-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Lh5p0B+nvoC48qLPOK7AP5w5L0TACsEU01tPsVRZaEIz25D9hohyQAbnRgxpb7IF G+CO1hnYwrt7CrHEEDcb9g== 0001434991-09-000194.txt : 20090527 0001434991-09-000194.hdr.sgml : 20090527 20090527162409 ACCESSION NUMBER: 0001434991-09-000194 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090331 FILED AS OF DATE: 20090527 DATE AS OF CHANGE: 20090527 EFFECTIVENESS DATE: 20090527 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER MAIN STREET SMALL CAP FUND CENTRAL INDEX KEY: 0001086165 IRS NUMBER: 841501338 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-09333 FILM NUMBER: 09854696 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: N/A CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 303-768-3200 MAIL ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: N/A CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 0001086165 S000008470 OPPENHEIMER MAIN STREET SMALL CAP FUND C000023216 A C000023217 B C000023218 C C000023219 N C000023220 Y N-Q 1 p14322nvq.txt N-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY 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: 03/31/2009 ITEM 1. SCHEDULE OF INVESTMENTS. Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- COMMON STOCKS--99.2% CONSUMER DISCRETIONARY--18.3% AUTO COMPONENTS--1.0% American Axle & Manufacturing Holdings, Inc.(1) 595,482 $ 786,036 Amerigon, Inc.(1, 2) 17,300 64,010 ArvinMeritor, Inc. 813,782 642,888 Autoliv, Inc.(1) 304,777 5,659,709 Cooper Tire & Rubber Co. 740,555 2,991,842 Drew Industries, Inc.(1, 2) 206,900 1,795,892 Exide Technologies(1, 2) 336,681 1,010,043 Federal-Mogul Corp.(2) 7,695 51,403 Fuel Systems Solutions, Inc.(1, 2) 90,712 1,222,798 Gentex Corp. 38,800 386,448 Goodyear Tire & Rubber Co. (The)(1, 2) 344,100 2,154,066 Lear Corp.(2) 851,600 638,700 Modine Manufacturing Co. 139,891 349,728 Shiloh Industries, Inc.(2) 16,900 34,645 Stoneridge, Inc.(2) 274,061 578,269 Superior Industries International, Inc. 114,107 1,352,168 Tenneco, Inc.(1, 2) 815,596 1,329,421 TRW Automotive Holdings Corp.(2) 862,060 2,775,833 WABCO Holdings, Inc. 389,217 4,791,261 -------------- 28,615,160 -------------- AUTOMOBILES--0.3% Thor Industries, Inc.(1) 413,500 6,458,870 Winnebago Industries, Inc. 183,328 973,472 -------------- 7,432,342 -------------- DISTRIBUTORS--0.0% Core-Mark Holding Co., Inc.(2) 28,200 513,804 -------------- DIVERSIFIED CONSUMER SERVICES--0.6% Career Education Corp.(1, 2) 160,000 3,833,600 Hillenbrand, Inc. 33,900 542,739 Learning Tree International, Inc.(2) 300 2,541 Noah Education Holdings Ltd., ADR 120,320 362,163 Pre-Paid Legal Services, Inc.(1, 2) 15,349 445,581 Regis Corp. 430,895 6,226,433 Service Corp. International 277,600 968,824 Steiner Leisure Ltd.(2) 114,883 2,804,294 Stewart Enterprises, Inc.(1) 589,271 1,909,238 Universal Technical Institute, Inc.(1, 2) 34,900 418,800 -------------- 17,514,213 -------------- HOTELS, RESTAURANTS & LEISURE--2.8% AFC Enterprises, Inc.(2) 32,100 144,771 Ameristar Casinos, Inc.(1) 61,192 769,795 Bally Technologies, Inc.(2) 122,000 2,247,240 BJ's Restaurants, Inc.(2) 87,675 1,219,559
1 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- HOTELS, RESTAURANTS & LEISURE CONTINUED Bob Evans Farms, Inc. 369,300 $ 8,279,706 Boyd Gaming Corp.(1) 798,542 2,978,562 Brinker International, Inc.(1) 501,380 7,570,838 Buffalo Wild Wings, Inc.(2) 9,800 358,484 California Pizza Kitchen, Inc.(2) 182,500 2,387,100 CEC Entertainment, Inc.(2) 200,100 5,178,588 Cheesecake Factory, Inc. (The)(1, 2) 59,100 676,695 Churchill Downs, Inc. 15,900 477,954 CKE Restaurants, Inc. 314,500 2,641,800 Cracker Barrel Old Country Store, Inc.(1) 177,057 5,070,912 Denny's Corp.(2) 925,700 1,545,919 DineEquity, Inc.(1) 88,012 1,043,822 Dover Downs Gaming & Entertainment, Inc. 12,230 37,546 Gaylord Entertainment Co., Cl. A(2) 69,000 574,770 International Game Technology 72,036 664,172 International Speedway Corp., Cl. A 98,740 2,178,204 Interval Leisure Group, Inc.(2) 58,460 309,838 Isle of Capri Casinos, Inc.(2) 101,300 535,877 Jack in the Box, Inc.(2) 74,700 1,739,763 Krispy Kreme Doughnuts, Inc.(1, 2) 335,800 537,280 Life Time Fitness, Inc.(1, 2) 170,109 2,136,569 Marcus Corp. (The) 85,500 726,750 Morgans Hotel Group Co.(1, 2) 21,000 65,310 O'Charley's, Inc. 33,490 100,805 Orient-Express Hotel Ltd., Cl. A(1) 294,042 1,205,572 Panera Bread Co., Cl. A(1, 2) 24,000 1,341,600 Papa John's International, Inc.(2) 25,900 592,333 Pinnacle Entertainment, Inc.(1, 2) 287,094 2,021,142 Red Robin Gourmet Burgers, Inc.(2) 156,116 2,752,325 Royal Caribbean Cruises Ltd.(1) 221,000 1,770,210 Ruby Tuesday, Inc.(2) 319,900 934,108 Shuffle Master, Inc.(2) 148,471 426,112 Sonic Corp.(2) 79,400 795,588 Speedway Motorsports, Inc. 164,354 1,942,664 Steak n Shake Co. (The)(1, 2) 136,911 1,036,416 Texas Roadhouse, Inc., Cl. A(2) 36,400 346,892 Town Sports International Holdings, Inc.(1, 2) 60,772 181,708 Vail Resorts, Inc.(1, 2) 139,300 2,845,899 WMS Industries, Inc.(1, 2) 223,900 4,681,749 Wyndham Worldwide Corp. 665,661 2,795,776 -------------- 77,868,723 -------------- HOUSEHOLD DURABLES--1.8% American Greetings Corp., Cl. A(1) 786,195 3,978,147 Beazer Homes USA, Inc.(2) 290,480 293,385
2 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- HOUSEHOLD DURABLES CONTINUED Blyth, Inc. 124,020 $ 3,240,643 Brookfield Homes Corp.(1) 19,700 67,965 Cavco Industries, Inc.(1, 2) 17,000 401,200 Centex Corp.(1) 249,900 1,874,250 Champion Enterprises, Inc.(2) 818,000 392,640 CSS Industries, Inc. 59,092 1,004,564 Ethan Allen Interiors, Inc.(1) 98,200 1,105,732 Furniture Brands International, Inc.(1) 485,640 713,891 Garmin Ltd. 13,000 275,730 Harman International Industries, Inc.(1) 339,300 4,590,729 Helen of Troy Ltd.(2) 200,586 2,758,058 Hooker Furniture Corp.(1) 125,000 1,055,000 Hovnanian Enterprises, Inc., Cl. A(1, 2) 844,583 1,317,549 Jarden Corp.(1, 2) 213,200 2,701,244 KB Home(1) 181,600 2,393,488 La-Z-Boy, Inc. 574,506 718,133 Lennar Corp., Cl. A(1) 720,700 5,412,457 M/I Homes, Inc. 178,276 1,246,149 Meritage Homes Corp.(1, 2) 257,354 2,938,983 Mohawk Industries, Inc.(2) 7,511 224,354 National Presto Industries, Inc. 39,200 2,391,592 Palm Harbor Homes, Inc.(1, 2) 39,467 88,011 Ryland Group, Inc. (The)(1) 267,400 4,454,884 Sealy Corp.(2) 343,742 512,176 Standard Pacific Corp.(1, 2) 162,300 142,824 Tempur-Pedic International, Inc.(1) 185,714 1,355,712 Tupperware Brands Corp. 135,500 2,302,145 Whirlpool Corp. 26,700 790,053 -------------- 50,741,688 -------------- INTERNET & CATALOG RETAIL--0.9% 1-800-FLOWERS.com, Inc.(2) 410,300 849,321 Bidz.com, Inc.(1, 2) 25,600 102,912 Blue Nile, Inc.(1, 2) 90,900 2,740,635 Expedia, Inc.(1, 2) 287,800 2,613,224 Gaiam, Inc.(1, 2) 49,800 163,344 HSN, Inc.(2) 92,060 473,188 Liberty Media Corp.-Interactive, Series A(2) 414,800 1,202,920 NetFlix.com, Inc.(1, 2) 175,800 7,545,336 NutriSystem, Inc.(1) 227,255 3,242,929 Orbitz Worldwide, Inc.(2) 167,457 216,020 Overstock.com, Inc.(1, 2) 172,808 1,581,193 PetMed Express, Inc.(1, 2) 114,700 1,890,256 Shutterfly, Inc.(2) 89,100 834,867
3 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- INTERNET & CATALOG RETAIL CONTINUED Stamps.com, Inc.(1, 2) 188,564 $ 1,829,071 Ticketmaster Entertainment, Inc.(2) 210,260 775,859 -------------- 26,061,075 -------------- LEISURE EQUIPMENT & PRODUCTS--0.8% Brunswick Corp.(1) 1,338,100 4,616,445 Callaway Golf Co.(1) 744,450 5,345,151 Eastman Kodak Co.(1) 401,247 1,524,739 JAKKS Pacific, Inc.(2) 259,700 3,207,295 Leapfrog Enterprises, Inc.(2) 411,100 567,318 Polaris Industries, Inc.(1) 186,957 4,008,358 RC2 Corp.(2) 79,800 420,546 Smith & Wesson Holding Corp.(1, 2) 55,200 332,304 Steinway Musical Instruments, Inc.(2) 63,510 760,215 -------------- 20,782,371 -------------- MEDIA--1.1% Arbitron, Inc. 46,300 694,963 Ascent Media Corp., Cl. A(2) 15,200 380,000 Belo Corp., Cl. A 801,909 489,164 CBS Corp., Cl. B 130,300 500,352 Central European Media Enterprises Ltd., Cl. A(1, 2) 51,126 585,904 Clear Channel Outdoor Holdings, Inc., Cl. A(2) 121,300 445,171 Cox Radio, Inc., Cl. A(1, 2) 276,700 1,134,470 CTC Media, Inc.(2) 23,600 107,616 Cumulus Media, Inc., Cl. A(2) 155,200 156,752 Discovery Communications, Inc.(2) 16,500 264,330 Dish Network Corp., Cl. A(2) 68,900 765,479 Entercom Communications Corp. 63,400 69,740 Entravision Communications Corp.(2) 821,732 213,650 EW Scripps Co. (The), Cl. A(1) 363,000 490,050 Fisher Communications, Inc. 5,177 50,528 Gannett Co., Inc.(1) 79,300 174,460 Global Sources Ltd.(1, 2) 283,315 1,102,095 Harte-Hanks, Inc.(1) 199,410 1,066,844 Hearst-Argyle Television, Inc. 23,700 98,592 Journal Communications, Inc. 135,837 101,878 Knology, Inc.(2) 73,100 301,172 Liberty Media Holding Corp.-Capital, Series A(2) 87,174 608,475 Lin TV Corp., Cl. A(2) 169,130 189,426 Live Nation, Inc.(1, 2) 317,900 848,793 McClatchy Co., Cl. A(1) 414,867 203,285 Media General, Inc., Cl. A(1) 116,358 223,407 Mediacom Communications Corp.(1, 2) 244,724 986,238 Meredith Corp. 466,320 7,759,565 National CineMedia, Inc. 173,700 2,289,366
4 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- MEDIA CONTINUED Scholastic Corp.(1) 379,500 $ 5,719,065 Scripps Networks Interactive, Cl. A 12,500 281,375 Sinclair Broadcast Group, Inc., Cl. A 644,700 664,041 Valassis Communications, Inc.(2) 55,150 86,586 Warner Music Group Corp.(1, 2) 409,899 963,263 -------------- 30,016,095 -------------- MULTILINE RETAIL--0.6% Big Lots, Inc.(2) 284,400 5,909,832 Dillard's, Inc., Cl. A 1,014,873 5,784,776 Family Dollar Stores, Inc. 8,500 283,645 Fred's, Inc.(1) 455,307 5,135,863 Retail Ventures, Inc.(2) 16,700 25,384 Sears Holdings Corp.(1, 2) 6,500 297,115 -------------- 17,436,615 -------------- SPECIALTY RETAIL--6.3% Aaron Rents, Inc. 4,000 106,640 Abercrombie & Fitch Co., Cl. A(1) 89,500 2,130,100 Aeropostale, Inc.(2) 290,550 7,717,008 America's Car-Mart, Inc.(1, 2) 116,500 1,583,235 American Eagle Outfitters, Inc. 80,800 988,992 AnnTaylor Stores Corp.(2) 1,150,459 5,982,387 Asbury Automotive Group, Inc. 356,460 1,536,343 AutoNation, Inc.(2) 223,181 3,097,752 Barnes & Noble, Inc.(1) 301,870 6,453,981 bebe stores, inc. 265,600 1,771,552 Big 5 Sporting Goods Corp. 17,600 103,312 Blockbuster, Inc., Cl. A(2) 368,492 265,314 Books-A-Million, Inc. 19,400 89,240 Borders Group, Inc.(2) 416,916 262,657 Brown Shoe Co., Inc. 652,940 2,448,525 Buckle, Inc. (The)(1) 303,712 9,697,524 Cabela's, Inc.(1, 2) 125,600 1,144,216 Cato Corp., Cl. A 136,359 2,492,643 Charlotte Russe Holding, Inc.(2) 174,996 1,426,217 Charming Shoppes, Inc.(2) 603,998 845,597 Chico's FAS, Inc.(2) 409,500 2,199,015 Children's Place Retail Stores, Inc.(1, 2) 390,300 8,543,667 Christopher & Banks Corp. 249,800 1,021,682 Citi Trends, Inc.(2) 217,527 4,979,193 Coldwater Creek, Inc.(2) 467,560 1,173,576 Collective Brands, Inc.(2) 163,700 1,594,438 Conn's, Inc.(1, 2) 115,541 1,622,196 Dress Barn, Inc. (The)(1, 2) 702,900 8,638,641 Finish Line, Inc. (The), Cl. A 571,400 3,782,668 Foot Locker, Inc. 347,524 3,642,052
