-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, AdsK1ELWZfcDdcGk681fcDDG6goHAqQdHSBpddY//3N5NjfsAv+9pNPktQZXoE8Y xkpIbIoxozvYCLp/STzynw== 0000935069-06-002261.txt : 20060823 0000935069-06-002261.hdr.sgml : 20060823 20060823121708 ACCESSION NUMBER: 0000935069-06-002261 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20060630 FILED AS OF DATE: 20060823 DATE AS OF CHANGE: 20060823 EFFECTIVENESS DATE: 20060823 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER MAIN STREET SMALL CAP FUND CENTRAL INDEX KEY: 0001086165 IRS NUMBER: 841501338 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-09333 FILM NUMBER: 061050304 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: N/A CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 303-768-3200 MAIL ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: N/A CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 0001086165 S000008470 OPPENHEIMER MAIN STREET SMALL CAP FUND C000023216 A C000023217 B C000023218 C C000023219 N C000023220 Y N-CSR 1 ra847_33648ncsr.txt RA847_33648NCSR 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 Date of reporting period: 06/30/2006 ITEM 1. REPORTS TO STOCKHOLDERS. TOP HOLDINGS AND ALLOCATIONS - -------------------------------------------------------------------------------- TOP TEN COMMON STOCK INDUSTRIES - -------------------------------------------------------------------------------- Specialty Retail 6.1% - -------------------------------------------------------------------------------- Insurance 4.7 - -------------------------------------------------------------------------------- Oil & Gas 4.6 - -------------------------------------------------------------------------------- Machinery 4.6 - -------------------------------------------------------------------------------- Metals & Mining 4.3 - -------------------------------------------------------------------------------- Software 4.0 - -------------------------------------------------------------------------------- Energy Equipment & Services 4.0 - -------------------------------------------------------------------------------- Commercial Services & Supplies 3.9 - -------------------------------------------------------------------------------- Hotels, Restaurants & Leisure 3.6 - -------------------------------------------------------------------------------- Semiconductors & Semiconductor Equipment 3.4 Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2006, and are based on net assets. TOP TEN COMMON STOCK HOLDINGS - -------------------------------------------------------------------------------- Steel Dynamics, Inc. 0.4% - -------------------------------------------------------------------------------- Continental Airlines, Inc., Cl. B 0.4 - -------------------------------------------------------------------------------- Payless ShoeSource, Inc. 0.4 - -------------------------------------------------------------------------------- Reliance Steel & Aluminum Co. 0.3 - -------------------------------------------------------------------------------- Transaction Systems Architects, Inc., Cl. A 0.3 - -------------------------------------------------------------------------------- Veritas DGC, Inc. 0.3 - -------------------------------------------------------------------------------- Flowserve Corp. 0.3 - -------------------------------------------------------------------------------- Wabtec Corp. 0.3 - -------------------------------------------------------------------------------- Polycom, Inc. 0.3 - -------------------------------------------------------------------------------- Cymer, Inc. 0.3 Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2006, and are based on net assets. For up-to-date Top 10 Fund holdings, please visit www.oppenheimerfunds.com. 7 | OPPENHEIMER MAIN STREET SMALL CAP FUND TOP HOLDINGS AND ALLOCATIONS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SECTOR ALLOCATION [THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.] Industrials 19.5% Information Technology 19.0 Consumer Discretionary 18.0 Financials 13.8 Energy 8.7 Materials 8.3 Health Care 6.9 Consumer Staples 2.8 Utilities 2.1 Telecommunication Services 0.9 Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2006, and are based on the total market value of common stocks. - -------------------------------------------------------------------------------- 8 | OPPENHEIMER MAIN STREET SMALL CAP FUND FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- HOW HAS THE FUND PERFORMED? BELOW IS A DISCUSSION BY OPPENHEIMERFUNDS, INC., OF THE FUND'S PERFORMANCE DURING ITS FISCAL YEAR ENDED JUNE 30, 2006, FOLLOWED BY A GRAPHICAL COMPARISON OF THE FUND'S PERFORMANCE TO AN APPROPRIATE BROAD-BASED MARKET INDEX. MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE. For the 12-month period ended June 30, 2006, Oppenheimer Main Street Small Cap Fund produced total returns that were greater than that of its benchmark, the Russell 2000 Index, and higher than the average return of the funds reported in its peer group, the Lipper Small-Cap Core Fund Index. We attribute these results to the Fund's security selection process, which produced above-average returns in eight of the benchmark's ten economic sectors. Only the telecommunications and consumers staples areas, the smallest components of the benchmark, produced slightly lagging results. Strong returns from the Fund's security selection process were offset to a modest degree by its mild emphasis on stocks with market capitalizations toward the higher end of the small-cap range. However, this bias toward mid-cap stocks helped shelter the Fund from the full brunt of the market downturn that occurred during the final weeks of the reporting period. Our security selection process identified a number of opportunities among energy, materials and industrials stocks, leading us to establish mildly overweighted positions in those sectors, which fared particularly well in the expanding U.S. and global economies. Conversely, our statistical models found relatively few stocks meeting our criteria in the utilities, health care and financials sectors, enabling the Fund to participate more lightly than the benchmark in the lagging results they produced. The Fund's individual holdings in the industrials, health care and utilities areas produced some of the reporting period's more attractive returns, further supporting relative performance. We increased the Fund's exposure to information technology stocks from an underweighted position to one that was roughly in line with the benchmark. As of the end of the reporting period, our models have produced stronger signals indicating to us that mid-cap stocks generally have become more attractive than micro-cap stocks. Accordingly, we have increased the Fund's average weighted market capitalization. However, as of June 30, 2006, the Fund remained broadly diversified across 1,216 individual stocks representing all 10 of the benchmark's economic sectors. In our judgment, maintaining a broadly diversified, fully invested portfolio of stocks from all economic sectors is an effective way to manage the risks of small-cap investing. COMPARING THE FUND'S PERFORMANCE TO THE MARKET. The graphs that follow show the performance of a hypothetical $10,000 investment in each class of shares of the Fund held until June 30, 2006. In the case of Class A, Class B, Class C and Class Y shares, performance is measured from inception of the classes on August 2, 1999. In the case of Class N 9 | OPPENHEIMER MAIN STREET SMALL CAP FUND FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- shares, performance is measured from inception of the class on March 1, 2001. The Fund's performance reflects the deduction of the maximum initial sales charge on Class A shares, the applicable contingent deferred sales charge on Class B, Class C and Class N shares, and reinvestments of all dividends and capital gains distributions. Past performance cannot guarantee future results. The Fund's performance is compared to the performance of the Russell 2000 Index and the Lipper Small-Cap Core Fund Index. The Russell 2000 Index is an unmanaged index of small-capitalization stocks. The Lipper Small-Cap Core Fund category includes the 30 largest mutual funds within the investment category as defined by Lipper. Index performance reflects the reinvestment of income but does not consider the effect of transaction costs, and none of the data in the graphs shows the effect of taxes. The Fund's performance reflects the effects of the Fund's business and operating expenses. While index comparisons may be useful to provide a benchmark for the Fund's performance, it must be noted that the Fund's investments are not limited to the investments in the index. 10 | OPPENHEIMER MAIN STREET SMALL CAP FUND CLASS A SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: Oppenheimer Main Street Small Cap Fund (Class A) Russell 2000 Index Lipper Small-Cap Core Fund Index [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.] Oppenheimer Main Russell 2000 Lipper Small-Cap Street Small Cap Index Core Fund Fund (Class A) Index 08/02/1999 9,425 10,000 10,000 09/30/1999 9,557 9,632 9,626 12/31/1999 12,125 11,409 11,450 03/31/2000 12,994 12,217 12,632 06/30/2000 13,947 11,755 12,430 09/30/2000 14,608 11,885 12,779 12/31/2000 13,356 11,064 12,244 03/31/2001 12,916 10,344 11,313 06/30/2001 15,015 11,822 13,051 09/30/2001 12,756 9,364 10,768 12/31/2001 15,082 11,339 13,117 03/31/2002 15,562 11,791 13,585 06/30/2002 15,122 10,806 12,406 09/30/2002 12,572 8,493 10,014 12/31/2002 12,672 9,016 10,594 03/31/2003 12,162 8,611 10,047 06/30/2003 14,782 10,629 12,113 09/30/2003 16,123 11,593 12,997 12/31/2003 18,563 13,277 14,928 03/31/2004 19,493 14,108 15,838 06/30/2004 19,523 14,175 16,086 09/30/2004 19,313 13,770 15,856 12/31/2004 22,122 15,711 17,669 03/31/2005 21,494 14,872 17,116 06/30/2005 22,222 15,514 17,641 09/30/2005 23,577 16,242 18,693 12/31/2005 24,335 16,426 19,005 03/31/2006 27,438 18,716 21,212 06/30/2006 26,270 17,775 20,202 AVERAGE ANNUAL TOTAL RETURNS OF CLASS A SHARES WITH SALES CHARGE OF THE FUND AT 6/30/06 1-Year 11.42% 5-Year 10.52% Since Inception (8/2/99) 15.00% THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM, OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE, REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE: FOR CLASS A SHARES, THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 5.75%; FOR CLASS B SHARES, THE CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR); AND FOR CLASS C AND N SHARES, THE CONTINGENT 1% DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. THERE IS NO SALES CHARGE FOR CLASS Y SHARES. BECAUSE CLASS B SHARES CONVERT TO CLASS A SHARES 72 MONTHS AFTER PURCHASE, THE "SINCE INCEPTION" RETURN FOR CLASS B DOES NOT INCLUDE ANY CONTINGENT SALES CHARGES ON REDEMPTION AND USES CLASS A PERFORMANCE FOR THE PERIOD AFTER CONVERSION. SEE PAGE 16 FOR FURTHER INFORMATION. 11 | OPPENHEIMER MAIN STREET SMALL CAP FUND FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- CLASS B SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: Oppenheimer Main Street Small Cap Fund (Class B) Russell 2000 Index Lipper Small-Cap Core Fund Index [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.] Oppenheimer Main Russell 2000 Lipper Small-Cap Street Small Cap Index Core Fund Fund (Class B) Index 08/02/1999 10,000 10,000 10,000 09/30/1999 10,130 9,632 9,626 12/31/1999 12,824 11,409 11,450 03/31/2000 13,726 12,217 12,632 06/30/2000 14,708 11,755 12,430 09/30/2000 15,369 11,885 12,779 12/31/2000 14,020 11,064 12,244 03/31/2001 13,531 10,344 11,313 06/30/2001 15,707 11,822 13,051 09/30/2001 13,319 9,364 10,768 12/31/2001 15,725 11,339 13,117 03/31/2002 16,193 11,791 13,585 06/30/2002 15,704 10,806 12,406 09/30/2002 13,028 8,493 10,014 12/31/2002 13,113 9,016 10,594 03/31/2003 12,561 8,611 10,047 06/30/2003 15,237 10,629 12,113 09/30/2003 16,585 11,593 12,997 12/31/2003 19,049 13,277 14,928 03/31/2004 19,962 14,108 15,838 06/30/2004 19,951 14,175 16,086 09/30/2004 19,707 13,770 15,856 12/31/2004 22,530 15,711 17,669 03/31/2005 21,837 14,872 17,116 06/30/2005 22,541 15,514 17,641 09/30/2005 23,896 16,242 18,693 12/31/2005 24,665 16,426 19,005 03/31/2006 27,809 18,716 21,212 06/30/2006 26,626 17,775 20,202 AVERAGE ANNUAL TOTAL RETURNS OF CLASS B SHARES WITH SALES CHARGE OF THE FUND AT 6/30/06 1-Year 12.29% 5-Year 10.71% Since Inception (8/2/99) 15.22% 12 | OPPENHEIMER MAIN STREET SMALL CAP FUND CLASS C SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: Oppenheimer Main Street Small Cap Fund (Class C) Russell 2000 Index Lipper Small-Cap Core Fund Index [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.] Oppenheimer Main Russell 2000 Lipper Small-Cap Street Small Cap Index Core Fund Fund (Class C) Index 08/02/1999 10,000 10,000 10,000 09/30/1999 10,130 9,632 9,626 12/31/1999 12,824 11,409 11,450 03/31/2000 13,726 12,217 12,632 06/30/2000 14,708 11,755 12,430 09/30/2000 15,369 11,885 12,779 12/31/2000 14,030 11,064 12,244 03/31/2001 13,541 10,344 11,313 06/30/2001 15,717 11,822 13,051 09/30/2001 13,319 9,364 10,768 12/31/2001 15,725 11,339 13,117 03/31/2002 16,192 11,791 13,585 06/30/2002 15,703 10,806 12,406 09/30/2002 13,038 8,493 10,014 12/31/2002 13,113 9,016 10,594 03/31/2003 12,571 8,611 10,047 06/30/2003 15,247 10,629 12,113 09/30/2003 16,595 11,593 12,997 12/31/2003 19,069 13,277 14,928 03/31/2004 19,993 14,108 15,838 06/30/2004 19,982 14,175 16,086 09/30/2004 19,738 13,770 15,856 12/31/2004 22,571 15,711 17,669 03/31/2005 21,890 14,872 17,116 06/30/2005 22,594 15,514 17,641 09/30/2005 23,921 16,242 18,693 12/31/2005 24,646 16,426 19,005 03/31/2006 27,750 18,716 21,212 06/30/2006 26,514 17,775 20,202 AVERAGE ANNUAL TOTAL RETURNS OF CLASS C SHARES WITH SALES CHARGE OF THE FUND AT 6/30/06 1-Year 16.35% 5-Year 11.02% Since Inception (8/2/99) 15.15% THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM, OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE, REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE: FOR CLASS A SHARES, THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 5.75%; FOR CLASS B SHARES, THE CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR); AND FOR CLASS C AND N SHARES, THE CONTINGENT 1% DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. THERE IS NO SALES CHARGE FOR CLASS Y SHARES. BECAUSE CLASS B SHARES CONVERT TO CLASS A SHARES 72 MONTHS AFTER PURCHASE, THE "SINCE INCEPTION" RETURN FOR CLASS B DOES NOT INCLUDE ANY CONTINGENT SALES CHARGES ON REDEMPTION AND USES CLASS A PERFORMANCE FOR THE PERIOD AFTER CONVERSION. SEE PAGE 16 FOR FURTHER INFORMATION. 13 | OPPENHEIMER MAIN STREET SMALL CAP FUND FUND PERFORMANCE DISCUSSION - -------------------------------------------------------------------------------- CLASS N SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: Oppenheimer Main Street Small Cap Fund (Class N) Russell 2000 Index Lipper Small-Cap Core Fund Index [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.] Oppenheimer Main Russell 2000 Lipper Small-Cap Street Small Cap Index Core Fund Fund (Class N) Index 03/01/2001 10,000 10,000 10,000 03/31/2001 9,542 9,511 9,527 06/30/2001 11,086 10,870 10,991 09/30/2001 9,409 8,610 9,068 12/31/2001 11,121 10,426 11,046 03/31/2002 11,469 10,841 11,440 06/30/2002 11,129 9,935 10,448 09/30/2002 9,258 7,809 8,433 12/31/2002 9,325 8,290 8,922 03/31/2003 8,947 7,918 8,461 06/30/2003 10,863 9,772 10,201 09/30/2003 11,839 10,659 10,945 12/31/2003 13,613 12,207 12,571 03/31/2004 14,286 12,972 13,338 06/30/2004 14,294 13,033 13,546 09/30/2004 14,131 12,661 13,353 12/31/2004 16,178 14,445 14,880 03/31/2005 15,705 13,674 14,414 06/30/2005 16,227 14,264 14,856 09/30/2005 17,198 14,933 15,742 12/31/2005 17,734 15,103 16,004 03/31/2006 19,980 17,208 17,864 06/30/2006 19,115 16,343 17,013 AVERAGE ANNUAL TOTAL RETURNS OF CLASS N SHARES WITH SALES CHARGE OF THE FUND AT 6/30/06 1-Year 16.79% 5-Year 11.51% Since Inception (3/1/01) 12.92% 14 | OPPENHEIMER MAIN STREET SMALL CAP FUND CLASS Y SHARES COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN: Oppenheimer Main Street Small Cap Fund (Class Y) Russell 2000 Index Lipper Small-Cap Core Fund Index [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.] Oppenheimer Main Russell 2000 Lipper Small-Cap Street Small Cap Index Core Fund Fund (Class Y) Index 08/02/1999 10,000 10,000 10,000 09/30/1999 10,140 9,632 9,626 12/31/1999 12,874 11,409 11,450 03/31/2000 13,816 12,217 12,632 06/30/2000 14,848 11,755 12,430 09/30/2000 15,570 11,885 12,779 12/31/2000 14,240 11,064 12,244 03/31/2001 13,784 10,344 11,313 06/30/2001 16,021 11,822 13,051 09/30/2001 13,625 9,364 10,768 12/31/2001 16,135 11,339 13,117 03/31/2002 16,655 11,791 13,585 06/30/2002 16,199 10,806 12,406 09/30/2002 13,504 8,493 10,014 12/31/2002 13,632 9,016 10,594 03/31/2003 13,101 8,611 10,047 06/30/2003 15,944 10,629 12,113 09/30/2003 17,408 11,593 12,997 12/31/2003 20,071 13,277 14,928 03/31/2004 21,100 14,108 15,838 06/30/2004 21,153 14,175 16,086 09/30/2004 20,962 13,770 15,856 12/31/2004 24,037 15,711 17,669 03/31/2005 23,384 14,872 17,116 06/30/2005 24,200 15,514 17,641 09/30/2005 25,704 16,242 18,693 12/31/2005 26,565 16,426 19,005 03/31/2006 30,002 18,716 21,212 06/30/2006 28,757 17,775 20,202 AVERAGE ANNUAL TOTAL RETURNS OF CLASS Y SHARES OF THE FUND AT 6/30/06 1-Year 18.83% 5-Year 12.41% Since Inception (8/2/99) 16.51% THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM, OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE, REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE: FOR CLASS A SHARES, THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 5.75%; FOR CLASS B SHARES, THE CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR); AND FOR CLASS C AND N SHARES, THE CONTINGENT 1% DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. THERE IS NO SALES CHARGE FOR CLASS Y SHARES. BECAUSE CLASS B SHARES CONVERT TO CLASS A SHARES 72 MONTHS AFTER PURCHASE, THE "SINCE INCEPTION" RETURN FOR CLASS B DOES NOT INCLUDE ANY CONTINGENT SALES CHARGES ON REDEMPTION AND USES CLASS A PERFORMANCE FOR THE PERIOD AFTER CONVERSION. SEE PAGE 16 FOR FURTHER INFORMATION. 15 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES - -------------------------------------------------------------------------------- Total returns and the ending account values in the graphs include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Fund's total returns shown do not reflect the deduction of income taxes on an individual's investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares. INVESTORS SHOULD CONSIDER THE FUND'S INVESTMENT OBJECTIVES, RISKS, AND OTHER CHARGES AND EXPENSES CAREFULLY BEFORE INVESTING. THE FUND'S PROSPECTUS CONTAINS THIS AND OTHER INFORMATION ABOUT THE FUND, AND MAY BE OBTAINED BY ASKING YOUR FINANCIAL ADVISOR, CALLING US AT 1.800.525.7048 OR VISITING OUR WEBSITE AT WWW.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). Because Class B shares convert to Class A shares 72 months after purchase, the "since inception" return for Class B does not include any contingent sales charges on redemption and uses Class A performance for the period after conversion. Class B shares are subject to an annual 0.75% asset-based sales charge. CLASS C shares of the Fund were first publicly offered on 8/2/99. Unless otherwise noted Class C returns include the contingent deferred sales charge of 1% for the 1-year period. Class C shares are subject to an annual 0.75% asset-based sales charge. CLASS N shares of the Fund were first publicly offered on 3/1/01. Class N shares are offered only through retirement plans. Unless otherwise noted, Class N returns include the contingent deferred sales charge of 1% for the 1-year period. Class N shares are subject to an annual 0.25% asset-based sales charge. CLASS Y shares of the Fund were first publicly offered on 8/2/99. Class Y shares are offered only to certain institutional investors under special agreement with the Distributor. An explanation of the calculation of performance is in the Fund's Statement of Additional Information. 16 | OPPENHEIMER MAIN STREET SMALL CAP FUND FUND EXPENSES - -------------------------------------------------------------------------------- FUND EXPENSES. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions; and redemption fees, if any; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended June 30, 2006. ACTUAL EXPENSES. The "actual" lines of the table provide information about actual account values and actual expenses. You may use the information on this line for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the "actual" line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES. The "hypothetical" lines of the table provide information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio for each class of shares, and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads), or a $12.00 fee imposed annually on accounts valued at less than $500.00 (subject to exceptions described in 17 | OPPENHEIMER MAIN STREET SMALL CAP FUND FUND EXPENSES - -------------------------------------------------------------------------------- the Statement of Additional Information). Therefore, the "hypothetical" lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. - -------------------------------------------------------------------------------- BEGINNING ENDING EXPENSES ACCOUNT ACCOUNT PAID DURING VALUE VALUE 6 MONTHS ENDED (1/1/06) (6/30/06) JUNE 30, 2006 - -------------------------------------------------------------------------------- Class A Actual $1,000.00 $1,079.50 $5.89 - -------------------------------------------------------------------------------- Class A Hypothetical 1,000.00 1,019.14 5.72 - -------------------------------------------------------------------------------- Class B Actual 1,000.00 1,075.50 9.77 - -------------------------------------------------------------------------------- Class B Hypothetical 1,000.00 1,015.42 9.49 - -------------------------------------------------------------------------------- Class C Actual 1,000.00 1,075.80 9.56 - -------------------------------------------------------------------------------- Class C Hypothetical 1,000.00 1,015.62 9.29 - -------------------------------------------------------------------------------- Class N Actual 1,000.00 1,077.90 7.60 - -------------------------------------------------------------------------------- Class N Hypothetical 1,000.00 1,017.50 7.38 - -------------------------------------------------------------------------------- Class Y Actual 1,000.00 1,082.50 3.36 - -------------------------------------------------------------------------------- Class Y Hypothetical 1,000.00 1,021.57 3.26 Hypothetical assumes 5% annual return before expenses. Expenses are equal to the Fund's annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Those annualized expense ratios based on the 6-month period ended June 30, 2006 are as follows: CLASS EXPENSE RATIOS - ------------------------ Class A 1.14% - ------------------------ Class B 1.89 - ------------------------ Class C 1.85 - ------------------------ Class N 1.47 - ------------------------ Class Y 0.65 The expense ratios reflect voluntary waivers or reimbursements of expenses by the Fund's Transfer Agent that can be terminated at any time, without advance notice. The "Financial Highlights" tables in the Fund's financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements. - -------------------------------------------------------------------------------- 18 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS June 30, 2006 - --------------------------------------------------------------------------------
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- COMMON STOCKS--98.8% - --------------------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--17.8% - --------------------------------------------------------------------------------------------------------------------- AUTO COMPONENTS--1.2% Aftermarket Technology Corp. 1 153,700 $ 3,819,445 - --------------------------------------------------------------------------------------------------------------------- ArvinMeritor, Inc. 658,300 11,316,177 - --------------------------------------------------------------------------------------------------------------------- Autoliv, Inc. 96,400 5,453,348 - --------------------------------------------------------------------------------------------------------------------- Borg-Warner Automotive, Inc. 28,500 1,855,350 - --------------------------------------------------------------------------------------------------------------------- Drew Industries, Inc. 1,2 15,100 489,240 - --------------------------------------------------------------------------------------------------------------------- GenTek, Inc. 1 11,900 319,515 - --------------------------------------------------------------------------------------------------------------------- IMPCO Technologies, Inc. 1,2 27,900 297,693 - --------------------------------------------------------------------------------------------------------------------- Lear Corp. 2 281,600 6,254,336 - --------------------------------------------------------------------------------------------------------------------- Modine Manufacturing Co. 2 193,700 4,524,832 - --------------------------------------------------------------------------------------------------------------------- Sauer-Danfoss, Inc. 2 87,400 2,221,708 - --------------------------------------------------------------------------------------------------------------------- Shiloh Industries, Inc. 1 31,500 473,760 - --------------------------------------------------------------------------------------------------------------------- Tenneco, Inc. 1 494,300 12,851,800 - --------------------------------------------------------------------------------------------------------------------- TRW Automotive Holdings Corp. 1 48,400 1,320,352 ---------------- 51,197,556 - --------------------------------------------------------------------------------------------------------------------- AUTOMOBILES--0.1% Thor Industries, Inc. 2 96,800 4,689,960 - --------------------------------------------------------------------------------------------------------------------- DISTRIBUTORS--0.0% Building Materials Holding Corp. 2 17,988 501,326 - --------------------------------------------------------------------------------------------------------------------- DIVERSIFIED CONSUMER SERVICES--1.3% Alderwoods Group, Inc. 1,2 119,600 2,327,416 - --------------------------------------------------------------------------------------------------------------------- Bright Horizons Family Solutions, Inc. 1,2 2,900 109,301 - --------------------------------------------------------------------------------------------------------------------- Career Education Corp. 1 84,200 2,516,738 - --------------------------------------------------------------------------------------------------------------------- Corinthian Colleges, Inc. 1 265,700 3,815,452 - --------------------------------------------------------------------------------------------------------------------- DeVry, Inc. 1 289,600 6,362,512 - --------------------------------------------------------------------------------------------------------------------- INVESTools, Inc. 1 111,400 884,516
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- DIVERSIFIED CONSUMER SERVICES Continued ITT Educational Services, Inc. 1 55,500 $ 3,652,455 - --------------------------------------------------------------------------------------------------------------------- Jackson Hewitt Tax Service, Inc. 381,300 11,953,755 - --------------------------------------------------------------------------------------------------------------------- Regis Corp. 133,497 4,753,828 - --------------------------------------------------------------------------------------------------------------------- Sotheby's 1,2 315,700 8,287,125 - --------------------------------------------------------------------------------------------------------------------- Steiner Leisure Ltd. 1,2 97,800 3,866,034 - --------------------------------------------------------------------------------------------------------------------- Stewart Enterprises, Inc. 2 380,500 2,187,875 - --------------------------------------------------------------------------------------------------------------------- Strayer Education, Inc. 39,300 3,816,816 - --------------------------------------------------------------------------------------------------------------------- Vertrue, Inc. 1,2 24,300 1,045,629 ---------------- 55,579,452 - --------------------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--3.6% AFC Enterprises, Inc. 1,2 144,100 1,837,275 - --------------------------------------------------------------------------------------------------------------------- Ambassadors Group, Inc. 2 109,500 3,162,360 - --------------------------------------------------------------------------------------------------------------------- Ameristar Casinos, Inc. 5,500 106,975 - --------------------------------------------------------------------------------------------------------------------- Aztar Corp. 1,2 178,200 9,259,272 - --------------------------------------------------------------------------------------------------------------------- Bally Total Fitness Holding Corp. 1,2 28,900 195,942 - --------------------------------------------------------------------------------------------------------------------- Bluegreen Corp. 1,2 7,100 81,366 - --------------------------------------------------------------------------------------------------------------------- Bob Evans Farms, Inc. 2 312,700 9,384,127 - --------------------------------------------------------------------------------------------------------------------- Brinker International, Inc. 125,800 4,566,540 - --------------------------------------------------------------------------------------------------------------------- Buffalo Wild Wings, Inc. 1 64,700 2,478,657 - --------------------------------------------------------------------------------------------------------------------- Burger King Holdings, Inc. 1,2 173,100 2,726,325 - --------------------------------------------------------------------------------------------------------------------- CBRL Group, Inc. 2 168,900 5,729,088 - --------------------------------------------------------------------------------------------------------------------- Choice Hotels International, Inc. 2 78,000 4,726,800 - --------------------------------------------------------------------------------------------------------------------- CKE Restaurants, Inc. 2 546,200 9,072,382 - --------------------------------------------------------------------------------------------------------------------- Darden Restaurants, Inc. 104,100 4,101,540 - --------------------------------------------------------------------------------------------------------------------- Denny's Corp. 1,2 631,000 2,328,390 - --------------------------------------------------------------------------------------------------------------------- Domino's Pizza, Inc. 384,600 9,515,004
19 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE Continued Dover Downs Gaming & Entertainment, Inc. 2 176,700 $ 3,470,388 - --------------------------------------------------------------------------------------------------------------------- IHOP Corp. 2 203,100 9,765,048 - --------------------------------------------------------------------------------------------------------------------- Isle of Capri Casinos, Inc. 1,2 115,500 2,962,575 - --------------------------------------------------------------------------------------------------------------------- Jack in the Box, Inc. 1 299,800 11,752,160 - --------------------------------------------------------------------------------------------------------------------- Landry's Restaurants, Inc. 2 92,200 2,991,890 - --------------------------------------------------------------------------------------------------------------------- Lone Star Steakhouse & Saloon, Inc. 2 900 23,607 - --------------------------------------------------------------------------------------------------------------------- Luby's, Inc. 1,2 179,900 1,876,357 - --------------------------------------------------------------------------------------------------------------------- Marcus Corp. (The) 2 22,400 467,712 - --------------------------------------------------------------------------------------------------------------------- McCormick & Schmick's Seafood Restaurants, Inc. 1 141,400 3,365,320 - --------------------------------------------------------------------------------------------------------------------- Monarch Casino & Resort, Inc. 1,2 84,100 2,364,892 - --------------------------------------------------------------------------------------------------------------------- Morton's Restaurant Group, Inc. 1 17,400 266,568 - --------------------------------------------------------------------------------------------------------------------- MTR Gaming Group, Inc. 1,2 92,600 868,588 - --------------------------------------------------------------------------------------------------------------------- Multimedia Games, Inc. 1,2 179,700 1,820,361 - --------------------------------------------------------------------------------------------------------------------- Navigant International, Inc. 1,2 28,900 463,267 - --------------------------------------------------------------------------------------------------------------------- O'Charley's, Inc. 1,2 17,600 299,200 - --------------------------------------------------------------------------------------------------------------------- Papa John's International, Inc. 1,2 165,500 5,494,600 - --------------------------------------------------------------------------------------------------------------------- Pinnacle Entertainment, Inc. 1,2 216,700 6,641,855 - --------------------------------------------------------------------------------------------------------------------- Rare Hospitality International, Inc. 1,2 288,400 8,294,384 - --------------------------------------------------------------------------------------------------------------------- Ruby Tuesday, Inc. 5,100 124,491 - --------------------------------------------------------------------------------------------------------------------- Ryan's Restaurant Group, Inc. 1 73,000 869,430 - --------------------------------------------------------------------------------------------------------------------- Shuffle Master, Inc. 1,2 157,000 5,146,460 - --------------------------------------------------------------------------------------------------------------------- Six Flags, Inc. 1,2 473,300 2,659,946 - --------------------------------------------------------------------------------------------------------------------- Speedway Motorsports, Inc. 36,900 1,392,606 - --------------------------------------------------------------------------------------------------------------------- Sunterra Corp. 1,2 162,700 1,666,048
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE Continued Tim Hortons, Inc. 1,2 70,600 $ 1,817,950 - --------------------------------------------------------------------------------------------------------------------- Vail Resorts, Inc. 1,2 261,700 9,709,070 ---------------- 155,846,816 - --------------------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES--1.6% American Greetings Corp., Cl. A 2 445,500 9,359,955 - --------------------------------------------------------------------------------------------------------------------- Avatar Holdings, Inc. 1,2 5,100 290,547 - --------------------------------------------------------------------------------------------------------------------- Champion Enterprises, Inc. 1,2 463,800 5,120,352 - --------------------------------------------------------------------------------------------------------------------- CSS Industries, Inc. 2 4,492 129,145 - --------------------------------------------------------------------------------------------------------------------- Ethan Allen Interiors, Inc. 2 314,300 11,487,665 - --------------------------------------------------------------------------------------------------------------------- Furniture Brands International, Inc. 2 485,000 10,107,400 - --------------------------------------------------------------------------------------------------------------------- Hooker Furniture Corp. 2 20,500 343,785 - --------------------------------------------------------------------------------------------------------------------- Interface, Inc., Cl. A 1,2 275,100 3,149,895 - --------------------------------------------------------------------------------------------------------------------- Kimball International, Inc., Cl. B 2 45,100 888,921 - --------------------------------------------------------------------------------------------------------------------- La-Z-Boy, Inc. 2 526,700 7,373,800 - --------------------------------------------------------------------------------------------------------------------- Leggett & Platt, Inc. 244,500 6,107,610 - --------------------------------------------------------------------------------------------------------------------- Lifetime Brands, Inc. 2 23,200 502,744 - --------------------------------------------------------------------------------------------------------------------- Mestek, Inc. 1,2 900 14,940 - --------------------------------------------------------------------------------------------------------------------- National Presto Industries, Inc. 2 6,100 318,908 - --------------------------------------------------------------------------------------------------------------------- Palm Harbor Homes, Inc. 1,2 14,600 256,814 - --------------------------------------------------------------------------------------------------------------------- Sealy Corp. 1 11,200 148,624 - --------------------------------------------------------------------------------------------------------------------- Skyline Corp. 2 2,100 89,838 - --------------------------------------------------------------------------------------------------------------------- Snap-On, Inc. 2 156,700 6,333,814 - --------------------------------------------------------------------------------------------------------------------- Standard Pacific Corp. 2 101,200 2,600,840 - --------------------------------------------------------------------------------------------------------------------- Stanley Furniture Co., Inc. 2 99,100 2,375,427 - --------------------------------------------------------------------------------------------------------------------- Tupperware Brands Corp. 14,500 285,505 ---------------- 67,286,529
