universal American
Financial Corp. 1,2 42,000 893,760
29 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
INSURANCE Continued
Zenith National
Insurance Corp. 404,900 $ 19,066,741
-----------------
391,649,005
- --------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUSTS--3.1%
Acadia Realty Trust 2 15,100 391,845
- --------------------------------------------------------------------------------
Agree Realty Corp. 2 56,600 1,768,750
- --------------------------------------------------------------------------------
Alesco Financial, Inc. 2 189,100 1,537,383
- --------------------------------------------------------------------------------
Alexander's, Inc. 1,2 1,400 565,950
- --------------------------------------------------------------------------------
Alexandria Real
Estate Equities, Inc. 40,400 3,911,528
- --------------------------------------------------------------------------------
American Home
Mortgage
Investment Corp. 2 22,100 406,198
- --------------------------------------------------------------------------------
Anthracite
Capital, Inc. 2 20,400 238,680
- --------------------------------------------------------------------------------
Arbor Realty
Trust, Inc. 85,300 2,201,593
- --------------------------------------------------------------------------------
Ashford Hospitality
Trust 297,500 3,498,600
- --------------------------------------------------------------------------------
Associated Estates
Realty Corp. 2 35,000 545,650
- --------------------------------------------------------------------------------
BioMed Realty
Trust, Inc. 2 8,800 221,056
- --------------------------------------------------------------------------------
Brandywine Realty
Trust 116,192 3,320,767
- --------------------------------------------------------------------------------
Capital Trust, Cl. A 2 45,600 1,556,784
- --------------------------------------------------------------------------------
CBL & Associates
Properties, Inc. 117,400 4,232,270
- --------------------------------------------------------------------------------
Cedar Shopping
Centers, Inc. 60,800 872,480
- --------------------------------------------------------------------------------
Colonial Properties
Trust 2 29,125 1,061,606
- --------------------------------------------------------------------------------
Corporate Office
Properties Trust 2 50,300 2,062,803
- --------------------------------------------------------------------------------
Crescent Real Estate
Equities, Inc. 55,200 1,238,688
- --------------------------------------------------------------------------------
DCT Industrial
Trust, Inc. 2 1,900 20,444
- --------------------------------------------------------------------------------
Deerfield Triarc
Capital Corp. 2 37,600 550,088
- --------------------------------------------------------------------------------
DiamondRock
Hospitality Co. 267,500 5,103,900
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUSTS Continued
Digital Realty
Trust, Inc. 179,000 $ 6,744,720
- --------------------------------------------------------------------------------
EastGroup
Properties, Inc. 2 42,600 1,866,732
- --------------------------------------------------------------------------------
Entertainment
Properties Trust 2 88,600 4,764,908
- --------------------------------------------------------------------------------
Equity Inns, Inc. 2 157,100 3,519,040
- --------------------------------------------------------------------------------
Equity Lifestyle
Properties, Inc. 46,700 2,437,273
- --------------------------------------------------------------------------------
Equity One, Inc. 2 141,500 3,615,325
- --------------------------------------------------------------------------------
FelCor Lodging
Trust, Inc. 2 282,100 7,343,063
- --------------------------------------------------------------------------------
First Industrial
Realty Trust, Inc. 2 212,600 8,240,376
- --------------------------------------------------------------------------------
Glimcher Realty
Trust 2 29,600 740,000
- --------------------------------------------------------------------------------
Gramercy Capital
Corp. 2 70,100 1,930,554
- --------------------------------------------------------------------------------
Hersha Hospitality
Trust 2 63,300 748,206
- --------------------------------------------------------------------------------
Highland
Hospitality Corp. 177,900 3,415,680
- --------------------------------------------------------------------------------
Highwoods
Properties, Inc. 138,800 5,205,000
- --------------------------------------------------------------------------------
Home Properties
of New York, Inc. 38,000 1,973,340
- --------------------------------------------------------------------------------
Inland Real Estate
Corp. 2 274,400 4,659,312
- --------------------------------------------------------------------------------
Innkeepers USA
Trust 2 61,600 1,092,168
- --------------------------------------------------------------------------------
Jer Investors
Trust, Inc. 2 25,200 378,000
- --------------------------------------------------------------------------------
Kite Realty Group
Trust 2 76,500 1,455,030
- --------------------------------------------------------------------------------
KKR Financial
Holdings LLC 2 37,400 931,634
- --------------------------------------------------------------------------------
LaSalle Hotel
Properties 2 70,800 3,074,136
- --------------------------------------------------------------------------------
Lexington Realty
Trust 2 144,900 3,013,920
- --------------------------------------------------------------------------------
LTC Properties, Inc. 2 82,500 1,876,875
30 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUSTS Continued
Luminent Mortgage
Capital, Inc. 2 46,000 $ 464,140
- --------------------------------------------------------------------------------
Medical Properties
Trust, Inc. 2 35,700 472,311
- --------------------------------------------------------------------------------
Mid-America
Apartment
Communities, Inc. 2 49,800 2,613,504
- --------------------------------------------------------------------------------
National Health
Investors, Inc. 2 35,000 1,110,200
- --------------------------------------------------------------------------------
National Retail
Properties, Inc. 2 219,600 4,800,456
- --------------------------------------------------------------------------------
Nationwide Health
Properties, Inc. 348,700 9,484,640
- --------------------------------------------------------------------------------
Newcastle
Investment Corp. 2 144,000 3,610,080
- --------------------------------------------------------------------------------
Omega Healthcare
Investors, Inc. 2 204,900 3,243,567
- --------------------------------------------------------------------------------
Parkway
Properties, Inc. 2 64,100 3,078,723
- --------------------------------------------------------------------------------
Pennsylvania Real
Estate Investment
Trust 2 144,600 6,410,118
- --------------------------------------------------------------------------------
PS Business
Parks, Inc. 57,900 3,669,123
- --------------------------------------------------------------------------------
RAIT Financial Trust 2 146,700 3,817,134
- --------------------------------------------------------------------------------
Ramco-Gershenson
Properties Trust 2 60,400 2,170,172
- --------------------------------------------------------------------------------
Realty
Income Corp. 2 253,600 6,388,184
- --------------------------------------------------------------------------------
Redwood Trust, Inc. 2 47,500 2,298,050
- --------------------------------------------------------------------------------
Resource Capital
Corp. 2 11,900 166,362
- --------------------------------------------------------------------------------
Saul Centers, Inc. 2 24,400 1,106,540
- --------------------------------------------------------------------------------
Senior Housing
Properties Trust 2 295,300 6,009,355
- --------------------------------------------------------------------------------
Sovran Self
Storage, Inc. 2 34,900 1,680,784
- --------------------------------------------------------------------------------
Spirit Finance Corp. 154,000 2,242,240
- --------------------------------------------------------------------------------
Strategic Hotels &
Resorts, Inc. 2 157,400 3,539,926
- --------------------------------------------------------------------------------
Sunstone Hotel
Investors, Inc. 2 186,800 5,303,252
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUSTS Continued
Tanger Factory
Outlet Centers, Inc. 2 143,600 $ 5,377,820
- --------------------------------------------------------------------------------
Taubman
Centers, Inc. 65,800 3,264,338
- --------------------------------------------------------------------------------
Washington Real
Estate Investment
Trust 2 77,500 2,635,000
- --------------------------------------------------------------------------------
Winston Hotels, Inc. 48,300 724,500
-----------------
190,012,874
- --------------------------------------------------------------------------------
REAL ESTATE MANAGEMENT & DEVELOPMENT--0.1%
Jones Lang
LaSalle, Inc. 61,000 6,923,500
- --------------------------------------------------------------------------------
Stratus
Properties, Inc. 1,2 16,166 557,727
- --------------------------------------------------------------------------------
Thomas Properties
Group, Inc. 2 6,400 102,272
-----------------
7,583,499
- --------------------------------------------------------------------------------
THRIFTS & MORTGAGE FINANCE--1.6%
Astoria Financial
Corp. 58,000 1,452,320
- --------------------------------------------------------------------------------
City Bank
(Lynnwood
Washington) 2 12,400 390,724
- --------------------------------------------------------------------------------
Corus Bankshares,
Inc. 2 303,700 5,241,862
- --------------------------------------------------------------------------------
Downey Financial
Corp. 2 80,250 5,294,895
- --------------------------------------------------------------------------------
Federal Agricultural
Mortgage Corp.,
Non-Vtg. 2 52,100 1,782,862
- --------------------------------------------------------------------------------
First Financial
Holdings, Inc. 2 11,900 389,249
- --------------------------------------------------------------------------------
First Niagara
Financial Group, Inc. 909,500 11,914,450
- --------------------------------------------------------------------------------
FirstFed Financial
Corp. 1,2 204,600 11,606,958
- --------------------------------------------------------------------------------
Franklin Bank Corp. 1,2 42,100 627,290
- --------------------------------------------------------------------------------
Hudson City
Bancorp, Inc. 483,300 5,905,926
- --------------------------------------------------------------------------------
ITLA Capital Corp. 2 16,900 880,828
- --------------------------------------------------------------------------------
MAF Bancorp, Inc. 219,200 11,893,792
31 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
THRIFTS & MORTGAGE FINANCE Continued
MGIC Investment
Corp. 2 73,500 $ 4,179,210
- --------------------------------------------------------------------------------
Ocwen Financial
Corp. 1,2 326,100 4,346,913
- --------------------------------------------------------------------------------
PFF Bancorp, Inc. 2 24,520 684,844
- --------------------------------------------------------------------------------
PMI Group, Inc.
(The) 152,900 6,830,043
- --------------------------------------------------------------------------------
Provident Financial
Services, Inc. 2 336,800 5,307,968
- --------------------------------------------------------------------------------
Radian Group, Inc. 2 92,200 4,978,800
- --------------------------------------------------------------------------------
TierOne Corp. 76,100 2,290,610
- --------------------------------------------------------------------------------
Triad Guaranty, Inc. 1,2 37,700 1,505,361
- --------------------------------------------------------------------------------
Washington
Federal, Inc. 211,900 5,151,289
- --------------------------------------------------------------------------------
Westfield
Financial, Inc. 2 24,500 244,265
- --------------------------------------------------------------------------------
WSFS Financial
Corp. 2 18,300 1,197,369
-----------------
94,097,828
- --------------------------------------------------------------------------------
HEALTH CARE--8.8%
- --------------------------------------------------------------------------------
BIOTECHNOLOGY--0.3%
Acorda
Therapeutics, Inc. 1 131,900 2,250,214
- --------------------------------------------------------------------------------
Alexion
Pharmaceuticals,
Inc. 1,2 50,100 2,257,506
- --------------------------------------------------------------------------------
Alnylam
Pharmaceuticals,
Inc. 1,2 17,500 265,825
- --------------------------------------------------------------------------------
Array
BioPharma, Inc. 1,2 60,200 702,534
- --------------------------------------------------------------------------------
CytRx Corp. 1,2 234,300 731,016
- --------------------------------------------------------------------------------
Halozyme
Therapeutics, Inc. 1,2 25,200 232,596
- --------------------------------------------------------------------------------
Immunomedics,
Inc. 1,2 268,800 1,115,520
- --------------------------------------------------------------------------------
Indevus
Pharmaceuticals, Inc. 1,2 29,200 196,516
- --------------------------------------------------------------------------------
Isis Pharmaceuticals,
Inc. 1,2 192,200 1,860,496
- --------------------------------------------------------------------------------
Maxygen, Inc. 1,2 9,500 81,415
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
BIOTECHNOLOGY Continued
Medarex, Inc. 1,2 18,800 $ 268,652
- --------------------------------------------------------------------------------
Myriad
Genetics, Inc. 1,2 30,100 1,119,419
- --------------------------------------------------------------------------------
OSI
Pharmaceuticals, Inc. 1 52,500 1,901,025
- --------------------------------------------------------------------------------
Pharmion Corp. 1,2 28,700 830,865
- --------------------------------------------------------------------------------
Regeneron
Pharmaceuticals,
Inc. 1,2 342,500 6,137,600
-----------------
19,951,199
- --------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES--1.7%
Advanced Medical
Optics, Inc. 1,2 162,100 5,654,048
- --------------------------------------------------------------------------------
Align Technology,
Inc. 1,2 129,900 3,138,384
- --------------------------------------------------------------------------------
Analogic Corp. 2 43,500 3,197,685
- --------------------------------------------------------------------------------
Cholestech Corp. 1 38,600 848,814
- --------------------------------------------------------------------------------
ConMed Corp. 1 295,100 8,640,528
- --------------------------------------------------------------------------------
Cynosure, Inc., Cl. A 1,2 21,800 794,174
- --------------------------------------------------------------------------------
Dade Behring
Holdings, Inc. 159,900 8,493,888
- --------------------------------------------------------------------------------
Datascope Corp. 2 44,111 1,688,569
- --------------------------------------------------------------------------------
Edwards
Lifesciences Corp. 1 141,000 6,956,940
- --------------------------------------------------------------------------------
Greatbatch, Inc. 1,2 130,200 4,218,480
- --------------------------------------------------------------------------------
Hologic, Inc. 1,2 26,000 1,438,060
- --------------------------------------------------------------------------------
Immucor, Inc. 1,2 629,550 17,608,514
- --------------------------------------------------------------------------------
Integra LifeSciences
Holdings Corp. 1,2 50,200 2,480,884
- --------------------------------------------------------------------------------
Kinetic Concepts,
Inc. 1,2 118,900 6,179,233
- --------------------------------------------------------------------------------
Mentor Corp. 2 61,100 2,485,548
- --------------------------------------------------------------------------------
Meridian
Bioscience, Inc. 2 113,825 2,465,450
- --------------------------------------------------------------------------------
Quidel Corp. 1,2 99,800 1,752,488
- --------------------------------------------------------------------------------
Steris Corp. 442,600 13,543,560
- --------------------------------------------------------------------------------
TomoTherapy, Inc. 1 62,480 1,369,562
- --------------------------------------------------------------------------------
West Pharmaceutical
Services, Inc. 2 250,200 11,796,930
-----------------
104,751,739
32 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES--3.6%
Air Methods Corp. 1,2 62,399 $ 2,288,171
- --------------------------------------------------------------------------------
Alliance
Imaging, Inc. 1 268,300 2,519,337
- --------------------------------------------------------------------------------
American Dental
Partners, Inc. 1 41,900 1,088,143
- --------------------------------------------------------------------------------
AmerisourceBergen
Corp. 192,500 9,522,975
- --------------------------------------------------------------------------------
Apria Healthcare
Group, Inc. 1 608,700 17,512,299
- --------------------------------------------------------------------------------
Centene Corp. 1,2 207,500 4,444,650
- --------------------------------------------------------------------------------
Chemed Corp. 2 332,800 22,061,312
- --------------------------------------------------------------------------------
Community Health
Systems, Inc. 1 135,800 5,493,110
- --------------------------------------------------------------------------------
CorVel Corp. 1 59,150 1,546,181
- --------------------------------------------------------------------------------
Coventry Health
Care, Inc. 1 151,400 8,728,210
- --------------------------------------------------------------------------------
Cross Country
Healthcare, Inc. 1,2 56,600 944,088
- --------------------------------------------------------------------------------
CryoLife, Inc. 1,2 96,300 1,252,863
- --------------------------------------------------------------------------------
Emergency Medical
Services LP, Cl. A 1,2 235,600 9,219,028
- --------------------------------------------------------------------------------
Genesis HealthCare
Corp. 1 60,028 4,107,116
- --------------------------------------------------------------------------------
Hanger Orthopedic
Group, Inc. 1 24,000 259,200
- --------------------------------------------------------------------------------
Health Net, Inc. 1 167,900 8,865,120
- --------------------------------------------------------------------------------
HealthExtras, Inc. 1,2 165,800 4,904,364
- --------------------------------------------------------------------------------
Healthspring, Inc. 1 633,000 12,064,980
- --------------------------------------------------------------------------------
Humana, Inc. 1 150,200 9,148,682
- --------------------------------------------------------------------------------
InVentiv
Health, Inc. 1,2 24,203 886,072
- --------------------------------------------------------------------------------
Kindred
Healthcare, Inc. 1,2 510,900 15,694,848
- --------------------------------------------------------------------------------
Laboratory Corp.
