-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NvATDGVTN+yZX/Wx+3bZVKFgL35CHhSRfwtdbXH6aKSBWGzs5VDr9LQAjhkGxO4u NQF4XTi6qXBa1I/fApJEeg== 0000935069-05-002526.txt : 20050901 0000935069-05-002526.hdr.sgml : 20050901 20050831173908 ACCESSION NUMBER: 0000935069-05-002526 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20050630 FILED AS OF DATE: 20050901 DATE AS OF CHANGE: 20050831 EFFECTIVENESS DATE: 20050901 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER MAIN STREET SMALL CAP FUND CENTRAL INDEX KEY: 0001086165 IRS NUMBER: 841501338 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-09333 FILM NUMBER: 051062786 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: N/A CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 303-768-3200 MAIL ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: N/A CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 N-CSR 1 ra0847_15620ncsr.txt RA0847_15620NCSR.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: June 30, 2005 ------------- ITEM 1. REPORTS TO STOCKHOLDERS. TOP HOLDINGS AND ALLOCATIONS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOP TEN COMMON STOCK INDUSTRIES - -------------------------------------------------------------------------------- Health Care Providers & Services 6.4% - -------------------------------------------------------------------------------- Specialty Retail 6.4 - -------------------------------------------------------------------------------- Oil & Gas 5.9 - -------------------------------------------------------------------------------- Insurance 5.7 - -------------------------------------------------------------------------------- Commercial Services & Supplies 5.3 - -------------------------------------------------------------------------------- Commercial Banks 4.9 - -------------------------------------------------------------------------------- Software 4.0 - -------------------------------------------------------------------------------- Hotels, Restaurants & Leisure 3.7 - -------------------------------------------------------------------------------- Semiconductors & Semiconductor Equipment 3.5 - -------------------------------------------------------------------------------- Machinery 3.2 Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2005, and are based on net assets. TOP TEN COMMON STOCK HOLDINGS - -------------------------------------------------------------------------------- Parametric Technology Corp. 0.3% - -------------------------------------------------------------------------------- Pacific Capital Bancorp 0.3 - -------------------------------------------------------------------------------- United Surgical Partners International, Inc. 0.3 - -------------------------------------------------------------------------------- GATX Corp. 0.3 - -------------------------------------------------------------------------------- Quanex Corp. 0.3 - -------------------------------------------------------------------------------- CEC Entertainment, Inc. 0.3 - -------------------------------------------------------------------------------- Wolverine World Wide, Inc. 0.3 - -------------------------------------------------------------------------------- Longs Drug Stores, Inc. 0.3 - -------------------------------------------------------------------------------- Sierra Health Services, Inc. 0.3 - -------------------------------------------------------------------------------- Washington Group International, Inc. 0.3 For up-to-date Top 10 Fund holdings, please visit www.oppenheimerfunds.com. Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2005, and are based on net assets. - -------------------------------------------------------------------------------- 7 | OPPENHEIMER MAIN STREET SMALL CAP FUND TOP HOLDINGS AND ALLOCATIONS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SECTOR ALLOCATION [THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.] Consumer Discretionary 18.4% Industrials 16.9 Financials 15.7 Information Technology 15.5 Health Care 11.6 Energy 8.5 Materials 6.1 Consumer Staples 3.9 Utilities 2.7 Telecommunication Services 0.7 Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2005, and are based on total market value of investments. - -------------------------------------------------------------------------------- 8 | OPPENHEIMER MAIN STREET SMALL CAP FUND FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- HOW HAS THE FUND PERFORMED? BELOW IS A DISCUSSION BY OPPENHEIMERFUNDS, INC., OF THE FUND'S PERFORMANCE DURING ITS FISCAL YEAR ENDED JUNE 30, 2005, FOLLOWED BY A GRAPHICAL COMPARISON OF THE FUND'S PERFORMANCE TO AN APPROPRIATE BROAD-BASED MARKET INDEX. MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE. The Fund performed well during a mostly favorable but highly volatile environment for small-cap stocks. A consistent overweighting in the energy sector added to results, thanks to oil prices remaining near record highs for much of the period. Strong stock selection also helped performance. Individual holdings in economically sensitive stocks--including selected names in the energy, materials, technology and health care sectors--boosted returns. By contrast, the Fund's underweighting in real estate securities detracted from relative performance. Although the real estate holdings in the portfolio did very well, owning considerably less of this sector than the benchmark had a negative impact on results. In selecting small-cap stocks for the portfolio, we rely on a proprietary quantitative stock-selection model that favors companies with relatively inexpensive valuations that are displaying positive momentum. This model considers a large number of macroeconomic and company-specific factors. For example, it analyzes certain corporate actions--such as stock buybacks, company acquisitions and dividend changes--that historically have occurred at certain stages in the business cycle and which we have found to be predictive of future stock returns. Although we don't profess to be able to forecast the economy or overall market returns, we do rely on our model to help us anticipate which stocks might perform well when they encounter a similar set of conditions today. Past performance, of course, is no guarantee of future results. We are continually seeking to improve and refine our model. During the past year, for instance, we looked to enhance the model's ability to anticipate seasonal market conditions. In prior periods, we noted that stocks tended to perform better during the fourth quarter and that the Fund could do a better job of capturing these gains. Specifically, we added a counterbalance to our model so that it would be more likely to favor more volatile, higher growth stocks in the fourth quarter. We predicted that this approach would enable our stocks to have a more level playing field in our system. As a result, our recent adjustments helped add to the Fund's performance during the reporting period. In anticipation of times when the model does not work as well, however, we make frequent adjustments to generate the best possible long-term performance for our shareholders. Our other significant strategic focus during the period was to continue to shift the portfolio away from "micro caps"--the smallest of the small-cap stocks--and toward companies with larger market capitalizations. For the past five years, small caps have outperformed large caps, but our model detected that this trend could be set for a reversal. 9 | OPPENHEIMER MAIN STREET SMALL CAP FUND FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- Although small caps continued their outperformance during the period, their recent strong momentum began to weaken as the year went on. Accordingly, we sold some of our micro-cap holdings and reinvested the proceeds in mid-cap stocks. COMPARING THE FUND'S PERFORMANCE TO THE MARKET. The graphs that follow show the performance of a hypothetical $10,000 investment in each class of shares of the Fund held until June 30, 2005. In the case of Class A, Class B, Class C and Class Y shares, performance is measured from inception of the classes on August 2, 1999. In the case of Class N shares, performance is measured from inception of the class on March 1, 2001. The Fund's performance reflects the deduction of the maximum initial sales charge on Class A shares, the applicable contingent deferred sales charge on Class B, Class C and Class N shares, and reinvestments of all dividends and capital gains distributions. Past performance cannot guarantee future results. The Fund's performance is compared to the performance of the Russell 2000 Index and the Lipper Small-Cap Core Fund Index. The Russell 2000 Index is an unmanaged index of small-capitalization stocks. The Lipper Small-Cap Core Fund category includes the 30 largest mutual funds within the investment category as defined by Lipper. Index performance reflects the reinvestment of income but does not consider the effect of transaction costs, and none of the data in the graphs shows the effect of taxes. The Fund's performance reflects the effects of the Fund's business and operating expenses. While index comparisons may be useful to provide a benchmark for the Fund's performance, it must be noted that the Fund's investments are not limited to the investments in the index. 10 | OPPENHEIMER MAIN STREET SMALL CAP FUND CLASS A SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: Oppenheimer Main Street Small Cap Fund (Class A) Russell 2000 Index Lipper Small-Cap Core Fund Index [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.] Oppenheimer Lipper Small-Cap Main Street Small Core Fund Russell 2000 Date Cap Fund (Class A) Index Index 08/02/1999 yrs 9,425 10,000 10,000 09/30/1999 9,557 9,626 9,632 12/31/1999 12,125 11,450 11,409 03/31/2000 12,994 12,632 12,217 06/30/2000 13,947 12,430 11,755 09/30/2000 14,608 12,779 11,885 12/31/2000 13,356 12,244 11,064 03/31/2001 12,916 11,313 10,344 06/30/2001 15,015 13,051 11,822 09/30/2001 12,756 10,768 9,364 12/31/2001 15,082 13,117 11,339 03/31/2002 15,562 13,585 11,791 06/30/2002 15,122 12,406 10,806 09/30/2002 12,572 10,014 8,493 12/31/2002 12,672 10,594 9,016 03/31/2003 12,162 10,047 8,611 06/30/2003 14,782 12,113 10,629 09/30/2003 16,123 12,997 11,593 12/31/2003 18,563 14,928 13,277 03/31/2004 19,493 15,838 14,108 06/30/2004 19,523 16,086 14,175 09/30/2004 19,313 15,856 13,770 12/31/2004 22,122 17,669 15,711 03/31/2005 21,494 17,116 14,872 06/30/2005 5.92 22,222 17,641 15,514 AVERAGE ANNUAL TOTAL RETURNS OF CLASS A SHARES WITH SALES CHARGE OF THE FUND AT 6/30/05 1-Year 7.28% 5-Year 8.47% Since Inception (8/2/99) 14.46% THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM, OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE, REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE: FOR CLASS A SHARES, THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 5.75%; FOR CLASS B SHARES, THE CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR); AND FOR CLASS C AND N SHARES, THE CONTINGENT 1% DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. THERE IS NO SALES CHARGE FOR CLASS Y SHARES. SEE PAGE 16 FOR FURTHER INFORMATION. 11 | OPPENHEIMER MAIN STREET SMALL CAP FUND FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- CLASS B SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: Oppenheimer Main Street Small Cap Fund (Class B) Russell 2000 Index Lipper Small-Cap Core Fund Index [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.] Oppenheimer Lipper Small-Cap Main Street Small Core Fund Russell 2000 Date Cap Fund (Class B) Index Index 08/02/1999 yrs 10,000 10,000 10,000 09/30/1999 10,130 9,626 9,632 12/31/1999 12,824 11,450 11,409 03/31/2000 13,726 12,632 12,217 06/30/2000 14,708 12,430 11,755 09/30/2000 15,369 12,779 11,885 12/31/2000 14,020 12,244 11,064 03/31/2001 13,531 11,313 10,344 06/30/2001 15,707 13,051 11,822 09/30/2001 13,319 10,768 9,364 12/31/2001 15,725 13,117 11,339 03/31/2002 16,193 13,585 11,791 06/30/2002 15,704 12,406 10,806 09/30/2002 13,028 10,014 8,493 12/31/2002 13,113 10,594 9,016 03/31/2003 12,561 10,047 8,611 06/30/2003 15,237 12,113 10,629 09/30/2003 16,585 12,997 11,593 12/31/2003 19,049 14,928 13,277 03/31/2004 19,962 15,838 14,108 06/30/2004 19,951 16,086 14,175 09/30/2004 19,707 15,856 13,770 12/31/2004 22,530 17,669 15,711 03/31/2005 21,837 17,116 14,872 06/30/2005 5.92 22,441 17,641 15,514 AVERAGE ANNUAL TOTAL RETURNS OF CLASS B SHARES WITH SALES CHARGE OF THE FUND AT 6/30/05 1-Year 7.98% 5-Year 8.63% Since Inception (8/2/99) 14.65% 12 | OPPENHEIMER MAIN STREET SMALL CAP FUND CLASS C SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: Oppenheimer Main Street Small Cap Fund (Class C) Russell 2000 Index, Lipper Small-Cap Core Fund Index [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.] Oppenheimer Lipper Small-Cap Main Street Small Core Fund Russell 2000 Date Cap Fund (Class C) Index Index 08/02/1999 yrs 10,000 10,000 10,000 09/30/1999 10,130 9,626 9,632 12/31/1999 12,824 11,450 11,409 03/31/2000 13,726 12,632 12,217 06/30/2000 14,708 12,430 11,755 09/30/2000 15,369 12,779 11,885 12/31/2000 14,030 12,244 11,064 03/31/2001 13,541 11,313 10,344 06/30/2001 15,717 13,051 11,822 09/30/2001 13,319 10,768 9,364 12/31/2001 15,725 13,117 11,339 03/31/2002 16,192 13,585 11,791 06/30/2002 15,703 12,406 10,806 09/30/2002 13,038 10,014 8,493 12/31/2002 13,113 10,594 9,016 03/31/2003 12,571 10,047 8,611 06/30/2003 15,247 12,113 10,629 09/30/2003 16,595 12,997 11,593 12/31/2003 19,069 14,928 13,277 03/31/2004 19,993 15,838 14,108 06/30/2004 19,982 16,086 14,175 09/30/2004 19,738 15,856 13,770 12/31/2004 22,571 17,669 15,711 03/31/2005 21,890 17,116 14,872 06/30/2005 5.92 22,594 17,641 15,514 AVERAGE ANNUAL TOTAL RETURNS OF CLASS C SHARES WITH SALES CHARGE OF THE FUND AT 6/30/05 1-Year 12.07% 5-Year 8.97% Since Inception (8/2/99) 14.79% THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM, OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE, REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE: FOR CLASS A SHARES, THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 5.75%; FOR CLASS B SHARES, THE CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR); AND FOR CLASS C AND N SHARES, THE CONTINGENT 1% DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. THERE IS NO SALES CHARGE FOR CLASS Y SHARES. SEE PAGE 16 FOR FURTHER INFORMATION. 13 | OPPENHEIMER MAIN STREET SMALL CAP FUND FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- CLASS N SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: Oppenheimer Main Street Small Cap Fund (Class N) Russell 2000 Index Lipper Small-Cap Core Fund Index [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.] Oppenheimer Lipper Small-Cap Main Street Small Core Fund Russell 2000 Date Cap Fund (Class N) Index Index 03/01/2001 yrs 10,000 10,000 10,000 03/31/2001 9,542 9,527 9,511 06/30/2001 11,086 10,991 10,870 09/30/2001 9,409 9,068 8,610 12/31/2001 11,121 11,046 10,426 03/31/2002 11,469 11,440 10,841 06/30/2002 11,129 10,448 9,935 09/30/2002 9,258 8,433 7,809 12/31/2002 9,325 8,922 8,290 03/31/2003 8,947 8,461 7,918 06/30/2003 10,863 10,201 9,772 09/30/2003 11,839 10,945 10,659 12/31/2003 13,613 12,571 12,207 03/31/2004 14,286 13,338 12,972 06/30/2004 14,294 13,546 13,033 09/30/2004 14,131 13,353 12,661 12/31/2004 16,178 14,880 14,445 03/31/2005 15,705 14,414 13,674 06/30/2005 4.33 16,227 14,856 14,264 AVERAGE ANNUAL TOTAL RETURNS OF CLASS N SHARES WITH SALES CHARGE OF THE FUND AT 6/30/05 1-Year 12.53% 5-Year N/A Since Inception (3/1/01) 11.83% 14 | OPPENHEIMER MAIN STREET SMALL CAP FUND CLASS Y SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: Oppenheimer Main Street Small Cap Fund (Class Y) Russell 2000 Index Lipper Small-Cap Core Fund Index [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.] Oppenheimer Lipper Small-Cap Main Street Small Core Fund Russell 2000 Date Cap Fund (Class Y) Index Index 08/02/1999 yrs 10,000 10,000 10,000 09/30/1999 10,140 9,626 9,632 12/31/1999 12,874 11,450 11,409 03/31/2000 13,816 12,632 12,217 06/30/2000 14,848 12,430 11,755 09/30/2000 15,570 12,779 11,885 12/31/2000 14,240 12,244 11,064 03/31/2001 13,784 11,313 10,344 06/30/2001 16,021 13,051 11,822 09/30/2001 13,625 10,768 9,364 12/31/2001 16,135 13,117 11,339 03/31/2002 16,655 13,585 11,791 06/30/2002 16,199 12,406 10,806 09/30/2002 13,504 10,014 8,493 12/31/2002 13,632 10,594 9,016 03/31/2003 13,101 10,047 8,611 06/30/2003 15,944 12,113 10,629 09/30/2003 17,408 12,997 11,593 12/31/2003 20,071 14,928 13,277 03/31/2004 21,100 15,838 14,108 06/30/2004 21,153 16,086 14,175 09/30/2004 20,962 15,856 13,770 12/31/2004 24,037 17,669 15,711 03/31/2005 23,384 17,116 14,872 06/30/2005 5.92 24,200 17,641 15,514 AVERAGE ANNUAL TOTAL RETURNS OF CLASS Y SHARES WITH SALES CHARGE OF THE FUND AT 6/30/05 1-Year 14.41% 5-Year 10.26% Since Inception (8/2/99) 16.13% THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM, OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE, REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE: FOR CLASS A SHARES, THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 5.75%; FOR CLASS B SHARES, THE CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR); AND FOR CLASS C AND N SHARES, THE CONTINGENT 1% DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. THERE IS NO SALES CHARGE FOR CLASS Y SHARES. SEE PAGE 16 FOR FURTHER INFORMATION. 15 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES - -------------------------------------------------------------------------------- TOTAL RETURNS AND THE ENDING ACCOUNT VALUES IN THE GRAPHS INCLUDE CHANGES IN SHARE PRICE AND REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS DISTRIBUTIONS IN A HYPOTHETICAL INVESTMENT FOR THE PERIODS SHOWN. THE FUND'S TOTAL RETURNS SHOWN DO NOT REFLECT THE DEDUCTION OF INCOME TAXES ON AN INDIVIDUAL'S INVESTMENT. TAXES MAY REDUCE YOUR ACTUAL INVESTMENT RETURNS ON INCOME OR GAINS PAID BY THE FUND OR ANY GAINS YOU MAY REALIZE IF YOU SELL YOUR SHARES. INVESTORS SHOULD CONSIDER THE FUND'S INVESTMENT OBJECTIVES, RISKS, AND OTHER CHARGES AND EXPENSES CAREFULLY BEFORE INVESTING. THE FUND'S PROSPECTUS CONTAINS THIS AND OTHER INFORMATION ABOUT THE FUND, AND MAY BE OBTAINED BY ASKING YOUR FINANCIAL ADVISOR, CALLING US AT 1.800.525.7048 OR VISITING OUR WEBSITE AT WWW.OPPENHEIMER-FUNDS.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. 16 | 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 June 30, 2005. 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 17 | OPPENHEIMER MAIN STREET SMALL CAP FUND FUND EXPENSES - -------------------------------------------------------------------------------- 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 (1/1/05) (6/30/05) JUNE 30, 2005 - -------------------------------------------------------------------------------- Class A Actual $1,000.00 $1,004.50 $5.93 - -------------------------------------------------------------------------------- Class A Hypothetical 1,000.00 1,018.89 5.97 - -------------------------------------------------------------------------------- Class B Actual 1,000.00 1,000.50 9.82 - -------------------------------------------------------------------------------- Class B Hypothetical 1,000.00 1,015.03 9.89 - -------------------------------------------------------------------------------- Class C Actual 1,000.00 1,001.00 9.47 - -------------------------------------------------------------------------------- Class C Hypothetical 1,000.00 1,015.37 9.54 - -------------------------------------------------------------------------------- Class N Actual 1,000.00 1,003.00 7.53 - -------------------------------------------------------------------------------- Class N Hypothetical 1,000.00 1,017.31 7.58 - -------------------------------------------------------------------------------- Class Y Actual 1,000.00 1,006.80 3.44 - -------------------------------------------------------------------------------- Class Y Hypothetical 1,000.00 1,021.37 3.46 Hypothetical assumes 5% annual return before expenses. Expenses are equal to the Fund's annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Those annualized expense ratios based on the 6-month period ended June 30, 2005 are as follows: CLASS EXPENSE RATIOS - --------------------------- Class A 1.19% - --------------------------- Class B 1.97 - --------------------------- Class C 1.90 - --------------------------- Class N 1.51 - --------------------------- Class Y 0.69 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. - -------------------------------------------------------------------------------- 18 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS June 30, 2005 - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- COMMON STOCKS--97.9% - -------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--18.0% - -------------------------------------------------------------------------------- AUTO COMPONENTS--0.7% Aftermarket Technology Corp. 1 25,700 $ 447,951 - -------------------------------------------------------------------------------- Autoliv, Inc. 88,600 3,880,680 - -------------------------------------------------------------------------------- Goodyear Tire & Rubber Co. (The) 1,2 359,700 5,359,530 - -------------------------------------------------------------------------------- Midas, Inc. 1,2 133,800 3,077,400 - -------------------------------------------------------------------------------- Modine Manufacturing Co. 46,400 1,510,784 - -------------------------------------------------------------------------------- Sauer-Danfoss, Inc. 103,800 1,844,526 - -------------------------------------------------------------------------------- Shiloh Industries, Inc. 1 33,100 405,475 - -------------------------------------------------------------------------------- Spartan Motors, Inc. 2 12,300 132,594 - -------------------------------------------------------------------------------- Standard Motor Products, Inc. 2 54,000 712,800 - -------------------------------------------------------------------------------- Stoneridge, Inc. 1,2 6,700 44,220 - -------------------------------------------------------------------------------- Tenneco Automotive, Inc. 1 210,300 3,499,392 ---------------- 20,915,352 - -------------------------------------------------------------------------------- AUTOMOBILES--0.0% Winnebago Industries, Inc. 2 26,400 864,600 - -------------------------------------------------------------------------------- DISTRIBUTORS--0.1% Andersons, Inc. (The) 5,200 186,212 - -------------------------------------------------------------------------------- Handleman Co. 87,900 1,451,229 - -------------------------------------------------------------------------------- Prestige Brands Holdings, Inc. 1 67,100 1,308,450 ---------------- 2,945,891 - -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--3.7% AFC Enterprises, Inc. 2 106,500 1,403,670 - -------------------------------------------------------------------------------- Ambassadors Group, Inc. 53,300 1,982,227 - -------------------------------------------------------------------------------- Ameristar Casinos, Inc. 210,200 5,484,118 - -------------------------------------------------------------------------------- Applebee's International, Inc. 60,100 1,592,049 - -------------------------------------------------------------------------------- Argosy Gaming Co. 1 57,400 2,675,414 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE Continued Bluegreen Corp. 1,2 105,200 $ 1,831,532 - -------------------------------------------------------------------------------- Bob Evans Farms, Inc. 2 41,600 970,112 - -------------------------------------------------------------------------------- Brinker International, Inc. 1 79,600 3,187,980 - -------------------------------------------------------------------------------- California Pizza Kitchen, Inc. 1 79,398 2,165,183 - -------------------------------------------------------------------------------- CBRL Group, Inc. 36,200 1,406,732 - -------------------------------------------------------------------------------- CEC Entertainment, Inc. 1 217,850 9,169,307 - -------------------------------------------------------------------------------- Checkers Drive-In Restaurants, Inc. 1 23,400 318,708 - -------------------------------------------------------------------------------- Choice Hotels International, Inc. 43,300 2,844,810 - -------------------------------------------------------------------------------- CKE Restaurants, Inc. 2 446,000 6,208,320 - -------------------------------------------------------------------------------- Darden Restaurants, Inc. 158,900 5,240,522 - -------------------------------------------------------------------------------- Dave & Buster's, Inc. 1,2 82,900 1,528,676 - -------------------------------------------------------------------------------- Dover Downs Gaming & Entertainment, Inc. 74,000 981,240 - -------------------------------------------------------------------------------- Gravity Co. Ltd., Sponsored ADR 1 17,068 146,785 - -------------------------------------------------------------------------------- Harrah's Entertainment, Inc. 16,695 1,203,209 - -------------------------------------------------------------------------------- IHOP Corp. 2 85,500 3,709,845 - -------------------------------------------------------------------------------- Isle of Capri Casinos, Inc. 1,2 234,700 6,149,140 - -------------------------------------------------------------------------------- Jack in the Box, Inc. 1 174,900 6,632,208 - -------------------------------------------------------------------------------- La Quinta Corp. 1 547,100 5,104,443 - -------------------------------------------------------------------------------- Landry's Restaurants, Inc. 2 133,100 4,004,979 - -------------------------------------------------------------------------------- Lone Star Steakhouse & Saloon, Inc. 82,500 2,508,825 - -------------------------------------------------------------------------------- Mikohn Gaming Corp. 1 108,800 1,602,080 - -------------------------------------------------------------------------------- Monarch Casino & Resort, Inc. 1,2 48,900 1,077,756 - -------------------------------------------------------------------------------- MTR Gaming Group, Inc. 1 42,000 488,880 19 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE Continued Navigant International, Inc. 1,2 50,900 $ 747,721 - -------------------------------------------------------------------------------- O'Charley's, Inc. 1 95,000 1,677,700 - -------------------------------------------------------------------------------- P.F. Chang's China Bistro, Inc. 1,2 57,259 3,377,136 - -------------------------------------------------------------------------------- Panera Bread Co., Cl. A 1 3,000 186,255 - -------------------------------------------------------------------------------- Papa John's International, Inc. 1,2 77,600 3,101,672 - -------------------------------------------------------------------------------- Penn National Gaming, Inc. 1 116,900 4,266,850 - -------------------------------------------------------------------------------- Sonic Corp. 1 52,750 1,610,458 - -------------------------------------------------------------------------------- Steak n Shake Co. (The) 1,2 29,500 549,290 - -------------------------------------------------------------------------------- Sunterra Corp. 1,2 93,500 1,515,635 - -------------------------------------------------------------------------------- Vail Resorts, Inc. 1,2 156,300 4,392,030 - -------------------------------------------------------------------------------- Wendy's International, Inc. 49,700 2,368,205 ---------------- 105,411,702 - -------------------------------------------------------------------------------- HOUSEHOLD DURABLES--1.7% American Greetings Corp., Cl. A 2 59,300 1,571,450 - -------------------------------------------------------------------------------- Avatar Holdings, Inc. 1,2 2,500 125,675 - -------------------------------------------------------------------------------- Beazer Homes USA, Inc. 2 35,800 2,045,970 - -------------------------------------------------------------------------------- Blount International, Inc. 1 104,800 1,749,112 - -------------------------------------------------------------------------------- Blyth, Inc. 7,800 218,790 - -------------------------------------------------------------------------------- Brookfield Homes Corp. 51,800 2,362,080 - -------------------------------------------------------------------------------- Chromcraft Revington, Inc. 1 2,100 28,665 - -------------------------------------------------------------------------------- Comstock Homebuilding Cos., Inc., Cl. A 1,2 6,900 167,118 - -------------------------------------------------------------------------------- CSS Industries, Inc. 2 9,192 311,057 - -------------------------------------------------------------------------------- Furniture Brands International, Inc. 2 138,200 2,986,502 - -------------------------------------------------------------------------------- Hovnanian Enterprises, Inc., Cl. A 1 14,500 945,400 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- HOUSEHOLD DURABLES Continued Interface, Inc., Cl. A 1,2 134,300 $ 1,081,115 - -------------------------------------------------------------------------------- KB Home 30,600 2,332,638 - -------------------------------------------------------------------------------- Kimball International, Inc., Cl. B 45,100 595,320 - -------------------------------------------------------------------------------- MDC Holdings, Inc. 39,064 3,213,014 - -------------------------------------------------------------------------------- Meritage Homes Corp. 1 900 71,550 - -------------------------------------------------------------------------------- Mestek, Inc. 1 6,600 168,234 - -------------------------------------------------------------------------------- Ryland Group, Inc. (The) 58,100 4,408,047 - -------------------------------------------------------------------------------- Snap-On, Inc. 45,700 1,567,510 - -------------------------------------------------------------------------------- Standard Pacific Corp. 47,500 4,177,625 - -------------------------------------------------------------------------------- Stanley Furniture Co., Inc. 2 86,600 2,126,896 - -------------------------------------------------------------------------------- Stanley Works (The) 5,900 268,686 - -------------------------------------------------------------------------------- Tempur-Pedic International, Inc. 1,2 116,900 2,592,842 - -------------------------------------------------------------------------------- Tupperware Corp. 2 298,400 6,973,608 - -------------------------------------------------------------------------------- Whirlpool Corp. 29,900 2,096,289 - -------------------------------------------------------------------------------- William Lyon Homes, Inc. 1 3,200 310,432 - -------------------------------------------------------------------------------- Yankee Candle, Inc. (The) 108,300 3,476,430 ---------------- 47,972,055 - -------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL--0.2% Audible, Inc. 1,2 111,100 1,929,807 - -------------------------------------------------------------------------------- FTD Group, Inc. 1,2 4,500 51,075 - -------------------------------------------------------------------------------- GSI Commerce, Inc. 1,2 21,500 360,125 - -------------------------------------------------------------------------------- Insight Enterprises, Inc. 1 93,600 1,888,848 - -------------------------------------------------------------------------------- Stamps.com, Inc. 1,2 129,700 2,431,875 ---------------- 6,661,730 - -------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS--0.8% Action Performance Cos., Inc. 2 73,775 650,696 - -------------------------------------------------------------------------------- Brunswick Corp. 15,600 675,792 - -------------------------------------------------------------------------------- JAKKS Pacific, Inc. 1,2 142,000 2,727,820 20 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS Continued Marine Products Corp. 2 34,100 $ 496,155 - -------------------------------------------------------------------------------- Marvel Enterprises, Inc. 1,2 178,900 3,527,908 - -------------------------------------------------------------------------------- Nautilus, Inc. 2 281,800 8,031,300 - -------------------------------------------------------------------------------- Oakley, Inc. 2 122,900 2,092,987 - -------------------------------------------------------------------------------- Polaris Industries, Inc. 2 15,800 853,200 - -------------------------------------------------------------------------------- SCP Pool Corp. 2 81,450 2,858,081 - -------------------------------------------------------------------------------- Steinway Musical Instruments, Inc. 1,2 53,100 1,559,016 --------------- 23,472,955 - -------------------------------------------------------------------------------- MEDIA--1.9% 4Kids Entertainment, Inc. 1,2 72,200 1,435,336 - -------------------------------------------------------------------------------- Arbitron, Inc. 2 156,900 6,731,010 - -------------------------------------------------------------------------------- Belo Corp., Cl. A 17,500 419,475 - -------------------------------------------------------------------------------- Carmike Cinemas, Inc. 21,200 650,416 - -------------------------------------------------------------------------------- Catalina Marketing Corp. 2 269,500 6,847,995 - -------------------------------------------------------------------------------- Getty Images, Inc. 1 42,300 3,141,198 - -------------------------------------------------------------------------------- Gray Television, Inc. 121,700 1,467,702 - -------------------------------------------------------------------------------- Harte-Hanks, Inc. 62,300 1,852,179 - -------------------------------------------------------------------------------- Insight Communications Co., Inc. 1,2 69,700 770,185 - -------------------------------------------------------------------------------- Interactive Data Corp. 39,800 827,044 - -------------------------------------------------------------------------------- Journal Communications, Inc. 32,200 540,960 - -------------------------------------------------------------------------------- Liberty Corp. 2 20,500 754,605 - -------------------------------------------------------------------------------- Media General, Inc., Cl. A 37,676 2,439,898 - -------------------------------------------------------------------------------- Mediacom Communications Corp. 1,2 131,000 899,970 - -------------------------------------------------------------------------------- Meredith Corp. 41,700 2,045,802 - -------------------------------------------------------------------------------- PRIMEDIA, Inc. 1,2 269,600 1,091,880 - -------------------------------------------------------------------------------- ProQuest Co. 1,2 118,600 3,888,894 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- MEDIA Continued