20 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL--0.1% Blair Corp. 8,707 $ 259,033 - --------------------------------------------------------------------------------------------------------------------- Blue Nile, Inc. 1,2 20,100 646,416 - --------------------------------------------------------------------------------------------------------------------- FTD Group, Inc. 1,2 18,100 244,350 - --------------------------------------------------------------------------------------------------------------------- PetMed Express, Inc. 1,2 90,100 988,397 - --------------------------------------------------------------------------------------------------------------------- Sportsman's Guide, Inc. 1 11,700 356,850 - --------------------------------------------------------------------------------------------------------------------- Stamps.com, Inc. 1,2 52,400 1,457,768 - --------------------------------------------------------------------------------------------------------------------- ValueVision Media, Inc., Cl. A 1,2 80,300 885,709 ---------------- 4,838,523 - --------------------------------------------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS--0.3% Callaway Golf Co. 161,600 2,099,184 - --------------------------------------------------------------------------------------------------------------------- Hasbro, Inc. 208,600 3,777,746 - --------------------------------------------------------------------------------------------------------------------- JAKKS Pacific, Inc. 1,2 188,600 3,788,974 - --------------------------------------------------------------------------------------------------------------------- Marvel Entertainment, Inc. 1,2 172,700 3,454,000 - --------------------------------------------------------------------------------------------------------------------- Steinway Musical Instruments, Inc. 1,2 48,300 1,184,316 ---------------- 14,304,220 - --------------------------------------------------------------------------------------------------------------------- MEDIA--0.8% Catalina Marketing Corp. 2 181,700 5,171,182 - --------------------------------------------------------------------------------------------------------------------- Citadel Broadcasting Corp. 6,100 54,290 - --------------------------------------------------------------------------------------------------------------------- Cox Radio, Inc., Cl. A 1,2 278,700 4,018,854 - --------------------------------------------------------------------------------------------------------------------- Cumulus Media, Inc., Cl. A 1,2 132,500 1,413,775 - --------------------------------------------------------------------------------------------------------------------- Emmis Communications Corp., Cl. A 1,2 83,600 1,307,504 - --------------------------------------------------------------------------------------------------------------------- Entravision Communications Corp. 1 86,400 740,448 - --------------------------------------------------------------------------------------------------------------------- Harris Interactive, Inc. 1,2 10,800 61,560 - --------------------------------------------------------------------------------------------------------------------- Knology, Inc. 1 22,100 205,530 - --------------------------------------------------------------------------------------------------------------------- Live Nation 1 14,200 289,112
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- MEDIA Continued LodgeNet Entertainment Corp. 1,2 23,900 $ 445,735 - --------------------------------------------------------------------------------------------------------------------- Meredith Corp. 14,100 698,514 - --------------------------------------------------------------------------------------------------------------------- Readers Digest Assn., Inc. (The), Cl. A, Non-Vtg. 2 480,400 6,706,384 - --------------------------------------------------------------------------------------------------------------------- Scholastic Corp. 1 7,465 193,866 - --------------------------------------------------------------------------------------------------------------------- Sinclair Broadcast Group, Inc., Cl. A 2 340,800 2,917,248 - --------------------------------------------------------------------------------------------------------------------- Spanish Broadcasting System, Inc., Cl. A 1,2 17,900 91,469 - --------------------------------------------------------------------------------------------------------------------- Wiley (John) & Sons, Inc., Cl. A 89,500 2,971,400 - --------------------------------------------------------------------------------------------------------------------- World Wrestling Federation Entertainment, Inc. 2 304,500 5,143,005 ---------------- 32,429,876 - --------------------------------------------------------------------------------------------------------------------- MULTILINE RETAIL--1.0% 99 CentsOnly Stores 1,2 258,500 2,703,910 - --------------------------------------------------------------------------------------------------------------------- Big Lots, Inc. 1,2 787,000 13,441,960 - --------------------------------------------------------------------------------------------------------------------- Bon-Ton Stores, Inc. 2 83,400 1,824,792 - --------------------------------------------------------------------------------------------------------------------- Conn's, Inc. 1,2 103,300 2,742,615 - --------------------------------------------------------------------------------------------------------------------- Dillard's, Inc., Cl. A 2 256,500 8,169,525 - --------------------------------------------------------------------------------------------------------------------- Dollar Tree Stores, Inc. 1 242,500 6,426,250 - --------------------------------------------------------------------------------------------------------------------- Family Dollar Stores, Inc. 235,400 5,750,822 - --------------------------------------------------------------------------------------------------------------------- Fred's, Inc. 2 21,800 291,030 - --------------------------------------------------------------------------------------------------------------------- Retail Ventures, Inc. 1,2 155,300 2,767,446 ---------------- 44,118,350 - --------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL--6.1% American Eagle Outfitters, Inc. 111,500 3,795,460 - --------------------------------------------------------------------------------------------------------------------- AnnTaylor Stores Corp. 1 144,200 6,255,396 - --------------------------------------------------------------------------------------------------------------------- Asbury Automotive Group, Inc. 1 99,400 2,081,436 - --------------------------------------------------------------------------------------------------------------------- AutoNation, Inc. 1 87,128 1,868,024
21 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL Continued Barnes & Noble, Inc. 176,100 $ 6,427,650 - --------------------------------------------------------------------------------------------------------------------- Buckle, Inc. (The) 2 107,300 4,492,651 - --------------------------------------------------------------------------------------------------------------------- Build-A-Bear-Workshop, Inc. 1,2 31,000 666,810 - --------------------------------------------------------------------------------------------------------------------- Cache, Inc. 1,2 55,400 960,636 - --------------------------------------------------------------------------------------------------------------------- Casual Male Retail Group, Inc. 1,2 259,500 2,607,975 - --------------------------------------------------------------------------------------------------------------------- Cato Corp., Cl. A 2 213,050 5,507,343 - --------------------------------------------------------------------------------------------------------------------- Charlotte Russe Holding, Inc. 1,2 144,700 3,464,118 - --------------------------------------------------------------------------------------------------------------------- Charming Shoppes, Inc. 1,2 1,041,900 11,710,956 - --------------------------------------------------------------------------------------------------------------------- Children's Place Retail Stores, Inc. 1,2 133,000 7,986,650 - --------------------------------------------------------------------------------------------------------------------- Christopher & Banks Corp. 2 267,900 7,769,100 - --------------------------------------------------------------------------------------------------------------------- Circuit City Stores, Inc./Circuit City Group 223,900 6,094,558 - --------------------------------------------------------------------------------------------------------------------- Claire's Stores, Inc. 152,400 3,887,724 - --------------------------------------------------------------------------------------------------------------------- CSK Auto Corp. 1,2 20,200 241,794 - --------------------------------------------------------------------------------------------------------------------- Deb Shops, Inc. 2 3,800 91,618 - --------------------------------------------------------------------------------------------------------------------- Dick's Sporting Goods, Inc. 1 134,100 5,310,360 - --------------------------------------------------------------------------------------------------------------------- Dress Barn, Inc. (The) 1,2 429,900 10,897,965 - --------------------------------------------------------------------------------------------------------------------- Finish Line, Inc. (The), Cl. A 2 64,700 765,401 - --------------------------------------------------------------------------------------------------------------------- GameStop Corp., Cl. A 1,2 119,200 5,006,400 - --------------------------------------------------------------------------------------------------------------------- Genesco, Inc. 1,2 220,300 7,461,561 - --------------------------------------------------------------------------------------------------------------------- Group 1 Automotive, Inc. 184,400 10,389,096 - --------------------------------------------------------------------------------------------------------------------- Guess?, Inc. 1,2 236,500 9,873,875 - --------------------------------------------------------------------------------------------------------------------- Gymboree Corp. 1 364,000 12,652,640 - --------------------------------------------------------------------------------------------------------------------- Haverty Furniture Cos., Inc. 2 49,000 768,810 - --------------------------------------------------------------------------------------------------------------------- Hibbett Sporting Goods, Inc. 1,2 255,280 6,101,192 - --------------------------------------------------------------------------------------------------------------------- Lithia Motors, Inc., Cl. A 2 70,600 2,140,592
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL Continued Men's Wearhouse, Inc. (The) 323,200 $ 9,792,960 - --------------------------------------------------------------------------------------------------------------------- Midas, Inc. 1,2 7,700 141,680 - --------------------------------------------------------------------------------------------------------------------- Monro Muffler Brake, Inc. 3,600 117,216 - --------------------------------------------------------------------------------------------------------------------- OfficeMax, Inc. 58,700 2,392,025 - --------------------------------------------------------------------------------------------------------------------- Pantry, Inc. (The) 1,2 185,400 10,667,916 - --------------------------------------------------------------------------------------------------------------------- Payless ShoeSource, Inc. 1 562,100 15,272,257 - --------------------------------------------------------------------------------------------------------------------- RadioShack Corp. 2 204,400 2,861,600 - --------------------------------------------------------------------------------------------------------------------- Rent-A-Center, Inc. 1,2 323,200 8,034,752 - --------------------------------------------------------------------------------------------------------------------- Ross Stores, Inc. 128,900 3,615,645 - --------------------------------------------------------------------------------------------------------------------- Select Comfort Corp. 1,2 431,250 9,905,813 - --------------------------------------------------------------------------------------------------------------------- Shoe Carnival, Inc. 1,2 91,000 2,171,260 - --------------------------------------------------------------------------------------------------------------------- Sonic Automotive, Inc. 2 312,800 6,937,904 - --------------------------------------------------------------------------------------------------------------------- Stage Stores, Inc. 2 282,800 9,332,400 - --------------------------------------------------------------------------------------------------------------------- Stein Mart, Inc. 60,500 895,400 - --------------------------------------------------------------------------------------------------------------------- Syms Corp. 1 7,400 136,160 - --------------------------------------------------------------------------------------------------------------------- Talbots, Inc. (The) 2 271,600 5,011,020 - --------------------------------------------------------------------------------------------------------------------- Too, Inc. 1 337,200 12,945,108 - --------------------------------------------------------------------------------------------------------------------- Trans World Entertainment Corp. 1,2 23,300 168,226 - --------------------------------------------------------------------------------------------------------------------- United Auto Group, Inc. 2 482,200 10,294,970 - --------------------------------------------------------------------------------------------------------------------- United Retail Group, Inc. 1,2 46,500 721,215 - --------------------------------------------------------------------------------------------------------------------- Wet Seal, Inc., Cl. A 1,2 469,600 2,291,648 ---------------- 260,984,966 - --------------------------------------------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--1.7% Brown Shoe Co., Inc. 275,600 9,392,448 - --------------------------------------------------------------------------------------------------------------------- Cherokee, Inc. 2 49,900 2,063,864 - --------------------------------------------------------------------------------------------------------------------- Columbia Sportswear Co. 1,2 72,400 3,276,824 - --------------------------------------------------------------------------------------------------------------------- Deckers Outdoor Corp. 1,2 72,600 2,799,456 - --------------------------------------------------------------------------------------------------------------------- Jones Apparel Group, Inc. 94,800 3,013,692
22 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS Continued Kellwood Co. 2 224,600 $ 6,574,042 - --------------------------------------------------------------------------------------------------------------------- Liz Claiborne, Inc. 152,800 5,662,768 - --------------------------------------------------------------------------------------------------------------------- Phillips/Van Heusen Corp. 259,800 9,913,968 - --------------------------------------------------------------------------------------------------------------------- Russell Corp. 2 18,900 343,224 - --------------------------------------------------------------------------------------------------------------------- Skechers U.S.A., Inc., Cl. A 1 374,700 9,034,017 - --------------------------------------------------------------------------------------------------------------------- Steven Madden Ltd. 233,850 6,926,637 - --------------------------------------------------------------------------------------------------------------------- Stride Rite Corp. 78,800 1,039,372 - --------------------------------------------------------------------------------------------------------------------- Warnaco Group, Inc. (The) 1,2 80,900 1,511,212 - --------------------------------------------------------------------------------------------------------------------- Wolverine World Wide, Inc. 2 456,200 10,643,146 ---------------- 72,194,670 - --------------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES--2.7% - --------------------------------------------------------------------------------------------------------------------- BEVERAGES--0.2% Boston Beer Co., Inc., Cl. A 1,2 61,600 1,804,264 - --------------------------------------------------------------------------------------------------------------------- Hansen Natural Corp. 1,2 17,400 3,312,438 - --------------------------------------------------------------------------------------------------------------------- Jones Soda Co. 1,2 26,600 239,400 - --------------------------------------------------------------------------------------------------------------------- MGP Ingredients, Inc. 2 31,500 731,430 - --------------------------------------------------------------------------------------------------------------------- National Beverage Corp. 2 83,200 1,193,920 - --------------------------------------------------------------------------------------------------------------------- PepsiAmericas, Inc. 7,100 156,981 ---------------- 7,438,433 - --------------------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--1.2% Andersons, Inc. (The) 2 100,400 4,177,644 - --------------------------------------------------------------------------------------------------------------------- Arden Group, Inc., Cl. A 2 10,198 1,154,108 - --------------------------------------------------------------------------------------------------------------------- BJ's Wholesale Club, Inc. 1,2 19,400 549,990 - --------------------------------------------------------------------------------------------------------------------- Casey's General Stores, Inc. 2 375,700 9,396,257 - --------------------------------------------------------------------------------------------------------------------- Ingles Markets, Inc., Cl. A 2 11,500 195,500 - --------------------------------------------------------------------------------------------------------------------- Longs Drug Stores, Inc. 276,200 12,600,244
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING Continued Nash Finch Co. 2 14,000 $ 298,060 - --------------------------------------------------------------------------------------------------------------------- Pathmark Stores, Inc. 1 97,776 920,072 - --------------------------------------------------------------------------------------------------------------------- Performance Food Group Co. 1,2 377,700 11,474,526 - --------------------------------------------------------------------------------------------------------------------- Smart & Final, Inc. 1,2 65,000 1,094,600 - --------------------------------------------------------------------------------------------------------------------- Spartan Stores, Inc. 2 65,100 952,413 - --------------------------------------------------------------------------------------------------------------------- SUPERVALU, Inc. 157,400 4,832,180 - --------------------------------------------------------------------------------------------------------------------- Weis Markets, Inc. 2 37,100 1,528,520 - --------------------------------------------------------------------------------------------------------------------- Wild Oats Markets, Inc. 1,2 170,500 3,341,800 ---------------- 52,515,914 - --------------------------------------------------------------------------------------------------------------------- FOOD PRODUCTS--0.8% Corn Products International, Inc. 18,400 563,040 - --------------------------------------------------------------------------------------------------------------------- Darling International, Inc. 1,2 59,500 269,535 - --------------------------------------------------------------------------------------------------------------------- Dean Foods Co. 1 41,700 1,550,823 - --------------------------------------------------------------------------------------------------------------------- Del Monte Foods Co. 664,700 7,464,581 - --------------------------------------------------------------------------------------------------------------------- Delta & Pine Land Co. 2 207,900 6,112,260 - --------------------------------------------------------------------------------------------------------------------- Flowers Foods, Inc. 2 343,200 9,829,248 - --------------------------------------------------------------------------------------------------------------------- Hain Celestial Group, Inc. 1,2 56,600 1,458,016 - --------------------------------------------------------------------------------------------------------------------- J&J Snack Foods Corp. 2 84,646 2,799,243 - --------------------------------------------------------------------------------------------------------------------- Lance, Inc. 2 38,900 895,478 - --------------------------------------------------------------------------------------------------------------------- Premium Standard Farms, Inc. 2 83,600 1,356,828 - --------------------------------------------------------------------------------------------------------------------- Seaboard Corp. 2 3,000 3,840,000 ---------------- 36,139,052 - --------------------------------------------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--0.1% Energizer Holdings, Inc. 1 60,000 3,514,200 - --------------------------------------------------------------------------------------------------------------------- WD-40 Co. 2 41,400 1,389,798 ---------------- 4,903,998 - --------------------------------------------------------------------------------------------------------------------- PERSONAL PRODUCTS--0.2% Chattem, Inc. 1,2 60,600 1,840,422
23 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- PERSONAL PRODUCTS Continued Inter Parfums, Inc. 2 18,900 $ 325,458 - --------------------------------------------------------------------------------------------------------------------- Mannatech, Inc. 2 125,027 1,576,590 - --------------------------------------------------------------------------------------------------------------------- NBTY, Inc. 1,2 138,600 3,313,926 - --------------------------------------------------------------------------------------------------------------------- Parlux Fragrances, Inc. 1,2 200,200 1,939,938 ---------------- 8,996,334 - --------------------------------------------------------------------------------------------------------------------- TOBACCO--0.2% Loews Corp./Carolina Group 111,400 5,722,618 - --------------------------------------------------------------------------------------------------------------------- Vector Group Ltd. 2 174,660 2,838,225 ---------------- 8,560,843 - --------------------------------------------------------------------------------------------------------------------- ENERGY--8.6% - --------------------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--4.0% CHC Helicopter Corp., Cl. A 58,600 1,401,612 - --------------------------------------------------------------------------------------------------------------------- Dril-Quip, Inc. 1,2 84,700 6,982,668 - --------------------------------------------------------------------------------------------------------------------- Ensign Energy Services, Inc. 304,800 6,263,650 - --------------------------------------------------------------------------------------------------------------------- Global Industries Ltd. 1,2 147,348 2,460,712 - --------------------------------------------------------------------------------------------------------------------- Grey Wolf, Inc. 1,2 1,473,800 11,348,260 - --------------------------------------------------------------------------------------------------------------------- Gulfmark Offshore, Inc. 1,2 42,200 1,090,026 - --------------------------------------------------------------------------------------------------------------------- Helix Energy Solutions Group, Inc. 1,2 58,200 2,348,952 - --------------------------------------------------------------------------------------------------------------------- Helmerich & Payne, Inc. 36,800 2,217,568 - --------------------------------------------------------------------------------------------------------------------- Hydril Co. 1,2 4,700 369,044 - --------------------------------------------------------------------------------------------------------------------- Leader Energy Services Ltd. 1,3 612,800 1,811,556 - --------------------------------------------------------------------------------------------------------------------- Lone Star Technologies, Inc. 1 213,000 11,506,260 - --------------------------------------------------------------------------------------------------------------------- Lufkin Industries, Inc. 2 92,700 5,509,161 - --------------------------------------------------------------------------------------------------------------------- Matrix Service Co. 1,2 109,900 1,257,256 - --------------------------------------------------------------------------------------------------------------------- Maverick Tube Corp. 1,2 124,400 7,860,836
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES Continued Mullen Group Income Fund 34,600 $ 929,266 - --------------------------------------------------------------------------------------------------------------------- NATCO Group, Inc., Cl. A 1,2 69,200 2,781,840 - --------------------------------------------------------------------------------------------------------------------- NS Group, Inc. 1,2 229,000 12,613,320 - --------------------------------------------------------------------------------------------------------------------- Oceaneering International, Inc. 1,2 237,000 10,866,450 - --------------------------------------------------------------------------------------------------------------------- Parker Drilling Co. 1,2 807,800 5,800,004 - --------------------------------------------------------------------------------------------------------------------- Pason Systems, Inc. 160,000 2,343,456 - --------------------------------------------------------------------------------------------------------------------- Prairie Schooner Petroleum Ltd. 1,3 13,800 188,895 - --------------------------------------------------------------------------------------------------------------------- RPC, Inc. 2 190,900 4,635,052 - --------------------------------------------------------------------------------------------------------------------- Technicoil Corp. 1 92,900 199,731 - --------------------------------------------------------------------------------------------------------------------- Technicoil Corp. 1 577,100 1,240,742 - --------------------------------------------------------------------------------------------------------------------- Tetra Technologies, Inc. 1,2 262,600 7,954,154 - --------------------------------------------------------------------------------------------------------------------- Tidewater, Inc. 103,400 5,087,280 - --------------------------------------------------------------------------------------------------------------------- Todco, Cl. A 130,400 5,326,840 - --------------------------------------------------------------------------------------------------------------------- Trican Well Service Ltd. 214,400 4,283,006 - --------------------------------------------------------------------------------------------------------------------- Trico Marine Services, Inc. 1,2 47,400 1,611,600 - --------------------------------------------------------------------------------------------------------------------- Unit Corp. 1 130,000 7,395,700 - --------------------------------------------------------------------------------------------------------------------- Universal Compression Holdings, Inc. 1 170,500 10,736,385 - --------------------------------------------------------------------------------------------------------------------- Veritas DGC, Inc. 1,2 280,100 14,447,558 - --------------------------------------------------------------------------------------------------------------------- W-H Energy Services, Inc. 1,2 196,400 9,983,012 - --------------------------------------------------------------------------------------------------------------------- Western Lakota Energy Sevices, Inc. 1 71,800 945,499 - --------------------------------------------------------------------------------------------------------------------- Willbros Group, Inc. 1,2 39,900 755,706 ---------------- 172,553,057 - --------------------------------------------------------------------------------------------------------------------- OIL & GAS--4.6% Alberta Clipper Energy, Inc. 1 93,278 369,335 - --------------------------------------------------------------------------------------------------------------------- Atlas America, Inc. 1,2 41,000 1,837,210 - --------------------------------------------------------------------------------------------------------------------- Atlas Energy Ltd. 1 728,400 3,262,564 - --------------------------------------------------------------------------------------------------------------------- Atlas Energy Ltd. 1 162,100 726,059
24 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- OIL & GAS Continued Berry Petroleum Co., Cl. A 2 129,600 $ 4,296,240 - --------------------------------------------------------------------------------------------------------------------- Birchcliff Energy Ltd. 1 44,200 211,834 - --------------------------------------------------------------------------------------------------------------------- Callon Petroleum Co. 1,2 147,400 2,850,716 - --------------------------------------------------------------------------------------------------------------------- Capitol Energy Resources Ltd. 1 275,500 1,206,840 - --------------------------------------------------------------------------------------------------------------------- Celtic Exploration Ltd. 1 66,100 756,156 - --------------------------------------------------------------------------------------------------------------------- Celtic Exploration Ltd. 1 52,200 581,620 - --------------------------------------------------------------------------------------------------------------------- Chamaelo Exploration Ltd. 1 544,480 2,458,281 - --------------------------------------------------------------------------------------------------------------------- Cimarex Energy Co. 2 177,100 7,615,300 - --------------------------------------------------------------------------------------------------------------------- Clear Energy, Inc. 1 425,566 1,357,175 - --------------------------------------------------------------------------------------------------------------------- Comstock Resources, Inc. 1,2 409,700 12,233,642 - --------------------------------------------------------------------------------------------------------------------- Crew Energy, Inc. 1 59,129 709,781 - --------------------------------------------------------------------------------------------------------------------- Cyries Energy, Inc. 1 143,100 1,326,780 - --------------------------------------------------------------------------------------------------------------------- Delphi Energy Corp. 1 20,000 75,249 - --------------------------------------------------------------------------------------------------------------------- Delphi Energy Corp. 1 315,000 1,185,165 - --------------------------------------------------------------------------------------------------------------------- Duvernay Oil Corp. 1 46,000 1,614,924 - --------------------------------------------------------------------------------------------------------------------- Edge Petroleum Corp. 1,2 131,800 2,633,364 - --------------------------------------------------------------------------------------------------------------------- Ember Resources, Inc. 1 49,278 144,792 - --------------------------------------------------------------------------------------------------------------------- Ember Resources, Inc. 1 105,300 309,401 - --------------------------------------------------------------------------------------------------------------------- EXCO Resources, Inc. 1 80,200 914,280 - --------------------------------------------------------------------------------------------------------------------- Exploration Co. (The) of Delaware 1 164,300 1,751,438 - --------------------------------------------------------------------------------------------------------------------- Find Energy Ltd. 1 45,800 392,642 - --------------------------------------------------------------------------------------------------------------------- Find Energy Ltd. 1 371,900 3,188,285 - --------------------------------------------------------------------------------------------------------------------- Foundation Coal Holdings, Inc. 2 136,000 6,382,480 - --------------------------------------------------------------------------------------------------------------------- Frontier Oil Corp. 2 183,600 5,948,640 - --------------------------------------------------------------------------------------------------------------------- Galleon Energy, Inc., Cl. A 1 122,400 2,377,167
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- OIL & GAS Continued Galleon Energy, Inc., Subscription Receipts 1 138,750 $ 2,694,706 - --------------------------------------------------------------------------------------------------------------------- General Maritime Corp. 2 140,900 5,207,664 - --------------------------------------------------------------------------------------------------------------------- Harvest Natural Resources, Inc. 1,2 27,200 368,288 - --------------------------------------------------------------------------------------------------------------------- Highpine Oil & Gas Ltd. 1 6,582 109,671 - --------------------------------------------------------------------------------------------------------------------- Highpine Oil & Gas Ltd. 1 19,900 331,578 - --------------------------------------------------------------------------------------------------------------------- Holly Corp. 152,700 7,360,140 - --------------------------------------------------------------------------------------------------------------------- KCS Energy, Inc. 1 352,100 10,457,370 - --------------------------------------------------------------------------------------------------------------------- Mahalo Energy Ltd. 1,3 220,500 679,495 - --------------------------------------------------------------------------------------------------------------------- Midnight Oil Exploration Ltd. 1 556,050 1,818,134 - --------------------------------------------------------------------------------------------------------------------- Mission Oil & Gas, Inc. 1 57,348 731,556 - --------------------------------------------------------------------------------------------------------------------- Mission Oil & Gas, Inc. 1,4 79,100 1,009,033 - --------------------------------------------------------------------------------------------------------------------- OMI Corp. 2 389,700 8,437,005 - --------------------------------------------------------------------------------------------------------------------- Open Range Energy Corp. 1 10,090 32,540 - --------------------------------------------------------------------------------------------------------------------- Paramount Resources Ltd., Cl. A 1 275,500 8,884,708 - --------------------------------------------------------------------------------------------------------------------- Penn Virginia Corp. 2 67,100 4,688,948 - --------------------------------------------------------------------------------------------------------------------- PetroQuest Energy, Inc. 1,2 340,300 4,178,884 - --------------------------------------------------------------------------------------------------------------------- Pogo Producing Co. 134,900 6,218,890 - --------------------------------------------------------------------------------------------------------------------- ProEx Energy Ltd. 1 121,300 1,470,204 - --------------------------------------------------------------------------------------------------------------------- ProspEx Resources Ltd. 1 369,740 1,291,755 - --------------------------------------------------------------------------------------------------------------------- Real Resources, Inc. 1 48,900 905,020 - --------------------------------------------------------------------------------------------------------------------- Redstar Oil & Gas, Inc. 1 364,045 505,482 - --------------------------------------------------------------------------------------------------------------------- Remington Oil & Gas Corp. 1 246,400 10,834,208 - --------------------------------------------------------------------------------------------------------------------- Sequoia Oil & Gas Trust 3,475 50,648
25 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- OIL & GAS Continued Sequoia Oil & Gas Trust 46,400 $ 676,277 - --------------------------------------------------------------------------------------------------------------------- St. Mary Land & Exploration Co. 2 120,100 4,834,025 - --------------------------------------------------------------------------------------------------------------------- Stone Energy Corp. 1 81,400 3,789,170 - --------------------------------------------------------------------------------------------------------------------- Swift Energy Co. 1,2 278,800 11,968,884 - --------------------------------------------------------------------------------------------------------------------- Tesoro Corp. 87,000 6,469,320 - --------------------------------------------------------------------------------------------------------------------- Thunder Energy Trust 139,932 1,044,194 - --------------------------------------------------------------------------------------------------------------------- TransMontaigne, Inc. 1,2 37,363 418,839 - --------------------------------------------------------------------------------------------------------------------- True Energy Trust 39,450 485,571 - --------------------------------------------------------------------------------------------------------------------- Tusk Energy Corp. 1 387,400 1,197,286 - --------------------------------------------------------------------------------------------------------------------- Tusk Energy Corp. 1,4 275,000 849,906 - --------------------------------------------------------------------------------------------------------------------- Tusk Energy Corp. 1 397,100 1,212,537 - --------------------------------------------------------------------------------------------------------------------- USEC, Inc. 2 367,100 4,350,135 - --------------------------------------------------------------------------------------------------------------------- VAALCO Energy, Inc. 1,2 256,100 2,499,536 - --------------------------------------------------------------------------------------------------------------------- Vault Energy Trust 7,350 55,966 - --------------------------------------------------------------------------------------------------------------------- Vero Energy, Inc. 1 30,617 148,930 - --------------------------------------------------------------------------------------------------------------------- W&T Offshore, Inc. 2 161,400 6,276,846 - --------------------------------------------------------------------------------------------------------------------- West Energy Ltd. 1 91,400 338,155 - --------------------------------------------------------------------------------------------------------------------- Western Refining, Inc. 2 129,500 2,794,610 - --------------------------------------------------------------------------------------------------------------------- Zenas Energy Corp. 1 239,900 734,980 ---------------- 197,128,454 - --------------------------------------------------------------------------------------------------------------------- FINANCIALS--13.7% - --------------------------------------------------------------------------------------------------------------------- CAPITAL MARKETS--1.6% American Capital Strategies Ltd. 2 159,700 5,346,756 - --------------------------------------------------------------------------------------------------------------------- Apollo Investment Corp. 5,100 94,248 - --------------------------------------------------------------------------------------------------------------------- Calamos Asset Management, Inc., Cl. A 2 103,000 2,985,970 - --------------------------------------------------------------------------------------------------------------------- GAMCO Investors, Inc., Cl. A 2 11,200 411,712 - --------------------------------------------------------------------------------------------------------------------- GFI Group, Inc. 1 22,200 1,197,690 - --------------------------------------------------------------------------------------------------------------------- Greenhill & Co., Inc. 2 67,300 4,089,148
