-----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, Um18BI/thmEp+v5TaFuMc7Fjg2aBVwK4NqqURFhMvoLlEz0fLgi4LwVmCT7wdFKO Hg0nH+mfthH5U/bNvTUcCg== 0000935069-03-001064.txt : 20030819 0000935069-03-001064.hdr.sgml : 20030819 20030819170743 ACCESSION NUMBER: 0000935069-03-001064 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030630 FILED AS OF DATE: 20030819 EFFECTIVENESS DATE: 20030819 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-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-09333 FILM NUMBER: 03856324 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 N-CSR 1 ra0847_8033vef.txt RA0847_8033VEF UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-09333 Oppenheimer Main Street Small Cap Fund (Exact name of registrant as specified in charter) 6803 South Tucson Way, Centennial, Colorado 80112-3924 (Address of principal executive offices) (Zip code) Robert G. Zack, Esq. OppenheimerFunds, Inc. 498 Seventh Avenue, New York, New York 10018 - -------------------------------------------------------------------------------- (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: July 1, 2002 - June 30, 2003 ITEM 1. REPORTS TO STOCKHOLDERS. FUND PERFORMANCE DISCUSSION How has the Fund performed? Below is a discussion by OppenheimerFunds, Inc., of the Fund's performance during its fiscal year ended June 30, 2003, followed by a graphical comparison of the Fund's performance to an appropriate broad-based market index. Management's Discussion of Fund Performance. Oppenheimer Main Street Small Cap Fund[R] is managed using a quantitative approach. Our goal is to add relative value to an investor's allocation of small-cap stocks. The essence of a quantitative process is to research and understand repeatable patterns, anomalies and other signals in the market that we believe can give us an edge. We look at as many as 60 factors like this to try to develop a consistent relative return advantage. For the past 12 months ended June 30, 2003, the Fund's Class A shares returned -2.25% (without sales charge), modestly underperforming its benchmark index, the Russell 2000[R] Index, which generated a total return of -1.64%. Our sector over- and underweights versus the Russell 2000 modestly detracted from performance. Specifically, we were hurt by our overweight in consumer discretionary and our underweights in financials and utilities. Over the course of the Fund's fiscal year, the stock market has been very volatile, with a number of sharp market declines followed by strong rallies. The Fund performed best on a relative basis when the market declined, which we attribute to the Fund's diversification and conservative positioning. Over the course of the year, our quantitative models have favored companies that have been high quality, with increasing earnings and profitability. In the month's when the market had strong rallies, our quantitative models did not work well, as investors scrambled to add risk to their portfolios. The best performing stocks in these times were "turnaround" candidates, mainly in the technology sector, which had poor valuations and fundamental momentum. In late 2002, the Fund was transitioned to take advantage of the "January effect." The January effect is a stock market anomaly where it is believed that lower quality, higher risk small-cap stocks tend to outperform higher quality, lower risk large-cap stocks during the month of January. We had positioned the Fund to take advantage of this anomaly, although it didn't occur in January as expected. This year the January effect was delayed by concerns and uncertainty leading up to the war in Iraq. Instead many of the companies that our model expected to do well in January, did well in April and May, and by that time, we had transitioned the Fund away from lower quality stocks to the higher quality stocks normally favored by our models. In terms of positioning, we believe the Fund remains well diversified across sectors. Deviations compared to the benchmark have been modest with overweights in the consumer discretionary, energy and health care sectors. Consumer discretionary stocks showed surprisingly good earnings during this period of weakness. Many investors bet 5 | OPPENHEIMER MAIN STREET SMALL CAP FUND FUND PERFORMANCE DISCUSSION that consumer spending would decline, but the resilience of consumer spending has been one of the bright spots in the economy. The Fund's allocation of energy stocks has increased in the last six months, as higher commodity prices have led to better earnings. Finally, we have added to our health care holdings, as these stocks have also had better earnings, mainly due to continued high medical costs. The Fund's largest underweight was in the financial sector, where it was at times overweight small company banks and thrifts (currently neutral), but underweight real estate investment trusts (REITS). In addition, the Fund has been underweight utility stocks, a sector that has performed well, due to the recent change in tax law that benefits dividend-paying stocks. However, utility company earnings have been weak overall, and as a result, the Fund has been underweight. Comparing the Fund's Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each Class of shares of the Fund held until June 30, 2003. The performance for Class A, B, C and Y shares is measured since inception of the classes on August 2, 1999. In the case of Class N shares, performance is measured from inception of the Class on March 1, 2001. The Fund's performance reflects the deduction of the maximum initial sales charge on Class A shares and the applicable contingent deferred sales charge for Class B, Class C and Class N shares. The graphs assume that all dividends and capital gains distributions were reinvested in additional shares. The Fund's performance is compared to the performance of the Russell 2000 Index and the Lipper Small-Cap Core Fund Index. The Russell 2000 Index is an unmanaged index of small-capitalization stocks. The Lipper Small-Cap Core Fund Index category includes the 30 largest mutual funds within the investment category as defined by Lipper. Index performance reflects the reinvestment of dividends but does not consider the effect of capital gains or transaction costs, and none of the data in the graphs that follow shows the effect of taxes. The Fund's performance reflects the effects of Fund business and operating expenses. While index comparisons may be useful to provide a benchmark for the Fund's performance, it must be noted that the Fund's investments are not limited to the investments in the index. 6 | OPPENHEIMER MAIN STREET SMALL CAP FUND Class A Shares Comparison of Change in Value of $10,000 Hypothetical Investments in: Oppenheimer Main Street Lipper Small Cap Small-Cap Fund[R] Core Fund Russell (Class A) Index 2000 Index 08/02/1999 9,425 10,000 10,000 09/30/1999 9,557 9,626 9,632 12/31/1999 12,125 11,450 11,409 03/31/2000 12,994 12,632 12,217 06/30/2000 13,947 12,430 11,755 09/30/2000 14,608 12,779 11,885 12/31/2000 13,356 12,244 11,064 03/31/2001 12,916 11,313 10,344 06/30/2001 15,015 13,051 11,822 09/30/2001 12,756 10,768 9,364 12/31/2001 15,082 13,117 11,339 03/31/2002 15,562 13,585 11,791 06/30/2002 15,122 12,406 10,806 09/30/2002 12,572 10,014 8,493 12/31/2002 12,672 10,594 9,016 03/31/2003 12,162 10,047 8,611 06/30/2003 14,782 12,113 10,629 Average Annual Total Returns of Class A Shares of the Fund at 6/30/03* 1-Year -7.87% Since Inception 10.51% Class B Shares Comparison of Change in Value of $10,000 Hypothetical Investments in: Oppenheimer Main Street Lipper Small Cap Small-Cap Fund[R] Core Fund Russell (Class B) Index 2000 Index 08/02/1999 10,000 10,000 10,000 09/30/1999 10,130 9,626 9,632 12/31/1999 12,824 11,450 11,409 03/31/2000 13,726 12,632 12,217 06/30/2000 14,708 12,430 11,755 09/30/2000 15,369 12,779 11,885 12/31/2000 14,020 12,244 11,064 03/31/2001 13,531 11,313 10,344 06/30/2001 15,707 13,051 11,822 09/30/2001 13,319 10,768 9,364 12/31/2001 15,725 13,117 11,339 03/31/2002 16,193 13,585 11,791 06/30/2002 15,704 12,406 10,806 09/30/2002 13,028 10,014 8,493 12/31/2002 13,113 10,594 9,016 03/31/2003 12,561 10,047 8,611 06/30/2003 14,937 12,113 10,629 Average Annual Total Returns of Class B Shares of the Fund at 6/30/03* 1-Year -7.83% Since Inception 10.80% *See Notes on page 10 for further details. 7 | OPPENHEIMER MAIN STREET SMALL CAP FUND FUND PERFORMANCE DISCUSSION Class C Shares Comparison of Change in Value of $10,000 Hypothetical Investments in: Oppenheimer Main Street Lipper Small Cap Small-Cap Fund[R] Core Fund Russell (Class C) Index 2000 Index 08/02/1999 10,000 10,000 10,000 09/30/1999 10,130 9,626 9,632 12/31/1999 12,824 11,450 11,409 03/31/2000 13,726 12,632 12,217 06/30/2000 14,708 12,430 11,755 09/30/2000 15,369 12,779 11,885 12/31/2000 14,030 12,244 11,064 03/31/2001 13,541 11,313 10,344 06/30/2001 15,717 13,051 11,822 09/30/2001 13,319 10,768 9,364 12/31/2001 15,725 13,117 11,339 03/31/2002 16,192 13,585 11,791 06/30/2002 15,703 12,406 10,806 09/30/2002 13,038 10,014 8,493 12/31/2002 13,113 10,594 9,016 03/31/2003 12,571 10,047 8,611 06/30/2003 15,247 12,113 10,629 Average Annual Total Returns of Class C Shares of the Fund at 6/30/03* 1-Year -3.88% Since Inception 11.39% Class N Shares Comparison of Change in Value of $10,000 Hypothetical Investments in: Oppenheimer Main Street Lipper Small Cap Small-Cap Fund[R] Core Fund Russell (Class N) Index 2000 Index 03/01/2001 10,000 10,000 10,000 03/31/2001 9,542 9,527 9,511 06/30/2001 11,086 10,991 10,870 09/30/2001 9,409 9,068 8,610 12/31/2001 11,121 11,046 10,426 03/31/2002 11,469 11,440 10,841 06/30/2002 11,129 10,448 9,935 09/30/2002 9,258 8,433 7,809 12/31/2002 9,325 8,922 8,290 03/31/2003 8,947 8,461 7,918 06/30/2003 10,863 10,201 9,772 Average Annual Total Returns of Class N Shares of the Fund at 6/30/03* 1-Year -3.37% Since Inception 3.61% *See Notes on page 10 for further details. 8 | OPPENHEIMER MAIN STREET SMALL CAP FUND Class Y Shares Comparison of Change in Value of $10,000 Hypothetical Investments in: Oppenheimer Main Street Lipper Small Cap Small-Cap Fund[R] Core Fund Russell (Class Y) Index 2000 Index 08/02/1999 10,000 10,000 10,000 09/30/1999 10,140 9,626 9,632 12/31/1999 12,874 11,450 11,409 03/31/2000 13,816 12,632 12,217 06/30/2000 14,848 12,430 11,755 09/30/2000 15,570 12,779 11,885 12/31/2000 14,240 12,244 11,064 03/31/2001 13,784 11,313 10,344 06/30/2001 16,021 13,051 11,822 09/30/2001 13,625 10,768 9,364 12/31/2001 16,135 13,117 11,339 03/31/2002 16,655 13,585 11,791 06/30/2002 16,199 12,406 10,806 09/30/2002 13,504 10,014 8,493 12/31/2002 13,632 10,594 9,016 03/31/2003 13,101 10,047 8,611 06/30/2003 15,944 12,113 10,629 Average Annual Total Returns of Class Y Shares of the Fund at 6/30/03* 1-Year -1.57% Since Inception 12.67% *See Notes on page 10 for further details. The performance information for both indices in the graphs begins on 7/31/99 for Class A, B, C and Y, and 2/28/01 for Class N. Past performance cannot guarantee future results. Graphs are not drawn to same scale. 9 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES In reviewing performance and rankings, please remember that past performance cannot guarantee future results. Investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Because of ongoing market volatility, the Fund's performance may be subject to substantial fluctuations, and current performance may be more or less than the results shown. For updates on the Fund's performance, visit our website at www.oppenheimerfunds.com. Total returns and the ending account values in the graph includes changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Fund's total returns shown do not reflect the deduction of income taxes on an individual's investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares. For more complete information about the Fund, including charges, expenses and risks, please refer to the prospectus. To obtain a copy, call your financial advisor, call OppenheimerFunds Distributor, Inc. at 1.800.CALL OPP (1.800.225.5677). Read the prospectus carefully before you invest or send money. Class A shares of the Fund were first publicly offered on 8/2/99. Unless otherwise noted, Class A returns include the current maximum initial sales charge of 5.75%. Class B shares of the Fund were first publicly offered on 8/2/99. Unless otherwise noted, Class B returns include the applicable contingent deferred sales charge of 5% (1-year) and 3% (since inception). Class B shares are subject to an annual 0.75% asset-based sales charge. Class C shares of the Fund were first publicly offered on 8/2/99. Unless otherwise noted Class C returns include the contingent deferred sales charge of 1% for the 1-year period. Class C shares are subject to an annual 0.75% asset-based sales charge. Class N shares of the Fund were first publicly offered on 3/1/01. Class N shares are offered only through retirement plans. Unless otherwise noted, Class N returns include the contingent deferred sales charge of 1% for the 1-year period. Class N shares are subject to an annual 0.25% asset-based sales charge. Class Y shares of the Fund were first publicly offered on 8/2/99. Class Y shares are offered only to certain institutional investors under special agreement with the Distributor. An explanation of the calculation of performance is in the Fund's Statement of Additional Information. 10 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS JUNE 30, 2003 Market Shares Shares See Note 1 - --------------------------------------------------------------- Common Stocks--96.3% - --------------------------------------------------------------- Consumer Discretionary--18.4% - --------------------------------------------------------------- Auto Components--0.6% American Axle & Manufacturing Holdings, Inc. 1 28,900 $ 690,710 - --------------------------------------------------------------- ArvinMeritor, Inc. 26,100 526,698 - --------------------------------------------------------------- Dana Corp. 192,400 2,224,144 - --------------------------------------------------------------- Dura Automotive Systems, Inc. 1 700 6,867 - --------------------------------------------------------------- Keystone Automotive Industries, Inc. 1 27,800 507,628 - --------------------------------------------------------------- Modine Manufacturing Co. 68,000 1,317,160 - --------------------------------------------------------------- Raytech Corp. 1 72,700 308,975 - --------------------------------------------------------------- Spartan Motors, Inc. 67,600 559,052 - --------------------------------------------------------------- Sports Resorts International, Inc. 1 2,200 10,736 - --------------------------------------------------------------- Stoneridge, Inc. 1 29,300 399,945 - --------------------------------------------------------------- Strattec Security Corp. 1 500 26,600 - --------------------------------------------------------------- Tenneco Automotive, Inc. 1 11,400 41,040 ------------- 6,619,555 - --------------------------------------------------------------- Automobiles--0.1% Thor Industries, Inc. 20,700 844,974 - --------------------------------------------------------------- Distributors--0.3% Andersons, Inc. (The) 9,100 111,475 - --------------------------------------------------------------- Brightpoint, Inc. 1 104,700 1,287,810 - --------------------------------------------------------------- Handleman Co. 1 125,800 2,012,800 ------------- 3,412,085 - --------------------------------------------------------------- Hotels, Restaurants & Leisure--4.0% Alliance Gaming Corp. 1 104,300 1,972,313 - --------------------------------------------------------------- Ambassadors Group, Inc. 1 40,300 562,991 - --------------------------------------------------------------- Applebee's International, Inc. 90,250 2,836,557 - --------------------------------------------------------------- Aztar Corp. 1 206,600 3,328,326 - --------------------------------------------------------------- Bob Evans Farms, Inc. 54,200 1,497,546 - --------------------------------------------------------------- Boyd Gaming Corp. 1 20,300 350,378 - --------------------------------------------------------------- CBRL Group, Inc. 24,900 967,614 Market Value Shares See Note 1 - --------------------------------------------------------------- Hotels, Restaurants & Leisure Continued CEC Entertainment, Inc. 1 6,200 $ 228,966 - --------------------------------------------------------------- Checkers Drive-In Restaurants, Inc. 1 2,100 24,024 - --------------------------------------------------------------- Chicago Pizza & Brewery, Inc. 1 3,000 30,000 - --------------------------------------------------------------- Choice Hotels International, Inc. 1 102,700 2,804,737 - --------------------------------------------------------------- Dave & Buster's, Inc. 1 74,800 815,320 - --------------------------------------------------------------- Dover Downs Gaming & Entertainment, Inc. 35,500 328,375 - --------------------------------------------------------------- Frisch's Restaurants, Inc. 1,000 18,000 - --------------------------------------------------------------- GTech Holdings Corp. 1 71,100 2,676,915 - --------------------------------------------------------------- Isle of Capri Casinos, Inc. 1 77,800 1,286,034 - --------------------------------------------------------------- Jack in the Box, Inc. 1 15,600 347,880 - --------------------------------------------------------------- Multimedia Games, Inc. 1 94,700 2,414,850 - --------------------------------------------------------------- Navigant International, Inc. 1 600 7,740 - --------------------------------------------------------------- P.F. Chang's China Bistro, Inc. 1 75,300 3,705,514 - --------------------------------------------------------------- Panera Bread Co., Cl. A 1 66,100 2,644,000 - --------------------------------------------------------------- Penn National Gaming, Inc. 1 53,300 1,095,315 - --------------------------------------------------------------- Rare Hospitality International, Inc. 1 112,000 3,660,160 - --------------------------------------------------------------- Red Robin Gourmet Burgers, Inc. 1 1,000 18,960 - --------------------------------------------------------------- Ruby Tuesday, Inc. 46,400 1,147,472 - --------------------------------------------------------------- Ryan's Family Steak Houses, Inc. 1 108,950 1,525,300 - --------------------------------------------------------------- Scientific Games Corp., Cl. A 1 19,700 185,180 - --------------------------------------------------------------- Shuffle Master, Inc. 1 121,750 3,578,233 - --------------------------------------------------------------- Six Flags, Inc. 1 123,800 839,364 - --------------------------------------------------------------- Sonic Corp. 1 68,900 1,752,127 - --------------------------------------------------------------- Station Casinos, Inc. 1 136,900 3,456,725 - --------------------------------------------------------------- Steak n Shake Co. (The) 1 43,900 669,475 - --------------------------------------------------------------- Total Entertainment Restaurant Corp. 1 76,500 699,975 11 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued Market Value Shares See Note 1 - --------------------------------------------------------------- Hotels, Restaurants & Leisure Continued WMS Industries, Inc. 1 39,400 $ 614,246 ------------- 48,090,612 - --------------------------------------------------------------- Household Durables--3.2% Applica, Inc. 63,000 535,500 - --------------------------------------------------------------- Beazer Homes USA, Inc. 1 39,231 3,275,788 - --------------------------------------------------------------- Blyth, Inc. 38,800 1,055,360 - --------------------------------------------------------------- Boyds Collection Ltd. (The) 1 3,400 16,014 - --------------------------------------------------------------- Brookfield Homes Corp. 66,200 1,020,804 - --------------------------------------------------------------- Chromcraft Revington, Inc. 1 2,000 24,980 - --------------------------------------------------------------- CSS Industries, Inc. 21,400 824,970 - --------------------------------------------------------------- Department 56, Inc. 1 47,900 734,307 - --------------------------------------------------------------- Dominion Homes, Inc. 1 5,300 126,405 - --------------------------------------------------------------- Emerson Radio Corp. 1 117,000 786,240 - --------------------------------------------------------------- Enesco Group, Inc. 1 8,900 65,860 - --------------------------------------------------------------- Fedders Corp. 22,700 69,689 - --------------------------------------------------------------- Flexsteel Industries, Inc. 500 8,245 - --------------------------------------------------------------- Harman International Industries, Inc. 38,000 3,007,320 - --------------------------------------------------------------- Helen of Troy Ltd. 1 152,700 2,314,932 - --------------------------------------------------------------- Hovnanian Enterprises, Inc., Cl. A 1 70,100 4,132,395 - --------------------------------------------------------------- Kimball International, Inc., Cl. B 26,900 419,640 - --------------------------------------------------------------- M.D.C. Holdings, Inc. 53,878 2,601,230 - --------------------------------------------------------------- M/I Schottenstein Homes, Inc. 5,600 239,008 - --------------------------------------------------------------- Meritage Corp. 1 69,100 3,403,866 - --------------------------------------------------------------- Mestek, Inc. 1 3,200 57,600 - --------------------------------------------------------------- Movado Group, Inc. 42,700 928,725 - --------------------------------------------------------------- National Presto Industries, Inc. 6,500 205,400 - --------------------------------------------------------------- Oneida Ltd. 29,700 200,475 - --------------------------------------------------------------- Palm Harbor Homes, Inc. 1 9,700 183,718 - --------------------------------------------------------------- Ryland Group, Inc. (The) 30,900 2,144,460 Market Value Shares See Note 1 - --------------------------------------------------------------- Household Durables Continued Standard Pacific Corp. 113,100 $ 3,750,396 - --------------------------------------------------------------- Technical Olympic USA, Inc. 1 6,200 146,506 - --------------------------------------------------------------- Toro Co. (The) 91,600 3,641,100 - --------------------------------------------------------------- Virco Mfg. Corp. 2,700 17,172 - --------------------------------------------------------------- William Lyon Homes, Inc. 1 16,100 512,785 - --------------------------------------------------------------- Yankee Candle, Inc. (The) 1 81,500 1,892,430 ------------- 38,343,320 - --------------------------------------------------------------- Internet & Catalog Retail--0.1% FTD, Inc., Cl. A 1 2,400 48,432 - --------------------------------------------------------------- J. Jill Group, Inc. 1 29,500 496,780 - --------------------------------------------------------------- PC Connection, Inc. 1 1,400 9,520 - --------------------------------------------------------------- School Specialty, Inc. 1 12,900 367,134 ------------- 921,866 - --------------------------------------------------------------- Leisure Equipment & Products--0.8% Action Performance Cos., Inc. 71,775 1,363,725 - --------------------------------------------------------------- Callaway Golf Co. 37,800 499,716 - --------------------------------------------------------------- MarineMax, Inc. 1 44,700 625,800 - --------------------------------------------------------------- Marvel Enterprises, Inc. 1 198,200 3,785,620 - --------------------------------------------------------------- Oakley, Inc. 1 32,500 382,525 - --------------------------------------------------------------- RC2 Corp. 1 44,100 750,141 - --------------------------------------------------------------- SCP Pool Corp. 1 71,000 2,442,400 ------------- 9,849,927 - --------------------------------------------------------------- Media--0.9% Advo, Inc. 1 16,900 750,360 - --------------------------------------------------------------- APAC Teleservices, Inc. 1 21,600 55,080 - --------------------------------------------------------------- Courier Corp. 6,600 339,900 - --------------------------------------------------------------- Digital Generation Systems, Inc. 1 27,200 52,224 - --------------------------------------------------------------- Getty Images, Inc. 1 60,400 2,494,520 - --------------------------------------------------------------- Grey Global Group, Inc. 3,400 2,626,534 - --------------------------------------------------------------- Harris