5 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- SPECIALTY RETAIL CONTINUED GameStop Corp., Cl. A(2) 22,200 $ 622,044 Genesco, Inc.(2) 244,515 4,604,217 Group 1 Automotive, Inc.(1) 298,910 4,175,773 Guess?, Inc. 44,900 946,492 Gymboree Corp.(2) 75,919 1,620,871 Haverty Furniture Cos., Inc.(1) 280,425 2,952,875 hhgregg, Inc.(2) 64,669 915,066 Hibbett Sports, Inc.(1, 2) 85,417 1,641,715 Hot Topic, Inc.(1, 2) 414,162 4,634,473 Jo-Ann Stores, Inc.(1, 2) 200,600 3,277,804 Limited Brands, Inc. 126,300 1,098,810 Lumber Liquidators, Inc.(1, 2) 32,931 419,870 Men's Wearhouse, Inc. (The)(1) 416,000 6,298,240 Monro Muffler Brake, Inc. 16,900 461,877 New York & Co., Inc.(2) 445,600 1,581,880 Office Depot, Inc.(2) 1,535,200 2,011,112 OfficeMax, Inc. 459,100 1,432,392 Pacific Sunwear of California, Inc.(2) 696,800 1,156,688 Penske Automotive Group, Inc.(1) 493,800 4,607,154 Pep Boys-Manny, Moe & Jack(1) 376,396 1,659,906 RadioShack Corp. 47,834 409,937 Rent-A-Center, Inc.(2) 476,900 9,237,553 Sally Beauty Holdings, Inc.(1, 2) 711,188 4,039,548 Signet Jewelers Ltd. 9,944 113,859 Sonic Automotive, Inc.(1) 321,696 514,714 Stage Stores, Inc. 453,428 4,570,554 Systemax, Inc.(2) 210,162 2,715,293 Talbots, Inc. (The)(1) 533,700 1,873,287 Tractor Supply Co.(1, 2) 160,015 5,770,141 Tween Brands, Inc.(2) 272,408 582,953 Ulta Salon, Cosmetics & Fragrance, Inc.(2) 11,601 76,799 Wet Seal, Inc., Cl. A(2) 981,165 3,296,714 Williams-Sonoma, Inc.(1) 689,000 6,945,120 Zale Corp.(1, 2) 432,900 844,155 Zumiez, Inc.(2) 124,700 1,209,590 -------------- 175,659,839 -------------- TEXTILES, APPAREL & LUXURY GOODS--2.1% American Apparel, Inc.(1, 2) 66,600 194,472 Carter's, Inc.(2) 109,200 2,054,052 Coach, Inc.(1, 2) 114,900 1,918,830 Crocs, Inc.(1, 2) 220,700 262,633 FGX International Holdings Ltd.(2) 2,148 24,960 Fossil, Inc.(2) 69,800 1,095,860
6 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- TEXTILES, APPAREL & LUXURY GOODS CONTINUED Iconix Brand Group, Inc.(2) 22,265 $ 197,045 Jones Apparel Group, Inc. 1,049,616 4,429,380 K-Swiss, Inc., Cl. A 55,900 477,386 Kenneth Cole Productions, Inc., Cl. A(1) 63,700 407,043 Liz Claiborne, Inc. 1,796,700 4,437,849 Maidenform Brands, Inc.(2) 128,000 1,172,480 Movado Group, Inc. 76,126 573,990 Oxford Industries, Inc. 144,600 892,182 Perry Ellis International, Inc.(2) 215,800 746,668 Phillips/Van Heusen Corp. 334,026 7,575,710 Polo Ralph Lauren Corp., Cl. A 20,300 857,675 Quicksilver, Inc.(2) 1,449,038 1,854,769 Skechers USA, Inc., Cl. A(2) 405,400 2,704,018 Steven Madden Ltd.(2) 131,844 2,476,030 Timberland Co., Cl. A(1, 2) 457,136 5,458,204 True Religion Apparel, Inc.(1, 2) 47,500 560,975 Unifi, Inc.(2) 336,785 215,542 UniFirst Corp. 71,316 1,985,437 Volcom, Inc.(1, 2) 53,118 515,245 Warnaco Group, Inc. (The)(2) 426,111 10,226,664 Wolverine World Wide, Inc. 306,800 4,779,944 -------------- 58,095,043 -------------- CONSUMER STAPLES--2.3% BEVERAGES--0.1% Boston Beer Co., Inc., Cl. A(1, 2) 24,578 512,697 Central European Distribution Corp.(2) 76,815 826,529 Coca-Cola Bottling Co. Consolidated 288 14,990 Hansen Natural Corp.(2) 7,500 270,000 -------------- 1,624,216 -------------- FOOD & STAPLES RETAILING--0.6% Andersons, Inc. (The)(1) 37,000 523,180 Arden Group, Inc., Cl. A 8,788 1,026,790 Casey's General Stores, Inc. 47,100 1,255,686 Great Atlantic & Pacific Tea Co., Inc. (The)(2) 75,000 398,250 Ingles Markets, Inc., Cl. A 42,600 636,018 Nash Finch Co. 80,400 2,258,436 Pantry, Inc. (The)(2) 250,366 4,408,945 PriceSmart, Inc. 4,900 88,249 Ruddick Corp. 4,800 107,760 Spartan Stores, Inc. 65,045 1,002,343 SUPERVALU, Inc. 77,300 1,103,844 Weis Markets, Inc. 3,398 105,474 Whole Foods Market, Inc.(1) 235,600 3,958,080 Winn-Dixie Stores, Inc.(2) 56,838 543,371 -------------- 17,416,426 --------------
7 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- FOOD PRODUCTS--0.5% Agria Corp., ADR(2) 5,700 $ 6,441 Chiquita Brands International, Inc.(1, 2) 396,510 2,628,861 ConAgra Foods, Inc. 17,400 293,538 Darling International, Inc.(2) 1,010,561 3,749,181 Del Monte Foods Co. 182,100 1,327,509 Diamond Foods, Inc.(1) 75,000 2,094,750 Fresh Del Monte Produce, Inc.(2) 73,800 1,211,796 J&J Snack Foods Corp. 15,700 543,063 Lancaster Colony Corp. 8,100 335,988 Omega Protein Corp.(2) 225,298 594,787 Ralcorp Holdings, Inc.(2) 29,100 1,567,908 Reddy Ice Holdings, Inc. 33,600 49,392 Smithfield Foods, Inc.(2) 84,000 794,640 -------------- 15,197,854 -------------- HOUSEHOLD PRODUCTS--0.2% Central Garden & Pet Co., Cl. A(2) 341,631 2,569,065 WD-40 Co. 65,235 1,574,773 -------------- 4,143,838 -------------- PERSONAL PRODUCTS--0.7% American Oriental Bioengineering, Inc.(1, 2) 775,100 2,991,886 Bare Escentuals, Inc.(2) 303,600 1,244,760 Elizabeth Arden, Inc.(2) 133,549 778,591 Herbalife Ltd. 388,708 5,822,846 Inter Parfums, Inc.(1) 159,660 930,818 NBTY, Inc.(2) 390,043 5,491,805 Nu Skin Asia Pacific, Inc., Cl. A 70,456 739,083 Prestige Brands Holdings, Inc.(2) 349,773 1,811,824 -------------- 19,811,613 -------------- TOBACCO--0.2% Universal Corp. 156,200 4,673,504 -------------- ENERGY--6.9% ENERGY EQUIPMENT & SERVICES--3.4% Allis-Chalmers Energy, Inc.(1, 2) 297,861 574,872 Basic Energy Services, Inc.(1, 2) 327,360 2,118,019 BJ Services Co.(1) 138,900 1,382,055 Bristow Group, Inc.(1, 2) 16,000 342,880 Bronco Drilling Co., Inc.(2) 100,158 526,831 Complete Production Services, Inc.(2) 626,502 1,929,626 Dawson Geophysical Co.(2) 70,700 954,450 Dresser-Rand Group, Inc.(2) 110,800 2,448,680 Dril-Quip, Inc.(2) 157,373 4,831,351 ENGlobal Corp.(1, 2) 226,900 1,030,126 ENSCO International, Inc. 67,430 1,780,152 Exterran Holdings, Inc.(1, 2) 323,975 5,190,080
8 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- ENERGY EQUIPMENT & SERVICES CONTINUED Forbes Energy Services Ltd.(2) 145,200 $ 61,037 Forbes Energy Services Ltd., Legend Shares(2, 3) 575,300 241,838 Global Industries Ltd.(2) 733,800 2,817,792 Gulf Island Fabrication, Inc. 220,796 1,768,576 Gulfmark Offshore, Inc.(2) 175,786 4,194,254 Helix Energy Solutions Group, Inc.(2) 916,000 4,708,240 Helmerich & Payne, Inc. 22,100 503,217 Hercules Offshore, Inc.(2) 498,900 788,262 Hornbeck Offshore Services, Inc.(2) 134,670 2,052,371 ION Geophysical Corp.(2) 311,700 486,252 Key Energy Services, Inc.(2) 1,199,616 3,454,894 Matrix Service Co.(2) 181,000 1,487,820 NATCO Group, Inc., Cl. A(2) 90,608 1,715,209 Natural Gas Services Group(2) 106,000 954,000 Newpark Resources, Inc.(2) 681,299 1,723,686 Noble Corp. 13,500 325,215 North American Energy Partners, Inc.(2) 115,800 353,190 Oceaneering International, Inc.(2) 38,100 1,404,747 Oil States International, Inc.(2) 519,893 6,976,964 Parker Drilling Co.(2) 1,176,248 2,164,296 Patterson-UTI Energy, Inc.(1) 210,400 1,885,184 Pioneer Drilling Co.(2) 302,900 993,512 Precision Drilling Trust 1,177,332 3,155,250 Pride International, Inc.(2) 36,600 658,068 RPC, Inc.(1) 39,700 263,211 Seacor Holdings, Inc.(1, 2) 106,620 6,217,012 Superior Energy Services, Inc.(2) 377,322 4,863,681 Superior Well Services, Inc.(2) 17,400 89,262 T-3 Energy Services, Inc.(2) 114,161 1,344,817 Technicoil Corp.(2) 870,300 220,888 Technicoil Corp., Legend Shares(2) 92,900 23,579 Tetra Technologies, Inc.(2) 769,689 2,501,489 Tidewater, Inc.(1) 25,600 950,528 Union Drilling, Inc.(1, 2) 190,700 724,660 Unit Corp.(1, 2) 225,630 4,720,180 Weatherford International Ltd.(2) 138,100 1,528,767 Willbros Group, Inc.(2) 358,598 3,478,401 -------------- 94,909,471 -------------- OIL, GAS & CONSUMABLE FUELS--3.5% Abraxas Petroleum Corp.(2) 88,100 90,743 Alberta Clipper Energy, Inc.(2) 20,913 8,294 Alpha Natural Resources, Inc.(2) 26,200 465,050 ATP Oil & Gas Corp.(1, 2) 384,700 1,973,511
9 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- OIL, GAS & CONSUMABLE FUELS CONTINUED Berry Petroleum Co., Cl. A(1) 618,200 $ 6,775,472 Bill Barrett Corp.(1, 2) 133,400 2,966,816 BPZ Resources, Inc.(1, 2) 123,415 456,636 Brigham Exploration Co.(2) 443,040 841,776 Callon Petroleum Co.(2) 285,587 311,290 Cano Petroleum, Inc.(2) 39,900 17,157 Carrizo Oil & Gas, Inc.(1, 2) 44,100 391,608 Celtic Exploration Ltd., Legend Shares(2) 18,100 197,107 Cimarex Energy Co.(1) 178,300 3,277,154 Clean Energy Fuels Corp.(1, 2) 44,500 271,005 Contango Oil & Gas Co.(2) 38,900 1,524,880 Crosstex Energy, Inc. 261,100 428,204 CVR Energy, Inc.(2) 436,293 2,417,063 Delek US Holdings, Inc. 244,021 2,528,058 Delphi Energy Corp., Legend Shares(2) 81,300 52,876 Denbury Resources, Inc.(2) 161,000 2,392,460 Encore Acquisition Co.(1, 2) 122,368 2,847,503 Energy Partners Ltd.(2) 206,880 18,619 EXCO Resources, Inc.(2) 55,500 555,000 Foundation Coal Holdings, Inc. 252,600 3,624,810 Frontier Oil Corp.(1) 331,900 4,245,001 Galleon Energy, Inc., Cl. A(2) 344,800 987,253 Galleon Energy, Inc., Subscription Receipts, Legend Shares(2) 138,750 397,278 Gasco Energy, Inc.(2) 553,500 215,865 General Maritime Corp.(1) 168,914 1,182,398 GeoResources, Inc.(1, 2) 50,306 338,056 Gran Tierra Energy, Inc.(2) 77,600 194,776 Great Plains Exploration, Inc.(2) 327,641 54,572 Gulfport Energy Corp.(2) 50,280 116,650 Holly Corp.(1) 176,658 3,745,150 Houston American Energy Corp. 9,600 17,856 International Coal Group, Inc.(1, 2) 151,870 244,511 Jura Energy Corp., Legend Shares(2) 750,700 83,358 Knightsbridge Tankers Ltd.(1) 131,173 1,908,567 Mariner Energy, Inc.(2) 759,300 5,884,575 Massey Energy Co. 190,800 1,930,896 McMoRan Exploration Co.(1, 2) 312,508 1,468,788 Meridian Resource Corp. (The)(2) 273,300 57,393 Midnight Oil Exploration Ltd.(2) 539,550 342,354 Overseas Shipholding Group, Inc.(1) 121,627 2,757,284 Paramount Resources Ltd., Cl. A(2) 28,800 137,741 Penn Virginia Corp. 98,330 1,079,663 Petroleum Development Corp.(2) 33,250 392,683
10 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- OIL, GAS & CONSUMABLE FUELS CONTINUED PetroQuest Energy, Inc.(1, 2) 426,573 $ 1,023,775 Quicksilver Resources, Inc.(1, 2) 417,200 2,311,288 Rentech, Inc.(2) 72,200 39,710 Rosetta Resources, Inc.(2) 657,000 3,252,150 SandRidge Energy, Inc.(2) 323,600 2,132,524 St. Mary Land & Exploration Co.(1) 141,900 1,877,337 Stone Energy Corp.(2) 551,724 1,837,241 Swift Energy Co.(1, 2) 353,535 2,580,806 Teekay Corp. 35,872 510,459 Teekay Tankers Ltd., Cl. A(1) 95,970 912,675 Tesoro Corp.(1) 61,900 833,793 Tristar Oil & Gas Ltd.(2) 47,500 347,736 Tusk Energy Corp.(2) 536,315 906,052 Tusk Energy Corp., Legend Shares(2, 4) 275,000 464,586 Tusk Energy Corp., Legend Shares(2) 397,100 670,862 USEC, Inc.(1, 2) 228,600 1,097,280 VAALCO Energy, Inc.(2) 664,000 3,512,560 Vero Energy, Inc.(2) 260,917 678,782 W&T Offshore, Inc.(1) 509,400 3,132,810 Walter Industries, Inc. 48,216 1,102,700 Warren Resources, Inc.(1, 2) 149,600 143,616 Western Refining, Inc.(1) 390,974 4,668,230 Westmoreland Coal Co.(2) 23,700 169,929 Whiting Petroleum Corp.(2) 40,300 1,041,755 Williams (Clayton) Energy, Inc.(2) 8,595 251,318 -------------- 97,715,734 -------------- FINANCIALS--13.5% CAPITAL MARKETS--1.3% Affiliated Managers Group, Inc.(2) 27,500 1,147,025 Ameriprise Financial, Inc. 72,300 1,481,427 BGC Partners, Inc., Cl. A 21,000 46,410 Cohen & Steers, Inc.(1) 98,930 1,104,059 E*TRADE Financial Corp.(1, 2) 1,685,500 2,157,440 Eaton Vance Corp. 29,500 674,075 Evercore Partners, Inc., Cl. A 12,300 190,035 GAMCO Investors, Inc., Cl. A(1) 39,962 1,304,759 GFI Group, Inc. 154,200 494,982 Invesco Ltd. 21,200 293,832 Investment Technology Group, Inc.(2) 89,800 2,291,696 Janus Capital Group, Inc. 387,200 2,574,880 KBW, Inc.(2) 23,200 472,120 Knight Capital Group, Inc., Cl. A(2) 174,539 2,572,705 LaBranche & Co., Inc.(2) 676,427 2,529,837 MF Global Ltd.(1, 2) 108,700 459,801