of America Holdings 1 108,800 8,514,688
- --------------------------------------------------------------------------------
Landauer, Inc. 2 39,500 1,945,375
- --------------------------------------------------------------------------------
LCA-Vision, Inc. 2 287,286 13,577,136
- --------------------------------------------------------------------------------
LifePoint
Hospitals, Inc. 1 87,400 3,380,632
- --------------------------------------------------------------------------------
Matria
Healthcare, Inc. 1,2 36,000 1,090,080
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES Continued
MedCath Corp. 1,2 124,800 $ 3,968,640
- --------------------------------------------------------------------------------
Molina
Healthcare, Inc. 1,2 320,300 9,775,556
- --------------------------------------------------------------------------------
National
HealthCare Corp. 2 9,700 500,520
- --------------------------------------------------------------------------------
Nighthawk Radiology
Holdings, Inc. 1,2 62,300 1,124,515
- --------------------------------------------------------------------------------
Option Care, Inc. 2 17,500 269,500
- --------------------------------------------------------------------------------
PSS World
Medical, Inc. 1,2 558,300 10,172,226
- --------------------------------------------------------------------------------
Sierra Health
Services, Inc. 1 26,200 1,089,396
- --------------------------------------------------------------------------------
Skilled Healthcare
Group, Inc., Cl. A 1,2 240,400 3,728,604
- --------------------------------------------------------------------------------
Sunrise Senior
Living, Inc. 1,2 288,200 11,525,118
- --------------------------------------------------------------------------------
WellCare Health
Plans, Inc. 1 73,400 6,643,434
-----------------
219,856,169
- --------------------------------------------------------------------------------
HEALTH CARE TECHNOLOGY--0.2%
HLTH Corp. 1 318,400 4,460,784
- --------------------------------------------------------------------------------
Omnicell, Inc. 1,2 154,000 3,200,120
- --------------------------------------------------------------------------------
Phase Forward, Inc. 1,2 179,400 3,019,302
-----------------
10,680,206
- --------------------------------------------------------------------------------
LIFE SCIENCES TOOLS & SERVICES--1.2%
Bio-Rad Laboratories,
Inc., Cl. A 1,2 30,300 2,289,771
- --------------------------------------------------------------------------------
Bruker BioSciences
Corp. 1 148,500 1,337,985
- --------------------------------------------------------------------------------
Dionex Corp. 1,2 162,500 11,535,875
- --------------------------------------------------------------------------------
eResearch
Technology, Inc. 1,2 17,900 170,229
- --------------------------------------------------------------------------------
Invitrogen Corp. 1 104,900 7,736,375
- --------------------------------------------------------------------------------
Parexel
International Corp. 1,2 133,100 5,598,186
- --------------------------------------------------------------------------------
PerkinElmer, Inc. 249,000 6,488,940
- --------------------------------------------------------------------------------
Pharmanet
Development
Group, Inc. 1,2 101,100 3,223,068
- --------------------------------------------------------------------------------
Varian, Inc. 1 344,200 18,872,486
33 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
LIFE SCIENCES TOOLS & SERVICES Continued
Ventana Medical
Systems, Inc. 1,2 187,800 $ 14,511,306
-----------------
71,764,221
- --------------------------------------------------------------------------------
PHARMACEUTICALS--1.8%
Alpharma, Inc., Cl. A 2 486,300 12,648,663
- --------------------------------------------------------------------------------
BioMimetic
Therapeutics, Inc. 1 103,900 1,623,957
- --------------------------------------------------------------------------------
Bradley
Pharmaceuticals,
Inc. 1,2 109,500 2,377,245
- --------------------------------------------------------------------------------
Cypress
Bioscience, Inc. 1,2 133,500 1,770,210
- --------------------------------------------------------------------------------
Impax
Laboratories, Inc. 1 16,900 202,800
- --------------------------------------------------------------------------------
K-V Pharmaceutical
Co., Cl. A 1,2 388,700 10,588,188
- --------------------------------------------------------------------------------
King
Pharmaceuticals, Inc. 1 366,800 7,504,728
- --------------------------------------------------------------------------------
Medicines Co. (The) 1 224,500 3,955,690
- --------------------------------------------------------------------------------
MGI Pharma, Inc. 1,2 368,300 8,238,871
- --------------------------------------------------------------------------------
Noven
Pharmaceuticals, Inc. 1,2 96,800 2,269,960
- --------------------------------------------------------------------------------
Par Pharmaceutical
Cos., Inc. 1,2 466,400 13,166,472
- --------------------------------------------------------------------------------
Perrigo Co. 896,200 17,547,596
- --------------------------------------------------------------------------------
Pozen, Inc. 1,2 122,400 2,211,768
- --------------------------------------------------------------------------------
Salix
Pharmaceuticals Ltd. 1,2 42,500 522,750
- --------------------------------------------------------------------------------
Sciele Pharma, Inc. 1,2 639,800 15,073,688
- --------------------------------------------------------------------------------
ViroPharma, Inc. 1,2 406,700 5,612,460
- --------------------------------------------------------------------------------
Vivus, Inc. 1,2 13,800 72,174
-----------------
105,387,220
- --------------------------------------------------------------------------------
INDUSTRIALS--17.1%
- --------------------------------------------------------------------------------
AEROSPACE & DEFENSE--1.4%
Aeroviroment, Inc. 1,2 33,400 688,374
- --------------------------------------------------------------------------------
Alliant
Techsystems, Inc. 1,2 57,000 5,651,550
- --------------------------------------------------------------------------------
Armor
Holdings, Inc. 1 92,800 8,061,536
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
AEROSPACE & DEFENSE Continued
Astronics
Corp., Cl. B 1 7,900 $ 253,590
- --------------------------------------------------------------------------------
BE Aerospace, Inc. 1 105,300 4,348,890
- --------------------------------------------------------------------------------
Ceradyne, Inc. 1,2 259,950 19,225,902
- --------------------------------------------------------------------------------
Cubic Corp. 2 9,600 289,728
- --------------------------------------------------------------------------------
Curtiss-Wright Corp. 2 307,300 14,323,253
- --------------------------------------------------------------------------------
DRS Technologies,
Inc. 21,000 1,202,670
- --------------------------------------------------------------------------------
Ducommun, Inc. 1 20,800 535,184
- --------------------------------------------------------------------------------
DynCorp
International, Inc.,
Cl. A 1,2 234,700 5,161,053
- --------------------------------------------------------------------------------
EDO Corp. 2 58,900 1,936,043
- --------------------------------------------------------------------------------
Innovative Solutions
& Support, Inc. 1,2 79,600 1,848,312
- --------------------------------------------------------------------------------
Orbital Sciences
Corp. 1,2 837,000 17,585,370
- --------------------------------------------------------------------------------
United Industrial
Corp. 2 31,500 1,889,370
-----------------
83,000,825
- --------------------------------------------------------------------------------
AIR FREIGHT & LOGISTICS--0.5%
ABX Air, Inc. 1 198,500 1,599,910
- --------------------------------------------------------------------------------
Atlas Air Worldwide
Holdings, Inc. 1,2 33,700 1,986,278
- --------------------------------------------------------------------------------
EGL, Inc. 1 137,400 6,386,352
- --------------------------------------------------------------------------------
Hub Group, Inc.,
Cl. A 1,2 520,490 18,300,428
- --------------------------------------------------------------------------------
Pacer
International, Inc. 2 77,000 1,811,040
-----------------
30,084,008
- --------------------------------------------------------------------------------
AIRLINES--0.3%
AMR Corp. 1,2 285,100 7,512,385
- --------------------------------------------------------------------------------
Continental
Airlines, Inc., Cl. B 1,2 35,600 1,205,772
- --------------------------------------------------------------------------------
Pinnacle Airlines
Corp. 1,2 87,100 1,633,125
- --------------------------------------------------------------------------------
Republic Airways
Holdings, Inc. 1,2 195,800 3,984,530
- --------------------------------------------------------------------------------
SkyWest, Inc. 222,200 5,295,026
-----------------
19,630,838
34 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
BUILDING PRODUCTS--0.2%
American
Woodmark Corp. 2 62,200 $ 2,152,120
- --------------------------------------------------------------------------------
Apogee
Enterprises, Inc. 2 101,900 2,834,858
- --------------------------------------------------------------------------------
Builders
FirstSource, Inc. 1,2 27,300 438,438
- --------------------------------------------------------------------------------
Lennox
International, Inc. 72,700 2,488,521
- --------------------------------------------------------------------------------
Universal Forest
Products, Inc. 2 140,800 5,950,208
-----------------
13,864,145
- --------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES--6.3%
ABM Industries, Inc. 598,300 15,442,123
- --------------------------------------------------------------------------------
Acco Brands Corp. 1,2 568,900 13,113,145
- --------------------------------------------------------------------------------
Administaff, Inc. 2 346,700 11,610,983
- --------------------------------------------------------------------------------
Angelica Corp. 2 5,600 118,048
- --------------------------------------------------------------------------------
Bowne & Co., Inc. 2 120,800 2,356,808
- --------------------------------------------------------------------------------
CDI Corp. 2 91,900 2,959,180
- --------------------------------------------------------------------------------
Cenveo, Inc. 1,2 347,300 8,053,887
- --------------------------------------------------------------------------------
Clean Harbors, Inc. 1,2 52,400 2,589,608
- --------------------------------------------------------------------------------
Comfort Systems
USA, Inc. 2 164,000 2,325,520
- --------------------------------------------------------------------------------
COMSYS IT
Partners, Inc. 1,2 169,500 3,866,295
- --------------------------------------------------------------------------------
Consolidated
Graphics, Inc. 1 207,500 14,375,600
- --------------------------------------------------------------------------------
Cornell
Corrections, Inc. 1,2 24,500 601,720
- --------------------------------------------------------------------------------
Deluxe Corp. 549,200 22,303,012
- --------------------------------------------------------------------------------
Diamond
Management &
Technology
Consultants, Inc. 147,600 1,948,320
- --------------------------------------------------------------------------------
Donnelley (R.R.) &
Sons Co. 233,000 10,137,830
- --------------------------------------------------------------------------------
Dun & Bradstreet
Corp. 4,100 422,218
- --------------------------------------------------------------------------------
Ennis, Inc. 2 98,100 2,307,312
- --------------------------------------------------------------------------------
Exponent, Inc. 1,2 106,100 2,373,457
- --------------------------------------------------------------------------------
First Consulting
Group, Inc. 1 38,900 369,550
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES Continued
FTI Consulting, Inc. 1,2 106,800 $ 4,061,604
- --------------------------------------------------------------------------------
Geo Group, Inc.
(The) 1,2 76,300 2,220,330
- --------------------------------------------------------------------------------
Healthcare Services
Group, Inc. 2 18,475 545,013
- --------------------------------------------------------------------------------
Heidrick & Struggles
International, Inc. 1,2 278,298 14,259,990
- --------------------------------------------------------------------------------
HNI Corp. 66,400 2,722,400
- --------------------------------------------------------------------------------
Hudson Highland
Group, Inc. 1 114,400 2,447,016
- --------------------------------------------------------------------------------
IHS, Inc., Cl. A 1,2 152,100 6,996,600
- --------------------------------------------------------------------------------
Ikon Office
Solutions, Inc. 1,288,100 20,107,241
- --------------------------------------------------------------------------------
Interface, Inc., Cl. A 2 410,200 7,736,372
- --------------------------------------------------------------------------------
Kelly Services, Inc.,
Cl. A 75,700 2,078,722
- --------------------------------------------------------------------------------
Kforce, Inc. 1,2 38,100 608,838
- --------------------------------------------------------------------------------
Knoll, Inc. 641,300 14,365,120
- --------------------------------------------------------------------------------
Korn-Ferry
International 1 689,100 18,095,766
- --------------------------------------------------------------------------------
Labor Ready, Inc. 1 773,200 17,868,652
- --------------------------------------------------------------------------------
Manpower, Inc. 113,700 10,487,688
- --------------------------------------------------------------------------------
McGrath Rentcorp 2 20,200 680,538
- --------------------------------------------------------------------------------
Miller (Herman), Inc. 189,700 5,994,520
- --------------------------------------------------------------------------------
Mine Safety
Appliances Co. 2 1,700 74,392
- --------------------------------------------------------------------------------
PHH Corp. 1 351,900 10,982,799
- --------------------------------------------------------------------------------
Pike Electric Corp. 1,2 101,400 2,269,332
- --------------------------------------------------------------------------------
Republic
Services, Inc. 279,900 8,576,136
- --------------------------------------------------------------------------------
Resources
Connection, Inc. 1,2 62,100 2,060,478
- --------------------------------------------------------------------------------
Rollins, Inc. 2 237,900 5,416,983
- --------------------------------------------------------------------------------
RSC Holdings, Inc. 1,2 353,300 7,066,000
- --------------------------------------------------------------------------------
Spherion Corp. 1,2 295,600 2,775,684
- --------------------------------------------------------------------------------
Steelcase, Inc., Cl. A 291,000 5,383,500
- --------------------------------------------------------------------------------
Taleo Corp., Cl. A 1 86,800 1,955,604
- --------------------------------------------------------------------------------
Team, Inc. 1,2 49,800 2,239,506
- --------------------------------------------------------------------------------
TeleTech
Holdings, Inc. 1 195,000 6,333,600
35 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES Continued
Tetra Tech, Inc. 1,2 726,767 $ 15,661,829
- --------------------------------------------------------------------------------
United
Stationers, Inc. 1 266,200 17,739,568
- --------------------------------------------------------------------------------
Viad Corp. 2 381,600 16,092,072
- --------------------------------------------------------------------------------
Volt Information
Sciences, Inc. 1,2 188,350 3,473,174
- --------------------------------------------------------------------------------
Waste Connections,
Inc. 1 156,900 4,744,656
- --------------------------------------------------------------------------------
Waste Industries
USA, Inc. 2 31,800 1,085,652
- --------------------------------------------------------------------------------
Watson Wyatt &
Co. Holdings 421,200 21,262,176
-----------------
383,744,167
- --------------------------------------------------------------------------------
CONSTRUCTION & ENGINEERING--1.4%
Aecom Technology
Corp. 1 209,000 5,185,290
- --------------------------------------------------------------------------------
Chicago Bridge &
Iron Co. NV 161,500 6,095,010
- --------------------------------------------------------------------------------
EMCOR Group, Inc. 1 329,600 24,027,840
- --------------------------------------------------------------------------------
Granite
Construction, Inc. 83,100 5,333,358
- --------------------------------------------------------------------------------
Infrasource
Services, Inc. 1 568,300 21,083,930
- --------------------------------------------------------------------------------
Integrated Electrical
Services, Inc. 1 44,100 1,453,977
- --------------------------------------------------------------------------------
Jacobs Engineering
Group, Inc. 1 24,500 1,408,995
- --------------------------------------------------------------------------------
Perini Corp. 1 284,900 17,529,897
- --------------------------------------------------------------------------------
Washington Group
International, Inc. 1,2 32,200 2,576,322
-----------------
84,694,619
- --------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT--1.4%
Acuity Brands, Inc. 185,000 11,151,800
- --------------------------------------------------------------------------------
AZZ, Inc. 1,2 47,300 1,591,645
- --------------------------------------------------------------------------------
Baldor Electric Co. 2 43,900 2,163,392
- --------------------------------------------------------------------------------
Belden, Inc. 2 188,300 10,422,405
- --------------------------------------------------------------------------------
EnerSys, Inc. 1,2 129,800 2,375,340
- --------------------------------------------------------------------------------
Genlyte Group, Inc.
(The) 1 38,089 2,991,510
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT Continued
GrafTech
International Ltd. 1,2 1,233,600 $ 20,773,824
- --------------------------------------------------------------------------------
II-VI, Inc. 1,2 198,900 5,404,113
- --------------------------------------------------------------------------------
Lamson & Sessions
Co. (The) 1,2 59,900 1,591,543
- --------------------------------------------------------------------------------
Powell
Industries, Inc. 1,2 7,900 250,904
- --------------------------------------------------------------------------------
Thomas & Betts
Corp. 1 126,600 7,342,800
- --------------------------------------------------------------------------------
Vicor Corp. 2 43,863 580,307
- --------------------------------------------------------------------------------
Woodward
Governor Co. 2 360,901 19,369,557
-----------------
86,009,140
- --------------------------------------------------------------------------------
INDUSTRIAL CONGLOMERATES--0.2%
Raven
Industries, Inc. 2 8,000 285,680
- --------------------------------------------------------------------------------
Sequa Corp., Cl. A 1,2 53,200 5,958,400
- --------------------------------------------------------------------------------
Standex
International Corp. 2 10,500 298,620
- --------------------------------------------------------------------------------
Teleflex, Inc. 25,300 2,069,034
- --------------------------------------------------------------------------------
Tredegar Corp. 2 241,500 5,143,950
-----------------
13,755,684
- --------------------------------------------------------------------------------
MACHINERY--3.5%
Accuride Corp. 1 175,800 2,709,078
- --------------------------------------------------------------------------------
AGCO Corp. 1 56,000 2,430,960
- --------------------------------------------------------------------------------
American Railcar
Industries, Inc. 2 46,900 1,829,100
- --------------------------------------------------------------------------------
Ampco-Pittsburgh
Corp. 2 64,800 2,597,832
- --------------------------------------------------------------------------------
Astec
Industries, Inc. 1,2 100,900 4,259,998
- --------------------------------------------------------------------------------
Blount
International, Inc. 1,2 9,200 120,336
- --------------------------------------------------------------------------------
Cascade Corp. 2 52,800 4,141,632
- --------------------------------------------------------------------------------
CIRCOR
International, Inc. 2 46,200 1,867,866
- --------------------------------------------------------------------------------
Clarcor, Inc. 2 38,500 1,441,055
- --------------------------------------------------------------------------------
Columbus
McKinnon Corp. 1,2 43,600 1,403,920
- --------------------------------------------------------------------------------
Cummins, Inc. 128,400 12,995,364
36 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
MACHINERY Continued
EnPro
Industries, Inc. 1 40,600 $ 1,737,274
- --------------------------------------------------------------------------------
Freightcar
America, Inc. 2 37,900 1,813,136
- --------------------------------------------------------------------------------
Gardner Denver, Inc. 1 256,600 10,918,330
- --------------------------------------------------------------------------------
Gorman-Rupp Co.