Interactive, Inc. 1 10,800 71,172 12 | OPPENHEIMER MAIN STREET SMALL CAP FUND Market Value Shares See Note 1 - --------------------------------------------------------------- Media Continued Hollinger International, Inc. 34,000 $ 366,180 - --------------------------------------------------------------- Insight Communications Co., Inc. 1 27,600 363,768 - --------------------------------------------------------------- Interactive Data Corp. 1 23,700 400,530 - --------------------------------------------------------------- Liberty Corp. 28,700 1,219,750 - --------------------------------------------------------------- LodgeNet Entertainment Corp. 1,300 14,235 - --------------------------------------------------------------- R.H. Donnelley Corp. 1 54,500 1,987,615 - --------------------------------------------------------------- Reading International, Inc. 700 3,885 - --------------------------------------------------------------- Thomas Nelson, Inc. 1 6,200 77,500 ------------- 10,823,253 - --------------------------------------------------------------- Multiline Retail--0.0% Fred's, Inc. 10,200 379,236 - --------------------------------------------------------------- Specialty Retail--6.2% Aeropostale, Inc. 1 49,200 1,056,816 - --------------------------------------------------------------- America's Car-Mart, Inc. 1 1,600 29,248 - --------------------------------------------------------------- AnnTaylor Stores Corp. 1 55,750 1,613,962 - --------------------------------------------------------------- Big 5 Sporting Goods Corp. 1 2,500 31,325 - --------------------------------------------------------------- Blair Corp. 47,700 1,058,940 - --------------------------------------------------------------- Blue Rhino Corp. 1 1,700 20,383 - --------------------------------------------------------------- Bombay Co., Inc. (The) 1 258,200 2,744,666 - --------------------------------------------------------------- Brookstone, Inc. 1 78,300 1,585,575 - --------------------------------------------------------------- Building Materials Holding Corp. 119,800 1,774,238 - --------------------------------------------------------------- Cache, Inc. 1 12,500 192,500 - --------------------------------------------------------------- Chico's FAS, Inc. 1 53,600 1,128,280 - --------------------------------------------------------------- Christopher & Banks Corp. 1 19,900 736,101 - --------------------------------------------------------------- Claire's Stores, Inc. 136,400 3,459,104 - --------------------------------------------------------------- Cole National Corp. 1 14,500 181,540 - --------------------------------------------------------------- Cost Plus, Inc. 1 58,200 2,075,412 - --------------------------------------------------------------- Deb Shops, Inc. 6,900 129,720 - --------------------------------------------------------------- Dick's Sporting Goods, Inc. 1 600 22,008 - --------------------------------------------------------------- Dress Barn, Inc. (The) 1 76,200 965,454 Market Value Shares See Note 1 - --------------------------------------------------------------- Specialty Retail Continued Finish Line, Inc. (The), Cl. A 1 103,800 $ 2,305,398 - --------------------------------------------------------------- Finlay Enterprises, Inc. 1 35,500 587,525 - --------------------------------------------------------------- Footstar, Inc. 1 152,400 1,981,200 - --------------------------------------------------------------- Friedman's, Inc., Cl. A 51,700 587,829 - --------------------------------------------------------------- Goody's Family Clothing, Inc. 1 47,000 406,550 - --------------------------------------------------------------- Guitar Center, Inc. 1 111,800 3,242,200 - --------------------------------------------------------------- Gymboree Corp. 1 152,700 2,562,306 - --------------------------------------------------------------- Hancock Fabrics, Inc. 24,700 398,905 - --------------------------------------------------------------- Haverty Furniture Cos., Inc. 12,500 218,750 - --------------------------------------------------------------- Hibbett Sporting Goods, Inc. 1 37,150 1,223,721 - --------------------------------------------------------------- Hollywood Entertainment Corp. 1 40,800 701,760 - --------------------------------------------------------------- Hot Topic, Inc. 1 121,400 3,266,874 - --------------------------------------------------------------- Jo-Ann Stores, Inc., Cl. A 1 37,200 941,160 - --------------------------------------------------------------- Jos. A. Banks Clothiers, Inc. 1 57,400 1,918,882 - --------------------------------------------------------------- Loehmann's Holdings, Inc. 1 35,800 492,608 - --------------------------------------------------------------- Men's Wearhouse, Inc. (The) 1 129,700 2,833,945 - --------------------------------------------------------------- Monro Muffler Brake, Inc. 1 13,900 392,814 - --------------------------------------------------------------- Mothers Work, Inc. 1 16,400 439,028 - --------------------------------------------------------------- Movie Gallery, Inc. 1 83,025 1,531,811 - --------------------------------------------------------------- OfficeMax, Inc. 1 16,800 110,040 - --------------------------------------------------------------- Pacific Sunwear of California, Inc. 1 141,750 3,414,758 - --------------------------------------------------------------- Pier 1 Imports, Inc. 17,200 350,880 - --------------------------------------------------------------- Regis Corp. 72,800 2,114,840 - --------------------------------------------------------------- Ross Stores, Inc. 44,600 1,906,204 - --------------------------------------------------------------- Select Comfort Corp. 1 106,100 1,737,918 - --------------------------------------------------------------- Sharper Image Corp. 1 122,700 3,346,029 - --------------------------------------------------------------- Shoe Carnival, Inc. 1 52,900 780,804 - --------------------------------------------------------------- Sonic Automotive, Inc. 1 83,600 1,831,676 - --------------------------------------------------------------- Sports Authority, Inc. (The) 1 205,400 2,197,780 13 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued Market Value Shares See Note 1 - --------------------------------------------------------------- Specialty Retail Continued - --------------------------------------------------------------- Syms Corp. 1 9,800 $ 63,014 - --------------------------------------------------------------- TBC Corp. 1 86,000 1,638,300 - --------------------------------------------------------------- Tractor Supply Co. 78,000 3,724,500 - --------------------------------------------------------------- Trans World Entertainment Corp. 1 8,500 43,520 - --------------------------------------------------------------- Tuesday Morning Corp. 1 123,300 3,242,790 - --------------------------------------------------------------- United Auto Group, Inc. 1 35,800 779,724 - --------------------------------------------------------------- Urban Outfitters, Inc. 1 12,600 452,340 - --------------------------------------------------------------- West Marine, Inc. 1 8,300 145,333 - --------------------------------------------------------------- Zale Corp. 1 59,400 2,376,000 ------------- 75,094,988 - --------------------------------------------------------------- Textiles, Apparel & Luxury Goods--2.2% Ashworth, Inc. 1 4,700 33,323 - --------------------------------------------------------------- Brown Shoe Co., Inc. 106,200 3,164,760 - --------------------------------------------------------------- Cherokee, Inc. 1 17,600 352,352 - --------------------------------------------------------------- Columbia Sportswear Co. 1 38,100 1,958,721 - --------------------------------------------------------------- Culp, Inc. 1 38,000 262,200 - --------------------------------------------------------------- First Years, Inc. (The) 700 8,526 - --------------------------------------------------------------- Gildan Activewear, Inc., Cl. A 1 6,300 165,816 - --------------------------------------------------------------- Hampshire Group Ltd. 1 300 8,952 - --------------------------------------------------------------- K-Swiss, Inc., Cl. A 103,200 3,562,464 - --------------------------------------------------------------- Kellwood Co. 126,200 3,991,706 - --------------------------------------------------------------- Kenneth Cole Productions, Inc., Cl. A 11,000 214,390 - --------------------------------------------------------------- OshKosh B'Gosh, Inc., Cl. A 12,600 340,200 - --------------------------------------------------------------- Oxford Industries, Inc. 3,100 128,712 - --------------------------------------------------------------- Perry Ellis International, Inc. 1 19,610 382,787 - --------------------------------------------------------------- Quicksilver, Inc. 1 46,900 773,381 - --------------------------------------------------------------- Russell Corp. 134,800 2,561,200 - --------------------------------------------------------------- Steven Madden Ltd. 1 64,000 1,397,760 - --------------------------------------------------------------- Stride Rite Corp. 13,000 129,480 - --------------------------------------------------------------- Timberland Co., Cl. A 1 51,800 2,738,148 - --------------------------------------------------------------- Tommy Hilfiger Corp. 1 85,100 786,324 Market Value Shares See Note 1 - --------------------------------------------------------------- Textiles, Apparel & Luxury Goods Continued Warnaco Group, Inc. (The) 1 46,200 $ 621,390 - --------------------------------------------------------------- Wolverine World Wide, Inc. 147,400 2,838,924 ------------- 26,421,516 - --------------------------------------------------------------- Consumer Staples--2.9% - --------------------------------------------------------------- Beverages--0.1% Coca-Cola Bottling Co. 13,000 709,800 - --------------------------------------------------------------- Cott Corp. 1 25,800 533,802 - --------------------------------------------------------------- National Beverage Corp. 1 5,200 72,280 ------------- 1,315,882 - --------------------------------------------------------------- Food & Staples Retailing--0.6% Arden Group, Inc., Cl A 1 2,100 123,900 - --------------------------------------------------------------- Casey's General Stores, Inc. 53,459 755,910 - --------------------------------------------------------------- Central European Distribution Corp. 1 22,400 451,136 - --------------------------------------------------------------- Chronimed, Inc. 1 81,700 803,111 - --------------------------------------------------------------- Great Atlantic & Pacific Tea Co., Inc. (The) 1 60,300 530,640 - --------------------------------------------------------------- Pathmark Stores, Inc. 1 142,200 1,087,830 - --------------------------------------------------------------- Penn Traffic Co. (The) 1,200 180 - --------------------------------------------------------------- Ruddick Corp. 10,400 163,488 - --------------------------------------------------------------- Smart & Final, Inc. 1 26,800 124,084 - --------------------------------------------------------------- United Natural Foods, Inc. 1 48,700 1,370,418 - --------------------------------------------------------------- Weis Markets, Inc. 36,500 1,132,230 - --------------------------------------------------------------- Winn-Dixie Stores, Inc. 43,800 539,178 ------------- 7,082,105 - --------------------------------------------------------------- Food Products--1.5% Bunge Ltd. 93,300 2,668,380 - --------------------------------------------------------------- Central Garden & Pet Co. 1 53,300 1,271,205 - --------------------------------------------------------------- Flowers Foods, Inc. 141,600 2,798,016 - --------------------------------------------------------------- Fresh Del Monte Produce, Inc. 94,500 2,427,705 - --------------------------------------------------------------- Horizon Organic Holding Corp. 1 3,500 83,405 14 | OPPENHEIMER MAIN STREET SMALL CAP FUND Market Value Shares See Note 1 - --------------------------------------------------------------- Food Products Continued International Multifoods Corp. 1 28,200 $ 646,062 - --------------------------------------------------------------- J & J Snack Foods Corp. 1 29,200 923,596 - --------------------------------------------------------------- Lancaster Colony Corp. 4,400 170,104 - --------------------------------------------------------------- M&F Worldwide Corp. 1 154,200 1,110,240 - --------------------------------------------------------------- Omega Protein Corp. 1 188,700 962,370 - --------------------------------------------------------------- Peet's Coffee & Tea, Inc. 1 98,900 1,726,794 - --------------------------------------------------------------- Pilgrim's Pride Corp., Cl. B 16,700 161,489 - --------------------------------------------------------------- Ralcorp Holdings, Inc. 1 16,600 414,336 - --------------------------------------------------------------- Riviana Foods, Inc. 1,200 32,292 - --------------------------------------------------------------- Sanderson Farms, Inc. 20,100 564,810 - --------------------------------------------------------------- Sanfilippo (John B.) & Son, Inc. 1 6,300 101,745 - --------------------------------------------------------------- Seaboard Corp. 700 144,900 - --------------------------------------------------------------- Seminis, Inc. 1,600 5,888 - --------------------------------------------------------------- Seneca Foods Corp., Cl. A 1 1,600 28,032 - --------------------------------------------------------------- USANA Health Sciences, Inc. 1 30,100 1,330,721 - --------------------------------------------------------------- Virbac Corp. 1 3,200 19,392 -------------- 17,591,482 - --------------------------------------------------------------- Household Products--0.5% Chattem, Inc. 1 122,000 2,293,600 - --------------------------------------------------------------- Energizer Holdings, Inc. 1 19,500 612,300 - --------------------------------------------------------------- Nu Skin Asia Pacific, Inc., Cl. A 74,600 779,570 - --------------------------------------------------------------- WD-40 Co. 81,300 2,321,115 ------------- 6,006,585 - --------------------------------------------------------------- Personal Products--0.1% Del Laboratories, Inc. 46,130 1,084,055 - --------------------------------------------------------------- Nature's Sunshine Products, Inc. 12,000 96,120 - --------------------------------------------------------------- NBTY, Inc. 1 11,500 242,190 ------------- 1,422,365 Market Value Shares See Note 1 - --------------------------------------------------------------- Tobacco--0.1% Schweitzer-Mauduit International, Inc. 22,900 $ 552,806 - --------------------------------------------------------------- Standard Commercial Corp. 28,600 486,200 ------------- 1,039,006 - --------------------------------------------------------------- Energy--7.2% - --------------------------------------------------------------- Energy Equipment & Services--1.8% CHC Helicopter Corp., Cl. A 29,300 561,094 - --------------------------------------------------------------- Ensign Resource Service Group, Inc. 157,300 2,338,517 - --------------------------------------------------------------- FMC Technologies, Inc. 1 58,100 1,223,005 - --------------------------------------------------------------- Grey Wolf, Inc. 1 139,200 562,368 - --------------------------------------------------------------- Gulf Island Fabrication, Inc. 1 42,600 720,792 - --------------------------------------------------------------- Gulfmark Offshore, Inc. 1 33,800 570,544 - --------------------------------------------------------------- Helmerich & Payne, Inc. 51,500 1,503,800 - --------------------------------------------------------------- Key Energy Services, Inc. 1 148,500 1,591,920 - --------------------------------------------------------------- Oceaneering International, Inc. 1,900 48,545 - --------------------------------------------------------------- Offshore Logistics, Inc. 1 40,600 883,050 - --------------------------------------------------------------- Oil States International, Inc. 1 215,000 2,601,500 - --------------------------------------------------------------- Patterson-UTI Energy, Inc. 1 21,500 696,600 - --------------------------------------------------------------- Petroleum Helicopters, Inc. 800 24,120 - --------------------------------------------------------------- Superior Energy Services, Inc. 1 19,400 183,912 - --------------------------------------------------------------- Tesco Corp. 1 99,100 939,399 - --------------------------------------------------------------- Tetra Technologies, Inc. 1 8,900 263,885 - --------------------------------------------------------------- Trican Well Service Ltd. 1 147,600 2,096,544 - --------------------------------------------------------------- Unit Corp. 1 183,100 3,828,621 - --------------------------------------------------------------- Universal Compression Holdings, Inc. 1 7,800 162,708 - --------------------------------------------------------------- Willbros Group, Inc. 1 21,100 219,229 ------------- 21,020,153 15 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued Market Value Shares See Note 1 - --------------------------------------------------------------- Oil & Gas--5.4% Baytex Energy Ltd. 1 139,000 $ 1,161,104 - --------------------------------------------------------------- Berry Petroleum Co., Cl. A 1,600 28,720 - --------------------------------------------------------------- BlackRock Ventures, Inc. 1 765,000 1,323,091 - --------------------------------------------------------------- Brigham Exploration Co. 1 3,900 19,890 - --------------------------------------------------------------- Brown (Tom), Inc. 1 109,400 3,040,226 - --------------------------------------------------------------- Callon Petroleum Co. 1 101,800 724,816 - --------------------------------------------------------------- Canadian Natural Resources Ltd. 1,402 55,954 - --------------------------------------------------------------- Canadian Superior Energy, Inc. 1 1,524,424 1,783,871 - --------------------------------------------------------------- Chesapeake Energy Corp. 210,000 2,121,000 - --------------------------------------------------------------- Cimarex Energy Co. 1 121,670 2,889,662 - --------------------------------------------------------------- Clear Energy, Inc. 1 377,566 833,632 - --------------------------------------------------------------- Compton Petroleum Corp. 1 249,500 1,079,713 - --------------------------------------------------------------- Comstock Resources, Inc. 1 78,200 1,069,776 - --------------------------------------------------------------- Crescent Point Energy Ltd., Cl. A 1 155,600 710,006 - --------------------------------------------------------------- Denbury Resources, Inc. 1 184,600 2,479,178 - --------------------------------------------------------------- Dominion Resources Black Warrior Trust 12,300 324,720 - --------------------------------------------------------------- Eastern American Natural Gas Trust 700 14,882 - --------------------------------------------------------------- Encore Acquisition Co. 1 8,300 158,945 - --------------------------------------------------------------- Energy Partners Ltd. 1 27,000 311,850 - --------------------------------------------------------------- Esprit Exploration Ltd. 1,2 428,200 756,342 - --------------------------------------------------------------- Esprit Exploration Ltd. 1 393,800 695,581 - --------------------------------------------------------------- Forest Oil Corp. 1 45,600 1,145,472 - --------------------------------------------------------------- Frontier Oil Corp. 140,000 2,128,000 - --------------------------------------------------------------- Holly Corp. 73,800 2,036,880 - --------------------------------------------------------------- Houston Exploration Co. 1 50,800 1,762,760 - --------------------------------------------------------------- Impact Energy, Inc. 1 617,400 745,197 - --------------------------------------------------------------- KCS Energy, Inc. 1 41,500 223,685 - --------------------------------------------------------------- Ketch Resources Ltd. 1 171,900 917,222 Market Value Shares See Note 1 - --------------------------------------------------------------- Oil & Gas Continued Magnum Hunter Resources, Inc. 1 81,800 $ 653,582 - --------------------------------------------------------------- Maritrans, Inc. 39,000 571,350 - --------------------------------------------------------------- Newfield Exploration Co. 1 43,900 1,648,445 - --------------------------------------------------------------- North Coast Energy, Inc. 200 1,856 - --------------------------------------------------------------- OMI Corp. 1 478,300 2,946,328 - --------------------------------------------------------------- Paramount Energy Trust 144,936 917,350 - --------------------------------------------------------------- Paramount Resources Ltd. 220,000 1,497,700 - --------------------------------------------------------------- Patina Oil & Gas Corp. 81,187 2,610,162 - --------------------------------------------------------------- Penn Virginia Corp. 36,800 1,582,400 - --------------------------------------------------------------- Pogo Producing Co. 53,400 2,282,850 - --------------------------------------------------------------- Premcor, Inc. 1 75,000 1,616,250 - --------------------------------------------------------------- Prima Energy Corp. 1 600 12,528 - --------------------------------------------------------------- Progress Energy Ltd. 1 133,800 974,881 - --------------------------------------------------------------- Purcell Energy Ltd. 1 588,100 1,038,778 - --------------------------------------------------------------- Quicksilver Resources, Inc. 1 37,800 905,310 - --------------------------------------------------------------- Range Resources Corp. 1 42,100 263,967 - --------------------------------------------------------------- Real Resources, Inc. 1 150,300 497,774 - --------------------------------------------------------------- Remington Oil & Gas Corp. 1 97,400 1,790,212 - --------------------------------------------------------------- Rio Alto Resources International, Inc. 1 479,300 328,058 - --------------------------------------------------------------- Spinnaker Exploration Co. 1 92,600 2,426,120 - --------------------------------------------------------------- St. Mary Land & Exploration Co. 1 24,600 671,580 - --------------------------------------------------------------- Stelmar Shipping Ltd. 1 39,500 662,020 - --------------------------------------------------------------- Stone Energy Corp. 1 58,400 2,448,128 - --------------------------------------------------------------- Tesoro Petroleum Corp. 1 72,200 496,736 - --------------------------------------------------------------- TransMontaigne, Inc. 1 1,700 11,016 - --------------------------------------------------------------- Ultra Petroleum Corp. 1 30,000 387,300 - --------------------------------------------------------------- Upton Resources, Inc. 1 400,000 1,089,236 - --------------------------------------------------------------- Western Gas Resources, Inc. 73,200 2,898,720 16 | OPPENHEIMER MAIN STREET SMALL CAP FUND Market Value Shares See Note 1 - --------------------------------------------------------------- Oil & Gas Continued Westport Resources Corp. 1 69,100 $ 1,572,025 ------------- 65,344,837 - --------------------------------------------------------------- Financials--15.8% - --------------------------------------------------------------- Commercial Banks--11.3% Allegiant Bancorp, Inc. 20,200 409,050 - --------------------------------------------------------------- Alliance Financial Corp. 15,400 415,800 - --------------------------------------------------------------- AmericanWest Bancorporation 42,300 686,529 - --------------------------------------------------------------- Anchor BanCorp Wisconsin, Inc. 88,900 2,123,821 - --------------------------------------------------------------- Arrow Financial Corp. 16,493 550,371 - --------------------------------------------------------------- BancFirst Corp. 1,000 51,860 - --------------------------------------------------------------- BancTrust Financial Group, Inc. 1 1,500 23,880 - --------------------------------------------------------------- Bank Mutual Corp. 48,900 1,589,250 - --------------------------------------------------------------- Bank of Hawaii Corp. 28,700 951,405 - --------------------------------------------------------------- Bank of Kentucky (The), Financial Corp. 