-----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, UZyxwlYEQkRCnlPmLN7QAIB1gzJDDq6FmPZNDjEeNyM95kzewey96z4a+pPi/sVl oHkA4tZPQNVzgcZ7FD+fpQ== 0000935069-04-001196.txt : 20040824 0000935069-04-001196.hdr.sgml : 20040824 20040824135731 ACCESSION NUMBER: 0000935069-04-001196 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20040630 FILED AS OF DATE: 20040824 DATE AS OF CHANGE: 20040824 EFFECTIVENESS DATE: 20040824 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: 04993666 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_10961.txt RA0847_10961.TXT UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-09333 Oppenheimer Main Street Small Cap Fund (Exact name of registrant as specified in charter) 6803 South Tucson Way, Centennial, Colorado 80112-3924 (Address of principal executive offices) (Zip code) Robert G. Zack, Esq. OppenheimerFunds, Inc. Two World Financial Center, New York, New York 10281-1008 - -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (303) 768-3200 -------------- Date of fiscal year end: June 30 ------- Date of reporting period: July 1, 2003 - June 30, 2004 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, 2004, FOLLOWED BY A GRAPHICAL COMPARISON OF THE FUND'S PERFORMANCE TO AN APPROPRIATE BROAD-BASED MARKET INDEX. MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE. The Oppenheimer Main Street Small Cap Fund enjoyed strong absolute returns during a mostly positive climate for small-cap stock investing. The first six months were a particularly favorable environment for the Fund, although performance was more subdued during the second half of the period as stocks gave back some of their gains in response to investors' fears of rising interest rates. The Fund's performance closely tracked the Russell 2000 Index over this period. See page 2 for detailed performance information. The market environment for the Fund during the past 12 months can be roughly divided into two parts. During the first part of the reporting period, from July 1, 2003, until the second half of January 2004, stocks gained as investors became more confident about economic growth and rising corporate earnings. As their conviction increased that the economic rebound was sustainable, investors became more willing to buy stocks instead of lower-risk bonds. Against this backdrop, small-cap stocks, with their greater growth potential, were the greatest beneficiaries. In particular, the smallest of these stocks--so-called "micro caps"--as well as aggressive names in growth-oriented sectors such as technology did especially well. During the second part of the period, an increasing amount of data pointed to rising inflation accompanying the fast-growing economy. This fact was expected to convince the Federal Reserve Board to increase interest rates off of their historic lows (an expectation that was met on June 30, 2004). The threat of higher rates weighed on stock prices and reversed the growth trend in the small-cap market. Gains in micro-cap and fundamentally weak technology stocks were interrupted, and larger-cap and higher-quality names began enjoying stronger results on a relative basis. When selecting small-cap securities for the Fund, we use a proprietary stock-selection model. This model leads us to those companies with characteristics that have predicted success historically. As the 12-month reporting period began, our model detected improvements in the economy and was steering us toward technology and other cyclical investments that were expected to benefit. Our model also led us to increase the Fund's weighting in micro-cap stocks, from approximately 36% to 40% of the portfolio, while de-emphasizing more defensive areas of the market such as consumer staples, utilities and parts of the health care sector. These positioning decisions benefited performance during the first part of the period. 10 | OPPENHEIMER MAIN STREET SMALL CAP FUND Toward the end of the period, our model was increasingly recommending a shift away from micro caps and relatively aggressive growth stocks and into larger companies as well as certain higher-quality cyclical stocks. For example, we invested in selected companies in the industrials sector, which historically has benefited most in the middle to later stages of an economic recovery. We also purchased stocks in the energy and consumer discretionary sectors, both of which we overweighted throughout the past 12 months. In hindsight, this shift in emphasis proved to be a good move. However, our model did not anticipate the shift quickly enough, and the delay resulted in a performance lag relative to our benchmark and peers. The significant position we maintained in the energy sector proved beneficial to the Fund as energy stocks outperformed primarily due to sharply rising oil prices. The Fund's performance was also positively influenced by emphasizing the consumer discretionary sector, which fared well as companies continued to benefit from the expanding economy and continued strength in consumer spending. The Fund's limited position in financials and utilities also helped performance; financials were hurt as investors grew concerned about the impact of rising interest rates, while utilities and other defensive investments historically have been overlooked during times of economic growth. On the negative side, the Fund's relative performance was hurt by stock selection within the technology sector. Early in the period, our model was somewhat late in detecting a market shift and recommending a move in favor of more aggressive, smaller-cap technology stocks. In addition, primarily in March and April 2004, when market conditions changed to favor less aggressive and larger small-cap technology names, we were unable to react quickly enough and wound up owning certain underperforming stocks for longer than desirable. In fact, many of the securities proving to be laggards late in the period were the same names that had generated large gains for the Fund during the previous eight months. We have however, greatly reduced the Fund's exposure to micro caps. As previously mentioned, the Fund's exposure to micro caps was approximately 40% during the period. We have since greatly reduced this allocation to 28%, and are working to further reduce it, in anticipation of more favorable performance for the larger companies within the small-cap market. 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, 2004. In the case of Class A, Class B, Class C and Class Y shares, performance is measured from inception of the classes on August 2, 1999. In the case of Class N shares, performance is measured from inception of the class on March 1, 2001. The Fund's performance reflects the deduction of the maximum initial sales charge on Class A 11 | OPPENHEIMER MAIN STREET SMALL CAP FUND FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- shares, the applicable contingent deferred sales charge on Class B, Class C and Class N shares, and reinvestments of all dividends and capital gains distributions. Past performance cannot guarantee future results. The Fund's performance is compared to the performance of the Russell 2000 Index and the Lipper Small-Cap Core Fund Index. The Russell 2000 Index is an unmanaged index of small-capitalization stocks. The Lipper Small-Cap Core Fund category includes the 30 largest mutual funds within the investment category as defined by Lipper. Index performance reflects the reinvestment of income but does not consider the effect of transaction costs, and none of the data in the graphs shows the effect of taxes. The Fund's performance reflects the effects of the Fund's business and operating expenses. While index comparisons may be useful to provide a benchmark for the Fund's performance, it must be noted that the Fund's investments are not limited to the investments in the index. 12 | OPPENHEIMER MAIN STREET SMALL CAP FUND CLASS A SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: OPPENHEIMER MAIN STREET SMALL CAP FUND(R) (CLASS A) RUSSELL 2000 INDEX LIPPER SMALL-CAP CORE FUND INDEX [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.] Lipper Small-Cap Value of Investment Russell 2000 Core Fund Date In Fund Index Index 08/02/1999 9,425 10,000 10,000 09/30/1999 9,557 9,632 9,626 12/31/1999 12,125 11,409 11,450 03/31/2000 12,994 12,217 12,632 06/30/2000 13,947 11,755 12,430 09/30/2000 14,608 11,885 12,779 12/31/2000 13,356 11,064 12,244 03/31/2001 12,916 10,344 11,313 06/30/2001 15,015 11,822 13,051 09/30/2001 12,756 9,364 10,768 12/31/2001 15,082 11,339 13,117 03/31/2002 15,562 11,791 13,585 06/30/2002 15,122 10,806 12,406 09/30/2002 12,572 8,493 10,014 12/31/2002 12,672 9,016 10,594 03/31/2003 12,162 8,611 10,047 06/30/2003 14,782 10,629 12,113 09/30/2003 16,123 11,593 12,997 12/31/2003 18,563 13,277 14,928 03/31/2004 19,493 14,108 15,838 06/30/2004 19,523 14,175 16,086 AVERAGE ANNUAL TOTAL RETURNS OF CLASS A SHARES WITH SALES CHARGE OF THE FUND AT 6/30/04 1-Year 5-Year Since Inception Inception Date - ------ ------ --------------- -------------- 24.48% N/A 14.59% 8/2/99 THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM, OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE, REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE: FOR CLASS A SHARES, THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 5.75%; FOR CLASS B SHARES, THE CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR); AND FOR CLASS C AND N SHARES, THE CONTINGENT 1% DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. THERE IS NO SALES CHARGE FOR CLASS Y SHARES. SEE PAGE 18 FOR FURTHER INFORMATION. 13 | OPPENHEIMER MAIN STREET SMALL CAP FUND FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- CLASS B SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: OPPENHEIMER MAIN STREET SMALL CAP FUND(R) (CLASS B) RUSSELL 2000 INDEX LIPPER SMALL-CAP CORE FUND INDEX [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.] Lipper Small-Cap Value of Investment Russell 2000 Core Fund Date In Fund Index Index 08/02/1999 10,000 10,000 10,000 09/30/1999 10,130 9,632 9,626 12/31/1999 12,824 11,409 11,450 03/31/2000 13,726 12,217 12,632 06/30/2000 14,708 11,755 12,430 09/30/2000 15,369 11,885 12,779 12/31/2000 14,020 11,064 12,244 03/31/2001 13,531 10,344 11,313 06/30/2001 15,707 11,822 13,051 09/30/2001 13,319 9,364 10,768 12/31/2001 15,725 11,339 13,117 03/31/2002 16,193 11,791 13,585 06/30/2002 15,704 10,806 12,406 09/30/2002 13,028 8,493 10,014 12/31/2002 13,113 9,016 10,594 03/31/2003 12,561 8,611 10,047 06/30/2003 15,237 10,629 12,113 09/30/2003 16,585 11,593 12,997 12/31/2003 19,049 13,277 14,928 03/31/2004 19,962 14,108 15,838 06/30/2004 19,751 14,175 16,086 AVERAGE ANNUAL TOTAL RETURNS OF CLASS B SHARES WITH SALES CHARGE OF THE FUND AT 6/30/04 1-Year 5-Year Since Inception Inception Date - ------ ------ --------------- -------------- 25.94% N/A 14.87% 8/2/99 14 | OPPENHEIMER MAIN STREET SMALL CAP FUND CLASS C SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: OPPENHEIMER MAIN STREET SMALL CAP FUND(R) (CLASS C) RUSSELL 2000 INDEX LIPPER SMALL-CAP CORE FUND INDEX [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.] Lipper Small-Cap Value of Investment Russell 2000 Core Fund Date In Fund Index Index 08/02/1999 10,000 10,000 10,000 09/30/1999 10,130 9,632 9,626 12/31/1999 12,824 11,409 11,450 03/31/2000 13,726 12,217 12,632 06/30/2000 14,708 11,755 12,430 09/30/2000 15,369 11,885 12,779 12/31/2000 14,030 11,064 12,244 03/31/2001 13,541 10,344 11,313 06/30/2001 15,717 11,822 13,051 09/30/2001 13,319 9,364 10,768 12/31/2001 15,725 11,339 13,117 03/31/2002 16,192 11,791 13,585 06/30/2002 15,703 10,806 12,406 09/30/2002 13,038 8,493 10,014 12/31/2002 13,113 9,016 10,594 03/31/2003 12,571 8,611 10,047 06/30/2003 15,247 10,629 12,113 09/30/2003 16,595 11,593 12,997 12/31/2003 19,069 13,277 14,928 03/31/2004 19,993 14,108 15,838 06/30/2004 19,982 14,175 16,086 AVERAGE ANNUAL TOTAL RETURNS OF CLASS C SHARES WITH SALES CHARGE OF THE FUND AT 6/30/04 1-Year 5-Year Since Inception Inception Date - ------ ------ --------------- -------------- 30.06% N/A 15.14% 8/2/99 THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM, OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE, REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE: FOR CLASS A SHARES, THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 5.75%; FOR CLASS B SHARES, THE CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR); AND FOR CLASS C AND N SHARES, THE CONTINGENT 1% DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. THERE IS NO SALES CHARGE FOR CLASS Y SHARES. SEE PAGE 18 FOR FURTHER INFORMATION. 15 | OPPENHEIMER MAIN STREET SMALL CAP FUND FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- CLASS N SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: OPPENHEIMER MAIN STREET SMALL CAP FUND(R) (CLASS N) RUSSELL 2000 INDEX LIPPER SMALL-CAP CORE FUND INDEX [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.] Lipper Small-Cap Value of Investment Russell 2000 Core Fund Date In Fund Index Index 03/01/2001 10,000 10,000 10,000 03/31/2001 9,542 9,511 9,527 06/30/2001 11,086 10,870 10,991 09/30/2001 9,409 8,610 9,068 12/31/2001 11,121 10,426 11,046 03/31/2002 11,469 10,841 11,440 06/30/2002 11,129 9,935 10,448 09/30/2002 9,258 7,809 8,433 12/31/2002 9,325 8,290 8,922 03/31/2003 8,947 7,918 8,461 06/30/2003 10,863 9,772 10,201 09/30/2003 11,839 10,659 10,945 12/31/2003 13,613 12,207 12,571 03/31/2004 14,286 12,972 13,338 06/30/2004 14,294 13,033 13,546 AVERAGE ANNUAL TOTAL RETURNS OF CLASS N SHARES WITH SALES CHARGE OF THE FUND AT 6/30/04 1-Year 5-Year Since Inception Inception Date - ------ ------ --------------- -------------- 30.59% N/A 11.32% 3/1/01 16 | OPPENHEIMER MAIN STREET SMALL CAP FUND CLASS Y SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: OPPENHEIMER MAIN STREET SMALL CAP FUND(R) (CLASS Y) RUSSELL 2000 INDEX LIPPER SMALL-CAP CORE FUND INDEX [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.] Lipper Small-Cap Value of Investment Russell 2000 Core Fund Date In Fund Index Index 08/02/1999 10,000 10,000 10,000 09/30/1999 10,140 9,632 9,626 12/31/1999 12,874 11,409 11,450 03/31/2000 13,816 12,217 12,632 06/30/2000 14,848 11,755 12,430 09/30/2000 15,570 11,885 12,779 12/31/2000 14,240 11,064 12,244 03/31/2001 13,784 10,344 11,313 06/30/2001 16,021 11,822 13,051 09/30/2001 13,625 9,364 10,768 12/31/2001 16,135 11,339 13,117 03/31/2002 16,655 11,791 13,585 06/30/2002 16,199 10,806 12,406 09/30/2002 13,504 8,493 10,014 12/31/2002 13,632 9,016 10,594 03/31/2003 13,101 8,611 10,047 06/30/2003 15,944 10,629 12,113 09/30/2003 17,408 11,593 12,997 12/31/2003 20,071 13,277 14,928 03/31/2004 21,100 14,108 15,838 06/30/2004 21,153 14,175 16,086 AVERAGE ANNUAL TOTAL RETURNS OF CLASS Y SHARES WITH SALES CHARGE OF THE FUND AT 6/30/04 1-Year 5-Year Since Inception Inception Date - ------ ------ --------------- -------------- 32.67% N/A 16.48% 8/2/99 THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM, OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE, REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE: FOR CLASS A SHARES, THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 5.75%; FOR CLASS B SHARES, THE CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR); AND FOR CLASS C AND N SHARES, THE CONTINGENT 1% DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. THERE IS NO SALES CHARGE FOR CLASS Y SHARES. SEE PAGE 18 FOR FURTHER INFORMATION. 17 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES - -------------------------------------------------------------------------------- TOTAL RETURNS AND THE ENDING ACCOUNT VALUES IN THE GRAPHS INCLUDE CHANGES IN SHARE PRICE AND REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS DISTRIBUTIONS IN A HYPOTHETICAL INVESTMENT FOR THE PERIODS SHOWN. THE FUND'S TOTAL RETURNS SHOWN DO NOT REFLECT THE DEDUCTION OF INCOME TAXES ON AN INDIVIDUAL'S INVESTMENT. TAXES MAY REDUCE YOUR ACTUAL INVESTMENT RETURNS ON INCOME OR GAINS PAID BY THE FUND OR ANY GAINS YOU MAY REALIZE IF YOU SELL YOUR SHARES. INVESTORS SHOULD CONSIDER THE FUND'S INVESTMENT OBJECTIVES, RISKS, AND OTHER CHARGES AND EXPENSES CAREFULLY BEFORE INVESTING. THE FUND'S PROSPECTUS CONTAINS THIS AND OTHER INFORMATION ABOUT THE FUND, AND MAY BE OBTAINED BY ASKING YOUR FINANCIAL ADVISOR, CALLING US AT 1.800.525.7048 OR VISITING OUR WEBSITE AT WWW.OPPENHEIMERFUNDS.COM. READ THE PROSPECTUS CAREFULLY BEFORE INVESTING. THE FUND'S INVESTMENT STRATEGY AND FOCUS CAN CHANGE OVER TIME. THE MENTION OF SPECIFIC FUND HOLDINGS DOES NOT CONSTITUTE A RECOMMENDATION BY OPPENHEIMERFUNDS, INC. CLASS A shares of the Fund were first publicly offered on 8/2/99. Unless otherwise noted, Class A returns include the current maximum initial sales charge of 5.75%. CLASS B shares of the Fund were first publicly offered on 8/2/99. Unless otherwise noted, Class B returns include the applicable contingent deferred sales charge of 5% (1-year) and 2% (5-year). 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. 18 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS June 30, 2004 - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- COMMON STOCKS--97.4% - -------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--17.4% - -------------------------------------------------------------------------------- AUTO COMPONENTS--1.2% Aftermarket Technology Corp. 1 54,800 $ 904,200 - -------------------------------------------------------------------------------- ArvinMeritor, Inc. 23,200 454,024 - -------------------------------------------------------------------------------- Bandag, Inc. 4,900 218,197 - -------------------------------------------------------------------------------- Cooper Tire & Rubber Co. 249,200 5,731,600 - -------------------------------------------------------------------------------- Dana Corp. 91,900 1,801,240 - -------------------------------------------------------------------------------- Drew Industries, Inc. 1 118,800 4,835,160 - -------------------------------------------------------------------------------- Dura Automotive Systems, Inc. 1 15,000 137,250 - -------------------------------------------------------------------------------- Hayes Lemmerz International, Inc. 1 31,500 475,650 - -------------------------------------------------------------------------------- Keystone Automotive Industries, Inc. 1 36,100 1,006,829 - -------------------------------------------------------------------------------- Modine Manufacturing Co. 52,600 1,675,310 - -------------------------------------------------------------------------------- Noble International Ltd. 42,470 1,051,982 - -------------------------------------------------------------------------------- Sauer-Danfoss, Inc. 7,700 131,439 - -------------------------------------------------------------------------------- Spartan Motors, Inc. 36,000 441,000 - -------------------------------------------------------------------------------- Standard Motor Products, Inc. 2,100 30,933 - -------------------------------------------------------------------------------- Stoneridge, Inc. 1 31,700 538,900 - -------------------------------------------------------------------------------- Tenneco Automotive, Inc. 1 139,500 1,845,585 - -------------------------------------------------------------------------------- Tower Automotive, Inc. 1 199,600 726,544 - -------------------------------------------------------------------------------- Visteon Corp. 269,700 3,147,399 -------------- 25,153,242 - -------------------------------------------------------------------------------- AUTOMOBILES--0.2% Monaco Coach Corp. 136,100 3,833,937 - -------------------------------------------------------------------------------- Winnebago Industries, Inc. 14,500 540,560 -------------- 4,374,497 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- DISTRIBUTORS--0.2% Andersons, Inc. (The) 8,700 $ 147,813 - -------------------------------------------------------------------------------- Handleman Co. 67,400 1,560,984 - -------------------------------------------------------------------------------- Pomeroy Computer Resources, Inc. 7,100 84,632 - -------------------------------------------------------------------------------- WESCO International, Inc. 1 124,500 2,290,800 -------------- 4,084,229 - -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--4.0% Ambassadors Group, Inc. 44,700 1,050,897 - -------------------------------------------------------------------------------- Ameristar Casinos, Inc. 125,200 4,204,216 - -------------------------------------------------------------------------------- Applebee's International, Inc. 114,300 2,631,186 - -------------------------------------------------------------------------------- Argosy Gaming Co. 1 77,300 2,906,480 - -------------------------------------------------------------------------------- Aztar Corp. 1 226,900 6,353,200 - -------------------------------------------------------------------------------- Boca Resorts, Inc., Cl. A 1 69,300 1,373,526 - -------------------------------------------------------------------------------- California Pizza Kitchen, Inc. 1 17,000 325,720 - -------------------------------------------------------------------------------- CBRL Group, Inc. 11,800 364,030 - -------------------------------------------------------------------------------- CEC Entertainment, Inc. 1 137,850 4,067,954 - -------------------------------------------------------------------------------- Checkers Drive-In Restaurants, Inc. 1 40,200 464,310 - -------------------------------------------------------------------------------- Choice Hotels International, Inc. 121,900 6,114,504 - -------------------------------------------------------------------------------- Dave & Buster's, Inc. 1 161,200 3,028,948 - -------------------------------------------------------------------------------- Dover Downs Gaming & Entertainment, Inc. 44,000 495,000 - -------------------------------------------------------------------------------- Frisch's Restaurants, Inc. 4,700 139,825 - -------------------------------------------------------------------------------- Isle of Capri Casinos, Inc. 1 158,500 2,765,825 - -------------------------------------------------------------------------------- Jack in the Box, Inc. 1 222,600 6,611,220 - -------------------------------------------------------------------------------- La Quinta Corp. 1 436,300 3,664,920 - -------------------------------------------------------------------------------- Lakes Gaming, Inc. 1 33,400 387,106 - -------------------------------------------------------------------------------- Landry's Restaurants, Inc. 63,300 1,892,037 19 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE Continued Lone Star Steakhouse & Saloon, Inc. 111,600 $ 3,034,404 - -------------------------------------------------------------------------------- Navigant International, Inc. 1 74,200 1,320,018 - -------------------------------------------------------------------------------- Papa John's International, Inc. 1 42,800 1,264,312 - -------------------------------------------------------------------------------- Penn National Gaming, Inc. 1 197,100 6,543,720 - -------------------------------------------------------------------------------- Pinnacle Entertainment, Inc. 1 300,300 3,786,783 - -------------------------------------------------------------------------------- Prime Hospitality Corp. 1 99,400 1,055,628 - -------------------------------------------------------------------------------- Rare Hospitality International, Inc. 1 133,200 3,316,680 - -------------------------------------------------------------------------------- Ryan's Restaurant Group, Inc. 1 151,650 2,396,070 - -------------------------------------------------------------------------------- Scientific Games Corp., Cl. A 1 166,500 3,186,810 - -------------------------------------------------------------------------------- Shuffle Master, Inc. 1 146,925 5,334,847 - -------------------------------------------------------------------------------- Sonic Corp. 1 41,850 952,088 - -------------------------------------------------------------------------------- Speedway Motorsports, Inc. 65,400 2,186,976 - -------------------------------------------------------------------------------- Steak n Shake Co. (The) 1 168,100 3,062,782 - -------------------------------------------------------------------------------- Sunterra Corp. 1 29,398 370,415 - -------------------------------------------------------------------------------- Total Entertainment Restaurant Corp. 1 56,900 769,857 -------------- 87,422,294 - -------------------------------------------------------------------------------- HOUSEHOLD DURABLES--2.0% Applica, Inc. 1 101,800 906,020 - -------------------------------------------------------------------------------- Bassett Furniture Industries, Inc. 2,300 50,048 - -------------------------------------------------------------------------------- Beazer Homes USA, Inc. 25,731 2,581,077 - -------------------------------------------------------------------------------- Blount International, Inc. 1 6,800 86,564 - -------------------------------------------------------------------------------- Brookfield Homes Corp. 20,000 523,800 - -------------------------------------------------------------------------------- Chromcraft Revington, Inc. 1 8,300 105,825 - -------------------------------------------------------------------------------- CSS Industries, Inc. 57,250 2,006,040 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- HOUSEHOLD DURABLES CONTINUED Enesco Group, Inc. 1 37,400 $ 335,104 - -------------------------------------------------------------------------------- Furniture Brands International, Inc. 16,800 420,840 - -------------------------------------------------------------------------------- Helen of Troy Ltd. 1 109,400 4,033,578 - -------------------------------------------------------------------------------- Jarden Corp. 1 150,500 5,416,495 - -------------------------------------------------------------------------------- Kimball International, Inc., Cl. B 45,100 665,225 - -------------------------------------------------------------------------------- Lifetime Hoan Corp. 29,400 670,026 - -------------------------------------------------------------------------------- M.D.C. Holdings, Inc. 30,065 1,912,435 - -------------------------------------------------------------------------------- Meritage Corp. 1 67,700 4,657,760 - -------------------------------------------------------------------------------- Mestek, Inc. 1 11,200 186,032 - -------------------------------------------------------------------------------- Movado Group, Inc. 36,000 621,000 - -------------------------------------------------------------------------------- National Presto Industries, Inc. 11,900 490,637 - -------------------------------------------------------------------------------- Ryland Group, Inc. (The) 15,100 1,180,820 - -------------------------------------------------------------------------------- Standard Pacific Corp. 44,100 2,174,130 - -------------------------------------------------------------------------------- Stanley Furniture Co., Inc. 60,700 2,556,077 - -------------------------------------------------------------------------------- Technical Olympic USA, Inc. 156,150 3,479,022 - -------------------------------------------------------------------------------- Tupperware Corp. 202,000 3,924,860 - -------------------------------------------------------------------------------- Universal Electronics, Inc. 1 10,800 189,324 - -------------------------------------------------------------------------------- Yankee Candle, Inc. (The) 1 113,800 3,328,650 -------------- 42,501,389 - -------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL--0.3% 1-800-FLOWERS.com, Inc. 1 14,800 120,472 - -------------------------------------------------------------------------------- Coldwater Creek, Inc. 1 63,300 1,675,551 - -------------------------------------------------------------------------------- J. Jill Group, Inc. 1 97,800 2,307,102 - -------------------------------------------------------------------------------- PC Connection, Inc. 1 118,600 780,388 - -------------------------------------------------------------------------------- Priceline.com, Inc. 1 66,800 1,798,924 - -------------------------------------------------------------------------------- Provide Commerce, Inc. 1 9,100 179,361 ------------ 6,861,798 20 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS--1.0% Action Performance Cos., Inc. 42,375 $ 638,591 - -------------------------------------------------------------------------------- Callaway Golf Co 7,500 85,050 - -------------------------------------------------------------------------------- Marine Products Corp. 14,700 272,685 - -------------------------------------------------------------------------------- MarineMax, Inc. 1 198,400 5,690,112 - -------------------------------------------------------------------------------- Marvel Enterprises, Inc. 1 99,800 1,948,096 - -------------------------------------------------------------------------------- Nautilus Group, Inc. (The) 131,900 2,573,369 - -------------------------------------------------------------------------------- Polaris Industries, Inc. 9,300 446,400 - -------------------------------------------------------------------------------- RC2 Corp. 1 57,200 2,030,600 - -------------------------------------------------------------------------------- SCP Pool Corp. 112,600 5,067,000 - -------------------------------------------------------------------------------- Steinway Musical Instruments, Inc. 1 72,000 2,526,480 ------------ 21,278,383 - -------------------------------------------------------------------------------- MEDIA--1.2% 4Kids Entertainment, Inc. 1 34,100 815,672 - -------------------------------------------------------------------------------- Advo, Inc. 33,950 1,117,634 - -------------------------------------------------------------------------------- Arbitron, Inc. 1 20,100 734,052 - -------------------------------------------------------------------------------- Beasley