R.H. Donnelley Corp. 1,2 46,600 $ 2,888,268 - -------------------------------------------------------------------------------- Readers Digest Assn., Inc. (The), Cl. A, Non-Vtg. 281,200 4,639,800 - -------------------------------------------------------------------------------- Salem Communications Corp., Cl. A 1 17,400 345,216 - -------------------------------------------------------------------------------- Scholastic Corp. 1,2 119,500 4,606,725 - -------------------------------------------------------------------------------- Sinclair Broadcast Group, Inc., Cl. A 2 49,700 451,276 - -------------------------------------------------------------------------------- Thomas Nelson, Inc. 2 24,800 539,648 - -------------------------------------------------------------------------------- Valassis Communications, Inc. 1 55,000 2,037,750 - -------------------------------------------------------------------------------- Wiley (John) & Sons, Inc., Cl. A 75,800 3,011,534 - -------------------------------------------------------------------------------- World Wrestling Federation Entertainment, Inc. 27,800 317,476 --------------- 54,642,242 - -------------------------------------------------------------------------------- MULTILINE RETAIL--0.8% Big Lots, Inc. 1 80,600 1,067,144 - -------------------------------------------------------------------------------- Dillard's, Inc., Cl. A 2 103,300 2,419,286 - -------------------------------------------------------------------------------- Neiman Marcus Group, Inc. (The), Cl. A 6,900 668,748 - -------------------------------------------------------------------------------- Retail Ventures, Inc. 1 113,500 1,548,140 - -------------------------------------------------------------------------------- Shopko Stores, Inc. 1 141,200 3,432,572 - -------------------------------------------------------------------------------- Stage Stores, Inc. 1,2 170,400 7,429,440 - -------------------------------------------------------------------------------- Stein Mart, Inc. 279,800 6,155,600 --------------- 22,720,930 - -------------------------------------------------------------------------------- SPECIALTY RETAIL--6.4% Aaron Rents, Inc. 2 146,650 3,650,119 - -------------------------------------------------------------------------------- Abercrombie & Fitch Co., Cl. A 64,500 4,431,150 - -------------------------------------------------------------------------------- Advance Auto Parts, Inc. 1 84,600 5,460,930 - -------------------------------------------------------------------------------- American Eagle Outfitters, Inc. 138,300 4,238,895 - -------------------------------------------------------------------------------- AutoNation, Inc. 1 118,400 2,429,568 21 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- SPECIALTY RETAIL Continued Barnes & Noble, Inc. 1 88,800 $ 3,445,440 - -------------------------------------------------------------------------------- bebe stores, inc. 2 133,887 3,543,989 - -------------------------------------------------------------------------------- Big 5 Sporting Goods Corp. 9,200 261,096 - -------------------------------------------------------------------------------- Blair Corp. 36,100 1,425,950 - -------------------------------------------------------------------------------- Blockbuster, Inc., Cl. A 2 248,200 2,263,584 - -------------------------------------------------------------------------------- Borders Group, Inc. 67,100 1,698,301 - -------------------------------------------------------------------------------- Buckle, Inc. (The) 2 63,300 2,806,722 - -------------------------------------------------------------------------------- Building Materials Holding Corp. 83,294 5,771,441 - -------------------------------------------------------------------------------- Burlington Coat Factory Warehouse Corp. 2 76,300 3,253,432 - -------------------------------------------------------------------------------- Casual Male Retail Group, Inc. 1,2 115,400 843,574 - -------------------------------------------------------------------------------- Cato Corp., Cl. A 210,150 4,339,598 - -------------------------------------------------------------------------------- Charming Shoppes, Inc. 1,2 860,400 8,027,532 - -------------------------------------------------------------------------------- Children's Place Retail Stores, Inc. 1,2 147,800 6,897,826 - -------------------------------------------------------------------------------- Circuit City Stores, Inc./Circuit City Group 2 150,400 2,600,416 - -------------------------------------------------------------------------------- Claire's Stores, Inc. 3,000 72,150 - -------------------------------------------------------------------------------- CSK Auto Corp. 1 25,300 422,004 - -------------------------------------------------------------------------------- Deb Shops, Inc. 8,500 246,245 - -------------------------------------------------------------------------------- Electronics Boutique Holdings Corp. 1,2 134,900 8,564,801 - -------------------------------------------------------------------------------- Finish Line, Inc. (The), Cl. A 326,500 6,177,380 - -------------------------------------------------------------------------------- GameStop Corp. 1,2 165,500 5,413,505 - -------------------------------------------------------------------------------- GameStop Corp., Cl. B 1 23,188 693,321 - -------------------------------------------------------------------------------- Genesco, Inc. 1,2 149,700 5,552,373 - -------------------------------------------------------------------------------- Goody's Family Clothing, Inc. 2 64,700 477,163 - -------------------------------------------------------------------------------- Guess?, Inc. 1,2 75,200 1,246,816 - -------------------------------------------------------------------------------- Guitar Center, Inc. 1,2 108,200 6,315,634 - -------------------------------------------------------------------------------- Hibbett Sporting Goods, Inc. 1,2 143,187 5,418,196 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- SPECIALTY RETAIL Continued Jos. A. Banks Clothiers, Inc. 1,2 17,200 $ 744,760 - -------------------------------------------------------------------------------- Men's Wearhouse, Inc. (The) 1 241,500 8,314,845 - -------------------------------------------------------------------------------- Michaels Stores, Inc. 136,400 5,642,868 - -------------------------------------------------------------------------------- Movie Gallery, Inc. 2 237,000 6,263,910 - -------------------------------------------------------------------------------- Office Depot, Inc. 1 64,100 1,464,044 - -------------------------------------------------------------------------------- Pacific Sunwear of California, Inc. 1 117,225 2,695,003 Pantry, Inc. (The) 1 169,900 6,580,227 - -------------------------------------------------------------------------------- Payless ShoeSource, Inc. 1 354,100 6,798,720 - -------------------------------------------------------------------------------- Rent-A-Center, Inc. 1 28,200 656,778 - -------------------------------------------------------------------------------- Rent-Way, Inc. 1,2 111,400 1,096,176 - -------------------------------------------------------------------------------- Restoration Hardware, Inc. 1,2 156,400 1,279,352 - -------------------------------------------------------------------------------- Select Comfort Corp. 1,2 67,500 1,446,525 - -------------------------------------------------------------------------------- Shoe Carnival, Inc. 1,2 23,700 515,712 - -------------------------------------------------------------------------------- Sonic Automotive, Inc. 44,800 952,448 - -------------------------------------------------------------------------------- Sports Authority, Inc. (The) 1,2 64,500 2,051,100 - -------------------------------------------------------------------------------- Steiner Leisure Ltd. 1 75,700 2,806,199 - -------------------------------------------------------------------------------- Syms Corp. 7,400 108,706 - -------------------------------------------------------------------------------- Talbots, Inc. (The) 54,400 1,766,368 - -------------------------------------------------------------------------------- TBC Corp. 1 8,300 225,179 - -------------------------------------------------------------------------------- Too, Inc. 1 166,100 3,881,757 - -------------------------------------------------------------------------------- Toys R Us, Inc. 1 131,300 3,476,824 - -------------------------------------------------------------------------------- Trans World Entertainment Corp. 1 172,100 2,035,943 - -------------------------------------------------------------------------------- United Auto Group, Inc. 2 183,200 5,459,360 - -------------------------------------------------------------------------------- Urban Outfitters, Inc. 1 31,600 1,791,404 - -------------------------------------------------------------------------------- Weight Watchers International, Inc. 1 27,600 1,424,436 - -------------------------------------------------------------------------------- Wilsons The Leather Experts, Inc. 1 18,400 122,176 - -------------------------------------------------------------------------------- Zale Corp. 1 253,800 8,042,922 ---------------- 185,632,893 22 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--1.7% Brown Shoe Co., Inc. 23,900 $ 935,685 - -------------------------------------------------------------------------------- Carter's, Inc. 1 63,200 3,689,616 - -------------------------------------------------------------------------------- Cherokee, Inc. 53,100 1,838,322 - -------------------------------------------------------------------------------- Hartmarx Corp. 1,2 181,300 1,825,691 - -------------------------------------------------------------------------------- K-Swiss, Inc., Cl. A 211,400 6,836,676 - -------------------------------------------------------------------------------- Kellwood Co. 116,700 3,139,230 - -------------------------------------------------------------------------------- Kenneth Cole Productions, Inc., Cl. A 100 3,112 - -------------------------------------------------------------------------------- OshKosh B'Gosh, Inc., Cl. A 2 2,400 62,376 - -------------------------------------------------------------------------------- Phillips/Van Heusen Corp. 2 212,900 6,959,701 - -------------------------------------------------------------------------------- Skechers U.S.A., Inc., Cl. A 1 106,500 1,518,690 - -------------------------------------------------------------------------------- Stride Rite Corp. 141,000 1,944,390 - -------------------------------------------------------------------------------- Timberland Co., Cl. A 1 132,600 5,134,272 - -------------------------------------------------------------------------------- Tommy Hilfiger Corp. 1 222,000 3,054,720 - -------------------------------------------------------------------------------- UniFirst Corp. 40,000 1,621,600 - -------------------------------------------------------------------------------- Volcom, Inc. 1 29,700 795,069 - -------------------------------------------------------------------------------- Warnaco Group, Inc. (The) 1,2 72,000 1,674,000 - -------------------------------------------------------------------------------- Wolverine World Wide, Inc. 374,800 8,998,948 ---------------- 50,032,098 - -------------------------------------------------------------------------------- CONSUMER STAPLES--3.9% - -------------------------------------------------------------------------------- BEVERAGES--0.2% Boston Beer Co., Inc., Cl. A 1 57,600 1,292,544 - -------------------------------------------------------------------------------- Hansen Natural Corp. 1,2 22,800 1,931,616 - -------------------------------------------------------------------------------- National Beverage Corp. 1 17,100 136,458 - -------------------------------------------------------------------------------- PepsiAmericas, Inc. 135,900 3,487,194 ---------------- 6,847,812 - -------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--1.2% 7-Eleven, Inc. 1 177,400 5,364,576 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- FOOD & STAPLES RETAILING Continued Arden Group, Inc., Cl. A 2 10,198 $ 808,497 - -------------------------------------------------------------------------------- BJ's Wholesale Club, Inc. 1 98,600 3,203,514 - -------------------------------------------------------------------------------- Casey's General Stores, Inc. 2 37,100 735,322 - -------------------------------------------------------------------------------- Ingles Markets, Inc., Cl. A 2 11,500 158,355 - -------------------------------------------------------------------------------- Longs Drug Stores, Inc. 2 207,800 8,945,790 - -------------------------------------------------------------------------------- Nash Finch Co. 2 75,300 2,766,522 - -------------------------------------------------------------------------------- Rite Aid Corp. 1,2 153,800 642,884 - -------------------------------------------------------------------------------- Ruddick Corp. 2 227,200 5,800,416 - -------------------------------------------------------------------------------- Spartan Stores, Inc. 1 14,100 206,847 - -------------------------------------------------------------------------------- SUPERVALU, Inc. 129,800 4,232,778 - -------------------------------------------------------------------------------- Weis Markets, Inc. 26,700 1,035,693 ---------------- 33,901,194 - -------------------------------------------------------------------------------- FOOD PRODUCTS--1.3% American Italian Pasta Co. 2 5,200 109,304 - -------------------------------------------------------------------------------- Cal-Maine Foods, Inc. 9,900 59,895 - -------------------------------------------------------------------------------- Chiquita Brands International, Inc. 297,200 8,161,112 - -------------------------------------------------------------------------------- Darling International, Inc. 1,2 434,700 1,630,125 - -------------------------------------------------------------------------------- Flowers Foods, Inc. 2 186,400 6,591,104 - -------------------------------------------------------------------------------- Gold Kist Holdings, Inc. 1,2 56,900 1,227,902 - -------------------------------------------------------------------------------- Hormel Foods Corp. 43,300 1,269,989 - -------------------------------------------------------------------------------- Imperial Sugar Co. 12,300 190,527 - -------------------------------------------------------------------------------- J&J Snack Foods Corp. 33,723 1,765,399 - -------------------------------------------------------------------------------- Lancaster Colony Corp. 105,000 4,506,600 - -------------------------------------------------------------------------------- Lance, Inc. 110,900 1,908,589 - -------------------------------------------------------------------------------- M&F Worldwide Corp. 1,2 27,900 372,744 - -------------------------------------------------------------------------------- Omega Protein Corp. 1 40,100 253,432 23 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- FOOD PRODUCTS Continued Pilgrim's Pride Corp., Cl. B 2 93,200 $ 3,180,916 - -------------------------------------------------------------------------------- Ralcorp Holdings, Inc. 62,200 2,559,530 - -------------------------------------------------------------------------------- Sanderson Farms, Inc. 2 16,800 763,392 - -------------------------------------------------------------------------------- Seaboard Corp. 1,400 2,329,600 ---------------- 36,880,160 - -------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--0.7% Central Garden & Pet Co. 1,2 38,700 1,900,944 - -------------------------------------------------------------------------------- Chattem, Inc. 1,2 130,800 5,415,120 - -------------------------------------------------------------------------------- Energizer Holdings, Inc. 1 72,500 4,507,325 - -------------------------------------------------------------------------------- Nu Skin Asia Pacific, Inc., Cl. A 183,400 4,273,220 - -------------------------------------------------------------------------------- Spectrum Brands, Inc. 1 160,900 5,309,700 ---------------- 21,406,309 - -------------------------------------------------------------------------------- PERSONAL PRODUCTS--0.3% Elizabeth Arden, Inc. 1,2 127,407 2,980,050 - -------------------------------------------------------------------------------- Mannatech, Inc. 2 47,027 894,454 - -------------------------------------------------------------------------------- Nature's Sunshine Products, Inc. 108,200 1,887,008 - -------------------------------------------------------------------------------- Parlux Fragrances, Inc. 1,2 22,500 622,575 - -------------------------------------------------------------------------------- USANA Health Sciences, Inc. 1,2 60,000 2,538,000 ---------------- 8,922,087 - -------------------------------------------------------------------------------- TOBACCO--0.2% Loews Corp./ Carolina Group 87,300 2,908,836 - -------------------------------------------------------------------------------- Vector Group Ltd. 2 68,800 1,277,616 ---------------- 4,186,452 - -------------------------------------------------------------------------------- ENERGY--8.3% - -------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--2.4% Atwood Oceanics, Inc. 1 64,600 3,976,776 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES Continued Cal Dive International, Inc. 1,2 142,850 $ 7,481,055 - -------------------------------------------------------------------------------- CHC Helicopter Corp., Cl. A 58,600 1,142,155 - -------------------------------------------------------------------------------- Diamond Offshore Drilling, Inc. 2 63,600 3,398,148 - -------------------------------------------------------------------------------- Ensign Energy Services, Inc. 187,000 4,513,214 - -------------------------------------------------------------------------------- Global Industries Ltd. 1 187,348 1,592,458 - -------------------------------------------------------------------------------- Grant Prideco, Inc. 1 107,700 2,848,665 - -------------------------------------------------------------------------------- Gulf Island Fabrication, Inc. 59,300 1,178,884 - -------------------------------------------------------------------------------- Helmerich & Payne, Inc. 90,800 4,260,336 - -------------------------------------------------------------------------------- Hydril Co. 1 61,000 3,315,350 - -------------------------------------------------------------------------------- Lone Star Technologies, Inc. 1 21,600 982,800 - -------------------------------------------------------------------------------- Maverick Tube Corp. 1,2 82,600 2,461,480 - -------------------------------------------------------------------------------- Offshore Logistics, Inc. 1 46,900 1,540,196 - -------------------------------------------------------------------------------- Oil States International, Inc. 1,2 135,100 3,400,467 - -------------------------------------------------------------------------------- Pason Systems, Inc. 80,000 1,390,793 - -------------------------------------------------------------------------------- Patterson-UTI Energy, Inc. 18,500 514,855 - -------------------------------------------------------------------------------- Prairie Schooner Petroleum Ltd. 1,3 13,800 140,919 - -------------------------------------------------------------------------------- Precision Drilling Corp. 1 43,400 1,710,566 - -------------------------------------------------------------------------------- Pride International, Inc. 1 62,500 1,606,250 - -------------------------------------------------------------------------------- RPC, Inc. 2 22,250 376,470 - -------------------------------------------------------------------------------- Technicoil Corp. 1 92,900 220,270 - -------------------------------------------------------------------------------- Technicoil Corp. 1 577,100 1,368,328 - -------------------------------------------------------------------------------- Todco, Cl. A 1 217,100 5,572,957 - -------------------------------------------------------------------------------- Total Energy Trust Ltd. 157,900 1,304,234 - -------------------------------------------------------------------------------- Trican Well Service Ltd. 1 170,100 4,181,694 - -------------------------------------------------------------------------------- Unit Corp. 1 14,000 616,140 24 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES Continued Universal Compression Holdings, Inc. 1,2 135,000 $ 4,892,400 - -------------------------------------------------------------------------------- Veritas DGC, Inc. 1 140,600 3,900,244 ---------------- 69,888,104 - -------------------------------------------------------------------------------- OIL & GAS--5.9% Alpha Natural Resources, Inc. 1 15,700 374,916 - -------------------------------------------------------------------------------- Atlas Energy Ltd. 1 859,400 2,910,961 - -------------------------------------------------------------------------------- Bear Ridge Resources Ltd. 1 50,640 135,569 - -------------------------------------------------------------------------------- Berry Petroleum Co., Cl. A 2 76,000 4,018,880 - -------------------------------------------------------------------------------- Blizzard Energy, Inc. 1 1,343,600 2,971,887 - -------------------------------------------------------------------------------- Callon Petroleum Co. 1,2 104,500 1,544,510 - -------------------------------------------------------------------------------- Chamaelo Exploration Ltd. 1 4,780 29,651 - -------------------------------------------------------------------------------- Chesapeake Energy Corp. 2 78,400 1,787,520 - -------------------------------------------------------------------------------- Cimarex Energy Co. 1,2 222,385 8,653,000 - -------------------------------------------------------------------------------- Clear Energy, Inc. 1 425,566 1,684,619 - -------------------------------------------------------------------------------- Comstock Resources, Inc. 1 234,500 5,930,505 - -------------------------------------------------------------------------------- CONSOL Energy, Inc. 63,900 3,423,762 - -------------------------------------------------------------------------------- Crew Energy, Inc. 1 127,729 1,454,309 - -------------------------------------------------------------------------------- Cyries Energy, Inc. 1 48,100 451,477 - -------------------------------------------------------------------------------- Daylight Energy Trust 207,300 1,691,969 - -------------------------------------------------------------------------------- Denbury Resources, Inc. 1,2 42,100 1,674,317 - -------------------------------------------------------------------------------- Duvernay Oil Corp. 1 86,000 2,288,981 - -------------------------------------------------------------------------------- Encore Acquisition Co. 1 138,800 5,690,800 - -------------------------------------------------------------------------------- Energy Partners Ltd. 1 258,700 6,780,527 - -------------------------------------------------------------------------------- Fairborne Energy Trust 115,600 1,019,001 - -------------------------------------------------------------------------------- Fairquest Energy Ltd. 1 38,494 216,788 - -------------------------------------------------------------------------------- Find Energy Ltd. 1,4 92,600 309,120 - -------------------------------------------------------------------------------- Find Energy Ltd. 1,4 371,900 1,241,488 - -------------------------------------------------------------------------------- Forest Oil Corp. 1 91,500 3,843,000 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- OIL & GAS Continued Frontier Oil Corp. 2 194,000 $ 5,693,900 - -------------------------------------------------------------------------------- Galleon Energy, Inc., Cl. A 1 81,600 885,798 - -------------------------------------------------------------------------------- Galleon Energy, Inc., Subscription Receipts 1 92,500 989,060 - -------------------------------------------------------------------------------- General Maritime Corp. 2 56,700 2,404,080 - -------------------------------------------------------------------------------- Highpine Oil & Gas Ltd. 1 19,900 337,027 - -------------------------------------------------------------------------------- Holly Corp. 91,600 4,274,972 - -------------------------------------------------------------------------------- Houston Exploration Co. 1 131,400 6,970,770 - -------------------------------------------------------------------------------- Innova Exploration Ltd. 1 46,100 269,030 - -------------------------------------------------------------------------------- KCS Energy, Inc. 1,2 111,000 1,928,070 - -------------------------------------------------------------------------------- Ketch Resources Trust 19,800 184,231 - -------------------------------------------------------------------------------- Maritrans, Inc. 34,700 938,635 - -------------------------------------------------------------------------------- Midnight Oil Exploration Ltd. 1 556,050 1,592,993 - -------------------------------------------------------------------------------- Mission Oil & Gas, Inc. 1 74,748 488,071 - -------------------------------------------------------------------------------- Mission Oil & Gas, Inc. 1,5 79,100 516,487 - -------------------------------------------------------------------------------- Mission Resources Corp. 1 55,300 446,271 - -------------------------------------------------------------------------------- Newfield Exploration Co. 1 120,200 4,794,778 - -------------------------------------------------------------------------------- Noble Energy, Inc. 18,600 1,407,090 - -------------------------------------------------------------------------------- OMI Corp. 2 158,700 3,016,887 - -------------------------------------------------------------------------------- Overseas Shipholding Group, Inc. 29,300 1,747,745 - -------------------------------------------------------------------------------- Paramount Resources Ltd., Cl. A 1 312,000 4,578,648 - -------------------------------------------------------------------------------- Penn Virginia Corp. 2 2,800 125,076 - -------------------------------------------------------------------------------- Petroleum Development Corp. 1 140,680 4,480,658 - -------------------------------------------------------------------------------- Pogo Producing Co. 4,800 249,216 - -------------------------------------------------------------------------------- ProEx Energy Ltd. 1 48,100 418,107 25 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- OIL & GAS Continued ProspEx Resources Ltd. 1 369,740 $ 1,047,174 - -------------------------------------------------------------------------------- Real Resources, Inc. 1 186,800 2,515,671 - -------------------------------------------------------------------------------- Remington Oil & Gas Corp. 1,2 165,200 5,897,640 - -------------------------------------------------------------------------------- Resource America, Inc., Cl. A 2 59,800 2,304,094 - -------------------------------------------------------------------------------- Sequoia Oil & Gas Trust 3,475 44,473 - -------------------------------------------------------------------------------- Sequoia Oil & Gas Trust 46,400 593,823 - -------------------------------------------------------------------------------- Spinnaker Exploration Co. 1,2 30,700 1,089,543 - -------------------------------------------------------------------------------- St. Mary Land & Exploration Co. 2 251,300 7,282,674 - -------------------------------------------------------------------------------- Stone Energy Corp. 1,2 70,000 3,423,000 - -------------------------------------------------------------------------------- Sunoco, Inc. 13,500 1,534,680 - -------------------------------------------------------------------------------- Swift Energy Co. 1,2 217,400 7,787,268 - -------------------------------------------------------------------------------- Tesoro Corp. 95,400 4,438,008 - -------------------------------------------------------------------------------- Thunder Energy, Inc. 1 279,863 1,930,168 - -------------------------------------------------------------------------------- TKE Energy Trust 206,000 1,632,599 - -------------------------------------------------------------------------------- TransMontaigne, Inc. 1,2 91,000 955,500 - -------------------------------------------------------------------------------- Trilogy Energy Trust 201,500 2,945,531 - -------------------------------------------------------------------------------- True Energy, Inc. 1 185,000 623,612 - -------------------------------------------------------------------------------- Tusk Energy Corp. 1 387,400 1,685,310 - -------------------------------------------------------------------------------- Tusk Energy Corp. 1,5 275,000 1,196,335 - -------------------------------------------------------------------------------- USEC, Inc. 2 106,000 1,551,840 - -------------------------------------------------------------------------------- Vault Energy Trust 11,950 101,924 - -------------------------------------------------------------------------------- Vintage Petroleum, Inc. 185,900 5,664,373 - -------------------------------------------------------------------------------- W&T Offshore, Inc. 33,100 796,717 - -------------------------------------------------------------------------------- West Energy Ltd. 1 161,900 627,673 - -------------------------------------------------------------------------------- White Fire Energy Ltd. 1 3,475 7,459 - -------------------------------------------------------------------------------- White Fire Energy Ltd. 1 46,400 99,602 - -------------------------------------------------------------------------------- Whiting Petroleum Corp. 1,2 102,300 3,714,513 ---------------- 170,356,361 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- FINANCIALS--15.4% - -------------------------------------------------------------------------------- CAPITAL MARKETS--0.2% National Financial Partners Corp. 140,900 $ 5,514,826 - -------------------------------------------------------------------------------- SWS Group, Inc. 99,300 1,705,974 ---------------- 7,220,800 - -------------------------------------------------------------------------------- COMMERCIAL BANKS--4.9% Amcore Financial, Inc. 5,800 173,304 - -------------------------------------------------------------------------------- AmericanWest Bancorporation 1,2 19,610 391,220 - -------------------------------------------------------------------------------- Anchor BanCorp Wisconsin, Inc. 2 36,100 1,092,386 - -------------------------------------------------------------------------------- Associated Banc-Corp. 44,378 1,493,763 - -------------------------------------------------------------------------------- Astoria Financial Corp. 162,650 4,630,646 - -------------------------------------------------------------------------------- BancFirst Corp. 2,200 191,378 - -------------------------------------------------------------------------------- BancorpSouth, Inc. 2 72,100 1,701,560 - -------------------------------------------------------------------------------- Bank of Hawaii Corp. 62,600 3,176,950 - -------------------------------------------------------------------------------- Bank of the Ozarks, Inc. 2 7,300 239,732 - -------------------------------------------------------------------------------- Banner Corp. 12,500 350,125 - -------------------------------------------------------------------------------- Berkshire Hills Bancorp, Inc. 2 17,000 566,440 - -------------------------------------------------------------------------------- BOK Financial Corp. 7,900 364,348 - -------------------------------------------------------------------------------- Camco Financial Corp. 500 6,800 - -------------------------------------------------------------------------------- Camden National Corp. 2 1,700 55,675 - -------------------------------------------------------------------------------- Capital Corp. of the West 2 7,559 209,762 - -------------------------------------------------------------------------------- Capitol Bancorp Ltd. 2 7,400 248,714 - -------------------------------------------------------------------------------- Cathay Bancorp, Inc. 2 8,400 283,164 - -------------------------------------------------------------------------------- Central Pacific Financial Corp. 2 38,500 1,370,600 - -------------------------------------------------------------------------------- Chemical Financial Corp. 2 17,909 592,967 - -------------------------------------------------------------------------------- Chittenden Corp. 68,100 1,852,320 - -------------------------------------------------------------------------------- Citizens First Bancorp, Inc. 32,700 675,255 26 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- COMMERCIAL BANKS Continued City Holding Co. 72,600 $ 2,651,352 - -------------------------------------------------------------------------------- City National Corp. 41,400 2,968,794 - -------------------------------------------------------------------------------- Columbia Banking System, Inc. 2 65,832 1,620,784 - -------------------------------------------------------------------------------- Commerce Bancshares, Inc. 14,200 715,822 - -------------------------------------------------------------------------------- Commercial Federal Corp. 41,700 1,404,456 - -------------------------------------------------------------------------------- Community Bank System, Inc. 2 239,300 5,836,527 - -------------------------------------------------------------------------------- Community Trust Bancorp, Inc. 17,369 568,314 - -------------------------------------------------------------------------------- Corus Bankshares, Inc. 38,700 2,147,463 - -------------------------------------------------------------------------------- Dime Community Bancshares, Inc. 53,925 819,660 - -------------------------------------------------------------------------------- Downey Financial Corp. 53,900 3,945,480 - -------------------------------------------------------------------------------- F.N.B. Corp. 2 11,000 216,150 - -------------------------------------------------------------------------------- Fidelity Bankshares, Inc. 2 16,997 450,760 - -------------------------------------------------------------------------------- First BanCorp 2 42,000 1,686,300 - -------------------------------------------------------------------------------- First Citizens BancShares, Inc., Cl. A 10,100 1,459,955 - -------------------------------------------------------------------------------- First Commonwealth Financial Corp. 2 269,000 3,685,300 - -------------------------------------------------------------------------------- First Community Bancorp 2 17,300 821,750 - -------------------------------------------------------------------------------- First Defiance Financial Corp. 18,700 499,103 - -------------------------------------------------------------------------------- First Financial Bancorp 2 35,900 678,510 - -------------------------------------------------------------------------------- First Financial Corp. 2 5,800 166,634 - -------------------------------------------------------------------------------- First Financial Holdings, Inc. 2 34,100 1,019,931 - -------------------------------------------------------------------------------- First Midwest Bancorp, Inc. 2 30,700 1,079,719 - -------------------------------------------------------------------------------- First Place Financial Corp. 65,563 1,317,161 - -------------------------------------------------------------------------------- First Republic Bank 95,200 3,363,416 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- COMMERCIAL BANKS Continued First South Bancorp, Inc. 4,600 $ 146,648 - -------------------------------------------------------------------------------- FirstFed Financial Corp. 1,2 95,300 5,680,833 - -------------------------------------------------------------------------------- GB&T Bancshares, Inc. 2 9,200 218,592 - -------------------------------------------------------------------------------- Greater Bay Bancorp 2 90,300 2,381,211 - -------------------------------------------------------------------------------- Greene County Bancshares, Inc. 18,500 505,420 - -------------------------------------------------------------------------------- Harbor Florida Bancshares, Inc. 2 89,900 3,365,856 - -------------------------------------------------------------------------------- Hibernia Corp., Cl. A 73,600 2,442,048 - -------------------------------------------------------------------------------- Horizon Financial Corp. 2 1,900 42,180 - -------------------------------------------------------------------------------- Independent Bank Corp. 2 102,915 2,926,903 - -------------------------------------------------------------------------------- Indymac Mortgage Holdings, Inc. 111,000 4,521,030 - -------------------------------------------------------------------------------- ITLA Capital Corp. 1 8,700 468,930 - -------------------------------------------------------------------------------- MAF Bancorp, Inc. 43,800 1,867,194 - -------------------------------------------------------------------------------- MainSource Financial Group, Inc. 2 41,380 748,564 - -------------------------------------------------------------------------------- Mercantile Bank Corp. 460 20,226 - -------------------------------------------------------------------------------- Mercantile Bankshares Corp. 12,900 664,737 - -------------------------------------------------------------------------------- NASB Financial, Inc. 2 5,466 239,684 - -------------------------------------------------------------------------------- National Bankshares, Inc. 2,100 93,513 - -------------------------------------------------------------------------------- NBT Bancorp, Inc. 2 17,800 420,792 - -------------------------------------------------------------------------------- Net.B@nk, Inc. 137,400 1,280,568 - -------------------------------------------------------------------------------- Oak Hill Financial, Inc. 2,300 67,137 - -------------------------------------------------------------------------------- Old National Bancorp 2 23,500 502,900 - -------------------------------------------------------------------------------- Pacific Capital Bancorp 2 266,199 9,870,659 - -------------------------------------------------------------------------------- Parkvale Financial Corp. 2,700 73,305 - -------------------------------------------------------------------------------- PennRock Financial Services Corp. 2 14,380 516,098 - -------------------------------------------------------------------------------- People's Bank 45,500 1,375,920 27 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- COMMERCIAL BANKS Continued PFF Bancorp, Inc. 142,520 $ 4,316,931 - -------------------------------------------------------------------------------- Preferred Bank, Los Angeles 5,100 202,470 - -------------------------------------------------------------------------------- PrivateBancorp, Inc. 2 9,600 339,648 - -------------------------------------------------------------------------------- Provident Bankshares Corp. 121,584 3,879,745 - -------------------------------------------------------------------------------- Provident Financial Holdings, Inc. 9,950 279,695 - -------------------------------------------------------------------------------- Republic Bancorp, Inc. 37,132 556,237 - -------------------------------------------------------------------------------- Republic Bancorp, Inc., Cl. A 44,266 961,017 - -------------------------------------------------------------------------------- Seacoast Banking Corp. of Florida 2 23,270 458,186 - -------------------------------------------------------------------------------- Sound Federal Bancorp, Inc. 3,600 58,176 - -------------------------------------------------------------------------------- Southside Bancshares, Inc. 2 3,029 62,095 - -------------------------------------------------------------------------------- Southwest Bancorp, Inc. 31,400 643,072 - -------------------------------------------------------------------------------- State Bancorp, Inc. 2 13,973 316,069 - -------------------------------------------------------------------------------- State Financial Services Corp. 86,800 3,494,568 - -------------------------------------------------------------------------------- Sterling Bancorp 2 35,290 753,442 - -------------------------------------------------------------------------------- Sterling Bancshares, Inc. 36,300 564,828 - -------------------------------------------------------------------------------- Sterling Financial Corp. 1 204,322 7,641,643 - -------------------------------------------------------------------------------- SVB Financial Group 1,2 158,200 7,577,780 - -------------------------------------------------------------------------------- TierOne Corp. 2 57,800 1,568,114 - -------------------------------------------------------------------------------- UMB Financial Corp. 1,100 62,733 - -------------------------------------------------------------------------------- Union Bankshares Corp. 2 10,400 401,648 - -------------------------------------------------------------------------------- United Community Financial Corp. 2 10,200 111,588 - -------------------------------------------------------------------------------- Vineyard National Bancorp Co. 2 5,300 167,268 - -------------------------------------------------------------------------------- W. Holding Co., Inc. 67,700 691,894 - -------------------------------------------------------------------------------- Washington Federal, Inc. 10,200 239,904 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- COMMERCIAL BANKS Continued Webster Financial Corp. 50,800 $ 2,371,852 - -------------------------------------------------------------------------------- WesBanco, Inc. 2 17,800 534,356 - -------------------------------------------------------------------------------- Whitney Holding Corp. 33,100 1,080,053 - -------------------------------------------------------------------------------- Wilmington Trust Corp. 20,000 720,200 - -------------------------------------------------------------------------------- WSFS Financial Corp. 48,900 2,675,319 ---------------- 141,961,929 - -------------------------------------------------------------------------------- CONSUMER FINANCE--0.1% ASTA Funding, Inc. 2 102,800 2,855,784 - -------------------------------------------------------------------------------- Dollar Financial Corp. 1,2 11,937 126,652 - -------------------------------------------------------------------------------- Nelnet, Inc., Cl. A 1,2 44,200 1,470,534 ---------------- 4,452,970 - -------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--2.0% Advanta Corp., Cl. B 2 109,470 3,082,675 - -------------------------------------------------------------------------------- Affiliated Managers Group, Inc. 1,2 94,350 6,446,936 - -------------------------------------------------------------------------------- American Capital Strategies Ltd. 2 129,000 4,658,190 - -------------------------------------------------------------------------------- AmeriCredit Corp. 1 183,900 4,689,450 - -------------------------------------------------------------------------------- Apollo Investment Corp. 147,700 2,722,111 - -------------------------------------------------------------------------------- Cash America International, Inc. 50,200 1,010,024 - -------------------------------------------------------------------------------- CompuCredit Corp. 1,2 188,400 6,458,352 - -------------------------------------------------------------------------------- E*TRADE Financial Corp. 1 71,400 998,886 - -------------------------------------------------------------------------------- Encore Capital Group, Inc. 1,2 24,600 418,200 - -------------------------------------------------------------------------------- First Cash Financial Services, Inc. 1 36,900 788,553 - -------------------------------------------------------------------------------- Gabelli Asset Management, Inc. 2 52,200 2,306,718 - -------------------------------------------------------------------------------- Investment Technology Group, Inc. 1,2 294,800 6,196,696 - -------------------------------------------------------------------------------- Jefferies Group, Inc. 2 14,400 545,616 28 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES Continued Ladenburg Thalmann Financial Services, Inc. 1 9,312 $ 5,308 - -------------------------------------------------------------------------------- Lazard Ltd., Cl. A 1 46,200 1,074,150 - -------------------------------------------------------------------------------- Medallion Financial Corp. 13,500 127,575 - -------------------------------------------------------------------------------- Metris Cos., Inc. 1 139,400 2,015,724 - -------------------------------------------------------------------------------- Nasdaq Stock Market, Inc. 1 9,800 184,828 - -------------------------------------------------------------------------------- Piper Jaffray Cos., Inc. 1 34,800 1,058,964 - -------------------------------------------------------------------------------- Providian Financial Corp. 1 147,800 2,605,714 - -------------------------------------------------------------------------------- Raymond James Financial, Inc. 25,000 706,250 - -------------------------------------------------------------------------------- Sanders Morris Harris Group, Inc. 2 45,700 786,040 - -------------------------------------------------------------------------------- Student Loan Corp. (The) 11,900 2,615,620 - -------------------------------------------------------------------------------- United PanAm Financial Corp. 1,2 8,500 232,985 - -------------------------------------------------------------------------------- WFS Financial, Inc. 51,000 2,586,210 - -------------------------------------------------------------------------------- World Acceptance Corp. 1 94,100 2,827,705 ---------------- 57,149,480 - -------------------------------------------------------------------------------- INSURANCE--5.7% 21st Century Insurance Group 2 10,300 152,852 - -------------------------------------------------------------------------------- Affirmative Insurance Holdings, Inc. 40,204 637,233 - -------------------------------------------------------------------------------- Alfa Corp. 2 59,300 872,896 - -------------------------------------------------------------------------------- Allmerica Financial Corp. 1 71,500 2,651,935 - -------------------------------------------------------------------------------- American Equity Investment Life Holding Co. 2 104,100 1,236,708 - -------------------------------------------------------------------------------- American Financial Group, Inc. 53,900 1,806,728 - -------------------------------------------------------------------------------- American Physicians Capital, Inc. 1 41,400 1,538,010 - -------------------------------------------------------------------------------- AmerUs Group Co. 2 133,100 6,395,455 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- INSURANCE Continued Arch Capital Group Ltd. 1 92,200 $ 4,153,610 - -------------------------------------------------------------------------------- Argonaut Group, Inc. 1,2 72,800 1,680,952 - -------------------------------------------------------------------------------- Aspen Insurance Holdings Ltd. 111,200 3,064,672 - -------------------------------------------------------------------------------- Assurant, Inc. 107,400 3,877,140 - -------------------------------------------------------------------------------- Baldwin & Lyons, Inc., Cl. B, Non-Vtg. 2 3,800 91,580 - -------------------------------------------------------------------------------- Berkley (W.R.) Corp. 78,600 2,804,448 - -------------------------------------------------------------------------------- Bristol West Holdings, Inc. 2 38,100 697,230 - -------------------------------------------------------------------------------- Clark, Inc. 7,400 106,042 - -------------------------------------------------------------------------------- Commerce Group, Inc. (The) 63,800 3,962,618 - -------------------------------------------------------------------------------- Delphi Financial Group, Inc., Cl. A 95,650 4,222,948 - -------------------------------------------------------------------------------- Direct General Corp. 2 20,800 387,088 - -------------------------------------------------------------------------------- Donegal Group, Inc., Cl. A 2 62,700 1,251,492 - -------------------------------------------------------------------------------- Fidelity National Financial, Inc. 1,156 41,258 - -------------------------------------------------------------------------------- First American Corp. (The) 105,400 4,230,756 - -------------------------------------------------------------------------------- FPIC Insurance Group, Inc. 1,2 63,700 1,868,321 - -------------------------------------------------------------------------------- Great American Financial Resources, Inc. 15,300 303,093 - -------------------------------------------------------------------------------- HCC Insurance Holdings, Inc. 99,300 3,760,491 - -------------------------------------------------------------------------------- Hilb, Rogal & Hamilton Co. 2 98,900 3,402,160 - -------------------------------------------------------------------------------- Horace Mann Educators Corp. 287,600 5,412,632 - -------------------------------------------------------------------------------- Independence Holding Co. 2 7,160 126,374 - -------------------------------------------------------------------------------- Infinity Property & Casualty Corp. 2 116,000 4,046,080 - -------------------------------------------------------------------------------- IPC Holdings Ltd. 9,700 384,314 - -------------------------------------------------------------------------------- LandAmerica Financial Group, Inc. 2 137,300 8,151,501 29 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- INSURANCE Continued Markel Corp. 1 6,300 $ 2,135,700 - -------------------------------------------------------------------------------- Meadowbrook Insurance Group, Inc. 1 100 524 - -------------------------------------------------------------------------------- Mercury General Corp. 16,400 894,128 - -------------------------------------------------------------------------------- National Western Life Insurance Co., Cl. A 1 4,200 814,338 - -------------------------------------------------------------------------------- Odyssey Re Holdings Corp. 2 141,400 3,489,752 - -------------------------------------------------------------------------------- Ohio Casualty Corp. 308,000 7,447,440 - -------------------------------------------------------------------------------- Old Republic International Corp. 115,300 2,915,937 - -------------------------------------------------------------------------------- Partnerre Holdings Ltd. 26,200 1,687,804 - -------------------------------------------------------------------------------- Philadelphia Consolidated Holding Co. 1 56,100 4,755,036 - -------------------------------------------------------------------------------- Phoenix Cos., Inc. (The) 2 227,900 2,712,010 - -------------------------------------------------------------------------------- Presidential Life Corp. 2 12,600 215,586 - -------------------------------------------------------------------------------- ProAssurance Corp. 1 75,400 3,148,704 - -------------------------------------------------------------------------------- ProCentury Corp. 126,600 1,269,798 - -------------------------------------------------------------------------------- Protective Life Corp. 63,100 2,664,082 - -------------------------------------------------------------------------------- Pxre Group Ltd. 9,500 239,590 - -------------------------------------------------------------------------------- Reinsurance Group of America, Inc. 35,300 1,641,803 - -------------------------------------------------------------------------------- RLI Corp. 2 131,300 5,855,980 - -------------------------------------------------------------------------------- Safety Insurance Group, Inc. 2 75,700 2,555,632 - -------------------------------------------------------------------------------- Selective Insurance Group, Inc. 2 154,700 7,665,385 - -------------------------------------------------------------------------------- StanCorp Financial Group, Inc. 73,100 5,597,998 - -------------------------------------------------------------------------------- State Auto Financial Corp. 84,000 2,607,360 - -------------------------------------------------------------------------------- Stewart Information Services Corp. 2 95,300 4,002,600 - -------------------------------------------------------------------------------- Triad Guaranty, Inc. 1,2 5,600 282,184 - -------------------------------------------------------------------------------- UICI 83,500 2,485,795 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- INSURANCE Continued United America Indemnity Ltd., Cl. A 1 14,357 $ 246,797 - -------------------------------------------------------------------------------- United Fire & Casualty Co. 2 105,600 4,690,752 - -------------------------------------------------------------------------------- Unitrin, Inc. 78,400 3,849,440 - -------------------------------------------------------------------------------- Universal American Financial Corp. 1,2 356,600 8,066,292 - -------------------------------------------------------------------------------- Vesta Insurance Group, Inc. 2 37,900 98,540 - -------------------------------------------------------------------------------- Zenith National Insurance Corp. 113,100 7,674,966 ---------------- 165,030,570 - -------------------------------------------------------------------------------- REAL ESTATE--2.1% Acadia Realty Trust 14,100 262,965 - -------------------------------------------------------------------------------- Agree Realty Corp. 56,600 1,712,150 - -------------------------------------------------------------------------------- Alexandria Real Estate Equities, Inc. 13,000 954,850 - -------------------------------------------------------------------------------- Amli Residential Properties Trust 2 9,200 287,592 - -------------------------------------------------------------------------------- Arden Realty, Inc. 29,800 1,072,204 - -------------------------------------------------------------------------------- Associated Estates Realty Corp. 23,200 214,136 - -------------------------------------------------------------------------------- Brandywine Realty Trust 55,900 1,713,335 - -------------------------------------------------------------------------------- Camden Property Trust 8,600 462,250 - -------------------------------------------------------------------------------- Capital Automotive REIT 18,800 717,596 - -------------------------------------------------------------------------------- Capital Trust, Cl. A 100 3,341 - -------------------------------------------------------------------------------- Capstead Mortgage Corp. 2 14,100 116,748 - -------------------------------------------------------------------------------- CarrAmerica Realty Corp. 23,300 842,994 - -------------------------------------------------------------------------------- CBL & Associates Properties, Inc. 31,600 1,361,012 - -------------------------------------------------------------------------------- Colonial Properties Trust 2 18,326 806,344 - -------------------------------------------------------------------------------- Consolidated-Tomoka Land Co. 2 15,700 1,350,200 - -------------------------------------------------------------------------------- Corporate Office Properties Trust 37,100 1,092,595 30 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- REAL ESTATE Continued Correctional Properties Trust 14,900 $ 421,670 - -------------------------------------------------------------------------------- CRT Properties, Inc. 18,800 513,240 - -------------------------------------------------------------------------------- Entertainment Properties Trust 6,400 294,400 - -------------------------------------------------------------------------------- Equity Inns, Inc. 113,100 1,504,230 - -------------------------------------------------------------------------------- Federal Realty Investment Trust 15,700 926,300 - -------------------------------------------------------------------------------- First Industrial Realty Trust, Inc. 2 32,600 1,300,740 - -------------------------------------------------------------------------------- Forest City Enterprises, Inc., Cl. A 10,100 717,100 - -------------------------------------------------------------------------------- Friedman, Billings, Ramsey Group, Inc., Cl. A 2 46,300 662,090 - -------------------------------------------------------------------------------- Getty Realty Corp. 2 23,800 659,260 - -------------------------------------------------------------------------------- Glenborough Realty Trust, Inc. 9,400 193,546 - -------------------------------------------------------------------------------- Glimcher Realty Trust 2 24,900 690,975 - -------------------------------------------------------------------------------- Health Care REIT, Inc. 2 37,600 1,417,144 - -------------------------------------------------------------------------------- Healthcare Realty Trust, Inc. 2 37,300 1,440,153 - -------------------------------------------------------------------------------- Heritage Property Investment Trust 2 25,000 875,500 - -------------------------------------------------------------------------------- Highwoods Properties, Inc. 28,200 839,232 - -------------------------------------------------------------------------------- HRPT Properties Trust 50,700 630,201 - -------------------------------------------------------------------------------- Jones Lang LaSalle, Inc. 1 136,600 6,041,818 - -------------------------------------------------------------------------------- Kilroy Realty Corp. 26,100 1,239,489 - -------------------------------------------------------------------------------- Lexington Corporate Properties Trust 69,900 1,699,269 - -------------------------------------------------------------------------------- LTC Properties, Inc. 12,200 252,540 - -------------------------------------------------------------------------------- Macerich Co. (The) 6,400 429,120 - -------------------------------------------------------------------------------- Mack-Cali Realty Corp. 18,800 851,640 - -------------------------------------------------------------------------------- Maguire Properties, Inc. 16,900 478,946 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- REAL ESTATE Continued Mid-America Apartment Communities, Inc. 28,100 $ 1,276,302 - -------------------------------------------------------------------------------- Mills Corp. 23,500 1,428,565 - -------------------------------------------------------------------------------- Nationwide Health Properties, Inc. 47,100 1,112,031 - -------------------------------------------------------------------------------- Omega Healthcare Investors, Inc. 14,100 181,326 - -------------------------------------------------------------------------------- Pan Pacific Retail Properties, Inc. 16,000 1,062,080 - -------------------------------------------------------------------------------- Parkway Properties, Inc. 2 5,500 275,055 - -------------------------------------------------------------------------------- Pennsylvania Real Estate Investment Trust 2 36,300 1,724,250 - -------------------------------------------------------------------------------- Prentiss Properties Trust 6,800 247,792 - -------------------------------------------------------------------------------- PS Business Parks, Inc. 6,600 293,370 - -------------------------------------------------------------------------------- RAIT Investment Trust 2 7,400 221,630 - -------------------------------------------------------------------------------- Ramco-Gershenson Properties Trust 2 26,500 775,920 - -------------------------------------------------------------------------------- Realty Income Corp. 2 18,500 463,240 - -------------------------------------------------------------------------------- Redwood Trust, Inc. 9,400 485,040 - -------------------------------------------------------------------------------- Regency Centers Corp. 9,700 554,840 - -------------------------------------------------------------------------------- Senior Housing Properties Trust 2 40,000 756,400 - -------------------------------------------------------------------------------- Simon Property Group, Inc. 1,702 123,378 - -------------------------------------------------------------------------------- SL Green Realty Corp. 14,100 909,450 - -------------------------------------------------------------------------------- Spirit Finance Corp. 154,000 1,809,500 - -------------------------------------------------------------------------------- Stratus Properties, Inc. 1 16,466 293,095 - -------------------------------------------------------------------------------- Tanger Factory Outlet Centers, Inc. 67,800 1,825,854 - -------------------------------------------------------------------------------- Town & Country Trust 2 11,300 322,163 - -------------------------------------------------------------------------------- Trammell Crow Co. 1 157,800 3,825,072 - -------------------------------------------------------------------------------- Trizec Properties, Inc. 18,900 388,773 31 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- REAL ESTATE Continued United Capital Corp. 1 3,500 $ 90,825 - -------------------------------------------------------------------------------- United Dominion Realty Trust, Inc. 27,800 668,590 - -------------------------------------------------------------------------------- Ventas, Inc. 23,500 709,700 - -------------------------------------------------------------------------------- W.P. Carey & Co. LLC 16,800 491,904 - -------------------------------------------------------------------------------- Weingarten Realty Investors 22,100 866,762 ---------------- 60,231,822 - -------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--0.4% Accredited Home Lenders Holding Co. 1,2 76,300 3,357,200 - -------------------------------------------------------------------------------- Bank Mutual Corp. 2 163,694 1,810,456 - -------------------------------------------------------------------------------- Clifton Savings Bancorp, Inc. 2 10,000 105,600 - -------------------------------------------------------------------------------- Fremont General Corp. 2 126,300 3,072,879 - -------------------------------------------------------------------------------- PMI Group, Inc. (The) 11,600 452,168 - -------------------------------------------------------------------------------- Radian Group, Inc. 37,900 1,789,638 ---------------- 10,587,941 - -------------------------------------------------------------------------------- HEALTH CARE--11.3% - -------------------------------------------------------------------------------- BIOTECHNOLOGY--0.9% Affymetrix, Inc. 1,2 12,000 647,160 - -------------------------------------------------------------------------------- Albany Molecular Research, Inc. 1 29,200 408,800 - -------------------------------------------------------------------------------- Alexion Pharmaceuticals, Inc. 1,2 27,700 638,208 - -------------------------------------------------------------------------------- Applera Corp./ Applied Biosystems Group 172,200 3,387,174 - -------------------------------------------------------------------------------- Arena Pharmaceuticals, Inc. 1 72,300 493,086 - -------------------------------------------------------------------------------- Array BioPharma, Inc. 1,2 235,500 1,483,650 - -------------------------------------------------------------------------------- BioMarin Pharmaceutical, Inc. 1 41,400 310,086 - -------------------------------------------------------------------------------- Bone Care International, Inc. 1 23,400 771,498 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- BIOTECHNOLOGY Continued Caliper Life Sciences, Inc. 1 1,500 $ 8,400 - -------------------------------------------------------------------------------- Enzo Biochem, Inc. 2 15,400 276,122 - -------------------------------------------------------------------------------- ID Biomedical Corp. 1 60,100 982,034 - -------------------------------------------------------------------------------- ImmunoGen, Inc. 1,2 35,100 203,229 - -------------------------------------------------------------------------------- Invitrogen Corp. 1,2 48,100 4,006,249 - -------------------------------------------------------------------------------- Medarex, Inc. 1,2 27,700 230,741 - -------------------------------------------------------------------------------- Myriad Genetics, Inc. 1,2 78,800 1,233,220 - -------------------------------------------------------------------------------- Northfield Laboratories, Inc. 1 17,400 248,994 - -------------------------------------------------------------------------------- Orchid Cellmark, Inc. 1,2 69,500 751,295 - -------------------------------------------------------------------------------- Techne Corp. 1,2 83,700 3,842,667 - -------------------------------------------------------------------------------- Third Wave Technologies, Inc. 1 244,400 960,492 - -------------------------------------------------------------------------------- United Therapeutics Corp. 1,2 86,800 4,183,760 - -------------------------------------------------------------------------------- Vertex Pharmaceuticals, Inc. 1 23,000 387,320 ---------------- 25,454,185 - -------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--3.1% ABIOMED, Inc. 1,2 824 7,045 - -------------------------------------------------------------------------------- Adeza Biomedical Corp. 1,2 19,500 331,110 - -------------------------------------------------------------------------------- Advanced Medical Optics, Inc. 1 60,966 2,423,399 - -------------------------------------------------------------------------------- American Medical Systems Holdings, Inc. 1 217,100 4,483,115 - -------------------------------------------------------------------------------- Analogic Corp. 8,200 412,624 - -------------------------------------------------------------------------------- Anika Therapeutics, Inc. 1,2 78,500 901,965 - -------------------------------------------------------------------------------- Arrow International, Inc. 53,600 1,709,840 - -------------------------------------------------------------------------------- Aspect Medical Systems, Inc. 1,2 120,100 3,571,774 - -------------------------------------------------------------------------------- Bausch & Lomb, Inc. 44,800 3,718,400 - -------------------------------------------------------------------------------- Bio-Rad Laboratories, Inc., Cl. A 1 22,900 1,355,909 32 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES Continued ConMed Corp. 1,2 153,100 $ 4,710,887 - -------------------------------------------------------------------------------- Conor Medsystems, Inc. 1,2 18,700 287,045 - -------------------------------------------------------------------------------- Cutera, Inc. 1,2 30,900 536,115 - -------------------------------------------------------------------------------- Dade Behring Holdings, Inc. 40,900 2,658,909 - -------------------------------------------------------------------------------- Dentsply International, Inc. 30,500 1,647,000 - -------------------------------------------------------------------------------- DJ Orthopedics, Inc. 1,2 103,900 2,849,977 - -------------------------------------------------------------------------------- Edwards Lifesciences Corp. 1 68,200 2,933,964 - -------------------------------------------------------------------------------- Haemonetics Corp. 1,2 145,000 5,892,800 - -------------------------------------------------------------------------------- HealthTronics, Inc. 1,2 75,500 980,745 - -------------------------------------------------------------------------------- Hologic, Inc. 1,2 130,388 5,182,923 - -------------------------------------------------------------------------------- ICU Medical, Inc. 1 6,500 209,105 - -------------------------------------------------------------------------------- Inamed Corp. 1 12,450 833,777 - -------------------------------------------------------------------------------- Intuitive Surgical, Inc. 1,2 93,000 4,337,520 - -------------------------------------------------------------------------------- Kensey Nash Corp. 1,2 13,986 422,937 - -------------------------------------------------------------------------------- Lifecore Biomedical, Inc. 1 3,200 34,880 - -------------------------------------------------------------------------------- Lifeline Systems, Inc. 1,2 55,300 1,776,236 - -------------------------------------------------------------------------------- Matthews International Corp., Cl. A 2 58,500 2,279,160 - -------------------------------------------------------------------------------- Medical Action Industries, Inc. 1 23,700 423,045 - -------------------------------------------------------------------------------- Mentor Corp. 2 143,000 5,931,640 - -------------------------------------------------------------------------------- Meridian Bioscience, Inc. 151,500 2,870,925 - -------------------------------------------------------------------------------- NuVasive, Inc. 1,2 27,600 458,712 - -------------------------------------------------------------------------------- OraSure Technologies, Inc. 1,2 63,000 629,370 - -------------------------------------------------------------------------------- Palomar