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- CAPITAL MARKETS Continued Investment Technology Group, Inc. 1 7,700 $ 391,622 - --------------------------------------------------------------------------------------------------------------------- Janus Capital Group, Inc. 271,500 4,859,850 - --------------------------------------------------------------------------------------------------------------------- Jefferies Group, Inc. 167,400 4,960,062 - --------------------------------------------------------------------------------------------------------------------- Knight Capital Group, Inc., Cl. A 1,2 790,500 12,039,315 - --------------------------------------------------------------------------------------------------------------------- LaBranche & Co., Inc. 1,2 457,500 5,540,325 - --------------------------------------------------------------------------------------------------------------------- Lazard Ltd., Cl. A 2 36,600 1,478,640 - --------------------------------------------------------------------------------------------------------------------- optionsXpress Holdings, Inc. 94,600 2,205,126 - --------------------------------------------------------------------------------------------------------------------- Penson Worldwide, Inc. 1 56,900 979,249 - --------------------------------------------------------------------------------------------------------------------- Piper Jaffray Cos., Inc. 1 161,400 9,879,294 - --------------------------------------------------------------------------------------------------------------------- Raymond James Financial, Inc. 162,650 4,923,416 - --------------------------------------------------------------------------------------------------------------------- Sanders Morris Harris Group, Inc. 2 13,700 207,007 - --------------------------------------------------------------------------------------------------------------------- Stifel Financial Corp. 1,2 56,300 1,987,953 - --------------------------------------------------------------------------------------------------------------------- SWS Group, Inc. 2 124,600 3,005,352 - --------------------------------------------------------------------------------------------------------------------- Tradestation Group, Inc. 1,2 48,600 615,762 ---------------- 67,198,497 - --------------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS--1.6% BancorpSouth, Inc. 2 145,400 3,962,150 - --------------------------------------------------------------------------------------------------------------------- BOK Financial Corp. 800 39,736 - --------------------------------------------------------------------------------------------------------------------- Capital Corp. of the West 2 5,959 190,688 - --------------------------------------------------------------------------------------------------------------------- Capitol Bancorp Ltd. 2 18,600 724,470 - --------------------------------------------------------------------------------------------------------------------- Central Pacific Financial Corp. 2 12,900 499,230 - --------------------------------------------------------------------------------------------------------------------- City Holding Co. 2 74,700 2,699,658 - --------------------------------------------------------------------------------------------------------------------- Columbia Banking System, Inc. 2 71,206 2,661,680 - --------------------------------------------------------------------------------------------------------------------- Commerce Bancshares, Inc. 2 13,920 696,696
26 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS Continued Community Bank System, Inc. 2 63,500 $ 1,280,795 - --------------------------------------------------------------------------------------------------------------------- Community Trust Bancorp, Inc. 19,528 682,113 - --------------------------------------------------------------------------------------------------------------------- First Citizens BancShares, Inc., Cl. A 2 9,900 1,984,950 - --------------------------------------------------------------------------------------------------------------------- First Commonwealth Financial Corp. 2 45,500 577,850 - --------------------------------------------------------------------------------------------------------------------- First Indiana Corp. 2 26,225 682,637 - --------------------------------------------------------------------------------------------------------------------- First Republic Bank 2 175,800 8,051,640 - --------------------------------------------------------------------------------------------------------------------- First Security Group, Inc. 132,300 1,534,680 - --------------------------------------------------------------------------------------------------------------------- First South Bancorp, Inc. 2 5,100 174,573 - --------------------------------------------------------------------------------------------------------------------- FirstMerit Corp. 16,600 347,604 - --------------------------------------------------------------------------------------------------------------------- Greater Bay Bancorp 263,300 7,569,875 - --------------------------------------------------------------------------------------------------------------------- Greene County Bancshares, Inc. 2 18,300 566,568 - --------------------------------------------------------------------------------------------------------------------- Hancock Holding Co. 2 57,300 3,208,800 - --------------------------------------------------------------------------------------------------------------------- Hanmi Financial Corp. 83,600 1,625,184 - --------------------------------------------------------------------------------------------------------------------- Independent Bank Corp. 2 92,126 2,422,914 - --------------------------------------------------------------------------------------------------------------------- Intervest Bancshares Corp. 1 4,900 198,450 - --------------------------------------------------------------------------------------------------------------------- MainSource Financial Group, Inc. 2 17,580 306,419 - --------------------------------------------------------------------------------------------------------------------- Nara Bancorp, Inc. 8,400 157,500 - --------------------------------------------------------------------------------------------------------------------- National Penn Bancshares, Inc. 2 36,800 730,848 - --------------------------------------------------------------------------------------------------------------------- Pacific Capital Bancorp 2 90,199 2,806,993 - --------------------------------------------------------------------------------------------------------------------- Preferred Bank 2 3,600 192,996 - --------------------------------------------------------------------------------------------------------------------- Provident Bankshares Corp. 2 144,084 5,243,217 - --------------------------------------------------------------------------------------------------------------------- Republic Bancorp, Inc., Cl. A 2 27,889 574,513 - --------------------------------------------------------------------------------------------------------------------- Southwest Bancorp, Inc. 2 4,600 117,300
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS Continued Sterling Financial Corp., Western US 2 169,883 $ 5,183,130 - --------------------------------------------------------------------------------------------------------------------- SVB Financial Group 1,2 57,100 2,595,766 - --------------------------------------------------------------------------------------------------------------------- Taylor Capital Group, Inc. 10,600 432,586 - --------------------------------------------------------------------------------------------------------------------- TCF Financial Corp. 206,300 5,456,635 - --------------------------------------------------------------------------------------------------------------------- Texas Regional Bancshares, Inc., Cl. A 20 758 - --------------------------------------------------------------------------------------------------------------------- Union Bankshares Corp. 2 6,800 293,352 - --------------------------------------------------------------------------------------------------------------------- Virginia Commerce Bancorp, Inc. 1,2 9,700 231,830 - --------------------------------------------------------------------------------------------------------------------- WesBanco, Inc. 2 16,400 508,236 - --------------------------------------------------------------------------------------------------------------------- Wilmington Trust Corp. 34,200 1,442,556 ---------------- 68,657,576 - --------------------------------------------------------------------------------------------------------------------- CONSUMER FINANCE--0.8% Ace Cash Express, Inc. 1,2 21,600 632,232 - --------------------------------------------------------------------------------------------------------------------- Advance America Cash Advance Centers, Inc. 13,500 236,790 - --------------------------------------------------------------------------------------------------------------------- Advanta Corp., Cl. B 2 213,300 7,668,135 - --------------------------------------------------------------------------------------------------------------------- AmeriCredit Corp. 1 201,900 5,637,048 - --------------------------------------------------------------------------------------------------------------------- ASTA Funding, Inc. 2 116,000 4,344,200 - --------------------------------------------------------------------------------------------------------------------- Cash America International, Inc. 2 214,700 6,870,400 - --------------------------------------------------------------------------------------------------------------------- Dollar Financial Corp. 1,2 90,700 1,632,600 - --------------------------------------------------------------------------------------------------------------------- EZCORP, Inc., Cl. A 1 65,400 2,464,926 - --------------------------------------------------------------------------------------------------------------------- First Cash Financial Services, Inc. 1 176,400 3,483,900 - --------------------------------------------------------------------------------------------------------------------- Student Loan Corp. (The) 2 700 141,400 - --------------------------------------------------------------------------------------------------------------------- World Acceptance Corp. 1,2 34,300 1,218,336 ---------------- 34,329,967
27 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--0.3% Asset Acceptance Capital Corp. 1,2 3,100 $ 61,380 - --------------------------------------------------------------------------------------------------------------------- CapitalSource, Inc. 2 101,000 2,369,460 - --------------------------------------------------------------------------------------------------------------------- Financial Federal Corp. 2 27,700 770,337 - --------------------------------------------------------------------------------------------------------------------- International Securities Exchange, Inc., Cl. A 2 227,700 8,668,539 - --------------------------------------------------------------------------------------------------------------------- Medallion Financial Corp. 51,200 663,552 - --------------------------------------------------------------------------------------------------------------------- Pico Holdings, Inc. 1,2 18,500 596,625 - --------------------------------------------------------------------------------------------------------------------- Resource America, Inc., Cl. A 2 27,800 529,590 ---------------- 13,659,483 - --------------------------------------------------------------------------------------------------------------------- INSURANCE--4.7% Affirmative Insurance Holdings, Inc. 16,204 253,593 - --------------------------------------------------------------------------------------------------------------------- Alfa Corp. 2 21,800 361,008 - --------------------------------------------------------------------------------------------------------------------- Alleghany Corp. 896 247,619 - --------------------------------------------------------------------------------------------------------------------- American Equity Investment Life Holding Co. 2 387,700 4,132,882 - --------------------------------------------------------------------------------------------------------------------- American Physicians Capital, Inc. 1,2 71,300 3,749,667 - --------------------------------------------------------------------------------------------------------------------- AmerUs Group Co. 2 133,100 7,793,005 - --------------------------------------------------------------------------------------------------------------------- Arch Capital Group Ltd. 1 105,500 6,273,030 - --------------------------------------------------------------------------------------------------------------------- Argonaut Group, Inc. 1,2 277,700 8,342,108 - --------------------------------------------------------------------------------------------------------------------- Assurant, Inc. 10,300 498,520 - --------------------------------------------------------------------------------------------------------------------- Berkley (W.R.) Corp. 29,400 1,003,422 - --------------------------------------------------------------------------------------------------------------------- Bristol West Holdings, Inc. 2 168,000 2,688,000 - --------------------------------------------------------------------------------------------------------------------- CNA Surety Corp. 1,2 75,500 1,304,640 - --------------------------------------------------------------------------------------------------------------------- Commerce Group, Inc. (The) 69,600 2,055,984 - --------------------------------------------------------------------------------------------------------------------- Darwin Professional Underwriters, Inc. 1 77,100 1,361,586
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- INSURANCE Continued Delphi Financial Group, Inc., Cl. A 2 297,975 $ 10,834,371 - --------------------------------------------------------------------------------------------------------------------- Direct General Corp. 2 160,800 2,720,736 - --------------------------------------------------------------------------------------------------------------------- Donegal Group, Inc., Cl. A 2 81,700 1,585,797 - --------------------------------------------------------------------------------------------------------------------- EMC Insurance Group, Inc. 2 25,800 742,008 - --------------------------------------------------------------------------------------------------------------------- FBL Financial Group, Inc., Cl. A 2 20,100 651,240 - --------------------------------------------------------------------------------------------------------------------- Fidelity National Title Group, Inc., Cl. A 2 16,402 322,627 - --------------------------------------------------------------------------------------------------------------------- FPIC Insurance Group, Inc. 1,2 89,100 3,452,625 - --------------------------------------------------------------------------------------------------------------------- Great American Financial Resources, Inc. 23,700 496,041 - --------------------------------------------------------------------------------------------------------------------- Hanover Insurance Group, Inc. 157,300 7,465,458 - --------------------------------------------------------------------------------------------------------------------- Harleysville Group, Inc. 2 149,800 4,751,656 - --------------------------------------------------------------------------------------------------------------------- HCC Insurance Holdings, Inc. 70,300 2,069,632 - --------------------------------------------------------------------------------------------------------------------- Horace Mann Educators Corp. 2 341,500 5,788,425 - --------------------------------------------------------------------------------------------------------------------- Independence Holding Co. 2 4,860 108,913 - --------------------------------------------------------------------------------------------------------------------- Infinity Property & Casualty Corp. 2 241,700 9,909,700 - --------------------------------------------------------------------------------------------------------------------- James River Group, Inc. 1 6,500 161,850 - --------------------------------------------------------------------------------------------------------------------- LandAmerica Financial Group, Inc. 2 177,800 11,485,880 - --------------------------------------------------------------------------------------------------------------------- National Financial Partners Corp. 25,900 1,147,629 - --------------------------------------------------------------------------------------------------------------------- National Western Life Insurance Co., Cl. A 2 4,200 1,006,530 - --------------------------------------------------------------------------------------------------------------------- Navigators Group, Inc. (The) 1,2 41,800 1,831,676 - --------------------------------------------------------------------------------------------------------------------- Odyssey Re Holdings Corp. 2 61,900 1,631,065
28 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- INSURANCE Continued Ohio Casualty Corp. 366,600 $ 10,899,018 - --------------------------------------------------------------------------------------------------------------------- Old Republic International Corp. 194,750 4,161,808 - --------------------------------------------------------------------------------------------------------------------- Partnerre Holdings Ltd. 13,700 877,485 - --------------------------------------------------------------------------------------------------------------------- Phoenix Cos., Inc. (The) 764,700 10,766,976 - --------------------------------------------------------------------------------------------------------------------- Presidential Life Corp. 2 51,900 1,275,702 - --------------------------------------------------------------------------------------------------------------------- ProCentury Corp. 123,900 1,698,669 - --------------------------------------------------------------------------------------------------------------------- Protective Life Corp. 81,600 3,804,192 - --------------------------------------------------------------------------------------------------------------------- Reinsurance Group of America, Inc. 59,000 2,899,850 - --------------------------------------------------------------------------------------------------------------------- Republic Cos. Group, Inc. 253,900 4,496,569 - --------------------------------------------------------------------------------------------------------------------- RLI Corp. 2 155,400 7,487,172 - --------------------------------------------------------------------------------------------------------------------- Safety Insurance Group, Inc. 2 91,700 4,360,335 - --------------------------------------------------------------------------------------------------------------------- Seabright Insurance Holdings, Inc. 1 54,200 873,162 - --------------------------------------------------------------------------------------------------------------------- Selective Insurance Group, Inc. 2 204,700 11,436,589 - --------------------------------------------------------------------------------------------------------------------- StanCorp Financial Group, Inc. 91,500 4,658,265 - --------------------------------------------------------------------------------------------------------------------- State Auto Financial Corp. 151,800 4,939,572 - --------------------------------------------------------------------------------------------------------------------- Stewart Information Services Corp. 2 84,600 3,071,826 - --------------------------------------------------------------------------------------------------------------------- Tower Group, Inc. 2 108,600 3,285,150 - --------------------------------------------------------------------------------------------------------------------- U.S.I. Holdings Corp. 1,2 116,900 1,567,629 - --------------------------------------------------------------------------------------------------------------------- United America Indemnity Ltd., Cl. A 1,2 44,157 920,232 - --------------------------------------------------------------------------------------------------------------------- United Fire & Casualty Co. 2 22,800 686,964 - --------------------------------------------------------------------------------------------------------------------- Unitrin, Inc. 51,300 2,236,167 - --------------------------------------------------------------------------------------------------------------------- Zenith National Insurance Corp. 182,400 7,235,808 ---------------- 201,868,063
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- REAL ESTATE--2.6% Acadia Realty Trust 14,100 $ 333,465 - --------------------------------------------------------------------------------------------------------------------- Agree Realty Corp. 2 56,600 1,922,702 - --------------------------------------------------------------------------------------------------------------------- Alexandria Real Estate Equities, Inc. 35,400 3,139,272 - --------------------------------------------------------------------------------------------------------------------- AMB Property Corp. 17,600 889,680 - --------------------------------------------------------------------------------------------------------------------- Ashford Hospitality Trust 22,700 286,474 - --------------------------------------------------------------------------------------------------------------------- Associated Estates Realty Corp. 2 23,200 287,680 - --------------------------------------------------------------------------------------------------------------------- Brandywine Realty Trust 95,392 3,068,761 - --------------------------------------------------------------------------------------------------------------------- Camden Property Trust 8,600 632,530 - --------------------------------------------------------------------------------------------------------------------- CarrAmerica Realty Corp. 23,300 1,038,015 - --------------------------------------------------------------------------------------------------------------------- CB Richard Ellis Group, Inc., Cl. A 1 63,900 1,591,110 - --------------------------------------------------------------------------------------------------------------------- CBL & Associates Properties, Inc. 75,900 2,954,787 - --------------------------------------------------------------------------------------------------------------------- CentraCore Properties Trust 2 14,900 368,775 - --------------------------------------------------------------------------------------------------------------------- Colonial Properties Trust 2 65,825 3,251,755 - --------------------------------------------------------------------------------------------------------------------- Corporate Office Properties Trust 37,100 1,561,168 - --------------------------------------------------------------------------------------------------------------------- Crescent Real Estate Equities, Inc. 43,900 814,784 - --------------------------------------------------------------------------------------------------------------------- Digital Realty Trust, Inc. 87,500 2,160,375 - --------------------------------------------------------------------------------------------------------------------- EastGroup Properties, Inc. 26,400 1,232,352 - --------------------------------------------------------------------------------------------------------------------- Entertainment Properties Trust 2 15,100 650,055 - --------------------------------------------------------------------------------------------------------------------- Equity Inns, Inc. 2 157,100 2,601,576 - --------------------------------------------------------------------------------------------------------------------- Equity Lifestyle Properties, Inc. 8,800 385,704 - --------------------------------------------------------------------------------------------------------------------- Equity One, Inc. 2 102,900 2,150,610 - --------------------------------------------------------------------------------------------------------------------- Federal Realty Investment Trust 15,700 1,099,000 - --------------------------------------------------------------------------------------------------------------------- First Industrial Realty Trust, Inc. 2 67,600 2,564,744
29 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- REAL ESTATE Continued First Potomac Realty Trust 6,200 $ 184,698 - --------------------------------------------------------------------------------------------------------------------- Friedman, Billings, Ramsey Group, Inc., Cl. A 2 22,800 250,116 - --------------------------------------------------------------------------------------------------------------------- Glenborough Realty Trust, Inc. 2 9,400 202,476 - --------------------------------------------------------------------------------------------------------------------- Glimcher Realty Trust 2 46,300 1,148,703 - --------------------------------------------------------------------------------------------------------------------- Gramercy Capital Corp. 2 30,800 797,720 - --------------------------------------------------------------------------------------------------------------------- Health Care REIT, Inc. 2 37,600 1,314,120 - --------------------------------------------------------------------------------------------------------------------- Healthcare Realty Trust, Inc. 2 37,300 1,188,005 - --------------------------------------------------------------------------------------------------------------------- Heritage Property Investment Trust 2 40,100 1,400,292 - --------------------------------------------------------------------------------------------------------------------- Highwoods Properties, Inc. 47,400 1,714,932 - --------------------------------------------------------------------------------------------------------------------- Hospitality Properties Trust 53,700 2,358,504 - --------------------------------------------------------------------------------------------------------------------- HRPT Properties Trust 50,700 586,092 - --------------------------------------------------------------------------------------------------------------------- Inland Real Estate Corp. 2 32,500 483,600 - --------------------------------------------------------------------------------------------------------------------- Innkeepers USA Trust 61,600 1,064,448 - --------------------------------------------------------------------------------------------------------------------- Jones Lang LaSalle, Inc. 2 77,700 6,802,635 - --------------------------------------------------------------------------------------------------------------------- Kilroy Realty Corp. 26,100 1,885,725 - --------------------------------------------------------------------------------------------------------------------- LaSalle Hotel Properties 7,100 328,730 - --------------------------------------------------------------------------------------------------------------------- Lexington Corporate Properties Trust 2 69,900 1,509,840 - --------------------------------------------------------------------------------------------------------------------- Liberty Property Trust 2 61,600 2,722,720 - --------------------------------------------------------------------------------------------------------------------- Longview Fibre Co. 2 121,400 2,317,526 - --------------------------------------------------------------------------------------------------------------------- LTC Properties, Inc. 2 21,100 471,585 - --------------------------------------------------------------------------------------------------------------------- Macerich Co. (The) 6,400 449,280 - --------------------------------------------------------------------------------------------------------------------- Mack-Cali Realty Corp. 27,100 1,244,432
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- REAL ESTATE Continued Maguire Properties, Inc. 2 49,200 $ 1,730,364 - --------------------------------------------------------------------------------------------------------------------- Mid-America Apartment Communities, Inc. 2 51,600 2,876,700 - --------------------------------------------------------------------------------------------------------------------- National Retail Properties, Inc. 2 107,500 2,144,625 - --------------------------------------------------------------------------------------------------------------------- Nationwide Health Properties, Inc. 2 64,700 1,456,397 - --------------------------------------------------------------------------------------------------------------------- Omega Healthcare Investors, Inc. 2 14,100 186,402 - --------------------------------------------------------------------------------------------------------------------- Pan Pacific Retail Properties, Inc. 22,100 1,533,077 - --------------------------------------------------------------------------------------------------------------------- Parkway Properties, Inc. 2 5,500 250,250 - --------------------------------------------------------------------------------------------------------------------- Pennsylvania Real Estate Investment Trust 2 45,300 1,828,761 - --------------------------------------------------------------------------------------------------------------------- Post Properties, Inc. 13,200 598,488 - --------------------------------------------------------------------------------------------------------------------- PS Business Parks, Inc. 2 19,800 1,168,200 - --------------------------------------------------------------------------------------------------------------------- RAIT Investment Trust 2 7,400 216,080 - --------------------------------------------------------------------------------------------------------------------- Ramco-Gershenson Properties Trust 2 26,500 713,645 - --------------------------------------------------------------------------------------------------------------------- Realty Income Corp. 2 18,500 405,150 - --------------------------------------------------------------------------------------------------------------------- Redwood Trust, Inc. 2 9,400 459,002 - --------------------------------------------------------------------------------------------------------------------- Regency Centers Corp. 18,300 1,137,345 - --------------------------------------------------------------------------------------------------------------------- Senior Housing Properties Trust 2 107,000 1,916,370 - --------------------------------------------------------------------------------------------------------------------- Simon Property Group, Inc. 1,702 141,164 - --------------------------------------------------------------------------------------------------------------------- SL Green Realty Corp. 14,100 1,543,527 - --------------------------------------------------------------------------------------------------------------------- Sovran Self Storage, Inc. 2 33,500 1,701,465 - --------------------------------------------------------------------------------------------------------------------- Spirit Finance Corp. 2 154,000 1,734,040 - --------------------------------------------------------------------------------------------------------------------- Strategic Hotels & Resorts, Inc. 196,700 4,079,558
30 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- REAL ESTATE Continued Stratus Properties, Inc. 1 16,466 $ 441,289 - --------------------------------------------------------------------------------------------------------------------- Sunstone Hotel Investors, Inc. 2 48,600 1,412,316 - --------------------------------------------------------------------------------------------------------------------- Tanger Factory Outlet Centers, Inc. 2 74,200 2,401,854 - --------------------------------------------------------------------------------------------------------------------- Trammell Crow Co. 1,2 247,800 8,715,126 - --------------------------------------------------------------------------------------------------------------------- Trizec Properties, Inc. 36,500 1,045,360 - --------------------------------------------------------------------------------------------------------------------- U-Store-It Trust 39,800 750,628 - --------------------------------------------------------------------------------------------------------------------- United Dominion Realty Trust, Inc. 27,800 778,678 - --------------------------------------------------------------------------------------------------------------------- Ventas, Inc. 58,700 1,988,756 - --------------------------------------------------------------------------------------------------------------------- Weingarten Realty Investors 39,400 1,508,232 ---------------- 112,274,402 - --------------------------------------------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--2.1% Accredited Home Lenders Holding Co. 1,2 166,400 7,955,584 - --------------------------------------------------------------------------------------------------------------------- Anchor BanCorp Wisconsin, Inc. 2 2,000 60,340 - --------------------------------------------------------------------------------------------------------------------- Astoria Financial Corp. 175,050 5,330,273 - --------------------------------------------------------------------------------------------------------------------- Bank Mutual Corp. 2 169,794 2,074,883 - --------------------------------------------------------------------------------------------------------------------- BankUnited Financial Corp., Cl. A 2 284,600 8,685,992 - --------------------------------------------------------------------------------------------------------------------- Citizens First Bancorp, Inc. 21,400 571,594 - --------------------------------------------------------------------------------------------------------------------- Commercial Capital Bancorp, Inc. 159,615 2,513,936 - --------------------------------------------------------------------------------------------------------------------- Corus Bankshares, Inc. 2 200,400 5,246,472 - --------------------------------------------------------------------------------------------------------------------- Downey Financial Corp. 2 39,100 2,652,935 - --------------------------------------------------------------------------------------------------------------------- Federal Agricultural Mortgage Corp., Non-Vtg. 2 64,400 1,783,880 - --------------------------------------------------------------------------------------------------------------------- First Defiance Financial Corp. 2 10,500 276,675
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE Continued First Financial Holdings, Inc. 2 17,700 $ 566,400 - --------------------------------------------------------------------------------------------------------------------- First Niagara Financial Group, Inc. 2 28,200 395,364 - --------------------------------------------------------------------------------------------------------------------- First Place Financial Corp. 2 49,963 1,149,649 - --------------------------------------------------------------------------------------------------------------------- FirstFed Financial Corp. 1,2 119,200 6,874,264 - --------------------------------------------------------------------------------------------------------------------- Fremont General Corp. 2 20,400 378,624 - --------------------------------------------------------------------------------------------------------------------- Horizon Financial Corp. 2 700 19,201 - --------------------------------------------------------------------------------------------------------------------- ITLA Capital Corp. 2 8,300 436,414 - --------------------------------------------------------------------------------------------------------------------- KBNT Bancorp, Inc. 2 34,800 574,896 - --------------------------------------------------------------------------------------------------------------------- MAF Bancorp, Inc. 2 137,000 5,869,080 - --------------------------------------------------------------------------------------------------------------------- Ocwen Financial Corp. 1,2 161,800 2,056,478 - --------------------------------------------------------------------------------------------------------------------- PFF Bancorp, Inc. 2 132,320 4,387,731 - --------------------------------------------------------------------------------------------------------------------- PMI Group, Inc. (The) 2 133,100 5,933,598 - --------------------------------------------------------------------------------------------------------------------- Provident Financial Holdings, Inc. 2 50 1,500 - --------------------------------------------------------------------------------------------------------------------- Provident Financial Services, Inc. 222,500 3,993,875 - --------------------------------------------------------------------------------------------------------------------- Radian Group, Inc. 103,100 6,369,518 - --------------------------------------------------------------------------------------------------------------------- TierOne Corp. 2 104,400 3,525,588 - --------------------------------------------------------------------------------------------------------------------- Triad Guaranty, Inc. 1,2 14,700 718,536 - --------------------------------------------------------------------------------------------------------------------- Washington Federal, Inc. 2 15,300 354,807 - --------------------------------------------------------------------------------------------------------------------- Webster Financial Corp. 114,200 5,417,648 - --------------------------------------------------------------------------------------------------------------------- WSFS Financial Corp. 2 43,900 2,697,655 ---------------- 88,873,390 - --------------------------------------------------------------------------------------------------------------------- HEALTH CARE--6.8% - --------------------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY--0.7% Albany Molecular Research, Inc. 1,2 162,200 1,732,296
31 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY Continued Alnylam Pharmaceuticals, Inc. 1,2 54,500 $ 821,860 - --------------------------------------------------------------------------------------------------------------------- Anadys Pharmaceuticals, Inc. 1 21,500 62,780 - --------------------------------------------------------------------------------------------------------------------- Applera Corp./Applied Biosystems Group 225,500 7,294,925 - --------------------------------------------------------------------------------------------------------------------- deCODE genetics, Inc. 1,2 66,700 412,873 - --------------------------------------------------------------------------------------------------------------------- Digene Corp. 1,2 84,500 3,273,530 - --------------------------------------------------------------------------------------------------------------------- Diversa Corp. 1,2 107,500 1,038,450 - --------------------------------------------------------------------------------------------------------------------- Indevus Pharmaceuticals, Inc. 1,2 38,100 208,407 - --------------------------------------------------------------------------------------------------------------------- Isis Pharmaceuticals, Inc. 1,2 108,800 658,240 - --------------------------------------------------------------------------------------------------------------------- Kendle International, Inc. 1,2 93,400 3,430,582 - --------------------------------------------------------------------------------------------------------------------- Lexicon Genetics, Inc. 1,2 31,700 139,163 - --------------------------------------------------------------------------------------------------------------------- Ligand Pharmaceuticals, Inc., Cl. B 1,2 141,300 1,193,985 - --------------------------------------------------------------------------------------------------------------------- Luminex Corp. 1,2 139,800 2,431,122 - --------------------------------------------------------------------------------------------------------------------- Myriad Genetics, Inc. 1,2 65,500 1,653,875 - --------------------------------------------------------------------------------------------------------------------- Novavax, Inc. 1,2 166,800 840,672 - --------------------------------------------------------------------------------------------------------------------- QLT Photo Therapeutics, Inc. 1 7,000 49,560 - --------------------------------------------------------------------------------------------------------------------- Regeneron Pharmaceuticals, Inc. 1,2 115,300 1,478,146 - --------------------------------------------------------------------------------------------------------------------- Renovis, Inc. 1,2 31,700 485,327 - --------------------------------------------------------------------------------------------------------------------- Savient Pharmaceuticals, Inc. 1,2 104,700 549,675 - --------------------------------------------------------------------------------------------------------------------- Techne Corp. 1 63,700 3,243,604 - --------------------------------------------------------------------------------------------------------------------- Third Wave Technologies, Inc. 1,2 68,900 205,322 ---------------- 31,204,394