11 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- CAPITAL MARKETS CONTINUED NGP Capital Resources Co. 17,800 $ 88,466 Penson Worldwide, Inc.(2) 133,200 856,476 Piper Jaffray Cos., Inc.(1, 2) 47,453 1,223,813 Sanders Morris Harris Group, Inc. 34,883 136,044 SEI Investments Co. 45,100 550,671 Stifel Financial Corp.(2) 92,650 4,012,672 SWS Group, Inc.(1) 329,094 5,110,830 Teton Advisors, Inc.(2, 4) 678 1,544 thinkorswim Group, Inc.(2) 135,312 1,169,096 Thomas Weisel Partners Group, Inc.(1, 2) 28,500 102,030 Tradestation Group, Inc.(2) 34,300 226,380 U.S. Global Investors, Inc., Cl. A 7,650 37,256 Virtus Investment Partners, Inc.(1, 2) 25,310 164,768 Waddell & Reed Financial, Inc., Cl. A 192,260 3,474,138 -------------- 36,949,267 -------------- COMMERCIAL BANKS--2.7% 1st Source Corp. 8,688 156,818 Amcore Financial, Inc. 39,200 62,720 BancFirst Corp. 16,500 600,600 Banco Latinoamericano de Exportaciones SA, Cl. E 22,620 211,949 Boston Private Financial Holdings, Inc.(1) 153,704 539,501 CapitalSource, Inc. 915,970 1,117,483 Capitol Bancorp Ltd.(1) 16,982 70,475 Cascade Bancorp(1) 41,275 67,278 Cathay Bancorp, Inc.(1) 152,257 1,588,041 Central Pacific Financial Corp. 307,000 1,719,200 Chemical Financial Corp. 54,200 1,127,902 Citizens Republic Bancorp, Inc.(2) 253,000 392,150 City Bank(1) 25,302 83,497 City Holding Co. 122,500 3,343,025 CoBiz Financial, Inc.(1) 55,500 291,375 Colonial BancGroup, Inc. (The)(1) 680,504 612,454 Columbia Banking System, Inc. 55,339 354,170 Community Bank System, Inc.(1) 203,200 3,403,600 Community Trust Bancorp, Inc. 71,900 1,923,325 East West Bancorp, Inc.(1) 447,885 2,046,834 First Community Bancshares, Inc.(1) 33,699 393,267 First Financial Bancorp 72,100 687,113 First Horizon National Corp.(1) 150,044 1,611,473 First Merchants Corp. 112,200 1,210,638 First Midwest Bancorp, Inc.(1) 217,398 1,867,449 First Security Group, Inc. 88,480 298,178 FirstMerit Corp. 56,300 1,024,660 Frontier Financial Corp.(1) 317,130 348,843 Greene Bankshares, Inc.(1) 43,699 384,551
12 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- COMMERCIAL BANKS CONTINUED Guaranty Bancorp(2) 66,500 $ 116,375 Hancock Holding Co.(1) 9,000 281,520 Hanmi Financial Corp. 96,160 125,008 IBERIABANK Corp.(1) 10,107 464,316 Independent Bank Corp.(1) 17,594 259,512 International Bancshares Corp.(1) 130,600 1,018,680 MainSource Financial Group, Inc. 50,700 407,628 MB Financial, Inc. 42,500 578,000 National Penn Bancshares, Inc.(1) 369,100 3,063,530 NBT Bancorp, Inc.(1) 55,600 1,203,184 Old National Bancorp(1) 185,000 2,066,450 Old Second Bancorp, Inc.(1) 3,700 23,495 Oriental Financial Group, Inc. 185,990 907,631 Pacific Capital Bancorp(1) 525,500 3,557,635 PacWest Bancorp(1) 218,300 3,128,239 Park National Corp. 1,800 100,350 Popular, Inc.(1) 906,879 1,976,996 Porter Bancorp, Inc. 16,590 189,126 Prosperity Bancshares, Inc. 500 13,675 Provident Bankshares Corp.(1) 442,555 3,120,013 Regions Financial Corp.(1) 351,100 1,495,686 Renasant Corp. 35,500 445,880 Republic Bancorp, Inc., Cl. A(1) 45,300 845,751 Sandy Spring Bancorp, Inc.(1) 41,981 468,508 Santander BanCorp 38,344 302,151 Simmons First National Corp. 48,451 1,220,481 South Financial Group, Inc. (The)(1) 435,460 479,006 Southside Bancshares, Inc. 43,200 816,480 Sterling Bancorp 180,200 1,783,980 Sterling Financial Corp., Western US(1) 214,500 444,015 Susquehanna Bancshares, Inc.(1) 354,910 3,311,310 Tompkins Financial Corp.(1) 44,800 1,926,400 TowneBank(1) 42,100 687,493 UCBH Holdings, Inc.(1) 299,075 451,603 UMB Financial Corp. 11,500 488,635 Umpqua Holdings Corp.(1) 54,100 490,146 United Bankshares, Inc.(1) 42,400 730,976 United Community Banks, Inc.(1, 2) 221,915 923,166 Webster Financial Corp.(1) 391,807 1,665,180 WesBanco, Inc. 79,768 1,821,103 West Coast Bancorp(1) 25,700 57,054 Westamerica Bancorp(1) 16,500 751,740 Western Alliance Bancorp(1, 2) 89,383 407,586 Whitney Holding Corp.(1) 170,700 1,954,515 Wintrust Financial Corp. 121,488 1,494,302
13 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- COMMERCIAL BANKS CONTINUED Zions Bancorp(1) 88,900 $ 873,887 -------------- 76,476,966 -------------- CONSUMER FINANCE--0.7% Advance America Cash Advance Centers, Inc. 23,900 40,391 Advanta Corp., Cl. B 228,400 150,744 AmeriCredit Corp.(1, 2) 763,282 4,472,833 Capital One Financial Corp. 26,800 328,032 Cash America International, Inc. 302,700 4,740,282 Discover Financial Services(1) 229,400 1,447,514 Dollar Financial Corp.(1, 2) 80,250 763,980 EZCORP, Inc., Cl. A(2) 60,559 700,668 First Cash Financial Services, Inc.(2) 72,200 1,077,224 First Marblehead Corp. (The)(2) 259,879 335,244 Nelnet, Inc., Cl. A(2) 85,983 760,090 Student Loan Corp. (The) 14,180 615,979 World Acceptance Corp.(1, 2) 213,700 3,654,270 -------------- 19,087,251 -------------- DIVERSIFIED FINANCIAL SERVICES--0.7% Asset Acceptance Capital Corp.(2) 137,500 730,125 CIT Group, Inc.(1) 1,214,865 3,462,365 Encore Capital Group, Inc.(2) 26,600 120,498 Financial Federal Corp.(1) 157,400 3,333,732 Interactive Brokers Group, Inc., Cl. A(2) 157,290 2,537,088 Life Partners Holdings, Inc.(1) 42,325 722,065 MarketAxess Holdings, Inc.(1, 2) 80,665 616,281 NewStar Financial, Inc.(2) 21,600 50,112 PHH Corp.(2) 518,877 7,290,222 Pico Holdings, Inc.(2) 28,600 860,002 -------------- 19,722,490 -------------- INSURANCE--4.3% Alleghany Corp.(2) 918 248,622 Allied World Assurance Holdings Ltd. 95,400 3,628,062 American Equity Investment Life Holding Co. 425,200 1,768,832 American Financial Group, Inc. 67,000 1,075,350 American National Insurance Co. 9,900 518,859 American Physicians Capital, Inc.(1) 92,760 3,795,739 Amerisafe, Inc.(2) 249,458 3,821,697 AmTrust Financial Services, Inc. 306,700 2,928,985 Aspen Insurance Holdings Ltd. 356,335 8,003,284 Assurant, Inc. 74,000 1,611,720 Assured Guaranty Ltd.(1) 43,391 293,757 Berkley (W.R.) Corp. 11,700 263,835 Citizens, Inc.(1, 2) 18,100 131,587 CNA Financial Corp.(1) 119,900 1,098,284
14 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- INSURANCE CONTINUED CNA Surety Corp.(2) 184,432 $ 3,400,926 Conseco, Inc.(2) 1,269,500 1,167,940 Delphi Financial Group, Inc., Cl. A 352,980 4,751,111 eHealth, Inc.(2) 6,930 110,949 EMC Insurance Group, Inc. 5,636 118,751 Employers Holdings, Inc. 251,400 2,398,356 Endurance Specialty Holdings Ltd. 59,710 1,489,167 FBL Financial Group, Inc., Cl. A(1) 159,826 663,278 Fidelity National Title Group, Inc., Cl. A 13,700 267,287 First American Corp. 10,000 265,100 FPIC Insurance Group, Inc.(1, 2) 73,640 2,726,889 Genworth Financial, Inc., Cl. A 498,600 947,340 Hallmark Financial Services, Inc.(2) 41,700 288,981 Hanover Insurance Group, Inc. 8,700 250,734 Harleysville Group, Inc. 75,344 2,396,693 Horace Mann Educators Corp. 312,327 2,614,177 Infinity Property & Casualty Corp. 96,418 3,271,463 IPC Holdings Ltd. 274,300 7,417,072 Lincoln National Corp. 56,500 377,985 Maiden Holdings Ltd.(1) 9,500 42,465 Max Capital Group Ltd. 589,901 10,169,893 Meadowbrook Insurance Group, Inc. 161,180 983,198 Mercury General Corp. 9,500 282,150 National Financial Partners Corp. 160,700 514,240 National Interstate Corp.(1) 57,900 979,089 National Western Life Insurance Co., Cl. A 2,050 231,650 Navigators Group, Inc. (The)(2) 58,700 2,769,466 NYMAGIC, Inc. 3,039 37,076 Old Republic International Corp. 24,500 265,090 OneBeacon Insurance Group Ltd. 156,720 1,513,915 Phoenix Cos., Inc. (The) 506,200 592,254 Platinum Underwriters Holdings Ltd. 236,300 6,701,468 PMA Capital Corp., Cl. A(2) 76,900 320,673 Presidential Life Corp. 55,477 432,166 Principal Financial Group, Inc. (The) 37,400 305,932 ProAssurance Corp.(2) 58,700 2,736,594 Protective Life Corp. 832,660 4,371,465 Reinsurance Group of America, Inc. 9,200 297,988 RLI Corp. 38,320 1,923,664 Safety Insurance Group, Inc. 90,784 2,821,567 Seabright Insurance Holdings, Inc.(2) 143,397 1,499,933 Selective Insurance Group, Inc. 239,339 2,910,362 StanCorp Financial Group, Inc. 186,403 4,246,260 State Auto Financial Corp. 20,500 360,800 Stewart Information Services Corp. 68,344 1,332,708 Transatlantic Holdings, Inc. 18,500 659,895 United America Indemnity Ltd., Cl. A(2) 180,153 724,215 United Fire & Casualty Co. 30,364 666,793
15 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- INSURANCE CONTINUED Unitrin, Inc. 290,000 $ 4,054,200 UnumProvident Corp. 129,050 1,613,125 White Mountains Insurance Group Ltd. 1,500 257,865 -------------- 120,730,971 -------------- REAL ESTATE INVESTMENT TRUSTS--2.7% Acadia Realty Trust 28,463 301,992 Agree Realty Corp. 54,800 859,812 Alexander's, Inc.(1) 1,760 299,869 Alexandria Real Estate Equities, Inc.(1) 64,400 2,344,160 American Campus Communities, Inc. 25,500 442,680 Arbor Realty Trust, Inc.(1) 23,400 16,848 Ashford Hospitality Trust(1) 288,300 443,982 Associated Estates Realty Corp. 33,900 192,552 BioMed Realty Trust, Inc. 289,390 1,959,170 Brandywine Realty Trust 165,092 470,512 Capital Lease Funding, Inc.(1) 99,700 196,409 CBL & Associates Properties, Inc.(1) 113,800 268,568 Cedar Shopping Centers, Inc. 61,900 107,706 Colonial Properties Trust 57,400 218,694 Corporate Office Properties Trust 62,405 1,549,516 DCT Industrial Trust, Inc. 66,700 211,439 DiamondRock Hospitality Co. 515,400 2,066,754 EastGroup Properties, Inc.(1) 79,700 2,237,179 Entertainment Properties Trust(1) 184,850 2,913,236 Equity Lifestyle Properties, Inc. 19,500 742,950 Equity One, Inc.(1) 21,600 263,304 Extra Space Storage, Inc. 420,400 2,316,404 FelCor Lodging Trust, Inc. 427,400 581,264 First Industrial Realty Trust, Inc.(1) 256,800 629,160 First Potomac Realty Trust 28,800 211,680 Glimcher Realty Trust 28,700 40,180 Healthcare Realty Trust, Inc. 199,400 2,989,006 Hersha Hospitality Trust 61,300 116,470 Highwoods Properties, Inc.(1) 190,600 4,082,652 Home Properties of New York, Inc.(1) 108,640 3,329,816 Inland Real Estate Corp. 252,500 1,790,225 Kite Realty Group Trust 131,000 320,950 LaSalle Hotel Properties(1) 180,300 1,052,952 Lexington Realty Trust 224,700 534,786 LTC Properties, Inc. 86,500 1,517,210 Medical Properties Trust, Inc.(1) 351,800 1,284,070 Mid-America Apartment Communities, Inc. 107,300 3,308,059 National Health Investors, Inc. 12,600 338,562 National Retail Properties, Inc.(1) 227,600 3,605,184 Nationwide Health Properties, Inc.(1) 181,700 4,031,923 Omega Healthcare Investors, Inc. 151,520 2,133,402 Parkway Properties, Inc.(1) 71,800 739,540
