N-CSRS 1 rs847_18686-ncsrs.txt RS847_18686-NCSRS 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: DECEMBER 31, 2005 ITEM 1. REPORTS TO STOCKHOLDERS. TOP HOLDINGS AND ALLOCATIONS -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- TOP TEN COMMON STOCK INDUSTRIES -------------------------------------------------------------------------------- Specialty Retail 6.4% -------------------------------------------------------------------------------- Software 5.8 -------------------------------------------------------------------------------- Insurance 5.6 -------------------------------------------------------------------------------- Oil & Gas 5.3 -------------------------------------------------------------------------------- Semiconductors & Semiconductor Equipment 5.3 -------------------------------------------------------------------------------- Health Care Providers & Services 3.7 -------------------------------------------------------------------------------- Electronic Equipment & Instruments 3.3 -------------------------------------------------------------------------------- Commercial Services & Supplies 3.3 -------------------------------------------------------------------------------- Communications Equipment 3.3 -------------------------------------------------------------------------------- Energy Equipment & Services 3.2 Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2005, and are based on net assets. TOP TEN COMMON STOCK HOLDINGS -------------------------------------------------------------------------------- Charming Shoppes, Inc. 0.4% -------------------------------------------------------------------------------- JLG Industries, Inc. 0.4 -------------------------------------------------------------------------------- Carpenter Technology Corp. 0.3 -------------------------------------------------------------------------------- Alkermes, Inc. 0.3 -------------------------------------------------------------------------------- Pediatrix Medical Group, Inc. 0.3 -------------------------------------------------------------------------------- Reliance Steel & Aluminum Co. 0.3 -------------------------------------------------------------------------------- Cymer, Inc. 0.3 -------------------------------------------------------------------------------- Continental Airlines, Inc., Cl. B 0.3 -------------------------------------------------------------------------------- Imation Corp. 0.3 -------------------------------------------------------------------------------- Websense, Inc. 0.3 Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2005, and are based on net assets. For up-to-date Top 10 Fund holdings, please visit www.oppenheimerfunds.com. -------------------------------------------------------------------------------- 8 | OPPENHEIMER MAIN STREET SMALL CAP FUND -------------------------------------------------------------------------------- SECTOR ALLOCATION [THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.] Information Technology 25.3% Software 5.9 Semiconductors & Semiconductor Equipment 5.3 Electronic Equipment & Instruments 3.4 Communications Equipment 3.3 Internet Software & Services 3.0 IT Services 2.7 Computers & Peripherals 1.7 Consumer Discretionary 18.4 Industrials 15.5 Financials 12.4 Health Care 9.2 Energy 8.6 Materials 5.3 Consumer Staples 3.0 Telecommunication Services 1.2 Utilities 1.1 Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2005, and are based on the total market value of common stocks. -------------------------------------------------------------------------------- 9 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES -------------------------------------------------------------------------------- Total returns include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. Cumulative total returns are not annualized. The Fund's total returns shown do not reflect the deduction of income taxes on an individual's investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares. INVESTORS SHOULD CONSIDER THE FUND'S INVESTMENT OBJECTIVES, RISKS, AND OTHER CHARGES AND EXPENSES CAREFULLY BEFORE INVESTING. THE FUND'S PROSPECTUS CONTAINS THIS AND OTHER INFORMATION ABOUT THE FUND, AND MAY BE OBTAINED BY ASKING YOUR FINANCIAL ADVISOR, CALLING US AT 1.800.525.7048 OR VISITING OUR WEBSITE AT WWW.OPPENHEIMERFUNDS.COM. READ THE PROSPECTUS CAREFULLY BEFORE INVESTING. The Fund's investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc. CLASS A shares of the Fund were first publicly offered on 8/2/99. Unless otherwise noted, Class A returns include the current maximum initial sales charge of 5.75%. CLASS B shares of the Fund were first publicly offered on 8/2/99. Unless otherwise noted, Class B returns include the applicable contingent deferred sales charge of 5% (1-year) and 2% (5-year). Class B shares are subject to an annual 0.75% asset-based sales charge. CLASS C shares of the Fund were first publicly offered on 8/2/99. Unless otherwise noted Class C returns include the contingent deferred sales charge of 1% for the 1-year period. Class C shares are subject to an annual 0.75% asset-based sales charge. CLASS N shares of the Fund were first publicly offered on 3/1/01. Class N shares are offered only through retirement plans. Unless otherwise noted, Class N returns include the contingent deferred sales charge of 1% for the 1-year period. Class N shares are subject to an annual 0.25% asset-based sales charge. CLASS Y shares of the Fund were first publicly offered on 8/2/99. Class Y shares are offered only to certain institutional investors under special agreement with the Distributor. An explanation of the calculation of performance is in the Fund's Statement of Additional Information. 10 | OPPENHEIMER MAIN STREET SMALL CAP FUND FUND EXPENSES -------------------------------------------------------------------------------- FUND EXPENSES. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions; and redemption fees, if any; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended December 31, 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 11 | 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 (7/1/05) (12/31/05) DECEMBER 31, 2005 -------------------------------------------------------------------------------- Class A Actual 1,000.00 $1,095.10 $6.20 -------------------------------------------------------------------------------- Class A Hypothetical 1,000.00 1,019.31 5.97 -------------------------------------------------------------------------------- Class B Actual 1,000.00 1,090.50 10.38 -------------------------------------------------------------------------------- Class B Hypothetical 1,000.00 1,015.32 10.01 -------------------------------------------------------------------------------- Class C Actual 1,000.00 1,090.80 10.01 -------------------------------------------------------------------------------- Class C Hypothetical 1,000.00 1,015.68 9.65 -------------------------------------------------------------------------------- Class N Actual 1,000.00 1,092.80 7.89 -------------------------------------------------------------------------------- Class N Hypothetical 1,000.00 1,017.69 7.61 -------------------------------------------------------------------------------- Class Y Actual 1,000.00 1,097.70 3.55 -------------------------------------------------------------------------------- Class Y Hypothetical 1,000.00 1,021.83 3.42 Hypothetical assumes 5% annual return before expenses. Expenses are equal to the Fund's annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Those annualized expense ratios based on the 6-month period ended December 31, 2005 are as follows: CLASS EXPENSE RATIOS -------------------------------- Class A 1.17% -------------------------------- Class B 1.96 -------------------------------- Class C 1.89 -------------------------------- Class N 1.49 -------------------------------- Class Y 0.67 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. -------------------------------------------------------------------------------- 12 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS December 31, 2005 / Unaudited -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- COMMON STOCKS--98.9% -------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--18.1% -------------------------------------------------------------------------------- AUTO COMPONENTS--1.6% Aftermarket Technology Corp. 1 104,500 $ 2,031,480 -------------------------------------------------------------------------------- American Axle & Manufacturing Holdings, Inc. 2 174,800 3,204,084 -------------------------------------------------------------------------------- ArvinMeritor, Inc. 2 374,100 5,383,299 -------------------------------------------------------------------------------- Autoliv, Inc. 47,400 2,152,908 -------------------------------------------------------------------------------- Borg-Warner Automotive, Inc. 42,700 2,588,901 -------------------------------------------------------------------------------- Dana Corp. 447,200 3,210,896 -------------------------------------------------------------------------------- Drew Industries, Inc. 1,2 26,300 741,397 -------------------------------------------------------------------------------- Goodyear Tire & Rubber Co. (The) 1,2 284,400 4,942,872 -------------------------------------------------------------------------------- Lear Corp. 2 114,600 3,261,516 -------------------------------------------------------------------------------- Midas, Inc. 1,2 81,700 1,500,012 -------------------------------------------------------------------------------- Modine Manufacturing Co. 216,000 7,039,440 -------------------------------------------------------------------------------- Proliance International, Inc. 1,2 11,738 62,094 -------------------------------------------------------------------------------- Sauer-Danfoss, Inc. 2 84,600 1,591,326 -------------------------------------------------------------------------------- Shiloh Industries, Inc. 1 31,500 417,690 -------------------------------------------------------------------------------- Spartan Motors, Inc. 1,100 11,319 -------------------------------------------------------------------------------- Tenneco, Inc. 1 455,800 8,938,238 -------------------------------------------------------------------------------- TRW Automotive Holdings Corp. 1 84,100 2,216,035 -------------------------------------------------------------------------------- Visteon Corp. 1 682,000 4,269,320 -------------------------------------------------------------------------------- 53,562,827 -------------------------------------------------------------------------------- AUTOMOBILES--0.1% Fleetwood Enterprises, Inc. 1 31,500 389,025 -------------------------------------------------------------------------------- Monaco Coach Corp. 2 30,800 409,640 -------------------------------------------------------------------------------- Winnebago Industries, Inc. 2 26,600 885,248 --------------- 1,683,913 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- DISTRIBUTORS--0.0% Audiovox Corp., Cl. A 1 18,300 $ 253,638 -------------------------------------------------------------------------------- Jorgensen (Earle M.) Co. 1,2 82,700 763,321 --------------- 1,016,959 -------------------------------------------------------------------------------- DIVERSIFIED CONSUMER SERVICES--1.0% Alderwoods Group, Inc. 1 81,700 1,296,579 -------------------------------------------------------------------------------- Bright Horizons Family Solutions, Inc. 1 99,800 3,697,590 -------------------------------------------------------------------------------- Career Education Corp. 1 101,400 3,419,208 -------------------------------------------------------------------------------- CPI Corp. 2 2,300 43,033 -------------------------------------------------------------------------------- Escala Group, Inc. 1,2 25,900 525,252 -------------------------------------------------------------------------------- ITT Educational Services, Inc. 1 14,500 857,095 -------------------------------------------------------------------------------- Jackson Hewitt Tax Service, Inc. 335,000 9,282,850 -------------------------------------------------------------------------------- Matthews International Corp., Cl. A 2 1,200 43,692 -------------------------------------------------------------------------------- Pre-Paid Legal Services, Inc. 2 67,700 2,586,817 -------------------------------------------------------------------------------- Service Corp. International 474,500 3,881,410 -------------------------------------------------------------------------------- ServiceMaster Co. (The) 154,900 1,851,055 -------------------------------------------------------------------------------- Steiner Leisure Ltd. 1 75,700 2,691,892 -------------------------------------------------------------------------------- Stewart Enterprises, Inc. 2 270,300 1,462,323 -------------------------------------------------------------------------------- Vertrue, Inc. 1 14,600 515,818 -------------------------------------------------------------------------------- Weight Watchers International, Inc. 1,2 17,200 850,196 --------------- 33,004,810 -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--2.2% Ambassadors Group, Inc. 81,500 1,865,535 -------------------------------------------------------------------------------- Ameristar Casinos, Inc. 2 199,600 4,530,920 13 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE Continued Aztar Corp. 1,2 107,600 $ 3,269,964 -------------------------------------------------------------------------------- Bluegreen Corp. 1,2 185,100 2,924,580 -------------------------------------------------------------------------------- Brinker International, Inc. 58,700 2,269,342 -------------------------------------------------------------------------------- Caribou Coffee Co., Inc. 1,2 9,100 91,364 -------------------------------------------------------------------------------- CBRL Group, Inc. 105,800 3,718,870 -------------------------------------------------------------------------------- CEC Entertainment, Inc. 1 18,850 641,654 -------------------------------------------------------------------------------- Checkers Drive-In Restaurants, Inc. 1 18,800 285,008 -------------------------------------------------------------------------------- Choice Hotels International, Inc. 78,000 3,257,280 -------------------------------------------------------------------------------- CKE Restaurants, Inc. 2 412,800 5,576,928 -------------------------------------------------------------------------------- Ctrip.com International Ltd., ADR 14,700 848,925 -------------------------------------------------------------------------------- Darden Restaurants, Inc. 104,100 4,047,408 -------------------------------------------------------------------------------- Denny's Corp. 1,2 155,200 625,456 -------------------------------------------------------------------------------- Domino's Pizza, Inc. 211,800 5,125,560 -------------------------------------------------------------------------------- Dover Downs Gaming & Entertainment, Inc. 74,000 1,047,100 -------------------------------------------------------------------------------- IHOP Corp. 2 106,200 4,981,842 -------------------------------------------------------------------------------- Jack in the Box, Inc. 1,2 173,900 6,074,327 -------------------------------------------------------------------------------- Krispy Kreme Doughnuts, Inc. 1,2 87,400 501,676 -------------------------------------------------------------------------------- La Quinta Corp. 1 343,600 3,827,704 -------------------------------------------------------------------------------- Lone Star Steakhouse & Saloon, Inc. 2 52,900 1,255,846 -------------------------------------------------------------------------------- Luby's, Inc. 1,2 148,500 1,975,050 -------------------------------------------------------------------------------- McCormick & Schmick's Seafood Restaurants, Inc. 1 81,400 1,840,454 -------------------------------------------------------------------------------- Monarch Casino & Resort, Inc. 1,2 47,800 1,080,280 -------------------------------------------------------------------------------- MTR Gaming Group, Inc. 1 92,600 963,966 -------------------------------------------------------------------------------- Multimedia Games, Inc. 1,2 28,100 259,925 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE Continued Navigant International, Inc. 1,2 47,000 $ 509,950 -------------------------------------------------------------------------------- O'Charley's, Inc. 1,2 78,800 1,222,188 -------------------------------------------------------------------------------- Panera Bread Co., Cl. A 1 900 59,112 -------------------------------------------------------------------------------- Papa John's International, Inc. 1 17,900 1,061,649 -------------------------------------------------------------------------------- Six Flags, Inc. 1,2 305,400 2,354,634 -------------------------------------------------------------------------------- Sunterra Corp. 1 134,600 1,914,012 -------------------------------------------------------------------------------- Vail Resorts, Inc. 1,2 134,000 4,426,020 --------------- 74,434,529 -------------------------------------------------------------------------------- HOUSEHOLD DURABLES--1.5% American Greetings Corp., Cl. A 2 292,800 6,432,816 -------------------------------------------------------------------------------- Avatar Holdings, Inc. 1,2 2,500 137,300 -------------------------------------------------------------------------------- Beazer Homes USA, Inc. 2 43,500 3,168,540 -------------------------------------------------------------------------------- Blount International, Inc. 1 73,400 1,169,262 -------------------------------------------------------------------------------- Brookfield Homes Corp. 2 89,649 4,458,245 -------------------------------------------------------------------------------- Champion Enterprises, Inc. 1,2 284,600 3,876,252 -------------------------------------------------------------------------------- CSS Industries, Inc. 2 9,192 282,470 -------------------------------------------------------------------------------- Ethan Allen Interiors, Inc. 2 75,700 2,765,321 -------------------------------------------------------------------------------- Furniture Brands International, Inc. 2 284,900 6,361,817 -------------------------------------------------------------------------------- Interface, Inc., Cl. A 1,2 252,500 2,075,550 -------------------------------------------------------------------------------- Kimball International, Inc., Cl. B 2 45,100 479,413 -------------------------------------------------------------------------------- La-Z-Boy, Inc. 2 264,200 3,582,552 -------------------------------------------------------------------------------- MDC Holdings, Inc. 12,900 799,542 -------------------------------------------------------------------------------- Mestek, Inc. 1 4,800 62,880 -------------------------------------------------------------------------------- Movado Group, Inc. 2 10,500 192,150 -------------------------------------------------------------------------------- Palm Harbor Homes, Inc. 1,2 14,600 274,480 14 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- HOUSEHOLD DURABLES Continued Ryland Group, Inc. (The) 2 25,100 $ 1,810,463 -------------------------------------------------------------------------------- Snap-On, Inc. 2 71,400 2,681,784 -------------------------------------------------------------------------------- Stanley Furniture Co., Inc. 99,100 2,297,138 -------------------------------------------------------------------------------- Stanley Works (The) 43,200 2,075,328 -------------------------------------------------------------------------------- Tupperware Brands Corp. 242,400 5,429,760 -------------------------------------------------------------------------------- WCI Communities, Inc. 1,2 24,500 657,825 -------------------------------------------------------------------------------- William Lyon Homes, Inc. 1 9,100 918,190 --------------- 51,989,078 -------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL--0.3% Blue Nile, Inc. 1 68,800 2,773,328 -------------------------------------------------------------------------------- Coldwater Creek, Inc. 1,2 18,700 570,911 -------------------------------------------------------------------------------- Insight Enterprises, Inc. 1 186,400 3,655,304 -------------------------------------------------------------------------------- PetMed Express, Inc. 1,2 77,300 1,095,341 -------------------------------------------------------------------------------- Priceline.com, Inc. 1,2 28,600 638,352 -------------------------------------------------------------------------------- Provide Commerce, Inc. 1,2 6,300 208,593 -------------------------------------------------------------------------------- Sportsman's Guide, Inc. 1 22,600 539,010 -------------------------------------------------------------------------------- Stamps.com, Inc. 1,2 31,500 723,240 -------------------------------------------------------------------------------- ValueVision Media, Inc., Cl. A 1 25,700 323,820 --------------- 10,527,899 -------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS--0.5% Arctic Cat, Inc. 2 4,000 80,240 -------------------------------------------------------------------------------- Callaway Golf Co. 147,000 2,034,480 -------------------------------------------------------------------------------- Hasbro, Inc. 195,900 3,953,262 -------------------------------------------------------------------------------- JAKKS Pacific, Inc. 1,2 161,100 3,373,434 -------------------------------------------------------------------------------- Marvel Entertainment, Inc. 1,2 87,900 1,439,802 -------------------------------------------------------------------------------- Oakley, Inc. 2 241,100 3,541,759 -------------------------------------------------------------------------------- RC2 Corp. 1,2 49,000 1,740,480 Steinway Musical Instruments, Inc. 1,2 48,300 1,232,133 --------------- 17,395,590 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- MEDIA--2.0% Arbitron, Inc. 74,200 $ 2,818,116 -------------------------------------------------------------------------------- Belo Corp., Cl. A 89,900 1,924,759 -------------------------------------------------------------------------------- Catalina Marketing Corp. 2 130,200 3,300,570 -------------------------------------------------------------------------------- Charter Communications, Inc., Cl. A 1,2 1,585,300 1,934,066 -------------------------------------------------------------------------------- Citadel Broadcasting Corp. 2 237,900 3,197,376 -------------------------------------------------------------------------------- Cox Radio, Inc., Cl. A 1,2 82,300 1,158,784 -------------------------------------------------------------------------------- Cumulus Media, Inc., Cl. A 1,2 180,000 2,233,800 -------------------------------------------------------------------------------- Emmis Communications Corp., Cl. A 1,2 202,000 4,021,820 -------------------------------------------------------------------------------- Entercom Communications Corp. 1,2 178,900 5,307,963 -------------------------------------------------------------------------------- Entravision Communications Corp. 1 29,500 210,040 -------------------------------------------------------------------------------- Focus Media Holding Ltd., ADR 1,2 56,800 1,918,136 -------------------------------------------------------------------------------- Interactive Data Corp. 14,000 317,940 -------------------------------------------------------------------------------- Interpublic Group of Cos., Inc. 1,2 76,700 740,155 -------------------------------------------------------------------------------- Journal Communications, Inc. 2 116,100 1,619,595 -------------------------------------------------------------------------------- Journal Register Co. 2 12,500 186,875 -------------------------------------------------------------------------------- Liberty Corp. 2 29,200 1,366,852 -------------------------------------------------------------------------------- Media General, Inc., Cl. A 69,476 3,522,433 -------------------------------------------------------------------------------- Mediacom Communications Corp. 1,2 191,700 1,052,433 -------------------------------------------------------------------------------- Meredith Corp. 52,000 2,721,680 -------------------------------------------------------------------------------- Playboy Enterprises, Inc., Cl. B 1,2 87,000 1,208,430 -------------------------------------------------------------------------------- PRIMEDIA, Inc. 1,2 104,200 167,762 15 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- MEDIA Continued R.H. Donnelley Corp. 1 62,700 $ 3,863,574 -------------------------------------------------------------------------------- Readers Digest Assn., Inc. (The), Cl. A, Non-Vtg 400,500 6,095,610 -------------------------------------------------------------------------------- Scholastic Corp. 1,2 97,500 2,779,725 -------------------------------------------------------------------------------- Sinclair Broadcast Group, Inc., Cl. A 2 375,100 3,450,920 -------------------------------------------------------------------------------- TiVo, Inc. 1,2 539,700 2,763,264 -------------------------------------------------------------------------------- Valassis Communications, Inc. 1 10,600 308,142 -------------------------------------------------------------------------------- Westwood One, Inc. 154,800 2,523,240 -------------------------------------------------------------------------------- Wiley (John) & Sons, Inc., Cl. A 98,800 3,857,152 -------------------------------------------------------------------------------- World Wrestling Federation Entertainment, Inc. 17,600 258,368 --------------- 66,829,580 -------------------------------------------------------------------------------- MULTILINE RETAIL--0.9% 99 Cents Only Stores 1,2 154,500 1,616,070 -------------------------------------------------------------------------------- Big Lots, Inc. 1,2 204,900 2,460,849 -------------------------------------------------------------------------------- Bon-Ton Stores, Inc. 2 27,700 529,901 -------------------------------------------------------------------------------- Conn's, Inc. 1,2 4,500 165,915 -------------------------------------------------------------------------------- Dillard's, Inc., Cl. A 2 106,600 2,645,812 -------------------------------------------------------------------------------- Dollar Tree Stores, Inc. 1 186,900 4,474,386 -------------------------------------------------------------------------------- Fred's, Inc. 2 61,100 994,097 -------------------------------------------------------------------------------- Retail Ventures, Inc. 1,2 169,700 2,111,068 -------------------------------------------------------------------------------- Saks, Inc. 1 113,100 1,906,866 -------------------------------------------------------------------------------- Stage Stores, Inc. 272,200 8,106,116 -------------------------------------------------------------------------------- Stein Mart, Inc. 2 212,200 3,851,430 --------------- 28,862,510 -------------------------------------------------------------------------------- SPECIALTY