(The) 2 8,850 281,961
- --------------------------------------------------------------------------------
Hardinge, Inc. 2 28,300 963,049
- --------------------------------------------------------------------------------
Hurco Cos., Inc. 1,2 33,100 1,654,338
- --------------------------------------------------------------------------------
Kadant, Inc. 1,2 92,300 2,879,760
- --------------------------------------------------------------------------------
Kaydon Corp. 2 294,900 15,370,188
- --------------------------------------------------------------------------------
Lydall, Inc. 1 7,800 113,958
- --------------------------------------------------------------------------------
Manitowoc
Co., Inc. (The) 74,600 5,996,348
- --------------------------------------------------------------------------------
McCoy Corp. 3 315,600 1,629,477
- --------------------------------------------------------------------------------
Middleby
Corp. (The) 1,2 233,200 13,950,024
- --------------------------------------------------------------------------------
Miller
Industries, Inc. 1,2 8,200 205,820
- --------------------------------------------------------------------------------
Mueller
Industries, Inc. 133,500 4,597,740
- --------------------------------------------------------------------------------
NACCO Industries,
Inc., Cl. A 2 79,000 12,283,710
- --------------------------------------------------------------------------------
Navistar
International Corp. 1,2 92,600 6,111,600
- --------------------------------------------------------------------------------
Nordson Corp. 207,000 10,383,120
- --------------------------------------------------------------------------------
Pall Corp. 202,800 9,326,772
- --------------------------------------------------------------------------------
RBC Bearings, Inc. 1,2 77,000 3,176,250
- --------------------------------------------------------------------------------
Robbins &
Myers, Inc. 70,040 3,721,225
- --------------------------------------------------------------------------------
SPX Corp. 101,400 8,903,934
- --------------------------------------------------------------------------------
Sun Hydraulics
Corp. 2 35,600 1,753,300
- --------------------------------------------------------------------------------
Tecumseh Products
Co., Cl. A 1,2 24,400 383,324
- --------------------------------------------------------------------------------
Tennant Co. 2 32,300 1,178,950
- --------------------------------------------------------------------------------
Terex Corp. 1 56,100 4,560,930
- --------------------------------------------------------------------------------
Titan International,
Inc. 2 93,900 2,968,179
- --------------------------------------------------------------------------------
Toro Co. (The) 159,500 9,392,955
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
MACHINERY Continued
Valmont
Industries, Inc. 2 256,300 $ 18,648,388
- --------------------------------------------------------------------------------
Wabash
National Corp. 2 162,000 2,370,060
- --------------------------------------------------------------------------------
Wabtec Corp. 534,000 19,507,020
-----------------
212,578,261
- --------------------------------------------------------------------------------
MARINE--0.3%
Eagle Bulk
Shipping, Inc. 2 43,776 981,020
- --------------------------------------------------------------------------------
Excel Maritime
Carriers Ltd. 62,200 1,566,196
- --------------------------------------------------------------------------------
Genco Shipping &
Trading Ltd. 2 38,200 1,576,132
- --------------------------------------------------------------------------------
Horizon Lines, Inc.,
Cl. A 418,300 13,703,508
-----------------
17,826,856
- --------------------------------------------------------------------------------
ROAD & RAIL--0.7%
Avis Budget
Group, Inc. 1 248,800 7,073,384
- --------------------------------------------------------------------------------
Con-way, Inc. 126,400 6,350,336
- --------------------------------------------------------------------------------
Dollar Thrifty
Automotive
Group, Inc. 1 92,500 3,777,700
- --------------------------------------------------------------------------------
Genesee &
Wyoming, Inc., Cl. A 1 8,400 250,656
- --------------------------------------------------------------------------------
Kansas City
Southern, Inc. 1,2 188,100 7,061,274
- --------------------------------------------------------------------------------
Laidlaw
International, Inc. 210,600 7,276,230
- --------------------------------------------------------------------------------
Landstar System, Inc. 120,100 5,794,825
- --------------------------------------------------------------------------------
P.A.M.
Transportation
Services, Inc. 1,2 500 9,140
- --------------------------------------------------------------------------------
Saia, Inc. 1 61,499 1,676,463
-----------------
39,270,008
- --------------------------------------------------------------------------------
TRADING COMPANIES & DISTRIBUTORS--0.8%
Applied Industrial
Technologies, Inc. 2 546,200 16,112,900
- --------------------------------------------------------------------------------
BlueLinx
Holdings, Inc. 2 77,900 817,171
37 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
TRADING COMPANIES & DISTRIBUTORS Continued
Kaman Corp., Cl. A 2 64,400 $ 2,008,636
- --------------------------------------------------------------------------------
TAL International
Group, Inc. 2 5,100 151,521
- --------------------------------------------------------------------------------
UAP Holding Corp. 2 595,033 17,934,295
- --------------------------------------------------------------------------------
W.W. Grainger, Inc. 102,900 9,574,845
- --------------------------------------------------------------------------------
Watsco, Inc. 11,200 609,280
-----------------
47,208,648
- --------------------------------------------------------------------------------
TRANSPORTATION INFRASTRUCTURE--0.1%
CAI
International, Inc. 1 206,400 2,720,352
- --------------------------------------------------------------------------------
Macquarie
Infrastructure Co.
LLC 2 20,500 850,340
-----------------
3,570,692
- --------------------------------------------------------------------------------
INFORMATION TECHNOLOGY--18.8%
- --------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT--3.1%
3Com Corp. 1 357,600 1,476,888
- --------------------------------------------------------------------------------
ADC
Telecommunications,
Inc. 1 59,900 1,097,967
- --------------------------------------------------------------------------------
ADTRAN, Inc. 2 756,500 19,646,305
- --------------------------------------------------------------------------------
Anaren
Microwave, Inc. 1,2 104,300 1,836,723
- --------------------------------------------------------------------------------
Andrew Corp. 1 406,600 5,871,304
- --------------------------------------------------------------------------------
Arris Group, Inc. 1,2 1,286,800 22,634,812
- --------------------------------------------------------------------------------
Avaya, Inc. 1 516,300 8,694,492
- --------------------------------------------------------------------------------
BigBand
Networks, Inc. 1,2 21,900 287,109
- --------------------------------------------------------------------------------
C-COR.net Corp. 1,2 179,800 2,527,988
- --------------------------------------------------------------------------------
CommScope, Inc. 1 212,800 12,416,880
- --------------------------------------------------------------------------------
Comtech
Group, Inc. 1 25,400 419,354
- --------------------------------------------------------------------------------
Comtech
Telecommunications
Corp. 1,2 353,000 16,386,260
- --------------------------------------------------------------------------------
Digi
International, Inc. 1,2 19,809 291,985
- --------------------------------------------------------------------------------
Ditech
Networks, Inc. 1,2 138,400 1,133,496
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT Continued
Dycom
Industries, Inc. 1,2 520,100 $ 15,592,598
- --------------------------------------------------------------------------------
EMS
Technologies, Inc. 1,2 86,100 1,899,366
- --------------------------------------------------------------------------------
Extreme
Networks, Inc. 1,2 467,500 1,893,375
- --------------------------------------------------------------------------------
Foundry
Networks, Inc. 1 433,650 7,224,609
- --------------------------------------------------------------------------------
Infinera Corp. 1,2 174,600 4,351,032
- --------------------------------------------------------------------------------
Inter-Tel, Inc. 2 8,400 201,012
- --------------------------------------------------------------------------------
InterDigital
Communications
Corp. 1,2 526,350 16,932,680
- --------------------------------------------------------------------------------
Loral Space &
Communications
Ltd. 1,2 72,100 3,553,088
- --------------------------------------------------------------------------------
Netgear, Inc. 1,2 387,756 14,056,155
- --------------------------------------------------------------------------------
Network Equipment
Technologies, Inc. 1,2 105,600 1,007,424
- --------------------------------------------------------------------------------
Oplink
Communications,
Inc. 1 83,800 1,257,000
- --------------------------------------------------------------------------------
Performance
Technologies, Inc. 1 35,000 158,200
- --------------------------------------------------------------------------------
Plantronics, Inc. 2 177,500 4,654,050
- --------------------------------------------------------------------------------
Polycom, Inc. 1 51,100 1,716,960
- --------------------------------------------------------------------------------
Sonus
Networks, Inc. 1 1,280,000 10,905,600
- --------------------------------------------------------------------------------
Starent
Networks Corp. 1 101,380 1,490,286
- --------------------------------------------------------------------------------
UTStarcom, Inc. 1,2 567,797 3,185,341
- --------------------------------------------------------------------------------
ViaSat, Inc. 1,2 119,500 3,835,950
-----------------
188,636,289
- --------------------------------------------------------------------------------
COMPUTERS & PERIPHERALS--0.8%
Avid
Technology, Inc. 1,2 51,900 1,834,665
- --------------------------------------------------------------------------------
Brocade
Communications
Systems, Inc. 1 370,900 2,900,438
- --------------------------------------------------------------------------------
Data Domain, Inc. 1 51,700 1,189,100
- --------------------------------------------------------------------------------
Electronics for
Imaging, Inc. 1,2 468,600 13,223,892
38 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
COMPUTERS & PERIPHERALS Continued
Emulex Corp. 1 414,400 $ 9,050,496
- --------------------------------------------------------------------------------
Hutchinson
Technology, Inc. 1,2 1,800 33,858
- --------------------------------------------------------------------------------
Hypercom Corp. 1,2 251,200 1,484,592
- --------------------------------------------------------------------------------
Immersion Corp. 1,2 8,000 119,840
- --------------------------------------------------------------------------------
Intevac, Inc. 1,2 102,500 2,179,150
- --------------------------------------------------------------------------------
Novatel
Wireless, Inc. 1,2 151,000 3,929,020
- --------------------------------------------------------------------------------
Palm, Inc. 1,2 191,500 3,065,915
- --------------------------------------------------------------------------------
Stratasys, Inc. 1,2 42,300 1,987,254
- --------------------------------------------------------------------------------
Western Digital
Corp. 1 258,900 5,009,715
-----------------
46,007,935
- --------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS--1.9%
Acacia Research
Corp. 1,2 187,800 3,034,848
- --------------------------------------------------------------------------------
Aeroflex, Inc. 1 170,800 2,420,236
- --------------------------------------------------------------------------------
Agilysys, Inc. 2 131,900 2,967,750
- --------------------------------------------------------------------------------
Arrow
Electronics, Inc. 1 171,100 6,575,373
- --------------------------------------------------------------------------------
AuthenTec, Inc. 1 187,500 1,940,625
- --------------------------------------------------------------------------------
Avnet, Inc. 1 204,200 8,094,488
- --------------------------------------------------------------------------------
AVX Corp. 2 151,700 2,539,458
- --------------------------------------------------------------------------------
Bel Fuse, Inc., Cl. A 2 37,400 1,383,052
- --------------------------------------------------------------------------------
Checkpoint
Systems, Inc. 1 132,500 3,345,625
- --------------------------------------------------------------------------------
Cognex Corp. 2 194,000 4,366,940
- --------------------------------------------------------------------------------
CPI
International, Inc. 1,2 43,000 852,690
- --------------------------------------------------------------------------------
CTS Corp. 2 139,500 1,766,070
- --------------------------------------------------------------------------------
Dolby Laboratories,
Inc., Cl. A 1 41,600 1,473,056
- --------------------------------------------------------------------------------
Echelon Corp. 1,2 15,800 246,954
- --------------------------------------------------------------------------------
Excel
Technology, Inc. 1 27,200 759,968
- --------------------------------------------------------------------------------
FARO
Technologies, Inc. 1 64,300 2,048,598
- --------------------------------------------------------------------------------
FLIR Systems, Inc. 1,2 63,900 2,955,375
- --------------------------------------------------------------------------------
Insight
Enterprises, Inc. 1 251,200 5,669,584
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS Continued
Littlefuse, Inc. 1,2 356,200 $ 12,028,874
- --------------------------------------------------------------------------------
LoJack Corp. 1,2 72,400 1,613,796
- --------------------------------------------------------------------------------
Methode
Electronics, Inc.,
Cl. A 170,900 2,674,585
- --------------------------------------------------------------------------------
Mettler-Toledo
International, Inc. 1 75,200 7,182,352
- --------------------------------------------------------------------------------
MTS Systems Corp. 2 70,100 3,131,367
- --------------------------------------------------------------------------------
National
Instruments Corp. 80,700 2,628,399
- --------------------------------------------------------------------------------
OYO Geospace
Corp. 1,2 19,100 1,417,029
- --------------------------------------------------------------------------------
Park
Electrochemical
Corp. 2 97,700 2,753,186
- --------------------------------------------------------------------------------
PC Connection, Inc. 1,2 91,300 1,208,812
- --------------------------------------------------------------------------------
Rofin-Sinar
Technologies, Inc. 1,2 247,600 17,084,400
- --------------------------------------------------------------------------------
Rogers Corp. 1,2 4,800 177,600
- --------------------------------------------------------------------------------
Smart Modular
Technologies, Inc. 1 94,100 1,294,816
- --------------------------------------------------------------------------------
SYNNEX Corp. 1,2 25,100 517,311
- --------------------------------------------------------------------------------
Technitrol, Inc. 146,800 4,208,756
- --------------------------------------------------------------------------------
Tektronix, Inc. 33,800 1,140,412
- --------------------------------------------------------------------------------
Vishay
Intertechnology, Inc. 1 94,900 1,501,318
- --------------------------------------------------------------------------------
X-Rite, Inc. 5,300 78,281
- --------------------------------------------------------------------------------
Zygo Corp. 1,2 57,000 814,530
-----------------
113,896,514
- --------------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES--1.9%
AsiaInfo
Holdings, Inc. 1,2 181,300 1,758,610
- --------------------------------------------------------------------------------
Chordiant
Software, Inc. 1 166,200 2,602,692
- --------------------------------------------------------------------------------
CMGI, Inc. 1,2 5,332,350 10,398,083
- --------------------------------------------------------------------------------
comScore, Inc. 1 33,400 773,210
- --------------------------------------------------------------------------------
DealerTrack
Holdings, Inc. 1 102,500 3,776,100
- --------------------------------------------------------------------------------
EarthLink, Inc. 1,2 157,300 1,175,031
- --------------------------------------------------------------------------------
Greenfield
Online, Inc. 1 19,100 303,881
39 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES Continued
iBasis, Inc. 1,2 11,000 $ 110,550
- --------------------------------------------------------------------------------
Imergent, Inc. 2 64,200 1,570,332
- --------------------------------------------------------------------------------
Internet Capital
Group, Inc. 1,2 27,600 342,240
- --------------------------------------------------------------------------------
Interwoven, Inc. 1,2 191,500 2,688,660
- --------------------------------------------------------------------------------
j2 Global
Communications,
Inc. 1,2 495,768 17,302,303
- --------------------------------------------------------------------------------
Limelight
Networks, Inc. 1,2 152,370 3,013,879
- --------------------------------------------------------------------------------
Open Text Corp. 1,2 494,000 10,749,440
- --------------------------------------------------------------------------------
S1 Corp. 1 327,200 2,614,328
- --------------------------------------------------------------------------------
Savvis, Inc. 1,2 88,113 4,362,475
- --------------------------------------------------------------------------------
SonicWALL, Inc. 1 233,600 2,006,624
- --------------------------------------------------------------------------------
TechTarget, Inc. 1 51,540 662,289
- --------------------------------------------------------------------------------
TheStreet.com, Inc. 2 139,100 1,513,408
- --------------------------------------------------------------------------------
Travelzoo, Inc. 1,2 32,200 856,198
- --------------------------------------------------------------------------------
United Online, Inc. 2 1,075,950 17,742,416
- --------------------------------------------------------------------------------
ValueClick, Inc. 1 288,898 8,510,935
- --------------------------------------------------------------------------------
VeriSign, Inc. 1 293,700 9,319,101
- --------------------------------------------------------------------------------
Vignette Corp. 1 147,500 2,826,100
- --------------------------------------------------------------------------------
Websense, Inc. 1,2 219,800 4,670,750
-----------------
111,649,635
- --------------------------------------------------------------------------------
IT SERVICES--2.6%
Acxiom Corp. 226,900 6,001,505
- --------------------------------------------------------------------------------
Alliance Data
Systems Corp. 1 76,000 5,873,280
- --------------------------------------------------------------------------------
Authorize.Net
Holdings, Inc. 1,2 195,700 3,501,073
- --------------------------------------------------------------------------------
BISYS Group, Inc.
