N-CSRS 1 rs847_36679ncsrs.txt RS847_36679NCSRS UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-09333 --------- OPPENHEIMER MAIN STREET SMALL CAP FUND -------------------------------------------------- (Exact name of registrant as specified in charter) 6803 SOUTH TUCSON WAY, CENTENNIAL, COLORADO 80112-3924 ------------------------------------------------------ (Address of principal executive offices) (Zip code) ROBERT G. ZACK, ESQ. OPPENHEIMERFUNDS, INC. TWO WORLD FINANCIAL CENTER, NEW YORK, NEW YORK 10281-1008 --------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (303) 768-3200 -------------- Date of fiscal year end: JUNE 30 ------- Date of reporting period: DECEMBER 31, 2006 ----------------- ITEM 1. REPORTS TO STOCKHOLDERS. TOP HOLDINGS AND ALLOCATIONS -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- TOP TEN COMMON STOCK INDUSTRIES -------------------------------------------------------------------------------- Specialty Retail 5.8% -------------------------------------------------------------------------------- Commercial Services & Supplies 5.2 -------------------------------------------------------------------------------- Semiconductors & Semiconductor Equipment 4.9 -------------------------------------------------------------------------------- Software 4.7 -------------------------------------------------------------------------------- Chemicals 4.0 -------------------------------------------------------------------------------- Insurance 3.8 -------------------------------------------------------------------------------- Machinery 3.6 -------------------------------------------------------------------------------- Electronic Equipment & Instruments 3.5 -------------------------------------------------------------------------------- Real Estate Investment Trusts 3.2 -------------------------------------------------------------------------------- Health Care Providers & Services 3.1 Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2006, and are based on net assets. TOP TEN COMMON STOCK HOLDINGS -------------------------------------------------------------------------------- Greif, Inc., Cl. A 0.4% -------------------------------------------------------------------------------- Payless ShoeSource, Inc. 0.4 -------------------------------------------------------------------------------- Cleveland-Cliffs, Inc. 0.4 -------------------------------------------------------------------------------- Hercules, Inc. 0.4 -------------------------------------------------------------------------------- AMERIGROUP Corp. 0.4 -------------------------------------------------------------------------------- Chaparral Steel Co. 0.4 -------------------------------------------------------------------------------- AK Steel Holding Corp. 0.4 -------------------------------------------------------------------------------- W.R. Grace & Co. 0.4 -------------------------------------------------------------------------------- Oregon Steel Mills, Inc. 0.4 -------------------------------------------------------------------------------- InterDigital Communications Corp. 0.3 Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2006, and are based on net assets. For up-to-date Top 10 Fund holdings, please visit www.oppenheimerfunds.com. -------------------------------------------------------------------------------- 9 | OPPENHEIMER MAIN STREET SMALL CAP FUND TOP HOLDINGS AND ALLOCATIONS -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- SECTOR ALLOCATION [THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.] Information Technology 24.2% Consumer Discretionary 18.5 Industrials 16.8 Financials 12.3 Materials 8.9 Health Care 8.2 Energy 5.1 Consumer Staples 2.7 Utilities 1.8 Telecommunication Services 1.5 Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2006, and are based on the total market value of common stocks. -------------------------------------------------------------------------------- 10 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES -------------------------------------------------------------------------------- Total returns include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. Cumulative total returns are not annualized. The Fund's total returns shown do not reflect the deduction of income taxes on an individual's investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares. INVESTORS SHOULD CONSIDER THE FUND'S INVESTMENT OBJECTIVES, RISKS, AND OTHER CHARGES AND EXPENSES CAREFULLY BEFORE INVESTING. THE FUND'S PROSPECTUS CONTAINS THIS AND OTHER INFORMATION ABOUT THE FUND, AND MAY BE OBTAINED BY ASKING YOUR FINANCIAL ADVISOR, CALLING US AT 1.800.525.7048 OR VISITING OUR WEBSITE AT WWW.OPPENHEIMERFUNDS.COM. READ THE PROSPECTUS CAREFULLY BEFORE INVESTING. The Fund's investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc. CLASS A shares of the Fund were first publicly offered on 8/2/99. Unless otherwise noted, Class A returns include the current maximum initial sales charge of 5.75%. CLASS B shares of the Fund were first publicly offered on 8/2/99. Unless otherwise noted, Class B returns include the applicable contingent deferred sales charge of 5% (1-year) and 2% (5-year). Because Class B shares convert to Class A shares 72 months after purchase, the "since inception" return for Class B 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. 11 | OPPENHEIMER MAIN STREET SMALL CAP FUND FUND EXPENSES -------------------------------------------------------------------------------- FUND EXPENSES. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions; and redemption fees, if any; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended December 31, 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 12 | OPPENHEIMER MAIN STREET SMALL CAP FUND the Statement of Additional Information). Therefore, the "hypothetical" lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. --------------------------------------------------------------------------------
BEGINNING ENDING EXPENSES ACCOUNT ACCOUNT PAID DURING VALUE VALUE 6 MONTHS ENDED (7/1/06) (12/31/06) DECEMBER 31, 2006 -------------------------------------------------------------------------------------------- Class A Actual $ 1,000.00 $ 1,062.00 $ 5.94 -------------------------------------------------------------------------------------------- Class A Hypothetical 1,000.00 1,019.46 5.82 -------------------------------------------------------------------------------------------- Class B Actual 1,000.00 1,057.80 10.01 -------------------------------------------------------------------------------------------- Class B Hypothetical 1,000.00 1,015.53 9.80 -------------------------------------------------------------------------------------------- Class C Actual 1,000.00 1,058.10 9.64 -------------------------------------------------------------------------------------------- Class C Hypothetical 1,000.00 1,015.88 9.44 -------------------------------------------------------------------------------------------- Class N Actual 1,000.00 1,059.90 7.61 -------------------------------------------------------------------------------------------- Class N Hypothetical 1,000.00 1,017.85 7.45 -------------------------------------------------------------------------------------------- Class Y Actual 1,000.00 1,064.20 3.44 -------------------------------------------------------------------------------------------- Class Y Hypothetical 1,000.00 1,021.88 3.77
Hypothetical assumes 5% annual return before expenses. Expenses are equal to the Fund's annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Those annualized expense ratios, excluding affiliated fund indirect expenses, based on the 6-month period ended December 31, 2006 are as follows: CLASS EXPENSE RATIOS --------------------------------- Class A 1.14% --------------------------------- Class B 1.92 --------------------------------- Class C 1.85 --------------------------------- Class N 1.46 --------------------------------- Class Y 0.66 The expense ratios reflect voluntary waivers or reimbursements of expenses by the Fund's Transfer Agent that can be terminated at any time, without advance notice. The "Financial Highlights" tables in the Fund's financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements. -------------------------------------------------------------------------------- 13 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS December 31, 2006 / Unaudited -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- COMMON STOCKS--99.0% -------------------------------------------------------------------------------- CONSUMER DISCRETIONARY--18.3% -------------------------------------------------------------------------------- AUTO COMPONENTS--1.4% Aftermarket Technology Corp. 1 98,100 $ 2,087,568 -------------------------------------------------------------------------------- ArvinMeritor, Inc. 2 807,800 14,726,194 -------------------------------------------------------------------------------- Autoliv, Inc. 85,600 5,161,680 -------------------------------------------------------------------------------- Fuel Systems Solutions, Inc. 1,2 29,400 649,152 -------------------------------------------------------------------------------- GenTek, Inc. 1,2 33,100 1,144,929 -------------------------------------------------------------------------------- Goodyear Tire & Rubber Co. (The) 1,2 324,700 6,815,453 -------------------------------------------------------------------------------- Lear Corp. 2 383,900 11,336,567 -------------------------------------------------------------------------------- Modine Manufacturing Co. 2 218,000 5,456,540 -------------------------------------------------------------------------------- Sauer-Danfoss, Inc. 2 162,800 5,250,300 -------------------------------------------------------------------------------- Shiloh Industries, Inc. 1 31,500 596,925 -------------------------------------------------------------------------------- Standard Motor Products, Inc. 5,500 82,390 -------------------------------------------------------------------------------- Tenneco, Inc. 1 565,700 13,984,104 ----------------- 67,291,802 -------------------------------------------------------------------------------- AUTOMOBILES--0.1% Winnebago Industries, Inc. 2 212,700 6,999,957 -------------------------------------------------------------------------------- DISTRIBUTORS--0.1% Building Materials Holding Corp. 123,800 3,056,622 -------------------------------------------------------------------------------- DIVERSIFIED CONSUMER SERVICES--1.7% Apollo Group, Inc., Cl. A 1 95,300 3,713,841 -------------------------------------------------------------------------------- Bright Horizons Family Solutions, Inc. 1,2 67,800 2,621,148 -------------------------------------------------------------------------------- Career Education Corp. 1 202,500 5,017,950 -------------------------------------------------------------------------------- Coinstar, Inc. 1 180,200 5,508,714 -------------------------------------------------------------------------------- Corinthian Colleges, Inc. 1,2 458,200 6,245,266 -------------------------------------------------------------------------------- CPI Corp. 23,300 1,083,217 -------------------------------------------------------------------------------- DeVry, Inc 532,400 14,907,200 -------------------------------------------------------------------------------- INVESTools, Inc. 1,2 255,600 3,524,724 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- DIVERSIFIED CONSUMER SERVICES Continued ITT Educational Services, Inc. 1 72,900 $ 4,838,373 -------------------------------------------------------------------------------- Jackson Hewitt Tax Service, Inc. 2 279,400 9,491,218 -------------------------------------------------------------------------------- Regis Corp. 136,897 5,412,907 -------------------------------------------------------------------------------- Service Corp. International 202,800 2,078,700 -------------------------------------------------------------------------------- Sotheby's 2 90,300 2,801,106 -------------------------------------------------------------------------------- Steiner Leisure Ltd. 1,2 122,100 5,555,550 -------------------------------------------------------------------------------- Stewart Enterprises, Inc. 2 301,700 1,885,625 -------------------------------------------------------------------------------- Strayer Education, Inc. 2 58,000 6,150,900 -------------------------------------------------------------------------------- Vertrue, Inc. 1,2 31,700 1,217,597 ----------------- 82,054,036 -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE--2.3% AFC Enterprises, Inc. 1,2 78,000 1,378,260 -------------------------------------------------------------------------------- Ambassadors Group, Inc. 2 91,300 2,770,955 -------------------------------------------------------------------------------- Aztar Corp. 1,2 134,100 7,297,722 -------------------------------------------------------------------------------- Bally Technologies, Inc. 1,2 106,900 1,996,892 -------------------------------------------------------------------------------- Benihana, Inc., Cl. A 1 2,800 85,960 -------------------------------------------------------------------------------- Bob Evans Farms, Inc. 285,200 9,759,544 -------------------------------------------------------------------------------- Brinker International, Inc. 132,300 3,990,168 -------------------------------------------------------------------------------- Buffalo Wild Wings, Inc. 1 47,600 2,532,320 -------------------------------------------------------------------------------- CBRL Group, Inc. 2 106,200 4,753,512 -------------------------------------------------------------------------------- CEC Entertainment, Inc. 1 43,400 1,746,850 -------------------------------------------------------------------------------- Chipotle Mexican Grill, Inc., Cl. A 1,2 34,800 1,983,600 -------------------------------------------------------------------------------- Ctrip.com International Ltd., ADR 2 47,200 2,949,056 -------------------------------------------------------------------------------- Denny's Corp. 1 372,700 1,755,417 -------------------------------------------------------------------------------- Domino's Pizza, Inc. 433,100 12,126,800 -------------------------------------------------------------------------------- Dover Downs Gaming & Entertainment, Inc. 2 174,400 2,331,728 14 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE Continued IHOP Corp. 2 160,000 $ 8,432,000 -------------------------------------------------------------------------------- Jack in the Box, Inc. 1,2 255,700 15,607,928 -------------------------------------------------------------------------------- Krispy Kreme Doughnuts, Inc. 1,2 194,900 2,163,390 -------------------------------------------------------------------------------- Luby's, Inc. 1,2 137,300 1,495,197 -------------------------------------------------------------------------------- Marcus Corp. (The) 2 12,900 329,982 -------------------------------------------------------------------------------- McCormick & Schmick's Seafood Restaurants, Inc. 1,2 81,400 1,956,856 -------------------------------------------------------------------------------- Monarch Casino & Resort, Inc. 1,2 88,400 2,110,992 -------------------------------------------------------------------------------- MTR Gaming Group, Inc. 1,2 92,600 1,131,572 -------------------------------------------------------------------------------- Multimedia Games, Inc. 1,2 111,600 1,071,360 -------------------------------------------------------------------------------- O'Charley's, Inc. 1 79,900 1,700,272 -------------------------------------------------------------------------------- Papa John's International, Inc. 1,2 190,400 5,523,504 -------------------------------------------------------------------------------- Ruby Tuesday, Inc. 2 16,700 458,248 -------------------------------------------------------------------------------- Vail Resorts, Inc. 1,2 102,100 4,576,122 -------------------------------------------------------------------------------- Wendy's International, Inc. 170,600 5,645,154 -------------------------------------------------------------------------------- WMS Industries, Inc. 1,2 160,300 5,588,058 ----------------- 115,249,419 -------------------------------------------------------------------------------- HOUSEHOLD DURABLES--1.5% American Greetings Corp., Cl. A 2 296,000 7,065,520 -------------------------------------------------------------------------------- Black & Decker Corp. 30,000 2,399,100 -------------------------------------------------------------------------------- Blyth, Inc. 2 265,000 5,498,750 -------------------------------------------------------------------------------- CSS Industries, Inc. 2 4,492 158,882 -------------------------------------------------------------------------------- Ethan Allen Interiors, Inc. 2 236,200 8,529,182 -------------------------------------------------------------------------------- Furniture Brands International, Inc. 2 35,800 581,034 -------------------------------------------------------------------------------- Interface, Inc., Cl. A 1,2 454,400 6,461,568 -------------------------------------------------------------------------------- Jarden Corp. 1 111,900 3,893,001 -------------------------------------------------------------------------------- Kimball International, Inc., Cl. B 252,500 6,135,750 -------------------------------------------------------------------------------- La-Z-Boy, Inc. 2 201,300 2,389,431 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- HOUSEHOLD DURABLES Continued Leggett & Platt, Inc. 61,900 $ 1,479,410 -------------------------------------------------------------------------------- Meritage Homes Corp. 1,2 129,500 6,179,740 -------------------------------------------------------------------------------- Skyline Corp. 2 3,100 124,682 -------------------------------------------------------------------------------- Snap-On, Inc. 2 133,400 6,355,176 -------------------------------------------------------------------------------- Stanley Furniture Co., Inc. 2 88,700 1,902,615 -------------------------------------------------------------------------------- Stanley Works (The) 43,600 2,192,644 -------------------------------------------------------------------------------- Tempur-Pedic International, Inc. 1,2 742,100 15,183,366 ----------------- 76,529,851 -------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL--0.6% Blue Nile, Inc. 1,2 51,300 1,892,457 -------------------------------------------------------------------------------- Expedia, Inc. 1 80,600 1,690,988 -------------------------------------------------------------------------------- FTD Group, Inc. 1,2 126,600 2,264,874 -------------------------------------------------------------------------------- GSI Commerce, Inc. 1,2 22,900 429,375 -------------------------------------------------------------------------------- IAC/InterActiveCorp 1 147,200 5,469,952 -------------------------------------------------------------------------------- NetFlix.com, Inc. 1,2 294,100 7,605,426 -------------------------------------------------------------------------------- NutriSystem, Inc. 1,2 25,800 1,635,462 -------------------------------------------------------------------------------- Priceline.com, Inc. 1,2 170,900 7,452,949 -------------------------------------------------------------------------------- Stamps.com, Inc. 1,2 30,000 472,500 -------------------------------------------------------------------------------- Systemax, Inc. 1,2 41,400 722,430 ----------------- 29,636,413 -------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS--0.7% Brunswick Corp. 54,300 1,732,170 -------------------------------------------------------------------------------- Eastman Kodak Co. 2 240,500 6,204,900 -------------------------------------------------------------------------------- Hasbro, Inc. 217,400 5,924,150 -------------------------------------------------------------------------------- K2, Inc. 1 164,300 2,167,117 -------------------------------------------------------------------------------- Marvel Entertainment, Inc. 1,2 250,400 6,738,264 -------------------------------------------------------------------------------- Mattel, Inc. 346,800 7,858,488 -------------------------------------------------------------------------------- RC2 Corp. 1,2 62,500 2,750,000 -------------------------------------------------------------------------------- Steinway Musical Instruments, Inc. 1,2 40,300 1,251,315 -------------------------------------------------------------------------------- Sturm, Ruger & Co., Inc. 1 15,600 149,760 ----------------- 34,776,164 15 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- MEDIA--1.5% Arbitron, Inc. 2 25,200 $ 1,094,688 -------------------------------------------------------------------------------- Catalina Marketing Corp. 30,500 838,750 -------------------------------------------------------------------------------- Charter Communications, Inc., Cl. A 1,2 1,949,400 5,965,164 -------------------------------------------------------------------------------- Citadel Broadcasting Corp. 2 274,400 2,733,024 -------------------------------------------------------------------------------- Cox Radio, Inc., Cl. A 1,2 553,800 9,026,940 -------------------------------------------------------------------------------- Cumulus Media, Inc., Cl. A 1,2 234,600 2,437,494 -------------------------------------------------------------------------------- Emmis Communications Corp., Cl. A 2 61,100 503,464 -------------------------------------------------------------------------------- GateHouse Media, Inc. 2 65,800 1,221,248 -------------------------------------------------------------------------------- Harris Interactive, Inc. 1 53,900 271,656 -------------------------------------------------------------------------------- Journal Register Co. 2 180,000 1,314,000 -------------------------------------------------------------------------------- Knology, Inc. 1 95,800 1,019,312 -------------------------------------------------------------------------------- Lee Enterprises, Inc. 2 169,500 5,264,670 -------------------------------------------------------------------------------- Lin TV Corp. 1 70,500 701,475 -------------------------------------------------------------------------------- Live Nation, Inc. 1 234,900 5,261,760 -------------------------------------------------------------------------------- LodgeNet Entertainment Corp. 1,2 89,700 2,245,191 -------------------------------------------------------------------------------- Mediacom Communications Corp. 1,2 369,900 2,973,996 -------------------------------------------------------------------------------- ProQuest Co. 1,2 22,900 239,305 -------------------------------------------------------------------------------- Radio One, Inc., Cl. D 1,2 202,300 1,363,502 -------------------------------------------------------------------------------- RCN Corp. 1 36,100 1,088,415 -------------------------------------------------------------------------------- Readers Digest Assn., Inc. (The), Cl. A, Non-Vtg. 199,800 3,336,660 -------------------------------------------------------------------------------- Regal Entertainment Group 111,900 2,385,708 -------------------------------------------------------------------------------- Scholastic Corp. 1,2 190,400 6,823,936 -------------------------------------------------------------------------------- Sinclair Broadcast Group, Inc., Cl. A 2 452,100 4,747,050 -------------------------------------------------------------------------------- Warner Music Group Corp. 140,600 3,226,770 -------------------------------------------------------------------------------- Westwood One, Inc. 2 268,100 1,892,786 -------------------------------------------------------------------------------- World Wrestling Federation Entertainment, Inc. 2 304,000 4,955,200 ----------------- 72,932,164 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- MULTILINE RETAIL--0.8% Big Lots, Inc. 1,2 699,700 $ 16,037,124 -------------------------------------------------------------------------------- Dillard's, Inc., Cl. A 2 159,500 5,577,715 -------------------------------------------------------------------------------- Dollar Tree Stores, Inc. 1 232,100 6,986,210 -------------------------------------------------------------------------------- Family Dollar Stores, Inc. 205,400 6,024,382 -------------------------------------------------------------------------------- Nordstrom, Inc. 40,600 2,003,204 -------------------------------------------------------------------------------- Retail Ventures, Inc. 1 173,800 3,309,152 ----------------- 39,937,787 -------------------------------------------------------------------------------- SPECIALTY RETAIL--5.8% Abercrombie & Fitch Co., Cl. A 96,300 6,705,369 -------------------------------------------------------------------------------- Aeropostale, Inc. 1 517,000 15,959,790 -------------------------------------------------------------------------------- American Eagle Outfitters, Inc. 209,700 6,544,737 -------------------------------------------------------------------------------- AnnTaylor Stores Corp. 1 149,000 4,893,160 -------------------------------------------------------------------------------- Asbury Automotive Group, Inc. 207,400 4,886,344 -------------------------------------------------------------------------------- AutoNation, Inc. 1 183,428 3,910,685 -------------------------------------------------------------------------------- AutoZone, Inc. 1 55,600 6,425,136 -------------------------------------------------------------------------------- Barnes & Noble, Inc. 175,400 6,965,134 -------------------------------------------------------------------------------- bebe stores, inc. 2 186,000 3,680,940 -------------------------------------------------------------------------------- Blockbuster, Inc., Cl. A 1,2 908,600 4,806,494 -------------------------------------------------------------------------------- Books-A-Million, Inc. 2 77,500 1,757,700 -------------------------------------------------------------------------------- Buckle, Inc. (The) 2 166,150 8,448,728 -------------------------------------------------------------------------------- Cache, Inc. 1,2 69,800 1,761,752 -------------------------------------------------------------------------------- Casual Male Retail Group, Inc. 1,2 240,100 3,133,305 -------------------------------------------------------------------------------- Cato Corp., Cl. A 226,650 5,192,552 -------------------------------------------------------------------------------- Charlotte Russe Holding, Inc. 1,2 116,000 3,567,000 -------------------------------------------------------------------------------- Charming Shoppes, Inc. 1,2 1,030,000 13,935,900 -------------------------------------------------------------------------------- Christopher & Banks Corp. 359,000 6,698,940 -------------------------------------------------------------------------------- Circuit City Stores, Inc./ Circuit City Group 164,600 3,124,108 16 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- SPECIALTY RETAIL Continued CSK Auto Corp. 1,2 133,400 $ 2,287,810 -------------------------------------------------------------------------------- Dick's Sporting Goods, Inc. 1 91,200 4,467,888 -------------------------------------------------------------------------------- Dress Barn, Inc. (The) 1,2 643,400 15,010,522 -------------------------------------------------------------------------------- DSW, Inc., Cl. A 1,2 308,800 11,910,416 -------------------------------------------------------------------------------- Genesco, Inc. 1,2 170,000 6,341,000 -------------------------------------------------------------------------------- Group 1 Automotive, Inc. 271,900 14,062,668 -------------------------------------------------------------------------------- Gymboree Corp. 1 409,900 15,641,784 -------------------------------------------------------------------------------- Haverty Furniture Cos., Inc. 2 97,500 1,443,000 -------------------------------------------------------------------------------- Men's Wearhouse, Inc. (The) 2 234,600 8,975,796 -------------------------------------------------------------------------------- Midas, Inc. 1,2 41,700 959,100 -------------------------------------------------------------------------------- Mothers Work, Inc. 1,2 21,200 835,068 -------------------------------------------------------------------------------- OfficeMax, Inc. 138,100 6,856,665 -------------------------------------------------------------------------------- Pacific Sunwear of California, Inc. 1,2 69,000 1,351,020 -------------------------------------------------------------------------------- Payless ShoeSource, Inc. 1 585,000 19,199,700 -------------------------------------------------------------------------------- PETsMART, Inc. 52,300 1,509,378 -------------------------------------------------------------------------------- RadioShack Corp. 2 245,300 4,116,134 -------------------------------------------------------------------------------- Rent-A-Center, Inc. 1,2 551,800 16,283,618 -------------------------------------------------------------------------------- Ross Stores, Inc. 193,500 5,669,550 -------------------------------------------------------------------------------- Select Comfort Corp. 1,2 414,750 7,212,503 -------------------------------------------------------------------------------- Sherwin-Williams Co. 97,000 6,167,260 -------------------------------------------------------------------------------- Shoe Carnival, Inc. 1,2 93,800 2,964,080 -------------------------------------------------------------------------------- Sonic Automotive, Inc. 2 184,300 5,352,072 -------------------------------------------------------------------------------- Stage Stores, Inc. 99,800 3,032,922 -------------------------------------------------------------------------------- Syms Corp. 1 7,400 147,334 -------------------------------------------------------------------------------- Tween Brands, Inc. 1,2 241,700 9,651,081 -------------------------------------------------------------------------------- United Retail Group, Inc. 1 35,200 493,504 -------------------------------------------------------------------------------- West Marine, Inc. 1,2 28,100 485,287 -------------------------------------------------------------------------------- Wet Seal, Inc., Cl. A 1,2 393,400 2,623,978 ----------------- 287,448,912 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS--1.8% Brown Shoe Co., Inc. 355,800 $ 16,985,892 -------------------------------------------------------------------------------- Carter's, Inc. 1 36,200 923,100 -------------------------------------------------------------------------------- Cherokee, Inc. 2 25,900 1,111,369 -------------------------------------------------------------------------------- Deckers Outdoor Corp. 1,2 54,400 3,261,280 -------------------------------------------------------------------------------- Jones Apparel Group, Inc. 138,000 4,613,340 -------------------------------------------------------------------------------- K-Swiss, Inc., Cl. A 2 58,900 1,810,586 -------------------------------------------------------------------------------- Kellwood Co. 2 337,100 10,962,492 -------------------------------------------------------------------------------- Liz Claiborne, Inc. 22,600 982,196 -------------------------------------------------------------------------------- Maidenform Brands, Inc. 1 76,900 1,393,428 -------------------------------------------------------------------------------- Perry Ellis International, Inc. 1,2 42,600 1,746,600 -------------------------------------------------------------------------------- Phillips/Van Heusen Corp. 33,500 1,680,695 -------------------------------------------------------------------------------- Polo Ralph Lauren Corp. 77,900 6,049,714 -------------------------------------------------------------------------------- Skechers USA, Inc., Cl. A 1 349,300 11,635,183 -------------------------------------------------------------------------------- Steven Madden Ltd. 303,550 10,651,570 -------------------------------------------------------------------------------- True Religion Apparel, Inc. 1,2 66,100 1,011,991 -------------------------------------------------------------------------------- VF Corp. 25,700 2,109,456 -------------------------------------------------------------------------------- Volcom, Inc. 1,2 9,700 286,829 -------------------------------------------------------------------------------- Wolverine World Wide, Inc. 499,400 14,242,888 ----------------- 91,458,609 -------------------------------------------------------------------------------- CONSUMER STAPLES--2.7% -------------------------------------------------------------------------------- BEVERAGES--0.2% Boston Beer Co., Inc., Cl. A 1,2 34,700 1,248,506 -------------------------------------------------------------------------------- Cott Corp. 1,2 74,700 1,068,957 -------------------------------------------------------------------------------- Jones Soda Co. 1,2 31,600 388,680 -------------------------------------------------------------------------------- MGP Ingredients, Inc. 2 79,800 1,804,278 -------------------------------------------------------------------------------- Molson Coors Brewing Co., Cl. B 69,400 5,304,936 17 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- BEVERAGES Continued National Beverage Corp. 2 95,580 $ 1,340,987 ----------------- 11,156,344 -------------------------------------------------------------------------------- FOOD & STAPLES RETAILING--0.8% Andersons, Inc. (The) 2 9,400 398,466 -------------------------------------------------------------------------------- Arden Group, Inc., Cl. A 2 10,198 1,262,614 -------------------------------------------------------------------------------- Casey's General Stores, Inc. 2 177,400 4,177,770 -------------------------------------------------------------------------------- Ingles Markets, Inc., Cl. A 2 47,000 1,400,130 -------------------------------------------------------------------------------- Longs Drug Stores, Inc. 178,400 7,560,592 -------------------------------------------------------------------------------- Nash Finch Co. 2 36,500 996,450 -------------------------------------------------------------------------------- Pantry, Inc. (The) 1 275,900 12,923,156 -------------------------------------------------------------------------------- Performance Food Group Co. 1,2 96,300 2,661,732 -------------------------------------------------------------------------------- Rite Aid Corp. 1,2 276,300 1,503,072 -------------------------------------------------------------------------------- Smart & Final, Inc. 1,2 53,400 1,009,260 -------------------------------------------------------------------------------- Spartan Stores, Inc. 2 99,600 2,084,628 -------------------------------------------------------------------------------- Weis Markets, Inc. 2 25,800 1,034,838 -------------------------------------------------------------------------------- Wild Oats Markets, Inc. 1,2 61,600 885,808 ----------------- 37,898,516 -------------------------------------------------------------------------------- FOOD PRODUCTS--0.7% Chiquita Brands International, Inc. 2 104,300 1,665,671 -------------------------------------------------------------------------------- Corn Products International, Inc. 69,000 2,383,260 -------------------------------------------------------------------------------- Dean Foods Co. 1 124,300 5,255,404 -------------------------------------------------------------------------------- Delta & Pine Land Co. 207,900 8,409,555 -------------------------------------------------------------------------------- Flowers Foods, Inc. 2 121,500 3,279,285 -------------------------------------------------------------------------------- Gold Kist Holdings, Inc. 1 12,000 252,240 -------------------------------------------------------------------------------- J&J Snack Foods Corp. 2 47,746 1,976,684 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- FOOD PRODUCTS Continued Premium Standard Farms, Inc. 89,200 $ 1,656,444 -------------------------------------------------------------------------------- Reddy Ice Holdings, Inc. 42,600 1,099,932 -------------------------------------------------------------------------------- Seaboard Corp. 2 3,720 6,565,800 ----------------- 32,544,275 -------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS--0.1% Energizer Holdings, Inc. 1 76,500 5,430,735 -------------------------------------------------------------------------------- Spectrum Brands, Inc. 1,2 23,400 255,060 -------------------------------------------------------------------------------- WD-40 Co. 2 17,900 624,173 ----------------- 6,309,968 -------------------------------------------------------------------------------- PERSONAL PRODUCTS--0.7% Chattem, Inc. 1,2 117,700 5,894,416 -------------------------------------------------------------------------------- Estee Lauder Cos., Inc. (The), Cl. A 58,200 2,375,724 -------------------------------------------------------------------------------- Mannatech, Inc. 2 93,027 1,370,288 -------------------------------------------------------------------------------- NBTY, Inc. 1 355,800 14,790,606 -------------------------------------------------------------------------------- Physicians Formula Holdings, Inc. 1 196,900 3,680,061 -------------------------------------------------------------------------------- Playtex Products, Inc. 1,2 124,100 1,785,799 -------------------------------------------------------------------------------- USANA Health Sciences, Inc. 1,2 119,000 6,147,540 ----------------- 36,044,434 -------------------------------------------------------------------------------- TOBACCO--0.2% Loews Corp./Carolina Group 47,400 3,067,728 -------------------------------------------------------------------------------- UST, Inc. 124,400 7,240,080 ----------------- 10,307,808 -------------------------------------------------------------------------------- ENERGY--5.0% -------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES--2.3% Basic Energy Services, Inc. 1,2 89,400 2,203,710 -------------------------------------------------------------------------------- Dril-Quip, Inc. 1,2 132,500 5,188,700 18 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES Continued Ensign Energy Services, Inc. 243,500 $ 3,839,956 -------------------------------------------------------------------------------- Global Industries Ltd. 1 161,700 2,108,568 -------------------------------------------------------------------------------- Grey Wolf, Inc. 1,2 1,741,100 11,943,946 -------------------------------------------------------------------------------- Gulfmark Offshore, Inc. 1 77,000 2,880,570 -------------------------------------------------------------------------------- Horizon North Logistics, Inc. 1 16,963 51,784 -------------------------------------------------------------------------------- Hornbeck Offshore Services, Inc. 1,2 125,300 4,473,210 -------------------------------------------------------------------------------- Hydril Co. 1 82,400 6,195,656 -------------------------------------------------------------------------------- Input/Output, Inc. 1,2 491,500 6,699,145 -------------------------------------------------------------------------------- Leader Energy Services Ltd. 1,3 612,800 867,058 -------------------------------------------------------------------------------- Lone Star Technologies, Inc. 1 318,900 15,437,949 -------------------------------------------------------------------------------- Lufkin Industries, Inc. 2 4,900 284,592 -------------------------------------------------------------------------------- Matrix Service Co. 1,2 100,500 1,618,050 -------------------------------------------------------------------------------- NATCO Group, Inc., Cl. A 1,2 80,300 2,559,964 -------------------------------------------------------------------------------- North American Energy Partners, Inc. 1 257,200 4,187,216 -------------------------------------------------------------------------------- Parker Drilling Co. 1 1,062,200 8,678,174 -------------------------------------------------------------------------------- Pason Systems, Inc. 87,200 991,529 -------------------------------------------------------------------------------- Patterson-UTI Energy, Inc. 53,200 1,235,836 -------------------------------------------------------------------------------- Savanna Energy Services Corp. 1 45,952 746,328 -------------------------------------------------------------------------------- Seacor Holdings, Inc. 1 56,300 5,581,582 -------------------------------------------------------------------------------- Technicoil Corp. 1 92,900 83,647 -------------------------------------------------------------------------------- Technicoil Corp. 1 896,900 807,568 -------------------------------------------------------------------------------- Tidewater, Inc. 111,300 5,382,468 -------------------------------------------------------------------------------- Trican Well Service Ltd. 133,300 2,322,734 -------------------------------------------------------------------------------- Trico Marine Services, Inc. 1,2 72,900 2,792,799 -------------------------------------------------------------------------------- Universal Compression Holdings, Inc. 1,2 95,200 5,912,872 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES Continued Veritas DGC, Inc. 1 99,900 $ 8,554,437 -------------------------------------------------------------------------------- W-H Energy Services, Inc. 1 36,900 1,796,661 ----------------- 115,426,709 -------------------------------------------------------------------------------- OIL & GAS--2.7% Alberta Clipper Energy, Inc. 1 93,278 482,328 -------------------------------------------------------------------------------- Alon USA Energy, Inc. 2 252,400 6,640,644 -------------------------------------------------------------------------------- Atlas Energy Ltd. 1 728,400 2,560,940 -------------------------------------------------------------------------------- Atlas Energy Ltd. 1 162,100 569,918 -------------------------------------------------------------------------------- Birchcliff Energy Ltd. 1 44,200 155,021 -------------------------------------------------------------------------------- Capitol Energy Resources Ltd. 1 275,500 1,008,777 -------------------------------------------------------------------------------- Celtic Exploration Ltd. 1 66,100 788,450 -------------------------------------------------------------------------------- Celtic Exploration Ltd. 1 52,200 622,649 -------------------------------------------------------------------------------- Comstock Resources, Inc. 1,2 39,300 1,220,658 -------------------------------------------------------------------------------- Cyries Energy, Inc. 1 143,100 1,553,527 -------------------------------------------------------------------------------- Delek US Holdings, Inc. 28,000 458,920 -------------------------------------------------------------------------------- Delphi Energy Corp. 1 20,000 42,533 -------------------------------------------------------------------------------- Delphi Energy Corp. 1 315,000 669,897 -------------------------------------------------------------------------------- Duvernay Oil Corp. 1 15,800 467,842 -------------------------------------------------------------------------------- Edge Petroleum Corp. 1,2 12,000 218,880 -------------------------------------------------------------------------------- Ember Resources, Inc. 1 49,278 108,600 -------------------------------------------------------------------------------- Ember Resources, Inc. 1 105,300 232,064 -------------------------------------------------------------------------------- Foundation Coal Holdings, Inc. 402,700 12,789,752 -------------------------------------------------------------------------------- Frontier Oil Corp. 183,600 5,276,664 -------------------------------------------------------------------------------- Galleon Energy, Inc., Cl. A 1 122,400 1,897,691 -------------------------------------------------------------------------------- Galleon Energy, Inc., Subscription Receipts 1 138,750 2,151,181 -------------------------------------------------------------------------------- General Maritime Corp. 2 218,400 7,685,496 19 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- OIL & GAS Continued Giant Industries, Inc. 1 5,600 $ 419,720 -------------------------------------------------------------------------------- Harvest Natural Resources, Inc. 1,2 12,400 131,812 -------------------------------------------------------------------------------- Highpine Oil & Gas Ltd. 1 6,582 88,614 -------------------------------------------------------------------------------- Highpine Oil & Gas Ltd. 1 19,900 267,916 -------------------------------------------------------------------------------- Holly Corp. 112,800 5,797,920 -------------------------------------------------------------------------------- Kereco Energy Ltd. 1 277,684 1,766,853 -------------------------------------------------------------------------------- Mahalo Energy Ltd. 1,3 220,500 665,575 -------------------------------------------------------------------------------- Midnight Oil Exploration Ltd. 1 556,050 1,130,076 -------------------------------------------------------------------------------- Mission Oil & Gas, Inc. 1 57,348 622,092 -------------------------------------------------------------------------------- Mission Oil & Gas, Inc. 1,4 79,100 858,050 -------------------------------------------------------------------------------- Newfield Exploration Co. 1 27,600 1,268,220 -------------------------------------------------------------------------------- OMI Corp. 2 389,700 8,249,949 -------------------------------------------------------------------------------- Open Range Energy Corp. 1 10,090 28,553 -------------------------------------------------------------------------------- Overseas Shipholding Group, Inc. 87,800 4,943,140 -------------------------------------------------------------------------------- Paramount Resources Ltd., Cl. A 1 240,700 4,953,737 -------------------------------------------------------------------------------- Pogo Producing Co. 2 30,700 1,487,108 -------------------------------------------------------------------------------- ProEx Energy Ltd. 1 64,500 710,736 -------------------------------------------------------------------------------- ProspEx Resources Ltd. 1 369,740 1,407,748 -------------------------------------------------------------------------------- Real Resources, Inc. 1 48,900 700,279 -------------------------------------------------------------------------------- Redstar Oil & Gas, Inc. 1 364,045 399,586 -------------------------------------------------------------------------------- Rosetta Resources, Inc. 1 9,700 181,099 -------------------------------------------------------------------------------- Sound Energy Trust 125,183 548,544 -------------------------------------------------------------------------------- St. Mary Land & Exploration Co. 2 25,700 946,788 -------------------------------------------------------------------------------- Sunoco, Inc. 117,400 7,321,064 -------------------------------------------------------------------------------- Sure Energy, Inc. 1 70,941 57,184 -------------------------------------------------------------------------------- Swift Energy Co. 1,2 95,600 4,283,836 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- OIL & GAS Continued Teekay Shipping Corp. 11,300 $ 492,906 -------------------------------------------------------------------------------- Tesoro Corp. 77,000 5,064,290 -------------------------------------------------------------------------------- Thunder Energy Trust 102,132 496,581 -------------------------------------------------------------------------------- True Energy Trust 16,836 108,135 -------------------------------------------------------------------------------- Tusk Energy Corp. 1 387,400 1,046,443 -------------------------------------------------------------------------------- Tusk Energy Corp. 1,4 275,000 742,829 -------------------------------------------------------------------------------- Tusk Energy Corp. 1 397,100 1,072,645 -------------------------------------------------------------------------------- USEC, Inc. 1,2 1,163,200 14,795,904 -------------------------------------------------------------------------------- VAALCO Energy, Inc. 1,2 344,200 2,323,350 -------------------------------------------------------------------------------- Vero Energy, Inc. 1 30,617 159,104 -------------------------------------------------------------------------------- Western Refining, Inc. 2 372,400 9,481,304 -------------------------------------------------------------------------------- Zenas Energy Corp. 1 239,900 641,845 ----------------- 133,263,967 -------------------------------------------------------------------------------- FINANCIALS--12.2% -------------------------------------------------------------------------------- CAPITAL MARKETS--1.0% Cohen & Steers, Inc. 2 152,100 6,109,857 -------------------------------------------------------------------------------- Janus Capital Group, Inc. 230,000 4,965,700 -------------------------------------------------------------------------------- KBW, Inc. 1 16,700 490,813 -------------------------------------------------------------------------------- Knight Capital Group, Inc., Cl. A 1,2 803,800 15,408,846 -------------------------------------------------------------------------------- Lazard Ltd., Cl. A 2 25,400 1,202,436 -------------------------------------------------------------------------------- Penson Worldwide, Inc. 1,2 751 20,585 -------------------------------------------------------------------------------- Piper Jaffray Cos., Inc. 1,2 218,700 14,248,305 -------------------------------------------------------------------------------- Stifel Financial Corp. 1,2 21,200 831,676 -------------------------------------------------------------------------------- SWS Group, Inc. 2 85,600 3,055,920 ----------------- 46,334,138 -------------------------------------------------------------------------------- COMMERCIAL BANKS--0.9% BancorpSouth, Inc. 45,500 1,220,310 -------------------------------------------------------------------------------- Banner Corp. 2 16,100 713,874 20 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- COMMERCIAL BANKS Continued Citizens Banking Corp. 12,000 $ 318,000 -------------------------------------------------------------------------------- City Holding Co. 50,200 2,052,678 -------------------------------------------------------------------------------- Columbia Banking System, Inc. 2 35,406 1,243,459 -------------------------------------------------------------------------------- Community Trust Bancorp, Inc. 2 13,028 541,053 -------------------------------------------------------------------------------- Financial Institutions, Inc. 2 4,700 108,335 -------------------------------------------------------------------------------- First Citizens BancShares, Inc., Cl. A 9,100 1,844,024 -------------------------------------------------------------------------------- First Security Group, Inc. 122,800 1,415,884 -------------------------------------------------------------------------------- First South Bancorp, Inc. 2 4,300 137,127 -------------------------------------------------------------------------------- Frontier Financial Corp. 2 71,850 2,100,176 -------------------------------------------------------------------------------- Greater Bay Bancorp 251,200 6,614,096 -------------------------------------------------------------------------------- Greene County Bancshares, Inc. 2 9,500 377,435 -------------------------------------------------------------------------------- Hancock Holding Co. 2 113,500 5,997,340 -------------------------------------------------------------------------------- Hanmi Financial Corp. 142,300 3,206,019 -------------------------------------------------------------------------------- Independent Bank Corp. 2 40,982 1,036,435 -------------------------------------------------------------------------------- Intervest Bancshares Corp. 1,2 55,000 1,892,550 -------------------------------------------------------------------------------- National Penn Bancshares, Inc. 2 8,873 179,678 -------------------------------------------------------------------------------- Porter Bancorp, Inc. 18,100 401,639 -------------------------------------------------------------------------------- Preferred Bank 23,200 1,394,088 -------------------------------------------------------------------------------- PrivateBancorp, Inc. 2 41,000 1,706,830 -------------------------------------------------------------------------------- Provident Bankshares Corp. 2 76,484 2,722,830 -------------------------------------------------------------------------------- Republic Bancorp, Inc., Cl. A 2 16,700 419,003 -------------------------------------------------------------------------------- Southwest Bancorp, Inc. 18,600 518,196 -------------------------------------------------------------------------------- Sterling Bancshares, Inc. 2 48,250 628,215 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- COMMERCIAL BANKS Continued Sterling Financial Corp., Western US 2 183,183 $ 6,193,417 -------------------------------------------------------------------------------- Taylor Capital Group, Inc. 3,400 124,474 -------------------------------------------------------------------------------- Union Bankshares Corp. 2 2,200 67,298 -------------------------------------------------------------------------------- United Community Banks, Inc. 2 16,600 536,512 ----------------- 45,710,975 -------------------------------------------------------------------------------- CONSUMER FINANCE--1.1% Advanta Corp., Cl. B 2 254,300 11,095,109 -------------------------------------------------------------------------------- AmeriCredit Corp. 1 215,100 5,414,067 -------------------------------------------------------------------------------- ASTA Funding, Inc. 2 88,000 2,678,720 -------------------------------------------------------------------------------- Cash America International, Inc. 266,900 12,517,610 -------------------------------------------------------------------------------- Credit Acceptance Corp. 1,2 23,879 795,887 -------------------------------------------------------------------------------- Dollar Financial Corp. 1 55,600 1,549,016 -------------------------------------------------------------------------------- EZCORP, Inc., Cl. A 1,2 237,000 3,851,250 -------------------------------------------------------------------------------- First Cash Financial Services, Inc. 1 45,500 1,177,085 -------------------------------------------------------------------------------- First Marblehead Corp. (The) 2 102,450 5,598,893 -------------------------------------------------------------------------------- World Acceptance Corp. 1,2 244,500 11,479,275 ----------------- 56,156,912 -------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--0.2% IntercontinentalExchange, Inc. 1 21,000 2,265,900 -------------------------------------------------------------------------------- International Securities Exchange, Inc., Cl. A 2 145,200 6,793,908 -------------------------------------------------------------------------------- Medallion Financial Corp. 2 14,800 183,076 -------------------------------------------------------------------------------- Resource America, Inc., Cl. A 2 10,300 271,920 ----------------- 9,514,804 21 