N-CSRS 1 rs847_12043ncsr.txt RS847_12043NCSR.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, 2004 - December 31, 2004 ITEM 1. REPORTS TO STOCKHOLDERS. TOP HOLDINGS AND ALLOCATIONS -------------------------------------------------------------------------------- TOP TEN COMMON STOCK INDUSTRIES -------------------------------------------------------------------------------- Oil & Gas 5.4% -------------------------------------------------------------------------------- Specialty Retail 5.0 -------------------------------------------------------------------------------- Commercial Services & Supplies 5.0 -------------------------------------------------------------------------------- Semiconductors & Semiconductor Equipment 4.6 -------------------------------------------------------------------------------- Software 4.6 -------------------------------------------------------------------------------- Health Care Providers & Services 4.5 -------------------------------------------------------------------------------- Commercial Banks 4.3 -------------------------------------------------------------------------------- Health Care Equipment & Supplies 4.0 -------------------------------------------------------------------------------- Machinery 3.8 -------------------------------------------------------------------------------- Insurance 3.6 Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2004, and are based on net assets. TOP TEN COMMON STOCK HOLDINGS -------------------------------------------------------------------------------- Pacific Capital Bancorp 0.3% -------------------------------------------------------------------------------- Toro Co. (The) 0.3 -------------------------------------------------------------------------------- Cal Dive International, Inc. 0.3 -------------------------------------------------------------------------------- Silgan Holdings, Inc. 0.3 -------------------------------------------------------------------------------- TIBCO Software, Inc. 0.3 -------------------------------------------------------------------------------- AK Steel Holding Corp. 0.3 -------------------------------------------------------------------------------- EarthLink, Inc. 0.3 -------------------------------------------------------------------------------- Genlyte Group, Inc. (The) 0.3 -------------------------------------------------------------------------------- Affiliated Managers Group, Inc. 0.3 -------------------------------------------------------------------------------- Paramount Resources Ltd. 0.3 Portfolio holdings and allocations are subject to changes. Percentages are as of December 31, 2004, and are based on net assets. For up-to-date Top 10 Fund holdings, please visit www.oppenheimerfunds.com. 9 | OPPENHEIMER MAIN STREET SMALL CAP FUND TOP HOLDINGS AND ALLOCATIONS -------------------------------------------------------------------------------- [THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL] -------------------------------------------------------------------------------- SECTOR ALLOCATION Information Technology 21.2% Industrials 17.7 Consumer Discretionary 16.4 Financials 12.2 Health Care 11.3 Energy 7.9 Materials 7.2 Consumer Staples 3.5 Utilities 1.6 Telecommunication Services 1.0 Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2004, and are based on common stocks. -------------------------------------------------------------------------------- 10 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES -------------------------------------------------------------------------------- Total returns include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. Cumulative total returns are not annualized. The Fund's total returns shown do not reflect the deduction of income taxes on an individual's investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares. INVESTORS SHOULD CONSIDER THE FUND'S INVESTMENT OBJECTIVES, RISKS, AND OTHER CHARGES AND EXPENSES CAREFULLY BEFORE INVESTING. THE FUND'S PROSPECTUS CONTAINS THIS AND OTHER INFORMATION ABOUT THE FUND, AND MAY BE OBTAINED BY ASKING YOUR FINANCIAL ADVISOR, CALLING US AT 1.800.525.7048 OR VISITING OUR WEBSITE AT WWW.OPPENHEIMERFUNDS.COM. READ THE PROSPECTUS CAREFULLY BEFORE INVESTING. The Fund's investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc. CLASS A shares of the Fund were first publicly offered on 8/2/99. Unless otherwise noted, Class A returns include the current maximum initial sales charge of 5.75%. CLASS B shares of the Fund were first publicly offered on 8/2/99. Unless otherwise noted, Class B returns include the applicable contingent deferred sales charge of 5% (1-year) and 2% (5-year). Class B shares are subject to an annual 0.75% asset-based sales charge. CLASS C shares of the Fund were first publicly offered on 8/2/99. Unless otherwise noted Class C returns include the contingent deferred sales charge of 1% for the 1-year period. Class C shares are subject to an annual 0.75% asset-based sales charge. CLASS N shares of the Fund were first publicly offered on 3/1/01. Class N shares are offered only through retirement plans. Unless otherwise noted, Class N returns include the contingent deferred sales charge of 1% for the 1-year period. Class N shares are subject to an annual 0.25% asset-based sales charge. CLASS Y shares of the Fund were first publicly offered on 8/2/99. Class Y shares are offered only to certain institutional investors under special agreement with the Distributor. An explanation of the calculation of performance is in the Fund's Statement of Additional Information. 11 | OPPENHEIMER MAIN STREET SMALL CAP FUND FUND EXPENSES -------------------------------------------------------------------------------- FUND EXPENSES. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions; and redemption fees, if any; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended December 31, 2004. ACTUAL EXPENSES. The "actual" lines of the table provide information about actual account values and actual expenses. You may use the information on this line for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the "actual" line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES. The "hypothetical" lines of the table provide information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio for each class of shares, and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads), or a $12.00 fee imposed annually on accounts valued at less than $500.00 (subject to exceptions described in 12 | OPPENHEIMER MAIN STREET SMALL CAP FUND the Statement of Additional Information). Therefore, the "hypothetical" lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. -------------------------------------------------------------------------------- BEGINNING ENDING EXPENSES ACCOUNT ACCOUNT PAID DURING VALUE VALUE 6 MONTHS ENDED (7/1/04) (12/31/04) DECEMBER 31, 2004 -------------------------------------------------------------------------------- Class A Actual $1,000.00 $1,133.20 $ 6.45 -------------------------------------------------------------------------------- Class A Hypothetical 1,000.00 1,019.10 6.11 -------------------------------------------------------------------------------- Class B Actual 1,000.00 1,129.20 10.65 -------------------------------------------------------------------------------- Class B Hypothetical 1,000.00 1,015.18 10.08 -------------------------------------------------------------------------------- Class C Actual 1,000.00 1,129.50 10.27 -------------------------------------------------------------------------------- Class C Hypothetical 1,000.00 1,015.53 9.72 -------------------------------------------------------------------------------- Class N Actual 1,000.00 1,131.90 8.07 -------------------------------------------------------------------------------- Class N Hypothetical 1,000.00 1,017.60 7.64 -------------------------------------------------------------------------------- Class Y Actual 1,000.00 1,136.40 3.77 -------------------------------------------------------------------------------- Class Y Hypothetical 1,000.00 1,021.62 3.56 Hypothetical assumes 5% annual return before expenses. Expenses are equal to the Fund's annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). Those annualized expense ratios based on the 6-month period ended December 31, 2004 are as follows: CLASS EXPENSE RATIOS -------------------------- Class A 1.20% -------------------------- Class B 1.98 -------------------------- Class C 1.91 -------------------------- Class N 1.50 -------------------------- Class Y 0.70 The expense ratios reflect voluntary waivers or reimbursements of expenses by the Fund's Transfer Agent that can be terminated at any time, without advance notice. The "Financial Highlights" tables in the Fund's financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements. -------------------------------------------------------------------------------- 13 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS December 31, 2004 / Unaudited -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- COMMON STOCKS--99.0% -------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--16.3% -------------------------------------------------------------------------------- AUTO COMPONENTS--1.0% Aftermarket Technology Corp. 1 29,700 $ 478,170 -------------------------------------------------------------------------------- ArvinMeritor, Inc. 130,300 2,914,811 -------------------------------------------------------------------------------- Autoliv, Inc. 52,400 2,530,920 -------------------------------------------------------------------------------- Collins & Aikman Corp. 1 93,400 407,224 -------------------------------------------------------------------------------- Cooper Tire & Rubber Co. 62,200 1,340,410 -------------------------------------------------------------------------------- Dana Corp. 62,300 1,079,659 -------------------------------------------------------------------------------- Drew Industries, Inc. 1 33,000 1,193,610 -------------------------------------------------------------------------------- Dura Automotive Systems, Inc. 1 5,600 60,648 -------------------------------------------------------------------------------- Goodyear Tire & Rubber Co. 1 261,300 3,830,658 -------------------------------------------------------------------------------- Keystone Automotive Industries, Inc. 1 13,000 302,250 -------------------------------------------------------------------------------- Midas, Inc. 1 145,000 2,900,000 -------------------------------------------------------------------------------- Modine Manufacturing Co. 1,700 57,409 -------------------------------------------------------------------------------- Shiloh Industries, Inc. 1 35,500 497,000 -------------------------------------------------------------------------------- Spartan Motors, Inc. 33,500 399,655 -------------------------------------------------------------------------------- Standard Motor Products, Inc. 69,100 1,091,780 -------------------------------------------------------------------------------- Stoneridge, Inc. 1 22,900 346,477 -------------------------------------------------------------------------------- Tenneco Automotive, Inc. 1 196,100 3,380,764 -------------------------------------------------------------------------------- Visteon Corp. 318,300 3,109,791 ------------- 25,921,236 -------------------------------------------------------------------------------- AUTOMOBILES--0.3% Monaco Coach Corp. 88,100 1,812,217 -------------------------------------------------------------------------------- Thor Industries, Inc. 31,900 1,181,895 -------------------------------------------------------------------------------- Winnebago Industries, Inc. 92,900 3,628,674 ------------- 6,622,786 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- DISTRIBUTORS--0.4% Andersons, Inc. (The) 5,200 $ 132,600 -------------------------------------------------------------------------------- BlueLinx Holdings, Inc. 1 173,700 2,513,439 -------------------------------------------------------------------------------- Handleman Co. 146,300 3,142,524 -------------------------------------------------------------------------------- WESCO International, Inc. 1 112,900 3,346,356 ------------- 9,134,919 -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--3.0% AFC Enterprises, Inc. 1 7,400 175,454 -------------------------------------------------------------------------------- Ambassadors Group, Inc. 49,900 1,776,939 -------------------------------------------------------------------------------- Ameristar Casinos, Inc. 77,000 3,319,470 -------------------------------------------------------------------------------- Applebee's International, Inc. 17,400 460,230 -------------------------------------------------------------------------------- Argosy Gaming Co. 1 57,400 2,680,580 -------------------------------------------------------------------------------- Aztar Corp. 1 51,300 1,791,396 -------------------------------------------------------------------------------- Bally Total Fitness Holding Corp. 1 34,600 146,704 -------------------------------------------------------------------------------- BJ's Restaurants, Inc. 1 26,700 373,800 -------------------------------------------------------------------------------- Bluegreen Corp. 1 170,000 3,371,100 -------------------------------------------------------------------------------- Caesars Entertainment, Inc. 1 75,500 1,520,570 -------------------------------------------------------------------------------- California Pizza Kitchen, Inc. 1 111,298 2,559,854 -------------------------------------------------------------------------------- CBRL Group, Inc. 47,300 1,979,505 -------------------------------------------------------------------------------- CEC Entertainment, Inc. 1 170,250 6,804,893 -------------------------------------------------------------------------------- Checkers Drive-In Restaurants, Inc. 1 26,800 359,120 -------------------------------------------------------------------------------- Choice Hotels International, Inc. 39,700 2,302,600 -------------------------------------------------------------------------------- Ctrip.com International Ltd., ADR 1 35,100 1,615,302 14 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE Continued Dave & Buster's, Inc. 1 134,900 $ 2,724,980 -------------------------------------------------------------------------------- Domino's Pizza, Inc. 64,700 1,151,660 -------------------------------------------------------------------------------- Dover Downs Gaming & Entertainment, Inc. 42,400 555,440 -------------------------------------------------------------------------------- Frisch's Restaurants, Inc. 800 19,064 -------------------------------------------------------------------------------- Gaylord Entertainment Co., Cl. A 1 74,700 3,102,291 -------------------------------------------------------------------------------- Great Wolf Resorts, Inc. 1 125,500 2,803,670 -------------------------------------------------------------------------------- Isle of Capri Casinos, Inc. 1 176,000 4,514,400 -------------------------------------------------------------------------------- Jack in the Box, Inc. 1 168,500 6,212,595 -------------------------------------------------------------------------------- La Quinta Corp. 1 464,800 4,225,032 -------------------------------------------------------------------------------- Landry's Restaurants, Inc. 25,400 738,124 -------------------------------------------------------------------------------- Lone Star Steakhouse & Saloon, Inc. 29,400 823,200 -------------------------------------------------------------------------------- Monarch Casino & Resort, Inc. 1 40,850 1,656,468 -------------------------------------------------------------------------------- Navigant International, Inc. 1 60,700 738,719 -------------------------------------------------------------------------------- O'Charley's, Inc. 1 10,100 197,455 -------------------------------------------------------------------------------- Outback Steakhouse, Inc. 10,000 457,800 -------------------------------------------------------------------------------- P.F. Chang's China Bistro, Inc. 1 31,359 1,767,080 -------------------------------------------------------------------------------- Papa John's International, Inc. 1 56,500 1,945,860 -------------------------------------------------------------------------------- Pinnacle Entertainment, Inc. 1 79,900 1,580,422 -------------------------------------------------------------------------------- Rare Hospitality International, Inc. 1 29,700 946,242 -------------------------------------------------------------------------------- Red Robin Gourmet Burgers, Inc. 1 9,900 529,353 -------------------------------------------------------------------------------- Ryan's Restaurant Group, Inc. 1 37,750 582,105 -------------------------------------------------------------------------------- Scientific Games Corp., Cl. A 1 24,100 574,544 -------------------------------------------------------------------------------- Six Flags, Inc. 1 496,100 2,664,057 -------------------------------------------------------------------------------- Sonic Corp. 1 89,450 2,728,225 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE Continued Speedway Motorsports, Inc. 14,800 $ 579,864 -------------------------------------------------------------------------------- Steak n Shake Co. (The) 1 66,500 1,335,320 -------------------------------------------------------------------------------- The9 Ltd., ADR 1 50,500 1,192,810 -------------------------------------------------------------------------------- Vail Resorts, Inc. 1 48,700 1,091,854 ------------- 78,676,151 -------------------------------------------------------------------------------- HOUSEHOLD DURABLES--2.2% American Greetings Corp., Cl. A 238,900 6,056,115 -------------------------------------------------------------------------------- Avatar Holdings, Inc. 1 2,500 120,250 -------------------------------------------------------------------------------- Bassett Furniture Industries, Inc. 11,700 229,613 -------------------------------------------------------------------------------- Beazer Homes USA, Inc. 19,600 2,865,716 -------------------------------------------------------------------------------- Black & Decker Corp. 27,600 2,437,908 -------------------------------------------------------------------------------- Blount International, Inc. 1 143,400 2,498,028 -------------------------------------------------------------------------------- Brookfield Homes Corp. 20,500 694,950 -------------------------------------------------------------------------------- Champion Enterprises, Inc. 1 37,800 446,796 -------------------------------------------------------------------------------- Chromcraft Revington, Inc. 1 5,300 65,190 -------------------------------------------------------------------------------- Comstock Homebuilding Cos., Inc., Cl. A 1 74,500 1,621,865 -------------------------------------------------------------------------------- CSS Industries, Inc. 49,850 1,583,236 -------------------------------------------------------------------------------- Enesco Group, Inc. 1 3,000 24,240 -------------------------------------------------------------------------------- Ethan Allen Interiors, Inc. 89,000 3,561,780 -------------------------------------------------------------------------------- Furniture Brands International, Inc. 190,000 4,759,500 -------------------------------------------------------------------------------- Interface, Inc., Cl. A 1 36,400 362,908 -------------------------------------------------------------------------------- KB Home 7,000 730,800 -------------------------------------------------------------------------------- Kimball International, Inc., Cl. B 45,100 667,931 -------------------------------------------------------------------------------- La-Z-Boy, Inc. 43,100 662,447 15 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- HOUSEHOLD DURABLES Continued Leggett & Platt, Inc. 38,400 $ 1,091,712 -------------------------------------------------------------------------------- Levitt Corp., Cl. A 21,500 657,255 -------------------------------------------------------------------------------- M.D.C. Holdings, Inc. 6,665 576,123 -------------------------------------------------------------------------------- Maytag Corp. 29,200 616,120 -------------------------------------------------------------------------------- Meritage Homes Corp. 1 41,800 4,710,860 -------------------------------------------------------------------------------- Mestek, Inc. 1 6,900 124,890 -------------------------------------------------------------------------------- Movado Group, Inc. 7,900 147,335 -------------------------------------------------------------------------------- National Presto Industries, Inc. 3,700 168,350 -------------------------------------------------------------------------------- Ryland Group, Inc. (The) 37,900 2,180,766 -------------------------------------------------------------------------------- Snap-On, Inc. 53,800 1,848,568 -------------------------------------------------------------------------------- Standard Pacific Corp. 22,300 1,430,322 -------------------------------------------------------------------------------- Stanley Furniture Co., Inc. 43,700 1,964,315 -------------------------------------------------------------------------------- Stanley Works (The) 43,700 2,140,863 -------------------------------------------------------------------------------- Technical Olympic USA, Inc. 85,350 2,166,183 -------------------------------------------------------------------------------- Tupperware Corp. 148,200 3,070,704 -------------------------------------------------------------------------------- Universal Electronics, Inc. 1 61,100 1,075,360 -------------------------------------------------------------------------------- Whirlpool Corp. 17,000 1,176,570 -------------------------------------------------------------------------------- William Lyon Homes, Inc. 1 200 14,048 -------------------------------------------------------------------------------- Yankee Candle, Inc. (The) 1 75,700 2,511,726 ------------- 57,061,343 -------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL--0.3% 1-800-FLOWERS.com, Inc. 1 28,800 242,208 -------------------------------------------------------------------------------- Audible, Inc. 1 68,300 1,779,215 -------------------------------------------------------------------------------- GSI Commerce, Inc. 1 37,500 666,750 -------------------------------------------------------------------------------- Insight Enterprises, Inc. 1 161,100 3,305,772 -------------------------------------------------------------------------------- J. Jill Group, Inc. 1 49,900 743,011 -------------------------------------------------------------------------------- Provide Commerce, Inc. 1 22,200 824,730 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL Continued ValueVision Media, Inc., Cl. A 1 101,800 $ 1,416,038 ------------- 8,977,724 -------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS--1.1% Action Performance Cos., Inc. 125,675 1,381,168 -------------------------------------------------------------------------------- Arctic Cat, Inc. 31,500 835,380 -------------------------------------------------------------------------------- Callaway Golf Co. 106,400 1,436,400 -------------------------------------------------------------------------------- Hasbro, Inc. 78,200 1,515,516 -------------------------------------------------------------------------------- JAKKS Pacific, Inc. 1 67,400 1,490,214 -------------------------------------------------------------------------------- Marine Products Corp. 11,400 297,654 -------------------------------------------------------------------------------- MarineMax, Inc. 1 22,400 666,624 -------------------------------------------------------------------------------- Marvel Enterprises, Inc. 1 199,800 4,091,904 -------------------------------------------------------------------------------- Nautilus Group, Inc. (The) 270,400 6,535,568 -------------------------------------------------------------------------------- Oakley, Inc. 5,300 67,575 -------------------------------------------------------------------------------- Polaris Industries, Inc. 19,900 1,353,598 -------------------------------------------------------------------------------- RC2 Corp. 1 95,200 3,103,520 -------------------------------------------------------------------------------- SCP Pool Corp. 134,950 4,304,905 -------------------------------------------------------------------------------- Steinway Musical Instruments, Inc. 1 55,800 1,614,852 ------------- 28,694,878 -------------------------------------------------------------------------------- MEDIA--1.4% 4Kids Entertainment, Inc. 1 71,500 1,502,930 -------------------------------------------------------------------------------- Advo, Inc. 17,650 629,223 -------------------------------------------------------------------------------- Beasley Broadcast Group, Inc., Cl. A 1 800 14,024 -------------------------------------------------------------------------------- Carmike Cinemas, Inc. 10,400 379,600 -------------------------------------------------------------------------------- Catalina Marketing Corp. 171,500 5,081,545 -------------------------------------------------------------------------------- Charter Communications, Inc., Cl. A 1 583,800 1,307,712 16 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- MEDIA Continued Entravision Communications Corp. 1 70,700 $ 590,345 -------------------------------------------------------------------------------- Gemstar-TV Guide International, Inc. 1 130,200 770,784 -------------------------------------------------------------------------------- Getty Images, Inc. 1 19,900 1,370,115 -------------------------------------------------------------------------------- Gray Television, Inc. 25,900 401,450 -------------------------------------------------------------------------------- Harte-Hanks, Inc. 14,000 363,720 -------------------------------------------------------------------------------- Hearst-Argyle Television, Inc. 15,600 411,528 -------------------------------------------------------------------------------- Hollinger International, Inc. 20,300 318,304 -------------------------------------------------------------------------------- Insight Communications Co., Inc. 1 58,300 540,441 -------------------------------------------------------------------------------- Lakes Gaming, Inc. 1 38,100 620,649 -------------------------------------------------------------------------------- Lin TV Corp. 1 39,200 748,720 -------------------------------------------------------------------------------- Martha Stewart Living Omnimedia, Inc., Cl. A 1 88,900 2,579,878 -------------------------------------------------------------------------------- Media General, Inc., Cl. A 5,300 343,493 -------------------------------------------------------------------------------- Mediacom Communications Corp. 1 348,500 2,178,125 -------------------------------------------------------------------------------- Meredith Corp. 21,400 1,159,880 -------------------------------------------------------------------------------- New Frontier Media, Inc. 1 9,000 71,271 -------------------------------------------------------------------------------- Playboy Enterprises, Inc., Cl. B 1 31,400 385,906 -------------------------------------------------------------------------------- PRIMEDIA, Inc. 1 50,200 190,760 -------------------------------------------------------------------------------- ProQuest Co. 1 9,400 279,180 -------------------------------------------------------------------------------- Pulitzer, Inc. 1,700 110,245 -------------------------------------------------------------------------------- R.H. Donnelley Corp. 1 43,700 2,580,485 -------------------------------------------------------------------------------- Radio One, Inc., Cl. D 1 33,400 538,408 -------------------------------------------------------------------------------- Readers Digest Assn., Inc. (The), Cl. A, Non-Vtg. 179,200 2,492,672 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- MEDIA Continued Salem Communications Corp., Cl. A 1 92,300 $ 2,302,885 -------------------------------------------------------------------------------- Thomas Nelson, Inc. 64,400 1,455,440 -------------------------------------------------------------------------------- TiVo, Inc. 1 150,000 880,500 -------------------------------------------------------------------------------- Westwood One, Inc. 1 49,000 1,319,570 -------------------------------------------------------------------------------- Wiley (John) & Sons, Inc., Cl. A 30,000 1,045,200 -------------------------------------------------------------------------------- World Wrestling Federation Entertainment, Inc. 161,000 1,952,930 -------------------------------------------------------------------------------- WPT Enterprises, Inc. 1 18,900 321,300 ------------- 37,239,218 -------------------------------------------------------------------------------- MULTILINE RETAIL--0.5% Big Lots, Inc. 1 51,700 627,121 -------------------------------------------------------------------------------- Dillard's, Inc., Cl. A 118,600 3,186,782 -------------------------------------------------------------------------------- Shopko Stores, Inc. 1 143,000 2,671,240 -------------------------------------------------------------------------------- Stage Stores, Inc. 1 81,100 3,367,272 -------------------------------------------------------------------------------- Stein Mart, Inc. 1 254,900 4,348,594 ------------- 14,201,009 -------------------------------------------------------------------------------- SPECIALTY RETAIL--5.0% A.C. Moore Arts & Crafts, Inc. 1 13,800 397,578 -------------------------------------------------------------------------------- Aaron Rents, Inc. 102,650 2,566,250 -------------------------------------------------------------------------------- Abercrombie & Fitch Co., Cl. A 54,500 2,558,775 -------------------------------------------------------------------------------- Aeropostale, Inc. 1 153,900 4,529,277 -------------------------------------------------------------------------------- American Eagle Outfitters, Inc. 48,000 2,260,800 -------------------------------------------------------------------------------- AnnTaylor