Medical Technologies, Inc. 1,2 18,168 434,579 - -------------------------------------------------------------------------------- ResMed, Inc. 1,2 18,800 1,240,612 - -------------------------------------------------------------------------------- Respironics, Inc. 1 35,200 1,271,072 - -------------------------------------------------------------------------------- SonoSite, Inc. 1,2 39,700 1,232,288 - -------------------------------------------------------------------------------- SurModics, Inc. 1,2 29,700 1,288,089 - -------------------------------------------------------------------------------- Sybron Dental Specialties, Inc. 1 139,900 5,263,038 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES Continued Thermo Electron Corp. 1 27,500 $ 738,925 - -------------------------------------------------------------------------------- Thoratec Corp. 1 9,300 142,662 - -------------------------------------------------------------------------------- Varian, Inc. 1 62,500 2,361,875 - -------------------------------------------------------------------------------- Ventana Medical Systems, Inc. 1,2 119,200 4,795,416 - -------------------------------------------------------------------------------- Viasys Healthcare, Inc. 1 97,100 2,193,489 - -------------------------------------------------------------------------------- Vital Signs, Inc. 12,600 545,832 - -------------------------------------------------------------------------------- West Pharmaceutical Services, Inc. 2 69,300 1,943,865 ---------------- 90,254,595 - -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--6.4% Advisory Board Co. (The) 1,2 11,700 570,258 - -------------------------------------------------------------------------------- Alderwoods Group, Inc. 1 4,000 57,480 - -------------------------------------------------------------------------------- Allscripts Healthcare Solutions, Inc. 1,2 294,400 4,889,984 - -------------------------------------------------------------------------------- America Service Group, Inc. 1 24,800 393,080 - -------------------------------------------------------------------------------- American Healthways, Inc. 1,2 200,200 8,462,454 - -------------------------------------------------------------------------------- American Retirement Corp. 1,2 91,600 1,339,192 - -------------------------------------------------------------------------------- AMERIGROUP Corp. 1 13,600 546,720 - -------------------------------------------------------------------------------- AMN Healthcare Services, Inc. 1,2 65,100 978,453 - -------------------------------------------------------------------------------- AmSurg Corp. 1,2 81,600 2,259,504 - -------------------------------------------------------------------------------- Apria Healthcare Group, Inc. 1 186,200 6,449,968 - -------------------------------------------------------------------------------- Beverly Enterprises, Inc. 1,2 516,500 6,580,210 - -------------------------------------------------------------------------------- Bio-Reference Laboratories, Inc. 1 58,074 806,067 - -------------------------------------------------------------------------------- Cantel Medical Corp. 1,2 30,800 503,888 - -------------------------------------------------------------------------------- Cerner Corp. 1,2 48,700 3,310,139 - -------------------------------------------------------------------------------- Chemed Corp. 128,500 5,253,080 - -------------------------------------------------------------------------------- Community Health Systems, Inc. 1 82,700 3,125,233 33 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES Continued Computer Programs & Systems, Inc. 74,900 $ 2,791,523 - -------------------------------------------------------------------------------- CorVel Corp. 1 4,050 101,736 - -------------------------------------------------------------------------------- Covance, Inc. 1 43,400 1,947,358 - -------------------------------------------------------------------------------- Coventry Health Care, Inc. 1 4,000 283,000 - -------------------------------------------------------------------------------- Cross Country Healthcare, Inc. 1,2 75,700 1,286,900 - -------------------------------------------------------------------------------- Dendrite International, Inc. 1,2 35,200 485,760 - -------------------------------------------------------------------------------- Emageon, Inc. 1,2 30,500 427,305 - -------------------------------------------------------------------------------- Genesis HealthCare Corp. 1,2 174,428 8,072,528 - -------------------------------------------------------------------------------- Gentiva Health Services, Inc. 1,2 152,200 2,718,292 - -------------------------------------------------------------------------------- Health Net, Inc. 1 97,900 3,735,864 - -------------------------------------------------------------------------------- HealthExtras, Inc. 1,2 16,800 337,176 - -------------------------------------------------------------------------------- Horizon Health Corp. 1 4,000 93,560 - -------------------------------------------------------------------------------- Humana, Inc. 1 67,400 2,678,476 - -------------------------------------------------------------------------------- IDX Systems Corp. 1 44,600 1,344,244 - -------------------------------------------------------------------------------- Kindred Healthcare, Inc. 1,2 216,600 8,579,526 - -------------------------------------------------------------------------------- LCA-Vision, Inc. 2 153,186 7,423,394 - -------------------------------------------------------------------------------- LHC Group, Inc. 1,2 120,100 2,183,418 - -------------------------------------------------------------------------------- Lincare Holdings, Inc. 1 92,100 3,761,364 - -------------------------------------------------------------------------------- Magellan Health Services, Inc. 1 8,200 289,542 - -------------------------------------------------------------------------------- Manor Care, Inc. 61,100 2,427,503 - -------------------------------------------------------------------------------- Matria Healthcare, Inc. 1,2 84,749 2,731,460 - -------------------------------------------------------------------------------- MedCath Corp. 1,2 91,200 2,534,448 - -------------------------------------------------------------------------------- Merge Technologies, Inc. 1,2 43,000 806,250 - -------------------------------------------------------------------------------- National HealthCare Corp. 2 15,000 529,650 - -------------------------------------------------------------------------------- National Medical Health Card Systems, Inc. 1 13,700 329,622 - -------------------------------------------------------------------------------- Option Care, Inc. 2 248,750 3,507,375 - -------------------------------------------------------------------------------- Owens & Minor, Inc. 195,500 6,324,425 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES Continued PacifiCare Health Systems, Inc. 1 48,300 $ 3,451,035 - -------------------------------------------------------------------------------- Parexel International Corp. 1,2 99,900 1,983,015 - -------------------------------------------------------------------------------- Pediatrix Medical Group, Inc. 1 117,400 8,633,596 - -------------------------------------------------------------------------------- Per-Se Technologies, Inc. 1,2 160,100 3,365,302 - -------------------------------------------------------------------------------- Pharmaceutical Product Development, Inc. 1 22,200 1,040,292 - -------------------------------------------------------------------------------- PRA International 1 7,300 195,494 - -------------------------------------------------------------------------------- PSS World Medical, Inc. 1,2 105,200 1,309,740 - -------------------------------------------------------------------------------- RehabCare Group, Inc. 1 101,000 2,699,730 - -------------------------------------------------------------------------------- Res-Care, Inc. 1,2 84,300 1,143,108 - -------------------------------------------------------------------------------- Service Corp. International 328,200 2,632,164 - -------------------------------------------------------------------------------- Sierra Health Services, Inc. 1,2 124,200 8,875,332 - -------------------------------------------------------------------------------- Stewart Enterprises, Inc. 504,300 3,298,122 - -------------------------------------------------------------------------------- Sunrise Senior Living, Inc. 1,2 140,000 7,557,200 - -------------------------------------------------------------------------------- Triad Hospitals, Inc. 1 84,900 4,638,936 - -------------------------------------------------------------------------------- Trizetto Group, Inc. 1 136,500 1,912,365 - -------------------------------------------------------------------------------- U.S. Physical Therapy, Inc. 1 6,400 122,752 - -------------------------------------------------------------------------------- United Surgical Partners International, Inc. 1,2 188,400 9,811,872 - -------------------------------------------------------------------------------- Universal Health Services, Inc., Cl. B 48,800 3,034,384 - -------------------------------------------------------------------------------- VCA Antech, Inc. 1 196,400 4,762,700 - -------------------------------------------------------------------------------- WellChoice, Inc. 1 43,900 3,049,733 ---------------- 186,774,281 - -------------------------------------------------------------------------------- PHARMACEUTICALS--0.9% Alpharma, Inc., Cl. A 2 76,900 1,112,743 - -------------------------------------------------------------------------------- Barr Pharmaceuticals, Inc. 1 84,900 4,138,026 34 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- PHARMACEUTICALS Continued Caraco Pharmaceutical Laboratories Ltd. 1 20,800 $ 178,464 - -------------------------------------------------------------------------------- CNS, Inc. 2 49,500 1,131,075 - -------------------------------------------------------------------------------- DOV Pharmaceutical, Inc. 1,2 7,600 141,816 - -------------------------------------------------------------------------------- Encysive Pharmaceuticals, Inc. 1 142,800 1,543,668 - -------------------------------------------------------------------------------- Endo Pharmaceuticals Holdings, Inc. 1,2 43,300 1,137,924 - -------------------------------------------------------------------------------- First Horizon Pharmaceutical Corp. 1,2 160,400 3,054,016 - -------------------------------------------------------------------------------- Hi-Tech Pharmacal Co., Inc. 1 82,400 2,625,264 - -------------------------------------------------------------------------------- Kos Pharmaceuticals, Inc. 1,2 44,100 2,888,550 - -------------------------------------------------------------------------------- Medicis Pharmaceutical Corp., Cl. A 2 261,600 8,300,568 - -------------------------------------------------------------------------------- Perrigo Co. 1,200 16,728 ---------------- 26,268,842 - -------------------------------------------------------------------------------- INDUSTRIALS--16.6% - -------------------------------------------------------------------------------- AEROSPACE & DEFENSE--1.2% AAR Corp. 1 59,900 941,029 - -------------------------------------------------------------------------------- Astronics Corp., Cl. B 1 7,900 69,915 - -------------------------------------------------------------------------------- Aviall, Inc. 1 141,900 4,482,621 - -------------------------------------------------------------------------------- BE Aerospace, Inc. 1 65,500 1,023,765 - -------------------------------------------------------------------------------- DRS Technologies, Inc. 83,200 4,266,496 - -------------------------------------------------------------------------------- ESCO Technologies, Inc. 1,2 68,400 6,894,720 - -------------------------------------------------------------------------------- Goodrich Corp. 107,700 4,411,392 - -------------------------------------------------------------------------------- HEICO Corp., Cl. A 750 13,515 - -------------------------------------------------------------------------------- Innovative Solutions & Support, Inc. 1,2 104,849 3,519,781 - -------------------------------------------------------------------------------- Moog, Inc., Cl. A 1,2 83,400 2,626,266 - -------------------------------------------------------------------------------- Precision Castparts Corp. 17,700 1,378,830 - -------------------------------------------------------------------------------- Teledyne Technologies, Inc. 1 148,100 4,825,098 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- AEROSPACE & DEFENSE Continued Triumph Group, Inc. 1 1,900 $ 66,044 ---------------- 34,519,472 - -------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS--0.1% ABX Air, Inc. 1 183,700 1,497,155 - -------------------------------------------------------------------------------- Dynamex, Inc. 1 38,200 650,928 - -------------------------------------------------------------------------------- Forward Air Corp. 34,050 962,594 - -------------------------------------------------------------------------------- Hub Group, Inc., Cl. A 1 8,100 202,905 - -------------------------------------------------------------------------------- Park-Ohio Holdings Corp. 1 4,700 78,349 ---------------- 3,391,931 - -------------------------------------------------------------------------------- AIRLINES--0.6% Alaska Air Group, Inc. 1,2 212,500 6,321,875 - -------------------------------------------------------------------------------- AMR Corp. 1,2 128,400 1,554,924 - -------------------------------------------------------------------------------- Continental Airlines, Inc., Cl. B 1,2 137,500 1,826,000 - -------------------------------------------------------------------------------- ExpressJet Holdings, Inc. 1,2 189,900 1,616,049 - -------------------------------------------------------------------------------- Frontier Airlines, Inc. 1,2 134,400 1,388,352 - -------------------------------------------------------------------------------- Hawaiian Holdings, Inc. 1 64,000 259,840 - -------------------------------------------------------------------------------- Mesa Air Group, Inc. 1,2 234,700 1,574,837 - -------------------------------------------------------------------------------- Pinnacle Airlines Corp. 1,2 30,000 257,700 - -------------------------------------------------------------------------------- SkyWest, Inc. 112,800 2,050,704 - -------------------------------------------------------------------------------- World Air Holdings, Inc. 1 54,000 632,880 ---------------- 17,483,161 - -------------------------------------------------------------------------------- BUILDING PRODUCTS--1.0% Apogee Enterprises, Inc. 101,600 1,561,592 - -------------------------------------------------------------------------------- Builders FirstSource, Inc. 1,2 374,900 6,073,380 - -------------------------------------------------------------------------------- Crane Co. 53,200 1,399,160 - -------------------------------------------------------------------------------- Lennox International, Inc. 2 325,100 6,882,367 35 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- BUILDING PRODUCTS Continued NCI Building Systems, Inc. 1,2 22,600 $ 741,280 - -------------------------------------------------------------------------------- Universal Forest Products, Inc. 2 87,200 3,614,440 - -------------------------------------------------------------------------------- USG Corp. 1,2 126,300 5,367,750 - -------------------------------------------------------------------------------- Watsco, Inc. 79,100 3,369,660 ---------------- 29,009,629 - -------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--5.3% ABM Industries, Inc. 104,000 2,028,000 - -------------------------------------------------------------------------------- Adesa, Inc. 87,400 1,902,698 - -------------------------------------------------------------------------------- Administaff, Inc. 2 179,400 4,262,544 - -------------------------------------------------------------------------------- American Reprographics Co. 1 38,900 625,901 - -------------------------------------------------------------------------------- Asset Acceptance Capital Corp. 1,2 35,400 917,214 - -------------------------------------------------------------------------------- Banta Corp. 123,500 5,601,960 - -------------------------------------------------------------------------------- Brady Corp., Cl. A 2 154,100 4,777,100 - -------------------------------------------------------------------------------- Bright Horizons Family Solutions, Inc. 1,2 158,000 6,433,760 - -------------------------------------------------------------------------------- Brink's Co. (The) 39,400 1,418,400 - -------------------------------------------------------------------------------- Clean Harbors, Inc. 1,2 119,800 2,597,264 - -------------------------------------------------------------------------------- CompX International, Inc. 2 6,500 108,875 - -------------------------------------------------------------------------------- Consolidated Graphics, Inc. 1 125,700 5,124,789 - -------------------------------------------------------------------------------- Copart, Inc. 1 58,100 1,382,780 - -------------------------------------------------------------------------------- Corporate Executive Board Co. 26,300 2,060,079 - -------------------------------------------------------------------------------- CPI Corp. 8,200 148,010 - -------------------------------------------------------------------------------- DeVry, Inc 1 25,900 515,410 - -------------------------------------------------------------------------------- DiamondCluster International, Inc. 1 150,900 1,705,170 - -------------------------------------------------------------------------------- Dun & Bradstreet Corp. 1 56,600 3,489,390 - -------------------------------------------------------------------------------- Duratek, Inc. 1,2 42,900 994,422 - -------------------------------------------------------------------------------- Equifax, Inc. 132,600 4,735,146 - -------------------------------------------------------------------------------- Exponent, Inc. 1 55,800 1,594,764 - -------------------------------------------------------------------------------- G&K Services, Inc., Cl. A 54,100 2,041,193 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES Continued General Binding Corp. 1 17,200 $ 377,024 - -------------------------------------------------------------------------------- Geo Group, Inc. (The) 1 27,100 678,855 - -------------------------------------------------------------------------------- Harland (John H.) Co. 174,600 6,634,800 - -------------------------------------------------------------------------------- Healthcare Services Group, Inc. 2 168,075 3,374,946 - -------------------------------------------------------------------------------- Heidrick & Struggles International, Inc. 1,2 125,258 3,266,729 - -------------------------------------------------------------------------------- HNI Corp. 68,800 3,519,120 - -------------------------------------------------------------------------------- Hudson Highland Group, Inc. 1,2 63,700 993,083 - -------------------------------------------------------------------------------- Ikon Office Solutions, Inc. 105,400 1,002,354 - -------------------------------------------------------------------------------- Imagistics International, Inc. 1,2 11,000 308,000 - -------------------------------------------------------------------------------- Integrated Alarm Services Group, Inc. 1,2 113,400 497,826 - -------------------------------------------------------------------------------- ITT Educational Services, Inc. 1 8,000 427,360 - -------------------------------------------------------------------------------- Jackson Hewitt Tax Service, Inc. 189,700 4,484,508 - -------------------------------------------------------------------------------- Knoll, Inc. 150,300 2,571,633 - -------------------------------------------------------------------------------- Korn-Ferry International 1,2 292,000 5,183,000 - -------------------------------------------------------------------------------- Labor Ready, Inc. 1,2 349,800 8,153,838 - -------------------------------------------------------------------------------- McGrath RentCorp 2 68,648 1,626,958 - -------------------------------------------------------------------------------- Miller (Herman), Inc. 80,600 2,485,704 - -------------------------------------------------------------------------------- Mobile Mini, Inc. 1,2 31,800 1,096,464 - -------------------------------------------------------------------------------- PHH Corp. 1,2 199,000 5,118,280 - -------------------------------------------------------------------------------- Portfolio Recovery Associates, Inc. 1,2 122,500 5,147,450 - -------------------------------------------------------------------------------- Pre-Paid Legal Services, Inc. 2 47,100 2,103,015 - -------------------------------------------------------------------------------- PRG-Schultz International, Inc. 1,2 92,200 260,004 - -------------------------------------------------------------------------------- Republic Services, Inc. 97,100 3,496,571 - -------------------------------------------------------------------------------- Resources Connection, Inc. 1,2 111,000 2,578,530 36 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES Continued Robert Half International, Inc. 53,200 $ 1,328,404 - -------------------------------------------------------------------------------- Rollins, Inc. 2 169,150 3,389,766 - -------------------------------------------------------------------------------- Rush Enterprises, Inc., Cl. A 1,2 46,400 618,976 - -------------------------------------------------------------------------------- ServiceMaster Co. (The) 193,100 2,587,540 - -------------------------------------------------------------------------------- SITEL Corp. 1,2 64,900 136,939 - -------------------------------------------------------------------------------- Sotheby's Holdings, Inc., Cl. A 1 239,900 3,286,630 - -------------------------------------------------------------------------------- Spherion Corp. 1,2 149,100 984,060 - -------------------------------------------------------------------------------- Steelcase, Inc., Cl. A 108,600 1,504,110 - -------------------------------------------------------------------------------- TeleTech Holdings, Inc. 1,2 382,900 3,120,635 - -------------------------------------------------------------------------------- United Stationers, Inc. 1 91,600 4,497,560 - -------------------------------------------------------------------------------- Vertrue, Inc. 1,2 24,300 946,728 - -------------------------------------------------------------------------------- Viad Corp. 115,300 3,267,602 - -------------------------------------------------------------------------------- Volt Information Sciences, Inc. 1 30,000 711,900 - -------------------------------------------------------------------------------- Waste Connections, Inc. 1,2 110,200 4,109,358 - -------------------------------------------------------------------------------- Waste Industries USA, Inc. 1,800 25,452 - -------------------------------------------------------------------------------- Watson Wyatt & Co. Holdings 2 34,400 881,672 - -------------------------------------------------------------------------------- West Corp. 1,2 46,300 1,777,920 ---------------- 153,026,173 - -------------------------------------------------------------------------------- CONSTRUCTION & ENGINEERING--1.3% Comfort Systems USA, Inc. 1 105,900 696,822 - -------------------------------------------------------------------------------- EMCOR Group, Inc. 1 124,100 6,068,490 - -------------------------------------------------------------------------------- Granite Construction, Inc. 44,800 1,258,880 - -------------------------------------------------------------------------------- Insituform Technologies, Inc., Cl. A 1,2 39,100 626,773 - -------------------------------------------------------------------------------- McDermott International, Inc. 1 160,700 3,374,700 - -------------------------------------------------------------------------------- Perini Corp. 1 125,900 2,067,278 - -------------------------------------------------------------------------------- Quanta Services, Inc. 1,2 236,300 2,079,440 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- CONSTRUCTION & ENGINEERING Continued Shaw Group, Inc. (The) 1,2 191,400 $ 4,117,014 - -------------------------------------------------------------------------------- URS Corp. 1 230,900 8,624,115 - -------------------------------------------------------------------------------- Washington Group International, Inc. 1,2 170,600 8,721,072 ---------------- 37,634,584 - -------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--1.0% Active Power, Inc. 1 5,400 17,550 - -------------------------------------------------------------------------------- Acuity Brands, Inc. 2 106,200 2,728,278 - -------------------------------------------------------------------------------- American Power Conversion Corp. 133,800 3,156,342 - -------------------------------------------------------------------------------- AMETEK, Inc. 10,400 435,240 - -------------------------------------------------------------------------------- Baldor Electric Co. 2 37,500 912,000 - -------------------------------------------------------------------------------- Energy Conversion Devices, Inc. 1,2 127,200 2,846,736 - -------------------------------------------------------------------------------- Evergreen Solar, Inc. 1,2 56,300 362,009 - -------------------------------------------------------------------------------- General Cable Corp. 1,2 150,200 2,227,466 - -------------------------------------------------------------------------------- Genlyte Group, Inc. (The) 1 112,900 5,502,746 - -------------------------------------------------------------------------------- II-VI, Inc. 1,2 17,326 318,625 - -------------------------------------------------------------------------------- LSI Industries, Inc. 14,500 202,130 - -------------------------------------------------------------------------------- Preformed Line Products Co. 6,536 266,669 - -------------------------------------------------------------------------------- Smith (A.O.) Corp. 64,700 1,728,137 - -------------------------------------------------------------------------------- Thomas & Betts Corp. 1 132,700 3,747,448 - -------------------------------------------------------------------------------- Vicor Corp. 2 79,200 1,077,120 - -------------------------------------------------------------------------------- Woodward Governor Co. 2 38,367 3,223,979 ---------------- 28,752,475 - -------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--0.2% Alleghany Corp. 6,600 1,960,200 - -------------------------------------------------------------------------------- Carlisle Cos., Inc. 27,000 1,853,010 - -------------------------------------------------------------------------------- Raven Industries, Inc. 2 67,600 1,583,192 - -------------------------------------------------------------------------------- Teleflex, Inc. 16,500 979,605 - -------------------------------------------------------------------------------- Tredegar Corp. 49,600 773,760 ---------------- 7,149,767 37 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- MACHINERY--3.2% Alamo Group, Inc. 6,200 $ 115,754 - -------------------------------------------------------------------------------- Albany International Corp., Cl. A 153,600 4,932,096 - -------------------------------------------------------------------------------- American Science & Engineering, Inc. 1 25,800 1,144,488 - -------------------------------------------------------------------------------- Ampco-Pittsburgh Corp. 2 9,100 109,200 - -------------------------------------------------------------------------------- Astec Industries, Inc. 1 99,700 2,312,043 - -------------------------------------------------------------------------------- Barnes Group, Inc. 2 45,500 1,506,050 - -------------------------------------------------------------------------------- Bucyrus International, Inc., Cl. A 2 102,106 3,877,986 - -------------------------------------------------------------------------------- Cascade Corp. 31,000 1,340,750 - -------------------------------------------------------------------------------- Chicago Bridge & Iron Co. NV 133,800 3,058,668 - -------------------------------------------------------------------------------- CIRCOR International, Inc. 28,600 705,562 - -------------------------------------------------------------------------------- Cummins, Inc. 53,100 3,961,791 - -------------------------------------------------------------------------------- EnPro Industries, Inc. 1 36,400 1,050,868 - -------------------------------------------------------------------------------- Flanders Corp. 1,2 16,700 150,300 - -------------------------------------------------------------------------------- Flowserve Corp. 1 261,700 7,919,042 - -------------------------------------------------------------------------------- Freightcar America, Inc. 1 103,700 2,056,371 - -------------------------------------------------------------------------------- Harsco Corp. 66,900 3,649,395 - -------------------------------------------------------------------------------- Hexcel Corp. 1,2 149,500 2,529,540 - -------------------------------------------------------------------------------- Idex Corp. 2 6,900 266,409 - -------------------------------------------------------------------------------- JLG Industries, Inc. 2 101,000 2,775,480 - -------------------------------------------------------------------------------- Joy Global, Inc. 91,450 3,071,806 - -------------------------------------------------------------------------------- Kadant, Inc. 1,2 2,800 61,404 - -------------------------------------------------------------------------------- Lincoln Electric Holdings, Inc. 2 7,900 261,885 - -------------------------------------------------------------------------------- Manitowoc Co., Inc. (The) 6,700 274,834 - -------------------------------------------------------------------------------- Middleby Corp. (The) 1,2 14,102 745,432 - -------------------------------------------------------------------------------- Mueller Industries, Inc. 146,500 3,970,150 - -------------------------------------------------------------------------------- NACCO Industries, Inc., Cl. A 41,600 4,460,352 - -------------------------------------------------------------------------------- Nordson Corp. 26,100 894,708 - -------------------------------------------------------------------------------- Oshkosh Truck Corp. 40,300 3,154,684 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- MACHINERY Continued Pall Corp. 126,100 $ 3,828,396 - -------------------------------------------------------------------------------- Stewart & Stevenson Services, Inc. 284,100 6,437,706 - -------------------------------------------------------------------------------- Sun Hydraulics Corp. 2 16,800 611,352 - -------------------------------------------------------------------------------- Terex Corp. 1 108,300 4,267,020 - -------------------------------------------------------------------------------- Thomas Industries, Inc. 14,700 587,412 - -------------------------------------------------------------------------------- Titan International, Inc. 2 114,300 1,597,914 - -------------------------------------------------------------------------------- Toro Co. (The) 176,500 6,814,665 - -------------------------------------------------------------------------------- Wabash National Corp. 2 152,100 3,685,383 - -------------------------------------------------------------------------------- Wabtec Corp. 180,100 3,868,548 ---------------- 92,055,444 - -------------------------------------------------------------------------------- MARINE--0.2% Alexander & Baldwin, Inc. 79,900 3,703,365 - -------------------------------------------------------------------------------- Frozen Food Express Industries, Inc. 1 7,100 80,372 - -------------------------------------------------------------------------------- Kirby Corp. 1 30,400 1,371,040 - -------------------------------------------------------------------------------- Sea Containers Ltd., Cl. A 2 16,300 260,311 ---------------- 5,415,088 - -------------------------------------------------------------------------------- ROAD & RAIL--1.6% Amerco, Inc. 2 34,000 1,820,700 - -------------------------------------------------------------------------------- Arkansas Best Corp. 2 124,900 3,973,069 - -------------------------------------------------------------------------------- C.H. Robinson Worldwide, Inc. 18,000 1,047,600 - -------------------------------------------------------------------------------- CNF Transportation, Inc. 95,000 4,265,500 - -------------------------------------------------------------------------------- Dollar Thrifty Automotive Group, Inc. 1,2 115,200 4,375,296 - -------------------------------------------------------------------------------- Florida East Coast Industries, Inc., C1. A 58,400 2,528,720 - -------------------------------------------------------------------------------- Genesee & Wyoming, Inc., Cl. A 1,2 83,500 2,272,035 - -------------------------------------------------------------------------------- Heartland Express, Inc. 2 59,950 1,164,829 38 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- ROAD & RAIL Continued Hunt (J.B.) Transport Services, Inc. 36,500 $ 704,450 - -------------------------------------------------------------------------------- Kansas City Southern 1,2 71,500 1,442,870 - -------------------------------------------------------------------------------- Laidlaw International, Inc. 1 202,600 4,882,660 - -------------------------------------------------------------------------------- Mullen Transportation, Inc. 30,200 1,515,916 - -------------------------------------------------------------------------------- Overnite Corp. 58,900 2,531,522 - -------------------------------------------------------------------------------- Pacer International, Inc. 1 144,000 3,137,760 - -------------------------------------------------------------------------------- SCS Transportation, Inc. 1 47,099 838,362 - -------------------------------------------------------------------------------- Swift Transportation Co., Inc. 1,2 327,900 7,636,791 - -------------------------------------------------------------------------------- Universal Truckload Services, Inc. 1 52,854 892,704 - -------------------------------------------------------------------------------- USA Truck, Inc. 1,2 3,000 74,250 - -------------------------------------------------------------------------------- Werner Enterprises, Inc. 7,500 147,300 - -------------------------------------------------------------------------------- Yellow