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- INSURANCE--3.8% Affirmative Insurance Holdings, Inc. 28,204 $ 458,879 -------------------------------------------------------------------------------- AMBAC Financial Group, Inc. 76,800 6,840,576 -------------------------------------------------------------------------------- American Financial Group, Inc. 27,300 980,343 -------------------------------------------------------------------------------- American Physicians Capital, Inc. 1 76,750 3,073,070 -------------------------------------------------------------------------------- Argonaut Group, Inc. 1 201,300 7,017,318 -------------------------------------------------------------------------------- Assurant, Inc. 128,100 7,077,525 -------------------------------------------------------------------------------- Bristol West Holdings, Inc. 104,900 1,660,567 -------------------------------------------------------------------------------- CNA Financial Corp. 1 90,400 3,644,928 -------------------------------------------------------------------------------- CNA Surety Corp. 1 134,400 2,889,600 -------------------------------------------------------------------------------- Commerce Group, Inc. (The) 81,200 2,415,700 -------------------------------------------------------------------------------- Darwin Professional Underwriters, Inc. 1,2 44,400 1,041,180 -------------------------------------------------------------------------------- Delphi Financial Group, Inc., Cl. A 2 258,775 10,470,037 -------------------------------------------------------------------------------- Direct General Corp. 2 113,000 2,332,320 -------------------------------------------------------------------------------- Donegal Group, Inc., Cl. A 2 65,200 1,277,268 -------------------------------------------------------------------------------- EMC Insurance Group, Inc. 2 38,900 1,327,268 -------------------------------------------------------------------------------- FBL Financial Group,Inc., Cl. A 2 33,100 1,293,548 -------------------------------------------------------------------------------- First Mercury Financial Corp. 1 27,600 649,152 -------------------------------------------------------------------------------- FPIC Insurance Group, Inc. 1,2 48,740 1,899,398 -------------------------------------------------------------------------------- Great American Financial Resources, Inc. 2 13,400 308,870 -------------------------------------------------------------------------------- Hanover Insurance Group, Inc. 101,600 4,958,080 -------------------------------------------------------------------------------- Harleysville Group, Inc. 162,100 5,644,322 -------------------------------------------------------------------------------- Horace Mann Educators Corp. 179,900 3,633,980 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- INSURANCE Continued Infinity Property & Casualty Corp. 179,900 $ 8,705,361 -------------------------------------------------------------------------------- IPC Holdings Ltd. 4,000 125,800 -------------------------------------------------------------------------------- LandAmerica Financial Group, Inc. 2 7,100 448,081 -------------------------------------------------------------------------------- Markel Corp. 1 3,400 1,632,340 -------------------------------------------------------------------------------- MBIA, Inc. 2 101,900 7,444,814 -------------------------------------------------------------------------------- Meadowbrook Insurance Group, Inc. 1 138,400 1,368,776 -------------------------------------------------------------------------------- Midland Co. (The) 2 11,700 490,815 -------------------------------------------------------------------------------- National Western Life Insurance Co., Cl. A 2 4,200 966,588 -------------------------------------------------------------------------------- Nationwide Financial Services, Inc., Cl. A 77,400 4,195,080 -------------------------------------------------------------------------------- Odyssey Re Holdings Corp. 2 43,200 1,611,360 -------------------------------------------------------------------------------- Ohio Casualty Corp. 424,100 12,642,421 -------------------------------------------------------------------------------- Old Republic International Corp. 116,350 2,708,628 -------------------------------------------------------------------------------- OneBeacon Insurance Group Ltd. 1 122,300 3,424,400 -------------------------------------------------------------------------------- Partnerre Holdings Ltd. 53,800 3,821,414 -------------------------------------------------------------------------------- Phoenix Cos., Inc. (The) 562,700 8,941,303 -------------------------------------------------------------------------------- Presidential Life Corp. 2 56,800 1,246,760 -------------------------------------------------------------------------------- ProCentury Corp. 106,700 1,973,950 -------------------------------------------------------------------------------- Reinsurance Group of America, Inc. 20,600 1,147,420 -------------------------------------------------------------------------------- RenaissanceRe Holdings Ltd. 33,100 1,986,000 -------------------------------------------------------------------------------- RLI Corp. 76,300 4,304,846 -------------------------------------------------------------------------------- Safeco Corp. 99,700 6,236,235 -------------------------------------------------------------------------------- Safety Insurance Group, Inc. 117,100 5,938,141 -------------------------------------------------------------------------------- Seabright Insurance Holdings, Inc. 1 38,300 689,783 -------------------------------------------------------------------------------- Selective Insurance Group, Inc. 2 151,400 8,673,706 22 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- INSURANCE Continued State Auto Financial Corp. 93,000 $ 3,229,890 -------------------------------------------------------------------------------- Torchmark Corp. 36,500 2,327,240 -------------------------------------------------------------------------------- Tower Group, Inc. 2 77,800 2,417,246 -------------------------------------------------------------------------------- Transatlantic Holdings, Inc. 4,700 291,870 -------------------------------------------------------------------------------- U.S.I. Holdings Corp. 1,2 42,300 649,728 -------------------------------------------------------------------------------- United America Indemnity Ltd., Cl. A 1 73,657 1,865,732 -------------------------------------------------------------------------------- Universal American Financial Corp. 1 42,000 782,880 -------------------------------------------------------------------------------- Zenith National Insurance Corp. 311,100 14,593,701 ------------------ 187,776,238 -------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUSTS--3.2% Acadia Realty Trust 2 31,600 790,632 -------------------------------------------------------------------------------- Agree Realty Corp. 2 56,600 1,945,342 -------------------------------------------------------------------------------- Alexandria Real Estate Equities, Inc. 40,300 4,046,120 -------------------------------------------------------------------------------- AMB Property Corp. 25,800 1,512,138 -------------------------------------------------------------------------------- American Home Mortgage Investment Corp. 2 22,100 776,152 -------------------------------------------------------------------------------- Ashford Hospitality Trust 67,400 839,130 -------------------------------------------------------------------------------- Associated Estates Realty Corp. 2 35,000 480,900 -------------------------------------------------------------------------------- BioMed Realty Trust, Inc. 2 92,600 2,648,360 -------------------------------------------------------------------------------- Brandywine Realty Trust 125,192 4,162,634 -------------------------------------------------------------------------------- BRE Properties, Inc., Cl. A 2 12,300 799,746 -------------------------------------------------------------------------------- Camden Property Trust 19,700 1,454,845 -------------------------------------------------------------------------------- Capital Trust, Cl. A 2 8,700 434,478 -------------------------------------------------------------------------------- CapitalSource, Inc. 2 131,600 3,593,996 -------------------------------------------------------------------------------- CBL & Associates Properties, Inc. 75,900 3,290,265 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUSTS Continued Cedar Shopping Centers, Inc. 29,800 $ 474,118 -------------------------------------------------------------------------------- CentraCore Properties Trust 2 14,900 481,717 -------------------------------------------------------------------------------- Colonial Properties Trust 2 65,825 3,085,876 -------------------------------------------------------------------------------- Corporate Office Properties Trust 67,500 3,406,725 -------------------------------------------------------------------------------- Crescent Real Estate Equities, Inc. 55,200 1,090,200 -------------------------------------------------------------------------------- DCT Industrial Trust, Inc. 189,800 2,239,640 -------------------------------------------------------------------------------- DiamondRock Hospitality Co. 206,400 3,717,264 -------------------------------------------------------------------------------- Digital Realty Trust, Inc. 88,300 3,022,509 -------------------------------------------------------------------------------- Duke Realty Investments, Inc. 18,300 748,470 -------------------------------------------------------------------------------- EastGroup Properties, Inc. 2 36,700 1,965,652 -------------------------------------------------------------------------------- Entertainment Properties Trust 33,700 1,969,428 -------------------------------------------------------------------------------- Equity Inns, Inc. 2 157,100 2,507,316 -------------------------------------------------------------------------------- Equity Lifestyle Properties, Inc. 8,800 478,984 -------------------------------------------------------------------------------- Equity One, Inc. 2 102,900 2,743,314 -------------------------------------------------------------------------------- Federal Realty Investment Trust 25,300 2,150,500 -------------------------------------------------------------------------------- FelCor Lodging Trust, Inc. 69,600 1,520,064 -------------------------------------------------------------------------------- First Industrial Realty Trust, Inc. 2 90,300 4,234,167 -------------------------------------------------------------------------------- First Potomac Realty Trust 6,200 180,482 -------------------------------------------------------------------------------- Franklin Street Properties Corp. 7,400 155,770 -------------------------------------------------------------------------------- Friedman, Billings, Ramsey Group, Inc., Cl. A 2 22,800 182,400 -------------------------------------------------------------------------------- Glimcher Realty Trust 2 46,300 1,236,673 23 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUSTS Continued Gramercy Capital Corp. 2 36,300 $ 1,121,307 -------------------------------------------------------------------------------- Health Care REIT, Inc. 2 48,900 2,103,678 -------------------------------------------------------------------------------- Healthcare Realty Trust, Inc. 2 47,500 1,878,150 -------------------------------------------------------------------------------- Highland Hospitality Corp. 90,000 1,282,500 -------------------------------------------------------------------------------- Highwoods Properties, Inc. 85,100 3,468,676 -------------------------------------------------------------------------------- Home Properties of New York, Inc. 71,600 4,243,732 -------------------------------------------------------------------------------- Hospitality Properties Trust 58,600 2,785,258 -------------------------------------------------------------------------------- HRPT Properties Trust 2 50,700 626,145 -------------------------------------------------------------------------------- Inland Real Estate Corp. 2 63,200 1,183,104 -------------------------------------------------------------------------------- Innkeepers USA Trust 61,600 954,800 -------------------------------------------------------------------------------- iStar Financial, Inc. 7,500 358,650 -------------------------------------------------------------------------------- Kilroy Realty Corp. 26,100 2,035,800 -------------------------------------------------------------------------------- Kimco Realty Corp. 4,979 223,806 -------------------------------------------------------------------------------- Kite Realty Group Trust 7,400 137,788 -------------------------------------------------------------------------------- KKR Financial Corp. 47,800 1,280,562 -------------------------------------------------------------------------------- LaSalle Hotel Properties 37,800 1,733,130 -------------------------------------------------------------------------------- Lexington Realty Trust 2 69,900 1,567,158 -------------------------------------------------------------------------------- Liberty Property Trust 2 61,600 3,027,024 -------------------------------------------------------------------------------- Longview Fibre Co. Real Estate Investment Trust 120,381 2,642,363 -------------------------------------------------------------------------------- LTC Properties, Inc. 2 52,500 1,433,775 -------------------------------------------------------------------------------- Macerich Co. (The) 6,500 562,705 -------------------------------------------------------------------------------- Mack-Cali Realty Corp. 42,200 2,152,200 -------------------------------------------------------------------------------- Maguire Properties, Inc. 80,800 3,232,000 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUSTS Continued Mid-America Apartment Communities, Inc. 57,000 $ 3,262,680 -------------------------------------------------------------------------------- National Retail Properties, Inc. 2 129,100 2,962,845 -------------------------------------------------------------------------------- Nationwide Health Properties, Inc. 2 95,700 2,892,054 -------------------------------------------------------------------------------- Newcastle Investment Corp. 2 18,500 579,420 -------------------------------------------------------------------------------- Omega Healthcare Investors, Inc. 2 38,300 678,676 -------------------------------------------------------------------------------- Parkway Properties, Inc. 2 28,600 1,458,886 -------------------------------------------------------------------------------- Pennsylvania Real Estate Investment Trust 2 53,700 2,114,706 -------------------------------------------------------------------------------- Post Properties, Inc. 48,000 2,193,600 -------------------------------------------------------------------------------- PS Business Parks, Inc. 37,900 2,679,909 -------------------------------------------------------------------------------- RAIT Financial Trust 2 7,400 255,152 -------------------------------------------------------------------------------- Ramco-Gershenson Properties Trust 2 26,500 1,010,710 -------------------------------------------------------------------------------- Realty Income Corp. 2 66,700 1,847,590 -------------------------------------------------------------------------------- Reckson Associates Realty Corp. 12,300 560,880 -------------------------------------------------------------------------------- Redwood Trust, Inc. 2 9,400 545,952 -------------------------------------------------------------------------------- Regency Centers Corp. 18,300 1,430,511 -------------------------------------------------------------------------------- Senior Housing Properties Trust 2 149,300 3,654,864 -------------------------------------------------------------------------------- SL Green Realty Corp. 10,800 1,434,024 -------------------------------------------------------------------------------- Sovran Self Storage, Inc. 2 48,500 2,778,080 -------------------------------------------------------------------------------- Spirit Finance Corp. 2 154,000 1,920,380 -------------------------------------------------------------------------------- Strategic Hotels & Resorts, Inc. 196,700 4,286,093 -------------------------------------------------------------------------------- Sunstone Hotel Investors, Inc. 102,800 2,747,844 -------------------------------------------------------------------------------- Tanger Factory Outlet Centers, Inc. 2 79,800 3,118,584 -------------------------------------------------------------------------------- U-Store-It Real Estate Investment Trust 2 39,800 817,890 -------------------------------------------------------------------------------- United Dominion Realty Trust, Inc. 2 77,500 2,463,725 24 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUSTS Continued Ventas, Inc. 71,200 $ 3,013,184 -------------------------------------------------------------------------------- Washington Real Estate Investment Trust 2 67,900 2,716,000 -------------------------------------------------------------------------------- Weingarten Realty Investors 2 39,400 1,816,734 -------------------------------------------------------------------------------- Winston Hotels, Inc. 2 32,900 435,925 ------------------ 160,077,216 -------------------------------------------------------------------------------- REAL ESTATE MANAGEMENT & DEVELOPMENT--0.1% CB Richard Ellis Group, Inc., Cl. A 1 133,500 4,432,200 -------------------------------------------------------------------------------- Stratus Properties, Inc. 1 16,166 517,312 ------------------ 4,949,512 -------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE--1.9% Bank Mutual Corp. 2 113,294 1,371,990 -------------------------------------------------------------------------------- BankUnited Financial Corp., Cl. A 2 47,700 1,333,692 -------------------------------------------------------------------------------- Citizens First Bancorp, Inc. 2 11,600 356,584 -------------------------------------------------------------------------------- Corus Bankshares, Inc. 2 489,100 11,283,537 -------------------------------------------------------------------------------- Downey Financial Corp. 2 2,300 166,934 -------------------------------------------------------------------------------- Federal Agricultural Mortgage Corp., Non-Vtg. 2 49,000 1,329,370 -------------------------------------------------------------------------------- First Defiance Financial Corp. 3,700 112,110 -------------------------------------------------------------------------------- First Financial Holdings, Inc. 2 17,000 666,060 -------------------------------------------------------------------------------- First Niagara Financial Group, Inc. 476,800 7,085,248 -------------------------------------------------------------------------------- First Place Financial Corp. 2 16,763 393,763 -------------------------------------------------------------------------------- FirstFed Financial Corp. 1,2 172,200 11,532,234 -------------------------------------------------------------------------------- Fremont General Corp. 2 523,800 8,490,798 -------------------------------------------------------------------------------- ITLA Capital Corp. 2 3,900 225,849 -------------------------------------------------------------------------------- KBNT Bancorp, Inc. 2 7,800 130,494 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE Continued MAF Bancorp, Inc. 2 112,700 $ 5,036,563 -------------------------------------------------------------------------------- MGIC Investment Corp. 83,900 5,247,106 -------------------------------------------------------------------------------- NexCen Brands, Inc. 1,2 38,600 279,078 -------------------------------------------------------------------------------- Ocwen Financial Corp. 1,2 590,900 9,371,674 -------------------------------------------------------------------------------- PFF Bancorp, Inc. 2 137,320 4,738,913 -------------------------------------------------------------------------------- PMI Group, Inc. (The) 115,800 5,462,286 -------------------------------------------------------------------------------- Provident Financial Services, Inc. 204,800 3,713,024 -------------------------------------------------------------------------------- Radian Group, Inc. 92,200 4,970,502 -------------------------------------------------------------------------------- TierOne Corp. 2 65,300 2,064,133 -------------------------------------------------------------------------------- Triad Guaranty, Inc. 1,2 107,900 5,920,473 -------------------------------------------------------------------------------- WSFS Financial Corp. 2 23,000 1,539,390 ------------------ 92,821,805 -------------------------------------------------------------------------------- HEALTH CARE--8.1% -------------------------------------------------------------------------------- BIOTECHNOLOGY--0.3% Alexion Pharmaceuticals, Inc. 1,2 14,700 593,733 -------------------------------------------------------------------------------- Alnylam Pharmaceuticals, Inc. 1,2 10,000 214,000 -------------------------------------------------------------------------------- Applera Corp./Celera Genomics Group 1 59,200 828,208 -------------------------------------------------------------------------------- Array BioPharma, Inc. 1 11,100 143,412 -------------------------------------------------------------------------------- Digene Corp. 1 25,600 1,226,752 -------------------------------------------------------------------------------- Enzon Pharmaceuticals, Inc. 1,2 95,000 808,450 -------------------------------------------------------------------------------- Indevus Pharmaceuticals, Inc. 1,2 29,200 207,320 -------------------------------------------------------------------------------- Isis Pharmaceuticals, Inc. 1 174,000 1,934,880 -------------------------------------------------------------------------------- Ligand Pharmaceuticals, Inc., Cl. B 1 24,400 267,180 -------------------------------------------------------------------------------- Omrix Biopharmaceuticals, Inc. 1 24,600 744,396 -------------------------------------------------------------------------------- OSI Pharmaceuticals, Inc. 1,2 18,400 643,632 25 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- BIOTECHNOLOGY Continued QLT PhotoTherapeutics, Inc. 1,2 112,900 $ 955,134 -------------------------------------------------------------------------------- Regeneron Pharmaceuticals, Inc. 1 55,000 1,103,850 -------------------------------------------------------------------------------- Savient Pharmaceuticals, Inc. 1 170,787 1,914,522 -------------------------------------------------------------------------------- United Therapeutics Corp. 1,2 57,000 3,099,090 ----------------- 14,684,559 -------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES--1.7% Abaxis, Inc. 1,2 35,200 677,600 -------------------------------------------------------------------------------- Advanced Medical Optics, Inc. 1 50,200 1,767,040 -------------------------------------------------------------------------------- Analogic Corp. 2 300 16,842 -------------------------------------------------------------------------------- Biosite, Inc. 1,2 110,800 5,412,580 -------------------------------------------------------------------------------- Candela Corp. 1 107,300 1,327,301 -------------------------------------------------------------------------------- Cholestech Corp. 1,2 13,900 256,038 -------------------------------------------------------------------------------- Dade Behring Holdings, Inc. 63,600 2,531,916 -------------------------------------------------------------------------------- Datascope Corp. 2 5,211 189,889 -------------------------------------------------------------------------------- DJO, Inc. 1,2 64,800 2,774,736 -------------------------------------------------------------------------------- Edwards Lifesciences Corp. 1 121,500 5,715,360 -------------------------------------------------------------------------------- Greatbatch, Inc. 1,2 78,100 2,102,452 -------------------------------------------------------------------------------- Hillenbrand Industries, Inc. 2 22,100 1,258,153 -------------------------------------------------------------------------------- ICU Medical, Inc. 1,2 23,500 955,980 -------------------------------------------------------------------------------- IDEXX Laboratories, Inc. 1 21,400 1,697,020 -------------------------------------------------------------------------------- Immucor, Inc. 1,2 537,750 15,718,433 -------------------------------------------------------------------------------- Integra LifeSciences Holdings Corp. 1,2 74,200 3,160,178 -------------------------------------------------------------------------------- Invacare Corp. 2 16,600 407,530 -------------------------------------------------------------------------------- Kinetic Concepts, Inc. 1,2 95,100 3,761,205 -------------------------------------------------------------------------------- Medical Action Industries, Inc. 1,2 1,300 41,912 -------------------------------------------------------------------------------- Mentor Corp. 2 94,800 4,632,876 -------------------------------------------------------------------------------- Meridian Bioscience, Inc. 2 28,550 700,332 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES Continued Palomar Medical Technologies, Inc. 1,2 212,800 $ 10,782,576 -------------------------------------------------------------------------------- Quidel Corp. 1,2 124,100 1,690,242 -------------------------------------------------------------------------------- West Pharmaceutical Services, Inc. 262,200 13,432,506 -------------------------------------------------------------------------------- Zoll Medical Corp. 1,2 73,900 4,303,936 ----------------- 85,314,633 -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES--3.1% Air Methods Corp. 1,2 52,800 1,474,176 -------------------------------------------------------------------------------- AMERIGROUP Corp. 1 507,100 18,199,819 -------------------------------------------------------------------------------- AmerisourceBergen Corp. 157,300 7,072,208 -------------------------------------------------------------------------------- Apria Healthcare Group, Inc. 1,2 345,300 9,202,245 -------------------------------------------------------------------------------- Bio-Reference Laboratories, Inc. 1,2 24,500 551,005 -------------------------------------------------------------------------------- Centene Corp. 1,2 368,200 9,046,674 -------------------------------------------------------------------------------- Chemed Corp. 291,900 10,794,462 -------------------------------------------------------------------------------- CorVel Corp. 1 31,550 1,500,834 -------------------------------------------------------------------------------- Coventry Health Care, Inc. 1 126,000 6,306,300 -------------------------------------------------------------------------------- Cross Country Healthcare, Inc. 1 105,100 2,293,282 -------------------------------------------------------------------------------- Emergency Medical Services LP, Cl. A 1 10,000 209,800 -------------------------------------------------------------------------------- Express Scripts, Inc. 1 32,100 2,298,360 -------------------------------------------------------------------------------- Genesis HealthCare Corp. 1,2 70,028 3,307,422 -------------------------------------------------------------------------------- Healthspring, Inc. 1,2 299,300 6,090,755 -------------------------------------------------------------------------------- Healthways, Inc. 1,2 218,300 10,415,093 -------------------------------------------------------------------------------- HMS Holdings Corp. 1 32,000 484,800 -------------------------------------------------------------------------------- Humana, Inc. 1 145,200 8,031,012 -------------------------------------------------------------------------------- InVentiv Health, Inc. 1,2 44,700 1,580,145 -------------------------------------------------------------------------------- Kindred Healthcare, Inc. 1 371,100 9,370,275 -------------------------------------------------------------------------------- Laboratory Corp. of America Holdings 1 108,800 7,993,536 26 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES Continued Landauer, Inc. 2 1,700 $ 89,199 -------------------------------------------------------------------------------- LCA-Vision, Inc. 2 39,386 1,353,303 -------------------------------------------------------------------------------- Lincare Holdings, Inc. 1 53,000 2,111,520 -------------------------------------------------------------------------------- Magellan Health Services, Inc. 1 256,600 11,090,252 -------------------------------------------------------------------------------- Manor Care, Inc. 1,900 89,148 -------------------------------------------------------------------------------- MedCath Corp. 1,2 52,800 1,444,608 -------------------------------------------------------------------------------- Molina Healthcare, Inc. 1,2 292,900 9,522,179 -------------------------------------------------------------------------------- National HealthCare Corp. 2 15,000 828,000 -------------------------------------------------------------------------------- Odyssey Healthcare, Inc. 1,2 90,400 1,198,704 -------------------------------------------------------------------------------- Pediatrix Medical Group, Inc. 1 4,300 210,270 -------------------------------------------------------------------------------- PSS World Medical, Inc. 1,2 216,500 4,228,245 -------------------------------------------------------------------------------- Res-Care, Inc. 1,2 45,300 822,195 -------------------------------------------------------------------------------- Visicu, Inc. 1,2 13,200 147,840 -------------------------------------------------------------------------------- WellCare Health Plans, Inc. 1 59,700 4,113,330 ----------------- 153,470,996 -------------------------------------------------------------------------------- HEALTH CARE TECHNOLOGY--0.4% AMICAS, Inc. 1,2 66,000 194,040 -------------------------------------------------------------------------------- Computer Programs & Systems, Inc. 2 36,600 1,244,034 -------------------------------------------------------------------------------- Dendrite International, Inc. 1 116,960 1,252,642 -------------------------------------------------------------------------------- Emdeon Corp. 1 452,700 5,608,953 -------------------------------------------------------------------------------- IMS Health, Inc. 64,900 1,783,452 -------------------------------------------------------------------------------- Omnicell, Inc. 1,2 141,600 2,638,008 -------------------------------------------------------------------------------- Per-Se Technologies, Inc. 1,2 58,610 1,628,186 -------------------------------------------------------------------------------- Phase Forward, Inc. 1,2 136,800 2,049,264 -------------------------------------------------------------------------------- Trizetto Group, Inc. 1,2 19,600 360,052 -------------------------------------------------------------------------------- Vital Images, Inc. 1,2 20,600 716,880 ----------------- 17,475,511 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- LIFE SCIENCES TOOLS & SERVICES--1.0% Albany Molecular Research, Inc. 1 3,200 $ 33,792 -------------------------------------------------------------------------------- Applera Corp./Applied Biosystems Group 223,800 8,211,222 -------------------------------------------------------------------------------- Bio-Rad Laboratories, Inc., Cl. A 1,2 49,200 4,059,984 -------------------------------------------------------------------------------- Bruker BioSciences Corp. 1,2 171,800 1,290,218 -------------------------------------------------------------------------------- Charles River Laboratories International, Inc. 1 20,000 865,000 -------------------------------------------------------------------------------- Diversa Corp. 1,2 12,300 133,824 -------------------------------------------------------------------------------- Illumina, Inc. 1 78,500 3,085,835 -------------------------------------------------------------------------------- Invitrogen Corp. 1 43,100 2,439,029 -------------------------------------------------------------------------------- Kendle International, Inc. 1 72,500 2,280,125 -------------------------------------------------------------------------------- Luminex Corp. 1,2 69,300 880,110 -------------------------------------------------------------------------------- Molecular Devices Corp. 1,2 73,400 1,546,538 -------------------------------------------------------------------------------- Parexel International Corp. 1 165,800 4,803,226 -------------------------------------------------------------------------------- Pharmanet Development Group, Inc. 1 75,900 1,675,113 -------------------------------------------------------------------------------- Thermo Fisher Scientific, Inc. 1 156,600 7,092,414 -------------------------------------------------------------------------------- Varian, Inc. 1 203,000 9,092,370 -------------------------------------------------------------------------------- Waters Corp. 1 58,300 2,854,951 ----------------- 50,343,751 -------------------------------------------------------------------------------- PHARMACEUTICALS--1.6% Alpharma, Inc., Cl. A 398,200 9,596,620 -------------------------------------------------------------------------------- BioMimetic Therapeutics, Inc. 1,2 156,200 2,060,278 -------------------------------------------------------------------------------- Bradley Pharmaceuticals, Inc. 1,2 105,700 2,175,306 -------------------------------------------------------------------------------- DepoMed, Inc. 1,2 26,336 90,859 -------------------------------------------------------------------------------- Endo Pharmaceuticals Holdings, Inc. 1,2 199,400 5,499,452 -------------------------------------------------------------------------------- King Pharmaceuticals, Inc. 1 290,500 4,624,760 -------------------------------------------------------------------------------- Medicines Co. (The) 1,2 141,500 4,488,380 27 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- PHARMACEUTICALS Continued Medicis Pharmaceutical Corp., Cl. A 2 319,000 $ 11,206,470 -------------------------------------------------------------------------------- Mylan Laboratories, Inc. 238,100 4,752,476 -------------------------------------------------------------------------------- New River Pharmaceuticals, Inc. 1,2 51,600 2,823,036 -------------------------------------------------------------------------------- Noven Pharmaceuticals, Inc. 1,2 111,200 2,830,040 -------------------------------------------------------------------------------- Pain Therapeutics, Inc. 1,2 252,700 2,249,030 -------------------------------------------------------------------------------- Perrigo Co. 296,000 5,120,800 -------------------------------------------------------------------------------- Pozen, Inc. 1,2 74,400 1,264,056 -------------------------------------------------------------------------------- Sciele Pharma, Inc. 1,2 400,600 9,614,400 -------------------------------------------------------------------------------- ViroPharma, Inc. 1 596,600 8,734,224 -------------------------------------------------------------------------------- Watson Pharmaceuticals, Inc. 1 158,200 4,117,946 ----------------- 81,248,133 -------------------------------------------------------------------------------- INDUSTRIALS--16.6% -------------------------------------------------------------------------------- AEROSPACE & DEFENSE--1.1% AerCap Holdings NV 1 263,300 6,103,294 -------------------------------------------------------------------------------- Armor Holdings, Inc. 1,2 131,900 7,234,715 -------------------------------------------------------------------------------- Astronics Corp., Cl. B 1 7,900 131,930 -------------------------------------------------------------------------------- Ceradyne, Inc. 1,2 151,200 8,542,800 -------------------------------------------------------------------------------- Cubic Corp. 2 10,000 217,000 -------------------------------------------------------------------------------- Curtiss-Wright Corp. 2 15,900 589,572 -------------------------------------------------------------------------------- DynCorp International, Inc., Cl. A 1,2 79,100 1,255,317 -------------------------------------------------------------------------------- K&F Industries Holdings, Inc. 1,2 86,600 1,966,686 -------------------------------------------------------------------------------- L-3 Communications Holdings, Inc. 30,000 2,453,400 -------------------------------------------------------------------------------- Orbital Sciences Corp. 1,2 628,800 11,595,072 -------------------------------------------------------------------------------- Spirit Aerosystems Holdings, Inc., Cl. A 1 149,130 4,991,381 -------------------------------------------------------------------------------- Teledyne Technologies, Inc. 1 170,100 6,826,113 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- AEROSPACE & DEFENSE Continued Triumph Group, Inc. 2 3,500 $ 183,505 -------------------------------------------------------------------------------- United Industrial Corp. 2 56,700 2,877,525 ----------------- 54,968,310 -------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS--0.7% ABX Air, Inc. 1 88,400 612,612 -------------------------------------------------------------------------------- Atlas Air Worldwide Holdings, Inc. 1,2 96,900 4,312,050 -------------------------------------------------------------------------------- EGL, Inc. 1 195,000 5,807,100 -------------------------------------------------------------------------------- Hub Group, Inc., Cl. A 1 495,890 13,661,770 -------------------------------------------------------------------------------- Pacer International, Inc. 409,700 12,196,769 ----------------- 36,590,301 -------------------------------------------------------------------------------- AIRLINES--0.8% Alaska Air Group, Inc. 1,2 291,800 11,526,100 -------------------------------------------------------------------------------- Allegiant Travel Co. 1 14,210 398,733 -------------------------------------------------------------------------------- AMR Corp. 1 315,200 9,528,496 -------------------------------------------------------------------------------- Continental Airlines, Inc., Cl. B 1,2 219,300 9,046,125 -------------------------------------------------------------------------------- ExpressJet Holdings, Inc. 1,2 232,400 1,882,440 -------------------------------------------------------------------------------- Frontier Airlines Holdings, Inc. 1,2 136,100 1,007,140 -------------------------------------------------------------------------------- Mesa Air Group, Inc. 1,2 7,900 67,703 -------------------------------------------------------------------------------- SkyWest, Inc. 119,200 3,040,792 -------------------------------------------------------------------------------- US Airways Group, Inc. 1 21,500 1,157,775 ----------------- 37,655,304 -------------------------------------------------------------------------------- BUILDING PRODUCTS--0.6% American Woodmark Corp. 2 81,700 3,419,145 -------------------------------------------------------------------------------- Ameron International Corp. 2 42,800 3,268,636 -------------------------------------------------------------------------------- Builders FirstSource, Inc. 1,2 178,300 3,179,089 28 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- BUILDING PRODUCTS Continued Goodman Global, Inc. 1,2 139,500 $ 2,399,400 -------------------------------------------------------------------------------- Insteel Industries, Inc. 2 122,100 2,172,159 -------------------------------------------------------------------------------- Jacuzzi Brands, Inc. 1 18,600 231,198 -------------------------------------------------------------------------------- PW Eagle, Inc. 2 85,100 2,935,950 -------------------------------------------------------------------------------- Universal Forest Products, Inc. 2 215,800 10,060,596 ----------------- 27,666,173 -------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--5.2% ABM Industries, Inc. 2 17,000 386,070 -------------------------------------------------------------------------------- Acco Brands Corp. 1 37,500 992,625 -------------------------------------------------------------------------------- Administaff, Inc. 2 346,200 14,806,974 -------------------------------------------------------------------------------- Allied Waste Industries, Inc. 1 189,920 2,334,117 -------------------------------------------------------------------------------- American Ecology Corp. 2 14,300 264,693 -------------------------------------------------------------------------------- American Reprographics Co. 1,2 110,100 3,667,431 -------------------------------------------------------------------------------- AMREP Corp. 2 17,400 2,131,500 -------------------------------------------------------------------------------- Avery-Dennison Corp. 35,500 2,411,515 -------------------------------------------------------------------------------- Banta Corp. 186,600 6,792,240 -------------------------------------------------------------------------------- Bowne & Co., Inc. 41,400 659,916 -------------------------------------------------------------------------------- CBIZ, Inc. 1,2 283,100 1,973,207 -------------------------------------------------------------------------------- CDI Corp. 2 4,700 117,030 -------------------------------------------------------------------------------- Central Parking Corp. 2 87,400 1,573,200 -------------------------------------------------------------------------------- Cenveo, Inc. 1,2 411,800 8,730,160 -------------------------------------------------------------------------------- Clean Harbors, Inc. 1,2 130,500 6,317,505 -------------------------------------------------------------------------------- COMSYS IT Partners, Inc. 1,2 94,100 1,901,761 -------------------------------------------------------------------------------- Consolidated Graphics, Inc. 1 111,900 6,609,933 -------------------------------------------------------------------------------- Cornell Corrections, Inc. 1,2 24,500 449,085 -------------------------------------------------------------------------------- Corrections Corp. of America 1 68,500 3,098,255 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES Continued Covanta Holding Corp. 1 242,400 $ 5,342,496 -------------------------------------------------------------------------------- CRA International, Inc. 1,2 34,000 1,781,600 -------------------------------------------------------------------------------- Deluxe Corp. 2 376,000 9,475,200 -------------------------------------------------------------------------------- Diamond Management & Technology Consultants, Inc. 2 35,600 442,864 -------------------------------------------------------------------------------- Donnelley (R.R.) & Sons Co. 103,400 3,674,836 -------------------------------------------------------------------------------- Ennis, Inc. 2 124,600 3,047,716 -------------------------------------------------------------------------------- Exponent, Inc. 1,2 106,100 1,979,826 -------------------------------------------------------------------------------- First Consulting Group, Inc. 1,2 36,300 499,488 -------------------------------------------------------------------------------- Geo Group, Inc. (The) 1,2 42,800 1,605,856 -------------------------------------------------------------------------------- Harland (John H.) Co. 318,600 15,993,720 -------------------------------------------------------------------------------- Healthcare Services Group, Inc. 2 53,475 1,548,636 -------------------------------------------------------------------------------- Heidrick & Struggles International, Inc. 1 85,758 3,632,709 -------------------------------------------------------------------------------- ICT Group, Inc. 1,2 68,600 2,167,074 -------------------------------------------------------------------------------- IHS, Inc., Cl. A 1 105,700 4,173,036 -------------------------------------------------------------------------------- Ikon Office Solutions, Inc. 910,200 14,899,974 -------------------------------------------------------------------------------- Kelly Services, Inc., Cl. A 2 15,700 454,358 -------------------------------------------------------------------------------- Kenexa Corp. 1,2 39,500 1,313,770 -------------------------------------------------------------------------------- Kforce, Inc. 1,2 119,300 1,451,881 -------------------------------------------------------------------------------- Knoll, Inc. 350,800 7,717,600 -------------------------------------------------------------------------------- Korn-Ferry International 1,2 655,200 15,043,392 -------------------------------------------------------------------------------- Labor Ready, Inc. 1 773,200 14,172,756 -------------------------------------------------------------------------------- Manpower, Inc. 93,200 6,983,476 -------------------------------------------------------------------------------- Miller (Herman), Inc. 63,900 2,323,404 -------------------------------------------------------------------------------- On Assignment, Inc. 1,2 104,400 1,226,700 -------------------------------------------------------------------------------- PeopleSupport, Inc. 1,2 90,100 1,896,605 -------------------------------------------------------------------------------- PHH Corp. 1,2 245,700 7,093,359 -------------------------------------------------------------------------------- Pike Electric Corp. 1 76,700 1,252,511 29 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES Continued Resources Connection, Inc. 1,2 11,100 $ 353,424 -------------------------------------------------------------------------------- Robert Half International, Inc. 66,300 2,461,056 -------------------------------------------------------------------------------- SAIC, Inc. 1,2 33,100 588,849 -------------------------------------------------------------------------------- School Specialty, Inc. 1 21,700 813,533 -------------------------------------------------------------------------------- SITEL Corp. 1 130,200 549,444 -------------------------------------------------------------------------------- Spherion Corp. 1 316,800 2,353,824 -------------------------------------------------------------------------------- Standard Register Co. (The) 2 33,700 404,400 -------------------------------------------------------------------------------- Steelcase, Inc., Cl. A 256,300 4,654,408 -------------------------------------------------------------------------------- Team, Inc. 1,2 43,000 1,497,690 -------------------------------------------------------------------------------- TeleTech Holdings, Inc. 1,2 65,000 1,552,200 -------------------------------------------------------------------------------- Tetra Tech, Inc. 1,2 606,867 10,978,224 -------------------------------------------------------------------------------- United Stationers, Inc. 1 73,900 3,450,391 -------------------------------------------------------------------------------- Viad Corp. 279,600 11,351,760 -------------------------------------------------------------------------------- Volt Information Sciences, Inc. 1,2 96,900 4,865,349 -------------------------------------------------------------------------------- Waste Industries USA, Inc. 2 28,000 854,560 -------------------------------------------------------------------------------- Watson Wyatt & Co. Holdings 2 332,500 15,012,375 ----------------- 258,153,547 -------------------------------------------------------------------------------- CONSTRUCTION & ENGINEERING--0.9% Baker (Michael) Corp. 1,2 18,500 419,025 -------------------------------------------------------------------------------- Chicago Bridge & Iron Co. NV 146,000 3,991,640 -------------------------------------------------------------------------------- Comfort Systems USA, Inc. 218,800 2,765,632 -------------------------------------------------------------------------------- EMCOR Group, Inc. 1 288,200 16,384,170 -------------------------------------------------------------------------------- Granite Construction, Inc. 95,200 4,790,464 -------------------------------------------------------------------------------- Infrasource Services, Inc. 1 421,300 9,171,701 -------------------------------------------------------------------------------- Insituform Technologies, Inc., Cl. A 1,2 17,300 447,378 -------------------------------------------------------------------------------- Perini Corp. 1 57,000 1,754,460 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- CONSTRUCTION & ENGINEERING Continued Quanta Services, Inc. 1,2 204,600 $ 4,024,482 -------------------------------------------------------------------------------- Sterling Construction Co., Inc. 1,2 16,900 367,744 ----------------- 44,116,696 -------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT--1.8% Acuity Brands, Inc. 306,100 15,929,444 -------------------------------------------------------------------------------- AZZ, Inc. 1 2,500 128,000 -------------------------------------------------------------------------------- Baldor Electric Co. 2 225,500 7,536,210 -------------------------------------------------------------------------------- Belden CDT, Inc. 403,400 15,768,906 -------------------------------------------------------------------------------- Cooper Industries Ltd., Cl. A 30,300 2,740,029 -------------------------------------------------------------------------------- EnerSys, Inc. 1,2 157,100 2,513,600 -------------------------------------------------------------------------------- First Solar, Inc. 1 14,300 426,140 -------------------------------------------------------------------------------- Franklin Electric Co., Inc. 2 8,100 416,259 -------------------------------------------------------------------------------- General Cable Corp. 1 135,600 5,927,076 -------------------------------------------------------------------------------- Genlyte Group, Inc. (The) 1,2 45,699 3,569,549 -------------------------------------------------------------------------------- GrafTech International Ltd. 1,2 260,100 1,799,892 -------------------------------------------------------------------------------- II-VI, Inc. 1,2 42,700 1,193,038 -------------------------------------------------------------------------------- Lamson & Sessions Co. (The) 1,2 60,900 1,477,434 -------------------------------------------------------------------------------- LSI Industries, Inc. 50,200 996,470 -------------------------------------------------------------------------------- Regal-Beloit Corp. 2 210,700 11,063,857 -------------------------------------------------------------------------------- Smith (A.O.) Corp. 2 27,700 1,040,412 -------------------------------------------------------------------------------- Superior Essex, Inc. 1,2 143,440 4,769,380 -------------------------------------------------------------------------------- Thomas & Betts Corp. 1 35,400 1,673,712 -------------------------------------------------------------------------------- Vicor Corp. 2 129,163 1,435,001 -------------------------------------------------------------------------------- Woodward Governor Co. 2 233,801 9,284,238 ----------------- 89,688,647 -------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES--0.1% Sequa Corp., Cl. A 1 40,800 4,694,448 -------------------------------------------------------------------------------- Teleflex, Inc. 24,200 1,562,352 -------------------------------------------------------------------------------- Tredegar Corp. 2 49,700 1,123,717 ----------------- 7,380,517 30 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- MACHINERY--3.6% Actuant Corp., Cl. A 2 88,900 $ 4,236,085 -------------------------------------------------------------------------------- AGCO Corp. 1,2 190,700 5,900,258 -------------------------------------------------------------------------------- Albany International Corp., Cl. A 2 85,700 2,820,387 -------------------------------------------------------------------------------- American Railcar Industries, Inc. 2 32,500 1,106,300 -------------------------------------------------------------------------------- American Science & Engineering, Inc. 1,2 12,400 737,924 -------------------------------------------------------------------------------- Ampco-Pittsburgh Corp. 77,000 2,577,960 -------------------------------------------------------------------------------- Astec Industries, Inc. 1,2 58,100 2,039,310 -------------------------------------------------------------------------------- Briggs & Stratton Corp. 2 83,200 2,242,240 -------------------------------------------------------------------------------- Bucyrus International, Inc., Cl. A 2 111,124 5,751,778 -------------------------------------------------------------------------------- Cascade Corp. 2 26,000 1,375,400 -------------------------------------------------------------------------------- Commercial Vehicle Group, Inc. 1,2 6,100 132,980 -------------------------------------------------------------------------------- Cummins, Inc. 52,500 6,204,450 -------------------------------------------------------------------------------- Dynamic Materials Corp. 2 54,168 1,522,121 -------------------------------------------------------------------------------- Eaton Corp. 60,000 4,508,400 -------------------------------------------------------------------------------- Federal Signal Corp. 114,800 1,841,392 -------------------------------------------------------------------------------- Flow International Corp. 1 167,700 1,848,054 -------------------------------------------------------------------------------- Freightcar America, Inc. 2 62,500 3,465,625 -------------------------------------------------------------------------------- Gardner Denver, Inc. 1 343,800 12,827,178 -------------------------------------------------------------------------------- Gorman-Rupp Co. (The) 2 8,850 327,185 -------------------------------------------------------------------------------- Kadant, Inc. 1 60,200 1,467,676 -------------------------------------------------------------------------------- Kaydon Corp. 2 316,100 12,561,814 -------------------------------------------------------------------------------- Lindsay Manufacturing Co. 2 56,300 1,838,195 -------------------------------------------------------------------------------- Manitowoc Co., Inc. (The) 77,100 4,582,053 -------------------------------------------------------------------------------- Middleby Corp. (The) 1,2 16,400 1,716,588 -------------------------------------------------------------------------------- Miller Industries, Inc. 1,2 44,400 1,065,600 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- MACHINERY Continued Mueller Industries, Inc. 327,500 $ 10,381,750 -------------------------------------------------------------------------------- NACCO Industries, Inc., Cl. A 72,100 9,848,860 -------------------------------------------------------------------------------- Navistar International Corp. 1,2 42,900 1,434,147 -------------------------------------------------------------------------------- Nordson Corp. 275,100 13,708,233 -------------------------------------------------------------------------------- RBC Bearings, Inc. 1 52,700 1,510,382 -------------------------------------------------------------------------------- Robbins & Myers, Inc. 2 