500 15,375 - --------------------------------------------------------------- Bank of the Ozarks, Inc. 18,100 701,556 - --------------------------------------------------------------- BankUnited Financial Corp., Cl. A 83,400 1,680,510 - --------------------------------------------------------------- Banner Corp. 1,100 22,539 - --------------------------------------------------------------- Bay View Capital Corp. 1 17,300 99,994 - --------------------------------------------------------------- Berkshire Hills Bancorp, Inc. 11,600 329,440 - --------------------------------------------------------------- Brookline Bancorp, Inc. 169,265 2,369,710 - --------------------------------------------------------------- Bryn Mawr Bank Corp. 3,200 118,624 - --------------------------------------------------------------- C&F Financial Corp. 400 15,700 - --------------------------------------------------------------- Camco Financial Corp. 11,700 182,403 - --------------------------------------------------------------- Camden National Corp. 2,900 79,750 - --------------------------------------------------------------- Capital City Bank Group, Inc. 21,125 764,725 - --------------------------------------------------------------- Capital Corp of the West 1,000 25,360 - --------------------------------------------------------------- Capital Crossing Bank 1 3,700 89,096 Market Value Shares See Note 1 - --------------------------------------------------------------- Commercial Banks Continued Capitol Bancorp Ltd. 28,800 $ 780,480 - --------------------------------------------------------------- Cascade Bancorp 20,900 362,197 - --------------------------------------------------------------- Cass Information Systems, Inc. 500 14,625 - --------------------------------------------------------------- Cathay Bancorp, Inc. 7,700 343,266 - --------------------------------------------------------------- CB Bancshares, Inc. 30,943 1,922,179 - --------------------------------------------------------------- Central Pacific Financial Corp. 32,100 889,170 - --------------------------------------------------------------- Chemical Financial Corp. 3,995 119,051 - --------------------------------------------------------------- Chester Valley Bancorp, Inc. 2,400 45,864 - --------------------------------------------------------------- Citizens & Northern Corp. 450 11,713 - --------------------------------------------------------------- Citizens First Bancorp, Inc. 22,800 497,952 - --------------------------------------------------------------- Citizens South Banking Corp. 2,200 29,128 - --------------------------------------------------------------- City Holding Co. 36,800 1,077,136 - --------------------------------------------------------------- CNB Financial Corp. 1,400 62,972 - --------------------------------------------------------------- CNB Florida Bancshares, Inc. 5,700 89,205 - --------------------------------------------------------------- Coastal Bancorp, Inc. 6,000 170,520 - --------------------------------------------------------------- Coastal Financial Corp. 880 11,361 - --------------------------------------------------------------- Columbia Bancorp, Eastern US 8,700 208,800 - --------------------------------------------------------------- Columbia Banking System, Inc. 104,400 1,869,804 - --------------------------------------------------------------- Commercial Bankshares, Inc. 2,951 87,704 - --------------------------------------------------------------- Commercial National Financial Corp. 500 13,164 - --------------------------------------------------------------- Community Bank System, Inc. 41,000 1,558,000 - --------------------------------------------------------------- Community First Bankshares, Inc. 80,900 2,208,570 - --------------------------------------------------------------- Community Trust Bancorp, Inc. 10,400 271,856 - --------------------------------------------------------------- Connecticut Bancshares, Inc. 57,900 2,272,575 - --------------------------------------------------------------- CVB Financial Corp. 62,956 1,228,901 - --------------------------------------------------------------- Dime Community Bancshares, Inc. 107,450 2,734,602 - --------------------------------------------------------------- East West Bancorp, Inc. 65,500 2,367,170 17 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued Market Value Shares See Note 1 - --------------------------------------------------------------- Commercial Banks Continued EverTrust Financial Group, Inc. 300 $ 6,897 - --------------------------------------------------------------- F&M Bancorp 7,300 360,036 - --------------------------------------------------------------- Fidelity Bankshares, Inc. 85,165 1,899,179 - --------------------------------------------------------------- First BanCorp, Puerto Rico 87,400 2,399,130 - --------------------------------------------------------------- First Busey Corp. 5,800 140,592 - --------------------------------------------------------------- First Charter Corp. 14,800 257,520 - --------------------------------------------------------------- First Citizens BancShares, Inc., Cl. A 5,400 544,536 - --------------------------------------------------------------- First Commonwealth Financial Corp. 4,900 63,504 - --------------------------------------------------------------- First Community Bancshares, Inc. 36,300 1,281,390 - --------------------------------------------------------------- First Defiance Financial Corp. 8,600 170,624 - --------------------------------------------------------------- First Federal Capital Corp. 98,300 1,951,255 - --------------------------------------------------------------- First Federal Financial Corp. of Kentucky 1,479 48,319 - --------------------------------------------------------------- First Financial Bankshares, Inc. 5,375 179,847 - --------------------------------------------------------------- First Financial Corp. 2,700 142,830 - --------------------------------------------------------------- First Financial Holdings, Inc. 53,800 1,454,752 - --------------------------------------------------------------- First Indiana Corp. 15,900 272,208 - --------------------------------------------------------------- First Merchants Corp. 11,700 284,427 - --------------------------------------------------------------- First Midwest Bancorp, Inc. 4,750 136,848 - --------------------------------------------------------------- First National Corp. 6,100 150,426 - --------------------------------------------------------------- First Niagara Financial Group, Inc. 130,599 1,823,162 - --------------------------------------------------------------- First Oak Brook Bancshares, Inc. 8,300 273,817 - --------------------------------------------------------------- First of Long Island Corp. (The) 300 11,970 - --------------------------------------------------------------- First Place Financial Corp. 33,400 578,488 - --------------------------------------------------------------- First SecurityFed Financial, Inc. 1,700 42,347 - --------------------------------------------------------------- First Sentinel Bancorp, Inc. 21,300 340,161 - --------------------------------------------------------------- First South Bancorp, Inc. 900 29,934 Market Value Shares See Note 1 - --------------------------------------------------------------- Commercial Banks Continued Firstbank Corp. 3,200 $ 97,216 - --------------------------------------------------------------- FirstFed America Bancorp, Inc. 33,400 1,152,300 - --------------------------------------------------------------- FirstFed Financial Corp. 1 57,900 2,043,291 - --------------------------------------------------------------- Flagstar Bancorp, Inc. 151,200 3,696,840 - --------------------------------------------------------------- FloridaFirst Bancorp, Inc. 8,700 207,582 - --------------------------------------------------------------- Flushing Financial Corp. 53,360 1,182,991 - --------------------------------------------------------------- FNB Corp. 1,100 29,777 - --------------------------------------------------------------- Foothill Independent Bancorp 4,800 88,896 - --------------------------------------------------------------- Franklin Financial Corp. 1,400 42,070 - --------------------------------------------------------------- Frontier Financial Corp. 100 2,841 - --------------------------------------------------------------- GA Financial, Inc. 10,400 261,560 - --------------------------------------------------------------- Glacier Bancorp, Inc. 56,100 1,381,182 - --------------------------------------------------------------- Great Southern Bancorp, Inc. 500 19,270 - --------------------------------------------------------------- Greater Delaware Valley Savings Bank 4,500 102,150 - --------------------------------------------------------------- Hancock Holding Co. 15,100 710,606 - --------------------------------------------------------------- Hanmi Financial Corp. 41,700 728,499 - --------------------------------------------------------------- Harbor Florida Bancshares, Inc. 94,100 2,254,636 - --------------------------------------------------------------- Harleysville National Corp. 23,000 622,380 - --------------------------------------------------------------- Hawthorne Financial Corp. 1 39,800 1,379,468 - --------------------------------------------------------------- Home Federal Bancorp 39,700 963,916 - --------------------------------------------------------------- Horizon Financial Corp. 1,900 29,982 - --------------------------------------------------------------- Hudson United Bancorp 36,600 1,249,890 - --------------------------------------------------------------- Hudson Valley Holding Corp. 2 300 18,675 - --------------------------------------------------------------- IBERIABANK Corp. 40,750 1,988,600 - --------------------------------------------------------------- Independence Community Bank Corp. 19,100 539,002 18 | OPPENHEIMER MAIN STREET SMALL CAP FUND Market Value Shares See Note 1 - --------------------------------------------------------------- Commercial Banks Continued Independent Bank Corp.-Massachusetts 34,400 $ 777,096 - --------------------------------------------------------------- Independent Bank Corp.-Michigan 89,069 2,288,183 - --------------------------------------------------------------- International Bancshares Corp. 37,656 1,339,047 - --------------------------------------------------------------- Irwin Financial Corp. 52,900 1,370,110 - --------------------------------------------------------------- ITLA Capital Corp. 1 56,700 2,292,381 - --------------------------------------------------------------- Klamath First Bancorp, Inc. 12,400 208,568 - --------------------------------------------------------------- Lakeland Financial Corp. 300 9,114 - --------------------------------------------------------------- Local Financial Corp. 1 62,000 895,280 - --------------------------------------------------------------- Macatawa Bank Corp. 9,135 220,062 - --------------------------------------------------------------- MAF Bancorp, Inc. 76,900 2,850,683 - --------------------------------------------------------------- MainSource Financial Group, Inc. 5,800 141,346 - --------------------------------------------------------------- MB Financial, Inc. 14,700 588,588 - --------------------------------------------------------------- Mercantile Bank Corp. 2,900 82,824 - --------------------------------------------------------------- Mid-State Bancshares 16,800 331,800 - --------------------------------------------------------------- Middleburg Financial Corp. 1,300 74,230 - --------------------------------------------------------------- Nara Bancorp, Inc. 62,500 1,187,500 - --------------------------------------------------------------- NASB Financial, Inc. 8,700 252,300 - --------------------------------------------------------------- National Bankshares, Inc. 11,800 463,858 - --------------------------------------------------------------- National Penn Bancshares, Inc. 3,785 106,283 - --------------------------------------------------------------- NBT Bancorp, Inc. 60,500 1,170,675 - --------------------------------------------------------------- Net.B@nk, Inc. 66,700 877,772 - --------------------------------------------------------------- NewMil Bancorp, Inc. 200 4,380 - --------------------------------------------------------------- North Valley Bancorp 6,750 101,250 - --------------------------------------------------------------- Northern Empire Bancshares 840 21,294 - --------------------------------------------------------------- Northwest Bancorp, Inc. 700 11,200 - --------------------------------------------------------------- Oak Hill Financial, Inc. 8,758 219,213 - --------------------------------------------------------------- OceanFirst Financial Corp. 29,000 708,470 - --------------------------------------------------------------- Old National Bancorp 9,745 224,135 - --------------------------------------------------------------- Old Second Bancorp, Inc. 44,433 1,903,954 - --------------------------------------------------------------- Oneida Financial Corp. 1,515 33,921 Market Value Shares See Note 1 - --------------------------------------------------------------- Commercial Banks Continued Oriental Financial Group, Inc. 55,675 $ 1,430,291 - --------------------------------------------------------------- Pacific Capital Bancorp 93,800 3,287,690 - --------------------------------------------------------------- Pacific Northwest Bancorp 7,600 264,176 - --------------------------------------------------------------- Parkvale Financial Corp. 2,300 56,534 - --------------------------------------------------------------- Peapack-Gladstone Financial Corp. 1,700 54,451 - --------------------------------------------------------------- PennFed Financial Services, Inc. 16,000 444,000 - --------------------------------------------------------------- PennRock Financial Services Corp. 6,300 170,163 - --------------------------------------------------------------- Peoples Holding Co. (The) 2,000 88,500 - --------------------------------------------------------------- PFF Bancorp, Inc. 44,700 1,727,655 - --------------------------------------------------------------- Port Financial Corp. 41,100 2,214,468 - --------------------------------------------------------------- Progress Financial Corp. 12,810 175,113 - --------------------------------------------------------------- Prosperity Bancshares, Inc. 66,600 1,282,050 - --------------------------------------------------------------- Provident Bancorp, Inc. 1,000 32,100 - --------------------------------------------------------------- Provident Bankshares Corp. 4,800 121,968 - --------------------------------------------------------------- Quaker City Bancorp, Inc. 1 40,525 1,663,551 - --------------------------------------------------------------- R&G Financial Corp., Cl. B 113,800 3,379,860 - --------------------------------------------------------------- Redwood Empire Bancorp 19,400 553,094 - --------------------------------------------------------------- Republic Bancorp, Inc. 30,270 406,223 - --------------------------------------------------------------- Republic Bancorp, Inc., Cl. A 45,350 672,541 - --------------------------------------------------------------- Republic Bancshares, Inc. 100 2,501 - --------------------------------------------------------------- S&T Bancorp, Inc. 77,000 2,112,110 - --------------------------------------------------------------- S.Y. Bancorp, Inc. 4,500 159,165 - --------------------------------------------------------------- Sandy Spring Bancorp, Inc. 38,400 1,213,440 - --------------------------------------------------------------- Santander BanCorp 2,100 34,356 - --------------------------------------------------------------- Seacoast Banking Corp. of Florida 81,800 1,393,872 - --------------------------------------------------------------- Seacoast Financial Services Corp. 1,346 26,651 19 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued Market Value Shares See Note 1 - --------------------------------------------------------------- Commercial Banks Continued Second Bancorp, Inc. 13,000 $ 335,400 - --------------------------------------------------------------- Simmons First National Corp. 11,100 222,111 - --------------------------------------------------------------- Sky Financial Group, Inc. 5,600 121,632 - --------------------------------------------------------------- Sound Federal Bancorp, Inc. 30,300 411,777 - --------------------------------------------------------------- Southern Financial Bancorp, Inc. 31,217 953,992 - --------------------------------------------------------------- Southwest Bancorp, Inc. 11,200 306,992 - --------------------------------------------------------------- St. Francis Capital Corp. 47,300 1,375,011 - --------------------------------------------------------------- State Bancorp, Inc. 37,689 737,574 - --------------------------------------------------------------- State Financial Services Corp. 6,200 137,268 - --------------------------------------------------------------- Sterling Bancorp 58,740 1,638,259 - --------------------------------------------------------------- Sterling Financial Corp., Eastern US 3,000 69,750 - --------------------------------------------------------------- Sterling Financial Corp., Western US 85,760 2,089,114 - --------------------------------------------------------------- Sun Bancorp, Inc. 1,100 22,198 - --------------------------------------------------------------- Sun Bancorp, Inc., New Jersey 34,835 693,217 - --------------------------------------------------------------- Superior Financial Corp. 46,200 1,108,800 - --------------------------------------------------------------- Texas Regional Bancshares, Inc., Cl. A 18,020 625,294 - --------------------------------------------------------------- TierOne Corp. 1 3,900 75,933 - --------------------------------------------------------------- Tompkins Trustco, Inc. 700 31,255 - --------------------------------------------------------------- Troy Financial Corp. 22,975 623,771 - --------------------------------------------------------------- Trust Co. of New Jersey (The) 25,400 769,620 - --------------------------------------------------------------- U.S.B. Holding Co., Inc. 3,700 65,675 - --------------------------------------------------------------- UCBH Holdings, Inc. 96,500 2,767,620 - --------------------------------------------------------------- Union Bankshares Corp. 10,900 308,143 - --------------------------------------------------------------- United Community Financial Corp. 2,500 23,100 - --------------------------------------------------------------- United National Bancorp 14,400 397,296 - --------------------------------------------------------------- United Security Bancshares, Inc., Southern US 2,300 103,868 Market Value Shares See Note 1 - --------------------------------------------------------------- Commercial Banks Continued Univest Corp. of Pennsylvania 1,000 $ 33,100 - --------------------------------------------------------------- Unizan Financial Corp. 7,135 125,362 - --------------------------------------------------------------- W. Holding Co., Inc. 39,800 673,416 - --------------------------------------------------------------- Waypoint Financial Corp. 71,700 1,293,468 - --------------------------------------------------------------- Webster Financial Corp. 26,900 1,016,820 - --------------------------------------------------------------- WesBanco, Inc. 3,800 92,340 - --------------------------------------------------------------- West Coast Bancorp 1,800 32,760 - --------------------------------------------------------------- WGNB Corp. 1,000 25,250 - --------------------------------------------------------------- Willow Grove Bancorp, Inc. 83,300 1,413,601 - --------------------------------------------------------------- Wilshire State Bank 1 1,800 27,666 - --------------------------------------------------------------- WSFS Financial Corp. 42,400 1,628,160 ------------- 136,281,185 - --------------------------------------------------------------- Diversified Financial Services--0.8% Ace Cash Express, Inc. 1 5,800 63,046 - --------------------------------------------------------------- Atalanta/Sosnoff Capital Corp. 1 1,600 21,680 - --------------------------------------------------------------- California First National Bancorp 700 6,643 - --------------------------------------------------------------- Cash America International, Inc. 176,300 2,330,686 - --------------------------------------------------------------- CompuCredit Corp. 1 75,900 922,185 - --------------------------------------------------------------- Credit Acceptance Corp. 1 79,900 806,191 - --------------------------------------------------------------- E*TRADE Group, Inc. 1 73,100 621,350 - --------------------------------------------------------------- First Cash Financial Services, Inc. 1 10,500 149,205 - --------------------------------------------------------------- Gladstone Capital Corp. 1,800 37,134 - --------------------------------------------------------------- iDine Rewards Network, Inc. 400 5,496 - --------------------------------------------------------------- Newtek Business Services, Inc. 500 2,655 - --------------------------------------------------------------- Providian Financial Corp. 1 121,800 1,127,868 - --------------------------------------------------------------- Sanders Morris Harris Group, Inc. 800 7,160 - --------------------------------------------------------------- Student Loan Corp. (The) 11,500 1,449,000 20 | OPPENHEIMER MAIN STREET SMALL CAP FUND Market Value Shares See Note 1 - --------------------------------------------------------------- Diversified Financial Services Continued United PanAm Financial Corp. 1 3,900 $ 47,736 - --------------------------------------------------------------- WFS Financial, Inc. 1 19,400 650,094 - --------------------------------------------------------------- World Acceptance Corp. 1 67,900 1,105,412 ------------- 9,353,541 - --------------------------------------------------------------- Insurance--2.4% 21st Century Insurance Group 700 10,010 - --------------------------------------------------------------- Alfa Corp. 90,100 1,145,171 - --------------------------------------------------------------- American Medical Security Group, Inc. 1 66,400 1,268,240 - --------------------------------------------------------------- American Physicians Capital, Inc. 1 3,800 92,150 - --------------------------------------------------------------- Arch Capital Group Ltd. 1 56,400 1,958,772 - --------------------------------------------------------------- Baldwin & Lyons, Inc., Cl. B, Non-Vtg. 4,800 114,000 - --------------------------------------------------------------- Berkley (W.R.) Corp. 11,700 616,590 - --------------------------------------------------------------- Brown & Brown, Inc. 33,600 1,092,000 - --------------------------------------------------------------- CNA Surety Corp. 29,800 293,530 - --------------------------------------------------------------- Crawford & Co., Cl. A, Non-Vtg. 1,600 7,760 - --------------------------------------------------------------- Delphi Financial Group, Inc., Cl. A 47,400 2,218,320 - --------------------------------------------------------------- Donegal Group, Inc., Cl. A 300 4,056 - --------------------------------------------------------------- EMC Insurance Group, Inc. 1,600 29,680 - --------------------------------------------------------------- FBL Financial Group, Inc., Cl. A 24,000 483,600 - --------------------------------------------------------------- Fidelity National Financial, Inc. 69,971 2,152,308 - --------------------------------------------------------------- Financial Industries Corp. 7,700 113,498 - --------------------------------------------------------------- Great American Financial Resources, Inc. 6,300 82,593 - --------------------------------------------------------------- Harleysville Group, Inc. 2,500 57,550 - --------------------------------------------------------------- Hub International Ltd. 14,800 253,080 - --------------------------------------------------------------- Independence Holding Co. 2,200 46,442 - --------------------------------------------------------------- Infinity Property & Casualty Corp. 50,227 1,187,366 - --------------------------------------------------------------- IPC Holdings Ltd. 9,700 324,950 Market Value Shares See Note 1 - --------------------------------------------------------------- Insurance Continued LandAmerica Financial Group, Inc. 73,400 $ 3,486,500 - --------------------------------------------------------------- Midland Co. (The) 