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--1.8% Abaxis, Inc. 1,2 94,000 $ 2,102,780 - --------------------------------------------------------------------------------------------------------------------- Analogic Corp. 2 37,000 1,724,570 - --------------------------------------------------------------------------------------------------------------------- Bio-Rad Laboratories, Inc., Cl. A 1,2 53,300 3,461,302 - --------------------------------------------------------------------------------------------------------------------- BioLase Technology, Inc. 1,2 71,700 602,280 - --------------------------------------------------------------------------------------------------------------------- Candela Corp. 1 122,300 1,939,678 - --------------------------------------------------------------------------------------------------------------------- Datascope Corp. 36,011 1,110,579 - --------------------------------------------------------------------------------------------------------------------- DJO, Inc. 1,2 204,600 7,535,418 - --------------------------------------------------------------------------------------------------------------------- Edwards Lifesciences Corp. 1 103,700 4,711,091 - --------------------------------------------------------------------------------------------------------------------- Encore Medical Corp. 1 39,200 188,552 - --------------------------------------------------------------------------------------------------------------------- Haemonetics Corp. 1,2 71,700 3,334,767 - --------------------------------------------------------------------------------------------------------------------- ICU Medical, Inc. 1,2 69,700 2,944,128 - --------------------------------------------------------------------------------------------------------------------- IDEXX Laboratories, Inc. 1,2 62,800 4,718,164 - --------------------------------------------------------------------------------------------------------------------- Immucor, Inc. 1,2 121,050 2,327,792 - --------------------------------------------------------------------------------------------------------------------- Integra LifeSciences Holdings Corp. 1,2 147,900 5,739,999 - --------------------------------------------------------------------------------------------------------------------- Medical Action Industries, Inc. 1,2 3,500 77,315 - --------------------------------------------------------------------------------------------------------------------- Meridian Bioscience, Inc. 2 125,950 3,142,453 - --------------------------------------------------------------------------------------------------------------------- Molecular Devices Corp. 1,2 94,200 2,878,752 - --------------------------------------------------------------------------------------------------------------------- Natus Medical, Inc. 1 67,000 662,630 - --------------------------------------------------------------------------------------------------------------------- Neurometrix, Inc. 1,2 44,800 1,364,608 - --------------------------------------------------------------------------------------------------------------------- Palomar Medical Technologies, Inc. 1,2 125,100 5,708,313 - --------------------------------------------------------------------------------------------------------------------- Quidel Corp. 1 82,600 784,700 - --------------------------------------------------------------------------------------------------------------------- Steris Corp. 62,900 1,437,894 - --------------------------------------------------------------------------------------------------------------------- Thermo Electron Corp. 1,2 84,000 3,044,160 - --------------------------------------------------------------------------------------------------------------------- Thoratec Corp. 1,2 211,600 2,934,892 - --------------------------------------------------------------------------------------------------------------------- Varian, Inc. 1 227,100 9,426,921 - --------------------------------------------------------------------------------------------------------------------- Ventana Medical Systems, Inc. 1 19,000 896,420 - --------------------------------------------------------------------------------------------------------------------- Vital Images, Inc. 1,2 80,500 1,988,350 - --------------------------------------------------------------------------------------------------------------------- Vital Signs, Inc. 11,400 564,642
32 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES Continued Zoll Medical Corp. 1,2 9,400 $ 307,944 ---------------- 77,661,094 - --------------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--3.1% Air Methods Corp. 1 62,800 1,644,104 - --------------------------------------------------------------------------------------------------------------------- AMERIGROUP Corp. 1,2 130,800 4,060,032 - --------------------------------------------------------------------------------------------------------------------- AMICAS, Inc. 1,2 205,400 663,442 - --------------------------------------------------------------------------------------------------------------------- AMN Healthcare Services, Inc. 1 14,000 284,200 - --------------------------------------------------------------------------------------------------------------------- Chemed Corp. 2 189,000 10,306,170 - --------------------------------------------------------------------------------------------------------------------- Computer Programs & Systems, Inc. 2 61,300 2,449,548 - --------------------------------------------------------------------------------------------------------------------- Cross Country Healthcare, Inc. 1,2 76,200 1,386,078 - --------------------------------------------------------------------------------------------------------------------- Genesis HealthCare Corp. 1,2 162,228 7,684,740 - --------------------------------------------------------------------------------------------------------------------- Health Net, Inc. 1 53,600 2,421,112 - --------------------------------------------------------------------------------------------------------------------- HealthExtras, Inc. 1,2 5,100 154,122 - --------------------------------------------------------------------------------------------------------------------- Healthways, Inc. 1,2 205,000 10,791,200 - --------------------------------------------------------------------------------------------------------------------- Humana, Inc. 1 54,500 2,926,650 - --------------------------------------------------------------------------------------------------------------------- LCA-Vision, Inc. 2 131,486 6,956,924 - --------------------------------------------------------------------------------------------------------------------- LHC Group, Inc. 1,2 21,800 434,256 - --------------------------------------------------------------------------------------------------------------------- Magellan Health Services, Inc. 1 291,600 13,212,396 - --------------------------------------------------------------------------------------------------------------------- Manor Care, Inc. 102,100 4,790,532 - --------------------------------------------------------------------------------------------------------------------- MedCath Corp. 1,2 44,600 840,264 - --------------------------------------------------------------------------------------------------------------------- Molina Healthcare, Inc. 1,2 106,200 4,040,910 - --------------------------------------------------------------------------------------------------------------------- National HealthCare Corp. 2 15,000 668,250 - --------------------------------------------------------------------------------------------------------------------- NovaMed Eyecare, Inc. 1 1,700 11,475 - --------------------------------------------------------------------------------------------------------------------- Odyssey Healthcare, Inc. 1,2 203,600 3,577,252 - --------------------------------------------------------------------------------------------------------------------- Omnicell, Inc. 1,2 36,900 509,958 - --------------------------------------------------------------------------------------------------------------------- Option Care, Inc. 2 54,400 651,712 - --------------------------------------------------------------------------------------------------------------------- Owens & Minor, Inc. 2 99,700 2,851,420 - --------------------------------------------------------------------------------------------------------------------- Parexel International Corp. 1,2 25,900 747,215
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES Continued Pediatrix Medical Group, Inc. 1 248,600 $ 11,261,580 - --------------------------------------------------------------------------------------------------------------------- Per-Se Technologies, Inc. 1,2 285,010 7,176,552 - --------------------------------------------------------------------------------------------------------------------- Phase Forward, Inc. 1,2 103,300 1,190,016 - --------------------------------------------------------------------------------------------------------------------- PSS World Medical, Inc. 1,2 361,200 6,375,180 - --------------------------------------------------------------------------------------------------------------------- Res-Care, Inc. 1,2 118,900 2,378,000 - --------------------------------------------------------------------------------------------------------------------- Schein (Henry), Inc. 1 59,000 2,757,070 - --------------------------------------------------------------------------------------------------------------------- Sierra Health Services, Inc. 1 189,400 8,528,682 - --------------------------------------------------------------------------------------------------------------------- Sunrise Senior Living, Inc. 1,2 159,800 4,418,470 - --------------------------------------------------------------------------------------------------------------------- Trizetto Group, Inc. 1 15,600 230,724 - --------------------------------------------------------------------------------------------------------------------- U.S. Physical Therapy, Inc. 1,2 37,800 553,392 - --------------------------------------------------------------------------------------------------------------------- WellCare Health Plans, Inc. 1,2 127,500 6,253,875 --------------- 135,187,503 - --------------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS--1.2% Alpharma, Inc., Cl. A 428,100 10,291,524 - --------------------------------------------------------------------------------------------------------------------- Andrx Corp. 1 442,500 10,261,575 - --------------------------------------------------------------------------------------------------------------------- BioMimetic Therapeutics, Inc. 1 173,600 1,150,968 - --------------------------------------------------------------------------------------------------------------------- Bradley Pharmaceuticals, Inc. 1,2 81,700 833,340 - --------------------------------------------------------------------------------------------------------------------- CNS, Inc. 2 100,000 2,450,000 - --------------------------------------------------------------------------------------------------------------------- DepoMed, Inc. 1,2 140,400 824,148 - --------------------------------------------------------------------------------------------------------------------- Durect Corp. 1,2 71,146 275,335 - --------------------------------------------------------------------------------------------------------------------- Emisphere Technologies, Inc. 1,2 18,800 160,364 - --------------------------------------------------------------------------------------------------------------------- Endo Pharmaceuticals Holdings, Inc. 1,2 165,600 5,461,488 - --------------------------------------------------------------------------------------------------------------------- Hi-Tech Pharmacal Co., Inc. 1,2 74,800 1,239,436 - --------------------------------------------------------------------------------------------------------------------- King Pharmaceuticals, Inc. 1 340,400 5,786,800 - --------------------------------------------------------------------------------------------------------------------- Mylan Laboratories, Inc. 273,800 5,476,000
33 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS Continued New River Pharmaceuticals, Inc. 1,2 105,100 $ 2,995,350 - --------------------------------------------------------------------------------------------------------------------- Pain Therapeutics, Inc. 1,2 180,900 1,510,515 - --------------------------------------------------------------------------------------------------------------------- Penwest Pharmaceuticals Co. 1,2 17,500 382,025 - --------------------------------------------------------------------------------------------------------------------- Perrigo Co. 2 78,500 1,263,850 ---------------- 50,362,718 - --------------------------------------------------------------------------------------------------------------------- INDUSTRIALS--19.2% - --------------------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE--1.5% AAR Corp. 1,2 194,800 4,330,404 - --------------------------------------------------------------------------------------------------------------------- Alliant Techsystems, Inc. 1 66,900 5,107,815 - --------------------------------------------------------------------------------------------------------------------- Armor Holdings, Inc. 1,2 125,700 6,892,131 - --------------------------------------------------------------------------------------------------------------------- Astronics Corp., Cl. B 1 7,900 98,750 - --------------------------------------------------------------------------------------------------------------------- Aviall, Inc. 1 16,700 793,584 - --------------------------------------------------------------------------------------------------------------------- BE Aerospace, Inc. 1 122,300 2,795,778 - --------------------------------------------------------------------------------------------------------------------- Cubic Corp. 2 31,700 621,637 - --------------------------------------------------------------------------------------------------------------------- Curtiss-Wright Corp. 2 29,000 895,520 - --------------------------------------------------------------------------------------------------------------------- DRS Technologies, Inc. 2 91,840 4,477,200 - --------------------------------------------------------------------------------------------------------------------- DynCorp International, Inc., Cl. A 1 503,700 5,228,406 - --------------------------------------------------------------------------------------------------------------------- Esterline Technologies Corp. 1,2 69,900 2,907,141 - --------------------------------------------------------------------------------------------------------------------- Kaman Corp., Cl. A 2 125,000 2,275,000 - --------------------------------------------------------------------------------------------------------------------- Ladish Co., Inc. 1,2 22,500 843,075 - --------------------------------------------------------------------------------------------------------------------- LMI Aerospace, Inc. 1,2 11,400 207,480 - --------------------------------------------------------------------------------------------------------------------- Orbital Sciences Corp. 1,2 505,300 8,155,542 - --------------------------------------------------------------------------------------------------------------------- Sequa Corp., Cl. A 1 23,700 1,931,550 - --------------------------------------------------------------------------------------------------------------------- Teledyne Technologies, Inc. 1,2 197,100 6,456,996 - --------------------------------------------------------------------------------------------------------------------- Triumph Group, Inc. 1,2 129,500 6,216,000
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE Continued United Industrial Corp. 2 54,300 $ 2,457,075 ---------------- 62,691,084 - --------------------------------------------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS--0.8% EGL, Inc. 1 174,000 8,734,800 - --------------------------------------------------------------------------------------------------------------------- Forward Air Corp. 2 122,550 4,991,462 - --------------------------------------------------------------------------------------------------------------------- Hub Group, Inc., Cl. A 1 457,290 11,217,324 - --------------------------------------------------------------------------------------------------------------------- Pacer International, Inc. 359,800 11,722,284 ---------------- 36,665,870 - --------------------------------------------------------------------------------------------------------------------- AIRLINES--0.8% AMR Corp. 1 344,500 8,757,190 - --------------------------------------------------------------------------------------------------------------------- Continental Airlines, Inc., Cl. B 1,2 514,100 15,320,180 - --------------------------------------------------------------------------------------------------------------------- ExpressJet Holdings, Inc. 1 171,600 1,185,756 - --------------------------------------------------------------------------------------------------------------------- Mesa Air Group, Inc. 1 391,500 3,856,275 - --------------------------------------------------------------------------------------------------------------------- Republic Airways Holdings, Inc. 1 91,500 1,557,330 - --------------------------------------------------------------------------------------------------------------------- US Airways Group, Inc. 1 90,000 4,548,600 - --------------------------------------------------------------------------------------------------------------------- World Air Holdings, Inc. 1,2 20,500 176,095 --------------- 35,401,426 - --------------------------------------------------------------------------------------------------------------------- BUILDING PRODUCTS--1.2% American Woodmark Corp. 2 38,000 1,331,520 - --------------------------------------------------------------------------------------------------------------------- Ameron International Corp. 2 46,300 3,103,026 - --------------------------------------------------------------------------------------------------------------------- Builders FirstSource, Inc. 1 240,800 4,902,688 - --------------------------------------------------------------------------------------------------------------------- Goodman Global, Inc. 1 99,400 1,508,892 - --------------------------------------------------------------------------------------------------------------------- Insteel Industries, Inc. 2 60,200 1,456,840 - --------------------------------------------------------------------------------------------------------------------- Jacuzzi Brands, Inc. 1,2 11,700 102,960 - --------------------------------------------------------------------------------------------------------------------- Lennox International, Inc. 210,800 5,581,984
34 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- BUILDING PRODUCTS Continued NCI Building Systems, Inc. 1,2 206,000 $ 10,953,020 - --------------------------------------------------------------------------------------------------------------------- PW Eagle, Inc. 2 99,200 2,999,808 - --------------------------------------------------------------------------------------------------------------------- Universal Forest Products, Inc. 2 171,000 10,726,830 - --------------------------------------------------------------------------------------------------------------------- USG Corp. 1,2 126,300 9,211,059 ---------------- 51,878,627 - --------------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--3.9% Administaff, Inc. 2 257,600 9,224,656 - --------------------------------------------------------------------------------------------------------------------- Allied Waste Industries, Inc. 1 197,400 2,242,464 - --------------------------------------------------------------------------------------------------------------------- American Ecology Corp. 2 89,500 2,371,750 - --------------------------------------------------------------------------------------------------------------------- Banta Corp. 182,300 8,445,959 - --------------------------------------------------------------------------------------------------------------------- Bowne & Co., Inc. 2 31,000 443,300 - --------------------------------------------------------------------------------------------------------------------- CBIZ, Inc. 1,2 302,700 2,243,007 - --------------------------------------------------------------------------------------------------------------------- CDI Corp. 2 7,200 208,800 - --------------------------------------------------------------------------------------------------------------------- Central Parking Corp. 2 105,400 1,686,400 - --------------------------------------------------------------------------------------------------------------------- Cenveo, Inc. 1,2 254,700 4,571,865 - --------------------------------------------------------------------------------------------------------------------- Clean Harbors, Inc. 1,2 105,000 4,232,550 - --------------------------------------------------------------------------------------------------------------------- CompX International, Inc. 2,900 51,910 - --------------------------------------------------------------------------------------------------------------------- Consolidated Graphics, Inc. 1,2 65,300 3,399,518 - --------------------------------------------------------------------------------------------------------------------- Corporate Executive Board Co. 21,800 2,184,360 - --------------------------------------------------------------------------------------------------------------------- Corrections Corp. of America 1 13,800 730,572 - --------------------------------------------------------------------------------------------------------------------- Dun & Bradstreet Corp. 1 55,600 3,874,208 - --------------------------------------------------------------------------------------------------------------------- Ennis, Inc. 2 92,200 1,814,496 - --------------------------------------------------------------------------------------------------------------------- Exponent, Inc. 1 109,800 1,855,620 - --------------------------------------------------------------------------------------------------------------------- Geo Group, Inc. (The) 1 60,200 2,110,010 - --------------------------------------------------------------------------------------------------------------------- Harland (John H.) Co. 184,300 8,017,050 - --------------------------------------------------------------------------------------------------------------------- Healthcare Services Group, Inc. 2 108,675 2,276,741 - --------------------------------------------------------------------------------------------------------------------- Heidrick & Struggles International, Inc. 1,2 70,458 2,384,299
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES Continued HNI Corp. 31,700 $ 1,437,595 - --------------------------------------------------------------------------------------------------------------------- ICT Group, Inc. 1 23,300 571,549 - --------------------------------------------------------------------------------------------------------------------- Ikon Office Solutions, Inc. 722,800 9,107,280 - --------------------------------------------------------------------------------------------------------------------- Kforce, Inc. 1,2 175,600 2,720,044 - --------------------------------------------------------------------------------------------------------------------- Knoll, Inc. 196,100 3,600,396 - --------------------------------------------------------------------------------------------------------------------- Korn-Ferry International 1,2 343,800 6,735,042 - --------------------------------------------------------------------------------------------------------------------- Labor Ready, Inc. 1,2 319,800 7,243,470 - --------------------------------------------------------------------------------------------------------------------- Manpower, Inc. 107,900 6,970,340 - --------------------------------------------------------------------------------------------------------------------- Miller (Herman), Inc. 14,500 373,665 - --------------------------------------------------------------------------------------------------------------------- Mine Safety Appliances Co. 2 10,400 418,080 - --------------------------------------------------------------------------------------------------------------------- Mobile Mini, Inc. 1,2 51,100 1,495,186 - --------------------------------------------------------------------------------------------------------------------- NCO Group, Inc. 1,2 36,300 959,772 - --------------------------------------------------------------------------------------------------------------------- On Assignment, Inc. 1 139,800 1,284,762 - --------------------------------------------------------------------------------------------------------------------- PHH Corp. 1 335,700 9,245,178 - --------------------------------------------------------------------------------------------------------------------- Republic Services, Inc. 27,300 1,101,282 - --------------------------------------------------------------------------------------------------------------------- Robert Half International, Inc. 21,500 903,000 - --------------------------------------------------------------------------------------------------------------------- Sirva, Inc. 1 43,300 280,151 - --------------------------------------------------------------------------------------------------------------------- SITEL Corp. 1,2 113,300 444,136 - --------------------------------------------------------------------------------------------------------------------- Sourcecorp, Inc. 1 80,300 1,990,637 - --------------------------------------------------------------------------------------------------------------------- Spherion Corp. 1,2 390,800 3,564,096 - --------------------------------------------------------------------------------------------------------------------- Standard Register Co. (The) 92,500 1,096,125 - --------------------------------------------------------------------------------------------------------------------- Steelcase, Inc., Cl. A 128,700 2,117,115 - --------------------------------------------------------------------------------------------------------------------- Synagro Technologies, Inc. 26,400 103,752 - --------------------------------------------------------------------------------------------------------------------- Team, Inc. 1 52,800 1,322,640 - --------------------------------------------------------------------------------------------------------------------- TeleTech Holdings, Inc. 1,2 415,400 5,258,964 - --------------------------------------------------------------------------------------------------------------------- Tetra Tech, Inc. 1,2 366,667 6,504,673 - --------------------------------------------------------------------------------------------------------------------- United Stationers, Inc. 1 160,000 7,891,200 - --------------------------------------------------------------------------------------------------------------------- Viad Corp. 2 94,500 2,957,850 - --------------------------------------------------------------------------------------------------------------------- Volt Information Sciences, Inc. 1,2 48,300 2,250,780 - --------------------------------------------------------------------------------------------------------------------- Waste Connections, Inc. 1,2 232,600 8,466,640
35 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES Continued Watson Wyatt & Co. Holdings 45,400 $ 1,595,356 - --------------------------------------------------------------------------------------------------------------------- West Corp. 1 90,000 4,311,900 ---------------- 168,692,191 - --------------------------------------------------------------------------------------------------------------------- CONSTRUCTION & ENGINEERING--1.3% Baker (Michael) Corp. 1 52,200 1,132,740 - --------------------------------------------------------------------------------------------------------------------- Comfort Systems USA, Inc. 2 253,200 3,618,228 - --------------------------------------------------------------------------------------------------------------------- EMCOR Group, Inc. 1 263,600 12,829,412 - --------------------------------------------------------------------------------------------------------------------- Granite Construction, Inc. 2 215,800 9,769,266 - --------------------------------------------------------------------------------------------------------------------- Infrasource Services, Inc. 1 174,800 3,183,108 - --------------------------------------------------------------------------------------------------------------------- Insituform Technologies, Inc., Cl. A 1,2 123,000 2,815,470 - --------------------------------------------------------------------------------------------------------------------- McDermott International, Inc. 1 18,700 850,289 - --------------------------------------------------------------------------------------------------------------------- Perini Corp. 1,2 92,100 2,072,250 - --------------------------------------------------------------------------------------------------------------------- Quanta Services, Inc. 1,2 710,900 12,319,897 - --------------------------------------------------------------------------------------------------------------------- Sterling Construction Co., Inc. 1 58,300 1,609,080 - --------------------------------------------------------------------------------------------------------------------- Williams Scotsman International, Inc. 1,2 171,500 3,745,560 ---------------- 53,945,300 - --------------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--2.0% Acuity Brands, Inc. 2 337,100 13,116,561 - --------------------------------------------------------------------------------------------------------------------- Baldor Electric Co. 2 252,100 7,888,209 - --------------------------------------------------------------------------------------------------------------------- Encore Wire Corp. 1,2 137,500 4,941,750 - --------------------------------------------------------------------------------------------------------------------- Franklin Electric Co., Inc. 2 43,600 2,251,504 - --------------------------------------------------------------------------------------------------------------------- General Cable Corp. 1 375,700 13,149,500 - --------------------------------------------------------------------------------------------------------------------- Genlyte Group, Inc. (The) 1,2 106,199 7,691,994 - --------------------------------------------------------------------------------------------------------------------- Hubbell, Inc., Cl. B 80,400 3,831,060 - --------------------------------------------------------------------------------------------------------------------- II-VI, Inc. 1 69,800 1,277,340 - --------------------------------------------------------------------------------------------------------------------- LaBarge, Inc. 1,2 27,200 360,944
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT Continued Lamson & Sessions Co. (The) 1,2 85,300 $ 2,419,108 - --------------------------------------------------------------------------------------------------------------------- LSI Industries, Inc. 2 137,800 2,341,222 - --------------------------------------------------------------------------------------------------------------------- Power-One, Inc. 1,2 62,000 409,200 - --------------------------------------------------------------------------------------------------------------------- Preformed Line Products Co. 2 3,000 113,700 - --------------------------------------------------------------------------------------------------------------------- Smith (A.O.) Corp. 229,300 10,630,348 - --------------------------------------------------------------------------------------------------------------------- Superior Essex, Inc. 1,2 103,640 3,101,945 - --------------------------------------------------------------------------------------------------------------------- Thomas & Betts Corp. 1 85,200 4,370,760 - --------------------------------------------------------------------------------------------------------------------- Vicor Corp. 2 163,063 2,701,954 - --------------------------------------------------------------------------------------------------------------------- Woodward Governor Co. 2 174,701 5,330,128 ---------------- 85,927,227 - --------------------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--0.1% Carlisle Cos., Inc. 13,100 1,038,830 - --------------------------------------------------------------------------------------------------------------------- Raven Industries, Inc. 2 21,600 680,400 - --------------------------------------------------------------------------------------------------------------------- Teleflex, Inc. 62,100 3,354,642 - --------------------------------------------------------------------------------------------------------------------- Walter Industries, Inc. 2 12,500 720,625 ---------------- 5,794,497 - --------------------------------------------------------------------------------------------------------------------- MACHINERY--4.6% AGCO Corp. 1,2 285,600 7,516,992 - --------------------------------------------------------------------------------------------------------------------- Albany International Corp., Cl. A 2 310,900 13,179,051 - --------------------------------------------------------------------------------------------------------------------- American Railcar Industries, Inc. 2 126,900 4,201,659 - --------------------------------------------------------------------------------------------------------------------- American Science & Engineering, Inc. 1,2 14,800 857,216 - --------------------------------------------------------------------------------------------------------------------- Ampco-Pittsburgh Corp. 2 28,700 822,255 - --------------------------------------------------------------------------------------------------------------------- Astec Industries, Inc. 1 174,200 5,943,704 - --------------------------------------------------------------------------------------------------------------------- Badger Meter, Inc. 2 21,400 577,800 - --------------------------------------------------------------------------------------------------------------------- Barnes Group, Inc. 2 333,600 6,655,320 - --------------------------------------------------------------------------------------------------------------------- Briggs & Stratton Corp. 2 52,500 1,633,275
36 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- MACHINERY Continued Bucyrus International, Inc., Cl. A 189,124 $ 9,550,762 - --------------------------------------------------------------------------------------------------------------------- Cascade Corp. 2 45,500 1,799,525 - --------------------------------------------------------------------------------------------------------------------- CIRCOR International, Inc. 2 49,200 1,500,108 - --------------------------------------------------------------------------------------------------------------------- Clarcor, Inc. 2 56,900 1,695,051 - --------------------------------------------------------------------------------------------------------------------- Columbus McKinnon Corp. 1 96,200 2,091,388 - --------------------------------------------------------------------------------------------------------------------- Crane Co. 131,800 5,482,880 - --------------------------------------------------------------------------------------------------------------------- Cummins, Inc. 52,500 6,418,125 - --------------------------------------------------------------------------------------------------------------------- Dynamic Materials Corp. 102,968 3,473,111 - --------------------------------------------------------------------------------------------------------------------- Federal Signal Corp. 2 28,400 429,976 - --------------------------------------------------------------------------------------------------------------------- Flow International Corp. 1 123,000 1,730,610 - --------------------------------------------------------------------------------------------------------------------- Flowserve Corp. 1 253,200 14,407,080 - --------------------------------------------------------------------------------------------------------------------- Graco, Inc. 34,900 1,604,702 - --------------------------------------------------------------------------------------------------------------------- Greenbrier Cos., Inc. 2 16,200 530,388 - --------------------------------------------------------------------------------------------------------------------- Harsco Corp. 26,200 2,042,552 - --------------------------------------------------------------------------------------------------------------------- Kaydon Corp. 2 301,300 11,241,503 - --------------------------------------------------------------------------------------------------------------------- Lincoln Electric Holdings, Inc. 2 65,600 4,109,840 - --------------------------------------------------------------------------------------------------------------------- Lindsay Manufacturing Co. 2 33,000 894,960 - --------------------------------------------------------------------------------------------------------------------- Manitowoc Co., Inc. (The) 180,000 8,010,000 - --------------------------------------------------------------------------------------------------------------------- Middleby Corp. (The) 1,2 12,600 1,090,656 - --------------------------------------------------------------------------------------------------------------------- Miller Industries, Inc. 1 63,700 1,318,590 - --------------------------------------------------------------------------------------------------------------------- Mueller Industries, Inc. 225,000 7,431,750 - --------------------------------------------------------------------------------------------------------------------- NACCO Industries, Inc., Cl. A 69,100 9,495,031 - --------------------------------------------------------------------------------------------------------------------- Nordson Corp. 223,800 11,006,484 - --------------------------------------------------------------------------------------------------------------------- Robbins & Myers, Inc. 2 56,400 1,474,296 - --------------------------------------------------------------------------------------------------------------------- SPX Corp. 126,500 7,077,675 - --------------------------------------------------------------------------------------------------------------------- Sun Hydraulics Corp. 2 40,200 835,356 - --------------------------------------------------------------------------------------------------------------------- Tennant Co. 2 56,700 2,850,876