16 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- REAL ESTATE INVESTMENT TRUSTS CONTINUED Pennsylvania Real Estate Investment Trust(1) 140,100 $ 497,355 Post Properties, Inc.(1) 29,200 296,088 Potlatch Corp. 83,150 1,928,249 PS Business Parks, Inc. 38,900 1,433,465 Ramco-Gershenson Properties Trust 44,500 287,025 Realty Income Corp.(1) 139,100 2,617,861 Saul Centers, Inc. 18,200 418,054 Senior Housing Properties Trust 370,300 5,191,606 SL Green Realty Corp.(1) 325,500 3,515,400 Sovran Self Storage, Inc. 82,300 1,652,584 Strategic Hotels & Resorts, Inc.(1) 241,700 166,773 Sunstone Hotel Investors, Inc.(1) 245,081 644,563 Tanger Factory Outlet Centers, Inc.(1) 34,630 1,068,682 Taubman Centers, Inc. 63,800 1,087,152 Universal Health Realty Income Trust 3,000 87,690 Urstadt Biddle Properties, Inc., Cl. A 7,300 97,966 Washington Real Estate Investment Trust(1) 82,700 1,430,710 -------------- 75,482,050 -------------- REAL ESTATE MANAGEMENT & DEVELOPMENT--0.3% Avatar Holdings, Inc.(2) 11,901 178,277 CB Richard Ellis Group, Inc., Cl. A(2) 336,942 1,357,876 Consolidated-Tomoka Land Co. 2,500 74,250 Forest City Enterprises, Inc., Cl. A 281,867 1,014,721 Forestar Group, Inc.(1, 2) 100,000 765,000 Jones Lang LaSalle, Inc. 169,900 3,951,874 Tejon Ranch Co.(2) 3,500 72,345 -------------- 7,414,343 -------------- THRIFTS & MORTGAGE FINANCE--0.8% Anchor BanCorp Wisconsin, Inc.(1) 64,600 87,210 Bank Mutual Corp. 160,400 1,453,224 BankFinancial Corp. 7,500 74,775 Dime Community Bancshares, Inc. 268,600 2,519,468 Encore Bancshares, Inc.(1, 2) 52,600 466,562 First Niagara Financial Group, Inc. 64,000 697,600 First Place Financial Corp. 28,400 95,424 Flagstar Bancorp, Inc.(2) 98,334 73,751 Flushing Financial Corp. 155,800 937,916 Hudson City Bancorp, Inc. 103,600 1,211,084 MGIC Investment Corp.(1) 1,060,111 1,505,358 NewAlliance Bancshares, Inc. 52,600 617,524 OceanFirst Financial Corp. 28,200 288,204 Ocwen Financial Corp.(2) 341,013 3,897,779 PMI Group, Inc. (The)(1) 969,900 601,338 Provident Financial Services, Inc. 263,900 2,852,759 Provident New York Bancorp 167,100 1,428,705 Radian Group, Inc. 913,900 1,663,298
17 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- THRIFTS & MORTGAGE FINANCE CONTINUED TierOne Corp. 49,200 $ 105,288 Tree.com, Inc.(2) 8,276 38,235 Trustco Bank Corp. NY(1) 32,000 192,640 WSFS Financial Corp. 21,200 474,032 -------------- 21,282,174 -------------- HEALTH CARE--8.7% BIOTECHNOLOGY--1.9% Acorda Therapeutics, Inc.(1, 2) 80,300 1,590,743 Alexion Pharmaceuticals, Inc.(2) 81,600 3,073,056 Allos Therapeutics, Inc.(2) 197,000 1,217,460 Alnylam Pharmaceuticals, Inc.(1, 2) 48,000 913,920 Anadys Pharmaceuticals, Inc.(2) 34,000 230,860 ArQule, Inc.(2) 27,400 113,436 Array BioPharma, Inc.(2) 94,915 250,576 Celldex Therapeutics, Inc.(2) 60,103 391,271 Cepheid, Inc.(1, 2) 74,500 514,050 Cubist Pharmaceuticals, Inc.(2) 272,100 4,451,556 CV Therapeutics, Inc.(2) 187,185 3,721,238 Dendreon Corp.(1, 2) 93,600 393,120 Emergent Biosolutions, Inc.(1, 2) 185,500 2,506,105 Enzon Pharmaceuticals, Inc.(1, 2) 375,067 2,276,657 Facet Biotech Corp.(2) 125,791 1,195,015 Geron Corp.(1, 2) 296,100 1,323,567 GTx, Inc.(1, 2) 51,700 546,986 Human Genome Sciences, Inc.(2) 713,900 592,537 ImmunoGen, Inc.(2) 24,600 174,660 Incyte Corp.(1, 2) 349,930 818,836 Indevus Pharmaceuticals, Inc.(2) 14,100 141 InterMune, Inc.(1, 2) 45,700 751,308 Isis Pharmaceuticals, Inc.(1, 2) 28,600 429,286 Ligand Pharmaceuticals, Inc., Cl. B(2) 114,700 341,806 MannKind Corp.(1, 2) 113,200 393,936 Martek Biosciences Corp.(1) 159,500 2,910,875 Momenta Pharmaceuticals, Inc.(2) 251,800 2,772,318 Myriad Genetics, Inc.(2) 115,000 5,229,050 Nabi Biopharmaceuticals, Inc.(2) 45,352 167,802 NPS Pharmaceuticals, Inc.(2) 66,475 279,195 OSI Pharmaceuticals, Inc.(1, 2) 56,700 2,169,342 Osiris Therapeutics, Inc.(1, 2) 87,000 1,200,600 PDL BioPharma, Inc. 519,157 3,675,632 Progenics Pharmaceuticals, Inc.(1, 2) 126,800 835,612 Rigel Pharmaceuticals, Inc.(1, 2) 99,703 612,176 RXi Pharmaceuticals Corp.(1, 2) 23,700 120,633
18 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- BIOTECHNOLOGY CONTINUED Sangamo BioSciences, Inc.(1, 2) 24,600 $ 104,058 Savient Pharmaceuticals, Inc.(1, 2) 452,200 2,238,390 Theravance, Inc.(2) 37,200 632,400 ZymoGenetics, Inc.(1, 2) 117,300 468,027 -------------- 51,628,236 -------------- HEALTH CARE EQUIPMENT & SUPPLIES--1.8% Abaxis, Inc.(1, 2) 59,300 1,022,332 Align Technology, Inc.(1, 2) 98,100 777,933 Analogic Corp. 178,600 5,718,772 AngioDynamics, Inc.(2) 63,800 717,112 Cardiac Science Corp.(2) 8,300 24,983 ConMed Corp.(2) 137,900 1,987,139 Cooper Cos., Inc. (The) 21,700 573,748 CryoLife, Inc.(2) 281,170 1,456,461 Cyberonics, Inc.(1, 2) 197,300 2,618,171 ev3, Inc.(2) 20,600 146,260 Exactech, Inc.(2) 60,784 698,408 Haemonetics Corp.(2) 10,600 583,848 Hill-Rom Holdings, Inc. 138,684 1,371,585 Immucor, Inc.(2) 10,900 274,135 Invacare Corp. 9,800 157,094 Inverness Medical Innovations, Inc.(1, 2) 37,500 998,625 IRIS International, Inc.(1, 2) 34,700 400,091 Kensey Nash Corp.(2) 149,050 3,170,294 Kinetic Concepts, Inc.(2) 69,800 1,474,176 Masimo Corp.(2) 10,000 289,800 Merit Medical Systems, Inc.(2) 186,300 2,274,723 Natus Medical, Inc.(2) 188,533 1,604,416 Orthofix International NV(2) 73,070 1,353,256 Palomar Medical Technologies, Inc.(2) 46,000 333,960 Quidel Corp.(2) 180,100 1,660,522 RTI Biologics, Inc.(2) 16,000 45,600 Sirona Dental Systems, Inc.(1, 2) 24,040 344,253 Somanetics Corp.(2) 117,500 1,783,650 SonoSite, Inc.(1, 2) 84,053 1,502,868 Spectranetics Corp. (The)(2) 10,800 27,324 Stereotaxis, Inc.(1, 2) 19,700 78,603 Steris Corp. 293,700 6,837,336 Symmetry Medical, Inc.(2) 45,000 283,950 Synovis Life Technologies, Inc.(2) 85,200 1,179,168 Thoratec Corp.(2) 55,800 1,433,502 Varian Medical Systems, Inc.(2) 9,400 286,136 VNUS Medical Technologies, Inc.(2) 90,100 1,916,427
19 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- HEALTH CARE EQUIPMENT & SUPPLIES CONTINUED Volcano Corp.(2) 31,800 $ 462,690 Zimmer Holdings, Inc.(2) 17,400 635,100 Zoll Medical Corp.(2) 184,200 2,645,112 -------------- 51,149,563 -------------- HEALTH CARE PROVIDERS & SERVICES--3.3% Alliance HealthCare Services, Inc.(1, 2) 179,400 1,219,920 Almost Family, Inc.(1, 2) 24,476 467,247 AMERIGROUP Corp.(2) 263,900 7,267,806 AMN Healthcare Services, Inc.(2) 212,000 1,081,200 Assisted Living Concepts, Inc.(2) 1,957 26,537 Brookdale Senior Living, Inc.(1) 300,923 1,519,661 Catalyst Health Solutions, Inc.(2) 96,052 1,903,751 Centene Corp.(2) 389,260 7,014,465 Chemed Corp. 46,400 1,804,960 Chindex International, Inc.(2) 29,300 145,621 CIGNA Corp. 106,300 1,869,817 Community Health Systems, Inc.(2) 81,800 1,254,812 CorVel Corp.(2) 28,230 570,811 Coventry Health Care, Inc.(2) 89,000 1,151,660 Cross Country Healthcare, Inc.(2) 109,026 714,120 Enstar Group, Inc. (The) 4,100 63,386 Gentiva Health Services, Inc.(2) 107,800 1,638,560 Hanger Orthopedic Group, Inc.(2) 210,300 2,786,475 Health Management Associates, Inc., Cl. A(2) 842,000 2,172,360 Health Net, Inc.(2) 252,000 3,648,960 HEALTHSOUTH Corp.(2) 21,300 189,144 Healthspring, Inc.(2) 381,100 3,189,807 Healthways, Inc.(2) 212,952 1,867,589 HMS Holdings Corp.(2) 45,300 1,490,370 Humana, Inc.(2) 10,700 279,056 InVentiv Health, Inc.(2) 205,000 1,672,800 Kindred Healthcare, Inc.(2) 388,400 5,806,580 Landauer, Inc. 77,000 3,902,360 LHC Group, Inc.(2) 39,400 877,832 LifePoint Hospitals, Inc.(1, 2) 355,387 7,413,373 Lincare Holdings, Inc.(1, 2) 180,900 3,943,620 MedCath Corp.(2) 75,610 549,685 MEDNAX, Inc.(2) 120,800 3,559,976 Molina Healthcare, Inc.(1, 2) 155,800 2,963,316 MWI Veterinary Supply, Inc.(2) 15,100 430,048 Odyssey Healthcare, Inc.(2) 108,810 1,055,457 PharMerica Corp.(1, 2) 251,070 4,177,805 Providence Service Corp.(2) 27,090 186,379
20 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- HEALTH CARE PROVIDERS & SERVICES CONTINUED RehabCare Group, Inc.(2) 189,514 $ 3,305,124 Res-Care, Inc.(2) 112,080 1,631,885 Skilled Healthcare Group, Inc., Cl. A(2) 27,000 221,670 Sun Healthcare Group, Inc.(2) 45,098 380,627 Universal American Corp.(1, 2) 191,433 1,621,438 Universal Health Services, Inc., Cl. B 7,500 287,550 WellCare Health Plans, Inc.(2) 362,523 4,078,384 -------------- 93,404,004 -------------- HEALTH CARE TECHNOLOGY--0.1% Allscripts-Misys Healthcare Solutions, Inc.(1) 196,600 2,023,014 Computer Programs & Systems, Inc. 15,983 531,754 IMS Health, Inc. 26,600 331,702 Omnicell, Inc.(2) 102,100 798,422 -------------- 3,684,892 -------------- LIFE SCIENCES TOOLS & SERVICES--0.8% Albany Molecular Research, Inc.(1, 2) 224,600 2,117,978 AMAG Pharmaceuticals, Inc.(2) 6,900 253,713 Bio-Rad Laboratories, Inc., Cl. A(2) 16,300 1,074,170 Bruker Corp.(2) 84,600 521,136 Charles River Laboratories International, Inc.(2) 9,500 258,495 Dionex Corp.(2) 37,100 1,752,975 Enzo Biochem, Inc.(1, 2) 12,500 50,250 eResearch Technology, Inc.(2) 278,300 1,463,858 Kendle International, Inc.(2) 22,000 461,120 Life Sciences Research, Inc.(2) 39,330 281,996 Luminex Corp.(2) 142,400 2,580,288 Medivation, Inc.(1, 2) 132,000 2,411,640 Nektar Therapeutics(2) 84,018 452,857 Parexel International Corp.(2) 363,300 3,534,909 Pharmaceutical Product Development, Inc. 15,700 372,404 Sequenom, Inc.(1, 2) 96,400 1,370,808 Techne Corp. 5,000 273,550 Varian, Inc.(2) 77,730 1,845,310 -------------- 21,077,457 -------------- PHARMACEUTICALS--0.8% Adolor Corp.(2) 293,200 598,128 Akorn, Inc.(2) 28,300 24,338 Auxilium Pharmaceuticals, Inc.(1, 2) 99,400 2,755,368 BioMimetic Therapeutics, Inc.(1, 2) 26,428 187,639 CPEX Pharmaceuticals, Inc.(2) 1,950 14,255 Cypress Bioscience, Inc.(2) 77,600 551,736 Durect Corp.(2) 16,602 37,022 Endo Pharmaceuticals Holdings, Inc.(2) 18,300 323,544
21 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- PHARMACEUTICALS CONTINUED Forest Laboratories, Inc.(2) 82,880 $ 1,820,045 K-V Pharmaceutical Co., Cl. A(2) 42,417 69,988 King Pharmaceuticals, Inc.(2) 14,700 103,929 Medicines Co. (The)(2) 14,100 152,844 Medicis Pharmaceutical Corp., Cl. A(1) 345,396 4,272,549 MiddleBrook Pharmaceuticals, Inc.(1, 2) 94,500 128,520 Noven Pharmaceuticals, Inc.(2) 197,090 1,868,413 Obagi Medical Products, Inc.(2) 7,100 38,198 Optimer Pharmaceuticals, Inc.(2) 24,900 328,431 Pain Therapeutics, Inc.(2) 146,100 613,620 Par Pharmaceutical Cos., Inc.(2) 61,000 577,670 Pozen, Inc.(1, 2) 87,600 536,112 Questcor Pharmaceuticals, Inc.(2) 177,000 870,840 Salix Pharmaceuticals Ltd.(2) 120,066 1,140,627 Valeant Pharmaceuticals International, Inc.(1, 2) 168,400 2,995,836 ViroPharma, Inc.(2) 66,900 351,225 Vivus, Inc.(1, 2) 288,500 1,246,320 -------------- 21,607,197 -------------- INDUSTRIALS--19.0% AEROSPACE & DEFENSE--1.4% AAR Corp.(2) 111,349 1,396,316 Aerovironment, Inc.(2) 7,600 158,840 Argon ST, Inc.(2) 82,800 1,570,716 Astronics Corp., Cl. B(2) 9,625 98,656 BE Aerospace, Inc.(2) 522,400 4,529,208 Ceradyne, Inc.(1, 2) 332,915 6,035,749 Cubic Corp.(1) 132,900 3,366,357 Ducommun, Inc. 180,500 2,624,470 DynCorp International, Inc., Cl. A(2) 201,200 2,681,996 Esterline Technologies Corp.(2) 301,585 6,089,001 Gencorp, Inc.(1, 2) 253,630 537,696 Goodrich Corp. 18,800 712,332 Herley Industries, Inc.(2) 12,518 149,715 Ladish Co., Inc.(2) 39,800 288,948 Precision Castparts Corp. 30,700 1,838,930 Taser International, Inc.(1, 2) 156,458 732,223 Triumph Group, Inc.(1) 143,300 5,474,060 -------------- 38,285,213 -------------- AIR FREIGHT & LOGISTICS--0.2% Air Transport Services Group, Inc.(2) 68,400 52,668 Atlas Air Worldwide Holdings, Inc.(2) 189,613 3,289,786 Pacer International, Inc. 500,331 1,751,159