68,600 3,150,112 -------------------------------------------------------------------------------- SPX Corp. 101,400 6,201,624 -------------------------------------------------------------------------------- Sun Hydraulics Corp. 2 16,300 334,313 -------------------------------------------------------------------------------- Tennant Co. 2 75,200 2,180,800 -------------------------------------------------------------------------------- Terex Corp. 1 30,200 1,950,316 -------------------------------------------------------------------------------- Titan International, Inc. 2 93,900 1,892,085 -------------------------------------------------------------------------------- Toro Co. (The) 2 332,600 15,509,138 -------------------------------------------------------------------------------- Valmont Industries, Inc. 2 261,200 14,493,988 -------------------------------------------------------------------------------- Wabtec Corp. 436,300 13,254,794 ----------------- 180,547,495 -------------------------------------------------------------------------------- MARINE--0.3% American Commercial Lines, Inc. 1 111,400 7,297,814 -------------------------------------------------------------------------------- Horizon Lines, Inc., Cl. A 269,800 7,273,808 ----------------- 14,571,622 -------------------------------------------------------------------------------- ROAD & RAIL--0.7% Arkansas Best Corp. 2 104,500 3,762,000 -------------------------------------------------------------------------------- Dollar Thrifty Automotive Group, Inc. 1,2 40,900 1,865,449 -------------------------------------------------------------------------------- Genesee & Wyoming, Inc., Cl. A 1,2 53,200 1,395,968 -------------------------------------------------------------------------------- Heartland Express, Inc. 2 55,200 829,104 -------------------------------------------------------------------------------- Kansas City Southern 1,2 124,600 3,610,908 31 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- ROAD & RAIL Continued Laidlaw International, Inc. 210,600 $ 6,408,558 -------------------------------------------------------------------------------- P.A.M. Transportation Services, Inc. 1 28,400 625,368 -------------------------------------------------------------------------------- Quality Distribution, Inc. 1 300 3,996 -------------------------------------------------------------------------------- Ryder Systems, Inc. 34,200 1,746,252 -------------------------------------------------------------------------------- Saia, Inc. 1 95,899 2,225,816 -------------------------------------------------------------------------------- Swift Transportation Co., Inc. 1 473,700 12,444,099 -------------------------------------------------------------------------------- Universal Truckload Services, Inc. 1 3,800 90,250 -------------------------------------------------------------------------------- Werner Enterprises, Inc. 65,700 1,148,436 ----------------- 36,156,204 -------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS--0.8% Applied Industrial Technologies, Inc. 430,200 11,318,562 -------------------------------------------------------------------------------- BlueLinx Holdings, Inc. 2 135,900 1,413,360 -------------------------------------------------------------------------------- Houston Wire & Cable Co. 1,2 57,700 1,205,930 -------------------------------------------------------------------------------- Interline Brands, Inc. 1 169,900 3,817,653 -------------------------------------------------------------------------------- Kaman Corp., Cl. A 2 34,900 781,411 -------------------------------------------------------------------------------- Rush Enterprises, Inc., Cl. A 1,2 61,500 1,040,580 -------------------------------------------------------------------------------- UAP Holding Corp. 2 338,733 8,529,297 -------------------------------------------------------------------------------- United Rentals, Inc. 1,2 198,500 5,047,855 -------------------------------------------------------------------------------- W.W. Grainger, Inc. 57,300 4,007,562 ----------------- 37,162,210 -------------------------------------------------------------------------------- INFORMATION TECHNOLOGY--24.0% -------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--3.0% ADTRAN, Inc. 431,600 9,797,320 -------------------------------------------------------------------------------- Anaren Microwave, Inc. 1,2 135,500 2,406,480 -------------------------------------------------------------------------------- Andrew Corp. 1 36,600 374,418 -------------------------------------------------------------------------------- Arris Group, Inc. 1 1,286,800 16,097,868 -------------------------------------------------------------------------------- Avanex Corp. 1,2 217,700 411,453 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT Continued Avaya, Inc. 1 510,300 $ 7,133,994 -------------------------------------------------------------------------------- Avocent Corp. 1 72,500 2,454,125 -------------------------------------------------------------------------------- Black Box Corp. 2 31,600 1,326,884 -------------------------------------------------------------------------------- C-COR.net Corp. 1 160,400 1,786,856 -------------------------------------------------------------------------------- Carrier Access Corp. 1,2 68,500 449,360 -------------------------------------------------------------------------------- CommScope, Inc. 1,2 554,900 16,913,352 -------------------------------------------------------------------------------- Comtech Telecommunications Corp. 1,2 129,600 4,933,872 -------------------------------------------------------------------------------- Digi International, Inc. 1,2 104,609 1,442,558 -------------------------------------------------------------------------------- Ditech Networks, Inc. 1 147,000 1,017,240 -------------------------------------------------------------------------------- Dycom Industries, Inc. 1 53,300 1,125,696 -------------------------------------------------------------------------------- EMS Technologies, Inc. 1 86,100 1,724,583 -------------------------------------------------------------------------------- Extreme Networks, Inc. 1 366,800 1,536,892 -------------------------------------------------------------------------------- Foundry Networks, Inc. 1 431,300 6,460,874 -------------------------------------------------------------------------------- Harmonic, Inc. 1,2 253,500 1,842,945 -------------------------------------------------------------------------------- Inter-Tel, Inc. 2 8,400 186,144 -------------------------------------------------------------------------------- InterDigital Communications Corp. 1,2 507,550 17,028,303 -------------------------------------------------------------------------------- Oplink Communications, Inc. 1,2 82,800 1,702,368 -------------------------------------------------------------------------------- Packeteer, Inc. 1,2 17,100 232,560 -------------------------------------------------------------------------------- Performance Technologies, Inc. 1 58,200 348,618 -------------------------------------------------------------------------------- Plantronics, Inc. 2 24,400 517,280 -------------------------------------------------------------------------------- Polycom, Inc. 1 527,000 16,289,570 -------------------------------------------------------------------------------- Redback Networks, Inc. 1,2 49,900 1,244,506 -------------------------------------------------------------------------------- SafeNet, Inc. 1,2 45,500 1,089,270 -------------------------------------------------------------------------------- Sonus Networks, Inc. 1 905,900 5,969,881 32 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT Continued Stratex Networks, Inc. 1,2 75,200 $ 363,216 -------------------------------------------------------------------------------- Symmetricom, Inc. 1,2 37,000 330,040 -------------------------------------------------------------------------------- Tekelec, Inc. 1,2 390,500 5,791,115 -------------------------------------------------------------------------------- Tellabs, Inc. 1 324,600 3,330,396 -------------------------------------------------------------------------------- UTStarcom, Inc. 1,2 1,444,800 12,642,000 -------------------------------------------------------------------------------- ViaSat, Inc. 1,2 135,400 4,036,274 ----------------- 150,338,311 -------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS--1.8% Adaptec, Inc. 1,2 139,100 648,206 -------------------------------------------------------------------------------- Brocade Communications Systems, Inc. 1 2,073,200 17,020,972 -------------------------------------------------------------------------------- Cray, Inc. 1,2 100,900 1,198,692 -------------------------------------------------------------------------------- Diebold, Inc. 117,800 5,489,480 -------------------------------------------------------------------------------- Electronics for Imaging, Inc. 1,2 250,700 6,663,606 -------------------------------------------------------------------------------- Emulex Corp. 1 870,800 16,989,308 -------------------------------------------------------------------------------- Hypercom Corp. 1,2 252,300 1,602,105 -------------------------------------------------------------------------------- Imation Corp. 193,300 8,974,919 -------------------------------------------------------------------------------- Komag, Inc. 1,2 285,600 10,818,528 -------------------------------------------------------------------------------- Lexmark International, Inc., Cl. A 1 106,400 7,788,480 -------------------------------------------------------------------------------- NCR Corp. 1 171,700 7,341,892 -------------------------------------------------------------------------------- QLogic Corp. 1 209,700 4,596,624 -------------------------------------------------------------------------------- Seagate Technology 30,522 808,833 ----------------- 89,941,645 -------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS--3.5% Acacia Research Corp. 1,2 129,100 1,727,358 -------------------------------------------------------------------------------- Aeroflex, Inc. 1,2 135,200 1,584,544 -------------------------------------------------------------------------------- Agilysys, Inc. 2 31,200 522,288 -------------------------------------------------------------------------------- Avnet, Inc. 1 128,900 3,290,817 -------------------------------------------------------------------------------- AVX Corp. 2 271,600 4,016,964 -------------------------------------------------------------------------------- Bel Fuse, Inc., Cl. A 37,400 1,128,358 -------------------------------------------------------------------------------- Benchmark Electronics, Inc. 1,2 136,600 3,327,576 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS Continued CDW Corp. 68,000 $ 4,781,760 -------------------------------------------------------------------------------- Checkpoint Systems, Inc. 1 76,300 1,541,260 -------------------------------------------------------------------------------- Cogent, Inc. 1,2 49,600 546,096 -------------------------------------------------------------------------------- Cognex Corp. 2 145,800 3,472,956 -------------------------------------------------------------------------------- CPI International, Inc. 1,2 49,100 736,500 -------------------------------------------------------------------------------- CTS Corp. 2 148,200 2,326,740 -------------------------------------------------------------------------------- Daktronics, Inc. 2 214,900 7,919,065 -------------------------------------------------------------------------------- Dolby Laboratories, Inc., Cl. A 1 130,500 4,048,110 -------------------------------------------------------------------------------- DTS, Inc. 1,2 15,000 362,850 -------------------------------------------------------------------------------- Excel Technology, Inc. 1 32,000 818,880 -------------------------------------------------------------------------------- FLIR Systems, Inc. 1,2 91,600 2,915,628 -------------------------------------------------------------------------------- Gerber Scientific, Inc. 1,2 108,900 1,367,784 -------------------------------------------------------------------------------- Global Imaging Systems, Inc. 1 414,800 9,104,860 -------------------------------------------------------------------------------- Ingram Micro, Inc., Cl. A 1 140,300 2,863,523 -------------------------------------------------------------------------------- Insight Enterprises, Inc. 1 236,600 4,464,642 -------------------------------------------------------------------------------- IPG Photonics Corp. 1,2 84,020 2,016,480 -------------------------------------------------------------------------------- Itron, Inc. 1,2 244,000 12,648,960 -------------------------------------------------------------------------------- Kemet Corp. 1 151,200 1,103,760 -------------------------------------------------------------------------------- Littlefuse, Inc. 1,2 156,300 4,982,844 -------------------------------------------------------------------------------- Methode Electronics, Inc., Cl. A 76,300 826,329 -------------------------------------------------------------------------------- Mettler-Toledo International, Inc. 1 55,100 4,344,635 -------------------------------------------------------------------------------- MTS Systems Corp. 135,000 5,213,700 -------------------------------------------------------------------------------- Newport Corp. 1 193,100 4,045,445 -------------------------------------------------------------------------------- OYO Geospace Corp. 1,2 10,500 609,945 -------------------------------------------------------------------------------- Park Electrochemical Corp. 2 122,600 3,144,690 -------------------------------------------------------------------------------- Paxar Corp. 1,2 46,500 1,072,290 33 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS Continued PC Connection, Inc. 1,2 36,400 $ 539,812 -------------------------------------------------------------------------------- Planar Systems, Inc. 1,2 44,000 425,480 -------------------------------------------------------------------------------- Plexus Corp. 1 497,400 11,877,912 -------------------------------------------------------------------------------- RadiSys Corp. 1,2 120,600 2,010,402 -------------------------------------------------------------------------------- Rofin-Sinar Technologies, Inc. 1,2 246,300 14,891,298 -------------------------------------------------------------------------------- Rogers Corp. 1,2 189,000 11,179,350 -------------------------------------------------------------------------------- Sanmina-SCI Corp. 1 395,100 1,363,095 -------------------------------------------------------------------------------- ScanSource, Inc. 1,2 40,800 1,240,320 -------------------------------------------------------------------------------- Solectron Corp. 1 542,300 1,746,206 -------------------------------------------------------------------------------- Staktek Holdings, Inc. 1 7,600 39,140 -------------------------------------------------------------------------------- SYNNEX Corp. 1 83,600 1,834,184 -------------------------------------------------------------------------------- Tech Data Corp. 1 182,300 6,903,701 -------------------------------------------------------------------------------- Technitrol, Inc. 225,700 5,391,973 -------------------------------------------------------------------------------- Tektronix, Inc. 113,900 3,322,463 -------------------------------------------------------------------------------- TTM Technologies, Inc. 1 252,200 2,857,426 -------------------------------------------------------------------------------- Vishay Intertechnology, Inc. 1 349,600 4,733,584 -------------------------------------------------------------------------------- Zygo Corp. 1,2 110,400 1,816,080 ----------------- 175,050,063 -------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--3.0% 24/7 Real Media, Inc. 1,2 175,700 1,590,085 -------------------------------------------------------------------------------- Aquantive, Inc. 1,2 124,000 3,057,840 -------------------------------------------------------------------------------- Art Technology Group, Inc. 1,2 328,300 764,939 -------------------------------------------------------------------------------- CMGI, Inc. 1 774,100 1,037,294 -------------------------------------------------------------------------------- CyberSource Corp. 1 15,491 170,711 -------------------------------------------------------------------------------- Digital Insight Corp. 1 302,400 11,639,376 -------------------------------------------------------------------------------- Digital River, Inc. 1,2 125,100 6,979,329 -------------------------------------------------------------------------------- Digitas, Inc. 1 497,000 6,664,770 -------------------------------------------------------------------------------- EarthLink, Inc. 1,2 1,295,800 9,200,180 -------------------------------------------------------------------------------- eCollege.com, Inc. 1,2 47,800 748,070 -------------------------------------------------------------------------------- InfoSpace, Inc. 1,2 145,000 2,973,950 -------------------------------------------------------------------------------- Internap Network Services Corp. 1,2 143,500 2,851,345 -------------------------------------------------------------------------------- Interwoven, Inc. 1,2 211,100 3,096,837 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES Continued j2 Global Communications, Inc. 1,2 436,800 $ 11,902,800 -------------------------------------------------------------------------------- Liquidity Services, Inc. 1 14,400 247,824 -------------------------------------------------------------------------------- National Information Consortium, Inc. 1 32,800 163,016 -------------------------------------------------------------------------------- Open Text Corp. 1,2 242,700 4,926,810 -------------------------------------------------------------------------------- RealNetworks, Inc. 1,2 852,100 9,321,974 -------------------------------------------------------------------------------- Savvis, Inc. 1,2 182,613 6,521,110 -------------------------------------------------------------------------------- Sohu.com, Inc. 1 298,900 7,173,600 -------------------------------------------------------------------------------- SonicWALL, Inc. 1 359,400 3,026,148 -------------------------------------------------------------------------------- TheStreet.com, Inc. 2 179,100 1,593,990 -------------------------------------------------------------------------------- Travelzoo, Inc. 1,2 69,600 2,084,520 -------------------------------------------------------------------------------- United Online, Inc. 985,950 13,093,416 -------------------------------------------------------------------------------- ValueClick, Inc. 1 219,698 5,191,464 -------------------------------------------------------------------------------- VeriSign, Inc. 1 230,500 5,543,525 -------------------------------------------------------------------------------- Vignette Corp. 1 107,800 1,840,146 -------------------------------------------------------------------------------- WebEx Communications, Inc. 1 362,000 12,630,180 -------------------------------------------------------------------------------- webMethods, Inc. 1 361,800 2,662,848 -------------------------------------------------------------------------------- Websense, Inc. 1,2 382,100 8,723,343 ----------------- 147,421,440 -------------------------------------------------------------------------------- IT SERVICES--3.0% Acxiom Corp. 190,400 4,883,760 -------------------------------------------------------------------------------- Affiliated Computer Services, Inc., Cl. A 1 49,200 2,402,928 -------------------------------------------------------------------------------- BearingPoint, Inc. 1,2 53,925 424,390 -------------------------------------------------------------------------------- BISYS Group, Inc. (The) 1 1,029,400 13,289,554 -------------------------------------------------------------------------------- CACI International, Inc., Cl. A 1 20,700 1,169,550 -------------------------------------------------------------------------------- Ceridian Corp. 1 175,600 4,913,288 -------------------------------------------------------------------------------- CIBER, Inc. 1,2 144,900 982,422 -------------------------------------------------------------------------------- Computer Sciences Corp. 1 131,800 7,034,166 -------------------------------------------------------------------------------- Convergys Corp. 1 227,100 5,400,438 -------------------------------------------------------------------------------- Covansys Corp. 1 165,300 3,793,635 34 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- IT SERVICES Continued CSG Systems International, Inc. 1 579,400 $ 15,487,362 -------------------------------------------------------------------------------- DST Systems, Inc. 1 88,600 5,549,018 -------------------------------------------------------------------------------- Fiserv, Inc. 1 134,300 7,040,006 -------------------------------------------------------------------------------- Forrester Research, Inc. 1,2 117,600 3,188,136 -------------------------------------------------------------------------------- Gartner, Inc., Cl. A 1 339,400 6,716,726 -------------------------------------------------------------------------------- Gevity HR, Inc. 2 45,700 1,082,633 -------------------------------------------------------------------------------- Hewitt Associates, Inc. 1 13,000 334,750 -------------------------------------------------------------------------------- Infocrossing, Inc. 1,2 22,700 370,010 -------------------------------------------------------------------------------- infoUSA, Inc. 217,168 2,586,471 -------------------------------------------------------------------------------- Integral Systems, Inc. 2 17,600 407,792 -------------------------------------------------------------------------------- Isilon Systems, Inc. 1,2 32,200 888,720 -------------------------------------------------------------------------------- Keane, Inc. 1,2 163,700 1,949,667 -------------------------------------------------------------------------------- Lightbridge, Inc. 1 172,200 2,331,588 -------------------------------------------------------------------------------- ManTech International Corp. 1 62,100 2,287,143 -------------------------------------------------------------------------------- Maximus, Inc. 2 56,300 1,732,914 -------------------------------------------------------------------------------- MPS Group, Inc. 1 1,035,500 14,683,390 -------------------------------------------------------------------------------- NCI, Inc., Cl. A 1 98,900 1,512,181 -------------------------------------------------------------------------------- Ness Technologies, Inc. 1 20,300 289,478 -------------------------------------------------------------------------------- Perot Systems Corp., Cl. A 1 414,700 6,796,933 -------------------------------------------------------------------------------- Sabre Holdings Corp. 203,600 6,492,804 -------------------------------------------------------------------------------- SRA International, Inc., Cl. A 1 153,200 4,096,568 -------------------------------------------------------------------------------- Startek, Inc. 31,000 419,740 -------------------------------------------------------------------------------- Sykes Enterprises, Inc. 1 400,600 7,066,584 -------------------------------------------------------------------------------- TNS, Inc. 1,2 2,700 51,975 -------------------------------------------------------------------------------- Total System Services, Inc. 2 78,100 2,061,059 -------------------------------------------------------------------------------- Tyler Technologies, Inc. 1,2 232,900 3,274,574 -------------------------------------------------------------------------------- Unisys Corp. 1 247,000 1,936,480 -------------------------------------------------------------------------------- VeriFone Holdings, Inc. 1 32,400 1,146,960 ----------------- 146,075,793 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- LIFE SCIENCES TOOLS & SERVICES--0.1% Dionex Corp. 1,2 71,100 $ 4,032,081 -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT--4.9% Actel Corp. 1,2 72,100 1,309,336 -------------------------------------------------------------------------------- Advanced Analogic Technologies, Inc. 1,2 7,800 42,042 -------------------------------------------------------------------------------- Advanced Energy Industries, Inc. 1,2 355,000 6,698,850 -------------------------------------------------------------------------------- Agere Systems, Inc. 1 379,100 7,267,347 -------------------------------------------------------------------------------- Altera Corp. 1 360,300 7,090,704 -------------------------------------------------------------------------------- AMIS Holdings, Inc. 1 132,600 1,401,582 -------------------------------------------------------------------------------- Amkor Technology, Inc. 1,2 1,698,550 15,864,457 -------------------------------------------------------------------------------- Applied Micro Circuits Corp. 1 1,694,300 6,031,708 -------------------------------------------------------------------------------- Asyst Technologies, Inc. 1 355,700 2,600,167 -------------------------------------------------------------------------------- Atheros Communications, Inc. 1,2 367,300 7,830,836 -------------------------------------------------------------------------------- Atmel Corp. 1 643,900 3,895,595 -------------------------------------------------------------------------------- ATMI, Inc. 1,2 220,900 6,744,077 -------------------------------------------------------------------------------- Cirrus Logic, Inc. 1 287,100 1,975,248 -------------------------------------------------------------------------------- Cohu, Inc. 2 88,600 1,786,176 -------------------------------------------------------------------------------- Credence Systems Corp. 1,2 294,300 1,530,360 -------------------------------------------------------------------------------- Cree, Inc. 1,2 68,100 1,179,492 -------------------------------------------------------------------------------- Cymer, Inc. 1,2 365,180 16,049,661 -------------------------------------------------------------------------------- Diodes, Inc. 1 130,200 4,619,496 -------------------------------------------------------------------------------- DSP Group, Inc. 1 26,100 566,370 -------------------------------------------------------------------------------- Fairchild Semiconductor International, Inc., Cl. A 1 169,200 2,844,252 -------------------------------------------------------------------------------- FormFactor, Inc. 1 44,200 1,646,450 -------------------------------------------------------------------------------- Hittite Microwave Corp. 1,2 240,500 7,772,960 -------------------------------------------------------------------------------- Integrated Device Technology, Inc. 1 316,000 4,891,680 -------------------------------------------------------------------------------- Intersil Corp., Cl. A 225,900 5,403,528 -------------------------------------------------------------------------------- Intevac, Inc. 1,2 143,200 3,716,040 35 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Continued Kulicke & Soffa Industries, Inc. 1,2 335,300 $ 2,816,520 -------------------------------------------------------------------------------- Linear Technology Corp. 77,600 2,352,832 -------------------------------------------------------------------------------- LSI Logic Corp. 1 618,000 5,562,000 -------------------------------------------------------------------------------- LTX Corp. 1 527,800 2,955,680 -------------------------------------------------------------------------------- Mattson Technology, Inc. 1 178,900 