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- MACHINERY Continued Terex Corp. 1 9,200 $ 908,040 - --------------------------------------------------------------------------------------------------------------------- Titan International, Inc. 2 93,900 1,756,869 - --------------------------------------------------------------------------------------------------------------------- Toro Co. (The) 147,100 6,869,570 - --------------------------------------------------------------------------------------------------------------------- Trinity Industries, Inc. 2 145,650 5,884,260 - --------------------------------------------------------------------------------------------------------------------- Valmont Industries, Inc. 2 134,100 6,234,309 - --------------------------------------------------------------------------------------------------------------------- Wabtec Corp. 383,200 14,331,680 ---------------- 196,965,275 - --------------------------------------------------------------------------------------------------------------------- MARINE--0.2% Horizon Lines, Inc., Cl. A 67,100 1,074,942 - --------------------------------------------------------------------------------------------------------------------- Kirby Corp. 1,2 198,600 7,844,700 ---------------- 8,919,642 - --------------------------------------------------------------------------------------------------------------------- ROAD & RAIL--1.4% Amerco 1 50,100 5,043,066 - --------------------------------------------------------------------------------------------------------------------- Arkansas Best Corp. 2 271,100 13,611,931 - --------------------------------------------------------------------------------------------------------------------- Celadon Group, Inc. 1 214,875 4,735,845 - --------------------------------------------------------------------------------------------------------------------- Dollar Thrifty Automotive Group, Inc. 1,2 90,100 4,060,807 - --------------------------------------------------------------------------------------------------------------------- Heartland Express, Inc. 2 187,300 3,350,797 - --------------------------------------------------------------------------------------------------------------------- Laidlaw International, Inc. 217,500 5,481,000 - --------------------------------------------------------------------------------------------------------------------- Ryder Systems, Inc. 105,000 6,135,150 - --------------------------------------------------------------------------------------------------------------------- SCS Transportation, Inc. 1 97,999 2,697,912 - --------------------------------------------------------------------------------------------------------------------- Swift Transportation Co., Inc. 1 348,700 11,074,712 - --------------------------------------------------------------------------------------------------------------------- U.S. Xpress Enterprises, Inc., Cl. A 1 49,900 1,348,298 - --------------------------------------------------------------------------------------------------------------------- Universal Truckload Services, Inc. 1,2 20,854 711,747 ---------------- 58,251,265
37 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS--1.4% Applied Industrial Technologies, Inc. 2 451,200 $ 10,968,672 - --------------------------------------------------------------------------------------------------------------------- BlueLinx Holdings, Inc. 2 54,900 715,347 - --------------------------------------------------------------------------------------------------------------------- GATX Corp. 88,800 3,774,000 - --------------------------------------------------------------------------------------------------------------------- Interline Brands, Inc. 1 289,200 6,761,496 - --------------------------------------------------------------------------------------------------------------------- MSC Industrial Direct Co., Inc., Cl. A 91,100 4,333,627 - --------------------------------------------------------------------------------------------------------------------- Rush Enterprises, Inc., Cl. A 1,2 97,300 1,767,941 - --------------------------------------------------------------------------------------------------------------------- UAP Holding Corp. 520,533 11,352,825 - --------------------------------------------------------------------------------------------------------------------- United Rentals, Inc. 1,2 350,600 11,212,188 - --------------------------------------------------------------------------------------------------------------------- Watsco, Inc. 2 61,500 3,678,930 - --------------------------------------------------------------------------------------------------------------------- WESCO International, Inc. 1 58,600 4,043,400 ---------------- 58,608,426 - --------------------------------------------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--18.8% - --------------------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--1.9% Anaren Microwave, Inc. 1,2 140,400 2,876,796 - --------------------------------------------------------------------------------------------------------------------- Avocent Corp. 1 105,700 2,774,625 - --------------------------------------------------------------------------------------------------------------------- Bel Fuse, Inc., Cl. A 37,400 1,015,410 - --------------------------------------------------------------------------------------------------------------------- Belden CDT, Inc. 2 382,100 12,628,405 - --------------------------------------------------------------------------------------------------------------------- Black Box Corp. 2 93,900 3,599,187 - --------------------------------------------------------------------------------------------------------------------- Carrier Access Corp. 1 57,800 478,006 - --------------------------------------------------------------------------------------------------------------------- CommScope, Inc. 1,2 438,300 13,771,386 - --------------------------------------------------------------------------------------------------------------------- Digi International, Inc. 1,2 61,009 764,443 - --------------------------------------------------------------------------------------------------------------------- Ditech Networks, Inc. 1 156,900 1,368,168 - --------------------------------------------------------------------------------------------------------------------- EMS Technologies, Inc. 1 66,300 1,191,411 - --------------------------------------------------------------------------------------------------------------------- Finisar Corp. 1,2 230,700 754,389 - --------------------------------------------------------------------------------------------------------------------- Foundry Networks, Inc. 1,2 186,000 1,982,760 - --------------------------------------------------------------------------------------------------------------------- Harmonic, Inc. 1,2 28,700 128,576 - --------------------------------------------------------------------------------------------------------------------- MasTec, Inc. 1,2 92,400 1,220,604 - --------------------------------------------------------------------------------------------------------------------- Oplink Communications, Inc. 1,2 123,700 2,264,947
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT Continued Packeteer, Inc. 1,2 312,200 $ 3,540,348 - --------------------------------------------------------------------------------------------------------------------- Performance Technologies, Inc. 1 77,500 534,750 - --------------------------------------------------------------------------------------------------------------------- Polycom, Inc. 1,2 651,600 14,283,072 - --------------------------------------------------------------------------------------------------------------------- Radyne Corp. 1,2 20,800 236,704 - --------------------------------------------------------------------------------------------------------------------- Redback Networks, Inc. 1 339,600 6,228,264 - --------------------------------------------------------------------------------------------------------------------- Sirenza Microdevices, Inc. 1 126,300 1,533,282 - --------------------------------------------------------------------------------------------------------------------- Stratex Networks, Inc. 1,2 75,200 254,928 - --------------------------------------------------------------------------------------------------------------------- Sycamore Networks, Inc. 1,2 834,200 3,386,852 - --------------------------------------------------------------------------------------------------------------------- Tellabs, Inc. 1 205,100 2,729,881 - --------------------------------------------------------------------------------------------------------------------- ViaSat, Inc. 1,2 130,700 3,356,376 ---------------- 82,903,570 - --------------------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--1.7% Advanced Digital Information Corp. 1 367,100 4,320,767 - --------------------------------------------------------------------------------------------------------------------- Brocade Communications Systems, Inc. 1,2 2,157,100 13,244,594 - --------------------------------------------------------------------------------------------------------------------- Emulex Corp. 1 350,500 5,702,635 - --------------------------------------------------------------------------------------------------------------------- Hypercom Corp. 1 345,700 3,232,295 - --------------------------------------------------------------------------------------------------------------------- Imation Corp. 183,200 7,520,360 - --------------------------------------------------------------------------------------------------------------------- Komag, Inc. 1,2 260,800 12,043,744 - --------------------------------------------------------------------------------------------------------------------- LaserCard Corp. 1 31,500 412,335 - --------------------------------------------------------------------------------------------------------------------- Palm, Inc. 1,2 612,200 9,856,420 - --------------------------------------------------------------------------------------------------------------------- Seagate Technology 247,122 5,594,842 - --------------------------------------------------------------------------------------------------------------------- Western Digital Corp. 1 465,400 9,219,574 ---------------- 71,147,566 - --------------------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--3.2% Acacia Research Corp. 1,2 39,500 555,370 - --------------------------------------------------------------------------------------------------------------------- Agilysys, Inc. 89,600 1,612,800 - --------------------------------------------------------------------------------------------------------------------- Anixter International, Inc. 29,800 1,414,308 - --------------------------------------------------------------------------------------------------------------------- Arrow Electronics, Inc. 1 175,200 5,641,440
38 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS Continued Avnet, Inc. 1 180,500 $ 3,613,610 - --------------------------------------------------------------------------------------------------------------------- AVX Corp. 2 192,600 3,041,154 - --------------------------------------------------------------------------------------------------------------------- Brightpoint, Inc. 2 497,790 6,735,099 - --------------------------------------------------------------------------------------------------------------------- CalAmp Corp. 1 104,250 926,783 - --------------------------------------------------------------------------------------------------------------------- Checkpoint Systems, Inc. 1 172,100 3,822,341 - --------------------------------------------------------------------------------------------------------------------- Coherent, Inc. 1 118,500 3,997,005 - --------------------------------------------------------------------------------------------------------------------- CPI International, Inc. 1 72,100 1,045,450 - --------------------------------------------------------------------------------------------------------------------- CTS Corp. 2 41,900 623,891 - --------------------------------------------------------------------------------------------------------------------- Daktronics, Inc. 2 29,000 837,230 - --------------------------------------------------------------------------------------------------------------------- Dionex Corp. 1,2 1,000 54,660 - --------------------------------------------------------------------------------------------------------------------- DTS, Inc. 1 3,800 74,024 - --------------------------------------------------------------------------------------------------------------------- Electro Scientific Industries, Inc. 1,2 152,900 2,750,671 - --------------------------------------------------------------------------------------------------------------------- Fargo Electronics, Inc. 1,2 36,600 929,274 - --------------------------------------------------------------------------------------------------------------------- Global Imaging Systems, Inc. 1 108,000 4,458,240 - --------------------------------------------------------------------------------------------------------------------- Insight Enterprises, Inc. 1 335,900 6,398,895 - --------------------------------------------------------------------------------------------------------------------- Itron, Inc. 1,2 98,100 5,813,406 - --------------------------------------------------------------------------------------------------------------------- Keithley Instruments, Inc. 2 15,000 190,950 - --------------------------------------------------------------------------------------------------------------------- Kemet Corp. 1 332,400 3,064,728 - --------------------------------------------------------------------------------------------------------------------- Littlefuse, Inc. 1 82,700 2,843,226 - --------------------------------------------------------------------------------------------------------------------- Merix Corp. 1,2 61,500 674,655 - --------------------------------------------------------------------------------------------------------------------- Mettler-Toledo International, Inc. 1 94,900 5,748,093 - --------------------------------------------------------------------------------------------------------------------- MTS Systems Corp. 2 136,200 5,381,262 - --------------------------------------------------------------------------------------------------------------------- Multi-Fineline Electronix, Inc. 1,2 6,800 225,692 - --------------------------------------------------------------------------------------------------------------------- Newport Corp. 1 212,300 3,422,276 - --------------------------------------------------------------------------------------------------------------------- Park Electrochemical Corp. 2 157,100 4,045,325 - --------------------------------------------------------------------------------------------------------------------- PC Connection, Inc. 1,2 33,100 193,635 - --------------------------------------------------------------------------------------------------------------------- Planar Systems, Inc. 1 75,000 903,000 - --------------------------------------------------------------------------------------------------------------------- Plexus Corp. 1 387,400 13,252,954 - --------------------------------------------------------------------------------------------------------------------- RadiSys Corp. 1,2 148,200 3,254,472
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS Continued Rofin-Sinar Technologies, Inc. 1,2 184,400 $ 10,597,468 - --------------------------------------------------------------------------------------------------------------------- Rogers Corp. 1,2 140,200 7,898,868 - --------------------------------------------------------------------------------------------------------------------- ScanSource, Inc. 1,2 108,600 3,184,152 - --------------------------------------------------------------------------------------------------------------------- Solectron Corp. 1 1,411,100 4,825,962 - --------------------------------------------------------------------------------------------------------------------- Staktek Holdings, Inc. 1 7,600 36,936 - --------------------------------------------------------------------------------------------------------------------- Tech Data Corp. 1 200,700 7,688,817 - --------------------------------------------------------------------------------------------------------------------- Technitrol, Inc. 2 6,200 143,530 - --------------------------------------------------------------------------------------------------------------------- TTM Technologies, Inc. 1,2 236,700 3,425,049 - --------------------------------------------------------------------------------------------------------------------- Zygo Corp. 1 185,200 3,035,428 ---------------- 138,382,129 - --------------------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--2.4% 24/7 Real Media, Inc. 1,2 191,000 1,676,980 - --------------------------------------------------------------------------------------------------------------------- Art Technology Group, Inc. 1 299,000 891,020 - --------------------------------------------------------------------------------------------------------------------- Chordiant Software, Inc. 1 66,500 201,495 - --------------------------------------------------------------------------------------------------------------------- CyberSource Corp. 1 32,991 385,995 - --------------------------------------------------------------------------------------------------------------------- Digital Insight Corp. 1 346,000 11,864,340 - --------------------------------------------------------------------------------------------------------------------- Digital River, Inc. 1,2 305,300 12,331,067 - --------------------------------------------------------------------------------------------------------------------- EarthLink, Inc. 1 1,186,600 10,275,956 - --------------------------------------------------------------------------------------------------------------------- eCollege.com, Inc. 1,2 50,000 1,057,000 - --------------------------------------------------------------------------------------------------------------------- InfoSpace, Inc. 1,2 218,500 4,953,395 - --------------------------------------------------------------------------------------------------------------------- Interwoven, Inc. 1 134,800 1,156,584 - --------------------------------------------------------------------------------------------------------------------- iPass, Inc. 1,2 201,300 1,127,280 - --------------------------------------------------------------------------------------------------------------------- j2 Global Communications, Inc. 1,2 261,200 8,154,664 - --------------------------------------------------------------------------------------------------------------------- Knot, Inc. (The) 1 50,200 1,050,686 - --------------------------------------------------------------------------------------------------------------------- LivePerson, Inc. 1,2 2,300 11,155 - --------------------------------------------------------------------------------------------------------------------- Move, Inc. 1 550,500 3,016,740 - --------------------------------------------------------------------------------------------------------------------- Online Resources & Communications Corp. 1,2 4,200 43,428 - --------------------------------------------------------------------------------------------------------------------- Open Text Corp. 1,2 106,000 1,530,640 - --------------------------------------------------------------------------------------------------------------------- RealNetworks, Inc. 1 916,400 9,805,480 - --------------------------------------------------------------------------------------------------------------------- S1 Corp. 1,2 89,800 431,040
39 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES Continued Savvis, Inc. 1 15,913 $ 471,184 - --------------------------------------------------------------------------------------------------------------------- Sohu.com, Inc. 1 65,600 1,691,824 - --------------------------------------------------------------------------------------------------------------------- SonicWALL, Inc. 1,2 562,700 5,058,673 - --------------------------------------------------------------------------------------------------------------------- Stellent, Inc. 22,700 216,785 - --------------------------------------------------------------------------------------------------------------------- TheStreet.com, Inc. 26,000 333,320 - --------------------------------------------------------------------------------------------------------------------- Travelzoo, Inc. 1,2 39,200 1,189,328 - --------------------------------------------------------------------------------------------------------------------- United Online, Inc. 2 832,150 9,985,800 - --------------------------------------------------------------------------------------------------------------------- Vignette Corp. 1 126,500 1,844,370 - --------------------------------------------------------------------------------------------------------------------- webMethods, Inc. 1 476,700 4,705,029 - --------------------------------------------------------------------------------------------------------------------- Websense, Inc. 1,2 323,200 6,638,528 ---------------- 102,099,786 - --------------------------------------------------------------------------------------------------------------------- IT SERVICES--2.2% Acxiom Corp. 121,000 3,025,000 - --------------------------------------------------------------------------------------------------------------------- BISYS Group, Inc. (The) 1 354,500 4,856,650 - --------------------------------------------------------------------------------------------------------------------- CACI International, Inc., Cl. A 1 37,400 2,181,542 - --------------------------------------------------------------------------------------------------------------------- Ceridian Corp. 1 232,800 5,689,632 - --------------------------------------------------------------------------------------------------------------------- CheckFree Corp. 1 100,900 5,000,604 - --------------------------------------------------------------------------------------------------------------------- CIBER, Inc. 1,2 84,100 554,219 - --------------------------------------------------------------------------------------------------------------------- Convergys Corp. 1 320,400 6,247,800 - --------------------------------------------------------------------------------------------------------------------- Covansys Corp. 1,2 60,600 761,742 - --------------------------------------------------------------------------------------------------------------------- CSG Systems International, Inc. 1 485,400 12,008,796 - --------------------------------------------------------------------------------------------------------------------- DST Systems, Inc. 1 2,700 160,650 - --------------------------------------------------------------------------------------------------------------------- Forrester Research, Inc. 1,2 130,500 3,651,390 - --------------------------------------------------------------------------------------------------------------------- Gartner, Inc., Cl. A 1,2 215,200 3,055,840 - --------------------------------------------------------------------------------------------------------------------- Global Payments, Inc. 101,400 4,922,970 - --------------------------------------------------------------------------------------------------------------------- infoUSA, Inc. 222,368 2,292,614 - --------------------------------------------------------------------------------------------------------------------- Integral Systems, Inc. 2 3,000 80,490 - --------------------------------------------------------------------------------------------------------------------- Keane, Inc. 1,2 72,000 900,000 - --------------------------------------------------------------------------------------------------------------------- Lightbridge, Inc. 1 88,400 1,144,780 - --------------------------------------------------------------------------------------------------------------------- ManTech International Corp. 1,2 4,500 138,870 - --------------------------------------------------------------------------------------------------------------------- Maximus, Inc. 2 130,200 3,014,130
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- IT SERVICES Continued MoneyGram International, Inc. 166,500 $ 5,652,675 - --------------------------------------------------------------------------------------------------------------------- MPS Group, Inc. 1 859,500 12,944,070 - --------------------------------------------------------------------------------------------------------------------- NCI, Inc., Cl. A 1 111,500 1,460,650 - --------------------------------------------------------------------------------------------------------------------- Perot Systems Corp., Cl. A 1,2 230,400 3,336,192 - --------------------------------------------------------------------------------------------------------------------- Sabre Holdings Corp. 53,100 1,168,200 - --------------------------------------------------------------------------------------------------------------------- Startek, Inc. 2 97,200 1,453,140 - --------------------------------------------------------------------------------------------------------------------- Sykes Enterprises, Inc. 1 274,400 4,434,304 - --------------------------------------------------------------------------------------------------------------------- TNS, Inc. 1 41,900 866,911 - --------------------------------------------------------------------------------------------------------------------- Tyler Technologies, Inc. 1,2 114,500 1,282,400 ---------------- 92,286,261 - --------------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--3.4% ADE Corp. 1,2 163,100 5,299,119 - --------------------------------------------------------------------------------------------------------------------- Advanced Energy Industries, Inc. 1,2 273,300 3,618,492 - --------------------------------------------------------------------------------------------------------------------- Agere Systems, Inc. 1 275,400 4,048,380 - --------------------------------------------------------------------------------------------------------------------- Amkor Technology, Inc. 1,2 530,800 5,021,368 - --------------------------------------------------------------------------------------------------------------------- ANADIGICS, Inc. 1,2 214,400 1,440,768 - --------------------------------------------------------------------------------------------------------------------- Asyst Technologies, Inc. 1,2 317,500 2,390,775 - --------------------------------------------------------------------------------------------------------------------- Atmel Corp. 1,2 818,900 4,544,895 - --------------------------------------------------------------------------------------------------------------------- Cirrus Logic, Inc. 1,2 551,500 4,489,210 - --------------------------------------------------------------------------------------------------------------------- Cohu, Inc. 2 2,700 47,385 - --------------------------------------------------------------------------------------------------------------------- Conexant Systems, Inc. 1,2 349,000 872,500 - --------------------------------------------------------------------------------------------------------------------- Cymer, Inc. 1 307,000 14,263,220 - --------------------------------------------------------------------------------------------------------------------- Diodes, Inc. 1,2 20,606 853,913 - --------------------------------------------------------------------------------------------------------------------- Exar Corp. 1,2 34,400 456,488 - --------------------------------------------------------------------------------------------------------------------- FormFactor, Inc. 1,2 96,600 4,311,258 - --------------------------------------------------------------------------------------------------------------------- Intersil Corp., Cl. A 216,100 5,024,325 - --------------------------------------------------------------------------------------------------------------------- Intevac, Inc. 1,2 135,700 2,941,976 - --------------------------------------------------------------------------------------------------------------------- IXYS Corp. 1,2 21,100 202,560 - --------------------------------------------------------------------------------------------------------------------- Kopin Corp. 1,2 127,300 459,553 - --------------------------------------------------------------------------------------------------------------------- Kulicke & Soffa Industries, Inc. 1,2 261,500 1,937,715
40 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Continued Lam Research Corp. 1 128,000 $ 5,967,360 - --------------------------------------------------------------------------------------------------------------------- Lattice Semiconductor Corp. 1 72,300 446,814 - --------------------------------------------------------------------------------------------------------------------- LSI Logic Corp. 1 560,000 5,012,000 - --------------------------------------------------------------------------------------------------------------------- LTX Corp. 1 519,500 3,641,695 - --------------------------------------------------------------------------------------------------------------------- Mattson Technology, Inc. 1 13,700 133,849 - --------------------------------------------------------------------------------------------------------------------- Micrel, Inc. 1,2 742,800 7,435,428 - --------------------------------------------------------------------------------------------------------------------- Microtune, Inc. 1,2 67,600 423,176 - --------------------------------------------------------------------------------------------------------------------- MKS Instruments, Inc. 1 212,000 4,265,440 - --------------------------------------------------------------------------------------------------------------------- Monolithic Power Systems, Inc. 1 68,900 815,087 - --------------------------------------------------------------------------------------------------------------------- Netlogic Microsystems, Inc. 1,2 29,900 964,275 - --------------------------------------------------------------------------------------------------------------------- NVIDIA Corp. 1 235,700 5,018,053 - --------------------------------------------------------------------------------------------------------------------- OmniVision Technologies, Inc. 1,2 440,800 9,309,696 - --------------------------------------------------------------------------------------------------------------------- ON Semiconductor Corp. 1,2 1,329,500 7,817,460 - --------------------------------------------------------------------------------------------------------------------- PDF Solutions, Inc. 1,2 65,300 810,373 - --------------------------------------------------------------------------------------------------------------------- Photronics, Inc. 1,2 63,500 939,800 - --------------------------------------------------------------------------------------------------------------------- Silicon Image, Inc. 1,2 152,200 1,640,716 - --------------------------------------------------------------------------------------------------------------------- Supertex, Inc. 1,2 70,800 2,827,752 - --------------------------------------------------------------------------------------------------------------------- Transmeta Corp. 1,2 403,600 653,832 - --------------------------------------------------------------------------------------------------------------------- Trident Microsystems, Inc. 1,2 200,900 3,813,082 - --------------------------------------------------------------------------------------------------------------------- TriQuint Semiconductor, Inc. 1 955,600 4,261,976 - --------------------------------------------------------------------------------------------------------------------- Ultratech, Inc. 1,2 46,700 735,058 - --------------------------------------------------------------------------------------------------------------------- Veeco Instruments, Inc. 1,2 242,400 5,778,816 - --------------------------------------------------------------------------------------------------------------------- Zoran Corp. 1 474,200 11,542,028 ---------------- 146,477,666 - --------------------------------------------------------------------------------------------------------------------- SOFTWARE--4.0% Actuate Corp. 1 269,500 1,088,780
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- SOFTWARE Continued Advent Software, Inc. 1,2 211,800 $ 7,639,626 - --------------------------------------------------------------------------------------------------------------------- Altiris, Inc. 1,2 97,900 1,766,116 - --------------------------------------------------------------------------------------------------------------------- Ansoft Corp. 1,2 194,946 3,992,494 - --------------------------------------------------------------------------------------------------------------------- Ansys, Inc. 1,2 11,100 530,802 - --------------------------------------------------------------------------------------------------------------------- Aspen Technology, Inc. 1,2 454,400 5,961,728 - --------------------------------------------------------------------------------------------------------------------- BEA Systems, Inc. 1 523,100 6,847,379 - --------------------------------------------------------------------------------------------------------------------- Blackbaud, Inc. 418,024 9,489,145 - --------------------------------------------------------------------------------------------------------------------- BMC Software, Inc. 1 265,300 6,340,670 - --------------------------------------------------------------------------------------------------------------------- Cadence Design Systems, Inc. 1 261,400 4,483,010 - --------------------------------------------------------------------------------------------------------------------- Catapult Communications Corp. 1,2 24,700 269,230 - --------------------------------------------------------------------------------------------------------------------- Compuware Corp. 1 60,000 402,000 - --------------------------------------------------------------------------------------------------------------------- ePlus, inc. 1 8,300 94,039 - --------------------------------------------------------------------------------------------------------------------- FactSet Research Systems, Inc. 37,600 1,778,480 - --------------------------------------------------------------------------------------------------------------------- Fair Isaac Corp. 136,500 4,956,315 - --------------------------------------------------------------------------------------------------------------------- FileNet Corp. 1,2 99,000 2,666,070 - --------------------------------------------------------------------------------------------------------------------- Hyperion Solutions Corp. 1,2 18,650 514,740 - --------------------------------------------------------------------------------------------------------------------- Informatica Corp. 1,2 607,100 7,989,436 - --------------------------------------------------------------------------------------------------------------------- Intergraph Corp. 1,2 272,000 8,565,280 - --------------------------------------------------------------------------------------------------------------------- Internet Security Systems, Inc. 1,2 273,800 5,161,130 - --------------------------------------------------------------------------------------------------------------------- InterVoice-Brite, Inc. 1,2 60,000 427,200 - --------------------------------------------------------------------------------------------------------------------- JDA Software Group, Inc. 1 160,200 2,247,606 - --------------------------------------------------------------------------------------------------------------------- Lawson Software, Inc. 1 1,287,800 8,628,260 - --------------------------------------------------------------------------------------------------------------------- Macrovision Corp. 1 12,700 273,304 - --------------------------------------------------------------------------------------------------------------------- Magma Design Automation, Inc. 1,2 42,000 308,700 - --------------------------------------------------------------------------------------------------------------------- Manhattan Associates, Inc. 1,2 46,600 945,514 - --------------------------------------------------------------------------------------------------------------------- MapInfo Corp. 1,2 68,400 892,620 - --------------------------------------------------------------------------------------------------------------------- McAfee, Inc. 1 82,100 1,992,567
41 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- SOFTWARE Continued Mentor Graphics Corp. 1,2 201,400 $ 2,614,172 - --------------------------------------------------------------------------------------------------------------------- MICROS Systems, Inc. 1 193,400 8,447,712 - --------------------------------------------------------------------------------------------------------------------- MicroStrategy, Inc., Cl. A 1,2 128,200 12,502,064 - --------------------------------------------------------------------------------------------------------------------- MRO Software, Inc. 1,2 179,500 3,602,565 - --------------------------------------------------------------------------------------------------------------------- MSC.Software Corp. 1 96,900 1,734,510 - --------------------------------------------------------------------------------------------------------------------- Net 1 UEPS Technologies, Inc. 1 52,200 1,427,670 - --------------------------------------------------------------------------------------------------------------------- Open Solutions, Inc. 1,2 25,500 678,555 - --------------------------------------------------------------------------------------------------------------------- Parametric Technology Corp. 1 118,600 1,507,406 - --------------------------------------------------------------------------------------------------------------------- Radiant Systems, Inc. 1,2 46,600 492,562 - --------------------------------------------------------------------------------------------------------------------- Reynolds & Reynolds Co., Cl. A 217,800 6,679,926 - --------------------------------------------------------------------------------------------------------------------- SPSS, Inc. 1,2 125,900 4,046,426 - --------------------------------------------------------------------------------------------------------------------- Synopsys, Inc. 1 331,600 6,224,132 - --------------------------------------------------------------------------------------------------------------------- TIBCO Software, Inc. 1 1,276,500 8,999,325 - --------------------------------------------------------------------------------------------------------------------- Transaction Systems Architects, Inc., Cl. A 1 350,031 14,592,792 - --------------------------------------------------------------------------------------------------------------------- Ultimate Software Group, Inc. (The) 1,2 104,800 2,007,968 - --------------------------------------------------------------------------------------------------------------------- VA Software Corp. 1 342,400 1,328,512 - --------------------------------------------------------------------------------------------------------------------- Verint Systems, Inc. 1,2 6,400 186,816 ---------------- 173,325,354 - --------------------------------------------------------------------------------------------------------------------- MATERIALS--8.2% - --------------------------------------------------------------------------------------------------------------------- CHEMICALS--2.3% Agrium, Inc. 96,800 2,247,696 - --------------------------------------------------------------------------------------------------------------------- Airgas, Inc. 75,400 2,808,650 - --------------------------------------------------------------------------------------------------------------------- Arch Chemicals, Inc. 2 90,900 3,276,945 - --------------------------------------------------------------------------------------------------------------------- CF Industries Holdings, Inc. 5,000 71,300 - --------------------------------------------------------------------------------------------------------------------- Cytec Industries, Inc. 36,100 1,937,126 - --------------------------------------------------------------------------------------------------------------------- FMC Corp. 57,300 3,689,547 - --------------------------------------------------------------------------------------------------------------------- Fuller (H.B.) Co. 260,700 11,358,699