22 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- AIR FREIGHT & LOGISTICS CONTINUED UTi Worldwide, Inc. 56,900 $ 679,955 -------------- 5,773,568 -------------- AIRLINES--0.4% Continental Airlines, Inc., Cl. B(1, 2) 101,240 891,924 Hawaiian Holdings, Inc.(2) 460,500 1,717,665 Republic Airways Holdings, Inc.(2) 410,300 2,658,744 SkyWest, Inc. 421,170 5,239,355 Southwest Airlines Co. 46,700 295,611 US Airways Group, Inc.(2) 467,400 1,182,522 -------------- 11,985,821 -------------- BUILDING PRODUCTS--1.2% Aaon, Inc.(1) 138,925 2,517,321 American Woodmark Corp.(1) 50,500 886,780 Ameron International Corp. 109,316 5,756,581 Apogee Enterprises, Inc. 320,761 3,521,956 Armstrong World Industries, Inc.(2) 276,068 3,039,509 Gibraltar Industries, Inc.(1) 411,478 1,942,176 Griffon Corp.(1, 2) 204,802 1,536,015 Insteel Industries, Inc.(1) 310,642 2,162,068 Lennox International, Inc. 32,500 859,950 NCI Building Systems, Inc.(1, 2) 288,800 641,136 Owens Corning, Inc.(2) 108,000 976,320 Quanex Building Products Corp. 421,925 3,206,630 Trex Co., Inc.(1, 2) 193,156 1,473,780 Universal Forest Products, Inc. 178,800 4,757,868 USG Corp.(2) 50,946 387,699 -------------- 33,665,789 -------------- COMMERCIAL SERVICES & SUPPLIES--4.7% Acco Brands Corp.(2) 237,000 232,260 Administaff, Inc. 129,700 2,740,561 Advisory Board Co. (The)(2) 22,700 376,366 American Ecology Corp. 189,700 2,644,418 American Reprographics Co.(2) 291,515 1,031,963 AMREP Corp.(2) 10,173 159,716 ATC Technology Corp.(2) 136,060 1,523,872 Bowne & Co., Inc.(2) 251,886 808,554 Brink's Co. (The) 54,500 1,442,070 Casella Waste Systems, Inc., Cl. A(2) 64,200 109,782 CBIZ, Inc.(1, 2) 418,090 2,914,087 CDI Corp. 290,350 2,822,202 Cenveo, Inc.(1, 2) 279,360 907,920 Comfort Systems USA, Inc. 447,000 4,635,390 COMSYS IT Partners, Inc.(2) 58,900 130,169 Consolidated Graphics, Inc.(2) 224,122 2,850,832
23 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- COMMERCIAL SERVICES & SUPPLIES CONTINUED Copart, Inc.(2) 35,600 $ 1,055,896 Cornell Corrections, Inc.(2) 115,900 1,897,283 Corporate Executive Board Co. (The) 57,100 827,950 CoStar Group, Inc.(1, 2) 93,700 2,834,425 Courier Corp. 22,158 336,137 CRA International, Inc.(1, 2) 120,103 2,267,545 Deluxe Corp. 680,200 6,550,326 EnergySolutions, Inc. 229,430 1,984,570 EnerNOC, Inc.(1, 2) 12,400 180,296 Ennis, Inc. 125,330 1,110,424 Equifax, Inc. 42,600 1,041,570 Exponent, Inc.(2) 191,300 4,845,629 First Advantage Corp., Cl. A(2) 89,400 1,231,932 Fuel-Tech, Inc. NV(2) 9,479 99,150 G&K Services, Inc., Cl. A 115,400 2,182,214 Heidrick & Struggles International, Inc.(1) 124,292 2,204,940 Hill International, Inc.(2) 238,316 724,481 HNI Corp.(1) 426,900 4,439,760 Hudson Highland Group, Inc.(1, 2) 183,900 204,129 ICF International, Inc.(1, 2) 77,900 1,789,363 Interface, Inc., Cl. A 789,200 2,359,708 Kelly Services, Inc., Cl. A 237,557 1,912,334 Kforce, Inc.(2) 143,500 1,008,805 Kimball International, Inc., Cl. B 130,513 856,165 Knoll, Inc. 335,300 2,055,389 Korn-Ferry International(2) 532,800 4,827,168 M&F Worldwide Corp.(2) 30,997 362,975 Manpower, Inc.(1) 64,080 2,020,442 McGrath Rentcorp 51,458 810,978 Metalico, Inc.(1, 2) 232,000 394,400 Miller (Herman), Inc. 589,060 6,279,380 Monster Worldwide, Inc.(1, 2) 454,334 3,702,822 MPS Group, Inc.(1, 2) 1,207,500 7,184,625 On Assignment, Inc.(2) 205,036 555,648 PRG-Schultz International, Inc.(2) 8,800 24,992 R.R. Donnelley & Sons Co. 219,500 1,608,935 Resources Connection, Inc.(2) 442,295 6,669,809 Robert Half International, Inc. 15,600 278,148 Schawk, Inc. 139,782 844,283 School Specialty, Inc.(1, 2) 136,700 2,404,553 Spherion Corp.(2) 306,620 637,770 Standard Parking Corp.(2) 24,600 403,440 Standard Register Co. (The)(1) 253,931 1,163,004 Steelcase, Inc., Cl. A 1,132,200 5,672,322 Sykes Enterprises, Inc.(2) 108,300 1,801,029
24 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- COMMERCIAL SERVICES & SUPPLIES CONTINUED Team, Inc.(2) 109,287 $ 1,280,844 TrueBlue, Inc.(2) 614,800 5,072,100 United Stationers, Inc.(1, 2) 103,327 2,901,422 Viad Corp. 241,270 3,406,732 Volt Information Sciences, Inc.(2) 39,400 262,010 Waste Services, Inc.(2) 53,438 228,715 -------------- 132,129,129 -------------- CONSTRUCTION & ENGINEERING--1.5% Baker (Michael) Corp.(2) 98,450 2,559,700 Chicago Bridge & Iron Co. NV 465,400 2,918,058 Dycom Industries, Inc.(2) 605,902 3,508,173 EMCOR Group, Inc.(1, 2) 536,480 9,211,362 Fluor Corp. 13,400 462,970 Furmanite Corp.(2) 45,300 140,883 Granite Construction, Inc.(1) 63,664 2,386,127 Insituform Technologies, Inc., Cl. A(1, 2) 137,570 2,151,595 Integrated Electrical Services, Inc.(1, 2) 96,600 880,992 Layne Christensen Co.(2) 89,870 1,444,211 MasTec, Inc.(2) 330,900 4,000,581 Northwest Pipe Co.(1, 2) 95,800 2,727,426 Orion Marine Group, Inc.(2) 31,500 412,650 Perini Corp.(2) 483,946 5,952,536 Pike Electric Corp.(2) 202,150 1,869,888 Shaw Group, Inc. (The)(2) 54,000 1,480,140 -------------- 42,107,292 -------------- ELECTRICAL EQUIPMENT--1.9% Acuity Brands, Inc.(1) 313,600 7,068,544 Advanced Battery Technologies, Inc.(2) 43,300 92,662 AZZ, Inc.(1, 2) 87,633 2,312,635 Baldor Electric Co.(1) 471,460 6,831,455 Belden, Inc. 516,620 6,462,916 Brady Corp., Cl. A 96,100 1,694,243 C&D Technologies, Inc.(1, 2) 117,210 216,839 Day4 Energy, Inc., Legend Shares(2) 522,900 269,579 Encore Wire Corp.(1) 202,754 4,345,018 EnerSys, Inc.(2) 174,685 2,117,182 FuelCell Energy, Inc.(2) 104,200 250,080 Fushi Copperweld, Inc.(2) 13,100 62,880 GrafTech International Ltd.(2) 1,243,600 7,660,576 Hubbell, Inc., Cl. B 23,000 620,080 LSI Industries, Inc. 85,300 441,001 Plug Power, Inc.(2) 26,400 22,968 Polypore International, Inc.(2) 68,692 276,142
25 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- ELECTRICAL EQUIPMENT CONTINUED Powell Industries, Inc.(2) 111,100 $ 3,922,941 Smith (A.O.) Corp. 179,730 4,525,601 Thomas & Betts Corp.(2) 36,700 918,234 Valence Technology, Inc.(1, 2) 239,600 510,348 Vicor Corp. 99,463 486,374 Woodward Governor Co. 71,002 793,802 -------------- 51,902,100 -------------- INDUSTRIAL CONGLOMERATES--0.3% Raven Industries, Inc. 87,500 1,818,250 Standex International Corp. 49,863 458,740 Textron, Inc. 145,600 835,744 Tredegar Corp. 276,485 4,515,000 -------------- 7,627,734 -------------- MACHINERY--5.1% 3D Systems Corp.(2) 3,800 25,042 Actuant Corp., Cl. A(1) 406,101 4,195,023 AGCO Corp.(2) 62,100 1,217,160 Altra Holdings, Inc.(2) 200,384 777,490 American Railcar Industries, Inc. 18,000 137,340 Ampco-Pittsburgh Corp. 151,100 2,003,586 Badger Meter, Inc.(1) 155,600 4,495,284 Barnes Group, Inc.(1) 406,800 4,348,692 Blount International, Inc.(2) 362,400 1,674,288 Briggs & Stratton Corp.(1) 251,200 4,144,800 Bucyrus International, Inc., Cl. A 16,000 242,880 Cascade Corp.(1) 49,003 863,923 Chart Industries, Inc.(2) 419,588 3,306,353 CIRCOR International, Inc.(1) 218,774 4,926,790 Colfax Corp.(2) 128,325 881,593 Columbus McKinnon Corp.(2) 279,794 2,439,804 Commercial Vehicle Group, Inc.(2) 22,400 12,320 Crane Co. 157,600 2,660,288 Cummins, Inc. 99,500 2,532,275 Dover Corp. 61,000 1,609,180 Dynamic Materials Corp. 31,571 289,190 Energy Recovery, Inc.(2) 11,400 86,640 EnPro Industries, Inc.(2) 279,780 4,784,238 Federal Signal Corp. 512,894 2,702,951 Force Protection, Inc.(2) 123,100 590,880 Gardner Denver, Inc.(2) 461,560 10,034,314 Gorman-Rupp Co. (The)(1) 146,813 2,906,897 Graco, Inc.(1) 85,700 1,462,899 Graham Corp. 75,000 672,750 Greenbrier Cos., Inc.(1) 36,800 134,688 Harsco Corp. 81,000 1,795,770
26 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- MACHINERY CONTINUED Hurco Cos., Inc.(1, 2) 31,414 $ 333,931 Ingersoll-Rand Co. Ltd., Cl. A 110,700 1,527,660 John Bean Technologies Corp. 90,074 942,174 K-Tron International, Inc.(2) 6,650 403,456 Kadant, Inc.(2) 183,100 2,109,312 Kennametal, Inc. 332,168 5,384,443 L.B. Foster Co., Cl. A(2) 75,600 1,877,148 Lincoln Electric Holdings, Inc.(1) 48,300 1,530,627 Lindsay Manufacturing Co.(1) 43,600 1,177,200 Lydall, Inc.(2) 99,720 296,168 Manitowoc Co., Inc. (The)(1) 1,079,162 3,528,860 McCoy Corp., Legend Shares(3) 315,600 202,757 Met-Pro Corp. 12,384 100,930 Mueller Industries, Inc. 285,800 6,199,002 Mueller Water Products, Inc., Cl. A 777,287 2,565,047 NACCO Industries, Inc., Cl. A 38,800 1,054,584 Navistar International Corp.(1, 2) 56,400 1,887,144 NN, Inc. 74,530 93,908 Nordson Corp.(1) 42,000 1,194,060 Oshkosh Corp. 870,330 5,866,024 Parker-Hannifin Corp. 28,200 958,236 RBC Bearings, Inc.(2) 5,429 82,955 Robbins & Myers, Inc. 316,451 4,800,562 Sauer-Danfoss, Inc. 198,421 484,147 Sun Hydraulics Corp.(1) 206,790 3,021,202 Tecumseh Products Co., Cl. A(2) 234,700 1,060,844 Tennant Co. 74,708 700,014 Terex Corp.(2) 237,700 2,198,725 Thermadyne Holdings Corp.(2) 35,396 75,040 Timken Co. 504,746 7,046,254 Titan International, Inc.(1) 544,349 2,738,075 Toro Co. (The)(1) 274,760 6,643,697 TriMas Corp.(2) 4,000 7,000 Trinity Industries, Inc.(1) 385,700 3,525,298 Twin Disc, Inc. 26,900 186,148 Wabash National Corp. 234,217 288,087 Wabtec Corp. 10,200 269,076 Watts Water Technologies, Inc., Cl. A(1) 27,810 543,964 Xerium Technologies, Inc.(2) 209,197 140,162 -------------- 140,999,249 -------------- MARINE--0.5% American Commercial Lines, Inc.(1, 2) 439,780 1,394,103 Eagle Bulk Shipping, Inc.(1) 182,300 774,775 Excel Maritime Carriers Ltd.(1) 131,700 595,284 Genco Shipping & Trading Ltd.(1) 308,210 3,803,311
27 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- MARINE CONTINUED Horizon Lines, Inc., Cl. A(1) 69,404 $ 210,294 Kirby Corp.(2) 130,600 3,479,184 Safe Bulkers, Inc.(1) 321,770 1,016,793 Star Bulk Carriers Corp.(1) 339,302 753,250 TBS International Ltd., Cl. A(1, 2) 367,000 2,697,450 Ultrapetrol Ltd. (Bahamas)(2) 15,200 41,040 -------------- 14,765,484 -------------- ROAD & RAIL--0.7% Amerco(1, 2) 20,728 695,010 Arkansas Best Corp.(1) 274,100 5,213,382 Avis Budget Group, Inc.(2) 1,356,700 1,234,597 Celadon Group, Inc.(2) 82,100 455,655 Hertz Global Holdings, Inc.(1, 2) 694,000 2,727,420 Marten Transport Ltd.(2) 185,106 3,457,780 Ryder Systems, Inc. 34,668 981,451 Werner Enterprises, Inc.(1) 253,700 3,835,944 YRC Worldwide, Inc.(1, 2) 70,400 316,096 -------------- 18,917,335 -------------- TRADING COMPANIES & DISTRIBUTORS--1.1% Applied Industrial Technologies, Inc. 190,000 3,205,300 Beacon Roofing Supply, Inc.(1, 2) 265,236 3,551,510 BlueLinx Holdings, Inc.(1, 2) 22,100 57,681 DXP Enterprises, Inc.(2) 49,900 515,467 GATX Corp.(1) 118,654 2,400,370 H&E Equipment Services, Inc.(2) 160,336 1,050,201 Houston Wire & Cable Co. 235,829 1,827,675 Interline Brands, Inc.(2) 34,296 289,115 Kaman Corp. 21,900 274,626 Rush Enterprises, Inc., Cl. A(2) 314,582 2,806,071 TAL International Group, Inc. 13,989 102,399 Textainer Group Holdings Ltd. 44,748 302,049 Titan Machinery, Inc.(2) 9,300 83,607 United Rentals, Inc.(1, 2) 870,687 3,665,592 Watsco, Inc. 27,700 942,631 WESCO International, Inc.(2) 521,000 9,440,520 -------------- 30,514,814 -------------- TRANSPORTATION INFRASTRUCTURE--0.0% CAI International, Inc.(2) 206,400 584,112 INFORMATION TECHNOLOGY--22.8% COMMUNICATIONS EQUIPMENT--3.4% 3Com Corp.(2) 2,092,272 6,465,120 Acme Packet, Inc.(2) 158,500 962,095 ADC Telecommunications, Inc.(2) 161,800 710,302 ADTRAN, Inc.(1) 240,400 3,896,884