Broadcast Group, Inc., Cl. A 800 11,968 - -------------------------------------------------------------------------------- Carmike Cinemas, Inc. 1 27,700 1,092,765 - -------------------------------------------------------------------------------- Gray Television, Inc. 122,200 1,697,358 - -------------------------------------------------------------------------------- Hearst-Argyle Television, Inc. 73,200 1,887,096 - -------------------------------------------------------------------------------- Information Holdings, Inc. 1 54,900 1,502,613 - -------------------------------------------------------------------------------- Journal Communications, Inc. 22,300 419,909 - -------------------------------------------------------------------------------- Liberty Corp. 12,700 596,265 - -------------------------------------------------------------------------------- Media General, Inc., Cl. A 24,400 1,566,968 - -------------------------------------------------------------------------------- R.H. Donnelley Corp. 1 87,500 3,827,250 - -------------------------------------------------------------------------------- Readers Digest Assn., Inc. (The), Cl. A, Non-Vtg 206,300 3,298,737 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- MEDIA CONTINUED Reading International, Inc. 1 2,700 $ 23,490 - -------------------------------------------------------------------------------- Saga Communications, Inc., Cl. A 1 16,100 293,825 - -------------------------------------------------------------------------------- Salem Communications Corp., Cl. A 1 85,600 2,322,328 - -------------------------------------------------------------------------------- Thomas Nelson, Inc. 116,100 2,640,114 - -------------------------------------------------------------------------------- World Wrestling Federation Entertainment, Inc. 166,600 2,124,150 -------------- 25,972,194 - -------------------------------------------------------------------------------- MULTILINE RETAIL--0.6% Bon-Ton Stores, Inc. 55,100 807,766 - -------------------------------------------------------------------------------- Dillard's, Inc., Cl. A 186,700 4,163,410 - -------------------------------------------------------------------------------- Saks, Inc. 69,800 1,047,000 - -------------------------------------------------------------------------------- Stage Stores, Inc. 1 80,600 3,035,396 - -------------------------------------------------------------------------------- Stein Mart, Inc. 1 250,300 4,069,878 -------------- 13,123,450 - -------------------------------------------------------------------------------- SPECIALTY RETAIL--5.0% A.C. Moore Arts & Crafts, Inc. 1 28,100 773,031 - -------------------------------------------------------------------------------- Aaron Rents, Inc. 108,900 3,608,946 - -------------------------------------------------------------------------------- Aeropostale, Inc. 1 233,100 6,272,721 - -------------------------------------------------------------------------------- American Eagle Outfitters, Inc. 1 113,100 3,269,721 - -------------------------------------------------------------------------------- AnnTaylor Stores Corp. 1 159,900 4,633,902 - -------------------------------------------------------------------------------- Asbury Automotive Group, Inc. 1 15,600 234,000 - -------------------------------------------------------------------------------- Barnes & Noble, Inc. 1 72,600 2,466,948 - -------------------------------------------------------------------------------- bebe stores, inc. 1 187,450 3,749,000 - -------------------------------------------------------------------------------- Big 5 Sporting Goods Corp. 1 106,000 2,776,140 - -------------------------------------------------------------------------------- Blair Corp. 30,800 890,120 - -------------------------------------------------------------------------------- Borders Group, Inc. 135,800 3,183,152 - -------------------------------------------------------------------------------- Brookstone, Inc. 1 201,075 4,031,554 - -------------------------------------------------------------------------------- Buckle, Inc. (The) 32,400 915,300 21 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- SPECIALTY RETAIL Continued Building Materials Holding Corp. 138,600 $ 2,623,698 - -------------------------------------------------------------------------------- Cabela's, Inc. 1 20,400 549,780 - -------------------------------------------------------------------------------- Cache, Inc. 1 31,750 428,943 - -------------------------------------------------------------------------------- Casual Male Retail Group, Inc. 1 60,500 441,650 - -------------------------------------------------------------------------------- Charming Shoppes, Inc. 1 630,000 5,625,900 - -------------------------------------------------------------------------------- Children's Place Retail Stores, Inc. 1 58,200 1,368,864 - -------------------------------------------------------------------------------- Claire's Stores, Inc. 144,300 3,131,310 - -------------------------------------------------------------------------------- CSK Auto Corp. 2,500 42,850 - -------------------------------------------------------------------------------- Deb Shops, Inc. 3,700 89,022 - -------------------------------------------------------------------------------- Dress Barn, Inc. (The) 1 144,300 2,470,416 - -------------------------------------------------------------------------------- Electronics Boutique Holdings Corp. 1 34,300 903,462 - -------------------------------------------------------------------------------- Finish Line, Inc. (The), Cl. A 1 46,100 1,390,837 - -------------------------------------------------------------------------------- Finlay Enterprises, Inc. 1 26,800 504,376 - -------------------------------------------------------------------------------- GameStop Corp. 1 54,900 835,578 - -------------------------------------------------------------------------------- Goody's Family Clothing, Inc. 193,500 2,006,595 - -------------------------------------------------------------------------------- Guess?, Inc. 1 206,000 3,316,600 - -------------------------------------------------------------------------------- Hibbett Sporting Goods, Inc. 1 115,787 3,166,774 - -------------------------------------------------------------------------------- HNI Corp. 9,300 393,669 - -------------------------------------------------------------------------------- Hollywood Entertainment Corp. 1 115,500 1,543,080 - -------------------------------------------------------------------------------- Jo-Ann Stores, Inc. 1 82,600 2,428,440 - -------------------------------------------------------------------------------- Jos. A. Banks Clothiers, Inc. 1 63,000 1,977,570 - -------------------------------------------------------------------------------- Lithia Motors, Inc., Cl. A 14,100 349,398 - -------------------------------------------------------------------------------- Loehmann's Holdings, Inc. 1 32,900 749,857 - -------------------------------------------------------------------------------- Monro Muffler Brake, Inc. 1 59,300 1,438,618 - -------------------------------------------------------------------------------- Noland Co. 1,000 42,560 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- SPECIALTY RETAIL CONTINUED O'Reilly Automotive, Inc. 1 45,600 $ 2,061,120 - -------------------------------------------------------------------------------- Pacific Sunwear of California, Inc. 1 177,125 3,466,336 - -------------------------------------------------------------------------------- Payless ShoeSource, Inc. 1 141,800 2,114,238 - -------------------------------------------------------------------------------- Pep Boys-Manny, Moe & Jack 236,200 5,987,670 - -------------------------------------------------------------------------------- Select Comfort Corp. 1 45,100 1,280,840 - -------------------------------------------------------------------------------- Sports Authority, Inc. (The) 1 8,098 290,718 - -------------------------------------------------------------------------------- Talbots, Inc. (The) 58,300 2,282,445 - -------------------------------------------------------------------------------- TBC Corp. 1 79,200 1,884,960 - -------------------------------------------------------------------------------- Too, Inc. 23,700 395,790 - -------------------------------------------------------------------------------- Tractor Supply Co. 1 38,600 1,614,252 - -------------------------------------------------------------------------------- Trans World Entertainment Corp. 1 128,700 1,289,574 - -------------------------------------------------------------------------------- Tweeter Home Entertainment Group, Inc. 1 21,200 114,480 - -------------------------------------------------------------------------------- United Auto Group, Inc. 134,300 4,116,295 - -------------------------------------------------------------------------------- Zale Corp. 1 228,600 6,231,636 -------------- 107,754,736 - -------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--1.7% Brown Shoe Co., Inc. 97,400 3,986,582 - -------------------------------------------------------------------------------- Cherokee, Inc. 15,700 393,913 - -------------------------------------------------------------------------------- Deckers Outdoor Corp. 1 28,100 828,669 - -------------------------------------------------------------------------------- DHB Industries, Inc. 1 164,200 2,492,556 - -------------------------------------------------------------------------------- Escalade, Inc. 6,400 147,904 - -------------------------------------------------------------------------------- Fossil, Inc. 1 75,000 2,043,750 - -------------------------------------------------------------------------------- Hampshire Group Ltd. 1 24,435 708,371 - -------------------------------------------------------------------------------- Hartmarx Corp. 1 159,700 1,006,110 - -------------------------------------------------------------------------------- K-Swiss, Inc., Cl. A 3,900 78,819 - -------------------------------------------------------------------------------- Kellwood Co. 141,400 6,157,970 22 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS Continued Kenneth Cole Productions, Inc., Cl. A 53,400 $ 1,830,018 - -------------------------------------------------------------------------------- Maxwell Shoe Co., Inc. 1 6,900 160,356 - -------------------------------------------------------------------------------- OshKosh B'Gosh, Inc., Cl. A 600 14,982 - -------------------------------------------------------------------------------- Perry Ellis International, Inc. 1 810 20,461 - -------------------------------------------------------------------------------- Quaker Fabric Corp. 4,200 32,378 - -------------------------------------------------------------------------------- Timberland Co., Cl. A 1 48,700 3,145,533 - -------------------------------------------------------------------------------- Tommy Hilfiger Corp. 1 147,100 2,227,094 - -------------------------------------------------------------------------------- UniFirst Corp. 23,500 683,615 - -------------------------------------------------------------------------------- Vans, Inc. 1 98,100 2,015,955 - -------------------------------------------------------------------------------- Warnaco Group, Inc. (The) 1 160,800 3,420,216 - -------------------------------------------------------------------------------- Weyco Group, Inc. 1,200 41,149 - -------------------------------------------------------------------------------- Wolverine World Wide, Inc. 218,900 5,746,125 -------------- 37,182,526 - -------------------------------------------------------------------------------- CONSUMER STAPLES--3.1% - -------------------------------------------------------------------------------- Beverages--0.1% Boston Beer Co., Inc., Cl. A 1 57,900 1,166,106 - -------------------------------------------------------------------------------- National Beverage Corp 18,800 186,684 - -------------------------------------------------------------------------------- PepsiAmericas, Inc. 11,200 237,888 -------------- 1,590,678 - -------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--0.7% 7-Eleven, Inc. 1 184,100 3,286,185 - -------------------------------------------------------------------------------- Arden Group, Inc., Cl. A 10,598 949,793 - -------------------------------------------------------------------------------- BJ's Wholesale Club, Inc. 1 40,200 1,005,000 - -------------------------------------------------------------------------------- Chronimed, Inc. 1 22,000 179,300 - -------------------------------------------------------------------------------- Ingles Markets, Inc., Cl. A 10,500 117,285 - -------------------------------------------------------------------------------- Longs Drug Stores, Inc. 59,900 1,429,813 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- FOOD & STAPLES RETAILING CONTINUED Nash Finch Co. 50,700 $ 1,269,021 - -------------------------------------------------------------------------------- Penn Traffic Co. (The) 1 1,200 144 - -------------------------------------------------------------------------------- Ruddick Corp. 180,500 4,052,225 - -------------------------------------------------------------------------------- Smart & Final, Inc. 1 127,100 1,527,742 - -------------------------------------------------------------------------------- Weis Markets, Inc. 65,800 2,306,290 - -------------------------------------------------------------------------------- Wild Oats Markets, Inc. 1 29,200 410,844 -------------- 16,533,642 - -------------------------------------------------------------------------------- FOOD PRODUCTS--1.3% Alico, Inc. 3,500 140,525 - -------------------------------------------------------------------------------- Central Garden & Pet Co. 1 123,800 4,428,326 - -------------------------------------------------------------------------------- Corn Products International, Inc. 116,200 5,409,110 - -------------------------------------------------------------------------------- Del Monte Foods Co. 1 132,300 1,344,168 - -------------------------------------------------------------------------------- Farmer Brothers Co. 5,000 134,150 - -------------------------------------------------------------------------------- Flowers Foods, Inc. 205,900 5,384,285 - -------------------------------------------------------------------------------- Interstate Bakeries Corp. 26,600 288,610 - -------------------------------------------------------------------------------- J&J Snack Foods Corp. 1 29,100 1,188,153 - -------------------------------------------------------------------------------- Lance, Inc. 92,600 1,426,040 - -------------------------------------------------------------------------------- M&F Worldwide Corp. 1 161,200 2,208,440 - -------------------------------------------------------------------------------- MGP Ingredients, Inc. 9,200 355,948 - -------------------------------------------------------------------------------- Omega Protein Corp. 1 187,600 1,819,720 - -------------------------------------------------------------------------------- Sanderson Farms, Inc. 89,800 4,815,076 -------------- 28,942,551 - -------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--0.7% Chattem, Inc. 1 149,300 4,310,291 - -------------------------------------------------------------------------------- Nu Skin Asia Pacific, Inc., Cl. A 201,700 5,107,044 - -------------------------------------------------------------------------------- Rayovac Corp. 1 155,300 4,363,930 - -------------------------------------------------------------------------------- WD-40 Co. 23,000 688,620 -------------- 14,469,885 23 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- PERSONAL PRODUCTS--0.3% Del Laboratories, Inc. 40,092 $ 1,243,654 - -------------------------------------------------------------------------------- INTER PARFUMS, INC 45,500 948,675 - -------------------------------------------------------------------------------- Mannatech, Inc. 41,000 393,600 - -------------------------------------------------------------------------------- Nature's Sunshine Products, Inc. 59,900 852,976 - -------------------------------------------------------------------------------- NBTY, Inc. 1 79,600 2,339,444 -------------- 5,778,349 - -------------------------------------------------------------------------------- ENERGY--8.2% - -------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--1.8% Cal Dive International, Inc. 1 178,100 5,399,992 - -------------------------------------------------------------------------------- Carbo Ceramics, Inc. 33,500 2,286,375 - -------------------------------------------------------------------------------- CHC Helicopter Corp., Cl. A 29,300 854,470 - -------------------------------------------------------------------------------- Ensign Resource Service Group, Inc. 157,300 2,486,062 - -------------------------------------------------------------------------------- Gulf Island Fabrication, Inc. 58,800 1,271,844 - -------------------------------------------------------------------------------- Hydril Co. 1 15,900 500,850 - -------------------------------------------------------------------------------- Maverick Tube Corp. 1 146,200 1,213,212 - -------------------------------------------------------------------------------- NS Group, Inc. 1 67,500 1,109,700 - -------------------------------------------------------------------------------- Oceaneering International, Inc. 1 97,700 3,346,225 - -------------------------------------------------------------------------------- Offshore Logistics, Inc. 1 22,400 629,888 - -------------------------------------------------------------------------------- Oil States International, Inc. 1 310,800 4,755,240 - -------------------------------------------------------------------------------- Pason Systems, Inc. 40,000 924,855 - -------------------------------------------------------------------------------- RPC, Inc. 32,800 517,912 - -------------------------------------------------------------------------------- Tesco Corp. 1 99,100 799,009 - -------------------------------------------------------------------------------- Total Energy Services Ltd. 1 148,500 657,908 - -------------------------------------------------------------------------------- Trican Well Service Ltd. 1 147,600 4,623,681 - -------------------------------------------------------------------------------- Unit Corp. 1 3,800 119,510 - -------------------------------------------------------------------------------- Universal Compression Holdings, Inc. 1 30,000 920,400 - -------------------------------------------------------------------------------- Veritas DGC, Inc. 1 250,900 5,808,335 - -------------------------------------------------------------------------------- Willbros Group, Inc. 1 35,800 539,506 -------------- 38,764,974 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- OIL & GAS--6.4% Atlas Energy Ltd. 1 584,000 $ 1,324,154 - -------------------------------------------------------------------------------- Berry Petroleum CO., CL. A 42,000 1,235,220 - -------------------------------------------------------------------------------- Blizzard Energy, Inc. 1 1,343,600 1,402,976 - -------------------------------------------------------------------------------- Brigham Exploration Co. 1 11,400 104,652 - -------------------------------------------------------------------------------- Cabot Oil & Gas Corp., Cl. A 66,900 2,829,870 - -------------------------------------------------------------------------------- Callon Petroleum Co. 1 100,600 1,434,556 - -------------------------------------------------------------------------------- Canadian Superior Energy, Inc. 1 1,247,424 1,860,785 - -------------------------------------------------------------------------------- Cimarex Energy Co. 1 221,770 6,704,107 - -------------------------------------------------------------------------------- Clear Energy, Inc. 1 377,566 985,628 - -------------------------------------------------------------------------------- Compton Petroleum Corp. 1 249,500 1,395,674 - -------------------------------------------------------------------------------- Comstock Resources, Inc. 1 111,100 2,162,006 - -------------------------------------------------------------------------------- Crew Energy, Inc. 1 127,729 495,388 - -------------------------------------------------------------------------------- Crosstex Energy, Inc. 200 8,020 - -------------------------------------------------------------------------------- Denbury Resources, Inc. 1 199,900 4,187,905 - -------------------------------------------------------------------------------- Duvernay Oil Corp. 1 86,000 831,937 - -------------------------------------------------------------------------------- Encore Acquisition Co. 1 104,400 2,912,760 - -------------------------------------------------------------------------------- Energy Partners Ltd. 1 139,500 2,134,350 - -------------------------------------------------------------------------------- Esprit Exploration Ltd. 1,2 428,200 1,114,613 - -------------------------------------------------------------------------------- Esprit Exploration Ltd. 1 393,800 1,025,070 - -------------------------------------------------------------------------------- Frontier Oil Corp. 228,200 4,835,558 - -------------------------------------------------------------------------------- General Maritime Corp. 1 143,300 3,932,152 - -------------------------------------------------------------------------------- Harvest Natural Resources, Inc. 1 172,100 2,566,011 - -------------------------------------------------------------------------------- Holly Corp. 123,100 4,603,940 - -------------------------------------------------------------------------------- Houston Exploration Co. 1 77,300 4,007,232 - -------------------------------------------------------------------------------- Ketch Resources Ltd. 1 171,900 1,474,436 - -------------------------------------------------------------------------------- Magnum Hunter Resources, Inc. 1 506,200 5,254,356 - -------------------------------------------------------------------------------- Maritrans, Inc. 48,100 723,905 24 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- OIL & GAS Continued Meridian Resource Corp. (The) 1 287,700 $ 1,996,638 - -------------------------------------------------------------------------------- Midnight Oil & Gas Ltd. 1 236,000 1,117,733 - -------------------------------------------------------------------------------- OMI Corp. 505,400 6,014,260 - -------------------------------------------------------------------------------- OPTI Canada, Inc. 1 75,000 1,048,853 - -------------------------------------------------------------------------------- Overseas Shipholding Group, Inc. 64,200 2,833,146 - -------------------------------------------------------------------------------- Paramount Resources Ltd. 1 312,000 3,350,960 - -------------------------------------------------------------------------------- Patina Oil & Gas Corp. 100,374 2,998,171 - -------------------------------------------------------------------------------- Penn Virginia Corp. 104,600 3,777,106 - -------------------------------------------------------------------------------- Petroleum Development Corp. 1 63,200 1,732,944 - -------------------------------------------------------------------------------- Plains Exploration & Production Co. 1 131,601 2,414,878 - -------------------------------------------------------------------------------- Pogo Producing Co. 13,100 647,140 - -------------------------------------------------------------------------------- Prima Energy Corp. 1 4,600 182,022 - -------------------------------------------------------------------------------- Progress Energy Ltd. 1 240,500 2,665,545 - -------------------------------------------------------------------------------- Range Resources Corp. 311,500 4,547,900 - -------------------------------------------------------------------------------- Real Resources, Inc. 1 186,800 1,037,971 - -------------------------------------------------------------------------------- Remington Oil & Gas Corp. 1 49,900 1,177,640 - -------------------------------------------------------------------------------- Resource America, Inc., Cl. A 66,400 1,567,040 - -------------------------------------------------------------------------------- Rio Alto Resources International, Inc. 1 479,300 482,607 - -------------------------------------------------------------------------------- Southwestern Energy Co. 1 48,400 1,387,628 - -------------------------------------------------------------------------------- Spinnaker Exploration Co. 1 49,400 1,945,372 - -------------------------------------------------------------------------------- St. Mary Land & Exploration Co. 99,800 3,557,870 - -------------------------------------------------------------------------------- StarPoint Energy Ltd. 1 517,800 1,641,357 - -------------------------------------------------------------------------------- Stelmar Shipping Ltd. 54,300 1,800,045 - -------------------------------------------------------------------------------- Stone Energy Corp. 1 73,700 3,366,616 - -------------------------------------------------------------------------------- Swift Energy Co. 1 166,900 3,681,814 - -------------------------------------------------------------------------------- Teekay Shipping Corp. 32,600 1,218,588 - -------------------------------------------------------------------------------- Tesoro Petroleum Corp. 1 215,500 5,947,800 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- OIL & GAS CONTINUED Thunder Energy, Inc. 1 279,863 $ 1,484,114 - -------------------------------------------------------------------------------- TransMontaigne, Inc. 1 2,400 12,912 - -------------------------------------------------------------------------------- Tusk Energy, Inc. 1 472,000 1,548,984 - -------------------------------------------------------------------------------- Vintage Petroleum, Inc. 200,000 3,394,000 - -------------------------------------------------------------------------------- Western Gas Resources, Inc. 64,000 2,078,720 - -------------------------------------------------------------------------------- World Fuel Services Corp. 69,000 3,110,520 -------------- 137,316,155 - -------------------------------------------------------------------------------- FINANCIALS--14.5% - -------------------------------------------------------------------------------- CAPITAL MARKETS--0.1% Capital Southwest Corp. 500 39,515 - -------------------------------------------------------------------------------- National Financial Partners Corp. 31,500 1,111,005 - -------------------------------------------------------------------------------- Stifel Financial Corp. 1 4,100 111,520 - -------------------------------------------------------------------------------- SWS Group, Inc. 10,600 162,180 -------------- 1,424,220 - -------------------------------------------------------------------------------- COMMERCIAL BANKS--6.7% 1st Source Corp. 5,900 147,382 - -------------------------------------------------------------------------------- Alliance Financial Corp 10,100 284,214 - -------------------------------------------------------------------------------- AmericanWest Bancorporation 42,510 814,067 - -------------------------------------------------------------------------------- Anchor BanCorp Wisconsin, Inc. 88,500 2,339,940 - -------------------------------------------------------------------------------- Arrow Financial Corp. 7,241 220,488 - -------------------------------------------------------------------------------- Bancorp Bank (The) 1 9,200 162,932 - -------------------------------------------------------------------------------- BankAtlantic Bancorp, Inc. 85,400 1,575,630 - -------------------------------------------------------------------------------- BankUnited Financial Corp., Cl. A 1 3,000 77,400 - -------------------------------------------------------------------------------- Banner Corp. 10,900 316,754 - -------------------------------------------------------------------------------- Bay View Capital Corp. 4,800 9,888 - -------------------------------------------------------------------------------- BB&T Corp. 808 29,872 - -------------------------------------------------------------------------------- Berkshire Hills Bancorp, Inc. 24,800 920,080 25 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- COMMERCIAL BANKS Continued BFC Financial Corp., Cl. A 1 22 $ 260 - -------------------------------------------------------------------------------- Brookline Bancorp, Inc. 20,465 300,222 - -------------------------------------------------------------------------------- BSB Bancorp, Inc. 8,400 298,620 - -------------------------------------------------------------------------------- Camco Financial Corp. 10,600 148,400 - -------------------------------------------------------------------------------- Camden National Corp. 5,000 165,350 - -------------------------------------------------------------------------------- Capital Bancorp Ltd. 11,000 286,110 - -------------------------------------------------------------------------------- Capital City Bank Group, Inc. 8,525 337,505 - -------------------------------------------------------------------------------- Capital Corp. of the West 4,700 182,548 - -------------------------------------------------------------------------------- Capital Crossing Bank 1 14,300 798,369 - -------------------------------------------------------------------------------- CB Bancshares, Inc. 30,943 2,883,888 - -------------------------------------------------------------------------------- Center Financial Corp. 29,200 442,380 - -------------------------------------------------------------------------------- CFS Bancorp, Inc. 4,600 60,950 - -------------------------------------------------------------------------------- Chemical Financial Corp. 7,195 265,424 - -------------------------------------------------------------------------------- Citizens First Bancorp, Inc. 38,700 921,447 - -------------------------------------------------------------------------------- City Holding Co. 94,000 2,968,520 - -------------------------------------------------------------------------------- CNB Florida Bancshares, Inc. 8,000 189,048 - -------------------------------------------------------------------------------- Coastal Financial Corp. 1,644 24,578 - -------------------------------------------------------------------------------- Colonial BancGroup, Inc. (The) 177,300 3,221,541 - -------------------------------------------------------------------------------- Columbia Bancorp, Eastern US 2,100 61,362 - -------------------------------------------------------------------------------- Columbia Banking System, Inc. 130,305 2,892,771 - -------------------------------------------------------------------------------- Community Bank System, Inc. 116,800 2,661,872 - -------------------------------------------------------------------------------- Community First Bankshares, Inc. 92,300 2,971,137 - -------------------------------------------------------------------------------- Community Trust Bancorp, Inc. 10,780 328,790 - -------------------------------------------------------------------------------- Corus Bankshares, Inc. 45,200 1,858,172 - -------------------------------------------------------------------------------- CVB Financial Corp. 36,831 802,179 - -------------------------------------------------------------------------------- Dime Community Bancshares, Inc. 90,525 1,582,377 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- COMMERCIAL BANKS CONTINUED East West Bancorp, Inc. 168,000 $ 5,157,600 - -------------------------------------------------------------------------------- ESB Financial Corp. 800 10,008 - -------------------------------------------------------------------------------- EverTrust Financial Group, Inc. 3,100 78,802 - -------------------------------------------------------------------------------- Exchange National Bancshares, Inc. 2,850 83,220 - -------------------------------------------------------------------------------- Farmers Capital Bank Corp. 1,000 35,750 - -------------------------------------------------------------------------------- Fidelity Bankshares, Inc. 79,965 2,834,759 - -------------------------------------------------------------------------------- Fifth Third Bancorp 830 44,637 - -------------------------------------------------------------------------------- First BanCorp 39,800 1,621,850 - -------------------------------------------------------------------------------- First Citizens BancShares, Inc., Cl. A 11,300 1,378,600 - -------------------------------------------------------------------------------- First Commonwealth Financial Corp. 37,300 483,781 - -------------------------------------------------------------------------------- First Community Bancshares, Inc. 26,030 872,005 - -------------------------------------------------------------------------------- First Defiance Financial Corp. 14,700 324,870 - -------------------------------------------------------------------------------- First Federal Capital Corp. 46,400 1,291,312 - -------------------------------------------------------------------------------- First Financial Corp. 12,000 382,800 - -------------------------------------------------------------------------------- First Financial Holdings, Inc. 47,600 1,371,356 - -------------------------------------------------------------------------------- First M&F Corp. 1,900 59,166 - -------------------------------------------------------------------------------- First Merchants Corp. 22,110 573,755 - -------------------------------------------------------------------------------- First National Bankshares of Florida, Inc. 30,385 575,796 - -------------------------------------------------------------------------------- First Niagara Financial Group, Inc. 109,700 1,316,400 - -------------------------------------------------------------------------------- First Oak Brook Bancshares, Inc. 4,050 122,715 - -------------------------------------------------------------------------------- First Place Financial Corp. 68,563 1,273,215 - -------------------------------------------------------------------------------- First Republic Bank 114,800 4,945,584 - -------------------------------------------------------------------------------- First Sentinel Bancorp, Inc. 36,100 741,855 - -------------------------------------------------------------------------------- 26 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- COMMERCIAL BANKS Continued FirstFed Financial Corp. 1 3,600 $ 149,760 - -------------------------------------------------------------------------------- Flagstar Bancorp, Inc. 101,600 2,019,808 - -------------------------------------------------------------------------------- Flushing Financial Corp. 71,690 1,265,329 - -------------------------------------------------------------------------------- Foothill Independent Bancorp 5,431 113,345 - -------------------------------------------------------------------------------- Frontier Financial Corp. 6,100 213,134 - -------------------------------------------------------------------------------- Glacier Bancorp, Inc. 41,400 1,166,238 - -------------------------------------------------------------------------------- Hancock Holding Co. 6,000 174,360 - -------------------------------------------------------------------------------- Hanmi Financial Corp. 29,267 863,377 - -------------------------------------------------------------------------------- Harbor Florida Bancshares, Inc. 88,300 2,429,133 - -------------------------------------------------------------------------------- Harleysville National Corp. 9,850 252,160 - -------------------------------------------------------------------------------- Home Federal Bancorp 32,300 807,500 - -------------------------------------------------------------------------------- Horizon Financial Corp. 4,300 85,570 - -------------------------------------------------------------------------------- Hudson River Bancorp, Inc. 32,100 547,947 - -------------------------------------------------------------------------------- IBERIABANK Corp. 36,750 2,174,865 - -------------------------------------------------------------------------------- Independence Community Bank Corp. 79,400 2,890,160 - -------------------------------------------------------------------------------- Independent Bank Corp., Michigan 52,615 1,336,421 - -------------------------------------------------------------------------------- Indymac Mortgage Holdings, Inc. 88,000 2,780,800 - -------------------------------------------------------------------------------- International Bancshares Corp. 39,240 1,591,182 - -------------------------------------------------------------------------------- ITLA Capital Corp. 1 28,000 1,135,960 - -------------------------------------------------------------------------------- Macatawa Bank Corp. 8,421 231,493 - -------------------------------------------------------------------------------- MAF Bancorp, Inc. 129,467 5,525,652 - -------------------------------------------------------------------------------- MainSource Financial Group, Inc. 8,067 163,760 - -------------------------------------------------------------------------------- Massbank Corp. 300 10,383 - -------------------------------------------------------------------------------- Nara Bancorp, Inc. 104,400 1,788,372 - -------------------------------------------------------------------------------- NASB Financial, Inc. 16,904 713,518 - -------------------------------------------------------------------------------- National Bankshares, Inc. 10,900 452,350 - -------------------------------------------------------------------------------- NBC Capital Corp. 200 5,398 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- COMMERCIAL BANKS CONTINUED NBT Bancorp, Inc. 58,200 $ 1,300,188 - -------------------------------------------------------------------------------- Oak Hill Financial, Inc. 6,000 189,000 - -------------------------------------------------------------------------------- OceanFirst Financial Corp. 20,500 490,975 - -------------------------------------------------------------------------------- Old Second Bancorp, Inc. 6,600 348,150 - -------------------------------------------------------------------------------- Oriental Financial Group, Inc. 104,572 2,830,764 - -------------------------------------------------------------------------------- PAB Bankshares, Inc. 500 6,070 - -------------------------------------------------------------------------------- Pacific Capital Bancorp 231,500 6,512,095 - -------------------------------------------------------------------------------- Parkvale Financial Corp. 8,200 215,988 - -------------------------------------------------------------------------------- PennFed Financial Services, Inc. 1,700 57,800 - -------------------------------------------------------------------------------- PennRock Financial Services Corp. 15,380 464,476 - -------------------------------------------------------------------------------- PFF Bancorp, Inc. 73,180 2,725,223 - -------------------------------------------------------------------------------- Provident Bankshares Corp. 8,384 241,795 - -------------------------------------------------------------------------------- Provident Financial Holdings, Inc. 9,950 235,318 - -------------------------------------------------------------------------------- Quaker City Bancorp, Inc. 27,225 1,495,742 - -------------------------------------------------------------------------------- R&G Financial Corp., Cl. B 156,100 5,160,666 - -------------------------------------------------------------------------------- Republic Bancorp, Inc. 51,357 713,862 - -------------------------------------------------------------------------------- Republic Bancorp, Inc., Cl. A 50,182 1,013,175 - -------------------------------------------------------------------------------- S.Y. Bancorp, Inc. 3,600 84,276 - -------------------------------------------------------------------------------- Sandy Spring Bancorp, Inc. 26,200 910,450 - -------------------------------------------------------------------------------- Santander BanCorp 11,200 276,864 - -------------------------------------------------------------------------------- Seacoast Banking Corp. of Florida 50,270 1,052,151 - -------------------------------------------------------------------------------- Second Bancorp, Inc. 12,600 394,254 - -------------------------------------------------------------------------------- Silicon Valley Bancshares 1 77,100 3,057,015 - -------------------------------------------------------------------------------- Sound Federal Bancorp, Inc. 16,000 214,720 27 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- COMMERCIAL BANKS Continued Southside Bancshares, Inc. 3,700 $ 77,700 - -------------------------------------------------------------------------------- Southwest Bancorp, Inc. 63,200 1,153,400 - -------------------------------------------------------------------------------- State Bancorp, Inc. 16,973 414,650 - -------------------------------------------------------------------------------- State Financial Services Corp. 27,100 803,786 - -------------------------------------------------------------------------------- Sterling Bancorp 99,825 2,757,167 - -------------------------------------------------------------------------------- Sterling Financial Corp. 146,322 4,663,282 - -------------------------------------------------------------------------------- Sterling Financial Corp., Eastern US 11,025 286,981 - -------------------------------------------------------------------------------- Sun Bancorp, Inc. 38,976 828,630 - -------------------------------------------------------------------------------- Susquehanna Bancshares, Inc. 5,785 145,551 - -------------------------------------------------------------------------------- TierOne Corp. 46,200 993,762 - -------------------------------------------------------------------------------- U.S.B. Holding Co., Inc. 4,385 100,504 - -------------------------------------------------------------------------------- Union Bankshares Corp. 14,200 448,720 - -------------------------------------------------------------------------------- United Community Financial Corp. 24,900 323,700 - -------------------------------------------------------------------------------- Univest Corp. of Pennsylvania 8,100 413,100 - -------------------------------------------------------------------------------- Virginia Commerce Bancorp, Inc. 1 600 17,706 - -------------------------------------------------------------------------------- W. Holding Co., Inc. 148,911 2,556,802 - -------------------------------------------------------------------------------- Waypoint Financial Corp. 38,185 1,053,524 - -------------------------------------------------------------------------------- Webster Financial Corp. 40,899 1,923,071 - -------------------------------------------------------------------------------- WesBanco, Inc. 11,400 332,082 - -------------------------------------------------------------------------------- Westcorp 54,500 2,477,025 - -------------------------------------------------------------------------------- Westfield Financial, Inc. 2,400 48,816 - -------------------------------------------------------------------------------- Whitney Holding Corp. 18,600 830,862 - -------------------------------------------------------------------------------- Wilshire State Bank 1 26,900 659,588 - -------------------------------------------------------------------------------- WSFS Financial Corp. 53,500 2,603,845 -------------- 145,925,549 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- CONSUMER FINANCE--0.2% ASTA Funding, Inc. 40,200 $ 699,480 - -------------------------------------------------------------------------------- Education Lending Group, Inc. 1 40,400 717,100 - -------------------------------------------------------------------------------- First Marblehead Corp. (The) 1 65,000 2,616,900 - -------------------------------------------------------------------------------- Nelnet, Inc., Cl. A 1 7,400 131,350 -------------- 4,164,830 - -------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--1.5% Affiliated Managers Group, Inc. 1 58,450 2,944,127 - -------------------------------------------------------------------------------- American Capital Strategies Ltd. 38,800 1,087,176 - -------------------------------------------------------------------------------- Cash America International, Inc. 135,000 3,105,000 - -------------------------------------------------------------------------------- Chicago Mercantile Exchange (The) 7,400 1,068,338 - -------------------------------------------------------------------------------- CompuCredit Corp. 1 131,600 2,276,680 - -------------------------------------------------------------------------------- Credit Acceptance Corp. 1 7,100 106,997 - -------------------------------------------------------------------------------- Encore Capital Group, Inc. 1 29,100 384,411 - -------------------------------------------------------------------------------- First Albany Cos., Inc. 47,800 479,912 - -------------------------------------------------------------------------------- First Cash Financial Services, Inc. 1 125,262 2,665,575 - -------------------------------------------------------------------------------- Gabelli Asset Management, Inc 53,900 2,290,750 - -------------------------------------------------------------------------------- Instinet Group, Inc. 1 167,100 882,288 - -------------------------------------------------------------------------------- iShares Russell 2000 Index Fund 27,325 3,224,077 - -------------------------------------------------------------------------------- Knight Trading Group, Inc. 1 306,000 3,066,120 - -------------------------------------------------------------------------------- Marlin Business Services, Inc. 1 64,284 966,189 - -------------------------------------------------------------------------------- Newtek Business Services, Inc. 1 15,951 59,816 - -------------------------------------------------------------------------------- Piper Jaffray Cos., Inc. 1 71,800 3,247,514 - -------------------------------------------------------------------------------- Raymond James Financial, Inc. 79,300 2,097,485 - -------------------------------------------------------------------------------- Sanders Morris Harris Group, Inc. 37,900 559,025 28 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES Continued United PanAm Financial Corp. 1 13,900 $ 236,995 - -------------------------------------------------------------------------------- WFS Financial, Inc. 51,000 2,525,010 -------------- 33,273,485 - -------------------------------------------------------------------------------- INSURANCE--3.7% Alfa Corp. 70,700 989,800 - -------------------------------------------------------------------------------- Allmerica Financial Corp. 1 167,000 5,644,600 - -------------------------------------------------------------------------------- American Medical Security Group, Inc. 1 106,100 2,891,225 - -------------------------------------------------------------------------------- American Physicians Capital, Inc. 1 12,400 287,060 - -------------------------------------------------------------------------------- AmerUs Group Co. 177,100 7,331,940 - -------------------------------------------------------------------------------- Arch Capital Group Ltd. 1 94,900 3,784,612 - -------------------------------------------------------------------------------- Argonaut Group, Inc. 1 31,800 586,074 - -------------------------------------------------------------------------------- Aspen Insurance Holdings Ltd. 31,900 741,037 - -------------------------------------------------------------------------------- Baldwin & Lyons, Inc., Cl. B, Non-Vtg 7,800 209,352 - -------------------------------------------------------------------------------- Ceres Group, Inc. 1 14,626 89,804 - -------------------------------------------------------------------------------- Commerce Group, Inc. (The) 73,300 3,618,821 - -------------------------------------------------------------------------------- Crawford & Co., Cl. A, Non-Vtg 21,400 101,008 - -------------------------------------------------------------------------------- Delphi Financial Group, Inc., Cl. A 132,450 5,894,025 - -------------------------------------------------------------------------------- Donegal Group, Inc., CL. A 52,100 1,044,084 - -------------------------------------------------------------------------------- EMC Insurance Group, Inc. 4,800 112,128 - -------------------------------------------------------------------------------- Enstar Group, Inc. (The) 1 152 8,099 - -------------------------------------------------------------------------------- FBL Financial Group, Inc., Cl. A 22,800 644,328 - -------------------------------------------------------------------------------- Fidelity National Financial, Inc. 1,156 43,165 - -------------------------------------------------------------------------------- FPIC Insurance Group, Inc. 1 24,200 597,498 - -------------------------------------------------------------------------------- Great American Financial Resources, Inc. 21,600 343,440 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- INSURANCE CONTINUED Horace Mann Educators Corp. 127,500 $ 2,228,700 - -------------------------------------------------------------------------------- Hub International Ltd. 8,100 154,629 - -------------------------------------------------------------------------------- Independence Holding Co. 5,700 193,800 - -------------------------------------------------------------------------------- Infinity Property & Casualty Corp. 43,300 1,428,900 - -------------------------------------------------------------------------------- IPC Holdings Ltd. 28,000 1,034,040 - -------------------------------------------------------------------------------- Kansas City Life Insurance Co. 2,200 92,598 - -------------------------------------------------------------------------------- LandAmerica Financial Group, Inc. 21,700 844,781 - -------------------------------------------------------------------------------- Meadowbrook Insurance Group, Inc. 1 25,900 137,270 - -------------------------------------------------------------------------------- Midland Co. (The) 5,600 166,040 - -------------------------------------------------------------------------------- National Western Life Insurance Co., Cl. A 1 5,700 875,235 - -------------------------------------------------------------------------------- Navigators Group, Inc. (The) 1 5,000 144,450 - -------------------------------------------------------------------------------- NYMAGIC, Inc. 800 21,120 - -------------------------------------------------------------------------------- Odyssey Re Holdings Corp. 86,400 2,073,600 - -------------------------------------------------------------------------------- Ohio Casualty Corp. 1 263,600 5,306,268 - -------------------------------------------------------------------------------- Penn-America Group, Inc. 29,600 414,400 - -------------------------------------------------------------------------------- Philadelphia Consolidated Holding Co. 1 66,800 4,012,676 - -------------------------------------------------------------------------------- Phoenix Cos., Inc. (The) 352,700 4,320,575 - -------------------------------------------------------------------------------- ProCentury Corp. 1 141,200 1,373,876 - -------------------------------------------------------------------------------- Protective Life Corp. 17,900 692,193 - -------------------------------------------------------------------------------- Pxre Group Ltd. 34,400 869,288 - -------------------------------------------------------------------------------- Reinsurance Group of America, Inc. 13,900 565,035 - -------------------------------------------------------------------------------- Safety Insurance Group, Inc. 19,800 424,116 - -------------------------------------------------------------------------------- Selective Insurance Group, Inc. 15,900 634,092 - -------------------------------------------------------------------------------- StanCorp Financial Group, Inc. 51,200 3,430,400 29 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- INSURANCE Continued State Auto Financial Corp. 75,000 $ 2,304,000 - -------------------------------------------------------------------------------- UICI 1 157,800 3,757,218 - -------------------------------------------------------------------------------- United Fire & Casualty Co. 13,200 762,300 - -------------------------------------------------------------------------------- Universal American Financial Corp. 1 382,600 4,200,948 - -------------------------------------------------------------------------------- Vesta Insurance Group, Inc. 139,100 899,977 - -------------------------------------------------------------------------------- Zenith National Insurance Corp. 37,500 1,822,500 -------------- 80,147,125 - -------------------------------------------------------------------------------- REAL ESTATE--1.7% Acadia Realty Trust 14,100 193,734 - -------------------------------------------------------------------------------- Agree Realty Corp. 56,600 1,431,980 - -------------------------------------------------------------------------------- Alexandria Real Estate Equities, Inc. 6,600 374,748 - -------------------------------------------------------------------------------- American Home Mortgage Investment Corp. 500 12,965 - -------------------------------------------------------------------------------- Arden Realty, Inc. 18,800 552,908 - -------------------------------------------------------------------------------- Associated Estates Realty Corp. 14,100 113,505 - -------------------------------------------------------------------------------- Avatar Holdings, Inc. 1 2,500 104,000 - -------------------------------------------------------------------------------- Bluegreen Corp. 1 136,700 1,886,460 - -------------------------------------------------------------------------------- Brandywine Realty Trust 28,200 766,758 - -------------------------------------------------------------------------------- Camden Property Trust 20,700 948,060 - -------------------------------------------------------------------------------- Capital Automotive REIT 18,800 551,404 - -------------------------------------------------------------------------------- Capital Trust, Cl. A 7,400 197,728 - -------------------------------------------------------------------------------- Capstead Mortgage Corp. 14,100 189,645 - -------------------------------------------------------------------------------- CarrAmerica Realty Corp. 14,100 426,243 - -------------------------------------------------------------------------------- CBL & Associates Properties, Inc. 9,400 517,000 - -------------------------------------------------------------------------------- Chelsea Property Group, Inc. 5,800 378,276 - -------------------------------------------------------------------------------- Colonial Properties Trust 9,400 362,182 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- REAL ESTATE CONTINUED Consolidated-Tomoka Land Co. 6,700 $ 252,992 - -------------------------------------------------------------------------------- Cornerstone Realty Income Trust, Inc. 9,400 82,438 - -------------------------------------------------------------------------------- Corporate Office Properties Trust 14,100 350,385 - -------------------------------------------------------------------------------- Correctional Properties Trust 20,500 599,625 - -------------------------------------------------------------------------------- Equity Inns, Inc. 113,100 1,050,699 - -------------------------------------------------------------------------------- First Industrial Realty Trust, Inc. 23,500 866,680 - -------------------------------------------------------------------------------- Friedman, Billings, Ramsey Group, Inc., Cl. A 64,800 1,282,392 - -------------------------------------------------------------------------------- Glenborough Realty Trust, Inc. 9,400 172,490 - -------------------------------------------------------------------------------- Health Care REIT, Inc. 37,600 1,222,000 - -------------------------------------------------------------------------------- Healthcare Realty Trust, Inc. 18,900 708,372 - -------------------------------------------------------------------------------- Heritage Property Investment Trust 6,600 178,596 - -------------------------------------------------------------------------------- Highwoods Properties, Inc. 28,200 662,700 - -------------------------------------------------------------------------------- Impac Mortgage Holdings, Inc. 18,800 423,376 - -------------------------------------------------------------------------------- Jones Lang LaSalle, Inc. 1 126,400 3,425,440 - -------------------------------------------------------------------------------- Kilroy Realty Corp. 16,000 545,600 - -------------------------------------------------------------------------------- Koger Equity, Inc. 18,800 434,656 - -------------------------------------------------------------------------------- Levitt Corp., Cl. A 1 11,800 303,968 - -------------------------------------------------------------------------------- Lexington Corporate Properties Trust 32,900 655,039 - -------------------------------------------------------------------------------- LTC Properties, Inc. 12,200 202,520 - -------------------------------------------------------------------------------- Mack-Cali Realty Corp. 18,800 777,944 - -------------------------------------------------------------------------------- Maguire Properties, Inc. 16,900 418,613 - -------------------------------------------------------------------------------- Mid-America Apartment Communities, Inc. 18,800 712,332 - -------------------------------------------------------------------------------- Mills Corp. 23,500 1,097,450 - -------------------------------------------------------------------------------- Nationwide Health Properties, Inc. 47,100 890,190 30 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- REAL ESTATE Continued Novastar Financial, Inc. 18,800 $ 713,648 - -------------------------------------------------------------------------------- Omega Healthcare Investors, Inc. 14,100 141,564 - -------------------------------------------------------------------------------- Pan Pacific Retail Properties, Inc. 16,000 808,320 - -------------------------------------------------------------------------------- Pennsylvania Real Estate Investment Trust 23,500 804,875 - -------------------------------------------------------------------------------- Prentiss Properties Trust 6,800 227,936 - -------------------------------------------------------------------------------- PS Business Parks, Inc. 6,600 265,584 - -------------------------------------------------------------------------------- Ramco-Gershenson Properties Trust 26,500 642,095 - -------------------------------------------------------------------------------- Redwood Trust, Inc. 9,400 523,392 - -------------------------------------------------------------------------------- Regency Centers Corp. 9,700 416,130 - -------------------------------------------------------------------------------- Senior Housing Properties Trust 40,000 671,600 - -------------------------------------------------------------------------------- SL Green Realty Corp. 14,100 659,880 - -------------------------------------------------------------------------------- Stratus Properties, Inc. 1 21,066 272,805 - -------------------------------------------------------------------------------- Tanger Factory Outlet Centers, Inc. 33,900 1,325,490 - -------------------------------------------------------------------------------- Town & Country Trust 11,300 285,212 - -------------------------------------------------------------------------------- Trammell Crow Co. 1 70,500 994,050 - -------------------------------------------------------------------------------- Trizec Properties, Inc. 28,200 458,532 - -------------------------------------------------------------------------------- United Capital Corp. 8,200 139,646 - -------------------------------------------------------------------------------- United Dominion Realty Trust, Inc. 14,100 278,898 - -------------------------------------------------------------------------------- Ventas, Inc. 23,500 548,725 -------------- 36,502,475 - -------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--0.6% Bank Mutual Corp. 150,594 1,641,475 - -------------------------------------------------------------------------------- CharterMac 22,000 432,520 - -------------------------------------------------------------------------------- Clifton Savings Bancorp, Inc. 1 28,100 331,861 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE CONTINUED Commercial Capital Bancorp, Inc. 1 112,674 $ 1,957,147 - -------------------------------------------------------------------------------- Franklin Bank Corp. 1 4,400 69,608 - -------------------------------------------------------------------------------- Fremont General Corp. 211,400 3,731,210 - -------------------------------------------------------------------------------- New Century Financial Corp. 55,000 2,575,100 - -------------------------------------------------------------------------------- NewAlliance Bancshares, Inc. 1 47,000 656,120 - -------------------------------------------------------------------------------- Ocwen Financial Corp. 1 56,500 680,260 - -------------------------------------------------------------------------------- Partners Trust Financial Group, Inc. 700 13,720 - -------------------------------------------------------------------------------- Wilshire Financial Services Group, Inc. 1 7,500 69,675 -------------- 12,158,696 - -------------------------------------------------------------------------------- HEALTH CARE--14.0% - -------------------------------------------------------------------------------- BIOTECHNOLOGY--1.0% Alexion Pharmaceuticals, Inc. 1 28,200 524,520 - -------------------------------------------------------------------------------- Aphton Corp. 1 41,900 167,600 - -------------------------------------------------------------------------------- Arena Pharmaceuticals, Inc. 1 9,400 51,324 - -------------------------------------------------------------------------------- ArQule, Inc. 1 50,100 264,027 - -------------------------------------------------------------------------------- Array BioPharma, Inc. 1 156,200 1,241,790 - -------------------------------------------------------------------------------- Axonyx, Inc. 1 141,000 738,840 - -------------------------------------------------------------------------------- Cepheid, Inc. 1 9,700 111,938 - -------------------------------------------------------------------------------- Charles River Laboratories International, Inc. 1 11,200 547,344 - -------------------------------------------------------------------------------- Ciphergen Biosystems, Inc. 1 15,800 115,656 - -------------------------------------------------------------------------------- Curis, Inc. 1 251,969 1,113,703 - -------------------------------------------------------------------------------- deCODE genetics, Inc. 1 99,439 845,232 - -------------------------------------------------------------------------------- Eyetech Pharmaceuticals, Inc. 1 23,100 991,452 - -------------------------------------------------------------------------------- Gen-Probe, Inc. 1 108,100 5,115,292 - -------------------------------------------------------------------------------- Idexx Laboratories, Inc. 1 60,000 3,776,400 - -------------------------------------------------------------------------------- LifeCell Corp. 1 40,700 459,503 31 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- BIOTECHNOLOGY Continued Neurogen Corp. 1 9,200 $ 68,816 - -------------------------------------------------------------------------------- Pharmacyclics, Inc. 1 53,752 546,658 - -------------------------------------------------------------------------------- QLT PhotoTherapeutics, Inc. 1 143,900 2,880,878 - -------------------------------------------------------------------------------- Techne Corp. 1 19,000 825,550 - -------------------------------------------------------------------------------- Telik, Inc. 1 23,500 560,945 - -------------------------------------------------------------------------------- Third Wave Technologies, Inc. 1 11,300 50,737 - -------------------------------------------------------------------------------- Transkaryotic Therapies, Inc. 1 15,100 225,896 -------------- 21,224,101 - -------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--4.9% Abaxis, Inc. 1 104,779 1,988,705 - -------------------------------------------------------------------------------- Advanced Medical Optics, Inc. 1 112,400 4,784,868 - -------------------------------------------------------------------------------- Align Technology, Inc. 1 94,000 1,786,000 - -------------------------------------------------------------------------------- American Medical Systems Holdings, Inc. 1 137,900 4,647,230 - -------------------------------------------------------------------------------- Animas Corp. 1 2,960 55,204 - -------------------------------------------------------------------------------- Arrow International, Inc. 109,400 3,273,248 - -------------------------------------------------------------------------------- ArthroCare Corp. 1 81,600 2,372,928 - -------------------------------------------------------------------------------- Aspect Medical Systems, Inc. 1 70,600 1,303,982 - -------------------------------------------------------------------------------- Bausch & Lomb, Inc. 9,300 605,151 - -------------------------------------------------------------------------------- Beckman Coulter, Inc. 9,300 567,300 - -------------------------------------------------------------------------------- CNS, Inc. 46,500 466,442 - -------------------------------------------------------------------------------- ConMed Corp. 1 7,400 202,760 - -------------------------------------------------------------------------------- Cooper Cos., Inc. (The) 48,400 3,057,428 - -------------------------------------------------------------------------------- Cutera, Inc. 1 2,230 30,306 - -------------------------------------------------------------------------------- Cytyc Corp. 1 235,700 5,979,709 - -------------------------------------------------------------------------------- Dade Behring Holdings, Inc. 1 135,500 6,438,960 - -------------------------------------------------------------------------------- Datascope Corp. 7,900 313,551 - -------------------------------------------------------------------------------- DJ Orthopedics, Inc. 23,500 540,500 - -------------------------------------------------------------------------------- Encore Medical Corp. 1 51,800 326,340 - -------------------------------------------------------------------------------- EPIX Medical, Inc. 1 204,500 4,314,950 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES CONTINUED Exactech, Inc. 1 51,700 $ 1,121,890 - -------------------------------------------------------------------------------- Haemonetics Corp. 1 95,900 2,843,435 - -------------------------------------------------------------------------------- Hologic, Inc. 1 76,288 1,773,696 - -------------------------------------------------------------------------------- Illumina, Inc. 1 17,594 111,722 - -------------------------------------------------------------------------------- Immucor, Inc. 11,200 364,560 - -------------------------------------------------------------------------------- Inamed Corp. 1 51,050 3,208,493 - -------------------------------------------------------------------------------- Integra LifeSciences Holdings Corp. 1 9,400 331,538 - -------------------------------------------------------------------------------- Invacare Corp. 900 40,248 - -------------------------------------------------------------------------------- Kensey Nash Corp. 1 149,686 5,164,167 - -------------------------------------------------------------------------------- Kyphon, Inc. 1 5,200 146,536 - -------------------------------------------------------------------------------- Lifeline Systems, Inc. 1 38,900 920,374 - -------------------------------------------------------------------------------- Medical Action Industries, Inc. 1 86,900 1,598,960 - -------------------------------------------------------------------------------- MedSource Technologies, Inc. 1 55,900 396,890 - -------------------------------------------------------------------------------- Mentor Corp. 14,100 483,489 - -------------------------------------------------------------------------------- Meridian Bioscience, Inc. 61,800 684,682 - -------------------------------------------------------------------------------- Merit Medical Systems, Inc. 1 62,534 996,167 - -------------------------------------------------------------------------------- Mine Safety Applicances Co. 109,600 3,693,520 - -------------------------------------------------------------------------------- Molecular Devices Corp. 1 9,100 161,798 - -------------------------------------------------------------------------------- Nutraceutical International Corp. 1 106,000 2,258,860 - -------------------------------------------------------------------------------- Ocular Sciences, Inc. 1 118,300 4,495,400 - -------------------------------------------------------------------------------- OrthoLogic Corp. 1 56,300 488,121 - -------------------------------------------------------------------------------- Palomar Medical Technologies, Inc. 1 26,968 452,793 - -------------------------------------------------------------------------------- PolyMedica Corp. 131,800 4,091,072 - -------------------------------------------------------------------------------- ResMed, Inc. 1 18,800 958,048 - -------------------------------------------------------------------------------- Respironics, Inc. 1 21,600 1,269,000 - -------------------------------------------------------------------------------- Sonic Innovations, Inc. 1 57,500 326,600 - -------------------------------------------------------------------------------- Sybron Dental Specialties, Inc. 1 177,100 5,286,435 - -------------------------------------------------------------------------------- Ventana Medical Systems, Inc. 1 105,100 4,995,403 - -------------------------------------------------------------------------------- VISX, Inc. 1 248,200 6,631,904 32 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES Continued West Pharmaceutical Services, Inc. 32,500 $ 1,374,750 - -------------------------------------------------------------------------------- Wright Medical Group, Inc. 1 101,100 3,599,160 - -------------------------------------------------------------------------------- Young Innovations, Inc. 82,400 2,092,960 -------------- 105,418,233 - -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--6.2% Advisory Board Co. (The) 1 29,000 1,032,400 - -------------------------------------------------------------------------------- Allied Healthcare International, Inc. 1 16,700 82,164 - -------------------------------------------------------------------------------- Amedisys, Inc. 1 38,000 1,255,520 - -------------------------------------------------------------------------------- America Service Group, Inc. 1 5,900 205,025 - -------------------------------------------------------------------------------- AMERIGROUP Corp. 1 41,600 2,046,720 - -------------------------------------------------------------------------------- Andrx Corp. 1 145,300 4,058,229 - -------------------------------------------------------------------------------- Beverly Enterprises, Inc. 1 601,500 5,172,900 - -------------------------------------------------------------------------------- Bio-Reference Laboratories, Inc. 1 138,074 1,830,861 - -------------------------------------------------------------------------------- Cantel Medical Corp. 1 7,800 168,090 - -------------------------------------------------------------------------------- Cerner Corp. 1 30,700 1,368,606 - -------------------------------------------------------------------------------- Computer Programs & Systems, Inc. 7,000 142,660 - -------------------------------------------------------------------------------- CorVel Corp. 1 39,350 1,115,573 - -------------------------------------------------------------------------------- Covance, Inc. 1 139,200 5,370,336 - -------------------------------------------------------------------------------- Coventry Health Care, Inc. 1 24,000 1,173,600 - -------------------------------------------------------------------------------- Cross Country Healthcare, Inc. 1 52,600 954,690 - -------------------------------------------------------------------------------- DaVita, Inc. 1 54,750 1,687,943 - -------------------------------------------------------------------------------- Dendrite International, Inc. 1 281,500 5,230,270 - -------------------------------------------------------------------------------- eResearch Technology, Inc. 1 279,750 7,833,000 - -------------------------------------------------------------------------------- Genesis HealthCare Corp. 1 38,800 1,126,752 - -------------------------------------------------------------------------------- Gentiva Health Services, Inc. 1 179,000 2,910,540 - -------------------------------------------------------------------------------- HealthExtras, Inc. 1 81,900 1,357,083 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES CONTINUED IDX Systems Corp. 1 145,300 $ 4,633,617 - -------------------------------------------------------------------------------- Inveresk Research Group, Inc. 1 156,500 4,826,460 - -------------------------------------------------------------------------------- LabOne, Inc. 1 20,800 661,024 - -------------------------------------------------------------------------------- LCA-Vision, Inc. 1 100,424 2,925,351 - -------------------------------------------------------------------------------- LifePoint Hospitals, Inc. 1 193,400 7,198,348 - -------------------------------------------------------------------------------- Magellan Health Services, Inc. 1 21,600 722,520 - -------------------------------------------------------------------------------- MedCath Corp. 1 30,700 614,000 - -------------------------------------------------------------------------------- MIM Corp. 21,800 189,660 - -------------------------------------------------------------------------------- Molina Healthcare, Inc. 1 21,800 832,324 - -------------------------------------------------------------------------------- National HealthCare Corp. 16,100 450,961 - -------------------------------------------------------------------------------- National Medical Health Card Systems, Inc. 1 56,700 1,521,828 - -------------------------------------------------------------------------------- Option Care, Inc. 87,500 1,335,250 - -------------------------------------------------------------------------------- Owens & Minor, Inc. 223,300 5,783,470 - -------------------------------------------------------------------------------- Parexel International Corp. 1 79,200 1,568,160 - -------------------------------------------------------------------------------- PDI, Inc. 1 82,200 2,493,126 - -------------------------------------------------------------------------------- Pediatrix Medical Group, Inc. 1 118,200 8,256,270 - -------------------------------------------------------------------------------- Prime Medical Services, Inc. 1 47,100 373,974 - -------------------------------------------------------------------------------- Province Healthcare Co. 1 249,300 4,275,495 - -------------------------------------------------------------------------------- PSS World Medical, Inc. 1 239,500 2,682,400 - -------------------------------------------------------------------------------- Psychiatric Solutions, Inc. 1 23,200 578,376 - -------------------------------------------------------------------------------- RehabCare Group, Inc. 1 141,900 3,778,797 - -------------------------------------------------------------------------------- Renal Care Group, Inc. 1 66,750 2,211,428 - -------------------------------------------------------------------------------- Res-Care, Inc. 1 92,900 1,179,830 - -------------------------------------------------------------------------------- Select Medical Corp. 39,500 530,090 - -------------------------------------------------------------------------------- Service Corp. International 1 260,600 1,920,622 33 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES Continued Sierra Health Services, Inc. 1 78,500 $ 3,508,950 - -------------------------------------------------------------------------------- Stewart Enterprises, Inc. 1 512,700 4,173,378 - -------------------------------------------------------------------------------- Sunrise Senior Living, Inc. 1 140,300 5,491,342 - -------------------------------------------------------------------------------- Symbion, Inc. 1 3,000 52,380 - -------------------------------------------------------------------------------- Triad Hospitals, Inc. 11,500 428,145 - -------------------------------------------------------------------------------- United Surgical Partners International, Inc. 1 122,700 4,842,969 - -------------------------------------------------------------------------------- US Oncology, Inc. 1 447,200 6,582,784 - -------------------------------------------------------------------------------- VCA Antech, Inc. 9,200 412,344 - -------------------------------------------------------------------------------- Ventiv Health, Inc. 1 127,100 1,967,508 -------------- 135,126,143 - -------------------------------------------------------------------------------- PHARMACEUTICALS--1.9% Alpharma, Inc., Cl. A 20,600 421,888 - -------------------------------------------------------------------------------- American Pharmaceutical Partners, Inc. 1 54,950 1,669,381 - -------------------------------------------------------------------------------- AtheroGenics, Inc. 1 122,600 2,333,078 - -------------------------------------------------------------------------------- Atrix Laboratories, Inc. 1 68,662 2,353,733 - -------------------------------------------------------------------------------- Caraco Pharmaceutical Laboratories Ltd. 1 76,300 735,532 - -------------------------------------------------------------------------------- Connetics Corp. 1 23,600 476,720 - -------------------------------------------------------------------------------- Dendreon Corp. 1 222,600 2,726,850 - -------------------------------------------------------------------------------- DepoMed, Inc. 1 38,400 190,080 - -------------------------------------------------------------------------------- DOV Pharmaceutical, Inc. 1 51,700 721,732 - -------------------------------------------------------------------------------- Encysive Pharmaceuticals, Inc. 1 144,400 1,227,400 - -------------------------------------------------------------------------------- Endo Pharmaceuticals Holdings, Inc. 1 66,000 1,547,700 - -------------------------------------------------------------------------------- Eon Labs, Inc. 1 85,000 3,479,050 - -------------------------------------------------------------------------------- First Horizon Pharmaceutical Corp. 1 276,800 5,231,520 - -------------------------------------------------------------------------------- InKine Pharmaceutical Co., Inc. 1 22,805 88,255 - -------------------------------------------------------------------------------- Lannett Co., Inc. 1 29,500 443,090 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- PHARMACEUTICALS CONTINUED MGI Pharma, Inc. 1 12,800 $ 345,728 - -------------------------------------------------------------------------------- Nabi Biopharmaceuticals, Inc. 1 186,400 2,650,608 - -------------------------------------------------------------------------------- Nektar Therapeutics 1 80,000 1,596,800 - -------------------------------------------------------------------------------- Noven Pharmaceuticals, Inc. 1 79,400 1,748,388 - -------------------------------------------------------------------------------- Perrigo Co. 313,500 5,947,095 - -------------------------------------------------------------------------------- Pharmacopeia Drug Discovery, Inc. 1 19,350 109,908 - -------------------------------------------------------------------------------- Salix Pharmaceuticals Ltd. 1 80,100 2,639,295 - -------------------------------------------------------------------------------- Santarus, Inc. 1 89,009 1,312,883 - -------------------------------------------------------------------------------- Seattle Genetics, Inc. 1 143,600 1,009,508 -------------- 41,006,222 -------------- - -------------------------------------------------------------------------------- INDUSTRIALS--17.1% - -------------------------------------------------------------------------------- AEROSPACE & DEFENSE--1.5% AAR Corp. 1 42,900 486,915 - -------------------------------------------------------------------------------- Applied Signal Technology, Inc. 152,700 5,352,135 - -------------------------------------------------------------------------------- Armor Holdings, Inc. 1 79,800 2,713,200 - -------------------------------------------------------------------------------- Astronics Corp., Cl. B 1,2 7,900 40,290 - -------------------------------------------------------------------------------- Aviall, Inc. 1 79,100 1,503,691 - -------------------------------------------------------------------------------- EDO Corp. 9,800 236,376 - -------------------------------------------------------------------------------- Engineered Support Systems, Inc. 78,100 4,569,631 - -------------------------------------------------------------------------------- ESCO Technologies, Inc. 1 9,300 496,248 - -------------------------------------------------------------------------------- HEICO Corp., Cl. A 750 10,463 - -------------------------------------------------------------------------------- Herley Industries, Inc. 1 3,400 66,436 - -------------------------------------------------------------------------------- Innovative Solutions & Support, Inc. 1 96,249 1,878,780 - -------------------------------------------------------------------------------- Mercury Computer Systems, Inc. 1 16,300 404,240 - -------------------------------------------------------------------------------- Moog, Inc., Cl. A 1 38,350 1,423,169 - -------------------------------------------------------------------------------- MTC Technologies, Inc. 1 600 15,492 34 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- AEROSPACE & DEFENSE Continued Orbital Sciences Corp. 1 270,300 $ 3,732,843 - -------------------------------------------------------------------------------- Precision Castparts Corp. 19,100 1,044,579 - -------------------------------------------------------------------------------- Sequa Corp., Cl. A 1 4,400 257,268 - -------------------------------------------------------------------------------- SI International, Inc. 1 37,000 754,430 - -------------------------------------------------------------------------------- Sypris Solutions, Inc. 70,100 1,345,219 - -------------------------------------------------------------------------------- Teledyne Technologies, Inc. 1 106,400 2,130,128 - -------------------------------------------------------------------------------- United Defense Industries, Inc. 1 128,700 4,504,500 -------------- 32,966,033 - -------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS--0.6% ABX Air, Inc. 1 398,700 2,723,121 - -------------------------------------------------------------------------------- Dynamex, Inc. 1 18,100 251,771 - -------------------------------------------------------------------------------- EGL, Inc. 1 221,400 5,889,240 - -------------------------------------------------------------------------------- Forward Air Corp. 1 66,200 2,475,880 - -------------------------------------------------------------------------------- Hub Group, Inc., Cl. A 1 61,400 2,093,740 -------------- 13,433,752 - -------------------------------------------------------------------------------- AIRLINES--0.1% AMR Corp. 1 216,500 2,621,815 - -------------------------------------------------------------------------------- BUILDING PRODUCTS--0.9% Aaon, Inc. 1 16,550 334,145 - -------------------------------------------------------------------------------- Apogee Enterprises, Inc. 45,800 476,320 - -------------------------------------------------------------------------------- Crane Co. 33,700 1,057,843 - -------------------------------------------------------------------------------- ElkCorp 25,700 615,258 - -------------------------------------------------------------------------------- Jacuzzi Brands, Inc. 1 278,200 2,242,292 - -------------------------------------------------------------------------------- NCI Building Systems, Inc. 1 89,700 2,919,735 - -------------------------------------------------------------------------------- Simpson Manufacturing Co., Inc. 65,700 3,687,084 - -------------------------------------------------------------------------------- Universal Forest Products, Inc. 85,400 2,754,150 - -------------------------------------------------------------------------------- Watsco, Inc. 108,800 3,054,016 - -------------------------------------------------------------------------------- York International Corp. 60,900 2,501,163 -------------- 19,642,006 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--4.6% ABM Industries, Inc. 99,800 $ 1,943,106 - -------------------------------------------------------------------------------- ADMINISTAFF, INC. 1 89,500 1,485,700 - -------------------------------------------------------------------------------- Angelica Corp. 53,500 1,343,385 - -------------------------------------------------------------------------------- Asset Acceptance Capital Corp. 1 18,177 309,009 - -------------------------------------------------------------------------------- Banta Corp. 135,000 5,995,350 - -------------------------------------------------------------------------------- Brady Corp., Cl. A 80,000 3,688,000 - -------------------------------------------------------------------------------- Bright Horizons Family Solutions, Inc. 1 83,100 4,454,991 - -------------------------------------------------------------------------------- Brink's Co. (The) 125,400 4,294,950 - -------------------------------------------------------------------------------- Casella Waste Systems, Inc., Cl. A 1 10,300 135,445 - -------------------------------------------------------------------------------- Central Parking Corp. 27,900 521,451 - -------------------------------------------------------------------------------- Century Business Services, Inc. 1 58,400 254,624 - -------------------------------------------------------------------------------- CompX International, Inc. 6,500 97,500 - -------------------------------------------------------------------------------- Consolidated Graphics, Inc. 1 85,200 3,753,060 - -------------------------------------------------------------------------------- Copart, Inc. 1 182,600 4,875,420 - -------------------------------------------------------------------------------- CPI Corp. 26,000 382,720 - -------------------------------------------------------------------------------- Darling International, Inc. 1 688,800 2,892,960 - -------------------------------------------------------------------------------- Deluxe Corp. 15,400 669,900 - -------------------------------------------------------------------------------- DiamondCluster International, Inc. 1 23,600 205,084 - -------------------------------------------------------------------------------- Duratek, Inc. 1 35,300 533,383 - -------------------------------------------------------------------------------- Electro Rent Corp. 13,400 140,298 - -------------------------------------------------------------------------------- Ennis Business Forms, Inc. 67,200 1,310,400 - -------------------------------------------------------------------------------- Exponent, Inc. 1 89,600 2,407,552 - -------------------------------------------------------------------------------- General Binding Corp. 1 21,900 339,231 - -------------------------------------------------------------------------------- Geo Group, Inc. (The) 1 50,400 1,028,160 - -------------------------------------------------------------------------------- Gevity HR, Inc. 119,400 3,127,086 - -------------------------------------------------------------------------------- Healthcare Services Group, Inc. 55,350 846,855 - -------------------------------------------------------------------------------- Heidrick & Struggles International, Inc. 1 151,458 4,495,273 - -------------------------------------------------------------------------------- Hudson Highland Group, Inc. 1 95,800 2,937,228 - -------------------------------------------------------------------------------- ICT Group, Inc. 1 9,200 84,088 35 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES Continued Ikon Office Solutions, Inc. 24,800 $ 284,456 - -------------------------------------------------------------------------------- Imagistics International, Inc. 1 102,300 3,621,420 - -------------------------------------------------------------------------------- Insurance Auto Auctions, Inc. 1 5,100 86,700 - -------------------------------------------------------------------------------- Interpool, Inc. 23,400 387,270 - -------------------------------------------------------------------------------- Intersections, Inc. 1 15,500 371,845 - -------------------------------------------------------------------------------- ITT Educational Services, Inc. 1 2,400 91,248 - -------------------------------------------------------------------------------- Korn-Ferry International 1 239,400 4,637,178 - -------------------------------------------------------------------------------- Labor Ready, Inc. 1 226,700 3,513,850 - -------------------------------------------------------------------------------- Laureate Education, Inc. 1 168,600 6,447,264 - -------------------------------------------------------------------------------- Pico Holdings, Inc. 1 3,600 68,828 - -------------------------------------------------------------------------------- Resources Connection, Inc. 1 127,200 4,974,792 - -------------------------------------------------------------------------------- Rollins, Inc. 174,300 4,010,643 - -------------------------------------------------------------------------------- Schawk, Inc. 19,900 278,003 - -------------------------------------------------------------------------------- School Specialty, Inc. 1 134,400 4,880,064 - -------------------------------------------------------------------------------- SITEL Corp. 1 100,800 425,376 - -------------------------------------------------------------------------------- Sotheby's Holdings, Inc., Cl. A 29,600 472,416 - -------------------------------------------------------------------------------- Spherion Corp. 1 173,900 1,763,346 - -------------------------------------------------------------------------------- Strayer Education, Inc. 24,200 2,699,994 - -------------------------------------------------------------------------------- TeleTech Holdings, Inc. 1 69,800 612,146 - -------------------------------------------------------------------------------- University of Phoenix Online 1 23,166 2,029,110 - -------------------------------------------------------------------------------- Volt Information Sciences, Inc. 1 18,300 576,633 - -------------------------------------------------------------------------------- Waste Industries USA, Inc. 1,800 20,088 - -------------------------------------------------------------------------------- Watson Wyatt & Co. Holdings 1 109,600 2,920,840 -------------- 99,725,719 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- CONSTRUCTION & ENGINEERING--0.6% Comfort Systems USA, Inc. 1 113,800 $ 727,182 - -------------------------------------------------------------------------------- Dycom Industries, Inc. 1 201,600 5,644,800 - -------------------------------------------------------------------------------- Integrated Electrical Services, Inc. 1 265,600 2,138,080 - -------------------------------------------------------------------------------- Perini Corp. 1 12,000 128,040 - -------------------------------------------------------------------------------- URS Corp. 1 4,000 109,600 - -------------------------------------------------------------------------------- Washington Group International, Inc. 1 110,700 3,973,023 -------------- 12,720,725 - -------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--1.4% Acuity Brands, Inc. 232,900 6,288,300 - -------------------------------------------------------------------------------- AMETEK, Inc. 37,600 1,161,840 - -------------------------------------------------------------------------------- Belden, Inc. 10,300 220,729 - -------------------------------------------------------------------------------- Franklin Electric Co., Inc. 44,200 1,668,992 - -------------------------------------------------------------------------------- Genlyte Group, Inc. (The) 1 101,200 6,363,456 - -------------------------------------------------------------------------------- Hubbell, Inc., Cl. B 34,500 1,611,495 - -------------------------------------------------------------------------------- II-VI, Inc. 1 148,113 4,541,145 - -------------------------------------------------------------------------------- Preformed Line Products Co. 6,100 142,130 - -------------------------------------------------------------------------------- Thomas & Betts Corp. 209,500 5,704,685 - -------------------------------------------------------------------------------- Ultralife Batteries, Inc. 1 15,700 303,952 - -------------------------------------------------------------------------------- Vicor Corp. 1 13,000 237,510 - -------------------------------------------------------------------------------- Woodward Governor Co. 26,300 1,896,493 -------------- 30,140,727 - -------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--0.3% Carlisle Cos., Inc. 40,900 2,546,025 - -------------------------------------------------------------------------------- Raven Industries, Inc. 49,000 1,740,970 - -------------------------------------------------------------------------------- Standex International Corp. 11,700 318,240 - -------------------------------------------------------------------------------- United Industrial Corp. 64,200 1,499,070 - -------------------------------------------------------------------------------- Walter Industries, Inc. 35,000 476,700 -------------- 6,581,005 36 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- MACHINERY--4.2% A.S.V., Inc. 1 39,900 $ 1,249,269 - -------------------------------------------------------------------------------- Actuant Corp., Cl. A 1 38,800 1,512,812 - -------------------------------------------------------------------------------- Alamo Group, Inc. 14,500 230,550 - -------------------------------------------------------------------------------- Ampco-Pittsburgh Corp. 15,800 203,188 - -------------------------------------------------------------------------------- Astec Industries, Inc. 1 17,300 325,759 - -------------------------------------------------------------------------------- Badger Meter, Inc. 800 35,400 - -------------------------------------------------------------------------------- BHA Group, Inc., Cl. A 28,800 1,090,080 - -------------------------------------------------------------------------------- Briggs & Stratton Corp. 95,400 8,428,590 - -------------------------------------------------------------------------------- Cascade Corp. 77,300 2,415,625 - -------------------------------------------------------------------------------- CIRCOR International, Inc. 20,700 422,073 - -------------------------------------------------------------------------------- Clarcor, Inc. 200 9,160 - -------------------------------------------------------------------------------- Cummins, Inc. 54,200 3,387,500 - -------------------------------------------------------------------------------- Cuno, Inc. 1 8,200 437,470 - -------------------------------------------------------------------------------- Encore Wire Corp. 1 86,600 2,387,562 - -------------------------------------------------------------------------------- EnPro Industries, Inc. 1 14,800 340,104 - -------------------------------------------------------------------------------- Flanders Corp. 1 74,800 618,596 - -------------------------------------------------------------------------------- Flowserve Corp. 1 9,300 231,942 - -------------------------------------------------------------------------------- Gardner Denver, Inc. 1 99,600 2,778,840 - -------------------------------------------------------------------------------- Gorman-Rupp Co. (The) 3,900 105,963 - -------------------------------------------------------------------------------- Graco, Inc. 29,950 929,948 - -------------------------------------------------------------------------------- Greenbrier Cos., Inc. 1 32,700 622,935 - -------------------------------------------------------------------------------- Harsco Corp. 9,300 437,100 - -------------------------------------------------------------------------------- Idex Corp. 104,500 3,589,575 - -------------------------------------------------------------------------------- Joy Global, Inc. 230,000 6,886,200 - -------------------------------------------------------------------------------- Kadant, Inc. 1 55,300 1,279,089 - -------------------------------------------------------------------------------- Kennametal, Inc. 161,100 7,378,380 - -------------------------------------------------------------------------------- Lincoln Electric Holdings, Inc. 148,300 5,055,547 - -------------------------------------------------------------------------------- Middleby Corp. (The) 52,000 2,840,240 - -------------------------------------------------------------------------------- Mueller Industries, Inc. 51,700 1,850,860 - -------------------------------------------------------------------------------- NACCO Industries, Inc., Cl. A 9,900 940,500 - -------------------------------------------------------------------------------- Nordson Corp. 122,200 5,299,814 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- MACHINERY CONTINUED Oshkosh Truck Corp. 55,900 $ 3,203,629 - -------------------------------------------------------------------------------- Penn Engineering & Manufacturing Corp. 24,700 529,568 - -------------------------------------------------------------------------------- Reliance Steel & Aluminum Co. 125,200 5,048,064 - -------------------------------------------------------------------------------- Robbins & Myers, Inc. 15,600 350,220 - -------------------------------------------------------------------------------- Tennant Co. 9,000 373,050 - -------------------------------------------------------------------------------- Terex Corp. 1 85,900 2,931,767 - -------------------------------------------------------------------------------- Thomas Industries, Inc. 11,300 375,160 - -------------------------------------------------------------------------------- Timken Co. 97,700 2,588,073 - -------------------------------------------------------------------------------- Toro Co. (The) 136,300 9,550,541 - -------------------------------------------------------------------------------- Trinity Industries, Inc. 5,100 162,129 - -------------------------------------------------------------------------------- Wabtec Corp. 82,800 1,493,712 -------------- 89,926,584 - -------------------------------------------------------------------------------- MARINE--0.3% Alexander & Baldwin, Inc. 50,800 1,699,260 - -------------------------------------------------------------------------------- Kirby Corp. 1 42,200 1,641,580 - -------------------------------------------------------------------------------- UTI Worldwide, Inc. 56,700 2,987,523 -------------- 6,328,363 - -------------------------------------------------------------------------------- ROAD & RAIL--1.8% Arkansas Best Corp. 80,900 2,663,228 - -------------------------------------------------------------------------------- CNF Transportation, Inc. 84,100 3,495,196 - -------------------------------------------------------------------------------- Florida East Coast Industries, Inc., Cl. A 40,200 1,553,730 - -------------------------------------------------------------------------------- Genesee & Wyoming, Inc., Cl. A 1 145,600 3,450,720 - -------------------------------------------------------------------------------- Hunt (J.B.) Transport Services, Inc. 96,900 3,738,402 - -------------------------------------------------------------------------------- Kansas City Southern 1 83,700 1,297,350 - -------------------------------------------------------------------------------- Landstar System, Inc. 1 63,700 3,367,819 - -------------------------------------------------------------------------------- Marten Transport Ltd. 1 41,700 777,705 - -------------------------------------------------------------------------------- Mullen Transportation, Inc. 60,200 1,883,565 - -------------------------------------------------------------------------------- Old Dominion Freight Line, Inc. 1 40,450 1,192,466 37 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- ROAD & RAIL Continued Overnite Corp. 28,900 $ 849,660 - -------------------------------------------------------------------------------- Pacer International, Inc. 1 237,900 4,401,150 - -------------------------------------------------------------------------------- Ryder Systems, Inc. 75,200 3,013,264 - -------------------------------------------------------------------------------- SCS Transportation, Inc. 1 177,899 4,694,755 - -------------------------------------------------------------------------------- Swift Transportation Co., Inc. 44,100 791,595 - -------------------------------------------------------------------------------- U.S. Xpress Enterprises, Inc., Cl. A 1 40,800 641,784 -------------- 37,812,389 - -------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS--0.8% Aceto Corp. 31,900 561,440 - -------------------------------------------------------------------------------- Adesa, Inc. 1 42,100 1,012,084 - -------------------------------------------------------------------------------- Applied Industrial Technologies, Inc. 122,900 3,701,748 - -------------------------------------------------------------------------------- Hughes Supply, Inc. 139,000 8,191,270 - -------------------------------------------------------------------------------- Lawson Products, Inc. 5,600 213,640 - -------------------------------------------------------------------------------- MSC Industrial Direct Co., Inc., Cl. A 108,600 3,566,424 - -------------------------------------------------------------------------------- NuCo2, Inc. 1 18,500 364,450 -------------- 17,611,056 - -------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--16.2% - -------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--1.4% Adaptec, Inc. 1 127,100 1,075,266 - -------------------------------------------------------------------------------- Airspan Networks, Inc. 1 37,600 208,304 - -------------------------------------------------------------------------------- Anaren Microwave, Inc. 1 87,700 1,433,018 - -------------------------------------------------------------------------------- Aspect Communications Corp. 1 184,211 2,615,796 - -------------------------------------------------------------------------------- Audiovox Corp., Cl. A 1 34,900 589,112 - -------------------------------------------------------------------------------- Brocade Communications Systems, Inc. 1 186,300 1,114,074 - -------------------------------------------------------------------------------- Brooktrout, Inc. 1 45,000 486,450 - -------------------------------------------------------------------------------- Comtech Telecommunications Corp. 1 42,000 947,520 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT CONTINUED Digi International, Inc. 1 149,309 $ 1,600,592 - -------------------------------------------------------------------------------- Ditech Communications Corp. 1 97,000 2,263,980 - -------------------------------------------------------------------------------- F5 Networks, Inc. 1 60,200 1,594,096 - -------------------------------------------------------------------------------- Glenayre Technologies, Inc. 1 53,400 122,820 - -------------------------------------------------------------------------------- Harris Corp. 11,200 568,400 - -------------------------------------------------------------------------------- InterDigital Communications Corp. 31,200 586,872 - -------------------------------------------------------------------------------- NMS Communications Corp. 1 66,100 487,818 - -------------------------------------------------------------------------------- Packeteer, Inc. 1 126,200 2,038,130 - -------------------------------------------------------------------------------- Paradyne Networks, Inc. 1 85,600 470,800 - -------------------------------------------------------------------------------- Performance Technologies, Inc. 1 179,600 1,690,036 - -------------------------------------------------------------------------------- Plantronics, Inc. 1 132,400 5,574,040 - -------------------------------------------------------------------------------- SCM Microsystems, Inc. 1 1,500 9,750 - -------------------------------------------------------------------------------- SeaChange International, Inc. 45,300 764,664 - -------------------------------------------------------------------------------- Symmetricom, Inc. 1 300,100 2,670,890 - -------------------------------------------------------------------------------- ViaSat, Inc. 1 18,300 456,585 - -------------------------------------------------------------------------------- Westell Technologies, Inc., Cl. A 1 242,700 1,237,770 -------------- 30,606,783 - -------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--0.9% Avid Technology, Inc. 1 92,000 5,020,440 - -------------------------------------------------------------------------------- Electronics for Imaging, Inc. 1 179,000 5,058,540 - -------------------------------------------------------------------------------- Imation Corp. 35,900 1,529,699 - -------------------------------------------------------------------------------- Presstek, Inc. 1 227,400 2,389,974 - -------------------------------------------------------------------------------- Rimage Corp. 1 6,600 99,066 - -------------------------------------------------------------------------------- SBS Technologies, Inc. 1 119,801 1,925,202 - -------------------------------------------------------------------------------- Storage Technology Corp. 1 39,000 1,131,000 - -------------------------------------------------------------------------------- Synaptics, Inc. 1 173,400 3,320,610 -------------- 20,474,531 38 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--3.6% Agilysys, Inc. 168,700 $ 2,326,373 - -------------------------------------------------------------------------------- Anixter International, Inc. 166,100 5,652,383 - -------------------------------------------------------------------------------- BEI Technologies, Inc. 76,900 2,177,039 - -------------------------------------------------------------------------------- Checkpoint Systems, Inc. 1 111,300 1,995,609 - -------------------------------------------------------------------------------- Cherokee International Corp. 1 8,900 101,549 - -------------------------------------------------------------------------------- Cognex Corp. 189,367 7,286,842 - -------------------------------------------------------------------------------- Coherent, Inc. 1 67,800 2,023,830 - -------------------------------------------------------------------------------- Daktronics, Inc. 1 46,600 1,162,670 - -------------------------------------------------------------------------------- Dionex Corp. 1 77,200 4,259,124 - -------------------------------------------------------------------------------- Excel Technology, Inc. 1 45,300 1,506,225 - -------------------------------------------------------------------------------- FARO Technologies, Inc. 1 1,931 49,569 - -------------------------------------------------------------------------------- FLIR Systems, Inc. 1 20,700 1,136,430 - -------------------------------------------------------------------------------- GTSI Corp. 1 5,200 59,540 - -------------------------------------------------------------------------------- Hypercom Corp. 1 258,000 2,180,100 - -------------------------------------------------------------------------------- Keithley Instruments, Inc. 69,900 1,548,285 - -------------------------------------------------------------------------------- Kemet Corp. 1 12,000 146,640 - -------------------------------------------------------------------------------- Landauer, Inc. 15,800 705,628 - -------------------------------------------------------------------------------- LeCroy Corp. 1 40,620 731,566 - -------------------------------------------------------------------------------- Littlefuse, Inc. 1 135,100 5,729,591 - -------------------------------------------------------------------------------- Maxwell Technologies, Inc. 1 35,600 459,240 - -------------------------------------------------------------------------------- Measurement Specialties, Inc. 1,2 69,900 1,509,840 - -------------------------------------------------------------------------------- Mechanical Technology, Inc. 1 11,550 69,069 - -------------------------------------------------------------------------------- MTS Systems Corp. 150,600 3,531,570 - -------------------------------------------------------------------------------- Nu Horizons Electronics Corp. 1 14,400 129,600 - -------------------------------------------------------------------------------- Park Electrochemical Corp. 6,800 171,700 - -------------------------------------------------------------------------------- Paxar Corp. 1 273,600 5,340,672 - -------------------------------------------------------------------------------- PerkinElmer, Inc. 106,200 2,128,248 - -------------------------------------------------------------------------------- RadiSys Corp. 1 82,100 1,524,597 - -------------------------------------------------------------------------------- Rofin-Sinar Technologies, Inc. 1 68,700 1,744,293 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS CONTINUED Rogers Corp. 1 68,500 $ 4,788,150 - -------------------------------------------------------------------------------- ScanSource, Inc. 1 58,600 3,482,012 - -------------------------------------------------------------------------------- Staktek Holdings, Inc. 1 41,800 219,450 - -------------------------------------------------------------------------------- SYNNEX Corp. 1 4,500 70,650 - -------------------------------------------------------------------------------- Tech Data Corp. 1 27,700 1,083,901 - -------------------------------------------------------------------------------- Technitrol, Inc. 1 84,100 1,841,790 - -------------------------------------------------------------------------------- Trimble Navigation Ltd. 1 115,300 3,204,187 - -------------------------------------------------------------------------------- Varian, Inc. 1 125,000 5,268,750 - -------------------------------------------------------------------------------- Woodhead Industries, Inc. 31,400 485,444 - -------------------------------------------------------------------------------- Zygo Corp. 1 81,500 911,985 -------------- 78,744,141 - -------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--2.3% Corillian Corp. 1 172,813 870,978 - -------------------------------------------------------------------------------- Covansys Corp. 1 71,600 739,628 - -------------------------------------------------------------------------------- CyberSource Corp. 1 150,791 1,260,613 - -------------------------------------------------------------------------------- Digital River, Inc. 1 176,500 5,759,195 - -------------------------------------------------------------------------------- Digitas, Inc. 1 310,272 3,422,300 - -------------------------------------------------------------------------------- EarthLink, Inc. 1 568,500 5,883,975 - -------------------------------------------------------------------------------- Embarcadero Technologies, Inc. 1 114,919 1,420,399 - -------------------------------------------------------------------------------- Equinix, Inc. 1 26,100 885,834 - -------------------------------------------------------------------------------- HomeStore.com, Inc. 1 65,109 259,785 - -------------------------------------------------------------------------------- InfoSpace, Inc. 1 134,100 5,101,164 - -------------------------------------------------------------------------------- Internet Security Systems, Inc. 47,300 725,582 - -------------------------------------------------------------------------------- Ivillage, Inc. 1 7,100 45,085 - -------------------------------------------------------------------------------- j2 Global Communications, Inc. 1 42,200 1,173,160 - -------------------------------------------------------------------------------- Jupitermedia Corp. 1 51,300 726,408 - -------------------------------------------------------------------------------- Keynote Systems, Inc. 1 10,000 137,500 - -------------------------------------------------------------------------------- MarketWatch.com, Inc. 1 20,300 238,119 - -------------------------------------------------------------------------------- MicroStrategy, Inc., Cl. A 1 24,100 1,029,070 - -------------------------------------------------------------------------------- Modem Media, Inc. 1 71,000 373,460 - -------------------------------------------------------------------------------- National Information Consortium, Inc. 1 120,500 863,985 39 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES Continued S1 Corp. 1 310,700 $ 3,088,358 - -------------------------------------------------------------------------------- Salesforce.com, Inc. 1 88,600 1,423,802 - -------------------------------------------------------------------------------- SeeBeyond Technology Corp. 1 114,400 431,288 - -------------------------------------------------------------------------------- Selectica, Inc. 1 55,800 265,050 - -------------------------------------------------------------------------------- SonicWALL, Inc. 1 139,000 1,195,400 - -------------------------------------------------------------------------------- United Online, Inc. 1 143,950 2,534,960 - -------------------------------------------------------------------------------- ValueClick, Inc. 1 133,900 1,604,122 - -------------------------------------------------------------------------------- Vitria Technology, Inc. 1 29,744 91,344 - -------------------------------------------------------------------------------- WebEx Communications, Inc. 1 133,000 2,894,080 - -------------------------------------------------------------------------------- Websense, Inc. 1 110,700 4,121,361 -------------- 48,566,005 - -------------------------------------------------------------------------------- IT SERVICES--1.7% Acxiom Corp. 168,200 4,176,406 - -------------------------------------------------------------------------------- American Software, Inc. 22,300 135,807 - -------------------------------------------------------------------------------- Answerthink, Inc. 1 133,600 765,528 - -------------------------------------------------------------------------------- Aquantive, Inc. 1 33,200 328,016 - -------------------------------------------------------------------------------- CheckFree Corp. 1 47,400 1,422,000 - -------------------------------------------------------------------------------- Clark, Inc. 1 4,100 76,055 - -------------------------------------------------------------------------------- CSG Systems International, Inc. 1 307,000 6,354,900 - -------------------------------------------------------------------------------- DigitalNet Holdings, Inc. 1 17,600 357,808 - -------------------------------------------------------------------------------- eFunds Corp. 12,500 218,750 - -------------------------------------------------------------------------------- Euronet Worldwide, Inc. 1 147,900 3,420,927 - -------------------------------------------------------------------------------- Gartner, Inc., Cl. B 1 21,900 282,291 - -------------------------------------------------------------------------------- Global Payments, Inc. 1,800 81,036 - -------------------------------------------------------------------------------- Infocrossing, Inc. 1 21,700 292,950 - -------------------------------------------------------------------------------- Information Resources, Inc. 1 76,300 226,611 - -------------------------------------------------------------------------------- infoUSA, Inc. 1 428,800 4,348,032 - -------------------------------------------------------------------------------- Integral Systems, Inc. 1,300 20,904 - -------------------------------------------------------------------------------- iPayment Holdings, Inc. 1 14,100 578,100 - -------------------------------------------------------------------------------- Lawson Software, Inc. 1 340,171 2,408,411 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- IT SERVICES CONTINUED ManTech International Corp. 1 72,200 $ 1,355,194 - -------------------------------------------------------------------------------- MPS Group, Inc. 1 220,000 2,666,400 - -------------------------------------------------------------------------------- National Processing, Inc. 1 49,600 1,426,000 - -------------------------------------------------------------------------------- Perot Systems Corp., Cl. A 1 27,400 363,598 - -------------------------------------------------------------------------------- SS&C Technologies, Inc. 140,050 2,618,935 - -------------------------------------------------------------------------------- Startek, Inc. 24,200 866,360 - -------------------------------------------------------------------------------- Syntel, Inc. 19,300 319,415 - -------------------------------------------------------------------------------- Tier Technologies, Inc., Cl. B 1 48,700 474,338 - -------------------------------------------------------------------------------- Tyler Technologies, Inc. 1 155,800 1,473,868 -------------- 37,058,640 - -------------------------------------------------------------------------------- OFFICE ELECTRONICS--0.1% Metrologic Instruments, Inc. 1 27,900 556,326 - -------------------------------------------------------------------------------- TransAct Technologies, Inc. 1 35,950 1,136,739 -------------- 1,693,065 - -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--2.1% ADE Corp. 1 53,700 1,160,457 - -------------------------------------------------------------------------------- Alliance Semiconductor Corp. 1 37,500 223,125 - -------------------------------------------------------------------------------- ANADIGICS, Inc. 1 111,300 574,197 - -------------------------------------------------------------------------------- Axcelis Technologies, Inc. 1 227,500 2,830,100 - -------------------------------------------------------------------------------- California Micro Devices Corp. 1 35,600 410,468 - -------------------------------------------------------------------------------- Cirrus Logic, Inc. 1 199,400 1,198,394 - -------------------------------------------------------------------------------- Cree, Inc. 1 176,800 4,115,904 - -------------------------------------------------------------------------------- Diodes, Inc. 1 102,504 2,428,320 - -------------------------------------------------------------------------------- DSP Group, Inc. 1 51,900 1,413,756 - -------------------------------------------------------------------------------- Entegris, Inc. 1 35,400 409,578 - -------------------------------------------------------------------------------- Exar Corp. 1 226,500 3,320,490 - -------------------------------------------------------------------------------- Fairchild Semiconductor International, Inc., Cl. A 1 24,700 404,339 40 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Continued Integrated Device Technology, Inc. 1 79,800 $ 1,104,432 - -------------------------------------------------------------------------------- MEMC Electronic Materials, Inc. 1 194,500 1,921,660 - -------------------------------------------------------------------------------- Micrel, Inc. 1 301,900 3,668,085 - -------------------------------------------------------------------------------- Microsemi Corp. 1 440,200 6,255,242 - -------------------------------------------------------------------------------- Photronics, Inc. 27,900 528,426 - -------------------------------------------------------------------------------- Pixelworks, Inc. 1 242,000 3,707,440 - -------------------------------------------------------------------------------- PLX Technology, Inc. 1 65,100 1,123,626 - -------------------------------------------------------------------------------- Semtech Corp. 1 37,000 870,980 - -------------------------------------------------------------------------------- Silicon Image, Inc. 1 239,401 3,143,335 - -------------------------------------------------------------------------------- Silicon Storage Technology, Inc. 1 194,200 2,000,260 - -------------------------------------------------------------------------------- Siliconix, Inc. 1 2,462 122,164 - -------------------------------------------------------------------------------- Standard Microsystems Corp. 1 12,700 296,164 - -------------------------------------------------------------------------------- Supertex, Inc. 1 7,100 116,014 - -------------------------------------------------------------------------------- Transmeta Corp. 1 9,550 20,915 - -------------------------------------------------------------------------------- Transwitch Corp. 1 192,600 340,902 - -------------------------------------------------------------------------------- Trident Microsystems, Inc. 1 9,250 103,693 - -------------------------------------------------------------------------------- Ultra Clean Holdings, Inc. 1 52,200 381,060 - -------------------------------------------------------------------------------- ZiLOG, Inc. 1 22,800 249,888 -------------- 44,443,414 - -------------------------------------------------------------------------------- SOFTWARE--4.1% Activision, Inc. 1 127,050 2,020,095 - -------------------------------------------------------------------------------- Actuate Corp. 1 69,400 274,130 - -------------------------------------------------------------------------------- Ansoft Corp. 1 43,900 669,914 - -------------------------------------------------------------------------------- Ansys, Inc. 1 127,000 5,969,000 - -------------------------------------------------------------------------------- Aspen Technology, Inc. 1 27,200 197,472 - -------------------------------------------------------------------------------- Borland Software Corp. 32,500 275,925 - -------------------------------------------------------------------------------- Captaris, Inc. 1 55,800 360,468 - -------------------------------------------------------------------------------- Catapult Communications Corp. 1 23,000 529,000 - -------------------------------------------------------------------------------- CCC Information Services Group, Inc. 1 19,600 329,084 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- SOFTWARE CONTINUED Compuware Corp. 1 85,700 $ 565,620 - -------------------------------------------------------------------------------- Entrust Technologies, Inc. 1 490,900 2,209,050 - -------------------------------------------------------------------------------- Epicor Software Corp. 1 14,700 206,535 - -------------------------------------------------------------------------------- ePlus, inc. 1 26,900 286,485 - -------------------------------------------------------------------------------- FactSet Research Systems, Inc. 107,800 5,095,706 - -------------------------------------------------------------------------------- FileNet Corp. 1 221,100 6,980,127 - -------------------------------------------------------------------------------- Hyperion Solutions Corp. 1 94,700 4,140,284 - -------------------------------------------------------------------------------- InterVoice-Brite, Inc. 1 166,600 1,910,902 - -------------------------------------------------------------------------------- Kronos, Inc. 1 31,800 1,310,160 - -------------------------------------------------------------------------------- Macromedia, Inc. 1 143,800 3,530,290 - -------------------------------------------------------------------------------- Macrovision Corp. 1 120,700 3,021,121 - -------------------------------------------------------------------------------- MICROS Systems, Inc. 1 7,300 350,181 - -------------------------------------------------------------------------------- Mobius Management Systems, Inc. 1 120,500 738,665 - -------------------------------------------------------------------------------- MRO Software, Inc. 1 68,600 933,646 - -------------------------------------------------------------------------------- MSC.Software Corp. 1 8,700 77,865 - -------------------------------------------------------------------------------- OPNET Technologies, Inc. 1 57,500 753,250 - -------------------------------------------------------------------------------- Parametric Technology Corp. 1 484,400 2,422,000 - -------------------------------------------------------------------------------- Pegasystems, Inc. 1 300 2,625 - -------------------------------------------------------------------------------- Pervasive Software, Inc. 1 2,700 16,875 - -------------------------------------------------------------------------------- Progress Software Corp. 1 117,800 2,552,726 - -------------------------------------------------------------------------------- Quality Systems, Inc. 1 63,200 3,102,488 - -------------------------------------------------------------------------------- Quest Software, Inc. 1 22,100 285,090 - -------------------------------------------------------------------------------- RSA Security, Inc. 1 316,300 6,474,661 - -------------------------------------------------------------------------------- SoftBrands, Inc. 1 23,613 28,336 - -------------------------------------------------------------------------------- Sonic Solutions, Inc. 1 150,900 3,206,625 - -------------------------------------------------------------------------------- Sybase, Inc. 1 189,500 3,411,000 - -------------------------------------------------------------------------------- Synplicity, Inc. 1 14,000 83,986 - -------------------------------------------------------------------------------- Take-Two Interactive Software, Inc. 1 11,800 361,552 41 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- SOFTWARE Continued THQ, Inc. 1 247,800 $ 5,674,620 - -------------------------------------------------------------------------------- TIBCO Software, Inc. 1 588,200 4,970,290 - -------------------------------------------------------------------------------- Transaction Systems Architects, Inc., Cl. A 1 255,700 5,505,221 - -------------------------------------------------------------------------------- Ulticom, Inc. 1 146,849 1,718,133 - -------------------------------------------------------------------------------- Verity, Inc. 9,700 131,047 - -------------------------------------------------------------------------------- Wind River Systems, Inc. 1 533,700 6,276,312 -------------- 88,958,562 - -------------------------------------------------------------------------------- MATERIALS--5.0% - -------------------------------------------------------------------------------- CHEMICALS--1.7% Airgas, Inc. 110,400 2,639,664 - -------------------------------------------------------------------------------- American Vanguard Corp. 25,350 855,056 - -------------------------------------------------------------------------------- Cabot Corp. 71,500 2,910,050 - -------------------------------------------------------------------------------- Compass Minerals International, Inc. 32,200 624,036 - -------------------------------------------------------------------------------- Cytec Industries, Inc. 76,600 3,481,470 - -------------------------------------------------------------------------------- FMC Corp. 1 172,000 7,414,920 - -------------------------------------------------------------------------------- Georgia Gulf Corp. 126,300 4,529,118 - -------------------------------------------------------------------------------- Hawkins, Inc. 13,700 164,126 - -------------------------------------------------------------------------------- Lubrizol Corp. (The) 20,600 754,372 - -------------------------------------------------------------------------------- MacDermid, Inc. 103,700 3,510,245 - -------------------------------------------------------------------------------- NOVA Chemicals Corp. 44,300 1,281,599 - -------------------------------------------------------------------------------- Octel Corp. 27,900 734,607 - -------------------------------------------------------------------------------- OM Group, Inc. 1 122,400 4,040,424 - -------------------------------------------------------------------------------- PolyOne Corp. 1 15,400 114,576 - -------------------------------------------------------------------------------- Schulman (A.), Inc. 41,700 896,133 - -------------------------------------------------------------------------------- Stepan Co. 21,300 556,995 - -------------------------------------------------------------------------------- Symyx Technologies, Inc. 1 11,800 284,616 - -------------------------------------------------------------------------------- Terra Industries, Inc. 1 234,700 1,321,361 -------------- 36,113,368 - -------------------------------------------------------------------------------- CONSTRUCTION MATERIALS--0.5% AMCOL International Corp. 300 5,685 - -------------------------------------------------------------------------------- Ameron International Corp. 21,100 720,143 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- CONSTRUCTION MATERIALS CONTINUED Eagle Materials, Inc. 67,000 $ 4,758,340 - -------------------------------------------------------------------------------- Florida Rock Industries, Inc. 48,750 2,055,788 - -------------------------------------------------------------------------------- Martin Marietta Materials, Inc. 43,000 1,906,190 - -------------------------------------------------------------------------------- Texas Industries, Inc. 32,800 1,350,376 -------------- 10,796,522 - -------------------------------------------------------------------------------- CONTAINERS & PACKAGING--0.7% AptarGroup, Inc. 19,000 830,110 - -------------------------------------------------------------------------------- Crown Holdings, Inc. 1 344,100 3,430,677 - -------------------------------------------------------------------------------- Graphic Packaging Corp. 1 43,200 373,680 - -------------------------------------------------------------------------------- Greif, Inc., Cl. A 22,600 954,850 - -------------------------------------------------------------------------------- Longview Fibre Co. 24,100 354,993 - -------------------------------------------------------------------------------- Myers Industries, Inc. 33,900 477,990 - -------------------------------------------------------------------------------- Owens-Illinois, Inc. 1 221,100 3,705,636 - -------------------------------------------------------------------------------- Packaging Dynamics Corp. 11,780 163,153 - -------------------------------------------------------------------------------- Rock-Tenn Co., Cl. A 35,600 603,420 - -------------------------------------------------------------------------------- Silgan Holdings, Inc. 125,000 5,038,750 -------------- 15,933,259 - -------------------------------------------------------------------------------- METALS & MINING--1.4% AK Steel Holding Corp. 1 457,400 2,410,498 - -------------------------------------------------------------------------------- Amerigo Resources Ltd. 1 279,600 381,628 - -------------------------------------------------------------------------------- Brush Engineered Materials, Inc. 1 40,000 756,000 - -------------------------------------------------------------------------------- Carpenter Technology Corp. 175,100 5,962,155 - -------------------------------------------------------------------------------- Century Aluminum Co. 1 39,300 974,247 - -------------------------------------------------------------------------------- Commercial Metals Co. 9,700 314,765 - -------------------------------------------------------------------------------- Dynatec Corp. 1 1,276,100 1,313,457 - -------------------------------------------------------------------------------- Goldcorp, Inc. 68,500 795,484 - -------------------------------------------------------------------------------- Inmet Mining Corp. 1 136,200 1,879,321 - -------------------------------------------------------------------------------- Meridian Gold, Inc. 1 38,700 498,200 42 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- METALS & MINING Continued Metal Management, Inc. 1 45,900 $ 909,279 - -------------------------------------------------------------------------------- Metals USA, Inc. 1 26,100 466,668 - -------------------------------------------------------------------------------- NN, Inc. 31,300 397,823 - -------------------------------------------------------------------------------- Peabody Energy Corp. 58,400 3,269,816 - -------------------------------------------------------------------------------- Roanoke Electric Steel Corp. 800 10,880 - -------------------------------------------------------------------------------- Schnitzer Steel Industries, Inc. 31,200 1,059,552 - -------------------------------------------------------------------------------- Southern Peru Copper Corp. 53,400 2,207,022 - -------------------------------------------------------------------------------- Steel Technologies, Inc. 89,619 1,978,788 - -------------------------------------------------------------------------------- Titanium Metals Corp. 1 10,500 971,775 - -------------------------------------------------------------------------------- Westmoreland Coal Co. 4,600 89,470 - -------------------------------------------------------------------------------- Wheaton River Minerals Ltd. 1 383,900 1,070,883 - -------------------------------------------------------------------------------- Worthington Industries, Inc. 125,000 2,566,250 -------------- 30,283,961 - -------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS--0.7% Deltic Timber Corp. 13,400 514,560 - -------------------------------------------------------------------------------- Glatfelter 10,700 150,656 - -------------------------------------------------------------------------------- Louisiana-Pacific Corp. 337,800 7,988,970 - -------------------------------------------------------------------------------- Potlatch Corp. 142,600 5,937,864 - -------------------------------------------------------------------------------- Wausau-Mosinee Paper Corp. 52,400 906,520 -------------- 15,498,570 - -------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--0.3% - -------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--0.2% Alaska Communications Systems Group, Inc. 1 3,500 21,350 - -------------------------------------------------------------------------------- AXXENT, Inc. 1,2 100,000 -- - -------------------------------------------------------------------------------- CT Communications, Inc. 41,500 624,575 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES CONTINUED D&E Communications, Inc. 10,400 $ 139,568 - -------------------------------------------------------------------------------- General Communication, Inc., Cl. A 1 96,900 769,386 - -------------------------------------------------------------------------------- North Pittsburgh Systems, Inc. 75,100 1,505,755 - -------------------------------------------------------------------------------- Shenandoah Telecommunications Co. 6,700 180,900 - -------------------------------------------------------------------------------- Teleglobe International Holdings Ltd. 1 16,150 82,042 - -------------------------------------------------------------------------------- Warwick Valley Telephone Co. 12,500 265,625 -------------- 3,589,201 - -------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--0.1% AirGate PCS, Inc. 1 3,800 69,540 - -------------------------------------------------------------------------------- Alamosa Holdings, Inc. 1 87,000 639,450 - -------------------------------------------------------------------------------- Arch Wireless, Inc., Cl. A 1 22,200 632,478 - -------------------------------------------------------------------------------- EMS Technologies, Inc. 1 8,300 161,269 - -------------------------------------------------------------------------------- Linktone Ltd., ADR 1 24,400 267,180 - -------------------------------------------------------------------------------- Price Communications Corp. 22,305 329,222 - -------------------------------------------------------------------------------- UbiquiTel, Inc. 1 232,100 979,462 -------------- 3,078,601 - -------------------------------------------------------------------------------- UTILITIES--1.6% - -------------------------------------------------------------------------------- ELECTRIC UTILITIES--0.8% Allegheny Energy, Inc. 1 51,300 790,533 - -------------------------------------------------------------------------------- Canadian Hydro Developers, Inc. 1 406,000 802,461 - -------------------------------------------------------------------------------- Central Vermont Public Service Corp. 6,500 133,185 - -------------------------------------------------------------------------------- CH Energy Group, Inc. 67,800 3,148,632 - -------------------------------------------------------------------------------- Duquesne Light Holdings, Inc. 85,000 1,641,350 43 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- ELECTRIC UTILITIES Continued El Paso Electric Co. 1 126,100 $ 1,946,984 - -------------------------------------------------------------------------------- Green Mountain Power Corp. 14,700 383,670 - -------------------------------------------------------------------------------- IDACORP, Inc. 67,700 1,827,900 - -------------------------------------------------------------------------------- MGE Energy, Inc. 200 6,526 - -------------------------------------------------------------------------------- Northeast Utilities Co. 41,200 802,164 - -------------------------------------------------------------------------------- PNM Resources, Inc. 71,200 1,478,824 - -------------------------------------------------------------------------------- UIL Holdings Corp. 27,100 1,319,499 - -------------------------------------------------------------------------------- Westar Energy, Inc. 78,200 1,556,962 --------------- 15,838,690 - -------------------------------------------------------------------------------- GAS UTILITIES--0.7% Chesapeake Utilities Corp. 28,200 640,140 - -------------------------------------------------------------------------------- Energen Corp. 139,400 6,689,790 - -------------------------------------------------------------------------------- EnergySouth, Inc. 3,900 156,078 - -------------------------------------------------------------------------------- Laclede Group, Inc. (The) 73,700 2,020,117 - -------------------------------------------------------------------------------- National Fuel Gas Co. 38,100 952,500 - -------------------------------------------------------------------------------- New Jersey Resources Corp. 47,600 1,979,208 - -------------------------------------------------------------------------------- NUI CORP 12,300 179,580 - -------------------------------------------------------------------------------- ONEOK, Inc. 41,600 914,784 - -------------------------------------------------------------------------------- South Jersey Industries, Inc. 13,600 598,400 - -------------------------------------------------------------------------------- Southwest Gas Corp. 34,100 822,833 --------------- 14,953,430 - -------------------------------------------------------------------------------- MULTI-UTILITIES & UNREGULATED POWER--0.1% Avista Corp. 147,300 2,713,266 --------------- Total Common Stocks (Cost $1,693,158,661) 2,104,330,234 VALUE UNITS SEE NOTE 1 - -------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% - -------------------------------------------------------------------------------- Timco Aviation Services, Inc. Wts., Exp. 2/28/071 (Cost $0) 3,661 $ -- PRINCIPAL AMOUNT - -------------------------------------------------------------------------------- NON-CONVERTIBLE CORPORATE BONDS AND NOTES--0.0% - -------------------------------------------------------------------------------- Timco Aviation Services, Inc., 8% Sub. Nts., 1/2/07 2,3 (Cost $1,381) $ 3,671 2,717 - -------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--5.9% - -------------------------------------------------------------------------------- Undivided interest of 31.98% in joint repurchase agreement (Principal Amount/ Value $400,357,000, with a maturity value of $400,370,679) with Cantor Fitzgerald & Co./Cantor Fitzgerald Securities, 1.23%, dated 6/30/04, to be repurchased at $128,023,374 on 7/1/04, collateralized by U.S. Treasury Bonds, 1.50%--8.125%, 7/31/05--8/15/21, with a value of $338,098,960 and U.S. Treasury Nts., 4.875%--6.75%, 5/15/05--2/15/12, with a value of $70,754,600 (Cost $128,019,000) 128,019,000 128,019,000 - -------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $1,821,179,042) 103.3% 2,232,351,951 - -------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (3.3) (71,485,449) -------------------------------- NET ASSETS 100.0% $2,160,866,502 ================================ 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. 44 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF ASSETS AND LIABILITIES June 30, 2004 - -------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------- ASSETS - ---------------------------------------------------------------------------------------------------------- Investments, at value (including securities loaned of approximately $404,629,000) (cost $1,821,179,042)--see accompanying statement of investments $ 2,232,351,951 - ---------------------------------------------------------------------------------------------------------- Cash 1,935,971 - ---------------------------------------------------------------------------------------------------------- Collateral for securities loaned 410,325,548 - ---------------------------------------------------------------------------------------------------------- Receivables and other assets: Investments sold 48,538,818 Shares of beneficial interest sold 6,294,156 Interest and dividends 1,077,514 Other 17,284 ---------------- Total assets 2,700,541,242 - ---------------------------------------------------------------------------------------------------------- LIABILITIES - ---------------------------------------------------------------------------------------------------------- Return of collateral for securities loaned 410,325,548 - ---------------------------------------------------------------------------------------------------------- Payables and other liabilities: Investments purchased 124,039,167 Shares of beneficial interest redeemed 3,263,383 Distribution and service plan fees 1,259,172 Transfer and shareholder servicing agent fees 458,638 Shareholder communications 197,884 Trustees' compensation 18,146 Other 112,802 ---------------- Total liabilities 539,674,740 - ---------------------------------------------------------------------------------------------------------- NET ASSETS $ 2,160,866,502 ================ - ---------------------------------------------------------------------------------------------------------- COMPOSITION OF NET ASSETS - ---------------------------------------------------------------------------------------------------------- Par value of shares of beneficial interest $ 112,451 - ---------------------------------------------------------------------------------------------------------- Additional paid-in capital 1,640,081,188 - ---------------------------------------------------------------------------------------------------------- Accumulated net investment loss (1,079,117) - ---------------------------------------------------------------------------------------------------------- Accumulated net realized gain on investments and foreign currency transactions 110,578,865 - ---------------------------------------------------------------------------------------------------------- Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies 411,173,115 ---------------- Net Assets $ 2,160,866,502 ================
45 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF ASSETS AND LIABILITIES Continued - --------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE - ------------------------------------------------------------------------------------------- Class A Shares: Net asset value and redemption price per share (based on net assets of $1,177,389,326 and 60,322,383 shares of beneficial interest outstanding) $19.52 Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) $20.71 - ------------------------------------------------------------------------------------------- Class B Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $482,028,274 and 25,650,500 shares of beneficial interest outstanding) $18.79 - ------------------------------------------------------------------------------------------- Class C Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $402,056,178 and 21,360,419 shares of beneficial interest outstanding) $18.82 - ------------------------------------------------------------------------------------------- Class N Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $84,678,375 and 4,380,338 shares of beneficial interest outstanding) $19.33 - ------------------------------------------------------------------------------------------- Class Y Shares: Net asset value, redemption price and offering price per share (based on net assets of $14,714,349 and 737,806 shares of beneficial interest outstanding) $19.94
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 46 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF OPERATIONS For the Year Ended June 30, 2004 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- INVESTMENT INCOME - -------------------------------------------------------------------------------- Dividends (net of foreign withholding taxes of $58,006) $ 11,626,592 - -------------------------------------------------------------------------------- Portfolio lending fees 1,155,964 - -------------------------------------------------------------------------------- Interest 310,941 ------------- Total investment income 13,093,497 - -------------------------------------------------------------------------------- EXPENSES - -------------------------------------------------------------------------------- Management fees 11,357,615 - -------------------------------------------------------------------------------- Distribution and service plan fees: Class A 2,234,979 Class B 4,321,806 Class C 3,401,329 Class N 325,245 - -------------------------------------------------------------------------------- Transfer and shareholder servicing agent fees: Class A 2,302,583 Class B 1,392,313 Class C 829,133 Class N 289,879 Class Y 4,322 - -------------------------------------------------------------------------------- Shareholder communications: Class A 112,838 Class B 125,306 Class C 44,505 Class N 2,016 - -------------------------------------------------------------------------------- Custodian fees and expenses 36,692 - -------------------------------------------------------------------------------- Trustees' compensation 34,712 - -------------------------------------------------------------------------------- Other 103,799 ------------- Total expenses 26,919,072 Less reduction to custodian expenses (8,518) Less payments and waivers of expenses (78,184) ------------- Net expenses 26,832,370 - -------------------------------------------------------------------------------- NET INVESTMENT LOSS (13,738,873) 47 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF OPERATIONS Continued - --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) - ------------------------------------------------------------------------------------------- Net realized gain on: Investments $ 266,561,733 Foreign currency transactions 726,344 Net increase from payment by affiliate 21,974 -------------- Net realized gain 267,310,051 - ------------------------------------------------------------------------------------------- Net change in unrealized appreciation on: Investments 169,170,667 Translation of assets and liabilities denominated in foreign currencies (419,547) -------------- Net change in unrealized appreciation 168,751,120 - ------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 422,322,298 ==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 48 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