Stores Corp. 1 26,400 568,392 -------------------------------------------------------------------------------- AutoNation, Inc. 1 27,700 532,117 -------------------------------------------------------------------------------- Barnes & Noble, Inc. 1 107,000 3,452,890 -------------------------------------------------------------------------------- bebe stores, inc. 56,025 1,511,555 -------------------------------------------------------------------------------- Big 5 Sporting Goods Corp. 99,100 2,887,774 -------------------------------------------------------------------------------- Blair Corp. 36,100 1,287,326 -------------------------------------------------------------------------------- Borders Group, Inc. 152,500 3,873,500 17 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- SPECIALTY RETAIL Continued Brookstone, Inc. 1 94,175 $ 1,841,121 -------------------------------------------------------------------------------- Buckle, Inc. (The) 31,200 920,400 -------------------------------------------------------------------------------- Build-A-Bear- Workshop, Inc. 1 33,600 1,181,040 -------------------------------------------------------------------------------- Building Materials Holding Corp. 99,894 3,824,941 -------------------------------------------------------------------------------- Burlington Coat Factory Warehouse Corp. 66,800 1,516,360 -------------------------------------------------------------------------------- Casual Male Retail Group, Inc. 1 42,200 229,990 -------------------------------------------------------------------------------- Cato Corp., Cl. A 100,100 2,884,882 -------------------------------------------------------------------------------- Charlotte Russe Holding, Inc. 1 82,300 831,230 -------------------------------------------------------------------------------- Charming Shoppes, Inc. 1 682,400 6,394,088 -------------------------------------------------------------------------------- Children's Place Retail Stores, Inc. 1 86,700 3,210,501 -------------------------------------------------------------------------------- Christopher & Banks Corp. 43,100 795,195 -------------------------------------------------------------------------------- Circuit City Stores, Inc./Circuit City Group 150,400 2,352,256 -------------------------------------------------------------------------------- Claire's Stores, Inc. 143,800 3,055,750 -------------------------------------------------------------------------------- CSK Auto Corp. 1 58,000 970,920 -------------------------------------------------------------------------------- Deb Shops, Inc. 2,000 50,080 -------------------------------------------------------------------------------- Dress Barn, Inc. (The) 1 145,200 2,555,520 -------------------------------------------------------------------------------- Electronics Boutique Holdings Corp. 1 112,800 4,843,632 -------------------------------------------------------------------------------- Finish Line, Inc. (The), Cl. A 162,600 2,975,580 -------------------------------------------------------------------------------- Finlay Enterprises, Inc. 1 16,000 316,640 -------------------------------------------------------------------------------- GameStop Corp. 1 184,200 4,118,712 -------------------------------------------------------------------------------- GameStop Corp., Cl. B 1 6,288 140,914 -------------------------------------------------------------------------------- Genesco, Inc. 1 37,300 1,161,522 -------------------------------------------------------------------------------- Goody's Family Clothing, Inc. 150,700 1,377,398 -------------------------------------------------------------------------------- Guess?, Inc. 1 219,900 2,759,745 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- SPECIALTY RETAIL Continued Haverty Furniture Cos., Inc. 60,600 $ 1,121,100 -------------------------------------------------------------------------------- Hibbett Sporting Goods, Inc. 1 112,287 2,987,957 -------------------------------------------------------------------------------- Hollywood Entertainment Corp. 1 46,100 603,449 -------------------------------------------------------------------------------- Hot Topic, Inc. 1 26,200 450,378 -------------------------------------------------------------------------------- Jo-Ann Stores, Inc. 1 23,100 636,174 -------------------------------------------------------------------------------- Jos. A. Banks Clothiers, Inc. 1 19,625 555,388 -------------------------------------------------------------------------------- Men's Wearhouse, Inc. (The) 1 122,400 3,911,904 -------------------------------------------------------------------------------- Michaels Stores, Inc. 83,400 2,499,498 -------------------------------------------------------------------------------- Movie Gallery, Inc. 79,100 1,508,437 -------------------------------------------------------------------------------- NetFlix.com, Inc. 1 7,500 92,475 -------------------------------------------------------------------------------- Office Depot, Inc. 1 153,100 2,657,816 -------------------------------------------------------------------------------- Pacific Sunwear of California, Inc. 1 218,625 4,866,593 -------------------------------------------------------------------------------- Pantry, Inc. (The) 1 59,400 1,787,346 -------------------------------------------------------------------------------- Party City Corp. 1 7,100 91,803 -------------------------------------------------------------------------------- Payless ShoeSource, Inc. 1 191,700 2,357,910 -------------------------------------------------------------------------------- Petco Animal Supplies, Inc. 1 32,600 1,287,048 -------------------------------------------------------------------------------- PETsMART, Inc. 29,600 1,051,688 -------------------------------------------------------------------------------- Pier 1 Imports, Inc. 59,500 1,172,150 -------------------------------------------------------------------------------- Regis Corp. 31,600 1,458,340 -------------------------------------------------------------------------------- Rent-A-Center, Inc. 1 29,700 787,050 -------------------------------------------------------------------------------- Rent-Way, Inc. 1 14,700 117,747 -------------------------------------------------------------------------------- Restoration Hardware, Inc. 1 207,200 1,189,328 -------------------------------------------------------------------------------- Sonic Automotive, Inc. 25,000 620,000 -------------------------------------------------------------------------------- Steiner Leisure Ltd. 1 34,300 1,024,884 -------------------------------------------------------------------------------- Syms Corp. 1 7,400 89,910 -------------------------------------------------------------------------------- Talbots, Inc. (The) 47,200 1,285,256 -------------------------------------------------------------------------------- Too, Inc. 1 122,400 2,993,904 -------------------------------------------------------------------------------- Toys R Us, Inc. 1 119,800 2,452,306 -------------------------------------------------------------------------------- Trans World Entertainment Corp. 1 173,100 2,158,557 18 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- SPECIALTY RETAIL Continued Tuesday Morning Corp. 1 20,700 $ 634,041 -------------------------------------------------------------------------------- Tweeter Home Entertainment Group, Inc. 1 37,800 258,930 -------------------------------------------------------------------------------- United Auto Group, Inc. 51,200 1,515,008 -------------------------------------------------------------------------------- Zale Corp. 1 233,800 6,983,606 ------------- 129,942,632 -------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--1.1% Brown Shoe Co., Inc. 2,700 80,541 -------------------------------------------------------------------------------- Cherokee, Inc. 10,400 366,912 -------------------------------------------------------------------------------- Deckers Outdoor Corp. 1 34,100 1,602,359 -------------------------------------------------------------------------------- Hartmarx Corp. 1 183,500 1,425,795 -------------------------------------------------------------------------------- Jones Apparel Group, Inc. 45,600 1,667,592 -------------------------------------------------------------------------------- K-Swiss, Inc., Cl. A 131,100 3,817,632 -------------------------------------------------------------------------------- Kellwood Co. 71,600 2,470,200 -------------------------------------------------------------------------------- Kenneth Cole Productions, Inc., Cl. A 11,900 367,234 -------------------------------------------------------------------------------- Phillips/Van Heusen Corp. 63,300 1,709,100 -------------------------------------------------------------------------------- Russell Corp. 22,800 444,144 -------------------------------------------------------------------------------- Skechers U.S.A., Inc., Cl. A 1 169,400 2,195,424 -------------------------------------------------------------------------------- Timberland Co., Cl. A 1 54,100 3,390,447 -------------------------------------------------------------------------------- Tommy Hilfiger Corp. 1 92,100 1,038,888 -------------------------------------------------------------------------------- Warnaco Group, Inc. (The) 1 47,100 1,017,360 -------------------------------------------------------------------------------- Wolverine World Wide, Inc. 203,800 6,403,396 ------------- 27,997,024 -------------------------------------------------------------------------------- CONSUMER STAPLES--3.5% -------------------------------------------------------------------------------- BEVERAGES--0.2% Adolph Coors Co., Cl. B 1,600 121,072 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- BEVERAGES Continued Boston Beer Co., Inc., Cl. A 1 64,400 $ 1,369,788 -------------------------------------------------------------------------------- Hansen Natural Corp. 1 45,700 1,663,937 -------------------------------------------------------------------------------- National Beverage Corp. 17,100 142,272 -------------------------------------------------------------------------------- PepsiAmericas, Inc. 71,700 1,522,908 ------------- 4,819,977 -------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--1.1% 7-Eleven, Inc. 1 168,200 4,028,390 -------------------------------------------------------------------------------- Arden Group, Inc., Cl. A 10,198 1,024,639 -------------------------------------------------------------------------------- BJ's Wholesale Club, Inc. 1 137,900 4,017,027 -------------------------------------------------------------------------------- Casey's General Stores, Inc. 43,500 789,525 -------------------------------------------------------------------------------- Great Atlantic & Pacific Tea Co., Inc. (The) 1 75,400 772,850 -------------------------------------------------------------------------------- Ingles Markets, Inc., Cl. A 8,968 111,114 -------------------------------------------------------------------------------- Longs Drug Stores, Inc. 139,000 3,832,230 -------------------------------------------------------------------------------- Nash Finch Co. 92,400 3,489,024 -------------------------------------------------------------------------------- Penn Traffic Co. (The) 1 1,200 144 -------------------------------------------------------------------------------- Rite Aid Corp. 1 543,000 1,987,380 -------------------------------------------------------------------------------- Ruddick Corp. 155,700 3,377,133 -------------------------------------------------------------------------------- Smart & Final, Inc. 1 48,000 690,720 -------------------------------------------------------------------------------- SUPERVALU, Inc. 59,600 2,057,392 -------------------------------------------------------------------------------- Weis Markets, Inc. 38,300 1,477,231 -------------------------------------------------------------------------------- Winn-Dixie Stores, Inc. 460,200 2,093,910 ------------- 29,748,709 -------------------------------------------------------------------------------- FOOD PRODUCTS--1.1% Alico, Inc. 1 1,200 70,224 -------------------------------------------------------------------------------- Cal-Maine Foods, Inc. 162,500 1,964,625 19 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- FOOD PRODUCTS Continued Chiquita Brands International, Inc. 1 89,400 $ 1,972,164 -------------------------------------------------------------------------------- Corn Products International, Inc. 116,200 6,223,672 -------------------------------------------------------------------------------- Darling International, Inc. 1 466,600 2,034,376 -------------------------------------------------------------------------------- Del Monte Foods Co. 1 88,000 969,760 -------------------------------------------------------------------------------- Farmer Brothers Co. 1,000 24,240 -------------------------------------------------------------------------------- Flowers Foods, Inc. 103,900 3,281,162 -------------------------------------------------------------------------------- J&J Snack Foods Corp. 1 25,823 1,266,102 -------------------------------------------------------------------------------- Lancaster Colony Corp. 49,300 2,113,491 -------------------------------------------------------------------------------- Lance, Inc. 106,600 2,028,598 -------------------------------------------------------------------------------- M&F Worldwide Corp. 1 27,900 379,998 -------------------------------------------------------------------------------- Omega Protein Corp. 1 58,900 506,540 -------------------------------------------------------------------------------- Pilgrim's Pride Corp., Cl. B 60,200 1,846,936 -------------------------------------------------------------------------------- Sanderson Farms, Inc. 77,300 3,345,544 -------------------------------------------------------------------------------- Smithfield Foods, Inc. 1 16,400 485,276 ------------- 28,512,708 -------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--0.6% Chattem, Inc. 1 61,200 2,025,720 -------------------------------------------------------------------------------- Energizer Holdings, Inc. 1 39,000 1,937,910 -------------------------------------------------------------------------------- Nu Skin Asia Pacific, Inc., Cl. A 200,900 5,098,842 -------------------------------------------------------------------------------- Rayovac Corp. 1 189,500 5,791,120 ------------- 14,853,592 -------------------------------------------------------------------------------- PERSONAL PRODUCTS--0.4% Del Laboratories, Inc. 1 36,592 1,271,572 -------------------------------------------------------------------------------- Elizabeth Arden, Inc. 1 120,607 2,863,210 -------------------------------------------------------------------------------- Inter Parfums, Inc. 14,600 232,140 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- PERSONAL PRODUCTS Continued Mannatech, Inc. 186,200 $ 3,545,248 -------------------------------------------------------------------------------- Nature's Sunshine Products, Inc. 96,300 1,960,668 -------------------------------------------------------------------------------- NBTY, Inc. 1 80,400 1,930,404 ------------- 11,803,242 -------------------------------------------------------------------------------- TOBACCO--0.1% Star Scientific, Inc. 1 247,100 1,256,504 -------------------------------------------------------------------------------- Vector Group Ltd. 26,700 444,021 ------------- 1,700,525 -------------------------------------------------------------------------------- ENERGY--7.8% -------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--2.4% Atwood Oceanics, Inc. 1 66,500 3,464,650 -------------------------------------------------------------------------------- Cal Dive International, Inc. 1 179,750 7,324,813 -------------------------------------------------------------------------------- Carbo Ceramics, Inc. 31,400 2,166,600 -------------------------------------------------------------------------------- CHC Helicopter Corp., Cl. A 29,300 1,248,151 -------------------------------------------------------------------------------- Diamond Offshore Drilling, Inc. 79,800 3,195,990 -------------------------------------------------------------------------------- Dril-Quip, Inc. 1 9,600 232,896 -------------------------------------------------------------------------------- Ensign Resource Service Group, Inc. 187,000 3,915,895 -------------------------------------------------------------------------------- Grant Prideco, Inc. 1 146,100 2,929,305 -------------------------------------------------------------------------------- Gulf Island Fabrication, Inc. 71,200 1,554,296 -------------------------------------------------------------------------------- Hydril Co. 1 55,000 2,503,050 -------------------------------------------------------------------------------- Key Energy Services, Inc. 1 55,000 649,000 -------------------------------------------------------------------------------- Lone Star Technologies, Inc. 1 76,400 2,556,344 -------------------------------------------------------------------------------- Maverick Tube Corp. 1 114,600 3,472,380 -------------------------------------------------------------------------------- NS Group, Inc. 1 135,200 3,758,560 -------------------------------------------------------------------------------- Oceaneering International, Inc. 1 22,500 839,700 -------------------------------------------------------------------------------- Offshore Logistics, Inc. 1 45,600 1,480,632 -------------------------------------------------------------------------------- Oil States International, Inc. 1 181,200 3,495,348 20 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES Continued Pason Systems, Inc. 40,000 $ 1,235,238 -------------------------------------------------------------------------------- Pioneer Drilling Co. 1 70,600 712,354 -------------------------------------------------------------------------------- Precision Drilling Corp. 1 21,700 1,367,762 -------------------------------------------------------------------------------- Pride International, Inc. 1 62,500 1,283,750 -------------------------------------------------------------------------------- RPC, Inc. 34,900 876,688 -------------------------------------------------------------------------------- Superior Energy Services, Inc. 1 1,500 23,115 -------------------------------------------------------------------------------- Technicoil Corp. 1 92,900 202,869 -------------------------------------------------------------------------------- Tetra Technologies, Inc. 1 11,600 328,280 -------------------------------------------------------------------------------- Todco, Cl. A 1 28,200 519,444 -------------------------------------------------------------------------------- Total Energy Services Ltd. 1 225,300 1,284,312 -------------------------------------------------------------------------------- Trican Well Service Ltd. 1 86,700 4,812,044 -------------------------------------------------------------------------------- Universal Compression Holdings, Inc. 1 90,400 3,155,864 -------------------------------------------------------------------------------- Veritas DGC, Inc. 1 41,200 923,292 ------------- 61,512,622 -------------------------------------------------------------------------------- OIL & GAS--5.4% Ashland, Inc. 23,800 1,389,444 -------------------------------------------------------------------------------- Atlas Energy Ltd. 1 584,000 1,657,222 -------------------------------------------------------------------------------- ATP Oil & Gas Corp. 1 14,200 263,836 -------------------------------------------------------------------------------- Berry Petroleum Co., Cl. A 39,000 1,860,300 -------------------------------------------------------------------------------- Bill Barrett Corp. 1 78,000 2,495,220 -------------------------------------------------------------------------------- Blizzard Energy, Inc. 1 1,343,600 2,915,628 -------------------------------------------------------------------------------- Cabot Oil & Gas Corp., Cl. A 70,400 3,115,200 -------------------------------------------------------------------------------- Callon Petroleum Co. 1 100,600 1,454,676 -------------------------------------------------------------------------------- Canadian Superior Energy, Inc. 1 297,224 473,812 -------------------------------------------------------------------------------- Cimarex Energy Co. 1 175,070 6,635,153 -------------------------------------------------------------------------------- Clear Energy, Inc. 1 377,566 1,701,670 -------------------------------------------------------------------------------- Comstock Resources, Inc. 1 105,500 2,326,275 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- OIL & GAS Continued Crew Energy, Inc. 1 127,729 $ 890,153 -------------------------------------------------------------------------------- Cyries Energy, Inc. 1 48,100 312,731 -------------------------------------------------------------------------------- Daylight Energy Trust 1 467,100 3,742,570 -------------------------------------------------------------------------------- Denbury Resources, Inc. 1 140,700 3,862,215 -------------------------------------------------------------------------------- Duvernay Oil Corp. 1 86,000 1,398,222 -------------------------------------------------------------------------------- Edge Petroleum Corp. 1 13,100 190,998 -------------------------------------------------------------------------------- Encore Acquisition Co. 1 13,900 485,249 -------------------------------------------------------------------------------- Energy Partners Ltd. 1 232,200 4,706,694 -------------------------------------------------------------------------------- Esprit Energy Trust, Cl. A 38,850 398,827 -------------------------------------------------------------------------------- Fairborne Energy Ltd. 1, 2 69,500 698,973 -------------------------------------------------------------------------------- Find Energy Ltd. 1, 6 92,600 316,099 -------------------------------------------------------------------------------- Find Energy Ltd. 1, 6 371,900 1,269,516 -------------------------------------------------------------------------------- Forest Oil Corp. 1 71,900 2,280,668 -------------------------------------------------------------------------------- Frontier Oil Corp. 204,000 5,438,640 -------------------------------------------------------------------------------- General Maritime Corp. 1 39,800 1,590,010 -------------------------------------------------------------------------------- Giant Industries, Inc. 1 39,600 1,049,796 -------------------------------------------------------------------------------- Harvest Natural Resources, Inc. 1 178,100 3,075,787 -------------------------------------------------------------------------------- Holly Corp. 47,800 1,332,186 -------------------------------------------------------------------------------- Houston Exploration Co. 1 48,900 2,753,559 -------------------------------------------------------------------------------- KCS Energy, Inc. 1 111,400 1,646,492 -------------------------------------------------------------------------------- Ketch Resources Ltd. 1 126,600 1,785,703 -------------------------------------------------------------------------------- Lightning Energy Ltd. 1 13,900 50,233 -------------------------------------------------------------------------------- Lightning Energy Ltd. 1, 3 185,600 635,326 -------------------------------------------------------------------------------- Magnum Hunter Resources, Inc. 1 398,400 5,139,360 -------------------------------------------------------------------------------- Maritrans, Inc. 41,500 754,055 -------------------------------------------------------------------------------- Meridian Resource Corp. (The) 1 162,600 983,730 21 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- OIL & GAS Continued Midnight Oil Exploration Ltd. 1 233,550 $ 662,747 -------------------------------------------------------------------------------- Mission Resources Corp. 1 78,700 459,608 -------------------------------------------------------------------------------- Noble Energy, Inc. 20,000 1,233,200 -------------------------------------------------------------------------------- OMI Corp. 105,500 1,777,675 -------------------------------------------------------------------------------- OPTI Canada, Inc. 1 53,700 870,835 -------------------------------------------------------------------------------- Overseas Shipholding Group, Inc. 14,500 800,400 -------------------------------------------------------------------------------- Paramount Resources Ltd. 1 312,000 7,004,799 -------------------------------------------------------------------------------- Patina Oil & Gas Corp. 58,900 2,208,750 -------------------------------------------------------------------------------- Penn Virginia Corp. 78,900 3,200,973 -------------------------------------------------------------------------------- Petroleum Development Corp. 1 77,180 2,976,833 -------------------------------------------------------------------------------- Plains Exploration & Production Co. 1 133,701 3,476,226 -------------------------------------------------------------------------------- ProEx Energy Ltd. 1 48,100 341,234 -------------------------------------------------------------------------------- ProspEx Resources Ltd. 1 85,640 235,874 -------------------------------------------------------------------------------- ProspEx Resources Ltd. 1, 3 49,700 125,623 -------------------------------------------------------------------------------- Range Resources Corp. 76,200 1,559,052 -------------------------------------------------------------------------------- Real Resources, Inc. 1 186,800 1,845,939 -------------------------------------------------------------------------------- Remington Oil & Gas Corp. 1 115,500 3,147,375 -------------------------------------------------------------------------------- Resource America, Inc., Cl. A 35,000 1,137,500 -------------------------------------------------------------------------------- Southwestern Energy Co. 1 13,800 699,522 -------------------------------------------------------------------------------- St. Mary Land & Exploration Co. 80,800 3,372,592 -------------------------------------------------------------------------------- StarPoint Energy Ltd. 1 672,800 2,976,122 -------------------------------------------------------------------------------- Stelmar Shipping Ltd. 54,300 2,590,653 -------------------------------------------------------------------------------- Stone Energy Corp. 1 13,900 626,751 -------------------------------------------------------------------------------- Sunoco, Inc. 33,900 2,769,969 -------------------------------------------------------------------------------- Swift Energy Co. 1 96,800 2,801,392 -------------------------------------------------------------------------------- Tesoro Corp. 1 155,100 4,941,486 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- OIL & GAS Continued Thunder Energy, Inc. 1 279,863 $ 1,751,845 -------------------------------------------------------------------------------- TKE Energy Trust 1 236,000 1,883,036 -------------------------------------------------------------------------------- Tusk Energy Corp. 1 318,100 783,203 -------------------------------------------------------------------------------- Tusk Energy Corp. 1, 3 275,000 641,292 -------------------------------------------------------------------------------- VAALCO Energy, Inc. 1 60,800 235,904 -------------------------------------------------------------------------------- Vintage Petroleum, Inc. 231,800 5,259,542 -------------------------------------------------------------------------------- Whiting Petroleum Corp. 1 60,100 1,818,025 -------------------------------------------------------------------------------- World Fuel Services Corp. 37,200 1,852,560 ------------- 141,144,765 FINANCIALS--12.0% -------------------------------------------------------------------------------- CAPITAL MARKETS--0.3% Harris & Harris Group, Inc. 1 46,400 760,032 -------------------------------------------------------------------------------- National Financial Partners Corp. 131,100 5,086,680 -------------------------------------------------------------------------------- SWS Group, Inc. 109,000 2,389,280 ------------- 8,235,992 -------------------------------------------------------------------------------- COMMERCIAL BANKS--4.3% Alliance Financial Corp. 4,100 125,050 -------------------------------------------------------------------------------- AmericanWest Bancorporation 35,510 719,078 -------------------------------------------------------------------------------- Anchor BanCorp Wisconsin, Inc. 47,600 1,387,540 -------------------------------------------------------------------------------- Arrow Financial Corp. 750 23,250 -------------------------------------------------------------------------------- Associated Banc-Corp. 50,878 1,689,658 -------------------------------------------------------------------------------- Astoria Financial Corp. 20,600 823,382 -------------------------------------------------------------------------------- BancorpSouth, Inc. 11,900 290,003 -------------------------------------------------------------------------------- Bank of Hawaii Corp. 23,600 1,197,464 -------------------------------------------------------------------------------- Bank of the Ozarks, Inc. 9,200 313,076 22 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- COMMERCIAL BANKS Continued BankAtlantic Bancorp, Inc. 64,300 $ 1,279,570 -------------------------------------------------------------------------------- Banner Corp. 10,000 311,900 -------------------------------------------------------------------------------- Berkshire Hills Bancorp, Inc. 21,200 787,580 -------------------------------------------------------------------------------- Camco Financial Corp. 5,000 77,000 -------------------------------------------------------------------------------- Camden National Corp. 1,700 66,997 -------------------------------------------------------------------------------- Capital City Bank Group, Inc. 3,525 147,345 -------------------------------------------------------------------------------- Capital Corp. of the West 4,700 220,905 -------------------------------------------------------------------------------- Capitol Bancorp Ltd. 7,400 260,628 -------------------------------------------------------------------------------- Center Financial Corp. 21,400 428,428 -------------------------------------------------------------------------------- CFS Bancorp, Inc. 2,300 32,821 -------------------------------------------------------------------------------- Chemical Financial Corp. 20,295 871,061 -------------------------------------------------------------------------------- Citizens First Bancorp, Inc. 36,300 877,734 -------------------------------------------------------------------------------- City Holding Co. 90,800 3,290,592 -------------------------------------------------------------------------------- Colonial BancGroup, Inc. (The) 95,000 2,016,850 -------------------------------------------------------------------------------- Columbia Banking System, Inc. 46,406 1,159,686 -------------------------------------------------------------------------------- Commercial Federal Corp. 20,800 617,968 -------------------------------------------------------------------------------- Community Bancorp, Inc. 1 7,500 229,500 -------------------------------------------------------------------------------- Community Bank System, Inc. 150,200 4,243,150 -------------------------------------------------------------------------------- Community Trust Bancorp, Inc. 9,328 301,854 -------------------------------------------------------------------------------- Corus Bankshares, Inc. 10,800 518,508 -------------------------------------------------------------------------------- CVB Financial Corp. 6,131 162,839 -------------------------------------------------------------------------------- Dime Community Bancshares, Inc. 44,325 793,861 -------------------------------------------------------------------------------- Downey Financial Corp. 28,500 1,624,500 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- COMMERCIAL BANKS Continued East West Bancorp, Inc. 27,600 $ 1,158,096 -------------------------------------------------------------------------------- Fidelity Bankshares, Inc. 40,765 1,743,111 -------------------------------------------------------------------------------- First BanCorp 9,300 590,643 -------------------------------------------------------------------------------- First Citizens BancShares, Inc., Cl. A 9,700 1,438,025 -------------------------------------------------------------------------------- First Commonwealth Financial Corp. 153,700 2,365,443 -------------------------------------------------------------------------------- First Defiance Financial Corp. 14,700 418,509 -------------------------------------------------------------------------------- First Financial Corp. 5,800 203,174 -------------------------------------------------------------------------------- First Financial Holdings, Inc. 38,600 1,263,764 -------------------------------------------------------------------------------- First Merchants Corp. 7,310 206,873 -------------------------------------------------------------------------------- First Midwest Bancorp, Inc. 11,000 399,190 -------------------------------------------------------------------------------- First National Bankshares of Florida, Inc. 28,285 676,012 -------------------------------------------------------------------------------- First Place Financial Corp. 65,563 1,467,956 -------------------------------------------------------------------------------- First Republic Bank 52,900 2,803,700 -------------------------------------------------------------------------------- FirstFed Financial Corp. 1 29,500 1,530,165 -------------------------------------------------------------------------------- Flagstar Bancorp, Inc. 38,400 867,840 -------------------------------------------------------------------------------- Flushing Financial Corp. 21,490 431,089 -------------------------------------------------------------------------------- Foothill Independent Bancorp 931 21,860 -------------------------------------------------------------------------------- Frontier Financial Corp. 2,400 92,664 -------------------------------------------------------------------------------- GB&T Bancshares, Inc. 22,300 537,876 -------------------------------------------------------------------------------- Glacier Bancorp, Inc. 40,900 1,392,236 -------------------------------------------------------------------------------- Greater Bay Bancorp 115,100 3,208,988 -------------------------------------------------------------------------------- Hancock Holding Co. 8,600 287,756 -------------------------------------------------------------------------------- Harbor Florida Bancshares, Inc. 48,000 1,661,280 23 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- COMMERCIAL BANKS Continued Hibernia Corp., Cl. A 67,300 $ 1,986,023 -------------------------------------------------------------------------------- Home Federal Bancorp 12,500 315,238 -------------------------------------------------------------------------------- Horizon Financial Corp. 1,900 39,102 -------------------------------------------------------------------------------- Hudson River Bancorp, Inc. 29,600 585,784 -------------------------------------------------------------------------------- Hudson United Bancorp 16,300 641,894 -------------------------------------------------------------------------------- Independence Community Bank Corp. 19,400 826,052 -------------------------------------------------------------------------------- Independent Bank Corp., Michigan 54,615 1,629,165 -------------------------------------------------------------------------------- Indymac Mortgage Holdings, Inc. 51,200 1,763,840 -------------------------------------------------------------------------------- ITLA Capital Corp. 1 4,500 264,555 -------------------------------------------------------------------------------- Macatawa Bank Corp. 5,521 178,273 -------------------------------------------------------------------------------- MainSource Financial Group, Inc. 4,480 106,982 -------------------------------------------------------------------------------- Mercantile Bank Corp. 460 18,170 -------------------------------------------------------------------------------- NASB Financial, Inc. 10,966 438,201 -------------------------------------------------------------------------------- National Bankshares, Inc. 6,100 326,472 -------------------------------------------------------------------------------- NBT Bancorp, Inc. 31,000 797,320 -------------------------------------------------------------------------------- Net.B@nk, Inc. 111,100 1,156,551 -------------------------------------------------------------------------------- Oak Hill Financial, Inc. 6,000 232,740 -------------------------------------------------------------------------------- Old Second Bancorp, Inc. 3,700 117,956 -------------------------------------------------------------------------------- Oriental Financial Group, Inc. 25,960 734,928 -------------------------------------------------------------------------------- Pacific Capital Bancorp 231,499 7,868,651 -------------------------------------------------------------------------------- Parkvale Financial Corp. 4,400 126,676 -------------------------------------------------------------------------------- PennRock Financial Services Corp. 14,380 559,526 -------------------------------------------------------------------------------- PFF Bancorp, Inc. 72,380 3,353,365 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- COMMERCIAL BANKS Continued Provident Bankshares Corp. 40,284 $ 1,465,129 -------------------------------------------------------------------------------- Provident Financial Holdings, Inc. 9,950 287,058 -------------------------------------------------------------------------------- R&G Financial Corp., Cl. B 139,700 5,431,536 -------------------------------------------------------------------------------- Republic Bancorp, Inc. 128,632 1,965,497 -------------------------------------------------------------------------------- Republic Bancorp, Inc., Cl. A 44,382 1,140,617 -------------------------------------------------------------------------------- S&T Bancorp, Inc. 5,900 222,371 -------------------------------------------------------------------------------- Santander BanCorp 7,220 217,755 -------------------------------------------------------------------------------- Seacoast Banking Corp. of Florida 44,870 998,358 -------------------------------------------------------------------------------- Silicon Valley Bancshares 1 116,100 5,203,602 -------------------------------------------------------------------------------- Sky Financial Group, Inc. 8,000 229,360 -------------------------------------------------------------------------------- Sound Federal Bancorp, Inc. 3,600 58,500 -------------------------------------------------------------------------------- Southside Bancshares, Inc. 2,885 65,922 -------------------------------------------------------------------------------- Southwest Bancorp, Inc. 42,100 1,030,608 -------------------------------------------------------------------------------- State Bancorp, Inc. 14,473 398,008 -------------------------------------------------------------------------------- State Financial Services Corp. 78,200 2,353,820 -------------------------------------------------------------------------------- Sterling Bancorp 53,190 1,502,618 -------------------------------------------------------------------------------- Sterling Financial Corp. (Western US) 143,722 5,642,526 -------------------------------------------------------------------------------- Sun Bancorp, Inc. 15,276 381,594 -------------------------------------------------------------------------------- TCF Financial Corp. 13,800 443,532 -------------------------------------------------------------------------------- Texas Capital Bancshares, Inc. 1 10,000 216,200 -------------------------------------------------------------------------------- TierOne Corp. 45,900 1,140,615 -------------------------------------------------------------------------------- Union Bankshares Corp. 10,400 399,672 -------------------------------------------------------------------------------- United Bankshares, Inc. 22,100 843,115 -------------------------------------------------------------------------------- United Community Financial Corp. 15,700 175,840 24 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- COMMERCIAL BANKS Continued Univest Corp. of Pennsylvania 2,500 $ 115,050 -------------------------------------------------------------------------------- Vineyard National Bancorp Co. 5,500 180,730 -------------------------------------------------------------------------------- Waypoint Financial Corp. 35,085 994,660 -------------------------------------------------------------------------------- Webster Financial Corp. 30,399 1,539,405 -------------------------------------------------------------------------------- WesBanco, Inc. 15,600 498,732 -------------------------------------------------------------------------------- WSFS Financial Corp. 48,700 2,937,584 ------------- 113,803,506 -------------------------------------------------------------------------------- CONSUMER FINANCE--0.3% Advance America Cash Advance Centers, Inc. 1 109,200 2,500,680 -------------------------------------------------------------------------------- ASTA Funding, Inc. 66,300 1,779,492 -------------------------------------------------------------------------------- MoneyGram International, Inc. 156,500 3,308,410 ------------- 7,588,582 -------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--1.4% Ace Cash Express, Inc. 1 7,200 213,552 -------------------------------------------------------------------------------- Advanta Corp., Cl. B 44,700 1,084,869 -------------------------------------------------------------------------------- Affiliated Managers Group, Inc. 1 103,550 7,014,477 -------------------------------------------------------------------------------- American Capital Strategies Ltd. 26,900 897,115 -------------------------------------------------------------------------------- AmeriCredit Corp. 1 23,100 564,795 -------------------------------------------------------------------------------- Archipelago Holdings, Inc. 1 15,300 320,994 -------------------------------------------------------------------------------- Cash America International, Inc. 65,500 1,947,315 -------------------------------------------------------------------------------- CompuCredit Corp. 1 129,400 3,537,796 -------------------------------------------------------------------------------- E*TRADE Financial Corp. 1 175,800 2,628,210 -------------------------------------------------------------------------------- First Albany Cos., Inc. 15,500 150,350 -------------------------------------------------------------------------------- First Cash Financial Services, Inc. 1 49,100 1,311,461 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES Continued Gabelli Asset Management, Inc. 55,100 $ 2,673,452 -------------------------------------------------------------------------------- Gladstone Capital Corp. 600 14,220 -------------------------------------------------------------------------------- Investment Technology Group, Inc. 1 54,100 1,082,000 -------------------------------------------------------------------------------- MarketAxess Holdings, Inc. 1 15,100 256,851 -------------------------------------------------------------------------------- Medallion Financial Corp. 20,900 202,730 -------------------------------------------------------------------------------- Metris Cos., Inc. 1 139,400 1,777,350 -------------------------------------------------------------------------------- Piper Jaffray Cos., Inc. 43,800 2,100,210 -------------------------------------------------------------------------------- Providian Financial Corp. 1 83,600 1,376,892 -------------------------------------------------------------------------------- Raymond James Financial, Inc. 29,600 917,008 -------------------------------------------------------------------------------- Sanders Morris Harris Group, Inc. 49,700 885,157 -------------------------------------------------------------------------------- SEI Investments Co. 40,800 1,710,744 -------------------------------------------------------------------------------- United PanAm Financial Corp. 1 8,500 162,010 -------------------------------------------------------------------------------- WFS Financial, Inc. 51,000 2,589,780 -------------------------------------------------------------------------------- World Acceptance Corp. 1 41,400 1,138,914 ------------- 36,558,252 -------------------------------------------------------------------------------- INSURANCE--3.6% -------------------------------------------------------------------------------- Affirmative Insurance Holdings, Inc. 94,404 1,589,763 -------------------------------------------------------------------------------- Alfa Corp. 54,000 819,990 -------------------------------------------------------------------------------- Allmerica Financial Corp. 1 73,500 2,413,005 -------------------------------------------------------------------------------- American Financial Group, Inc. 69,900 2,188,569 -------------------------------------------------------------------------------- American Physicians Capital, Inc. 1 21,800 785,236 -------------------------------------------------------------------------------- AmerUs Group Co. 133,100 6,029,430 -------------------------------------------------------------------------------- Arch Capital Group Ltd. 1 34,600 1,339,020 -------------------------------------------------------------------------------- Argonaut Group, Inc. 1 10,700 226,091 25 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- INSURANCE Continued Aspen Insurance Holdings Ltd. 31,800 $ 779,736 -------------------------------------------------------------------------------- Baldwin & Lyons, Inc., Cl. B, Non-Vtg. 3,800 101,802 -------------------------------------------------------------------------------- Commerce Group, Inc. (The) 48,500 2,960,440 -------------------------------------------------------------------------------- Danielson Holding Corp. 1 74,400 628,680 -------------------------------------------------------------------------------- Delphi Financial Group, Inc., Cl. A 96,750 4,465,013 -------------------------------------------------------------------------------- Direct General Corp. 26,400 847,440 -------------------------------------------------------------------------------- Donegal Group, Inc., Cl. A 47,400 1,086,882 -------------------------------------------------------------------------------- EMC Insurance Group, Inc. 2,000 43,280 -------------------------------------------------------------------------------- Fidelity National Financial, Inc. 1,156 52,795 -------------------------------------------------------------------------------- First American Corp. (The) 36,000 1,265,040 -------------------------------------------------------------------------------- FPIC Insurance Group, Inc. 1 60,800 2,151,104 -------------------------------------------------------------------------------- Great American Financial Resources, Inc. 15,300 265,761 -------------------------------------------------------------------------------- HCC Insurance Holdings, Inc. 25,400 841,248 -------------------------------------------------------------------------------- Horace Mann Educators Corp. 117,300 2,238,084 -------------------------------------------------------------------------------- Independence Holding Co. 7,160 132,102 -------------------------------------------------------------------------------- Infinity Property & Casualty Corp. 70,100 2,467,520 -------------------------------------------------------------------------------- IPC Holdings Ltd. 28,000 1,218,280 -------------------------------------------------------------------------------- LandAmerica Financial Group, Inc. 104,000 5,608,720 -------------------------------------------------------------------------------- Markel Corp. 1 1,300 473,200 -------------------------------------------------------------------------------- Meadowbrook Insurance Group, Inc. 1 21,600 107,784 -------------------------------------------------------------------------------- Mercury General Corp. 16,000 958,720 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- INSURANCE Continued National Western Life Insurance Co., Cl. A 1 4,200 $ 699,762 -------------------------------------------------------------------------------- Odyssey Re Holdings Corp. 115,100 2,901,671 -------------------------------------------------------------------------------- Ohio Casualty Corp. 1 220,800 5,124,768 -------------------------------------------------------------------------------- Old Republic International Corp. 69,500 1,758,350 -------------------------------------------------------------------------------- Penn-America Group, Inc. 29,600 446,960 -------------------------------------------------------------------------------- Philadelphia Consolidated Holding Co. 1 49,500 3,273,930 -------------------------------------------------------------------------------- Phoenix Cos., Inc. (The) 59,100 738,750 -------------------------------------------------------------------------------- PMA Capital Corp., Cl. A 1 55,200 571,320 -------------------------------------------------------------------------------- ProCentury Corp. 141,200 1,750,880 -------------------------------------------------------------------------------- Protective Life Corp. 34,800 1,485,612 -------------------------------------------------------------------------------- Pxre Group Ltd. 15,200 383,192 -------------------------------------------------------------------------------- Reinsurance Group of America, Inc. 18,700 906,015 -------------------------------------------------------------------------------- RLI Corp. 30,600 1,272,042 -------------------------------------------------------------------------------- Safety Insurance Group, Inc. 21,500 669,725 -------------------------------------------------------------------------------- Selective Insurance Group, Inc. 97,300 4,304,552 -------------------------------------------------------------------------------- StanCorp Financial Group, Inc. 56,500 4,661,250 -------------------------------------------------------------------------------- State Auto Financial Corp. 101,200 2,616,020 -------------------------------------------------------------------------------- Stewart Information Services Corp. 42,800 1,782,620 -------------------------------------------------------------------------------- Triad Guaranty, Inc. 1 5,700 344,736 -------------------------------------------------------------------------------- UICI 42,500 1,440,750 -------------------------------------------------------------------------------- United Fire & Casualty Co. 48,400 1,631,564 -------------------------------------------------------------------------------- Unitrin, Inc. 4,600 209,070 -------------------------------------------------------------------------------- Universal American Financial Corp. 1 356,600 5,516,602 26 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- INSURANCE Continued UnumProvident Corp. 79,300 $ 1,422,642 -------------------------------------------------------------------------------- Vesta Insurance Group, Inc. 161,100 592,848 -------------------------------------------------------------------------------- Zenith National Insurance Corp. 53,100 2,646,504 ------------- 93,236,870 -------------------------------------------------------------------------------- REAL ESTATE--1.6% Acadia Realty Trust 14,100 229,830 -------------------------------------------------------------------------------- Agree Realty Corp. 56,600 1,793,654 -------------------------------------------------------------------------------- Alexandria Real Estate Equities, Inc. 6,600 491,172 -------------------------------------------------------------------------------- Arden Realty, Inc. 18,800 709,136 -------------------------------------------------------------------------------- Associated Estates Realty Corp. 14,100 144,102 -------------------------------------------------------------------------------- Brandywine Realty Trust 28,200 828,798 -------------------------------------------------------------------------------- Camden Property Trust 20,700 1,055,700 -------------------------------------------------------------------------------- Capital Automotive REIT 18,800 667,870 -------------------------------------------------------------------------------- Capital Trust, Cl. A 100 3,071 -------------------------------------------------------------------------------- Capstead Mortgage Corp. 14,100 148,614 -------------------------------------------------------------------------------- CarrAmerica Realty Corp. 14,100 465,300 -------------------------------------------------------------------------------- CB Richard Ellis Group, Inc., Cl. A 1 37,000 1,241,350 -------------------------------------------------------------------------------- CBL & Associates Properties, Inc. 9,400 717,690 -------------------------------------------------------------------------------- Colonial Properties Trust 9,400 369,138 -------------------------------------------------------------------------------- Consolidated-Tomoka Land Co. 6,700 288,100 -------------------------------------------------------------------------------- Cornerstone Realty Income Trust, Inc. 9,400 93,812 -------------------------------------------------------------------------------- Corporate Office Properties Trust 14,100 413,835 -------------------------------------------------------------------------------- Correctional Properties Trust 20,500 592,040 -------------------------------------------------------------------------------- CRT Properties, Inc. 18,800 448,568 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- REAL ESTATE Continued Equity Inns, Inc. 113,100 $ 1,327,794 -------------------------------------------------------------------------------- First Industrial Realty Trust, Inc. 23,500 957,155 -------------------------------------------------------------------------------- Friedman, Billings, Ramsey Group, Inc., Cl. A 64,800 1,256,472 -------------------------------------------------------------------------------- Glenborough Realty Trust, Inc. 9,400 200,032 -------------------------------------------------------------------------------- Health Care REIT, Inc. 37,600 1,434,440 -------------------------------------------------------------------------------- Healthcare Realty Trust, Inc. 18,900 769,230 -------------------------------------------------------------------------------- Heritage Property Investment Trust 6,600 211,794 -------------------------------------------------------------------------------- Highwoods Properties, Inc. 28,200 781,140 -------------------------------------------------------------------------------- Impac Mortgage Holdings, Inc. 18,800 426,196 -------------------------------------------------------------------------------- Jones Lang LaSalle, Inc. 1 86,600 3,239,706 -------------------------------------------------------------------------------- Kilroy Realty Corp. 16,000 684,000 -------------------------------------------------------------------------------- Lexington Corporate Properties Trust 32,900 742,882 -------------------------------------------------------------------------------- LTC Properties, Inc. 12,200 242,902 -------------------------------------------------------------------------------- Mack-Cali Realty Corp. 18,800 865,364 -------------------------------------------------------------------------------- Maguire Properties, Inc. 16,900 464,074 -------------------------------------------------------------------------------- Mid-America Apartment Communities, Inc. 18,800 774,936 -------------------------------------------------------------------------------- Mills Corp. 23,500 1,498,360 -------------------------------------------------------------------------------- Nationwide Health Properties, Inc. 47,100 1,118,625 -------------------------------------------------------------------------------- Novastar Financial, Inc. 18,800 930,600 -------------------------------------------------------------------------------- Omega Healthcare Investors, Inc. 14,100 166,380 -------------------------------------------------------------------------------- Pan Pacific Retail Properties, Inc. 16,000 1,003,200 -------------------------------------------------------------------------------- Pennsylvania Real Estate Investment Trust 23,500 1,005,800 27 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- REAL ESTATE Continued Prentiss Properties Trust 6,800 $ 259,760 -------------------------------------------------------------------------------- PS Business Parks, Inc. 6,600 297,660 -------------------------------------------------------------------------------- Ramco-Gershenson Properties Trust 26,500 854,625 -------------------------------------------------------------------------------- Redwood Trust, Inc. 9,400 583,646 -------------------------------------------------------------------------------- Regency Centers Corp. 9,700 537,380 -------------------------------------------------------------------------------- Senior Housing Properties Trust 40,000 757,600 -------------------------------------------------------------------------------- Simon Property Group, Inc. 1,702 110,068 -------------------------------------------------------------------------------- SL Green Realty Corp. 14,100 853,755 -------------------------------------------------------------------------------- Spirit Finance Corp. 1 154,000 1,948,100 -------------------------------------------------------------------------------- Stratus Properties, Inc. 1 18,666 293,990 -------------------------------------------------------------------------------- Tanger Factory Outlet Centers, Inc. 67,800 1,793,988 -------------------------------------------------------------------------------- Town & Country Trust 11,300 312,219 -------------------------------------------------------------------------------- Trammell Crow Co. 1 41,100 744,321 -------------------------------------------------------------------------------- Trizec Properties, Inc. 28,200 533,544 -------------------------------------------------------------------------------- United Capital Corp. 1 3,500 79,275 -------------------------------------------------------------------------------- United Dominion Realty Trust, Inc. 14,100 349,680 -------------------------------------------------------------------------------- Ventas, Inc. 23,500 644,135 ------------- 41,756,608 -------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--0.5% Accredited Home Lenders Holding Co. 1 49,200 2,444,256 -------------------------------------------------------------------------------- Bank Mutual Corp. 108,094 1,315,504 -------------------------------------------------------------------------------- CharterMac 22,000 537,680 -------------------------------------------------------------------------------- Clifton Savings Bancorp, Inc. 27,200 330,480 -------------------------------------------------------------------------------- Commercial Capital Bancorp, Inc. 54,800 1,270,264 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE Continued Fremont General Corp. 109,300 $ 2,752,174 -------------------------------------------------------------------------------- KBNT Bancorp, Inc. 17,300 292,370 -------------------------------------------------------------------------------- NewAlliance Bancshares, Inc. 72,300 1,106,190 -------------------------------------------------------------------------------- Radian Group, Inc. 48,300 2,571,492 ------------- 12,620,410 -------------------------------------------------------------------------------- HEALTH CARE--11.2% -------------------------------------------------------------------------------- BIOTECHNOLOGY--1.6% Abgenix, Inc. 1 157,600 1,629,584 -------------------------------------------------------------------------------- Affymetrix, Inc. 1 37,100 1,356,005 -------------------------------------------------------------------------------- Alexion Pharmaceuticals, Inc. 1 9,200 231,840 -------------------------------------------------------------------------------- Aphton Corp. 1 19,600 60,956 -------------------------------------------------------------------------------- Applera Corp./Applied Biosystems Group 115,600 2,417,196 -------------------------------------------------------------------------------- Array BioPharma, Inc. 1 249,800 2,378,096 -------------------------------------------------------------------------------- Bioenvision, Inc. 1 67,800 607,488 -------------------------------------------------------------------------------- Bone Care International, Inc. 1 95,000 2,645,750 -------------------------------------------------------------------------------- Caliper Life Sciences, Inc. 1 36,100 271,833 -------------------------------------------------------------------------------- Celgene Corp. 1 44,800 1,188,544 -------------------------------------------------------------------------------- Charles River Laboratories International, Inc. 1 14,820 681,868 -------------------------------------------------------------------------------- Corgentech, Inc. 1 20,500 169,740 -------------------------------------------------------------------------------- deCODE genetics, Inc. 1 34,839 272,093 -------------------------------------------------------------------------------- Durect Corp. 1 51,100 167,608 -------------------------------------------------------------------------------- Dusa Pharmaceuticals, Inc. 1 11,400 163,020 -------------------------------------------------------------------------------- Enzo Biochem, Inc. 36,500 710,655 -------------------------------------------------------------------------------- Gen-Probe, Inc. 1 32,500 1,469,325 -------------------------------------------------------------------------------- ID Biomedical Corp. 1 68,900 1,025,921 -------------------------------------------------------------------------------- ImmunoGen, Inc. 1 34,000 300,560 -------------------------------------------------------------------------------- Incyte Corp. 1 60,200 601,398 -------------------------------------------------------------------------------- Medarex, Inc. 1 125,000 1,347,500 -------------------------------------------------------------------------------- Medicines Co. (The) 1 101,600 2,926,080 28 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- BIOTECHNOLOGY Continued Millennium Pharmaceuticals, Inc. 1 52,700 $ 638,724 -------------------------------------------------------------------------------- Myriad Genetics, Inc. 1 79,100 1,780,541 -------------------------------------------------------------------------------- NeoPharm, Inc. 1 18,500 231,435 -------------------------------------------------------------------------------- Northfield Laboratories, Inc. 1 42,900 967,395 -------------------------------------------------------------------------------- Onyx Pharmaceuticals, Inc. 1 50,400 1,632,456 -------------------------------------------------------------------------------- Orchid Biosciences, Inc. 1 44,100 507,150 -------------------------------------------------------------------------------- OSI Pharmaceuticals, Inc. 1 38,900 2,911,665 -------------------------------------------------------------------------------- Regeneron Pharmaceuticals, Inc. 1 71,000 653,910 -------------------------------------------------------------------------------- Savient Pharmaceuticals, Inc. 1 32,400 87,804 -------------------------------------------------------------------------------- Techne Corp. 1 18,900 735,210 -------------------------------------------------------------------------------- Telik, Inc. 1 31,200 597,168 -------------------------------------------------------------------------------- Third Wave Technologies, Inc. 1 228,800 1,967,680 -------------------------------------------------------------------------------- Trimeris, Inc. 1 57,100 809,107 -------------------------------------------------------------------------------- United Therapeutics Corp. 1 66,000 2,979,900 -------------------------------------------------------------------------------- Vertex Pharmaceuticals, Inc. 1 178,600 1,887,802 ------------- 41,011,007 -------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--4.0% ABIOMED, Inc. 1 29,124 449,675 -------------------------------------------------------------------------------- Adeza Biomedical Corp. 1 30,300 531,765 -------------------------------------------------------------------------------- Align Technology, Inc. 1 130,700 1,405,025 -------------------------------------------------------------------------------- American Medical Systems Holdings, Inc. 1 88,600 3,704,366 -------------------------------------------------------------------------------- Anika Therapeutics, Inc. 1 65,200 596,580 -------------------------------------------------------------------------------- Arrow International, Inc. 106,600 3,303,534 -------------------------------------------------------------------------------- ArthroCare Corp. 1 54,800 1,756,888 -------------------------------------------------------------------------------- Aspect Medical Systems, Inc. 1 85,800 2,098,668 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES Continued Bausch & Lomb, Inc. 12,500 $ 805,750 -------------------------------------------------------------------------------- Bioveris Corp. 1 5,200 38,012 -------------------------------------------------------------------------------- CNS, Inc. 35,600 446,780 -------------------------------------------------------------------------------- Conceptus, Inc. 1 19,000 154,185 -------------------------------------------------------------------------------- ConMed Corp. 1 88,000 2,500,960 -------------------------------------------------------------------------------- Conor Medsystems, Inc. 1 59,200 819,920 -------------------------------------------------------------------------------- Cytyc Corp. 1 17,100 471,447 -------------------------------------------------------------------------------- Dade Behring Holdings, Inc. 1 57,600 3,225,600 -------------------------------------------------------------------------------- Datascope Corp. 4,200 166,698 -------------------------------------------------------------------------------- Diagnostic Products Corp. 1,200 66,060 -------------------------------------------------------------------------------- DJ Orthopedics, Inc. 1 6,900 147,798 -------------------------------------------------------------------------------- Endologix, Inc. 1 30,000 204,900 -------------------------------------------------------------------------------- EPIX Pharmaceuticals, Inc. 1 125,300 2,244,123 -------------------------------------------------------------------------------- Exactech, Inc. 1 16,600 303,614 -------------------------------------------------------------------------------- Foxhollow Technologies, Inc. 1 9,300 228,687 -------------------------------------------------------------------------------- Haemonetics Corp. 1 110,100 3,986,721 -------------------------------------------------------------------------------- HealthTronics, Inc. 1 44,500 473,035 -------------------------------------------------------------------------------- Hologic, Inc. 1 109,488 3,007,635 -------------------------------------------------------------------------------- Hospira, Inc. 1 109,000 3,651,500 -------------------------------------------------------------------------------- Idexx Laboratories, Inc. 1 10,400 567,736 -------------------------------------------------------------------------------- Immucor, Inc. 1 38,950 915,715 -------------------------------------------------------------------------------- Inamed Corp. 1 31,650 2,001,863 -------------------------------------------------------------------------------- Kensey Nash Corp. 1 87,586 3,024,345 -------------------------------------------------------------------------------- Kyphon, Inc. 1 65,920 1,698,099 -------------------------------------------------------------------------------- Lifeline Systems, Inc. 1 31,100 801,136 -------------------------------------------------------------------------------- Matthews International Corp., Cl. A 106,500 3,919,200 -------------------------------------------------------------------------------- Medical Action Industries, Inc. 1 25,700 506,290 -------------------------------------------------------------------------------- Meridian Bioscience, Inc. 69,100 1,201,649 -------------------------------------------------------------------------------- Millipore Corp. 1 4,400 219,164 29 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES Continued Mine Safety Applicances Co. 55,900 $ 2,834,130 -------------------------------------------------------------------------------- Molecular Devices Corp. 1 86,500 1,738,650 -------------------------------------------------------------------------------- Occulogix, Inc. 1 10,100 103,828 -------------------------------------------------------------------------------- Ocular Sciences, Inc. 1 118,300 5,797,883 -------------------------------------------------------------------------------- OrthoLogic Corp. 1 86,800 542,500 -------------------------------------------------------------------------------- Palomar Medical Technologies, Inc. 1 83,268 2,170,797 -------------------------------------------------------------------------------- PerkinElmer, Inc. 103,600 2,329,964 -------------------------------------------------------------------------------- PolyMedica Corp. 106,400 3,967,656 -------------------------------------------------------------------------------- Possis Medical, Inc. 1 81,000 1,091,880 -------------------------------------------------------------------------------- Respironics, Inc. 1 19,800 1,076,328 -------------------------------------------------------------------------------- SonoSite, Inc. 1 47,900 1,626,205 -------------------------------------------------------------------------------- SurModics, Inc. 1 59,600 1,937,596 -------------------------------------------------------------------------------- Sybron Dental Specialties, Inc. 1 141,100 4,992,118 -------------------------------------------------------------------------------- Symmetry Medical, Inc. 1 50,100 1,054,605 -------------------------------------------------------------------------------- Thermo Electron Corp. 1 83,700 2,526,903 -------------------------------------------------------------------------------- TriPath Imaging, Inc. 1 34,800 312,156 -------------------------------------------------------------------------------- Urologix, Inc. 1 43,200 279,504 -------------------------------------------------------------------------------- Varian Medical Systems, Inc. 1 21,300 921,012 -------------------------------------------------------------------------------- Varian, Inc. 1 44,000 1,804,440 -------------------------------------------------------------------------------- Ventana Medical Systems, Inc. 1 79,100 5,061,609 -------------------------------------------------------------------------------- Viasys Healthcare, Inc. 1 29,100 552,900 -------------------------------------------------------------------------------- VISX, Inc. 1 253,200 6,550,284 -------------------------------------------------------------------------------- West Pharmaceutical Services, Inc. 54,000 1,351,620 -------------------------------------------------------------------------------- Wright Medical Group, Inc. 1 76,100 2,168,850 -------------------------------------------------------------------------------- Young Innovations, Inc. 7,300 246,229 ------------- 104,684,770 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--4.5% Alderwoods Group, Inc. 1 34,000 $ 386,920 -------------------------------------------------------------------------------- Allscripts Healthcare Solutions, Inc. 1 188,400 2,010,228 -------------------------------------------------------------------------------- Amedisys, Inc. 1 79,800 2,584,722 -------------------------------------------------------------------------------- America Service Group, Inc. 1 41,000 1,097,570 -------------------------------------------------------------------------------- American Healthways, Inc. 1 9,700 320,488 -------------------------------------------------------------------------------- AMERIGROUP Corp. 1 17,400 1,316,484 -------------------------------------------------------------------------------- AMN Healthcare Services, Inc. 1 9,700 154,327 -------------------------------------------------------------------------------- AmSurg Corp. 1 19,000 561,260 -------------------------------------------------------------------------------- Andrx Corp. 1 20,400 445,332 -------------------------------------------------------------------------------- Beverly Enterprises, Inc. 1 215,100 1,968,165 -------------------------------------------------------------------------------- Bio-Reference Laboratories, Inc. 1 59,974 1,043,548 -------------------------------------------------------------------------------- Cantel Medical Corp. 1 8,400 314,328 -------------------------------------------------------------------------------- Centene Corp. 1 7,800 221,130 -------------------------------------------------------------------------------- Cerner Corp. 1 46,600 2,477,722 -------------------------------------------------------------------------------- Computer Programs & Systems, Inc. 3,500 81,025 -------------------------------------------------------------------------------- CorVel Corp. 1 25,450 681,551 -------------------------------------------------------------------------------- Covance, Inc. 1 89,700 3,475,875 -------------------------------------------------------------------------------- Coventry Health Care, Inc. 1 34,500 1,831,260 -------------------------------------------------------------------------------- Cross Country Healthcare, Inc. 1 131,000 2,368,480 -------------------------------------------------------------------------------- DaVita, Inc. 1 34,700 1,371,691 -------------------------------------------------------------------------------- Dendrite International, Inc. 1 54,000 1,047,600 -------------------------------------------------------------------------------- Eclipsys Corp. 1 131,500 2,686,545 -------------------------------------------------------------------------------- Express Scripts, Inc. 1 3,100 236,964 -------------------------------------------------------------------------------- Genesis HealthCare Corp. 1 120,928 4,236,108 -------------------------------------------------------------------------------- Gentiva Health Services, Inc. 1 158,100 2,643,432 -------------------------------------------------------------------------------- HealthExtras, Inc. 1 151,200 2,464,560 -------------------------------------------------------------------------------- Humana, Inc. 1 67,400 2,001,106 30 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES Continued IDX Systems Corp. 1 65,800 $ 2,267,468 -------------------------------------------------------------------------------- Kindred Healthcare, Inc. 1 62,500 1,871,875 -------------------------------------------------------------------------------- LCA-Vision, Inc. 148,286 3,468,410 -------------------------------------------------------------------------------- LifePoint Hospitals, Inc. 1 15,900 553,638 -------------------------------------------------------------------------------- Magellan Health Services, Inc. 1 68,600 2,343,376 -------------------------------------------------------------------------------- Matria Healthcare, Inc. 1 59,300 2,316,851 -------------------------------------------------------------------------------- MedCath Corp. 1 33,300 820,512 -------------------------------------------------------------------------------- Merge Technologies, Inc. 1 43,400 965,650 -------------------------------------------------------------------------------- National HealthCare Corp. 15,200 536,560 -------------------------------------------------------------------------------- National Medical Health Card Systems, Inc. 1 30,400 702,270 -------------------------------------------------------------------------------- Omnicell, Inc. 1 15,100 166,100 -------------------------------------------------------------------------------- Option Care, Inc. 171,200 2,942,928 -------------------------------------------------------------------------------- Owens & Minor, Inc. 206,600 5,819,922 -------------------------------------------------------------------------------- PacifiCare Health Systems, Inc. 1 46,500 2,628,180 -------------------------------------------------------------------------------- Parexel International Corp. 1 111,800 2,269,540 -------------------------------------------------------------------------------- PDI, Inc. 1 90,200 2,009,656 -------------------------------------------------------------------------------- Pediatrix Medical Group, Inc. 1 56,200 3,599,610 -------------------------------------------------------------------------------- Per-Se Technologies, Inc. 1 48,600 769,338 -------------------------------------------------------------------------------- Pharmaceutical Product Development, Inc. 1 23,200 957,928 -------------------------------------------------------------------------------- PRA International 1 31,800 788,004 -------------------------------------------------------------------------------- Province Healthcare Co. 1 126,700 2,831,745 -------------------------------------------------------------------------------- PSS World Medical, Inc. 1 104,600 1,309,069 -------------------------------------------------------------------------------- Psychiatric Solutions, Inc. 1 31,400 1,147,984 -------------------------------------------------------------------------------- RehabCare Group, Inc. 1 94,000 2,631,060 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES Continued Res-Care, Inc. 1 90,700 $ 1,380,454 -------------------------------------------------------------------------------- Select Medical Corp. 194,400 3,421,440 -------------------------------------------------------------------------------- Service Corp. International 1 343,600 2,559,820 -------------------------------------------------------------------------------- SFBC International, Inc. 1 10,800 426,600 -------------------------------------------------------------------------------- Sierra Health Services, Inc. 1 114,500 6,310,095 -------------------------------------------------------------------------------- Stewart Enterprises, Inc. 1 611,800 4,276,482 -------------------------------------------------------------------------------- Sunrise Senior Living, Inc. 1 88,900 4,121,404 -------------------------------------------------------------------------------- United Surgical Partners International, Inc. 1 68,500 2,856,450 -------------------------------------------------------------------------------- VCA Antech, Inc. 1 203,500 3,988,600 -------------------------------------------------------------------------------- Ventiv Health, Inc. 1 83,100 1,688,592 -------------------------------------------------------------------------------- VistaCare, Inc., Cl. A 1 19,300 320,959 -------------------------------------------------------------------------------- WellChoice, Inc. 1 24,100 1,286,940 ------------- 118,383,931 -------------------------------------------------------------------------------- PHARMACEUTICALS--1.1% Able Laboratories, Inc. 1 71,300 1,622,075 -------------------------------------------------------------------------------- Alpharma, Inc., Cl. A 75,500 1,279,725 -------------------------------------------------------------------------------- AtheroGenics, Inc. 1 94,613 2,229,082 -------------------------------------------------------------------------------- Barr Pharmaceuticals, Inc. 1 30,900 1,407,186 -------------------------------------------------------------------------------- Caraco Pharmaceutical Laboratories Ltd. 1 45,100 430,705 -------------------------------------------------------------------------------- Connetics Corp. 1 37,900 920,591 -------------------------------------------------------------------------------- DOV Pharmaceutical, Inc. 1 98,700 1,781,535 -------------------------------------------------------------------------------- Encysive Pharmaceuticals, Inc. 1 23,100 229,383 -------------------------------------------------------------------------------- Endo Pharmaceuticals Holdings, Inc. 1 46,500 977,430 -------------------------------------------------------------------------------- First Horizon Pharmaceutical Corp. 1 256,900 5,880,441 31 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- PHARMACEUTICALS Continued Indevus Pharmaceuticals, Inc. 1 71,800 $ 427,928 -------------------------------------------------------------------------------- InKine Pharmaceutical Co., Inc. 1 13,900 75,477 -------------------------------------------------------------------------------- Inspire Pharmaceuticals, Inc. 1 51,000 855,270 -------------------------------------------------------------------------------- Nabi Biopharmaceuticals, Inc. 1 191,600 2,806,940 -------------------------------------------------------------------------------- Noven Pharmaceuticals, Inc. 1 15,100 257,606 -------------------------------------------------------------------------------- Par Pharmaceutical Cos., Inc. 1 13,800 571,044 -------------------------------------------------------------------------------- Perrigo Co. 172,600 2,980,802 -------------------------------------------------------------------------------- Rigel Pharmaceuticals, Inc. 1 55,600 1,357,752 -------------------------------------------------------------------------------- Salix Pharmaceuticals Ltd. 1 101,400 1,783,626 -------------------------------------------------------------------------------- Seattle Genetics, Inc. 1 54,400 355,232 ------------- 28,229,830 -------------------------------------------------------------------------------- INDUSTRIALS--17.5% -------------------------------------------------------------------------------- AEROSPACE & DEFENSE--1.1% AAR Corp. 1 13,800 187,956 -------------------------------------------------------------------------------- Applied Signal Technology, Inc. 98,600 3,475,650 -------------------------------------------------------------------------------- Astronics Corp., Cl. B 1 7,900 37,525 -------------------------------------------------------------------------------- Aviall, Inc. 1 120,800 2,774,776 -------------------------------------------------------------------------------- BE Aerospace, Inc. 1 133,900 1,558,596 -------------------------------------------------------------------------------- EDO Corp. 89,800 2,851,150 -------------------------------------------------------------------------------- Engineered Support Systems, Inc. 6,900 408,618 -------------------------------------------------------------------------------- ESCO Technologies, Inc. 1 28,500 2,184,525 -------------------------------------------------------------------------------- Goodrich Corp. 26,400 861,696 -------------------------------------------------------------------------------- HEICO Corp., Cl. A 750 12,968 -------------------------------------------------------------------------------- Herley Industries, Inc. 1 7,800 158,652 -------------------------------------------------------------------------------- Innovative Solutions & Support, Inc. 1 102,549 3,421,035 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- AEROSPACE & DEFENSE Continued Moog, Inc., Cl. A 1 30,400 $ 1,378,640 -------------------------------------------------------------------------------- Orbital Sciences Corp. 1 364,700 4,314,401 -------------------------------------------------------------------------------- SI International, Inc. 1 61,400 1,888,664 -------------------------------------------------------------------------------- Teledyne Technologies, Inc. 1 21,100 620,973 -------------------------------------------------------------------------------- United Defense Industries, Inc. 1 41,900 1,979,775 ------------- 28,115,600 -------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS--0.7% ABX Air, Inc. 1 338,600 3,010,154 -------------------------------------------------------------------------------- Dynamex, Inc. 1 64,100 1,187,773 -------------------------------------------------------------------------------- EGL, Inc. 1 138,400 4,136,776 -------------------------------------------------------------------------------- Forward Air Corp. 1 136,100 6,083,670 -------------------------------------------------------------------------------- Hub Group, Inc., Cl. A 1 49,600 2,590,112 -------------------------------------------------------------------------------- Park-Ohio Holdings Corp. 1 9,900 256,410 ------------- 17,264,895 -------------------------------------------------------------------------------- AIRLINES--1.1% Alaska Air Group, Inc. 1 118,000 3,951,820 -------------------------------------------------------------------------------- America West Holdings Corp., Cl. B 1 285,500 1,878,590 -------------------------------------------------------------------------------- AMR Corp. 1 331,600 3,631,020 -------------------------------------------------------------------------------- Continental Airlines, Inc., Cl. B 1 389,800 5,277,892 -------------------------------------------------------------------------------- Delta Air Lines, Inc. 1 343,800 2,571,624 -------------------------------------------------------------------------------- ExpressJet Holdings, Inc. 1 265,700 3,422,216 ------------------------------------------------------------------------------- FLYi, Inc. 1 138,500 245,145 ------------------------------------------------------------------------------- Frontier Airlines, Inc. 1 167,900 1,915,739 ------------------------------------------------------------------------------- Hawaiian Holdings, Inc. 1 99,800 681,634 ------------------------------------------------------------------------------- Mesa Air Group, Inc. 1 157,200 1,248,168 ------------------------------------------------------------------------------- Northwest Airlines Corp., Cl. A 1 192,300 2,101,839 32 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 ------------------------------------------------------------------------------- AIRLINES Continued Pinnacle Airlines Corp. 1 47,300 $ 659,362 ------------------------------------------------------------------------------- Republic Airways Holdings, Inc. 1 18,500 245,495 ------------------------------------------------------------------------------- SkyWest, Inc. 80,100 1,606,806 ------------ 29,437,350 ------------------------------------------------------------------------------- BUILDING PRODUCTS--1.0% American Woodmark Corp. 13,100 572,208 ------------------------------------------------------------------------------- Apogee Enterprises, Inc. 140,000 1,877,400 ------------------------------------------------------------------------------- Beacon Roofing Supply, Inc. 1 48,700 967,182 ------------------------------------------------------------------------------- Crane Co. 71,400 2,059,176 ------------------------------------------------------------------------------- Jacuzzi Brands, Inc. 1 85,200 741,240 ------------------------------------------------------------------------------- Lennox International, Inc. 72,700 1,479,445 ------------------------------------------------------------------------------- NCI Building Systems, Inc. 1 104,800 3,930,000 ------------------------------------------------------------------------------- Simpson Manufacturing Co., Inc. 100,900 3,521,410 ------------------------------------------------------------------------------- Trex Co., Inc. 1 38,300 2,008,452 ------------------------------------------------------------------------------- Universal Forest Products, Inc. 92,300 4,005,820 ------------------------------------------------------------------------------- USG Corp. 1 58,400 2,351,768 ------------------------------------------------------------------------------- Watsco, Inc. 40,900 1,440,498 ------------ 24,954,599 ------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--5.0% ABM Industries, Inc. 157,300 3,101,956 ------------------------------------------------------------------------------- Adesa, Inc. 100,700 2,136,854 ------------------------------------------------------------------------------- Administaff, Inc. 1 206,100 2,598,921 ------------------------------------------------------------------------------- Angelica Corp. 21,700 586,985 ------------------------------------------------------------------------------- Banta Corp. 75,700 3,388,332 ------------------------------------------------------------------------------- Brady Corp., Cl. A 47,000 2,940,790 ------------------------------------------------------------------------------- Bright Horizons Family Solutions, Inc. 1 55,700 3,607,132 ------------------------------------------------------------------------------- Brink's Co. (The) 115,600 4,568,512 ------------------------------------------------------------------------------- Central Parking Corp. 23,000 348,450 VALUE SHARES SEE NOTE 1 ------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES Continued Century Business Services, Inc. 1 21,400 $ 93,304 ------------------------------------------------------------------------------- Clean Harbors, Inc. 1 12,300 185,484 ------------------------------------------------------------------------------- Coinstar, Inc. 1 32,500 871,975 ------------------------------------------------------------------------------- CompX International, Inc. 6,500 107,445 ------------------------------------------------------------------------------- Consolidated Graphics, Inc. 1 95,200 4,369,680 ------------------------------------------------------------------------------- Copart, Inc. 1 117,500 3,092,600 ------------------------------------------------------------------------------- Corporate Executive Board Co. 15,600 1,044,264 ------------------------------------------------------------------------------- CoStar Group, Inc. 1 19,300 891,274 ------------------------------------------------------------------------------- CPI Corp. 12,600 171,234 ------------------------------------------------------------------------------- DiamondCluster International, Inc. 1 155,200 2,224,016 ------------------------------------------------------------------------------- Dun & Bradstreet Corp. 1 44,200 2,636,530 ------------------------------------------------------------------------------- Duratek, Inc. 1 60,800 1,514,528 ------------------------------------------------------------------------------- Electro Rent Corp. 8,300 118,109 ------------------------------------------------------------------------------- Ennis, Inc. 77,700 1,495,725 ------------------------------------------------------------------------------- Equifax, Inc. 56,100 1,576,410 ------------------------------------------------------------------------------- Exponent, Inc. 1 63,500 1,745,615 ------------------------------------------------------------------------------- G&K Services, Inc., Cl. A 63,400 2,752,828 ------------------------------------------------------------------------------- General Binding Corp. 1 18,900 248,346 ------------------------------------------------------------------------------- Geo Group, Inc. (The) 1 41,100 1,092,438 ------------------------------------------------------------------------------- Gevity HR, Inc. 63,900 1,313,784 ------------------------------------------------------------------------------- Harland (John H.) Co. 78,900 2,848,290 ------------------------------------------------------------------------------- Healthcare Services Group, Inc. 108,550 2,262,182 ------------------------------------------------------------------------------- Heidrick & Struggles International, Inc. 1 171,758 5,886,147 ------------------------------------------------------------------------------- HNI Corp. 47,900 2,062,095 ------------------------------------------------------------------------------- Hudson Highland Group, Inc. 1 95,000 2,736,000 ------------------------------------------------------------------------------- Ikon Office Solutions, Inc. 210,800 2,436,848 33 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued ------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 ------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES Continued Imagistics International, Inc. 1 51,400 $ 1,730,124 ------------------------------------------------------------------------------- Interpool, Inc. 17,800 427,200 ------------------------------------------------------------------------------- Intersections, Inc. 1 17,700 305,325 ------------------------------------------------------------------------------- ITT Educational Services, Inc. 1 26,400 1,255,320 ------------------------------------------------------------------------------- Jackson Hewitt Tax Service, Inc. 53,200 1,343,300 ------------------------------------------------------------------------------- Kelly Services, Inc., Cl. A 10,900 328,962 ------------------------------------------------------------------------------- Kforce, Inc. 1 55,700 618,270 ------------------------------------------------------------------------------- Knoll, Inc. 1 248,300 4,345,250 ------------------------------------------------------------------------------- Korn-Ferry International 1 230,600 4,784,950 ------------------------------------------------------------------------------- Labor Ready, Inc. 1 323,300 5,470,236 ------------------------------------------------------------------------------- McGrath RentCorp 21,974 958,286 ------------------------------------------------------------------------------- Miller (Herman), Inc. 25,600 707,328 ------------------------------------------------------------------------------- Mobile Mini, Inc. 1 6,900 227,976 ------------------------------------------------------------------------------- NCO Group, Inc. 1 7,100 183,535 ------------------------------------------------------------------------------- Portfolio Recovery Associates, Inc. 1 97,900 4,035,438 ------------------------------------------------------------------------------- Pre-Paid Legal Services, Inc. 1 12,400 465,620 ------------------------------------------------------------------------------- PRG-Schultz International, Inc. 1 46,600 234,398 ------------------------------------------------------------------------------- Resources Connection, Inc. 1 32,600 1,770,506 ------------------------------------------------------------------------------- Robert Half International, Inc. 47,400 1,394,982 ------------------------------------------------------------------------------- Rollins, Inc. 103,700 2,729,384 ------------------------------------------------------------------------------- Rush Enterprises, Inc., Cl. A 1 46,400 753,072 ------------------------------------------------------------------------------- Schawk, Inc. 14,000 254,520 ------------------------------------------------------------------------------- School Specialty, Inc. 1 46,400 1,789,184 ------------------------------------------------------------------------------- SITEL Corp. 1 151,100 371,706 ------------------------------------------------------------------------------- Sotheby's Holdings, Inc., Cl. A 1 178,900 3,248,824 ------------------------------------------------------------------------------- Spherion Corp. 1 142,900 1,200,360 ------------------------------------------------------------------------------- Standard Register Co. (The) 15,200 214,624 VALUE SHARES SEE NOTE 1 ------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES Continued Steelcase, Inc., Cl. A 113,200 $ 1,566,688 ------------------------------------------------------------------------------- TeleTech Holdings, Inc. 1 212,000 2,054,280 ------------------------------------------------------------------------------- United Stationers, Inc. 1 88,100 4,070,220 ------------------------------------------------------------------------------- Universal Technical Institute, Inc. 1 23,800 907,256 ------------------------------------------------------------------------------- Viad Corp. 76,900 2,190,881 ------------------------------------------------------------------------------- Volt Information Sciences, Inc. 1 27,500 808,225 ------------------------------------------------------------------------------- Waste Connections, Inc. 1 94,900 3,250,325 ------------------------------------------------------------------------------- Waste Industries USA, Inc. 1,800 22,320 ------------------------------------------------------------------------------- Watson Wyatt & Co. Holdings 104,200 2,808,190 ------------------------------------------------------------------------------- West Corp. 1 41,800 1,383,998 ------------ 129,266,146 ------------------------------------------------------------------------------- CONSTRUCTION & ENGINEERING--0.5% Comfort Systems USA, Inc. 1 157,600 1,210,368 ------------------------------------------------------------------------------- Dycom Industries, Inc. 1 59,500 1,815,940 ------------------------------------------------------------------------------- EMCOR Group, Inc. 1 14,000 632,520 ------------------------------------------------------------------------------- Granite Construction, Inc. 69,900 1,859,340 ------------------------------------------------------------------------------- Insituform Technologies, Inc., Cl. A 1 142,200 3,223,674 ------------------------------------------------------------------------------- Integrated Electrical Services, Inc. 1 72,600 351,384 ------------------------------------------------------------------------------- MasTec, Inc. 1 31,400 317,454 ------------------------------------------------------------------------------- McDermott International, Inc. 1 54,800 1,006,128 ------------------------------------------------------------------------------- Perini Corp. 1 56,000 934,640 ------------------------------------------------------------------------------- Shaw Group, Inc. (The) 1 86,500 1,544,025 ------------------------------------------------------------------------------- URS Corp. 1 40,100 1,287,210 ------------ 14,182,683 34 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 ------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--1.2% Active Power, Inc. 1 41,600 $ 191,360 ------------------------------------------------------------------------------- Acuity Brands, Inc. 89,400 2,842,920 ------------------------------------------------------------------------------- American Power Conversion Corp. 93,700 2,005,180 ------------------------------------------------------------------------------- AMETEK, Inc. 7,000 249,690 ------------------------------------------------------------------------------- AMX Corp. 1 65,900 1,085,373 ------------------------------------------------------------------------------- Baldor Electric Co. 88,700 2,441,911 ------------------------------------------------------------------------------- Energy Conversion Devices, Inc. 1 128,000 2,472,960 ------------------------------------------------------------------------------- Evergreen Solar, Inc. 1 69,400 303,278 ------------------------------------------------------------------------------- Franklin Electric Co., Inc. 14,900 629,674 ------------------------------------------------------------------------------- Genlyte Group, Inc. (The) 1 81,900 7,017,192 ------------------------------------------------------------------------------- Hubbell, Inc., Cl. B 42,900 2,243,670 ------------------------------------------------------------------------------- II-VI, Inc. 1 69,713 2,962,105 ------------------------------------------------------------------------------- LSI Industries, Inc. 6,500 74,425 ------------------------------------------------------------------------------- Plug Power, Inc. 1 31,000 189,410 ------------------------------------------------------------------------------- Preformed Line Products Co. 6,536 189,413 ------------------------------------------------------------------------------- Tecumseh Products Co., Cl. A 4,000 191,200 ------------------------------------------------------------------------------- Thomas & Betts Corp. 1 119,900 3,686,925 ------------------------------------------------------------------------------- Vicor Corp. 55,200 723,672 ------------------------------------------------------------------------------- Woodward Governor Co. 20,800 1,489,488 ------------ 30,989,846 ------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--0.3% Alleghany Corp. 5,500 1,568,875 ------------------------------------------------------------------------------- Carlisle Cos., Inc. 14,000 908,880 ------------------------------------------------------------------------------- Raven Industries, Inc. 72,300 1,540,713 ------------------------------------------------------------------------------- Standex International Corp. 800 22,792 ------------------------------------------------------------------------------- United Industrial Corp. 117,700 4,559,698 ------------ 8,600,958 ------------------------------------------------------------------------------- MACHINERY--3.8% A.S.V., Inc. 1 43,400 2,078,860 VALUE SHARES SEE NOTE 1 ------------------------------------------------------------------------------- MACHINERY Continued Actuant Corp., Cl. A 1 13,200 $ 688,380 ------------------------------------------------------------------------------- Alamo Group, Inc. 8,800 239,008 ------------------------------------------------------------------------------- Albany International Corp., Cl. A 54,600 1,919,736 ------------------------------------------------------------------------------- Ampco-Pittsburgh Corp. 11,900 173,740 ------------------------------------------------------------------------------- Astec Industries, Inc. 1 83,900 1,443,919 ------------------------------------------------------------------------------- Bucyrus International, Inc., Cl. A 71,906 2,922,260 -------------------------------------------------------------------------------- Cascade Corp. 49,600 1,981,520 -------------------------------------------------------------------------------- Clarcor, Inc. 36,300 1,988,151 -------------------------------------------------------------------------------- Cummins, Inc. 28,800 2,413,152 -------------------------------------------------------------------------------- EnPro Industries, Inc. 1 52,900 1,564,253 -------------------------------------------------------------------------------- Federal Signal Corp. 81,600 1,441,056 -------------------------------------------------------------------------------- Flanders Corp. 1 68,500 657,600 -------------------------------------------------------------------------------- Flowserve Corp. 1 84,600 2,329,884 -------------------------------------------------------------------------------- Gardner Denver, Inc. 1 30,700 1,114,103 -------------------------------------------------------------------------------- Graco, Inc. 31,450 1,174,658 -------------------------------------------------------------------------------- Greenbrier Cos., Inc. 63,400 2,146,090 -------------------------------------------------------------------------------- Harsco Corp. 36,700 2,045,658 -------------------------------------------------------------------------------- Hexcel Corp. 1 295,600 4,286,200 -------------------------------------------------------------------------------- Idex Corp. 19,900 805,950 -------------------------------------------------------------------------------- JLG Industries, Inc. 128,100 2,514,603 -------------------------------------------------------------------------------- Joy Global, Inc. 59,300 2,575,399 -------------------------------------------------------------------------------- Kadant, Inc. 1 37,700 772,850 -------------------------------------------------------------------------------- Kennametal, Inc. 96,300 4,792,851 -------------------------------------------------------------------------------- Lincoln Electric Holdings, Inc. 165,700 5,723,278 -------------------------------------------------------------------------------- Manitowoc Co., Inc. (The) 79,300 2,985,645 -------------------------------------------------------------------------------- Middleby Corp. (The) 25,100 1,273,072 -------------------------------------------------------------------------------- Mueller Industries, Inc. 158,100 5,090,820 -------------------------------------------------------------------------------- NACCO Industries, Inc., Cl. A 26,400 2,782,560 -------------------------------------------------------------------------------- Navistar International Corp. 1 52,900 2,326,542 35 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- MACHINERY Continued Nordson Corp. 102,100 $ 4,091,147 -------------------------------------------------------------------------------- Oshkosh Truck Corp. 23,600 1,613,768 -------------------------------------------------------------------------------- Pall Corp. 51,000 1,476,450 -------------------------------------------------------------------------------- Penn Engineering & Manufacturing Corp. 30,400 550,240 -------------------------------------------------------------------------------- Reliance Steel & Aluminum Co. 116,700 4,546,632 -------------------------------------------------------------------------------- Robbins & Myers, Inc. 20,000 476,600 -------------------------------------------------------------------------------- SPX Corp. 55,300 2,215,318 -------------------------------------------------------------------------------- Stewart & Stevenson Services, Inc. 45,600 922,488 -------------------------------------------------------------------------------- Terex Corp. 1 69,800 3,325,970 -------------------------------------------------------------------------------- Thomas Industries, Inc. 17,800 710,576 -------------------------------------------------------------------------------- Timken Co. 66,400 1,727,728 -------------------------------------------------------------------------------- Titan International, Inc. 62,200 939,220 -------------------------------------------------------------------------------- Toro Co. (The) 95,200 7,744,520 -------------------------------------------------------------------------------- Wabash National Corp. 1 105,800 2,849,194 -------------------------------------------------------------------------------- Wabtec Corp. 103,900 2,215,148 ------------- 99,656,797 -------------------------------------------------------------------------------- MARINE--0.2% Alexander & Baldwin, Inc. 52,600 2,231,292 -------------------------------------------------------------------------------- Kirby Corp. 1 48,000 2,130,240 -------------------------------------------------------------------------------- UTI Worldwide, Inc. 400 27,208 ------------- 4,388,740 -------------------------------------------------------------------------------- ROAD & RAIL--2.0% Amerco, Inc. 1 4,100 188,518 -------------------------------------------------------------------------------- Arkansas Best Corp. 140,600 6,311,534 -------------------------------------------------------------------------------- CNF Transportation, Inc. 77,200 3,867,720 -------------------------------------------------------------------------------- Florida East Coast Industries, Inc., Cl. A 30,400 1,371,040 -------------------------------------------------------------------------------- Genesee & Wyoming, Inc., Cl. A 1 152,300 4,284,199 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- ROAD & RAIL Continued Heartland Express, Inc. 167,250 $ 3,758,108 -------------------------------------------------------------------------------- Hunt (J.B.) Transport Services, Inc. 40,200 1,802,970 -------------------------------------------------------------------------------- Kansas City Southern 1 60,200 1,067,346 -------------------------------------------------------------------------------- Knight Transportation, Inc. 32,100 796,080 -------------------------------------------------------------------------------- Laidlaw International, Inc. 1 180,900 3,871,260 -------------------------------------------------------------------------------- Landstar System, Inc. 1 11,500 846,860 -------------------------------------------------------------------------------- Marten Transport Ltd. 1 18,900 429,597 -------------------------------------------------------------------------------- Mullen Transportation, Inc. 60,200 2,504,670 -------------------------------------------------------------------------------- Old Dominion Freight Line, Inc. 1 10,550 367,140 -------------------------------------------------------------------------------- Overnite Corp. 27,900 1,038,996 -------------------------------------------------------------------------------- Pacer International, Inc. 1 100,300 2,132,378 -------------------------------------------------------------------------------- RailAmerica, Inc. 1 16,400 214,020 -------------------------------------------------------------------------------- SCS Transportation, Inc. 1 92,299 2,157,028 -------------------------------------------------------------------------------- Swift Transportation Co., Inc. 1 283,600 6,091,728 -------------------------------------------------------------------------------- U.S. Xpress Enterprises, Inc., Cl. A 1 95,500 2,798,150 -------------------------------------------------------------------------------- USF Corp. 61,700 2,341,515 -------------------------------------------------------------------------------- Werner Enterprises, Inc. 185,500 4,199,720 ------------- 52,440,577 -------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS--0.5% Aceto Corp. 41,900 797,776 -------------------------------------------------------------------------------- Applied Industrial Technologies, Inc. 161,700 4,430,580 -------------------------------------------------------------------------------- Hughes Supply, Inc. 59,300 1,918,355 -------------------------------------------------------------------------------- Lawson Products, Inc. 5,600 282,408 -------------------------------------------------------------------------------- MSC Industrial Direct Co., Inc., Cl. A 34,500 1,241,310 36 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS Continued UAP Holding Corp. 1 198,100 $ 3,421,187 -------------------------------------------------------------------------------- W.W. Grainger, Inc. 28,100 1,872,022 ------------- 13,963,638 -------------------------------------------------------------------------------- TRANSPORTATION INFRASTRUCTURE--0.1% Macquarie Infrastructure Co. Trust 1 87,000 2,553,450 -------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--21.0% -------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--2.9% 3Com Corp. 1 183,600 765,612 -------------------------------------------------------------------------------- ADTRAN, Inc. 87,100 1,667,094 -------------------------------------------------------------------------------- Airspan Networks, Inc. 1 61,800 335,574 -------------------------------------------------------------------------------- Anaren Microwave, Inc. 1 82,200 1,065,312 -------------------------------------------------------------------------------- Aspect Communications Corp. 1 188,311 2,097,785 -------------------------------------------------------------------------------- Audiovox Corp., Cl. A 1 47,300 746,394 -------------------------------------------------------------------------------- Bel Fuse, Inc. 2,200 74,338 -------------------------------------------------------------------------------- Black Box Corp. 86,800 4,168,136 -------------------------------------------------------------------------------- Brocade Communications Systems, Inc. 1 655,900 5,011,076 -------------------------------------------------------------------------------- Brooktrout, Inc. 1 37,400 449,174 -------------------------------------------------------------------------------- C-COR.net Corp. 1 64,300 597,990 -------------------------------------------------------------------------------- Carrier Access Corp. 1 25,100 268,068 -------------------------------------------------------------------------------- Ciena Corp. 1 722,600 2,413,484 -------------------------------------------------------------------------------- CommScope, Inc. 1 91,600 1,731,240 -------------------------------------------------------------------------------- Comtech Telecommunications Corp. 1 27,700 1,041,797 -------------------------------------------------------------------------------- Comverse Technology, Inc. 1 141,400 3,457,230 -------------------------------------------------------------------------------- Digi International, Inc. 1 207,709 3,570,518 -------------------------------------------------------------------------------- Ditech Communications Corp. 1 222,300 3,323,385 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT Continued Eagle Broadband, Inc. 1 414,800 $ 273,768 -------------------------------------------------------------------------------- Extreme Networks, Inc. 1 317,600 2,080,280 -------------------------------------------------------------------------------- F5 Networks, Inc. 1 35,300 1,719,816 -------------------------------------------------------------------------------- Finisar Corp. 1 557,230 1,270,484 -------------------------------------------------------------------------------- Foundry Networks, Inc. 1 30,800 405,328 -------------------------------------------------------------------------------- Harmonic, Inc. 1 193,000 1,609,620 -------------------------------------------------------------------------------- Harris Corp. 29,600 1,828,984 -------------------------------------------------------------------------------- Inter-Tel, Inc. 48,600 1,330,668 -------------------------------------------------------------------------------- InterDigital Communications Corp. 1 10,500 232,050 -------------------------------------------------------------------------------- McDATA Corp., Cl. A 1 132,200 787,912 -------------------------------------------------------------------------------- Mobility Electronics, Inc. 1 119,500 1,025,310 -------------------------------------------------------------------------------- MRV Communications, Inc. 1 162,200 595,274 -------------------------------------------------------------------------------- Netgear, Inc. 1 144,200 2,622,998 -------------------------------------------------------------------------------- NMS Communications Corp. 1 282,100 1,780,051 -------------------------------------------------------------------------------- Optical Communication Products, Inc. 1 5,000 12,500 -------------------------------------------------------------------------------- Packeteer, Inc. 1 162,900 2,353,905 -------------------------------------------------------------------------------- Paradyne Networks, Inc. 1 260,801 936,276 -------------------------------------------------------------------------------- Performance Technologies, Inc. 1 126,500 1,176,450 -------------------------------------------------------------------------------- Plantronics, Inc. 15,400 638,638 -------------------------------------------------------------------------------- Polycom, Inc. 1 127,200 2,966,304 -------------------------------------------------------------------------------- Powerwave Technologies, Inc. 1 227,100 1,925,808 -------------------------------------------------------------------------------- QLogic Corp. 1 20,500 752,965 -------------------------------------------------------------------------------- REMEC, Inc. 1 115,900 835,639 -------------------------------------------------------------------------------- Scientific- Atlanta, Inc. 34,700 1,145,447 37 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT Continued SeaChange International, Inc. 1 164,800 $ 2,874,112 -------------------------------------------------------------------------------- Sonus Networks, Inc. 1 333,200 1,909,236 -------------------------------------------------------------------------------- SpectraLink Corp. 69,600 986,928 -------------------------------------------------------------------------------- Superior Essex, Inc. 1 24,500 460,478 -------------------------------------------------------------------------------- Sycamore Networks, Inc. 1 450,700 1,829,842 -------------------------------------------------------------------------------- Symmetricom, Inc. 1 360,200 3,497,542 -------------------------------------------------------------------------------- Tellabs, Inc. 1 182,400 1,566,816 -------------------------------------------------------------------------------- ViaSat, Inc. 1 5,800 140,766 ------------- 76,356,402 -------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--1.3% ActivCard Corp. 1 36,200 322,180 -------------------------------------------------------------------------------- Advanced Digital Information Corp. 1 51,700 518,034 -------------------------------------------------------------------------------- Avid Technology, Inc. 1 30,800 1,901,900 -------------------------------------------------------------------------------- Electronics for Imaging, Inc. 1 145,700 2,536,637 -------------------------------------------------------------------------------- Hutchinson Technology, Inc. 1 60,500 2,091,485 -------------------------------------------------------------------------------- InFocus Corp. 1 217,800 1,995,048 -------------------------------------------------------------------------------- Maxtor Corp. 1 411,100 2,178,830 -------------------------------------------------------------------------------- NCR Corp. 1 40,100 2,776,123 -------------------------------------------------------------------------------- Novatel Wireless, Inc. 1 104,800 2,031,024 -------------------------------------------------------------------------------- Overland Storage, Inc. 1 19,400 323,786 -------------------------------------------------------------------------------- PalmOne, Inc. 1 31,600 996,980 -------------------------------------------------------------------------------- Pinnacle Systems, Inc. 1 285,100 1,739,110 -------------------------------------------------------------------------------- Presstek, Inc. 1 82,000 793,760 -------------------------------------------------------------------------------- Quantum Corp. 1 247,200 647,664 -------------------------------------------------------------------------------- Rimage Corp. 1 6,600 105,996 -------------------------------------------------------------------------------- SBS Technologies, Inc. 1 86,401 1,206,158 -------------------------------------------------------------------------------- Silicon Graphics, Inc. 1 1,074,200 1,858,366 -------------------------------------------------------------------------------- SimpleTech, Inc. 1 130,000 598,000 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS Continued Storage Technology Corp. 1 85,500 $ 2,702,655 -------------------------------------------------------------------------------- Stratasys, Inc. 1 44,100 1,479,996 -------------------------------------------------------------------------------- Synaptics, Inc. 1 48,500 1,483,130 -------------------------------------------------------------------------------- Western Digital Corp. 1 210,600 2,282,904 -------------------------------------------------------------------------------- Xybernaut Corp. 1 262,200 322,506 ------------- 32,892,272 -------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--3.5% Agilysys, Inc. 223,900 3,837,646 -------------------------------------------------------------------------------- Amphenol Corp., Cl. A 1 59,400 2,182,356 -------------------------------------------------------------------------------- Anixter International, Inc. 84,100 3,026,759 -------------------------------------------------------------------------------- AVX Corp. 170,000 2,142,000 -------------------------------------------------------------------------------- BEI Technologies, Inc. 97,800 3,020,064 -------------------------------------------------------------------------------- Belden CDT, Inc. 108,500 2,517,200 -------------------------------------------------------------------------------- Brightpoint, Inc. 1 185,200 3,618,808 -------------------------------------------------------------------------------- Cogent, Inc. 1 7,300 240,900 -------------------------------------------------------------------------------- Cognex Corp. 134,367 3,748,839 -------------------------------------------------------------------------------- Coherent, Inc. 1 58,300 1,774,652 -------------------------------------------------------------------------------- CTS Corp. 16,700 221,943 -------------------------------------------------------------------------------- CyberOptics Corp. 1 18,100 269,147 -------------------------------------------------------------------------------- Daktronics, Inc. 1 28,300 704,387 -------------------------------------------------------------------------------- Dionex Corp. 1 72,600 4,114,242 -------------------------------------------------------------------------------- Electro Scientific Industries, Inc. 1 144,200 2,849,392 -------------------------------------------------------------------------------- Excel Technology, Inc. 1 16,200 421,200 -------------------------------------------------------------------------------- GTSI Corp. 1 5,200 54,652 -------------------------------------------------------------------------------- Hypercom Corp. 1 227,300 1,345,616 -------------------------------------------------------------------------------- Identix, Inc. 1 351,700 2,595,546 -------------------------------------------------------------------------------- Ingram Micro, Inc., Cl. A 1 80,600 1,676,480 -------------------------------------------------------------------------------- Jabil Circuit, Inc. 1 59,000 1,509,220 -------------------------------------------------------------------------------- Keithley Instruments, Inc. 89,800 1,769,060 -------------------------------------------------------------------------------- Kemet Corp. 1 193,200 1,729,140 38 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS Continued Landauer, Inc. 2,400 $ 109,680 -------------------------------------------------------------------------------- LeCroy Corp. 1 18,020 420,587 -------------------------------------------------------------------------------- Littlefuse, Inc. 1 86,800 2,965,088 -------------------------------------------------------------------------------- LoJack Corp. 1 66,700 809,071 -------------------------------------------------------------------------------- Maxwell Technologies, Inc. 1 18,400 186,576 -------------------------------------------------------------------------------- Measurement Specialties, Inc. 1 52,600 1,339,196 -------------------------------------------------------------------------------- Mettler-Toledo International, Inc. 1 35,700 1,831,767 -------------------------------------------------------------------------------- MTS Systems Corp. 77,000 2,603,370 -------------------------------------------------------------------------------- Park Electrochemical Corp. 58,600 1,270,448 -------------------------------------------------------------------------------- Paxar Corp. 1 263,700 5,846,229 -------------------------------------------------------------------------------- PC Connection, Inc. 1 70,300 669,256 -------------------------------------------------------------------------------- Photon Dynamics, Inc. 1 71,300 1,731,164 -------------------------------------------------------------------------------- Planar Systems, Inc. 1 110,600 1,242,038 -------------------------------------------------------------------------------- Rofin-Sinar Technologies, Inc. 1 22,200 942,390 -------------------------------------------------------------------------------- Sanmina-SCI Corp. 1 197,900 1,676,213 -------------------------------------------------------------------------------- ScanSource, Inc. 1 39,800 2,473,968 -------------------------------------------------------------------------------- Solectron Corp. 1 21,900 116,727 -------------------------------------------------------------------------------- SpatiaLight, Inc. 1 83,200 744,640 -------------------------------------------------------------------------------- Symbol Technologies, Inc. 21,400 370,220 -------------------------------------------------------------------------------- Taser International, Inc. 1 107,400 3,392,766 -------------------------------------------------------------------------------- Tech Data Corp. 1 93,300 4,235,820 -------------------------------------------------------------------------------- Tektronix, Inc. 2,600 78,546 -------------------------------------------------------------------------------- Trimble Navigation Ltd. 1 104,400 3,449,376 -------------------------------------------------------------------------------- TTM Technologies, Inc. 1 100,400 1,184,720 -------------------------------------------------------------------------------- UNOVA, Inc. 1 85,500 2,162,295 -------------------------------------------------------------------------------- Veeco Instruments, Inc. 1 31,400 661,598 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS Continued Viisage Technology, Inc. 1 270,600 $ 2,438,106 -------------------------------------------------------------------------------- Zygo Corp. 1 51,700 609,543 ------------- 90,930,647 -------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--2.3% Akamai Technologies, Inc. 1 69,400 904,282 -------------------------------------------------------------------------------- Aladdin Knowledge Systems Ltd. 1 18,500 457,875 -------------------------------------------------------------------------------- AsiaInfo Holdings, Inc. 1 165,800 988,168 -------------------------------------------------------------------------------- Chordiant Software, Inc. 1 243,600 555,408 -------------------------------------------------------------------------------- CMGI, Inc. 1 756,900 1,930,095 -------------------------------------------------------------------------------- Corillian Corp. 1 299,680 1,474,426 -------------------------------------------------------------------------------- Covansys Corp. 1 78,000 1,193,400 -------------------------------------------------------------------------------- CyberSource Corp. 1 207,291 1,482,131 -------------------------------------------------------------------------------- Digital River, Inc. 1 26,300 1,094,343 -------------------------------------------------------------------------------- DoubleClick, Inc. 1 373,600 2,906,608 -------------------------------------------------------------------------------- EarthLink, Inc. 1 609,900 7,026,048 -------------------------------------------------------------------------------- Embarcadero Technologies, Inc. 1 77,319 727,572 -------------------------------------------------------------------------------- HouseValues, Inc. 1 24,200 363,484 -------------------------------------------------------------------------------- InfoSpace, Inc. 1 76,800 3,651,840 -------------------------------------------------------------------------------- Internet Capital Group, Inc. 1 93,000 837,000 -------------------------------------------------------------------------------- Internet Security Systems, Inc. 1 139,500 3,243,375 -------------------------------------------------------------------------------- Interwoven, Inc. 1 188,400 2,049,792 -------------------------------------------------------------------------------- Ivillage, Inc. 1 283,700 1,753,266 -------------------------------------------------------------------------------- Keynote Systems, Inc. 1 36,900 513,648 -------------------------------------------------------------------------------- Lionbridge Technologies, Inc. 1 19,900 133,728 -------------------------------------------------------------------------------- LookSmart Ltd. 1 347,300 760,587 -------------------------------------------------------------------------------- MarketWatch, Inc. 1 9,700 174,600 -------------------------------------------------------------------------------- MatrixOne, Inc. 1 141,900 929,445 -------------------------------------------------------------------------------- MicroStrategy, Inc., Cl. A 1 16,400 988,100 -------------------------------------------------------------------------------- NetRatings, Inc. 1 37,000 709,290 39 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES Continued OpenTV Corp. 1 117,800 $ 452,352 -------------------------------------------------------------------------------- PEC Solutions, Inc. 1 24,400 345,748 -------------------------------------------------------------------------------- Retek, Inc. 1 229,300 1,410,195 -------------------------------------------------------------------------------- S1 Corp. 1 290,500 2,631,930 -------------------------------------------------------------------------------- Selectica, Inc. 1 42,300 151,434 -------------------------------------------------------------------------------- SonicWALL, Inc. 1 428,700 2,709,384 -------------------------------------------------------------------------------- SupportSoft, Inc. 1 109,400 728,604 -------------------------------------------------------------------------------- United Online, Inc. 1 382,150 4,406,190 -------------------------------------------------------------------------------- ValueClick, Inc. 1 270,200 3,601,766 -------------------------------------------------------------------------------- VeriSign, Inc. 1 46,000 1,541,920 -------------------------------------------------------------------------------- WebEx Communications, Inc. 1 5,700 135,546 -------------------------------------------------------------------------------- webMethods, Inc. 1 50,200 361,942 -------------------------------------------------------------------------------- Websense, Inc. 1 68,400 3,469,248 ------------- 58,794,770 -------------------------------------------------------------------------------- IT SERVICES--1.8% Acxiom Corp. 209,600 5,512,480 -------------------------------------------------------------------------------- Alliance Data Systems Corp. 1 21,800 1,035,064 -------------------------------------------------------------------------------- American Software, Inc. 38,000 229,140 -------------------------------------------------------------------------------- Answerthink, Inc. 1 133,600 622,576 -------------------------------------------------------------------------------- Anteon International Corp. 1 18,100 757,666 -------------------------------------------------------------------------------- Aquantive, Inc. 1 53,600 479,184 -------------------------------------------------------------------------------- BISYS Group, Inc. (The) 1 148,400 2,441,180 -------------------------------------------------------------------------------- CheckFree Corp. 1 77,200 2,939,776 -------------------------------------------------------------------------------- Convergys Corp. 1 107,800 1,615,922 -------------------------------------------------------------------------------- CSG Systems International, Inc. 1 177,000 3,309,900 -------------------------------------------------------------------------------- eFunds Corp. 1 186,700 4,482,667 -------------------------------------------------------------------------------- Euronet Worldwide, Inc. 1 50,400 1,311,408 -------------------------------------------------------------------------------- Information Resources, Inc. 1 76,300 77,063 -------------------------------------------------------------------------------- infoUSA, Inc. 1 225,468 2,522,987 -------------------------------------------------------------------------------- Integral Systems, Inc. 1,300 25,285 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- IT SERVICES Continued iPayment Holdings, Inc. 1 31,200 $ 1,545,024 -------------------------------------------------------------------------------- Keane, Inc. 1 20,300 298,410 -------------------------------------------------------------------------------- Lawson Software, Inc. 1 302,071 2,075,228 -------------------------------------------------------------------------------- Manhattan Associates, Inc. 1 2,900 69,252 -------------------------------------------------------------------------------- ManTech International Corp. 1 29,800 707,452 -------------------------------------------------------------------------------- MPS Group, Inc. 1 175,500 2,151,630 -------------------------------------------------------------------------------- NetScout Systems, Inc. 1 2,500 17,450 -------------------------------------------------------------------------------- Pegasus Solutions, Inc. 1 36,700 462,420 -------------------------------------------------------------------------------- Perot Systems Corp., Cl. A 1 38,600 618,758 -------------------------------------------------------------------------------- RightNow Technologies, Inc. 1 58,000 936,700 -------------------------------------------------------------------------------- Sabre Holdings Corp. 79,800 1,768,368 -------------------------------------------------------------------------------- Sapient Corp. 1 481,600 3,809,456 -------------------------------------------------------------------------------- SRA International, Inc., Cl. A 1 20,600 1,322,520 -------------------------------------------------------------------------------- SS&C Technologies, Inc. 100,850 2,082,553 -------------------------------------------------------------------------------- Startek, Inc. 54,600 1,553,370 -------------------------------------------------------------------------------- TNS, Inc. 1 11,700 255,645 ------------- 47,036,534 -------------------------------------------------------------------------------- OFFICE ELECTRONICS--0.0% TransAct Technologies, Inc. 1 40,950 874,692 -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--4.6% Actel Corp. 1 119,500 2,096,030 -------------------------------------------------------------------------------- ADE Corp. 1 55,300 1,035,216 -------------------------------------------------------------------------------- Advanced Energy Industries, Inc. 1 168,400 1,537,492 -------------------------------------------------------------------------------- Agere Systems, Inc., Cl. A 1 1,017,600 1,394,112 -------------------------------------------------------------------------------- Applied Micro Circuits Corp. 1 912,000 3,839,520 40 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Continued Atheros Communications, Inc. 1 59,419 $ 609,045 -------------------------------------------------------------------------------- Atmel Corp. 1 1,385,900 5,432,728 -------------------------------------------------------------------------------- ATMI, Inc. 1 145,100 3,269,103 -------------------------------------------------------------------------------- Axcelis Technologies, Inc. 1 372,900 3,031,677 -------------------------------------------------------------------------------- Cabot Microelectronics Corp. 1 73,200 2,931,660 -------------------------------------------------------------------------------- Cascade Microtech, Inc. 1 62,000 832,040 -------------------------------------------------------------------------------- Cirrus Logic, Inc. 1 361,300 1,990,763 -------------------------------------------------------------------------------- Cohu, Inc. 65,000 1,206,400 -------------------------------------------------------------------------------- Cree, Inc. 1 122,200 4,897,776 -------------------------------------------------------------------------------- Cymer, Inc. 1 46,000 1,358,840 -------------------------------------------------------------------------------- Cypress Semiconductor Corp. 1 85,300 1,000,569 -------------------------------------------------------------------------------- Diodes, Inc. 1 99,404 2,249,513 -------------------------------------------------------------------------------- DSP Group, Inc. 1 133,091 2,971,922 -------------------------------------------------------------------------------- Entegris, Inc. 1 99,200 987,040 -------------------------------------------------------------------------------- Exar Corp. 1 59,700 847,143 -------------------------------------------------------------------------------- Fairchild Semiconductor International, Inc., Cl. A 1 133,700 2,173,962 -------------------------------------------------------------------------------- FormFactor, Inc. 1 64,900 1,761,386 -------------------------------------------------------------------------------- Genesis Microchip, Inc. 1 16,200 262,764 -------------------------------------------------------------------------------- Helix Technology Corp. 136,000 2,365,040 -------------------------------------------------------------------------------- Integrated Circuit Systems, Inc. 1 89,600 1,874,432 -------------------------------------------------------------------------------- Integrated Device Technology, Inc. 1 294,800 3,407,888 -------------------------------------------------------------------------------- International Rectifier Corp. 1 10,400 463,528 -------------------------------------------------------------------------------- Intersil Corp., Cl. A 212,300 3,553,902 -------------------------------------------------------------------------------- Kopin Corp. 1 130,700 505,809 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Continued Kulicke & Soffa Industries, Inc. 1 134,400 $ 1,158,528 -------------------------------------------------------------------------------- Lam Research Corp. 1 59,600 1,723,036 -------------------------------------------------------------------------------- Lattice Semiconductor Corp. 1 355,700 2,027,490 -------------------------------------------------------------------------------- LSI Logic Corp. 1 476,700 2,612,316 -------------------------------------------------------------------------------- MEMC Electronic Materials, Inc. 1 141,600 1,876,200 -------------------------------------------------------------------------------- Micrel, Inc. 1 492,200 5,424,044 -------------------------------------------------------------------------------- Microsemi Corp. 1 338,500 5,876,360 -------------------------------------------------------------------------------- Microtune, Inc. 1 303,700 1,855,607 -------------------------------------------------------------------------------- Mindspeed Technologies, Inc. 1 97,200 270,216 -------------------------------------------------------------------------------- MIPS Technologies, Inc., Cl. A 1 147,000 1,447,950 -------------------------------------------------------------------------------- Monolithic System Technology, Inc. 1 12,500 77,875 -------------------------------------------------------------------------------- Mykrolis Corp. 1 200,200 2,836,834 -------------------------------------------------------------------------------- Nanometrics, Inc. 1 46,300 746,310 -------------------------------------------------------------------------------- OmniVision Technologies, Inc. 1 17,500 321,125 -------------------------------------------------------------------------------- PDF Solutions, Inc. 1 41,000 660,510 -------------------------------------------------------------------------------- Photronics, Inc. 1 165,800 2,735,700 -------------------------------------------------------------------------------- Pixelworks, Inc. 1 83,300 944,622 -------------------------------------------------------------------------------- PLX Technology, Inc. 1 57,400 596,960 -------------------------------------------------------------------------------- PMC-Sierra, Inc. 1 159,600 1,795,500 -------------------------------------------------------------------------------- Rambus, Inc. 1 85,200 1,959,600 -------------------------------------------------------------------------------- RF Micro Devices, Inc. 1 72,700 497,268 -------------------------------------------------------------------------------- Rudolph Technologies, Inc. 1 89,400 1,534,998 -------------------------------------------------------------------------------- Semtech Corp. 1 50,900 1,113,183 -------------------------------------------------------------------------------- Sigmatel, Inc. 1 60,200 2,138,906 -------------------------------------------------------------------------------- Silicon Image, Inc. 1 257,601 4,240,112 -------------------------------------------------------------------------------- Silicon Storage Technology, Inc. 1 485,100 2,886,345 -------------------------------------------------------------------------------- Siliconix, Inc. 1 1,362 49,699 41 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Continued Skyworks Solutions, Inc. 1 165,500 $ 1,560,665 -------------------------------------------------------------------------------- Standard Microsystems Corp. 1 39,100 697,153 -------------------------------------------------------------------------------- Supertex, Inc. 1 3,800 82,460 -------------------------------------------------------------------------------- Teradyne, Inc. 1 71,800 1,225,626 -------------------------------------------------------------------------------- Tessera Technologies, Inc. 1 58,800 2,187,948 -------------------------------------------------------------------------------- Trident Microsystems, Inc. 1 68,000 1,136,960 -------------------------------------------------------------------------------- Ultra Clean Holdings, Inc. 1 36,100 218,766 -------------------------------------------------------------------------------- Ultratech, Inc. 1 83,100 1,566,435 -------------------------------------------------------------------------------- Varian Semiconductor Equipment Associates, Inc. 1 25,000 921,250 -------------------------------------------------------------------------------- Virage Logic Corp. 1 75,600 1,403,892 ------------- 120,295,749 -------------------------------------------------------------------------------- SOFTWARE--4.6% Activision, Inc. 1 127,350 2,569,923 -------------------------------------------------------------------------------- Actuate Corp. 1 69,400 176,970 -------------------------------------------------------------------------------- Advent Software, Inc. 1 47,900 980,992 -------------------------------------------------------------------------------- Agile Software Corp. 1 53,600 437,912 -------------------------------------------------------------------------------- Amdocs Ltd. 1 29,000 761,250 -------------------------------------------------------------------------------- Ansoft Corp. 1 48,800 985,760 -------------------------------------------------------------------------------- Ansys, Inc. 1 192,800 6,181,168 -------------------------------------------------------------------------------- Ascential Software Corp. 1 84,300 1,374,933 -------------------------------------------------------------------------------- Aspen Technology, Inc. 1 69,200 429,732 -------------------------------------------------------------------------------- Autodesk, Inc. 31,400 1,191,630 -------------------------------------------------------------------------------- BEA Systems, Inc. 1 172,200 1,525,692 -------------------------------------------------------------------------------- Blackbaud, Inc. 1 7,900 115,656 -------------------------------------------------------------------------------- BMC Software, Inc. 1 130,300 2,423,580 -------------------------------------------------------------------------------- Borland Software Corp. 1 264,200 3,085,856 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- SOFTWARE Continued Cadence Design Systems, Inc. 1 25,100 $ 346,631 -------------------------------------------------------------------------------- Catapult Communications Corp. 1 78,000 1,884,480 -------------------------------------------------------------------------------- CCC Information Services Group, Inc. 1 4,400 97,724 -------------------------------------------------------------------------------- Cognos, Inc. 1 32,400 1,427,544 -------------------------------------------------------------------------------- Compuware Corp. 1 268,700 1,738,489 -------------------------------------------------------------------------------- Concur Technologies, Inc. 1 7,100 63,261 -------------------------------------------------------------------------------- E.piphany, Inc. 1 103,800 501,354 -------------------------------------------------------------------------------- Entrust Technologies, Inc. 1 262,000 992,980 -------------------------------------------------------------------------------- ePlus, inc. 1 21,300 251,553 -------------------------------------------------------------------------------- FactSet Research Systems, Inc. 63,000 3,681,720 -------------------------------------------------------------------------------- Fair Isaac Corp. 55,400 2,032,072 -------------------------------------------------------------------------------- FileNet Corp. 1 79,000 2,035,040 -------------------------------------------------------------------------------- Hyperion Solutions Corp. 1 28,000 1,305,360 -------------------------------------------------------------------------------- Informatica Corp. 1 227,200 1,844,864 -------------------------------------------------------------------------------- InterVoice-Brite, Inc. 1 152,900 2,041,215 -------------------------------------------------------------------------------- JDA Software Group, Inc. 1 16,700 227,454 -------------------------------------------------------------------------------- Kronos, Inc. 1 72,800 3,722,264 -------------------------------------------------------------------------------- Macromedia, Inc. 1 62,300 1,938,776 -------------------------------------------------------------------------------- Macrovision Corp. 1 114,000 2,932,080 -------------------------------------------------------------------------------- Manugistics Group, Inc. 1 183,200 525,784 -------------------------------------------------------------------------------- McAfee, Inc. 1 94,100 2,722,313 -------------------------------------------------------------------------------- Micromuse, Inc. 1 204,100 1,132,755 -------------------------------------------------------------------------------- MICROS Systems, Inc. 1 18,200 1,420,692 -------------------------------------------------------------------------------- Midway Games, Inc. 1 78,300 822,150 -------------------------------------------------------------------------------- Mobius Management Systems, Inc. 1 49,400 358,348 -------------------------------------------------------------------------------- MRO Software, Inc. 1 69,300 902,286 -------------------------------------------------------------------------------- MSC.Software Corp. 1 7,400 77,478 42 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- SOFTWARE Continued NetIQ Corp. 1 140,700 $ 1,717,947 -------------------------------------------------------------------------------- Open Solutions, Inc. 1 6,800 176,528 -------------------------------------------------------------------------------- OPNET Technologies, Inc. 1 18,700 157,454 -------------------------------------------------------------------------------- PalmSource, Inc. 1 54,996 700,649 -------------------------------------------------------------------------------- Parametric Technology Corp. 1 1,144,700 6,742,283 -------------------------------------------------------------------------------- Pervasive Software, Inc. 1 2,700 13,095 -------------------------------------------------------------------------------- Progress Software Corp. 1 19,900 464,665 -------------------------------------------------------------------------------- Quality Systems, Inc. 1 36,500 2,182,700 -------------------------------------------------------------------------------- Quest Software, Inc. 1 26,800 427,460 -------------------------------------------------------------------------------- RSA Security, Inc. 1 218,600 4,385,116 -------------------------------------------------------------------------------- Siebel Systems, Inc. 1 92,500 971,250 -------------------------------------------------------------------------------- SoftBrands, Inc. 1 23,613 51,949 -------------------------------------------------------------------------------- Sonic Solutions, Inc. 1 76,300 1,712,172 -------------------------------------------------------------------------------- Sybase, Inc. 1 339,700 6,777,015 -------------------------------------------------------------------------------- Synopsys, Inc. 1 104,400 2,048,328 -------------------------------------------------------------------------------- Synplicity, Inc. 1 14,000 82,880 -------------------------------------------------------------------------------- Take-Two Interactive Software, Inc. 1 127,200 4,425,288 -------------------------------------------------------------------------------- THQ, Inc. 1 194,200 4,454,948 -------------------------------------------------------------------------------- TIBCO Software, Inc. 1 543,300 7,247,622 -------------------------------------------------------------------------------- Transaction Systems Architects, Inc., Cl. A 1 67,931 1,348,430 -------------------------------------------------------------------------------- Ulticom, Inc. 1 135,949 2,179,262 -------------------------------------------------------------------------------- Verint Systems, Inc. 1 34,100 1,238,853 -------------------------------------------------------------------------------- Verity, Inc. 1 134,900 1,769,888 -------------------------------------------------------------------------------- Wind River Systems, Inc. 1 436,500 5,914,575 -------------------------------------------------------------------------------- Witness Systems, Inc. 1 186,600 3,258,036 ------------- 119,716,114 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- MATERIALS--7.1% -------------------------------------------------------------------------------- CHEMICALS--2.4% Agrium, Inc. 79,500 $ 1,339,575 -------------------------------------------------------------------------------- Albemarle Corp. 43,400 1,680,014 -------------------------------------------------------------------------------- American Vanguard Corp. 10,050 369,639 -------------------------------------------------------------------------------- Arch Chemicals, Inc. 86,200 2,480,836 -------------------------------------------------------------------------------- Cabot Corp. 130,800 5,059,344 -------------------------------------------------------------------------------- Cambrex Corp. 31,000 840,100 -------------------------------------------------------------------------------- Compass Minerals International, Inc. 147,300 3,569,079 -------------------------------------------------------------------------------- Crompton Corp. 209,000 2,466,200 -------------------------------------------------------------------------------- Cytec Industries, Inc. 30,600 1,573,452 -------------------------------------------------------------------------------- Eastman Chemical Co. 34,200 1,974,366 -------------------------------------------------------------------------------- Engelhard Corp. 28,100 861,827 -------------------------------------------------------------------------------- FMC Corp. 1 135,600 6,549,480 -------------------------------------------------------------------------------- Fuller (H.B.) Co. 36,500 1,040,615 -------------------------------------------------------------------------------- Georgia Gulf Corp. 115,400 5,746,920 -------------------------------------------------------------------------------- Great Lakes Chemical Corp. 107,100 3,051,279 -------------------------------------------------------------------------------- Hercules, Inc. 1 18,500 274,725 -------------------------------------------------------------------------------- MacDermid, Inc. 134,500 4,855,450 -------------------------------------------------------------------------------- Material Sciences Corp. 1 4,300 77,357 -------------------------------------------------------------------------------- Minerals Technologies, Inc. 18,500 1,233,950 -------------------------------------------------------------------------------- Mosaic Co. (The) 1 60,100 980,832 -------------------------------------------------------------------------------- OM Group, Inc. 1 77,300 2,506,066 -------------------------------------------------------------------------------- Omnova Solutions, Inc. 1 40,100 225,362 -------------------------------------------------------------------------------- PolyOne Corp. 1 170,100 1,541,106 -------------------------------------------------------------------------------- Schulman (A.), Inc. 51,800 1,109,038 -------------------------------------------------------------------------------- Scotts Co. (The), Cl. A 1 34,100 2,507,032 -------------------------------------------------------------------------------- Stepan Co. 16,300 397,068 -------------------------------------------------------------------------------- Terra Industries, Inc. 1 441,000 3,916,080 -------------------------------------------------------------------------------- Valspar Corp. (The) 8,000 400,080 -------------------------------------------------------------------------------- W.R. Grace & Co. 1 186,300 2,535,543 43 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- CHEMICALS Continued Westlake Chemical Corp. 65,100 $ 2,174,340 ------------- 63,336,755 -------------------------------------------------------------------------------- CONSTRUCTION MATERIALS--0.6% AMCOL International Corp. 60,100 1,207,409 -------------------------------------------------------------------------------- Eagle Materials, Inc. 68,000 5,871,800 -------------------------------------------------------------------------------- Eagle Materials, Inc., Cl. B 1,300 109,590 -------------------------------------------------------------------------------- Florida Rock Industries, Inc. 17,300 1,029,869 -------------------------------------------------------------------------------- Martin Marietta Materials, Inc. 58,200 3,123,012 -------------------------------------------------------------------------------- Texas Industries, Inc. 38,300 2,389,154 -------------------------------------------------------------------------------- Vulcan Materials Co. 30,100 1,643,761 ------------- 15,374,595 -------------------------------------------------------------------------------- CONTAINERS & PACKAGING--1.3% AptarGroup, Inc. 43,600 2,301,208 -------------------------------------------------------------------------------- Ball Corp. 22,400 985,152 -------------------------------------------------------------------------------- Bemis Co., Inc. 11,200 325,808 -------------------------------------------------------------------------------- Caraustar Industries, Inc. 1 55,800 938,556 -------------------------------------------------------------------------------- Crown Holdings, Inc. 1 389,200 5,347,608 -------------------------------------------------------------------------------- Graphic Packaging Corp. 1 108,900 784,080 -------------------------------------------------------------------------------- Greif, Inc., Cl. A 98,200 5,499,200 -------------------------------------------------------------------------------- Longview Fibre Co. 81,800 1,483,852 -------------------------------------------------------------------------------- Owens-Illinois, Inc. 1 200,000 4,530,000 -------------------------------------------------------------------------------- Packaging Corp. of America 20,200 475,710 -------------------------------------------------------------------------------- Packaging Dynamics Corp. 8,280 119,232 -------------------------------------------------------------------------------- Pactiv Corp. 1 24,100 609,489 -------------------------------------------------------------------------------- Rock-Tenn Co., Cl. A 69,100 1,047,556 -------------------------------------------------------------------------------- Silgan Holdings, Inc. 119,100 7,260,336 -------------------------------------------------------------------------------- Smurfit-Stone Container Corp. 51,800 967,624 ------------- 32,675,411 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- METALS & MINING--2.0% AK Steel Holding Corp. 1 499,600 $ 7,229,212 -------------------------------------------------------------------------------- Aleris International, Inc. 1 40,900 692,028 -------------------------------------------------------------------------------- Amerigo Resources Ltd. 1 279,600 450,384 -------------------------------------------------------------------------------- Brush Engineered Materials, Inc. 1 65,500 1,211,750 -------------------------------------------------------------------------------- Carpenter Technology Corp. 71,100 4,156,506 -------------------------------------------------------------------------------- Castle (A.M.) & Co. 1 43,500 519,390 -------------------------------------------------------------------------------- Cleveland-Cliffs, Inc. 27,000 2,804,220 -------------------------------------------------------------------------------- Commercial Metals Co. 41,700 2,108,352 -------------------------------------------------------------------------------- Dynatec Corp. 1 1,276,100 1,171,565 -------------------------------------------------------------------------------- FNX Mining Co., Inc. 1 232,800 1,006,472 -------------------------------------------------------------------------------- Foundation Coal Holdings, Inc. 1 42,900 989,274 -------------------------------------------------------------------------------- Goldcorp, Inc. 68,500 1,032,517 -------------------------------------------------------------------------------- Inmet Mining Corp. 1 136,200 2,448,565 -------------------------------------------------------------------------------- Massey Energy Co. 38,500 1,345,575 -------------------------------------------------------------------------------- Meridian Gold, Inc. 1 38,700 734,497 -------------------------------------------------------------------------------- Metal Management, Inc. 103,500 2,781,045 -------------------------------------------------------------------------------- Olympic Steel, Inc. 1 106,400 2,820,664 -------------------------------------------------------------------------------- Oregon Steel Mills, Inc. 1 104,200 2,114,218 -------------------------------------------------------------------------------- Quanex Corp. 3,500 239,995 -------------------------------------------------------------------------------- Roanoke Electric Steel Corp. 5,800 119,892 -------------------------------------------------------------------------------- RTI International Metals, Inc. 1 35,100 720,954 -------------------------------------------------------------------------------- Ryerson Tull, Inc. 143,500 2,260,125 -------------------------------------------------------------------------------- Southern Peru Copper Corp. 41,700 1,968,657 -------------------------------------------------------------------------------- Steel Dynamics, Inc. 29,400 1,113,672 -------------------------------------------------------------------------------- Steel Technologies, Inc. 48,219 1,326,505 -------------------------------------------------------------------------------- Stillwater Mining Co. 1 114,700 1,291,522 44 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- METALS & MINING Continued Titanium Metals Corp. 1 33,800 $ 815,932 -------------------------------------------------------------------------------- United States Steel Corp. 34,600 1,773,250 -------------------------------------------------------------------------------- Wheaton River Minerals Ltd. 1 383,900 1,249,601 -------------------------------------------------------------------------------- Wheeling- Pittsburgh Corp. 1 28,100 1,082,974 -------------------------------------------------------------------------------- Worthington Industries, Inc. 157,800 3,089,724 ------------- 52,669,037 -------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS--0.8% Bowater, Inc. 31,100 1,367,467 -------------------------------------------------------------------------------- Buckeye Technologies, Inc. 1 64,200 835,242 -------------------------------------------------------------------------------- Deltic Timber Corp. 4,300 182,535 -------------------------------------------------------------------------------- Glatfelter 143,700 2,195,736 -------------------------------------------------------------------------------- Louisiana- Pacific Corp. 106,100 2,837,114 -------------------------------------------------------------------------------- Neenah Paper, Inc. 1 72,900 2,376,540 -------------------------------------------------------------------------------- Pope & Talbot, Inc. 150,400 2,573,344 -------------------------------------------------------------------------------- Potlatch Corp. 126,300 6,388,254 -------------------------------------------------------------------------------- Wausau-Mosinee Paper Corp. 104,400 1,864,584 ------------- 20,620,816 -------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--1.0% -------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--0.3% Alaska Communications Systems Group, Inc. 1 61,300 529,019 -------------------------------------------------------------------------------- Arbinet Holdings, Inc. 1 44,400 1,103,340 -------------------------------------------------------------------------------- AXXENT, Inc. 1,3 100,000 -- -------------------------------------------------------------------------------- CenturyTel, Inc. 58,500 2,074,995 -------------------------------------------------------------------------------- Commonwealth Telephone Enterprises, Inc. 1 900 44,694 -------------------------------------------------------------------------------- Crown Castle International Corp. 1 39,900 663,936 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES Continued CT Communications, Inc. 41,500 $ 510,450 -------------------------------------------------------------------------------- D&E Communications, Inc. 4,000 48,200 -------------------------------------------------------------------------------- Iowa Telecommunications Services, Inc. 1 82,700 1,783,839 -------------------------------------------------------------------------------- North Pittsburgh Systems, Inc. 64,600 1,597,558 -------------------------------------------------------------------------------- Shenandoah Telecommunications Co. 5,200 155,740 -------------------------------------------------------------------------------- Time Warner Telecom, Inc., Cl. A 1 18,700 81,532 ------------- 8,593,303 -------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--0.7% @Road, Inc. 1 111,100 767,701 -------------------------------------------------------------------------------- AirGate PCS, Inc. 1 18,800 669,280 -------------------------------------------------------------------------------- Alamosa Holdings, Inc. 1 191,100 2,383,017 -------------------------------------------------------------------------------- Boston Communications Group, Inc. 1 22,200 205,128 -------------------------------------------------------------------------------- InPhonic, Inc. 1 38,100 1,046,988 -------------------------------------------------------------------------------- Nextel Partners, Inc., Cl. A 1 78,700 1,537,798 -------------------------------------------------------------------------------- Price Communications Corp. 36,500 678,535 -------------------------------------------------------------------------------- SBA Communications Corp. 1 193,000 1,791,040 -------------------------------------------------------------------------------- Telephone & Data Systems, Inc. 16,300 1,254,285 -------------------------------------------------------------------------------- UbiquiTel, Inc. 1 636,000 4,528,320 -------------------------------------------------------------------------------- United States Cellular Corp. 1 25,000 1,119,000 -------------------------------------------------------------------------------- USA Mobility, Inc. 1 66,000 2,330,460 ------------- 18,311,552 45 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- UTILITIES--1.6% -------------------------------------------------------------------------------- ELECTRIC UTILITIES--1.2% ALLETE, Inc. 63,300 $ 2,326,275 -------------------------------------------------------------------------------- Aquila, Inc. 1 470,800 1,737,252 -------------------------------------------------------------------------------- Calpine Corp. 1 340,400 1,341,176 -------------------------------------------------------------------------------- Canadian Hydro Developers, Inc. 1 406,000 1,148,721 -------------------------------------------------------------------------------- CH Energy Group, Inc. 81,200 3,901,660 -------------------------------------------------------------------------------- CMS Energy Corp. 1 515,500 5,386,975 -------------------------------------------------------------------------------- Duquesne Light Holdings, Inc. 900 16,965 -------------------------------------------------------------------------------- El Paso Electric Co. 1 63,400 1,200,796 -------------------------------------------------------------------------------- Green Mountain Power Corp. 12,800 369,024 -------------------------------------------------------------------------------- IDACORP, Inc. 159,700 4,882,029 -------------------------------------------------------------------------------- Northeast Utilities Co. 59,300 1,117,805 -------------------------------------------------------------------------------- NRG Energy, Inc. 1 15,800 569,590 -------------------------------------------------------------------------------- Ormat Technologies, Inc. 1 224,600 3,656,488 -------------------------------------------------------------------------------- PNM Resources, Inc. 125,100 3,163,779 -------------------------------------------------------------------------------- Reliant Energy, Inc. 1 33,400 455,910 --------------- 31,274,445 -------------------------------------------------------------------------------- GAS UTILITIES--0.3% Atmos Energy Corp. 90,700 2,480,645 -------------------------------------------------------------------------------- Chesapeake Utilities Corp. 15,600 416,520 -------------------------------------------------------------------------------- Energen Corp. 27,200 1,603,426 -------------------------------------------------------------------------------- Laclede Group, Inc. (The) 8,000 249,200 -------------------------------------------------------------------------------- New Jersey Resources Corp. 12,500 541,750 -------------------------------------------------------------------------------- Nicor, Inc. 18,400 679,696 -------------------------------------------------------------------------------- ONEOK, Inc. 22,200 630,924 -------------------------------------------------------------------------------- Southwest Gas Corp. 29,800 756,920 -------------------------------------------------------------------------------- WGL Holdings, Inc. 2,800 86,352 --------------- 7,445,433 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- MULTI-UTILITIES & UNREGULATED POWER--0.1% Dynegy, Inc. 1 104,900 $ 484,638 -------------------------------------------------------------------------------- Energy East Corp. 14,200 378,856 -------------------------------------------------------------------------------- Sierra Pacific Resources 1 184,200 1,934,100 --------------- 2,797,594 --------------- Total Common Stocks (Cost $2,070,741,232) 2,580,486,218 -------------------------------------------------------------------------------- PREFERRED STOCKS--0.0% -------------------------------------------------------------------------------- Simon Property Group Inc., 6% Cv., Non-Vtg. (Cost $93,170) 1,740 103,043 UNITS -------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES--0.0% -------------------------------------------------------------------------------- Timco Aviation Services, Inc. Wts., Exp. 2/28/07 1,3 (Cost $0) 3,661 37 PRINCIPAL AMOUNT -------------------------------------------------------------------------------- NON-CONVERTIBLE CORPORATE BONDS AND NOTES--0.0% -------------------------------------------------------------------------------- Mueller Industries, Inc., 6% Sub. Nts., 11/1/14 $ 655,000 645,175 -------------------------------------------------------------------------------- Timco Aviation Services, Inc., 8% Sub. Nts., 1/2/07 3,4 3,969 278 --------------- Total Non- Convertible Corporate Bonds and Notes (Cost $657,052) 645,453 46 | OPPENHEIMER MAIN STREET SMALL CAP FUND PRINCIPAL VALUE AMOUNT SEE NOTE 1 -------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--0.8% -------------------------------------------------------------------------------- Undivided interest of 1.46% in joint repurchase agreement (Principal Amount/ Value $1,443,703,000, with a maturity value of $1,443,962,867) with UBS Warburg LLC, 2.16%, dated 12/31/04, to be repurchased at $21,124,802 on 1/3/05, collateralized by Federal National Mortgage Assn., 5%--6%, 4/1/34--10/1/34, with a value of 1,474,609,071 (Cost $21,121,000) $21,121,000 $ 21,121,000 -------------------------------------------------------------------------------- Total Investments, at value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $2,092,612,454) 2,602,355,751 -------------------------------------------------------------------------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--21.4% -------------------------------------------------------------------------------- ASSET BACKED FLOATING NOTE--1.3% Money Market Trust, Series A, 2.478%, 1/18/05 5 7,000,000 7,000,000 -------------------------------------------------------------------------------- Whitehawk CDO Funding Corp., 2.56%, 3/15/05 5 27,000,000 27,000,000 ----------------- 34,000,000 -------------------------------------------------------------------------------- FUNDING AGREEMENT/GIC--0.7% Protective Life Insurance Co., 2.25%, 1/31/05 5 18,000,000 18,000,000 -------------------------------------------------------------------------------- MASTER FLOATING NOTES--1.5% Bear Stearns, 2.493%, 1/3/05 5 17,000,000 17,000,000 -------------------------------------------------------------------------------- Merrill Lynch Mortgage Capital, 2.413%, 1/3/05 5 21,000,000 21,000,000 ----------------- 38,000,000 -------------------------------------------------------------------------------- MEDIUM-TERM FLOATING NOTE--4.5% American Express Credit Corp., 2.45% Nts., Series B, 1/11/05 5 4,000,530 4,000,530 American Express Credit Corp., 2.432% Sr. Nts., 1/18/05 5 20,028,750 20,028,750 PRINCIPAL VALUE AMOUNT SEE NOTE 1 -------------------------------------------------------------------------------- MEDIUM-TERM FLOATING NOTE Continued CIT Group, Inc., 2.187% Sr. Nts., 1/31/05 5 $ 13,852,762 $ 13,852,762 -------------------------------------------------------------------------------- Countrywide Home Loans, Inc., 2.436% Unsec. Unsub. Nts., Series M, 2/22/05 5 11,998,956 11,998,956 Countrywide Home Loans, Inc., 2.11% Nts., Series L, 1/18/05 5 11,759,145 11,759,145 -------------------------------------------------------------------------------- Deutsche Bank AG (New York), 2.208% Deposit Nts., 1/14/05 5 24,000,000 24,000,000 -------------------------------------------------------------------------------- General Electric Capital Corp., 2.443% Nts., 1/3/05 5 10,027,734 10,027,734 -------------------------------------------------------------------------------- Morgan Stanley, 2.365% Sr. Nts., 1/3/05 5 22,000,000 22,000,000 ----------------- 117,667,877 -------------------------------------------------------------------------------- REPURCHASE AGREEMENTS--9.2% Undivided interest of 33.33% in joint repurchase agreement (Principal Amount/ Value $300,000,000, with a maturity value of $300,059,063) with CDC Financial Products, Inc., 2.3625%, dated 12/31/04, to be repurchased at $100,019,688 on 1/3/05, collateralized by AAA Asset-Backed Securities, 0%-4.725%, 10/15/08- 2/15/34, with a value of $315,062,016 5 100,000,000 100,000,000 -------------------------------------------------------------------------------- Undivided interest of 5.03% in joint repurchase agreement (Principal Amount/ Value $2,800,000,000, with a maturity value of $2,800,550,669) with Nomura Securities, 2.36%, dated 12/31/04, to be repurchased at $140,974,504 on 1/3/05, collateralized by U.S. Government Mortgage Agencies, 2.58%-7.50%, 1/15/08- 10/15/44, with a value of $2,908,566,289 5 140,946,784 140,946,784 ----------------- 240,946,784 47 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- PRINCIPAL VALUE AMOUNT SEE NOTE 1 -------------------------------------------------------------------------------- TIME DEPOSIT--0.7% Bank Nederlandse Gemeenten BNG, 1.929%, 1/31/05 5 $18,000,000 $ 18,000,000 -------------------------------------------------------------------------------- U.S. AGENCIES--2.4% Federal Home Loan Mortgage Corp., 2.415% Unsec. Nts., 3/9/05 5 37,000,000 37,000,000 -------------------------------------------------------------------------------- Federal National Mortgage Assn., 2.021% Unsec. Nts., 1/21/05 5 24,983,640 24,983,640 --------------- 61,983,640 -------------------------------------------------------------------------------- YANKEE FLOATING CERTIFICATE OF DEPOSIT--1.1% BNP Paribas (NY Branch), 2.336% Deposit Nts., 1/3/05 5 20,107,500 20,107,500 -------------------------------------------------------------------------------- Natexis Banque NY, 2.193% Deposit Nts., 1/3/05 5 9,996,000 9,996,000 --------------- 30,103,500 --------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $558,701,801) 558,701,801 -------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $2,651,314,255) 121.2% $ 3,161,057,552 -------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (21.2) (553,461,951) ---------------------------------- NET ASSETS 100.0% $ 2,607,595,601 ================================== FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Non-income producing security. 2. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $698,973 or 0.03% of the Fund's net assets as of December 31, 2004. 3. Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of December 31, 2004 was $1,402,556, which represents 0.05% of the Fund's net assets, of which $1,402,241 is considered restricted. See Note 6 of Notes to Financial Statements. 4. Interest or dividend is paid-in-kind. 5. The security has been segregated to satisfy the forward commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 7 of Notes to Financial Statements. 6. The Fund holds securities which have been issued by the same entity and that trade on separate exchanges. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 48 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF ASSETS AND LIABILITIES Unaudited ------------------------------------------------------------------------------------------------ December 31, 2004 ------------------------------------------------------------------------------------------------ ASSETS ------------------------------------------------------------------------------------------------ Investments, at value (including securities loaned of $546,079,426) (cost $2,651,314,255)--see accompanying statement of investments $3,161,057,552 ------------------------------------------------------------------------------------------------ Cash 1,661,185 ------------------------------------------------------------------------------------------------ Receivables and other assets: Investments sold 6,212,509 Shares of beneficial interest sold 5,706,931 Interest and dividends 1,357,526 Other 16,749 --------------- Total assets 3,176,012,452 ------------------------------------------------------------------------------------------------ LIABILITIES ------------------------------------------------------------------------------------------------ Return of collateral for securities loaned 558,701,801 ------------------------------------------------------------------------------------------------ Payables and other liabilities: Investments purchased 3,706,025 Shares of beneficial interest redeemed 3,641,920 Distribution and service plan fees 1,459,979 Transfer and shareholder servicing agent fees 561,457 Shareholder communications 238,508 Trustees' compensation 26,144 Other 81,017 ---------------- Total liabilities 568,416,851 ------------------------------------------------------------------------------------------------ NET ASSETS $ 2,607,595,601 ================ ------------------------------------------------------------------------------------------------ COMPOSITION OF NET ASSETS ------------------------------------------------------------------------------------------------ Par value of shares of beneficial interest $ 132,128 ------------------------------------------------------------------------------------------------ Additional paid-in capital 2,018,861,417 ------------------------------------------------------------------------------------------------ Accumulated net investment loss (6,736,408) ------------------------------------------------------------------------------------------------ Accumulated net realized gain on investments and foreign currency 85,594,187 transactions ------------------------------------------------------------------------------------------------ Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies 509,744,277 ---------------- NET ASSETS $ 2,607,595,601 ================
49 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF ASSETS AND LIABILITIES Unaudited / Continued ------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------ NET ASSET VALUE PER SHARE ------------------------------------------------------------------------------------------------ Class A Shares: Net asset value and redemption price per share (based on net assets of $1,418,136,794 and 70,611,164 shares of beneficial interest outstanding) $20.08 Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) $21.31 ------------------------------------------------------------------------------------------------ Class B Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $534,005,789 and 27,844,051 shares of beneficial interest outstanding) $19.18 ------------------------------------------------------------------------------------------------ Class C Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $473,645,731 and 24,642,727 shares of beneficial interest outstanding) $19.22 ------------------------------------------------------------------------------------------------ Class N Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $111,806,585 and 5,635,635 shares of beneficial interest outstanding) $19.84 ------------------------------------------------------------------------------------------------ Class Y Shares: Net asset value, redemption price and offering price per share (based on net assets of $70,000,702 and 3,394,370 shares of beneficial interest outstanding) $20.62
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 50 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF OPERATIONS Unaudited ------------------------------------------------------------------------------ For the Six Months Ended December 31, 2004 ------------------------------------------------------------------------------ INVESTMENT INCOME ------------------------------------------------------------------------------ Dividends (net of foreign withholding taxes of $34,041) $10,127,591 ------------------------------------------------------------------------------ Portfolio lending fees 652,556 ------------------------------------------------------------------------------ Interest 424,033 ------------ Total investment income 11,204,180 ------------------------------------------------------------------------------ EXPENSES ------------------------------------------------------------------------------ Management fees 7,170,418 ------------------------------------------------------------------------------ Distribution and service plan fees: Class A 1,515,407 Class B 2,391,702 Class C 2,062,026 Class N 232,818 ------------------------------------------------------------------------------ Transfer and shareholder servicing agent fees: Class A 1,733,439 Class B 704,003 Class C 488,619 Class N 189,210 Class Y 10,531 ------------------------------------------------------------------------------ Shareholder communications: Class A 113,879 Class B 104,935 Class C 50,477 Class N 5,187 ------------------------------------------------------------------------------ Custodian fees and expenses 24,730 ------------------------------------------------------------------------------ Trustees' compensation 21,668 ------------------------------------------------------------------------------ Other 76,658 ------------ Total expenses 16,895,707 Less reduction to custodian expenses (5,306) Less payments and waivers of expenses (28,930) ------------ Net expenses 16,861,471 ------------------------------------------------------------------------------ NET INVESTMENT LOSS (5,657,291) 51 | OPPENHEIMER MAIN STREET SMALL CAP FUND