Roadway Corp. 1,2 29,366 1,491,793 ---------------- 46,744,127 - -------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS--0.9% Applied Industrial Technologies, Inc. 2 239,500 7,733,455 - -------------------------------------------------------------------------------- BlueLinx Holdings, Inc. 100,876 1,067,268 - -------------------------------------------------------------------------------- GATX Corp. 2 280,500 9,677,250 - -------------------------------------------------------------------------------- Lawson Products, Inc. 5,600 217,392 - -------------------------------------------------------------------------------- UAP Holding Corp. 176,700 2,933,220 - -------------------------------------------------------------------------------- United Rentals, Inc. 1,2 125,000 2,526,250 - -------------------------------------------------------------------------------- WESCO International, Inc. 1 30,200 947,676 ---------------- 25,102,511 - -------------------------------------------------------------------------------- TRANSPORTATION INFRASTRUCTURE--0.0% Interpool, Inc. 15,700 335,666 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- TRANSPORTATION INFRASTRUCTURE Continued Macquarie Infrastructure Co. Trust 18,000 $ 510,840 ---------------- 846,506 - -------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--15.2% - -------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--1.4% ADTRAN, Inc. 248,900 6,170,231 - -------------------------------------------------------------------------------- Anaren Microwave, Inc. 1,2 12,800 168,320 - -------------------------------------------------------------------------------- Black Box Corp. 64,100 2,269,140 - -------------------------------------------------------------------------------- Brocade Communications Systems, Inc. 1 665,400 2,581,752 - -------------------------------------------------------------------------------- Brooktrout, Inc. 1 1,800 20,088 - -------------------------------------------------------------------------------- CommScope, Inc. 1,2 45,000 783,450 - -------------------------------------------------------------------------------- Comtech Telecommunications Corp. 1,2 141,550 4,618,777 - -------------------------------------------------------------------------------- Comverse Technology, Inc. 1 92,600 2,189,990 - -------------------------------------------------------------------------------- Digi International, Inc. 1 205,409 2,436,151 - -------------------------------------------------------------------------------- Echelon Corp. 1 7,400 50,912 - -------------------------------------------------------------------------------- F5 Networks, Inc. 1,2 47,500 2,243,663 - -------------------------------------------------------------------------------- Foundry Networks, Inc. 1,2 100,000 863,000 - -------------------------------------------------------------------------------- Harris Corp. 103,900 3,242,719 - -------------------------------------------------------------------------------- Netgear, Inc. 1,2 233,700 4,346,820 - -------------------------------------------------------------------------------- Packeteer, Inc. 1,2 124,200 1,751,220 - -------------------------------------------------------------------------------- Paradyne Networks, Inc. 1 36,501 66,067 - -------------------------------------------------------------------------------- Performance Technologies, Inc. 1,2 106,800 590,604 - -------------------------------------------------------------------------------- SiRF Technology Holdings, Inc. 1 19,100 337,688 - -------------------------------------------------------------------------------- SpectraLink Corp. 2 84,900 893,148 - -------------------------------------------------------------------------------- Symmetricom, Inc. 1,2 380,800 3,948,896 ---------------- 39,572,636 39 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--1.4% Electronics for Imaging, Inc. 1 304,200 $ 6,400,368 - -------------------------------------------------------------------------------- Hutchinson Technology, Inc. 1 145,000 5,583,950 - -------------------------------------------------------------------------------- Imation Corp. 126,900 4,922,451 - -------------------------------------------------------------------------------- InFocus Corp. 1,2 37,100 153,594 - -------------------------------------------------------------------------------- Intergraph Corp. 1,2 183,900 6,337,194 - -------------------------------------------------------------------------------- M-Systems Flash Disk Pioneers Ltd. 1 96,800 1,855,656 - -------------------------------------------------------------------------------- Maxtor Corp. 1 54,100 281,320 - -------------------------------------------------------------------------------- NCR Corp. 1 67,000 2,353,040 - -------------------------------------------------------------------------------- Pinnacle Systems, Inc. 1 144,600 795,300 - -------------------------------------------------------------------------------- Quantum Corp. 1,2 301,400 895,158 - -------------------------------------------------------------------------------- Rimage Corp. 1 6,600 140,118 - -------------------------------------------------------------------------------- SimpleTech, Inc. 1 91,300 349,679 - -------------------------------------------------------------------------------- Storage Technology Corp. 1 125,800 4,565,282 - -------------------------------------------------------------------------------- Stratasys, Inc. 1 7,000 228,760 - -------------------------------------------------------------------------------- Western Digital Corp. 1 540,200 7,249,484 ---------------- 42,111,354 - -------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--1.8% Agilysys, Inc. 2 140,700 2,208,990 - -------------------------------------------------------------------------------- Amphenol Corp., Cl. A 114,800 4,611,516 - -------------------------------------------------------------------------------- Anixter International, Inc. 1 60,500 2,248,785 - -------------------------------------------------------------------------------- BEI Technologies, Inc. 2 5,400 144,072 - -------------------------------------------------------------------------------- Belden CDT, Inc. 2 82,800 1,755,360 - -------------------------------------------------------------------------------- Bell Microproducts, Inc. 1,2 32,303 303,648 - -------------------------------------------------------------------------------- Brightpoint, Inc. 1,2 81,600 1,810,704 - -------------------------------------------------------------------------------- Coherent, Inc. 1,2 225,700 8,127,457 - -------------------------------------------------------------------------------- CyberOptics Corp. 1,2 6,600 85,800 - -------------------------------------------------------------------------------- Dionex Corp. 1,2 16,700 728,287 - -------------------------------------------------------------------------------- Electro Scientific Industries, Inc. 1 152,000 2,717,760 - -------------------------------------------------------------------------------- Fargo Electronics, Inc. 1 16,400 327,836 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS Continued Hypercom Corp. 1,2 157,600 $ 1,019,672 - -------------------------------------------------------------------------------- Identix, Inc. 1,2 111,700 561,851 - -------------------------------------------------------------------------------- Ingram Micro, Inc., Cl. A 1 51,200 801,792 - -------------------------------------------------------------------------------- Keithley Instruments, Inc. 2 100,500 1,548,705 - -------------------------------------------------------------------------------- Komag, Inc. 1,2 41,400 1,174,518 - -------------------------------------------------------------------------------- LoJack Corp. 1,2 38,300 672,548 - -------------------------------------------------------------------------------- Methode Electronics, Inc., Cl. A 15,000 178,050 - -------------------------------------------------------------------------------- Mettler-Toledo International, Inc. 1 32,300 1,504,534 - -------------------------------------------------------------------------------- MTS Systems Corp. 2 102,700 3,448,666 - -------------------------------------------------------------------------------- PAR Technology Corp. 1 11,800 377,600 - -------------------------------------------------------------------------------- Park Electrochemical Corp. 109,500 2,759,400 - -------------------------------------------------------------------------------- Paxar Corp. 1 217,200 3,855,300 - -------------------------------------------------------------------------------- PC Connection, Inc. 1 61,500 382,530 - -------------------------------------------------------------------------------- RadiSys Corp. 1,2 60,000 969,000 - -------------------------------------------------------------------------------- Rofin-Sinar Technologies, Inc. 1 12,000 393,600 - -------------------------------------------------------------------------------- Trimble Navigation Ltd. 1 66,300 2,583,711 - -------------------------------------------------------------------------------- UNOVA, Inc. 1,2 129,400 3,445,922 - -------------------------------------------------------------------------------- Zygo Corp. 1 44,400 435,120 ---------------- 51,182,734 - -------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--1.6% AsiaInfo Holdings, Inc. 1,2 161,700 890,967 - -------------------------------------------------------------------------------- Blue Coat Systems, Inc. 1 18,400 549,792 - -------------------------------------------------------------------------------- Corillian Corp. 1 102,380 317,378 - -------------------------------------------------------------------------------- Covansys Corp. 1 37,000 475,450 - -------------------------------------------------------------------------------- CyberSource Corp. 1 203,691 1,488,981 - -------------------------------------------------------------------------------- Digital Insight Corp. 1 155,228 3,713,054 - -------------------------------------------------------------------------------- EarthLink, Inc. 1 814,200 7,050,972 - -------------------------------------------------------------------------------- eCollege.com, Inc. 1,2 400 4,760 - -------------------------------------------------------------------------------- InfoSpace, Inc. 1,2 8,800 289,784 40 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES Continued Internet Security Systems, Inc. 1 309,600 $ 6,281,784 - -------------------------------------------------------------------------------- Interwoven, Inc. 1 187,400 1,411,122 - -------------------------------------------------------------------------------- j2 Global Communications, Inc. 1 18,300 630,252 - -------------------------------------------------------------------------------- MicroStrategy, Inc., Cl. A 1,2 32,200 1,707,888 - -------------------------------------------------------------------------------- Online Resources & Communications Corp. 1,2 115,100 1,301,781 - -------------------------------------------------------------------------------- Salesforce.com, Inc. 1,2 23,100 473,088 - -------------------------------------------------------------------------------- SeeBeyond Technology Corp. 1,2 15,300 63,954 - -------------------------------------------------------------------------------- Selectica, Inc. 1 21,700 66,619 - -------------------------------------------------------------------------------- SonicWALL, Inc. 1 387,900 2,090,781 - -------------------------------------------------------------------------------- United Online, Inc. 492,850 5,352,351 - -------------------------------------------------------------------------------- ValueClick, Inc. 1,2 306,200 3,775,446 - -------------------------------------------------------------------------------- WebEx Communications, Inc. 1,2 84,700 2,236,927 - -------------------------------------------------------------------------------- Websense, Inc. 1,2 126,000 6,054,300 ---------------- 46,227,431 - -------------------------------------------------------------------------------- IT SERVICES--1.5% American Software, Inc. 8,500 49,130 - -------------------------------------------------------------------------------- Anteon International Corp. 1 102,800 4,689,736 - -------------------------------------------------------------------------------- Aquantive, Inc. 1,2 41,500 735,380 - -------------------------------------------------------------------------------- CACI International, Inc., Cl. A 1 51,300 3,240,108 - -------------------------------------------------------------------------------- CheckFree Corp. 1 62,000 2,111,720 - -------------------------------------------------------------------------------- CSG Systems International, Inc. 1 307,600 5,838,248 - -------------------------------------------------------------------------------- eFunds Corp. 1 211,200 3,799,488 - -------------------------------------------------------------------------------- Euronet Worldwide, Inc. 1,2 7,100 206,397 - -------------------------------------------------------------------------------- Fastclick, Inc. 1,2 92,200 839,020 - -------------------------------------------------------------------------------- Forrester Research, Inc. 1,2 4,200 74,886 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- IT SERVICES Continued Global Payments, Inc. 34,900 $ 2,366,220 - -------------------------------------------------------------------------------- Information Resources, Inc. 1 10,300 6,180 - -------------------------------------------------------------------------------- infoUSA, Inc. 234,468 2,743,276 - -------------------------------------------------------------------------------- Integral Systems, Inc. 800 18,104 - -------------------------------------------------------------------------------- Intrado, Inc. 1,2 19,200 287,232 - -------------------------------------------------------------------------------- iPayment Holdings, Inc. 1,2 2,300 83,996 - -------------------------------------------------------------------------------- Keane, Inc. 1 99,400 1,361,780 - -------------------------------------------------------------------------------- ManTech International Corp. 1,2 128,800 3,997,952 - -------------------------------------------------------------------------------- Maximus, Inc. 2 66,600 2,350,314 - -------------------------------------------------------------------------------- Pegasus Solutions, Inc. 1,2 35,100 391,365 - -------------------------------------------------------------------------------- Perot Systems Corp., Cl. A 1,2 170,200 2,420,244 - -------------------------------------------------------------------------------- Sabre Holdings Corp. 17,900 357,105 - -------------------------------------------------------------------------------- SI International, Inc. 1,2 11,100 332,556 - -------------------------------------------------------------------------------- SRA International, Inc., Cl. A 1,2 87,500 3,038,000 - -------------------------------------------------------------------------------- SS&C Technologies, Inc. 40,250 1,275,120 - -------------------------------------------------------------------------------- Startek, Inc. 2 21,400 351,388 - -------------------------------------------------------------------------------- Sykes Enterprises, Inc. 1 31,000 293,880 - -------------------------------------------------------------------------------- Vasco Data Security International, Inc. 1,2 128,800 1,249,360 ---------------- 44,508,185 - -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--3.5% ADE Corp. 1 138,200 3,876,510 - ------------------------------------------------------------------------------- Advanced Energy- Industries, Inc. 1,2 107,700 846,522 - -------------------------------------------------------------------------------- AMIS Holdings, Inc. 1,2 24,400 325,496 - -------------------------------------------------------------------------------- ATMI, Inc. 1,2 218,900 6,350,289 - -------------------------------------------------------------------------------- Axcelis Technologies, Inc. 1 474,300 3,253,698 - -------------------------------------------------------------------------------- Cabot Microelectronics Corp. 1,2 55,700 1,614,743 41 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Continued Cascade Microtech, Inc. 1,2 42,600 $ 621,960 - -------------------------------------------------------------------------------- Cohu, Inc. 35,400 709,770 - -------------------------------------------------------------------------------- Cree, Inc. 1,2 146,400 3,728,808 - -------------------------------------------------------------------------------- Cymer, Inc. 1,2 188,900 4,977,515 - -------------------------------------------------------------------------------- Cypress Semiconductor Corp. 1,2 286,000 3,600,740 - -------------------------------------------------------------------------------- Diodes, Inc. 1,2 68,504 2,137,325 - -------------------------------------------------------------------------------- DSP Group, Inc. 1 92,291 2,202,986 - -------------------------------------------------------------------------------- Entegris, Inc. 1,2 56,100 555,390 - -------------------------------------------------------------------------------- FEI Co. 1,2 77,200 1,760,932 - -------------------------------------------------------------------------------- Freescale Semiconductor, Inc., Cl. A 1 14,200 298,342 - -------------------------------------------------------------------------------- Genesis Microchip, Inc. 1,2 18,400 339,664 - -------------------------------------------------------------------------------- Helix Technology Corp. 42,200 560,416 - -------------------------------------------------------------------------------- Integrated Device Technology, Inc. 1 681,600 7,327,200 - -------------------------------------------------------------------------------- International Rectifier Corp. 1 16,400 782,608 - -------------------------------------------------------------------------------- Intersil Corp., Cl. A 78,400 1,471,568 - -------------------------------------------------------------------------------- IXYS Corp. 1,2 88,300 1,252,094 - -------------------------------------------------------------------------------- Lam Research Corp. 1 116,800 3,380,192 - -------------------------------------------------------------------------------- LSI Logic Corp. 1 401,200 3,406,188 - -------------------------------------------------------------------------------- MEMC Electronic Materials, Inc. 1 148,200 2,337,114 - -------------------------------------------------------------------------------- Micrel, Inc. 1 602,200 6,937,344 - -------------------------------------------------------------------------------- Microsemi Corp. 1 324,800 6,106,240 - -------------------------------------------------------------------------------- Microtune, Inc. 1,2 193,300 969,400 - -------------------------------------------------------------------------------- MIPS Technologies, Inc., Cl. A 1 215,100 1,548,720 - -------------------------------------------------------------------------------- Mykrolis Corp. 1 139,000 1,975,190 - -------------------------------------------------------------------------------- Nanometrics, Inc. 1,2 4,900 61,201 - -------------------------------------------------------------------------------- NVIDIA Corp. 1 87,500 2,338,000 - -------------------------------------------------------------------------------- OmniVision Technologies, Inc. 1,2 463,200 6,294,888 - -------------------------------------------------------------------------------- PDF Solutions, Inc. 1,2 87,200 1,144,064 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Continued Photronics, Inc. 1 270,100 $ 6,304,134 - -------------------------------------------------------------------------------- Rudolph Technologies, Inc. 1,2 12,900 184,857 - -------------------------------------------------------------------------------- Silicon Storage Technology, Inc. 2 70,900 285,727 - -------------------------------------------------------------------------------- Skyworks Solutions, Inc. 1,2 201,800 1,487,266 - -------------------------------------------------------------------------------- Supertex, Inc. 1,2 3,800 67,108 - -------------------------------------------------------------------------------- Trident Microsystems, Inc. 1,2 63,900 1,449,891 - -------------------------------------------------------------------------------- Ultra Clean Holdings, Inc. 1 20,700 154,215 - -------------------------------------------------------------------------------- Varian Semiconductor Equipment Associates, Inc. 1,2 179,900 6,656,300 - ------------------------------------------------------------------------------- Virage Logic Corp. 1,2 29,700 305,910 ---------------- 101,988,525 - -------------------------------------------------------------------------------- SOFTWARE--4.0% Activision, Inc. 1 125,500 2,073,260 - -------------------------------------------------------------------------------- Ansoft Corp. 1,2 73,973 1,787,188 - -------------------------------------------------------------------------------- Ansys, Inc. 1,2 209,700 7,446,447 - -------------------------------------------------------------------------------- Aspect Communications Corp. 1 169,411 1,902,486 - -------------------------------------------------------------------------------- Atari, Inc. 1 69,700 193,766 - -------------------------------------------------------------------------------- BEA Systems, Inc. 1 119,500 1,049,210 - -------------------------------------------------------------------------------- Blackbaud, Inc. 79,400 1,071,900 - -------------------------------------------------------------------------------- Borland Software Corp. 1 361,900 2,482,634 - -------------------------------------------------------------------------------- Bottomline Technologies, Inc. 1 114,400 1,712,568 - -------------------------------------------------------------------------------- Cadence Design Systems, Inc. 1 207,300 2,831,718 - -------------------------------------------------------------------------------- Captiva Software Corp. 1 20,200 291,688 - -------------------------------------------------------------------------------- Catapult Communications Corp. 1 105,100 1,793,006 - -------------------------------------------------------------------------------- CCC Information Services Group, Inc. 1 27,600 661,020 42 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- SOFTWARE Continued Compuware Corp. 1 322,200 $ 2,316,618 - -------------------------------------------------------------------------------- Entrust Technologies, Inc. 1,2 234,500 1,123,255 - -------------------------------------------------------------------------------- EPIQ Systems, Inc. 1 11,000 179,960 - -------------------------------------------------------------------------------- ePlus, inc. 1 16,900 194,350 - -------------------------------------------------------------------------------- FactSet Research Systems, Inc. 2 66,050 2,367,232 - -------------------------------------------------------------------------------- Fair Isaac Corp. 23,400 854,100 - -------------------------------------------------------------------------------- FileNet Corp. 1,2 176,300 4,432,182 - -------------------------------------------------------------------------------- Informatica Corp. 1,2 436,900 3,665,591 - -------------------------------------------------------------------------------- InterVideo, Inc. 1 22,700 326,426 - -------------------------------------------------------------------------------- InterVoice-Brite, Inc. 1,2 121,600 1,049,408 - -------------------------------------------------------------------------------- Macromedia, Inc. 1 38,000 1,452,360 - -------------------------------------------------------------------------------- Macrovision Corp. 1 105,000 2,366,700 - -------------------------------------------------------------------------------- McAfee, Inc. 1 191,400 5,010,852 - -------------------------------------------------------------------------------- Micromuse, Inc. 1 46,200 261,492 - -------------------------------------------------------------------------------- MICROS Systems, Inc. 1 153,100 6,851,225 - -------------------------------------------------------------------------------- Mobius Management Systems, Inc. 1 2,600 17,160 - -------------------------------------------------------------------------------- Moldflow Corp. 1,2 2,500 32,375 - -------------------------------------------------------------------------------- MRO Software, Inc. 1,2 120,900 1,766,349 - -------------------------------------------------------------------------------- MSC.Software Corp. 1,2 32,200 442,750 - -------------------------------------------------------------------------------- Parametric Technology Corp. 1 1,555,400 9,923,452 - -------------------------------------------------------------------------------- Pervasive Software, Inc. 1 2,700 11,437 - -------------------------------------------------------------------------------- Progress Software Corp. 1,2 212,700 6,412,905 - -------------------------------------------------------------------------------- Quality Systems, Inc. 2 15,200 720,176 - -------------------------------------------------------------------------------- Quest Software, Inc. 1 229,800 3,132,174 - -------------------------------------------------------------------------------- Radiant Systems, Inc. 1 114,700 1,307,580 - -------------------------------------------------------------------------------- Reynolds & Reynolds Co., Cl. A 15,500 418,965 - -------------------------------------------------------------------------------- Smith Micro Software, Inc. 1 2,100 9,198 - -------------------------------------------------------------------------------- SPSS, Inc. 1 10,300 197,863 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- SOFTWARE Continued Sybase, Inc. 1 153,300 $ 2,813,055 - -------------------------------------------------------------------------------- Synopsys, Inc. 1 229,700 3,829,099 - -------------------------------------------------------------------------------- Take-Two Interactive Software, Inc. 1,2 197,600 5,028,920 - -------------------------------------------------------------------------------- TALX Corp. 18,400 531,944 - -------------------------------------------------------------------------------- THQ, Inc. 1,2 134,200 3,928,034 - -------------------------------------------------------------------------------- Transaction Systems Architects, Inc., Cl. A 1 328,331 8,086,793 - -------------------------------------------------------------------------------- Ulticom, Inc. 1 15,349 162,853 - -------------------------------------------------------------------------------- Ultimate Software Group, Inc. (The) 1,2 108,900 1,785,960 - -------------------------------------------------------------------------------- Verint Systems, Inc. 1 9,000 289,440 - -------------------------------------------------------------------------------- Wind River Systems, Inc. 1 226,500 3,551,520 - -------------------------------------------------------------------------------- Witness Systems, Inc. 1,2 137,900 2,513,917 ---------------- 114,662,561 - -------------------------------------------------------------------------------- MATERIALS--5.9% - -------------------------------------------------------------------------------- CHEMICALS--2.0% Agrium, Inc. 235,700 4,622,077 - -------------------------------------------------------------------------------- Cabot Corp. 16,400 541,200 - -------------------------------------------------------------------------------- Compass Minerals International, Inc. 129,700 3,034,980 - -------------------------------------------------------------------------------- Crompton Corp. 2 282,400 3,995,960 - -------------------------------------------------------------------------------- Eastman Chemical Co. 83,700 4,616,055 - -------------------------------------------------------------------------------- Engelhard Corp. 94,900 2,709,395 - -------------------------------------------------------------------------------- FMC Corp. 1 123,000 6,905,220 - -------------------------------------------------------------------------------- Fuller (H.B.) Co. 209,100 7,121,946 - -------------------------------------------------------------------------------- Georgia Gulf Corp. 99,400 3,086,370 - -------------------------------------------------------------------------------- Great Lakes Chemical Corp. 66,200 2,083,314 - -------------------------------------------------------------------------------- Hercules, Inc. 1 800 11,320 - -------------------------------------------------------------------------------- MacDermid, Inc. 108,500 3,380,860 - -------------------------------------------------------------------------------- NL Industries, Inc. 50,900 783,351 - -------------------------------------------------------------------------------- NOVA Chemicals Corp. 29,400 898,464 - -------------------------------------------------------------------------------- OM Group, Inc. 1 126,400 3,120,816 - -------------------------------------------------------------------------------- PolyOne Corp. 1 291,700 1,931,054 43 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- CHEMICALS Continued Scotts Miracle-Gro Co. (The), Cl. A 1 40,600 $ 2,891,126 - -------------------------------------------------------------------------------- Sensient Technologies Corp. 41,000 845,010 - -------------------------------------------------------------------------------- Stepan Co. 16,300 360,230 - -------------------------------------------------------------------------------- Valhi, Inc. 2 21,200 371,000 - -------------------------------------------------------------------------------- Valspar Corp. (The) 31,100 1,501,819 - -------------------------------------------------------------------------------- W.R. Grace & Co. 1,2 310,200 2,416,458 - -------------------------------------------------------------------------------- Wellman, Inc. 238,800 2,433,372 ---------------- 59,661,397 - -------------------------------------------------------------------------------- CONSTRUCTION MATERIALS--0.7% AMCOL International Corp. 2 800 15,032 - -------------------------------------------------------------------------------- Eagle Materials, Inc. 2 85,200 7,888,668 - -------------------------------------------------------------------------------- Eagle Materials, Inc., Cl. B 2 1,300 117,637 - -------------------------------------------------------------------------------- Florida Rock Industries, Inc. 17,800 1,305,630 - -------------------------------------------------------------------------------- Lafarge North America, Inc. 42,600 2,659,944 - -------------------------------------------------------------------------------- Martin Marietta Materials, Inc. 70,100 4,845,312 - -------------------------------------------------------------------------------- Texas Industries, Inc. 29,800 1,675,654 - -------------------------------------------------------------------------------- Vulcan Materials Co. 16,500 1,072,335 ---------------- 19,580,212 - -------------------------------------------------------------------------------- CONTAINERS & PACKAGING--0.9% Ball Corp. 42,100 1,513,916 - -------------------------------------------------------------------------------- Caraustar Industries, Inc. 1,2 114,800 1,205,400 - -------------------------------------------------------------------------------- Crown Holdings, Inc. 1 311,700 4,435,491 - -------------------------------------------------------------------------------- Graphic Packaging Corp. 1,2 62,100 226,665 - -------------------------------------------------------------------------------- Greif, Inc., Cl. A 98,200 6,000,020 - -------------------------------------------------------------------------------- Longview Fibre Co. 93,300 1,917,315 - -------------------------------------------------------------------------------- Myers Industries, Inc. 2 14,500 181,250 - -------------------------------------------------------------------------------- Owens-Illinois, Inc. 1 200,000 5,010,000 - -------------------------------------------------------------------------------- Pactiv Corp. 1 29,400 634,452 - -------------------------------------------------------------------------------- Rock-Tenn Co., Cl. A 300 3,795 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- CONTAINERS & PACKAGING Continued Silgan Holdings, Inc. 118,000 $ 6,636,320 ---------------- 27,764,624 - -------------------------------------------------------------------------------- METALS & MINING--1.8% AK Steel Holding Corp. 1,2 119,200 764,072 - -------------------------------------------------------------------------------- Aleris International, Inc. 1 123,300 2,780,415 - -------------------------------------------------------------------------------- Amerigo Resources Ltd. 1 779,600 1,145,348 - -------------------------------------------------------------------------------- Carpenter Technology Corp. 2 154,600 8,008,280 - -------------------------------------------------------------------------------- Castle (A.M.) & Co. 1,2 44,100 681,786 - -------------------------------------------------------------------------------- Commercial Metals Co. 186,700 4,447,194 - -------------------------------------------------------------------------------- Desert Sun Mining Corp. 1 184,300 300,849 - -------------------------------------------------------------------------------- Dynatec Corp. 1 1,276,100 1,354,008 - -------------------------------------------------------------------------------- FNX Mining Co., Inc. 1 36,900 341,834 - -------------------------------------------------------------------------------- Goldcorp, Inc. 27,575 438,652 - -------------------------------------------------------------------------------- HudBay Minerals, Inc. 1 323,900 679,418 - -------------------------------------------------------------------------------- Inmet Mining Corp. 1 136,200 1,761,974 - -------------------------------------------------------------------------------- LionOre Mining International Ltd. 1 300,700 1,543,750 - -------------------------------------------------------------------------------- Meridian Gold, Inc. 1 23,700 425,563 - -------------------------------------------------------------------------------- Metal Management, Inc. 2 147,400 2,852,190 - -------------------------------------------------------------------------------- Oregon Steel Mills, Inc. 1,2 107,200 1,844,912 - -------------------------------------------------------------------------------- Quanex Corp. 2 175,350 9,295,304 - -------------------------------------------------------------------------------- Reliance Steel & Aluminum Co. 140,600 5,212,042 - -------------------------------------------------------------------------------- Roanoke Electric Steel Corp. 2 10,400 171,808 - -------------------------------------------------------------------------------- RTI International Metals, Inc. 1,2 20,700 650,187 - -------------------------------------------------------------------------------- Schnitzer Steel Industries, Inc. 2 13,500 319,950 - -------------------------------------------------------------------------------- Southern Peru Copper Corp. 2 23,500 1,006,740 - -------------------------------------------------------------------------------- Steel Dynamics, Inc. 2 143,000 3,753,750 44 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- METALS & MINING Continued United States Steel Corp. 13,700 $ 470,869 - -------------------------------------------------------------------------------- Worthington Industries, Inc. 71,200 1,124,960 ---------------- 51,375,855 - -------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS--0.5% Buckeye Technologies, Inc. 1,2 135,700 1,081,529 - -------------------------------------------------------------------------------- Deltic Timber Corp. 2 4,300 163,529 - -------------------------------------------------------------------------------- Glatfelter 165,400 2,050,960 - -------------------------------------------------------------------------------- Louisiana-Pacific Corp. 112,400 2,762,792 - -------------------------------------------------------------------------------- Neenah Paper, Inc. 2 25,500 789,735 - -------------------------------------------------------------------------------- Pope & Talbot, Inc. 116,300 1,290,930 - -------------------------------------------------------------------------------- Potlatch Corp. 112,900 5,908,057 ---------------- 14,047,532 - -------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--0.6% - -------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--0.4% Alaska Communications Systems Group, Inc. 2 217,900 2,159,389 - -------------------------------------------------------------------------------- AXXENT, Inc. 1,5 100,000 -- - -------------------------------------------------------------------------------- CenturyTel, Inc. 120,000 4,155,600 - -------------------------------------------------------------------------------- Commonwealth Telephone Enterprises, Inc. 27,500 1,152,525 - -------------------------------------------------------------------------------- CT Communications, Inc. 38,500 502,425 - -------------------------------------------------------------------------------- FairPoint Communications, Inc. 28,200 455,430 - -------------------------------------------------------------------------------- North Pittsburgh Systems, Inc. 2 66,200 1,294,872 - -------------------------------------------------------------------------------- Premiere Global Services, Inc. 1,2 258,200 2,915,078 - -------------------------------------------------------------------------------- Shenandoah Telecommunications Co.2 4,300 170,925 - -------------------------------------------------------------------------------- Talk America Holdings, Inc. 1 36,800 368,368 ---------------- 13,174,612 VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--0.2% Centennial Communications Corp. 1,2 34,100 $ 473,308 - -------------------------------------------------------------------------------- Telephone & Data Systems, Inc., Special Shares 22,900 877,986 - -------------------------------------------------------------------------------- UbiquiTel, Inc. 1,2 373,300 3,046,128 - -------------------------------------------------------------------------------- United States Cellular Corp. 1 22,000 1,098,680 - -------------------------------------------------------------------------------- US Unwired, Inc., Cl. A 1 30,400 176,928 ---------------- 5,673,030 - -------------------------------------------------------------------------------- UTILITIES--2.7% - -------------------------------------------------------------------------------- ELECTRIC UTILITIES--1.4% ALLETE, Inc. 2 91,700 4,575,830 - -------------------------------------------------------------------------------- Black Hills Corp. 54,000 1,989,900 - -------------------------------------------------------------------------------- Canadian Hydro Developers, Inc. 1 406,000 1,322,184 - -------------------------------------------------------------------------------- CenterPoint Energy, Inc. 118,200 1,561,422 - -------------------------------------------------------------------------------- CH Energy Group, Inc. 2 84,000 4,084,920 - -------------------------------------------------------------------------------- Cleco Corp. 2 11,100 239,427 - -------------------------------------------------------------------------------- CMS Energy Corp. 1,2 515,500 7,763,430 - -------------------------------------------------------------------------------- Green Mountain Power Corp. 11,300 337,192 - -------------------------------------------------------------------------------- IDACORP, Inc. 7,100 217,473 - -------------------------------------------------------------------------------- Northeast Utilities Co. 45,700 953,302 - -------------------------------------------------------------------------------- NRG Energy, Inc. 1,2 95,200 3,579,520 - -------------------------------------------------------------------------------- NSTAR, Inc. 36,300 1,119,129 - -------------------------------------------------------------------------------- Ormat Technologies, Inc. 2 217,600 4,156,160 - -------------------------------------------------------------------------------- PNM Resources, Inc. 116,400 3,353,484 - -------------------------------------------------------------------------------- UIL Holdings Corp. 2 19,700 1,060,057 - -------------------------------------------------------------------------------- Wisconsin Energy Corp. 95,000 3,705,000 - -------------------------------------------------------------------------------- WPS Resources Corp. 37,600 2,115,000 ---------------- 42,133,430 45 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 - -------------------------------------------------------------------------------- GAS UTILITIES--0.9% Atmos Energy Corp. 146,400 $ 4,216,320 - -------------------------------------------------------------------------------- Chesapeake Utilities Corp. 12,200 372,710 - -------------------------------------------------------------------------------- Energen Corp. 28,500 998,925 - -------------------------------------------------------------------------------- New Jersey Resources Corp. 13,100 632,075 - -------------------------------------------------------------------------------- Nicor, Inc. 2 64,700 2,663,699 - -------------------------------------------------------------------------------- Northwest Natural Gas Co. 2 43,900 1,678,736 - -------------------------------------------------------------------------------- ONEOK, Inc. 99,400 3,245,410 - -------------------------------------------------------------------------------- Peoples Energy Corp. 2 35,200 1,529,792 - -------------------------------------------------------------------------------- South Jersey Industries, Inc. 12,600 770,112 - -------------------------------------------------------------------------------- Southwest Gas Corp. 88,500 2,257,635 - -------------------------------------------------------------------------------- UGI Corp. 69,800 1,947,420 - -------------------------------------------------------------------------------- WGL Holdings, Inc. 2 141,400 4,756,696 --------------- 25,069,530 - -------------------------------------------------------------------------------- MULTI-UTILITIES & UNREGULATED POWER--0.4% Avista Corp. 27,200 505,648 - -------------------------------------------------------------------------------- Energy East Corp. 114,600 3,321,108 - -------------------------------------------------------------------------------- MDU Resources Group, Inc. 27,400 771,846 - -------------------------------------------------------------------------------- Sierra Pacific Resources 1,2 474,200 5,903,790 --------------- 10,502,392 --------------- Total Common Stocks (Cost $2,347,367,288) 2,839,415,250 - -------------------------------------------------------------------------------- PREFERRED STOCKS--0.0% - -------------------------------------------------------------------------------- Simon Property Group Inc., 6% Cv., Non-Vtg. (Cost $93,170) 1,740 107,880 PRINCIPAL VALUE AMOUNT SEE NOTE 1 - -------------------------------------------------------------------------------- NON-CONVERTIBLE CORPORATE BONDS AND NOTES--0.0% - -------------------------------------------------------------------------------- Mueller Industries, Inc., 6% Sub. Nts., 11/1/14 2 (Cost $655,000) $ 655,000 $ 651,725 - -------------------------------------------------------------------------------- MONEY MARKET DEPOSIT--0.0% - -------------------------------------------------------------------------------- JPMorgan Chase, Nassau Branch, 2.716%, 7/1/05 (Cost $584,655) 584,655 584,655 - -------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--1.7% - -------------------------------------------------------------------------------- Undivided interest of 96.70% in joint repurchase agreement (Principal Amount/ Value $50,624,000, with a maturity value of $50,628,008) with Cantor Fitzgerald & Co./Cantor Fitzgerald Securities, 2.85%, dated 6/30/05, to be repurchased at $48,956,875 on 7/1/05, collateralized by U.S. Treasury Bonds, 9.125%--13.25%, 5/15/14--5/15/18, with a value of $51,688,927 (Cost $48,953,000) 48,953,000 48,953,000 - -------------------------------------------------------------------------------- Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $2,397,653,113) 2,889,712,510 - -------------------------------------------------------------------------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--21.5% - -------------------------------------------------------------------------------- ASSET BACKED FLOATING NOTE--1.3% Trust Money Market Securities, Series A-2, 3.295%, 7/15/05 6 7,000,000 7,000,000 - -------------------------------------------------------------------------------- Whitehawk CDO Funding Corp., 3.48%, 9/15/05 6 30,000,000 30,000,000 --------------- 37,000,000 - -------------------------------------------------------------------------------- FUNDING AGREEMENT/GIC--0.6% Protective Life Insurance Co., 3.31%, 7/29/05 6 18,000,000 18,000,000 46 | OPPENHEIMER MAIN STREET SMALL CAP FUND PRINCIPAL VALUE AMOUNT SEE NOTE 1 - -------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--9.2% Undivided interest of 0.18% in joint repurchase agreement (Principal Amount/Value $4,000,000,000, with a maturity value of $4,000,386,667) with Nomura Securities, 3.48%, dated 6/30/05, to be repurchased at $7,233,072 on 7/1/05, collateralized by U.S. Agency Mortgages, 0.00%--5.959%, 1/15/18--4/1/42, with a value of $4,160,000,001 6 $ 7,232,373 $ 7,232,373 - -------------------------------------------------------------------------------- Undivided interest of 6.50% in joint repurchase agreement (Principal Amount/Value $4,000,000,000, with a maturity value of $4,000,385,278) with Nomura Securities, 3.4675%, dated 6/30/05, to be repurchased at $260,025,043 on 7/1/05, collateralized by U.S. Agency Mortgages, 0.00%--5.959%, 1/15/18--4/1/42, with a value of $4,160,000,001 6 260,000,000 260,000,000 ---------------- 267,232,373 - -------------------------------------------------------------------------------- MASTER FLOATING NOTES--2.2% Bear Stearns, 3.618%, 7/1/05 6 17,000,000 17,000,000 - -------------------------------------------------------------------------------- Goldman Sachs Group LP, 3.558%, 7/1/2005 6 25,000,000 25,000,000 - -------------------------------------------------------------------------------- Merrill Lynch Mortgage Capital, 3.538%, 7/1/05 6 22,000,000 22,000,000 ---------------- 64,000,000 - -------------------------------------------------------------------------------- MEDIUM-TERM FLOATING NOTE--3.5% American Express Credit Corp., 3.27%, 7/11/05 6 4,000,130 4,000,130 - -------------------------------------------------------------------------------- American Express Credit Corp., 3.262%, 7/18/05 6 21,846,347 21,846,347 - -------------------------------------------------------------------------------- American Honda Finance Corp., 3.15%, 7/18/05 6 25,000,000 25,000,000 - -------------------------------------------------------------------------------- Countrywide Home Loans, Inc., 3.42%, 9/6/05 6 12,001,171 12,001,171 PRINCIPAL VALUE AMOUNT SEE NOTE 1 - -------------------------------------------------------------------------------- MEDIUM-TERM FLOATING NOTE Continued General Electric Capital Corp., 3.568%, 7/1/05 6 $ 15,027,810 $ 15,027,810 - -------------------------------------------------------------------------------- Morgan Stanley, 3.325%, 7/1/05 6 22,000,000 22,000,000 ---------------- 99,875,458 - -------------------------------------------------------------------------------- TIME DEPOSIT--0.9% Banesto SA Madrid, 3.439%, 9/27/05 6 25,000,000 25,000,000 - -------------------------------------------------------------------------------- U.S. AGENCIES--2.1% Federal Home Loan Mortgage Corp., 3.335%, 9/9/05 6 37,000,000 37,000,000 - -------------------------------------------------------------------------------- Federal National Mortgage Assn., 3.09%, 7/21/05 6 24,991,798 24,991,798 ---------------- 61,991,798 - -------------------------------------------------------------------------------- YANKEE FLOATING CERTIFICATE OF DEPOSIT--1.7% BNP Paribas NY, 3.335%, 7/1/05 6 20,110,037 20,110,037 - -------------------------------------------------------------------------------- Natexis Banques Populaires NY, 3.247%, 7/18/05 6 18,992,189 18,992,189 - -------------------------------------------------------------------------------- Natexis Banques Populaires NY, 3.553%, 7/1/05 6 9,998,000 9,998,000 ---------------- 49,100,226 ---------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $622,199,855) 622,199,855 - -------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $3,019,852,968) 121.1% 3,511,912,365 - -------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (21.1) (612,229,826) -------------------------------- NET ASSETS 100.0% $ 2,899,682,539 ================================ 47 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - -------------------------------------------------------------------------------- FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Non-income producing security. 2. Partial or fully-loaned security--See Note 7 of Notes to Financial Statements. 3. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $140,919 or less than 0.005% of the Fund's net assets as of June 30, 2005. 4. The Fund holds securities which have been issued by the same entity and that trade on separate exchanges. 5. Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of June 30, 2005 was $1,712,822, which represents 0.06% of the Fund's net assets, all of which is considered restricted. See Note 6 of Notes to Financial Statements. 6. 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. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 48 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF ASSETS AND LIABILITIES June 30, 2005 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ASSETS - -------------------------------------------------------------------------------- Investments, at value (including securities loaned of $608,411,910) (cost $3,019,852,968)--see accompanying statement of investments $ 3,511,912,365 - -------------------------------------------------------------------------------- Cash 180,000 - -------------------------------------------------------------------------------- Collateral for securities loaned 1,999 - -------------------------------------------------------------------------------- Receivables and other assets: Shares of beneficial interest sold 24,407,383 Investments sold 6,898,876 Interest and dividends 1,729,272 Other 28,819 ---------------- Total assets 3,545,158,714 - -------------------------------------------------------------------------------- LIABILITIES - -------------------------------------------------------------------------------- Return of collateral for securities loaned 622,201,854 - -------------------------------------------------------------------------------- Payables and other liabilities: Investments purchased 14,364,412 Shares of beneficial interest redeemed 6,248,925 Distribution and service plan fees 1,565,366 Transfer and shareholder servicing agent fees 630,362 Shareholder communications 292,533 Trustees' compensation 30,609 Other 142,114 ---------------- Total liabilities 645,476,175 - -------------------------------------------------------------------------------- NET ASSETS $ 2,899,682,539 ================ - -------------------------------------------------------------------------------- COMPOSITION OF NET ASSETS - -------------------------------------------------------------------------------- Par value of shares of beneficial interest $ 145,930 - -------------------------------------------------------------------------------- Additional paid-in capital 2,308,331,929 - -------------------------------------------------------------------------------- Accumulated net investment loss (229,383) - -------------------------------------------------------------------------------- Accumulated net realized gain on investments and foreign currency transactions 99,371,412 - -------------------------------------------------------------------------------- Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies 492,062,651 ---------------- NET ASSETS $ 2,899,682,539 ================ 49 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF ASSETS AND LIABILITIES Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- NET ASSET VALUE PER SHARE - -------------------------------------------------------------------------------- Class A Shares: Net asset value and redemption price per share (based on net assets of $1,557,306,952 and 77,191,576 shares of beneficial interest outstanding) $ 20.17 Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) $ 21.40 - -------------------------------------------------------------------------------- Class B Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $510,182,823 and 26,583,940 shares of beneficial interest outstanding) $ 19.19 - -------------------------------------------------------------------------------- Class C Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $473,098,744 and 24,589,002 shares of beneficial interest outstanding) $ 19.24 - -------------------------------------------------------------------------------- Class N Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $129,630,699 and 6,514,907 shares of beneficial interest outstanding) $ 19.90 - -------------------------------------------------------------------------------- Class Y Shares: Net asset value, redemption price and offering price per share (based on net assets of $229,463,321 and 11,050,941 shares of beneficial interest outstanding) $ 20.76 SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 50 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF OPERATIONS For the Year Ended June 30, 2005 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- INVESTMENT INCOME - -------------------------------------------------------------------------------- Dividends (net of foreign withholding taxes of $139,309) $ 21,357,629 - -------------------------------------------------------------------------------- Portfolio lending fees 2,067,269 - -------------------------------------------------------------------------------- Interest 901,515 ------------- Total investment income 24,326,413 - -------------------------------------------------------------------------------- EXPENSES - -------------------------------------------------------------------------------- Management fees 15,446,980 - -------------------------------------------------------------------------------- Distribution and service plan fees: Class A 3,276,160 Class B 4,890,256 Class C 4,330,080 Class N 526,010 - -------------------------------------------------------------------------------- Transfer and shareholder servicing agent fees: Class A 3,719,004 Class B 1,404,538 Class C 1,002,009 Class N 411,593 Class Y 38,976 - -------------------------------------------------------------------------------- Shareholder communications: Class A 281,615 Class B 220,096 Class C 117,036 Class N 11,843 - -------------------------------------------------------------------------------- Custodian fees and expenses 51,109 - -------------------------------------------------------------------------------- Trustees' compensation 41,802 - -------------------------------------------------------------------------------- Other 175,203 ------------- Total expenses 35,944,310 Less reduction to custodian expenses (11,384) Less waivers and reimbursements of expenses (42,367) ------------- Net expenses 35,890,559 - -------------------------------------------------------------------------------- NET INVESTMENT LOSS (11,564,146) 51 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF OPERATIONS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN - -------------------------------------------------------------------------------- Net realized gain on: Investments $ 247,390,520 Foreign currency transactions 2,081,538 ------------- Net realized gain 249,472,058 - -------------------------------------------------------------------------------- Net change in unrealized appreciation on: Investments 79,740,640 Translation of assets and liabilities denominated in foreign currencies 1,148,896 ------------- Net change in unrealized appreciation 80,889,536 - -------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 318,797,448 ============= SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 52 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
YEAR ENDED JUNE 30, 2005 2004 - ----------------------------------------------------------------------------------- OPERATIONS - ----------------------------------------------------------------------------------- Net investment loss $ (11,564,146) $ (13,738,873) - ----------------------------------------------------------------------------------- Net realized gain 249,472,058 267,310,051 Net change in unrealized appreciation 80,889,536 168,751,120 ---------------------------------- Net increase in net assets resulting from operations 318,797,448 422,322,298 - ----------------------------------------------------------------------------------- DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS - ----------------------------------------------------------------------------------- Distributions from net realized gain: Class A (125,319,501) -- Class B (49,474,404) -- Class C (43,432,706) -- Class N (10,035,672) -- Class Y (5,774,095) -- - ----------------------------------------------------------------------------------- BENEFICIAL INTEREST TRANSACTIONS - ----------------------------------------------------------------------------------- Net increase in net assets resulting from beneficial interest transactions: Class A 330,405,181 378,933,360 Class B 17,405,073 44,527,545 Class C 59,944,813 81,015,380 Class N 41,110,533 27,655,726 Class Y 205,189,367 4,356,492 - ----------------------------------------------------------------------------------- NET ASSETS - ----------------------------------------------------------------------------------- Total increase 738,816,037 958,810,801 - ----------------------------------------------------------------------------------- Beginning of period 2,160,866,502 1,202,055,701 ---------------------------------- End of period (including accumulated net investment loss of $290,223 and $1,079,117, respectively) $ 2,899,682,539 $ 2,160,866,502 ==================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 53 | OPPENHEIMER MAIN STREET SMALL CAP FUND FINANCIAL HIGHLIGHTS - --------------------------------------------------------------------------------
CLASS A YEAR ENDED JUNE 30, 2005 2004 2003 2002 2001 - ------------------------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA - ------------------------------------------------------------------------------------------------------------------ Net asset value, beginning of period $ 19.52 $ 14.78 $ 15.12 $ 15.02 $ 14.77 - ------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment loss (.04) 1 (.10) (.08) (.08) (.08) Net realized and unrealized gain (loss) 2.65 4.84 (.26) .19 1.12 ----------------------------------------------------------------- Total from investment operations 2.61 4.74 (.34) .11 1.04 - ------------------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Distributions from net realized gain (1.96) -- -- (.01) (.79) - ------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 20.17 $ 19.52 $ 14.78 $ 15.12 $ 15.02 - ------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 2 13.82% 32.07% (2.25)% 0.71% 7.66% - ------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA - ------------------------------------------------------------------------------------------------------------------ Net assets, end of period (in thousands) $1,557,307 $ 1,177,389 $ 584,052 $ 512,337 $ 294,780 - ------------------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $1,325,846 $ 904,397 $ 490,057 $ 386,221 $ 205,916 - ------------------------------------------------------------------------------------------------------------------ Ratios to average net assets: 3 Net investment loss (0.20)% (0.42)% (0.59)% (0.50)% (0.60)% Total expenses 1.19% 1.17% 1.39% 1.37% 1.28% Expenses after payments and waivers and reduction to custodian expenses N/A 4,5 N/A 4,5 1.36% N/A 4 N/A 4 - ------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 132% 127% 117% 134% 181%
1. Per share amounts calculated based on the average shares outstanding during the period. 2. Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods of less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 3. Annualized for periods of less than one full year. 4. Reduction to custodian expenses less than 0.01%. 5. Voluntary waiver of transfer agent fees less than 0.01%. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 54 | OPPENHEIMER MAIN STREET SMALL CAP FUND
CLASS B YEAR ENDED JUNE 30, 2005 2004 2003 2002 2001 - ------------------------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA - ------------------------------------------------------------------------------------------------------------------ Net asset value, beginning of period $ 18.79 $ 14.35 $ 14.79 $ 14.80 $ 14.68 - ------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment loss (.18) 1 (.20) (.14) (.12) (.14) Net realized and unrealized gain (loss) 2.54 4.64 (.30) .12 1.05 ---------------------------------------------------------------- Total from investment operations 2.36 4.44 (.44) -- .91 - ------------------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Distributions from net realized gain (1.96) -- -- (.01) (.79) - ------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 19.19 $ 18.79 $ 14.35 $ 14.79 $ 14.80 ================================================================ - ------------------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 2 12.98% 30.94% (2.98)% (0.02)% 6.79% - ------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA - ------------------------------------------------------------------------------------------------------------------ Net assets, end of period (in thousands) $ 510,183 $ 482,028 $ 330,174 $ 285,102 $ 177,479 - ------------------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $ 490,050 $ 432,160 $ 268,057 $ 218,939 $ 128,350 - ------------------------------------------------------------------------------------------------------------------ Ratios to average net assets: 3 Net investment loss (0.98)% (1.26)% (1.34)% (1.25)% (1.36)% Total expenses 1.97% 2.01% 2.21% 2.12% 2.05% Expenses after payments and waivers and reduction to custodian expenses N/A 4 N/A 4,5 2.11% N/A 4 N/A 4 - ------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 132% 127% 117% 134% 181%
1. Per share amounts calculated based on the average shares outstanding during the period. 2. Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods of less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 3. Annualized for periods of less than one full year. 4. Reduction to custodian expenses less than 0.01%. 5. Voluntary waiver of transfer agent fees less than 0.01%. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 55 | OPPENHEIMER MAIN STREET SMALL CAP FUND FINANCIAL HIGHLIGHTS Continued - -------------------------------------------------------------------------------
CLASS C YEAR ENDED JUNE 30, 2005 2004 2003 2002 2001 - ------------------------------------------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA - ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, beginning of period $ 18.82 $ 14.36 $ 14.79 $ 14.81 $ 14.68 - ------------------------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment loss (.17) 1 (.17) (.13) (.10) (.13) Net realized and unrealized gain (loss) 2.55 4.63 (.30) .09 1.05 ----------------------------------------------------------------------------------- Total from investment operations 2.38 4.46 (.43) (.01) .92 - ------------------------------------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Distributions from net realized gain (1.96) -- -- (.01) (.79) - ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 19.24 $ 18.82 $ 14.36 $ 14.79 $ 14.81 =================================================================================== - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 2 13.07% 31.06% (2.91)% (0.09)% 6.86% - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA - ------------------------------------------------------------------------------------------------------------------------------------ Net assets, end of period (in thousands) $ 473,099 $ 402,056 $ 238,717 $ 186,108 $ 89,814 - ------------------------------------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $ 433,888 $ 340,201 $ 186,380 $ 127,393 $ 60,762 - ------------------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets: 3 Net investment loss (0.91)% (1.17)% (1.30)% (1.23)% (1.36)% Total expenses 1.90% 4,5 1.91% 4,5 2.07% 4 2.12% 4 2.05% 4 - ------------------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 132% 127% 117% 134% 181%
1. Per share amounts calculated based on the average shares outstanding during the period. 2. Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods of less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 3. Annualized for periods of less than one full year. 4. Reduction to custodian expenses less than 0.01%. 5. Voluntary waiver of transfer agent fees less than 0.01%. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 56 | OPPENHEIMER MAIN STREET SMALL CAP FUND
CLASS N YEAR ENDED JUNE 30, 2005 2004 2003 2002 2001 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 (.10) 2 (.14) (.11) (.12) (.02) Net realized and unrealized gain (loss) 2.63 4.78 (.25) .18 1.49 ---------------------------------------------------------------------------------- Total from investment operations 2.53 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 $ 19.90 $ 19.33 $ 14.69 $ 15.05 $ 15.00 ================================================================================== - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 3 13.53% 31.59% (2.39)% 0.38% 10.87% - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA - ------------------------------------------------------------------------------------------------------------------------------------ Net assets, end of period (in thousands) $ 129,631 $ 84,678 $ 41,474 $ 14,557 $ 995 - ------------------------------------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $ 105,497 $ 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 1.54% 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 132% 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 - -------------------------------------------------------------------------------
CLASS Y YEAR ENDED JUNE 30, 2005 2004 2003 2002 2001 - ------------------------------------------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA - ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, beginning of period $ 19.94 $ 15.03 $ 15.27 $ 15.11 $ 14.82 - ------------------------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment income (loss) .08 1 (.03) (.07) (.10) (.05) Net realized and unrealized gain (loss) 2.70 4.94 (.17) .27 1.13 ---------------------------------------------------------------------------------- Total from investment operations 2.78 4.91 (.24) .17 1.08 - ------------------------------------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Distributions from net realized gain (1.96) -- -- (.01) (.79) - ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 20.76 $ 19.94 $ 15.03 $ 15.27 $ 15.11 ================================================================================== - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 2 14.41% 32.67% (1.57)% 1.11% 7.90% - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA - ------------------------------------------------------------------------------------------------------------------------------------ Net assets, end of period (in thousands) $ 229,463 $ 14,714 $ 7,637 $ 1,619 $ 2 - ------------------------------------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $ 84,470 $ 11,428 $ 3,460 $ 813 $ 2 - ------------------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets: 3 Net investment income (loss) 0.39% 0.06% 0.00% 0.01% (0.23)% Total expenses 0.69% 0.70% 0.79% 0.97% 0.89% Expenses after payments and waivers and reduction to custodian expenses N/A 4 N/A 4 N/A 4 0.93% N/A 4 - ------------------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 132% 127% 117% 134% 181%