YEAR ENDED JUNE 30, 2004 2003 - ----------------------------------------------------------------------------------------------------------------------- OPERATIONS - ----------------------------------------------------------------------------------------------------------------------- Net investment loss $ (13,738,873) $ (9,090,919) - ----------------------------------------------------------------------------------------------------------------------- Net realized gain (loss) 267,310,051 (130,573,916) - ----------------------------------------------------------------------------------------------------------------------- Net change in unrealized appreciation 168,751,120 138,671,116 -------------------------------------- Net increase (decrease) in net assets resulting from operations 422,322,298 (993,719) - ----------------------------------------------------------------------------------------------------------------------- BENEFICIAL INTEREST TRANSACTIONS - ----------------------------------------------------------------------------------------------------------------------- Net increase in net assets resulting from beneficial interest transactions: Class A 378,933,360 72,951,719 Class B 44,527,545 48,632,931 Class C 81,015,380 53,042,666 Class N 27,655,726 23,607,252 Class Y 4,356,492 5,090,458 - ----------------------------------------------------------------------------------------------------------------------- NET ASSETS - ----------------------------------------------------------------------------------------------------------------------- Total increase 958,810,801 202,331,307 - ----------------------------------------------------------------------------------------------------------------------- Beginning of period 1,202,055,701 999,724,394 -------------------------------------- End of period (including accumulated net investment loss of $1,079,117 and $56,970, respectively) $ 2,160,866,502 $ 1,202,055,701 ======================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 49 | OPPENHEIMER MAIN STREET SMALL CAP FUND FINANCIAL HIGHLIGHTS - --------------------------------------------------------------------------------
CLASS A YEAR ENDED JUNE 30 2004 2003 2002 2001 2000 1 - ---------------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA - ---------------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 14.78 $ 15.12 $ 15.02 $ 14.77 $ 10.00 - ---------------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment loss (.10) (.08) (.08) (.08) (.06) Net realized and unrealized gain (loss) 4.84 (.26) .19 1.12 4.85 ------------------------------------------------------------------------------ Total from investment operations 4.74 (.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 $ 19.52 $ 14.78 $ 15.12 $ 15.02 $ 14.77 ============================================================================== - ---------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 2 32.07% (2.25)% 0.71% 7.66% 47.98% - ---------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - ---------------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $ 1,177,389 $ 584,052 $ 512,337 $ 294,780 $ 141,721 - ---------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $ 904,397 $ 490,057 $ 386,221 $ 205,916 $ 75,295 - ---------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment loss (0.42)% (0.59)% (0.50)% (0.60)% (0.82)% Total expenses 1.17% 1.39% 1.37% 1.28% 1.50% Expenses after payments and waivers and reduction to custodian expenses N/A 4,5 1.36% N/A 4 N/A 4 N/A 4 - ---------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 127% 117% 134% 181% 108%
1. For the period from August 2, 1999 (commencement of operations) to June 30, 2000. 2. Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods of less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 3. Annualized for periods of less than one full year. 4. Reduction to custodian expenses less than 0.01%. 5. Voluntary waiver of transfer agent fees less than 0.01%. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 50 | OPPENHEIMER MAIN STREET SMALL CAP FUND
CLASS B YEAR ENDED JUNE 30 2004 2003 2002 2001 2000 1 - ----------------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA - ----------------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 14.35 $ 14.79 $ 14.80 $ 14.68 $ 10.00 - ----------------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment loss (.20) (.14) (.12) (.14) (.11) Net realized and unrealized gain (loss) 4.64 (.30) .12 1.05 4.81 ---------------------------------------------------------------------------- Total from investment operations 4.44 (.44) -- .91 4.70 - ----------------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Distributions from net realized gain -- -- (.01) (.79) (.02) - ----------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 18.79 $ 14.35 $ 14.79 $ 14.80 $ 14.68 ============================================================================ - ----------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 2 30.94% (2.98)% (0.02)% 6.79% 47.08% - ----------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - ----------------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $482,028 $ 330,174 $ 285,102 $ 177,479 $ 99,060 - ----------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $432,160 $ 268,057 $ 218,939 $ 128,350 $ 51,951 - ----------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment loss (1.26)% (1.34)% (1.25)% (1.36)% (1.53)% Total expenses 2.01% 2.21% 2.12% 2.05% 2.21% Expenses after payments and waivers and reduction to custodian expenses N/A 4,5 2.11% N/A 4 N/A 4 N/A 4 - ----------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 127% 117% 134% 181% 108%
1. For the period from August 2, 1999 (commencement of operations) to June 30, 2000. 2. Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods of less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 3. Annualized for periods of less than one full year. 4. Reduction to custodian expenses less than 0.01%. 5. Voluntary waiver of transfer agent fees less than 0.01%. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 51 | OPPENHEIMER MAIN STREET SMALL CAP FUND FINANCIAL HIGHLIGHTS Continued - --------------------------------------------------------------------------------
CLASS C YEAR ENDED JUNE 30 2004 2003 2002 2001 2000 1 - ------------------------------------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA - ------------------------------------------------------------------------------------------------------------------------------ Net asset value, beginning of period $ 14.36 $ 14.79 $ 14.81 $ 14.68 $ 10.00 - ------------------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment loss (.17) (.13) (.10) (.13) (.10) Net realized and unrealized gain (loss) 4.63 (.30) .09 1.05 4.80 ----------------------------------------------------------------------------- Total from investment operations 4.46 (.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 $ 18.82 $ 14.36 $ 14.79 $ 14.81 $ 14.68 ============================================================================= - ------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 2 31.06% (2.91)% (0.09)% 6.86% 47.08% - ------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA - ------------------------------------------------------------------------------------------------------------------------------ Net assets, end of period (in thousands) $402,056 $ 238,717 $ 186,108 $ 89,814 $ 43,695 - ------------------------------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $340,201 $ 186,380 $ 127,393 $ 60,762 $ 21,984 - ------------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets: 3 Net investment loss (1.17)% (1.30)% (1.23)% (1.36)% (1.54)% Total expenses 1.91% 4,5 2.07% 4 2.12% 4 2.05% 4 2.21% 4 - ------------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 127% 117% 134% 181% 108%
1. For the period from August 2, 1999 (commencement of operations) to June 30, 2000. 2. Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods of less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 3. Annualized for periods of less than one full year. 4. Reduction to custodian expenses less than 0.01%. 5. Voluntary waiver of transfer agent fees less than 0.01%. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 52 | OPPENHEIMER MAIN STREET SMALL CAP FUND
CLASS N YEAR ENDED JUNE 30 2004 2003 2002 2001 1 - ----------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA - ----------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 14.69 $ 15.05 $ 15.00 $ 13.53 - ----------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment loss (.14) (.11) (.12) (.02) Net realized and unrealized gain (loss) 4.78 (.25) .18 1.49 ------------------------------------------------------------------ Total from investment operations 4.64 (.36) .06 1.47 - ----------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Distributions from net realized gain -- -- (.01) -- - ----------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 19.33 $ 14.69 $ 15.05 $ 15.00 ================================================================== - ----------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 2 31.59% (2.39)% 0.38% 10.87% - ----------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - ----------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $ 84,678 $ 41,474 $ 14,557 $ 995 - ----------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $ 65,107 $ 24,417 $ 5,924 $ 445 - ----------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment loss (0.77)% (0.83)% (0.66)% (0.76)% Total expenses 1.61% 1.64% 1.65% 1.59% Expenses after payments and waivers and reduction to custodian expenses 1.52% 1.60% N/A 4 N/A 4 - ----------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 127% 117% 134% 181%
1. For the period from March 1, 2001 (commencement of operations) to June 30, 2001. 2. Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods of less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 3. Annualized for periods of less than one full year. 4. Reduction to custodian expenses less than 0.01%. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 53 | OPPENHEIMER MAIN STREET SMALL CAP FUND FINANCIAL HIGHLIGHTS Continued - --------------------------------------------------------------------------------
CLASS Y YEAR ENDED JUNE 30 2004 2003 2002 2001 2000 1 - ---------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA - ---------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 15.03 $ 15.27 $ 15.11 $ 14.82 $ 10.00 - ---------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment loss (.03) (.07) (.10) (.05) (.04) Net realized and unrealized gain (loss) 4.94 (.17) .27 1.13 4.88 --------------------------------------------------------------------- Total from investment operations 4.91 (.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 $ 19.94 $ 15.03 $ 15.27 $ 15.11 $ 14.82 ===================================================================== - ---------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 2 32.67% (1.57)% 1.11% 7.90% 48.48% - ---------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - ---------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $ 14,714 $ 7,637 $ 1,619 $ 2 $ 1 - ---------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $ 11,428 $ 3,460 $ 813 $ 2 $ 1 - ---------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment income (loss) 0.06% 0.00% 0.01% (0.23)% (0.37)% Total expenses 0.70% 0.79% 0.97% 0.89% 1.18% Expenses after payments and waivers and reduction to custodian expenses N/A 4 N/A 4 0.93% N/A 4 N/A 4 - ---------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 127% 117% 134% 181% 108%
1. For the period from August 2, 1999 (commencement of operations) to June 30, 2000. 2. Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods of less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 3. Annualized for periods of less than one full year. 4. Reduction to custodian expenses less than 0.01%. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 54 | 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 with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. 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. The Fund calculates the net asset value of its shares as of the close of The New York Stock Exchange (the Exchange), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Securities 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 may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value. Foreign and domestic securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of their respective exchanges will be fair valued. Fair value is determined in good faith using consistently applied procedures under the supervision of the Board of Trustees. Short-term "money market type" debt securities with remaining maturities of sixty days or less are valued at amortized cost (which approximates market value). 55 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued 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 as of the close of The New York Stock 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. Foreign exchange rates may be valued primarily using dealer supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations. - -------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other affiliated funds advised by the Manager, may transfer uninvested cash balances into joint trading accounts on a daily basis. These balances are invested in one or more repurchase agreements. Securities pledged as collateral for repurchase agreements are held by a custodian bank until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. In the event of default by the other party to the agreement, retention of the collateral may be subject to legal proceedings. ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class. 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. 56 | OPPENHEIMER MAIN STREET SMALL CAP FUND The tax components of capital shown in the table below represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes. NET UNREALIZED APPRECIATION BASED ON COST OF SECURITIES AND UNDISTRIBUTED UNDISTRIBUTED ACCUMULATED OTHER INVESTMENTS NET INVESTMENT LONG-TERM LOSS FOR FEDERAL INCOME INCOME GAIN CARRYFORWARD 1 TAX PURPOSES ------------------------------------------------------------------- $-- $113,598,391 $-- $407,085,153 1. During the fiscal year ended June 30, 2004, the Fund utilized $70,002,232 of capital loss carryforward to offset capital gains realized in that fiscal year. Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund. Accordingly, the following amounts have been reclassified for June 30, 2004. Net assets of the Fund were unaffected by the reclassifications. REDUCTION TO REDUCTION TO ACCUMULATED NET INCREASE TO PAID-IN ACCUMULATED NET REALIZED GAIN ON CAPITAL INVESTMENT LOSS INVESTMENTS 2 --------------------------------------------------------------- $262,557 $12,716,726 $12,979,283 2. $13,062,750, all of which was long-term capital gain, was distributed in connection with Fund share redemptions. No distributions were paid during the years ended June 30, 2004 and June 30, 2003. The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of June 30, 2004 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss. Federal tax cost of securities $1,825,267,004 =============== Gross unrealized appreciation $ 429,416,346 Gross unrealized depreciation (22,331,193) --------------- Net unrealized appreciation $ 407,085,153 =============== 57 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued TRUSTEES' COMPENSATION. The Board of Trustees has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustee. The Fund does purchase shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of "Other" within the asset section of the Statement of Assets and Liabilities. Deferral of trustees' fees under the plan will not affect the net assets of the Fund, and will not materially affect the Fund's assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance to the Plan. - -------------------------------------------------------------------------------- DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. Income and capital gain distributions, if any, are declared and paid annually. - -------------------------------------------------------------------------------- INVESTMENT INCOME. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income, which includes accretion of discount and amortization of premium, is accrued as earned. - -------------------------------------------------------------------------------- EXPENSE OFFSET ARRANGEMENT. The reduction of custodian fees, if applicable, 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 U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. 58 | OPPENHEIMER MAIN STREET SMALL CAP FUND - -------------------------------------------------------------------------------- 2. SHARES OF BENEFICIAL INTEREST The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:
YEAR ENDED JUNE 30, 2004 YEAR ENDED JUNE 30, 2003 SHARES AMOUNT SHARES AMOUNT - --------------------------------------------------------------------------------------- CLASS A Sold 32,939,499 $ 598,701,241 28,842,216 $ 373,711,631 Redeemed (12,136,242) (219,767,881) (23,218,757) (300,759,912) --------------------------------------------------------------------- Net increase 20,803,257 $ 378,933,360 5,623,459 $ 72,951,719 ===================================================================== - --------------------------------------------------------------------------------------- CLASS B Sold 6,984,210 $ 120,455,940 9,370,965 $ 119,637,485 Redeemed (4,345,520) (75,928,395) (5,642,090) (71,004,554) --------------------------------------------------------------------- Net increase 2,638,690 $ 44,527,545 3,728,875 $ 48,632,931 ===================================================================== - --------------------------------------------------------------------------------------- CLASS C Sold 8,263,691 $ 143,367,935 8,888,859 $ 113,501,879 Redeemed (3,529,199) (62,352,555) (4,846,737) (60,459,213) --------------------------------------------------------------------- Net increase 4,734,492 $ 81,015,380 4,042,122 $ 53,042,666 ===================================================================== - --------------------------------------------------------------------------------------- CLASS N Sold 2,411,657 $ 43,148,843 2,316,468 $ 29,545,217 Redeemed (855,151) (15,493,117) (459,607) (5,937,965) --------------------------------------------------------------------- Net increase 1,556,506 $ 27,655,726 1,856,861 $ 23,607,252 ===================================================================== - --------------------------------------------------------------------------------------- CLASS Y Sold 477,927 $ 8,743,537 491,287 $ 6,261,675 Redeemed (248,379) (4,387,045) (89,058) (1,171,217) --------------------------------------------------------------------- Net increase 229,548 $ 4,356,492 402,229 $ 5,090,458 =====================================================================
- -------------------------------------------------------------------------------- 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, 2004, were $2,697,938,742 and $2,187,267,462, respectively. - -------------------------------------------------------------------------------- 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. - -------------------------------------------------------------------------------- ADMINISTRATION SERVICES. The Fund pays the Manager a fee of $1,500 per year for preparing and filing the Fund's tax returns. 59 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued TRANSFER AGENT FEES. OppenheimerFunds Services (OFS), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the year ended June 30, 2004, the Fund paid $4,601,748 to OFS for services to the Fund. Additionally, Class Y shares are subject to minimum fees of $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. - -------------------------------------------------------------------------------- DISTRIBUTION AND SERVICE PLAN (12b-1) FEES. Under its General Distributor's Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the Distributor) acts as the Fund's principal underwriter in the continuous public offering of the Fund's classes of shares. - -------------------------------------------------------------------------------- SERVICE PLAN FOR CLASS A SHARES. The Fund has adopted a Service Plan for Class A shares. It reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made quarterly at an annual rate of up to 0.25% of the average annual net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions quarterly for providing personal services and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent years. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations. - -------------------------------------------------------------------------------- DISTRIBUTION AND SERVICE PLANS FOR CLASS B, CLASS C AND CLASS N SHARES. The Fund has adopted Distribution and Service Plans for Class B, Class C and Class N shares to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% per year on Class B shares and on Class C shares and 0.25% per year on Class N shares. The Distributor also receives a service fee of up to 0.25% per year under each plan. If either the Class B, Class C or Class N plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. The Distributor's aggregate uncompensated expenses under the plan at June 30, 2004 for Class B, Class C and Class N shares were $7,850,039, $4,289,234 and $1,149,185, respectively. Fees incurred by the Fund under the plans are detailed in the Statement of Operations. 60 | OPPENHEIMER MAIN STREET SMALL CAP FUND SALES CHARGES. Front-end sales charges and contingent deferred sales charges (CDSC) do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the table below for the period indicated.
CLASS A CLASS B CLASS C CLASS N CLASS A CONTINGENT CONTINGENT CONTINGENT CONTINGENT FRONT-END DEFERRED DEFERRED DEFERRED DEFERRED SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES RETAINED BY RETAINED BY RETAINED BY RETAINED BY RETAINED BY YEAR ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR - ---------------------------------------------------------------------------------------------- June 30, 2004 $1,170,448 $10,687 $669,259 $51,104 $87,171
- -------------------------------------------------------------------------------- PAYMENTS AND WAIVERS OF EXPENSES. Following a review of its use of brokerage commissions for sales that is permitted under its investment advisory agreement, the Fund's Manager terminated that practice in July 2003. Subsequently, the Manager paid the Fund $21,974, an amount equivalent to certain of such commissions incurred in prior years. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class. During the year ended June 30, 2004, OFS waived $5,541, $9,727, $4,002 and $58,914 for Class A, Class B, Class C and Class N shares, respectively. This undertaking may be amended or withdrawn at any time. - -------------------------------------------------------------------------------- 5. FOREIGN CURRENCY CONTRACTS A foreign currency contract is a commitment to purchase or sell a foreign currency at a future date, at a negotiated rate. The Fund may enter into foreign currency contracts to settle specific purchases or sales of securities denominated in a foreign currency and for protection from adverse exchange rate fluctuation. Risks to the Fund include the potential inability of the counterparty to meet the terms of the contract. The net U.S. dollar value of foreign currency underlying all contractual commitments held by the Fund and the resulting unrealized appreciation or depreciation are determined using prevailing foreign currency exchange rates. Unrealized appreciation and depreciation on foreign currency contracts are reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations with the change in unrealized appreciation or depreciation. The Fund may realize a gain or loss upon the closing or settlement of the foreign transaction. Contracts closed or settled with the same broker are recorded as net realized gains or losses. Such realized gains and losses are reported with all other foreign currency gains and losses in the Statement of Operations. As of June 30, 2004, the Fund had no outstanding foreign currency contracts. 61 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 6. ILLIQUID OR RESTRICTED SECURITIES As of June 30, 2004, 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, 2004 was $2,667,460, which represents 0.12% of the Fund's net assets, of which $1,114,613 is considered restricted. Information concerning restricted securities is as follows: VALUATION ACQUISITION AS OF UNREALIZED SECURITY DATE COST JUNE 30, 2004 APPRECIATION - -------------------------------------------------------------------------------- STOCKS AND/OR WARRANTS Esprit Exploration Ltd. 6/4/02 $784,403 $1,114,613 $330,210 - -------------------------------------------------------------------------------- 7. SECURITIES LENDING The Fund lends portfolio securities from time to time in order to earn additional income. In return, the Fund receives collateral in the form of US Treasury obligations or cash, against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the funds and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and cost in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The Fund retains a portion of the interest earned from the collateral. The Fund also continues to receive interest or dividends paid on the securities loaned. As of June 30, 2004, the Fund had on loan securities valued at approximately $404,629,000. Cash of $410,325,548 was received as collateral for the loans, and has been invested in approved instruments. 62 | OPPENHEIMER MAIN STREET SMALL CAP FUND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 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, 2004, 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 the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. 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, 2004, 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, 2004, 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 August 13, 2004 63 | OPPENHEIMER MAIN STREET SMALL CAP FUND FEDERAL INCOME TAX INFORMATION Unaudited - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- In early 2005, if applicable, shareholders of record will receive information regarding all dividends and distributions paid to them by the Fund during calendar year 2004. Regulations of the U.S. Treasury Department require the Fund to report this information to the Internal Revenue Service. Dividends, if any, paid by the Fund during the fiscal year ended June 30, 2004 which are not designated as capital gain distributions, may be eligible for lower individual income tax rates to the extent that the Fund has received qualified dividend income as stipulated by recent tax legislation. In early 2005, shareholders of record will receive information regarding the percentage of distributions that are eligible for lower individual income tax rates. The amount will be the maximum amount allowed. 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 1.800.525.7048, (ii) on the Fund's website at www.oppenheimerfunds.com, and (iii) on the SEC's website at www.sec.gov. In addition, the Fund is required to file 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 Fund's Form N-PX filing is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, and (ii) on the SEC's website at www.sec.gov. 64 | OPPENHEIMER MAIN STREET SMALL CAP FUND TRUSTEES AND OFFICERS Unaudited - --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------- NAME, POSITION(S) HELD WITH PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS; OTHER FUND, LENGTH OF SERVICE, AGE TRUSTEESHIPS/DIRECTORSHIPS HELD BY TRUSTEE; NUMBER OF PORTFOLIOS IN FUND COMPLEX CURRENTLY OVERSEEN BY TRUSTEE INDEPENDENT THE ADDRESS OF EACH TRUSTEE IN THE CHART BELOW IS 6803 TRUSTEES S. TUCSON WAY, CENTENNIAL, CO 80112-3924. EACH TRUSTEE SERVES FOR AN INDEFINITE TERM, UNTIL HIS OR HER RESIGNATION, RETIREMENT, DEATH OR REMOVAL. WILLIAM L. ARMSTRONG, Chairman of the following private mortgage banking Vice Chairman (since 2003) companies: Cherry Creek Mortgage Company (since 1991), and Trustee (since 1999) Centennial State Mortgage Company (since 1994), The El Age: 67 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), and International Family Entertainment (television channel) (1992-1997), 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 38 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 funds) Age: 73 (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 38 portfolios in the OppenheimerFunds complex. GEORGE C. BOWEN, Formerly Assistant Secretary and a director (December Trustee (since 1999) 1991-April 1999) of Centennial Asset Management Age: 67 Corporation; President, Treasurer and a director (June 1989-April 1999) of Centennial Capital Corporation; Chief Executive Officer and a director of MultiSource Services, Inc. (March 1996-April 1999). Until April 1999 Mr. Bowen held several positions in subsidiary or affiliated companies of the Manager. Oversees 38 portfolios in the OppenheimerFunds complex. EDWARD L. CAMERON, A member of The Life Guard of Mount Vernon, George Trustee (since 1999) Washington's home (since June 2000). Formerly Director Age: 65 (March 2001-May 2002) of Genetic ID, Inc. and its subsidiaries (a privately held biotech company); a partner (July 1974-June 1999) with PricewaterhouseCoopers LLP (an accounting firm); and Chairman (July 1994-June 1998) of Price Waterhouse LLP Global Investment Management Industry Services Group. Oversees 38 portfolios in the OppenheimerFunds complex. JON S. FOSSEL, Director (since February 1998) of Rocky Mountain Elk Trustee (since 1999) Foundation (a not-for-profit foundation); a director Age: 62 (since 1997) of Putnam Lovell Finance (finance company); a director (since June 2002) of UNUMProvident (an insurance company). Formerly a director (October 1999-October 2003) of P.R. Pharmaceuticals (a privately held company); 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 (until October 1995) of Oppenheimer Acquisition Corp., Shareholders Services Inc. and Shareholder Financial Services, Inc. Oversees 38 portfolios in the OppenheimerFunds complex.