28 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- COMMUNICATIONS EQUIPMENT CONTINUED Aruba Networks, Inc.(1, 2) 26,800 $ 84,152 Avocent Corp.(1, 2) 550,320 6,680,885 Bel Fuse, Inc., Cl. A 36,200 449,966 BigBand Networks, Inc.(2) 149,428 978,753 Black Box Corp. 79,970 1,888,092 Blue Coat Systems, Inc.(2) 80,600 968,006 Brocade Communications Systems, Inc.(2) 2,069,800 7,140,810 Ciena Corp.(1, 2) 694,500 5,403,210 Cogo Group, Inc.(2) 41,700 278,556 CommScope, Inc.(2) 434,800 4,939,328 Digi International, Inc.(2) 103,854 796,560 EchoStar Holding Corp.(2) 52,000 771,160 EMS Technologies, Inc.(2) 134,800 2,353,608 Emulex Corp.(2) 1,004,700 5,053,641 Extreme Networks, Inc.(2) 125,514 190,781 Finisar Corp.(2) 582,300 256,212 Harris Stratex Networks, Inc., Cl. A(2) 77,374 297,890 Hughes Communications, Inc.(2) 25,200 303,156 InterDigital, Inc.(1, 2) 255,113 6,587,018 Ixia(2) 312,691 1,616,612 JDS Uniphase Corp.(2) 2,084,079 6,773,257 Loral Space & Communications Ltd.(2) 2,200 46,992 Netgear, Inc.(2) 57,300 690,465 Oplink Communications, Inc.(2) 33,738 259,783 ParkerVision, Inc.(1, 2) 95,500 161,395 Performance Technologies, Inc.(2) 20,200 52,318 Plantronics, Inc. 546,800 6,599,876 Polycom, Inc.(1, 2) 118,100 1,817,559 Powerwave Technologies, Inc.(2) 1,416,431 841,360 SeaChange International, Inc.(2) 163,862 937,291 ShoreTel, Inc.(1, 2) 69,600 299,976 Sonus Networks, Inc.(2) 445,800 699,906 Starent Networks Corp.(1, 2) 161,300 2,550,153 Symmetricom, Inc.(2) 6,500 22,750 Tekelec, Inc.(1, 2) 299,100 3,957,093 Tellabs, Inc.(2) 1,646,134 7,539,294 UTStarcom, Inc.(2) 714,822 557,561 ViaSat, Inc.(2) 71,433 1,487,235 -------------- 94,367,061 -------------- COMPUTERS & PERIPHERALS--1.7% 3PAR, Inc.(2) 103,500 679,995 Adaptec, Inc.(2) 553,290 1,327,896 Avid Technology, Inc.(1, 2) 231,900 2,119,566
29 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- COMPUTERS & PERIPHERALS CONTINUED Electronics for Imaging, Inc.(2) 361,942 $ 3,547,032 Hutchinson Technology, Inc.(1, 2) 60,630 157,638 Hypercom Corp.(2) 11,700 11,232 Imation Corp.(1) 210,554 1,610,738 Intermec, Inc.(1, 2) 28,199 293,270 Lexmark International, Inc., Cl. A(1, 2) 23,200 391,384 NCR Corp.(2) 112,200 891,990 Netezza Corp.(2) 215,075 1,462,510 Novatel Wireless, Inc.(2) 71,200 400,144 QLogic Corp.(2) 827,800 9,205,136 Rackable Systems, Inc.(2) 59,700 242,382 Seagate Technology(1) 523,200 3,144,432 STEC, Inc.(1, 2) 480,840 3,543,791 Sun Microsystems, Inc.(2) 401,000 2,935,320 Synaptics, Inc.(1, 2) 277,300 7,420,548 Teradata Corp.(2) 56,200 911,564 Western Digital Corp.(2) 345,000 6,672,300 Xyratex Ltd.(2) 87,300 192,060 -------------- 47,160,928 -------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--3.7% Acacia Research Corp.(2) 100,400 409,632 Agilent Technologies, Inc.(2) 157,500 2,420,775 Agilysys, Inc. 28,100 120,830 Amphenol Corp., Cl. A 48,900 1,393,161 Anixter International, Inc.(1, 2) 194,683 6,167,557 Arrow Electronics, Inc.(2) 274,800 5,237,688 Avnet, Inc.(2) 31,400 549,814 AVX Corp. 24,600 223,368 Benchmark Electronics, Inc.(1) 804,140 9,006,368 Brightpoint, Inc.(2) 380,800 1,629,824 Checkpoint Systems, Inc.(2) 17,200 154,284 China Security & Surveillance Technology, Inc.(2) 99,300 381,312 Cogent, Inc.(1, 2) 44,000 523,600 Cognex Corp. 159,700 2,131,995 Coherent, Inc.(2) 169,700 2,927,325 CPI International, Inc.(2) 500 4,700 CTS Corp.(1) 396,198 1,430,275 Daktronics, Inc.(1) 163,200 1,068,960 Dolby Laboratories, Inc., Cl. A(2) 8,000 272,880 DTS, Inc.(1, 2) 146,450 3,523,587 Echelon Corp.(2) 33,500 271,015 Electro Scientific Industries, Inc.(1, 2) 131,800 780,256 FARO Technologies, Inc.(2) 14,800 198,912
30 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- ELECTRONIC EQUIPMENT & INSTRUMENTS CONTINUED Gerber Scientific, Inc.(2) 59,400 $ 141,966 Ingram Micro, Inc., Cl. A(2) 137,600 1,739,264 Insight Enterprises, Inc.(2) 307,400 940,644 IPG Photonics Corp.(2) 25,100 211,342 Itron, Inc.(2) 14,700 696,045 Jabil Circuit, Inc. 839,040 4,665,062 L-1 Identity Solutions, Inc.(1, 2) 64,320 328,675 Littlefuse, Inc.(1, 2) 170,337 1,872,004 Maxwell Technologies, Inc.(2) 22,800 158,460 Measurement Specialties, Inc.(2) 1,600 6,544 Methode Electronics, Inc. 429,338 1,537,030 Molex, Inc.(1) 117,300 1,611,702 MTS Systems Corp. 94,900 2,158,975 Multi-Fineline Electronix, Inc.(2) 256,897 4,326,145 NAM TAI Electronics, Inc. 74,500 277,140 Newport Corp.(1, 2) 150,910 667,022 OSI Systems, Inc.(2) 122,700 1,872,402 Park Electrochemical Corp. 115,100 1,988,928 PC Connection, Inc.(2) 44,083 167,515 Plexus Corp.(2) 247,900 3,425,978 RadiSys Corp.(2) 16,680 101,081 Rofin-Sinar Technologies, Inc.(2) 330,500 5,327,660 Rogers Corp.(1, 2) 45,100 851,488 Sanmina-SCI Corp.(2) 2,149,800 655,689 ScanSource, Inc.(1, 2) 169,512 3,149,533 SYNNEX Corp.(1, 2) 292,321 5,749,954 Tech Data Corp.(2) 354,972 7,731,290 Technitrol, Inc. 349,703 597,992 Trimble Navigation Ltd.(1, 2) 52,700 805,256 TTM Technologies, Inc.(1, 2) 658,000 3,816,400 Tyco Electronics Ltd. 25,300 279,312 Universal Display Corp.(2) 2,109 19,340 Vishay Intertechnology, Inc.(2) 1,631,738 5,678,448 Zygo Corp.(2) 9,310 42,733 -------------- 104,427,137 -------------- INTERNET SOFTWARE & SERVICES--2.1% Akamai Technologies, Inc.(2) 92,800 1,800,320 Art Technology Group, Inc.(2) 390,200 995,010 AsiaInfo Holdings, Inc.(2) 240,400 4,050,740 comScore, Inc.(2) 32,400 391,716 DealerTrack Holdings, Inc.(2) 40,514 530,733 Digital River, Inc.(1, 2) 223,994 6,679,501 EarthLink, Inc.(2) 584,726 3,841,650
31 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- INTERNET SOFTWARE & SERVICES CONTINUED Imergent, Inc. 78,400 $ 352,800 Internap Network Services Corp.(2) 19,200 51,648 j2 Global Communications, Inc.(2) 270,868 5,929,301 Knot, Inc. (The)(2) 44,700 366,540 Limelight Networks, Inc.(2) 8,800 29,480 Liquidity Services, Inc.(2) 16,300 113,937 LoopNet, Inc.(1, 2) 161,300 980,704 Marchex, Inc., Cl. B(1) 186,980 643,211 Mercadolibre, Inc.(1, 2) 39,700 736,435 ModusLink Global Solutions, Inc.(1, 2) 186,984 484,289 Move, Inc.(2) 120,923 175,338 National Information Consortium, Inc. 164,705 856,466 NaviSite, Inc.(2) 72,500 29,000 Open Text Corp.(1, 2) 144,500 4,976,580 Perficient, Inc.(2) 39,400 212,760 RealNetworks, Inc.(2) 146,000 340,180 S1 Corp.(2) 606,860 3,125,329 Savvis, Inc.(2) 14,100 87,279 Sohu.com, Inc.(1, 2) 59,100 2,441,421 SonicWALL, Inc.(2) 391,039 1,744,034 SoundBite Communications, Inc.(2) 110,000 159,500 TheStreet.com, Inc.(1) 99,920 196,842 United Online, Inc. 538,112 2,399,980 ValueClick, Inc.(2) 882,261 7,508,041 Vignette Corp.(2) 230,100 1,537,068 VistaPrint Ltd.(1, 2) 106,236 2,920,428 Vocus, Inc.(2) 99,000 1,315,710 Zix Corp.(1, 2) 77,600 79,928 -------------- 58,083,899 -------------- IT SERVICES--2.3% Acxiom Corp. 907,088 6,712,451 CIBER, Inc.(2) 848,730 2,317,033 Cognizant Technology Solutions Corp.(2) 12,700 264,033 Computer Sciences Corp.(2) 24,760 912,158 Convergys Corp.(1, 2) 1,323,596 10,694,656 CSG Systems International, Inc.(1, 2) 297,225 4,244,373 Euronet Worldwide, Inc.(1, 2) 61,280 800,317 Exlservice Holdings, Inc.(2) 74,800 644,776 Fiserv, Inc.(2) 7,700 280,742 Forrester Research, Inc.(2) 71,100 1,461,816 Gartner, Inc.(2) 274,300 3,020,043 Global Cash Access, Inc.(2) 327,538 1,251,195 Hackett Group, Inc. (The)(2) 22,800 46,056
32 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- IT SERVICES CONTINUED Heartland Payment Systems, Inc.(1) 183,068 $ 1,210,079 Hewitt Associates, Inc.(2) 27,300 812,448 iGate Corp. 183,394 594,197 infoGROUP, Inc.(2) 93,200 387,712 Integral Systems, Inc.(2) 198,105 1,703,703 Mastech Holdings, Inc.(2) 3,280 6,658 NCI, Inc., Cl. A(2) 18,280 475,280 Ness Technologies, Inc.(2) 113,400 334,530 NeuStar, Inc., Cl. A(1, 2) 288,813 4,837,618 Online Resources & Communications Corp.(2) 6,300 26,523 Perot Systems Corp., Cl. A(2) 456,750 5,882,940 RightNow Technologies, Inc.(2) 292,328 2,212,923 Sapient Corp.(2) 1,025,800 4,585,326 Syntel, Inc. 42,633 877,387 TeleTech Holdings, Inc.(2) 547,489 5,962,155 Total System Services, Inc. 63,700 879,697 Unisys Corp.(2) 1,469,700 778,941 VeriFone Holdings, Inc.(2) 108,200 735,760 Wright Express Corp.(2) 6,110 111,324 -------------- 65,064,850 -------------- OFFICE ELECTRONICS--0.1% Xerox Corp. 240,700 1,095,185 Zebra Technologies Corp., Cl. A(2) 147,900 2,813,058 -------------- 3,908,243 -------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--6.0% Actel Corp.(2) 241,400 2,442,968 Advanced Analogic Technologies, Inc.(2) 14,000 50,400 Advanced Energy Industries, Inc.(2) 425,356 3,202,931 Amkor Technology, Inc.(1, 2) 2,132,310 5,714,591 Analog Devices, Inc. 57,100 1,100,317 Applied Micro Circuits Corp.(2) 556,148 2,702,879 Atmel Corp.(2) 1,900,500 6,898,815 ATMI, Inc.(2) 322,941 4,982,980 Broadcom Corp., Cl. A(1, 2) 73,700 1,472,526 Brooks Automation, Inc.(2) 571,656 2,635,334 Cabot Microelectronics Corp.(1, 2) 216,300 5,197,689 Cavium Networks, Inc.(2) 86,300 995,902 Cirrus Logic, Inc.(2) 577,311 2,170,689 Cohu, Inc. 95,600 688,320 Conexant Systems, Inc.(2) 113,800 73,970 Cymer, Inc.(2) 24,000 534,240 Diodes, Inc.(2) 77,900 826,519 DSP Group, Inc.(2) 80,102 346,041
33 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT CONTINUED Entegris, Inc.(2) 1,667,560 $ 1,434,102 Exar Corp.(2) 223,700 1,395,888 Fairchild Semiconductor International, Inc., Cl. A(2) 1,503,318 5,607,376 FEI Co.(2) 35,000 540,050 Integrated Device Technology, Inc.(2) 1,754,600 7,983,430 Intellon Corp.(2) 109,300 240,460 International Rectifier Corp.(2) 268,600 3,628,786 Intersil Corp., Cl. A 170,400 1,959,600 IXYS Corp. 126,167 1,016,906 Kulicke & Soffa Industries, Inc.(2) 120,900 316,758 Lattice Semiconductor Corp.(2) 1,156,328 1,595,733 LSI Corp.(2) 1,082,700 3,291,408 Marvell Technology Group Ltd.(2) 168,900 1,547,124 Mattson Technology, Inc.(2) 65,631 55,196 MEMC Electronic Materials, Inc.(2) 123,100 2,029,919 Micrel, Inc. 557,700 3,926,208 Micron Technology, Inc.(2) 76,200 309,372 Microsemi Corp.(2) 20,500 237,800 Microtune, Inc.(2) 96,000 174,720 MKS Instruments, Inc.(2) 548,900 8,052,363 Monolithic Power Systems, Inc.(2) 269,400 4,175,700 National Semiconductor Corp. 77,800 799,006 Netlogic Microsystems, Inc.(1, 2) 44,068 1,210,989 Novellus Systems, Inc.(2) 199,200 3,312,696 NVIDIA Corp.(1, 2) 154,158 1,519,998 OmniVision Technologies, Inc.(2) 459,458 3,087,558 ON Semiconductor Corp.(2) 388,472 1,515,041 Pericom Semiconductor Corp.(2) 419,992 3,070,142 PMC-Sierra, Inc.(1, 2) 867,800 5,536,564 RF Micro Devices, Inc.(2) 1,590,800 2,115,764 Rudolph Technologies, Inc.(2) 32,100 97,263 Semtech Corp.(1, 2) 331,620 4,427,127 Sigma Designs, Inc.(1, 2) 58,800 731,472 Silicon Image, Inc.(2) 944,735 2,267,364 Silicon Laboratories, Inc.(1, 2) 139,200 3,674,880 Silicon Storage Technology, Inc.(2) 292,800 483,120 Skyworks Solutions, Inc.(2) 1,310,080 10,559,245 Standard Microsystems Corp.(1, 2) 117,500 2,185,500 Supertex, Inc.(2) 99,400 2,296,140 Techwell, Inc.(2) 37,100 234,101 Teradyne, Inc.(2) 1,776,949 7,783,037 Tessera Technologies, Inc.(2) 73,200 978,684 TriQuint Semiconductor, Inc.(2) 489,900 1,210,053