RETAIL--6.4% Abercrombie & Fitch Co., Cl. A 13,000 847,340 -------------------------------------------------------------------------------- Advance Auto Parts, Inc. 1 50,800 2,207,768 -------------------------------------------------------------------------------- Aeropostale, Inc. 1 124,500 3,274,350 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- SPECIALTY RETAIL Continued American Eagle Outfitters, Inc. 138,500 $ 3,182,730 -------------------------------------------------------------------------------- Asbury Automotive Group, Inc. 1 53,200 875,672 -------------------------------------------------------------------------------- AutoNation, Inc. 1 118,400 2,572,832 -------------------------------------------------------------------------------- Barnes & Noble, Inc. 2 119,700 5,107,599 -------------------------------------------------------------------------------- bebe stores, inc. 2 181,887 2,551,875 -------------------------------------------------------------------------------- Blair Corp. 10,907 424,719 -------------------------------------------------------------------------------- Borders Group, Inc. 62,700 1,358,709 -------------------------------------------------------------------------------- Buckle, Inc. (The) 2 72,100 2,324,504 -------------------------------------------------------------------------------- Building Materials Holding Corp. 2 96,894 6,609,140 -------------------------------------------------------------------------------- Burlington Coat Factory Warehouse Corp. 90,500 3,639,005 -------------------------------------------------------------------------------- Casual Male Retail Group, Inc. 1,2 169,800 1,040,874 -------------------------------------------------------------------------------- Cato Corp., Cl. A 166,050 3,561,773 -------------------------------------------------------------------------------- Charlotte Russe Holding, Inc. 1,2 144,700 3,014,101 -------------------------------------------------------------------------------- Charming Shoppes, Inc. 1,2 884,500 11,675,400 -------------------------------------------------------------------------------- Children's Place Retail Stores, Inc. 1,2 178,200 8,806,644 -------------------------------------------------------------------------------- Christopher & Banks Corp. 2 116,800 2,193,504 -------------------------------------------------------------------------------- Circuit City Stores, Inc./Circuit City Group 159,500 3,603,105 -------------------------------------------------------------------------------- Citi Trends, Inc. 1,2 8,600 367,134 -------------------------------------------------------------------------------- Claire's Stores, Inc. 142,200 4,155,084 -------------------------------------------------------------------------------- CSK Auto Corp. 1 237,600 3,583,008 -------------------------------------------------------------------------------- Deb Shops, Inc. 2 3,800 112,974 -------------------------------------------------------------------------------- Finish Line, Inc. (The), Cl. A 95,600 1,665,352 -------------------------------------------------------------------------------- GameStop Corp., Cl. A 1,2 94,995 3,022,741 -------------------------------------------------------------------------------- Genesco, Inc. 1 216,500 8,398,035 -------------------------------------------------------------------------------- Golf Galaxy, Inc. 1 2,500 47,875 -------------------------------------------------------------------------------- Group 1 Automotive, Inc. 1,2 62,400 1,961,232 16 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- SPECIALTY RETAIL Continued Guess?, Inc. 1,2 223,000 $ 7,938,800 -------------------------------------------------------------------------------- Gymboree Corp. 1,2 132,600 3,102,840 -------------------------------------------------------------------------------- Hibbett Sporting Goods, Inc. 1,2 257,080 7,321,638 -------------------------------------------------------------------------------- Jos. A. Banks Clothiers, Inc. 1,2 19,200 833,472 -------------------------------------------------------------------------------- Linens `N Things, Inc. 1 80,900 2,151,940 -------------------------------------------------------------------------------- Lithia Motors, Inc., Cl. A 2 63,700 2,002,728 -------------------------------------------------------------------------------- Men's Wearhouse, Inc. (The) 1 270,200 7,954,688 -------------------------------------------------------------------------------- NetFlix.com, Inc. 1,2 152,100 4,115,826 -------------------------------------------------------------------------------- Office Depot, Inc. 1 25,300 794,420 -------------------------------------------------------------------------------- OfficeMax, Inc. 161,000 4,082,960 -------------------------------------------------------------------------------- Pacific Sunwear of California, Inc. 1 118,825 2,961,119 -------------------------------------------------------------------------------- Pantry, Inc. (The) 1 183,300 8,613,267 -------------------------------------------------------------------------------- Payless ShoeSource, Inc. 1 390,600 9,804,060 -------------------------------------------------------------------------------- RadioShack Corp. 133,200 2,801,196 -------------------------------------------------------------------------------- Rent-A-Center, Inc. 1,2 3,600 67,896 -------------------------------------------------------------------------------- Rent-Way, Inc. 1,2 96,200 614,718 -------------------------------------------------------------------------------- Restoration Hardware, Inc. 1,2 36,200 217,924 -------------------------------------------------------------------------------- Select Comfort Corp. 1,2 205,700 5,625,895 -------------------------------------------------------------------------------- Shoe Carnival, Inc. 1 23,700 519,504 -------------------------------------------------------------------------------- Sonic Automotive, Inc. 153,500 3,419,980 -------------------------------------------------------------------------------- Sports Authority, Inc. (The) 1,2 256,200 7,975,506 -------------------------------------------------------------------------------- Syms Corp. 7,400 106,856 -------------------------------------------------------------------------------- Talbots, Inc. (The) 2 229,900 6,395,818 -------------------------------------------------------------------------------- Tiffany & Co. 88,600 3,392,494 -------------------------------------------------------------------------------- Too, Inc. 1 278,600 7,859,306 -------------------------------------------------------------------------------- Trans World Entertainment Corp. 1,2 111,400 634,980 -------------------------------------------------------------------------------- Tuesday Morning Corp. 2 130,100 2,721,692 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- SPECIALTY RETAIL Continued United Auto Group, Inc. 2 241,100 $ 9,210,020 -------------------------------------------------------------------------------- West Marine, Inc. 1,2 3,300 46,134 -------------------------------------------------------------------------------- Wet Seal, Inc., Cl. A 1,2 295,876 1,313,689 -------------------------------------------------------------------------------- Wilsons The Leather Experts, Inc. 1,2 56,900 206,547 -------------------------------------------------------------------------------- Zale Corp. 1,2 282,600 7,107,390 --------------- 214,100,382 -------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--1.6% Carter's, Inc. 1 20,600 1,212,310 -------------------------------------------------------------------------------- Cherokee, Inc. 2 48,400 1,664,476 -------------------------------------------------------------------------------- Columbia Sportswear Co. 1,2 38,300 1,828,059 -------------------------------------------------------------------------------- Hartmarx Corp. 1,2 45,400 354,574 -------------------------------------------------------------------------------- Iconix Brand Group, Inc. 1 90,200 919,138 -------------------------------------------------------------------------------- Jones Apparel Group, Inc. 100,400 3,084,288 -------------------------------------------------------------------------------- K-Swiss, Inc., Cl. A 182,000 5,904,080 -------------------------------------------------------------------------------- Kellwood Co. 2 8,300 198,204 -------------------------------------------------------------------------------- Kenneth Cole Productions, Inc., Cl. A 41,900 1,068,450 -------------------------------------------------------------------------------- Liz Claiborne, Inc. 82,500 2,955,150 -------------------------------------------------------------------------------- Oxford Industries, Inc. 2 3,500 191,450 -------------------------------------------------------------------------------- Phillips/Van Heusen Corp. 144,700 4,688,280 -------------------------------------------------------------------------------- Skechers U.S.A., Inc., Cl. A 1,2 128,800 1,973,216 -------------------------------------------------------------------------------- Steven Madden Ltd. 2 91,500 2,674,545 -------------------------------------------------------------------------------- Stride Rite Corp. 199,300 2,702,508 -------------------------------------------------------------------------------- Timberland Co., Cl. A 1 79,500 2,587,725 -------------------------------------------------------------------------------- Tommy Hilfiger Corp. 1 330,800 5,372,192 -------------------------------------------------------------------------------- Under Armour, Inc., Cl. A 1,2 56,900 2,179,839 -------------------------------------------------------------------------------- UniFirst Corp. 30,100 936,110 -------------------------------------------------------------------------------- Warnaco Group, Inc. (The) 1,2 127,300 3,401,456 17 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS Continued Wolverine World Wide, Inc. 355,900 $ 7,993,514 --------------- 53,889,564 -------------------------------------------------------------------------------- CONSUMER STAPLES--2.9% -------------------------------------------------------------------------------- BEVERAGES--0.1% Boston Beer Co., Inc., Cl. A 1 55,000 1,375,000 -------------------------------------------------------------------------------- National Beverage Corp. 2 11,600 113,332 -------------------------------------------------------------------------------- PepsiAmericas, Inc. 82,900 1,928,254 -------------------------------------------------------------------------------- 3,416,586 -------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--1.0% Andersons, Inc. (The) 2 8,000 344,640 -------------------------------------------------------------------------------- Arden Group, Inc., Cl. A 2 10,198 927,916 -------------------------------------------------------------------------------- BJ's Wholesale Club, Inc. 1 65,000 1,921,400 -------------------------------------------------------------------------------- Casey's General Stores, Inc. 2 218,600 5,421,280 -------------------------------------------------------------------------------- Great Atlantic & Pacific Tea Co., Inc. (The) 1,2 81,700 2,596,426 -------------------------------------------------------------------------------- Ingles Markets, Inc., Cl. A 11,500 179,975 -------------------------------------------------------------------------------- Longs Drug Stores, Inc. 2 131,500 4,785,285 -------------------------------------------------------------------------------- Nash Finch Co. 2 23,800 606,424 -------------------------------------------------------------------------------- Pathmark Stores, Inc. 1 101,976 1,018,740 -------------------------------------------------------------------------------- Performance Food Group Co. 1,2 218,300 6,193,171 -------------------------------------------------------------------------------- Rite Aid Corp. 1,2 497,900 1,732,692 -------------------------------------------------------------------------------- Ruddick Corp. 109,100 2,321,648 -------------------------------------------------------------------------------- Spartan Stores, Inc. 1 52,700 549,134 -------------------------------------------------------------------------------- SUPERVALU, Inc. 132,100 4,290,608 -------------------------------------------------------------------------------- Weis Markets, Inc. 2 11,400 490,656 --------------- 33,379,995 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- FOOD PRODUCTS--1.0% Chiquita Brands International, Inc. 2 244,900 $ 4,900,449 -------------------------------------------------------------------------------- Darling International, Inc. 1,2 196,600 780,502 -------------------------------------------------------------------------------- Del Monte Foods Co. 1 291,900 3,044,517 -------------------------------------------------------------------------------- Flowers Foods, Inc. 2 268,300 7,394,348 -------------------------------------------------------------------------------- Gold Kist Holdings, Inc. 1,2 141,200 2,110,940 -------------------------------------------------------------------------------- Hain Celestial Group, Inc. 1,2 137,100 2,901,036 -------------------------------------------------------------------------------- Imperial Sugar Co. 1,300 17,654 -------------------------------------------------------------------------------- J&J Snack Foods Corp. 2 42,323 2,514,409 -------------------------------------------------------------------------------- Lancaster Colony Corp. 32,000 1,185,600 -------------------------------------------------------------------------------- Lance, Inc. 2 28,900 538,407 -------------------------------------------------------------------------------- M&F Worldwide Corp. 1,2 23,900 390,048 -------------------------------------------------------------------------------- McCormick & Co., Inc., Non-Vtg 21,900 677,148 -------------------------------------------------------------------------------- Pilgrim's Pride Corp., Cl. B 2 116,200 3,853,192 -------------------------------------------------------------------------------- Premium Standard Farms, Inc. 38,200 571,472 -------------------------------------------------------------------------------- Ralcorp Holdings, Inc. 1 36,100 1,440,751 -------------------------------------------------------------------------------- Seaboard Corp. 2 1,900 2,870,900 --------------- 35,191,373 -------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--0.4% Chattem, Inc. 1,2 148,900 5,418,471 -------------------------------------------------------------------------------- Church & Dwight Co., Inc. 8,800 290,664 -------------------------------------------------------------------------------- Energizer Holdings, Inc. 1 79,700 3,968,263 -------------------------------------------------------------------------------- Playtex Products, Inc. 1,2 229,600 3,138,632 -------------------------------------------------------------------------------- Spectrum Brands, Inc. 1 67,100 1,362,801 --------------- 14,178,831 18 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- PERSONAL PRODUCTS--0.2% Inter Parfums, Inc. 5,700 $ 102,372 -------------------------------------------------------------------------------- Mannatech, Inc. 2 38,327 529,296 -------------------------------------------------------------------------------- Nature's Sunshine Products, Inc. 89,200 1,612,736 -------------------------------------------------------------------------------- Parlux Fragrances, Inc. 1,2 91,400 2,790,442 -------------------------------------------------------------------------------- USANA Health Sciences, Inc. 1,2 41,800 1,603,448 --------------- 6,638,294 -------------------------------------------------------------------------------- TOBACCO--0.2% Loews Corp./Carolina Group 69,400 3,052,906 -------------------------------------------------------------------------------- Vector Group Ltd. 2 147,660 2,682,982 --------------- 5,735,888 -------------------------------------------------------------------------------- ENERGY--8.5% -------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--3.2% Atwood Oceanics, Inc. 1,2 21,100 1,646,433 -------------------------------------------------------------------------------- CHC Helicopter Corp., Cl. A 58,600 1,376,718 -------------------------------------------------------------------------------- Cooper Cameron Corp. 1 79,200 3,278,880 -------------------------------------------------------------------------------- Ensign Energy Services, Inc. 152,400 6,151,325 -------------------------------------------------------------------------------- Global Industries Ltd. 1,2 428,548 4,864,020 -------------------------------------------------------------------------------- Grant Prideco, Inc. 1 23,700 1,045,644 -------------------------------------------------------------------------------- Grey Wolf, Inc. 1 1,252,600 9,682,598 -------------------------------------------------------------------------------- Gulf Island Fabrication, Inc. 2 8,500 206,635 -------------------------------------------------------------------------------- Gulfmark Offshore, Inc. 1,2 16,300 482,806 -------------------------------------------------------------------------------- Helmerich & Payne, Inc. 90,800 5,621,428 -------------------------------------------------------------------------------- Hercules Offshore, Inc. 1 121,000 3,437,610 -------------------------------------------------------------------------------- Hornbeck Offshore Services, Inc. 1,2 104,700 3,423,690 -------------------------------------------------------------------------------- Hydril Co. 1 20,000 1,252,000 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES Continued Lone Star Technologies, Inc. 1 199,000 $ 10,280,340 -------------------------------------------------------------------------------- Maverick Tube Corp. 1,2 100,200 3,993,972 -------------------------------------------------------------------------------- NS Group, Inc. 1 215,400 9,005,874 -------------------------------------------------------------------------------- Oceaneering International, Inc. 1 25,100 1,249,478 -------------------------------------------------------------------------------- Offshore Logistics, Inc. 1 600 17,520 -------------------------------------------------------------------------------- Oil States International, Inc. 1,2 105,000 3,326,400 -------------------------------------------------------------------------------- Parker Drilling Co. 1,2 180,200 1,951,566 -------------------------------------------------------------------------------- Pason Systems, Inc. 80,000 1,988,903 -------------------------------------------------------------------------------- Prairie Schooner Petroleum Ltd. 1,3 13,800 278,980 -------------------------------------------------------------------------------- Precision Drilling Trust 43,400 1,432,915 -------------------------------------------------------------------------------- Pride International, Inc. 1 63,000 1,937,250 -------------------------------------------------------------------------------- Technicoil Corp. 1 92,900 311,678 -------------------------------------------------------------------------------- Technicoil Corp. 1 577,100 1,936,161 -------------------------------------------------------------------------------- Tetra Technologies, Inc. 1,2 137,900 4,208,708 -------------------------------------------------------------------------------- Trican Well Service Ltd. 1 150,100 7,230,935 -------------------------------------------------------------------------------- Universal Compression Holdings, Inc. 1,2 137,900 5,670,448 -------------------------------------------------------------------------------- Veritas DGC, Inc. 1 272,000 9,653,280 --------------- 106,944,195 -------------------------------------------------------------------------------- OIL & GAS--5.3% Alberta Clipper Energy, Inc. 1 93,278 308,934 -------------------------------------------------------------------------------- Alon USA Energy, Inc. 1,2 17,100 336,015 -------------------------------------------------------------------------------- Alpha Natural Resources, Inc. 1 12,400 238,204 -------------------------------------------------------------------------------- Atlas America, Inc. 1 50,600 3,047,132 -------------------------------------------------------------------------------- Atlas Energy Ltd. 1 890,500 3,677,061 -------------------------------------------------------------------------------- ATP Oil & Gas Corp. 1,2 24,900 921,549 19 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- OIL & GAS Continued Basic Energy Services, Inc. 1 92,800 $ 1,851,360 -------------------------------------------------------------------------------- Berry Petroleum Co., Cl. A 2 16,000 915,200 -------------------------------------------------------------------------------- Brigham Exploration Co. 1 113,000 1,340,180 -------------------------------------------------------------------------------- Callon Petroleum Co. 1,2 149,200 2,633,380 -------------------------------------------------------------------------------- Capital Energy Resources Ltd. 1 275,500 1,187,367 -------------------------------------------------------------------------------- Chamaelo Exploration Ltd. 1 4,780 31,457 -------------------------------------------------------------------------------- Clear Energy, Inc. 1 425,566 1,940,298 -------------------------------------------------------------------------------- Comstock Resources, Inc. 1,2 262,500 8,008,875 -------------------------------------------------------------------------------- Crew Energy, Inc. 1 29,129 468,590 -------------------------------------------------------------------------------- Cyries Energy, Inc. 1 32,100 414,488 -------------------------------------------------------------------------------- Delphi Energy Corp. 1 315,000 1,541,873 -------------------------------------------------------------------------------- Duvernay Oil Corp. 1 46,000 1,750,252 -------------------------------------------------------------------------------- Edge Petroleum Corp. 1,2 131,800 3,283,138 -------------------------------------------------------------------------------- Ember Resources, Inc. 1 93,278 621,880 -------------------------------------------------------------------------------- Ember Resources, Inc. 1 105,300 656,146 -------------------------------------------------------------------------------- Energy Partners Ltd. 1 178,900 3,898,231 -------------------------------------------------------------------------------- Find Energy Ltd. 1 45,800 365,234 -------------------------------------------------------------------------------- Find Energy Ltd. 1 371,900 2,965,730 -------------------------------------------------------------------------------- Forest Oil Corp. 1 75,300 3,431,421 -------------------------------------------------------------------------------- Foundation Coal Holdings, Inc. 13,100 497,800 -------------------------------------------------------------------------------- Frontier Oil Corp. 2 32,100 1,204,713 -------------------------------------------------------------------------------- Galleon Energy, Inc., Cl. A 1 81,600 1,719,816 -------------------------------------------------------------------------------- Galleon Energy, Inc., Subscription Receipts 1 92,500 1,949,546 -------------------------------------------------------------------------------- General Maritime Corp. 2 128,100 4,744,824 -------------------------------------------------------------------------------- Giant Industries, Inc. 1,2 140,500 7,300,380 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- OIL & GAS Continued Highpine Oil & Gas Ltd. 1 19,900 $ 354,364 -------------------------------------------------------------------------------- Holly Corp. 38,700 2,278,269 -------------------------------------------------------------------------------- Houston Exploration Co. 1 111,200 5,871,360 -------------------------------------------------------------------------------- KCS Energy, Inc. 1,2 352,000 8,525,440 -------------------------------------------------------------------------------- Mahalo Energy Ltd. 1,3 220,500 1,327,799 -------------------------------------------------------------------------------- Maritrans, Inc. 72,500 1,886,450 -------------------------------------------------------------------------------- Meridian Resource Corp. (The) 1 99,200 416,640 -------------------------------------------------------------------------------- Midnight Oil Exploration Ltd. 1 556,050 2,114,277 -------------------------------------------------------------------------------- Mission Oil & Gas, Inc. 1 74,748 476,479 -------------------------------------------------------------------------------- Mission Oil & Gas, Inc. 1,4 79,100 504,220 -------------------------------------------------------------------------------- OMI Corp. 2 242,800 4,406,820 -------------------------------------------------------------------------------- Open Range Energy Corp. 1 10,090 41,230 -------------------------------------------------------------------------------- Overseas Shipholding Group, Inc. 82,500 4,157,175 -------------------------------------------------------------------------------- Paramount Resources Ltd., Cl. A 1 280,100 7,445,559 -------------------------------------------------------------------------------- Penn Virginia Corp. 2 11,700 671,580 -------------------------------------------------------------------------------- Petrohawk Energy Corp. 1 146,900 1,942,018 -------------------------------------------------------------------------------- PetroQuest Energy, Inc. 1,2 399,300 3,306,204 -------------------------------------------------------------------------------- Pogo Producing Co. 44,600 2,221,526 -------------------------------------------------------------------------------- ProEx Energy Ltd. 1 48,100 678,601 -------------------------------------------------------------------------------- ProspEx Resources Ltd. 1 369,740 1,113,244 -------------------------------------------------------------------------------- Real Resources, Inc. 1 48,900 1,047,452 -------------------------------------------------------------------------------- Remington Oil & Gas Corp. 1 246,400 8,993,600 -------------------------------------------------------------------------------- Resource America, Inc., Cl. A 2 30,200 514,910 -------------------------------------------------------------------------------- Sequoia Oil & Gas Trust 3,475 60,595 -------------------------------------------------------------------------------- Sequoia Oil & Gas Trust 46,400 809,091 20 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- OIL & GAS Continued St. Mary Land & Exploration Co. 2 43,400 $ 1,597,554 -------------------------------------------------------------------------------- Stone Energy Corp. 1,2 117,400 5,345,222 -------------------------------------------------------------------------------- Swift Energy Co. 1,2 216,300 9,748,641 -------------------------------------------------------------------------------- Tesoro Corp. 82,000 5,047,100 -------------------------------------------------------------------------------- Thunder Energy Trust 139,932 1,444,521 -------------------------------------------------------------------------------- TransMontaigne, Inc. 1 73,500 485,100 -------------------------------------------------------------------------------- Trilogy