65 | OPPENHEIMER MAIN STREET SMALL CAP FUND TRUSTEES AND OFFICERS Unaudited / Continued - -------------------------------------------------------------------------------- SAM FREEDMAN, Director of Colorado Uplift (a non-profit charity) Trustee (since 1999) (since September 1984). Formerly (until October 1994) Age: 63 Mr. Freedman held several positions in subsidiary or affiliated companies of the Manager. Oversees 38 portfolios in the OppenheimerFunds complex. BEVERLY L. HAMILTON, Trustee of Monterey International Studies (an Trustee (since 2002) educational organization) (since February 2000); a Age: 57 director of The California Endowment (a philanthropic organization) (since April 2002) and of Community Hospital of Monterey Peninsula (educational organization) (since February 2002); a director of America Funds Emerging Markets Growth Fund (since October 1991) (an investment company); an advisor to Credit Suisse First Boston's Sprout venture capital unit. Mrs. Hamilton also is a member of the investment committees of the Rockefeller Foundation and of the University of Michigan. Formerly, Trustee of MassMutual Institutional Funds (open-end investment company) (1996-May 2004); a director of MML Series Investment Fund (April 1989-May 2004) and MML Services (April 1987-May 2004) (investment companies); member of the investment committee (2000-2003) of Hartford Hospital; an advisor (2000-2003) to Unilever (Holland)'s pension fund; and President (February 1991-April 2000) of ARCO Investment Management Company. Oversees 37 portfolios in the OppenheimerFunds complex. ROBERT J. MALONE, Director of Steele Street State Bank (a commercial Trustee (since 2002) banking entity) (since August 2003), Jones Knowledge, Age: 59 Inc. (a privately held company) (since 2001), U.S. Exploration, Inc. (oil and gas exploration) (since 1997) and Colorado UpLIFT (a non-profit organization) (since 1986); a trustee (since 2000) of the Gallagher Family Foundation (non-profit organization). Formerly, Chairman of U.S. Bank-Colorado (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 37 portfolios in the OppenheimerFunds complex. F. WILLIAM MARSHALL, JR., Trustee of MassMutual Institutional Funds (since 1996) Trustee (since 2002) and MML Series Investment Fund (since 1987) (both Age: 62 open-end investment companies) and the Springfield Library and Museum Association (since 1995) (museums) and the Community Music School of Springfield (music school) (since 1996); Trustee (since 1987), Chairman of the Board (since 2003) and Chairman of the investment committee (since 1994) for the Worcester Polytech Institute (private university); and President and Treasurer (since January 1999) of the SIS Fund (a private not for profit charitable fund). 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) (commercial bank); and Executive Vice President (January 1999-July 1999) of Peoples Heritage Financial Group, Inc. (commercial bank). Oversees 38 portfolios in the OppenheimerFunds complex. - ------------------------------------------------------------------------------------------ INTERESTED TRUSTEE THE ADDRESS OF MR. MURPHY IN THE CHART BELOW IS TWO AND OFFICER WORLD FINANCIAL CENTER, 225 LIBERTY STREET, 11TH FLOOR, NEW YORK, NY 10281-1008. MR. MURPHY SERVES FOR AN INDEFINITE TERM, UNTIL HIS RESIGNATION, DEATH OR REMOVAL. JOHN V. MURPHY, Chairman, Chief Executive Officer and director (since President and Trustee June 2001) and President (since September 2000) of the (since 2001) Manager; President and a director or trustee of other Age: 55 Oppenheimer funds; President and a director (since July 2001) of Oppenheimer Acquisition Corp. (the Manager's parent holding company) and of Oppenheimer Partnership Holdings, Inc. (a holding company subsidiary of the Manager); a director (since November 2001) of OppenheimerFunds Distributor, Inc. (a subsidiary of the Manager); Chairman and a director (since July 2001) of Shareholder Services, Inc. and of Shareholder Financial Services, Inc. (transfer
66 | OPPENHEIMER MAIN STREET SMALL CAP FUND JOHN V. MURPHY, agent subsidiaries of the Manager); President and a Continued 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 the Manager: OFI Institutional Asset Management, Inc., Centennial Asset Management Corporation, Trinity Investment Management Corporation and Tremont Capital Management, Inc. (since November 2001), HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since July 2001); President (since November 1, 2001) and a director (since July 2001) of Oppenheimer Real Asset Management, Inc.; 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 the shares of Babson Capital Management LLC); a member of the Investment Company Institute's Board of Governors (elected to serve from October 3, 2003 through September 30, 2006). 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 73 portfolios as Trustee/ Director and 10 portfolios as Officer in the OppenheimerFunds complex. - -------------------------------------------------------------------------------- OFFICERS THE ADDRESS OF THE OFFICERS IN THE CHART BELOW IS AS FOLLOWS: FOR MESSRS. MONOYIOS, ZACK AND ZAVANELLI, TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET, 11TH FLOOR, NEW YORK, NY 10281-1008, FOR MESSRS. VANDEHEY AND 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. NIKOLAOS MONOYIOS, Vice President of the Manager since April 1998; a Vice President (since 1999) Certified Financial Analyst. An officer of 6 portfolios Age: 54 in the OppenheimerFunds complex. MARK ZAVANELLI, Vice President of the Manager since November 2000; a Vice President (since 1999) Chartered Financial Analyst; an officer of 2 portfolios Age: 33 in the OppenheimerFunds complex. Prior to joining the Manager in May 1998 he was President of Waterside Capital Management, a registered investment advisor (August 1995 - April 1998). BRIAN W. WIXTED, Senior Vice President and Treasurer (since March 1999) Treasurer (since 1999) of the Manager; Treasurer of HarbourView Asset Age: 44 Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management Corporation, and Oppenheimer Partnership Holdings, Inc. (since March 1999), of OFI Private Investments, Inc. (since March 2000), of OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), of OFI Institutional Asset Management, Inc. (since November 2000), and of OppenheimerFunds Legacy Program (a Colorado non-profit corporation) (since June 2003); Treasurer and Chief Financial Officer (since May 2000) of OFI Trust Company (a trust company subsidiary of the Manager); Assistant Treasurer (since March 1999) of Oppenheimer Acquisition Corp. Formerly Assistant Treasurer of Centennial Asset Management Corporation (March 1999-October 2003) and OppenheimerFunds Legacy Program (April 2000-June 2003); Principal and Chief Operating Officer (March 1995-March 1999) at Bankers Trust Company-Mutual Fund Services Division. An officer of 83 portfolios in the OppenheimerFunds complex.
67 | OPPENHEIMER MAIN STREET SMALL CAP FUND TRUSTEES AND OFFICERS Unaudited / Continued - -------------------------------------------------------------------------------- ROBERT G. ZACK, Executive Vice President (since January 2004) and Vice President & Secretary General Counsel (since February 2002) of the Manager; (since 2001) General Counsel and a director (since November 2001) of Age: 56 the Distributor; General Counsel (since November 2001) of Centennial Asset Management Corporation; Senior Vice President and General Counsel (since November 2001) of HarbourView Asset Management Corporation; Secretary and General Counsel (since November 2001) of Oppenheimer Acquisition Corp.; Assistant Secretary and a director (since October 1997) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and a director (since November 2001) of Oppenheimer Partnership Holdings, Inc.; a director (since November 2001) of Oppenheimer Real Asset Management, Inc.; Senior Vice President, General Counsel and a director (since November 2001) of Shareholder Financial Services, Inc., Shareholder Services, Inc., OFI Private Investments, Inc. and OFI Trust Company; Vice President (since November 2001) of OppenheimerFunds Legacy Program; Senior Vice President and General Counsel (since November 2001) of OFI Institutional Asset Management, Inc.; a director (since June 2003) of OppenheimerFunds (Asia) Limited. Formerly Senior Vice President (May 1985-December 2003), Acting General Counsel (November 2001-February 2002) and Associate General Counsel (May 1981-October 2001) of the Manager; Assistant Secretary of Shareholder Services, Inc. (May 1985-November 2001), Shareholder Financial Services, Inc. (November 1989-November 2001); and OppenheimerFunds International Ltd. (October 1997-November 2001). An officer of 83 portfolios in the OppenheimerFunds complex. MARK S. VANDEHEY, Senior Vice President and Chief Compliance Officer Vice President (since 2004) (since March 2004) of the Manager; Vice President (since Age: 53 June 1983) of OppenheimerFunds Distributor, Inc., Centennial Asset Management Corporation and Shareholder Services, Inc. Formerly (until February 2004) Vice President and Director of Internal Audit of OppenheimerFunds, Inc. An officer of 83 portfolios in the OppenheimerFunds complex.
THE FUND'S STATEMENT OF ADDITIONAL INFORMATION CONTAINS ADDITIONAL INFORMATION ABOUT THE FUND'S TRUSTEES AND IS AVAILABLE WITHOUT CHARGE UPON REQUEST. 68 | OPPENHEIMER MAIN STREET SMALL CAP FUND ITEM 2. CODE OF ETHICS The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT The Board of Trustees of the registrant has determined that Edward L. Cameron, the Chairman of the Board's Audit Committee, and George C. Bowen, a member of the Board's Audit Committee, possess the technical attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as "audit committee financial experts," and has designated Messrs. Cameron and Bowen as the Audit Committee's financial experts. Messrs. Cameron and Bowen are "independent" Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES (a) Audit Fees The principal accountant for the audit of the registrant's annual financial statements billed $23,000 in fiscal 2004 and $19,000 in fiscal 2003. (b) Audit-Related Fees The principal accountant for the audit of the registrant's annual financial statements billed no such fees to the registrant during the last two fiscal years. The principal accountant for the audit of the registrant's annual financial statements billed $5,525 in fiscal 2004 and $51,734 in fiscal 2003 to the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. Such fees would include, among others: due diligence related to mergers and acquisitions, accounting consultations and audits in connection with acquisitions, internal control reviews and consultation concerning financial accounting and reporting standards. (c) Tax Fees The principal accountant for the audit of the registrant's annual financial statements billed no such fees to the registrant during the last two fiscal years. The principal accountant for the audit of the registrant's annual financial statements billed $0 in fiscal 2004 and $7,370 in fiscal 2003 to the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. Such fees would include, among others: tax compliance, tax planning and tax advice. Tax compliance generally involves preparation of original and amended tax returns, claims for a refund and tax payment-planning services. Tax planning and tax advice includes assistance with tax audits and appeals, tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities. (d) All Other Fees The principal accountant for the audit of the registrant's annual financial statements billed no such fees to the registrant during the last two fiscal years. The principal accountant for the audit of the registrant's annual financial statements billed $0 in fiscal 2004 and $3,500 in fiscal 2003 to the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. Such fees would include services provided to the registrant's Board of Trustees with respect to the annual renewal of the registrant's investment advisory agreement. (e) (1) During its regularly scheduled periodic meetings, the registrant's audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the registrant. The audit committee has delegated pre-approval authority to its Chairman for any subsequent new engagements that arise between regularly scheduled meeting dates provided that any fees such pre-approved are presented to the audit committee at its next regularly scheduled meeting. Pre-approval of non-audit services is waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to it principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit. (2) 100% (f) Not applicable as less than 50%. (g) The principal accountant for the audit of the registrant's annual financial statements billed $5,525 in fiscal 2004 and $62,604 in fiscal 2003 to the registrant and the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934. (h) The registrant's audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal account's independence. No such services were rendered. ITEM 5. NOT APPLICABLE ITEM 6. SCHEDULE OF INVESTMENTS Not applicable ITEM 7. NOT APPLICABLE ITEM 8. NOT APPLICABLE ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS The Board is responsible for approving nominees for election as trustees. To assist in this task, the Board has designated the Audit Committee as the nominating committee for the Board. It reviews and recommends nominees to the Board. The Committee is comprised entirely of disinterested trustees as defined in Section 2(a)(19) of the Investment Company Act of 1940. The Audit Committee charter describes the responsibilities of the Committee in nominating candidates for election as independent Trustees of the Registrant. The Registrant's Board has adopted a written charter for the Committee. A current copy of the Audit Committee charter is available to shareholders on the OppenheimerFunds website at www.oppenheimerfunds.com. Under the current policy, if the Board determines that a vacancy exists or is likely to exist on the Board, the Audit Committee of the Board will consider candidates for Board membership including recommended by Registrant shareholders. The Audit Committee will consider nominees recommended by independent Board members or recommended by any other Board members including Board members affiliated with the Registrant's investment advisors. The Committee may, upon Board approval, retain an executive search firm to assist in screening potential candidates. Upon Board approval, the Audit Committee may also use the services of legal, financial, or other external counsel that it deems necessary or desirable in the screening process. Shareholders wishing to submit a nominee for election to the Board may do so by mailing their submission to the offices of OppenheimerFunds, Inc., 6803 South Tucson Way, Centennial, CO 80112, to the attention of the Board of Trustees of the named Registrant, c/o the Secretary of the Registrant. The Committee's process for identifying and evaluating nominees for trustees includes a number of factors. In screening candidates for board membership, whether the candidate is suggested by Board members, shareholders or others, the Committee considers the candidate's professional experience, soundness of judgment, integrity, ability to make independent, analytical inquiries, collegiality, willingness and ability to devote the time required to perform Board activities adequately, ability to represent the interests of all shareholders of the Registrant, and diversity relative to the board's composition. Candidates are expected to provide a mix of attributes, experience, perspective and skills necessary to effectively advance the interests of shareholders. ITEM 10. 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, 2004, registrant's principal executive officer and principal financial officer found registrant's disclosure controls and procedures to provide reasonable assurances 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 over financial reporting that occurred during the registrant's last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 11. EXHIBITS. (A) EXHIBIT ATTACHED HERETO. (ATTACH CODE OF ETHICS AS EXHIBIT) (B) EXHIBITS ATTACHED HERETO. (ATTACH CERTIFICATIONS AS EXHIBITS) EX-99.CODE ETH 2 ex99_code-847.txt EX99_CODE-847.TXT EX-99.CODE ETH CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS OF THE OPPENHEIMER FUNDS AND OF OPPENHEIMERFUNDS, INC. This Code of Ethics for Principal Executive and Senior Financial Officers (referred to in this document as the "Code") has been adopted by each of the investment companies for which OppenheimerFunds, Inc. or one of its subsidiaries or affiliates (referred to collectively in this document as "OFI") acts as investment adviser (individually, a "Fund" and collectively, the "Funds"), and by OFI to effectuate compliance with Section 406 under the Sarbanes-Oxley Act of 2002 and the rules adopted to implement Section 406. This Code applies to each Fund's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions ("Covered Officers"). A listing of positions currently within the ambit of Covered Officers is attached as EXHIBIT A.(1) 1. Purpose of the Code This Code sets forth standards and procedures that are reasonably designed to deter wrongdoing and promote: o honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; o full, fair, accurate, timely, and understandable disclosure in reports and documents that a Fund files with, or submits to, the U.S. Securities and Exchange Commission ("SEC") and in other public communications made by the Fund; o compliance with applicable governmental laws, rules and regulations; o the prompt internal reporting of violations of this Code to the Code Administrator identified below; and o accountability for adherence to this Code. In general, the principles that govern honest and ethical conduct, including the avoidance of conflicts of interest between personal and professional relationships, reflect, at the minimum, the following: (1) the duty at all times in performing any responsibilities as a Fund financial officer, controller, accountant or principal executive officer to place the interests of the Funds ahead of personal interests; (2) the fundamental standard that Covered Officers should not take inappropriate advantage of their positions; (3) the duty to assure that a Fund's financial statements and reports to its shareholders are prepared honestly and accurately in accordance with applicable rules, regulations and accounting standards; and (4) the duty to conduct the Funds' business and affairs in an honest and ethical manner. Each Covered Officer should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. - -------- 1 The obligations imposed by this Code on Covered Officers are separate from and in addition to any obligations that may be imposed on such persons as Covered Persons under the Code of Ethics adopted by the Oppenheimer Funds dated May 15, 2002, under Rule 17j-1 of the Investment Company Act of 1940, as amended and any other code of conduct applicable to Covered Officers in whatever capacity they serve. This Code does not incorporate by reference any provisions of the Rule 17j-1 Code of Ethics and accordingly, any violations or waivers granted under the Rule 17j-1 Code of Ethics will not be considered a violation or waiver under this Code. It is acknowledged that, as a result of the contractual relationship between each Fund and OFI, of which the Covered Officers are also officers or employees, and subject to OFI's fiduciary duties to each Fund, the Covered Officers will, in the normal course of their duties, be involved in establishing policies and implementing decisions that will have different effects on OFI and the Funds. It is further acknowledged that the participation of the Covered Officers in such activities is inherent in the contractual relationship between each Fund and OFI and is consistent with the expectations of the Board of Trustees/Directors of the performance by the Covered Officers of their duties as officers of the Funds. 2. Prohibitions The specific provisions and reporting requirements of this Code are concerned primarily with promoting honest and ethical conduct and avoiding conflicts of interest in personal and professional relationships. No Covered Officer may use information concerning the business and affairs of a Fund, including the investment intentions of a Fund, or use his or her ability to influence such investment intentions, for personal gain to himself or herself, his or her family or friends or any other person or in a manner detrimental to the interests of a Fund or its shareholders. No Covered Officer may use his or her personal influence or personal relationships to influence the preparation and issuance of financial reports of a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund and its shareholders. No Covered Officer shall intentionally for any reason take any action or fail to take any action in connection with his or her official acts on behalf of a Fund that causes the Fund to violate applicable laws, rules and regulations. No Covered Officer shall, in connection with carrying out his or her official duties and responsibilities on behalf of a Fund: (i) employ any device, scheme or artifice to defraud a Fund or its shareholders; (ii) intentionally cause a Fund to make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading in its official documents, regulatory filings, financial statements or communications to the public; (iii) engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any Fund or its shareholders; (iv) engage in any manipulative practice with respect to any Fund; (v) use his or her personal influence or personal relationships to influence any business decision, investment decisions, or financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund or its shareholders; (vi) intentionally cause a Fund to fail to comply with applicable laws, rules and regulations, including failure to comply with the requirement of full, fair, accurate, understandable and timely disclosure in reports and documents that a Fund files with, or submits to, the SEC and in other public communications made by the Fund; (vii) intentionally mislead or omit to provide material information to the Fund's independent auditors or to the Board of Trustees/Directors or the officers of the Fund or its investment adviser in connection with financial reporting matters; (viii)fail to notify the Code Administrator or the Chief Executive Officer of the Fund or its investment adviser promptly if he or she becomes aware of any existing or potential violations of this Code or applicable laws; (ix) retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of this Code; or (x) fails to acknowledge or certify compliance with this Code if requested to do so. 3. Reports of Conflicts of Interests If a Covered Officer becomes aware of a conflict of interest under this Code or, to the Covered Officer's reasonable belief, the appearance of one, he or she must immediately report the matter to the Code's Administrator. If the Code Administrator is involved or believed to be involved in the conflict of interest or appearance of conflict of interest, the Covered Officer shall report the matter directly to the OFI's Chief Executive Officer. Upon receipt of a report of a conflict, the Code Administrator will take prompt steps to determine whether a conflict of interest exists. If the Code Administrator determines that an actual conflict of interest exists, the Code Administrator will take steps to resolve the conflict. If the Code Administrator determines that the appearance of a conflict exists, the Code Administrator will take appropriate steps to remedy such appearance. If the Code Administrator determines that no conflict or appearance of a conflict exists, the Code Administrator shall meet with the Covered Officer to advise him or her of such finding and of his or her reason for taking no action. In lieu of determining whether a conflict or appearance of conflict exists, the Code Administrator may in his or her discretion refer the matter to the Fund's Board of Trustees/Directors. 4. Waivers Any Covered Officer requesting a waiver of any of the provisions of this Code must submit a written request for such waiver to the Code Administrator, setting forth the basis of such request and all necessary facts upon which such request can be evaluated. The Code Administrator shall review such request and make a written determination thereon, which shall be binding. The Code Administrator may in reviewing such request, consult at his discretion with legal counsel to OFI or to the Fund. In determining whether to waive any of the provisions of this Code, the Code Administrator shall consider whether the proposed waiver: : (i) is prohibited by this Code; (ii) is consistent with honest and ethical conduct; and (iii)will result in a conflict of interest between the Covered Officer's personal and professional obligations to a Fund. In lieu of determining whether to grant a waiver, the Code Administrator in his or her discretion may refer the matter to the appropriate Fund's Board of Trustees/Directors. 5. Reporting Requirements (a) Each Covered Officer shall, upon becoming subject to this Code, be provided with a copy of this Code and shall affirm in writing that he or she has received, read, understands and shall adhere to this Code. (b) At least annually, all Covered Officers shall be provided with a copy of this Code and shall certify that they have read and understand this Code and recognize that they are subject thereto. (c) At least annually, all Covered Officers shall certify that they have complied with the requirements of this Code and that they have disclosed or reported any violations of this Code to the Code Administrator or the Chief Executive Officer of the Fund or its investment adviser. (d) The Code Administrator shall submit a quarterly report to the Board of Trustees/Directors of each Fund containing (i) a description of any report of a conflict of interest or apparent conflict and the disposition thereof; (ii) a description of any request for a waiver from this Code and the disposition thereof; (iii) any violation of the Code that has been reported or found and the sanction imposed; (iv) interpretations issued under the Code by the Code Administrator; and (v) any other significant information arising under the Code including any proposed amendments. (e) Each Covered Officer shall notify the Code Administrator promptly if he or she knows of or has a reasonable belief that any violation of this Code has occurred or is likely to occur. Failure to do so is itself a violation of this Code. (f) Any changes to or waivers of this Code, including "implicit" waivers as defined in applicable SEC rules, will, to the extent required, be disclosed by the Code Administrator or his or her designee as provided by applicable SEC rules.(2) 6. Annual Renewal At least annually, the Board of Trustees/Directors of each Fund shall review the Code and determine whether any amendments (including any amendments that may be recommended by OFI or the Fund's legal counsel) are necessary or desirable, and shall consider whether to renew and/or amend the Code. 7. Sanctions Any violation of this Code of Ethics shall be subject to the imposition of such sanctions by OFI as may be deemed appropriate under the circumstances to achieve the purposes of this Code and may include, without limitation, a letter of censure, suspension from employment or termination of employment, in the sole discretion of OFI. 8. Administration and Construction (a) The administration of this Code of Ethics shall be the responsibility of OFI's General Counsel or his designee as the "Code Administrator" of this Code, acting under the terms of this Code and the oversight of the Trustees/Directors of the Funds. (b) The duties of such Code Administrator will include: (i) Continuous maintenance of a current list of the names of all Covered Officers; (ii) Furnishing all Covered Officers a copy of this Code and initially and periodically informing them of their duties and obligations thereunder; (iii) Maintaining or supervising the maintenance of all records required by this Code, including records of waivers granted hereunder; (iv) Issuing interpretations of this Code which appear to the Code Administrator to be consistent with the objectives of this Code and any applicable laws or regulations; (v) Conducting such inspections or investigations as shall reasonably be required to detect and report any violations of this Code, with his or her recommendations, to the Chief Executive Officer of OFI and to the Trustees/Directors of the affected Fund(s) or any committee appointed by them to deal with such information; and (vi) Periodically conducting educational training programs as needed to explain and reinforce the terms of this Code. (c) In carrying out the duties and responsibilities described under this Code, the Code Administrator may consult with legal counsel, who may include legal counsel to the applicable Funds, and such other persons as the Administrator shall deem necessary or desirable. The Code Administrator - --------- 2 An "implicit waiver" is the failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to the General Counsel, the Code Administrator, an executive officer of the Fund or OFI. shall be protected from any liability hereunder or under any applicable law, rule or regulation, for decisions made in good faith based upon his or her reasonable judgment. 9. Required Records The Administrator shall maintain and cause to be maintained in an easily accessible place, the following records for the period required by applicable SEC rules (currently six years following the end of the fiscal year of OFI in which the applicable event or report occurred): (a) A copy of any Code which has been in effect during the period; (b) A record of any violation of any such Code and of any action taken as a result of such violation, during the period; (c) A copy of each annual report pursuant to the Code made by a Covered Officer during the period; (d) A copy of each report made by the Code Administrator pursuant to this Code during the period; (e) A list of all Covered Officers who are or have been required to make reports pursuant to this Code during the period, plus those person(s) who are or were responsible for reviewing these reports; (f) A record of any request to waive any requirement of this Code, the decision thereon and the reasons supporting the decision; and (g) A record of any report of any conflict of interest or appearance of a conflict of interest received by the Code Administrator or discovered by the Code Administrator during the period, the decision thereon and the reasons supporting the decision. 10. Amendments and Modifications This Code may not be amended or modified except by an amendment in writing which is approved or ratified by OFI and by a majority vote of the Independent Trustees/Directors of each of the applicable Funds. 11. Confidentiality. This Code is identified for the internal use of the Funds and OFI. Reports and records prepared or maintained under this Code are considered confidential and shall be maintained and protected accordingly to the extent permitted by applicable laws, rules and regulations. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trustees/Directors of the affected Fund(s) and their counsel, the independent auditors of the affected Funds and/or OFI, and to OFI, except as such disclosure may be required pursuant to applicable judicial or regulatory process. Dated as of: June 25, 2003 Adopted by Board I of the Oppenheimer Funds June 13, 2003 /S/ ROBERT G. ZACK Robert G. Zack, Secretary Adopted by Board II of the Oppenheimer/Centennial Funds June 24, 2003 /S/ ROBERT G. ZACK Robert G. Zack, Secretary Adopted by Board III of the Oppenheimer Funds June 9, 2003 /S/ ROBERT G. ZACK Robert G. Zack, Secretary Adopted by Board IV of the Oppenheimer Funds May 21, 2003 /S/ ROBERT G. ZACK Robert G. Zack, Secretary Adopted by the Boards of Directors of OppenheimerFunds, Inc. and its subsidiaries and affiliates that act as investment adviser to the Oppenheimer or Centennial funds June 1, 2003 /S/ ROBERT G. ZACK Robert G. Zack, Senior Vice President and General Counsel EXHIBIT A POSITIONS COVERED BY THIS CODE OF ETHICS FOR SENIOR OFFICERS Each Oppenheimer or Centennial fund Principal Executive Officer Principal Financial Officer Treasurer Assistant Treasurer Personnel of OFI who by virtue of their jobs perform critical financial and accounting functions for OFI on behalf of a Fund, including: Treasurer Senior Vice President/Fund Accounting Vice President/Fund Accounting EX-99.CERT 3 ex99_302cert-847.txt EX99_302CERT-847.TXT 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-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying 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 control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: 8/13/04 /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-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying 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 control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: 8/13/04 /s/Brian W. Wixted ---------------------------- Brian W. Wixted Chief Financial Officer EX-99.906 4 ex99_906cert-847.txt EX99_906CERT-847.TXT 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 2002 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, 2004 (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 Small Cap Oppenheimer Main Street Small Cap Fund Fund /s/John V. Murphy /s/Brian W. Wixted - ---------------------------- ---------------------------- John V. Murphy Brian W. Wixted Date: 8/13/04 Date: 8/13/04 -----END PRIVACY-ENHANCED MESSAGE-----