(The) 1 1,029,600 12,180,168
- --------------------------------------------------------------------------------
Broadridge Financial
Solutions LLC 236,175 4,515,666
- --------------------------------------------------------------------------------
Ceridian Corp. 1 39,500 1,382,500
- --------------------------------------------------------------------------------
CIBER, Inc. 1,2 280,900 2,297,762
- --------------------------------------------------------------------------------
Computer Sciences
Corp. 1 179,400 10,611,510
- --------------------------------------------------------------------------------
Convergys Corp. 1 271,800 6,588,432
- --------------------------------------------------------------------------------
Covansys Corp. 1 401,200 13,612,716
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
IT SERVICES Continued
CSG Systems
International, Inc. 1 651,800 $ 17,279,218
- --------------------------------------------------------------------------------
eFunds Corp. 1,2 61,100 2,156,219
- --------------------------------------------------------------------------------
EnerNOC, Inc. 1 17,400 663,462
- --------------------------------------------------------------------------------
Fiserv, Inc. 1 193,000 10,962,400
- --------------------------------------------------------------------------------
Forrester
Research, Inc. 1,2 75,500 2,123,815
- --------------------------------------------------------------------------------
Gartner, Inc., Cl. A 1 158,500 3,897,515
- --------------------------------------------------------------------------------
infoUSA, Inc. 2 15,268 156,039
- --------------------------------------------------------------------------------
ManTech
International Corp. 1 312,200 9,625,126
- --------------------------------------------------------------------------------
MPS Group, Inc. 1 764,300 10,218,691
- --------------------------------------------------------------------------------
NCI, Inc., Cl. A 1 83,000 1,391,910
- --------------------------------------------------------------------------------
Perot Systems
Corp., Cl. A 1 599,300 10,212,072
- --------------------------------------------------------------------------------
PROS Holdings, Inc. 234,800 3,075,880
- --------------------------------------------------------------------------------
Safeguard
Scientifics, Inc. 1,2 339,700 954,557
- --------------------------------------------------------------------------------
SAIC, Inc. 1,2 196,300 3,547,141
- --------------------------------------------------------------------------------
Sapient Corp. 1,2 158,100 1,222,113
- --------------------------------------------------------------------------------
Sykes
Enterprises, Inc. 1 157,600 2,992,824
- --------------------------------------------------------------------------------
Syntel, Inc. 2 155,700 4,731,723
- --------------------------------------------------------------------------------
TNS, Inc. 2,700 38,907
- --------------------------------------------------------------------------------
Total System
Services, Inc. 2 160,400 4,733,404
- --------------------------------------------------------------------------------
Wright Express
Corp. 1,2 67,200 2,302,944
-----------------
158,850,572
- --------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--4.9%
Actel Corp. 1,2 116,500 1,620,515
- --------------------------------------------------------------------------------
Advanced Energy
Industries, Inc. 1 689,900 15,633,134
- --------------------------------------------------------------------------------
AMIS Holdings, Inc. 1,2 760,600 9,522,712
- --------------------------------------------------------------------------------
Amkor
Technology, Inc. 1,2 824,550 12,986,663
- --------------------------------------------------------------------------------
Asyst
Technologies, Inc. 1,2 177,800 1,285,494
40 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
Continued
Atheros
Communications,
Inc. 1,2 541,300 $ 16,693,692
- --------------------------------------------------------------------------------
ATMI, Inc. 1,2 391,600 11,748,000
- --------------------------------------------------------------------------------
Axcelis
Technologies, Inc. 1,2 380,800 2,471,392
- --------------------------------------------------------------------------------
Brooks
Automation, Inc. 1,2 809,700 14,696,055
- --------------------------------------------------------------------------------
Cabot
Microelectronics
Corp. 1,2 33,700 1,196,013
- --------------------------------------------------------------------------------
Cohu, Inc. 8,100 180,225
- --------------------------------------------------------------------------------
Credence
Systems Corp. 1,2 177,700 639,720
- --------------------------------------------------------------------------------
Cymer, Inc. 1,2 406,480 16,340,496
- --------------------------------------------------------------------------------
Entegris, Inc. 1,2 788,190 9,363,697
- --------------------------------------------------------------------------------
Exar Corp. 1,2 168,700 2,260,580
- --------------------------------------------------------------------------------
Fairchild
Semiconductor
International, Inc.,
Cl. A 1 316,800 6,120,576
- --------------------------------------------------------------------------------
FEI Co. 1,2 462,400 15,009,504
- --------------------------------------------------------------------------------
Hittite Microwave
Corp. 1,2 136,800 5,845,464
- --------------------------------------------------------------------------------
Intersil Corp., Cl. A 60,300 1,897,038
- --------------------------------------------------------------------------------
KLA-Tencor Corp. 55,200 3,033,240
- --------------------------------------------------------------------------------
Kulicke & Soffa
Industries, Inc. 1,2 321,900 3,370,293
- --------------------------------------------------------------------------------
Lam Research Corp. 1 139,700 7,180,580
- --------------------------------------------------------------------------------
LTX Corp. 1,2 176,000 978,560
- --------------------------------------------------------------------------------
Mattson
Technology, Inc. 1,2 46,100 447,170
- --------------------------------------------------------------------------------
Micrel, Inc. 1,324,800 16,851,456
- --------------------------------------------------------------------------------
Microchip
Technology, Inc. 15,000 555,600
- --------------------------------------------------------------------------------
MKS
Instruments, Inc. 1 617,400 17,101,980
- --------------------------------------------------------------------------------
Monolithic Power
Systems, Inc. 1,2 23,000 401,350
- --------------------------------------------------------------------------------
National
Semiconductor
Corp. 2 351,800 9,945,386
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
Continued
Netlogic
Microsystems, Inc. 1,2 61,200 $ 1,948,608
- --------------------------------------------------------------------------------
Novellus
Systems, Inc. 1,2 223,000 6,326,510
- --------------------------------------------------------------------------------
ON Semiconductor
Corp. 1 725,400 7,776,288
- --------------------------------------------------------------------------------
Redcorp
Ventures Ltd. 1,3 4,502,900 1,965,594
- --------------------------------------------------------------------------------
RF Micro
Devices, Inc. 1,2 415,400 2,592,096
- --------------------------------------------------------------------------------
Rudolph
Technologies, Inc. 1 8,400 139,524
- --------------------------------------------------------------------------------
Semtech Corp. 1,2 372,000 6,446,760
- --------------------------------------------------------------------------------
Silicon Storage
Technology, Inc. 1,2 481,600 1,796,368
- --------------------------------------------------------------------------------
SiRF Technology
Holdings, Inc. 1,2 104,100 2,159,034
- --------------------------------------------------------------------------------
Supertex, Inc. 1,2 50,200 1,573,268
- --------------------------------------------------------------------------------
Teradyne, Inc. 1 368,000 6,469,440
- --------------------------------------------------------------------------------
Tessera
Technologies, Inc. 1,2 336,700 13,653,185
- --------------------------------------------------------------------------------
TriQuint
Semiconductor, Inc. 1 251,200 1,271,072
- --------------------------------------------------------------------------------
Varian
Semiconductor
Equipment
Associates, Inc. 1 215,750 8,642,945
- --------------------------------------------------------------------------------
Verigy Ltd. 1 502,300 14,370,803
- --------------------------------------------------------------------------------
Xilinx, Inc. 277,500 7,428,675
- --------------------------------------------------------------------------------
Zoran Corp. 1 413,200 8,280,528
-----------------
298,217,283
- --------------------------------------------------------------------------------
SOFTWARE--3.6%
Actuate Corp. 1,2 436,200 2,961,798
- --------------------------------------------------------------------------------
Advent
Software, Inc. 1,2 64,200 2,089,710
- --------------------------------------------------------------------------------
Ansoft Corp. 1,2 134,746 3,973,660
- --------------------------------------------------------------------------------
Aspen
Technology, Inc. 1,2 781,800 10,945,200
- --------------------------------------------------------------------------------
Blackbaud, Inc. 392,724 8,671,346
- --------------------------------------------------------------------------------
Blackboard, Inc. 1,2 30,500 1,284,660
41 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SOFTWARE Continued
BMC Software, Inc. 1 278,300 $ 8,432,490
- --------------------------------------------------------------------------------
Cadence Design
Systems, Inc. 1 402,000 8,827,920
- --------------------------------------------------------------------------------
Cognos, Inc. 1 117,800 4,673,126
- --------------------------------------------------------------------------------
Compuware Corp. 1 707,100 8,386,206
- --------------------------------------------------------------------------------
Comverge, Inc. 1 9,320 289,013
- --------------------------------------------------------------------------------
Epicor
Software Corp. 1,2 350,100 5,205,987
- --------------------------------------------------------------------------------
EPIQ Systems, Inc. 1,2 188,550 3,046,968
- --------------------------------------------------------------------------------
Fair Isaac Corp. 2 185,700 7,450,284
- --------------------------------------------------------------------------------
FalconStor
Software, Inc. 1,2 209,800 2,213,390
- --------------------------------------------------------------------------------
Henry (Jack) &
Associates, Inc. 379,200 9,764,400
- --------------------------------------------------------------------------------
i2 Technoloogies,
Inc. 1,2 63,900 1,191,096
- --------------------------------------------------------------------------------
Interactive
Intelligence, Inc. 1 10,500 216,300
- --------------------------------------------------------------------------------
Magma Design
Automation, Inc. 1 194,500 2,730,780
- --------------------------------------------------------------------------------
Manhattan
Associates, Inc. 1,2 233,000 6,503,030
- --------------------------------------------------------------------------------
McAfee, Inc. 1 253,100 8,909,120
- --------------------------------------------------------------------------------
Mentor Graphics
Corp. 1,2 1,001,700 13,192,389
- --------------------------------------------------------------------------------
MICROS
Systems, Inc. 1,2 120,700 6,566,080
- --------------------------------------------------------------------------------
MicroStrategy, Inc.,
Cl. A 1,2 137,000 12,945,130
- --------------------------------------------------------------------------------
OPNET
Technologies, Inc. 1 7,000 80,570
- --------------------------------------------------------------------------------
Parametric
Technology Corp. 1 585,550 12,653,736
- --------------------------------------------------------------------------------
Quality Systems, Inc. 2 136,800 5,194,296
- --------------------------------------------------------------------------------
Quest Software, Inc. 1 438,300 7,096,077
- --------------------------------------------------------------------------------
Radiant
Systems, Inc. 1,2 52,300 692,452
- --------------------------------------------------------------------------------
Secure Computing
Corp. 1,2 223,900 1,699,401
- --------------------------------------------------------------------------------
SPSS, Inc. 1,2 160,200 7,071,228
- --------------------------------------------------------------------------------
Sybase, Inc. 1 257,300 6,146,897
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
SOFTWARE Continued
Synopsys, Inc. 1 276,400 $ 7,305,252
- --------------------------------------------------------------------------------
The9 Ltd., ADR 1 176,700 8,174,142
- --------------------------------------------------------------------------------
TIBCO
Software, Inc. 1 2,091,400 18,927,170
- --------------------------------------------------------------------------------
Tyler
Technologies, Inc. 1,2 136,200 1,690,242
- --------------------------------------------------------------------------------
Wind River
Systems, Inc. 1,2 215,600 2,371,600
-----------------
219,573,146
- --------------------------------------------------------------------------------
MATERIALS--7.2%
- --------------------------------------------------------------------------------
CHEMICALS--3.5%
Albemarle Corp. 159,500 6,145,535
- --------------------------------------------------------------------------------
Cabot Corp. 139,400 6,646,592
- --------------------------------------------------------------------------------
Calgon Carbon
Corp. 1,2 218,200 2,531,120
- --------------------------------------------------------------------------------
Celanese Corp.,
Series A 171,000 6,631,380
- --------------------------------------------------------------------------------
CF Industries
Holdings, Inc. 251,500 15,062,335
- --------------------------------------------------------------------------------
Ferro Corp. 419,900 10,468,107
- --------------------------------------------------------------------------------
Fuller (H.B.) Co. 279,800 8,363,222
- --------------------------------------------------------------------------------
Hercules, Inc. 1 734,100 14,425,065
- --------------------------------------------------------------------------------
Innophos
Holdings, Inc. 2 109,400 1,564,420
- --------------------------------------------------------------------------------
Innospec, Inc. 2 39,500 2,338,795
- --------------------------------------------------------------------------------
International Flavors
& Fragrances, Inc. 49,100 2,560,074
- --------------------------------------------------------------------------------
Koppers
Holdings, Inc. 2 96,400 3,246,752
- --------------------------------------------------------------------------------
Landec Corp. 1,2 102,100 1,368,140
- --------------------------------------------------------------------------------
LSB Industries, Inc. 1,2 42,400 906,512
- --------------------------------------------------------------------------------
Lubrizol Corp. (The) 130,400 8,417,320
- --------------------------------------------------------------------------------
Lyondell
Chemical Co. 240,300 8,919,936
- --------------------------------------------------------------------------------
Minerals
Technologies, Inc. 66,200 4,432,090
- --------------------------------------------------------------------------------
Nalco Holding Co. 264,200 7,252,290
- --------------------------------------------------------------------------------
NewMarket Corp. 48,900 2,365,293
- --------------------------------------------------------------------------------
Olin Corp. 227,700 4,781,700
- --------------------------------------------------------------------------------
OM Group, Inc. 1 42,100 2,227,932
42 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
CHEMICALS Continued
Pioneer Cos., Inc. 1 75,600 $ 2,598,372
- --------------------------------------------------------------------------------
PolyOne Corp. 1,2 345,400 2,483,426
- --------------------------------------------------------------------------------
Rockwood
Holdings, Inc. 1 302,900 11,070,995
- --------------------------------------------------------------------------------
Schulman (A.), Inc. 2 25,800 627,714
- --------------------------------------------------------------------------------
Sensient
Technologies Corp. 2 661,500 16,795,485
- --------------------------------------------------------------------------------
Spartech Corp. 506,500 13,447,575
- --------------------------------------------------------------------------------
Stepan Co. 2 26,400 799,392
- --------------------------------------------------------------------------------
Terra
Industries, Inc. 1,2 533,654 13,565,485
- --------------------------------------------------------------------------------
Tronox, Inc., Cl. A 2 171,500 2,466,170
- --------------------------------------------------------------------------------
Tronox, Inc., Cl. B 23,200 325,960
- --------------------------------------------------------------------------------
Valhi, Inc. 2 98,800 1,610,440
- --------------------------------------------------------------------------------
Valspar Corp. (The) 186,400 5,295,624
- --------------------------------------------------------------------------------
W.R. Grace & Co. 1,2 684,700 16,768,303
-----------------
208,509,551
- --------------------------------------------------------------------------------
CONTAINERS & PACKAGING--0.9%
AEP Industries, Inc. 1,2 36,900 1,660,869
- --------------------------------------------------------------------------------
AptarGroup, Inc. 175,000 6,223,000
- --------------------------------------------------------------------------------
Crown
Holdings, Inc. 1 101,500 2,534,455
- --------------------------------------------------------------------------------
Greif, Inc., Cl. A 2 18,100 1,078,941
- --------------------------------------------------------------------------------
Myers
Industries, Inc. 2 140,100 3,097,611
- --------------------------------------------------------------------------------
Owens-Illinois, Inc. 1 15,000 525,000
- --------------------------------------------------------------------------------
Packaging Corp. of
America 186,000 4,707,660
- --------------------------------------------------------------------------------
Pactiv Corp. 1 231,900 7,395,291
- --------------------------------------------------------------------------------
Rock-Tenn Co., Cl. A 489,200 15,517,424
- --------------------------------------------------------------------------------
Silgan Holdings, Inc. 124,300 6,871,304
- --------------------------------------------------------------------------------
Sonoco Products Co. 167,300 7,162,113
-----------------
56,773,668
- --------------------------------------------------------------------------------
METALS & MINING--2.5%
A. M. Castle & Co. 2 33,200 1,192,212
- --------------------------------------------------------------------------------
AK Steel Holding
Corp. 1,2 115,300 4,308,761
- --------------------------------------------------------------------------------
Amerigo
Resources Ltd. 779,600 2,034,535
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
METALS & MINING Continued
Brush Engineered
Materials, Inc. 1,2 123,250 $ 5,175,268
- --------------------------------------------------------------------------------
Century
Aluminum Co. 1,2 335,900 18,350,217
- --------------------------------------------------------------------------------
Chaparral Steel Co. 2 126,430 9,086,524
- --------------------------------------------------------------------------------
Cleveland-Cliffs, Inc. 2 149,500 11,611,665
- --------------------------------------------------------------------------------
Compass Minerals
International, Inc. 2 390,700 13,541,662
- --------------------------------------------------------------------------------
Farallon
Resources Ltd. 1 1,067,800 771,843
- --------------------------------------------------------------------------------
FNX Mining Co., Inc. 1 7,613 231,695
- --------------------------------------------------------------------------------
Haynes
International, Inc. 8,300 700,769
- --------------------------------------------------------------------------------
Hecla Mining Co. 1,2 1,593,500 13,608,490
- --------------------------------------------------------------------------------
Inmet Mining Corp. 9,700 750,322
- --------------------------------------------------------------------------------
Meridian Gold, Inc. 1 23,700 648,538
- --------------------------------------------------------------------------------
Metal
Management, Inc. 367,500 16,195,725
- --------------------------------------------------------------------------------
Pearl Exploration &
Production Ltd. 1 41,442 197,241
- --------------------------------------------------------------------------------
Quanex Corp. 303,573 14,784,005
- --------------------------------------------------------------------------------
Schnitzer Steel
Industries, Inc. 2 331,400 15,887,316
- --------------------------------------------------------------------------------
Steel Dynamics, Inc. 188,300 7,891,653
- --------------------------------------------------------------------------------
Universal Stainless &
Alloy Products, Inc. 1,2 23,200 817,336
- --------------------------------------------------------------------------------
Worthington
Industries, Inc. 2 657,500 14,234,875
-----------------
152,020,652
- --------------------------------------------------------------------------------
PAPER & FOREST PRODUCTS--0.3%
Bowater, Inc. 2 334,400 8,343,280
- --------------------------------------------------------------------------------
Buckeye
Technologies, Inc. 1 209,300 3,237,871