8,400 186,564 - --------------------------------------------------------------- National Western Life Insurance Co., Cl. A 1 2,100 231,903 - --------------------------------------------------------------- Navigators Group, Inc. (The) 1 8,200 244,524 - --------------------------------------------------------------- Odyssey Re Holdings Corp. 116,800 2,464,480 - --------------------------------------------------------------- Penn-America Group, Inc. 1,500 16,875 - --------------------------------------------------------------- Pico Holdings, Inc. 1 4,000 52,000 - --------------------------------------------------------------- ProAssurance Corp. 1 58,600 1,581,614 - --------------------------------------------------------------- Reinsurance Group of America, Inc. 29,600 950,160 - --------------------------------------------------------------- RenaissanceRe Holdings Ltd. 36,600 1,666,032 - --------------------------------------------------------------- RLI Corp. 47,600 1,566,040 - --------------------------------------------------------------- State Auto Financial Corp. 23,800 534,310 - --------------------------------------------------------------- Stewart Information Services Corp. 1 79,400 2,211,290 - --------------------------------------------------------------- U.S.I. Holdings Corp. 1 15,000 176,400 - --------------------------------------------------------------- United Fire & Casualty Co. 800 25,992 - --------------------------------------------------------------- Universal American Financial Corp. 1,500 9,555 ------------- 28,955,905 - --------------------------------------------------------------- Real Estate--0.7% American Financial Realty Trust 93,200 1,389,612 - --------------------------------------------------------------- Anworth Mortgage Asset Corp. 19,150 295,293 - --------------------------------------------------------------- Capital Automotive REIT 9,700 271,503 - --------------------------------------------------------------- Capital Trust, Cl. A 8,500 157,675 - --------------------------------------------------------------- CBL & Associates Properties, Inc. 11,700 503,100 - --------------------------------------------------------------- Chelsea Property Group, Inc. 5,800 233,798 - --------------------------------------------------------------- Consolidated-Tomoka Land Co. 1,200 30,144 - --------------------------------------------------------------- Correctional Properties Trust 11,600 324,800 21 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued Market Value Shares See Note 1 - --------------------------------------------------------------- Real Estate Continued Friedman, Billings, Ramsey Group, Inc., Cl. A 64,800 $ 868,320 - --------------------------------------------------------------- Getty Realty Corp. 7,300 162,936 - --------------------------------------------------------------- LNR Property Corp. 10,700 400,180 - --------------------------------------------------------------- Maguire Properties, Inc. 1 67,600 1,301,300 - --------------------------------------------------------------- Pan Pacific Retail Properties, Inc. 6,800 267,580 - --------------------------------------------------------------- Prentiss Properties Trust 6,800 203,932 - --------------------------------------------------------------- Ramco-Gershenson Properties Trust 17,700 412,410 - --------------------------------------------------------------- Regency Centers Corp. 9,700 339,306 - --------------------------------------------------------------- Stratus Properties, Inc. 21,666 211,027 - --------------------------------------------------------------- Tanger Factory Outlet Centers, Inc. 5,900 195,172 - --------------------------------------------------------------- Trammell Crow Co. 1 56,700 601,587 - --------------------------------------------------------------- Urstadt Biddle Properties, Inc. 1,000 13,300 ------------- 8,182,975 - --------------------------------------------------------------- Thrifts & Mortgage Finance--0.6% Accredited Home Lenders Holding Co. 1 2,300 45,126 - --------------------------------------------------------------- American Home Mortgage Holdings, Inc. 86,400 1,691,712 - --------------------------------------------------------------- Charter Municipal Mortgage Acceptance Co. 51,900 986,619 - --------------------------------------------------------------- Doral Financial Corp. 63,550 2,837,507 - --------------------------------------------------------------- Fremont General Corp. 34,100 467,170 - --------------------------------------------------------------- New Century Financial Corp. 24,100 1,051,965 ------------- 7,080,099 - --------------------------------------------------------------- Health Care--14.7% - --------------------------------------------------------------- Biotechnology--2.5% Amylin Pharmaceuticals, Inc. 1 96,500 2,112,385 - --------------------------------------------------------------- Antigenics, Inc. 1 82,900 955,008 - --------------------------------------------------------------- BioMarin Pharmaceutical, Inc. 1 119,500 1,166,320 - --------------------------------------------------------------- BioReliance Corp. 1 67,800 1,437,360 Market Value Shares See Note 1 - --------------------------------------------------------------- Biotechnology Continued Celgene Corp. 1 79,100 $ 2,404,640 - --------------------------------------------------------------- Ciphergen Biosystems, Inc. 1 14,700 150,675 - --------------------------------------------------------------- Digene Corp. 1 46,000 1,252,580 - --------------------------------------------------------------- Exact Sciences Corp. 1 52,500 575,400 - --------------------------------------------------------------- Gen-Probe, Inc. 1 58,200 2,378,634 - --------------------------------------------------------------- Idexx Laboratories, Inc. 1 104,800 3,514,992 - --------------------------------------------------------------- Martek Biosciences Corp. 1 40,900 1,756,246 - --------------------------------------------------------------- Medicines Co. (The) 1 92,600 1,823,294 - --------------------------------------------------------------- Nuerocrine Biosciences, Inc. 1 33,100 1,653,014 - --------------------------------------------------------------- QLT PhotoTherapeutics, Inc. 1 92,200 1,170,848 - --------------------------------------------------------------- Sepracor, Inc. 1 73,900 1,332,417 - --------------------------------------------------------------- Tanox, Inc. 1 100,930 1,619,926 - --------------------------------------------------------------- Telik, Inc. 1 139,900 2,248,193 - --------------------------------------------------------------- United Therapeutics Corp. 1 93,400 2,034,252 ------------- 29,586,184 - --------------------------------------------------------------- Health Care Equipment & Supplies--4.8% Advanced Medical Optics, Inc. 1 181,200 3,089,460 - --------------------------------------------------------------- Advanced Neuromodulation Systems, Inc. 1 14,000 724,780 - --------------------------------------------------------------- Aksys Ltd. 1 77,800 1,007,510 - --------------------------------------------------------------- Alaris Medical, Inc. 167,700 2,171,715 - --------------------------------------------------------------- Analogic Corp. 39,700 1,935,772 - --------------------------------------------------------------- Arrow International, Inc. 900 39,735 - --------------------------------------------------------------- Bio-Rad Laboratories, Inc., Cl. A 1 65,900 3,647,565 - --------------------------------------------------------------- BioLase Technology, Inc. 1 9,300 99,789 - --------------------------------------------------------------- Biosite, Inc. 1 77,800 3,742,180 - --------------------------------------------------------------- CNS, Inc. 1 2,700 22,950 - --------------------------------------------------------------- Cooper Cos., Inc. (The) 134,100 4,662,657 - --------------------------------------------------------------- Cyberonics, Inc. 1 29,500 634,545 - --------------------------------------------------------------- Dade Behring Holdings, Inc. 1 36,100 829,217 22 | OPPENHEIMER MAIN STREET SMALL CAP FUND Market Value Shares See Note 1 - --------------------------------------------------------------- Health Care Equipment & Supplies Continued Edwards Lifesciences Corp. 1 9,700 $ 311,758 - --------------------------------------------------------------- Exactech, Inc. 1 59,900 862,560 - --------------------------------------------------------------- HealthTronics Surgical Services, Inc. 1 135,700 1,221,300 - --------------------------------------------------------------- I-STAT Corp. 1 16,300 146,537 - --------------------------------------------------------------- ICU Medical, Inc. 1 6,300 196,245 - --------------------------------------------------------------- Immucor, Inc. 1 101,650 2,214,954 - --------------------------------------------------------------- Inamed Corp. 1 55,000 2,952,950 - --------------------------------------------------------------- Integra LifeSciences Holdings Corp. 500 13,190 - --------------------------------------------------------------- Kensey Nash Corp. 1 106,000 2,756,000 - --------------------------------------------------------------- Lifeline Systems, Inc. 1 19,700 559,480 - --------------------------------------------------------------- Matthews International Corp., Cl. A 25,600 633,856 - --------------------------------------------------------------- Mentor Corp. 66,200 1,282,956 - --------------------------------------------------------------- Meridian Bioscience, Inc. 40,400 368,044 - --------------------------------------------------------------- Merit Medical Systems, Inc. 1 139,500 2,787,210 - --------------------------------------------------------------- Microtek Medical Holdings, Inc. 1 8,300 17,430 - --------------------------------------------------------------- Novoste Corp. 1 7,000 42,000 - --------------------------------------------------------------- Nutraceutical International Corp. 1 43,800 470,850 - --------------------------------------------------------------- PolyMedica Corp. 36,500 1,671,335 - --------------------------------------------------------------- Possis Medical, Inc. 1 74,600 1,023,512 - --------------------------------------------------------------- Quidel Corp. 1 69,000 429,180 - --------------------------------------------------------------- Regeneration Technologies, Inc. 1 14,400 191,376 - --------------------------------------------------------------- ResMed, Inc. 1 9,700 380,240 - --------------------------------------------------------------- Respironics, Inc. 1 29,100 1,091,832 - --------------------------------------------------------------- Steris Corp. 1 99,600 2,299,764 - --------------------------------------------------------------- SurModics, Inc. 1 10,900 332,450 - --------------------------------------------------------------- Sybron Dental Specialties, Inc. 1 144,500 3,410,200 - --------------------------------------------------------------- Synovis Life Technologies, Inc. 1 44,600 880,404 - --------------------------------------------------------------- Thoratec Corp. 1 76,900 1,145,810 - --------------------------------------------------------------- Viasys Healthcare, Inc. 1 41,000 848,700 - --------------------------------------------------------------- VISX, Inc. 1 52,900 917,815 - --------------------------------------------------------------- Vital Images, Inc. 1 92,500 1,700,150 Market Value Shares See Note 1 - --------------------------------------------------------------- Health Care Equipment & Supplies Continued Young Innovations, Inc. 1 89,000 $ 2,536,500 - --------------------------------------------------------------- Zoll Medical Corp. 1 3,200 107,392 ------------- 58,411,855 - --------------------------------------------------------------- Health Care Providers & Services--4.7% Advisory Board Co. (The) 1 63,600 2,577,072 - --------------------------------------------------------------- American Healthways, Inc. 1 42,700 1,542,324 - --------------------------------------------------------------- AMERIGROUP Corp. 1 77,500 2,883,000 - --------------------------------------------------------------- AmSurg Corp. 1 47,500 1,448,750 - --------------------------------------------------------------- Apria Healthcare Group, Inc. 1 136,400 3,393,632 - --------------------------------------------------------------- Centene Corp. 1 62,500 2,431,250 - --------------------------------------------------------------- Cobalt Corp. 1 124,600 2,560,530 - --------------------------------------------------------------- Computer Programs & Systems, Inc. 1,100 22,011 - --------------------------------------------------------------- CorVel Corp. 1 58,050 2,089,800 - --------------------------------------------------------------- Covance, Inc. 1 104,300 1,887,830 - --------------------------------------------------------------- Coventry Health Care, Inc. 1 16,000 738,560 - --------------------------------------------------------------- Curative Health Services, Inc. 1 16,400 278,800 - --------------------------------------------------------------- DaVita, Inc. 1 96,200 2,576,236 - --------------------------------------------------------------- Dendrite International, Inc. 1 214,500 2,762,760 - --------------------------------------------------------------- eResearch Technology, Inc. 1 173,400 3,842,544 - --------------------------------------------------------------- Gentiva Health Services, Inc. 1 112,800 1,015,200 - --------------------------------------------------------------- Hanger Orthopedic Group, Inc. 1 119,000 1,362,550 - --------------------------------------------------------------- IDX Systems Corp. 1 33,800 524,576 - --------------------------------------------------------------- LabOne, Inc. 1 71,200 1,535,072 - --------------------------------------------------------------- Mid Atlantic Medical Services, Inc. 1 20,500 1,072,150 - --------------------------------------------------------------- National HealthCare Corp. 1 7,500 147,600 - --------------------------------------------------------------- Odyssey Healthcare, Inc. 1 80,850 2,991,450 - --------------------------------------------------------------- Owens & Minor, Inc. 29,100 650,385 - --------------------------------------------------------------- Oxford Health Plans, Inc. 1 19,400 815,382 23 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued Market Value Shares See Note 1 - --------------------------------------------------------------- Health Care Providers & Services Continued PacifiCare Health Systems, Inc. 1 66,800 $ 3,295,244 - --------------------------------------------------------------- Parexel International Corp. 1 46,700 651,465 - --------------------------------------------------------------- Per-Se Technologies, Inc. 1 5,400 60,642 - --------------------------------------------------------------- Prime Medical Services, Inc. 1 18,100 85,070 - --------------------------------------------------------------- Renal Care Group, Inc. 1 11,700 411,957 - --------------------------------------------------------------- Select Medical Corp. 1 137,500 3,414,125 - --------------------------------------------------------------- SFBC International, Inc. 1 3,000 54,300 - --------------------------------------------------------------- Sierra Health Services, Inc. 1 68,900 1,378,000 - --------------------------------------------------------------- Sunrise Senior Living, Inc. 1 37,100 830,298 - --------------------------------------------------------------- U.S. Physical Therapy, Inc. 1 49,400 631,332 - --------------------------------------------------------------- United Surgical Partners International, Inc. 1 30,100 679,959 - --------------------------------------------------------------- US Oncology, Inc. 1 178,000 1,315,420 - --------------------------------------------------------------- VCA Antech, Inc. 1 100,500 1,966,785 - --------------------------------------------------------------- VitalWorks, Inc. 1 260,700 1,029,765 ------------- 56,953,826 - --------------------------------------------------------------- Pharmaceuticals--2.7% aaiPharma, Inc. 1 68,950 1,370,726 - --------------------------------------------------------------- Able Laboratories, Inc. 1 24,700 489,060 - --------------------------------------------------------------- Alpharma, Inc., Cl. A 112,900 2,438,640 - --------------------------------------------------------------- American Pharmaceutical Partners, Inc. 1 123,100 4,173,090 - --------------------------------------------------------------- AtheroGenics, Inc. 1 120,200 1,794,586 - --------------------------------------------------------------- Bradley Pharmaceuticals, Inc. 1 112,500 1,856,250 - --------------------------------------------------------------- CollaGenex Pharmaceuticals, Inc. 1 14,600 196,078 - --------------------------------------------------------------- Connetics Corp. 1 134,400 2,011,968 - --------------------------------------------------------------- Endo Pharmaceuticals Holdings, Inc. 1 66,000 1,116,720 - --------------------------------------------------------------- Eon Labs, Inc. 1 67,200 2,362,080 - --------------------------------------------------------------- Hi-Tech Pharmacal Co., Inc. 1 9,900 402,633 Market Value Shares See Note 1 - --------------------------------------------------------------- Pharmaceuticals Continued Inspire Pharmaceuticals, Inc. 1,000 $ 10,800 - --------------------------------------------------------------- Kos Pharmaceuticals, Inc. 1 26,200 614,914 - --------------------------------------------------------------- Lannett Co., Inc. 1 127,600 2,990,944 - --------------------------------------------------------------- Perrigo Co. 219,300 3,429,852 - --------------------------------------------------------------- Pharmaceutical Resources, Inc. 1 68,100 3,313,746 - --------------------------------------------------------------- SciClone Pharmaceuticals, Inc. 2,000 17,120 - --------------------------------------------------------------- Taro Pharmaceutical Industries Ltd. 1 67,300 3,693,424 ------------- 32,282,631 - --------------------------------------------------------------- Industrials--13.7% - --------------------------------------------------------------- Aerospace & Defense--1.0% AAR Corp. 30,300 213,918 - --------------------------------------------------------------- Applied Signal Technology, Inc. 104,400 1,774,800 - --------------------------------------------------------------- Ducommun, Inc. 1 23,700 334,170 - --------------------------------------------------------------- Engineered Support Systems, Inc. 67,700 2,833,245 - --------------------------------------------------------------- ESCO Technologies, Inc. 1 51,400 2,261,600 - --------------------------------------------------------------- Fairchild Corp., Cl. A 1,400 5,642 - --------------------------------------------------------------- Mercury Computer Systems, Inc. 1 15,700 285,112 - --------------------------------------------------------------- MTC Technologies, Inc. 500 11,730 - --------------------------------------------------------------- Orbital Sciences Corp. 1 69,700 508,810 - --------------------------------------------------------------- Pemco Aviation Group, Inc. 1 600 14,100 - --------------------------------------------------------------- Teledyne Technologies, Inc. 1 125,400 1,642,740 - --------------------------------------------------------------- United Defense Industries, Inc. 1 13,600 352,784 - --------------------------------------------------------------- World Fuel Services Corp. 74,800 1,839,332 ------------- 12,077,983 - --------------------------------------------------------------- Air Freight & Logistics--0.1% Airborne, Inc. 51,500 1,076,350 - --------------------------------------------------------------- EGL, Inc. 1 24,400 370,880 - --------------------------------------------------------------- Forward Air Corp. 1 4,400 111,628 ------------- 1,558,858 24 | OPPENHEIMER MAIN STREET SMALL CAP FUND Market Value Shares See Note 1 - --------------------------------------------------------------- Airlines--0.1% ExpressJet Holdings, Inc. 1 24,100 $ 363,910 - --------------------------------------------------------------- Mesa Air Group, Inc. 1 13,900 111,200 - --------------------------------------------------------------- Mesaba Holdings, Inc. 1 6,000 37,020 ------------- 512,130 - --------------------------------------------------------------- Building Products--1.5% Aaon, Inc. 1 86,150 1,595,498 - --------------------------------------------------------------- American Woodmark Corp. 41,300 1,922,928 - --------------------------------------------------------------- Apogee Enterprises, Inc. 24,400 220,088 - --------------------------------------------------------------- Drew Industries, Inc. 1 60,500 1,101,100 - --------------------------------------------------------------- ElkCorp 9,700 218,250 - --------------------------------------------------------------- Griffon Corp. 1 126,130 2,018,080 - --------------------------------------------------------------- Jacuzzi Brands, Inc. 1 241,700 1,278,593 - --------------------------------------------------------------- Lennox International, Inc. 128,600 1,655,082 - --------------------------------------------------------------- Simpson Manufacturing Co., Inc. 72,300 2,646,180 - --------------------------------------------------------------- Trex Co., Inc. 1 84,300 3,308,775 - --------------------------------------------------------------- Universal Forest Products, Inc. 28,700 600,978 - --------------------------------------------------------------- USG Corp. 1 41,900 796,100 - --------------------------------------------------------------- Water Pik Technologies, Inc. 1 1,500 11,655 - --------------------------------------------------------------- Watsco, Inc. 37,200 616,032 ------------- 17,989,339 - --------------------------------------------------------------- Commercial Services & Supplies--4.6% Angelica Corp. 82,400 1,396,680 - --------------------------------------------------------------- Arbitron, Inc. 1 69,600 2,484,720 - --------------------------------------------------------------- Banta Corp. 52,700 1,705,899 - --------------------------------------------------------------- Bowne & Co., Inc. 107,600 1,402,028 - --------------------------------------------------------------- Bright Horizons Family Solutions, Inc. 1 58,100 1,949,836 - --------------------------------------------------------------- CDI Corp. 1 64,800 1,682,208 - --------------------------------------------------------------- Century Business Services, Inc. 1 65,600 213,200 - --------------------------------------------------------------- Charles River Associates, Inc. 1 17,900 506,033 - --------------------------------------------------------------- Clean Harbors, Inc. 700 6,671 - --------------------------------------------------------------- Coinstar, Inc. 1 36,100 680,846 - --------------------------------------------------------------- Concorde Career Colleges, Inc. 1 10,800 216,119 Market Value Shares See Note 1 - --------------------------------------------------------------- Commercial Services & Supplies Continued Consolidated Graphics, Inc. 1 14,500 $ 331,760 - --------------------------------------------------------------- Corinthian Colleges, Inc. 1 49,200 2,389,644 - --------------------------------------------------------------- Cornell Corrections, Inc. 1 16,400 248,296 - --------------------------------------------------------------- Corporate Executive Board Co. 1 34,600 1,402,338 - --------------------------------------------------------------- CPI Corp. 17,600 310,640 - --------------------------------------------------------------- DeVry, Inc 1 114,500 2,666,705 - --------------------------------------------------------------- Duratek, Inc. 1 3,362 26,325 - --------------------------------------------------------------- Ennis Business Forms, Inc. 79,000 1,149,450 - --------------------------------------------------------------- Exponent, Inc. 1 61,600 954,800 - --------------------------------------------------------------- General Binding Corp. 1 29,900 358,800 - --------------------------------------------------------------- Gevity HR, Inc. 30,300 358,146 - --------------------------------------------------------------- Gundle/SLT Environmental, Inc. 1 49,800 678,276 - --------------------------------------------------------------- Harland (John H.) Co. 20,400 533,664 - --------------------------------------------------------------- Headwaters, Inc. 1 100,845 1,481,413 - --------------------------------------------------------------- Heidrick & Struggles International, Inc. 1 6,000 