Energy Trust 99,800 2,043,305 -------------------------------------------------------------------------------- True Energy Trust 81,250 1,453,826 -------------------------------------------------------------------------------- Tusk Energy Corp. 1 387,400 1,686,304 -------------------------------------------------------------------------------- Tusk Energy Corp. 1,4 275,000 1,197,041 -------------------------------------------------------------------------------- USEC, Inc. 2 293,300 3,504,935 -------------------------------------------------------------------------------- Vault Energy Trust 11,950 117,192 -------------------------------------------------------------------------------- Vero Energy, Inc. 1 30,617 139,857 -------------------------------------------------------------------------------- Vintage Petroleum, Inc. 156,200 8,330,146 -------------------------------------------------------------------------------- W&T Offshore, Inc. 2 32,900 967,260 -------------------------------------------------------------------------------- West Energy Ltd. 1 91,400 630,589 -------------------------------------------------------------------------------- White Fire Energy Ltd. 1 3,475 8,071 -------------------------------------------------------------------------------- White Fire Energy Ltd. 1 46,400 107,772 -------------------------------------------------------------------------------- Whiting Petroleum Corp. 1,2 185,400 7,416,000 -------------------------------------------------------------------------------- Williams (Clayton) Energy, Inc. 1 10,900 454,966 -------------------------------------------------------------------------------- Zenas Energy Corp. 239,900 1,083,466 --------------- 177,224,845 -------------------------------------------------------------------------------- FINANCIALS--12.2% -------------------------------------------------------------------------------- CAPITAL MARKETS--0.2% GAMCO Investors, Inc., Cl. A 2 34,100 1,484,373 -------------------------------------------------------------------------------- Knight Capital Group, Inc., Cl. A 1,2 230,800 2,282,612 -------------------------------------------------------------------------------- Stifel Financial Corp. 1,2 15,000 563,850 -------------------------------------------------------------------------------- SWS Group, Inc. 2 74,800 1,566,312 -------------------------------------------------------------------------------- 5,897,147 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- COMMERCIAL BANKS--2.8% Anchor BanCorp Wisconsin, Inc. 2 27,900 $ 846,486 -------------------------------------------------------------------------------- Astoria Financial Corp. 162,650 4,781,910 -------------------------------------------------------------------------------- BancorpSouth, Inc. 2 11,900 262,633 -------------------------------------------------------------------------------- Bank of Hawaii Corp. 13,800 711,252 -------------------------------------------------------------------------------- BankUnited Financial Corp., Cl. A 20,500 544,685 -------------------------------------------------------------------------------- Berkshire Hills Bancorp, Inc. 2 6,900 231,150 -------------------------------------------------------------------------------- Capital Corp. of the West 2 5,959 193,370 -------------------------------------------------------------------------------- Capital Crossing Bank 1,2 800 26,720 -------------------------------------------------------------------------------- Capitol Bancorp Ltd. 2 13,800 516,672 -------------------------------------------------------------------------------- Center Financial Corp. 3,000 75,480 -------------------------------------------------------------------------------- Central Pacific Financial Corp. 2 6,600 237,072 -------------------------------------------------------------------------------- Chittenden Corp. 2 67,300 1,871,613 -------------------------------------------------------------------------------- Citizens First Bancorp, Inc. 23,500 554,130 -------------------------------------------------------------------------------- City Holding Co. 70,300 2,527,285 -------------------------------------------------------------------------------- Columbia Banking System, Inc. 2 57,606 1,644,651 -------------------------------------------------------------------------------- Commerce Bancshares, Inc. 2 26,820 1,397,858 -------------------------------------------------------------------------------- Community Bank System, Inc. 2 206,100 4,647,555 -------------------------------------------------------------------------------- Community Trust Bancorp, Inc. 23,028 708,111 -------------------------------------------------------------------------------- Corus Bankshares, Inc. 2 109,900 6,184,073 -------------------------------------------------------------------------------- Downey Financial Corp. 2 79,900 5,464,361 -------------------------------------------------------------------------------- F.N.B. Corp. 2 29,500 512,120 -------------------------------------------------------------------------------- First BanCorp 2 90,500 1,123,105 -------------------------------------------------------------------------------- First Citizens BancShares, Inc., Cl. A 2 9,000 1,569,780 21 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- COMMERCIAL BANKS Continued First Commonwealth Financial Corp. 2 230,400 $ 2,979,072 -------------------------------------------------------------------------------- First Defiance Financial Corp. 2 14,100 381,969 -------------------------------------------------------------------------------- First Financial Holdings, Inc. 2 19,900 611,328 -------------------------------------------------------------------------------- First Indiana Corp. 2 23,300 801,054 -------------------------------------------------------------------------------- First Midwest Bancorp, Inc. 2 40,110 1,406,257 -------------------------------------------------------------------------------- First Place Financial Corp. 2 65,563 1,576,790 -------------------------------------------------------------------------------- First Republic Bank 34,600 1,280,546 -------------------------------------------------------------------------------- First Security Group, Inc. 275,100 2,679,474 -------------------------------------------------------------------------------- First South Bancorp, Inc. 2 4,000 141,280 -------------------------------------------------------------------------------- FirstFed Financial Corp. 1,2 100,300 5,468,356 -------------------------------------------------------------------------------- Flagstar Bancorp, Inc. 2 43,100 620,640 -------------------------------------------------------------------------------- Greater Bay Bancorp 2 113,000 2,895,060 -------------------------------------------------------------------------------- Greene County Bancshares, Inc. 2 25,300 692,208 -------------------------------------------------------------------------------- Harbor Florida Bancshares, Inc. 2 49,300 1,826,565 -------------------------------------------------------------------------------- Horizon Financial Corp. 2 700 15,288 -------------------------------------------------------------------------------- Hudson United Bancorp 10,700 445,976 -------------------------------------------------------------------------------- Independent Bank Corp. 2 85,426 2,326,150 -------------------------------------------------------------------------------- ITLA Capital Corp. 1,2 10,000 488,500 -------------------------------------------------------------------------------- MAF Bancorp, Inc. 2 55,700 2,304,866 -------------------------------------------------------------------------------- MainSource Financial Group, Inc. 2 29,180 520,863 -------------------------------------------------------------------------------- NASB Financial, Inc. 2 3,766 148,230 -------------------------------------------------------------------------------- National Bankshares, Inc. 2,000 94,000 -------------------------------------------------------------------------------- Net.B@nk, Inc. 20,800 149,344 -------------------------------------------------------------------------------- Pacific Capital Bancorp 2 163,199 5,806,620 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- COMMERCIAL BANKS Continued PFF Bancorp, Inc. 2 107,720 $ 3,287,614 -------------------------------------------------------------------------------- Provident Bankshares Corp. 137,184 4,632,704 -------------------------------------------------------------------------------- Provident Financial Holdings, Inc. 2 7,050 185,415 -------------------------------------------------------------------------------- Provident Financial Services, Inc. 19,700 364,647 -------------------------------------------------------------------------------- Republic Bancorp, Inc. 2 7,565 90,024 -------------------------------------------------------------------------------- Republic Bancorp, Inc., Cl. A 36,266 777,906 -------------------------------------------------------------------------------- Seacoast Banking Corp. of Florida 2 2,170 49,802 -------------------------------------------------------------------------------- Southwest Bancorp, Inc. 2 5,600 112,000 -------------------------------------------------------------------------------- State Bancorp, Inc. 2 10,987 183,922 -------------------------------------------------------------------------------- Sterling Bancshares, Inc. 2 11,100 171,384 -------------------------------------------------------------------------------- Sterling Financial Corp., Western US 92,883 2,320,217 -------------------------------------------------------------------------------- Susquehanna Bancshares, Inc. 2 42,800 1,013,504 -------------------------------------------------------------------------------- SVB Financial Group 1,2 14,400 674,496 -------------------------------------------------------------------------------- Taylor Capital Group, Inc. 2 18,900 763,560 -------------------------------------------------------------------------------- TCF Financial Corp. 57,700 1,565,978 -------------------------------------------------------------------------------- TierOne Corp. 2 70,600 2,076,346 -------------------------------------------------------------------------------- Union Bankshares Corp. 2 10,400 448,240 -------------------------------------------------------------------------------- W. Holding Co., Inc. 99,700 820,531 -------------------------------------------------------------------------------- WesBanco, Inc. 2 5,800 176,378 -------------------------------------------------------------------------------- WSFS Financial Corp. 47,100 2,884,875 --------------- 94,892,051 -------------------------------------------------------------------------------- CONSUMER FINANCE--0.1% ASTA Funding, Inc. 2 104,200 2,848,828 -------------------------------------------------------------------------------- Nelnet, Inc., Cl. A 1,2 51,200 2,082,816 --------------- 4,931,644 22 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--1.3% Ace Cash Express, Inc. 1,2 11,500 $ 268,525 -------------------------------------------------------------------------------- Advanta Corp., Cl. B 2 164,100 5,323,404 -------------------------------------------------------------------------------- AmeriCredit Corp. 1 183,900 4,713,357 -------------------------------------------------------------------------------- Apollo Investment Corp. 74,600 1,337,578 -------------------------------------------------------------------------------- Asset Acceptance Capital Corp. 1 144,900 3,254,454 -------------------------------------------------------------------------------- CompuCredit Corp. 1,2 52,000 2,000,960 -------------------------------------------------------------------------------- Eaton Vance Corp. 2 56,800 1,554,048 -------------------------------------------------------------------------------- Encore Capital Group, Inc. 1,2 79,800 1,384,530 -------------------------------------------------------------------------------- Investment Technology Group, Inc. 1,2 20,600 730,064 -------------------------------------------------------------------------------- Janus Capital Group, Inc. 200,000 3,726,000 -------------------------------------------------------------------------------- Jefferies Group, Inc. 2 30,200 1,358,396 -------------------------------------------------------------------------------- LaBranche & Co., Inc. 1,2 365,000 3,690,150 -------------------------------------------------------------------------------- Lazard Ltd., Cl. A 36,600 1,167,540 -------------------------------------------------------------------------------- Medallion Financial Corp. 36,000 405,360 -------------------------------------------------------------------------------- Piper Jaffray Cos., Inc. 1,2 64,700 2,613,880 -------------------------------------------------------------------------------- Raymond James Financial, Inc. 35,800 1,348,586 -------------------------------------------------------------------------------- Sanders Morris Harris Group, Inc. 2 33,200 544,148 -------------------------------------------------------------------------------- SEI Investments Co. 12,700 469,900 -------------------------------------------------------------------------------- Student Loan Corp. (The) 11,400 2,385,222 -------------------------------------------------------------------------------- WFS Financial, Inc. 1 51,000 3,883,650 -------------------------------------------------------------------------------- World Acceptance Corp. 1,2 19,500 555,750 --------------- 42,715,502 -------------------------------------------------------------------------------- INSURANCE--5.6% 21st Century Insurance Group 2,800 45,304 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- INSURANCE Continued Affirmative Insurance Holdings, Inc. 40,204 $ 586,576 -------------------------------------------------------------------------------- Alfa Corp. 2 40,600 653,660 -------------------------------------------------------------------------------- Alleghany Corp. 5,600 1,590,400 -------------------------------------------------------------------------------- American Equity Investment Life Holding Co. 204,900 2,673,945 -------------------------------------------------------------------------------- American Physicians Capital, Inc. 1,2 63,600 2,912,244 -------------------------------------------------------------------------------- AmerUs Group Co. 2 133,100 7,542,777 -------------------------------------------------------------------------------- Arch Capital Group Ltd. 1 119,800 6,559,050 -------------------------------------------------------------------------------- Argonaut Group, Inc. 1,2 169,300 5,547,961 -------------------------------------------------------------------------------- Aspen Insurance Holdings Ltd. 21,200 501,804 -------------------------------------------------------------------------------- Assurant, Inc. 10,300 447,947 -------------------------------------------------------------------------------- Baldwin & Lyons, Inc., Cl. B, Non-Vtg. 2 1,800 43,740 -------------------------------------------------------------------------------- Berkley (W.R.) Corp. 19,600 933,352 -------------------------------------------------------------------------------- Bristol West Holdings, Inc. 2 154,100 2,932,523 -------------------------------------------------------------------------------- Clark, Inc. 30,000 397,500 -------------------------------------------------------------------------------- Commerce Group, Inc. (The) 38,400 2,199,552 -------------------------------------------------------------------------------- Covanta Holding Corp. 1,2 59,900 902,094 -------------------------------------------------------------------------------- Delphi Financial Group, Inc., Cl. A 153,650 7,069,437 -------------------------------------------------------------------------------- Direct General Corp. 2 134,500 2,273,050 -------------------------------------------------------------------------------- Donegal Group, Inc., Cl. A 2 62,701 1,457,171 -------------------------------------------------------------------------------- Fidelity National Financial, Inc. 1,156 42,529 -------------------------------------------------------------------------------- Fidelity National Title Group, Inc., Cl. A 202 4,919 -------------------------------------------------------------------------------- FPIC Insurance Group, Inc. 1,2 78,600 2,727,420 23 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- INSURANCE Continued Great American Financial Resources, Inc. 2 23,700 $ 470,208 -------------------------------------------------------------------------------- Harleysville Group, Inc. 1,000 26,500 -------------------------------------------------------------------------------- Hilb, Rogal & Hamilton Co. 2 64,800 2,495,448 -------------------------------------------------------------------------------- Horace Mann Educators Corp. 2 321,200 6,089,952 -------------------------------------------------------------------------------- Independence Holding Co. 2 4,860 95,013 -------------------------------------------------------------------------------- Infinity Property & Casualty Corp. 200,600 7,464,326 -------------------------------------------------------------------------------- James River Group, Inc. 1 14,900 295,765 -------------------------------------------------------------------------------- LandAmerica Financial Group, Inc. 2 111,000 6,926,400 -------------------------------------------------------------------------------- Mercury General Corp. 22,800 1,327,416 -------------------------------------------------------------------------------- National Financial Partners Corp. 199,800 10,499,490 -------------------------------------------------------------------------------- National Western Life Insurance Co., Cl. A 4,200 869,022 -------------------------------------------------------------------------------- Navigators Group, Inc. (The) 1,2 59,500 2,594,795 -------------------------------------------------------------------------------- Odyssey Re Holdings Corp. 2 135,700 3,403,356 -------------------------------------------------------------------------------- Ohio Casualty Corp. 366,600 10,382,112 -------------------------------------------------------------------------------- Old Republic International Corp. 155,800 4,091,308 -------------------------------------------------------------------------------- Phoenix Cos., Inc. (The) 2 601,600 8,205,824 -------------------------------------------------------------------------------- Presidential Life Corp. 2 32,600 620,704 -------------------------------------------------------------------------------- ProAssurance Corp. 1,2 78,900 3,837,696 -------------------------------------------------------------------------------- ProCentury Corp. 125,100 1,344,825 -------------------------------------------------------------------------------- Protective Life Corp. 59,300 2,595,561 -------------------------------------------------------------------------------- Republic Cos Group, Inc. 255,300 3,952,044 -------------------------------------------------------------------------------- RLI Corp. 128,100 6,388,347 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- INSURANCE Continued Safety Insurance Group, Inc. 2 82,200 $ 3,318,414 -------------------------------------------------------------------------------- Selective Insurance Group, Inc. 2 192,700 10,232,370 -------------------------------------------------------------------------------- StanCorp Financial Group, Inc. 118,300 5,909,085 -------------------------------------------------------------------------------- State Auto Financial Corp. 103,100 3,759,026 -------------------------------------------------------------------------------- Stewart Information Services Corp. 2 101,700 4,949,739 -------------------------------------------------------------------------------- UICI 126,500 4,492,015 -------------------------------------------------------------------------------- United America Indemnity Ltd., Cl. A 1 11,057 203,007 -------------------------------------------------------------------------------- United Fire & Casualty Co. 2 91,900 3,715,517 -------------------------------------------------------------------------------- Unitrin, Inc. 80,500 3,626,525 -------------------------------------------------------------------------------- Universal American Financial Corp. 1 260,200 3,923,816 -------------------------------------------------------------------------------- Zenith National Insurance Corp. 177,400 8,181,688 --------------- 186,332,269 -------------------------------------------------------------------------------- REAL ESTATE--1.5% Acadia Realty Trust 14,100 282,705 -------------------------------------------------------------------------------- Agree Realty Corp. 2 56,600 1,635,740 -------------------------------------------------------------------------------- Alexandria Real Estate Equities, Inc. 13,000 1,046,500 -------------------------------------------------------------------------------- Amli Residential Properties Trust 9,200 350,060 -------------------------------------------------------------------------------- Arden Realty, Inc. 29,800 1,335,934 -------------------------------------------------------------------------------- Associated Estates Realty Corp. 2 23,200 209,728 -------------------------------------------------------------------------------- Brandywine Realty Trust 55,900 1,560,169 -------------------------------------------------------------------------------- Camden Property Trust 8,600 498,112 -------------------------------------------------------------------------------- Capital Trust, Cl. A 100 2,928 -------------------------------------------------------------------------------- CarrAmerica Realty Corp. 23,300 806,879 -------------------------------------------------------------------------------- CB Richard Ellis Group, Inc., Cl. A 1 21,300 1,253,505 24 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- REAL ESTATE Continued CBL & Associates Properties, Inc. 31,600 $ 1,248,516 -------------------------------------------------------------------------------- CentraCore Properties Trust 2 14,900 400,363 -------------------------------------------------------------------------------- Colonial Properties Trust 18,325 769,284 -------------------------------------------------------------------------------- Consolidated- Tomoka Land Co. 2 7,700 545,930 -------------------------------------------------------------------------------- Corporate Office Properties Trust 37,100 1,318,534 -------------------------------------------------------------------------------- Entertainment Properties Trust 2 6,400 260,800 -------------------------------------------------------------------------------- Equity Inns, Inc. 113,100 1,532,505 -------------------------------------------------------------------------------- Federal Realty Investment Trust 15,700 952,205 -------------------------------------------------------------------------------- First Industrial Realty Trust, Inc. 2 32,600 1,255,100 -------------------------------------------------------------------------------- Friedman, Billings, Ramsey Group, Inc., Cl. A 2 22,800 225,720 -------------------------------------------------------------------------------- Glenborough Realty Trust, Inc. 2 9,400 170,140 -------------------------------------------------------------------------------- Glimcher Realty Trust 2 24,900 605,568 -------------------------------------------------------------------------------- Health Care REIT, Inc. 2 37,600 1,274,640 -------------------------------------------------------------------------------- Healthcare Realty Trust, Inc. 37,300 1,240,971 -------------------------------------------------------------------------------- Heritage Property Investment Trust 2 25,000 835,000 -------------------------------------------------------------------------------- Highwoods Properties, Inc. 28,200 802,290 -------------------------------------------------------------------------------- HouseValues, Inc. 1,2 25,300 329,659 -------------------------------------------------------------------------------- HRPT Properties Trust 50,700 524,745 -------------------------------------------------------------------------------- Jones Lang LaSalle, Inc. 53,300 2,683,655 -------------------------------------------------------------------------------- Kilroy Realty Corp. 2 26,100 1,615,590 -------------------------------------------------------------------------------- Lexington Corporate Properties Trust 2 69,900 1,488,870 -------------------------------------------------------------------------------- LTC Properties, Inc. 2 12,200 256,566 -------------------------------------------------------------------------------- Macerich Co. (The) 6,400 429,696 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- REAL ESTATE Continued Mack-Cali Realty Corp. 18,800 $ 812,160 -------------------------------------------------------------------------------- Maguire Properties, Inc. 16,900 522,210 -------------------------------------------------------------------------------- Mid-America Apartment Communities, Inc. 28,100 1,362,850 -------------------------------------------------------------------------------- Mills Corp. 23,500 985,590 -------------------------------------------------------------------------------- Nationwide Health Properties, Inc. 2 47,100 1,007,940 -------------------------------------------------------------------------------- Omega Healthcare Investors, Inc. 14,100 177,519 -------------------------------------------------------------------------------- Pan Pacific Retail Properties, Inc. 16,000 1,070,240 -------------------------------------------------------------------------------- Parkway Properties, Inc. 2 5,500 220,770 -------------------------------------------------------------------------------- Pennsylvania Real Estate Investment Trust 36,300 1,356,168 -------------------------------------------------------------------------------- Prentiss Properties Trust 6,800 276,624 -------------------------------------------------------------------------------- PS Business Parks, Inc. 2 6,600 324,720 -------------------------------------------------------------------------------- RAIT Investment Trust 7,400 191,808 -------------------------------------------------------------------------------- Ramco-Gershenson Properties Trust 26,500 706,225 -------------------------------------------------------------------------------- Realty Income Corp. 2 18,500 399,970 -------------------------------------------------------------------------------- Redwood Trust, Inc. 2 9,400 387,844 -------------------------------------------------------------------------------- Regency Centers Corp. 9,700 571,815 -------------------------------------------------------------------------------- Senior Housing Properties Trust 2 40,000 676,400 -------------------------------------------------------------------------------- Simon Property Group, Inc. 1,702 130,424 -------------------------------------------------------------------------------- SL Green Realty Corp. 14,100 1,077,099 -------------------------------------------------------------------------------- Spirit Finance Corp. 154,000 1,747,900 -------------------------------------------------------------------------------- Stratus Properties, Inc. 1 16,466 378,718 -------------------------------------------------------------------------------- Tanger Factory Outlet Centers, Inc. 2 67,800 1,948,572 25 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- REAL ESTATE Continued Town & Country Trust 2 11,300 $ 382,053 -------------------------------------------------------------------------------- Trammell Crow Co. 1,2 118,900 3,049,785 -------------------------------------------------------------------------------- Trizec Properties, Inc. 18,900 433,188 -------------------------------------------------------------------------------- United Capital Corp. 1 2,300 56,741 -------------------------------------------------------------------------------- United Dominion Realty Trust, Inc. 27,800 651,632 -------------------------------------------------------------------------------- Ventas, Inc. 23,500 752,470 -------------------------------------------------------------------------------- Weingarten Realty Investors 22,100 835,601 --------------- 52,243,643 -------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--0.7% Accredited Home Lenders Holding Co. 1,2 101,500 5,032,370 -------------------------------------------------------------------------------- Bank Mutual Corp. 2 89,294 946,516 -------------------------------------------------------------------------------- Commercial Capital Bancorp, Inc. 2 98,015 1,678,017 -------------------------------------------------------------------------------- Federal Agricultural Mortgage Corp., Non-Vtg. 2 32,700 978,711 -------------------------------------------------------------------------------- Fremont General Corp. 2 203,700 4,731,951 -------------------------------------------------------------------------------- KBNT Bancorp, Inc. 2 22,700 369,783 -------------------------------------------------------------------------------- PMI Group, Inc. (The) 73,400 3,014,538 -------------------------------------------------------------------------------- Radian Group, Inc. 92,700 5,431,293 --------------- 22,183,179 -------------------------------------------------------------------------------- HEALTH CARE--9.1% -------------------------------------------------------------------------------- BIOTECHNOLOGY--2.0% Abgenix, Inc. 1,2 437,900 9,419,229 -------------------------------------------------------------------------------- Acadia Pharmaceuticals, Inc. 1,2 31,390 309,192 -------------------------------------------------------------------------------- Albany Molecular Research, Inc. 1,2 222,200 2,699,730 -------------------------------------------------------------------------------- Alkermes, Inc. 1,2 579,700 11,083,864 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- BIOTECHNOLOGY Continued Anadys Pharmaceuticals, Inc. 1 40,200 $ 353,760 -------------------------------------------------------------------------------- Applera Corp./Applied Biosystems Group 225,500 5,989,280 -------------------------------------------------------------------------------- Arena Pharmaceuticals, Inc. 1,2 168,500 2,396,070 -------------------------------------------------------------------------------- ArQule, Inc. 1,2 129,200 790,704 -------------------------------------------------------------------------------- Array BioPharma, Inc. 1,2 132,700 930,227 -------------------------------------------------------------------------------- BioMarin Pharmaceutical, Inc. 1,2 163,200 1,759,296 -------------------------------------------------------------------------------- Cotherix, Inc. 1,2 8,000 84,960 -------------------------------------------------------------------------------- Cubist Pharmaceuticals, Inc. 1,2 220,800 4,692,000 -------------------------------------------------------------------------------- CV Therapeutics, Inc. 1,2 34,300 848,239 -------------------------------------------------------------------------------- deCODE genetics, Inc. 1,2 193,700 1,599,962 -------------------------------------------------------------------------------- Durect Corp. 1 226,600 1,148,862 -------------------------------------------------------------------------------- ICOS Corp. 1,2 36,200 1,000,206 -------------------------------------------------------------------------------- Idenix Pharmaceuticals, Inc. 1,2 14,464 247,479 -------------------------------------------------------------------------------- Illumina, Inc. 1,2 82,300 1,160,430 -------------------------------------------------------------------------------- Kendle International, Inc. 1,2 34,700 893,178 -------------------------------------------------------------------------------- Medarex, Inc. 1,2 15,900 220,215 -------------------------------------------------------------------------------- Myogen, Inc. 1 53,700 1,619,592 -------------------------------------------------------------------------------- Myriad Genetics, Inc. 1,2 88,800 1,847,040 -------------------------------------------------------------------------------- NeoPharm, Inc. 1,2 54,700 590,213 -------------------------------------------------------------------------------- Nuerocrine Biosciences, Inc. 1 9,000 564,570 -------------------------------------------------------------------------------- Onyx Pharmaceuticals, Inc. 1 11,700 336,492 -------------------------------------------------------------------------------- Pharmion Corp. 1,2 105,000 1,865,850 26 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- BIOTECHNOLOGY Continued Progenics Pharmaceuticals, Inc. 1 43,400 $ 1,085,434 -------------------------------------------------------------------------------- Protein Design Labs, Inc. 1 13,700 389,354 -------------------------------------------------------------------------------- Regeneron Pharmaceuticals, Inc. 1,2 106,600 1,700,270 -------------------------------------------------------------------------------- Renovis, Inc. 1,2 75,300 1,152,090 -------------------------------------------------------------------------------- Sirna Therapeutics, Inc. 1,2 10,500 31,815 -------------------------------------------------------------------------------- Techne Corp. 1 87,700 4,924,355 -------------------------------------------------------------------------------- Telik, Inc. 1 13,500 229,365 -------------------------------------------------------------------------------- Third Wave Technologies, Inc. 1 162,500 484,250 -------------------------------------------------------------------------------- United Therapeutics Corp. 1,2 51,000 3,525,120 --------------- 67,972,693 -------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--1.9% Anika Therapeutics, Inc. 1 56,700 662,823 -------------------------------------------------------------------------------- Aspect Medical Systems, Inc. 1,2 81,000 2,782,350 -------------------------------------------------------------------------------- Bausch & Lomb, Inc. 23,300 1,582,070 -------------------------------------------------------------------------------- Bio-Rad Laboratories, Inc., Cl. A 1 33,900 2,218,416 -------------------------------------------------------------------------------- Candela Corp. 1 18,000 259,920 -------------------------------------------------------------------------------- Cutera, Inc. 1,2 59,800 1,576,328 -------------------------------------------------------------------------------- Cynosure, Inc., Cl. A 1 95,200 1,998,248 -------------------------------------------------------------------------------- Dade Behring Holdings, Inc. 13,900 568,371 -------------------------------------------------------------------------------- DJ Orthopedics, Inc. 1,2 137,000 3,778,460 -------------------------------------------------------------------------------- Edwards Lifesciences Corp. 1 8,800 366,168 -------------------------------------------------------------------------------- Foxhollow Technologies, Inc. 1,2 6,000 178,740 -------------------------------------------------------------------------------- Haemonetics Corp. 1 22,900 1,118,894 -------------------------------------------------------------------------------- Hologic, Inc. 1,2 113,176 4,291,634 -------------------------------------------------------------------------------- Idexx Laboratories, Inc. 1 29,500 2,123,410 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES Continued Inamed Corp. 1 12,450 $ 1,091,616 -------------------------------------------------------------------------------- Integra LifeSciences Holdings Corp. 1,2 12,600 446,796 -------------------------------------------------------------------------------- Kinetic Concepts, Inc. 1 44,200 1,757,392 -------------------------------------------------------------------------------- Lifeline Systems, Inc. 1,2 21,000 767,760 -------------------------------------------------------------------------------- Medical Action Industries, Inc. 1,2 3,500 71,540 -------------------------------------------------------------------------------- Mentor Corp. 2 143,000 6,589,440 -------------------------------------------------------------------------------- Meridian Bioscience, Inc. 2 53,050 1,068,427 -------------------------------------------------------------------------------- Millipore Corp. 1 48,300 3,189,732 -------------------------------------------------------------------------------- Molecular Devices Corp. 1 17,200 497,596 -------------------------------------------------------------------------------- Natus Medical, Inc. 1,2 12,300 198,522 -------------------------------------------------------------------------------- Neurometrix, Inc. 1,2 4,200 114,576 -------------------------------------------------------------------------------- OraSure Technologies, Inc. 1,2 283,100 2,496,942 -------------------------------------------------------------------------------- Palomar Medical Technologies, Inc. 1,2 18,300 641,232 -------------------------------------------------------------------------------- PerkinElmer, Inc. 162,900 3,837,924 -------------------------------------------------------------------------------- Somanetics Corp. 1,2 23,000 736,000 -------------------------------------------------------------------------------- Syneron Medical Ltd. 1,2 13,800 438,150 -------------------------------------------------------------------------------- Thermo Electron Corp. 1 84,000 2,530,920 -------------------------------------------------------------------------------- Thoratec Corp. 1,2 240,100 4,967,669 -------------------------------------------------------------------------------- Varian, Inc. 1 126,200 5,021,498 -------------------------------------------------------------------------------- Ventana Medical Systems, Inc. 1,2 7,700 326,095 -------------------------------------------------------------------------------- Viasys Healthcare, Inc. 1 18,400 472,880 -------------------------------------------------------------------------------- Vital Signs, Inc. 13,000 556,660 -------------------------------------------------------------------------------- Waters Corp. 1 48,700 1,840,860 --------------- 63,166,059 -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--3.7% Allscripts Healthcare Solutions, Inc. 1,2 143,200 1,918,880 -------------------------------------------------------------------------------- American Healthways, Inc. 1,2 185,500 8,393,875 27 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES Continued American Retirement Corp. 1 8,300 $ 208,579 -------------------------------------------------------------------------------- AMERIGROUP Corp. 1 38,900 756,994 -------------------------------------------------------------------------------- AMICAS, Inc. 1,2 165,100 818,896 -------------------------------------------------------------------------------- AMN Healthcare Services, Inc. 1,2 177,400 3,508,972 -------------------------------------------------------------------------------- Beverly Enterprises, Inc. 1,2 516,500 6,027,555 -------------------------------------------------------------------------------- Cantel Medical Corp. 1,2 13,000 233,220 -------------------------------------------------------------------------------- Cer Corp. 1 7,600 690,916 -------------------------------------------------------------------------------- Chemed Corp. 69,900 3,472,632 -------------------------------------------------------------------------------- Computer Programs & Systems, Inc. 2 60,800 2,518,944 -------------------------------------------------------------------------------- Cross Country Healthcare, Inc. 1,2 63,200 1,123,696 -------------------------------------------------------------------------------- Genesis HealthCare Corp. 1,2 160,928 5,877,091 -------------------------------------------------------------------------------- Health Net, Inc. 1 92,400 4,763,220 -------------------------------------------------------------------------------- Humana, Inc. 1 67,400 3,661,842 -------------------------------------------------------------------------------- IDX Systems Corp. 1 41,100 1,805,112 -------------------------------------------------------------------------------- Kindred Healthcare, Inc. 1,2 115,600 2,977,856 -------------------------------------------------------------------------------- LCA-Vision, Inc. 2 122,186 5,805,057 -------------------------------------------------------------------------------- LHC Group, Inc. 1 58,800 1,024,884 -------------------------------------------------------------------------------- Magellan Health Services, Inc. 1 114,100 3,588,445 -------------------------------------------------------------------------------- Manor Care, Inc. 68,300 2,716,291 -------------------------------------------------------------------------------- Matria Healthcare, Inc. 1,2 102,849 3,986,427 -------------------------------------------------------------------------------- MedCath Corp. 1,2 91,200 1,691,760 -------------------------------------------------------------------------------- Merge Technologies, Inc. 1,2 64,800 1,622,592 -------------------------------------------------------------------------------- National HealthCare Corp. 2 15,000 560,700 -------------------------------------------------------------------------------- National Medical Health Card Systems, Inc. 1 3,600 97,920 -------------------------------------------------------------------------------- NovaMed Eyecare, Inc. 1 27,500 179,556 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES Continued Odyssey Healthcare, Inc. 1,2 206,700 $ 3,852,888 -------------------------------------------------------------------------------- Owens & Minor, Inc. 2 84,600 2,329,038 -------------------------------------------------------------------------------- Parexel International Corp. 1,2 7,200 145,872 -------------------------------------------------------------------------------- Pediatrix Medical Group, Inc. 1 124,300 11,009,251 -------------------------------------------------------------------------------- Per-Se Technologies, Inc. 1,2 231,600 5,410,176 -------------------------------------------------------------------------------- Phase Forward, Inc. 1,2 25,000 243,750 -------------------------------------------------------------------------------- PRA International 1 24,200 681,230 -------------------------------------------------------------------------------- Res-Care, Inc. 1 70,000 1,215,900 -------------------------------------------------------------------------------- Rural/Metro Corp. 1,2 91,201 823,545 -------------------------------------------------------------------------------- Schein (Henry), Inc. 1 86,400 3,770,496 -------------------------------------------------------------------------------- Sierra Health Services, Inc. 1 51,700 4,133,932 -------------------------------------------------------------------------------- Sunrise Senior Living, Inc. 1,2 19,000 640,490 -------------------------------------------------------------------------------- Symbion, Inc. 1,2 3,900 89,700 -------------------------------------------------------------------------------- Trizetto Group, Inc. 1 267,200 4,539,728 -------------------------------------------------------------------------------- U.S. Physical Therapy, Inc. 1,2 59,300 1,095,271 -------------------------------------------------------------------------------- United Surgical Partners International, Inc. 1,2 113,000 3,632,950 -------------------------------------------------------------------------------- Universal Health Services, Inc., Cl. B 51,700 2,416,458 -------------------------------------------------------------------------------- VCA Antech, Inc. 1 8,300 234,060 -------------------------------------------------------------------------------- WebMD Health Corp., Cl. A 1,2 27,100 787,255 -------------------------------------------------------------------------------- WellCare Health Plans, Inc. 1,2 116,900 4,775,365 -------------------------------------------------------------------------------- WellPoint, Inc. 1 12,043 960,911 --------------- 122,820,178 -------------------------------------------------------------------------------- PHARMACEUTICALS--1.5% Alpharma, Inc., Cl. A 319,600 9,111,796 -------------------------------------------------------------------------------- Andrx Corp. 1 369,400 6,084,018 -------------------------------------------------------------------------------- Angiotech Pharmaceuticals, Inc. 1,2 124,200 1,633,230 28 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- PHARMACEUTICALS Continued Barr Pharmaceuticals, Inc. 1 84,900 $ 5,288,421 -------------------------------------------------------------------------------- CNS, Inc. 2 113,500 2,486,785 -------------------------------------------------------------------------------- DepoMed, Inc. 1 67,800 406,800 -------------------------------------------------------------------------------- Encysive Pharmaceuticals, Inc. 1 142,800 1,126,692 -------------------------------------------------------------------------------- Endo Pharmaceuticals Holdings, Inc. 1,2 130,000 3,933,800 -------------------------------------------------------------------------------- Hi-Tech Pharmacal Co., Inc. 1 46,200 2,046,198 -------------------------------------------------------------------------------- Keryx Biopharmaceuticals, Inc. 1,2 4,100 60,024 -------------------------------------------------------------------------------- King Pharmaceuticals, Inc. 1 340,400 5,759,568 -------------------------------------------------------------------------------- Kos Pharmaceuticals, Inc. 1,2 66,800 3,455,564 -------------------------------------------------------------------------------- Medicis Pharmaceutical Corp., Cl. A 2 103,700 3,323,585 -------------------------------------------------------------------------------- Salix Pharmaceuticals Ltd. 1 71,200 1,251,696 -------------------------------------------------------------------------------- Watson Pharmaceuticals, Inc. 1 137,200 4,460,372 --------------- 50,428,549 -------------------------------------------------------------------------------- INDUSTRIALS--15.4% -------------------------------------------------------------------------------- AEROSPACE & DEFENSE--1.3% AAR Corp. 1 174,600 4,181,670 -------------------------------------------------------------------------------- Alliant Techsystems, Inc. 1 57,200 4,356,924 -------------------------------------------------------------------------------- Armor Holdings, Inc. 1,2 78,500 3,348,025 -------------------------------------------------------------------------------- Astronics Corp., Cl. B 1 7,900 79,000 -------------------------------------------------------------------------------- Aviall, Inc. 1,2 35,500 1,022,400 -------------------------------------------------------------------------------- BE Aerospace, Inc. 1 284,800 6,265,600 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- AEROSPACE & DEFENSE Continued DRS Technologies, Inc. 148,500 $ 7,635,870 -------------------------------------------------------------------------------- ESCO Technologies, Inc. 1 64,300 2,860,707 -------------------------------------------------------------------------------- HEICO Corp., Cl. A 750 15,390 -------------------------------------------------------------------------------- Innovative Solutions & Support, Inc. 1,2 152,274 1,946,062 -------------------------------------------------------------------------------- Kaman Corp., Cl. A 61,200 1,205,028 -------------------------------------------------------------------------------- Moog, Inc., Cl. A 1 22,800 647,064 -------------------------------------------------------------------------------- NCI, Inc., Cl. A 1 122,200 1,677,806 -------------------------------------------------------------------------------- Precision Castparts Corp. 35,400 1,834,074 -------------------------------------------------------------------------------- Teledyne Technologies, Inc. 1 161,500 4,699,650 -------------------------------------------------------------------------------- Triumph Group, Inc. 1,2 41,700 1,526,637 --------------- 43,301,907 -------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS--0.4% ABX Air, Inc. 1 242,200 1,896,426 -------------------------------------------------------------------------------- Dynamex, Inc. 1,2 4,700 89,582 -------------------------------------------------------------------------------- EGL, Inc. 1 138,700 5,210,959 -------------------------------------------------------------------------------- Forward Air Corp. 100,550 3,685,158 -------------------------------------------------------------------------------- Hub Group, Inc., Cl. A 1,2 94,800 3,351,180 --------------- 14,233,305 -------------------------------------------------------------------------------- AIRLINES--1.3% Alaska Air Group, Inc. 1,2 267,200 9,544,384 -------------------------------------------------------------------------------- AMR Corp. 1,2 344,500 7,658,235 -------------------------------------------------------------------------------- Continental Airlines, Inc., Cl. B 1,2 507,700 10,814,010 -------------------------------------------------------------------------------- ExpressJet Holdings, Inc. 1,2 285,900 2,312,931 -------------------------------------------------------------------------------- Frontier Airlines, Inc. 1,2 157,800 1,458,072 -------------------------------------------------------------------------------- Mesa Air Group, Inc. 1,2 391,500 4,095,090 -------------------------------------------------------------------------------- Republic Airways Holdings, Inc. 1 90,800 1,380,160 -------------------------------------------------------------------------------- SkyWest, Inc. 224,600 6,032,756 29 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- AIRLINES Continued World Air Holdings, Inc. 1 162,400 $ 1,562,288 --------------- 44,857,926 -------------------------------------------------------------------------------- BUILDING PRODUCTS--1.0% Apogee Enterprises, Inc. 96,500 1,565,230 -------------------------------------------------------------------------------- Builders FirstSource, Inc. 1,2 337,300 7,208,101 -------------------------------------------------------------------------------- Crane Co. 122,500 4,320,575 -------------------------------------------------------------------------------- Lennox International, Inc. 2 122,300 3,448,860 -------------------------------------------------------------------------------- NCI Building Systems, Inc. 1,2 12,800 543,744 -------------------------------------------------------------------------------- Universal Forest Products, Inc. 2 95,500 5,276,375 -------------------------------------------------------------------------------- USG Corp. 1 126,300 8,209,500 -------------------------------------------------------------------------------- Watsco, Inc. 2 43,700 2,613,697 --------------- 33,186,082 -------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--3.3% Adesa, Inc. 18,800 459,096 -------------------------------------------------------------------------------- Administaff, Inc. 2 192,200 8,082,010 -------------------------------------------------------------------------------- American Reprographics Co. 1 6,300 160,083 -------------------------------------------------------------------------------- Banta Corp. 103,500 5,154,300 -------------------------------------------------------------------------------- Brady Corp., Cl. A 2 30,100 1,089,018 -------------------------------------------------------------------------------- Central Parking Corp. 2 24,000 329,280 -------------------------------------------------------------------------------- Cenveo, Inc. 1,2 173,000 2,276,680 -------------------------------------------------------------------------------- Clean Harbors, Inc. 1,2 115,900 3,339,079 -------------------------------------------------------------------------------- CompX International, Inc. 5,900 94,518 -------------------------------------------------------------------------------- Consolidated Graphics, Inc. 1,2 32,700 1,548,018 -------------------------------------------------------------------------------- Corporate Executive Board Co. 38,100 3,417,570 -------------------------------------------------------------------------------- Deluxe Corp. 2 127,300 3,836,822 -------------------------------------------------------------------------------- DiamondCluster International, Inc. 1,2 120,400 955,976 -------------------------------------------------------------------------------- Dun & Bradstreet Corp. 1 50,600 3,388,176 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES Continued Equifax, Inc. 10,300 $ 391,606 -------------------------------------------------------------------------------- Exponent, Inc. 1 54,900 1,558,062 -------------------------------------------------------------------------------- Geo Group, Inc. (The) 1 24,000 550,320 -------------------------------------------------------------------------------- Global Cash Access, Inc. 1 27,800 405,602 -------------------------------------------------------------------------------- Harland (John H.) Co. 62,800 2,361,280 -------------------------------------------------------------------------------- Healthcare Services Group, Inc. 2 67,075 1,389,123 -------------------------------------------------------------------------------- Heidrick & Struggles International, Inc. 1 17,858 572,349 -------------------------------------------------------------------------------- HNI Corp. 79,300 4,355,949 -------------------------------------------------------------------------------- IHS, Inc., Cl. A 1 85,600 1,756,512 -------------------------------------------------------------------------------- Ikon Office Solutions, Inc. 230,300 2,397,423 -------------------------------------------------------------------------------- Kforce, Inc. 1 15,600 174,096 -------------------------------------------------------------------------------- Knoll, Inc. 105,600 1,806,816 -------------------------------------------------------------------------------- Korn-Ferry International 1,2 168,100 3,141,789 -------------------------------------------------------------------------------- Labor Ready, Inc. 1,2 223,000 4,642,860 -------------------------------------------------------------------------------- Manpower, Inc. 67,600 3,143,400 -------------------------------------------------------------------------------- McGrath Rentcorp 2 34,048 946,534 -------------------------------------------------------------------------------- Miller (Herman), Inc. 126,500 3,566,035 -------------------------------------------------------------------------------- PHH Corp. 1 340,200 9,532,404 -------------------------------------------------------------------------------- Pico Holdings, Inc. 1,2 18,500 596,810 -------------------------------------------------------------------------------- Portfolio Recovery Associates, Inc. 1,2 73,600 3,417,984 -------------------------------------------------------------------------------- Republic Services, Inc. 27,300 1,025,115 -------------------------------------------------------------------------------- Resources Connection, Inc. 1,2 145,900 3,802,154 -------------------------------------------------------------------------------- Robert Half International, Inc. 21,500 814,635 -------------------------------------------------------------------------------- Rollins, Inc. 51,050 1,006,196 -------------------------------------------------------------------------------- Sirva, Inc. 1 280,600 2,244,800 -------------------------------------------------------------------------------- SITEL Corp. 1 21,700 67,704 -------------------------------------------------------------------------------- Sourcecorp, Inc. 1 13,000 311,740 -------------------------------------------------------------------------------- Spherion Corp. 1,2 285,800 2,860,858 -------------------------------------------------------------------------------- Standard Register Co. (The) 2 60,600 958,086 30 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES Continued Steelcase, Inc., Cl. A 2 48,700 $ 770,921 -------------------------------------------------------------------------------- TeleTech Holdings, Inc. 1,2 405,900 4,891,095 -------------------------------------------------------------------------------- Tetra Tech, Inc. 1,2 131,167 2,055,387 -------------------------------------------------------------------------------- United Stationers, Inc. 1 135,600 6,576,600 -------------------------------------------------------------------------------- Viad Corp. 2 65,300 1,915,249 -------------------------------------------------------------------------------- Volt Information Sciences, Inc. 1,2 25,600 486,912 -------------------------------------------------------------------------------- Waste Connections, Inc. 1 7,200 248,112 --------------- 110,873,144 -------------------------------------------------------------------------------- CONSTRUCTION & ENGINEERING--1.4% Baker (Michael) Corp. 1 47,700 1,218,735 -------------------------------------------------------------------------------- Comfort Systems USA, Inc. 2 109,800 1,010,160 -------------------------------------------------------------------------------- EMCOR Group, Inc. 1 90,200 6,091,206 -------------------------------------------------------------------------------- Granite Construction, Inc. 146,600 5,264,406 -------------------------------------------------------------------------------- Insituform Technologies, Inc., Cl. A 1,2 19,200 371,904 -------------------------------------------------------------------------------- McDermott International, Inc. 1,2 62,800 2,801,508 -------------------------------------------------------------------------------- Perini Corp. 1,2 57,600 1,391,040 -------------------------------------------------------------------------------- Quanta Services, Inc. 1,2 621,100 8,179,887 -------------------------------------------------------------------------------- URS Corp. 1 219,400 8,251,634 -------------------------------------------------------------------------------- Washington Group International, Inc. 2 95,400 5,053,338 -------------------------------------------------------------------------------- Williams Scotsman International, Inc. 1 339,400 5,875,014 --------------- 45,508,832 -------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--1.2% Acuity Brands, Inc. 240,300 7,641,540 -------------------------------------------------------------------------------- American Power Conversion Corp. 72,700 1,599,400 -------------------------------------------------------------------------------- Artesyn Technologies, Inc. 1,2 25,800 265,740 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT Continued C&D Technologies, Inc. 2 39,100 $ 297,942 -------------------------------------------------------------------------------- General Cable Corp. 1,2 246,400 4,854,080 -------------------------------------------------------------------------------- Genlyte Group, Inc. (The) 1,2 89,800 4,810,586 -------------------------------------------------------------------------------- LaBarge, Inc. 1,2 71,300 1,024,581 -------------------------------------------------------------------------------- LSI Industries, Inc. 93,800 1,468,908 -------------------------------------------------------------------------------- Power-One, Inc. 1,2 143,800 865,676 -------------------------------------------------------------------------------- Preformed Line Products Co. 2 6,536 279,675 -------------------------------------------------------------------------------- Roper Industries, Inc. 89,800 3,547,998 -------------------------------------------------------------------------------- Smith (A.O.) Corp. 2 59,400 2,084,940 -------------------------------------------------------------------------------- Suntech Power Holdings Co. Ltd., ADR 1,2 189,600 5,166,600 -------------------------------------------------------------------------------- Thomas & Betts Corp. 1 35,200 1,476,992 -------------------------------------------------------------------------------- Vicor Corp. 2 68,800 1,087,728 -------------------------------------------------------------------------------- Woodward Governor Co. 2 52,267 4,495,485 --------------- 40,967,871 -------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--0.1% Raven Industries, Inc. 2 2,500 72,125 -------------------------------------------------------------------------------- Teleflex, Inc. 61,800 4,015,764 --------------- 4,087,889 -------------------------------------------------------------------------------- MACHINERY--3.1% Accuride Corp. 1 21,600 278,640 -------------------------------------------------------------------------------- AGCO Corp. 1 317,700 5,264,289 -------------------------------------------------------------------------------- Albany International Corp., Cl. A 241,300 8,725,408 -------------------------------------------------------------------------------- Ampco- Pittsburgh Corp. 4,700 68,197 -------------------------------------------------------------------------------- Astec Industries, Inc. 1,2 144,300 4,712,838 -------------------------------------------------------------------------------- Barnes Group, Inc. 2 94,600 3,121,800 -------------------------------------------------------------------------------- Briggs & Stratton Corp. 33,500 1,299,465 -------------------------------------------------------------------------------- Bucyrus International, Inc., Cl. A 16,106 848,786 31 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- MACHINERY Continued Cascade Corp. 2 30,200 $ 1,416,682 -------------------------------------------------------------------------------- CIRCOR International, Inc. 33,100 849,346 -------------------------------------------------------------------------------- Columbus McKinnon Corp. 1,2 106,200 2,334,276 -------------------------------------------------------------------------------- Commercial Vehicle Group, Inc. 1,2 33,600 631,008 -------------------------------------------------------------------------------- Cummins, Inc. 34,600 3,104,658 -------------------------------------------------------------------------------- Encore Wire Corp. 1,2 47,100 1,071,996 -------------------------------------------------------------------------------- Esterline Technologies Corp. 1 118,800 4,418,172 -------------------------------------------------------------------------------- Flowserve Corp. 1 261,700 10,352,852 -------------------------------------------------------------------------------- Freightcar America, Inc. 2 41,200 1,980,896 -------------------------------------------------------------------------------- Idex Corp. 31,700 1,303,187 -------------------------------------------------------------------------------- JLG Industries, Inc. 2 255,000 11,643,300 -------------------------------------------------------------------------------- Kaydon Corp. 2 40,000 1,285,600 -------------------------------------------------------------------------------- Lincoln Electric Holdings, Inc. 19,200 761,472 -------------------------------------------------------------------------------- Manitowoc Co., Inc. (The) 58,800 2,952,936 -------------------------------------------------------------------------------- Middleby Corp. (The) 1,2 1,102 95,323 -------------------------------------------------------------------------------- Miller Industries, Inc. 1 30,000 608,700 -------------------------------------------------------------------------------- Mueller Industries, Inc. 38,200 1,047,444 -------------------------------------------------------------------------------- NACCO Industries, Inc., Cl. A 43,800 5,131,170 -------------------------------------------------------------------------------- Navistar International Corp. 1 45,300 1,296,486 -------------------------------------------------------------------------------- Nordson Corp. 38,700 1,567,737 -------------------------------------------------------------------------------- Omega Flex, Inc. 1 1,200 20,868 -------------------------------------------------------------------------------- RBC Bearings, Inc. 1,2 13,000 211,250 -------------------------------------------------------------------------------- SPX Corp. 92,300 4,224,571 -------------------------------------------------------------------------------- Stewart & Stevenson Services, Inc. 168,300 3,556,179 -------------------------------------------------------------------------------- Sun Hydraulics Corp. 2 56,800 1,097,944 -------------------------------------------------------------------------------- Tennant Co. 23,200 1,206,400 -------------------------------------------------------------------------------- Terex Corp. 1 89,000 5,286,600 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- MACHINERY Continued Titan International, Inc. 2 93,900 $ 1,619,775 -------------------------------------------------------------------------------- Toro Co. (The) 2 81,600 3,571,632 -------------------------------------------------------------------------------- Valmont Industries, Inc. 2 4,900 163,954 -------------------------------------------------------------------------------- Wabtec Corp. 166,000 4,465,400 --------------- 103,597,237 -------------------------------------------------------------------------------- MARINE--0.2% American Commercial Lines, Inc. 1,2 52,700 1,596,283 -------------------------------------------------------------------------------- Horizon Lines, Inc., Cl. A 2 223,000 2,704,990 -------------------------------------------------------------------------------- Kirby Corp. 1 20,200 1,053,834 -------------------------------------------------------------------------------- 5,355,107 -------------------------------------------------------------------------------- ROAD & RAIL--1.2% Amerco, Inc. 2 57,100 4,114,055 -------------------------------------------------------------------------------- Arkansas Best Corp. 2 204,900 8,950,032 -------------------------------------------------------------------------------- Celadon Group, Inc. 1,2 77,400 2,229,120 -------------------------------------------------------------------------------- Genesee & Wyoming, Inc., Cl. A 1,2 8,500 319,175 -------------------------------------------------------------------------------- Laidlaw International, Inc. 128,000 2,973,440 -------------------------------------------------------------------------------- Landstar System, Inc. 75,900 3,168,066 -------------------------------------------------------------------------------- Mullen Group Income Fund 54,600 1,535,442 -------------------------------------------------------------------------------- Pacer International, Inc. 315,900 8,232,354 -------------------------------------------------------------------------------- RailAmerica, Inc. 1,2 48,100 528,619 -------------------------------------------------------------------------------- SCS Transportation, Inc. 1 30,799 654,479 -------------------------------------------------------------------------------- Swift Transportation Co., Inc. 1 180,500 3,664,150 -------------------------------------------------------------------------------- Universal Truckload Services, Inc. 1 38,054 875,242 -------------------------------------------------------------------------------- USA Truck, Inc. 1,2 36,400 1,060,332 --------------- 38,304,506 32 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS--0.9% Applied Industrial Technologies, Inc. 222,700 $ 7,502,763 -------------------------------------------------------------------------------- GATX Corp. 52,200 1,883,376 -------------------------------------------------------------------------------- MSC Industrial Direct Co., Inc., Cl. A 46,100 1,854,142 -------------------------------------------------------------------------------- UAP Holding Corp. 154,133 3,147,396 -------------------------------------------------------------------------------- United Rentals, Inc. 1,2 387,700 9,068,303 -------------------------------------------------------------------------------- WESCO International, Inc. 1,2 154,400 6,597,512 --------------- 30,053,492 -------------------------------------------------------------------------------- TRANSPORTATION INFRASTRUCTURE--0.0% Interpool, Inc. 2 3,000 56,640 -------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--25.1% -------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--3.3% ADC Telecommunications, Inc. 1,2 155,500 3,473,870 -------------------------------------------------------------------------------- ADTRAN, Inc. 182,000 5,412,680 -------------------------------------------------------------------------------- Anaren Microwave, Inc. 1,2 25,200 393,876 -------------------------------------------------------------------------------- Andrew Corp. 1 140,200 1,504,346 -------------------------------------------------------------------------------- Arris Group, Inc. 1 261,100 2,472,617 -------------------------------------------------------------------------------- Avaya, Inc. 1 107,500 1,147,025 -------------------------------------------------------------------------------- Avocent Corp. 1 145,200 3,947,988 -------------------------------------------------------------------------------- Black Box Corp. 50,900 2,411,642 -------------------------------------------------------------------------------- Blue Coat Systems, Inc. 1,2 14,200 649,224 -------------------------------------------------------------------------------- Brocade Communications Systems, Inc. 1 1,508,800 6,140,816 -------------------------------------------------------------------------------- Ciena Corp. 1 1,857,900 5,517,963 -------------------------------------------------------------------------------- CommScope, Inc. 1 400,000 8,052,000 -------------------------------------------------------------------------------- Comtech Telecommunications Corp. 1 102,550 3,131,877 -------------------------------------------------------------------------------- Digi International, Inc. 1,2 118,009 1,237,914 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT Continued Ditech Communications Corp. 1,2 173,200 $ 1,446,220 -------------------------------------------------------------------------------- Echelon Corp. 1,2 13,000 101,790 -------------------------------------------------------------------------------- Emulex Corp. 1 510,200 10,096,858 -------------------------------------------------------------------------------- Extreme Networks, Inc. 1,2 577,200 2,741,700 -------------------------------------------------------------------------------- Foundry Networks, Inc. 1,2 404,100 5,580,621 -------------------------------------------------------------------------------- Harmonic, Inc. 1 270,000 1,309,500 -------------------------------------------------------------------------------- Inter-Tel, Inc. 2 27,300 534,261 -------------------------------------------------------------------------------- MasTec, Inc. 1,2 174,400 1,825,968 -------------------------------------------------------------------------------- Netgear, Inc. 1,2 323,000 6,217,750 -------------------------------------------------------------------------------- Packeteer, Inc. 1,2 283,400 2,202,018 -------------------------------------------------------------------------------- Performance Technologies, Inc. 1 94,500 773,955 -------------------------------------------------------------------------------- Plantronics, Inc. 2 12,600 356,580 -------------------------------------------------------------------------------- Polycom, Inc. 1 605,000 9,256,500 -------------------------------------------------------------------------------- Powerwave Technologies, Inc. 1,2 246,800 3,102,276 -------------------------------------------------------------------------------- QLogic Corp. 1 80,100 2,604,051 -------------------------------------------------------------------------------- Redback Networks, Inc. 1 379,100 5,330,146 -------------------------------------------------------------------------------- SafeNet, Inc. 1 2,200 70,884 -------------------------------------------------------------------------------- SpectraLink Corp. 23,500 278,945 -------------------------------------------------------------------------------- Superior Essex, Inc. 1 6,400 129,024 -------------------------------------------------------------------------------- Sycamore Networks, Inc. 1,2 160,600 693,792 -------------------------------------------------------------------------------- Symmetricom, Inc. 1,2 299,400 2,535,918 -------------------------------------------------------------------------------- Tekelec, Inc. 1 198,800 2,763,320 -------------------------------------------------------------------------------- Tellabs, Inc. 1 340,900 3,715,810 -------------------------------------------------------------------------------- Terayon Communication Systems, Inc. 1,2 369,700 854,007 -------------------------------------------------------------------------------- ViaSat, Inc. 1,2 22,600 604,098 --------------- 110,619,830 33 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--1.7% Advanced Digital Information Corp. 1 223,100 $ 2,184,149 -------------------------------------------------------------------------------- Dot Hill Systems Corp. 1,2 68,500 474,705 -------------------------------------------------------------------------------- Electronics for Imaging, Inc. 1,2 137,400 3,656,214 -------------------------------------------------------------------------------- Imation Corp. 234,300 10,794,201 -------------------------------------------------------------------------------- Intergraph Corp. 1,2 193,400 9,633,254 -------------------------------------------------------------------------------- M-Systems Flash Disk Pioneers Ltd. 1 96,800 3,206,016 -------------------------------------------------------------------------------- Maxtor Corp. 1 667,900 4,635,226 -------------------------------------------------------------------------------- NCR Corp. 1 35,200 1,194,688 -------------------------------------------------------------------------------- Palm, Inc. 1,2 326,000 10,366,800 -------------------------------------------------------------------------------- SimpleTech, Inc. 1 23,800 89,726 -------------------------------------------------------------------------------- Synaptics, Inc. 1 36,000 889,920 -------------------------------------------------------------------------------- Western Digital Corp. 1 515,200 9,587,872 --------------- 56,712,771 -------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--3.3% Aeroflex, Inc. 1 47,800 513,850 -------------------------------------------------------------------------------- Agilysys, Inc. 188,600 3,436,292 -------------------------------------------------------------------------------- Anixter International, Inc. 2 55,500 2,171,160 -------------------------------------------------------------------------------- Arrow Electronics, Inc. 1 144,300 4,621,929 -------------------------------------------------------------------------------- Avnet, Inc. 1 190,200 4,553,388 -------------------------------------------------------------------------------- Belden CDT, Inc. 2 82,500 2,015,475 -------------------------------------------------------------------------------- Bell Microproducts, Inc. 1,2 162,100 1,240,065 -------------------------------------------------------------------------------- Brightpoint, Inc. 1,2 245,350 6,803,556 -------------------------------------------------------------------------------- CalAmp Corp. 1,2 15,800 165,742 -------------------------------------------------------------------------------- CDW Corp. 49,500 2,849,715 -------------------------------------------------------------------------------- Checkpoint Systems, Inc. 1 84,800 2,090,320 -------------------------------------------------------------------------------- Coherent, Inc. 1 247,400 7,342,832 -------------------------------------------------------------------------------- CTS Corp. 2 26,100 288,666 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS Continued Electro Scientific Industries, Inc. 1,2 168,900 $ 4,078,935 -------------------------------------------------------------------------------- Fargo Electronics, Inc. 1 87,600 1,686,300 -------------------------------------------------------------------------------- Hypercom Corp. 1 121,600 777,024 -------------------------------------------------------------------------------- Itron, Inc. 1,2 95,800 3,835,832 -------------------------------------------------------------------------------- Keithley Instruments, Inc. 2 60,900 851,382 -------------------------------------------------------------------------------- Komag, Inc. 1,2 260,800 9,039,328 -------------------------------------------------------------------------------- Mettler-Toledo International, Inc. 1 78,100 4,311,120 -------------------------------------------------------------------------------- MTS Systems Corp. 2 78,100 2,705,384 -------------------------------------------------------------------------------- Multi-Fineline Electronix, Inc. 1,2 22,600 1,088,642 -------------------------------------------------------------------------------- National Instruments Corp. 2 82,200 2,634,510 -------------------------------------------------------------------------------- Newport Corp. 1 34,100 461,714 -------------------------------------------------------------------------------- Park Electrochemical Corp. 132,400 3,439,752 -------------------------------------------------------------------------------- PC Connection, Inc. 1 47,000 252,860 -------------------------------------------------------------------------------- Plexus Corp. 1 382,600 8,700,324 -------------------------------------------------------------------------------- RadiSys Corp. 1,2 122,700 2,127,618 -------------------------------------------------------------------------------- Rofin-Sinar Technologies, Inc. 1,2 36,600 1,591,002 -------------------------------------------------------------------------------- Sanmina-SCI Corp. 1 1,122,300 4,780,998 -------------------------------------------------------------------------------- ScanSource, Inc. 1,2 2,500 136,700 -------------------------------------------------------------------------------- Solectron Corp. 1 1,214,300 4,444,338 -------------------------------------------------------------------------------- SunPower Corp., Cl. A 1,2 48,500 1,648,515 -------------------------------------------------------------------------------- SYNNEX Corp. 1 5,300 80,083 -------------------------------------------------------------------------------- Tech Data Corp. 1 121,700 4,829,056 -------------------------------------------------------------------------------- Technitrol, Inc. 13,200 225,720 -------------------------------------------------------------------------------- TTM Technologies, Inc. 1,2 4,400 41,360 -------------------------------------------------------------------------------- UNOVA, Inc. 1,2 217,900 7,365,020 -------------------------------------------------------------------------------- Zygo Corp. 1,2 172,300 2,531,087 -------------------------------------------------------------------------------- 111,757,594 34 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--3.0% 24/7 Real Media, Inc. 1 196,800 $ 1,444,512 -------------------------------------------------------------------------------- Akamai Technologies, Inc. 1 71,700 1,428,981 -------------------------------------------------------------------------------- AsiaInfo Holdings, Inc. 1,2 167,700 667,446 -------------------------------------------------------------------------------- Bankrate, Inc. 1,2 53,400 1,576,368 -------------------------------------------------------------------------------- Covansys Corp. 1 52,700 717,247 -------------------------------------------------------------------------------- CyberSource Corp. 1 103,391 682,381 -------------------------------------------------------------------------------- Digital Insight Corp. 1 242,000 7,748,840 -------------------------------------------------------------------------------- Digital River, Inc. 1,2 205,300 6,105,622 -------------------------------------------------------------------------------- EarthLink, Inc. 1 838,000 9,310,180 -------------------------------------------------------------------------------- HomeStore.com, Inc. 1,2 633,400 3,230,340 -------------------------------------------------------------------------------- InfoSpace, Inc. 1,2 284,600 7,348,372 -------------------------------------------------------------------------------- Internet Security Systems, Inc. 1 385,600 8,078,320 -------------------------------------------------------------------------------- iPass, Inc. 1,2 35,800 234,848 -------------------------------------------------------------------------------- j2 Global Communications, Inc. 1 49,400 2,111,356 -------------------------------------------------------------------------------- Keynote Systems, Inc. 1 8,400 107,940 -------------------------------------------------------------------------------- MicroStrategy, Inc., Cl. A 1,2 119,000 9,846,060 -------------------------------------------------------------------------------- Online Resources & Communications Corp. 1,2 99,900 1,103,895 -------------------------------------------------------------------------------- Open Text Corp. 1,2 67,100 946,781 -------------------------------------------------------------------------------- Openwave Systems, Inc. 1,2 149,400 2,610,018 -------------------------------------------------------------------------------- RealNetworks, Inc. 1 220,700 1,712,632 -------------------------------------------------------------------------------- Salesforce.com, Inc. 1,2 26,700 855,735 -------------------------------------------------------------------------------- Selectica, Inc. 1 10,600 30,210 -------------------------------------------------------------------------------- SonicWALL, Inc. 1,2 536,400 4,248,288 -------------------------------------------------------------------------------- United Online, Inc. 579,450 8,239,779 -------------------------------------------------------------------------------- ValueClick, Inc. 1,2 179,380 3,248,572 -------------------------------------------------------------------------------- Vignette Corp. 1 194,200 3,167,402 -------------------------------------------------------------------------------- WebEx Communications, Inc. 1,2 43,800 947,394 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES Continued webMethods, Inc. 1 290,500 $ 2,239,755 -------------------------------------------------------------------------------- Websense, Inc. 1,2 163,400 10,725,576 --------------- 100,714,850 -------------------------------------------------------------------------------- IT SERVICES--2.7% Acxiom Corp. 121,000 2,783,000 -------------------------------------------------------------------------------- Anteon International Corp. 1 2,500 135,875 -------------------------------------------------------------------------------- Aquantive, Inc. 1,2 30,100 759,724 -------------------------------------------------------------------------------- BearingPoint, Inc. 1 433,100 3,404,166 -------------------------------------------------------------------------------- BISYS Group, Inc. (The) 1 301,900 4,229,619 -------------------------------------------------------------------------------- CACI International, Inc., Cl. A 1,2 64,000 3,672,320 -------------------------------------------------------------------------------- Ceridian Corp. 1 190,800 4,741,380 -------------------------------------------------------------------------------- CheckFree Corp. 1 70,600 3,240,540 -------------------------------------------------------------------------------- CIBER, Inc. 1,2 186,600 1,231,560 -------------------------------------------------------------------------------- CSG Systems International, Inc. 1,2 452,000 10,088,640 -------------------------------------------------------------------------------- Forrester Research, Inc. 1 65,500 1,228,125 -------------------------------------------------------------------------------- Gevity HR, Inc. 18,100 465,532 -------------------------------------------------------------------------------- Global Payments, Inc. 69,800 3,253,378 -------------------------------------------------------------------------------- infoUSA, Inc. 2 222,368 2,430,482 -------------------------------------------------------------------------------- Intrado, Inc. 1,2 156,600 3,604,932 -------------------------------------------------------------------------------- Keane, Inc. 1,2 142,400 1,567,824 -------------------------------------------------------------------------------- Lawson Software, Inc. 1,2 657,400 4,831,890 -------------------------------------------------------------------------------- Manhattan Associates, Inc. 1 104,000 2,129,920 -------------------------------------------------------------------------------- ManTech International Corp. 1,2 91,000 2,535,260 -------------------------------------------------------------------------------- Maximus, Inc. 2 175,200 6,428,088 -------------------------------------------------------------------------------- MoneyGram International, Inc. 43,800 1,142,304 -------------------------------------------------------------------------------- MPS Group, Inc. 1 589,600 8,059,832 -------------------------------------------------------------------------------- NAVTEQ Corp. 1 29,500 1,294,165 -------------------------------------------------------------------------------- Perot Systems Corp., Cl. A 1,2 320,100 4,526,214 35 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- IT SERVICES Continued Sabre Holdings Corp. 204,400 $ 4,928,084 -------------------------------------------------------------------------------- SI International, Inc. 1 13,500 412,695 -------------------------------------------------------------------------------- Startek, Inc. 2 17,600 316,800 -------------------------------------------------------------------------------- Sykes Enterprises, Inc. 1 216,100 2,889,257 -------------------------------------------------------------------------------- TNS, Inc. 1 28,500 546,630 -------------------------------------------------------------------------------- Total System Services, Inc. 24,100 476,939 -------------------------------------------------------------------------------- Tyler Technologies, Inc. 1,2 7,700 67,606 -------------------------------------------------------------------------------- Unisys Corp. 1 164,600 959,618 -------------------------------------------------------------------------------- VeriFone Holdings, Inc. 1 56,000 1,416,800 --------------- 89,799,199 -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--5.3% 02Micro International Ltd., ADR 1 28,000 285,040 -------------------------------------------------------------------------------- ADE Corp. 1,2 163,100 3,924,186 -------------------------------------------------------------------------------- Advanced Energy Industries, Inc. 1,2 273,300 3,233,139 -------------------------------------------------------------------------------- Asyst Technologies, Inc. 1,2 30,300 173,316 -------------------------------------------------------------------------------- ATMI, Inc. 1,2 96,900 2,710,293 -------------------------------------------------------------------------------- Axcelis Technologies, Inc. 1 544,200 2,595,834 -------------------------------------------------------------------------------- Brooks Automation, Inc. 1,2 217,405 2,724,085 -------------------------------------------------------------------------------- Cirrus Logic, Inc. 1,2 417,300 2,787,564 -------------------------------------------------------------------------------- Cohu, Inc. 2 154,500 3,533,415 -------------------------------------------------------------------------------- Conexant Systems, Inc. 1 1,238,300 2,798,558 -------------------------------------------------------------------------------- Cymer, Inc. 1 307,000 10,901,570 -------------------------------------------------------------------------------- Diodes, Inc. 1,2 84,306 2,617,701 -------------------------------------------------------------------------------- EMCORE Corp. 1,2 70,800 525,336 -------------------------------------------------------------------------------- Entegris, Inc. 1 416,410 3,922,582 -------------------------------------------------------------------------------- Exar Corp. 1 45,597 570,874 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Continued Fairchild Semiconductor International, Inc., Cl. A 1 260,300 $ 4,401,673 -------------------------------------------------------------------------------- FEI Co. 1,2 48,600 931,662 -------------------------------------------------------------------------------- Freescale Semiconductor, Inc., Cl. A 1 14,200 357,698 -------------------------------------------------------------------------------- Genesis Microchip, Inc. 1,2 299,100 5,410,719 -------------------------------------------------------------------------------- Hittite Microwave Corp. 1 53,400 1,235,676 -------------------------------------------------------------------------------- Ikanos Communications, Inc. 1 126,000 1,857,240 -------------------------------------------------------------------------------- Intersil Corp., Cl. A 216,100 5,376,568 -------------------------------------------------------------------------------- Intevac, Inc. 1,2 45,800 604,560 -------------------------------------------------------------------------------- IXYS Corp. 1 85,700 1,001,833 -------------------------------------------------------------------------------- Kopin Corp. 1,2 496,100 2,654,135 -------------------------------------------------------------------------------- Kulicke & Soffa Industries, Inc. 1,2 319,800 2,827,032 -------------------------------------------------------------------------------- Lam Research Corp. 1 128,000 4,567,040 -------------------------------------------------------------------------------- Lattice Semiconductor Corp. 1 127,400 550,368 -------------------------------------------------------------------------------- LSI Logic Corp. 1 527,500 4,220,000 -------------------------------------------------------------------------------- LTX Corp. 1 109,300 491,850 -------------------------------------------------------------------------------- Mattson Technology, Inc. 1 88,300 888,298 -------------------------------------------------------------------------------- Micrel, Inc. 1 696,200 8,075,920 -------------------------------------------------------------------------------- Microsemi Corp. 1,2 330,900 9,152,694 -------------------------------------------------------------------------------- Microtune, Inc. 1,2 57,600 240,192 -------------------------------------------------------------------------------- MIPS Technologies, Inc., Cl. A 1,2 191,500 1,087,720 -------------------------------------------------------------------------------- MKS Instruments, Inc. 1 123,400 2,207,626 -------------------------------------------------------------------------------- Netlogic Microsystems, Inc. 1,2 108,600 2,958,264 -------------------------------------------------------------------------------- Novellus Systems, Inc. 1 177,500 4,281,300 36 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Continued NVIDIA Corp. 1 118,600 $ 4,336,016 -------------------------------------------------------------------------------- OmniVision Technologies, Inc. 1,2 440,800 8,798,368 -------------------------------------------------------------------------------- ON Semiconductor Corp. 1,2 1,035,900 5,728,527 -------------------------------------------------------------------------------- PDF Solutions, Inc. 1,2 131,500 2,136,875 -------------------------------------------------------------------------------- Photronics, Inc. 1,2 408,800 6,156,528 -------------------------------------------------------------------------------- PortalPlayer, Inc. 1,2 88,300 2,500,656 -------------------------------------------------------------------------------- Power Integrations, Inc. 1,2 35,300 840,493 -------------------------------------------------------------------------------- Sigmatel, Inc. 1,2 169,800 2,224,380 -------------------------------------------------------------------------------- Silicon Image, Inc. 1 423,600 3,833,580 -------------------------------------------------------------------------------- Silicon Laboratories, Inc. 1 176,500 6,470,490 -------------------------------------------------------------------------------- SiRF Technology Holdings, Inc. 1,2 25,200 750,960 -------------------------------------------------------------------------------- Skyworks Solutions, Inc. 1,2 597,800 3,042,802 -------------------------------------------------------------------------------- Supertex, Inc. 1,2 66,400 2,938,200 -------------------------------------------------------------------------------- Trident Microsystems, Inc. 1,2 71,200 1,281,600 -------------------------------------------------------------------------------- TriQuint Semiconductor, Inc. 1 739,700 3,291,665 -------------------------------------------------------------------------------- Ultra Clean Holdings, Inc. 1 13,000 93,730 -------------------------------------------------------------------------------- Varian Semiconductor Equipment Associates, Inc. 1,2 154,100 6,769,613 -------------------------------------------------------------------------------- Veeco Instruments, Inc. 1,2 73,200 1,268,556 -------------------------------------------------------------------------------- Zoran Corp. 1 292,300 4,738,183 --------------- 175,884,783 -------------------------------------------------------------------------------- SOFTWARE--5.8% Activision, Inc. 1 156,500 2,150,310 -------------------------------------------------------------------------------- Advent Software, Inc. 1 94,000 2,717,540 -------------------------------------------------------------------------------- Altiris, Inc. 1,2 101,300 1,710,957 -------------------------------------------------------------------------------- Ansoft Corp. 1 84,773 2,886,521 -------------------------------------------------------------------------------- Ansys, Inc. 1,2 141,700 6,049,173 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- SOFTWARE Continued Aspen Technology, Inc. 1,2 256,500 $ 2,013,525 -------------------------------------------------------------------------------- BEA Systems, Inc. 1 478,400 4,496,960 -------------------------------------------------------------------------------- Blackbaud, Inc. 225,324 3,848,534 -------------------------------------------------------------------------------- BMC Software, Inc. 1 243,800 4,995,462 -------------------------------------------------------------------------------- Borland Software Corp. 1 87,700 572,681 -------------------------------------------------------------------------------- Bottomline Technologies, Inc. 1,2 177,300 1,953,846 -------------------------------------------------------------------------------- Cadence Design Systems, Inc. 1 310,000 5,245,200 -------------------------------------------------------------------------------- Captiva Software Corp. 1 48,600 1,081,350 -------------------------------------------------------------------------------- Catapult Communications Corp. 1,2 85,400 1,263,066 -------------------------------------------------------------------------------- CCC Information Services Group, Inc. 1 50,000 1,311,000 -------------------------------------------------------------------------------- Citrix Systems, Inc. 1 157,000 4,518,460 -------------------------------------------------------------------------------- Cognos, Inc. 1 10,100 350,571 -------------------------------------------------------------------------------- Compuware Corp. 1 527,100 4,728,087 -------------------------------------------------------------------------------- Concur Technologies, Inc. 1,2 41,000 528,490 -------------------------------------------------------------------------------- Entrust Technologies, Inc. 1,2 318,200 1,540,088 -------------------------------------------------------------------------------- Epicor Software Corp. 1 163,400 2,308,842 -------------------------------------------------------------------------------- EPIQ Systems, Inc. 1,2 68,000 1,260,720 -------------------------------------------------------------------------------- ePlus, inc. 1 12,200 168,750 -------------------------------------------------------------------------------- Fair Isaac Corp. 97,900 4,324,243 -------------------------------------------------------------------------------- FileNet Corp. 1,2 323,000 8,349,550 -------------------------------------------------------------------------------- Hyperion Solutions Corp. 1 140,250 5,023,755 -------------------------------------------------------------------------------- Informatica Corp. 1 540,500 6,486,000 -------------------------------------------------------------------------------- InterVideo, Inc. 1,2 31,800 335,490 -------------------------------------------------------------------------------- InterVoice-Brite, Inc. 1,2 168,800 1,343,648 -------------------------------------------------------------------------------- JDA Software Group, Inc. 1 209,700 3,566,997 -------------------------------------------------------------------------------- Macrovision Corp. 1 113,800 1,903,874 -------------------------------------------------------------------------------- Magma Design Automation, Inc. 1,2 128,000 1,076,480 37 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- SOFTWARE Continued MapInfo Corp. 1,2 21,900 $ 276,159 -------------------------------------------------------------------------------- McAfee, Inc. 1 205,400 5,572,502 -------------------------------------------------------------------------------- Micromuse, Inc. 1 476,700 4,714,563 -------------------------------------------------------------------------------- MICROS Systems, Inc. 1 48,500 2,343,520 -------------------------------------------------------------------------------- MRO Software, Inc. 1,2 176,000 2,471,040 -------------------------------------------------------------------------------- MSC Software Corp. 1,2 100,200 1,703,400 -------------------------------------------------------------------------------- Net 1 UEPS Technologies, Inc. 1 22,900 660,665 -------------------------------------------------------------------------------- NetIQ Corp. 1,2 69,000 848,010 -------------------------------------------------------------------------------- Novell, Inc. 1,2 575,200 5,079,016 -------------------------------------------------------------------------------- Nuance Communications, Inc. 1,2 54,300 414,309 -------------------------------------------------------------------------------- Parametric Technology Corp. 1 1,680,000 10,248,000 -------------------------------------------------------------------------------- Progress Software Corp. 1 170,800 4,847,304 -------------------------------------------------------------------------------- Quest Software, Inc. 1 130,400 1,902,536 -------------------------------------------------------------------------------- Radiant Systems, Inc. 1,2 147,600 1,794,816 -------------------------------------------------------------------------------- Red Hat, Inc. 1 203,800 5,551,512 -------------------------------------------------------------------------------- Reynolds & Reynolds Co., Cl. A 150,300 4,218,921 -------------------------------------------------------------------------------- RSA Security, Inc. 1,2 388,200 4,359,486 -------------------------------------------------------------------------------- SERENA Software, Inc. 1,2 165,400 3,876,976 -------------------------------------------------------------------------------- SPSS, Inc. 1,2 53,300 1,648,569 -------------------------------------------------------------------------------- Sybase, Inc. 1 217,900 4,763,294 -------------------------------------------------------------------------------- Synopsys, Inc. 1 331,600 6,651,896 -------------------------------------------------------------------------------- Take-Two Interactive Software, Inc. 1,2 375,900 6,653,430 -------------------------------------------------------------------------------- THQ, Inc. 1,2 157,600 3,758,760 -------------------------------------------------------------------------------- TIBCO Software, Inc. 1 213,400 1,594,098 -------------------------------------------------------------------------------- Transaction Systems Architects, Inc., Cl. A 1 332,231 9,564,930 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- SOFTWARE Continued Ultimate Software Group, Inc. (The) 1,2 47,900 $ 913,453 -------------------------------------------------------------------------------- Verint Systems, Inc. 1,2 38,600 1,330,542 -------------------------------------------------------------------------------- Wind River Systems, Inc. 1 331,700 4,899,209 -------------------------------------------------------------------------------- Witness Systems, Inc. 1,2 32,600 641,242 --------------- 193,412,328 -------------------------------------------------------------------------------- MATERIALS--5.3% -------------------------------------------------------------------------------- CHEMICALS--1.3% Agrium, Inc. 2 235,700 5,183,043 -------------------------------------------------------------------------------- Celanese Corp. Series A 15,000 286,800 -------------------------------------------------------------------------------- Compass Minerals International, Inc. 2 77,200 1,894,488 -------------------------------------------------------------------------------- Engelhard Corp. 17,600 530,640 -------------------------------------------------------------------------------- Ferro Corp. 32,000 600,320 -------------------------------------------------------------------------------- FMC Corp. 1 108,000 5,742,360 -------------------------------------------------------------------------------- Fuller (H.B.) Co. 197,400 6,330,618 -------------------------------------------------------------------------------- Headwaters, Inc. 1,2 107,900 3,823,976 -------------------------------------------------------------------------------- Lubrizol Corp. (The) 37,400 1,624,282 -------------------------------------------------------------------------------- MacDermid, Inc. 9,100 253,890 -------------------------------------------------------------------------------- Pioneer Cos., Inc. 1,2 79,400 2,379,618 -------------------------------------------------------------------------------- PolyOne Corp. 1 232,800 1,496,904 -------------------------------------------------------------------------------- Rockwood Holdings, Inc. 1 14,300 282,139 -------------------------------------------------------------------------------- Schulman (A.), Inc. 2 7,000 150,640 -------------------------------------------------------------------------------- Scotts Miracle-Gro Co. (The), Cl. A 81,200 3,673,488 -------------------------------------------------------------------------------- Stepan Co. 16,300 438,307 -------------------------------------------------------------------------------- Tronox, Inc., Cl. A 1 288,600 3,772,002 -------------------------------------------------------------------------------- Valhi, Inc. 2 4,100 75,850 -------------------------------------------------------------------------------- W.R. Grace & Co. 1,2 136,200 1,280,280 -------------------------------------------------------------------------------- Wellman, Inc. 2 4,700 31,866 -------------------------------------------------------------------------------- Westlake Chemical Corp. 2 89,500 2,578,495 --------------- 42,430,006 38 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- CONSTRUCTION MATERIALS--0.2% Eagle Materials, Inc. 2 4,700 $ 575,092 -------------------------------------------------------------------------------- Eagle Materials, Inc., Cl. B 1,300 153,101 -------------------------------------------------------------------------------- Texas Industries, Inc. 2 131,300 6,543,992 -------------------------------------------------------------------------------- U.S. Concrete, Inc. 15,400 145,992 --------------- 7,418,177 -------------------------------------------------------------------------------- CONTAINERS & PACKAGING--1.0% AptarGroup, Inc. 12,300 642,060 -------------------------------------------------------------------------------- Caraustar Industries, Inc. 2 116,800 1,014,992 -------------------------------------------------------------------------------- Crown Holdings, Inc. 1 187,400 3,659,922 -------------------------------------------------------------------------------- Greif, Inc., Cl. A 116,700 7,734,876 -------------------------------------------------------------------------------- Longview Fibre Co. 135,800 2,825,998 -------------------------------------------------------------------------------- Myers Industries, Inc. 2 9,500 138,510 -------------------------------------------------------------------------------- Owens-Illinois, Inc. 1 160,000 3,366,400 -------------------------------------------------------------------------------- Rock-Tenn Co., Cl. A 2 86,500 1,180,725 -------------------------------------------------------------------------------- Sealed Air Corp. 1 83,600 4,695,812 -------------------------------------------------------------------------------- Silgan Holdings, Inc. 235,600 8,509,872 -------------------------------------------------------------------------------- Temple-Inland, Inc. 23,900 1,071,915 --------------- 34,841,082 -------------------------------------------------------------------------------- METALS & MINING--2.6% AK Steel Holding Corp. 1,2 1,031,500 8,200,425 -------------------------------------------------------------------------------- Aleris International, Inc. 1,2 115,800 3,733,392 -------------------------------------------------------------------------------- Allegheny Technologies, Inc. 43,200 1,558,656 -------------------------------------------------------------------------------- Amerigo Resources Ltd. 779,600 1,569,327 -------------------------------------------------------------------------------- Brush Engineered Materials, Inc. 1 7,100 112,890 -------------------------------------------------------------------------------- Carpenter Technology Corp. 2 159,600 11,247,012 -------------------------------------------------------------------------------- Castle (A.M.) & Co. 1,2 44,100 963,144 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- METALS & MINING Continued Century Aluminum Co. 2 136,300 $ 3,572,423 -------------------------------------------------------------------------------- Chaparral Steel Co. 1 200 6,050 -------------------------------------------------------------------------------- Commercial Metals Co. 92,900 3,487,466 -------------------------------------------------------------------------------- Desert Sun Mining Corp. 1 184,300 453,437 -------------------------------------------------------------------------------- Dynatec Corp. 1 1,276,100 1,328,299 -------------------------------------------------------------------------------- FNX Mining Co., Inc. 1 36,900 431,391 -------------------------------------------------------------------------------- Goldcorp, Inc. 27,575 614,386 -------------------------------------------------------------------------------- HudBay Minerals, Inc. 1 323,900 1,641,164 -------------------------------------------------------------------------------- Inmet Mining Corp. 111,200 2,821,971 -------------------------------------------------------------------------------- LionOre Mining International Ltd. 1 300,700 1,280,455 -------------------------------------------------------------------------------- Meridian Gold, Inc. 1 23,700 519,486 -------------------------------------------------------------------------------- Metal Management, Inc. 2 133,500 3,105,210 -------------------------------------------------------------------------------- Olympic Steel, Inc. 1 10,100 250,985 -------------------------------------------------------------------------------- Quanex Corp. 2 175,350 8,762,240 -------------------------------------------------------------------------------- Reliance Steel & Aluminum Co. 2 180,000 11,001,600 -------------------------------------------------------------------------------- Ryerson Tull, Inc. 2 151,900 3,694,208 -------------------------------------------------------------------------------- Steel Dynamics, Inc. 2 222,200 7,890,322 -------------------------------------------------------------------------------- Steel Technologies, Inc. 2 25,100 702,549 -------------------------------------------------------------------------------- Stillwater Mining Co. 1,2 178,500 2,065,245 -------------------------------------------------------------------------------- United States Steel Corp. 38,700 1,860,309 -------------------------------------------------------------------------------- Worthington Industries, Inc. 2 137,200 2,635,612 --------------- 85,509,654 -------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS--0.2% Bowater, Inc. 2 64,500 1,981,440 -------------------------------------------------------------------------------- Buckeye Technologies, Inc. 