- --------------------------------------------------------------------------------
Mercer
International, Inc. 1,2 118,900 1,212,780
- --------------------------------------------------------------------------------
Neenah Paper, Inc. 2 76,000 3,135,760
- --------------------------------------------------------------------------------
Schweitzer-Mauduit
International, Inc. 2 80,700 2,501,700
-----------------
18,431,391
43 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES--2.1%
- --------------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION SERVICES--1.8%
Alaska
Communications
Systems Group, Inc. 2 200,800 $ 3,180,672
- --------------------------------------------------------------------------------
Atlantic
Tele-Network, Inc. 30,300 867,792
- --------------------------------------------------------------------------------
Cbeyond, Inc. 1,2 339,500 13,074,145
- --------------------------------------------------------------------------------
CenturyTel, Inc. 177,100 8,686,755
- --------------------------------------------------------------------------------
Cincinnati Bell, Inc. 1 3,367,000 19,461,260
- --------------------------------------------------------------------------------
Citizens
Communications Co. 517,468 7,901,736
- --------------------------------------------------------------------------------
Cogent
Communications
Group, Inc. 1,2 576,900 17,232,003
- --------------------------------------------------------------------------------
Consolidated
Communications
Holdings, Inc. 2 118,500 2,678,100
- --------------------------------------------------------------------------------
CT
Communications,
Inc. 2 105,000 3,203,550
- --------------------------------------------------------------------------------
Embarq Corp. 173,600 11,001,032
- --------------------------------------------------------------------------------
General
Communication,
Inc., Cl. A 1,2 175,500 2,248,155
- --------------------------------------------------------------------------------
Golden
Telecom, Inc. 2 15,200 836,152
- --------------------------------------------------------------------------------
Iowa
Telecommunications
Services, Inc. 2 138,300 3,143,559
- --------------------------------------------------------------------------------
North Pittsburgh
Systems, Inc. 2 10,000 212,500
- --------------------------------------------------------------------------------
NTELOS Holdings
Corp. 57,000 1,575,480
- --------------------------------------------------------------------------------
PAETEC Holding
Corp. 1,2 271,892 3,069,661
- --------------------------------------------------------------------------------
Premiere Global
Services, Inc. 1,2 649,600 8,457,792
-----------------
106,830,344
- --------------------------------------------------------------------------------
WIRELESS TELECOMMUNICATION SERVICES--0.3%
Cellcom Israel Ltd. 2 156,590 4,144,937
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
WIRELESS TELECOMMUNICATION SERVICES Continued
Dobson
Communications
Corp., Cl. A 1,2 305,500 $ 3,394,105
- --------------------------------------------------------------------------------
InPhonic, Inc. 1 26,000 121,160
- --------------------------------------------------------------------------------
Rural Cellular
Corp., Cl. A 1 11,900 521,339
- --------------------------------------------------------------------------------
Telephone & Data
Systems, Inc. 147,200 9,210,304
- --------------------------------------------------------------------------------
USA Mobility, Inc. 2 127,200 3,403,872
-----------------
20,795,717
- --------------------------------------------------------------------------------
UTILITIES--3.3%
- --------------------------------------------------------------------------------
ELECTRIC UTILITIES--0.9%
ALLETE, Inc. 2 100,900 4,747,345
- --------------------------------------------------------------------------------
Central Vermont
Public Service Corp. 25,500 960,840
- --------------------------------------------------------------------------------
El Paso Electric Co. 1 562,500 13,815,000
- --------------------------------------------------------------------------------
IDACORP, Inc. 2 200,800 6,433,632
- --------------------------------------------------------------------------------
Otter Tail Corp. 2 145,200 4,656,564
- --------------------------------------------------------------------------------
Portland General
Electric Co. 75,000 2,058,000
- --------------------------------------------------------------------------------
UIL Holdings Corp. 2 22,566 746,935
- --------------------------------------------------------------------------------
UniSource
Energy Corp. 471,600 15,510,924
- --------------------------------------------------------------------------------
Westar Energy, Inc. 177,700 4,314,556
-----------------
53,243,796
- --------------------------------------------------------------------------------
ENERGY TRADERS--0.2%
Canadian Hydro
Developers, Inc. 1 406,000 2,359,202
- --------------------------------------------------------------------------------
Mirant Corp. 1 56,300 2,401,195
- --------------------------------------------------------------------------------
NRG Energy, Inc. 1,2 268,000 11,140,760
-----------------
15,901,157
- --------------------------------------------------------------------------------
GAS UTILITIES--1.4%
Atmos Energy Corp. 217,700 6,544,062
- --------------------------------------------------------------------------------
Cascade Natural
Gas Corp. 2 9,700 256,177
- --------------------------------------------------------------------------------
New Jersey
Resources Corp. 2 291,400 14,867,228
- --------------------------------------------------------------------------------
Nicor, Inc. 2 172,900 7,420,868
44 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
GAS UTILITIES Continued
Northwest Natural
Gas Co. 2 225,200 $ 10,401,988
- --------------------------------------------------------------------------------
ONEOK, Inc. 175,000 8,821,750
- --------------------------------------------------------------------------------
South Jersey
Industries, Inc. 2 163,200 5,774,016
- --------------------------------------------------------------------------------
Southwest
Gas Corp. 2 345,900 11,694,879
- --------------------------------------------------------------------------------
UGI Corp. 195,600 5,335,968
- --------------------------------------------------------------------------------
WGL Holdings, Inc. 383,000 12,501,120
-----------------
83,618,056
- --------------------------------------------------------------------------------
MULTI-UTILITIES & UNREGULATED POWER--0.8%
Avista Corp. 2 543,500 11,712,425
- --------------------------------------------------------------------------------
Black Hills Corp. 2 352,500 14,011,875
- --------------------------------------------------------------------------------
CenterPoint
Energy, Inc. 449,900 7,828,260
- --------------------------------------------------------------------------------
CH Energy
Group, Inc. 2 20,200 908,394
- --------------------------------------------------------------------------------
DTE Energy Co. 43,000 2,073,460
- --------------------------------------------------------------------------------
Energy East Corp. 2 68,600 1,789,774
- --------------------------------------------------------------------------------
NiSource, Inc. 341,900 7,080,749
- --------------------------------------------------------------------------------
PNM Resources, Inc. 57,700 1,603,483
- --------------------------------------------------------------------------------
Vectren Corp. 91,900 2,474,857
-----------------
49,483,277
-----------------
Total Common Stocks
(Cost $5,076,231,924) 5,989,217,299
- --------------------------------------------------------------------------------
PREFERRED STOCKS--0.0%
- --------------------------------------------------------------------------------
Simon Property
Group, Inc., 6% Cv.,
Non-Vtg.
(Cost $93,170) 1,740 132,223
UNITS
- --------------------------------------------------------------------------------
RIGHTS, WARRANTS AND CERTIFICATES--0.0%
- --------------------------------------------------------------------------------
Redcorp Ventures
Ltd. Wts., Exp. 7/5/09 1,4
(Cost $0) 2,251,500 76,935
VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
INVESTMENTS IN AFFILIATED COMPANIES--1.0%
- --------------------------------------------------------------------------------
Oppenheimer
Institutional Money
Market Fund, Cl. E,
5.28% 5,6
(Cost $59,435,689) 59,435,689 $ 59,435,689
- --------------------------------------------------------------------------------
Total Investments,
at Value (excluding
Investments Purchased
with Cash Collateral
from Securities Loaned)
(Cost $5,135,760,783) 6,048,862,146
PRINCIPAL
AMOUNT
- --------------------------------------------------------------------------------
INVESTMENTS PURCHASED WITH CASH COLLATERAL
FROM SECURITIES LOANED--24.4% 7
- --------------------------------------------------------------------------------
ASSET BACKED FLOATING NOTE--2.4%
Carrington
Mortgage Loan
Trust,
Series 2007-RFC1,
Cl. A1,
5.37%, 7/25/07 $ 22,103,513 22,103,513
- --------------------------------------------------------------------------------
Citigroup Mortgage
Loan Trust, Inc.,
Series 2006-HE1,
Cl. A1,
5.38%, 7/25/07 827,448 827,448
- --------------------------------------------------------------------------------
Countrywide
Asset-Backed
Certificates,
Series 2005-17,
Cl. 4AV1,
5.43%, 7/25/07 276,088 276,088
- --------------------------------------------------------------------------------
Credit-Based Asset
Servicing &
Securitization LLC,
5.36%, 7/25/07 6,166,678 6,166,678
- --------------------------------------------------------------------------------
GE-WMC Mortgage
Securities LLC,
Series 2005-2,
Cl. A2A,
5.42%, 7/25/07 443,185 443,185
45 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
ASSET BACKED FLOATING NOTE Continued
GSAA Home Equity
Trust, Series 2005-15,
Cl. 2A1,
5.41%, 7/25/07 $ 3,369,657 $ 3,369,657
- --------------------------------------------------------------------------------
Home Equity Asset
Trust, Series 2006-6,
Cl. 2A1,
5.38%, 7/25/07 5,382,373 5,382,373
- --------------------------------------------------------------------------------
Morgan Stanley
ABS Capital I,
Series 2007-NC2,
Cl. A2A,
5.43%, 7/25/07 18,590,400 18,590,400
- --------------------------------------------------------------------------------
Morgan Stanley
ABS Capital I,
Series 2007-NC4,
Cl. A2A,
5.40%, 7/25/07 22,829,321 22,829,321
- --------------------------------------------------------------------------------
Option One
Mortgage Loan
Trust, Series 2007-2,
Cl. SA1,
5.41%, 7/25/07 12,952,759 12,952,759
- --------------------------------------------------------------------------------
Specialty
Underwriting &
Residential Finance
Trust, Series 2006
BC1, Cl. A2A,
5.40%, 7/25/07 7,901,563 7,901,563
- --------------------------------------------------------------------------------
Structured Asset
Investment Loan
Trust, Series 2005-11,
Cl. A4,
5.41%, 7/25/07 4,692,301 4,692,301
- --------------------------------------------------------------------------------
Whitehawk CDO
Funding Corp.,
5.41%, 9/17/07 38,000,000 38,000,000
-----------------
143,535,286
- --------------------------------------------------------------------------------
BANK FLOATING RATE NOTES--0.7%
National City Bank
Cleveland,
5.36%, 7/2/07 11,999,418 11,999,418
- --------------------------------------------------------------------------------
Wachovia Bank NA,
5.36%, 7/2/07 31,000,000 31,000,000
-----------------
42,999,418
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL PAPER--0.8%
Anglo Irish Bank
Corp. plc,
5.36%, 7/13/07 $ 48,681,764 $ 48,681,764
- --------------------------------------------------------------------------------
FUNDING AGREEMENT/GUARANTEED INVESTMENT
CONTRACT--0.9%
Metropolitan Life
Insurance Co.,
5.37%, 7/2/07 20,000,000 20,000,000
- --------------------------------------------------------------------------------
Protective Life
Insurance Co.,
5.43%, 7/26/07 15,000,000 15,000,000
- --------------------------------------------------------------------------------
Protective Life
Insurance Co.,
5.48%, 7/30/07 19,000,000 19,000,000
-----------------
54,000,000
- --------------------------------------------------------------------------------
JOINT REPURCHASE AGREEMENTS--5.7%
Undivided interest of 1.19% in joint repurchase
agreement (Principal Amount/Value $500,000,000,
with a maturity value of $500,225,625) with
Barclays Capital, 5.415%, dated 6/29/07, to be
repurchased at $5,954,460 on 7/2/07,
collateralized by Private Label
CMOs, 0%, 5/27/35-2/25/48,
with a value of
$525,000,000 5,951,774 5,951,774
- --------------------------------------------------------------------------------
Undivided interest of 1.35% in joint repurchase
agreement (Principal Amount/Value
$1,320,000,000, with a maturity value of
$1,320,596,750) with Nomura Securities,
5.425%, dated 6/29/07, to be repurchased at
$17,808,142 on 7/2/07, collateralized by
Private Label CMOs, 0%-6.75%, 10/25/21-1/25/47,
with a value of
$1,386,000,000 17,800,095 17,800,095
- --------------------------------------------------------------------------------
Undivided interest of 13.33% in joint
repurchase agreement (Principal Amount/Value
$750,000,000, with a maturity value of
$750,338,438) with Barclays Capital, 5.415%,
dated 6/29/07, to be repurchased at
$100,045,125 on 7/2/07, collateralized by
Private Label CMOs, 0%, 11/12/16-2/25/48,
with a value of
$787,500,000 100,000,000 100,000,000
46 | OPPENHEIMER MAIN STREET SMALL CAP FUND
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
JOINT REPURCHASE AGREEMENTS Continued
Undivided interest of 16% in joint
repurchase agreement (Principal
Amount/Value $500,000,000, with a maturity
value of $500,225,625) with Credit Suisse
First Boston LLC, 5.415%, dated 6/29/07,
to be repurchased at 80,036,100 on 7/2/07,
collateralized by Private Label CMOs,
0%-5.85%, 2/15/22-3/15/39, with a value of
$525,005,020 $ 80,000,000 $ 80,000,000
- --------------------------------------------------------------------------------
Undivided interest of 3.33% in joint
repurchase agreement (Principal
Amount/Value $1,500,000,000, with a
maturity value of $1,500,676,875) with
Barclays Capital, 5.415%, dated 6/29/07,
to be repurchased at $50,022,563 on
7/2/07, collateralized by Private Label
CMOs, 0%-5.63%, 1/25/11-5/25/47, with a
value of $1,575,000,000 50,000,000 50,000,000
- --------------------------------------------------------------------------------
Undivided interest of 34.62% in joint
repurchase agreement (Principal
Amount/Value $260,000,000, with a maturity
value of $265,117,000) with BNP Paribas
Securities Corp., 5.40%, dated 6/29/07, to
be repurchased at $90,040,500 on 7/2/07,
collateralized by Private label CMOs,
0%-6%, 5/1/29-6/1/37, with a value of
$265,200,000 90,000,000 90,000,000
-----------------
343,751,869
- --------------------------------------------------------------------------------
MASTER FLOATING NOTE--1.6%
CDC Financial Products, Inc.,
5.43%, 7/2/07 34,000,000 34,000,000
- --------------------------------------------------------------------------------
Citigroup Global
Markets, Inc., 5.45%,
7/2/07 40,000,000 40,000,000
- --------------------------------------------------------------------------------
Morgan Stanley,
5.56%, 7/2/07 25,000,000 25,000,000
-----------------
99,000,000
- --------------------------------------------------------------------------------
MEDIUM-TERM FLOATING NOTE--12.2%
AIG Match Funding
Corp., 5.36%, 7/2/07 40,000,000 40,000,000
- --------------------------------------------------------------------------------
American Express
Credit Corp.,
5.33%, 7/16/07 6,000,000 6,000,000
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
MEDIUM-TERM FLOATING NOTE Continued
American General
Finance Corp.,
5.37%, 7/9/07 $ 13,000,000 $ 13,000,000
- --------------------------------------------------------------------------------
American Honda
Finance Corp.,
5.35%, 9/17/07 49,041,149 49,041,149
- --------------------------------------------------------------------------------
American Honda
Finance Corp.,
5.37%, 9/10/07 13,511,293 13,511,293
- --------------------------------------------------------------------------------
Bear Stearns,
5.37%, 7/2/07 19,000,000 19,000,000
- --------------------------------------------------------------------------------
Beta Finance, Inc.,
5.37%, 7/2/07 4,999,457 4,999,457
- --------------------------------------------------------------------------------
Beta Finance, Inc.,
5.39%, 7/2/07 24,984,298 24,984,298
- --------------------------------------------------------------------------------
Caixa Catal,
5.39%, 9/7/07 15,000,000 15,000,000
- --------------------------------------------------------------------------------
CC USA, Inc.,
5.37%, 7/2/07 9,000,000 9,000,000
- --------------------------------------------------------------------------------
CC USA, Inc.,
5.37%, 7/2/07 7,000,000 7,000,000
- --------------------------------------------------------------------------------
CC USA, Inc.,
5.38%, 7/2/07 13,997,883 13,997,883
- --------------------------------------------------------------------------------
CC USA, Inc.,
5.38%, 7/2/07 6,998,944 6,998,944
- --------------------------------------------------------------------------------
CC USA, Inc.,
5.39%, 7/2/07 25,484,014 25,484,014
- --------------------------------------------------------------------------------
Dorada Finance, Inc.,
5.37%, 7/2/07 6,000,000 6,000,000
- --------------------------------------------------------------------------------
Fifth Third Bancorp,
5.32%, 7/23/07 2,000,000 2,000,000
- --------------------------------------------------------------------------------
Five Finance, Inc.,
5.38%, 7/2/07 18,998,563 18,998,563
- --------------------------------------------------------------------------------
Five Finance, Inc.,
5.38%, 7/2/07 3,999,709 3,999,709
- --------------------------------------------------------------------------------
Goldman Sachs
Group, Inc.,
5.41%, 7/2/07 25,000,000 25,000,000
- --------------------------------------------------------------------------------
Goldman Sachs
Group, Inc.,
5.54%, 7/2/07 5,000,000 5,000,000
- --------------------------------------------------------------------------------
HBOS Treasury
Services plc,
5.37%, 7/2/07 3,000,000 3,000,000
47 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
MEDIUM-TERM FLOATING NOTE Continued
HSBC Finance Corp.,
5.33%, 7/6/07 $ 3,000,000 $ 3,000,000
- --------------------------------------------------------------------------------
Jackson National
Life Global Fund,
5.38%, 9/4/07 25,000,000 25,000,000
- --------------------------------------------------------------------------------
K2 (USA) LLC,
5.37%, 7/2/07 49,970,000 49,970,000
- --------------------------------------------------------------------------------
K2 (USA) LLC,
5.39%, 7/2/07 5,998,866 5,998,866
- --------------------------------------------------------------------------------
LINKS Finance LLC,
5.37%, 7/2/07 7,000,506 7,000,506
- --------------------------------------------------------------------------------
LINKS Finance LLC,
5.37%, 7/2/07 44,977,500 44,977,500
- --------------------------------------------------------------------------------
LINKS Finance LLC,
5.38%, 7/2/07 8,002,495 8,002,495
- --------------------------------------------------------------------------------
MBIA Global
Funding LLC,
5.33%, 7/30/07 3,000,000 3,000,000
- --------------------------------------------------------------------------------
MBIA Global
Funding LLC,
5.37%, 7/2/07 32,500,000 32,500,000
- --------------------------------------------------------------------------------
MBIA Global
Funding LLC,
5.37%, 7/2/07 18,000,000 18,000,000
- --------------------------------------------------------------------------------
MBIA Global
Funding LLC,
5.37%, 7/2/07 8,000,000 8,000,000
- --------------------------------------------------------------------------------
Merrill Lynch & Co.,
5.41%, 7/2/07 30,000,000 30,000,000
- --------------------------------------------------------------------------------
Merrill Lynch & Co.,
5.42%, 7/2/07 40,000,000 40,000,000
- --------------------------------------------------------------------------------
Metropolitan Life
Global Funding,
5.31%, 7/23/07 38,500,000 38,500,000
- --------------------------------------------------------------------------------
Morgan Stanley,
5.44%, 7/2/07 22,000,000 22,000,000
- --------------------------------------------------------------------------------
Nationwide
Global Fund I,
5.36%, 9/17/07 54,054,730 54,054,730
- --------------------------------------------------------------------------------
PACCAR
Financial Corp.,
5.36%, 8/28/07 7,505,446 7,505,446
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
MEDIUM-TERM FLOATING NOTE Continued
Pricoa Global
Funding I,
5.36%, 9/12/07 $ 14,002,416 $ 14,002,416
- --------------------------------------------------------------------------------
Sigma Finance, Inc.,
5.37%, 7/2/07 10,000,000 10,000,000
- --------------------------------------------------------------------------------
Tango Finance Corp.,
5.38%, 7/2/07 3,499,472 3,499,472
-----------------
737,026,741
- --------------------------------------------------------------------------------
YANKEE FLOATING CERTIFICATE OF DEPOSIT--0.1%
Natexis Banques
Populaires NY,
5.37%, 7/2/07 2,000,000 2,000,000
- --------------------------------------------------------------------------------
Natexis Banques
Populaires NY,
5.39%, 7/2/07 3,999,708 3,999,708
-----------------
5,999,708
-----------------
Total Investments Purchased with
Cash Collateral from Securities
Loaned (Cost $1,474,994,786) 1,474,994,786
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS,
AT VALUE
(COST $6,610,755,569) 124.3% 7,523,856,932
- --------------------------------------------------------------------------------
LIABILITIES
IN EXCESS OF
OTHER ASSETS (24.3) (1,468,655,173)
---------------------------------
NET ASSETS 100.0% $ 6,055,201,759
=================================
48 | 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 $4,026,519 or 0.07% of the Fund's net
assets as of June 30, 2007.