STATEMENT OF OPERATIONS Unaudited / Continued --------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) --------------------------------------------------------------------------------------- Net realized gain on: Investments $208,071,690 Foreign currency transactions 976,555 ------------- Net realized gain 209,048,245 --------------------------------------------------------------------------------------- Net change in unrealized appreciation on: Investments 100,550,662 Translation of assets and liabilities denominated in foreign currencies (1,979,500) ------------- Net change in unrealized appreciation 98,571,162 --------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $301,962,116 =============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 52 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENTS OF CHANGES IN NET ASSETS --------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR DECEMBER 31, ENDED 2004 JUNE 30, (UNAUDITED) 2004 --------------------------------------------------------------------------------------------------- OPERATIONS --------------------------------------------------------------------------------------------------- Net investment loss $ (5,657,291) $ (13,738,873) --------------------------------------------------------------------------------------------------- Net realized gain 209,048,245 267,310,051 --------------------------------------------------------------------------------------------------- Net change in unrealized appreciation 98,571,162 168,751,120 ----------------------------------- Net increase in net assets resulting from operations 301,962,116 422,322,298 --------------------------------------------------------------------------------------------------- DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS --------------------------------------------------------------------------------------------------- Distributions from net realized gain: Class A (125,308,831) -- Class B (49,477,346) -- Class C (43,436,980) -- Class N (10,035,671) -- Class Y (5,774,095) -- --------------------------------------------------------------------------------------------------- BENEFICIAL INTEREST TRANSACTIONS --------------------------------------------------------------------------------------------------- Net increase in net assets resulting from beneficial interest transactions: Class A 201,261,329 378,933,360 Class B 40,810,488 44,527,545 Class C 61,113,712 81,015,380 Class N 24,121,737 27,655,726 Class Y 51,492,640 4,356,492 --------------------------------------------------------------------------------------------------- NET ASSETS --------------------------------------------------------------------------------------------------- Total increase 446,729,099 958,810,801 --------------------------------------------------------------------------------------------------- Beginning of period 2,160,866,502 1,202,055,701 ----------------------------------- End of period (including accumulated net investment loss of $6,736,408 and $1,079,117, respectively) $ 2,607,595,601 $ 2,160,866,502 ===================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 53 | OPPENHEIMER MAIN STREET SMALL CAP FUND FINANCIAL HIGHLIGHTS --------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR DECEMBER 31, ENDED 2004 JUNE 30, CLASS A (UNAUDITED) 2004 2003 2002 2001 2000 1 ------------------------------------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA ------------------------------------------------------------------------------------------------------------------------------ Net asset value, beginning of period $ 19.52 $ 14.78 $ 15.12 $ 15.02 $ 14.77 $ 10.00 ------------------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment loss (.03) 2 (.10) (.08) (.08) (.08) (.06) Net realized and unrealized gain (loss) 2.55 4.84 (.26) .19 1.12 4.85 ---------------------------------------------------------------------------------- Total from investment operations 2.52 4.74 (.34) .11 1.04 4.79 ------------------------------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Distributions from net realized gain (1.96) -- -- (.01) (.79) (.02) ------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 20.08 $ 19.52 $ 14.78 $ 15.12 $ 15.02 $ 14.77 ================================================================================== ------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 3 13.32% 32.07% (2.25)% 0.71% 7.66% 47.98% ------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA ------------------------------------------------------------------------------------------------------------------------------ Net assets, end of period (in thousands) $1,418,137 $1,177,389 $584,052 $512,337 $294,780 $141,721 ------------------------------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $1,218,244 $ 904,397 $490,057 $386,221 $205,916 $ 75,295 ------------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets: 4 Net investment loss (0.20)% (0.42)% (0.59)% (0.50)% (0.60)% (0.82)% Total expenses 1.20% 1.17% 1.39% 1.37% 1.28% 1.50% Expenses after payments and waivers and reduction to custodian expenses N/A 5,6 N/A 5,6 1.36% N/A 5 N/A 5 N/A 5 ------------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 75% 127% 117% 134% 181% 108%
1. For the period from August 2, 1999 (commencement of operations) to June 30, 2000. 2. Per share amounts calculated based on the average shares outstanding during the period. 3. 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. 4. Annualized for periods of less than one full year. 5. Reduction to custodian expenses less than 0.01%. 6. Voluntary waiver of transfer agent fees less than 0.01%. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 54 | OPPENHEIMER MAIN STREET SMALL CAP FUND
SIX MONTHS ENDED YEAR DECEMBER 31, ENDED 2004 JUNE 30, CLASS B (UNAUDITED) 2004 2003 2002 2001 2000 1 ---------------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA ---------------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 18.79 $ 14.35 $ 14.79 $ 14.80 $ 14.68 $ 10.00 ---------------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment loss (.09) 2 (.20) (.14) (.12) (.14) (.11) Net realized and unrealized gain (loss) 2.44 4.64 (.30) .12 1.05 4.81 ---------------------------------------------------------------------------------- Total from investment operations 2.35 4.44 (.44) -- .91 4.70 ---------------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Distributions from net realized gain (1.96) -- -- (.01) (.79) (.02) ---------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 19.18 $ 18.79 $ 14.35 $ 14.79 $ 14.80 $ 14.68 ================================================================================== ---------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 3 12.92% 30.94% (2.98)% (0.02)% 6.79% 47.08% ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA ---------------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $534,006 $482,028 $330,174 $285,102 $177,479 $ 99,060 ---------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $476,303 $432,160 $268,057 $218,939 $128,350 $ 51,951 ---------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 4 Net investment loss (0.99)% (1.26)% (1.34)% (1.25)% (1.36)% (1.53)% Total expenses 1.98% 2.01% 2.21% 2.12% 2.05% 2.21% Expenses after payments and waivers and reduction to custodian expenses N/A 5 N/A 5,6 2.11% N/A 5 N/A 5 N/A 5 ---------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 75% 127% 117% 134% 181% 108%
1. For the period from August 2, 1999 (commencement of operations) to June 30, 2000. 2. Per share amounts calculated based on the average shares outstanding during the period. 3. 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. 4. Annualized for periods of less than one full year. 5. Reduction to custodian expenses less than 0.01%. 6. Voluntary waiver of transfer agent fees less than 0.01%. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 55 | OPPENHEIMER MAIN STREET SMALL CAP FUND FINANCIAL HIGHLIGHTS Continued
SIX MONTHS ENDED YEAR DECEMBER 31, ENDED 2004 JUNE 30, CLASS C (UNAUDITED) 2004 2003 2002 2001 2000 1 --------------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA --------------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 18.82 $ 14.36 $ 14.79 $ 14.81 $ 14.68 $ 10.00 --------------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment loss (.09) 2 (.17) (.13) (.10) (.13) (.10) Net realized and unrealized gain (loss) 2.45 4.63 (.30) .09 1.05 4.80 --------------------------------------------------------------------------------- Total from investment operations 2.36 4.46 (.43) (.01) .92 4.70 --------------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Distributions from net realized gain (1.96) -- -- (.01) (.79) (.02) --------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 19.22 $ 18.82 $ 14.36 $ 14.79 $ 14.81 $ 14.68 --------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 3 12.95% 31.06% (2.91)% (0.09)% 6.86% 47.08% --------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA --------------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $473,646 $402,056 $238,717 $186,108 $ 89,814 $ 43,695 --------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $410,652 $340,201 $186,380 $127,393 $ 60,762 $ 21,984 --------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 4 Net investment loss (0.91)% (1.17)% (1.30)% (1.23)% (1.36)% (1.54)% Total expenses 1.91% 5,6 1.91% 5,6 2.07% 5 2.12% 5 2.05% 5 2.21% 5 --------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 75% 127% 117% 134% 181% 108%
1. For the period from August 2, 1999 (commencement of operations) to June 30, 2000. 2. Per share amounts calculated based on the average shares outstanding during the period. 3. 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. 4. Annualized for periods of less than one full year. 5. Reduction to custodian expenses less than 0.01%. 6. Voluntary waiver of transfer agent fees less than 0.01%. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 56 | OPPENHEIMER MAIN STREET SMALL CAP FUND
SIX MONTHS ENDED YEAR DECEMBER 31, ENDED 2004 JUNE 30, CLASS N (UNAUDITED) 2004 2003 2002 2000 1 ------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA ------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 19.33 $ 14.69 $ 15.05 $ 15.00 $ 13.53 ------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment loss (.05) 2 (.14) (.11) (.12) (.02) Net realized and unrealized gain (loss) 2.52 4.78 (.25) .18 1.49 ------------------------------------------------------------- Total from investment operations 2.47 4.64 (.36) .06 1.47 ------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Distributions from net realized gain (1.96) -- -- (.01) -- ------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 19.84 $ 19.33 $ 14.69 $ 15.05 $ 15.00 ============================================================= ------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 3 13.19% 31.59% (2.39)% 0.38% 10.87% ------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA ------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $111,807 $ 84,678 $ 41,474 $ 14,557 $ 995 ------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $ 92,811 $ 65,107 $ 24,417 $ 5,924 $ 445 ------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 4 Net investment loss (0.50)% (0.77)% (0.83)% (0.66)% (0.76)% Total expenses 1.56% 1.61% 1.64% 1.65% 1.59% Expenses after payments and waivers and reduction to custodian expenses 1.50% 1.52% 1.60% N/A 5 N/A 5 ------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 75% 127% 117% 134% 181%
1. For the period from March 1, 2001 (commencement of operations) to June 30, 2001. 2. Per share amounts calculated based on the average shares outstanding during the period. 3. 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. 4. Annualized for periods of less than one full year. 5. Reduction to custodian expenses less than 0.01%. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 57 | OPPENHEIMER MAIN STREET SMALL CAP FUND
FINANCIAL HIGHLIGHTS Continued --------------------------------------------------------------------------------------------------------------------------- SIX MONTHS ENDED YEAR DECEMBER 31, ENDED 2004 JUNE 30, CLASS Y (UNAUDITED) 2004 2003 2002 2001 2000 1 --------------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA --------------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 19.94 $ 15.03 $ 15.27 $ 15.11 $ 14.82 $ 10.00 --------------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income (loss) .04 2 (.03) (.07) (.10) (.05) (.04) Net realized and unrealized gain (loss) 2.60 4.94 (.17) .27 1.13 4.88 --------------------------------------------------------------------------- Total from investment operations 2.64 4.91 (.24) .17 1.08 4.84 --------------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Distributions from net realized gain (1.96) -- -- (.01) (.79) (.02) --------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 20.62 $ 19.94 $ 15.03 $ 15.27 $ 15.11 $ 14.82 =========================================================================== --------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 3 13.64% 32.67% (1.57)% 1.11% 7.90% 48.48% --------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA --------------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $ 70,001 $ 14,714 $ 7,637 $ 1,619 $ 2 $ 1 --------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $ 41,573 $ 11,428 $ 3,460 $ 813 $ 2 $ 1 --------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 4 Net investment income (loss) 0.36% 0.06% 0.00% 0.01% (0.23)% (0.37)% Total expenses 0.70% 0.70% 0.79% 0.97% 0.89% 1.18% Expenses after payments and waivers and reduction to custodian expenses N/A 5 N/A 5 N/A 5 0.93% N/A 5 N/A --------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 75% 127% 117% 134% 181% 108%
1. For the period from August 2, 1999 (commencement of operations) to June 30, 2000. 2. Per share amounts calculated based on the average shares outstanding during the period. 3. 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. 4. Annualized for periods of less than one full year. 5. Reduction to custodian expenses less than 0.01%. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 58 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS Unaudited -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Oppenheimer Main Street Small Cap Fund (the Fund) is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund's investment objective is to seek capital appreciation. The Fund's investment advisor is OppenheimerFunds, Inc. (the Manager). The Fund offers Class A, Class B, Class C, Class N and Class Y shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class B, Class C and Class N shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (CDSC). Class N shares are sold only through retirement plans. Retirement plans that offer Class N shares may impose charges on those accounts. Class Y shares are sold to certain institutional investors without either a front-end sales charge or a CDSC, however, the institutional investor may impose charges on those accounts. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B, C and N have separate distribution and/or service plans. No such plan has been adopted for Class Y shares. Class B shares will automatically convert to Class A shares six years after the date of purchase. The following is a summary of significant accounting policies consistently followed by the Fund. -------------------------------------------------------------------------------- SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of The New York Stock Exchange (the Exchange), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Securities 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. Corporate, government and municipal debt instruments having a remaining maturity in excess of 60 days and all mortgage-backed securities will be valued at the mean between the "bid" and "asked" prices. 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 59 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS Unaudited / Continued -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued remaining maturities of sixty days or less are valued at amortized cost (which approximates market value). -------------------------------------------------------------------------------- FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. Prices of securities denominated in foreign currencies are translated into U.S. dollars 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. 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 60 | OPPENHEIMER MAIN STREET SMALL CAP FUND not offset by capital loss carryforwards, if any, to shareholders, therefore, no federal income or excise tax provision is required. Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund. At December 31, 2004, the Fund did not utilize any capital loss carryforward. During the year ended June 30, 2004, the Fund did utilize $70,002,232 of capital loss carryforward to offset realized capital gains. -------------------------------------------------------------------------------- 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 purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of "Other" within the asset section of the Statement of Assets and Liabilities. Deferral of trustees' fees under the plan will not affect the net assets of the Fund, and will not materially affect the Fund's assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance to the Plan. -------------------------------------------------------------------------------- DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. Income and capital gain distributions, if any, are declared and paid annually. -------------------------------------------------------------------------------- INVESTMENT INCOME. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income, which includes accretion of discount and amortization of premium, is accrued as earned. -------------------------------------------------------------------------------- CUSTODIAN FEES. Custodian Fees and Expenses in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdrafts at a rate equal to the Federal Funds Rate plus 0.50%. The Reduction to Custodian Expenses line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings. 61 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS Unaudited / Continued -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued 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. -------------------------------------------------------------------------------- 2. SHARES OF BENEFICIAL INTEREST The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:
SIX MONTHS ENDED DECEMBER 31, 2004 YEAR ENDED JUNE 30, 2004 SHARES AMOUNT SHARES AMOUNT -------------------------------------------------------------------------------------------------------- CLASS A Sold 12,621,277 $ 245,125,728 32,939,499 $ 598,701,241 Dividends and/or distributions reinvested 6,059,391 117,188,697 -- -- Redeemed (8,391,887) (161,053,096) (12,136,242) (219,767,881) ------------------------------------------------------------------- Net increase 10,288,781 $ 201,261,329 20,803,257 $ 378,933,360 =================================================================== -------------------------------------------------------------------------------------------------------- CLASS B Sold 2,017,463 $ 37,604,672 6,984,210 $ 120,455,940 Dividends and/or distributions reinvested 2,487,163 45,962,786 -- -- Redeemed (2,311,075) (42,756,970) (4,345,520) (75,928,395) ------------------------------------------------------------------- Net increase 2,193,551 $ 40,810,488 2,638,690 $ 44,527,545 =================================================================== -------------------------------------------------------------------------------------------------------- CLASS C Sold 3,008,924 $ 56,092,847 8,263,691 $ 143,367,935 Dividends and/or distributions reinvested 2,070,937 38,353,765 -- -- Redeemed (1,797,553) (33,332,900) (3,529,199) (62,352,555) ------------------------------------------------------------------- Net increase 3,282,308 $ 61,113,712 4,734,492 $ 81,015,380 =================================================================== -------------------------------------------------------------------------------------------------------- CLASS N Sold 1,342,345 $ 25,923,166 2,411,657 $ 43,148,843 Dividends and/or distributions reinvested 506,098 9,671,541 -- -- Redeemed (593,146) (11,472,970) (855,151) (15,493,117) ------------------------------------------------------------------- Net increase 1,255,297 $ 24,121,737 1,556,506 $ 27,655,726 =================================================================== -------------------------------------------------------------------------------------------------------- CLASS Y Sold 2,619,302 $ 50,788,546 477,927 $ 8,743,537 Dividends and/or distributions reinvested 290,730 5,773,898 -- -- Redeemed (253,468) (5,069,804) (248,379) (4,387,045) ------------------------------------------------------------------- Net increase 2,656,564 $ 51,492,640 229,548 $ 4,356,492 ===================================================================
62 | OPPENHEIMER MAIN STREET SMALL CAP FUND -------------------------------------------------------------------------------- 3. PURCHASES AND SALES OF SECURITIES The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the six months ended December 31, 2004, were $1,845,936,078 and $1,677,036,963, 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. -------------------------------------------------------------------------------- TRANSFER AGENT FEES. OppenheimerFunds Services (OFS), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the six months ended December 31, 2004, the Fund paid $2,994,053 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 and 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 63 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS Unaudited / Continued -------------------------------------------------------------------------------- ------------------------------------------------------------------------------- 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued 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 December 31, 2004 for Class B, Class C and Class N shares were $6,902,649, $4,474,906 and $1,216,699, respectively. Fees incurred by the Fund under the plans are detailed in the Statement of Operations. ------------------------------------------------------------------------------- SALES CHARGES. Front-end sales charges and contingent deferred sales charges (CDSC) do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the table below for the period indicated.
CLASS A CLASS B CLASS C CLASS N CLASS A CONTINGENT CONTINGENT CONTINGENT CONTINGENT FRONT-END SALES DEFERRED SALES DEFERRED SALES DEFERRED SALES DEFERRED SALES CHARGES CHARGES CHARGES CHARGES CHARGES SIX MONTHS RETAINED BY RETAINED BY RETAINED BY RETAINED BY RETAINED BY ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR ---------------------------------------------------------------------------------------------------------- December 31, 2004 $543,591 $ 29,827 $349,122 $ 27,780 $23,315
-------------------------------------------------------------------------------- PAYMENTS AND WAIVERS OF EXPENSES. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class. During the six months ended December 31, 2004, OFS waived $9, $4 and $28,917 for Class A, 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. 64 | OPPENHEIMER MAIN STREET SMALL CAP FUND The Fund may realize a gain or loss upon the closing or settlement of the foreign transaction. Contracts closed or settled with the same broker are recorded as net realized gains or losses. Such realized gains and losses are reported with all other foreign currency gains and losses in the Statement of Operations. As of December 31, 2004, the Fund had no outstanding foreign currency contracts. -------------------------------------------------------------------------------- 6. ILLIQUID OR RESTRICTED SECURITIES As of December 31, 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 will not invest more than 10% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid or restricted securities. Certain restricted securities, eligible for resale to qualified institutional investors, are not subject to that limitation. Information concerning restricted securities is as follows:
VALUATION AS OF UNREALIZED ACQUISITION DECEMBER 31, APPRECIATION SECURITY DATES COST 2004 (DEPRECIATION) ------------------------------------------------------------------------------------------------------- Lightning Energy Ltd. 11/8/04 $691,667 $635,326 $ (56,341) ProspEx Resources Ltd. 11/17/04 120,752 125,623 4,871 Tusk Energy Corp. 11/15/04 492,524 641,292 148,768
-------------------------------------------------------------------------------- 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 December 31, 2004, the Fund had on loan securities valued at $546,079,426. Cash of $558,701,801 was received as collateral for the loans, all of which was invested in approved instruments. 65 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS Unaudited / Continued -------------------------------------------------------------------------------- ------------------------------------------------------------------------------- 8. LITIGATION A consolidated amended complaint has been filed as putative derivative and class actions against the Manager, OFS and the Distributor (collectively, the "Oppenheimer defendants"), as well as 51 of the Oppenheimer funds (as "Nominal Defendants") including the Fund, 31 present and former Directors or Trustees and 9 present and former officers of the funds. This complaint, filed in the U.S. District Court for the Southern District of New York on January 10, 2005, consolidates into a single action and amends six individual previously-filed putative derivative and class action complaints. Like those prior complaints, the complaint alleges that the Manager charged excessive fees for distribution and other costs, improperly used assets of the funds in the form of directed brokerage commissions and 12b-1 fees to pay brokers to promote sales of the funds, and failed to properly disclose the use of assets of the funds to make those payments in violation of the Investment Company Act of 1940 and the Investment Advisers Act of 1940. Also, like those prior complaints, the complaint further alleges that by permitting and/or participating in those actions, the Directors/Trustees and the Officers breached their fiduciary duties to shareholders of the funds under the Investment Company Act of 1940 and at common law. The complaint seeks unspecified compensatory and punitive damages, rescission of the funds' investment advisory agreements, an accounting of all fees paid, and an award of attorneys' fees and litigation expenses. The Oppenheimer defendants believe that the allegations contained in the Complaints are without merit and that they, the funds named as Nominal Defendants, and the Directors/Trustees of those funds have meritorious defenses against the claims asserted. The Oppenheimer defendants intend to defend these lawsuits vigorously and to contest any claimed liability, and they have retained legal counsel to defend such suits. The Oppenheimer defendants believe that it is premature to render any opinion as to the likelihood of an outcome unfavorable to them and that no estimate can yet be made with any degree of certainty as to the amount or range of any potential loss. 66 | OPPENHEIMER MAIN STREET SMALL CAP FUND PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities ("portfolio proxies") held by the Fund. A description of the Fund's Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, (ii) on the Fund's website at www.oppenheimerfunds.com, and (iii) on the SEC's website at www.sec.gov. In addition, the Fund is required to file 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. The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund's Form N-Q filings are available on the SEC's website at http://www.sec.gov. Those forms may be reviewed and copied at the SEC's Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 67 | OPPENHEIMER MAIN STREET SMALL CAP FUND ITEM 2. CODE OF ETHICS Not applicable to semiannual reports. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT Not applicable to semiannual reports. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES Not applicable to semiannual reports. ITEM 5. 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 registrant's Board of Trustees has established a Governance Committee, one function of which is to create and oversee the process by which shareholders can submit nominees for positions on the Board. The Governance Committee has not yet adopted a charter, but anticipates that it will do so by the end of this calendar year. The Committee has temporarily adopted the process previously adopted by the Audit Committee regarding shareholder submission of nominees for board positions. Shareholders may submit names of individuals, accompanied by complete and properly supported resumes, for the Governance Committee's consideration by mailing such information to the Committee in care of the Fund. The Committee may consider such persons at such time as it meets to consider possible nominees. The Committee, however, reserves solo discretion to determine the candidates for trustees and independent trustees to recommend to the Board and/or shareholders and may identify candidates other than those submitted by Shareholders. The Committee may, but need not, consider the advice and recommendation of the Manager and its affiliates in selecting nominees. The full Board elects new trustees except for those instances when a shareholder vote is required. Shareholders who desire to communicate with the Board should address correspondence to the Board of Trustees of the registrant, or to an individual Trustee c/o the Secretary of the Fund at 6803 South Tucson Way, Centennial, Colorado 80112 and may submit their correspondence electronically at WWW.OPPENHEIMERFUNDS.COM under the caption "contact us." If your correspondence is intended for a particular Trustee, please indicate the name of the Trustee for whom it is intended. The sender should indicate in the address whether it is intended for the entire board, the Independent Trustees as group, or to an individual Trustee. The Governance Committee will consider if a different process should be recommended to the Board. ITEM 10. CONTROLS AND PROCEDURES (a) Based on their evaluation of registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of December 31, 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 changes in registrant's internal controls over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 11. EXHIBITS. (A) EXHIBIT ATTACHED HERETO. (ATTACH CODE OF ETHICS AS EXHIBIT)(NOT APPLICABLE TO SEMIANNUAL REPORTS) (B) EXHIBITS ATTACHED HERETO. (ATTACH CERTIFICATIONS AS EXHIBITS)