1,667,348 -------------------------------------------------------------------------------- Micrel, Inc. 1,2 1,206,200 13,002,836 -------------------------------------------------------------------------------- Microtune, Inc. 1,2 122,800 577,160 -------------------------------------------------------------------------------- MKS Instruments, Inc. 1 355,900 8,036,222 -------------------------------------------------------------------------------- National Semiconductor Corp. 319,800 7,259,460 -------------------------------------------------------------------------------- Novellus Systems, Inc. 1 190,100 6,543,242 -------------------------------------------------------------------------------- OmniVision Technologies, Inc. 1,2 793,900 10,836,735 -------------------------------------------------------------------------------- PortalPlayer, Inc. 1 127,900 1,720,255 -------------------------------------------------------------------------------- Power Integrations, Inc. 1,2 25,500 597,975 -------------------------------------------------------------------------------- RF Micro Devices, Inc. 1,2 193,900 1,316,581 -------------------------------------------------------------------------------- Semtech Corp. 1 259,000 3,385,130 -------------------------------------------------------------------------------- Silicon Image, Inc. 1,2 923,400 11,745,648 -------------------------------------------------------------------------------- Silicon Storage Technology, Inc. 1,2 220,800 995,808 -------------------------------------------------------------------------------- SiRF Technology Holdings, Inc. 1,2 73,100 1,865,512 -------------------------------------------------------------------------------- Supertex, Inc. 1,2 65,600 2,574,800 -------------------------------------------------------------------------------- Techwell, Inc. 1 7,000 112,420 -------------------------------------------------------------------------------- Teradyne, Inc. 1 353,800 5,292,848 -------------------------------------------------------------------------------- Tessera Technologies, Inc. 1,2 208,700 8,418,958 -------------------------------------------------------------------------------- Transmeta Corp. 1,2 229,600 254,856 -------------------------------------------------------------------------------- Trident Microsystems, Inc. 1 22,400 407,232 -------------------------------------------------------------------------------- TriQuint Semiconductor, Inc. 1 232,200 1,044,900 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Continued Varian Semiconductor Equipment Associates, Inc. 1 127,100 $ 5,785,592 -------------------------------------------------------------------------------- Veeco Instruments, Inc. 1 123,300 2,309,409 -------------------------------------------------------------------------------- Xilinx, Inc. 269,000 6,404,890 -------------------------------------------------------------------------------- Zoran Corp. 1 456,900 6,661,602 ----------------- 243,262,865 -------------------------------------------------------------------------------- SOFTWARE--4.7% Actuate Corp. 1,2 300,900 1,787,346 -------------------------------------------------------------------------------- Advent Software, Inc. 1,2 205,200 7,241,508 -------------------------------------------------------------------------------- Altiris, Inc. 1 110,700 2,809,566 -------------------------------------------------------------------------------- Amdocs Ltd. 1 107,100 4,150,125 -------------------------------------------------------------------------------- Ansoft Corp. 1,2 174,046 4,838,479 -------------------------------------------------------------------------------- Aspen Technology, Inc. 1,2 285,900 3,150,618 -------------------------------------------------------------------------------- Autodesk, Inc. 1 116,900 4,729,774 -------------------------------------------------------------------------------- BEA Systems, Inc. 1 497,600 6,259,808 -------------------------------------------------------------------------------- Blackbaud, Inc. 525,924 13,674,024 -------------------------------------------------------------------------------- BMC Software, Inc. 1 267,000 8,597,400 -------------------------------------------------------------------------------- Cadence Design Systems, Inc. 1 338,300 6,058,953 -------------------------------------------------------------------------------- Check Point Software Technologies Ltd. 1 101,400 2,222,688 -------------------------------------------------------------------------------- Cognos, Inc. 1 94,600 4,016,716 -------------------------------------------------------------------------------- Compuware Corp. 1 658,500 5,485,305 -------------------------------------------------------------------------------- Double-Take Software, Inc. 1 73,800 950,544 -------------------------------------------------------------------------------- ePlus, inc. 1 1,000 10,450 -------------------------------------------------------------------------------- Fair Isaac Corp. 185,700 7,548,705 -------------------------------------------------------------------------------- Hyperion Solutions Corp. 1 138,200 4,966,908 -------------------------------------------------------------------------------- i2 Technoloogies, Inc. 1,2 68,700 1,567,734 -------------------------------------------------------------------------------- Interactive Intelligence, Inc. 1,2 110,500 2,477,410 36 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- SOFTWARE Continued Intuit, Inc. 1 83,300 $ 2,541,483 -------------------------------------------------------------------------------- JDA Software Group, Inc. 1 115,700 1,593,189 -------------------------------------------------------------------------------- Kronos, Inc. 1,2 136,200 5,003,988 -------------------------------------------------------------------------------- Lawson Software, Inc. 1,2 695,500 5,139,745 -------------------------------------------------------------------------------- Magma Design Automation, Inc. 1,2 51,700 461,681 -------------------------------------------------------------------------------- Manhattan Associates, Inc. 1,2 266,800 8,025,344 -------------------------------------------------------------------------------- MapInfo Corp. 1,2 68,400 892,620 -------------------------------------------------------------------------------- McAfee, Inc. 1 209,800 5,954,124 -------------------------------------------------------------------------------- Mentor Graphics Corp. 1,2 919,300 16,574,979 -------------------------------------------------------------------------------- MICROS Systems, Inc. 1 182,500 9,617,750 -------------------------------------------------------------------------------- MicroStrategy, Inc., Cl. A 1,2 133,500 15,220,335 -------------------------------------------------------------------------------- Net 1 UEPS Technologies, Inc. 1,2 50,200 1,483,912 -------------------------------------------------------------------------------- Novell, Inc. 1 574,000 3,558,800 -------------------------------------------------------------------------------- Open Solutions, Inc. 1,2 57,900 2,179,356 -------------------------------------------------------------------------------- OPNET Technologies, Inc. 1,2 28,200 407,490 -------------------------------------------------------------------------------- Parametric Technology Corp. 1 58,800 1,059,576 -------------------------------------------------------------------------------- Progress Software Corp. 1,2 23,200 647,976 -------------------------------------------------------------------------------- Quality Systems, Inc. 2 152,300 5,676,221 -------------------------------------------------------------------------------- Quest Software, Inc. 1 532,100 7,795,265 -------------------------------------------------------------------------------- Sonic Solutions, Inc. 1,2 67,500 1,100,250 -------------------------------------------------------------------------------- SPSS, Inc. 1 103,800 3,121,266 -------------------------------------------------------------------------------- Sybase, Inc. 1 257,300 6,355,310 -------------------------------------------------------------------------------- Synchronoss Technologies, Inc. 1 12,400 170,128 -------------------------------------------------------------------------------- Synopsys, Inc. 1 276,400 7,388,172 -------------------------------------------------------------------------------- The9 Ltd., ADR 1,2 22,023 709,581 -------------------------------------------------------------------------------- TIBCO Software, Inc. 1 1,325,300 12,510,832 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- SOFTWARE Continued Transaction Systems Architects, Inc., Cl. A 1 214,431 $ 6,984,018 -------------------------------------------------------------------------------- Ultimate Software Group, Inc. (The) 1,2 41,900 974,594 -------------------------------------------------------------------------------- VA Software Corp. 1 426,500 2,145,295 -------------------------------------------------------------------------------- Vasco Data Security International, Inc. 1,2 98,100 1,162,485 -------------------------------------------------------------------------------- Verint Systems, Inc. 1,2 59,100 2,025,948 -------------------------------------------------------------------------------- Wind River Systems, Inc. 1 351,500 3,602,875 ----------------- 234,628,649 -------------------------------------------------------------------------------- MATERIALS--8.8% -------------------------------------------------------------------------------- CHEMICALS--4.0% Albemarle Corp. 76,800 5,514,240 -------------------------------------------------------------------------------- Arch Chemicals, Inc. 100,300 3,340,993 -------------------------------------------------------------------------------- Ashland, Inc. 85,900 5,942,562 -------------------------------------------------------------------------------- Cabot Corp. 12,700 553,339 -------------------------------------------------------------------------------- CF Industries Holdings, Inc. 2 457,900 11,740,556 -------------------------------------------------------------------------------- Eastman Chemical Co. 20,300 1,203,993 -------------------------------------------------------------------------------- FMC Corp. 57,000 4,363,350 -------------------------------------------------------------------------------- Fuller (H.B.) Co. 611,100 15,778,602 -------------------------------------------------------------------------------- Georgia Gulf Corp. 158,100 3,052,911 -------------------------------------------------------------------------------- Hercules, Inc. 1 953,800 18,417,878 -------------------------------------------------------------------------------- Innophos Holdings, Inc. 1 146,800 2,155,024 -------------------------------------------------------------------------------- Innospec, Inc. 2 4,500 209,475 -------------------------------------------------------------------------------- Koppers Holdings, Inc. 29,900 779,493 -------------------------------------------------------------------------------- Landec Corp. 1,2 12,900 138,804 -------------------------------------------------------------------------------- Lubrizol Corp. (The) 88,200 4,421,466 -------------------------------------------------------------------------------- Lyondell Chemical Co. 245,800 6,285,106 -------------------------------------------------------------------------------- MacDermid, Inc. 98,600 3,362,260 -------------------------------------------------------------------------------- NewMarket Corp. 250,300 14,780,215 -------------------------------------------------------------------------------- Olin Corp. 281,900 4,656,988 -------------------------------------------------------------------------------- OM Group, Inc. 1 342,700 15,517,456 37 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- CHEMICALS Continued Pioneer Cos., Inc. 1 88,900 $ 2,547,874 -------------------------------------------------------------------------------- PolyOne Corp. 1 1,164,200 8,731,500 -------------------------------------------------------------------------------- Rockwood Holdings, Inc. 1 101,100 2,553,786 -------------------------------------------------------------------------------- Rohm & Haas Co. 19,000 971,280 -------------------------------------------------------------------------------- Schulman (A.), Inc. 2 115,000 2,558,750 -------------------------------------------------------------------------------- Sensient Technologies Corp. 2 438,800 10,794,480 -------------------------------------------------------------------------------- Spartech Corp. 507,600 13,309,272 -------------------------------------------------------------------------------- Stepan Co. 31,000 981,770 -------------------------------------------------------------------------------- Terra Industries, Inc. 1,2 816,900 9,786,462 -------------------------------------------------------------------------------- Tronox, Inc., Cl. A 2 171,500 2,742,285 -------------------------------------------------------------------------------- Valspar Corp. (The) 148,000 4,090,720 -------------------------------------------------------------------------------- W.R. Grace & Co. 1,2 884,800 17,519,040 ----------------- 198,801,930 -------------------------------------------------------------------------------- CONSTRUCTION MATERIALS--0.6% Eagle Materials, Inc. 341,100 14,745,753 -------------------------------------------------------------------------------- Headwaters, Inc. 1,2 493,700 11,829,052 -------------------------------------------------------------------------------- U.S. Concrete, Inc. 1,2 213,500 1,520,120 ----------------- 28,094,925 -------------------------------------------------------------------------------- CONTAINERS & PACKAGING--0.9% AEP Industries, Inc. 1,2 30,100 1,604,631 -------------------------------------------------------------------------------- Caraustar Industries, Inc. 1,2 31,600 255,644 -------------------------------------------------------------------------------- Chesapeake Corp. 2 29,300 498,686 -------------------------------------------------------------------------------- Graphic Packaging Corp. 1 53,900 233,387 -------------------------------------------------------------------------------- Greif, Inc., Cl. A 2 164,000 19,417,600 -------------------------------------------------------------------------------- Myers Industries, Inc. 127,100 1,990,386 -------------------------------------------------------------------------------- Packaging Corp. of America 89,800 1,984,580 -------------------------------------------------------------------------------- Pactiv Corp. 1 231,900 8,276,511 -------------------------------------------------------------------------------- Rock-Tenn Co., Cl. A 2 190,500 5,164,455 -------------------------------------------------------------------------------- Silgan Holdings, Inc. 2 137,300 6,030,216 -------------------------------------------------------------------------------- Sonoco Products Co. 21,100 803,066 ----------------- 46,259,162 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- METALS & MINING--3.0% A. M. Castle & Co. 2 74,100 $ 1,885,845 -------------------------------------------------------------------------------- AK Steel Holding Corp. 1,2 1,047,500 17,702,750 -------------------------------------------------------------------------------- Amerigo Resources Ltd. 779,600 1,450,698 -------------------------------------------------------------------------------- Brush Engineered Materials, Inc. 1,2 61,000 2,059,970 -------------------------------------------------------------------------------- Carpenter Technology Corp. 56,200 5,761,624 -------------------------------------------------------------------------------- Century Aluminum Co. 1,2 254,300 11,354,495 -------------------------------------------------------------------------------- Chaparral Steel Co. 2 404,030 17,886,408 -------------------------------------------------------------------------------- Cleveland-Cliffs, Inc. 2 396,000 19,182,240 -------------------------------------------------------------------------------- Commercial Metals Co. 40,000 1,032,000 -------------------------------------------------------------------------------- Compass Minerals International, Inc. 2 153,200 4,834,992 -------------------------------------------------------------------------------- Dynatec Corp. 1 227,700 415,899 -------------------------------------------------------------------------------- FNX Mining Co., Inc. 1 36,900 578,110 -------------------------------------------------------------------------------- Gibraltar Industries, Inc. 2 109,400 2,571,994 -------------------------------------------------------------------------------- Inmet Mining Corp. 53,700 2,873,916 -------------------------------------------------------------------------------- LionOre Mining International Ltd. 1 256,900 2,918,943 -------------------------------------------------------------------------------- Meridian Gold, Inc. 1 23,700 659,084 -------------------------------------------------------------------------------- Metal Management, Inc. 2 126,600 4,791,810 -------------------------------------------------------------------------------- Olympic Steel, Inc. 2 51,500 1,144,845 -------------------------------------------------------------------------------- Oregon Steel Mills, Inc. 1 279,500 17,443,595 -------------------------------------------------------------------------------- Quanex Corp. 2 420,473 14,544,161 -------------------------------------------------------------------------------- RTI International Metals, Inc. 1,2 28,800 2,252,736 -------------------------------------------------------------------------------- Ryerson, Inc. 2 8,500 213,265 -------------------------------------------------------------------------------- Schnitzer Steel Industries, Inc. 2 63,300 2,513,010 -------------------------------------------------------------------------------- Steel Dynamics, Inc. 2 153,500 4,981,075 -------------------------------------------------------------------------------- Steel Technologies, Inc. 2 29,000 508,950 38 | OPPENHEIMER MAIN STREET SMALL CAP FUND VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- METALS & MINING Continued United States Steel Corp. 93,300 $ 6,823,962 ----------------- 148,386,377 -------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS--0.3% Bowater, Inc. 2 386,000 8,685,000 -------------------------------------------------------------------------------- Buckeye Technologies, Inc. 1,2 81,400 975,172 -------------------------------------------------------------------------------- Louisiana-Pacific Corp. 184,800 3,978,744 -------------------------------------------------------------------------------- Neenah Paper, Inc. 2 53,900 1,903,748 -------------------------------------------------------------------------------- Schweitzer-Mauduit International, Inc. 33,700 877,885 ----------------- 16,420,549 -------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES--1.5% -------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES--1.2% Alaska Communications Systems Group, Inc. 2 200,800 3,050,152 -------------------------------------------------------------------------------- Broadwing Corp. 1 59,300 926,266 -------------------------------------------------------------------------------- Cbeyond, Inc. 1,2 233,300 7,136,647 -------------------------------------------------------------------------------- CenturyTel, Inc. 168,100 7,339,246 -------------------------------------------------------------------------------- Cincinnati Bell, Inc. 1 2,514,500 11,491,265 -------------------------------------------------------------------------------- Citizens Communications Co. 329,100 4,729,167 -------------------------------------------------------------------------------- Cogent Communications Group, Inc. 1 132,200 2,144,284 -------------------------------------------------------------------------------- Commonwealth Telephone Enterprises, Inc. 6,600 276,276 -------------------------------------------------------------------------------- Consolidated Communications Holdings, Inc. 93,800 1,960,420 -------------------------------------------------------------------------------- CT Communications, Inc. 2 81,600 1,870,272 -------------------------------------------------------------------------------- Embarq Corp. 123,600 6,496,416 -------------------------------------------------------------------------------- FairPoint Communications, Inc. 2 157,200 2,978,940 VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES Continued General Communication, Inc., Cl. A 1,2 211,000 $ 3,319,030 -------------------------------------------------------------------------------- Golden Telecom, Inc. 2 43,300 2,028,172 -------------------------------------------------------------------------------- Iowa Telecommunications Services, Inc. 2 105,900 2,087,289 -------------------------------------------------------------------------------- North Pittsburgh Systems, Inc. 2 47,200 1,139,408 ----------------- 58,973,250 -------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES--0.3% Dobson Communications Corp., Cl. A 1 908,300 7,911,293 -------------------------------------------------------------------------------- FiberTower Corp. 1,2 125,900 740,292 -------------------------------------------------------------------------------- Syniverse Holdings, Inc. 1 11,400 170,886 -------------------------------------------------------------------------------- Telephone & Data Systems, Inc. 116,400 6,324,012 -------------------------------------------------------------------------------- USA Mobility, Inc. 2 67,600 1,512,212 ----------------- 16,658,695 -------------------------------------------------------------------------------- UTILITIES--1.8% -------------------------------------------------------------------------------- ELECTRIC UTILITIES--0.6% Central Vermont Public Service Corp. 12,300 289,665 -------------------------------------------------------------------------------- Cleco Corp. 166,300 4,195,749 -------------------------------------------------------------------------------- El Paso Electric Co. 1 77,900 1,898,423 -------------------------------------------------------------------------------- IDACORP, Inc. 2 185,500 7,169,575 -------------------------------------------------------------------------------- Otter Tail Corp. 33,100 1,031,396 -------------------------------------------------------------------------------- Reliant Energy, Inc. 1 124,100 1,763,461 -------------------------------------------------------------------------------- UIL Holdings Corp. 2 155,366 6,554,892 -------------------------------------------------------------------------------- UniSource Energy Corp. 170,900 6,242,977 ----------------- 29,146,138 -------------------------------------------------------------------------------- ENERGY TRADERS--0.1% Canadian Hydro Developers, Inc. 1 406,000 2,071,517 39 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- VALUE SHARES SEE NOTE 1 -------------------------------------------------------------------------------- GAS UTILITIES--0.6% Cascade Natural Gas Corp. 2 9,700 $ 251,424 -------------------------------------------------------------------------------- Laclede Group, Inc. (The) 2 107,200 3,755,216 -------------------------------------------------------------------------------- New Jersey Resources Corp. 2 158,000 7,675,640 -------------------------------------------------------------------------------- Northwest Natural Gas Co. 2 2,500 106,100 -------------------------------------------------------------------------------- ONEOK, Inc. 117,100 5,049,352 -------------------------------------------------------------------------------- Peoples Energy Corp. 2 150,900 6,725,613 -------------------------------------------------------------------------------- Southwest Gas Corp. 2 149,200 5,724,804 -------------------------------------------------------------------------------- UGI Corp. 54,200 1,478,571 ----------------- 30,766,720 -------------------------------------------------------------------------------- MULTI-UTILITIES & UNREGULATED POWER--0.5% Avista Corp. 2 543,400 13,753,454 -------------------------------------------------------------------------------- CenterPoint Energy, Inc. 2 318,200 5,275,756 -------------------------------------------------------------------------------- CH Energy Group, Inc. 2 56,800 2,999,040 -------------------------------------------------------------------------------- CMS Energy Corp. 1 146,000 2,438,200 ----------------- 24,466,450 ----------------- Total Common Stocks (Cost $4,165,187,712) 4,911,656,526 -------------------------------------------------------------------------------- PREFERRED STOCKS--0.0% -------------------------------------------------------------------------------- Simon Property Group, Inc., 6% Cv., Non-Vtg. (Cost $93,170) 1,740 141,636 -------------------------------------------------------------------------------- MONEY MARKET FUND--0.7% -------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 5.25% 5,6 (Cost $35,081,683) 35,081,683 35,081,683 -------------------------------------------------------------------------------- Total Investments, at Value (excluding Investments Purchased with Cash Collateral from Securities Loaned) (Cost $4,200,362,565) 4,946,879,845 PRINCIPAL VALUE AMOUNT SEE NOTE 1 -------------------------------------------------------------------------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED--22.0% 7 -------------------------------------------------------------------------------- ASSET BACKED FLOATING NOTE--1.8% Ameriquest Mortgage Securities, Inc., Series 2005-R10, Cl. A2A, 5.43%, 1/25/07 $ 2,592,816 $ 2,592,816 -------------------------------------------------------------------------------- Countrywide Asset-Backed Certificates, Series 2005-17, Cl. 4AV1, 5.46%, 1/25/07 1,672,670 1,672,670 -------------------------------------------------------------------------------- Credit-Based Asset Servicing & Securitization LLC, 5.39%, 1/25/07 9,363,948 9,363,948 -------------------------------------------------------------------------------- GE-WMC Mortgage Securities LLC, Series 2005-2, Cl. A2A, 5.45%, 1/25/07 1,165,688 1,165,688 -------------------------------------------------------------------------------- GSAA Home Equity Trust, Series 2005-15, Cl. 2A1, 5.44%, 1/25/07 3,099,074 3,099,074 -------------------------------------------------------------------------------- Home Equity Asset Trust, Series 2006-6, Cl. 2A1, 5.39%, 1/25/07 6,939,222 6,939,222 -------------------------------------------------------------------------------- Money Market Trust, Series A-2, 5.43%, 1/16/07 14,000,000 14,000,000 -------------------------------------------------------------------------------- Specialty Underwriting & Residential Finance Trust, Series 2006 BC1, Cl. A2A, 5.43%, 1/25/07 10,673,917 10,673,917 -------------------------------------------------------------------------------- Structured Asset Investment Loan Trust, Series 2005-11, Cl. A4, 5.44%, 1/25/07 7,226,344 7,226,344 -------------------------------------------------------------------------------- Whitehawk CDO Funding Corp., 5.41%, 3/15/07 36,000,000 36,000,000 ----------------- 92,733,679 40 | OPPENHEIMER MAIN STREET SMALL CAP FUND PRINCIPAL VALUE AMOUNT SEE NOTE 1 -------------------------------------------------------------------------------- BANK FLOATING RATE NOTES--1.1% National City Bank Cleveland, 5.36%, 1/2/07 $ 11,998,839 $ 11,998,839 -------------------------------------------------------------------------------- U.S. Bank NA, 5.31%, 1/2/07 17,996,507 17,996,507 -------------------------------------------------------------------------------- World Savings Bank FSB, 5.35%, 1/19/07 25,000,000 25,000,000 ----------------- 54,995,346 -------------------------------------------------------------------------------- FUNDING AGREEMENT/GUARANTEED INVESTMENT CONTRACT--1.1% Metropolitan Life Insurance Co., 5.41%, 1/2/07 20,000,000 20,000,000 -------------------------------------------------------------------------------- Protective Life Insurance Co., 5.45%, 1/26/07 15,000,000 15,000,000 -------------------------------------------------------------------------------- Protective Life Insurance Co., 5.50%, 1/29/07 19,000,000 19,000,000 ----------------- 54,000,000 -------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS--8.5% Undivided interest of 1.59% in joint repurchase agreement (Principal Amount/Value $3,000,000,000, with a maturity value of $3,001,776,667) with Morgan Stanley, 5.33%, dated 12/29/06, to be repurchased at $47,817,225 on 1/2/07, collateralized by U.S. Agency Mortgages, 4%-6.50%, 1/1/18-11/1/46, with a value of $3,060,000,000 47,788,923 47,788,923 PRINCIPAL VALUE AMOUNT SEE NOTE 1 -------------------------------------------------------------------------------- JOINT REPURCHASE AGREEMENTS Continued Undivided interest of 9.09% in joint repurchase agreement (Principal Amount/Value $4,100,000,000, with a maturity value of $4,102,437,222) with Nomura Securities, 5.35%, dated 12/29/06, to be repurchased at $372,848,545 on 1/2/07, collateralized by U.S. Agency Mortgages, 0.00%-22.12%, 3/15/14-5/1/46, with a value of $4,182,000,000 $372,627,039 $ 372,627,039 ----------------- 420,415,962 -------------------------------------------------------------------------------- MASTER FLOATING NOTE--2.0% CDC Financial Products, Inc., 5.36%, 1/2/07 34,000,000 34,000,000 -------------------------------------------------------------------------------- Citigroup Global Markets, Inc., 5.38%, 1/2/07 40,000,000 40,000,000 -------------------------------------------------------------------------------- Morgan Stanley, 5.49%, 1/2/07 25,000,000 25,000,000 ----------------- 99,000,000 -------------------------------------------------------------------------------- MEDIUM-TERM FLOATING NOTE--5.8% American Express Credit Corp., 5.36%, 1/16/07 4,000,000 4,000,000 -------------------------------------------------------------------------------- American General Finance Corp., 5.39%, 1/5/07 10,003,833 10,003,833 -------------------------------------------------------------------------------- American Honda Finance Corp., 5.35%, 3/8/07 25,000,000 25,000,000 -------------------------------------------------------------------------------- Bear Stearns, 5.37%, 1/2/07 19,000,000 19,000,000 -------------------------------------------------------------------------------- Beta Finance, Inc., 5.37%, 1/2/07 4,999,099 4,999,099 -------------------------------------------------------------------------------- CC USA, Inc., 5.37%, 1/2/07 6,000,000 6,000,000 41 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued -------------------------------------------------------------------------------- PRINCIPAL VALUE AMOUNT SEE NOTE 1 -------------------------------------------------------------------------------- MEDIUM-TERM FLOATING NOTE Continued CC USA, Inc., 5.37%, 1/2/07 $ 5,000,000 $ 5,000,000 -------------------------------------------------------------------------------- CC USA, Inc., 5.38%, 1/2/07 13,996,494 13,996,494 -------------------------------------------------------------------------------- CC USA, Inc., 5.38%, 1/2/07 6,998,245 6,998,245 -------------------------------------------------------------------------------- Dorada Finance, Inc., 5.37%, 1/2/07 6,000,000 6,000,000 -------------------------------------------------------------------------------- Fifth Third Bancorp, 5.35%, 1/23/07 2,000,000 2,000,000 -------------------------------------------------------------------------------- Five Finance, Inc., 5.38%, 1/2/07 3,999,519 3,999,519 -------------------------------------------------------------------------------- Five Finance, Inc., 5.38%, 1/2/07 18,997,621 18,997,621 -------------------------------------------------------------------------------- Goldman Sachs Group, Inc., 5.47%, 1/2/07 5,000,000 5,000,000 -------------------------------------------------------------------------------- HBOS Treasury Services plc, 5.37%, 1/2/07 3,000,000 3,000,000 -------------------------------------------------------------------------------- HSBC Finance Corp., 5.34%, 1/8/07 3,000,000 3,000,000 -------------------------------------------------------------------------------- Islandsbanki HF Corp., 5.42%, 1/22/07 10,000,000 10,000,000 -------------------------------------------------------------------------------- Jackson National Life Global Fund, 5.39%, 3/2/07 25,000,000 25,000,000 -------------------------------------------------------------------------------- K2 (USA) LLC, 5.39%, 1/2/07 5,998,122 5,998,122 -------------------------------------------------------------------------------- Landsbanki Islands HF, 5.43%, 1/16/07 26,000,000 26,000,000 -------------------------------------------------------------------------------- LINKS Finance LLC, 5.37%, 1/2/07 4,000,189 4,000,189 -------------------------------------------------------------------------------- MBIA Global Funding LLC, 5.36%, 1/30/07 3,000,000 3,000,000 -------------------------------------------------------------------------------- MBIA Global Funding LLC, 5.37%, 1/2/07 18,000,000 18,000,000 PRINCIPAL VALUE AMOUNT SEE NOTE 1 -------------------------------------------------------------------------------- MEDIUM-TERM FLOATING NOTE Continued MBIA Global Funding LLC, 5.37%, 1/2/07 $ 30,000,000 $ 30,000,000 -------------------------------------------------------------------------------- Morgan Stanley, 5.43%, 1/2/07 22,000,000 22,000,000 -------------------------------------------------------------------------------- Sigma Finance, Inc., 5.37%, 1/2/07 7,000,000 7,000,000 ----------------- 287,993,122 -------------------------------------------------------------------------------- YANKEE FLOATING CERTIFICATE OF DEPOSIT--1.7% Credit Suisse First Boston NY, 5.34%, 1/29/07 25,000,000 25,000,000 -------------------------------------------------------------------------------- Natexis Banques Populaires NY, 5.34%, 1/2/07 5,000,000 5,000,000 -------------------------------------------------------------------------------- Natexis Banques Populaires NY, 5.36%, 1/16/07 27,998,868 27,998,868 -------------------------------------------------------------------------------- Natexis Banques Populaires NY, 5.37%, 1/2/07 2,000,000 2,000,000 -------------------------------------------------------------------------------- Natexis Banques Populaires NY, 5.39%, 1/2/07 3,999,516 3,999,516 -------------------------------------------------------------------------------- Nordea Bank New York, 5.32%, 1/2/07 20,299,360 20,299,360 ----------------- 84,297,744 ----------------- Total Investments Purchased with Cash Collateral from Securities Loaned (Cost $1,093,435,853) 1,093,435,853 -------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $5,293,798,418) 121.7% 6,040,315,698 -------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (21.7) (1,077,137,077) --------------------------------- NET ASSETS 100.0% $ 4,963,178,621 ================================= 42 | OPPENHEIMER MAIN STREET SMALL CAP FUND 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 $1,532,633 or 0.03% of the Fund's net assets as of December 31, 2006. 4. Illiquid or restricted security. The aggregate value of illiquid or restricted securities as of December 31, 2006 was $1,600,879, which represents 0.03% of the Fund's net assets, all of which is considered restricted. See Note 6 of accompanying Notes. 5. Rate shown is the 7-day yield as of December 31, 2006. 6. Represents ownership of an affiliated fund, at or during the period ended December 31, 2006. Transactions during the period in which the issuer was an affiliate are as follows:
SHARES GROSS GROSS SHARES JUNE 30, 2006 ADDITIONS REDUCTIONS DECEMBER 31, 2006 -------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 5.25%* -- 262,483,682 227,401,999 35,081,683
VALUE DIVIDEND SEE NOTE 1 INCOME -------------------------------------------------------------------------------------------------- Oppenheimer Institutional Money Market Fund, Cl. E, 5.25%* $ 35,081,683 $ 554,418
* The money market fund and the Fund are affiliated by having the same investment advisor. 7. The security/securities have 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. 43 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF ASSETS AND LIABILITIES Unaudited -------------------------------------------------------------------------------- December 31, 2006 ------------------------------------------------------------------------------------- ASSETS ------------------------------------------------------------------------------------- Investments, at value--see accompanying statement of investments: Unaffiliated companies (cost $5,258,716,735) $ 6,005,234,015 Affiliated companies (cost $35,081,683) 35,081,683 ----------------- 6,040,315,698 ------------------------------------------------------------------------------------- Cash 5,154,081 ------------------------------------------------------------------------------------- Unrealized appreciation on foreign currency contracts 232 ------------------------------------------------------------------------------------- Receivables and other assets: Shares of beneficial interest sold 24,708,777 Interest and dividends 4,533,932 Investments sold 2,737,770 Other 58,179 ----------------- Total assets 6,077,508,669 ------------------------------------------------------------------------------------- LIABILITIES ------------------------------------------------------------------------------------- Return of collateral for securities loaned 1,093,551,766 ------------------------------------------------------------------------------------- Payables and other liabilities: Investments purchased 8,929,044 Shares of beneficial interest redeemed 7,790,553 Distribution and service plan fees 2,669,792 Transfer and shareholder servicing agent fees 956,726 Shareholder communications 339,561 Trustees' compensation 39,596 Other 53,010 ----------------- Total liabilities 1,114,330,048 ------------------------------------------------------------------------------------- NET ASSETS $ 4,963,178,621 ================= ------------------------------------------------------------------------------------- COMPOSITION OF NET ASSETS ------------------------------------------------------------------------------------- Par value of shares of beneficial interest $ 227,337 ------------------------------------------------------------------------------------- Additional paid-in capital 4,131,440,224 ------------------------------------------------------------------------------------- Accumulated net investment income 389,765 ------------------------------------------------------------------------------------- Accumulated net realized gain on investments and foreign currency transactions 84,604,212 ------------------------------------------------------------------------------------- Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies 746,517,083 ----------------- NET ASSETS $ 4,963,178,621 =================
44 | OPPENHEIMER MAIN STREET SMALL CAP FUND
--------------------------------------------------------------------------------- NET ASSET VALUE PER SHARE --------------------------------------------------------------------------------- Class A Shares: Net asset value and redemption price per share (based on net assets of $3,032,213,075 and 137,169,366 shares of beneficial interest outstanding) $ 22.11 Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) $ 23.46 --------------------------------------------------------------------------------- Class B Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $483,835,850 and 23,475,571 shares of beneficial interest outstanding) $ 20.61 --------------------------------------------------------------------------------- Class C Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $645,330,377 and 31,191,615 shares of beneficial interest outstanding) $ 20.69 --------------------------------------------------------------------------------- Class N Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $245,245,113 and 11,331,977 shares of beneficial interest outstanding) $ 21.64 --------------------------------------------------------------------------------- Class Y Shares: Net asset value, redemption price and offering price per share (based on net assets of $556,554,206 and 24,168,053 shares of beneficial interest outstanding) $ 23.03
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 45 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENT OF OPERATIONS Unaudited -------------------------------------------------------------------------------- For the Six Months Ended December 31, 2006 ------------------------------------------------------------------------------------- INVESTMENT INCOME ------------------------------------------------------------------------------------- Dividends: Unaffiliated companies (net of foreign withholding taxes of $53,093) $ 25,663,445 Affiliated companies 554,418 ------------------------------------------------------------------------------------- Portfolio lending fees 2,560,441 ------------------------------------------------------------------------------------- Interest 1,021,745 ------------------------------------------------------------------------------------- Other income 62,282 -------------- Total investment income 29,862,331 ------------------------------------------------------------------------------------- EXPENSES ------------------------------------------------------------------------------------- Management fees 14,029,516 ------------------------------------------------------------------------------------- Distribution and service plan fees: Class A 3,408,200 Class B 2,407,013 Class C 3,059,818 Class N 532,980 ------------------------------------------------------------------------------------- Transfer and shareholder servicing agent fees: Class A 3,529,099 Class B 633,289 Class C 662,698 Class N 358,342 Class Y 95,854 ------------------------------------------------------------------------------------- Shareholder communications: Class A 171,416 Class B 78,110 Class C 49,325 Class N 6,050 Class Y 420 ------------------------------------------------------------------------------------- Trustees' compensation 33,475 ------------------------------------------------------------------------------------- Custodian fees and expenses 26,224 ------------------------------------------------------------------------------------- Administration service fees 750 ------------------------------------------------------------------------------------- Other 61,254 -------------- Total expenses 29,143,833 Less reduction to custodian expenses (2,180) Less waivers and reimbursements of expenses (12,797) -------------- Net expenses 29,128,856 ------------------------------------------------------------------------------------- NET INVESTMENT INCOME 733,475
46 | OPPENHEIMER MAIN STREET SMALL CAP FUND ------------------------------------------------------------------------------------------ REALIZED AND UNREALIZED GAIN (LOSS) ------------------------------------------------------------------------------------------ Net realized gain on: Investments $ 148,838,782 Foreign currency transactions 1,793,853 --------------- Net realized gain 150,632,635 ------------------------------------------------------------------------------------------ Net change in unrealized appreciation (depreciation) on: Investments 138,090,638 Translation of assets and liabilities denominated in foreign currencies (3,592,596) --------------- Net change in unrealized appreciation 134,498,042 ------------------------------------------------------------------------------------------ NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 285,864,152 ===============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 47 | OPPENHEIMER MAIN STREET SMALL CAP FUND STATEMENTS OF CHANGES IN NET ASSETS --------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED ENDED DECEMBER 31, 2006 JUNE 30, (UNAUDITED) 2006 ------------------------------------------------------------------------------------------------------------------------------- OPERATIONS ------------------------------------------------------------------------------------------------------------------------------- Net investment income (loss) $ 733,475 $ (9,502,679) ------------------------------------------------------------------------------------------------------------------------------- Net realized gain 150,632,635 426,572,465 ------------------------------------------------------------------------------------------------------------------------------- Net change in unrealized appreciation 134,498,042 119,956,390 -------------------------------------- Net increase in net assets resulting from operations 285,864,152 537,026,176 ------------------------------------------------------------------------------------------------------------------------------- DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS ------------------------------------------------------------------------------------------------------------------------------- Distributions from net realized gain: Class A (198,179,408) (123,396,354) Class B (34,085,052) (35,378,149) Class C (45,156,988) (36,694,343) Class N (16,187,094) (10,529,852) Class Y (33,646,099) (18,625,659) -------------------------------------- (327,254,641) (224,624,357) ------------------------------------------------------------------------------------------------------------------------------- BENEFICIAL INTEREST TRANSACTIONS ------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from beneficial interest transactions: Class A 468,935,111 849,583,069 Class B (9,913,070) (55,527,250) Class C 54,466,206 81,658,704 Class N 55,428,804 48,842,294 Class Y 139,580,489 159,430,395 -------------------------------------- 708,497,540 1,083,987,212 ------------------------------------------------------------------------------------------------------------------------------- NET ASSETS ------------------------------------------------------------------------------------------------------------------------------- Total increase 667,107,051 1,396,389,031 ------------------------------------------------------------------------------------------------------------------------------- Beginning of period 4,296,071,570 2,899,682,539 -------------------------------------- End of period (including accumulated net investment income (loss) of $389,765 and $(343,710), respectively) $ 4,963,178,621 $ 4,296,071,570 ======================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 48 | OPPENHEIMER MAIN STREET SMALL CAP FUND FINANCIAL HIGHLIGHTS --------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED ENDED DECEMBER 31, 2006 JUNE 30, CLASS A (UNAUDITED) 2006 2005 2004 2003 2002 ---------------------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA ---------------------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 22.27 $ 20.17 $ 19.52 $ 14.78 $ 15.12 $ 15.02 ---------------------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income (loss) .02 1 (.02) 1 (.04) 1 (.10) (.08) (.08) Net realized and unrealized gain (loss) 1.37 3.59 2.65 4.84 (.26) .19 --------------------------------------------------------------------------------- Total from investment operations 1.39 3.57 2.61 4.74 (.34) .11 ---------------------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Distributions from net realized gain (1.55) (1.47) (1.96) -- -- (.01) ---------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 22.11 $ 22.27 $ 20.17 $ 19.52 $ 14.78 $ 15.12 ================================================================================= ---------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 2 6.20% 18.22% 13.82% 32.07% (2.25)% 0.71% ---------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA ---------------------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $3,032,213 $2,584,254 $1,557,307 $1,177,389 $584,052 $512,337 ---------------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $2,737,013 $2,040,757 $1,325,846 $ 904,397 $490,057 $386,221 ---------------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment income (loss) 0.18% (0.07)% (0.20)% (0.42)% (0.59)% (0.50)% Total expenses 1.14% 4 1.15% 1.19% 1.17% 1.39% 1.37% Expenses after payments and waivers and reduction to custodian expenses 1.14% 1.15% 1.19% 1.17% 1.36% 1.37% ---------------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 59% 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. Expenses including indirect expenses from affiliated fund were as follows: Six Months Ended December 31, 2006 1.14% SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 49 | OPPENHEIMER MAIN STREET SMALL CAP FUND FINANCIAL HIGHLIGHTS --------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED ENDED DECEMBER 31, 2006 JUNE 30, CLASS B (UNAUDITED) 2006 2005 2004 2003 2002 ------------------------------------------------------------------------------------------------------------------------------ PER SHARE OPERATING DATA ------------------------------------------------------------------------------------------------------------------------------ Net asset value, beginning of period $ 20.94 $ 19.19 $ 18.79 $ 14.35 $ 14.79 $ 14.80 ------------------------------------------------------------------------------------------------------------------------------ Income (loss) from investment operations: Net investment loss (.06) 1 (.18) 1 (.18) 1 (.20) (.14) (.12) Net realized and unrealized gain (loss) 1.28 3.40 2.54 4.64 (.30) .12 ------------------------------------------------------------------------- Total from investment operations 1.22 3.22 2.36 4.44 (.44) -- ------------------------------------------------------------------------------------------------------------------------------ Dividends and/or distributions to shareholders: Distributions from net realized gain (1.55) (1.47) (1.96) -- -- (.01) ------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 20.61 $ 20.94 $ 19.19 $ 18.79 $ 14.35 $ 14.79 ========================================================================= ------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN, AT NET ASSET VALUE 2 5.78% 17.29% 12.98% 30.94% (2.98)% (0.02)% ------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA ------------------------------------------------------------------------------------------------------------------------------ Net assets, end of period (in thousands) $483,836 $501,742 $510,183 $482,028 $330,174 $285,102 ------------------------------------------------------------------------------------------------------------------------------ Average net assets (in thousands) $477,775 $512,657 $490,050 $432,160 $268,057 $218,939 ------------------------------------------------------------------------------------------------------------------------------ Ratios to average net assets: 3 Net investment loss (0.61)% (0.85)% (0.98)% (1.26)% (1.34)% (1.25)% Total expenses 1.92% 4 1.92% 1.97% 2.01% 2.21% 2.12% Expenses after payments and waivers and reduction to custodian expenses 1.92% 1.92% 1.97% 2.01% 2.11% 2.12% ------------------------------------------------------------------------------------------------------------------------------ Portfolio turnover rate 59% 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. Expenses including indirect expenses from affiliated fund were as follows: Six Months Ended December 31, 2006 1.92% SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 50 | OPPENHEIMER MAIN STREET SMALL CAP FUND
SIX MONTHS YEAR ENDED ENDED DECEMBER 31, 2006 JUNE 30, CLASS C (UNAUDITED) 2006 2005 2004 2003 2002 ----------------------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA ----------------------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 21.01 $ 19.24 $ 18.82 $ 14.36 $ 14.79 $ 14.81 ----------------------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment loss (.06) 1 (.16) 1 (.17) 1 (.17) (.13) (.10) Net realized and unrealized gain (loss) 1.29 3.40 2.55 4.63 (.30) .09 ------------------------------------------------------------------------------ Total from investment operations 1.23 3.24 2.38 4.46 (.43) (.01) ----------------------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Distributions from net realized gain (1.55) (1.47) (1.96) -- -- (.01) ----------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 20.69 $ 21.01 $ 19.24 $ 18.82 $ 14.36 $ 14.79 ============================================================================== ----------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 2 5.81% 17.35% 13.07% 31.06% (2.91)% (0.09)% ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA ----------------------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $645,331 $600,331 $473,099 $402,056 $238,717 $186,108 ----------------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $607,387 $543,420 $433,888 $340,201 $186,380 $127,393 ----------------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment loss (0.54)% (0.79)% (0.91)% (1.17)% (1.30)% (1.23)% Total expenses 1.86% 4 1.87% 1.90% 1.91% 2.07% 2.12% Expenses after payments and waivers and reduction to custodian expenses 1.85% 1.87% 1.90% 1.91% 2.07% 2.12% ----------------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 59% 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. Expenses including indirect expenses from affiliated fund were as follows: Six Months Ended December 31, 2006 1.85% SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 51 | OPPENHEIMER MAIN STREET SMALL CAP FUND FINANCIAL HIGHLIGHTS Continued --------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED ENDED DECEMBER 31, 2006 JUNE 30, CLASS N (UNAUDITED) 2006 2005 2004 2003 2002 ----------------------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA ----------------------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 21.87 $ 19.90 $ 19.33 $ 14.69 $ 15.05 $ 15.00 ----------------------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment loss (.02) 1 (.09) 1 (.10) 1 (.14) (.11) (.12) Net realized and unrealized gain (loss) 1.34 3.53 2.63 4.78 (.25) .18 ------------------------------------------------------------------------------ Total from investment operations 1.32 3.44 2.53 4.64 (.36) .06 ----------------------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Distributions from net realized gain (1.55) (1.47) (1.96) -- -- (.01) ----------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 21.64 $ 21.87 $ 19.90 $ 19.33 $ 14.69 $ 15.05 ============================================================================== ----------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 2 5.99% 17.79% 13.53% 31.59% (2.39)% 0.38% ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands) $245,245 $192,089 $129,631 $84,678 $41,474 $14,557 ----------------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $211,825 $162,869 $105,497 $65,107 $24,417 $ 5,924 ----------------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment loss (0.14)% (0.40)% (0.50)% (0.77)% (0.83)% (0.66)% Total expenses 1.46% 4 1.49% 1.54% 1.61% 1.64% 1.65% Expenses after payments and waivers and reduction to custodian expenses 1.46% 1.48% 1.50% 1.52% 1.60% 1.65% ----------------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 59% 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. Expenses including indirect expenses from affiliated fund were as follows: Six Months Ended December 31, 2006 1.46% SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 52 | OPPENHEIMER MAIN STREET SMALL CAP FUND