75,720 - --------------------------------------------------------------- ICT Group, Inc. 1 29,300 306,478 - --------------------------------------------------------------- Imagistics International, Inc. 1 131,800 3,400,440 - --------------------------------------------------------------- Interpool, Inc. 47,900 786,518 - --------------------------------------------------------------- ITT Educational Services, Inc. 1 146,100 4,273,425 - --------------------------------------------------------------- Kelly Services, Inc., Cl. A 38,800 909,860 - --------------------------------------------------------------- Labor Ready, Inc. 1 61,100 438,087 - --------------------------------------------------------------- Landauer, Inc. 39,500 1,652,285 - --------------------------------------------------------------- Layne Christensen Co. 1 4,300 34,701 - --------------------------------------------------------------- Moore Wallace, Inc. 1 36,300 532,884 - --------------------------------------------------------------- NCO Group, Inc. 1 23,200 415,512 - --------------------------------------------------------------- New England Business Service, Inc. 31,500 945,000 - --------------------------------------------------------------- Right Management Consultants, Inc. 1 95,125 1,203,331 - --------------------------------------------------------------- Rollins, Inc. 132,900 2,505,165 - --------------------------------------------------------------- Roto-Rooter, Inc. 1,500 57,210 - --------------------------------------------------------------- Schawk, Inc. 16,600 173,968 25 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued Market Value Shares See Note 1 - --------------------------------------------------------------- Commercial Services & Supplies Continued Stericycle, Inc. 1 19,500 $ 750,360 - --------------------------------------------------------------- Strayer Education, Inc. 35,500 2,820,475 - --------------------------------------------------------------- Tetra Tech, Inc. 1 68,200 1,168,266 - --------------------------------------------------------------- United Stationers, Inc. 1 29,300 1,059,781 - --------------------------------------------------------------- University of Phoenix Online 1 58,966 2,989,576 - --------------------------------------------------------------- Vermilion Energy Trust 227,100 2,239,661 - --------------------------------------------------------------- Wackenhut Corrections Corp. 1 6,600 90,486 - --------------------------------------------------------------- Waste Connections, Inc. 1 28,300 991,915 - --------------------------------------------------------------- Watson Wyatt & Co. Holdings 1 35,300 818,254 ------------- 55,773,855 - --------------------------------------------------------------- Construction & Engineering--0.4% Comfort Systems USA, Inc. 1 139,600 367,148 - --------------------------------------------------------------- Dycom Industries, Inc. 1 84,200 1,372,460 - --------------------------------------------------------------- Granite Construction, Inc. 79,500 1,523,220 - --------------------------------------------------------------- Integrated Electrical Services, Inc. 1 136,600 990,350 - --------------------------------------------------------------- Perini Corp. 300 2,385 - --------------------------------------------------------------- URS Corp. 1 35,200 684,992 ------------- 4,940,555 - --------------------------------------------------------------- Electrical Equipment--1.0% Acuity Brands, Inc. 86,400 1,569,888 - --------------------------------------------------------------- AMETEK, Inc. 94,800 3,474,420 - --------------------------------------------------------------- Baldor Electric Co. 23,100 475,860 - --------------------------------------------------------------- C&D Technologies, Inc. 22,400 321,664 - --------------------------------------------------------------- Franklin Electric Co., Inc. 30,500 1,697,325 - --------------------------------------------------------------- Genlyte Group, Inc. (The) 1 37,600 1,314,872 - --------------------------------------------------------------- II-VI, Inc. 1 75,700 1,747,156 - --------------------------------------------------------------- Preformed Line Products Co. 500 7,625 - --------------------------------------------------------------- Smith (A.O.) Corp. 36,000 1,013,400 Market Value Shares See Note 1 - --------------------------------------------------------------- Electrical Equipment Continued Tecumseh Products Co., Cl. A 2,400 $ 91,944 -------------- 11,714,154 - --------------------------------------------------------------- Industrial Conglomerates--0.4% Carlisle Cos., Inc. 78,300 3,301,128 - --------------------------------------------------------------- Lydall, Inc. 1 8,800 94,160 - --------------------------------------------------------------- Raven Industries, Inc. 10,700 213,144 - --------------------------------------------------------------- Standex International Corp. 15,400 323,400 - --------------------------------------------------------------- United Capital Corp. 200 6,960 - --------------------------------------------------------------- United Industrial Corp. 46,400 756,320 ------------- 4,695,112 - --------------------------------------------------------------- Machinery--2.8% A.S.V., Inc. 1 400 5,792 - --------------------------------------------------------------- Actuant Corp., Cl. A 1 12,700 600,964 - --------------------------------------------------------------- Alamo Group, Inc. 8,200 100,204 - --------------------------------------------------------------- Albany International Corp., Cl. A 121,400 3,326,360 - --------------------------------------------------------------- Ampco-Pittsburg Corp. 19,600 262,640 - --------------------------------------------------------------- Badger Meter, Inc. 300 7,725 - --------------------------------------------------------------- Barnes Group, Inc. 31,300 681,088 - --------------------------------------------------------------- BHA Group, Inc., Cl. A 24,600 487,326 - --------------------------------------------------------------- Briggs & Stratton Corp. 83,000 4,191,500 - --------------------------------------------------------------- Cascade Corp. 94,900 1,651,260 - --------------------------------------------------------------- Chicago Bridge & Iron Co. NV 140,000 3,175,200 - --------------------------------------------------------------- CIRCOR International, Inc. 17,400 310,242 - --------------------------------------------------------------- Clarcor, Inc. 69,600 2,683,080 - --------------------------------------------------------------- Cuno, Inc. 1 56,500 2,040,780 - --------------------------------------------------------------- Dionex Corp. 1 96,000 3,816,000 - --------------------------------------------------------------- Donaldson Co., Inc. 13,900 617,855 - --------------------------------------------------------------- Graco, Inc. 51,325 1,642,400 - --------------------------------------------------------------- Harsco Corp. 26,500 955,325 - --------------------------------------------------------------- Kadant, Inc. 1 12,300 230,625 - --------------------------------------------------------------- Middleby Corp. (The) 1 37,500 525,000 - --------------------------------------------------------------- Milacron, Inc. 67,400 329,586 26 | OPPENHEIMER MAIN STREET SMALL CAP FUND Market Value Shares See Note 1 - --------------------------------------------------------------- Machinery Continued Nordson Corp. 9,900 $ 236,115 - --------------------------------------------------------------- Oshkosh Truck Corp. 39,600 2,349,072 - --------------------------------------------------------------- Pall Corp. 14,300 321,750 - --------------------------------------------------------------- Penn Engineering & Manufacturing Corp. 12,500 170,625 - --------------------------------------------------------------- Quixote Corp. 200 5,106 - --------------------------------------------------------------- Thomas Industries, Inc. 49,000 1,325,450 - --------------------------------------------------------------- UNOVA, Inc. 1 18,400 204,240 - --------------------------------------------------------------- Valmont Industries, Inc. 56,600 1,101,436 - --------------------------------------------------------------- Wabtec Corp. 8,300 115,453 - --------------------------------------------------------------- Watts Industries, Inc., Cl. A 22,600 403,410 ------------- 33,873,609 - --------------------------------------------------------------- Marine--0.1% Seabulk International, Inc. 1 1,000 8,870 - --------------------------------------------------------------- UTI Worldwide, Inc. 24,300 757,917 ------------- 766,787 - --------------------------------------------------------------- Road & Rail--1.6% Covenant Transport, Inc., Cl. A 1 65,000 1,105,000 - --------------------------------------------------------------- Florida East Coast Industries, Inc., Cl. A 5,700 145,635 - --------------------------------------------------------------- Heartland Express, Inc. 1 5,700 126,825 - --------------------------------------------------------------- Hunt (J.B.) Transport Services, Inc. 1 90,900 3,431,475 - --------------------------------------------------------------- Knight Transportation, Inc. 1 75,100 1,869,990 - --------------------------------------------------------------- Landstar System, Inc. 1 38,100 2,394,585 - --------------------------------------------------------------- Mullen Transportation, Inc. 60,200 1,373,468 - --------------------------------------------------------------- Old Dominion Freight Line, Inc. 1 84,100 1,818,242 - --------------------------------------------------------------- P.A.M. Transportation Services, Inc. 1 37,900 952,048 - --------------------------------------------------------------- Roadway Corp. 29,100 830,223 - --------------------------------------------------------------- Ryder Systems, Inc. 14,600 374,052 - --------------------------------------------------------------- SCS Transportation, Inc. 1 108,050 1,364,672 Market Value Shares See Note 1 - --------------------------------------------------------------- Road & Rail Continued U.S. Xpress Enterprises, Inc., Cl. A 1 20,000 $ 213,200 - --------------------------------------------------------------- Werner Enterprises, Inc. 109,200 2,315,040 - --------------------------------------------------------------- Yellow Corp. 1 48,200 1,115,830 ------------- 19,430,285 - --------------------------------------------------------------- Trading Companies & Distributors--0.1% Aceto Corp. 2,300 42,780 - --------------------------------------------------------------- Applied Industrial Technologies, Inc. 32,000 675,200 - --------------------------------------------------------------- Lawson Products, Inc. 6,900 190,019 ------------- 907,999 - --------------------------------------------------------------- Transportation Infrastructure--0.0% Timco Aviation Services, Inc. 1,146 436 - --------------------------------------------------------------- Information Technology--17.8% - --------------------------------------------------------------- Communications Equipment--3.5% Adaptec, Inc. 1 222,100 1,727,938 - --------------------------------------------------------------- ADTRAN, Inc. 1 77,700 3,985,233 - --------------------------------------------------------------- Allen Telecom, Inc. 1 162,400 2,682,848 - --------------------------------------------------------------- Arris Group, Inc. 1 64,588 320,357 - --------------------------------------------------------------- Aspect Communications Corp. 1 186,300 720,981 - --------------------------------------------------------------- Audiovox Corp., Cl. A 1 34,000 380,460 - --------------------------------------------------------------- Avocent Corp. 1 141,600 4,238,088 - --------------------------------------------------------------- Centillium Communications, Inc. 1 54,600 541,086 - --------------------------------------------------------------- Comtech Telecommunications Corp. 1 21,400 604,336 - --------------------------------------------------------------- Comverse Technology, Inc. 1 38,800 583,164 - --------------------------------------------------------------- CyberGuard Corp. 1 63,500 450,850 - --------------------------------------------------------------- Enterasys Networks, Inc. 1 173,200 524,796 - --------------------------------------------------------------- F5 Networks, Inc. 1 24,700 416,195 - --------------------------------------------------------------- Foundry Networks, Inc. 1 203,000 2,923,200 - --------------------------------------------------------------- Harmonic, Inc. 1 313,800 1,277,166 - --------------------------------------------------------------- InterDigital Communications Corp. 1 119,900 2,802,063 27 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued Market Value Shares See Note 1 - --------------------------------------------------------------- Communications Equipment Continued McDATA Corp., Cl. A 1 48,700 $ 714,429 - --------------------------------------------------------------- McDATA Corp., Cl. B 1 73,100 1,059,950 - --------------------------------------------------------------- NetScreen Technologies, Inc. 1 132,000 2,976,600 - --------------------------------------------------------------- Network Equipment Technologies, Inc. 1,400 11,788 - --------------------------------------------------------------- Packeteer, Inc. 1 165,500 2,576,835 - --------------------------------------------------------------- PC-Tel, Inc. 1 14,600 173,156 - --------------------------------------------------------------- Plantronics, Inc. 1 120,800 2,617,736 - --------------------------------------------------------------- Scientific-Atlanta, Inc. 24,400 581,696 - --------------------------------------------------------------- Sonus Networks, Inc. 1 348,300 1,751,949 - --------------------------------------------------------------- Telular Corp. 300 1,446 - --------------------------------------------------------------- Tollgrade Communications, Inc. 1 89,100 1,661,715 - --------------------------------------------------------------- UTStarcom, Inc. 1 100,100 3,560,557 - --------------------------------------------------------------- Westell Technologies, Inc., Cl. A 1 7,000 60,550 -------------- 41,927,168 - --------------------------------------------------------------- Computers & Peripherals--2.1% Advanced Digital Information Corp. 1 121,500 1,213,785 - --------------------------------------------------------------- Avid Technology, Inc. 1 124,900 4,380,243 - --------------------------------------------------------------- Cray, Inc. 1 111,400 880,060 - --------------------------------------------------------------- Hutchinson Technology, Inc. 1 129,500 4,259,255 - --------------------------------------------------------------- Imation Corp. 43,200 1,633,824 - --------------------------------------------------------------- Intergraph Corp. 1 34,100 733,150 - --------------------------------------------------------------- Lexar Media, Inc. 1 39,300 374,922 - --------------------------------------------------------------- Maxtor Corp. 1 154,900 1,163,299 - --------------------------------------------------------------- Neoware Systems, Inc. 1 6,400 98,176 - --------------------------------------------------------------- Overland Storage, Inc. 1 116,400 2,367,576 - --------------------------------------------------------------- Pason Systems, Inc. 40,000 409,200 - --------------------------------------------------------------- Presstek, Inc. 1 21,100 131,453 - --------------------------------------------------------------- Rainbow Technologies, Inc. 1 159,400 1,340,554 - --------------------------------------------------------------- Storage Technology Corp. 1 39,000 1,003,860 - --------------------------------------------------------------- Stratasys, Inc. 1 29,200 1,026,964 - --------------------------------------------------------------- Western Digital Corp. 1 422,000 4,346,600 ------------- 25,362,921 Market Value Shares See Note 1 - --------------------------------------------------------------- Electronic Equipment & Instruments--1.7% Arrow Electronics, Inc. 1 25,300 $ 385,572 - --------------------------------------------------------------- CellStar Corp. 1 65,400 257,022 - --------------------------------------------------------------- Checkpoint Systems, Inc. 1 39,800 563,170 - --------------------------------------------------------------- Cognex Corp. 1 22,400 500,640 - --------------------------------------------------------------- Coherent, Inc. 1 26,800 641,324 - --------------------------------------------------------------- Daktronics, Inc. 1 142,900 2,336,415 - --------------------------------------------------------------- Excel Technology, Inc. 1 58,300 1,330,989 - --------------------------------------------------------------- Fargo Electronics, Inc. 1 84,187 819,139 - --------------------------------------------------------------- FLIR Systems, Inc. 1 70,700 2,131,605 - --------------------------------------------------------------- Global Imaging Systems, Inc. 1 30,916 716,015 - --------------------------------------------------------------- GTSI Corp. 1 25,700 223,590 - --------------------------------------------------------------- Innovex, Inc. 1,200 12,120 - --------------------------------------------------------------- Methode Electronics, Inc., Cl. A 46,100 495,575 - --------------------------------------------------------------- MTS Systems Corp. 137,600 2,028,224 - --------------------------------------------------------------- PerkinElmer, Inc. 43,700 603,497 - --------------------------------------------------------------- Pioneer-Standard Electronics, Inc. 75,000 636,000 - --------------------------------------------------------------- Planar Systems, Inc. 1 7,500 146,700 - --------------------------------------------------------------- Rofin-Sinar Technologies, Inc. 1 35,500 499,130 - --------------------------------------------------------------- Rogers Corp. 1 57,800 1,924,740 - --------------------------------------------------------------- Sypris Solutions, Inc. 19,300 199,369 - --------------------------------------------------------------- Trimble Navigation Ltd. 1 62,800 1,440,004 - --------------------------------------------------------------- Varian, Inc. 1 28,800 998,496 - --------------------------------------------------------------- Veeco Instruments, Inc. 1 38,900 662,467 - --------------------------------------------------------------- Woodhead Industries, Inc. 25,700 321,764 - --------------------------------------------------------------- X-Rite, Inc. 39,500 391,445 ------------- 20,265,012 - --------------------------------------------------------------- Internet Software & Services--1.8% Akamai Technologies, Inc. 1 196,300 954,018 - --------------------------------------------------------------- Ariba, Inc. 1 44,600 132,462 - --------------------------------------------------------------- Digital Insight Corp. 1 15,300 291,465 - --------------------------------------------------------------- Digital River, Inc. 1 192,700 3,719,110 28 | OPPENHEIMER MAIN STREET SMALL CAP FUND Market Value Shares See Note 1 - --------------------------------------------------------------- Internet Software & Services Continued Digitas, Inc. 1 118,072 $ 585,637 - --------------------------------------------------------------- DoubleClick, Inc. 1 63,900 591,075 - --------------------------------------------------------------- FindWhat.com 1 49,100 929,954 - --------------------------------------------------------------- InfoSpace, Inc. 1 3,300 44,781 - --------------------------------------------------------------- j2 Global Communications, Inc. 1 59,200 2,722,016 - --------------------------------------------------------------- LendingTree, Inc. 1 15,900 389,232 - --------------------------------------------------------------- MicroStrategy, Inc., Cl. A 2,000 72,860 - --------------------------------------------------------------- Netegrity, Inc. 394,900 2,306,216 - --------------------------------------------------------------- Open Text Corp. 1 92,600 2,615,950 - --------------------------------------------------------------- RADWARE Ltd. 1 14,600 250,098 - --------------------------------------------------------------- Secure Computing Corp. 1 22,800 199,044 - --------------------------------------------------------------- SeeBeyond Technology Corp. 1 151,300 349,503 - --------------------------------------------------------------- SupportSoft, Inc. 1 33,000 214,170 - --------------------------------------------------------------- United Online, Inc. 1 154,800 3,922,632 - --------------------------------------------------------------- WebEx Communications, Inc. 1 53,200 742,140 ------------- 21,032,363 - --------------------------------------------------------------- IT Services--1.0% Alliance Data Systems Corp. 1 8,400 196,560 - --------------------------------------------------------------- Cognizant Technology Solutions Corp. 1 100,200 2,440,872 - --------------------------------------------------------------- CompuCom Systems, Inc. 1 19,900 89,948 - --------------------------------------------------------------- Convergys Corp. 1 24,300 388,800 - --------------------------------------------------------------- Forrester Research, Inc. 1 3,200 52,352 - --------------------------------------------------------------- Gartner, Inc., Cl. B 1 8,200 61,500 - --------------------------------------------------------------- Global Payments, Inc. 47,900 1,700,450 - --------------------------------------------------------------- iGate Corp. 1 2,400 8,328 - --------------------------------------------------------------- infoUSA, Inc. 1 171,900 1,392,390 - --------------------------------------------------------------- Integral Systems, Inc. 2,400 47,712 - --------------------------------------------------------------- iPayment Holdings, Inc. 1 28,243 674,160 - --------------------------------------------------------------- Keane, Inc. 1 48,700 663,781 - --------------------------------------------------------------- Lawson Software, Inc. 1 44,366 344,724 - --------------------------------------------------------------- Lightbridge, Inc. 1 72,900 638,604 Market Value Shares See Note 1 - --------------------------------------------------------------- IT Services Continued MAPICS, Inc. 1 11,000 $ 90,200 - --------------------------------------------------------------- PracticeWorks, Inc. 1 41,400 799,020 - --------------------------------------------------------------- QAD, Inc. 800 5,936 - --------------------------------------------------------------- SM&A 1 11,500 130,640 - --------------------------------------------------------------- SS&C Technologies, Inc. 1 117,600 1,875,720 - --------------------------------------------------------------- Startek, Inc. 1 34,600 909,980 - --------------------------------------------------------------- Tyler Technologies, Inc. 1 10,100 42,925 ------------- 12,554,602 - --------------------------------------------------------------- Office Electronics--0.2% Gerber Scientific, Inc. 1 2,700 17,982 - --------------------------------------------------------------- Zebra Technologies Corp., Cl. A 1 31,200 2,345,928 ------------- 2,363,910 - --------------------------------------------------------------- Semiconductors & Semiconductor Equipment--3.0% Artisan Components, Inc. 1 73,100 1,652,791 - --------------------------------------------------------------- ChipPAC, Inc. 1 77,700 595,959 - --------------------------------------------------------------- Cohu, Inc. 16,500 257,400 - --------------------------------------------------------------- Cree, Inc. 1 148,300 2,414,324 - --------------------------------------------------------------- Cypress Semiconductor Corp. 1 67,700 812,400 - --------------------------------------------------------------- Diodes, Inc. 1 15,000 287,400 - --------------------------------------------------------------- DSP Group, Inc. 1 85,700 1,845,121 - --------------------------------------------------------------- Entegris, Inc. 1 23,200 311,808 - --------------------------------------------------------------- ESS Technology, Inc. 1 12,600 122,850 - --------------------------------------------------------------- FEI Co. 1 11,500 215,740 - --------------------------------------------------------------- Genesis Microchip, Inc. 1 165,000 2,234,100 - --------------------------------------------------------------- GlobespanVirata, Inc. 1 159,100 1,312,575 - --------------------------------------------------------------- Integrated Circuit Systems, Inc. 1 78,900 2,479,827 - --------------------------------------------------------------- Kulicke & Soffa Industries, Inc. 1 5,500 35,145 - --------------------------------------------------------------- Lattice Semiconductor Corp. 1 8,700 71,601 - --------------------------------------------------------------- LTX Corp. 49,300 424,966 - --------------------------------------------------------------- MEMC Electronic Materials, Inc. 1 121,800 1,193,640 - --------------------------------------------------------------- Microsemi Corp. 1 68,200 1,091,200 29 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued Market Value Shares See Note 1 - --------------------------------------------------------------- Semiconductors & Semiconductor Equipment Continued MKS Instruments, Inc. 2,300 $ 41,561 - --------------------------------------------------------------- Oak Technology, Inc. 1 447,600 2,779,596 - --------------------------------------------------------------- OmniVision Technologies, Inc. 1 84,400 2,633,280 - --------------------------------------------------------------- Photronics, Inc. 1 35,500 619,475 - --------------------------------------------------------------- PMC-Sierra, Inc. 1 68,200 799,986 - --------------------------------------------------------------- Power Integrations, Inc. 1 145,200 3,531,264 - --------------------------------------------------------------- Rambus, Inc. 1 83,000 1,375,310 - --------------------------------------------------------------- Silicon Laboratories, Inc. 1 88,000 2,344,320 - --------------------------------------------------------------- Siliconix, Inc. 1 17,700 638,970 - --------------------------------------------------------------- Supertex, Inc. 1 8,700 159,819 - --------------------------------------------------------------- Transmeta Corp. 1 437,500 700,000 - --------------------------------------------------------------- Ultratech, Inc. 1 84,500 1,562,405 - --------------------------------------------------------------- White Electronic Designs Corp. 1 151,200 1,601,208 - --------------------------------------------------------------- Zoran Corp. 1 14,600 280,466 ------------- 36,426,507 - --------------------------------------------------------------- Software--4.5% Altiris, Inc. 1 30,300 607,515 - --------------------------------------------------------------- Amdocs Ltd. 1 87,500 2,100,000 - --------------------------------------------------------------- Ansoft Corp. 1 73,000 775,260 - --------------------------------------------------------------- Ansys, Inc. 1 47,900 1,489,690 - --------------------------------------------------------------- Autodesk, Inc. 47,300 764,368 - --------------------------------------------------------------- CCC Information Services Group, Inc. 1 108,100 1,567,450 - --------------------------------------------------------------- Citrix Systems, Inc. 1 92,300 1,879,228 - --------------------------------------------------------------- Cognos, Inc. 1 43,800 1,182,600 - --------------------------------------------------------------- Datastream Systems, Inc. 1 23,400 247,806 - --------------------------------------------------------------- Dynamics Research Corp. 1 24,100 368,248 - --------------------------------------------------------------- EPIQ Systems, Inc. 1 7,000 120,190 - --------------------------------------------------------------- FactSet Research Systems, Inc. 95,200 4,193,560 - --------------------------------------------------------------- Fair Isaac Corp. 50,800 2,613,660 - --------------------------------------------------------------- FileNet Corp. 1 99,000 1,785,960 - --------------------------------------------------------------- Group 1 Software, Inc. 1 64,400 1,189,468 Market Value Shares See Note 1 - --------------------------------------------------------------- Software Continued Hyperion Solutions Corp. 1 110,800 $ 3,740,608 - --------------------------------------------------------------- Inet Technologies, Inc. 1 65,900 657,023 - --------------------------------------------------------------- Kronos, Inc. 1 46,400 2,357,584 - --------------------------------------------------------------- Legato Systems, Inc. 1 111,000 931,290 - --------------------------------------------------------------- Macromedia, Inc. 1 69,500 1,462,280 - --------------------------------------------------------------- Mentor Graphics Corp. 1 148,909 2,156,202 - --------------------------------------------------------------- Micromuse, Inc. 1 379,400 3,031,406 - --------------------------------------------------------------- OPNET Technologies, Inc. 1 2,600 31,694 - --------------------------------------------------------------- Pegasystems, Inc. 1 50,100 369,237 - --------------------------------------------------------------- Plumtree Software, Inc. 1 290,900 1,192,690 - --------------------------------------------------------------- Progress Software Corp. 1 137,600 2,852,448 - --------------------------------------------------------------- Quality Systems, Inc. 1 60,500 1,663,145 - --------------------------------------------------------------- Radiant Systems, Inc. 1 130,100 876,874 - --------------------------------------------------------------- Renaissance Learning, Inc. 1 4,000 87,600 - --------------------------------------------------------------- RSA Security, Inc. 1 162,500 1,746,875 - --------------------------------------------------------------- Sanchez Computer Associates, Inc. 1 28,200 146,640 - --------------------------------------------------------------- ScanSoft, Inc. 1 129,200 701,556 - --------------------------------------------------------------- SERENA Software, Inc. 1 47,700 995,976 - --------------------------------------------------------------- SPSS, Inc. 1 2,600 43,524 - --------------------------------------------------------------- Sybase, Inc. 1 14,800 205,868 - --------------------------------------------------------------- Take-Two Interactive Software, Inc. 1 143,100 4,055,454 - --------------------------------------------------------------- Ulticom, Inc. 1 40,500 384,750 - --------------------------------------------------------------- Verint Systems, Inc. 1 74,900 1,903,209 - --------------------------------------------------------------- Verity, Inc. 1 169,900 2,150,934 ------------- 54,629,870 - --------------------------------------------------------------- Materials--3.2% - --------------------------------------------------------------- Chemicals--1.4% Agrium, Inc. 135,900 1,489,464 - --------------------------------------------------------------- Airgas, Inc. 73,100 1,224,425 - --------------------------------------------------------------- American Vanguard Corp. 3,800 69,920 - --------------------------------------------------------------- Arch Chemicals, Inc. 7,900 150,890 30 | OPPENHEIMER MAIN STREET SMALL CAP FUND Market Value Shares See Note 1 - --------------------------------------------------------------- Chemicals Continued Balchem Corp. 1,000 $ 23,520 - --------------------------------------------------------------- Cytec Industries, Inc. 1 124,000 4,191,200 - --------------------------------------------------------------- Ethyl Corp. 1 14,500 144,275 - --------------------------------------------------------------- Georgia Gulf Corp. 46,100 912,780 - --------------------------------------------------------------- Hawkins, Inc. 9,300 93,186 - --------------------------------------------------------------- MacDermid, Inc. 44,000 1,157,200 - --------------------------------------------------------------- Material Sciences Corp. 31,800 308,460 - --------------------------------------------------------------- Millennium Chemicals, Inc. 137,500 1,307,625 - --------------------------------------------------------------- Minerals Technologies, Inc. 25,400 1,235,964 - --------------------------------------------------------------- Octel Corp. 91,700 1,274,630 - --------------------------------------------------------------- Omnova Solutions, Inc. 1 102,100 412,484 - --------------------------------------------------------------- Scotts Co. (The), Cl. A 1 40,300 1,994,850 - --------------------------------------------------------------- Stepan Co. 20,400 461,040 - --------------------------------------------------------------- Symyx Technologies, Inc. 1 5,600 91,392 - --------------------------------------------------------------- Terra Nitrogen Co. LP 7,000 35,700 ------------- 16,579,005 - --------------------------------------------------------------- Construction Materials--0.3% AMCOL International Corp. 91,800 734,400 - --------------------------------------------------------------- Ameron International Corp. 32,000 1,112,640 - --------------------------------------------------------------- Centex Construction Products, Inc. 33,300 1,334,997 - --------------------------------------------------------------- Florida Rock Industries, Inc. 20,200 833,856 -------------- 4,015,893 - --------------------------------------------------------------- Containers & Packaging--0.6% AptarGroup, Inc. 1,700 61,200 - --------------------------------------------------------------- Ball Corp. 42,000 1,911,420 - --------------------------------------------------------------- Caraustar Industries, Inc. 1 50,600 405,306 - --------------------------------------------------------------- Graphic Packaging International Corp. 1 51,100 230,461 - --------------------------------------------------------------- Jarden Corp. 1 97,400 2,695,058 - --------------------------------------------------------------- Mod-Pac Corp., Cl. B 1 3,950 26,267 Market Value Shares See Note 1 - --------------------------------------------------------------- Containers & Packaging Continued Myers Industries, Inc. 31,725 $ 301,388 - --------------------------------------------------------------- Packaging Dynamics Corp. 1 15,580 112,799 - --------------------------------------------------------------- Silgan Holdings, Inc. 1 52,800 1,651,584 ------------- 7,395,483 - --------------------------------------------------------------- Metals & Mining--0.6% Carpenter Technology Corp. 62,500 975,000 - --------------------------------------------------------------- Century Aluminum Co. 37,900 266,437 - --------------------------------------------------------------- Gibraltar Steel Corp. 9,600 196,608 - --------------------------------------------------------------- Goldcorp, Inc. 68,500 816,706 - --------------------------------------------------------------- IMCO Recycling, Inc. 1 64,000 424,960 - --------------------------------------------------------------- Massey Energy Co. 88,300 1,161,145 - --------------------------------------------------------------- Meridian Gold, Inc. 1 38,700 438,624 - --------------------------------------------------------------- NN, Inc. 65,700 831,762 - --------------------------------------------------------------- Quanex Corp. 9,600 285,312 - --------------------------------------------------------------- Schnitzer Steel Industries, Inc. 37,400 1,650,088 - --------------------------------------------------------------- Southern Peru Copper Corp. 8,000 122,400 - --------------------------------------------------------------- Steel Technologies, Inc. 13,100 132,441 - --------------------------------------------------------------- Westmoreland Coal Co. 300 5,457 ------------- 7,306,940 - --------------------------------------------------------------- Paper & Forest Products--0.3% Deltic Timber Corp. 11,100 315,795 - --------------------------------------------------------------- Louisiana-Pacific Corp. 1 282,100 3,057,964 ------------- 3,373,759 - --------------------------------------------------------------- Telecommunication Services--1.1% - --------------------------------------------------------------- Diversified Telecommunication Services--0.5% American Tower Corp. 1 188,400 1,667,340 - --------------------------------------------------------------- AXXENT, Inc. 1,2 100,000 -- - --------------------------------------------------------------- Commonwealth Telephone Enterprises, Inc. 1 29,300 1,288,321 - --------------------------------------------------------------- General Communication, Inc., Cl. A 1 13,700 118,642 31 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued Market Value Shares See Note 1 - --------------------------------------------------------------- Diversified Telecommunication Services Continued Golden Telecom, Inc. 1 15,900 $ 356,796 - --------------------------------------------------------------- North Pittsburgh Systems, Inc. 71,800 1,082,026 - --------------------------------------------------------------- Primus Telecommunications Group, Inc. 1 138,900 713,946 - --------------------------------------------------------------- PTEK Holdings, Inc. 1 21,500 104,275 - --------------------------------------------------------------- SureWest Communications 900 27,225 - --------------------------------------------------------------- Talk America Holdings, Inc. 101,400 1,106,274 - --------------------------------------------------------------- US LEC Corp., Cl. A 1 1,900 7,258 - --------------------------------------------------------------- Warwick Valley Telephone Co. 300 24,612 ------------- 6,496,715 - --------------------------------------------------------------- Wireless Telecommunication Services--0.6% Boston Communications Group, Inc. 1 189,100 3,239,283 - --------------------------------------------------------------- Centennial Communications Corp. 1 1,700 6,800 - --------------------------------------------------------------- Cincinnati Bell, Inc. 1 196,900 1,319,230 - --------------------------------------------------------------- Dobson Communications Corp., Cl. A 1 49,600 270,320 - --------------------------------------------------------------- Wireless Facilities, Inc. 1 162,600 1,934,940 ------------- 6,770,573 - --------------------------------------------------------------- Utilities--1.5% - --------------------------------------------------------------- Electric Utilities--0.3% BayCorp Holdings Ltd. 1 103 1,432 - --------------------------------------------------------------- Black Hills Corp. 400 12,280 - --------------------------------------------------------------- Canadian Hydro Developers, Inc. 1 406,000 582,668 - --------------------------------------------------------------- Central Vermont Public Service Corp. 2,700 52,785 - --------------------------------------------------------------- CH Energy Group, Inc. 52,200 2,349,000 - --------------------------------------------------------------- Green Mountain Power Corp. 16,400 328,000 Market Value Shares See Note 1 - --------------------------------------------------------------- Electric Utilities Continued MGE Energy, Inc. 14,100 $ 442,458 - --------------------------------------------------------------- Opticnet, Inc. 2 13,300 -- - --------------------------------------------------------------- WPS Resources Corp. 400 16,080 ------------- 3,784,703 - --------------------------------------------------------------- Gas Utilities--1.0% Chesapeake Utilities Corp. 22,000 497,200 - --------------------------------------------------------------- Energen Corp. 90,500 3,013,650 - --------------------------------------------------------------- EnergySouth, Inc. 3,800 124,640 - --------------------------------------------------------------- Laclede Group, Inc. (The) 2,800 75,040 - --------------------------------------------------------------- New Jersey Resources Corp. 16,600 589,300 - --------------------------------------------------------------- ONEOK, Inc. 58,400 1,146,392 - --------------------------------------------------------------- South Jersey Industries, Inc. 7,300 269,005 - --------------------------------------------------------------- Southwest Gas Corp. 6,700 141,906 - --------------------------------------------------------------- Southwestern Energy Co. 1 201,900 3,030,519 - --------------------------------------------------------------- UGI Corp. 92,350 2,927,495 - --------------------------------------------------------------- WGL Holdings, Inc. 1,500 40,050 ------------- 11,855,197 - --------------------------------------------------------------- Multi-Utilities & Unregulated Power--0.2% Avista Corp. 9,000 127,350 - --------------------------------------------------------------- Questar Corp. 67,700 2,265,919 ------------- 2,393,269 - --------------------------------------------------------------- Water Utilities--0.0% American States Water Co. 1,800 49,140 - --------------------------------------------------------------- SJW Corp. 800 68,200 - --------------------------------------------------------------- Southwest Water Co. 600 8,382 - --------------------------------------------------------------- York Water Co. (The) 2,200 36,124 ------------- 161,846 ------------- Total Common Stocks (Cost $915,196,650) 1,157,648,786 32 | OPPENHEIMER MAIN STREET SMALL CAP FUND Market Value Shares See Note 1 - --------------------------------------------------------------- Preferred Stocks--0.0% Astronics Corp., Cl. B 1,2 (Cost $55,238) 7,900 $ 23,700 Units - --------------------------------------------------------------- Rights, Warrants and Certificates--0.0% Canadian Superior Energy, Inc. Wts., Exp. 3/14/04 1,2 632,500 465 - --------------------------------------------------------------- Timco Aviation Services, Inc. Wts., Exp. 2/28/07 1 3,661 4 ------------- Total Rights, Warrants and Certificates (Cost $507) 469 Principal Amount - --------------------------------------------------------------- Non-Convertible Corporate Bonds and Notes--0.0% Timco Aviation Services, Inc., 8% Sub. Nts., 1/2/07 2,3 (Cost $372) $ 3,530 20 Principal Market Value Amount See Note 1 - --------------------------------------------------------------- Joint Repurchase Agreements--3.1% Undivided interest of 8.37% in joint repurchase agreement (Principal Amount/Market Value $440,796,000, with a maturity value of $440,808,979) with Banc One Capital Markets, Inc., 1.06%, dated 6/30/03, to be repurchased at $36,901,087 on 7/1/03, collateralized by U.S. Treasury Bonds, 3.375%, 4/30/04, with a value of $449,915,616 (Cost $36,900,000) $ 36,900,000 $ 36,900,000 - -------------------------------------------------------------- Total Investments, at Value (Cost $952,152,767) 99.4% 1,194,572,975 - -------------------------------------------------------------- Other Assets Net of Liabilities 0.6 7,482,726 ----------------------- Net Assets 100.0% $1,202,055,701 ======================= Footnotes to Statement of Investments 1. Non-income producing security. 2. Identifies issues considered to be illiquid or restricted--See Note 6 of Notes to Financial Statements. 3. Interest or dividend is paid-in-kind. See accompanying Notes to Financial Statements. 33 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF ASSETS AND LIABILITIES June 30, 2003 - -------------------------------------------------------------------------- Assets Investments, at value (cost $952,152,767)--see accompanying statement $1,194,572,975 - -------------------------------------------------------------------------- Cash 821,044 - -------------------------------------------------------------------------- Receivables and other assets: Investments sold 56,347,325 Shares of beneficial interest sold 3,508,920 Interest and dividends 570,678 Other 4,599 --------------- Total assets 1,255,825,541 - -------------------------------------------------------------------------- Liabilities Payables and other liabilities: Investments purchased 48,545,894 Shares of beneficial interest redeemed 3,725,175 Distribution and service plan fees 677,110 Shareholder reports 394,382 Transfer and shareholder servicing agent fees 320,338 Trustees' compensation 2,840 Other 104,101 --------------- Total liabilities 53,769,840 - -------------------------------------------------------------------------- Net Assets $1,202,055,701 =============== - -------------------------------------------------------------------------- Composition of Net Assets Par value of shares of beneficial interest $ 82,489 - -------------------------------------------------------------------------- Additional paid-in capital 1,103,360,090 - -------------------------------------------------------------------------- Accumulated net investment loss (56,970) - -------------------------------------------------------------------------- Accumulated net realized loss on investments and foreign currency transactions (143,751,903) - -------------------------------------------------------------------------- Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies 242,421,995 --------------- Net Assets $1,202,055,701 =============== 34 | OPPENHEIMER MAIN STREET SMALL CAP FUND
- --------------------------------------------------------------------------------------------------------------------------- Net Asset Value Per Share - --------------------------------------------------------------------------------------------------------------------------- Class A Shares: Net asset value and redemption price per share (based on net assets of $584,052,226 and 39,519,126 shares of beneficial interest outstanding) $14.78 Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) $15.68 - --------------------------------------------------------------------------------------------------------------------------- Class B Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $330,174,350 and 23,011,810 shares of beneficial interest outstanding) $14.35 - --------------------------------------------------------------------------------------------------------------------------- Class C Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $238,717,337 and 16,625,927 shares of beneficial interest outstanding) $14.36 - --------------------------------------------------------------------------------------------------------------------------- Class N Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $41,474,332 and 2,823,832 shares of beneficial interest outstanding) $14.69 - --------------------------------------------------------------------------------------------------------------------------- Class Y Shares: Net asset value, redemption price and offering price per share (based on net assets of $7,637,456 and 508,258 shares of beneficial interest outstanding) $15.03
See accompanying Notes to Financial Statements. 35 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF OPERATIONS For the Year Ended June 30, 2003 - ------------------------------------------------------------------------------------------------ Investment Income Dividends (net of foreign withholding taxes of $70,449) $ 7,229,954 - ------------------------------------------------------------------------------------------------ Interest 276,526 -------------- Total investment income 7,506,480 - ------------------------------------------------------------------------------------------------ Expenses Management fees 6,670,822 - ------------------------------------------------------------------------------------------------ Distribution and service plan fees: Class A 1,205,325 Class B 2,679,333 Class C 1,862,350 Class N 121,714 - ------------------------------------------------------------------------------------------------ Transfer and shareholder servicing agent fees: Class A 1,770,657 Class B 1,160,073 Class C 537,728 Class N 88,082 Class Y 299 - ------------------------------------------------------------------------------------------------ Shareholder reports 820,734 - ------------------------------------------------------------------------------------------------ Trustees' compensation 24,375 - ------------------------------------------------------------------------------------------------ Custodian fees and expenses 24,188 - ------------------------------------------------------------------------------------------------ Other 73,453 ---------------- Total expenses 17,039,133 Less reduction to custodian expenses (4,662) Less voluntary waiver of transfer and shareholder servicing agent fees--Class A (148,115) Less voluntary waiver of transfer and shareholder servicing agent fees--Class B (278,986) Less voluntary waiver of transfer and shareholder servicing agent fees--Class N (9,971) ---------------- Net expenses 16,597,399 - ------------------------------------------------------------------------------------------------ Net Investment Loss (9,090,919) - ------------------------------------------------------------------------------------------------ Realized and Unrealized Gain (Loss) Net realized gain (loss) on: Investments (130,655,454) Foreign currency transactions 81,538 ---------------- Net realized loss (130,573,916) - ------------------------------------------------------------------------------------------------ Net change in unrealized appreciation on: Investments 136,254,579 Translation of assets and liabilities denominated in foreign currencies 2,416,537 ---------------- Net change in unrealized appreciation 138,671,116 - ------------------------------------------------------------------------------------------------ Net Decrease in Net Assets Resulting from Operations $ (993,719) ================