4. Illiquid or restricted security. The aggregate value of illiquid or
restricted securities as of June 30, 2007 was $588,083, which represents 0.01%
of the Fund's net assets, of which $511,148 is considered restricted. See Note 6
of accompanying Notes.
5. Rate shown is the 7-day yield as of June 30, 2007.
6. Is or was an affiliate, as defined in the Investment Company Act of 1940, at
or during the period ended June 30, 2007, by virtue of the Fund owning at least
5% of the voting securities of the issuer or as a result of the Fund and the
issuer having the same investment advisor. Transactions during the period in
which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES
JUNE 30, 2006 ADDITIONS REDUCTIONS JUNE 30, 2007
- -----------------------------------------------------------------------------------------------------------------------
Oppenheimer Institutional Money
Market Fund, Cl. E -- 1,081,024,860 1,021,589,171 59,435,689
VALUE DIVIDEND
SEE NOTE 1 INCOME
- -----------------------------------------------------------------------------------------------------------------------
Oppenheimer Institutional Money Market Fund,Cl. E $ 59,435,689 $ 2,141,106
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.
49 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF ASSETS AND LIABILITIES June 30, 2007
- --------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
ASSETS
- ---------------------------------------------------------------------------------------------------------
Investments, at value--see accompanying statement of investments:
Unaffiliated companies (cost $6,551,319,880) $ 7,464,421,243
Affiliated companies (cost $59,435,689) 59,435,689
----------------
7,523,856,932
- ---------------------------------------------------------------------------------------------------------
Cash 1,160,681
- ---------------------------------------------------------------------------------------------------------
Receivables and other assets:
Investments sold 49,063,802
Shares of beneficial interest sold 35,157,454
Interest and dividends 5,840,524
Other 38,217
----------------
Total assets 7,615,117,610
- ---------------------------------------------------------------------------------------------------------
LIABILITIES
- ---------------------------------------------------------------------------------------------------------
Return of collateral for securities loaned 1,474,994,786
- ---------------------------------------------------------------------------------------------------------
Payables and other liabilities
Investments purchased 72,553,984
Shares of beneficial interest redeemed 7,709,535
Distribution and service plan fees 3,149,822
Transfer and shareholder servicing agent fees 1,014,958
Shareholder communications 391,999
Trustees' compensation 25,548
Other 75,219
----------------
Total liabilities 1,559,915,851
- ---------------------------------------------------------------------------------------------------------
NET ASSETS $ 6,055,201,759
================
- ---------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- ---------------------------------------------------------------------------------------------------------
Par value of shares of beneficial interest $ 252,178
- ---------------------------------------------------------------------------------------------------------
Additional paid-in capital 4,764,362,119
- ---------------------------------------------------------------------------------------------------------
Accumulated net investment income 12,539,689
- ---------------------------------------------------------------------------------------------------------
Accumulated net realized gain on investments and foreign currency transactions 364,957,102
- ---------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments and translation of assets and liabilities
denominated in foreign currencies 913,090,671
----------------
NET ASSETS $ 6,055,201,759
================
50 | 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 $3,766,573,389
and 155,308,697 shares of beneficial interest outstanding) $ 24.25
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering
price) $ 25.73
- ----------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $473,768,291 and 21,031,398 shares
of beneficial interest outstanding) $ 22.53
- ----------------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $710,808,070 and 31,426,852 shares
of beneficial interest outstanding) $ 22.62
- ----------------------------------------------------------------------------------------------------------
Class N Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $300,359,808 and 12,671,047 shares
of beneficial interest outstanding) $ 23.70
- ----------------------------------------------------------------------------------------------------------
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets
of $803,692,201 and 31,740,446 shares of beneficial interest outstanding) $ 25.32
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
51 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF OPERATIONS For the Year Ended June 30, 2007
- --------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
- ---------------------------------------------------------------------------------------------------------
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $97,379) $ 65,317,223
Affiliated companies 2,141,106
- ---------------------------------------------------------------------------------------------------------
Interest 1,128,014
- ---------------------------------------------------------------------------------------------------------
Portfolio lending fees 5,012,362
- ---------------------------------------------------------------------------------------------------------
Other income 62,282
--------------
Total investment income 73,660,987
- ---------------------------------------------------------------------------------------------------------
EXPENSES
- ---------------------------------------------------------------------------------------------------------
Management fees 30,918,366
- ---------------------------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 7,582,197
Class B 4,786,014
Class C 6,451,775
Class N 1,224,617
- ---------------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 7,471,056
Class B 1,156,639
Class C 1,307,744
Class N 797,787
Class Y 244,557
- ---------------------------------------------------------------------------------------------------------
Shareholder communications:
Class A 395,619
Class B 144,379
Class C 102,288
Class N 12,320
Class Y 1,553
- ---------------------------------------------------------------------------------------------------------
Trustees' compensation 76,658
- ---------------------------------------------------------------------------------------------------------
Custodian fees and expenses 39,926
- ---------------------------------------------------------------------------------------------------------
Administration service fees 1,500
- ---------------------------------------------------------------------------------------------------------
Other 137,628
--------------
Total expenses 62,852,623
Less reduction to custodian expenses (1,095)
Less waivers and reimbursements of expenses (43,166)
--------------
Net expenses 62,808,362
- ---------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 10,852,625
52 | OPPENHEIMER MAIN STREET SMALL CAP FUND
- ---------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
- ---------------------------------------------------------------------------------------------------------
Net realized gain on:
Investments 471,937,677
Foreign currency transactions 3,708,470
--------------
Net realized gain 475,646,147
- ---------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) on:
Investments 304,110,821
Translation of assets and liabilities denominated in foreign currencies (3,039,191)
--------------
Net change in unrealized appreciation 301,071,630
- ---------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 787,570,402
==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
53 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
YEAR ENDED JUNE 30, 2007 2006
- ------------------------------------------------------------------------------------------------------------
OPERATIONS
- ------------------------------------------------------------------------------------------------------------
Net investment income (loss) $ 10,852,625 $ (9,502,679)
- ------------------------------------------------------------------------------------------------------------
Net realized gain 475,646,147 426,572,465
- ------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation 301,071,630 119,956,390
---------------------------------
Net increase in net assets resulting from operations 787,570,402 537,026,176
- ------------------------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- ------------------------------------------------------------------------------------------------------------
Distributions from net realized gain:
Class A (198,184,565) (123,396,354)
Class B (34,084,425) (35,378,149)
Class C (45,157,710) (36,694,343)
Class N (16,187,088) (10,529,852)
Class Y (33,646,099) (18,625,659)
---------------------------------
(327,259,887) (224,624,357)
- ------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- ------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from beneficial interest
transactions:
Class A 891,622,920 849,583,069
Class B (62,735,159) (55,527,250)
Class C 59,556,302 81,658,704
Class N 85,583,224 48,842,294
Class Y 324,792,387 159,430,395
---------------------------------
1,298,819,674 1,083,987,212
- ------------------------------------------------------------------------------------------------------------
NET ASSETS
- ------------------------------------------------------------------------------------------------------------
Total increase 1,759,130,189 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 $12,539,689 and ($343,710), respectively) $6,055,201,759 $4,296,071,570
=================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
54 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
CLASS A YEAR ENDED JUNE 30, 2007 2006 2005 2004 2003
- --------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- --------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 22.27 $ 20.17 $ 19.52 $ 14.78 $ 15.12
- --------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) .08 1 (.02) 1 (.04) 1 (.10) (.08)
Net realized and unrealized gain (loss) 3.45 3.59 2.65 4.84 (.26)
------------------------------------------------------------------
Total from investment operations 3.53 3.57 2.61 4.74 (.34)
- --------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to
shareholders:
Distributions from net realized gain (1.55) (1.47) (1.96) -- --
- --------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 24.25 $ 22.27 $ 20.17 $ 19.52 $ 14.78
==================================================================
- --------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 16.48% 18.22% 13.82% 32.07% (2.25)%
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $3,766,574 $2,584,254 $1,557,307 $1,177,389 $584,052
- --------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $3,086,495 $2,040,757 $1,325,846 $ 904,397 $490,057
- --------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income (loss) 0.35% (0.07)% (0.20)% (0.42)% (0.59)%
Total expenses 1.12% 4 1.15% 1.19% 1.17% 1.39%
Expenses after payments, waivers
and/or reimbursements and reduction
to custodian expenses 1.12% 1.15% 1.19% 1.17% 1.36%
- --------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 114% 102% 132% 127% 117%
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 less than one full year.
4. Total expenses including indirect expenses from affiliated fund were as
follows:
Year Ended June 30, 2007 1.12%
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
55 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
CLASS B YEAR ENDED JUNE 30, 2007 2006 2005 2004 2003
- -------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 20.94 $ 19.19 $ 18.79 $ 14.35 $ 14.79
- -------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.10) 1 (.18) 1 (.18) 1 (.20) (.14)
Net realized and unrealized gain (loss) 3.24 3.40 2.54 4.64 (.30)
-----------------------------------------------------------
Total from investment operations 3.14 3.22 2.36 4.44 (.44)
- -------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Distributions from net realized gain (1.55) (1.47) (1.96) -- --
- -------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 22.53 $ 20.94 $ 19.19 $ 18.79 $ 14.35
===========================================================
- -------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 15.63% 17.29% 12.98% 30.94% (2.98)%
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $473,768 $501,742 $510,183 $482,028 $330,174
- -------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $479,042 $512,657 $490,050 $432,160 $268,057
- -------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (0.46)% (0.85)% (0.98)% (1.26)% (1.34)%
Total expenses 1.89% 4 1.92% 1.97% 2.01% 2.21%
Expenses after payments, waivers
and/or reimbursements and reduction
to custodian expenses 1.89% 1.92% 1.97% 2.01% 2.11%
- -------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 114% 102% 132% 127% 117%
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 less than one full year.
4. Total expenses including indirect expenses from affiliated fund were as
follows:
Year Ended June 30, 2007 1.89%
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
56 | OPPENHEIMER MAIN STREET SMALL CAP FUND
CLASS C YEAR ENDED JUNE 30, 2007 2006 2005 2004 2003
- --------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- --------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 21.01 $ 19.24 $ 18.82 $ 14.36 $ 14.79
- --------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.08) 1 (.16) 1 (.17) 1 (.17) (.13)
Net realized and unrealized gain (loss) 3.24 3.40 2.55 4.63 (.30)
-------------------------------------------------------------
Total from investment operations 3.16 3.24 2.38 4.46 (.43)
- --------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Distributions from net realized gain (1.55) (1.47) (1.96) -- --
- --------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 22.62 $ 21.01 $ 19.24 $ 18.82 $ 14.36
=============================================================
- --------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 15.68% 17.35% 13.07% 31.06% (2.91)%
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $710,808 $600,331 $473,099 $402,056 $238,717
- --------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $645,637 $543,420 $433,888 $340,201 $186,380
- --------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss (0.39)% (0.79)% (0.91)% (1.17)% (1.30)%
Total expenses 1.84% 4 1.87% 1.90% 1.91% 2.07%
Expenses after payments, waivers
and/or reimbursements and reduction
to custodian expenses 1.84% 1.87% 1.90% 1.91% 2.07%
- --------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 114% 102% 132% 127% 117%
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 less than one full year.
4. Total expenses including indirect expenses from affiliated fund were as
follows:
Year Ended June 30, 2007 1.84%
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
57 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
CLASS N YEAR ENDED JUNE 30, 2007 2006 2005 2004 2003
- ------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 21.87 $ 19.90 $ 19.33 $ 14.69 $ 15.05
- ------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) .01 1 (.09) 1 (.10) 1 (.14) (.11)
Net realized and unrealized gain (loss) 3.37 3.53 2.63 4.78 (.25)
----------------------------------------------------------------
Total from investment operations 3.38 3.44 2.53 4.64 (.36)
- ------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Distributions from net realized gain (1.55) (1.47) (1.96) -- --
- ------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 23.70 $ 21.87 $ 19.90 $ 19.33 $ 14.69
================================================================
- ------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 16.08% 17.79% 13.53% 31.59% (2.39)%
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 300,360 $ 192,089 $ 129,631 $ 84,678 $ 41,474
- ------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 245,298 $ 162,869 $ 105,497 $ 65,107 $ 24,417
- ------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income (loss) 0.02% (0.40)% (0.50)% (0.77)% (0.83)%
Total expenses 1.45% 4 1.49% 1.54% 1.61% 1.64%
Expenses after payments, waivers
and/or reimbursements and reduction
to custodian expenses 1.45% 1.48% 1.50% 1.52% 1.60%
- ------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 114% 102% 132% 127% 117%
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 less than one full year.
4. Total expenses including indirect expenses from affiliated fund were as
follows:
Year Ended June 30, 2007 1.45%
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
58 | OPPENHEIMER MAIN STREET SMALL CAP FUND
CLASS Y YEAR ENDED JUNE 30, 2007 2006 2005 2004 2003
- ------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 23.09 $ 20.76 $ 19.94 $ 15.03 $15.27
- ------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) .20 1 .10 1 .08 1 (.03) (.07)
Net realized and unrealized gain (loss) 3.58 3.70 2.70 4.94 (.17)
-----------------------------------------------------
Total from investment operations 3.78 3.80 2.78 4.91 (.24)
- ------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Distributions from net realized gain (1.55) (1.47) (1.96) -- --
- ------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 25.32 $ 23.09 $ 20.76 $ 19.94 $15.03
=====================================================
- ------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 17.00% 18.83% 14.41% 32.67% (1.57)%
- ------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $803,692 $417,656 $229,463 $14,714 $7,637
- ------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $570,576 $314,236 $ 84,470 $11,428 $3,460
- ------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 0.83% 0.42% 0.39% 0.06% 0.00%
Total expenses 0.66% 4 0.66% 0.69% 0.70% 0.79%
Expenses after payments, waivers
and/or reimbursements and reduction
to custodian expenses 0.66% 0.66% 0.69% 0.70% 0.79%
- ------------------------------------------------------------------------------------------------------
Portfolio turnover rate 114% 102% 132% 127% 117%
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 less than one full year.
4. Total expenses including indirect expenses from affiliated fund were as
follows:
Year Ended June 30, 2007 0.66%
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
59 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Oppenheimer Main Street Small Cap Fund (the Fund) is an open-end management
investment company registered under the Investment Company Act of 1940, as
amended. The Fund's investment objective is to seek capital appreciation. The
Fund's investment advisor is OppenheimerFunds, Inc. (the Manager).
The Fund offers Class A, Class B, Class C, Class N and Class Y shares.