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- CHEMICALS Continued Georgia Gulf Corp. 2 155,900 $ 3,900,618 - --------------------------------------------------------------------------------------------------------------------- Hercules, Inc. 1,2 462,000 7,050,120 - --------------------------------------------------------------------------------------------------------------------- MacDermid, Inc. 2 130,100 3,746,880 - --------------------------------------------------------------------------------------------------------------------- NewMarket Corp. 2 168,100 8,246,986 - --------------------------------------------------------------------------------------------------------------------- Olin Corp. 139,400 2,499,442 - --------------------------------------------------------------------------------------------------------------------- OM Group, Inc. 1 182,400 5,627,040 - --------------------------------------------------------------------------------------------------------------------- Pioneer Cos., Inc. 1,2 105,500 2,878,040 - --------------------------------------------------------------------------------------------------------------------- PolyOne Corp. 1,2 1,118,600 9,821,308 - --------------------------------------------------------------------------------------------------------------------- Schulman (A.), Inc. 2 174,500 3,994,305 - --------------------------------------------------------------------------------------------------------------------- Sensient Technologies Corp. 2 136,500 2,854,215 - --------------------------------------------------------------------------------------------------------------------- Spartech Corp. 304,500 6,881,700 - --------------------------------------------------------------------------------------------------------------------- Stepan Co. 2 16,300 514,754 - --------------------------------------------------------------------------------------------------------------------- Tronox, Inc., Cl. A 2 171,500 2,226,070 - --------------------------------------------------------------------------------------------------------------------- Valspar Corp. (The) 189,300 4,999,413 - --------------------------------------------------------------------------------------------------------------------- W.R. Grace & Co. 1,2 615,200 7,197,840 - --------------------------------------------------------------------------------------------------------------------- Westlake Chemical Corp. 38,300 1,141,340 ---------------- 98,970,034 - --------------------------------------------------------------------------------------------------------------------- CONSTRUCTION MATERIALS--0.4% Eagle Materials, Inc. 141,400 6,716,500 - --------------------------------------------------------------------------------------------------------------------- Martin Marietta Materials, Inc. 34,000 3,099,100 - --------------------------------------------------------------------------------------------------------------------- Texas Industries, Inc. 2 109,500 5,814,450 - --------------------------------------------------------------------------------------------------------------------- U.S. Concrete, Inc. 1 139,300 1,539,265 ---------------- 17,169,315 - --------------------------------------------------------------------------------------------------------------------- CONTAINERS & PACKAGING--0.9% AEP Industries, Inc. 1 10,500 350,910 - --------------------------------------------------------------------------------------------------------------------- AptarGroup, Inc. 25,400 1,260,094 - --------------------------------------------------------------------------------------------------------------------- Bemis Co., Inc. 29,500 903,290 - --------------------------------------------------------------------------------------------------------------------- Caraustar Industries, Inc. 1,2 47,600 428,400 - --------------------------------------------------------------------------------------------------------------------- Graphic Packaging Corp. 1 29,200 110,668 - --------------------------------------------------------------------------------------------------------------------- Greif, Inc., Cl. A 2 74,000 5,547,040 - --------------------------------------------------------------------------------------------------------------------- Myers Industries, Inc. 2 198,600 3,413,934 - --------------------------------------------------------------------------------------------------------------------- Packaging Corp. of America 250,300 5,511,606
42 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- CONTAINERS & PACKAGING Continued Pactiv Corp. 1 231,900 $ 5,739,525 - --------------------------------------------------------------------------------------------------------------------- Rock-Tenn Co., Cl. A 2 92,100 1,468,995 - --------------------------------------------------------------------------------------------------------------------- Silgan Holdings, Inc. 242,300 8,967,523 - --------------------------------------------------------------------------------------------------------------------- Sonoco Products Co. 11,000 348,150 - --------------------------------------------------------------------------------------------------------------------- Temple-Inland, Inc. 118,200 5,067,234 ---------------- 39,117,369 - --------------------------------------------------------------------------------------------------------------------- METALS & MINING--4.3% A. M. Castle & Co. 2 94,400 3,044,400 - --------------------------------------------------------------------------------------------------------------------- AK Steel Holding Corp. 1,2 959,500 13,269,885 - --------------------------------------------------------------------------------------------------------------------- Aleris International, Inc. 1,2 176,100 8,074,185 - --------------------------------------------------------------------------------------------------------------------- AMCOL International Corp. 2 91,200 2,403,120 - --------------------------------------------------------------------------------------------------------------------- Amerigo Resources Ltd. 779,600 1,599,287 - --------------------------------------------------------------------------------------------------------------------- Brush Engineered Materials, Inc. 1,2 102,100 2,128,785 - --------------------------------------------------------------------------------------------------------------------- Carpenter Technology Corp. 120,000 13,860,000 - --------------------------------------------------------------------------------------------------------------------- Century Aluminum Co. 1,2 232,600 8,301,494 - --------------------------------------------------------------------------------------------------------------------- Chaparral Steel Co. 1,2 181,715 13,087,114 - --------------------------------------------------------------------------------------------------------------------- Cleveland-Cliffs, Inc. 2 92,100 7,302,609 - --------------------------------------------------------------------------------------------------------------------- Commercial Metals Co. 284,000 7,298,800 - --------------------------------------------------------------------------------------------------------------------- Compass Minerals International, Inc. 2 37,600 938,120 - --------------------------------------------------------------------------------------------------------------------- Dynatec Corp. 1 1,276,100 1,543,255 - --------------------------------------------------------------------------------------------------------------------- FNX Mining Co., Inc. 1 36,900 350,390 - --------------------------------------------------------------------------------------------------------------------- Gibraltar Industries, Inc. 2 120,400 3,491,600 - --------------------------------------------------------------------------------------------------------------------- Inmet Mining Corp. 111,200 4,153,937 - --------------------------------------------------------------------------------------------------------------------- LionOre Mining International Ltd. 1 300,700 1,632,395 - --------------------------------------------------------------------------------------------------------------------- Meridian Gold, Inc. 1 23,700 747,751 - --------------------------------------------------------------------------------------------------------------------- Meridian Gold, Inc. 1 26,600 842,688 - --------------------------------------------------------------------------------------------------------------------- Metal Management, Inc. 240,700 7,370,234
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- METALS & MINING Continued Olympic Steel, Inc. 2 61,100 $ 2,162,329 - --------------------------------------------------------------------------------------------------------------------- Quanex Corp. 2 315,273 13,578,808 - --------------------------------------------------------------------------------------------------------------------- Reliance Steel & Aluminum Co. 179,376 14,879,239 - --------------------------------------------------------------------------------------------------------------------- RTI International Metals, Inc. 1,2 41,400 2,311,776 - --------------------------------------------------------------------------------------------------------------------- Ryerson, Inc. 2 217,400 5,869,800 - --------------------------------------------------------------------------------------------------------------------- Schnitzer Steel Industries, Inc. 2 205,600 7,294,688 - --------------------------------------------------------------------------------------------------------------------- Steel Dynamics, Inc. 2 268,300 17,638,042 - --------------------------------------------------------------------------------------------------------------------- Steel Technologies, Inc. 2 15,300 297,432 - --------------------------------------------------------------------------------------------------------------------- United States Steel Corp. 38,700 2,713,644 - --------------------------------------------------------------------------------------------------------------------- Wheeling-Pittsburgh Corp. 1,2 48,100 956,709 - --------------------------------------------------------------------------------------------------------------------- Worthington Industries, Inc. 2 599,162 12,552,444 ---------------- 181,694,960 - --------------------------------------------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS--0.3% Buckeye Technologies, Inc. 1,2 84,700 647,108 - --------------------------------------------------------------------------------------------------------------------- Deltic Timber Corp. 2 32,100 1,809,477 - --------------------------------------------------------------------------------------------------------------------- Glatfelter 2 212,200 3,367,614 - --------------------------------------------------------------------------------------------------------------------- Louisiana-Pacific Corp. 285,000 6,241,500 - --------------------------------------------------------------------------------------------------------------------- MeadWestvaco Corp. 44,900 1,254,057 - --------------------------------------------------------------------------------------------------------------------- Neenah Paper, Inc. 2 9,000 274,050 ---------------- 13,593,806 - --------------------------------------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--0.9% - --------------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--0.6% Alaska Communications Systems Group, Inc. 2 204,400 2,585,660 - --------------------------------------------------------------------------------------------------------------------- AXXENT, Inc. 1,4 100,000 -- - --------------------------------------------------------------------------------------------------------------------- CenturyTel, Inc. 168,100 6,244,915 - --------------------------------------------------------------------------------------------------------------------- Cincinnati Bell, Inc. 1 731,600 2,999,560
43 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES Continued Citizens Communications Co. 479,200 $ 6,253,560 - --------------------------------------------------------------------------------------------------------------------- Commonwealth Telephone Enterprises, Inc. 4,000 132,640 - --------------------------------------------------------------------------------------------------------------------- Consolidated Communications Holdings, Inc. 24,700 410,761 - --------------------------------------------------------------------------------------------------------------------- CT Communications, Inc. 2 19,200 439,104 - --------------------------------------------------------------------------------------------------------------------- FairPoint Communications, Inc. 2 127,600 1,837,440 - --------------------------------------------------------------------------------------------------------------------- General Communication, Inc., Cl. A 1,2 77,400 953,568 - --------------------------------------------------------------------------------------------------------------------- Golden Telecom, Inc. 2 8,600 218,010 - --------------------------------------------------------------------------------------------------------------------- North Pittsburgh Systems, Inc. 2 48,700 1,342,172 - --------------------------------------------------------------------------------------------------------------------- Vonage Holdings Corp. 1,2 257,900 2,215,361 ---------------- 25,632,751 - --------------------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--0.3% @Road, Inc. 1 112,900 623,208 - --------------------------------------------------------------------------------------------------------------------- Centennial Communications Corp. 2 36,300 188,760 - --------------------------------------------------------------------------------------------------------------------- Dobson Communications Corp., Cl. A 1,2 288,500 2,230,105 - --------------------------------------------------------------------------------------------------------------------- Leap Wireless International, Inc. 1 83,800 3,976,310 - --------------------------------------------------------------------------------------------------------------------- UbiquiTel, Inc. 1,2 662,700 6,852,318 ---------------- 13,870,701 - --------------------------------------------------------------------------------------------------------------------- UTILITIES--2.1% - --------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES--0.5% ALLETE, Inc. 2 23,400 1,107,990 - --------------------------------------------------------------------------------------------------------------------- Cleco Corp. 2 307,500 7,149,375 - --------------------------------------------------------------------------------------------------------------------- El Paso Electric Co. 1,2 18,800 379,008
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES Continued Green Mountain Power Corp. 800 $ 27,192 - --------------------------------------------------------------------------------------------------------------------- IDACORP, Inc. 2 161,600 5,541,264 - --------------------------------------------------------------------------------------------------------------------- Pepco Holdings, Inc. 171,500 4,043,970 - --------------------------------------------------------------------------------------------------------------------- UIL Holdings Corp. 2 56,500 3,180,385 ---------------- 21,429,184 - --------------------------------------------------------------------------------------------------------------------- ENERGY TRADERS--0.1% Canadian Hydro Developers, Inc. 1 406,000 1,883,974 - --------------------------------------------------------------------------------------------------------------------- GAS UTILITIES--0.9% Atmos Energy Corp. 151,500 4,228,365 - --------------------------------------------------------------------------------------------------------------------- Cascade Natural Gas Corp. 2 5,500 115,995 - --------------------------------------------------------------------------------------------------------------------- Laclede Group, Inc. (The) 2 79,500 2,731,620 - --------------------------------------------------------------------------------------------------------------------- New Jersey Resources Corp. 2 117,100 5,477,938 - --------------------------------------------------------------------------------------------------------------------- Nicor, Inc. 2 207,600 8,615,400 - --------------------------------------------------------------------------------------------------------------------- Northwest Natural Gas Co. 2 9,600 355,488 - --------------------------------------------------------------------------------------------------------------------- ONEOK, Inc. 183,300 6,239,532 - --------------------------------------------------------------------------------------------------------------------- Peoples Energy Corp. 2 150,900 5,418,819 - --------------------------------------------------------------------------------------------------------------------- Southwest Gas Corp. 2 32,300 1,012,282 - --------------------------------------------------------------------------------------------------------------------- UGI Corp. 214,300 5,276,066 ---------------- 39,471,505 - --------------------------------------------------------------------------------------------------------------------- MULTI-UTILITIES & UNREGULATED POWER--0.6% Alliant Energy Corp. 148,400 5,090,120 - --------------------------------------------------------------------------------------------------------------------- Avista Corp. 2 373,000 8,515,590 - --------------------------------------------------------------------------------------------------------------------- CenterPoint Energy, Inc. 2 407,200 5,090,000 - --------------------------------------------------------------------------------------------------------------------- CH Energy Group, Inc. 2 76,400 3,667,200 - --------------------------------------------------------------------------------------------------------------------- Energy East Corp. 2,500 59,825 - --------------------------------------------------------------------------------------------------------------------- OGE Energy Corp. 2 127,000 4,448,810 ---------------- 26,871,545 ---------------- Total Common Stocks (Cost $3,631,560,941) 4,243,553,722
44 | OPPENHEIMER MAIN STREET SMALL CAP FUND
VALUE SHARES SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------- PREFERRED STOCKS--0.0% - --------------------------------------------------------------------------------------------------------------------- Simon Property Group, Inc., 6% Cv., Non-Vtg. (Cost $93,159) 1,740 $ 119,181
PRINCIPAL AMOUNT - ----------------------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--1.5% - ----------------------------------------------------------------------------------------------------------------------- Undivided interest of 63.79% in joint repurchase agreement (Principal Amount/Value $100,411,000, with a maturity value of $100,447,817) with Cantor Fitzgerald & Co./Cantor Fitzgerald Securities, 4.40%, dated 6/30/06, to be repurchased at $64,071,484 on 7/3/06, collateralized by U.S. Treasury Bonds, 6.125%-8.75%, 8/15/20-11/15/27, with a value of $102,610,350 (Cost $64,048,000) $ 64,048,000 64,048,000 - ----------------------------------------------------------------------------------------------------------------------- Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $3,695,702,100) 4,307,720,903 - ----------------------------------------------------------------------------------------------------------------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--24.0% - ----------------------------------------------------------------------------------------------------------------------- ASSET BACKED FLOATING NOTE--2.1% Ameriquest Mortgage Securities, Inc., Series 2005-R10, Cl. A2A, 5.40%, 7/25/06 5 9,392,124 9,392,124 - ----------------------------------------------------------------------------------------------------------------------- Countrywide Asset-Backed Certificates, Series 2005-17, Cl. 4AV1, 5.43%, 7/25/06 5 3,897,080 3,897,080 - ----------------------------------------------------------------------------------------------------------------------- GE-WMC Mortgage Securities LLC, Series 2005-2, Cl. A2A, 5.42%, 7/25/06 5 2,226,598 2,226,598
PRINCIPAL VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------- ASSET BACKED FLOATING NOTE Continued GSAA Home Equity Trust, Series 2005-15, Cl. 2A1, 5.41%, 7/25/06 5 $ 4,060,631 $ 4,060,631 - ----------------------------------------------------------------------------------------------------------------------- Money Market Trust, Series A, 5.27%, 7/17/06 5 7,000,000 7,000,000 - ----------------------------------------------------------------------------------------------------------------------- Specialty Underwriting & Residential Finance Trust, Series 2006 BC1, Cl. A2A, 5.40%, 7/25/06 5 15,852,739 15,852,739 - ----------------------------------------------------------------------------------------------------------------------- Structured Asset Investment Loan Trust, Series 2005-11, Cl. A4, 5.41%, 7/25/06 5 11,422,003 11,422,003 - ----------------------------------------------------------------------------------------------------------------------- Whitehawk CDO Funding Corp., 5.38%, 9/15/06 5 34,584,750 34,584,750 - ----------------------------------------------------------------------------------------------------------------------- Whitehawk CDO Funding Corp., 5.38%, 9/15/06 5 1,415,250 1,415,250 - ----------------------------------------------------------------------------------------------------------------------- BANK FLOATING RATE NOTES--1.7% Bank of America, 5.32%, 7/3/06 5 17,999,711 17,999,711 - ----------------------------------------------------------------------------------------------------------------------- National City Bank Cleveland, 5.36%, 7/3/06 5 11,998,256 11,998,256 - ----------------------------------------------------------------------------------------------------------------------- U.S. Bank NA, 5.34%, 7/31/06 5 17,995,043 17,995,043 - ----------------------------------------------------------------------------------------------------------------------- World Savings Bank FSB, 5.25%, 7/19/06 5 25,000,000 25,000,000 - ----------------------------------------------------------------------------------------------------------------------- COMMERCIAL PAPER--1.4% Bavaria Universal Funding Corp., 5.15%, 7/5/06 5 34,855,362 34,855,362 - ----------------------------------------------------------------------------------------------------------------------- Fortis Luxembourg Funding SA, 5%, 7/5/06 5 24,735,313 24,735,313
45 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Continued - --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------- FUNDING AGREEMENT/GUARANTEED INVESTMENT CONTRACT--1.3% Metropolitan Life Insurance Co., 5.17%, 7/3/06 5 $ 20,000,000 $ 20,000,000 - ----------------------------------------------------------------------------------------------------------------------- Protective Life Insurance Co., 5.18%, 7/26/06 5 15,000,000 15,000,000 - ----------------------------------------------------------------------------------------------------------------------- Protective Life Insurance Co., 5.25%, 7/31/06 5 18,000,000 18,000,000 - ----------------------------------------------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--5.7% Undivided interest of 6.67% in joint repurchase agreement (Principal Amount/Value $300,000,000, with a maturity value of $300,135,000) with GX Clarke, 5.40%, dated 6/30/06, to be repurchased at $20,009,000 on 7/3/06, collateralized by U.S. Agency Mortgages, 0%-7.625%, 7/5/06-7/15/32, with a value of $306,002,614 5 20,000,000 20,000,000 - ----------------------------------------------------------------------------------------------------------------------- Undivided interest of 3.86% in joint repurchase agreement (Principal Amount/Value $4,500,000,000, with a maturity value of $4,502,006,250) with Nomura Securities, 5.35%, dated 6/30/06, to be repurchased at $173,984,265 on 7/3/06, collateralized by U.S. Agency Mortgages, 0.00%--8.50%, 3/1/07--3/1/43, with a value of $4,590,000,000 5 173,906,732 173,906,732 - ----------------------------------------------------------------------------------------------------------------------- Undivided interest of 5.15% in joint repurchase agreement (Principal Amount/Value $1,000,000,000, with a maturity value of $1,000,444,375) with Bank of America NA, 5.3325%, dated 6/30/06, to be repurchased at $51,570,198 on 7/3/06, collateralized by U.S. Agency Mortgages, 5%, 6/1/35, with a value of $1,020,000,000 5 51,547,292 51,547,292 - ----------------------------------------------------------------------------------------------------------------------- MASTER FLOATING NOTE--2.1% CDC Financial Products, Inc., 5.41%, 7/3/06 5 30,000,000 30,000,000
PRINCIPAL VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------- MASTER FLOATING NOTE Continued Citigroup Global Markets, Inc., 5.38%, 7/3/06 5 $ 36,000,000 $ 36,000,000 - ----------------------------------------------------------------------------------------------------------------------- Merrill Lynch Mortgage Capital, 5.41%, 7/3/06 5 25,000,000 25,000,000 - ----------------------------------------------------------------------------------------------------------------------- MEDIUM-TERM FLOATING NOTE--6.7% American Express Credit Corp., 5.21%, 7/17/06 5 4,000,000 4,000,000 - ----------------------------------------------------------------------------------------------------------------------- American General Finance Corp., 5.02%, 7/5/06 5 5,003,844 5,003,844 - ----------------------------------------------------------------------------------------------------------------------- American General Finance Corp., 5.02%, 7/5/06 5 5,003,844 5,003,844 - ----------------------------------------------------------------------------------------------------------------------- American Honda Finance Corp., 5.07%, 7/18/06 5 25,000,000 25,000,000 - ----------------------------------------------------------------------------------------------------------------------- American Honda Finance Corp., 5.27%, 9/8/06 5 25,000,000 25,000,000 - ----------------------------------------------------------------------------------------------------------------------- Bear Stearns, 5.37%, 7/3/06 5 16,000,000 16,000,000 - ----------------------------------------------------------------------------------------------------------------------- Beta Finance, Inc., 5.37%, 7/3/06 5 4,998,736 4,998,736 - ----------------------------------------------------------------------------------------------------------------------- CC USA, Inc., 5.37%, 7/3/06 5 3,000,000 3,000,000 - ----------------------------------------------------------------------------------------------------------------------- CC USA, Inc., 5.37%, 7/3/06 5 3,000,000 3,000,000 - ----------------------------------------------------------------------------------------------------------------------- CC USA, Inc., 5.38%, 7/3/06 5 13,995,083 13,995,083 - ----------------------------------------------------------------------------------------------------------------------- CC USA, Inc., 5.38%, 7/3/06 5 6,997,546 6,997,546 - ----------------------------------------------------------------------------------------------------------------------- Dorada Finance, Inc., 5.37%, 7/3/06 5 3,000,000 3,000,000 - ----------------------------------------------------------------------------------------------------------------------- Fifth Third Bancorp, 5.28%, 7/24/06 5 2,000,000 2,000,000 - ----------------------------------------------------------------------------------------------------------------------- Five Finance, Inc., 5.38%, 7/3/06 5 3,999,325 3,999,325 - ----------------------------------------------------------------------------------------------------------------------- Five Finance, Inc., 5.38%, 7/3/06 5 18,996,663 18,996,663
46 | OPPENHEIMER MAIN STREET SMALL CAP FUND
PRINCIPAL VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------- MEDIUM-TERM FLOATING NOTE Continued Goldman Sachs Group, Inc., 5.47%, 7/3/06 5 $ 5,000,000 $ 5,000,000 - ----------------------------------------------------------------------------------------------------------------------- HSBC Finance Corp., 5.13%, 7/6/06 5 3,000,000 3,000,000 - ----------------------------------------------------------------------------------------------------------------------- Islandsbanki HF Corp., 5.34%, 7/24/06 5 10,000,000 10,000,000 - ----------------------------------------------------------------------------------------------------------------------- K2 (USA) LLC, 5.39%, 7/3/06 5 5,997,366 5,997,366 - ----------------------------------------------------------------------------------------------------------------------- Landsbanki Islands, 5.29%, 7/17/06 5 26,000,000 26,000,000 - ----------------------------------------------------------------------------------------------------------------------- LINKS Finance LLC, 5.37%, 7/3/06 5 2,000,025 2,000,025 - ----------------------------------------------------------------------------------------------------------------------- MBIA Global Funding LLC, 5.36%, 7/31/06 5 3,000,000 3,000,000 - ----------------------------------------------------------------------------------------------------------------------- MBIA Global Funding LLC, 5.37%, 7/3/06 5 30,000,000 30,000,000 - ----------------------------------------------------------------------------------------------------------------------- Morgan Stanley, 5.23%, 7/3/06 5 22,000,000 22,000,000 - ----------------------------------------------------------------------------------------------------------------------- Sigma Finance, Inc., 5.37%, 7/3/06 5 7,000,000 7,000,000 - ----------------------------------------------------------------------------------------------------------------------- Tango Finance Corp., 5.30%, 7/25/06 5 20,000,204 20,000,204 - ----------------------------------------------------------------------------------------------------------------------- Tango Finance Corp., 5.34%, 7/3/06 5 14,999,596 14,999,596 - ----------------------------------------------------------------------------------------------------------------------- YANKEE FLOATING CERTIFICATE OF DEPOSIT--3.0% Calyon NY, 5.32%, 7/3/06 5 999,986 999,986 - ----------------------------------------------------------------------------------------------------------------------- Credit Suisse First Boston NY, 5.34%, 7/31/06 5 25,000,000 25,000,000 - ----------------------------------------------------------------------------------------------------------------------- Natexis Banques Populaires NY, 5.22%, 7/17/06 5 27,995,377 27,995,377 - ----------------------------------------------------------------------------------------------------------------------- Natexis Banques Populaires NY, 5.37%, 7/3/06 5 2,000,000 2,000,000
PRINCIPAL VALUE AMOUNT SEE NOTE 1 - ----------------------------------------------------------------------------------------------------------------------- YANKEE FLOATING CERTIFICATE OF DEPOSIT Continued Natexis Banques Populaires NY, 5.39%, 7/3/06 5 $ 3,999,321 $ 3,999,321 - ----------------------------------------------------------------------------------------------------------------------- Nordea Bank New York, 5.32%, 7/3/06 5 20,298,088 20,298,088 - ----------------------------------------------------------------------------------------------------------------------- Unicredito Italiano NY, 4.98%, 7/5/06 5 24,995,214 24,995,214 - ----------------------------------------------------------------------------------------------------------------------- Unicredito Italiano NY, 5.32%, 7/3/06 5 24,999,659 24,999,659 ---------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $1,031,168,761) 1,031,168,761 - ----------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $4,726,870,861) 124.3% 5,338,889,664 - ----------------------------------------------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (24.3) (1,042,818,094) ------------------------------------- NET ASSETS 100.0% $ 4,296,071,570 =====================================
FOOTNOTES TO STATEMENT OF INVESTMENTS 1. Non-income producing security. 2. Partial or fully-loaned security. See Note 7 of accompanying Notes. 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 $2,679,946 or 0.06% of the Fund's net assets as of June 30, 2006. 4. Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of June 30, 2006 was $1,858,939, which represents 0.04% of the Fund's net assets, all of which is considered restricted. See Note 6 of accompanying Notes. 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 accompanying Notes. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 47 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF ASSETS AND LIABILITIES June 30, 2006 - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------- ASSETS - --------------------------------------------------------------------------------------------------------- Investments, at value (cost $4,726,870,861)--see accompanying statement of investments $ 5,338,889,664 - --------------------------------------------------------------------------------------------------------- Cash 787,563 - --------------------------------------------------------------------------------------------------------- Receivables and other assets: Shares of beneficial interest sold 18,576,009 Investments sold 18,332,853 Interest and dividends 3,572,877 Other 42,813 ---------------- Total assets 5,380,201,779 - --------------------------------------------------------------------------------------------------------- LIABILITIES - --------------------------------------------------------------------------------------------------------- Return of collateral for securities loaned 1,031,302,158 - --------------------------------------------------------------------------------------------------------- Payables and other liabilities: Investments purchased 42,173,584 Shares of beneficial interest redeemed 6,863,629 Distribution and service plan fees 2,372,436 Transfer and shareholder servicing agent fees 824,781 Shareholder communications 387,939 Trustees' compensation 30,400 Other 175,282 ---------------- Total liabilities 1,084,130,209 - --------------------------------------------------------------------------------------------------------- NET ASSETS $ 4,296,071,570 ================ - --------------------------------------------------------------------------------------------------------- COMPOSITION OF NET ASSETS - --------------------------------------------------------------------------------------------------------- Par value of shares of beneficial interest $ 195,425 - --------------------------------------------------------------------------------------------------------- Additional paid-in capital 3,422,974,596 - --------------------------------------------------------------------------------------------------------- Accumulated net investment loss (343,710) - --------------------------------------------------------------------------------------------------------- Accumulated net realized gain on investments and foreign currency transactions 261,226,218 - --------------------------------------------------------------------------------------------------------- Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies 612,019,041 ---------------- NET ASSETS $ 4,296,071,570 ================
48 | 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 $2,584,254,180 and 116,028,292 shares of beneficial interest outstanding) $ 22.27 Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) $ 23.63 - ---------------------------------------------------------------------------------------------------------------- Class B Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $501,741,675 and 23,955,558 shares of beneficial interest outstanding) $ 20.94 - ---------------------------------------------------------------------------------------------------------------- Class C Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $600,330,503 and 28,568,791 shares of beneficial interest outstanding) $ 21.01 - ---------------------------------------------------------------------------------------------------------------- Class N Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $192,088,970 and 8,782,480 shares of beneficial interest outstanding) $ 21.87 - ---------------------------------------------------------------------------------------------------------------- Class Y Shares: Net asset value, redemption price and offering price per share (based on net assets of $417,656,242 and 18,090,048 shares of beneficial interest outstanding) $ 23.09
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 49 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF OPERATIONS For the Year Ended June 30, 2006 - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------- INVESTMENT INCOME - --------------------------------------------------------------------------------------------------------- Dividends (net of foreign withholding taxes of $153,546) $ 32,652,953 - --------------------------------------------------------------------------------------------------------- Portfolio lending fees 3,355,814 - --------------------------------------------------------------------------------------------------------- Interest 2,395,350 - --------------------------------------------------------------------------------------------------------- Other income 63,068 ---------------- Total investment income 38,467,185 - --------------------------------------------------------------------------------------------------------- EXPENSES - --------------------------------------------------------------------------------------------------------- Management fees 22,260,586 - --------------------------------------------------------------------------------------------------------- Distribution and service plan fees: Class A 5,051,303 Class B 5,123,730 Class C 5,429,086 Class N 813,161 - --------------------------------------------------------------------------------------------------------- Transfer and shareholder servicing agent fees: Class A 5,161,952 Class B 1,337,042 Class C 1,161,010 Class N 574,745 Class Y 79,602 - --------------------------------------------------------------------------------------------------------- Shareholder communications: Class A 403,842 Class B 154,794 Class C 113,942 Class N 11,346 Class Y 378 - --------------------------------------------------------------------------------------------------------- Trustees' compensation 41,687 - --------------------------------------------------------------------------------------------------------- Custodian fees and expenses 29,258 - --------------------------------------------------------------------------------------------------------- Administration service fees 1,500 - --------------------------------------------------------------------------------------------------------- Other 241,023 ----------------- Total expenses 47,989,987 Less reduction to custodian expenses (1,688) Less waivers and reimbursements of expenses (18,435) ----------------- Net expenses 47,969,864 - --------------------------------------------------------------------------------------------------------- NET INVESTMENT LOSS (9,502,679)