See accompanying Notes to Financial Statements. 36 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENTS OF CHANGES IN NET ASSETS Year Ended June 30, 2003 2002 - ----------------------------------------------------------------------------- Operations Net investment loss $ (9,090,919) $ (6,258,014) - ----------------------------------------------------------------------------- Net realized loss (130,573,916) (7,761,696) - ----------------------------------------------------------------------------- Net change in unrealized appreciation 138,671,116 21,476,231 ----------------------------------- Net increase (decrease) in net assets resulting from operations (993,719) 7,456,521 - ----------------------------------------------------------------------------- Dividends and/or Distributions to Shareholders Distributions from net realized gain: Class A -- (171,921) Class B -- (99,876) Class C -- (55,675) Class N -- (1,787) Class Y -- (266) - ----------------------------------------------------------------------------- Beneficial Interest Transactions Net increase in net assets resulting from beneficial interest transactions: Class A 72,951,719 212,551,970 Class B 48,632,931 106,799,632 Class C 53,042,666 95,276,969 Class N 23,607,252 13,316,809 Class Y 5,090,458 1,582,245 - ----------------------------------------------------------------------------- Net Assets Total increase 202,331,307 436,654,621 - ----------------------------------------------------------------------------- Beginning of period 999,724,394 563,069,773 ----------------------------------- End of period (including accumulated net investment loss of $56,970 and $328,868, respectively) $1,202,055,701 $999,724,394 =================================== See accompanying Notes to Financial Statements. 37 | OPPENHEIMER MAIN STREET SMALL CAP FUND FINANCIAL HIGHLIGHTS
CLASS A Year Ended June 30, 2003 2002 2001 2000 1 - -------------------------------------------------------------------------------------------------------------------- Per Share Operating Data Net asset value, beginning of period $ 15.12 $ 15.02 $ 14.77 $ 10.00 - -------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment loss (.08) (.08) (.08) (.06) Net realized and unrealized gain (loss) (.26) .19 1.12 4.85 --------------------------------------------------- Total from investment operations (.34) .11 1.04 4.79 - -------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Distributions from net realized gain -- (.01) (.79) (.02) - -------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $14.78 $15.12 $15.02 $14.77 =================================================== - -------------------------------------------------------------------------------------------------------------------- Total Return, at Net Asset Value 2 (2.25)% 0.71% 7.66% 47.98% - -------------------------------------------------------------------------------------------------------------------- Ratios/Supplemental Data Net assets, end of period (in thousands) $584,052 $512,337 $294,780 $141,721 - -------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $490,057 $386,221 $205,916 $ 75,295 - -------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment loss (0.59)% (0.50)% (0.60)% (0.82)% Expenses, gross 1.39% 1.37% 1.28% 1.50% Expenses, net 1.36% 4,5 1.37% 4 1.28% 4 1.50% 4 - -------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 117% 134% 181% 108%
1. For the period from August 2, 1999 (inception of offering) to June 30, 2000. 2. Assumes an investment on the business day before the first day of the fiscal period (or inception of offering), with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods of less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 3. Annualized for periods of less than one full year. 4. Reduction to custodian expenses less than 0.01%. 5. Net of voluntary waiver of transfer agent fees. See accompanying Notes to Financial Statements. 38 | OPPENHEIMER MAIN STREET SMALL CAP FUND
CLASS B Year Ended June 30, 2003 2002 2001 2000 1 - --------------------------------------------------------------------------------------------------------------- Per Share Operating Data Net asset value, beginning of period $14.79 $14.80 $14.68 $10.00 - --------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment loss (.14) (.12) (.14) (.11) Net realized and unrealized gain (loss) (.30) .12 1.05 4.81 ----------------------------------------------------- Total from investment operations (.44) -- .91 4.70 - --------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Distributions from net realized gain -- (.01) (.79) (.02) - --------------------------------------------------------------------------------------------------------------- Net asset value, end of period $14.35 $14.79 $14.80 $14.68 ===================================================== - --------------------------------------------------------------------------------------------------------------- Total Return, at Net Asset Value 2 (2.98)% (0.02)% 6.79% 47.08% - --------------------------------------------------------------------------------------------------------------- Ratios/Supplemental Data Net assets, end of period (in thousands) $330,174 $285,102 $177,479 $99,060 - --------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $268,057 $218,939 $128,350 $51,951 - --------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment loss (1.34)% (1.25)% (1.36)% (1.53)% Expenses, gross 2.21% 2.12% 2.05% 2.21% Expenses, net 2.11% 4,5 2.12% 4 2.05% 4 2.21% 4 - --------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 117% 134% 181% 108%
1. For the period from August 2, 1999 (inception of offering) to June 30, 2000. 2. Assumes an investment on the business day before the first day of the fiscal period (or inception of offering), with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods of less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 3. Annualized for periods of less than one full year. 4. Reduction to custodian expenses less than 0.01%. 5. Net of voluntary waiver of transfer agent fees. See accompanying Notes to Financial Statements. 39 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FINANCIAL HIGHLIGHTS Continued CLASS C Year Ended June 30, 2003 2002 2001 2000 1 - ------------------------------------------------------------------------------------------------------ Per Share Operating Data Net asset value, beginning of period $ 14.79 $ 14.81 $ 14.68 $ 10.00 - ------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment loss (.13) (.10) (.13) (.10) Net realized and unrealized gain (loss) (.30) .09 1.05 4.80 ------------------------------------------------------ Total from investment operations (.43) (.01) .92 4.70 - ------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Distributions from net realized gain -- (.01) (.79) (.02) - ------------------------------------------------------------------------------------------------------ Net asset value, end of period $14.36 $14.79 $14.81 $14.68 ===================================================== - ------------------------------------------------------------------------------------------------------ Total Return, at Net Asset Value 2 (2.91)% (0.09)% 6.86% 47.08% - ------------------------------------------------------------------------------------------------------ Ratios/Supplemental Data Net assets, end of period (in thousands) $238,717 $186,108 $89,814 $43,695 - ------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $186,380 $127,393 $60,762 $21,984 - ------------------------------------------------------------------------------------------------------ Ratios to average net assets: 3 Net investment loss (1.30)% (1.23)% (1.36)% (1.54)% Expenses, gross 2.07% 2.12% 2.05% 2.21% Expenses, net 2.07% 4 2.12% 4 2.05% 4 2.21% 4 - ------------------------------------------------------------------------------------------------------ Portfolio turnover rate 117% 134% 181% 108%
1. For the period from August 2, 1999 (inception of offering) to June 30, 2000. 2. Assumes an investment on the business day before the first day of the fiscal period (or inception of offering), with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods of less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 3. Annualized for periods of less than one full year. 4. Reduction to custodian expenses less than 0.01%. See accompanying Notes to Financial Statements. 40 | OPPENHEIMER MAIN STREET SMALL CAP FUND
CLASS N Year Ended June 30, 2003 2002 2001 1 - ---------------------------------------------------------------------------------------- Per Share Operating Data Net asset value, beginning of period $15.05 $15.00 $13.53 - ---------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment loss (.11) (.12) (.02) Net realized and unrealized gain (loss) (.25) .18 1.49 -------------------------------- Total from investment operations (.36) .06 1.47 - ---------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Distributions from net realized gain -- (.01) -- - ---------------------------------------------------------------------------------------- Net asset value, end of period $14.69 $15.05 $15.00 ================================ - ---------------------------------------------------------------------------------------- Total Return, at Net Asset Value 2 (2.39)% 0.38% 10.87% - ---------------------------------------------------------------------------------------- Ratios/Supplemental Data Net assets, end of period (in thousands) $41,474 $14,557 $995 - ---------------------------------------------------------------------------------------- Average net assets (in thousands) $24,417 $ 5,924 $445 - ---------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment loss (0.83)% (0.66)% (0.76)% Expenses, gross 1.64% 1.65% 1.59% Expenses, net 1.60% 4,5 1.65% 4 1.59% 4 - ---------------------------------------------------------------------------------------- Portfolio turnover rate 117% 134% 181%
1. For the period from March 1, 2001 (inception of offering) to June 30, 2001. 2. Assumes an investment on the business day before the first day of the fiscal period (or inception of offering), with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods of less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 3. Annualized for periods of less than one full year. 4. Reduction to custodian expenses less than 0.01%. 5. Net of voluntary waiver of transfer agent fees. See accompanying Notes to Financial Statements. 41 | OPPENHEIMER MAIN STREET SMALL CAP FUND FINANCIAL HIGHLIGHTS Continued
CLASS Y Year Ended June 30, 2003 2002 2001 2000 1 - ------------------------------------------------------------------------------------------------ Per Share Operating Data Net asset value, beginning of period $15.27 $15.11 $ 14.82 $ 10.00 - ------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment loss (.07) (.10) (.05) (.04) Net realized and unrealized gain (loss) (.17) .27 1.13 4.88 -------------------------------------------- Total from investment operations (.24) .17 1.08 4.84 - ------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Distributions from net realized gain -- (.01) (.79) (.02) - ------------------------------------------------------------------------------------------------ Net asset value, end of period $15.03 $15.27 $15.11 $14.82 ============================================= - ------------------------------------------------------------------------------------------------ Total Return, at Net Asset Value 2 (1.57)% 1.11% 7.90% 48.48% - ------------------------------------------------------------------------------------------------ Ratios/Supplemental Data Net assets, end of period (in thousands) $7,637 $1,619 $2 $1 - ------------------------------------------------------------------------------------------------ Average net assets (in thousands) $3,460 $ 813 $2 $1 - ------------------------------------------------------------------------------------------------ Ratios to average net assets: 3 Net investment income (loss) 0.00% 0.01% (0.23)% (0.37)% Expenses, gross 0.79% 0.97% 0.89% 1.18% Expenses, net 0.79% 4 0.93% 4,5 0.89% 4 1.18% 4 - ------------------------------------------------------------------------------------------------ Portfolio turnover rate 117% 134% 181% 108%
1. For the period from August 2, 1999 (inception of offering) to June 30, 2000. 2. Assumes an investment on the business day before the first day of the fiscal period (or inception of offering), with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods of less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 3. Annualized for periods of less than one full year. 4. Reduction to custodian expenses less than 0.01%. 5. Net of voluntary waiver of transfer agent fees. See accompanying Notes to Financial Statements. 42 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- 1. Significant Accounting Policies Oppenheimer Main Street Small Cap Fund (the Fund) is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund's investment objective is to seek capital appreciation. The Fund's investment advisor is OppenheimerFunds, Inc. (the Manager). The Fund offers Class A, Class B, Class C, Class N and Class Y shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class B, Class C and Class N shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (CDSC). Class N shares are sold only through retirement plans. Retirement plans that offer Class N shares may impose charges on those accounts. Class Y shares are sold to certain institutional investors without either a front-end sales charge or a CDSC. All classes of shares have identical rights and voting privileges. Earnings, net assets and net asset value per share may differ by minor amounts due to each class having its own expenses directly attributable to that class. Classes A, B, C and N have separate distribution and/or service plans. No such plan has been adopted for Class Y shares. Class B shares will automatically convert to Class A shares six years after the date of purchase. The following is a summary of significant accounting policies consistently followed by the Fund. - -------------------------------------------------------------------------------- Securities Valuation. Securities listed or traded on National Stock Exchanges or other domestic or foreign exchanges are valued based on the last sale price of the security traded on that exchange prior to the time when the Fund's assets are valued. Securities traded on NASDAQ are valued based on the closing price provided by NASDAQ prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the closing bid and asked prices, and if not, at the closing bid price. Securities (including restricted securities) for which quotations are not readily available are valued primarily using dealer-supplied valuations, a portfolio pricing service authorized by the Board of Trustees, or at their fair value. Fair value is determined in good faith using consistently applied procedures under the supervision of the Board of Trustees. Short-term "money market type" debt securities with remaining maturities of sixty days or less are valued at amortized cost (which approximates market value). - -------------------------------------------------------------------------------- Foreign Currency Translation. The Fund's accounting records are maintained in U.S. dollars. Prices of securities denominated in foreign currencies are translated into U.S. dollars at the closing rates of exchange. Amounts related to the purchase and sale of foreign securities and investment income are translated at the rates of exchange prevailing on the respective dates of such transactions. 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. 43 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- 1. Significant Accounting Policies Continued Joint Repurchase Agreements. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other affiliated funds advised by the Manager, may transfer uninvested cash balances into joint trading accounts on a daily basis. Secured by U.S. government securities, these balances are invested in one or more repurchase agreements. Securities pledged as collateral for repurchase agreements are held by a custodian bank until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. In the event of default by the other party to the agreement, retention of the collateral may be subject to legal proceedings. - -------------------------------------------------------------------------------- Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class. - -------------------------------------------------------------------------------- Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders, therefore, no federal income or excise tax provision is required. The tax components of capital shown in the table below represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of investment for federal income tax purposes. Net Unrealized Appreciation Undistributed Undistributed Accumulated Based on Cost of Net Investment Long-Term Loss Securities for Federal Income Gains Carryforward 1,2 Income Tax Purposes ------------------------------------------------------------------------ $-- $-- $141,978,957 $240,592,080 1. Accumulated losses noted above primarily represent net capital loss carryforwards as of June 30, 2003 that may be available to offset future realized capital gains and thereby reduce future taxable gain distributions. These carryforwards expire 2010 and 2011. 2. As of June 30, 2003, the Fund had approximately $71,970,000 of post-October losses available to offset future capital gains, if any. Such losses, if unutilized, will expire in 2012. Additionally, the Fund had approximately $7,000 of post-October foreign currency losses which were deferred. Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to timing of dividends 44 | OPPENHEIMER MAIN STREET SMALL CAP FUND and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund. To From Net Ordinary Capital Gain Tax Return Investment Income (Loss) (Loss) of Capital Loss - -------------------------------------------------------------------------- $9,362,817 $229,155 $-- $9,133,662 The tax character of distributions paid during the years ended June 30, 2003 and June 30, 2002 were as follows: Year Ended Year Ended June 30, 2003 June 30, 2002 - ----------------------------------------------------------------------- Distributions paid from: Ordinary income $-- $329,525 The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investments for federal income tax purposes as of June 30, 2003 are noted below. The primary difference between book and tax appreciation or depreciation of investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss. Federal Tax Cost $953,982,681 ============ Gross unrealized appreciation $254,862,612 Gross unrealized depreciation (14,270,532) ------------ Net unrealized appreciation $240,592,080 ============ - -------------------------------------------------------------------------------- Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. Income and capital gain distributions, if any, are declared and paid annually. - -------------------------------------------------------------------------------- Investment Income. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income, which includes accretion of discount and amortization of premium, is accrued as earned. - -------------------------------------------------------------------------------- Expense Offset Arrangement. The reduction of custodian fees represents earnings on cash balances maintained by the Fund. - -------------------------------------------------------------------------------- Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost. - -------------------------------------------------------------------------------- Other. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. 45 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- 2. Shares of Beneficial Interest The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows: - --------------------------------------------------------------------------------
Year Ended June 30, 2003 Year Ended June 30, 2002 Shares Amount Shares Amount - ---------------------------------------------------------------------------------- Class A Sold 28,842,216 $ 373,711,631 24,740,817 $ 363,788,096 Dividends and/or distributions reinvested -- -- 11,094 160,197 Redeemed (23,218,757) (300,759,912) (10,479,777) (151,396,323) --------------------------------------------------------- Net increase 5,623,459 $ 72,951,719 14,272,134 $ 212,551,970 =========================================================== - ---------------------------------------------------------------------------------- Class B Sold 9,370,965 $ 119,637,485 10,930,651 $ 158,530,451 Dividends and/or distributions reinvested -- -- 6,485 91,991 Redeemed (5,642,090) (71,004,554) (3,642,765) (51,822,810) --------------------------------------------------------- Net increase 3,728,875 $ 48,632,931 7,294,371 $ 106,799,632 ========================================================= - ---------------------------------------------------------------------------------- Class C Sold 8,888,859 $ 113,501,879 8,373,107 $ 121,560,427 Dividends and/or distributions reinvested -- -- 3,456 49,019 Redeemed (4,846,737) (60,459,213) (1,858,077) (26,332,477) --------------------------------------------------------- Net increase 4,042,122 $ 53,042,666 6,518,486 $ 95,276,969 ========================================================= - ---------------------------------------------------------------------------------- Class N Sold 2,316,468 $ 29,545,217 981,003 $ 14,505,501 Dividends and/or distributions reinvested -- -- 124 1,786 Redeemed (459,607) (5,937,965) (80,478) (1,190,478) --------------------------------------------------------- Net increase 1,856,861 $ 23,607,252 900,649 $ 13,316,809 ========================================================= - ---------------------------------------------------------------------------------- Class Y Sold 491,287 $ 6,261,675 117,268 $ 1,746,956 Dividends and/or distributions reinvested -- -- 18 264 Redeemed (89,058) (1,171,217) (11,357) (164,975) --------------------------------------------------------- Net increase 402,229 $ 5,090,458 105,929 $ 1,582,245 =========================================================
- -------------------------------------------------------------------------------- 3. Purchases and Sales of Securities The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the year ended June 30, 2003, were $1,321,194,441 and $1,129,615,461, respectively. 46 | OPPENHEIMER MAIN STREET SMALL CAP FUND - -------------------------------------------------------------------------------- 4. Fees and Other Transactions with Affiliates Management Fees. Management fees paid to the Manager were in accordance with the investment advisory agreement with the Fund which provides for a fee at an annual rate of 0.75% of the first $200 million of average annual net assets of the Fund, 0.72% of the next $200 million, 0.69% of the next $200 million, 0.66% of the next $200 million; and 0.60% of average annual net assets in excess of $800 million. - -------------------------------------------------------------------------------- Transfer Agent Fees. OppenheimerFunds Services (OFS), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a $19.75 per account fee. Additionally, Class Y shares are subject to minimum fees of $5,000 for assets of less than $10 million and $10,000 for assets of $10 million or more. The Class Y shares are subject to the minimum fees in the event that the per account fee does not equal or exceed the applicable minimum fees. OFS may voluntarily waive the minimum fees. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees up to an annual rate of 0.35% of average annual net assets for all classes. This undertaking may be amended or withdrawn at any time. - -------------------------------------------------------------------------------- Distribution and Service Plan (12b-1) Fees. Under its General Distributor's Agreement with the Manager, OppenheimerFunds Distributor, Inc. (the Distributor) acts as the Fund's principal underwriter in the continuous public offering of the different classes of shares of the Fund. The compensation paid to (or retained by) the Distributor from the sale of shares or on the redemption of shares is shown in the table below for the period indicated.