SIX MONTHS YEAR ENDED ENDED DECEMBER 31, 2006 JUNE 30, CLASS Y (UNAUDITED) 2006 2005 2004 2003 2002 ----------------------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA ----------------------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 23.09 $ 20.76 $ 19.94 $ 15.03 $15.27 $15.11 ----------------------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income (loss) .08 1 .10 1 .08 1 (.03) (.07) (.10) Net realized and unrealized gain (loss) 1.41 3.70 2.70 4.94 (.17) .27 ------------------------------------------------------------------------------ Total from investment operations 1.49 3.80 2.78 4.91 (.24) .17 ----------------------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Distributions from net realized gain (1.55) (1.47) (1.96) -- -- (.01) ----------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 23.03 $ 23.09 $ 20.76 $ 19.94 $15.03 $15.27 ============================================================================== ----------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN, AT NET ASSET VALUE 2 6.42% 18.83% 14.41% 32.67% (1.57)% 1.11% ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA ----------------------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in thousands) $556,554 $417,656 $229,463 $14,714 $7,637 $1,619 ----------------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $467,986 $314,236 $ 84,470 $11,428 $3,460 $ 813 ----------------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment income 0.66% 0.42% 0.39% 0.06% 0.00% 0.01% Total expenses 0.66% 4 0.66% 0.69% 0.70% 0.79% 0.97% Expenses after payments and waivers and reduction to custodian expenses 0.66% 0.66% 0.69% 0.70% 0.79% 0.93% ----------------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 59% 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. Expenses including indirect expenses from affiliated fund were as follows: Six Months Ended December 31, 2006 0.66% SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 53 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS Unaudited -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Oppenheimer Main Street Small Cap Fund (the Fund) is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund's investment objective is to seek capital appreciation. The Fund's investment advisor is OppenheimerFunds, Inc. (the Manager). The Fund offers Class A, Class B, Class C, Class N and Class Y shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class B, Class C and Class N shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (CDSC). Class N shares are sold only through retirement plans. Retirement plans that offer Class N shares may impose charges on those accounts. Class Y shares are sold to certain institutional investors without either a front-end sales charge or a CDSC, however, the institutional investor may impose charges on those accounts. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B, C and N have separate distribution and/or service plans. No such plan has been adopted for Class Y shares. Class B shares will automatically convert to Class A shares six years after the date of purchase. The following is a summary of significant accounting policies consistently followed by the Fund. -------------------------------------------------------------------------------- SECURITIES VALUATION. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Securities may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities listed or traded on National Stock Exchanges or other domestic exchanges are valued based on the last sale price of the security traded on that exchange prior to the time when the Fund's assets are valued. Securities traded on NASDAQ(R) 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 54 | OPPENHEIMER MAIN STREET SMALL CAP FUND trading session ending at, or most recently prior to, the time when the Fund's assets are valued. Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. 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. Investments in open-end registered investment companies (including affiliated funds) are valued at that fund's net asset value. 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. -------------------------------------------------------------------------------- AFFILIATED FUNDS. The Fund is permitted to invest daily available cash balances in affiliated money market funds. Each day, the Fund invests the available cash in Class E shares of Oppenheimer Institutional Money Market Fund ("IMMF") which seeks current income and stability of principal. IMMF is a registered open-end management investment company, regulated as a money market fund under the Investment Company Act of 1940, as amended. The Manager is also the investment advisor of IMMF. The Fund's investment in IMMF is included in the Statement of Investments. As a shareholder, the Fund is subject to its proportional share of IMMF's Class E expenses, including its management fee. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. 55 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS Unaudited / Continued -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued JOINT REPURCHASE AGREEMENTS. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other affiliated funds advised by the Manager, may transfer uninvested cash balances into joint trading accounts on a daily basis. These balances are invested in one or more repurchase agreements. Securities pledged as collateral for repurchase agreements are held by a custodian bank until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. In the event of default by the other party to the agreement, retention of the collateral may be subject to legal proceedings. -------------------------------------------------------------------------------- ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class. -------------------------------------------------------------------------------- FEDERAL TAXES. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders, therefore, no federal income or excise tax provision is required. 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. As of December 31, 2006, the Fund had no available estimated capital loss for federal income tax purposes. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. As of December 31, 2006, it is estimated that the Fund will utilize $113,394 of capital loss carryforward to offset realized capital gains. During the year ended June 30, 2006, the Fund did not utilize any capital loss carryforward to offset realized capital gains realized in that fiscal year. As of June 30, 2006, the Fund had available for federal income tax purposes post-October passive foreign investment company losses of $113,394. -------------------------------------------------------------------------------- TRUSTEES' COMPENSATION. The Board of Trustees has adopted a compensation deferral 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 56 | OPPENHEIMER MAIN STREET SMALL CAP FUND 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 Fund during the period. Such interest expense and other custodian fees may be paid with these earnings. -------------------------------------------------------------------------------- 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. -------------------------------------------------------------------------------- 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. 57 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS Unaudited / Continued -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued OTHER. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. -------------------------------------------------------------------------------- 2. SHARES OF BENEFICIAL INTEREST The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:
SIX MONTHS ENDED DECEMBER 31, 2006 YEAR ENDED JUNE 30, 2006 SHARES AMOUNT SHARES AMOUNT --------------------------------------------------------------------------------------------------------- CLASS A Sold 27,102,478 $ 598,697,851 52,995,248 $ 1,162,183,582 Dividends and/or distributions reinvested 8,159,028 181,864,700 5,536,169 115,207,421 Redeemed (14,120,432) (311,627,440) (19,694,701) (427,807,934) ----------------------------------------------------------------- Net increase 21,141,074 $ 468,935,111 38,836,716 $ 849,583,069 ================================================================= --------------------------------------------------------------------------------------------------------- CLASS B Sold 1,128,782 $ 23,356,760 3,108,091 $ 64,354,603 Dividends and/or distributions reinvested 1,544,141 32,102,686 1,686,726 33,161,089 Redeemed (3,152,910) (65,372,516) (7,423,199) (153,042,942) ----------------------------------------------------------------- Net decrease (479,987) $ (9,913,070) (2,628,382) $ (55,527,250) ================================================================= --------------------------------------------------------------------------------------------------------- CLASS C Sold 3,405,844 $ 70,795,942 7,327,220 $ 152,216,805 Dividends and/or distributions reinvested 1,882,439 39,286,501 1,629,148 32,126,716 Redeemed (2,665,459) (55,616,237) (4,976,579) (102,684,817) ----------------------------------------------------------------- Net increase 2,622,824 $ 54,466,206 3,979,789 $ 81,658,704 ================================================================= --------------------------------------------------------------------------------------------------------- CLASS N Sold 3,196,870 $ 69,486,632 4,247,927 $ 91,418,231 Dividends and/or distributions reinvested 695,844 15,183,313 490,823 10,052,147 Redeemed (1,343,217) (29,241,141) (2,471,177) (52,628,084) ----------------------------------------------------------------- Net increase 2,549,497 $ 55,428,804 2,267,573 $ 48,842,294 ================================================================= --------------------------------------------------------------------------------------------------------- CLASS Y Sold 6,216,565 $ 142,580,243 8,542,508 $ 193,792,968 Dividends and/or distributions reinvested 1,425,840 33,093,751 864,309 18,599,939 Redeemed (1,564,400) (36,093,505) (2,367,710) (52,962,512) ----------------------------------------------------------------- Net increase 6,078,005 $ 139,580,489 7,039,107 $ 159,430,395 =================================================================
58 | OPPENHEIMER MAIN STREET SMALL CAP FUND -------------------------------------------------------------------------------- 3. PURCHASES AND SALES OF SECURITIES The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and money market funds, for the six months ended December 31, 2006, were as follows: PURCHASES SALES --------------------------------------------------------- Investment securities $ 3,040,470,653 $ 2,657,262,255 -------------------------------------------------------------------------------- 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES MANAGEMENT FEES. Management fees paid to the Manager were in accordance with the investment advisory agreement with the Fund which provides for a fee at an annual rate of average net assets as shown in the following table: FEE SCHEDULE -------------------------------------- Up to $200 million 0.75% Next $200 million 0.72 Next $200 million 0.69 Next $200 million 0.66 Next $4.2 billion 0.60 Over $5 billion 0.58 -------------------------------------------------------------------------------- ADMINISTRATION SERVICE FEES. The Fund pays the Manager a fee of $1,500 per year for preparing and filing the Fund's tax returns. -------------------------------------------------------------------------------- TRANSFER AGENT FEES. OppenheimerFunds Services (OFS), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the six months ended December 31, 2006, the Fund paid $5,145,125 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. 59 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS Unaudited / Continued -------------------------------------------------------------------------------- 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued 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 up to 0.25% per year under each plan. If either the Class B, Class C or Class N plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. The Distributor determines its uncompensated expenses under the plan at calendar quarter ends. The Distributor's aggregate uncompensated expenses under the plan at December 31, 2006 for Class B, Class C and Class N shares were $2,823,290, $7,326,695 and $2,302,789, 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.
CLASS A CLASS B CLASS C CLASS N CLASS A CONTINGENT CONTINGENT CONTINGENT CONTINGENT FRONT-END SALES DEFERRED SALES DEFERRED SALES DEFERRED SALES DEFERRED SALES CHARGES CHARGES CHARGES CHARGES CHARGES SIX MONTHS RETAINED BY RETAINED BY RETAINED BY RETAINED BY RETAINED BY ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR -------------------------------------------------------------------------------------------------------- December 31, 2006 $ 528,584 $ 5,995 $ 300,402 $ 30,711 $ 2,029
-------------------------------------------------------------------------------- WAIVERS AND REIMBURSEMENTS OF EXPENSES. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class. During the six months ended December 31, 2006, OFS waived $2,212 for Class N shares. This undertaking may be amended or withdrawn at any time. The Manager will waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund's investment in IMMF. During the six months ended December 31, 2006, the Manager waived $10,585 for IMMF management fees. 60 | OPPENHEIMER MAIN STREET SMALL CAP FUND -------------------------------------------------------------------------------- 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 December 31, 2006, the Fund had outstanding foreign currency contracts as follows:
CONTRACT EXPIRATION AMOUNT VALUATION AS OF UNREALIZED CONTRACT DESCRIPTION DATE (000S) DECEMBER 31, 2006 APPRECIATION -------------------------------------------------------------------------------------------------- CONTRACT TO SELL Canadian Dollar (CAD) 1/2/07 48CAD $ 40,806 $ 232
-------------------------------------------------------------------------------- 6. ILLIQUID OR RESTRICTED SECURITIES As of December 31, 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:
VALUATION AS OF ACQUISITION DECEMBER 31, UNREALIZED SECURITY DATES COST 2006 APPRECIATION ------------------------------------------------------------------------------------------------ Mission Oil & Gas, Inc. 1/18/05 $ 426,485 $ 858,050 $ 431,565 Tusk Energy Corp. 11/15/04 492,524 742,829 250,305 -------------------------------------------- $ 919,009 $ 1,600,879 $ 681,870 ============================================
61 | OPPENHEIMER MAIN STREET SMALL CAP FUND NOTES TO FINANCIAL STATEMENTS Unaudited / Continued -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 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 December 31, 2006, the Fund had on loan securities valued at $1,062,692,775, which are included in the Statement of Assets and Liabilities as "Investments, at value" and, when applicable, as "Receivable for Investments sold." Collateral of $1,093,551,766 was received for the loans, $1,093,435,853 of which was received in cash and subsequently invested in approved investments or held as cash. -------------------------------------------------------------------------------- 8. RECENT ACCOUNTING PRONOUNCEMENTS In June 2006, the Financial Accounting Standards Board ("FASB") issued FASB Interpretation No. 48 ("FIN 48"), ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. FIN 48 clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements in accordance with FASB Statement No. 109, ACCOUNTING FOR INCOME TAXES. FIN 48 requires the evaluation of tax positions taken in the course of preparing the Fund's tax returns to determine whether it is "more-likely-than-not" that tax positions taken in the Fund's tax return will be ultimately sustained. A tax liability and expense must be recorded in respect of any tax position that, in Management's judgment, will not be fully realized. FIN 48 is effective for fiscal years beginning after December 15, 2006. As of December 31, 2006, the Manager has evaluated the implications of FIN 48 and does not currently anticipate a material impact to the Fund's financial statements. The Manager will continue to monitor the Fund's tax positions prospectively for potential future impacts. In September 2006, the FASB issued Statement of Financial Accounting Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. As of December 31, 2006, the Manager does not believe the 62 | OPPENHEIMER MAIN STREET SMALL CAP FUND adoption of SFAS No. 157 will materially impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period. ------------------------------------------------------------------------------- 9. 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 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. 63 | 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. 64 | OPPENHEIMER MAIN STREET SMALL CAP FUND BOARD APPROVAL OF THE FUND'S INVESTMENT ADVISORY AGREEMENT Unaudited ------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Each year, the Board of Trustees (the "Board"), including a majority of the independent Trustees, is required to determine whether to renew the Fund's investment advisory agreement (the "Agreement"). The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Manager provide, such information as may be reasonably necessary to evaluate the terms of the Agreement. The Board employs an independent consultant to prepare a report that provides information, including comparative information, that the Board requests for that purpose. In addition, the Board receives information throughout the year regarding Fund services, fees, expenses and performance. The Manager and the independent consultant provided information to the Board on the following factors: (i) the nature, quality and extent of the Manager's services, (ii) the investment performance of the Fund and the Manager, (iii) the fees and expenses of the Fund, including comparative expense information, (iv) the profitability of the Manager and its affiliates, including an analysis of the cost of providing services, (v) whether economies of scale are realized as the Fund grows and whether fee levels reflect these economies of scale for Fund investors and (vi) other benefits to the Manager from its relationship with the Fund. Outlined below is a summary of the principal information considered by the Board as well as the Board's conclusions. The Board was aware that there are alternatives to retaining the Manager. The Board considered information about the nature and extent of the services provided to the Fund and information regarding the Manager's key personnel who provide such services. The Manager's duties include providing the Fund with the services of the portfolio managers and the Manager's investment team, who provide research, analysis and other advisory services in regard to the Fund's investments; securities trading services; oversight of third party service providers; monitoring compliance with applicable Fund policies and procedures and adherence to the Fund's investment restrictions. The Manager is responsible for providing certain administrative services to the Fund as well. Those services include providing and supervising all administrative and clerical personnel who are necessary in order to provide effective corporate administration for the Fund; compiling and maintaining records with respect to the Fund's operations; preparing and filing reports required by the Securities and Exchange Commission; preparing periodic reports regarding the operations of the Fund for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by Federal and state securities laws for the sale of the Fund's shares. The Manager also provides the Fund with office space, facilities and equipment. 65 | OPPENHEIMER MAIN STREET SMALL CAP FUND BOARD APPROVAL OF THE FUND'S INVESTMENT ADVISORY AGREEMENT Unaudited / Continued -------------------------------------------------------------------------------- The Board also considered the quality of the services provided and the quality of the Manager's resources that are available to the Fund. The Board took account of the fact that the Manager has had over forty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Manager's administrative, accounting, legal and compliance services, and information the Board has received regarding the experience and professional qualifications of the Manager's key personnel and the size and functions of its staff providing investment management services to the Fund. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Nikolaos Monoyios and Mark Zavanelli and the Manager's Main Street investment team and analysts. Mr. Monoyios has been a portfolio manager of the Fund since October 2003 and Mr. Zavanelli has been a portfolio manager of the Fund since July 1999. The Board members also considered the totality of their experiences with the Manager as directors or trustees of the Fund and other funds advised by the Manager. In light of the foregoing, the Board concluded that the Fund benefits from the services provided under the Agreement as a result of the Manager's experience, reputation, personnel, operations, and resources. INVESTMENT PERFORMANCE OF THE MANAGER AND THE FUND. During the year, the Manager provided information on the investment performance of the Fund and the Manager at each Board meeting, including comparative performance information. The Board also reviewed information, prepared by the Manager and by the independent consultant, comparing the Fund's historical performance to relevant market indices and to the performance of other small cap core funds (including both funds advised by the Manager and funds advised by other investment advisers). The Board noted that the Fund's one-year, three-year and five-year performance were better than its peer group median. COSTS OF SERVICES AND PROFITS REALIZED BY THE MANAGER. The Board considered information regarding the Manager's costs in serving as the Fund's investment adviser, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Manager's profitability from its relationship with the Fund. The Board reviewed the fees paid to the Manager and the other expenses borne by the Fund. The Board also evaluated the comparability of the fees charged and the services provided to the Fund to the fees and services for other clients or accounts advised by the Manager. The independent consultant provided comparative data in regard to the fees and expenses of the Fund, other small cap core funds and other funds with comparable 66 | OPPENHEIMER MAIN STREET SMALL CAP FUND asset levels and distribution features. The Board noted that the Fund's contractual and actual management fees are lower than its peer group median. ECONOMIES OF SCALE. The Board reviewed whether the Manager may realize economies of scale in managing and supporting the Fund, whether those economies of scale benefit the Fund's shareholders and the current level of Fund assets in relation to the Fund's management fee breakpoints, which are intended to share with shareholders economies of scale that may exist as the Fund grows. OTHER BENEFITS TO THE MANAGER. In addition to considering the profits realized by the Manager, the Board considered information that was provided regarding the direct and indirect benefits the Manager receives as a result of its relationship with the Fund, including compensation paid to the Manager's affiliates and research provided to the Manager in connection with permissible brokerage arrangements (soft dollar arrangements). The Board also considered that the Manager must be able to pay and retain experienced professional personnel at competitive rates to provide services to the Fund and that maintaining the financial viability of the Manager is important in order for the Manager to continue to provide significant services to the Fund and its shareholders. CONCLUSIONS. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Fund and to the independent Trustees. Fund counsel and the independent Trustees' counsel are both independent of the Manager within the meaning and intent of the Securities and Exchange Commission Rules. Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreement for another year. In arriving at this decision, the Board did not single out any factor or factors as being more important than others, but considered all of the factors together. The Board judged the terms and conditions of the Agreement, including the management fee, in light of all of the surrounding circumstances. 67 | OPPENHEIMER MAIN STREET SMALL CAP FUND ITEM 2. CODE OF ETHICS. Not applicable to semiannual reports. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable to semiannual reports. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable to semiannual reports. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS Not applicable. ITEM 6. SCHEDULE OF INVESTMENTS. Not applicable. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. THE FUND'S GOVERNANCE COMMITTEE PROVISIONS WITH RESPECT TO NOMINATIONS OF DIRECTORS/TRUSTEES TO THE RESPECTIVE BOARDS 1. The Fund's Governance Committee (the "Committee") will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds' investment manager and its affiliates in making the selection. 2. The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individual's background, skills, and experience; whether the individual is an "interested person" as defined in the Investment Company Act of 1940; and whether the individual would be deemed an "audit committee financial expert" within the meaning of applicable SEC rules. The Committee also considers whether the individual's background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder. 3. The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following: o the name, address, and business, educational, and/or other pertinent background of the person being recommended; o a statement concerning whether the person is an "interested person" as defined in the Investment Company Act of 1940; o any other information that the Funds would be required to include in a proxy statement concerning the person if he or she was nominated; and o the name and address of the person submitting the recommendation and, if that person is a shareholder, the period for which that person held Fund shares. The recommendation also can include any additional information which the person submitting it believes would assist the Committee in evaluating the recommendation. 4. Shareholders should note that a person who owns securities issued by Massachusetts Mutual Life Insurance Company (the parent company of the Funds' investment adviser) would be deemed an "interested person" under the Investment Company Act of 1940. In addition, certain other relationships with Massachusetts Mutual Life Insurance Company or its subsidiaries, with registered broker-dealers, or with the Funds' outside legal counsel may cause a person to be deemed an "interested person." 5. Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company. ITEM 11. CONTROLS AND PROCEDURES. Based on their evaluation of the registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of December 31, 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) Not applicable to semiannual reports. (2) Exhibits attached hereto. (3) Not applicable. (b) Exhibit attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Oppenheimer Main Street Small Cap Fund By: /s/ John V. Murphy --------------------------- John V. Murphy Principal Executive Officer Date: February 8, 2007 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ John v. Murphy --------------------------- John V. Murphy Principal Executive Officer Date: February 8, 2007 By: /s/ Brian W. Wixted --------------------------- Brian W. Wixted Principal Financial Officer Date: February 8, 2007