1. Per share amounts calculated based on the average shares outstanding during the period. 2. Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods of less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 3. Annualized for periods of less than one full year. 4. 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 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 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 sixty days and all mortgage-backed securities will be valued at the mean between the "bid" and "asked" prices. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund's assets are valued. 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 59 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued identifies as a significant event occurring before the Fund's assets are valued but after the close of their respective exchanges will be fair valued. Fair value is determined in good faith using consistently applied procedures under the supervision of the Board of Trustees. Short-term "money market type" debt securities with remaining maturities of sixty days or less are valued at amortized cost (which approximates market value). - -------------------------------------------------------------------------------- FOREIGN CURRENCY TRANSLATION. The Fund's accounting records are maintained in U.S. dollars. The values of securities denominated in foreign currencies and amounts related to the purchase and sale of foreign securities and foreign investment income are translated into U.S. dollars as of the close of The New York Stock Exchange (the Exchange), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Foreign exchange rates may be valued primarily using dealer supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in exchange rates. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and reported with all other foreign currency gains and losses in the Fund's Statement of Operations. - -------------------------------------------------------------------------------- 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 60 | OPPENHEIMER MAIN STREET SMALL CAP FUND its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders, therefore, no federal income or excise tax provision is required. The tax components of capital shown in the table below represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes. NET UNREALIZED APPRECIATION BASED ON COST OF SECURITIES AND UNDISTRIBUTED UNDISTRIBUTED ACCUMULATED OTHER INVESTMENTS NET INVESTMENT LONG-TERM LOSS FOR FEDERAL INCOME INCOME GAIN CARRYFORWARD 1,2 TAX PURPOSES ------------------------------------------------------------------------ $22,097,469 $85,343,741 $-- $484,123,542 1. During the fiscal year ended June 30, 2005, the Fund did not utilize any capital loss carryforward. 2. During the fiscal year ended June 30, 2004, the Fund utilized $70,002,232 of capital loss carryforward to offset capital gains realized in that fiscal year. Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund. Accordingly, the following amounts have been reclassified for June 30, 2005. Net assets of the Fund were unaffected by the reclassifications. REDUCTION TO REDUCTION TO ACCUMULATED ACCUMULATED NET INCREASE TO NET INVESTMENT REALIZED GAIN PAID-IN CAPITAL LOSS ON INVESTMENTS 3 ------------------------------------------------------------------------ $14,229,253 $ 12,413,880 $26,643,133 3. $14,229,253, including $11,302,718 of long-term capital gain, was distributed in connection with Fund share redemptions. The tax character of distributions paid during the years ended June 30, 2005 and June 30, 2004 was as follows: YEAR ENDED YEAR ENDED JUNE 30, 2005 JUNE 30, 2004 ------------------------------------------------------------------------ Distributions paid from: Long-term capital gain $234,036,378 -- The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of June 30, 2005 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, 61 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss. Federal tax cost of securities $ 3,027,792,077 ================ Gross unrealized appreciation $ 523,119,056 Gross unrealized depreciation (38,995,514) ---------------- Net unrealized appreciation $ 484,123,542 ================ - -------------------------------------------------------------------------------- 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. 62 | OPPENHEIMER MAIN STREET SMALL CAP FUND - -------------------------------------------------------------------------------- SECURITY TRANSACTIONS. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost. - -------------------------------------------------------------------------------- OTHER. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. - -------------------------------------------------------------------------------- 2. SHARES OF BENEFICIAL INTEREST The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:
YEAR ENDED JUNE 30, 2005 YEAR ENDED JUNE 30, 2004 SHARES AMOUNT SHARES AMOUNT - ------------------------------------------------------------------------------------------------ CLASS A Sold 29,883,300 $ 581,531,206 32,939,499 $ 598,701,241 Dividends and/or distributions reinvested 6,060,495 117,210,057 -- -- Redeemed (19,074,602) (368,336,082) (12,136,242) (219,767,881) ------------------------------------------------------------------- Net increase 16,869,193 $ 330,405,181 20,803,257 $ 378,933,360 =================================================================== - ------------------------------------------------------------------------------------------------ CLASS B Sold 3,932,600 $ 73,132,885 6,984,210 $ 120,455,940 Dividends and/or distributions reinvested 2,487,110 45,961,791 -- -- Redeemed (5,486,270) (101,689,603) (4,345,520) (75,928,395) ------------------------------------------------------------------- Net increase 933,440 $ 17,405,073 2,638,690 $ 44,527,545 =================================================================== - ------------------------------------------------------------------------------------------------ CLASS C Sold 6,186,055 $ 115,132,419 8,263,691 $ 143,367,935 Dividends and/or distributions reinvested 2,070,707 38,349,492 -- -- Redeemed (5,028,179) (93,537,098) (3,529,199) (62,352,555) ------------------------------------------------------------------- Net increase 3,228,583 $ 59,944,813 4,734,492 $ 81,015,380 =================================================================== - ------------------------------------------------------------------------------------------------ CLASS N Sold 3,124,670 $ 60,311,468 2,411,657 $ 43,148,843 Dividends and/or distributions reinvested 506,098 9,671,541 -- -- Redeemed (1,496,199) (28,872,476) (855,151) (15,493,117) ------------------------------------------------------------------- Net increase 2,134,569 $ 41,110,533 1,556,506 $ 27,655,726 ===================================================================
63 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 2. SHARES OF BENEFICIAL INTEREST Continued YEAR ENDED JUNE 30, 2005 YEAR ENDED JUNE 30, 2004 SHARES AMOUNT SHARES AMOUNT - -------------------------------------------------------------------------------- CLASS Y Sold 11,241,374 $223,482,775 477,927 $ 8,743,537 Dividends and/or distributions reinvested 290,730 5,773,899 -- -- Redeemed (1,218,969) (24,067,307) (248,379) (4,387,045) ----------------------------------------------------- Net increase 10,313,135 $205,189,367 229,548 $ 4,356,492 ===================================================== - -------------------------------------------------------------------------------- 3. PURCHASES AND SALES OF SECURITIES The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the year ended June 30, 2005, were $3,597,918,650 and $3,192,780,244, 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 year ended June 30, 2005, the Fund paid $6,362,029 to OFS for services to the Fund. Additionally, Class Y shares are subject to minimum fees of $10,000 per annum for assets of $10 million or more. The Class Y shares are subject to the minimum fees in the event that the per account fee does not equal or exceed the applicable minimum fees. OFS may voluntarily waive the minimum fees. - -------------------------------------------------------------------------------- DISTRIBUTION AND SERVICE PLAN (12b-1) FEES. Under its General Distributor's Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the Distributor) acts as the Fund's principal underwriter in the continuous public offering of the Fund's classes of shares. - -------------------------------------------------------------------------------- SERVICE PLAN FOR CLASS A SHARES. The Fund has adopted a Service Plan for Class A shares. It reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made 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 64 | OPPENHEIMER MAIN STREET SMALL CAP FUND 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 each plan. If either the Class B, Class C or Class N plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. The Distributor's aggregate uncompensated expenses under the plan at June 30, 2005 for Class B, Class C and Class N shares were $6,017,174, $4,878,589 and $1,402,635, 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 DEFERRED DEFERRED DEFERRED DEFERRED SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES RETAINED BY RETAINED BY RETAINED BY RETAINED BY RETAINED BY YEAR ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR - ---------------------------------------------------------------------------------------------- June 30, 2005 $ 1,114,069 $ 31,225 $ 765,225 $ 56,730 $ 46,429 - ----------------------------------------------------------------------------------------------
WAIVERS AND REIMBURSEMENTS OF EXPENSES. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class. During the year ended June 30, 2005, OFS waived $9, $4 and $42,354 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. 65 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 5. FOREIGN CURRENCY CONTRACTS Continued The net U.S. dollar value of foreign currency underlying all contractual commitments held by the Fund and the resulting unrealized appreciation or depreciation are determined using prevailing foreign currency exchange rates. Unrealized appreciation and depreciation on foreign currency contracts are reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations with the change in unrealized appreciation or depreciation. The Fund may realize a gain or loss upon the closing or settlement of the foreign transaction. Contracts closed or settled with the same broker are recorded as net realized gains or losses. Such realized gains and losses are reported with all other foreign currency gains and losses in the Statement of Operations. As of June 30, 2005, the Fund had no outstanding foreign currency contracts. - -------------------------------------------------------------------------------- 6. ILLIQUID OR RESTRICTED SECURITIES As of June 30, 2005, investments in securities included issues that are illiquid or restricted. Restricted securities are purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and are valued under methods approved by the Board of Trustees as reflecting fair value. A security may also be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. The Fund will not invest more than 10% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid or restricted securities. Certain restricted securities, eligible for resale to qualified institutional investors, are not subject to that limitation. Securities that are illiquid or restricted are marked with the applicable footnote on the Statement of Investments. Information concerning restricted securities is as follows:
ACQUISITION VALUATION AS OF UNREALIZED SECURITY DATES COST JUNE 30, 2005 APPRECIATION - ----------------------------------------------------------------------------------- Mission Oil & Gas, Inc. 1/18/05 $ 426,485 $ 516,487 $ 90,002 Tusk Energy Corp. 11/15/04 492,524 1,196,335 703,811 ------------------------------------------- $ 919,009 $ 1,712,822 $ 793,813 ===========================================
- -------------------------------------------------------------------------------- 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. 66 | OPPENHEIMER MAIN STREET SMALL CAP FUND The Fund retains a portion of the interest earned from the collateral. The Fund also continues to receive interest or dividends paid on the securities loaned. As of June 30, 2005, the Fund had on loan securities valued at $608,411,910. Collateral of $622,201,854 was received for the loans, of which $622,199,855 was received in cash and subsequently invested in approved instruments. - -------------------------------------------------------------------------------- 8. LITIGATION A consolidated amended complaint has been filed as putative derivative and class actions against the Manager, OFS and the Distributor, as well as 51 of the Oppenheimer funds (as "Nominal Defendants") including the Fund, 30 present and former Directors or Trustees and 8 present and former officers of the funds. This complaint, initially filed in the U.S. District Court for the Southern District of New York on January 10, 2005 and amended on March 4, 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 defendants believe that the allegations contained in the Complaints are without merit and that they have meritorious defenses against the claims asserted. The defendants intend to defend these lawsuits vigorously and to contest any claimed liability. The 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. 67 | OPPENHEIMER MAIN STREET SMALL CAP FUND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TO THE BOARD OF TRUSTEES AND SHAREHOLDERS OF OPPENHEIMER MAIN STREET SMALL CAP FUND: We have audited the accompanying statement of assets and liabilities of Oppenheimer Main Street Small Cap Fund, including the statement of investments, as of June 30, 2005, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of June 30, 2005, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Main Street Small Cap Fund as of June 30, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. DELOITTE & TOUCHE LLP Denver, Colorado August 15, 2005 68 | OPPENHEIMER MAIN STREET SMALL CAP FUND FEDERAL INCOME TAX INFORMATION Unaudited - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- In early 2006, if applicable, shareholders of record will receive information regarding all dividends and distributions paid to them by the Fund during calendar year 2005. Regulations of the U.S. Treasury Department require the Fund to report this information to the Internal Revenue Service. Distributions of $1.9638 per share were paid to Class A, Class B, Class C, Class N and Class Y shareholders, respectively, on December 9, 2004, all of which was designated as a "capital gain distribution" for federal income tax purposes. Whether received in stock or in cash, the capital gain distribution should be treated by shareholders as a gain from the sale of the capital assets held for more than one year (long-term capital gains). Dividends, if any, paid by the Fund during the fiscal year ended June 30, 2005 which are not designated as capital gain distributions should be multiplied by 71.60% to arrive at the amount eligible for the corporate dividend-received deduction. A portion, if any, of the dividends paid by the Fund during the fiscal year ended June 30, 2005 which are not designated as capital gain distributions are eligible for lower individual income tax rates to the extent that the Fund has received qualified dividend income as stipulated by recent tax legislation. $18,755,433 of the Fund's fiscal year taxable income may be eligible for the lower individual income tax rates. In early 2006, shareholders of record will receive information regarding the percentage of distributions that are eligible for lower individual income tax rates. The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance. 69 | OPPENHEIMER MAIN STREET SMALL CAP FUND PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities ("portfolio proxies") held by the Fund. A description of the Fund's Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, (ii) on the Fund's website at www.oppenheimerfunds.com, and (iii) on the SEC's website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund's voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, and (ii) in the Form N-PX filing on the SEC's website at www.sec.gov. The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund's Form N-Q filings are available on the SEC's website at http://www.sec.gov. Those forms may be reviewed and copied at the SEC's Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 70 | OPPENHEIMER MAIN STREET SMALL CAP FUND BOARD APPROVAL OF THE FUND'S INVESTMENT ADVISORY AGREEMENT Unaudited - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Each year, the Board of Trustees (the "Board"), including a majority of the independent Trustees, is required to determine whether to renew the Fund's advisory agreement. The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Manager provide, such information as may be reasonably necessary to evaluate the terms of the advisory agreement. The Board employs an independent consultant to prepare a report that provides information, including comparative information, that the Board requests for this purpose. In addition, the Board receives information throughout the year regarding Fund services, fees, expenses and performance. NATURE AND EXTENT OF SERVICES. In considering the renewal of the Fund's advisory agreement for the current year, the Board evaluated the nature and extent of the services provided by the Manager and its affiliates. The Manager provides the Fund with office space, facilities and equipment; administrative, accounting, clerical, legal and compliance personnel; securities trading services; oversight of third party service providers and the services of the portfolio managers and the Manager's investment team, who provide research, analysis and other advisory services in regard to the Fund's investments. QUALITY OF SERVICES. The Board also considered the quality of the services provided and the quality of the Manager's resources that are available to the Fund. The Board noted that the Manager has had over forty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Manager's administrative, accounting, legal and compliance services and information the Board received regarding the experience and professional qualifications of the Manager's personnel and the size and functions of its staff. The Board members also considered their experiences as directors or trustees of the Fund and other funds advised by the Manager. The Board received and reviewed information regarding the quality of services provided by affiliates of the Manager, which it also reviews at other times during the year in connection with the renewal of the Fund's service agreements. The Board considered that the relatively low redemption rate for funds advised by the Manager provided an indication of shareholder satisfaction with the overall level of services provided by the Manager. The Board was aware that there are alternatives to retaining the Manager. PORTFOLIO MANAGEMENT SERVICES AND PERFORMANCE. In its evaluation of the quality of the portfolio management services to be provided, the Board considered the experience of Nikolaos D. Monoyios and Mark Zavanelli and the Manager's Equity Growth investment team and analysts. The Fund's portfolio is managed by Mr. Monoyios and Mr. Zavanelli who are Vice Presidents of the Fund and have been primarily responsible for the day-to-day management of the Fund's investments since October 2003 and August 71 | OPPENHEIMER MAIN STREET SMALL CAP FUND BOARD APPROVAL OF THE FUND'S INVESTMENT ADVISORY AGREEMENT Unaudited / Continued - -------------------------------------------------------------------------------- 1999, respectively. Mr. Monoyios is a Certified Financial Analyst and has been a Senior Vice President of the Manager since October 2003. He is an officer of other portfolios in the OppenheimerFunds complex. Mr. Zavanelli has been a Vice President of the Manager since November 2000 and is an officer and portfolio manager of other Oppenheimer funds. Mr. Monoyios has had over 27 years of experience and Mr. Zavanelli has had over 13 years of experience managing equity investments. The Board also reviewed information, prepared by the Manager and by the independent consultant, comparing the Fund's historical performance to relevant market indices and to the performance of other small-cap core funds advised by other investment advisers. The Board also receives and reviews comparative performance information regarding the Fund and other funds at each Board meeting. The Board noted that the Fund's one-year performance was below its peer group average. However, its three-year and five-year performance was better than its peer group average. The Board noted that the longer term performance of the Fund has been good and that market factors late in the one-year period had adversely impacted the Fund's performance. MANAGEMENT FEES AND EXPENSES. The Board also reviewed information, including comparative information, regarding the fees paid to the Manager and its affiliates and the other expenses borne by the Fund. The independent consultant provided comparative data in regard to the fees and expenses of the Fund, other small-cap core funds and other funds with comparable asset levels and distribution features. The Board noted that the Fund's management fees and its total expenses are both lower than its peer group average. In addition, the Board evaluated the comparability of the fees charged and the services provided to the Fund to the fees charged and services provided to other types of entities advised by the Manager. PROFITABILITY OF THE MANAGER AND AFFILIATES. The Board also reviewed information regarding the cost of services provided by the Manager and its affiliates and the Manager's profitability. The Board considered that the Manager must be able to pay and retain experienced professional personnel at competitive rates to provide services to the Fund and that maintaining the financial viability of the Manager is important in order for the Manager to continue to provide significant services to the Fund and its shareholders. In addition the Board considered information that was provided regarding the direct and indirect benefits the Manager receives as a result of its relationship with the Fund, including compensation paid to the Manager's affiliates and research provided to the Manager in connection with permissible brokerage arrangements (soft dollar arrangements). ECONOMIES OF SCALE. The Board reviewed the extent to which the Manager may realize economies of scale in managing and supporting the Fund and the current level of 72 | OPPENHEIMER MAIN STREET SMALL CAP FUND Fund assets in relation to the Fund's breakpoint schedule for its management fees. The Board considered that the Fund has recently experienced moderate asset growth and that, based on current asset levels, the Fund has passed its last management fee breakpoint. CONCLUSIONS. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Fund and to the independent Trustees. Fund counsel and the independent Trustees' counsel are both independent of the Manager within the meaning and intent of the Securities and Exchange Commission Rules. Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, concluded that the nature, extent and quality of the services provided to the Fund by the Manager are a benefit to the Fund and in the best interest of the Fund's shareholders and that the amount and structure of the compensation received by the Manager and its affiliates are reasonable in relation to the services provided. Accordingly, the Board elected to continue the advisory agreement for another year. In arriving at this decision, the Board did not single out any factor or factors as being more important than others, but considered all of the factors together. The Board judged the terms and conditions of the advisory agreement, including the management fee, in light of all of the surrounding circumstances. 73 | OPPENHEIMER MAIN STREET SMALL CAP FUND TRUSTEES AND OFFICERS Unaudited - --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------- NAME, POSITION(S) HELD PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS; OTHER TRUSTEESHIPS/DIRECTORSHIPS WITH FUND, LENGTH OF HELD BY TRUSTEE; NUMBER OF PORTFOLIOS IN FUND COMPLEX CURRENTLY OVERSEEN BY SERVICE, AGE TRUSTEE INDEPENDENT TRUSTEES THE ADDRESS OF EACH TRUSTEE IN THE CHART BELOW IS 6803 S. TUCSON WAY, CENTENNIAL, CO 80112-3924. EACH TRUSTEE SERVES FOR AN INDEFINITE TERM, UNTIL HIS OR HER RESIGNATION, RETIREMENT, DEATH OR REMOVAL. WILLIAM L. ARMSTRONG, Chairman of the following private mortgage banking companies: Cherry Creek Chairman (since 2003) Mortgage Company (since 1991), Centennial State Mortgage Company (since 1994), and Trustee (since 1999) and The El Paso Mortgage Company (since 1993); Chairman of the following private Age: 68 companies: Ambassador Media Corporation (since 1984) and Broadway Ventures (since 1984); Director of the following: Helmerich & Payne, Inc. (oil and gas drilling/production company) (since 1992), Campus Crusade for Christ (since 1991) and the Bradley Foundation (since 2002); former Chairman of the following: Transland Financial Services, Inc. (private mortgage banking company) (1997-2003), Great Frontier Insurance (insurance agency) (1995-2000), Frontier Real Estate, Inc. (residential real estate brokerage) (1994-2000) and Frontier Title (title insurance agency) (1995-2000); former Director of the following: UNUMProvident (insurance company) (1991-2004), Storage Technology Corporation (computer equipment company) (1991-2003) and International Family Entertainment (television channel) (1992-1997); U.S. Senator (January 1979-January 1991). Oversees 38 portfolios in the OppenheimerFunds complex. ROBERT G. AVIS, Director and President of A.G. Edwards Capital, Inc. (General Partner of Trustee (since 1999) private equity funds) (until February 2001); Chairman, President and Chief Age: 74 Executive Officer of A.G. Edwards Capital, Inc. (until March 2000); Director of A.G. Edwards & Sons, Inc. (brokerage company) (until 2000) and A.G. Edwards Trust Company (investment adviser) (until 2000); Vice Chairman and Director of A.G. Edwards, Inc. (until March 1999); Vice Chairman of A.G. Edwards & Sons, Inc. (until March 1999); Chairman of A.G. Edwards Trust Company (until March 1999) and A.G.E. Asset Management (investment adviser) (until March 1999). Oversees 38 portfolios in the OppenheimerFunds complex. GEORGE C. BOWEN, Assistant Secretary and Director of Centennial Asset Management Corporation Trustee (since 1999) (December 1991-April 1999); President, Treasurer and Director of Centennial Age: 68 Capital Corporation (June 1989-April 1999); Chief Executive Officer and Director of MultiSource Services, Inc. (March 1996-April 1999); Mr. Bowen held several positions with the Manager and with subsidiary or affiliated companies of the Manager (September 1987-April 1999). Oversees 38 portfolios in the OppenheimerFunds complex. EDWARD L. CAMERON, Member of The Life Guard of Mount Vernon (George Washington historical Trustee (since 1999) site) (since June 2000); Director of Genetic ID, Inc. (biotech company) Age: 66 (March 2001-May 2002); Partner at PricewaterhouseCoopers LLP (accounting firm) (July 1974-June 1999); Chairman of Price Waterhouse LLP Global Investment Management Industry Services Group (July 1994-June 1998). Oversees 38 portfolios in the OppenheimerFunds complex. JON S. FOSSEL, Director of UNUMProvident (insurance company) (since June 2002); Director of Trustee (since 1999) Northwestern Energy Corp. (public utility corporation) (since November 2004); Age: 63 Director of P.R. Pharmaceuticals (October 1999-October 2003); Director of Rocky Mountain Elk Foundation (February 1998-February 2003); Chairman and Director (until October 1996) and President and Chief Executive Officer (until October 1995) of the Manager; President, Chief Executive Officer and Director of the following: Oppenheimer Acquisition Corp. ("OAC") (parent holding company of the Manager), Shareholder Services, Inc. and Shareholder Financial
74 | OPPENHEIMER MAIN STREET SMALL CAP FUND JON S. FOSSEL, Services, Inc. (until October 1995). Oversees 38 portfolios in the OppenheimerFunds Continued complex. SAM FREEDMAN, Director of Colorado Uplift (charitable organization) (since September 1984). Trustee (since 1999) Mr. Freedman held several positions with the Manager and with subsidiary or Age: 64 affiliated companies of the Manager (until October 1994). Oversees 38 portfolios in the OppenheimerFunds complex. BEVERLY L. HAMILTON, Trustee of Monterey Institute for International Studies (educational Trustee (since 2002) organization) (since February 2000); Director of The California Endowment Age: 58 (philanthropic organization) (since April 2002); Director of Community Hospital of Monterey Peninsula (since February 2002); Director of Emerging Markets Growth Fund, Inc. (mutual fund) (since October 1991); President of ARCO Investment Management Company (February 1991-April 2000); Member of the investment committees of The Rockefeller Foundation and The University of Michigan; Advisor at Credit Suisse First Boston's Sprout venture capital unit (venture capital fund) (1994- January 2005); Trustee of MassMutual Institutional Funds (investment company) (1996-June 2004); Trustee of MML Series Investment Fund (investment company) (April 1989-June 2004); Member of the investment committee of Hartford Hospital (2000-2003); and Advisor to Unilever (Holland) pension fund (2000- 2003). Oversees 38 portfolios in the OppenheimerFunds complex. ROBERT J. MALONE, Chairman, Chief Executive Officer and Director of Steele Street State Bank Trustee (since 2002) (commercial banking) (since August 2003); Director of Colorado UpLIFT Age: 60 (charitable organization) (since 1986); Trustee of the Gallagher Family Foundation (non-profit organization) (since 2000); Former Chairman of U.S. Bank-Colorado (subsidiary of U.S. Bancorp and formerly Colorado National Bank) (July 1996-April 1999); Director of Commercial Assets, Inc. (REIT) (1993-2000); Director of Jones Knowledge, Inc. (2001-July 2004); and Director of U.S. Exploration, Inc. (oil and gas exploration) (1997-February 2004). Oversees 38 portfolios in the OppenheimerFunds complex. F. WILLIAM MARSHALL, JR., Trustee of MassMutual Select Funds (formerly MassMutual Institutional Funds) Trustee (since 2002) (investment company) (since 1996) and MML Series Investment Fund (investment Age: 63 company) (since 1996), the Springfield Library and Museum Association (museums) (since 1995) and the Community Music School of Springfield (music school) (since 1996); Chairman and Trustee (since 2003) and Chairman of the Investment Committee (since 1994) of the Worcester Polytech Institute (private university); President and Treasurer of the SIS Funds (private charitable fund) (since January 1999); Chairman of SIS & Family Bank, F.S.B. (formerly SIS Bank) (commercial bank) (January 1999-July 1999); Member of the Investment Committee of the Community Foundation of Western Massachusetts (1998-2003); and Executive Vice President of Peoples Heritage Financial Group, Inc. (commercial bank) (January 1999-July 1999). Oversees 38 portfolios in the OppenheimerFunds complex. - ------------------------------------------------------------------------------------------------------------- INTERESTED TRUSTEE THE ADDRESS OF MR. MURPHY IN THE CHART BELOW IS TWO WORLD FINANCIAL CENTER, AND OFFICER 225 LIBERTY STREET, 11TH FLOOR, NEW YORK, NY 10281-1008. MR. MURPHY SERVES FOR AN INDEFINITE TERM, UNTIL HIS RESIGNATION, DEATH OR REMOVAL. JOHN V. MURPHY, Chairman, Chief Executive Officer and Director (since June 2001) and President and Trustee President (since September 2000) of the Manager; President and Director or (since 2001) Trustee of other Oppenheimer funds; President and Director of OAC and of Age: 55 Oppenheimer Partnership Holdings, Inc. (holding company subsidiary of the Manager) (since
75 | OPPENHEIMER MAIN STREET SMALL CAP FUND TRUSTEES AND OFFICERS Unaudited / Continued - -------------------------------------------------------------------------------- JOHN V. MURPHY, July 2001); Director of OppenheimerFunds Distributor, Inc. (subsidiary of the Continued Manager) (since November 2001); Chairman and Director of Shareholder Services, Inc. and of Shareholder Financial Services, Inc. transfer agent subsidiaries of the Manager) (since July 2001); President and Director of OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since July 2001); Director of the following investment advisory subsidiaries of the Manager: OFI Institutional Asset Management, Inc., Centennial Asset Management Corporation, Trinity Investment Management Corporation and Tremont Capital Management, Inc. (since November 2001), HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since July 2001); President (since November 2001) and Director (since July 2001) of Oppenheimer Real Asset Management, Inc.; Executive Vice President of Massachusetts Mutual Life Insurance Company (OAC's parent company) (since February 1997); Director of DLB Acquisition Corporation (holding company parent of Babson Capital Management LLC) (since June 1995); Member of the Investment Company Institute's Board of Governors (since October 3, 2003); Chief Operating Officer of the Manager (September 2000-June 2001); President and Trustee of MML Series Investment Fund and MassMutual Select Funds (open-end investment companies) (November 1999-November 2001); Director of C.M. Life Insurance Company (September 1999-August 2000); President, Chief Executive Officer and Director of MML Bay State Life Insurance Company (September 1999-August 2000); Director of Emerald Isle Bancorp and Hibernia Savings Bank (wholly-owned subsidiary of Emerald Isle Bancorp) (June 1989-June 1998). Oversees 66 portfolios as a trustee or director and 20 additional portfolios as officer in the OppenheimerFunds complex. - -------------------------------------------------------------------------------------------------------------- OFFICERS THE ADDRESS OF THE OFFICERS IN THE CHART BELOW IS AS FOLLOWS: FOR MESSRS. MONOYIOS, ZACK AND ZAVANELLI, TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET, 11TH FLOOR, NEW YORK, NY 10281-1008, FOR MESSRS. VANDEHEY AND WIXTED, 6803 S. TUCSON WAY, CENTENNIAL, CO 80112-3924. EACH OFFICER SERVES FOR AN ANNUAL TERM OR UNTIL HIS OR HER EARLIER RESIGNATION, DEATH OR REMOVAL. NIKOLAOS MONOYIOS, Vice President of the Manager since April 1998; a Certified Financial Analyst. Vice President (since An officer of 6 portfolios in the OppenheimerFunds complex. 1999) Age: 55 MARK ZAVANELLI, Vice President of the Manager since November 2000; a Chartered Financial Vice President (since Analyst; an officer of 2 portfolios in the OppenheimerFunds complex. Prior 1999) to joining the Manager in May 1998 he was President of Waterside Capital Age: 34 Management, a registered investment advisor (August 1995 - April 1998). BRIAN W. WIXTED, Senior Vice President and Treasurer of the Manager (since March 1999); Treasurer Treasurer (since 1999) of the following: HarbourView Asset Management Corporation, Shareholder Financial Age: 45 Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management Corporation, and Oppenheimer Partnership Holdings, Inc. (since March 1999), OFI Private Investments, Inc. (since March 2000), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (since November 2000), and OppenheimerFunds Legacy Program (since June 2003); Treasurer and Chief Financial Officer of OFI Trust Company (trust company subsidiary of the Manager) (since May 2000); Assistant Treasurer of the following: OAC (since March 1999), Centennial Asset Management Corporation (March 1999-October 2003) and OppenheimerFunds Legacy Program (April 2000-June 2003); Principal and Chief Operating Officer of Bankers Trust Company-Mutual Fund Services Division (March 1995-March 1999). An officer of 86 portfolios in the OppenheimerFunds complex.