1 103,600 833,980 -------------------------------------------------------------------------------- Louisiana- Pacific Corp. 98,600 2,708,542 --------------- 5,523,962 39 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--1.2% -------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--0.5% Alaska Communications Systems Group, Inc. 2 231,100 $ 2,347,976 -------------------------------------------------------------------------------- AXXENT, Inc. 1,4 100,000 -- -------------------------------------------------------------------------------- Broadwing Corp. 1,2 206,100 1,246,905 -------------------------------------------------------------------------------- CenturyTel, Inc. 67,200 2,228,352 -------------------------------------------------------------------------------- Citizens Communications Co. 100,400 1,227,892 -------------------------------------------------------------------------------- Commonwealth Telephone Enterprises, Inc. 44,500 1,502,765 -------------------------------------------------------------------------------- CT Communications, Inc. 26,700 324,138 -------------------------------------------------------------------------------- FairPoint Communications, Inc. 121,500 1,258,740 -------------------------------------------------------------------------------- Golden Telecom, Inc. 23,100 599,676 -------------------------------------------------------------------------------- Iowa Telecommunications Services, Inc. 45,500 704,795 -------------------------------------------------------------------------------- North Pittsburgh Systems, Inc. 2 53,100 1,001,997 -------------------------------------------------------------------------------- Shenandoah Telecommunications Co. 2 500 19,920 -------------------------------------------------------------------------------- Talk America Holdings, Inc. 1 179,400 1,548,222 -------------------------------------------------------------------------------- Time Warner Telecom, Inc., Cl. A 1,2 156,400 1,540,540 -------------------------------------------------------------------------------- Valor Communications Group, Inc. 2 700 7,980 --------------- 15,559,898 -------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--0.7% Centennial Communications Corp. 2 166,200 2,579,424 -------------------------------------------------------------------------------- Cincinnati Bell, Inc. 1 700,000 2,457,000 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES Continued Dobson Communications Corp., Cl. A 1,2 879,300 $ 6,594,750 -------------------------------------------------------------------------------- Linktone Ltd., ADR 1 31,800 330,720 -------------------------------------------------------------------------------- SBA Communications Corp. 1,2 314,500 5,629,550 -------------------------------------------------------------------------------- Syniverse Holdings, Inc. 1,2 24,100 503,690 -------------------------------------------------------------------------------- UbiquiTel, Inc. 2 588,500 5,820,265 -------------------------------------------------------------------------------- Wireless Facilities, Inc. 1,2 29,900 152,490 --------------- 24,067,889 -------------------------------------------------------------------------------- UTILITIES--1.1% -------------------------------------------------------------------------------- ELECTRIC UTILITIES--0.5% ALLETE, Inc. 2 20,600 906,400 -------------------------------------------------------------------------------- Aquila, Inc. 1 172,300 620,280 -------------------------------------------------------------------------------- Black Hills Corp. 16,200 560,682 -------------------------------------------------------------------------------- Canadian Hydro Developers, Inc. 1 406,000 2,036,199 -------------------------------------------------------------------------------- CenterPoint Energy, Inc. 2 58,000 745,300 -------------------------------------------------------------------------------- CH Energy Group, Inc. 2 63,800 2,928,420 -------------------------------------------------------------------------------- CMS Energy Corp. 1 104,400 1,514,844 -------------------------------------------------------------------------------- DPL, Inc. 68,200 1,773,882 -------------------------------------------------------------------------------- Green Mountain Power Corp. 8,200 235,914 -------------------------------------------------------------------------------- Ormat Technologies, Inc. 2 195,400 5,107,756 -------------------------------------------------------------------------------- Pinnacle West Capital Corp. 32,100 1,327,335 -------------------------------------------------------------------------------- Reliant Energy, Inc. 1 82,100 847,272 --------------- 18,604,284 -------------------------------------------------------------------------------- GAS UTILITIES--0.2% Chesapeake Utilities Corp. 2 1,700 52,360 -------------------------------------------------------------------------------- ONEOK, Inc. 43,100 1,147,753 40 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- GAS UTILITIES Continued Peoples Energy Corp. 2 15,700 $ 550,599 -------------------------------------------------------------------------------- Southwest Gas Corp. 48,000 1,267,200 -------------------------------------------------------------------------------- UGI Corp. 49,400 1,017,640 -------------------------------------------------------------------------------- WGL Holdings, Inc. 2 59,200 1,779,552 --------------- 5,815,104 -------------------------------------------------------------------------------- MULTI-UTILITIES & UNREGULATED POWER--0.4% Avista Corp. 2 149,800 2,652,958 -------------------------------------------------------------------------------- Dynegy, Inc. 1,2 350,100 1,694,484 -------------------------------------------------------------------------------- Energy East Corp. 106,800 2,435,040 -------------------------------------------------------------------------------- Sierra Pacific Resources 1 443,700 5,785,848 --------------- 12,568,330 --------------- Total Common Stocks (Cost $2,749,295,296) 3,309,214,241 -------------------------------------------------------------------------------- PREFERRED STOCKS--0.0% -------------------------------------------------------------------------------- Simon Property Group, Inc., 6% Cv., Non-Vtg (Cost $93,140) 1,740 111,875 UNITS -------------------------------------------------------------------------------- RIGHTS, WARRANTS AND CERTIFICATES--0.1% -------------------------------------------------------------------------------- Chamaelo Exploration Ltd. Rts., Exp. 1/16/06 1,3 539,700 3,424,895 -------------------------------------------------------------------------------- Redstar Oil & Gas, Inc. Wts., Exp 3/15/05 1,4 364,045 860,107 --------------- Total Rights, Warrants and Certificates (Cost $3,971,972) 4,285,002 PRINCIPAL VALUE AMOUNT SEE NOTE 1 -------------------------------------------------------------------------------- NON-CONVERTIBLE CORPORATE BONDS AND NOTES--0.0% -------------------------------------------------------------------------------- Mueller Industries, Inc., 6% Sub. Nts., 11/1/14 2,4 (Cost $655,000) $ 655,000 $ 632,075 -------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--1.5% -------------------------------------------------------------------------------- Undivided interest of 3.53% in joint repurchase agreement (Principal Amount/ Value $1,414,200,000, with a maturity value of $1,414,844,247) with UBS Warburg LLC, 4.10%, dated 12/30/05, to be repurchased at $49,882,714 on 1/3/06, collateralized by Federal Home Loan Mortgage Corp., 5%, 1/1/35, with a value of $157,513,104 and Federal National Mortgage Assn., 5%--5.50%, 3/1/34--10/1/35, with a value of $1,301,420,187 (Cost $49,860,000) 49,860,000 49,860,000 -------------------------------------------------------------------------------- Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $2,803,875,408) 3,364,103,193 -------------------------------------------------------------------------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--23.3% ASSET BACKED FLOATING NOTE--2.2% Ameriquest Mortgage Securities, Inc., Series 2005- R10, Cl. A2A, 4.46%, 1/25/06 5 14,846,328 14,846,328 -------------------------------------------------------------------------------- Countrywide Asset- Backed Certificates, 4.49%, 1/25/06 5 5,000,000 5,000,000 -------------------------------------------------------------------------------- GE-WMC Mortgage Securities LLC, Series 2005-2, Cl.A2A, 4.47%, 1/25/06 5 3,000,000 3,000,000 -------------------------------------------------------------------------------- GSAA Home Equity Trust, Series 2005-15, Cl. 2A1, 4.47%, 1/25/06 5 5,000,000 5,000,000 41 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- PRINCIPAL VALUE AMOUNT SEE NOTE 1 -------------------------------------------------------------------------------- ASSET BACKED FLOATING NOTE Continued Structured Asset Investment Loan Trust, Series 2005-11, Cl. A4, 4.47%, 1/25/06 5 $ 7,002,607 $ 7,002,607 -------------------------------------------------------------------------------- Trust Money Market Securities, Series A-2, 4.44%, 1/17/06 5 7,000,000 7,000,000 -------------------------------------------------------------------------------- Whitehawk CDO Funding Corp., 4.56%, 3/15/06 5 30,000,000 30,000,000 --------------- 71,848,935 -------------------------------------------------------------------------------- BANK FLOATING RATE NOTE--1.6% National City Bank Cleveland, 4.36%, 1/3/06 5 11,997,677 11,997,677 -------------------------------------------------------------------------------- U.S. Bank NA, 4.38%, 1/30/06 5 17,993,301 17,993,301 -------------------------------------------------------------------------------- World Savings Bank FSB, 4.37%, 1/23/06 5 25,000,000 25,000,000 --------------- 54,990,978 -------------------------------------------------------------------------------- DOMESTIC FLOATING CERTIFICATE OF DEPOSIT--0.1% Washington Mutual Bank, 4.36%, 1/20/06 5 3,499,911 3,499,911 -------------------------------------------------------------------------------- EURODOLLAR FIXED CERTIFICATE OF DEPOSIT--0.6% Credit Agricole SA London, 4.19%, 1/24/06 5 10,002,567 10,002,567 -------------------------------------------------------------------------------- Monte De Pasch London, 4.21%, 1/30/06 5 10,000,000 10,000,000 --------------- 20,002,567 -------------------------------------------------------------------------------- FUNDING AGREEMENT/GIC--1.0% Protective Life Insurance Co., 4.28%, 1/26/06 5 15,000,000 15,000,000 -------------------------------------------------------------------------------- Protective Life Insurance Co., 4.36%, 1/30/06 5 18,000,000 18,000,000 --------------- 33,000,000 PRINCIPAL VALUE AMOUNT SEE NOTE 1 -------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--4.7% Undivided interest of 16.67% in joint repurchase agreement (Principal Amount/Value $300,000,000, with a maturity value of $300,143,333) with CDC Financial Products, Inc., 4.30%, dated 12/30/05, to be repurchased at $50,023,889 on 1/3/06, collateralized by AAA Asset-Backed Securities, 0%, 7/20/06--10/25/35, with a value of $315,150,500 5 $50,000,000 $ 50,000,000 -------------------------------------------------------------------------------- Undivided interest of 3.40% in joint repurchase agreement (Principal Amount/Value $3,150,000,000, with a maturity value of $3,151,501,500) with Nomura Securities, 4.29%, dated 12/30/05, to be repurchased at $107,296,585 on 1/3/06, collateralized by U.S. Agency Mortgages, 3.34%--9.50%, 6/1/08--5/1/38, with a value of $3,213,000,000 5 107,245,465 107,245,465 --------------- 157,245,465 -------------------------------------------------------------------------------- MASTER FLOATING NOTE--3.6% Bear Stearns, 4.37%, 1/3/06 5 17,000,000 17,000,000 -------------------------------------------------------------------------------- CDC Financial Products, Inc., 4.35%, 1/3/06 5 30,000,000 30,000,000 -------------------------------------------------------------------------------- Citigroup Global Markets, Inc., 4.32%, 1/3/06 5 35,000,000 35,000,000 -------------------------------------------------------------------------------- Merrill Lynch Mortgage Capital, 4.35%, 1/3/06 5 24,500,000 24,500,000 -------------------------------------------------------------------------------- Morgan Stanley, 4.43%, 1/3/06 5 15,000,000 15,000,000 --------------- 121,500,000 -------------------------------------------------------------------------------- MEDIUM-TERM FIXED NOTE--0.8% Countrywide Financial Corp., 4.37%, 1/31/06 5 25,093,437 25,093,437 42 | OPPENHEIMER MAIN STREET SMALL CAP FUND PRINCIPAL VALUE AMOUNT SEE NOTE 1 -------------------------------------------------------------------------------- MEDIUM-TERM FLOATING NOTE--7.1% American Express Credit Corp., 4.40%, 1/17/06 5 $26,771,795 $ 26,771,795 -------------------------------------------------------------------------------- American Honda Finance Corp., 4.16%, 1/18/06 5 25,000,000 25,000,000 -------------------------------------------------------------------------------- American Honda Finance Corp., 4.46%, 3/8/06 5 25,000,000 25,000,000 -------------------------------------------------------------------------------- Countrywide Financial Corp., 4.59%, 3/21/06 5 11,999,299 11,999,299 -------------------------------------------------------------------------------- Fifth Third Bancorp., 4.35%, 1/23/06 5 2,000,000 2,000,000 -------------------------------------------------------------------------------- General Electric Capital Corp., 4.38%, 1/3/06 5 15,013,638 15,013,638 -------------------------------------------------------------------------------- Goldman Sachs Group, Inc., 4.41%, 1/3/06 5 5,000,000 5,000,000 -------------------------------------------------------------------------------- Islandsbanki HF Corp., 4.42%, 1/23/06 5 10,000,000 10,000,000 -------------------------------------------------------------------------------- Landsbanki Island, 4.45%, 1/17/06 5 26,000,000 26,000,000 -------------------------------------------------------------------------------- Morgan Stanley, 4.33%, 1/3/06 5 22,000,000 22,000,000 -------------------------------------------------------------------------------- Sedna Finance, Inc., 4.34%, 1/3/06 5 34,996,465 34,996,465 -------------------------------------------------------------------------------- Tango Finance Corp., 4.34%, 1/3/06 5 14,999,250 14,999,250 -------------------------------------------------------------------------------- Tango Finance Corp., 4.36%, 1/25/06 5 20,000,816 20,000,816 -------------------------------------------------------------------------------- 238,781,263 -------------------------------------------------------------------------------- YANKEE FLOATING CERTIFICATE OF DEPOSIT--1.6% Credit Suisse First Boston NY, 4.37%, 1/30/06 5 25,000,000 25,000,000 -------------------------------------------------------------------------------- Natexis Banques Populaires NY, 4.38%, 1/17/06 5 27,991,942 27,991,942 --------------- 52,991,942 VALUE SEE NOTE 1 -------------------------------------------------------------------------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $778,954,498) $ 778,954,498 -------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $3,582,829,906) 123.8% 4,143,057,691 -------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (23.8) (796,382,480) ------------------------------- NET ASSETS 100.0% $3,346,675,211 =============================== 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 $5,031,674 or 0.15% of the Fund's net assets as of December 31, 2005. 4. Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of December 31, 2005 was $3,193,443, which represents 0.10% of the Fund's net assets, of which $1,701,261 is considered restricted. See Note 6 of Notes to Financial Statements. 5. The security has been segregated to satisfy the forward commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 7 of Notes to Financial Statements. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 43 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF ASSETS AND LIABILITIES Unaudited --------------------------------------------------------------------------------
December 31, 2005 ------------------------------------------------------------------------------------------------- ASSETS ------------------------------------------------------------------------------------------------- Investments, at value (including securities loaned of $757,506,775) (cost $3,582,829,906)--see accompanying statement of investments $4,143,057,691 ------------------------------------------------------------------------------------------------- Cash 1,539,854 ------------------------------------------------------------------------------------------------- Receivables and other assets: Investments sold 7,641,804 Shares of beneficial interest sold 3,974,332 Interest and dividends 2,119,137 Other 29,466 --------------- Total assets 4,158,362,284 ------------------------------------------------------------------------------------------------- LIABILITIES ------------------------------------------------------------------------------------------------- Return of collateral for securities loaned 778,954,498 ------------------------------------------------------------------------------------------------- Payables and other liabilities: Investments purchased 25,315,600 Shares of beneficial interest redeemed 4,350,761 Distribution and service plan fees 1,834,876 Transfer and shareholder servicing agent fees 712,191 Shareholder communications 365,125 Trustees' compensation 38,523 Other 115,499 --------------- Total liabilities 811,687,073 ------------------------------------------------------------------------------------------------- NET ASSETS $3,346,675,211 =============== ------------------------------------------------------------------------------------------------- COMPOSITION OF NET ASSETS ------------------------------------------------------------------------------------------------- Par value of shares of beneficial interest $ 164,745 ------------------------------------------------------------------------------------------------- Additional paid-in capital 2,702,514,974 ------------------------------------------------------------------------------------------------- Accumulated net investment loss (5,212,770) ------------------------------------------------------------------------------------------------- Accumulated net realized gain on investments and foreign currency transactions 88,980,342 ------------------------------------------------------------------------------------------------- Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies 560,227,920 --------------- NET ASSETS $3,346,675,211 ===============
44 | OPPENHEIMER MAIN STREET SMALL CAP FUND
----------------------------------------------------------------------------------------------- NET ASSET VALUE PER SHARE ----------------------------------------------------------------------------------------------- Class A Shares: Net asset value and redemption price per share (based on net assets of $1,868,260,388 and 90,559,617 shares of beneficial interest outstanding) $20.63 Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) $21.89 ----------------------------------------------------------------------------------------------- Class B Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $501,759,888 and 25,766,738 shares of beneficial interest outstanding) $19.47 ----------------------------------------------------------------------------------------------- Class C Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $525,243,150 and 26,890,270 shares of beneficial interest outstanding) $19.53 ----------------------------------------------------------------------------------------------- Class N Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $153,325,546 and 7,555,790 shares of beneficial interest outstanding) $20.29 ----------------------------------------------------------------------------------------------- Class Y Shares: Net asset value, redemption price and offering price per share (based on net assets of $298,086,239 and 13,972,532 shares of beneficial interest outstanding) $21.33
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 45 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF OPERATIONS Unaudited -------------------------------------------------------------------------------- For the Six Months Ended December 31, 2005 -------------------------------------------------------------------------------- INVESTMENT INCOME -------------------------------------------------------------------------------- Dividends (net of foreign withholding taxes of $118,688) $ 14,746,035 -------------------------------------------------------------------------------- Portfolio lending fees 1,287,108 -------------------------------------------------------------------------------- Interest 812,807 -------------------------------------------------------------------------------- Other income 63,068 ------------- Total investment income 16,909,018 -------------------------------------------------------------------------------- EXPENSES -------------------------------------------------------------------------------- Management fees 9,889,437 -------------------------------------------------------------------------------- Distribution and service plan fees: Class A 2,145,127 Class B 2,550,953 Class C 2,524,018 Class N 363,970 -------------------------------------------------------------------------------- Transfer and shareholder servicing agent fees: Class A 2,351,901 Class B 722,883 Class C 580,856 Class N 273,527 Class Y 37,450 -------------------------------------------------------------------------------- Shareholder communications: Class A 154,728 Class B 95,026 Class C 56,242 Class N 6,201 Class Y 36 -------------------------------------------------------------------------------- Trustees' compensation 23,376 -------------------------------------------------------------------------------- Custodian fees and expenses 18,527 -------------------------------------------------------------------------------- Administration service fees 750 -------------------------------------------------------------------------------- Other 119,183 -------------------------------------------------------------------------------- Total expenses 21,914,191 Less reduction to custodian expenses (3,720) Less waivers and reimbursements of expenses (18,066) ------------- Net expenses 21,892,405 -------------------------------------------------------------------------------- NET INVESTMENT LOSS (4,983,387) 46 | OPPENHEIMER MAIN STREET SMALL CAP FUND ---------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN ---------------------------------------------------------------------------------------- Net realized gain on: Investments $213,317,002 Foreign currency transactions 911,285 ------------- Net realized gain 214,228,287 ---------------------------------------------------------------------------------------- Net change in unrealized appreciation on: Investments 66,930,040 Translation of assets and liabilities denominated in foreign currencies 1,235,229 ------------- Net change in unrealized appreciation 68,165,269 ---------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $277,410,169 =============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 47 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENTS OF CHANGES IN NET ASSETS --------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED ENDED DECEMBER 31, 2005 JUNE 30, (UNAUDITED) 2005 --------------------------------------------------------------------------------------------- OPERATIONS --------------------------------------------------------------------------------------------- Net investment loss $ (4,983,387) $ (11,564,146) --------------------------------------------------------------------------------------------- Net realized gain 214,228,287 249,472,058 --------------------------------------------------------------------------------------------- Net change in unrealized appreciation 68,165,269 80,889,536 ---------------------------------- Net increase in net assets resulting from operations 277,410,169 318,797,448 --------------------------------------------------------------------------------------------- DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS --------------------------------------------------------------------------------------------- Distributions from net realized gain: Class A (123,394,884) (125,319,501) Class B (35,376,313) (49,474,404) Class C (36,692,649) (43,432,706) Class N (10,529,852) (10,035,672) Class Y (18,625,659) (5,774,095) --------------------------------------------------------------------------------------------- BENEFICIAL INTEREST TRANSACTIONS --------------------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from beneficial interest transactions: Class A 281,347,541 330,405,181 Class B (17,501,867) 17,405,073 Class C 45,581,112 59,944,813 Class N 21,511,199 41,110,533 Class Y 63,263,875 205,189,367 --------------------------------------------------------------------------------------------- NET ASSETS --------------------------------------------------------------------------------------------- Total increase 446,992,672 738,816,037 --------------------------------------------------------------------------------------------- Beginning of period 2,899,682,539 2,160,866,502 ---------------------------------- End of period (including accumulated net investment loss of $5,212,770 and $229,383, respectively) $3,346,675,211 $2,899,682,539 ==================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 48 | OPPENHEIMER MAIN STREET SMALL CAP FUND FINANCIAL HIGHLIGHTS --------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED ENDED DECEMBER 31, 2005 JUNE 30, CLASS A (UNAUDITED) 2005 2004 2003 2002 2001 ------------------------------------------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, beginning of period $ 20.17 $ 19.52 $ 14.78 $ 15.12 $ 15.02 $ 14.77 ------------------------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment loss (.01) 1 (.04) 1 (.10) (.08) (.08) (.08) Net realized and unrealized gain (loss) 1.94 2.65 4.84 (.26) .19 1.12 ----------------------------------------------------------------------------------- Total from investment operations 1.93 2.61 4.74 (.34) .11 1.04 ------------------------------------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Distributions from net realized gain (1.47) (1.96) -- -- (.01) (.79) ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 20.63 $ 20.17 $ 19.52 $ 14.78 $ 15.12 $ 15.02 =================================================================================== ------------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 2 9.51% 13.82% 32.07% (2.25)% 0.71% 7.66% ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA ------------------------------------------------------------------------------------------------------------------------------------ Net assets, end of period (in thousands) $1,868,260 $1,557,307 $1,177,389 $584,052 $512,337 $294,780 ------------------------------------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $1,719,966 $1,325,846 $ 904,397 $490,057 $386,221 $205,916 ------------------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets: 3 Net investment loss (0.10)% (0.20)% (0.42)% (0.59)% (0.50)% (0.60)% Total expenses 1.17% 1.19% 1.17% 1.39% 1.37% 1.28% Expenses after payments and waivers and reduction to custodian expenses 1.17% 1.19% 1.17% 1.36% 1.37% 1.28% ------------------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 57% 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. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 49 | OPPENHEIMER MAIN STREET SMALL CAP FUND