Aggregate Class A Concessions Concessions Concessions Concessions Front-End Front-End on Class A on Class B on Class C on Class N Sales Charges Sales Charges Shares Shares Shares Shares on Class A Retained by Advanced by Advanced by Advanced by Advanced by Year Ended Shares Distributor Distributor 1 Distributor 1 Distributor 1 Distributor 1 - ------------------------------------------------------------------------------------------------------ June 30, 2003 $2,445,893 $741,253 $155,284 $3,108,074 $843,856 $223,325
1. The Distributor advances concession payments to dealers for certain sales of Class A shares and for sales of Class B, Class C and Class N shares from its own resources at the time of sale. Class A Class B Class C Class N Contingent Contingent Contingent Contingent Deferred Deferred Deferred Deferred Sales Charges Sales Charges Sales Charges Sales Charges Retained by Retained by Retained by Retained by Year Ended Distributor Distributor Distributor Distributor - -------------------------------------------------------------------------------- June 30, 2003 $4,587 $734,756 $62,791 $21,890 - -------------------------------------------------------------------------------- Service Plan for Class A Shares. The Fund has adopted a Service Plan for Class A Shares. It reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made quarterly at an annual rate of up to 0.25% of the average annual net assets of Class A shares of the Fund. For the year ended June 30, 2003, expense under the Class A Plan totaled $1,205,325, all of which were paid by the Distributor to recipients, which included $5,762 retained by 47 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- 4. Fees and Other Transactions with Affiliates Continued the Distributor and $74,979 which was paid to an affiliate of the Manager. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent years. - -------------------------------------------------------------------------------- Distribution and Service Plans for Class B, Class C and Class N Shares. The Fund has adopted Distribution and Service Plans for Class B, Class C and Class N shares. Under the plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% per year on Class B shares and on Class C shares and the Fund pays the Distributor an annual asset-based sales charge of 0.25% per year on Class N shares. The Distributor also receives a service fee of 0.25% per year under each plan. Distribution fees paid to the Distributor for the year ended June 30, 2003, were as follows: Distributor's Distributor's Aggregate Aggregate Unreimbursed Unreimbursed Expenses as % Total Payments Amount Retained Expenses of Net Assets Under Plan by Distributor Under Plan of Class - -------------------------------------------------------------------------------- Class B Plan $2,679,333 $2,214,711 $7,686,665 2.33% Class C Plan 1,862,350 834,963 3,044,048 1.28 Class N Plan 121,714 110,236 736,855 1.78 - -------------------------------------------------------------------------------- 5. Foreign Currency Contracts A foreign currency contract is a commitment to purchase or sell a foreign currency at a future date, at a negotiated rate. The Fund may enter into foreign currency contracts to settle specific purchases or sales of securities denominated in a foreign currency and for protection from adverse exchange rate fluctuation. Risks to the Fund include the potential inability of the counterparty to meet the terms of the contract. The net U.S. dollar value of foreign currency underlying all contractual commitments held by the Fund and the resulting unrealized appreciation or depreciation are determined using prevailing foreign currency exchange rates. Unrealized appreciation and depreciation on foreign currency contracts are reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations with the change in unrealized appreciation or depreciation. The Fund may realize a gain or loss upon the closing or settlement of the foreign transaction. Contracts closed or settled with the same broker are recorded as net realized gain or loss. Such realized gains and losses are reported with all other foreign currency gains and losses in the Statement of Operations. As of June 30, 2003, the Fund had no outstanding foreign currency contracts. 48 | OPPENHEIMER MAIN STREET SMALL CAP FUND - -------------------------------------------------------------------------------- 6. Illiquid or Restricted Securities As of June 30, 2003, investments in securities included issues that are illiquid or restricted. Restricted securities are purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and are valued under methods approved by the Board of Trustees as reflecting fair value. A security may also be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. The Fund intends to invest no more than 10% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid or restricted securities. Certain restricted securities, eligible for resale to qualified institutional investors, are not subject to that limitation. The aggregate value of illiquid or restricted securities subject to this limitation as of June 30, 2003 was $799,202, which represents 0.07% of the Fund's net assets, of which $756,342 is considered restricted. Information concerning restricted securities is as follows: Valuation Acquisition as of Unrealized Security Dates Cost June 30, 2003 Depreciation - -------------------------------------------------------------------------------- Stocks and/or Warrants Esprit Exploration Ltd. 6/4/02 $784,403 $756,342 $28,061 Opticnet, Inc. 10/26/00 -- -- -- - -------------------------------------------------------------------------------- 7. Borrowing and Lending Arrangements The Fund entered into an "interfund borrowing and lending arrangement" with other funds in the Oppenheimer funds complex, to allow funds to borrow for liquidity purposes. The arrangement was initiated pursuant to exemptive relief granted by the Securities and Exchange Commission to allow these affiliated funds to lend money to, and borrow money from, each other, in an attempt to reduce borrowing costs below those of bank loan facilities. Under the arrangement the Fund may lend money to other Oppenheimer funds and may borrow from other Oppenheimer funds at a rate set by the Fund's Board of Trustees, based upon a recommendation by the Manager. The Fund's borrowings, if any, are subject to asset coverage requirements under the Investment Company Act and the provisions of the SEC order and other applicable regulations. If the Fund borrows money, there is a risk that the loan could be called on one day's notice, in which case the Fund might have to borrow from a bank at higher rates if a loan were not available from another Oppenheimer fund. If the Fund lends money to another fund, it will be subject to the risk that the other fund might not repay the loan in a timely manner, or at all. The Fund had no interfund borrowings or loans outstanding during the year ended or at June 30, 2003. 49 | OPPENHEIMER MAIN STREET SMALL CAP FUND INDEPENDENT AUDITORS' REPORT - -------------------------------------------------------------------------------- To the Board of Trustees and Shareholders of Oppenheimer Main Street Small Cap Fund: We have audited the accompanying statement of assets and liabilities of Oppenheimer Main Street Small Cap Fund, including the statement of investments, as of June 30, 2003, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2003, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Main Street Small Cap Fund as of June 30, 2003, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. Deloitte & Touche LLP Denver, Colorado July 22, 2003 50 | OPPENHEIMER MAIN STREET SMALL CAP FUND FEDERAL INCOME TAX INFORMATION Unaudited - -------------------------------------------------------------------------------- In early 2004, if applicable, shareholders of record will receive information regarding all dividends and distributions paid to them by the Fund during calendar year 2003. Regulations of the U.S. Treasury Department require the Fund to report this information to the Internal Revenue Service. The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance. PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES Unaudited - -------------------------------------------------------------------------------- The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities ("portfolio proxies") held by the Fund. A description of the Fund's Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.225.5677, (ii) on the Fund's website at www.oppenheimerfunds.com, and (iii) on the SEC's website at www.sec.gov. In addition, the Fund will be required to file new Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The first such filing is due no later than August 31, 2004, for the twelve months ended June 30, 2004. Once filed, the Fund's Form N-PX filing will be available (i) without charge, upon request, by calling the Fund toll-free at 1.800.225.5677, and (ii) on the SEC's website at www.sec.gov. 51 | OPPENHEIMER MAIN STREET SMALL CAP FUND TRUSTEES AND OFFICERS Unaudited - -------------------------------------------------------------------------------- Principal Occupation(s) During Past 5 Years; Name, Position(s) Held Other Trusteeships/Directorships Held by Trustee; with Fund, Length of Number of Portfolios in Fund Complex Currently Service, Age Overseen by Trustee INDEPENDENT TRUSTEES The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, CO 80112-3924. Each Trustee serves for an indefinite term, until his or her resignation, retirement, death or removal. James C. Swain, Formerly, Chief Executive Officer (until August Chairman and Trustee 27, 2002) of the Board II Funds, Vice Chairman (since 1999) (until January 2, 2002) of OppenheimerFunds, Age: 69 Inc., (the Manager) and President and a director (until 1997) of Centennial Asset Management Corporation (a wholly-owned investment advisory subsidiary of the Manager). Oversees 42 portfolios in the OppenheimerFunds complex. William L. Armstrong, Chairman of the following private mortgage Vice Chairman (since 2003) banking companies: Cherry Creek Mortgage Company and Trustee (since 1999) (since 1991), Centennial State Mortgage Company Age: 66 (since 1994), The El Paso Mortgage Company (since 1993), Transland Financial Services, Inc. (since 1997); Chairman of the following private companies: Great Frontier Insurance (insurance agency) (since 1995), Ambassador Media Corporation and Broadway Ventures (since 1984); a director of the following public companies: Helmerich & Payne, Inc. (oil and gas drilling/production company) (since 1992) and UNUMProvident (insurance company) (since 1991). Mr. Armstrong is also a Director/Trustee of Campus Crusade for Christ and the Bradley Foundation. Formerly a director of the following: Storage Technology Corporation (a publicly-held computer equipment company) (1991-February 2003), International Family Entertainment (television channel) (1992-1997) and Natec Resources, Inc. (air pollution control equipment and services company) (1991-1995), Frontier Real Estate, Inc. (residential real estate brokerage) (1994-1999), and Frontier Title (title insurance agency) (1995-June 1999); a U.S. Senator (January 1979-January 1991). Oversees 42 portfolios in the OppenheimerFunds complex. Robert G. Avis, Formerly, Director and President of A.G. Edwards Trustee (since 1999) Capital, Inc. (General Partner of private equity Age: 72 funds) (until February 2001); Chairman, President and Chief Executive Officer of A.G. Edwards Capital, Inc. (until March 2000); Vice Chairman and Director of A.G. Edwards, Inc. and Vice Chairman of A.G. Edwards & Sons, Inc. (its brokerage company subsidiary) (until March 1999); Chairman of A.G. Edwards Trust Company and A.G.E. Asset Management (investment advisor) (until March 1999); and a Director (until March 2000) of A.G. Edwards & Sons and A.G. Edwards Trust Company. Oversees 42 portfolios in the OppenheimerFunds complex. George C. Bowen, Formerly (until April 1999): Senior Vice Trustee (since 1999) President (from September 1987) and Treasurer Age: 66 (from March 1985) of the Manager; Vice President (from June 1983) and Treasurer (since March 1985) of OppenheimerFunds Distributor, Inc. (a subsidiary of the Manager); Senior Vice President (since February 1992), Treasurer (since July 1991) Assistant Secretary and a director (since December 1991) of Centennial Asset Management Corporation; Vice President (since October 1989) and Treasurer (since April 1986) of HarbourView Asset Management Corporation (an investment advisory subsidiary of the Manager); President, Treasurer and a director (June 1989-January 1990) of Centennial Capital Corporation (an investment advisory subsidiary of the Manager); Vice President and Treasurer (since August 1978) and Secretary (since April 1981) of Shareholder Services, Inc. (a transfer agent subsidiary of the Manager); Vice President, Treasurer and Secretary (since November 1989) of Shareholder Financial Services, Inc. (a transfer agent subsidiary of the Manager); Assistant Treasurer (since March 1998) of Oppenheimer Acquisition Corp. (the Manager's parent corporation); Treasurer (since November 1989) of Oppenheimer 52 | OPPENHEIMER MAIN STREET SMALL CAP FUND George C. Bowen, Partnership Holdings, Inc. (a holding company Continued subsidiary of the Manager); Vice President and Treasurer (since July 1996) of Oppenheimer Real Asset Management, Inc. (an investment advisory subsidiary of the Manager); Chief Executive Officer and director (since March 1996) of MultiSource Services, Inc. (a broker-dealer subsidiary of the Manager); Treasurer (since October 1997) of OppenheimerFunds International Ltd. and Oppenheimer Millennium Funds plc (offshore fund management subsidiaries of the Manager). Oversees 42 portfolios in the OppenheimerFunds complex. Edward L. Cameron, A member of The Life Guard of Mount Vernon, Trustee (since 1999) George Washington's home (since June 2000). Age: 64 Formerly (March 2001 - May 2002) Director of Genetic ID, Inc. and its subsidiaries (a privately held biotech company); a partner with PricewaterhouseCoopers LLP (from 1974-1999) (an accounting firm) and Chairman (from 1994-1998), Price Waterhouse LLP Global Investment Management Industry Services Group. Oversees 42 portfolios in the OppenheimerFunds complex. Jon S. Fossel, Chairman and Director (since 1998) of Rocky Trustee (since 1999) Mountain Elk Foundation (a not-for-profit Age: 61 foundation); and a director (since October 1999) of P.R. Pharmaceuticals (a privately held company) and UNUMProvident (an insurance company) (since June 1, 2002). Formerly Chairman and a director (until October 1996) and President and Chief Executive Officer (until October 1995) of the Manager; President, Chief Executive Officer and a director of Oppenheimer Acquisition Corp., Shareholders Services Inc. and Shareholder Financials Services, Inc. (until October 1995). Oversees 42 portfolios in the OppenheimerFunds complex. Sam Freedman, Director of Colorado Uplift (a non-profit Trustee (since 1999) charity) (since September 1984). Formerly (until Age: 62 October 1994) Mr. Freedman held several positions in subsidiary or affiliated companies of the Manager. Oversees 42 portfolios in the OppenheimerFunds complex. Beverly L. Hamilton, Trustee (since 1996) of MassMutual Institutional Trustee (since 2002) Funds and of MML Series Investment Fund (open-end Age: 56 investment companies); Director of MML Services (since April 1987) and America Funds Emerging Markets Growth Fund (since October 1991) (both are investment companies), The California Endowment (a philanthropy organization) (since April 2002), and Community Hospital of Monterey Peninsula, (since February 2002); a trustee (since February 2000) of Monterey International Studies (an educational organization), and an advisor to Unilever (Holland)'s pension fund and to Credit Suisse First Boston's Sprout venture capital unit. Mrs. Hamilton also is a member of the investment committees of the Rockefeller Foundation, the University of Michigan and Hartford Hospital. Formerly, President (February 1991-April 2000) ARCO Investment Management Company. Oversees 43 portfolios in the OppenheimerFunds complex. Robert J. Malone, Director (since 2001) of Jones Knowledge, Inc. (a Trustee (since 2002) privately held company), U.S. Exploration, Inc., Age: 58 (since 1997), Colorado UpLIFT (a non-profit organization) (since 1986) and a trustee of the Gallagher Family Foundation (non-profit organization) (since 2000). Formerly, Chairman of U.S. Bank (a subsidiary of U.S. Bancorp and formerly Colorado National Bank,) (July 1996-April 1, 1999) and a director of Commercial Assets, Inc. (a REIT) (1993-2000). Oversees 43 portfolios in the OppenheimerFunds complex. F. William Marshall, Trustee (since 1996) of MassMutual Institutional Jr., Trustee Funds and of MML Series Investment Fund (open-end (since 2000) investment companies); Trustee (since 1987), Age: 61 Chairman of the Board (since 2003) and Chairman of the investment committee 53 | OPPENHEIMER MAIN STREET SMALL CAP FUND TRUSTEES AND OFFICERS Unaudited / Continued F. William Marshall, Jr., (since 1994) for the Worcester Polytech Continued Institute; President and Treasurer (since January 1999) of the SIS Fund (a private not for profit charitable fund); Trustee (since 1995) of the Springfield Library and Museum Association; Trustee (since 1996) of the Community Music School of Springfield. Formerly, member of the investment committee of the Community Foundation of Western Massachusetts (1998 - 2003); Chairman (January 1999-July 1999) of SIS & Family Bank, F.S.B. (formerly SIS Bank); President, Chief Executive Officer and Director (May 1993-December 1998) of SIS Bankcorp, Inc. and SIS Bank (formerly Springfield Institution for Savings) and Executive Vice President (January 1999-July 1999) of Peoples Heritage Financial Group, Inc. Oversees 42 portfolios in the OppenheimerFunds complex. - -------------------------------------------------------------------------------- INTERESTED TRUSTEE AND The address of Mr. Murphy in the chart below is OFFICER 498 Seventh Avenue, New York, NY 10018. Mr. Murphy serves for an indefinite term, until his resignation, death or removal. John V. Murphy, Chairman, Chief Executive Officer and director President and Trustee (since June 2001) and President (since September (since 2001) 2000) of the Manager; President and a director or Age: 53 trustee of other Oppenheimer funds; President and a director (since July 2001) of Oppenheimer Acquisition Corp. and of Oppenheimer Partnership Holdings, Inc.; a director (since November 2001) of OppenheimerFunds Distributor, Inc.; Chairman and a director (since July 2001) of Shareholder Services, Inc. and of Shareholder Financial Services, Inc.; President and a director (since July 2001) of OppenheimerFunds Legacy Program (a charitable trust program established by the Manager); a director of the following investment advisory subsidiaries of OppenheimerFunds, Inc.: OFI Institutional Asset Management, Inc. and Centennial Asset Management Corporation (since November 2001), HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since July 2001); President (since November 1, 2001) and a director (since July 2001) of Oppenheimer Real Asset Management, Inc.; a director (since November 2001) of Trinity Investment Management Corp. and Tremont Advisers, Inc. (investment advisory affiliates of the Manager); Executive Vice President (since February 1997) of Massachusetts Mutual Life Insurance Company (the Manager's parent company); a director (since June 1995) of DLB Acquisition Corporation (a holding company that owns shares of David L. Babson & Company, Inc.); formerly, Chief Operating Officer (September 2000-June 2001) of the Manager; President and trustee (November 1999-November 2001) of MML Series Investment Fund and MassMutual Institutional Funds (open-end investment companies); a director (September 1999-August 2000) of C.M. Life Insurance Company; President, Chief Executive Officer and director (September 1999-August 2000) of MML Bay State Life Insurance Company; a director (June 1989-June 1998) of Emerald Isle Bancorp and Hibernia Savings Bank (a wholly-owned subsidiary of Emerald Isle Bancorp). Oversees 74 portfolios in the OppenheimerFunds complex. - -------------------------------------------------------------------------------- OFFICERS The address of the Officers in the chart below is as follows: for Messrs. Albers, Zack and Zavanelli, 498 Seventh Avenue, New York, NY 10018, for Mr. Wixted, 6803 S. Tucson Way, Centennial, CO 80112-3924. Each Officer serves for an annual term or until his or her earlier resignation, death or removal. Charles Albers, Senior Vice President (since April 1998) of the Vice President Manager; a Certified Financial Analyst; an (since 1999) Age: 62 officer of 6 portfolios in the OppenheimerFunds complex; formerly a Vice President and portfolio manager for Guardian Investor Services, the investment management subsidiary of The Guardian Life Insurance Company (1972 - April 1998). 54 | OPPENHEIMER MAIN STREET SMALL CAP FUND Mark Zavanelli, Vice President (since November 2000) of the Vice President Manager; a Chartered Financial Analyst; an (since 1999) officer of 2 portfolios in the OppenheimerFunds Age: 32 complex. Prior to joining the Manager in May 1998 he was President of Waterside Capital Management, a registered investment advisor (August 1995 - April 1998) and a financial research analyst for Elder Research (June 1997 - April 1998). Brian W. Wixted, Senior Vice President and Treasurer (since March Treasurer 1999) of the Manager; Treasurer (since March (since 1999) 1999) of HarbourView Asset Management Age: 43 Corporation, Shareholder Services, Inc., Oppenheimer Real Asset Management Corporation, Shareholder Financial Services, Inc., Oppenheimer Partnership Holdings, Inc., OFI Private Investments, Inc. (since March 2000), OppenheimerFunds International Ltd. and Oppenheimer Millennium Funds plc (since May 2000) and OFI Institutional Asset Management, Inc. (since November 2000); Treasurer and Chief Financial Officer (since May 2000) of Oppenheimer Trust Company (a trust company subsidiary of the Manager); Assistant Treasurer (since March 1999) of Oppenheimer Acquisition Corp. and OppenheimerFunds Legacy Program (since April 2000); formerly Principal and Chief Operating Officer (March 1995-March 1999), Bankers Trust Company-Mutual Fund Services Division. An officer of 90 portfolios in the OppenheimerFunds complex. Robert G. Zack, Senior Vice President (since May 1985) and Vice President and General Counsel (since February 2002) of the Secretary (since 2001) Manager; General Counsel and a director (since Age: 54 November 2001) of OppenheimerFunds Distributor, Inc.; Senior Vice President and General Counsel (since November 2001) of HarbourView Asset Management Corporation; Vice President and a director (since November 2000) of Oppenheimer Partnership Holdings, Inc.; Senior Vice President, General Counsel and a director (since November 2001) of Shareholder Services, Inc., Shareholder Financial Services, Inc., OFI Private Investments, Inc., Oppenheimer Trust Company and OFI Institutional Asset Management, Inc.; General Counsel (since November 2001) of Centennial Asset Management Corporation; a director (since November 2001) of Oppenheimer Real Asset Management, Inc.; Assistant Secretary and a director (since November 2001) of OppenheimerFunds International Ltd.; Vice President (since November 2001) of OppenheimerFunds Legacy Program; Secretary (since November 2001) of Oppenheimer Acquisition Corp.; formerly Acting General Counsel (November 2001-February 2002) and Associate General Counsel (May 1981-October 2001) of the Manager; Assistant Secretary of Shareholder Services, Inc. (May 1985-November 2001), Shareholder Financial Services, Inc. (November 1989-November 2001); OppenheimerFunds International Ltd. And Oppenheimer Millennium Funds plc (October 1997-November 2001). An officer of 90 portfolios in the OppenheimerFunds complex. The Fund's Statement of Additional Information contains additional information about the Fund's Trustee's and is available without charge upon request. 55 | OPPENHEIMER MAIN STREET SMALL CAP FUND ITEM 2. CODE OF ETHICS - NOT REQUIRED ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT - NOT REQUIRED ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES - NOT REQUIRED ITEM 5. RESERVED ITEM 6. RESERVED ITEM 7. NOT APPLICABLE ITEM 8. RESERVED ITEM 9. CONTROLS AND PROCEDURES (a) Based on their evaluation of registrant's disclosure controls and procedures (as defined in rule 30a-2(c) under the Investment Company Act of 1940 (17 CFR 270.30a-2(c)) as of June 30, 2003, registrant's principal executive officer and principal financial officer found registrant's disclosure controls and procedures to be appropriately designed to ensure that information required to be disclosed by registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission. (b) There have been no significant changes in registrant's internal controls or in other factors that could significantly affect registrant's internal controls subsequent to the date of the most recent evaluation as indicated, including no significant deficiencies or material weaknesses that required corrective action. ITEM 10. EXHIBITS ATTACHED HERETO. (ATTACH CERTIFICATIONS AS EXHIBITS) EX-99.302CERT 3 ex99_302cert-847.txt EX99_302CERT-847 Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, John V. Murphy, certify that: -------------- 1. I have reviewed this report on Form N-CSR 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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-2(c) 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) 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 5. The registrant's other certifying officers 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 controls 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 controls. Date: 08/14/03 /s/John V. Murphy ----------------- John V. Murphy Chief Executive Officer Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, Brian W. Wixted, certify that: --------------- 1. I have reviewed this report on Form N-CSR 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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-2(c) 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) 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 5. The registrant's other certifying officers 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 controls 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 controls. Date: 08/14/03 /s/Brian W. Wixted ------------------ Brian W. Wixted Chief Financial Officer EX-99.906CERT 4 ex99_906cert-847.txt EX99_906CERT-847 EX-99.906CERT Section 906 Certifications CERTIFICATION PURSUANT TO 18 U.S.C SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2003 John V. Murphy, Chief Executive Officer, and Brian W. Wixted Chief -------------- --------------- Financial Officer of Oppenheimer Main Street Small Cap Fund (the "Registrant"), each certify to the best of his or her knowledge that: 1. The Registrant's periodic report on Form N-CSR for the period ended June 30, 2003 (the "Form N-CSR") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and 2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Form N-CSR filed with the Commission. Chief Executive Officer Chief Financial Officer Oppenheimer Main Street Oppenheimer Main Street Small Cap Fund Small Cap Fund /s/John V. Murphy /s/Brian W. Wixted - ----------------- ------------------ John V. Murphy Brian W. Wixted Date: 08/14/03 Date: 08/14/03 -----END PRIVACY-ENHANCED MESSAGE-----