76 | OPPENHEIMER MAIN STREET SMALL CAP FUND ROBERT G. ZACK, Executive Vice President (since January 2004) and General Counsel (since March Vice President & 2002) of the Manager; General Counsel and Director of the Distributor (since Secretary (since 2001) December 2001); General Counsel of Centennial Asset Management Corporation (since Age: 56 December 2001); Senior Vice President and General Counsel of HarbourView Asset Management Corporation (since December 2001); Secretary and General Counsel of OAC (since November 2001); Assistant Secretary (since September 1997) and Director (since November 2001) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc. (since December 2002); Director of Oppenheimer Real Asset Management, Inc. (since November 2001); Senior Vice President, General Counsel and Director of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since December 2001); Senior Vice President, General Counsel and Director of OFI Private Investments, Inc. and OFI Trust Company (since November 2001); Vice President of OppenheimerFunds Legacy Program (since June 2003); Senior Vice President and General Counsel of OFI Institutional Asset Management, Inc. (since November 2001); Director of OppenheimerFunds (Asia) Limited (since December 2003); Senior Vice President (May 1985-December 2003), Acting General Counsel (November 2001-February 2002) and Associate General Counsel (May 1981-October 2001) of the Manager; Assistant Secretary of the following: Shareholder Services, Inc. (May 1985-November 2001), Shareholder Financial Services, Inc. (November 1989-November 2001), and OppenheimerFunds International Ltd. (September 1997-November 2001). An officer of 86 portfolios in the OppenheimerFunds complex. MARK S. VANDEHEY, Senior Vice President and Chief Compliance Officer of the Manager (since Vice President and March 2004); Vice President of OppenheimerFunds Distributor, Inc., Centennial Chief Compliance Officer Asset Management Corporation and Shareholder Services, Inc. (since June 1983); (since 2004) Vice President and Director of Internal Audit of the Manager (1997-February Age: 54 2004). An officer of 86 portfolios in the OppenheimerFunds complex.
THE FUND'S STATEMENT OF ADDITIONAL INFORMATION CONTAINS ADDITIONAL INFORMATION ABOUT THE FUND'S TRUSTEES AND IS AVAILABLE WITHOUT CHARGE UPON REQUEST. 77 | OPPENHEIMER MAIN STREET SMALL CAP FUND ITEM 2. CODE OF ETHICS. The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. The Board of Trustees of the registrant has determined that Edward L. Cameron, the Chairman of the Board's Audit Committee, and George C. Bowen, a member of the Board's Audit Committee, possess the technical attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as "audit committee financial experts," and has designated Messrs. Cameron and Bowen as the Audit Committee's financial experts. Messrs. Cameron and Bowen are "independent" Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. (a) Audit Fees The principal accountant for the audit of the registrant's annual financial statements billed $24,000 in fiscal 2005 and $23,000 in fiscal 2004. (b) Audit-Related Fees The principal accountant for the audit of the registrant's annual financial statements billed no such fees during the last two fiscal years. The principal accountant for the audit of the registrant's annual financial statements billed no such fees in fiscal 2005 and $5,525 in fiscal 2004 to the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. Such services include: internal control reviews. (c) Tax Fees The principal accountant for the audit of the registrant's annual financial statements billed no such fees to the registrant during the last two fiscal years. The principal accountant for the audit of the registrant's annual financial statements billed no such fees to the registrant during the last two fiscal years to the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. (d) All Other Fees The principal accountant for the audit of the registrant's annual financial statements billed no such fees to the registrant during the last two fiscal years. The principal accountant for the audit of the registrant's annual financial statements billed no such fees during the last two fiscal years to the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. (e) (1) During its regularly scheduled periodic meetings, the registrant's audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the registrant. The audit committee has delegated pre-approval authority to its Chairman for any subsequent new engagements that arise between regularly scheduled meeting dates provided that any fees such pre-approved are presented to the audit committee at its next regularly scheduled meeting. Under applicable laws, pre-approval of non-audit services maybe waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to it principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit. (2) 100% (f) Not applicable as less than 50%. (g) The principal accountant for the audit of the registrant's annual financial statements billed no such fees in fiscal 2005 and $5,525 in fiscal 2004 to the registrant and the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934. (h) The registrant's audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS Not applicable. ITEM 6. SCHEDULE OF INVESTMENTS. Not applicable. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. THE FUNDS' GOVERNANCE COMMITTEE PROVISIONS WITH RESPECT TO NOMINATIONS OF DIRECTORS/TRUSTEES TO THE RESPECTIVE BOARDS 1. The Funds' Governance Committee (the "Committee") will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds' investment manager and its affiliates in making the selection. 2. The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individual's background, skills, and experience; whether the individual is an "interested person" as defined in the Investment Company Act of 1940; and whether the individual would be deemed an "audit committee financial expert" within the meaning of applicable SEC rules. The Committee also considers whether the individual's background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder. 3. The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following: o the name, address, and business, educational, and/or other pertinent background of the person being recommended; o a statement concerning whether the person is an "interested person" as defined in the Investment Company Act of 1940; o any other information that the Funds would be required to include in a proxy statement concerning the person if he or she was nominated; and o the name and address of the person submitting the recommendation and, if that person is a shareholder, the period for which that person held Fund shares. The recommendation also can include any additional information which the person submitting it believes would assist the Committee in evaluating the recommendation. 4. Shareholders should note that a person who owns securities issued by Massachusetts Mutual Life Insurance Company (the parent company of the Funds' investment adviser) would be deemed an "interested person" under the Investment Company Act of 1940. In addition, certain other relationships with Massachusetts Mutual Life Insurance Company or its subsidiaries, with registered broker-dealers, or with the Funds' outside legal counsel may cause a person to be deemed an "interested person." 5. Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company. ITEM 11. CONTROLS AND PROCEDURES. Based on their evaluation of the registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of June 30, 2005, the registrant's principal executive officer and principal financial officer found the registrant's disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission. There have been no changes in the registrant's internal controls over financial reporting that occurred during the registrant's second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 12. EXHIBITS. (a) (1) Exhibit attached hereto. (2) Exhibits attached hereto. (3) Not applicable. (b) Not applicable. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Oppenheimer Main Street Small Cap Fund By: /s/John V. Murphy ----------------- John V. Murphy Principal Executive Officer Date: August 10, 2005 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/John V. Murphy ----------------- John V. Murphy Principal Executive Officer Date: August 10, 2005 By: /s/Brian W. Wixted ----------------- Brian W. Wixted Principal Financial Officer Date: August 10, 2005 EX-99.CODE ETH 2 ra0847_15620ethics.txt RA0847_15620ETHICS.TXT EX-99.CODE ETH CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS OF THE OPPENHEIMER FUNDS AND OF OPPENHEIMERFUNDS, INC. This Code of Ethics for Principal Executive and Senior Financial Officers (referred to in this document as the "Code") has been adopted by each of the investment companies for which OppenheimerFunds, Inc. or one of its subsidiaries or affiliates (referred to collectively in this document as "OFI") acts as investment adviser (individually, a "Fund" and collectively, the "Funds"), and by OFI to effectuate compliance with Section 406 under the Sarbanes-Oxley Act of 2002 and the rules adopted to implement Section 406. This Code applies to each Fund's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions ("Covered Officers"). A listing of positions currently within the ambit of Covered Officers is attached as EXHIBIT A. 1 1. PURPOSE OF THE CODE This Code sets forth standards and procedures that are reasonably designed to deter wrongdoing and promote: o honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; o full, fair, accurate, timely, and understandable disclosure in reports and documents that a Fund files with, or submits to, the U.S. Securities and Exchange Commission ("SEC") and in other public communications made by the Fund; o compliance with applicable governmental laws, rules and regulations; - -------- 1 The obligations imposed by this Code on Covered Officers are separate from and in addition to any obligations that may be imposed on such persons as Covered Persons under the Code of Ethics adopted by the Oppenheimer Funds dated May 15, 2002, under Rule 17j-1 of the Investment Company Act of 1940, as amended and any other code of conduct applicable to Covered Officers in whatever capacity they serve. This Code does not incorporate by reference any provisions of the Rule 17j-1 Code of Ethics and accordingly, any violations or waivers granted under the Rule 17j-1 Code of Ethics will not be considered a violation or waiver under this Code. o the prompt internal reporting of violations of this Code to the Code Administrator identified below; and o accountability for adherence to this Code. In general, the principles that govern honest and ethical conduct, including the avoidance of conflicts of interest between personal and professional relationships, reflect, at the minimum, the following: (1) the duty at all times in performing any responsibilities as a Fund financial officer, controller, accountant or principal executive officer to place the interests of the Funds ahead of personal interests; (2) the fundamental standard that Covered Officers should not take inappropriate advantage of their positions; (3) the duty to assure that a Fund's financial statements and reports to its shareholders are prepared honestly and accurately in accordance with applicable rules, regulations and accounting standards; and (4) the duty to conduct the Funds' business and affairs in an honest and ethical manner. Each Covered Officer should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. It is acknowledged that, as a result of the contractual relationship between each Fund and OFI, of which the Covered Officers are also officers or employees, and subject to OFI's fiduciary duties to each Fund, the Covered Officers will, in the normal course of their duties, be involved in establishing policies and implementing decisions that will have different effects on OFI and the Funds. It is further acknowledged that the participation of the Covered Officers in such activities is inherent in the contractual relationship between each Fund and OFI and is consistent with the expectations of the Board of Trustees/Directors of the performance by the Covered Officers of their duties as officers of the Funds. 2. PROHIBITIONS The specific provisions and reporting requirements of this Code are concerned primarily with promoting honest and ethical conduct and avoiding conflicts of interest in personal and professional relationships. No Covered Officer may use information concerning the business and affairs of a Fund, including the investment intentions of a Fund, or use his or her ability to influence such investment intentions, for personal gain to himself or herself, his or her family or friends or any other person or in a manner detrimental to the interests of a Fund or its shareholders. No Covered Officer may use his or her personal influence or personal relationships to influence the preparation and issuance of financial reports of a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund and its shareholders. No Covered Officer shall intentionally for any reason take any action or fail to take any action in connection with his or her official acts on behalf of a Fund that causes the Fund to violate applicable laws, rules and regulations. No Covered Officer shall, in connection with carrying out his or her official duties and responsibilities on behalf of a Fund: (i) employ any device, scheme or artifice to defraud a Fund or its shareholders; (ii) intentionally cause a Fund to make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading in its official documents, regulatory filings, financial statements or communications to the public; (iii) engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any Fund or its shareholders; (iv) engage in any manipulative practice with respect to any Fund; (v) use his or her personal influence or personal relationships to influence any business decision, investment decisions, or financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund or its shareholders; (vi) intentionally cause a Fund to fail to comply with applicable laws, rules and regulations, including failure to comply with the requirement of full, fair, accurate, understandable and timely disclosure in reports and documents that a Fund files with, or submits to, the SEC and in other public communications made by the Fund; (vii) intentionally mislead or omit to provide material information to the Fund's independent auditors or to the Board of Trustees/Directors or the officers of the Fund or its investment adviser in connection with financial reporting matters; (viii) fail to notify the Code Administrator or the Chief Executive Officer of the Fund or its investment adviser promptly if he or she becomes aware of any existing or potential violations of this Code or applicable laws; (ix) retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of this Code; or (x) fails to acknowledge or certify compliance with this Code if requested to do so. 3. REPORTS OF CONFLICTS OF INTERESTS If a Covered Officer becomes aware of a conflict of interest under this Code or, to the Covered Officer's reasonable belief, the appearance of one, he or she must immediately report the matter to the Code's Administrator. If the Code Administrator is involved or believed to be involved in the conflict of interest or appearance of conflict of interest, the Covered Officer shall report the matter directly to the OFI's Chief Executive Officer. Upon receipt of a report of a conflict, the Code Administrator will take prompt steps to determine whether a conflict of interest exists. If the Code Administrator determines that an actual conflict of interest exists, the Code Administrator will take steps to resolve the conflict. If the Code Administrator determines that the appearance of a conflict exists, the Code Administrator will take appropriate steps to remedy such appearance. If the Code Administrator determines that no conflict or appearance of a conflict exists, the Code Administrator shall meet with the Covered Officer to advise him or her of such finding and of his or her reason for taking no action. In lieu of determining whether a conflict or appearance of conflict exists, the Code Administrator may in his or her discretion refer the matter to the Fund's Board of Trustees/Directors. 4. WAIVERS Any Covered Officer requesting a waiver of any of the provisions of this Code must submit a written request for such waiver to the Code Administrator, setting forth the basis of such request and all necessary facts upon which such request can be evaluated. The Code Administrator shall review such request and make a written determination thereon, which shall be binding. The Code Administrator may in reviewing such request, consult at his discretion with legal counsel to OFI or to the Fund. In determining whether to waive any of the provisions of this Code, the Code Administrator shall consider whether the proposed waiver: (i) is prohibited by this Code; (ii) is consistent with honest and ethical conduct; and (iii) will result in a conflict of interest between the Covered Officer's personal and professional obligations to a Fund. In lieu of determining whether to grant a waiver, the Code Administrator in his or her discretion may refer the matter to the appropriate Fund's Board of Trustees/Directors. 5. REPORTING REQUIREMENTS (a) Each Covered Officer shall, upon becoming subject to this Code, be provided with a copy of this Code and shall affirm in writing that he or she has received, read, understands and shall adhere to this Code. (b) At least annually, all Covered Officers shall be provided with a copy of this Code and shall certify that they have read and understand this Code and recognize that they are subject thereto. (c) At least annually, all Covered Officers shall certify that they have complied with the requirements of this Code and that they have disclosed or reported any violations of this Code to the Code Administrator or the Chief Executive Officer of the Fund or its investment adviser. (d) The Code Administrator shall submit a quarterly report to the Board of Trustees/Directors of each Fund containing (i) a description of any report of a conflict of interest or apparent conflict and the disposition thereof; (ii) a description of any request for a waiver from this Code and the disposition thereof; (iii) any violation of the Code that has been reported or found and the sanction imposed; (iv) interpretations issued under the Code by the Code Administrator; and (v) any other significant information arising under the Code including any proposed amendments. (e) Each Covered Officer shall notify the Code Administrator promptly if he or she knows of or has a reasonable belief that any violation of this Code has occurred or is likely to occur. Failure to do so is itself a violation of this Code. (f) Any changes to or waivers of this Code, including "implicit" waivers as defined in applicable SEC rules, will, to the extent required, be disclosed by the Code Administrator or his or her designee as provided by applicable SEC rules. 2 6. ANNUAL RENEWAL At least annually, the Board of Trustees/Directors of each Fund shall review the Code and determine whether any amendments (including any amendments that may be recommended by OFI or the Fund's legal counsel) are necessary or desirable, and shall consider whether to renew and/or amend the Code. 7. SANCTIONS Any violation of this Code of Ethics shall be subject to the imposition of such sanctions by OFI as may be deemed appropriate under the circumstances to achieve the purposes of this Code and may include, without limitation, a letter of censure, suspension from employment or termination of employment, in the sole discretion of OFI. 8. ADMINISTRATION AND CONSTRUCTION (a) The administration of this Code of Ethics shall be the responsibility of OFI's General Counsel or his designee as the "Code Administrator" of this Code, acting under the terms of this Code and the oversight of the Trustees/Directors of the Funds. (b) The duties of such Code Administrator will include: (i) Continuous maintenance of a current list of the names of all Covered Officers; (ii) Furnishing all Covered Officers a copy of this Code and initially and periodically informing them of their duties and obligations thereunder; - ---------- 2 An "implicit waiver" is the failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to the General Counsel, the Code Administrator, an executive officer of the Fund or OFI. (iii) Maintaining or supervising the maintenance of all records required by this Code, including records of waivers granted hereunder; (iv) Issuing interpretations of this Code which appear to the Code Administrator to be consistent with the objectives of this Code and any applicable laws or regulations; (v) Conducting such inspections or investigations as shall reasonably be required to detect and report any violations of this Code, with his or her recommendations, to the Chief Executive Officer of OFI and to the Trustees/Directors of the affected Fund(s) or any committee appointed by them to deal with such information; and (vi) Periodically conducting educational training programs as needed to explain and reinforce the terms of this Code. (c) In carrying out the duties and responsibilities described under this Code, the Code Administrator may consult with legal counsel, who may include legal counsel to the applicable Funds, and such other persons as the Administrator shall deem necessary or desirable. The Code Administrator shall be protected from any liability hereunder or under any applicable law, rule or regulation, for decisions made in good faith based upon his or her reasonable judgment. 9. REQUIRED RECORDS The Administrator shall maintain and cause to be maintained in an easily accessible place, the following records for the period required by applicable SEC rules (currently six years following the end of the fiscal year of OFI in which the applicable event or report occurred): (a) A copy of any Code which has been in effect during the period; (b) A record of any violation of any such Code and of any action taken as a result of such violation, during the period; (c) A copy of each annual report pursuant to the Code made by a Covered Officer during the period; (d) A copy of each report made by the Code Administrator pursuant to this Code during the period; (e) A list of all Covered Officers who are or have been required to make reports pursuant to this Code during the period, plus those person(s) who are or were responsible for reviewing these reports; (f) A record of any request to waive any requirement of this Code, the decision thereon and the reasons supporting the decision; and (g) A record of any report of any conflict of interest or appearance of a conflict of interest received by the Code Administrator or discovered by the Code Administrator during the period, the decision thereon and the reasons supporting the decision. 10. AMENDMENTS AND MODIFICATIONS This Code may not be amended or modified except by an amendment in writing which is approved or ratified by OFI and by a majority vote of the Independent Trustees/Directors of each of the applicable Funds. 11. CONFIDENTIALITY. This Code is identified for the internal use of the Funds and OFI. Reports and records prepared or maintained under this Code are considered confidential and shall be maintained and protected accordingly to the extent permitted by applicable laws, rules and regulations. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trustees/Directors of the affected Fund(s) and their counsel, the independent auditors of the affected Funds and/or OFI, and to OFI, except as such disclosure may be required pursuant to applicable judicial or regulatory process. Dated as of: June 25, 2003 Adopted by Board I of the Oppenheimer Funds June 13, 2003 /S/ ROBERT G. ZACK - ------------------ Robert G. Zack, Secretary Adopted by Board II of the Oppenheimer/Centennial Funds June 24, 2003 /S/ ROBERT G. ZACK - ------------------ Robert G. Zack, Secretary Adopted by Board III of the Oppenheimer Funds June 9, 2003 /S/ ROBERT G. ZACK - ------------------ Robert G. Zack, Secretary Adopted by Board IV of the Oppenheimer Funds May 21, 2003 /S/ ROBERT G. ZACK - ------------------ Robert G. Zack, Secretary Adopted by the Boards of Directors of OppenheimerFunds, Inc. and its subsidiaries and affiliates that act as investment adviser to the Oppenheimer or Centennial funds June 1, 2003 /S/ ROBERT G. ZACK - ------------------ Robert G. Zack, Senior Vice President and General Counsel Exhibit A Positions Covered by this Code of Ethics for Senior Officers EACH OPPENHEIMER OR CENTENNIAL FUND Principal Executive Officer Principal Financial Officer Treasurer Assistant Treasurer PERSONNEL OF OFI WHO BY VIRTUE OF THEIR JOBS PERFORM CRITICAL FINANCIAL AND ACCOUNTING FUNCTIONS FOR OFI ON BEHALF OF A FUND, INCLUDING: Treasurer Senior Vice President/Fund Accounting Vice President/Fund Accounting EX-99.CERT 3 ra0847_15620ex302.txt RA0847_15620EX302.TXT Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, John V. Murphy, certify that: 1. I have reviewed this report on Form N-CSR of Oppenheimer Main Street Small Cap Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: August 10, 2005 /s/ John V. Murphy - ---------------------------- John V. Murphy Principal Executive Officer Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, Brian W. Wixted, certify that: 1. I have reviewed this report on Form N-CSR of Oppenheimer Main Street Small Cap Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: August 10, 2005 /s/ Brian W. Wixted - ---------------------------- Brian W. Wixted Principal Financial Officer EX-99.906 4 ra0847_15620ex906.txt RA0847_15620EX906.TXT EX-99.906CERT Section 906 Certifications CERTIFICATION PURSUANT TO 18 U.S.C SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 John V. Murphy, Principal Executive Officer, and Brian W. Wixted, Principal Financial Officer, of Oppenheimer Main Street Small Cap Fund (the "Registrant"), each certify to the best of his or her knowledge that: 1. The Registrant's periodic report on Form N-CSR for the period ended June 30, 2005 (the "Form N-CSR") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and 2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Form N-CSR filed with the Commission. Principal Executive Officer Principal Financial Officer Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund /s/ John V. Murphy /s/ Brian W. Wixted - ---------------------------- ----------------------------- John V. Murphy Brian W. Wixted Date: August 10, 2005 Date: August 10, 2005 -----END PRIVACY-ENHANCED MESSAGE-----