Class A shares are sold at their offering price, which is normally net asset
value plus a front-end sales charge. Class B, Class C and Class N shares are
sold without a front-end sales charge but may be subject to a contingent
deferred sales charge (CDSC). Class N shares are sold only through retirement
plans. Retirement plans that offer Class N shares may impose charges on those
accounts. Class Y shares are sold to certain institutional investors without
either a front-end sales charge or a CDSC, however, the institutional investor
may impose charges on those accounts. All classes of shares have identical
rights and voting privileges with respect to the Fund in general and exclusive
voting rights on matters that affect that class alone. Earnings, net assets and
net asset value per share may differ due to each class having its own expenses,
such as transfer and shareholder servicing agent fees and shareholder
communications, directly attributable to that class. Class A, B, C and N have
separate distribution and/or service plans. No such plan has been adopted for
Class Y shares. Class B shares will automatically convert to Class A shares six
years after the date of purchase.
The following is a summary of significant accounting policies consistently
followed by the Fund.
- --------------------------------------------------------------------------------
SECURITIES VALUATION. The Fund calculates the net asset value of its shares as
of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M.
Eastern time, on each day the Exchange is open for business. Securities 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 trading session ending at, or most
recently prior to, the time when the Fund's assets are
60 | OPPENHEIMER MAIN STREET SMALL CAP FUND
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.
- --------------------------------------------------------------------------------
INVESTMENT IN OPPENHEIMER INSTITUTIONAL MONEY MARKET FUND. The Fund is permitted
to invest daily available cash balances in an affiliated money market fund. The
Fund may invest 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.
61 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS 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.
The tax components of capital shown in the table below represent distribution
requirements the Fund must satisfy under the income tax regulations, losses the
Fund may be able to offset against income and gains realized in future years and
unrealized appreciation or depreciation of securities and other investments for
federal income tax purposes.
NET UNREALIZED
APPRECIATION
BASED ON COST OF
SECURITIES AND
UNDISTRIBUTED UNDISTRIBUTED ACCUMULATED OTHER INVESTMENTS
NET INVESTMENT LONG-TERM LOSS FOR FEDERAL INCOME
INCOME GAIN CARRYFORWARD 1,2 TAX PURPOSES
-----------------------------------------------------------------------
$89,746,569 $301,661,775 $-- $899,204,667
1. During the fiscal year ended June 30, 2007, the Fund did not utilize any
capital loss carryforward.
2. During the fiscal year ended June 30, 2006, the Fund did not utilize any
capital loss carryforward.
Net investment income (loss) and net realized gain (loss) may differ for
financial statement and tax purposes. The character of dividends and
distributions made during the fiscal year from net investment income or net
realized gains may differ from their ultimate characterization for federal
income tax purposes. Also, due to timing of dividends and distributions, the
fiscal year in which amounts are distributed may differ from the fiscal year in
which the income or net realized gain was recorded by the Fund.
Accordingly, the following amounts have been reclassified for June 30, 2007. Net
assets of the Fund were unaffected by the reclassifications.
62 | OPPENHEIMER MAIN STREET SMALL CAP FUND
INCREASE TO REDUCTION TO
ACCUMULATED ACCUMULATED NET
INCREASE TO NET INVESTMENT REALIZED GAIN
PAID-IN CAPITAL INCOME ON INVESTMENTS 3
--------------------------------------------------------
$42,624,602 $2,030,774 $44,655,376
3. $42,624,602, including $33,936,376 of long-term capital gain, was distributed
in connection with Fund share redemptions.
The tax character of distributions paid during the years ended June 30, 2007 and
June 30, 2006 was as follows:
YEAR ENDED YEAR ENDED
JUNE 30, 2007 JUNE 30, 2006
--------------------------------------------------------
Distributions paid from:
Ordinary income $ 104,420,100 $ 39,998,944
Long-term capital gain 222,839,787 184,625,413
------------------------------
Total $ 327,259,887 $224,624,357
==============================
The aggregate cost of securities and other investments and the composition of
unrealized appreciation and depreciation of securities and other investments for
federal income tax purposes as of June 30, 2007 are noted below. The primary
difference between book and tax appreciation or depreciation of securities and
other investments, if applicable, is attributable to the tax deferral of losses
or tax realization of financial statement unrealized gain or loss.
Federal tax cost of securities $6,624,641,573
==============
Gross unrealized appreciation $1,002,065,573
Gross unrealized depreciation (102,860,906)
--------------
Net unrealized appreciation $ 899,204,667
==============
- --------------------------------------------------------------------------------
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 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 compensation deferral plan.
63 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
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.
- --------------------------------------------------------------------------------
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.
64 | OPPENHEIMER MAIN STREET SMALL CAP FUND
- --------------------------------------------------------------------------------
2. SHARES OF BENEFICIAL INTEREST
The Fund has authorized an unlimited number of $0.001 par value shares of
beneficial interest of each class. Transactions in shares of beneficial interest
were as follows:
YEAR ENDED JUNE 30, 2007 YEAR ENDED JUNE 30, 2006
SHARES AMOUNT SHARES AMOUNT
- ------------------------------------------------------------------------------------------------
CLASS A
Sold 60,720,498 $ 1,383,194,872 52,995,248 $ 1,162,183,582
Dividends and/or
distributions reinvested 8,159,374 181,872,344 5,536,169 115,207,421
Redeemed (29,599,467) (673,444,296) (19,694,701) (427,807,934)
-----------------------------------------------------------------
Net increase 39,280,405 $ 891,622,920 38,836,716 $ 849,583,069
=================================================================
- ------------------------------------------------------------------------------------------------
CLASS B
Sold 2,210,418 $ 46,913,865 3,108,091 $ 64,354,603
Dividends and/or
distributions reinvested 1,544,101 32,101,924 1,686,726 33,161,089
Redeemed (6,678,679) (141,750,948) (7,423,199) (153,042,942)
-----------------------------------------------------------------
Net decrease (2,924,160) $ (62,735,159) (2,628,382) $ (55,527,250)
=================================================================
- ------------------------------------------------------------------------------------------------
CLASS C
Sold 6,968,949 $ 148,591,292 7,327,220 $ 152,216,805
Dividends and/or
distributions reinvested 1,882,487 39,287,502 1,629,148 32,126,716
Redeemed (5,993,375) (128,322,492) (4,976,579) (102,684,817)
-----------------------------------------------------------------
Net increase 2,858,061 $ 59,556,302 3,979,789 $ 81,658,704
=================================================================
- ------------------------------------------------------------------------------------------------
CLASS N
Sold 6,416,366 $ 142,597,904 4,247,927 $ 91,418,231
Dividends and/or
distributions reinvested 695,844 15,183,321 490,823 10,052,147
Redeemed (3,223,643) (72,198,001) (2,471,177) (52,628,084)
-----------------------------------------------------------------
Net increase 3,888,567 $ 85,583,224 2,267,573 $ 48,842,294
=================================================================
- ------------------------------------------------------------------------------------------------
CLASS Y
Sold 15,743,029 $ 375,520,314 8,542,508 $ 193,792,968
Dividends and/or
distributions reinvested 1,425,840 33,093,751 864,309 18,599,939
Redeemed (3,518,471) (83,821,678) (2,367,710) (52,962,512)
-----------------------------------------------------------------
Net increase 13,650,398 $ 324,792,387 7,039,107 $ 159,430,395
=================================================================
- --------------------------------------------------------------------------------
3. PURCHASES AND SALES OF SECURITIES
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations and investments in IMMF, for the year ended June 30,
2007, were as follows:
PURCHASES SALES
------------------------------------------------------------------
Investment securities $6,654,115,896 $5,683,567,204
65 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 year ended June 30, 2007, the Fund paid
$10,785,394 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.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLANS FOR CLASS B, CLASS C AND CLASS N SHARES. The Fund
has adopted Distribution and Service Plans for Class B, Class C and Class N
shares to compensate the Distributor for its services in connection with the
distribution of those shares and servicing accounts. Under the plans, the Fund
pays the Distributor an annual asset-based sales charge of 0.75% on Class B and
Class C shares and 0.25% on Class N shares. The Distributor also receives a
service fee of 0.25% per year under each plan. If either the Class B, Class C or
Class N plan is terminated by the Fund or by the shareholders of a
66 | OPPENHEIMER MAIN STREET SMALL CAP FUND
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 June 30, 2007
for Class B, Class C and Class N shares were $1,587,094, $8,144,898 and
$2,859,515, 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 DEFERRED DEFERRED DEFERRED DEFERRED
SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES
RETAINED BY RETAINED BY RETAINED BY RETAINED BY RETAINED BY
YEAR ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
- --------------------------------------------------------------------------------------------------
June 30, 2007 $1,111,582 $16,834 $584,975 $62,155 $5,649
- --------------------------------------------------------------------------------
WAIVERS AND REIMBURSEMENTS OF EXPENSES. OFS has voluntarily agreed to limit
transfer and shareholder servicing agent fees for all classes to 0.35% of
average annual net assets per class. During the year ended June 30, 2007, OFS
waived $2,212 for Class N. 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 year ended June 30, 2007, the Manager waived $40,954 for IMMF
management fees.
- --------------------------------------------------------------------------------
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.
67 | OPPENHEIMER MAIN STREET SMALL CAP FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
5. FOREIGN CURRENCY CONTRACTS Continued
The Fund may realize a gain or loss upon the closing or settlement of the
foreign transaction. Contracts closed or settled with the same broker are
recorded as net realized gains or losses. Such realized gains and losses are
reported with all other foreign currency gains and losses in the Statement of
Operations.
As of June 30, 2007, the Fund had no outstanding foreign currency
contracts.
- --------------------------------------------------------------------------------
6. ILLIQUID OR RESTRICTED SECURITIES
As of June 30, 2007, investments in securities included issues that are illiquid
or restricted. Restricted securities are purchased in private placement
transactions, are not registered under the Securities Act of 1933, may have
contractual restrictions on resale, and are valued under methods approved by the
Board of Trustees as reflecting fair value. A security may also be considered
illiquid if it lacks a readily available market or if its valuation has not
changed for a certain period of time. The Fund will not invest more than 10% of
its net assets (determined at the time of purchase and reviewed periodically) in
illiquid or restricted securities. Certain restricted securities, eligible for
resale to qualified institutional investors, are not subject to that limitation.
Securities that are illiquid or restricted are marked with the applicable
footnote on the Statement of Investments. Information concerning restricted
securities is as follows:
ACQUISITION VALUATION AS OF UNREALIZED
SECURITY DATE COST JUNE 30, 2007 APPRECIATION
- --------------------------------------------------------------------------------
Tusk Energy Corp. 11/15/04 $ 492,524 $ 511,148 $ 18,624
- --------------------------------------------------------------------------------
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 June 30, 2007, the Fund had
on loan securities valued at $1,442,715,893, which are included in the Statement
of Assets and Liabilities
68 | OPPENHEIMER MAIN STREET SMALL CAP FUND
as "Investments, at value" and, when applicable, as "Receivable for Investments
sold." Collateral of $1,474,994,786 was received for the loans, all of which was
received in cash and subsequently invested in approved investments.
- --------------------------------------------------------------------------------
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
June 30, 2007, 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, ("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 June 30, 2007, the Manager does not believe the
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.
69 | OPPENHEIMER MAIN STREET SMALL CAP FUND
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
TO THE BOARD OF TRUSTEES AND SHAREHOLDERS OF
OPPENHEIMER MAIN STREET SMALL CAP FUND:
We have audited the accompanying statement of assets and liabilities of
Oppenheimer Main Street Small Cap Fund (the "Fund"), including the statement of
investments, as of June 30, 2007, and the related statement of operations for
the year then ended, the statements of changes in net assets for each of the two
years in the period then ended, and the financial highlights for each of the
five years in the period then ended. These financial statements and financial
highlights are the responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material misstatement.
The Fund is not required to have, nor were we engaged to perform, an audit of
its internal control over financial reporting. Our audits included consideration
of internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Fund's internal control over
financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. Our procedures included confirmation
of securities owned as of June 30, 2007, by correspondence with the custodian
and brokers; where replies were not received from brokers, we performed other
auditing procedures. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of the
Fund as of June 30, 2007, the results of its operations for the year then ended,
the changes in its net assets for each of the two years in the period then
ended, and the financial highlights for each of the five years in the period
then ended, in conformity with accounting principles generally accepted in the
United States of America.
DELOITTE & TOUCHE LLP
Denver, Colorado
August 8, 2007
70 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FEDERAL INCOME TAX INFORMATION Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
In early 2008, if applicable, shareholders of record will receive information
regarding all dividends and distributions paid to them by the Fund during
calendar year 2007. Regulations of the U.S. Treasury Department require the Fund
to report this information to the Internal Revenue Service.
Capital gain distributions of $1.0577 per share were paid to Class A,
Class B, Class C, Class N and Class Y shareholders, respectively, on December
12, 2006. Whether received in stock or in cash, the capital gain distribution
should be treated by shareholders as a gain from the sale of the capital assets
held for more than one year (long-term capital gains).
Dividends, if any, paid by the Fund during the fiscal year ended June 30,
2007 which are not designated as capital gain distributions should be multiplied
by 33.61% to arrive at the amount eligible for the corporate dividend-received
deduction.
A portion, if any, of the dividends paid by the Fund during the fiscal
year ended June 30, 2007 which are not designated as capital gain distributions
are eligible for lower individual income tax rates to the extent that the Fund
has received qualified dividend income as stipulated by recent tax legislation.
$33,851,501 of the Fund's fiscal year taxable income may be eligible for the
lower individual income tax rates. In early 2007, shareholders of record
received information regarding the percentage of distributions that are eligible
for lower individual income tax rates.
Recent tax legislation allows a regulated investment company to designate
distributions not designated as capital gain distributions, as either interest
related dividends or short-term capital gain dividends, both of which are exempt
from the U.S. withholding tax applicable to non U.S. taxpayers. For the fiscal
year ended June 30, 2007, $86,441,093 or 82.78% of the short-term capital gain
distribution paid by the Fund qualifies as a short-term capital gain dividend.
The foregoing information is presented to assist shareholders in reporting
distributions received from the Fund to the Internal Revenue Service. Because of
the complexity of the federal regulations which may affect your individual tax
return and the many variations in state and local tax regulations, we recommend
that you consult your tax advisor for specific guidance.
71 | 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.
72 | OPPENHEIMER MAIN STREET SMALL CAP FUND
TRUSTEES AND OFFICERS Unaudited
- --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
NAME, POSITION(S) HELD WITH THE PRINCIPAL OCCUPATION(S) DURING THE PAST 5 YEARS; OTHER TRUSTEESHIPS/DIRECTORSHIPS
FUND, LENGTH OF SERVICE, AGE HELD; NUMBER OF PORTFOLIOS IN THE FUND COMPLEX CURRENTLY OVERSEEN
INDEPENDENT THE ADDRESS OF EACH TRUSTEE IN THE CHART BELOW IS 6803 S. TUCSON WAY, CENTENNIAL,
TRUSTEES COLORADO 80112-3924. EACH TRUSTEE SERVES FOR AN INDEFINITE TERM, OR UNTIL HIS OR HER
RESIGNATION, RETIREMENT, DEATH OR REMOVAL.
WILLIAM L. ARMSTRONG, President, Colorado Christian University (since 2006); Chairman, Cherry Creek
Chairman of the Board of Mortgage Company (since 1991), Chairman, Centennial State Mortgage Company (since
Trustees (since 2003), 1994), Chairman, The El Paso Mortgage Company (since 1993); Chairman, Ambassador
Trustee (since 1999) Media Corporation (since 1984); Chairman, Broadway Ventures (since 1984); Director
Age: 70 of Helmerich & Payne, Inc. (oil and gas drilling/production company) (since 1992),
Campus Crusade for Christ (non-profit) (since 1991); Former Director, The Lynde and
Harry Bradley Foundation, Inc. (non-profit organization) (2002-2006); former
Chairman of: Transland Financial Services, Inc. (private mortgage banking company)
(1997-2003), Great Frontier Insurance (1995-2000), Frontier Real Estate, Inc.
(residential real estate brokerage) (1994-2000) and Frontier Title (title insurance
agency) (1995-2000); former Director of the following: UNUMProvident (insurance
company) (1991-2004), Storage Technology Corporation (computer equipment company)
(1991-2003) and International Family Entertainment (television channel) (1992-
1997); U.S. Senator (January 1979-January 1991). Oversees 37 portfolios in the
OppenheimerFunds complex.
GEORGE C. BOWEN, Assistant Secretary and Director of the Manager (December 1991-April 1999);
Trustee (since 1999) President, Treasurer and Director of Centennial Capital Corporation (June 1989-
Age: 70 April 1999); Chief Executive Officer and Director of MultiSource Services, Inc.
(March 1996-April 1999); Mr. Bowen held several positions with OppenheimerFunds,
Inc. and with subsidiary or affiliated companies of OppenheimerFunds, Inc.
(September 1987-April 1999). Oversees 37 portfolios in the OppenheimerFunds complex.
EDWARD L. CAMERON, Member of The Life Guard of Mount Vernon (George Washington historical site) (June
Trustee (since 1999) 2000-May 2006); Partner at PricewaterhouseCoopers LLP (accounting firm) (July
Age: 68 1974-June 1999); Chairman of Price Waterhouse LLP Global Investment Management
Industry Services Group (accounting firm) (July 1994-June 1998). Oversees 37
portfolios in the OppenheimerFunds complex.