34 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT CONTINUED Ultra Clean Holdings, Inc.(2) 25,300 $ 27,071 Ultratech, Inc.(2) 277,319 3,463,714 Varian Semiconductor Equipment Associates, Inc.(1, 2) 209,100 4,529,106 Veeco Instruments, Inc.(2) 412,700 2,752,709 Verigy Ltd.(2) 186,200 1,536,150 Volterra Semiconductor Corp.(1, 2) 295,000 2,489,800 Zoran Corp.(2) 94,370 830,456 -------------- 166,280,760 -------------- SOFTWARE--3.5% ACI Worldwide, Inc.(2) 21,000 393,750 Advent Software, Inc.(1, 2) 40,800 1,359,048 ArcSight, Inc.(2) 5,600 71,512 Aspen Technology, Inc.(2) 572,190 3,999,608 Autodesk, Inc.(2) 103,000 1,731,430 Blackbaud, Inc. 20,000 232,200 Bottomline Technologies, Inc.(2) 54,070 355,781 Cadence Design Systems, Inc.(2) 1,029,084 4,322,153 Commvault Systems, Inc.(1, 2) 2,860 31,374 Compuware Corp.(2) 369,400 2,434,346 Double-Take Software, Inc.(2) 39,100 264,316 Epicor Software Corp.(2) 28,500 108,585 EPIQ Systems, Inc.(1, 2) 84,650 1,526,240 FactSet Research Systems, Inc.(1) 19,200 959,808 Fair Isaac Corp.(1) 565,200 7,952,364 FalconStor Software, Inc.(2) 76,722 183,366 i2 Technologies, Inc.(1, 2) 34,700 274,130 Interactive Intelligence, Inc.(1, 2) 69,700 631,482 JDA Software Group, Inc.(2) 242,200 2,797,410 Kenexa Corp.(2) 130,552 703,675 Lawson Software, Inc.(2) 78,500 333,625 Manhattan Associates, Inc.(1, 2) 223,000 3,862,360 Mentor Graphics Corp.(1, 2) 578,600 2,568,984 MICROS Systems, Inc.(2) 181,700 3,406,875 MicroStrategy, Inc., Cl. A(2) 69,129 2,363,521 MSC.Software Corp.(2) 54,700 308,508 Net 1 UEPS Technologies, Inc.(2) 454,900 6,919,029 NetScout Systems, Inc.(2) 105,100 752,516 Parametric Technology Corp.(2) 681,650 6,802,867 Pegasystems, Inc. 10,700 198,699 Phoenix Technologies Ltd.(2) 23,400 37,908 Progress Software Corp.(2) 170,950 2,967,692 PROS Holdings, Inc.(2) 19,725 91,721 Quest Software, Inc.(2) 369,200 4,681,456
35 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- SOFTWARE CONTINUED Radiant Systems, Inc.(2) 207,500 $ 915,075 Smith Micro Software, Inc.(2) 51,110 267,305 Solera Holdings, Inc.(2) 17,200 426,216 SPSS, Inc.(1, 2) 84,500 2,402,335 Sybase, Inc.(2) 40,700 1,232,803 Symyx Technologies, Inc.(2) 42,100 187,345 Synchronoss Technologies, Inc.(1, 2) 151,300 1,854,938 Synopsys, Inc.(2) 33,900 702,747 Take-Two Interactive Software, Inc. 505,200 4,218,420 Taleo Corp., Cl. A(2) 172,293 2,036,503 TIBCO Software, Inc.(2) 1,669,100 9,797,617 Tyler Technologies, Inc.(1, 2) 198,200 2,899,666 Ultimate Software Group, Inc. (The)(1, 2) 53,270 919,440 Wind River Systems, Inc.(2) 632,425 4,047,520 -------------- 97,536,269 -------------- MATERIALS--5.3% CHEMICALS--2.5% Ashland, Inc. 711,281 7,347,533 Balchem Corp. 37,500 942,375 Cabot Corp. 115,814 1,217,205 CF Industries Holdings, Inc. 27,600 1,963,188 Cytec Industries, Inc. 153,100 2,299,562 Eastman Chemical Co. 26,000 696,800 Ferro Corp. 443,400 634,062 Fuller (H.B.) Co. 279,651 3,635,463 GenTek, Inc.(1, 2) 10,500 183,645 ICO, Inc.(1, 2) 201,300 414,678 Innophos Holdings, Inc. 174,880 1,972,646 Innospec, Inc. 216,433 815,952 Koppers Holdings, Inc. 194,400 2,822,688 Landec Corp.(2) 123,200 686,224 LSB Industries, Inc.(1, 2) 132,790 1,313,293 Minerals Technologies, Inc. 79,000 2,531,950 NewMarket Corp. 104,460 4,627,578 NOVA Chemicals Corp. 643,500 3,706,560 Olin Corp. 403,596 5,759,315 OM Group, Inc.(2) 245,710 4,747,117 Penford Corp. 9,400 34,122 PolyOne Corp.(2) 801,500 1,851,465 Quaker Chemical Corp. 91,400 725,716 Rockwood Holdings, Inc.(2) 297,171 2,359,538 Schulman (A.), Inc. 181,529 2,459,718 ShengdaTech, Inc.(2) 2,148 6,659 Spartech Corp. 230,871 567,943 Stepan Co. 48,099 1,313,103 Terra Industries, Inc. 187,154 5,257,156
36 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- CHEMICALS CONTINUED Valhi, Inc.(1) 13,400 $ 125,692 Valspar Corp. (The) 114,693 2,290,419 W.R. Grace & Co.(2) 9,100 57,512 Zep, Inc. 207,275 2,120,423 Zoltek Cos., Inc.(1, 2) 183,400 1,248,954 -------------- 68,736,254 -------------- CONSTRUCTION MATERIALS--0.1% Headwaters, Inc.(1, 2) 545,758 1,713,680 Texas Industries, Inc.(1) 22,902 572,550 -------------- 2,286,230 -------------- CONTAINERS & PACKAGING--0.5% Bway Holding Co.(2) 10,700 84,423 Myers Industries, Inc. 244,407 1,500,659 Packaging Corp. of America 74,100 964,782 Rock-Tenn Co., Cl. A 36,600 990,030 Sealed Air Corp. 40,300 556,140 Sonoco Products Co. 52,300 1,097,254 Temple-Inland, Inc.(1) 1,435,528 7,708,785 -------------- 12,902,073 -------------- METALS & MINING--1.9% A. M. Castle & Co. 204,902 1,827,726 AK Steel Holding Corp. 781,000 5,560,720 Allegheny Technologies, Inc.(1) 90,900 1,993,437 Amerigo Resources Ltd. 757,900 174,327 Brush Engineered Materials, Inc.(2) 218,384 3,028,986 Carpenter Technology Corp. 440,364 6,217,940 Century Aluminum Co.(1, 2) 586,586 1,237,696 Cliffs Natural Resources, Inc. 30,400 552,064 Commercial Metals Co. 29,800 344,190 Farallon Resources Ltd.(2) 1,036,200 143,825 General Steel Holdings, Inc.(1, 2) 82,100 215,923 Haynes International, Inc.(2) 126,611 2,256,208 Hecla Mining Co.(1, 2) 455,200 910,400 Horsehead Holding Corp.(2) 40,907 224,989 Kaiser Aluminum Corp. 56,217 1,299,737 Olympic Steel, Inc. 181,995 2,760,864 Redcorp Ventures Ltd., Legend Shares(2, 3) 4,502,900 35,715 Reliance Steel & Aluminum Co. 167,300 4,405,009 RTI International Metals, Inc.(1, 2) 356,675 4,173,098 Schnitzer Steel Industries, Inc.(1) 220,796 6,930,786 Sims Metal Management Ltd., Sponsored ADR 307,840 3,669,453 Stillwater Mining Co.(2) 368,854 1,364,760 Sutor Technology Group Ltd.(2) 8,600 12,040 Titanium Metals Corp.(1) 230,420 1,260,397 United States Steel Corp. 32,700 690,951
37 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- METALS & MINING CONTINUED Universal Stainless & Alloy Products, Inc.(1, 2) 30,100 $ 291,067 Worthington Industries, Inc. 299,120 2,605,335 Yamana Gold, Inc. 51,405 479,883 -------------- 54,667,526 -------------- PAPER & FOREST PRODUCTS--0.3% Buckeye Technologies, Inc.(2) 272,668 580,783 Clearwater Paper Corp.(2) 23,757 190,769 Deltic Timber Corp. 7,700 303,457 Domtar Corp.(1, 2) 1,211,800 1,151,210 Glatfelter 265,900 1,659,216 Louisiana-Pacific Corp. 493,613 1,100,757 MeadWestvaco Corp. 44,700 535,953 Mercer International, Inc.(1, 2) 76,300 50,358 Neenah Paper, Inc.(1) 72,769 264,151 Schweitzer-Mauduit International, Inc. 56,180 1,037,083 Verso Paper Corp. 22,900 14,656 Wausau Paper Corp. 424,216 2,231,376 Weyerhaeuser Co. 9,900 272,943 -------------- 9,392,712 -------------- TELECOMMUNICATION SERVICES--2.0% DIVERSIFIED TELECOMMUNICATION SERVICES--1.4% Alaska Communications Systems Group, Inc.(1) 107,395 719,547 Atlantic Tele-Network, Inc. 85,485 1,639,602 Cbeyond, Inc.(1, 2) 94,438 1,778,268 CenturyTel, Inc. 9,900 278,388 Cincinnati Bell, Inc.(2) 2,357,220 5,421,606 Cogent Communications Group, Inc.(1, 2) 287,225 2,068,020 Embarq Corp. 49,700 1,881,145 General Communication, Inc., Cl. A(2) 60,200 402,136 Global Crossing Ltd.(2) 90,580 634,060 Iowa Telecommunications Services, Inc. 191,100 2,190,006 NTELOS Holdings Corp.(1) 252,275 4,576,269 PAETEC Holding Corp.(2) 59,400 85,536 Premiere Global Services, Inc.(2) 869,180 7,666,168 Qwest Communications International, Inc.(1) 114,800 392,616 tw telecom, Inc.(2) 865,400 7,572,250 -------------- 37,305,617 -------------- WIRELESS TELECOMMUNICATION SERVICES--0.6% Centennial Communications Corp.(2) 1,016,200 8,393,812 ICO Global Communication Holdings Ltd.(2) 49,000 17,150 iPCS, Inc.(2) 85,954 834,613 NII Holdings, Inc.(2) 48,800 732,000 Syniverse Holdings, Inc.(2) 286,065 4,508,384 Telephone & Data Systems, Inc. 26,300 697,213 United States Cellular Corp.(2) 31,030 1,034,540
38 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Shares Value ------------ -------------- WIRELESS TELECOMMUNICATION SERVICES CONTINUED USA Mobility, Inc. 131,967 $ 1,215,416 -------------- 17,433,128 -------------- UTILITIES--0.4% ENERGY TRADERS--0.1% Canadian Hydro Developers, Inc., Legend Shares(2) 306,000 580,060 Reliant Energy, Inc.(2) 121,000 385,990 -------------- 966,050 -------------- GAS UTILITIES--0.0% Laclede Group, Inc. (The) 15,200 592,496 MULTI-UTILITIES--0.2% Avista Corp. 156,730 2,159,739 CH Energy Group, Inc. 57,000 2,673,300 DTE Energy Co. 9,600 265,920 PNM Resources, Inc. 85,095 702,885 -------------- 5,801,844 -------------- WATER UTILITIES--0.1% Cascal NV 289,300 908,402 SJW Corp.(1) 77,100 1,960,653 -------------- 2,869,055 -------------- Total Common Stocks (Cost $4,506,478,203) 2,764,966,257
Units ------------ RIGHTS, WARRANTS AND CERTIFICATES--0.0% Redcorp Ventures Ltd. Wts., Strike Price 0.65CAD, Exp. 7/5/09(2, 4) 2,251,450 -- United America Indemnity Ltd., Cl. A Rts., Strike Price $3.50, Exp. 4/6/09(2) 180,153 92,441 -------------- Total Rights, Warrants and Certificates (Cost $698,144) 92,441
Shares ------------ INVESTMENT COMPANIES--1.2% Allied Capital Corp.(1) 243,500 387,165 Apollo Investment Corp. 394,490 1,372,810 Capital Southwest Corp. 1,100 84,029 Oppenheimer Institutional Money Market Fund, Cl. E, 0.80%(5, 6) 33,142,455 33,142,455 -------------- Total Investment Companies (Cost $34,557,565) 34,986,459 -------------- Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $4,541,733,912) 2,800,045,157 --------------
39 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited
Principal Amount/ Shares ------------ INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--19.9%(7) Carrington Mortgage Loan Trust, Series 2007-RFC1, Cl. A1, 0.57%, 4/27/09 11,909,301 10,877,726 Credit-Based Asset Servicing & Securitization LLC, 0.56%, 4/27/09 399,780 393,354
Principal Amount/ Shares Value ------------ -------------- GSAA Home Equity Trust, Series 2005-15, Cl. 2A1, 0.61%, 4/27/09 1,595,229 $ 1,283,305 Home Equity Asset Trust, Series 2006-6, Cl. 2A1, 0.58%, 4/27/09 1,359,518 1,271,801 Jackson National Life Global Fund, 1.29%, 6/2/09 25,000,000 24,957,725 LINKS Finance LLC, 0.35%, 6/29/09 45,000,000 44,799,480 Merrill Lynch & Co., 0.41%, 5/8/09 30,000,000 29,778,180 Merrill Lynch & Co., 0.42%, 6/29/09 40,000,000 39,278,200 Morgan Stanley ABS Capital I, Series 2007-NC2, Cl. A2A, 0.63%, 4/27/09 8,717,649 6,885,176 Morgan Stanley ABS Capital I, Series 2007-NC4, Cl. A2A, 0.60%, 4/27/09 12,116,974 7,024,413 OFI Liquid Assets Fund, LLC, 0.92%(5, 6) 383,927,196 383,927,196 Option One Mortgage Loan Trust, Series 2007-2, Cl. SA1, 0.61%, 4/27/09 4,865,336 4,425,508 -------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $564,888,076) 554,902,064 -------------- Total Investments, at Value (Cost $5,106,621,988) 120.3% 3,354,947,221 Liabilities in Excess of Other Assets (20.3) (566,844,486) ------------ -------------- Net Assets 100.0% $2,788,102,735 ------------ --------------
Footnotes to Statement of Investments STRIKE PRICE IS REPORTED IN U.S. DOLLARS, EXCEPT FOR THOSE DENOTED IN THE FOLLOWING CURRENCY: CAD Canadian Dollar (1.) Partial or fully-loaned security. See accompanying Notes. (2.) Non-income producing security. (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 $480,310 or 0.02% of the Fund's net assets as of March 31, 2009. 40 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited (4.) Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of March 31, 2009 was $466,130, which represents 0.02% of the Fund's net assets, of which $464,586 is considered restricted. See accompanying Notes. Information concerning restricted securities is as follows:
ACQUISITION UNREALIZED SECURITY DATE COST VALUE DEPRECIATION - -------- ----------- -------- -------- ------------ Tusk Energy Corp., Legend Shares 11/15/04 $492,524 $464,586 $27,938