50 | OPPENHEIMER MAIN STREET SMALL CAP FUND - --------------------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN - --------------------------------------------------------------------------------------------------------- Net realized gain on: Investments $ 425,044,113 Foreign currency transactions 1,528,352 ---------------- Net realized gain 426,572,465 - --------------------------------------------------------------------------------------------------------- Net change in unrealized appreciation on: Investments 117,509,025 Translation of assets and liabilities denominated in foreign currencies 2,447,365 ---------------- Net change in unrealized appreciation 119,956,390 - --------------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 537,026,176 ================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 51 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
YEAR ENDED JUNE 30, 2006 2005 - ---------------------------------------------------------------------------------------------------- OPERATIONS - ---------------------------------------------------------------------------------------------------- Net investment loss $ (9,502,679) $ (11,564,146) - ---------------------------------------------------------------------------------------------------- Net realized gain 426,572,465 249,472,058 - ---------------------------------------------------------------------------------------------------- Net change in unrealized appreciation 119,956,390 80,889,536 ---------------------------------- Net increase in net assets resulting from operations 537,026,176 318,797,448 - ---------------------------------------------------------------------------------------------------- DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS - ---------------------------------------------------------------------------------------------------- Distributions from net realized gain: Class A (123,396,354) (125,319,501) Class B (35,378,149) (49,474,404) Class C (36,694,343) (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 849,583,069 330,405,181 Class B (55,527,250) 17,405,073 Class C 81,658,704 59,944,813 Class N 48,842,294 41,110,533 Class Y 159,430,395 205,189,367 - ---------------------------------------------------------------------------------------------------- NET ASSETS - ---------------------------------------------------------------------------------------------------- Total increase 1,396,389,031 738,816,037 - ---------------------------------------------------------------------------------------------------- Beginning of period 2,899,682,539 2,160,866,502 ---------------------------------- End of period (including accumulated net investment loss of $343,710 and $229,383, respectively) $ 4,296,071,570 $ 2,899,682,539 ==================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 52 | OPPENHEIMER MAIN STREET SMALL CAP FUND FINANCIAL HIGHLIGHTS - --------------------------------------------------------------------------------
CLASS A YEAR ENDED JUNE 30, 2006 2005 2004 2003 2002 - ----------------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA - ----------------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 20.17 $ 19.52 $ 14.78 $ 15.12 $ 15.02 - ----------------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment loss (.02) 1 (.04) 1 (.10) (.08) (.08) Net realized and unrealized gain (loss) 3.59 2.65 4.84 (.26) .19 ------------------------------------------------------------------------- Total from investment operations 3.57 2.61 4.74 (.34) .11 - ----------------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Distributions from net realized gain (1.47) (1.96) -- -- (.01) - ----------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 22.27 $ 20.17 $ 19.52 $ 14.78 $ 15.12 ========================================================================= - ----------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 2 18.22% 13.82% 32.07% (2.25)% 0.71% - ----------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - ----------------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $ 2,584,254 $ 1,557,307 $ 1,177,389 $ 584,052 $ 512,337 - ----------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $ 2,040,757 $ 1,325,846 $ 904,397 $ 490,057 $ 386,221 - ----------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment loss (0.07)% (0.20)% (0.42)% (0.59)% (0.50)% Total expenses 1.15% 1.19% 1.17% 1.39% 1.37% Expenses after payments and waivers and reduction to custodian expenses 1.15% 1.19% 1.17% 1.36% 1.37% - ----------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 102% 132% 127% 117% 134%
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 FINANCIAL HIGHLIGHTS Continued - --------------------------------------------------------------------------------
CLASS B YEAR ENDED JUNE 30, 2006 2005 2004 2003 2002 - ----------------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA - ----------------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 19.19 $ 18.79 $ 14.35 $ 14.79 $ 14.80 - ----------------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment loss (.18) 1 (.18) 1 (.20) (.14) (.12) Net realized and unrealized gain (loss) 3.40 2.54 4.64 (.30) .12 ------------------------------------------------------------------------- Total from investment operations 3.22 2.36 4.44 (.44) -- - ----------------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Distributions from net realized gain (1.47) (1.96) -- -- (.01) - ----------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 20.94 $ 19.19 $ 18.79 $ 14.35 $ 14.79 ========================================================================= - ----------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 2 17.29% 12.98% 30.94% (2.98)% (0.02)% - ----------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - ----------------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $ 501,742 $ 510,183 $ 482,028 $ 330,174 $ 285,102 - ----------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $ 512,657 $ 490,050 $ 432,160 $ 268,057 $ 218,939 - ----------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment loss (0.85)% (0.98)% (1.26)% (1.34)% (1.25)% Total expenses 1.92% 1.97% 2.01% 2.21% 2.12% Expenses after payments and waivers and reduction to custodian expenses 1.92% 1.97% 2.01% 2.11% 2.12% - ----------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 102% 132% 127% 117% 134%
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. 54 | OPPENHEIMER MAIN STREET SMALL CAP FUND
CLASS C YEAR ENDED JUNE 30, 2006 2005 2004 2003 2002 - --------------------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA - --------------------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 19.24 $ 18.82 $ 14.36 $ 14.79 $ 14.81 - --------------------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment loss (.16) 1 (.17) 1 (.17) (.13) (.10) Net realized and unrealized gain (loss) 3.40 2.55 4.63 (.30) .09 ----------------------------------------------------------------------------- Total from investment operations 3.24 2.38 4.46 (.43) (.01) - --------------------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Distributions from net realized gain (1.47) (1.96) -- -- (.01) - --------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 21.01 $ 19.24 $ 18.82 $ 14.36 $ 14.79 ============================================================================= - --------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 2 17.35% 13.07% 31.06% (2.91)% (0.09)% - --------------------------------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA - --------------------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $ 600,331 $ 473,099 $ 402,056 $ 238,717 $ 186,108 - --------------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $ 543,420 $ 433,888 $ 340,201 $ 186,380 $ 127,393 - --------------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment loss (0.79)% (0.91)% (1.17)% (1.30)% (1.23)% Total expenses 1.87% 4 1.90% 4,5 1.91% 4,5 2.07% 4 2.12% 4 - --------------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 102% 132% 127% 117% 134%
1. Per share amounts calculated based on the average shares outstanding during the period. 2. Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods of less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 3. Annualized for periods of less than one full year. 4. Reduction to custodian expenses less than 0.01%. 5. Voluntary waiver of transfer agent fees less than 0.01%. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 55 | OPPENHEIMER MAIN STREET SMALL CAP FUND FINANCIAL HIGHLIGHTS Continued - --------------------------------------------------------------------------------
CLASS N YEAR ENDED JUNE 30, 2006 2005 2004 2003 2002 - ------------------------------------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA - ------------------------------------------------------------------------------------------------------------------------------ Net asset value, beginning of period $ 19.90 $ 19.33 $ 14.69 $ 15.05 $ 15.00 - ------------------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment loss (.09) 1 (.10) 1 (.14) (.11) (.12) Net realized and unrealized gain (loss) 3.53 2.63 4.78 (.25) .18 ---------------------------------------------------------------------------- Total from investment operations 3.44 2.53 4.64 (.36) .06 - ------------------------------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Distributions from net realized gain (1.47) (1.96) -- -- (.01) - ------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 21.87 $ 19.90 $ 19.33 $ 14.69 $ 15.05 ============================================================================ - ------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 2 17.79% 13.53% 31.59% (2.39)% 0.38% - ------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA - ------------------------------------------------------------------------------------------------------------------------------ Net assets, end of period (in thousands) $ 192,089 $ 129,631 $ 84,678 $ 41,474 $ 14,557 - ------------------------------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $ 162,869 $ 105,497 $ 65,107 $ 24,417 $ 5,924 - ------------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets: 3 Net investment loss (0.40)% (0.50)% (0.77)% (0.83)% (0.66)% Total expenses 1.49% 1.54% 1.61% 1.64% 1.65% Expenses after payments and waivers and reduction to custodian expenses 1.48% 1.50% 1.52% 1.60% 1.65% - ------------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 102% 132% 127% 117% 134%
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. 56 | OPPENHEIMER MAIN STREET SMALL CAP FUND
CLASS Y YEAR ENDED JUNE 30, 2006 2005 2004 2003 2002 - ------------------------------------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA - ------------------------------------------------------------------------------------------------------------------------------ Net asset value, beginning of period $ 20.76 $ 19.94 $ 15.03 $ 15.27 $ 15.11 - ------------------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment income (loss) .10 1 .08 1 (.03) (.07) (.10) Net realized and unrealized gain (loss) 3.70 2.70 4.94 (.17) .27 ---------------------------------------------------------------------------- Total from investment operations 3.80 2.78 4.91 (.24) .17 - ------------------------------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Distributions from net realized gain (1.47) (1.96) -- -- (.01) - ------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 23.09 $ 20.76 $ 19.94 $ 15.03 $ 15.27 ============================================================================ - ------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 2 18.83% 14.41% 32.67% (1.57)% 1.11% - ------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA - ------------------------------------------------------------------------------------------------------------------------------ Net assets, end of period (in thousands) $ 417,656 $ 229,463 $ 14,714 $ 7,637 $ 1,619 - ------------------------------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $ 314,236 $ 84,470 $ 11,428 $ 3,460 $ 813 - ------------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets: 3 Net investment income 0.42% 0.39% 0.06% 0.00% 0.01% Total expenses 0.66% 0.69% 0.70% 0.79% 0.97% Expenses after payments and waivers and reduction to custodian expenses 0.66% 0.69% 0.70% 0.79% 0.93% - ------------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 102% 132% 127% 117% 134%
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. 57 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Oppenheimer Main Street Small Cap Fund (the Fund) is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund's investment objective is to seek capital appreciation. The Fund's investment advisor is OppenheimerFunds, Inc. (the Manager). The Fund offers Class A, Class B, Class C, Class N and Class Y shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class B, Class C and Class N shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (CDSC). Class N shares are sold only through retirement plans. Retirement plans that offer Class N shares may impose charges on those accounts. Class Y shares are sold to certain institutional investors without either a front-end sales charge or a CDSC, however, the institutional investor may impose charges on those accounts. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B, C and N have separate distribution and/or service plans. No such plan has been adopted for Class Y shares. Class B shares will automatically convert to Class A shares six years after the date of purchase. The following is a summary of significant accounting policies consistently followed by the Fund. - -------------------------------------------------------------------------------- SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Securities 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, as 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 58 | OPPENHEIMER MAIN STREET SMALL CAP FUND trading session ending at, or most recently prior to, the time when the 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. 59 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS 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. The tax components of capital shown in the table below represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes. NET UNREALIZED APPRECIATION BASED ON COST OF SECURITIES AND UNDISTRIBUTED UNDISTRIBUTED ACCUMULATED OTHER INVESTMENTS NET INVESTMENT LONG-TERM LOSS FOR FEDERAL INCOME INCOME GAIN CARRYFORWARD 1,2,3 TAX PURPOSES ------------------------------------------------------------------------ $ 103,897,217 $ 167,148,335 $ 113,394 $ 601,999,793 1. The Fund had $113,394 of post-October passive foreign investment company losses which were deferred. 2. During the fiscal year ended June 30, 2006, the Fund did not utilize any capital loss carryforward. 3. During the fiscal year ended June 30, 2005, the Fund did not utilize any capital loss carryforward. Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund. Accordingly, the following amounts have been reclassified for June 30, 2006. Net assets of the Fund were unaffected by the reclassifications. REDUCTION TO REDUCTION TO ACCUMULATED ACCUMULATED NET INCREASE TO NET INVESTMENT REALIZED GAIN PAID-IN CAPITAL LOSS ON INVESTMENTS 4 ------------------------------------------------------------------------ $ 30,704,950 $ 9,388,352 $ 40,093,302 4. $30,704,950, including $18,935,124 of long-term capital gain, was distributed in connection with Fund share redemptions. The tax character of distributions paid during the years ended June 30, 2006 and June 30, 2005 was as follows: YEAR ENDED YEAR ENDED JUNE 30, 2006 JUNE 30, 2005 ------------------------------------------------------------------------ Distributions paid from: Ordinary income $ 39,998,944 $ -- Long-term capital gain 184,625,413 234,036,378 ---------------------------------- Total $ 224,624,357 $ 234,036,378 ================================== 60 | OPPENHEIMER MAIN STREET SMALL CAP FUND The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of June 30, 2006 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss. Federal tax cost of securities $ 4,736,890,109 =============== Gross unrealized appreciation $ 710,126,293 Gross unrealized depreciation (108,126,500) --------------- Net unrealized appreciation $ 601,999,793 =============== - -------------------------------------------------------------------------------- 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, at a rate equal to the Federal Funds Rate plus 0.50%. The "Reduction to custodian expenses" line item, if applicable, represents earnings on cash balances maintained by the 61 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued Fund during the period. At June 30, 2006, the Fund had $1,097 of such earnings on cash balances available to offset future custodian fees or interest expenses incurred during the next fiscal year. - -------------------------------------------------------------------------------- INDEMNIFICATIONS. The Fund's organizational documents provide current and former trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote. - -------------------------------------------------------------------------------- SECURITY TRANSACTIONS. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost. - -------------------------------------------------------------------------------- OTHER. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. - -------------------------------------------------------------------------------- 2. SHARES OF BENEFICIAL INTEREST The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:
YEAR ENDED JUNE 30, 2006 YEAR ENDED JUNE 30, 2005 SHARES AMOUNT SHARES AMOUNT - ------------------------------------------------------------------------------------------- CLASS A Sold 52,995,248 $ 1,162,183,582 29,883,300 $ 581,531,206 Dividends and/or distributions reinvested 5,536,169 115,207,421 6,060,495 117,210,057 Redeemed (19,694,701) (427,807,934) (19,074,602) (368,336,082) ------------------------------------------------------------- Net increase 38,836,716 $ 849,583,069 16,869,193 $ 330,405,181 ============================================================= - ------------------------------------------------------------------------------------------- CLASS B Sold 3,108,091 $ 64,354,603 3,932,600 $ 73,132,885 Dividends and/or distributions reinvested 1,686,726 33,161,089 2,487,110 45,961,791 Redeemed (7,423,199) (153,042,942) (5,486,270) (101,689,603) ------------------------------------------------------------- Net increase (decrease) (2,628,382) $ (55,527,250) 933,440 $ 17,405,073 =============================================================
62 | OPPENHEIMER MAIN STREET SMALL CAP FUND
YEAR ENDED JUNE 30, 2006 YEAR ENDED JUNE 30, 2005 SHARES AMOUNT SHARES AMOUNT - ------------------------------------------------------------------------------------------- CLASS C Sold 7,327,220 $ 152,216,805 6,186,055 $ 115,132,419 Dividends and/or distributions reinvested 1,629,148 32,126,716 2,070,707 38,349,492 Redeemed (4,976,579) (102,684,817) (5,028,179) (93,537,098) ------------------------------------------------------------ Net increase 3,979,789 $ 81,658,704 3,228,583 $ 59,944,813 ============================================================ - ------------------------------------------------------------------------------------------- CLASS N Sold 4,247,927 $ 91,418,231 3,124,670 $ 60,311,468 Dividends and/or distributions reinvested 490,823 10,052,147 506,098 9,671,541 Redeemed (2,471,177) (52,628,084) (1,496,199) (28,872,476) ------------------------------------------------------------ Net increase 2,267,573 $ 48,842,294 2,134,569 $ 41,110,533 ============================================================ - ------------------------------------------------------------------------------------------- CLASS Y Sold 8,542,508 $ 193,792,968 11,241,374 $ 223,482,775 Dividends and/or distributions reinvested 864,309 18,599,939 290,730 5,773,899 Redeemed (2,367,710) (52,962,512) (1,218,969) (24,067,307) ------------------------------------------------------------ Net increase 7,039,107 $ 159,430,395 10,313,135 $ 205,189,367 ============================================================
- -------------------------------------------------------------------------------- 3. PURCHASES AND SALES OF SECURITIES The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the year ended June 30, 2006, were as follows: PURCHASES SALES --------------------------------------------------------------- Investment securities $ 4,473,106,413 $ 3,614,036,650 - -------------------------------------------------------------------------------- 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES MANAGEMENT FEES. Management fees paid to the Manager were in accordance with the investment advisory agreement with the Fund which provides for a fee at an average annual rate as shown in the following table:
FEE SCHEDULE JULY 1, 2005 TO DECEMBER 31, 2005 FEE SCHEDULE EFFECTIVE JANUARY 1, 2006 - ----------------------------------------------------------------------------------------------- Up to $200 million of net assets 0.75% Up to $200 million of net assets 0.75% Next $200 million of net assets 0.72 Next $200 million of net assets 0.72 Next $200 million of net assets 0.69 Next $200 million of net assets 0.69 Next $200 million of net assets 0.66 Next $200 million of net assets 0.66 Over $800 million of net assets 0.60 Next $4.2 billion of net assets 0.60 Over $5 billion of net assets 0.58
- -------------------------------------------------------------------------------- ADMINISTRATION SERVICES. The Fund pays the Manager a fee of $1,500 per year for preparing and filing the Fund's tax returns. 63 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued TRANSFER AGENT FEES. OppenheimerFunds Services (OFS), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the year ended June 30, 2006, the Fund paid $8,101,497 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 periods. Fees incurred by the Fund under the plan are detailed in the Statement of Operations. - -------------------------------------------------------------------------------- DISTRIBUTION AND SERVICE PLANS FOR CLASS B, CLASS C AND CLASS N SHARES. The Fund has adopted Distribution and Service Plans for Class B, Class C and Class N shares to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% 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 June 30, 2006 for Class B, Class C and Class N shares were $4,087,011, $6,669,339 and $1,817,140, 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 following table for the period indicated. 64 | OPPENHEIMER MAIN STREET SMALL CAP FUND
CLASS A CLASS B CLASS C CLASS N CLASS A CONTINGENT CONTINGENT CONTINGENT CONTINGENT FRONT-END DEFERRED DEFERRED DEFERRED DEFERRED SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES RETAINED BY RETAINED BY RETAINED BY RETAINED BY RETAINED BY YEAR ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR - ---------------------------------------------------------------------------------------- June 30, 2006 $1,220,212 $2,897 $673,707 $51,076 $91,636
- -------------------------------------------------------------------------------- WAIVERS AND REIMBURSEMENTS OF EXPENSES. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class. During the year ended June 30, 2006, OFS waived $18,435 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 depreciation on foreign currency contracts are reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations with the change in unrealized appreciation or depreciation. The Fund may realize a gain or loss upon the closing or settlement of the foreign transaction. Contracts closed or settled with the same broker are recorded as net realized gains or losses. Such realized gains and losses are reported with all other foreign currency gains and losses in the Statement of Operations. As of June 30, 2006, the Fund had no outstanding foreign currency contracts. - -------------------------------------------------------------------------------- 6. ILLIQUID OR RESTRICTED SECURITIES As of June 30, 2006, 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: 65 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS Continued - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 6. ILLIQUID OR RESTRICTED SECURITIES Continued ACQUISITION VALUATION AS OF UNREALIZED SECURITY DATES COST JUNE 30, 2006 APPRECIATION - -------------------------------------------------------------------------------- Mission Oil & Gas, Inc. 1/18/05 $ 426,485 $ 1,009,033 $ 582,548 Tusk Energy Corp. 11/15/04 492,524 849,906 357,382 ---------------------------------------- $ 919,009 $ 1,858,939 $ 939,930 ======================================== - -------------------------------------------------------------------------------- 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 securities, letters of credit 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 each day. If the Fund is undercollateralized at the close of business due to an increase in market value of securities on loan, additional collateral is requested from the borrowing counterparty and is delivered to the Fund on the next business day. Cash collateral may be invested in approved investments and the Fund bears the risk of any loss in value of these investments. The Fund retains a portion of the interest earned from the collateral. 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. The Fund continues to receive the economic benefit of interest or dividends paid on the securities loaned in the form of a substitute payment received from the borrower. As of June 30, 2006, the Fund had on loan securities valued at $1,016,124,222, which are included in the Statement of Assets and Liabilities as "Investments, at value" and, when applicable, as "Investments sold." Collateral of $1,031,302,158 was received for the loans, all of which was received in cash and subsequently invested in approved investments or held as cash. - -------------------------------------------------------------------------------- 8. LITIGATION A consolidated amended complaint was filed as a putative class action against the Manager and the Transfer Agent and other defendants (including 51 of the Oppenheimer funds including the Fund) in the U.S. District Court for the Southern District of New York on January 10, 2005 and was amended on March 4, 2005. The complaint alleged, among other things, that the Manager charged excessive fees for distribution and other costs, and that by permitting and/or participating in those actions, the Directors/Trustees and the Officers of the funds breached their fiduciary duties to fund shareholders under the Investment Company Act of 1940 and at common law. The plaintiffs sought unspecified damages, an accounting of all fees paid, and an award of attorneys' fees and litigation expenses. In response to the defendants' motions to dismiss the suit, seven of the eight counts in the complaint, including the claims against certain of the Oppenheimer funds, as 66 | OPPENHEIMER MAIN STREET SMALL CAP FUND nominal defendants, and against certain present and former Directors, Trustees and Officers of the funds, and the Distributor, as defendants, were dismissed with prejudice, by court order dated March 10, 2006, and the remaining count against the Manager and the Transfer Agent was dismissed with prejudice by court order dated April 5, 2006. The plaintiffs filed an appeal of those dismissals on May 11, 2006. The Manager believes that the allegations contained in the complaint are without merit and that there are substantial grounds to sustain the district court's rulings. The Manager also believes that it is premature to render any opinion as to the likelihood of an outcome unfavorable to it, the funds, the Directors/Trustees or the Officers on the appeal of the decisions of the district court, and that no estimate can yet be made with any degree of certainty as to the amount or range of any potential loss. 67 | OPPENHEIMER MAIN STREET SMALL CAP FUND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TO THE BOARD OF TRUSTEES AND SHAREHOLDERS OF OPPENHEIMER MAIN STREET SMALL CAP FUND: We have audited the accompanying statement of assets and liabilities of Oppenheimer Main Street Small Cap Fund, including the statement of investments, as of June 30, 2006, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the periods presented. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of June 30, 2006, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Main Street Small Cap Fund as of June 30, 2006, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the periods presented, in conformity with accounting principles generally accepted in the United States of America. DELOITTE & TOUCHE LLP Denver, Colorado August 8, 2006 68 | OPPENHEIMER MAIN STREET SMALL CAP FUND FEDERAL INCOME TAX INFORMATION Unaudited - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- In early 2007, if applicable, shareholders of record will receive information regarding all dividends and distributions paid to them by the Fund during calendar year 2006. Regulations of the U.S. Treasury Department require the Fund to report this information to the Internal Revenue Service. Capital gain distributions of $1.2092 per share were paid to Class A, Class B, Class C, Class N and Class Y shareholders, respectively, on December 9, 2005. Whether received in stock or in cash, the capital gain distribution should be treated by shareholders as a gain from the sale of the capital assets held for more than one year (long-term capital gains). Dividends, if any, paid by the Fund during the fiscal year ended June 30, 2006 which are not designated as capital gain distributions should be multiplied by 14.09% to arrive at the amount eligible for the corporate dividend-received deduction. A portion, if any, of the dividends paid by the Fund during the fiscal year ended June 30, 2006 which are not designated as capital gain distributions are eligible for lower individual income tax rates to the extent that the Fund has received qualified dividend income as stipulated by recent tax legislation. $27,613,155 of the Fund's fiscal year taxable income may be eligible for the lower individual income tax rates. In early 2007, shareholders of record will receive information regarding the percentage of distributions that are eligible for lower individual income tax rates. Recent tax legislation allows a regulated investment company to designate distributions not designated as capital gain distributions, as either interest related dividends or short-term capital gain dividends, both of which are exempt from the U.S. withholding tax applicable to non U.S. taxpayers. For the fiscal year ended June 30, 2006, $133,568,518 or 100% of the short-term capital gain distribution paid by the Fund qualifies as a short-term capital gain dividend. The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance. 69 | OPPENHEIMER MAIN STREET SMALL CAP FUND PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities ("portfolio proxies") held by the Fund. A description of the Fund's Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, (ii) on the Fund's website at www.oppenheimerfunds.com, and (iii) on the SEC's website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund's voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, and (ii) in the Form N-PX filing on the SEC's website at www.sec.gov. The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund's Form N-Q filings are available on the SEC's website at http://www.sec.gov. Those forms may be reviewed and copied at the SEC's Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 70 | OPPENHEIMER MAIN STREET SMALL CAP FUND TRUSTEES AND OFFICERS Unaudited - --------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------- NAME, POSITION(S) HELD WITH PRINCIPAL OCCUPATION(S) DURING THE PAST 5 YEARS; OTHER TRUSTEESHIPS/DIRECTORSHIPS FUND, LENGTH OF SERVICE, AGE HELD; NUMBER OF PORTFOLIOS IN THE FUND COMPLEX CURRENTLY OVERSEEN INDEPENDENT THE ADDRESS OF EACH TRUSTEE IN THE CHART BELOW IS 6803 S. TUCSON WAY, CENTENNIAL, TRUSTEES COLORADO 80112-3924. EACH TRUSTEE SERVES FOR AN INDEFINITE TERM, OR UNTIL HIS OR HER RESIGNATION, RETIREMENT, DEATH OR REMOVAL. WILLIAM L. ARMSTRONG, Chairman of the following private mortgage banking companies: Cherry Creek Chairman of the Board Mortgage Company (since 1991), Centennial State Mortgage Company (since of Trustees (since 2003), 1994), and The El Paso Mortgage Company (since 1993); Chairman of the fol- Trustee (since 1999) lowing private companies: Ambassador Media Corporation (since 1984) and Age: 69 Broadway Ventures (since 1984); Director of the following: Helmerich & Payne, Inc. (oil and gas drilling/production company) (since 1992), Campus Crusade for Christ (since 1991) and The Lynde and Harry Bradley Foundation, Inc. (non-profit organization) (since 2002); former Chairman of the following: Transland Financial Services, Inc. (private mortgage banking company) (1997-2003), Great Frontier Insurance (insurance agency) (1995-2000), Frontier Real Estate, Inc. (residential real estate brokerage) (1994-2000) and Frontier Title (title insurance agency) (1995- 2000); former Director of the following: UNUMProvident (insurance company) (1991-2004), Storage Technology Corporation (computer equipment company) (1991-2003) and International Family Entertainment (television channel) (1992- 1997); U.S. Senator (January 1979-January 1991). Oversees 38 portfolios in the OppenheimerFunds complex. ROBERT G. AVIS, Director and President of A.G. Edwards Capital, Inc. (General Partner of private Trustee (since 1999) equity funds) (until February 2001); Chairman, President and Chief Executive Age: 75 Officer of A.G. Edwards Capital, Inc. (until March 2000); Director of A.G. Edwards & Sons, Inc. (brokerage company) (until 2000) and A.G. Edwards Trust Company (investment adviser) (until 2000); Vice Chairman and Director of A.G. Edwards, Inc. (until March 1999); Vice Chairman of A.G. Edwards & Sons, Inc. (until March 1999); Chairman of A.G. Edwards Trust Company (until March 1999) and A.G.E. Asset Management (investment adviser) (until March 1999). Oversees 38 portfo- lios in the OppenheimerFunds complex. GEORGE C. BOWEN, Assistant Secretary and Director of Centennial Asset Management Corporation Trustee (since 1999) (December 1991-April 1999); President, Treasurer and Director of Centennial Age: 69 Capital Corporation (June 1989-April 1999); Chief Executive Officer and Director of MultiSource Services, Inc. (March 1996-April 1999); Mr. Bowen held several positions with the Manager and with subsidiary or affiliated companies of the Manager (September 1987-April 1999). Oversees 38 portfolios in the OppenheimerFunds complex. EDWARD L. CAMERON, Member of The Life Guard of Mount Vernon (George Washington historical site) Trustee (since 1999) (since June 2000); Director of Genetic ID, Inc. (biotech company) (March 2001-May Age: 67 2002); Partner at PricewaterhouseCoopers LLP (accounting firm) (July 1974-June 1999); Chairman of Price Waterhouse LLP Global Investment Management Industry Services Group (accounting firm) (July 1994-June 1998). Oversees 38 portfolios in the OppenheimerFunds complex. JON S. FOSSEL, Director of UNUMProvident (insurance company) (since June 2002); Director of Trustee (since 1999) Northwestern Energy Corp. (public utility corporation) (since November 2004); Age: 64 Director of P.R. Pharmaceuticals (October 1999-October 2003); Director of Rocky Mountain Elk Foundation (non-profit organization) (February 1998-February 2003 and since February 2005); Chairman and Director (until October 1996) and President and Chief Executive Officer (until October 1995) of the Manager; President, Chief Executive Officer and Director of the following: Oppenheimer
71 | OPPENHEIMER MAIN STREET SMALL CAP FUND TRUSTEES AND OFFICERS Unaudited / Continued - -------------------------------------------------------------------------------- JON S. FOSSEL, Acquisition Corp. ("OAC") (parent holding company of the Manager), Shareholders Continued Services, Inc. and Shareholder Financial Services, Inc. (until October 1995). Oversees 38 portfolios in the OppenheimerFunds complex. SAM FREEDMAN, Director of Colorado Uplift (charitable organization) (since September 1984). Mr. Trustee (since 1999) Freedman held several positions with the Manager and with subsidiary or affili- Age: 65 ated companies of the Manager (until October 1994). Oversees 38 portfolios in the OppenheimerFunds complex. BEVERLY L. HAMILTON, Trustee of Monterey Institute for International Studies (educational organiza- Trustee (since 2002) tion) (since February 2000); Board Member of Middlebury College (educational Age: 59 organization) (since December 2005); Director of The California Endowment (philanthropic organization) (since April 2002); Director (February 2002-2005) and Chairman of Trustees (since 2006) of the Community Hospital of Monterey Peninsula; Director (October 1991-2005) and Vice Chairman (since 2006) of American Funds' Emerging Markets Growth Fund, Inc. (mutual fund); President of ARCO Investment Management Company (February 1991-April 2000); Member of the investment committees of The Rockefeller Foundation (since 2001) and The University of Michigan (since 2000); Advisor at Credit Suisse First Boston's Sprout venture capital unit (venture capital fund) (1994-January 2005); Trustee of MassMutual Institutional Funds (investment company) (1996-June 2004); Trustee of MML Series Investment Fund (investment company) (April 1989-June 2004); Member of the investment committee of Hartford Hospital (2000-2003); and Advisor to Unilever (Holland) pension fund (2000-2003). Oversees 38 portfolios in the OppenheimerFunds complex. ROBERT J. MALONE, Director of Jones International University (educational organization) (since Trustee (since 2002) August 2005); Chairman, Chief Executive Officer and Director of Steele Street Age: 61 State Bank (commercial banking) (since August 2003); Director of Colorado UpLIFT (charitable organization) (since 1986); Trustee of the Gallagher Family Foundation (non-profit organization) (since 2000); Former Chairman of U.S. Bank-Colorado (subsidiary of U.S. Bancorp and formerly Colorado National Bank) (July 1996-April 1999); Director of Commercial Assets, Inc. (real estate investment trust) (1993-2000); Director of Jones Knowledge, Inc. (2001-July 2004); and Director of U.S. Exploration, Inc. (oil and gas exploration) (1997- February 2004). Oversees 38 portfolios in the OppenheimerFunds complex. F. WILLIAM MARSHALL, JR., Trustee of MassMutual Select Funds (formerly MassMutual Institutional Funds) Trustee (since 2000) (investment company) (since 1996) and MML Series Investment Fund (invest- Age: 64 ment company) (since 1996); Trustee (since 1987) and Chairman (1994-2005) of the Investment Committee of the Worcester Polytech Institute (private univer- sity); President and Treasurer of the SIS Funds (private charitable fund) (since January 1999); Chairman of SIS & Family Bank, F.S.B. (formerly SIS Bank) (com- mercial bank) (January 1999-July 1999); and Executive Vice President of Peoples Heritage Financial Group, Inc. (commercial bank) (January 1999-July 1999). Oversees 40 portfolios in the OppenheimerFunds complex.