JON S. FOSSEL, Director of UNUMProvident (insurance company) (since June 2002); Director of
Trustee (since 1999) Northwestern Energy Corp. (public utility corporation) (since November 2004);
Age: 65 Director of P.R. Pharmaceuticals (October 1999-October 2003); Director of Rocky
Mountain Elk Foundation (non-profit organization) (February 1998-February 2003 and
since February 2005); Chairman and Director (until October 1996) and President and
Chief Executive Officer (until October 1995) of the Manager; President, Chief
Executive Officer and Director of the following: Oppenheimer Acquisition Corp.
("OAC") (parent holding company of the Manager), Shareholders Services, Inc. and
Shareholder Financial Services, Inc. (until October 1995). Oversees 37 portfolios in
the OppenheimerFunds complex
SAM FREEDMAN, Director of Colorado UpLIFT (charitable organization) (since September 1984). Mr.
Trustee (since 1999) Freedman held several positions with the Manager and with subsidiary or affiliated
Age: 66 companies of the Manager (until October 1994). Oversees 37 portfolios in the
OppenheimerFunds complex.
73 | OPPENHEIMER MAIN STREET SMALL CAP FUND
TRUSTEES AND OFFICERS Unaudited / Continued
- --------------------------------------------------------------------------------
BEVERLY L. HAMILTON, Trustee of Monterey Institute for International Studies (educational organization)
Trustee (since 2002) (since February 2000); Board Member of Middlebury College (educational organization)
Age: 60 (since December 2005); Director of The California Endowment (philanthropic
organization) (since April 2002); Director (February 2002-2005) and Chairman of
Trustees (since 2006) of the Community Hospital of Monterey Peninsula; Director
(October 1991-2005) and Vice Chairman (since 2006) of American Funds' Emerging
Markets Growth Fund, Inc. (mutual fund); President of ARCO Investment Management
Company (February 1991-April 2000); Member of the investment committees of The
Rockefeller Foundation (since 2001) and The University of Michigan (since 2000);
Advisor at Credit Suisse First Boston's Sprout venture capital unit (venture capital
fund) (1994-January 2005); Trustee of MassMutual Institutional Funds (investment
company) (1996-June 2004); Trustee of MML Series Investment Fund (investment
company) (April 1989-June 2004); Member of the investment committee of Hartford
Hospital (2000-2003); and Advisor to Unilever (Holland) pension fund (2000-2003).
Oversees 37 portfolios in the OppenheimerFunds complex.
ROBERT J. MALONE, Director of Jones Knowledge, Inc. (since 2006); Director of Jones International
Trustee (since 2002) University (educational organization) (since August 2005); Chairman, Chief Executive
Age: 62 Officer and Director of Steele Street State Bank (commercial banking) (since August
2003); Director of Colorado UpLift (charitable organization) (since 1986); Trustee
of the Gallagher Family Foundation (non-profit organization) (since 2000); Former
Chairman of U.S. Bank-Colorado (subsidiary of U.S. Bancorp and formerly Colorado
National Bank) (July 1996-April 1999); Director of Commercial Assets, Inc. (real
estate investment trust) (1993-2000); Director of Jones Knowledge, Inc. (2001-July
2004); and Director of U.S. Exploration, Inc. (oil and gas exploration)
(1997-February 2004). Oversees 37 portfolios in the OppenheimerFunds complex.
F. WILLIAM MARSHALL, JR., Trustee of MassMutual Select Funds (formerly MassMutual Institutional Funds)
Trustee (since 2000) (investment company) (since 1996) and MML Series Investment Fund (investment
Age: 65 company) (since 1996); Trustee of Worchester Polytech Institute (since 1985);
Chairman (since 1994) of the Investment Committee of the Worcester Polytech
Institute (private university); President and Treasurer of the SIS Funds (private
charitable fund) (since January 1999); Chairman of SIS & Family Bank, F.S.B.
(formerly SIS Bank) (commercial bank) (January 1999-July 1999); and Executive Vice
President of Peoples Heritage Financial Group, Inc. (commercial bank) (January
1999-July 1999). Oversees 39 portfolios in the OppenheimerFunds complex.
- ----------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEE THE ADDRESS OF MR. MURPHY IS TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET, 11TH
AND OFFICER FLOOR, NEW YORK, NEW YORK 10281-1008. MR. MURPHY SERVES AS A TRUSTEE FOR AN INDEFINITE
TERM, OR UNTIL HIS RESIGNATION, RETIREMENT, DEATH OR REMOVAL AND AS AN OFFICER
FOR AN INDEFINITE TERM, OR UNTIL HIS RESIGNATION, RETIREMENT, DEATH OR REMOVAL. MR.
MURPHY IS AN INTERESTED TRUSTEE DUE TO HIS POSITIONS WITH OPPENHEIMERFUNDS, INC. AND
ITS AFFILIATES.
JOHN V. MURPHY, Chairman, Chief Executive Officer and Director of the Manager (since June 2001);
Trustee, President and President of the Manager (September 2000-March 2007); President and a director or
Principal Executive Officer trustee of other Oppenheimer funds; President and Director of Oppenheimer
(since 2001) Acquisition Corp. ("OAC") (the Manager's parent holding company) and of Oppenheimer
Age: 58 Partnership Holdings, Inc. (holding company subsidiary of the Manager) (since July
2001); Director of OppenheimerFunds Distributor, Inc. (subsidiary of the Manager)
(since November 2001); Chairman and Director of Shareholder Services, Inc. and of
Shareholder Financial Services, Inc. (transfer agent
74 | OPPENHEIMER MAIN STREET SMALL CAP FUND
JOHN V. MURPHY, subsidiaries of the Manager) (since July 2001); President and Director of
Continued OppenheimerFunds Legacy Program (charitable trust program established by the
Manager) (since July 2001); Director of the following investment advisory
subsidiaries of the Manager: OFI Institutional Asset Management, Inc., Centennial
Asset Management Corporation, Trinity Investment Management Corporation and Tremont
Capital Management, Inc. (since November 2001), HarbourView Asset Management
Corporation and OFI Private Investments, Inc. (since July 2001); President (since
November 1, 2001) and Director (since July 2001) of Oppenheimer Real Asset
Management, Inc.; Executive Vice President of Massachusetts Mutual Life Insurance
Company (OAC's parent company) (since February 1997); Director of DLB Acquisition
Corporation (holding company parent of Babson Capital Management LLC) (since June
1995); Member of the Investment Company Institute's Board of Governors (since
October 3, 2003); Chief Operating Officer of the Manager (September 2000-June 2001);
President and Trustee of MML Series Investment Fund and MassMutual Select Funds
(open-end investment companies) (November 1999-November 2001); Director of C.M. Life
Insurance Company (September 1999-August 2000); President, Chief Executive Officer
and Director of MML Bay State Life Insurance Company (September 1999-August 2000);
Director of Emerald Isle Bancorp and Hibernia Savings Bank (wholly-owned subsidiary
of Emerald Isle Bancorp) (June 1989-June 1998). Oversees 102 portfolios in the
OppenheimerFunds complex.
- ----------------------------------------------------------------------------------------------------------------------
OTHER OFFICERS OF THE ADDRESSES OF THE OFFICERS IN THE CHART BELOW ARE AS FOLLOWS: FOR MESSRS.
THE FUND MONOYIOS, ZAVANELLI, ZACK, GILLESPIE AND MS. BLOOMBERG, TWO WORLD FINANCIAL CENTER,
225 LIBERTY STREET, NEW YORK, NEW YORK 10281-1008, FOR MESSRS. VANDEHEY, WIXTED,
PETERSEN, SZILAGYI AND MS. IVES, 6803 S. TUCSON WAY, CENTENNIAL, COLORADO 80112-
3924. EACH OFFICER SERVES FOR AN INDEFINITE OR UNTIL HIS OR HER RESIGNATION,
RETIREMENT, DEATH OR REMOVAL.
NIKOLAOS D. MONOYIOS, Senior Vice President of the Manager (since October 2003); a Certified Financial
Vice President and Portfolio Analyst. Formerly Vice President of the Manager (April 1998-September 2003). An
Manager (since 2003) officer of 6 portfolios in the OppenheimerFunds complex.
Age: 58
MARK ZAVANELLI, Vice President of the Manager (since November 2000); a Chartered Financial Analyst.
Vice President and Portfolio Prior to joining the Manager in May 1998 he was President of Waterside Capital
Manager (since 1999) Management, a registered investment advisor (August 1995-April 1998). An officer of
Age: 36 3 portfolios in the OppenheimerFunds complex.
MARK S. VANDEHEY, Senior Vice President and Chief Compliance Officer of the Manager, OppenheimerFunds
Vice President and Chief Distributor, Inc., Centennial Asset Management and Shareholder Services, Inc. (since
Compliance Officer March 2004); Vice President of OppenheimerFunds Distributor, Inc., Centennial Asset
(since 2004) Management Corporation and Shareholder Services, Inc. (June 1983-February 2004).
Age: 56 Former Vice President and Director of Internal Audit of the Manager (1997-February
2004). An officer of 102 portfolios in the OppenheimerFunds complex.
BRIAN W. WIXTED, Senior Vice President and Treasurer of the Manager (since March 1999); Treasurer of
Treasurer and Principal the following: HarbourView Asset Management Corporation, Shareholder Financial
Financial & Accounting Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management, Inc.
Officer (since 1999) and Oppenheimer Partnership Holdings, Inc. (since March 1999), OFI Private
Age: 47 Investments, Inc. (since March 2000), OppenheimerFunds International Ltd. (since May
2000), OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management,
Inc. (since November 2000), and OppenheimerFunds Legacy Program (charitable trust
program
75 | OPPENHEIMER MAIN STREET SMALL CAP FUND
TRUSTEES AND OFFICERS Unaudited / Continued
- --------------------------------------------------------------------------------
BRIAN W. WIXTED, established by the Manager) (since June 2003); Treasurer and Chief Financial Officer
Continued of OFI Trust Company (trust company subsidiary of the Manager) (since May 2000);
Assistant Treasurer of the following: OAC (since March 1999), Centennial Asset
Management Corporation (March 1999-October 2003) and OppenheimerFunds Legacy Program
(April 2000-June 2003); Principal and Chief Operating Officer of Bankers Trust
Company-Mutual Fund Services Division (March 1995-March 1999). An officer of 102
portfolios in the OppenheimerFunds complex.
BRIAN S. PETERSEN, Vice President of the Manager (since February 2007); Assistant Vice President of the
Assistant Treasurer Manager (August 2002-February 2007); Manager/Financial Product Accounting of the
(since 2004) Manager (November 1998-July 2002). An officer of 102 portfolios in the
Age: 36 OppenheimerFunds complex.
BRIAN C. SZILAGYI, Assistant Vice President of the Manager (since July 2004); Director of Financial
Assistant Treasurer Reporting and Compliance of First Data Corporation (April 2003-July 2004); Manager
(since 2005) of Compliance of Berger Financial Group LLC (May 2001-March 2003); Director of
Age: 37 Mutual Fund Operations at American Data Services, Inc. (September 2000-May 2001). An
officer of 102 portfolios in the OppenheimerFunds complex.
ROBERT G. ZACK, Executive Vice President (since January 2004) and General Counsel (since March 2002)
Vice President and Secretary of the Manager; General Counsel and Director of the Distributor (since December
(since 2001) 2001); General Counsel of Centennial Asset Management Corporation (since December
Age: 59 2001); Senior Vice President and General Counsel of HarbourView Asset Management
Corporation (since December 2001); Secretary and General Counsel of OAC (since
November 2001); Assistant Secretary (since September 1997) and Director (since
November 2001) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice
President and Director of Oppenheimer Partnership Holdings, Inc. (since December
2002); Director of Oppenheimer Real Asset Management, Inc. (since November 2001);
Senior Vice President, General Counsel and Director of Shareholder Financial
Services, Inc. and Shareholder Services, Inc. (since December 2001); Senior Vice
President, General Counsel and Director of OFI Private Investments, Inc. and OFI
Trust Company (since November 2001); Vice President of OppenheimerFunds Legacy
Program (since June 2003); Senior Vice President and General Counsel of OFI
Institutional Asset Management, Inc. (since November 2001); Director of
OppenheimerFunds (Asia) Limited (since December 2003); Senior Vice President (May
1985-December 2003), Acting General Counsel (November 2001-February 2002) and
Associate General Counsel (May 1981-October 2001) of the Manager; Assistant
Secretary of the following: Shareholder Services, Inc. (May 1985-November 2001),
Shareholder Financial Services, Inc. (November 1989-November 2001), and
OppenheimerFunds International Ltd. (September 1997-November 2001). An officer of
102 portfolios in the OppenheimerFunds complex.
LISA I. BLOOMBERG, Vice President and Associate Counsel of the Manager (since May 2004); First Vice
Assistant Secretary President (April 2001-April 2004), Associate General Counsel (December 2000-April
(since 2004) 2004), Corporate Vice President (May 1999-April 2001) and Assistant General Counsel
Age: 39 (May 1999-December 2000) of UBS Financial Services Inc. (formerly, PaineWebber
Incorporated). An officer of 102 portfolios in the OppenheimerFunds complex.
KATHLEEN T. IVES, Vice President (since June 1998) and Senior Counsel and Assistant Secretary (since
Assistant Secretary October 2003) of the Manager; Vice President (since 1999) and Assistant Secretary
(since 2001) (since October 2003) of the Distributor; Assistant Secretary of Centennial Asset
Age: 41 Management Corporation (since October 2003); Vice President
76 | OPPENHEIMER MAIN STREET SMALL CAP FUND
KATHLEEN T. IVES, and Assistant Secretary of Shareholder Services, Inc. (since 1999); Assistant
Continued Secretary of OppenheimerFunds Legacy Program and Shareholder Financial Services,
Inc. (since December 2001); Assistant Counsel of the Manager (August 1994-October
2003). An officer of 102 portfolios in the OppenheimerFunds complex.
PHILLIP S. GILLESPIE, Senior Vice President and Deputy General Counsel of the Manager (since September
Assistant Secretary 2004); First Vice President (2000-September 2004), Director (2000-September 2004)
(since 2004) and Vice President (1998-2000) of Merrill Lynch Investment Management. An officer of
Age: 43 102 portfolios in the OppenheimerFunds complex.
THE FUND'S STATEMENT OF ADDITIONAL INFORMATION CONTAINS ADDITIONAL INFORMATION
ABOUT THE FUND'S TRUSTEES AND OFFICERS AND IS AVAILABLE WITHOUT CHARGE, UPON
REQUEST, BY CALLING 1.800.981.2871.
77 | OPPENHEIMER MAIN STREET SMALL CAP FUND
ITEM 2. CODE OF ETHICS.
The registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller or persons performing similar functions.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The Board of Trustees of the registrant has determined that Edward L. Cameron,
the Chairman of the Board's Audit Committee, and George C. Bowen, a member of
the Board's Audit Committee, are audit committee financial experts and that
Messrs. Cameron and Bowen are "independent" for purposes of this Item 3.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Audit Fees
The principal accountant for the audit of the registrant's annual financial
statements billed $30,600 in fiscal 2007 and $25,000 in fiscal 2006.
(b) Audit-Related Fees
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees during the last two fiscal years.
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees during the last two fiscal years to the
registrant's investment adviser or any entity controlling, controlled by, or
under common control with the adviser that provides ongoing services to the
registrant.
(c) Tax Fees
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees to the registrant during the last two fiscal
years.
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees to the registrant during the last two fiscal
years to the registrant's investment adviser or any entity controlling,
controlled by, or under common control with the adviser that provides ongoing
services to the registrant.
(d) All Other Fees
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees for fiscal 2007 and $8,583 in fiscal 2006.
The principal accountant for the audit of the registrant's annual financial
statements billed $12,000 for fiscal 2007 and no such fees for fiscal 2006 to
the registrant's investment adviser or any entity controlling, controlled by, or
under common control with the adviser that provides ongoing services to the
registrant.
Such fees include compliance reviews and professional services for 22c-2
program.
(e) (1) During its regularly scheduled periodic meetings, the registrant's
audit committee will pre-approve all audit, audit-related, tax and other
services to be provided by the principal accountants of the registrant.
The audit committee has delegated pre-approval authority to its Chairman
for any subsequent new engagements that arise between regularly scheduled
meeting dates provided that any fees such pre-approved are presented to the
audit committee at its next regularly scheduled meeting.
Under applicable laws, pre-approval of non-audit services maybe waived
provided that: 1) the aggregate amount of all such services provided
constitutes no more than five percent of the total amount of fees paid by
the registrant to it principal accountant during the fiscal year in which
services are provided 2) such services were not recognized by the
registrant at the time of engagement as non-audit services and 3) such
services are promptly brought to the attention of the audit committee of
the registrant and approved prior to the completion of the audit.
(2) 100%
(f) Not applicable as less than 50%.
(g) The principal accountant for the audit of the registrant's annual financial
statements billed $12,000 in fiscal 2007 and $8,583 in fiscal 2006 to the
registrant and the registrant's investment adviser or any entity
controlling, controlled by, or under common control with the adviser that
provides ongoing services to the registrant related to non-audit fees.
Those billings did not include any prohibited non-audit services as defined
by the Securities Exchange Act of 1934.
(h)
No such services were rendered.
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 06/30/2007, 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) Exhibit attached hereto.
(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: 08/08/2007
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: 08/08/2007
By: /s/ Brian W. Wixted
---------------------------
Brian W. Wixted
Principal Financial Officer
Date: 08/08/2007