SIX MONTHS YEAR ENDED ENDED DECEMBER 31, 2005 JUNE 30, CLASS B (UNAUDITED) 2005 2004 2003 2002 2001 --------------------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA --------------------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 19.19 $ 18.79 $ 14.35 $ 14.79 $ 14.80 $ 14.68 --------------------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment loss (.09) 1 (.18) 1 (.20) (.14) (.12) (.14) Net realized and unrealized gain (loss) 1.84 2.54 4.64 (.30) .12 1.05 ----------------------------------------------------------------------------- Total from investment operations 1.75 2.36 4.44 (.44) -- .91 --------------------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Distributions from net realized gain (1.47) (1.96) -- -- (.01) (.79) --------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 19.47 $ 19.19 $ 18.79 $ 14.35 $ 14.79 $ 14.80 ============================================================================= --------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 2 9.05% 12.98% 30.94% (2.98)% (0.02)% 6.79% --------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA --------------------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $501,760 $510,183 $482,028 $330,174 $285,102 $177,479 --------------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $506,289 $490,050 $432,160 $268,057 $218,939 $128,350 --------------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment loss (0.89)% (0.98)% (1.26)% (1.34)% (1.25)% (1.36)% Total expenses 1.96% 1.97% 2.01% 2.21% 2.12% 2.05% Expenses after payments and waivers and reduction to custodian expenses 1.96% 1.97% 2.01% 2.11% 2.12% 2.05% --------------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 57% 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. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 50 | OPPENHEIMER MAIN STREET SMALL CAP FUND
SIX MONTHS YEAR ENDED ENDED DECEMBER 31, 2005 JUNE 30, CLASS C (UNAUDITED) 2005 2004 2003 2002 2001 ------------------------------------------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA Net asset value, beginning of period $ 19.24 $ 18.82 $ 14.36 $ 14.79 $ 14.81 $ 14.68 ------------------------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment loss (.08) 1 (.17) 1 (.17) (.13) (.10) (.13) Net realized and unrealized gain (loss) 1.84 2.55 4.63 (.30) .09 1.05 --------------------------------------------------------------------------------- Total from investment operations 1.76 2.38 4.46 (.43) (.01) .92 ------------------------------------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Distributions from net realized gain (1.47) (1.96) -- -- (.01) (.79) ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 19.53 $ 19.24 $ 18.82 $ 14.36 $ 14.79 $ 14.81 ================================================================================= ------------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 2 9.08% 13.07% 31.06% (2.91)% (0.09)% 6.86% ------------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA ------------------------------------------------------------------------------------------------------------------------------------ Net assets, end of period (in thousands) $525,243 $473,099 $402,056 $238,717 $186,108 $89,814 ------------------------------------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $501,120 $433,888 $340,201 $186,380 $127,393 $60,762 ------------------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets: 3 Net investment loss (0.82)% (0.91)% (1.17)% (1.30)% (1.23)% (1.36)% Total expenses 1.89% 4 1.90% 4,5 1.91% 4,5 2.07% 4 2.12% 4 2.05% 4 ------------------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 57% 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. 51 | OPPENHEIMER MAIN STREET SMALL CAP FUND
SIX MONTHS YEAR ENDED ENDED DECEMBER 31, 2005 JUNE 30, CLASS N (UNAUDITED) 2005 2004 2003 2002 2001 1 ------------------------------------------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, beginning of period $ 19.90 $ 19.33 $ 14.69 $ 15.05 $ 15.00 $13.53 ------------------------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment loss (.04) 2 (.10) 2 (.14) (.11) (.12) (.02) Net realized and unrealized gain (loss) 1.90 2.63 4.78 (.25) .18 1.49 --------------------------------------------------------------------------------- Total from investment operations 1.86 2.53 4.64 (.36) .06 1.47 ------------------------------------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Distributions from net realized gain (1.47) (1.96) -- -- (.01) -- ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 20.29 $ 19.90 $ 19.33 $ 14.69 $ 15.05 $15.00 ================================================================================= ------------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 3 9.28% 13.53% 31.59% (2.39)% 0.38% 10.87% ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA ------------------------------------------------------------------------------------------------------------------------------------ Net assets, end of period (in thousands) $153,326 $129,631 $84,678 $41,474 $14,557 $995 ------------------------------------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $144,597 $105,497 $65,107 $24,417 $ 5,924 $445 ------------------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets: 4 Net investment loss (0.42)% (0.50)% (0.77)% (0.83)% (0.66)% (0.76)% Total expenses 1.52% 1.54% 1.61% 1.64% 1.65% 1.59% Expenses after payments and waivers and reduction to custodian expenses 1.49% 1.50% 1.52% 1.60% 1.65% 1.59% ------------------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 57% 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. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 52 | OPPENHEIMER MAIN STREET SMALL CAP FUND
SIX MONTHS YEAR ENDED ENDED DECEMBER 31, 2005 JUNE 30, CLASS Y (UNAUDITED) 2005 2004 2003 2002 2001 ------------------------------------------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, beginning of period $ 20.76 $ 19.94 $ 15.03 $15.27 $15.11 $14.82 ------------------------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment income (loss) .04 1 .08 1 (.03) (.07) (.10) (.05) Net realized and unrealized gain (loss) 2.00 2.70 4.94 (.17) .27 1.13 ------------------------------------------------------------------------------ Total from investment operations 2.04 2.78 4.91 (.24) .17 1.08 ------------------------------------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Distributions from net realized gain (1.47) (1.96) -- -- (.01) (.79) ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 21.33 $ 20.76 $ 19.94 $15.03 $15.27 $15.11 ============================================================================== ------------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 2 9.77% 14.41% 32.67% (1.57)% 1.11% 7.90% ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA ------------------------------------------------------------------------------------------------------------------------------------ Net assets, end of period (in thousands) $298,086 $229,463 $14,714 $7,637 $1,619 $ 2 ------------------------------------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $260,167 $ 84,470 $11,428 $3,460 $ 813 $ 2 ------------------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets: 3 Net investment income (loss) 0.41% 0.39% 0.06% 0.00% 0.01% (0.23)% Total expenses 0.67% 0.69% 0.70% 0.79% 0.97% 0.89% Expenses after payments and waivers and reduction to custodian expenses 0.67% 0.69% 0.70% 0.79% 0.93% 0.89% ------------------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 57% 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. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 53 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS Unaudited -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Oppenheimer Main Street Small Cap Fund (the Fund) is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund's investment objective is to seek capital appreciation. The Fund's investment advisor is OppenheimerFunds, Inc. (the Manager). The Fund offers Class A, Class B, Class C, Class N and Class Y shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class B, Class C and Class N shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (CDSC). Class N shares are sold only through retirement plans. Retirement plans that offer Class N shares may impose charges on those accounts. Class Y shares are sold to certain institutional investors without either a front-end sales charge or a CDSC, however, the institutional investor may impose charges on those accounts. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B, C and N have separate distribution and/or service plans. No such plan has been adopted for Class Y shares. Class B shares will automatically convert to Class A shares six years after the date of purchase. The following is a summary of significant accounting policies consistently followed by the Fund. -------------------------------------------------------------------------------- SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of The New York Stock Exchange (the Exchange), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Securities may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities listed or traded on National Stock Exchanges or other domestic exchanges are valued based on the last sale price of the security traded on that exchange prior to the time when the Fund's assets are valued. Securities traded on NASDAQ are valued based on the closing price provided by NASDAQ prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the closing "bid" and "asked" prices, and if not, at the closing bid price. Securities traded on foreign exchanges are valued based on the last sale price on the principal exchange on which the security is traded, in the country that is identified by the portfolio pricing service, prior to the time when the Fund's assets are valued. In the absence of a sale, the security is valued at the official closing price on the principal exchange. 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 54 | OPPENHEIMER MAIN STREET SMALL CAP FUND Fund's assets are valued. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value. Foreign and domestic securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund's assets are valued but after the close of their respective exchanges will be fair valued. Fair value is determined in good faith using consistently applied procedures under the supervision of the Board of Trustees. Short-term "money market type" debt securities with remaining maturities of sixty days or less are valued at amortized cost (which approximates market value). -------------------------------------------------------------------------------- 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. 55 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS Unaudited / Continued -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued FEDERAL TAXES. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders, therefore, no federal income or excise tax provision is required. 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. -------------------------------------------------------------------------------- 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 to the extent they are not offset by positive cash balances maintained by the Fund. 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. 56 | 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:
SIX MONTHS ENDED DECEMBER 31, 2005 YEAR ENDED JUNE 30, 2005 SHARES AMOUNT SHARES AMOUNT ------------------------------------------------------------------------------------------------------- CLASS A Sold 16,414,576 $ 346,794,127 29,883,300 $ 581,531,206 Dividends and/or distributions reinvested 5,536,114 115,206,284 6,060,495 117,210,057 Redeemed (8,582,649) (180,652,870) (19,074,602) (368,336,082) ------------------------------------------------------------------- Net increase 13,368,041 $ 281,347,541 16,869,193 $ 330,405,181 ==================================================================== ------------------------------------------------------------------------------------------------------- CLASS B Sold 1,277,635 $ 25,546,932 3,932,600 $ 73,132,885 Dividends and/or distributions reinvested 1,686,608 33,158,769 2,487,110 45,961,791 Redeemed (3,781,445) (76,207,568) (5,486,270) (101,689,603) ------------------------------------------------------------------- Net increase (decrease) (817,202) $ (17,501,867) 933,440 $ 17,405,073 =================================================================== ------------------------------------------------------------------------------------------------------- CLASS C Sold 2,859,819 $ 57,283,953 6,186,055 $ 115,132,419 Dividends and/or distributions reinvested 1,629,062 32,125,021 2,070,707 38,349,492 Redeemed (2,187,613) (43,827,862) (5,028,179) (93,537,098) ------------------------------------------------------------------- Net increase 2,301,268 $ 45,581,112 3,228,583 $ 59,944,813 =================================================================== ------------------------------------------------------------------------------------------------------- CLASS N Sold 1,543,248 $ 32,029,717 3,124,670 $ 60,311,468 Dividends and/or distributions reinvested 490,823 10,052,147 506,098 9,671,541 Redeemed (993,188) (20,570,665) (1,496,199) (28,872,476) ------------------------------------------------------------------- Net increase 1,040,883 $ 21,511,199 2,134,569 $ 41,110,533 =================================================================== ------------------------------------------------------------------------------------------------------- CLASS Y Sold 3,265,675 $ 70,656,114 11,241,374 $ 223,482,775 Dividends and/or distributions reinvested 864,309 18,599,939 290,730 5,773,899 Redeemed (1,208,393) (25,992,178) (1,218,969) (24,067,307) ------------------------------------------------------------------- Net increase 2,921,591 $ 63,263,875 10,313,135 $ 205,189,367 ===================================================================
57 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS Unaudited / Continued -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 3. PURCHASES AND SALES OF SECURITIES The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the six months ended December 31, 2005, were as follows: PURCHASES SALES -------------------------------------------------------------------------------- Investment securities $1,943,277,691 $1,751,305,917 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES MANAGEMENT FEES. Effective January 1, 2006, 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, 0.60% of the next $4.2 billion and 0.58% of average annual net assets in excess of $5 billion. Prior to January 1, 2006, the Fund provided 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 SERVICE FEES. The Fund pays the Manager a fee of $1,500 per year for preparing and filing the Fund's tax returns. -------------------------------------------------------------------------------- TRANSFER AGENT FEES. OppenheimerFunds Services (OFS), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the six months ended December 31, 2005, the Fund paid $3,866,722 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 periodically 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 periodically for providing personal services and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent years. Fees incurred by the Fund under the plan are detailed in the Statement of Operations. 58 | OPPENHEIMER MAIN STREET SMALL CAP FUND -------------------------------------------------------------------------------- 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% on Class B and Class C shares and 0.25% on Class N shares. The Distributor also receives a service fee of 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 December 31, 2005 for Class B, Class C and Class N shares were $4,777,727, $5,245,367 and $1,498,802, respectively. Fees incurred by the Fund under the plans are detailed in the Statement of Operations. -------------------------------------------------------------------------------- SALES CHARGES. Front-end sales charges and contingent deferred sales charges (CDSC) do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the table below for the period indicated.
CLASS A CLASS B CLASS C CLASS N CLASS A CONTINGENT CONTINGENT CONTINGENT CONTINGENT FRONT-END SALES DEFERRED SALES DEFERRED SALES DEFERRED SALES DEFERRED SALES CHARGES CHARGES CHARGES CHARGES CHARGES SIX MONTHS RETAINED BY RETAINED BY RETAINED BY RETAINED BY RETAINED BY ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR -------------------------------------------------------------------------------------------------------------- December 31, 2005 $506,974 $-- $320,829 $25,047 $54,940 --------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------- 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 six months ended December 31, 2005, OFS waived $18,066 for Class N shares. This undertaking may be amended or withdrawn at any time. -------------------------------------------------------------------------------- 5. FOREIGN CURRENCY CONTRACTS A foreign currency contract is a commitment to purchase or sell a foreign currency at a future date, at a negotiated rate. The Fund may enter into foreign currency contracts to settle specific purchases or sales of securities denominated in a foreign currency and for protection from adverse exchange rate fluctuation. Risks to the Fund include the potential inability of the counterparty to meet the terms of the contract. The net U.S. dollar value of foreign currency underlying all contractual commitments held by the Fund and the resulting unrealized appreciation or depreciation are determined using prevailing foreign currency exchange rates. Unrealized appreciation and 59 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS Unaudited / Continued -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 5. FOREIGN CURRENCY CONTRACTS Continued 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 December 31, 2005, the Fund had no outstanding foreign currency contracts. -------------------------------------------------------------------------------- 6. ILLIQUID OR RESTRICTED SECURITIES As of December 31, 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:
VALUATION AS OF ACQUISITION DECEMBER 31, UNREALIZED SECURITY DATES COST 2005 APPRECIATION --------------------------------------------------------------------------------------------- Mission Oil & Gas, Inc. 1/18/05 $426,484 $ 504,220 $ 77,736 Tusk Energy Corp. 11/15/04 492,524 1,197,041 704,517 --------------------------------------------- $919,008 $1,701,261 $782,253 =============================================
-------------------------------------------------------------------------------- 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 U.S. Treasury obligations or cash, against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the funds and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and cost in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The Fund retains a portion of the interest earned from the collateral. The Fund continues to receive the economic benefit of interest or dividends paid on the securities loaned in 60 | OPPENHEIMER MAIN STREET SMALL CAP FUND -------------------------------------------------------------------------------- the form of a substitute payment received from the borrower. As of December 31, 2005, the Fund had on loan securities valued at $757,506,775. Collateral of $784,240,574 was received for the loans, of which $778,954,498 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. 61 | 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. 62 | 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 investment advisory agreement (the "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 Agreement. The Board employs an independent consultant to prepare a report that provides information, including comparative information, that the Board requests for that purpose. In addition, the Board receives information throughout the year regarding Fund services, fees, expenses and performance. The Manager and the independent consultant provided information to the Board on the following factors: (i) the nature, quality and extent of the Manager's services, (ii) the investment performance of the Fund and the Manager, (iii) the fees and expenses of the Fund, including comparative expense information, (iv) the profitability of the Manager, including an analysis of the cost of providing services, (v) whether economies of scale are realized as the Fund grows and whether fee levels reflect these economies of scale for Fund investors and (vi) other benefits to the Manager from its relationship with the Fund. Outlined below is a summary of the principal information considered by the Board as well as the Board's conclusions. NATURE, QUALITY, AND EXTENT OF SERVICES. The Board considered information on the nature and extent of the services provided to the Fund and information regarding the Manager's key personnel that provide such services. The Manager's duties include providing the Fund with 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; securities trading services; oversight of third party service providers; monitoring compliance with applicable Fund policies and procedures and adherence to the Fund's investment restrictions. The Manager is responsible for providing certain administrative services to the Fund as well. Those services include providing and supervising all administrative and clerical personnel that are necessary in order to provide effective corporate administration for the Fund; compiling and maintaining records with respect to the Fund's operations; preparing and filing reports required by the Securities and Exchange Commission; preparing periodic reports regarding the operations of the Fund for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by Federal and state securities laws for the sale of the Fund's shares. The Manager also provides the Fund with office space, facilities and equipment. 63 | OPPENHEIMER MAIN STREET SMALL CAP FUND BOARD APPROVAL OF THE TRUST'S INVESTMENT ADVISORY AGREEMENT Unaudited / Continued -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 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 took account of the fact 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 has received regarding the experience and professional qualifications of the Manager's key personnel and the size and functions of its staff providing investment management services to the Fund. The Board also considered compliance reports from the Fund's Chief Compliance Officer. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Nikolaos Monoyios and Mark Zavanelli and the Manager's Main Street investment team and analysts. Messrs. Monoyios and Zavanelli have had over 28 and 14 years of experience managing equity and international investments. The Board members also considered the totality of their experiences with the Manager, as directors or trustees of the Fund and other funds advised by the Manager. In light of the foregoing, the Board concluded that the Fund benefits from the services provided under the Agreement as a result of the Manager's experience, reputation, personnel, operations, and resources. INVESTMENT PERFORMANCE OF THE MANAGER AND THE FUND. During the year, the Manager provided information on the performance of the Fund and the Manager at each Board meeting, including comparative performance information. 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 (including both funds advised by the Manager and funds advised by other investment advisers). The Board noted that the Fund's one-year, three-year and five-year performance were all better than its peer group median. COSTS OF SERVICES AND PROFITS REALIZED BY THE MANAGER. The Board considered information regarding the Manager's costs in serving as the Fund's investment adviser, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Manager's profitability from its relationship with the Fund. The Board reviewed the fees paid to the Manager and the other expenses borne by the Fund. The Board also evaluated the comparability of the fees charged and the services provided to the Fund to the fees and services for other clients or accounts advised by the Manager. 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 contractual 64 | OPPENHEIMER MAIN STREET SMALL CAP FUND and actual management fees and its total expenses are all lower than its peer group median and average. ECONOMIES OF SCALE. The Board considered whether the Manager may realize economies of scale in managing and supporting the Fund, whether those economies of scale benefit the Fund's shareholders and the current level of Fund assets in relation to the Fund's management fee breakpoints, which are intended to share with shareholders economies of scale that may exist as the Fund grows. Based on this evaluation, the Manager agreed to a revised breakpoint schedule that, effective January 1, 2006, reduced the management fee on average annual net assets over $5 billion to 0.58%. OTHER BENEFITS TO THE MANAGER. In addition to considering the profits realized by the Manager, 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). The Board also considered the nature and quality of services provided by affiliates of the Manager, which it reviews at other times during the year in connection with the renewal of the Fund's service agreements. 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. 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, decided 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. 65 | OPPENHEIMER MAIN STREET SMALL CAP FUND ITEM 2. CODE OF ETHICS. Not applicable to semiannual reports. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable to semiannual reports. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable to semiannual reports. ITEM 5. 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 FUND'S GOVERNANCE COMMITTEE PROVISIONS WITH RESPECT TO NOMINATIONS OF DIRECTORS/TRUSTEES TO THE RESPECTIVE BOARDS 1. The Fund's 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 December 31, 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 have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 12. EXHIBITS. (a) (1) Not applicable to semiannual reports. (2) Exhibits attached hereto. (3) Not applicable. (b) Exhibit attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Oppenheimer Main Street Small Cap Fund By: /s/ John V. Murphy ------------------ John V. Murphy Principal Executive Officer Date: February 14, 2006 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: February 14, 2006 By: /s/ Brian W. Wixted ------------------- Brian W. Wixted Principal Financial Officer Date: February 14, 2006