(5.) Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2009, 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 adviser. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES JUNE 30, 2008 ADDITIONS REDUCTIONS MARCH 31, 2009 ------------- ------------- ------------- -------------- OFI Liquid Assets Fund, LLC -- 3,275,011,350 2,891,084,154 383,927,196 Oppenheimer Institutional Money Market Fund, Cl. E 38,604,527 802,529,093 807,991,165 33,142,455
VALUE INCOME ------------ ----------- OFI Liquid Assets Fund, LLC $383,927,196 $11,667,825(a) Oppenheimer Institutional Money Market Fund, Cl. E 33,142,455 612,681 ------------ ----------- $417,069,651 $12,280,506 ============ ===========
(a.) Net of compensation to the securities lending agent and rebates paid to the borrowing counterparties. (6.) Rate shown is the 7-day yield as of March 31, 2009. (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 accompanying Notes. 41 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited VALUATION INPUTS Various data inputs are used in determining the value of each of the Fund's investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards: 1) Level 1-quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange) 2) Level 2-inputs other than quoted prices that are observable for the asset (such as quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.) 3) Level 3-unobservable inputs (including the Manager's own judgments about assumptions that market participants would use in pricing the asset). The market value of the Fund's investments was determined based on the following inputs as of March 31, 2009:
INVESTMENTS IN OTHER FINANCIAL VALUATION DESCRIPTION SECURITIES INSTRUMENTS* - --------------------- -------------- --------------- Level 1--Quoted Prices $3,183,871,569 $-- Level 2--Other Significant Observable Inputs 171,073,967 -- Level 3--Significant Unobservable Inputs 1,685 -- -------------- --- Total $3,354,947,221 $-- ============== ===
* Other financial instruments include options written, currency contracts, futures, forwards and swap contracts. Currency contracts and forwards are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract's value from trade date. Futures are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Options written and swaps are reported at their market value at measurement date. SEE THE ACCOMPANYING NOTES FOR FURTHER DISCUSSION OF THE METHODS USED IN DETERMINING VALUE OF THE FUND'S INVESTMENTS, AND A SUMMARY OF CHANGES TO THE VALUATION TECHNIQUES, IF ANY, DURING THE REPORTING PERIOD. NOTES TO STATEMENT OF INVESTMENTS 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 trading. 42 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited Effective for fiscal periods beginning after November 15, 2007, FASB Statement of Financial Accounting Standards No. 157, FAIR VALUE MEASUREMENTS, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1", inputs other than quoted prices for an asset that are observable are classified as "Level 2" and unobservable inputs, including the Manager's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3". The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund's investments under these levels of classification is included following the Statement of Investments. Securities are valued using quoted market prices, when available, as supplied primarily either by portfolio pricing services approved by the Board of Trustees or dealers. These securities are typically classified within Level 1 or 2; however, they may be designated as Level 3 if the dealer or portfolio pricing service values a security through an internal model with significant unobservable market data inputs. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which traded, prior to the time when the Fund's assets are valued. Securities whose principal exchange is NASDAQ(R) are valued based on the official closing prices reported 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 current day's closing "bid" and "asked" prices, and if not, at the current day's closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded. Shares of a registered investment company that are not traded on an exchange are valued at that investment company's net asset value per share. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities are valued at the mean between the "bid" and "asked" prices. "Money market-type" debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. These securities are typically designated as Level 2. 43 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited In the absence of a readily available quoted market price, including for 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 the securities' respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Fair valued securities may be classified as "Level 3" if the valuation primarily reflects the Manager's own assumptions about the inputs that market participants would use in valuing such securities. There have been no significant changes to the fair valuation methodologies during the period. 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 Exchange, normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Foreign exchange rates may be valued primarily using a reliable bank, dealer or service authorized by the Board of Trustees. Reported net realized gains and losses from foreign currency transactions arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, exchange rate fluctuations 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 appreciation and depreciation on the translation of assets and liabilities denominated in foreign currencies 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 in the annual and semiannual reports. 44 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited 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") to seek current income while preserving liquidity. 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 adviser of IMMF. When applicable, 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. INVESTMENT IN OFI LIQUID ASSETS FUND, LLC. The Fund is permitted to invest cash collateral received in connection with its securities lending activities. Pursuant to the Fund's Securities Lending Procedures, the Fund may invest cash collateral in, among other investments, an affiliated money market fund. OFI Liquid Assets Fund, LLC ("LAF") is a limited liability company whose investment objective is to seek current income and stability of principal. The Manager is also the investment adviser of LAF. LAF is not registered under the Investment Company Act of 1940. However, LAF does comply with the investment restrictions applicable to registered money market funds set forth in Rule 2a-7 adopted under the Investment Company Act. When applicable, the Fund's investment in LAF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of LAF's expenses, including its management fee of 0.08%. ILLIQUID OR RESTRICTED SECURITIES As of March 31, 2009, investments in securities included issues that are illiquid or restricted. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. A restricted security may have a contractual restriction on its resale and is valued under methods approved by the Board of Trustees as reflecting fair value. The Fund will not invest more than 10% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid and restricted securities. Certain restricted securities, eligible for resale to qualified institutional purchasers, may not be subject to that limitation. Securities that are illiquid or restricted are marked with an applicable footnote on the Statement of Investments. Restricted securities are reported on a schedule following the Statement of Investments. SECURITIES LENDING The Fund lends portfolio securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The loans are secured by collateral (either securities, letters of credit, or cash) 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 each business day and any additional required collateral is delivered to the Fund 45 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and cost in recovering the securities loaned or in gaining access to the collateral. 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 and recognizes the gain or loss in the fair value of the securities loaned that may occur during the term of the loan. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. As of March 31, 2009, the Fund had on loan securities valued at $553,042,201. Collateral of $564,888,076 was received for the loans, all of which was received in cash and subsequently invested in approved instruments. RECENT ACCOUNTING PRONOUNCEMENT In March 2008, the Financial Accounting Standards Board ("FASB") issued Statement on Financial Accounting Standards ("SFAS") No. 161, DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES. This standard requires enhanced disclosures about derivative and hedging activities, including qualitative disclosures about how and why the Fund uses derivative instruments, how these activities are accounted for, and their effect on the Fund's financial position, financial performance and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. At this time, management is evaluating the implications of SFAS No. 161 and its impact on the Fund's financial statements and related disclosures. FEDERAL TAX. The approximate 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 March 31, 2009 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. 46 | Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund STATEMENT OF INVESTMENTS March 31, 2009 / Unaudited Federal tax cost of securities $ 5,167,974,230 =============== Gross unrealized appreciation $ 108,979,861 Gross unrealized depreciation (1,922,006,870) --------------- Net unrealized depreciation $(1,813,027,009) ===============
47 | Oppenheimer Main Street Small Cap Fund ITEM 2. CONTROLS AND PROCEDURES. (a) 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 03/31/2009, 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 the registrant's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission. (b) There have been no significant changes in the registrant's internal controls over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. Exhibits 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: 05/14/2009 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: 05/14/2009 By: /s/ Brian W. Wixted --------------------------------- Brian W. Wixted Principal Financial Officer Date: 05/14/2009 EX-99.CERT 2 p14322exv99wcert.txt EX-99.CERT Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, John V. Murphy, certify that: 1. I have reviewed this report on Form N-Q of Oppenheimer Main Street Small Cap Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of Trustees (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /s/ John V. Murphy - ------------------------------------- John V. Murphy Principal Executive Officer Date: 05/14/2009 Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, Brian W. Wixted, certify that: 1. I have reviewed this report on Form N-Q of Oppenheimer Main Street Small Cap Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of Trustees (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /s/ Brian W. Wixted - ------------------------------------- Brian W. Wixted Principal Financial Officer Date: 05/14/2009 -----END PRIVACY-ENHANCED MESSAGE-----