72 | OPPENHEIMER MAIN STREET SMALL CAP FUND - ---------------------------------------------------------------------------------------------------------------------- INTERESTED TRUSTEE AND THE ADDRESS OF MR. MURPHY IS TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET, 11TH OFFICER FLOOR, NEW YORK, NEW YORK 10281-1008. MR. MURPHY SERVES AS A TRUSTEE FOR AN INDEF- INITE TERM, OR UNTIL HIS RESIGNATION, RETIREMENT, DEATH OR REMOVAL AND AS AN OFFICER FOR AN INDEFINITE TERM, OR UNTIL HIS RESIGNATION, RETIREMENT, DEATH OR REMOVAL. MR. MURPHY IS AN INTERESTED TRUSTEE DUE TO HIS POSITIONS WITH OPPENHEIMERFUNDS, INC. AND ITS AFFILIATES. JOHN V. MURPHY, Chairman, Chief Executive Officer and Director (since June 2001) and President Trustee, President and (since September 2000) of the Manager; President and director or trustee of Principal Executive other Oppenheimer funds; President and Director of OAC and of Oppenheimer Officer (since 2001) Partnership Holdings, Inc. (holding company subsidiary of the Manager) (since Age: 57 July 2001); Director of OppenheimerFunds Distributor, Inc. (subsidiary of the Manager) (since November 2001); Chairman and Director of Shareholder Services, Inc. and of Shareholder Financial Services, Inc. (transfer agent sub- sidiaries of the Manager) (since July 2001); President and Director of OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since July 2001); Director of the following investment advisory subsidiaries of the Manager: OFI Institutional Asset Management, Inc., Centennial Asset Management Corporation, Trinity Investment Management Corporation and Tremont Capital Management, Inc. (since November 2001), HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since July 2001); President (since November 2001) and Director (since July 2001) of Oppenheimer Real Asset Management, Inc.; Executive Vice President of Massachusetts Mutual Life Insurance Company (OAC's parent company) (since February 1997); Director of DLB Acquisition Corporation (holding company par- ent of Babson Capital Management LLC) (since June 1995); Member of the Investment Company Institute's Board of Governors (since October 3, 2003); Chief Operating Officer of the Manager (September 2000-June 2001); President and Trustee of MML Series Investment Fund and MassMutual Select Funds (open-end investment companies) (November 1999-November 2001); Director of C.M. Life Insurance Company (September 1999-August 2000); President, Chief Executive Officer and Director of MML Bay State Life Insurance Company (September 1999-August 2000); Director of Emerald Isle Bancorp and Hibernia Savings Bank (wholly-owned subsidiary of Emerald Isle Bancorp) (June 1989-June 1998). Oversees 86 portfolios in the OppenheimerFunds complex. - ---------------------------------------------------------------------------------------------------------------------- OTHER OFFICERS THE ADDRESSES OF THE OFFICERS IN THE CHART BELOW ARE AS FOLLOWS: FOR MESSRS. MONOYIOS, OF THE FUND ZAVANELLI AND ZACK, TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET, NEW YORK, NEW YORK 10281-1008, FOR MESSRS. VANDEHEY AND WIXTED, 6803 S. TUCSON WAY, CENTENNIAL, COLORADO 80112-3924. EACH OFFICER SERVES FOR AN INDEFINITE TERM OR UNTIL HIS OR HER RESIGNATION, RETIREMENT DEATH OR REMOVAL. NIKOLAOS D. MONOYIOS, Senior Vice President of the Manager since October 2003; a Certified Financial Vice President and Portfolio Analyst. Formerly Vice President of the Manager (April 1998-September 2003). Manager (since 2003) An officer of 6 portfolios in the OppenheimerFunds complex. Age: 56 MARK ZAVANELLI, Vice President of the Manager since November 2000; a Chartered Financial Vice President and Portfolio Analyst; an officer of 3 portfolios in the OppenheimerFunds complex. Prior Manager (since 1999) to joining the Manager in May 1998 he was President of Waterside Capital Age: 35 Management, a registered investment advisor (August 1995-April 1998).
73 | OPPENHEIMER MAIN STREET SMALL CAP FUND TRUSTEES AND OFFICERS Unaudited / Continued - -------------------------------------------------------------------------------- MARK S. VANDEHEY, Senior Vice President and Chief Compliance Officer of the Manager (since Vice President and Chief March 2004); Vice President of OppenheimerFunds Distributor, Inc., Centennial Compliance Officer Asset Management Corporation and Shareholder Services, Inc. (since June 1983); (since 2004) Vice President and Director of Internal Audit of the Manager (1997-February Age: 55 2004). An officer of 86 portfolios in the OppenheimerFunds complex. BRIAN W. WIXTED, Senior Vice President and Treasurer of the Manager (since March 1999); Treasurer of Treasurer and Principal the following: HarbourView Asset Management Corporation, Shareholder Financial Financial and Accounting Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management Officer (since 1999) Corporation, and Oppenheimer Partnership Holdings, Inc. (since March 1999), OFI Age: 46 Private Investments, Inc. (since March 2000), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (since November 2000), and OppenheimerFunds Legacy Program (since June 2003); Treasurer and Chief Financial Officer of OFI Trust Company (trust company subsidiary of the Manager) (since May 2000); Assistant Treasurer of the following: OAC (since March 1999), Centennial Asset Management Corporation (March 1999- October 2003) and OppenheimerFunds Legacy Program (April 2000-June 2003); Principal and Chief Operating Officer of Bankers Trust Company-Mutual Fund Services Division (March 1995-March 1999). An officer of 86 portfolios in the OppenheimerFunds complex. ROBERT G. ZACK, Executive Vice President (since January 2004) and General Counsel (since March Vice President and 2002) of the Manager; General Counsel and Director of the Distributor (since Secretary (since 2001) December 2001); General Counsel of Centennial Asset Management Corporation Age: 58 (since December 2001); Senior Vice President and General Counsel of HarbourView Asset Management Corporation (since December 2001); Secretary and General Counsel of OAC (since November 2001); Assistant Secretary (since September 1997) and Director (since November 2001) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc. (since December 2002); Director of Oppenheimer Real Asset Management, Inc. (since November 2001); Senior Vice President, General Counsel and Director of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since December 2001); Senior Vice President, General Counsel and Director of OFI Private Investments, Inc. and OFI Trust Company (since November 2001); Vice President of OppenheimerFunds Legacy Program (since June 2003); Senior Vice President and General Counsel of OFI Institutional Asset Management, Inc. (since November 2001); Director of OppenheimerFunds (Asia) Limited (since December 2003); Senior Vice President (May 1985-December 2003), Acting General Counsel (November 2001-February 2002) and Associate General Counsel (May 1981-October 2001) of the Manager; Assistant Secretary of the following: Shareholder Services, Inc. (May 1985-November 2001), Shareholder Financial Services, Inc. (November 1989-November 2001), and OppenheimerFunds International Ltd. (September 1997-November 2001). An officer of 86 portfolios in the OppenheimerFunds complex.
THE FUND'S STATEMENT OF ADDITIONAL INFORMATION CONTAINS ADDITIONAL INFORMATION ABOUT THE FUND'S TRUSTEES AND OFFICERS AND IS AVAILABLE WITHOUT CHARGE UPON REQUEST. 74 | OPPENHEIMER MAIN STREET SMALL CAP FUND ITEM 2. CODE OF ETHICS. The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. The Board of Trustees of the registrant has determined that Edward L. Cameron, the Chairman of the Board's Audit Committee, and George C. Bowen, a member of the Board's Audit Committee, are audit committee financial experts and that Messrs. Cameron and Bowen are "independent" for purposes of this Item 3. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. (a) Audit Fees The principal accountant for the audit of the registrant's annual financial statements billed $42,500 in fiscal 2006 and $41,000 in fiscal 2005. (b) Audit-Related Fees The principal accountant for the audit of the registrant's annual financial statements billed no such fees for 2006 or 2005. The principal accountant for the audit of the registrant's annual financial statements billed $21,500 for 2006 to the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. Such services include: Merger related consents and financial statement reviews. (c) Tax Fees The principal accountant for the audit of the registrant's annual financial statements billed no such fees to the registrant during the last two fiscal years. The principal accountant for the audit of the registrant's annual financial statements billed no such fees to the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. (d) All Other Fees The principal accountant for the audit of the registrant's annual financial statements billed no such fees in the last two fiscal years. The principal accountant for the audit of the registrant's annual financial statements billed $7,680 in fiscal 2006 and no such fees in fiscal 2005to the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. (e) (1) During its regularly scheduled periodic meetings, the registrant's audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the registrant. The audit committee has delegated pre-approval authority to its Chairman for any subsequent new engagements that arise between regularly scheduled meeting dates provided that any fees such pre-approved are presented to the audit committee at its next regularly scheduled meeting. Under applicable laws, pre-approval of non-audit services maybe waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to it principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit. (2) 100% (f) Not applicable as less than 50%. (g) The principal accountant for the audit of the registrant's annual financial statements billed $29,180 in fiscal 2006 and no such fees in fiscal 2005 to the registrant and the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934. (h) The registrant's audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS Not applicable. ITEM 6. SCHEDULE OF INVESTMENTS. Not applicable. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. THE 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 06/30/2006, 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) Exhibit attached hereto. (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: 08/08/2006 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: 08/08/2006 By: /s/ Brian W. Wixted ---------------------------- Brian W. Wixted Principal Financial Officer Date: 08/08/2006 EX-99.CODE ETH 2 ra847_33648ncsrex99codeeth.txt RA847_33648NCSREX99CODEETH EX-99.CODE ETH CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS OF THE OPPENHEIMER FUNDS AND OF OPPENHEIMERFUNDS, INC. This Code of Ethics for Principal Executive and Senior Financial Officers (referred to in this document as the "Code") has been adopted by each of the investment companies for which OppenheimerFunds, Inc. or one of its subsidiaries or affiliates (referred to collectively in this document as "OFI") acts as investment adviser (individually, a "Fund" and collectively, the "Funds"), and by OFI to effectuate compliance with Section 406 under the Sarbanes-Oxley Act of 2002 and the rules adopted to implement Section 406. This Code applies to each Fund's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions ("Covered Officers"). A listing of positions currently within the ambit of Covered Officers is attached as EXHIBIT A. 1 1. PURPOSE OF THE CODE This Code sets forth standards and procedures that are reasonably designed to deter wrongdoing and promote: o honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; o full, fair, accurate, timely, and understandable disclosure in reports and documents that a Fund files with, or submits to, the U.S. Securities and Exchange Commission ("SEC") and in other public communications made by the Fund; o compliance with applicable governmental laws, rules and regulations; o the prompt internal reporting of violations of this Code to the Code Administrator identified below; and - ---------- 1 The obligations imposed by this Code on Covered Officers are separate from and in addition to any obligations that may be imposed on such persons as Covered Persons under the Code of Ethics adopted by the Oppenheimer Funds dated May 15, 2002, under Rule 17j-1 of the Investment Company Act of 1940, as amended and any other code of conduct applicable to Covered Officers in whatever capacity they serve. This Code does not incorporate by reference any provisions of the Rule 17j-1 Code of Ethics and accordingly, any violations or waivers granted under the Rule 17j-1 Code of Ethics will not be considered a violation or waiver under this Code. o accountability for adherence to this Code. In general, the principles that govern honest and ethical conduct, including the avoidance of conflicts of interest between personal and professional relationships, reflect, at the minimum, the following: (1) the duty at all times in performing any responsibilities as a Fund financial officer, controller, accountant or principal executive officer to place the interests of the Funds ahead of personal interests; (2) the fundamental standard that Covered Officers should not take inappropriate advantage of their positions; (3) the duty to assure that a Fund's financial statements and reports to its shareholders are prepared honestly and accurately in accordance with applicable rules, regulations and accounting standards; and (4) the duty to conduct the Funds' business and affairs in an honest and ethical manner. Each Covered Officer should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. It is acknowledged that, as a result of the contractual relationship between each Fund and OFI, of which the Covered Officers are also officers or employees, and subject to OFI's fiduciary duties to each Fund, the Covered Officers will, in the normal course of their duties, be involved in establishing policies and implementing decisions that will have different effects on OFI and the Funds. It is further acknowledged that the participation of the Covered Officers in such activities is inherent in the contractual relationship between each Fund and OFI and is consistent with the expectations of the Board of Trustees/Directors of the performance by the Covered Officers of their duties as officers of the Funds. 2. PROHIBITIONS The specific provisions and reporting requirements of this Code are concerned primarily with promoting honest and ethical conduct and avoiding conflicts of interest in personal and professional relationships. No Covered Officer may use information concerning the business and affairs of a Fund, including the investment intentions of a Fund, or use his or her ability to influence such investment intentions, for personal gain to himself or herself, his or her family or friends or any other person or in a manner detrimental to the interests of a Fund or its shareholders. No Covered Officer may use his or her personal influence or personal relationships to influence the preparation and issuance of financial reports of a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund and its shareholders. No Covered Officer shall intentionally for any reason take any action or fail to take any action in connection with his or her official acts on behalf of a Fund that causes the Fund to violate applicable laws, rules and regulations. No Covered Officer shall, in connection with carrying out his or her official duties and responsibilities on behalf of a Fund: (i) employ any device, scheme or artifice to defraud a Fund or its shareholders; (ii) intentionally cause a Fund to make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading in its official documents, regulatory filings, financial statements or communications to the public; (iii) engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any Fund or its shareholders; (iv) engage in any manipulative practice with respect to any Fund; (v) use his or her personal influence or personal relationships to influence any business decision, investment decisions, or financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund or its shareholders; (vi) intentionally cause a Fund to fail to comply with applicable laws, rules and regulations, including failure to comply with the requirement of full, fair, accurate, understandable and timely disclosure in reports and documents that a Fund files with, or submits to, the SEC and in other public communications made by the Fund; (vii) intentionally mislead or omit to provide material information to the Fund's independent auditors or to the Board of Trustees/Directors or the officers of the Fund or its investment adviser in connection with financial reporting matters; (viii) fail to notify the Code Administrator or the Chief Executive Officer of the Fund or its investment adviser promptly if he or she becomes aware of any existing or potential violations of this Code or applicable laws; (ix) retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of this Code; or (x) fails to acknowledge or certify compliance with this Code if requested to do so. 3. REPORTS OF CONFLICTS OF INTERESTS If a Covered Officer becomes aware of a conflict of interest under this Code or, to the Covered Officer's reasonable belief, the appearance of one, he or she must immediately report the matter to the Code's Administrator. If the Code Administrator is involved or believed to be involved in the conflict of interest or appearance of conflict of interest, the Covered Officer shall report the matter directly to the OFI's Chief Executive Officer. Upon receipt of a report of a conflict, the Code Administrator will take prompt steps to determine whether a conflict of interest exists. If the Code Administrator determines that an actual conflict of interest exists, the Code Administrator will take steps to resolve the conflict. If the Code Administrator determines that the appearance of a conflict exists, the Code Administrator will take appropriate steps to remedy such appearance. If the Code Administrator determines that no conflict or appearance of a conflict exists, the Code Administrator shall meet with the Covered Officer to advise him or her of such finding and of his or her reason for taking no action. In lieu of determining whether a conflict or appearance of conflict exists, the Code Administrator may in his or her discretion refer the matter to the Fund's Board of Trustees/Directors. 4. WAIVERS Any Covered Officer requesting a waiver of any of the provisions of this Code must submit a written request for such waiver to the Code Administrator, setting forth the basis of such request and all necessary facts upon which such request can be evaluated. The Code Administrator shall review such request and make a written determination thereon, which shall be binding. The Code Administrator may in reviewing such request, consult at his discretion with legal counsel to OFI or to the Fund. In determining whether to waive any of the provisions of this Code, the Code Administrator shall consider whether the proposed waiver: (i) is prohibited by this Code; (ii) is consistent with honest and ethical conduct; and (iii) will result in a conflict of interest between the Covered Officer's personal and professional obligations to a Fund. In lieu of determining whether to grant a waiver, the Code Administrator in his or her discretion may refer the matter to the appropriate Fund's Board of Trustees/Directors. 5. REPORTING REQUIREMENTS (a) Each Covered Officer shall, upon becoming subject to this Code, be provided with a copy of this Code and shall affirm in writing that he or she has received, read, understands and shall adhere to this Code. (b) At least annually, all Covered Officers shall be provided with a copy of this Code and shall certify that they have read and understand this Code and recognize that they are subject thereto. (c) At least annually, all Covered Officers shall certify that they have complied with the requirements of this Code and that they have disclosed or reported any violations of this Code to the Code Administrator or the Chief Executive Officer of the Fund or its investment adviser. (d) The Code Administrator shall submit a quarterly report to the Board of Trustees/Directors of each Fund containing (i) a description of any report of a conflict of interest or apparent conflict and the disposition thereof; (ii) a description of any request for a waiver from this Code and the disposition thereof; (iii) any violation of the Code that has been reported or found and the sanction imposed; (iv) interpretations issued under the Code by the Code Administrator; and (v) any other significant information arising under the Code including any proposed amendments. (e) Each Covered Officer shall notify the Code Administrator promptly if he or she knows of or has a reasonable belief that any violation of this Code has occurred or is likely to occur. Failure to do so is itself a violation of this Code. (f) Any changes to or waivers of this Code, including "implicit" waivers as defined in applicable SEC rules, will, to the extent required, be disclosed by the Code Administrator or his or her designee as provided by applicable SEC rules. 2 6. ANNUAL RENEWAL At least annually, the Board of Trustees/Directors of each Fund shall review the Code and determine whether any amendments (including any amendments that may be recommended by OFI or the Fund's legal counsel) are necessary or desirable, and shall consider whether to renew and/or amend the Code. 7. SANCTIONS Any violation of this Code of Ethics shall be subject to the imposition of such sanctions by OFI as may be deemed appropriate under the circumstances to achieve the purposes of this Code and may include, without limitation, a letter of censure, suspension from employment or termination of employment, in the sole discretion of OFI. 8. ADMINISTRATION AND CONSTRUCTION (a) The administration of this Code of Ethics shall be the responsibility of OFI's General Counsel or his designee as the "Code Administrator" of this Code, acting under the terms of this Code and the oversight of the Trustees/Directors of the Funds. (b) The duties of such Code Administrator will include: (i) Continuous maintenance of a current list of the names of all Covered Officers; (ii) Furnishing all Covered Officers a copy of this Code and initially and periodically informing them of their duties and obligations thereunder; (iii) Maintaining or supervising the maintenance of all records required by this Code, including records of waivers granted hereunder; - ---------- 2 An "implicit waiver" is the failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to the General Counsel, the Code Administrator, an executive officer of the Fund or OFI. (iv) Issuing interpretations of this Code which appear to the Code Administrator to be consistent with the objectives of this Code and any applicable laws or regulations; (v) Conducting such inspections or investigations as shall reasonably be required to detect and report any violations of this Code, with his or her recommendations, to the Chief Executive Officer of OFI and to the Trustees/Directors of the affected Fund(s) or any committee appointed by them to deal with such information; and (vi) Periodically conducting educational training programs as needed to explain and reinforce the terms of this Code. (c) In carrying out the duties and responsibilities described under this Code, the Code Administrator may consult with legal counsel, who may include legal counsel to the applicable Funds, and such other persons as the Administrator shall deem necessary or desirable. The Code Administrator shall be protected from any liability hereunder or under any applicable law, rule or regulation, for decisions made in good faith based upon his or her reasonable judgment. 9. REQUIRED RECORDS The Administrator shall maintain and cause to be maintained in an easily accessible place, the following records for the period required by applicable SEC rules (currently six years following the end of the fiscal year of OFI in which the applicable event or report occurred): (a) A copy of any Code which has been in effect during the period; (b) A record of any violation of any such Code and of any action taken as a result of such violation, during the period; (c) A copy of each annual report pursuant to the Code made by a Covered Officer during the period; (d) A copy of each report made by the Code Administrator pursuant to this Code during the period; (e) A list of all Covered Officers who are or have been required to make reports pursuant to this Code during the period, plus those person(s) who are or were responsible for reviewing these reports; (f) A record of any request to waive any requirement of this Code, the decision thereon and the reasons supporting the decision; and (g) A record of any report of any conflict of interest or appearance of a conflict of interest received by the Code Administrator or discovered by the Code Administrator during the period, the decision thereon and the reasons supporting the decision. 10. AMENDMENTS AND MODIFICATIONS This Code may not be amended or modified except by an amendment in writing which is approved or ratified by OFI and by a majority vote of the Independent Trustees/Directors of each of the applicable Funds. 11. CONFIDENTIALITY. This Code is identified for the internal use of the Funds and OFI. Reports and records prepared or maintained under this Code are considered confidential and shall be maintained and protected accordingly to the extent permitted by applicable laws, rules and regulations. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trustees/Directors of the affected Fund(s) and their counsel, the independent auditors of the affected Funds and/or OFI, and to OFI, except as such disclosure may be required pursuant to applicable judicial or regulatory process. Dated as of: June 25, 2003 Adopted by Board I of the Oppenheimer Funds June 13, 2003 /S/ ROBERT G. ZACK - ------------------ Robert G. Zack, Secretary Adopted by Board II of the Oppenheimer/Centennial Funds June 24, 2003 /S/ ROBERT G. ZACK - ------------------ Robert G. Zack, Secretary Adopted by Board III of the Oppenheimer Funds June 9, 2003 /S/ ROBERT G. ZACK - ------------------ Robert G. Zack, Secretary Adopted by Board IV of the Oppenheimer Funds May 21, 2003 /S/ ROBERT G. ZACK - ------------------ Robert G. Zack, Secretary Adopted by the Boards of Directors of OppenheimerFunds, Inc. and its subsidiaries and affiliates that act as investment adviser to the Oppenheimer or Centennial funds June 1, 2003 /S/ ROBERT G. ZACK - ------------------ Robert G. Zack, Senior Vice President and General Counsel Exhibit A Positions Covered by this Code of Ethics for Senior Officers EACH OPPENHEIMER OR CENTENNIAL FUND Principal Executive Officer Principal Financial Officer Treasurer Assistant Treasurer PERSONNEL OF OFI WHO BY VIRTUE OF THEIR JOBS PERFORM CRITICAL FINANCIAL AND ACCOUNTING FUNCTIONS FOR OFI ON BEHALF OF A FUND, INCLUDING: Treasurer Senior Vice President/Fund Accounting Vice President/Fund Accounting EX-99.CERT 3 ra847_33648cert302.txt RA847_33648CERT302 Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, John V. Murphy, certify that: 1. I have reviewed this report on Form N-CSR of Oppenheimer Main Street Small Cap Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of Trustees (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: 08/08/2006 /s/ John V. Murphy - ------------------------------ John V. Murphy Principal Executive Officer Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, Brian W. Wixted, certify that: 1. I have reviewed this report on Form N-CSR of Oppenheimer Main Street Small Cap Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of Trustees (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: 08/08/2006 /s/ Brian W. Wixted - ------------------------------ Brian W. Wixted Principal Financial Officer EX-99.906CERT 4 ra847_33648cert906.txt RA847_33648CERT906 EX-99.906CERT Section 906 Certifications CERTIFICATION PURSUANT TO 18 U.S.C SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 John V. Murphy, Principal Executive Officer, and Brian W. Wixted, Principal Financial Officer, of Oppenheimer Main Street Small Cap Fund (the "Registrant"), each certify to the best of his knowledge that: 1. The Registrant's periodic report on Form N-CSR for the period ended 06/30/2006 (the "Form N-CSR") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and 2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Form N-CSR filed with the Commission. Principal Executive Officer Principal Financial Officer Oppenheimer Main Street Small Cap Fund Oppenheimer Main Street Small Cap Fund /s/ John V. Murphy /s/ Brian W. Wixted - -------------------------------------- -------------------------------------- John V. Murphy Brian W. Wixted Date: 08/08/2006 Date: 08/08/2006 -----END PRIVACY-ENHANCED MESSAGE-----